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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

          Thursday, April 15, 2021, Vol. 22, No. 70

                           Headlines



A Z E R B A I J A N

INTERNATIONAL BANK: Moody's Affirms 'B1' LT Deposit Ratings


B E L A R U S

BELGOSSTRAKH: Fitch Affirms 'B' IFS Rating, Outlook Negative


F R A N C E

ALTICE FRANCE: Moody's Rates New $3BB Sr. Sec. Notes 'B2'
[*] FRANCE: Finance Minister Mulls Debt Restructuring Proposals


G E O R G I A

GEORGIA: Moody's Assigns Ba2 Rating to New USD Denominated Bonds


G E R M A N Y

GFK SE: Fitch Assigns First-Time LT IDR at 'BB-', Outlook Stable
GFK SE: Moody's Assigns First-Time B1 Corporate Family Rating
NOBISKRUG: Files for Insolvency Amid Pandemic
PFLEIDERER GMBH: S&P Lowers Long-Term ICR to 'B', Outlook Stable


I R E L A N D

PROVIDUS CLO V: Moody's Gives B3 Rating to EUR10.75M Class F Notes
SUBLIMITY THERAPEUTICS: Meeting Called to Consider Liquidation
TAURUS 2021-3: Moody's Gives B1 Rating to EUR22.98M Class F Notes


I T A L Y

NEXI SPA: Moody's Rates New EUR2.1BB Senior Unsecured Notes 'Ba3'
NEXI SPA: S&P Assigns 'BB-' Rating to New Senior Unsecured Notes


N E T H E R L A N D S

MONG DUONG: Fitch Alters Outlook on 'BB' USD Sr. Sec. Notes to Pos.


R U S S I A

EVRAZ: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
FEDERAL PASSENGER: S&P Withdraws 'BB+/B' Issuer Credit Rating
PETROPAVLOVSK PLC: Fitch Maintains 'B' IDR on Watch Negative
TRANSCONTAINER PJSC: Fitch Affirms Then Withdraws 'B+' LT IDRs


S P A I N

NEINOR HOMES: S&P Assigns Preliminary 'B' Rating, Outlook Positive
OBRASCON HUARTE: Moody's Appends Limited Default, Retains Caa2 CFR


S W I T Z E R L A N D

DUFRY AG: Moody's Affirms B1 CFR & Rates New Sr. Unsec. Notes B1


T U R K E Y

GLOBAL LIMAN: Moody's Downgrades CFR to Caa2 on Weak Liquidity


U N I T E D   K I N G D O M

BROWN BIDCO: Moody's Assigns B1 CFR on Robust Performance
EMERALD GLOBAL: Enters Administration, Seeks Buyer for Assets
EUROHOME UK 2007-2: Fitch Affirms BB Rating on Class B2 Tranche
FLYBE LTD: Administrators Complete Sale of Business, Assets
GFG ALLIANCE: BNP Paribas Seeks to Sell Stake in Dunkirk Loan

GREENSILL CAPITAL: Credit Suisse to Pay Out USD1.7BB to Investors
PAYSAFE GROUP: S&P Hikes ICR to 'B+' on Significant Debt Repayment

                           - - - - -


===================
A Z E R B A I J A N
===================

INTERNATIONAL BANK: Moody's Affirms 'B1' LT Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service took rating actions on five Azeri banks,
namely, International Bank of Azerbaijan (IBA), Kapital Bank OJSC,
OJSC XALQ BANK, Joint Stock Commercial Bank Respublika, and OJSC
Bank of Baku. These follow the upward revision of the Azeri banking
system's Macro Profile to "Weak-" from "Very Weak+" given the
improving operating conditions in the country.

Specifically, Moody's has:

(1) upgraded to b2 from b3 the Baseline Credit Assessment (BCA) and
Adjusted BCA of IBA, affirmed the BCA and Adjusted BCA of Kapital
Bank at b1, affirmed the BCA and Adjusted BCA of Xalq Bank, Bank
Respublika and Bank of Baku at b3;

(2) affirmed the long-term local and foreign currency deposit
ratings of IBA at B1, Kapital Bank at Ba3, Xalq Bank at B2, Bank
Respublika and Bank of Baku at B3.

(3) changed the outlooks on the long-term local and foreign
currency deposit ratings of IBA and Bank of Baku to positive from
stable; the outlooks on the long-term local and foreign currency
deposit ratings of Kapital Bank, Xalq Bank and Bank Respublika were
changed to positive from negative;

(4) affirmed the long-term local and foreign currency Counterparty
Risk Ratings (CRRs) and the long-term Counterparty Risk Assessments
(CR Assessments) of all five banks;

(5) affirmed the short-term ratings and assessments of all five
banks.

A List of Affected Credit Ratings is available at
https://bit.ly/3wSQzqF

RATINGS RATIONALE

CHANGE IN THE MACRO PROFILE TO 'WEAK-' FROM 'VERY WEAK+' REFLECTS
IMPROVING OPERATING ENVIRONMENT IN AZERBAIJAN AND EXERTS UPWARD
PRESSURE ON BANKS' RATINGS

The rating actions take into account Moody's decision to change the
Azeri banking system's Macro Profile to "Weak-" from "Very Weak+"
to reflect the improvements in the operating environment for Azeri
banks, which will gradually translate into the improvement of the
banks' standalone credit profiles, in particular, asset quality and
profitability assessments. The gradual lifting of pandemic
restrictions and recovering global oil prices will underpin GDP
growth and ease operating conditions for banks and their borrowers
in the next 12-18 months. These exert upward pressure on Azeri
banks' credit profiles. The positive outlooks of the aforementioned
long-term ratings of all Azeri banks (except for IBA) reflect the
resulting upward pressure on these banks' intrinsic financial
strength (or BCAs).

Government support measures for borrowers, which equalled 4.6% of
GDP in 2020, along with loan restructuring provided by banks have
mitigated the adverse impact of the pandemic and lockdowns on
borrowers. The government was able to support the economy through
cash handouts to low income families, unemployment benefits, the
temporary creation of public jobs, wage and tuition subsidies, and
discounts on utility bills in 2020. The stability of the manat
despite highly volatile oil prices in 2020 has supported the
quality of foreign-currency denominated loans, which accounted for
30% of total loans at the end of 2020. Moody's expects real GDP
growth at 3.5% in 2021 underpinned by the relaxation of
coronavirus-related restrictions on activity and movement as well
as higher oil and gas production. Over the next 2-3 years, Moody's
estimates economic growth to average around 3%.

Moody's rating methodology for banks includes an assessment of each
individual country's operating environment, expressed as a Macro
Profile, which is designed to capture system-wide factors that are
predictive of the propensity of banks to fail. The Macro Profile
assigned to each bank informs the financial factors, which are key
inputs into the determination of each bank's BCA.

BANK-SPECIFIC FACTORS

IBA

The change of outlook on the bank's local and foreign currency
long-term bank deposit ratings to positive from stable reflects the
positive outlook on Azerbaijan's Ba2 long-term issuer and senior
unsecured debt ratings.

The upgrade of the bank's BCA and Adjusted BCA to b2 from b3
reflects resilient performance of loan portfolio through pandemic
as well as IBA's strong profitability and capital adequacy levels.
The affirmation of the bank's local and foreign currency long-term
bank deposit ratings at B1 reflects improved creditworthiness of
the bank, and Moody's assumption of a high support to the bank from
the government of Azerbaijan resulting in one notch of the support
uplift from the bank's BCA of b2.

IBA's exposure to sectors and segments, which were significantly
affected by the pandemic-induced economic disruption, was modest
last year - which limited the adverse effect on the quality of the
bank's loan portfolio. Moody's estimates the level of problem
lending (defined as Stage 3 loans under IFRS 9 standards) and
restructured loans at 5-6% and 2-3%, respectively, of gross loans
at year-end 2020, while the share of net loans remains modest at
less than 30% of total assets. Moody's estimates IBA's capital
adequacy in terms of tangible common equity (TCE) to risk-weighted
assets (RWA) at 33.3% as of year-end 2020 and considers its capital
cushion along with pre-provision revenue strong enough to absorb
higher provisioning charges following the partial migration of
restructured loans into problem lending in the next 12-18 months.

Kapital Bank

The affirmation of the bank's BCA and Adjusted BCA at b1 and the
local and foreign currency long-term bank deposit ratings at Ba3
reflects healthy performance of the loan book as well as strong net
profit and capital cushion. The change of outlook on the bank's
local and foreign currency long-term bank deposit ratings to
positive from negative reflects the expected improvement of the
bank's standalone credit profile in the next 12-18 months.

For a number of years Kapital Bank's loan book has been of better
quality than that of its peers, given the bank's focus on its
existing deposit clientele, including payroll customers, budget
recipients and pensioners. As of year-end 2020 the share of problem
loans accounted for 3.3% of gross loans (year-end 2019: 4.6%).
Consistently solid capitalisation with TCE/ RWA of 22.3% at
year-end 2020, and strong bottom-line profitability enable the bank
to absorb expected losses and pay out dividends as in previous
years. Moody's expects that the bank's capital adequacy will remain
broadly stable over the next 12-18 months, with the bank's solid
internal capital generation balanced against its relatively high
dividend payout ratio.

Xalq Bank

The affirmation of the bank's BCA and Adjusted BCA at b3 and the
local and foreign currency long-term bank deposit ratings at B2
reflects the bank's gradually improving asset quality metrics
coupled with its ample capital adequacy level. The change of the
outlook on the bank's local and foreign currency long-term bank
deposit ratings to positive from negative reflects the expected
improvement of its standalone credit profile in the next 12-18
months.

Xalq Bank's direct exposure to industries affected by the
coronavirus pandemic is limited at around 10% of the bank's total
loans. According to bank management data, Xalq Bank's problem
loans, including those loans restructured because of the pandemic,
were at 12.8% of the bank's gross loans as of year-end 2020, down
from 15.0% a year earlier.

The coverage of problem loans by loan loss reserves was only 55% as
of year-end 2020. Moody's expects that the bank may face the need
to build up its loan loss reserves in the next 12-18 months. Xalq
Bank's capital buffer appears sufficient to absorb additional
losses, as its regulatory Tier 1 capital ratio was at 22.7% as of
March 1, 2021, coupled with solid pre-provision earnings.

Bank Respublika

The affirmation of the bank's BCA and Adjusted BCA at b3 and the
local and foreign currency long-term bank deposit ratings at B3
reflects healthy quality of the loan portfolio through pandemic.
The change of outlook on the bank's local and foreign currency
long-term bank deposit ratings to positive from negative reflects
the expected improvement of the bank's standalone credit profile in
the next 12-18 months amid the enhancing operating environment.

Despite material focus on small and medium enterprises (SME)
lending and unsecured consumer lending, the impact on Bank
Respublika's loan book from pandemic and lockdowns has been modest
so far. This is attributed to strong underwriting standards, stable
USD/AZN exchange rate despite volatile oil prices, and the scale of
state support provided to households, entrepreneurs and SMEs in
Azerbaijan in 2020. The share of nonperforming loans overdue more
than 90 days increased to 2.8% of total loans as of year-end 2020
up from 1.3% a year earlier. Furthermore, 20% of gross loans were
restructured in 2020, according to management. Moody's expects that
predominant part of restructured loans will return into payment
schedule by the end of 2021, while the bank's problem loan ratio
will remain in a single-digit area. The rating agency expects that
the bank's TCE/RWA ratio will remain broadly stable and fall within
11%-12% range over the next 12-18 months, with the internal capital
generation balanced against the expected increase in provisioning
charges.

Bank of Baku

The affirmation of the bank's BCA and Adjusted BCA at b3 and the
local and foreign currency long-term bank deposit ratings at B3
reflects the resilience of the bank's credit profile amidst the
pandemic. The change of the outlook on the bank's local and foreign
currency long-term bank deposit ratings to positive from stable
reflects the expected improvement of its standalone credit profile
in the next 12-18 months.

According to bank management data, loans overdue by more than 90
days were around 8% of the total loan book at the end of 2020, and
the coverage of these loans by loan loss reserves was close to 100%
as of the same reporting date. On top of this, approximately 10% of
the bank's loans were restructured as of the same reporting date,
and the rating agency expects that migration of some of these loans
to problem loan category will generate incremental credit losses.

Mitigating these risks are Bank of Baku's ample net interest margin
and its significant loan loss reserves already set aside the
problem loans. The bank's capital level is also strong with the
regulatory Tier 1 capital adequacy ratio of 19.5% reported as of
December 31, 2021.

GOVERNMENT SUPPORT ASSUMPTIONS UNCHANGED FOR ALL AFFECTED BANKS

Moody's considers the probability of government support for IBA's
and Kapital Bank's deposit ratings to remain high, while that for
Xalq Bank's deposits to be moderate. This reflects the first two
banks' larger asset and loan book size as well as higher systemic
importance. The government support results in one notch of uplift
for the three banks' deposit ratings from their respective BCAs.
Moody's assumes low probability of government support for deposit
ratings of Bank Respublika and Bank of Baku which does not result
in any notches of uplift for the two banks' deposit ratings.

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

An improvement of the asset quality metrics coupled with
sustainable good profitability and capital levels through the
cycle, may lead to an upgrade of the banks' BCA and deposit ratings
in the next 12-18 months. Concurrently, the upgrade of Azerbaijan's
sovereign rating could result in the upgrade of IBA's deposit
ratings.

The positive outlooks signal that a rating downgrades are unlikely
over the next 12-18 months. The rating outlooks could be changed to
stable or negative if there were signs of erosion of the banks'
financial fundamentals, namely asset quality, capitalisation and
profitability, which are not currently expected. Concurrently, the
ratings of IBA, Kapital Bank and Xalq Bank could be downgraded if
the government of Azerbaijan appeared less likely to continue its
support to these banks.

The principal methodology used in these ratings was Banks
Methodology published in March 2021.



=============
B E L A R U S
=============

BELGOSSTRAKH: Fitch Affirms 'B' IFS Rating, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance
Company's (Belgosstrakh) Insurer Financial Strength (IFS) Rating at
'B'. The Outlook is Negative.

KEY RATING DRIVERS

The rating and Outlook continue to reflect the insurer's 100% state
ownership (Belarus; Local-Currency Long-Term Issuer Default Rating
(IDR): B/Negative). In addition, the rating reflects the insurer's
leading market positions in its key business segments, sustainable
profit generation and the weak quality of its investment portfolio.
Belgosstrakh's rating also reflects the state guarantee for
insurance liabilities under compulsory lines.

The pandemic has had a limited impact on Belgosstrakh's premium
volumes, as Belarus has not implemented a rigid lockdown regime
like most other countries. The non-life premiums written grew 8% to
BYR707 billion in 2020 supported by euro-denominated tariffs in
some lines, although there has also been some decline in
cross-border motor third-party liability and travelers' insurance
due to a drop in car and passenger traffic in 2Q20. Based on 2020
statutory accounts, Belgosstrakh reported a strengthening of its
profit to BYR55 million in 2020 from BYR10 million in 2019, mainly
due to FX gains on investments and despite a notable weakening of
its underwriting result amid FX-driven inflation of claims.

In October 2020, Belgosstrakh divested its subsidiary Republican
Unitary Insurance Company Stravita, the local life insurance leader
and formerly a robust contributor to Belgosstrakh's business
volumes, at zero value to the government, as per the government's
decision. The divestiture resulted in a BYR24 million loss for
Belgosstrakh in 2020. However, it also removed all life-related
risks from Belgosstrakh's balance sheet.

Despite the divestiture, Fitch continues to rank Belgosstrakh's
overall business profile as 'Favourable' compared with other
Belarus insurers. This reflects the company's dominant market
position in the non-life sector, strong brand and distribution
capabilities, as well as a regulation-based monopoly as the sole
provider of a number of compulsory lines, namely state-guaranteed
employers' liability, homeowner property, and agricultural
insurance.

Fitch assesses Belgosstrakh's capitalisation as weak. From a
regulatory capital perspective, Belgosstrakh's solvency margin
coverage, calculated on a Solvency I-like formula was a very strong
9x at end-2020. However, from a risk-adjusted capital position,
Belgosstrakh's score as measured by Fitch's Prism Factor-Based
Capital Model (Prism FBM) based on 2019 IFRS results remains
'Weak'. Fitch expects the insurer's risk-adjusted capital position
to have moderately improved, as measured by the Prism FBM score at
end-2020 due to a forecast stronger net profit.

Fitch views the credit quality of Belgosstrakh's investment
portfolio as weak, reflecting the predominance of instruments
mainly invested in state bonds and in deposits of state-owned
banks, which are constrained to the 'B' category, and the presence
of significant concentrations by issuer. Belgosstrakh's ability to
achieve better diversification is limited by the narrowness of the
local investment market and strict regulation of the insurer's
investment policy.

RATING SENSITIVITIES

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

-- A downgrade of Belarus's Local-Currency Long-Term IDR would
    lead to an equivalent change in the insurer's IFS Rating.

-- A significant change in the insurer's relationship with the
    government would also likely have a direct impact on
    Belgosstrakh's ratings.

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

-- A revision of the Outlook on Belarus's Local-Currency Long
    Term IDR to Stable would lead to an equivalent change in the
    Outlook on the insurer's IFS 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.



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F R A N C E
===========

ALTICE FRANCE: Moody's Rates New $3BB Sr. Sec. Notes 'B2'
---------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
$3 billion euro equivalent guaranteed senior secured notes due
2029, to be issued by Altice France S.A. ("Altice France"), a
subsidiary of Altice France Holding S.A. ("Altice France Holding").
The outlook is negative.

Proceeds from this debt issuance will be used to partially repay
Altice France's $5.2 billion notes maturing in 2025.

"The refinancing will marginally increase Altice France's weighted
average debt maturity to 5.9 years from 5.5 years, and provide
additional interest savings of around EUR50 million," says Ernesto
Bisagno, a Moody's VP-Senior Credit Officer and lead analyst for
Altice.

"However, Altice France Holding remains weakly positioned in the
rating category due its high Moody's adjusted leverage and weak
free cash flow generation," added Mr Bisagno.

RATINGS RATIONALE

The B2 rating recognizes the company's (1) position as one of the
leading convergent companies in the competitive French market; (2)
scale and ranking as the second-largest telecom operator in France;
(3) integrated business profile; (4) improved operating performance
after years of revenue decline; and (5) improved liquidity, with no
significant debt maturities until 2025.

The rating is constrained by (1) the company's highly leveraged
capital structure, with Moody's adjusted debt/EBITDA for Altice
France Holding at 5.8x in 2020 (6.3x pro forma for the Hivory
disposal); (2) its weak free cash flow generation; (3) the
complexity of the group structure; (4) the competitive, although
easing, nature of the French telecom market; and (5) stretched
management resources, given the scale of the group.

Moody's expects Altice France Holdings' EBITDA to continue to grow
in the mid-single-digit percentage range in 2021-22 driven by ARPU
improvements in mobile, a positive product mix with stronger
contributions from residential fixed-line subscribers and
additional business services revenue on the back of construction
and maintenance fees paid by SFR FTTH (the recently acquired Covage
will provide 12 months contribution from the construction activity
by 2022). Profits will also benefit from additional cost savings
and a recovery in economic conditions after the coronavirus
crisis.

The rating agency expects stronger operating cash flow over
2021-22, driven by higher earnings and reduced funding to Altice
TV. Assuming capital spending of around EUR3.1 billion (including
IFRS 16) and dividends paid to minorities of around EUR50 million -
EUR100 million, Moody's expects free cash flow (FCF) generation to
turn positive in 2021 and to improve further in 2022. However, any
use of cash for additional intercompany funding could reduce the
cash available for debt repayment at Altice France Holding level.

LIQUIDITY

The company's liquidity is adequate, with no major debt maturities
until 2025. Moody's expects Altice France Holdings' FCF to turn
positive in 2021.

Altice France Holding had cash of EUR542 million at December 2020,
EUR1,115 million of committed undrawn revolving credit facilities
(RCFs) at Altice France maturing in 2026 and a EUR186 million
committed RCF at the holding level maturing in 2026.

The RCF at Altice France is subject to a springing (drawings above
40%) net senior leverage covenant of maximum 4.5x. There is
currently limited buffer of 9% under this covenant, assuming a pro
forma net senior leverage of 4.1x (based on annualized last two
quarters "L2QA").

RATING CONSIDERATIONS

The B2 rating of Altice France's proposed senior secured notes is
at the same level as Altice France Holding's B2 corporate family
rating (CFR). This reflects the pari-passu ranking with Altice
France's pre-existing senior secured notes, and the bank credit
facilities (including the RCF).

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects (1) its high leverage; (2) the highly
competitive market conditions, with only a short track record of
stabilisation in operating performance; (3) the complex financial
structure of the group; and (4) its weak FCF generation.

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

Upward pressure on the ratings is unlikely in the short term, but
may develop over time if Altice France Holding maintains strong
liquidity with no refinancing risk and demonstrates a sustained
improvement in its underlying revenue and key performance
indicators (KPIs, for example, churn and ARPU), with growing EBITDA
in main markets, leading to an improvement in credit metrics, such
as: (1) Moody's-adjusted leverage sustained below 5.0x; and a (2)
significant improvement in FCF on a consistent basis.

The ratings could be downgraded if the company's underlying
operating performance weakens, or debt increases further, leading
to a deterioration in the group's credit fundamentals, such as: (1)
Moody's-adjusted leverage not returning below 5.5x; and (2) FCF
generation remaining negative. In addition, any deviation from
management's commitment to deleverage or signs of deterioration in
liquidity will lead to pressure on the ratings.

LIST OF AFFECTED RATINGS

Issuer: Altice France S.A.

Assignment:

Backed Senior Secured Regular Bond/Debenture, Assigned B2

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Altice France Holding is a leading telecom operator in France. The
company reports its results under three segments: business to
consumer (B2C; 63% of revenue), business to business (B2B; 33%) and
media (4%). Altice France reported revenue and adjusted EBITDA (as
defined by the company and pro forma for the group reorganisation)
of EUR10.9 billion and EUR4.3 billion, respectively.

[*] FRANCE: Finance Minister Mulls Debt Restructuring Proposals
---------------------------------------------------------------
Leigh Thomas at Reuters reports that French Finance Minister Bruno
Le Maire said on April 14 he would make proposals to restructure
the debts of companies struggling with loans taken on during the
coronavirus crisis.

According to Reuters, many French companies are emerging from the
pandemic with severely strained balance sheets after they borrowed
massively under a state-guaranteed loan programme designed to help
them through the crisis.

While the programme helped depress bankruptcies last year to record
low levels, economists expect a surge in filings as various state
support schemes are wound down, Reuters notes.

Mr. Le Maire, as cited by Reuters, said he would make proposals in
coming weeks that would bring together representatives of the
state, bankruptcy courts and banks to find solutions for companies
struggling with their debt on a case-by-case basis.

Bankruptcies remained exceptionally low through most of the first
quarter until a surge in filings and liquidations in March, Reuters
relays, citing consultancy Altares, which compiles data from
bankruptcy courts.

While bankruptcies were down 32% in the first quarter from the same
period of last year, they were 155% higher in the last two weeks of
March compared with a year earlier when France entered its first
lockdown and courts had to close, according to Reuters.

Altares said on April 14 in March, 8 out of 10 companies going
before the bankruptcy courts went straight into liquidation, a
level not seen in two decades, Reuters notes.




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G E O R G I A
=============

GEORGIA: Moody's Assigns Ba2 Rating to New USD Denominated Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba2 to the
proposed senior unsecured, USD-denominated bonds to be issued by
the Government of Georgia. The notes will rank pari passu with all
of Georgia's current and future senior unsecured debt.

The ratings mirror Georgia's issuer rating of Ba2 with a stable
outlook.

RATINGS RATIONALE

Georgia's (Ba2 stable) credit profile is underpinned by the
strength of its institutions, which have fostered economic
resilience and underpinned the country's track record of robust
economic growth. These strengths are balanced against its small,
low income economy, while banking sector and external vulnerability
risks continue to constrain the rating. The open nature of
Georgia's economy, with tourism and financial inflows as key
drivers of growth, has amplified the severe impact of the
coronavirus pandemic on its economy and balance of payments
position.

Moody's assessment of Georgia's economic strength reflects its
significant demographic challenges - stemming from its aging,
shrinking population - and persistently low productivity growth in
its agricultural sector, which employs around half the country's
population but accounts for a declining share of national output.
Georgia's overall real GDP growth rate is relatively high when
abstracting from the current negative impact of the coronavirus
outbreak. Moody's estimates that Georgia's economic growth will
average 3.2% in 2013-2022.

Georgia's economic growth model is heavily dependent on external
financing for investment, as domestic savings are low. This is also
reflected in the country's large current account deficit, though
this declined significantly over 2019 before widening sharply due
to the impact of the coronavirus outbreak on particularly the
tourism sector. As such, the Georgian authorities face the
challenge of ensuring robust growth, while simultaneously reducing
external vulnerabilities.

While Georgia has seen some institutional gaps in addressing issues
such as land reform and achieving significant progress towards
sustainably higher savings to date, nonetheless, Moody's assessment
of institutional strength is informed by the Worldwide Governance
Indicators and the authorities' track record in institutional
capacity building. Indeed, since the Rose Revolution of 2003, the
government has made significant progress towards building social,
political, and economic institutions -- reforms which have
underpinned Georgia's economic resilience. Moody's considers that
convergence towards EU standards in line with the Association
Agreement (AA) and Deep and Comprehensive Free Trade Agreement
(DCFTA) will likely lead to further improvements in the country's
institutional capacity, notably in the areas of rule of law,
governance, and the development of a market economy. Recent
political developments, in Moody's view, are unlikely to mean a
loss of focus on long-term economic reforms, though that remains a
risk.

Moody's assessment of Georgia's fiscal strength reflects the impact
of the coronavirus pandemic which has driven a surge in its debt
burden, from 42% of GDP in 2019 to more than 61% in 2020. Partly
offsetting this, Georgia benefits from a favorable debt structure,
with the vast majority of its debt being in the form of
multilateral and bilateral loans, which are more easily rolled over
and are on concessional terms. These concessional loans help keep
Georgia's debt affordable, with interest expenses accounting for
only 6.2% of general government revenue in 2020. Georgia's fiscal
rule should be supportive of fiscal consolidation over the
medium-term.

Moody's assessment of Georgia's fiscal strength also reflects the
responsiveness of the lari - which is freely floated and has
continued to experience trend depreciation - to economic and
political developments. With 77% of government debt denominated in
foreign currency in 2019, Georgia's debt burden and debt servicing
costs are vulnerable to sudden changes in the exchange rate.
Moody's also believes that Georgia is more exposed to fiscal
pressures stemming from the coronavirus pandemic than other
similarly rated sovereigns, due to the importance of tourism and
other service industries to its economy and given the likely slower
path to recovery of the former.

Moody's view of Georgia's susceptibility to event risk reflects
banking sector risk and external vulnerabilities. Georgia's banking
system is large relative to the size of its economy, with assets
accounting for around 117% of GDP in 2020. With foreign currency
denominated deposits accounting for more than 60% of the total,
funding for the system is vulnerable to exchange rate risk.
Offsetting these risks, Georgia's banking sector, which is well
capitalised and highly profitable, enjoys superior management and
regulatory oversight to similarly rated peers, as evidenced by the
sector's outperformance against those of Commonwealth of
Independent States (CIS) sovereigns during the region's economic
downturn over 2014 - 2016.

Moody's view of Georgia's external vulnerability risk, reflects
Georgia's large current account deficits, averaging around 9% of
GDP over 2015-2019, its moderately high ratio of short-term and
currently-maturing debt to foreign exchange reserves, and its large
net liability international investment position, equivalent to over
130% of GDP in 2019.

ISSUER RATING OUTLOOK

The stable outlook indicates that the risks to Georgia's rating are
balanced.

Moody's expect that the government's policy reforms will continue
to support economic growth and resilience, notwithstanding the
severe impact of the coronavirus outbreak on short-term growth, in
particular through greater diversification of economic activity
over time. Ongoing efforts to raise domestic savings and investment
efficiency will complement increased diversity in exports and
export markets, in part reflecting the governments' logistics and
infrastructure spending focus.

Moody's also expect long-term stability in both the domestic and
geopolitical situation, notwithstanding recent domestic political
events and tensions with Russia which had flowed into domestic
political frictions over much of the last 12 months. This will help
foster an environment conducive to further economic and
institutional reforms.

These positive forces are balanced by still significant banking
sector risk - stemming from high levels of dollarisation - and
uncertainties around the extent to which the economy will see
productivity gains in key sectors such as agriculture, which has
failed to attract substantial foreign investment and remains
dominated by subsistence producers. Furthermore, despite rising
savings, Georgia's structural current account deficit and very
large net international liability position represent significant
exposure for the sovereign to potential negative turns in external
financing conditions.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Georgia's ESG credit impact score is Moderately Negative (CIS-3),
balancing negative demographic and employment challenges and
moderately negative environmental, largely physical climate, risks.
This is counterbalanced by Georgia's sustained track record of
solid governance and institutional strengths which have contributed
to ongoing increases in incomes which support an improving capacity
to respond to demographic and environmental challenges.

Moody's assesses Georgia's exposure to environmental risks as
"moderately negative" (E-3 issuer profile score), reflecting
moderately negative risks related to physical climate change,
notably heat stress, unsafe water issues and associated exposure to
an agriculture sector which is a significant employer. Moody's sees
low risk stemming from waste and pollution issues.

In Moody's assessment, Georgia is highly exposed to social risks
(S-4 issuer profile score) reflecting risks related to a moderately
ageing population, high rates of youth unemployment, low incomes
and only modest spending on health and education, albeit life
expectancy is relatively high. These negative risks are partly
offset by solid enrollment rates in education.

Governance does not pose significant risks (G-2 issuer profile) and
Georgia's track record suggests the capacity to address some of the
challenges highlighted above. Georgia has had significant success
in building institutional capacity and economic reforms which have
supported flexibility in labour and product markets which have
supported moves towards value adding in sectors like agriculture
and increasing access to a broader range of export markets.

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

WHAT COULD CHANGE THE RATING UP

Upward pressure on the rating could develop as a result of ongoing
and effective reforms that sustainably raise domestic savings,
including lifting public saving which helps curtail the fiscal
deficit and reduce external vulnerability. Measures that bolster
the resilience of the banking system further would also be credit
positive.

Finally, economic reforms that foster greater economic
diversification and higher productivity growth over time would
raise Georgia's economic strength and potentially support the
rating.

WHAT COULD CHANGE THE RATING DOWN

Downward pressure on the rating could develop from an increase in
external vulnerability risks, notably a widening gap between
domestic savings and investment, or an escalation of political
risks. A sustained deterioration in fiscal metrics could also put
downward pressure on the rating.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Ratings
Methodology published in November 2019.



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G E R M A N Y
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GFK SE: Fitch Assigns First-Time LT IDR at 'BB-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned GFK SE a first-time Long-term Issuer
Default Rating (IDR) of 'BB-' with a Stable Outlook and an expected
rating of 'BB+(EXP)' to its senior secured Term Loan B (transaction
launched this week).

The rating takes into account GfK's established position in
consumer market research and data analytics. Its core market
intelligence and consumer panel business focused on the technology
and durables (T&D) and fast-moving consumer goods (FMCG)
sub-segments offer underlying growth, while the benefits of a
group-wide restructuring, divestment from unprofitable non-core
areas and development of AI analytics should support margin
expansion. A transformation programme begun in 2017 has reduced
costs significantly. Continued margin improvement is likely, with
already high reported adjusted EBITDA margins in the low 20s.

Limited overlap with large market research peers, an otherwise
fragmented industry and what are viewed as high entry barriers
underpin leading positions in its chosen segments. Secular risks
from the large tech platforms and a continuous need to evolve
digital capabilities, are challenges to remaining relevant. Funds
from operations (FFO) gross leverage of 4.8x at the end of the 2020
financial year to December 2020, is commensurate with the 'BB-'
rating and Fitch expects continued EBITDA growth and potential debt
repayments to drive deleveraging.

KEY RATING DRIVERS

Embedded Intelligence: Fitch views GfK's position in market
intelligence and consumer panels, the company's largest and most
profitable segments, in T&D and FMCG as incumbent. These segments
show reasonable underlying growth with trends in T&D likely to be
driven by market expansion, smart design and functional change,
which support insight analytics. GfK has more than 100,000 partner
relationships with retailers worldwide and a consumer panel network
of 1.9 million. These networks offer high entry barriers. The
business shows high customer retention, with recurring revenue
above 80% and contracted revenue above 60% typically achieved by
the second quarter of the year.

Limited Competitor Overlap: Market intelligence and consumer
insight are fragmented. The top 5 research providers account for
roughly 25% of the market, while GfK's largest peers, Intermediate
Dutch Holdings (NielsenIQ; B+/Stable) and Kantar focus on different
segments and geographic reach. Both have recently undergone
ownership change and are at an earlier stage of business
transformation. GfK is present in several sub-segments but has a
fairly small scale in some. A fragmented industry is likely to lead
to M&A, which poses execution risk. High balance-sheet cash, loose
documentation and private ownership provides GfK the flexibility to
pursue inorganic expansion.

Advanced Stages of Restructuring: GfK embarked on a transformation
of the business in 2017 under new management. The plan is largely
complete with headcount reduced by 5,000 to 8,000 full-time
employees (FTEs), which includes 2,000 net hires in growth areas.
Initiatives have included office co-location,
standardisation/optimisation of central functions, digitisation and
automation as well as an exit from zero-margin ad-hoc research.
gfknewron, its AI driven analytics platform, was launched in 2020.

Fitch believes the restructuring was vital for GfK's long-term
survival. Now that it is largely complete, the business is in a
better position to grow and to adapt to the evolving challenges of
a digital world. Group adjusted EBITDA margin has increased from
12% to 22%; a level indicative of a valued data-driven service.

One-Off Costs Obscure Performance: The scale of efficiencies and
associated costs driven by the restructuring are substantial,
largely comprise employee severance and consulting fees. These
costs account for a wide gap between reported and management
adjusted EBITDA in historic reporting, which Fitch expects to have
largely disappeared by 2022.

Rating Constraints; Scale and Restructuring: The scale and
complexity of the restructuring leaves some execution risk. A
clearer view of clean financial metrics should unfold over the
coming years. With to some extent limited revenue and cash flow
scale, this serves as constraints to the rating.

Digitisation and AI: Management believes it is further along the
path in digitisation and the adoption of AI than its peers, having
started its digitisation in 2017 and focusing on AI soon after.
Fitch views this as key given the value and independence of GfK's
proprietary data, and the power of customisable data analytics.
Intuitive and user-friendly analytic tools are critical as the
company rolls out new products. The early-stage adoption of AI
applications provides both upside as well as risk. New platform
launches can encounter missteps, teething problems and platform
rewrites.

Secular Risk: Advertising, an adjacent industry, has for several
years grappled with the secular threat of large technology
platforms. Fitch believes search engines, online marketplaces and
social media have the potential to disrupt traditional market
intelligence providers. Aggregate sales of Amazon, Facebook and
Google amounted to more than USD650 billion in 2020. These
platforms have proven adept at capturing and analysing user data
for contextual advertising. Fitch believes an interdependence
between big tech and market intelligence providers will continue;
GfK provides market independent data and has retail coverage of
more than 60% of global sales - both on and offline - in its
segments. Fitch does not view the risk as high as that faced by
adverting given GfK's independence, something valued by the wider
retail and manufacturing sectors.

Growth Targets: GfK's core segments have grown at a CAGR of about
2% over the past two years. The management wants growth to be
substantially faster, driven by the client focus achieved through
the restructuring, underlying sector growth and the roll-out of
gfknewron. In Fitch's forecasts, Fitch assumes substantially lower
growth expectations, as well as a modest level (EUR10 million) of
annual one-off costs (taken above FFO).

DERIVATION SUMMARY

GfK's peer group includes several business services - data,
analytics and transaction processing (DAP) companies, along with
leveraged on-line classified advertisers such as AutoScout24
(B/Negative). Within DAP business services Fitch regards Daily Mail
and General Trust Plc (DMGT: BBB-/Stable), IPD 3 B.V. (B/Negative)
and NielsenIQ its closest peers. NielsenIQ, although far larger, is
at an earlier stage in its business transformation and has
significantly lower margins (EBITDA margin in low teens compared
with GFK's in low 20s). It has comparable gross leverage but higher
net leverage given GfK's cash balances, with NielsenIQ's 2020
forecast FFO net leverage of 4x compared with GfK at 3.5x and it
has weaker forecast FCF. IPD is also comparable but its business
focus is more cyclically exposed. Gross leverage of 10x has been
weakened by the pandemic and M&A, and leverage is the main reason
for its 'B' rating. With annual sales of GBP1.1 billion, DMGT has
greater revenue scale and a diversified portfolio of consumer and
B2B businesses. A strong net cash position and a financial policy
that includes a leverage cap of 2x EBITDA support its
low-investment-grade rating.

GfK sits squarely in the middle of its peer group. It has fairly
low financial leverage (when measured on a net basis) and is
well-positioned in the provision of must-have/hard to give up data
and data analytics. Its business has responded well to the pandemic
given a high share of contracted and recurring revenue, while its
market sub-segments offer growth. A cleaner view of financial
metrics, with the mainstay of restructuring complete, and expected
FCF growth once delivered could lead to a higher rating.

KEY ASSUMPTIONS

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

-- Small single-digit revenue decline in 2021 followed by low
    single-digit revenue growth until 2024;

-- Gradual Fitch-defined EBITDA margin improvement to 24% in 2024
    from 18% in 2021;

-- No significant one-offs after 2021;

-- Minority dividends up to EUR10 million a year;

-- Capex intensity at 6% of revenue;

-- Common dividends up to EUR20 million for 2022-2023 and up to
    EUR30 million in 2024;

-- Debt repayment of EUR60 million a year;

-- About EUR150 million of readily available cash on the balance
    sheet, and EUR23 million of restricted cash annually;

-- EUR10 million bolt-on acquisitions annually, any larger M&A
    activity is treated as an event risk.

RATING SENSITIVITIES

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

-- FFO gross leverage (excluding reasonable one-offs) that is
    expected to be managed consistently below 4x.

-- Operating performance that tracks closely to Fitch's rating
    case.

-- Producing top-line growth and modest margin expansion.

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

-- FFO gross leverage (excluding reasonable one-offs) that is
    expected to trend consistently above 5x.

-- Meaningful erosion of competitive position evident in below
    market growth or revenue contraction in an otherwise stable
    market or operating missteps such as major platform rewrites
    having a tangible impact on the EBITDA margin.

ESG Commentary

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.

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

GfK has a strong liquidity position with its nearest debt maturity
due in 2028. Liquidity is underpinned by what Fitch expects to be
strong FCF generation and a EUR150 million revolving credit
facility. A high cash balance - unrestricted cash of about EUR170
million at end-2020 - is expected to be maintained although
potentially at a moderately lower level.

GFK SE: Moody's Assigns First-Time B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating and a B1-PD probability of default rating to GfK SE.
Concurrently, Moody's has assigned a B1 instrument rating to the
EUR650 million senior secured term loan B due in 2028 and the
EUR150 million senior secured revolving credit facility due in
2027. The outlook is stable.

Proceeds from the new financing will be used to refinance the
company's existing indebtedness and pay transaction related fees
and expenses.

"The B1 rating primarily reflects GfK's strong market position in
market research and the supportive dynamics of the market research
sector", add Ernesto Bisagno, a Moody's Vice President -- Senior
Credit Officer and lead analyst for GfK. "However, the rating also
factors in the smaller scale relative to other rated peers and the
execution risk in rolling out its new client platform," adds Mr.
Bisagno.

RATINGS RATIONALE

GfK's B1 rating benefits from: (1) its strong market position
outside the US in the market research sector, with high barriers to
entry; (2) its balanced geographical diversification and modest
customer concentration; (3) the supportive dynamics of the market
research sector, which Moody's expects to grow in the mid-single
digit range over 2021-24; (4) the expectation that its free cash
flow will improve driven by stronger operating performance and
completion of the restructuring programme initiated in 2017; (5)
its moderate leverage, with Moody's adjusted Debt/EBITDA of 5.2x at
2020, expected to decline below 4.5x by 2022; and (6) its good
liquidity.

However, the rating also reflects: (1) its smaller scale relative
to other rated peers such as Intermediate Dutch HoldCo (NL)
(NielsenIQ, B1 stable) and Kantar Global Holdings S.a r.l. (B2
negative), its narrower market focus and the high competition in a
fragmented market; (2) the negative organic revenue growth reported
in 2019 and 2020 and the limited track record after the
transformation plan; (3) its high operating leverage owing to a
high proportion of fixed costs, leaving GfK's profits highly
exposed to revenue volatility; and (4) the execution risk in
rolling out its new client platform gfknewron.

GfK experienced a decline in organic revenue of 2% in 2019 and 4%
in 2020 due to lower contribution from the Marketing and Consumer
Intelligence segment and the impact from the coronavirus pandemic,
partially offset by stronger revenue from the Point of Sales (POS)
and Consumer Panel segments. Despite the revenue decline, Moody's
adjusted EBITDA over 2018-20 was broadly stable and increased to
EUR169 million in 2020, owing to tight cost management and
contribution from higher margin products.

Moody's adjusted free cash flow was negative at an average of EUR70
million each year, due to the impact of restructuring costs which
totaled EUR486 million on a cumulative basis over the period
2017-2020. As a result, Moody's adjusted debt/EBITDA increased to
5.2x in 2020 from 4.4x in 2018.

Moody's expects GfK's revenue to remain flat in 2021 as the
challenging conditions caused by the coronavirus pandemic will
continue to weigh on its business. However, the rating agency
expects revenues will grow by around 3% in 2022, driven by stronger
growth from the POS and Consumer Panel segments, as well as the
contribution from the new client platform gfknewron. Moody's
expects stronger EBITDA growth of around 10% each year, owing the
additional contribution of around EUR30 million from the efficiency
programme and the benefits of operating leverage.

In addition, Moody's expects annual capex including IFRS 16 of
EUR80 million over 2021-22, broadly in line with historical levels.
With growing operating cash flow, stable capex and a dividends of
around EUR25 million in 2022, Moody's forecasts that the company
will generate positive free cash flow of EUR15 million in 2021 and
EUR40 million in 2022. Moody's expects adjusted leverage to decline
below 4.5x by 2022, driven by the EBITDA increase and stable gross
debt, which would leave the company more adequately positioned in
the rating category.

Moody's has factored into its decision to assign a B1 rating to GfK
the governance considerations associated with the company's
financial policies and its shareholder structure. GfK is majority
owned by Nuremberg Institute for Market Decisions ("NIM") with a
54% stake, while funds advised and controlled by KKR & Co. Inc.
("KKR") own a 46% stake. While GfK does not have a leverage target,
it has historically managed its balance sheet with moderate
leverage and it paid a very modest level of dividend of EUR1
million - EUR7 million each year over 2017-20 in relation to its JV
in the US. NIM's 54% majority stake would partially offset the high
tolerance leverage which is typically associated with companies
majority owned by financial sponsors. Under the current governance
framework, NIM and KKR appoint six directors (three each) out of
ten in the Supervisory Board, while the remaining four are employee
representatives. While NIM has no veto power, it maintains the
majority of votes in any shareholders' meeting.

LIQUIDITY

GfK's liquidity pro forma for the transaction is good, supported by
a cash balance of EUR195 million at December 2020 and the new
EUR150 million revolving credit facility maturing in 2027. The RCF
includes a springing covenant of net leverage below 6.0x (3.1x
pro-forma at December 2020) for drawings above 40%. Moody's expects
the company to generate modest positive free cash flow of between
EUR15 million and EUR40 million each year over 2021-22.

STRUCTURAL CONSIDERATIONS

Although GfK's debt capital structure is comprised of only bank
debt, Moody's has used the standard 50% family recovery rate owing
to the covenant-lite nature of the term loan and RCF. As a result,
the PDR of B1-PD at the same level as the CFR.

The Term Loan B and the RCF are rated B1, at the same level as the
CFR, reflecting the pari-passu ranking of all the debt in the
capital structure. All material subsidiaries of the borrowers are
guarantors with a 80% coverage test. The security package
essentially includes share pledges, bank accounts and intercompany
receivables.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that GfK's revenue
and EBITDA will strengthen over 2021-22 which will support an
improvement in the company's credit metrics.

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

Upward rating pressure could develop if the company successfully
delivers on its business plan, showing strong and stable revenue
growth as well as a sustainable improvement in EBITDA margins.
Quantitatively, that would require Moody's adjusted debt/ EBITDA to
reduce below 3.5x and growing free cash flow generation.

Downward pressure on the ratings could develop (1) if there is no
improvement in revenue and EBITDA trends over 2021-22; (2) Moody's
adjusted debt / EBITDA remains above 5.0x; (3) Moody's adjusted
free cash flow remains negative with no expectation of improvement;
or (4) its liquidity position deteriorates significantly.

LIST OF AFFECTED RATINGS

Issuer: GfK SE

Assignments:

Probability of Default Rating, Assigned B1-PD

LT Corporate Family Rating, Assigned B1

Senior Secured Bank Credit Facilities, Assigned B1
Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

GfK, headquartered in Nuremberg, Germany, is a global market
research company providing services and analytics to companies
mainly operating in the Technology and Durables industries.

In 2020, the company generated revenues of EUR900 million and
Moody's adjusted EBITDA of EUR169 million.

NOBISKRUG: Files for Insolvency Amid Pandemic
---------------------------------------------
Kayla Dowling at SuperYacht Times, citing German news broadcasters,
reports that the German shipyard Nobiskrug has filed for
insolvency.

During the filings and insolvency proceedings, which commenced on
April 12, Nobiskrug cited "critical developments" on yacht
construction having had negative consequences on investment and
potential profitability, as the main reasons, SuperYacht Times
relates.

According to SuperYacht Times, a representative said the pandemic
has "exacerbated the situation, as Nobiskrug is losing orders and
has had to live with the consequences of previous management
decisions for a long time".

Nobiskrug is operated under Privinvest, an international
shipbuilding group.

The bankruptcy filings come after Privinvest had not seen any
returns on profit, with an investment of approximately EUR178
million, in recent years, SuperYacht Times discloses.


PFLEIDERER GMBH: S&P Lowers Long-Term ICR to 'B', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Pfleiderer GmbH and its subsidiary, PCF GmbH, to 'B' from 'B+'.

A strong 2020 performance has led the group to decide to refinance
its capital structure and increase debt levels to pay a dividend to
its shareholders.

Pfleiderer plans to repay its existing EUR445 million senior
secured term loan B and pay a dividend of approximately EUR341
million, which will be funded by the issuance of EUR750 million of
new senior secured notes, supported by a EUR65 million super senior
secured RCF. S&P said, "As a result, we expect the group's adjusted
debt in 2021 to be about EUR900 million, comprising: i) EUR750
million of senior secured notes; ii) about EUR75 million of
liabilities under factoring facilities; and iii) about EUR75
million of non-cancellable lease obligations and pension
obligations. Therefore, despite our expectations of meaningful
EBITDA growth in 2021, we expect adjusted debt to EBITDA to be
above 5.5x, which is consistent with a 'B' rating. The issuer of
the new debt is PCF GmbH, which we assess as having a stand-alone
credit profile of 'b' because we consider it to be the group's
primary earnings contributor. PCF GmbH generates more than 80% of
group revenue and EBITDA, and it shares many of the business risk
strengths and weaknesses, such as market-leading positions and low
customer concentration, with the wider group. Offsetting this, it
only has limited product differentiation and scale. On a
stand-alone basis, we assess its adjusted debt to EBITDA as
5.7x-6.1x over the next two years."

The proposed transaction has led S&P to re-appraise the group's
financial policy, which it no longer views as supporting a higher
rating.

S&P said, "We expect Pfleiderer's debt to materially increase
following the dividend recapitalization, which also leads us to
assume an increased risk of further such payments in the future.
Before the transaction, we had anticipated that debt to EBITDA
would be sustained at less than 5x, as it has been in recent years.
Given Pfleiderer's financial sponsor ownership, our ratings have
always incorporated the likely probability of shareholder friendly
actions. However, we did not previously expect such actions to
result in debt to EBITDA being sustained above 5x. Therefore,
despite our expectation of sustained positive FOCF over our
forecast horizon, we consider the group's tolerance of leverage to
be somewhat higher than it was previously (and have such changed
our Financial Policy score on the group from "FS-5" to "FS-6").

"We believe the transition toward higher-value added products
alongside cost-saving measures will enable the group to sustain
margins at or above 2020 levels."

Pfleiderer's EBITDA margins improved substantially in 2020, however
revenues were hit by social distancing measures implemented in its
main markets in response to the COVID-19 pandemic, which led to
lower demand for wood panels and resin products. As a result, the
group's revenue fell by about 6.5% year-on-year to about EUR950
million. This decline was more than offset, however, by lower raw
material and energy prices, and a number cost efficiency
initiatives relating to the group's operations and supply chain,
which resulted in adjusted EBITDA of close to 2018 levels, at a
margin of about 15%. S&P said, "While we do not expect margins to
be supported by raw material prices to the same extent over the
next two years, we forecast that they will be maintained above 15%
due to management's actions in 2020. These include achieving
improved raw materials and staff efficiency, tighter control of
procurement and logistics spend, contractually agreed price
increases with customers, and a more rigid pricing structure, which
we expect to deliver margin growth in 2021 and 2022, alongside a
recovery in volumes."

S&P said, "The stable outlook reflects our expectation that
Pfleiderer will generate materially positive FOCF in 2021. We
forecast adjusted EBITDA margins of about 15%-16% for 2021 and
adjusted leverage of 5x-6x."

S&P could take a negative rating action, if:

-- FOCF were negligible over an extended period.

-- Adjusted debt to EBITDA increased above 7x.

-- Pfleiderer's liquidity position deteriorated, or its covenant
headroom tightened significantly.

-- The group engaged in large-scale, debt-funded shareholder
returns or acquisitions that further increased leverage.

S&P said, "We are unlikely to raise the ratings over the next 12
months as we view the sponsors' financial policy as aggressive. An
upgrade would require the sponsor to commit to a more conservative
financial policy. We currently view this as unlikely."




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I R E L A N D
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PROVIDUS CLO V: Moody's Gives B3 Rating to EUR10.75M Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes and a loan (the "Notes")
issued by Providus CLO V Designated Activity Company (the
"Issuer"):

EUR190,000,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2035,
Definitive Rating Assigned Aaa (sf)

EUR31,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR21,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR10,750,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the c.a. 7 month ramp-up period in compliance with the
portfolio guidelines.

Permira European CLO Manager LLP ("Permira") 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
4.3 years reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the eight Classes of Notes rated by Moody's, the
Issuer has issued EUR38,000,000 Subordinated Notes due 2035 which
are not rated.

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

The coronavirus 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 European corporate assets from a gradual and
unbalanced recovery in European economic activity.

Moody's regard 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: EUR400,000,000

Diversity Score(1): 43

Weighted Average Rating Factor (WARF): 3035

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL): 8.5 years

SUBLIMITY THERAPEUTICS: Meeting Called to Consider Liquidation
--------------------------------------------------------------
Will Goodbody at RTE reports that a creditors meeting has been
called to consider a proposal to put Irish pharmaceutical company,
Sublimity Therapeutics, into liquidation.

The firm employed more than 50 people at its headquarters at DCU
Alpha in Dublin, a manufacturing facility in Tullamore and an
office in California in the US, but it is understood that staff
were told in recent days that they are to lose their jobs, RTE
discloses.

According to RTE, a notice published in a number of national
newspapers stated that it is proposed that accountants John McStay
and Jim Luby be appointed to three connected companies, Sublimity
Therapeutics HoldCo Ltd, Sublimity Therapeutics Ltd and Sublimity
Ltd, at the meeting next week.

Around EUR70 million has been received by the group from share
placements, convertible loan notes, licensing agreements, grants
and tax credits since it began operations in 2003, RTE notes.

In 2018, it closed a "milestone" EUR55 million funding round from
investors including OrbiMed, Longitude Capital and HBM Healthcare
Investments, RTE relays.

Glen Dimplex founder, Martin Naughton, has also invested in the
company, which was previously known as Sigmoid Pharma, RTE states.

But it is understood that Phase 2(b) trials of its leading
candidate drug for the treatment of the gastrointestinal condition,
ulcerative colitis, yielded results that were not as good as had
been hoped for, according to RTE.

An earlier Phase 2(a) study in more than 100 patients with mild to
moderate ulcerative colitis had demonstrated the drug to be safe
and well tolerated, RTE discloses.

By the end of 2019, accounts show that the company had an
accumulated deficit of EUR73.4 million and around EUR1.8 million in
cash available, having made a loss that year of EUR20.4 million,
according to RTE.

At that time, it said it expected expenses and operating losses to
increase substantially as it conducted clinical trials, continued
research and development activities, conducted preclinical and
nonclinical studies and increased staffing, RTE recounts.

It also cautioned that it did not expect to generate any revenue
from product sales unless and until it could successfully complete
development and obtain regulatory approval for one or more of its
product candidates, which it said it expected would take a number
of years, RTE notes.

Efforts were made in recent months by the company to raise
additional funding, with Bank of America appointed to seek further
finance, while other options were also examined but ultimately
failed, RTE relays.


TAURUS 2021-3: Moody's Gives B1 Rating to EUR22.98M Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debt issuance of Taurus 2021-3 DEU DAC (the
"Issuer"):

EUR227M Class A Commercial Mortgage Backed Floating Rate Notes due
December 2030, Definitive Rating Assigned Aaa (sf)

EUR85M Class B Commercial Mortgage Backed Floating Rate Notes due
December 2030, Definitive Rating Assigned Aa3 (sf)

EUR57M Class C Commercial Mortgage Backed Floating Rate Notes due
December 2030, Definitive Rating Assigned A3 (sf)

EUR62M Class D Commercial Mortgage Backed Floating Rate Notes due
December 2030, Definitive Rating Assigned Baa3 (sf)

EUR59M Class E Commercial Mortgage Backed Floating Rate Notes due
December 2030, Definitive Rating Assigned Ba2 (sf)

EUR22.98M Class F Commercial Mortgage Backed Floating Rate Notes
due December 2030, Definitive Rating Assigned B1 (sf)

Taurus 2021-3 DEU DAC is a true sale transaction backed by two
loans together totaling EUR 539.98 million. Both loans are
refinancing loans previously securitised in the CMBS Taurus 2018-3
DEU DAC. The largest is secured by a mixed-use office and hotel
property connected to Frankfurt International Airport Terminal 1.
The smaller loan is secured by the corresponding parking complex.

RATINGS RATIONALE

The rating actions are based on: (i) Moody's assessment of the real
estate quality and characteristics of the collateral; (ii) analysis
of the loan terms; and (iii) the expected legal and structural
features of the transaction.

The key parameters in Moody's analysis are the default probability
of the securitised loans (both during the term and at maturity) as
well as Moody's value assessment of the collateral. Moody's derives
from these parameters a loss expectation for the securitised loans.
Moody's total default risk assumption is medium for the combined
loans.

The combined Moody's LTV for both loans at origination is 80.0%.
Moody's has applied a property grade of 1.5 for the portfolio (on a
scale of 1 to 5, 1 being the best). In its valuation assessment of
the hotel component, Moody's considered a slow recovery path for
interntational travel with the hotels' 2019 operating income levels
only reached again in eight years.

The key strengths of the transaction include: (i) the very good
property quality with strong tenant covenants; (ii) a diversified
income stream where the more stable office component is sufficient
to cover the debt service payments despite shortfalls from the
hotel and parking operations (operating income components) over
Moody's assumed protracted path to recovery; (iii) the strong cash
trap and sweep covenants; and (iv) the medium total default risk.

Challenges in the transaction include: (i) the negative impact of
the coronavirus pandemic on the performance of the operating income
components; (ii) the non-traditional office location; (iii) the
high Moody's leverage of the loan; and (iv) the uncertainty around
the impact of the work from home trend on future office demand.

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 commercial real estate from a gradual and unbalanced
recovery in the German 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.

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in October
2020.

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

Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loans; (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk.

Main factors or circumstances that would lead to a downgrade of the
ratings are generally: (i) a decline in the property values backing
the underlying loans; (ii) an increase in the default probability
of the combined loans; and (iii) changes to the ratings of some
transaction counterparties.



=========
I T A L Y
=========

NEXI SPA: Moody's Rates New EUR2.1BB Senior Unsecured Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 instrument rating to
the new EUR2.1 billion senior unsecured notes due 2026 and 2029 to
be issued by Nexi S.p.A. The outlook on the rating is positive.

Proceeds from the issuance of the new senior unsecured notes,
together with the proceeds Nexi raised in February 2021 via the
issuance of EUR1 billion senior convertible notes due 2028, will be
used to part-finance Nexi's acquisition of SIA and Nets, announced
in October and November, respectively. More specifically, the
combined EUR3.1 billion of debt will be used to replace the senior
unsecured bridge facility previously raised by the company, which
will be cancelled, refinance SIA's existing debt as well as cover
transaction costs. Moody's continues to expect the acquisition of
Nets to complete in Q2 2021 and for Nexi's acquisition of SIA to
close by Q4 2021.

RATINGS RATIONALE

The new senior unsecured notes due 2026 and 2029 are rated at the
same level as Nexi's existing Ba3 corporate family rating (CFR),
reflecting the relatively small size of the liabilities of Nexi's
operating subsidiaries, including trade payables, pensions and
operating leases which rank ahead given the absence of upstream
guarantees on the notes.

The Ba3 instrument rating assigned to the new senior unsecured
notes also reflects their pari passu ranking with Nexi's existing
EUR825 million senior unsecured notes due 2024, which are also
rated Ba3, as well as the company's other debt facilities,
including a EUR1 billion term loan due 2024, EUR466.5 million term
loan due 2025, EUR500 million senior convertible notes due April
2027, EUR1 billion senior convertible notes due 2028, and a
fully-undrawn EUR350 million RCF due 2024, all of which are also
unsecured liabilities of the company.

Nexi's Ba3 CFR is supported by the company's leading presence
across the payment value chain in Italy, high barriers to entry in
the Italian payment processing market, solid relationships with its
partner banks, and significant growth opportunities given the
relatively low penetration of card transactions in Italy compared
with other western European markets.

These strengths are balanced by Nexi's relatively high geographic
concentration; a certain degree of concentration in its product
lines and customer base; execution risks related to growth in
Moody's-adjusted EBITDA and free cash flow (FCF)/debt; as well as
integration risks linked to the company's acquisitive nature and
the related potential for higher than expected leverage, should
debt financing be used.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook on Nexi's Ba3 CFR reflects Moody's expectation
that the mergers of SIA and Nets into Nexi will improve Nexi's
credit profile through increased scale, greater geographic,
customer and product-line diversification, and stronger financial
ratios, given the all-share-based funding of the transactions and
projected synergies.

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

Positive rating pressure could arise if Nexi delivers on its
revenue and EBITDA growth targets and successfully closes the
acquisition of and integrates both SIA and Nets; the company
continues to reduce non-recurring items materially; its
Moody's-adjusted leverage improves to 4.5x on a sustained basis
following the closing of the SIA and Nets transactions (well below
4.5x if the mergers do not materialise); Moody's-adjusted FCF/debt
improves towards high single-digits on a sustained basis; and the
company maintains good liquidity.

Conversely, negative rating pressure could develop if Nexi loses
large customer contracts or its churn increases; its
Moody's-adjusted leverage increases above 5.5x on a sustained basis
after the completion of the SIA and Nets acquisitions (more than
5.0x if the mergers do not materialise); FCF weakens; or the
company's liquidity deteriorates.

RATING METHODOLOGY

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

COMPANY PROFILE

Headquartered in Milan, Italy, Nexi is the leading provider of
payment solutions in its domestic market, including card issuing,
merchant acquiring, point-of-sale and ATM management and other
technology- driven services to financial institutions, individual
cardholders, and corporate clients. The company reported net
revenue and company-adjusted EBITDA of EUR1.0 billion and EUR601
million, respectively, in 2020.

NEXI SPA: S&P Assigns 'BB-' Rating to New Senior Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating, with a '3'
recovery rating, to Italy-based Nexi SpA's proposed senior
unsecured notes. S&P then placed the issue ratings on CreditWatch
with positive implications, in line with the issuer credit rating
on Nexi (BB-/Watch Pos/--).

The proposed debt comprises EUR2.1 billion senior unsecured notes
split in two tranches (five year and eight year).

S&P's '3' recovery rating indicates its expectation for meaningful
(50%-90%, rounded estimate: 55%) recovery in the event of a
default. The new notes will rank pari passu with Nexi's all other
existing debt.

The proposed issuance follows Nexi's February 2021 issuance of EUR1
billion convertible notes. The new debt is in line with Nexi's
plans to merge with Nets, as announced in November 2020. Nexi will
use the proceeds of these notes and the convertible notes to
refinance the debt outstanding at Nets and SIA upon closing of the
mergers. S&P therefore consider the proposed issuances to be part
of the wider group's financial profile, rather than stand-alone
debt-increasing transactions at Nexi only. If only one merger
closes, Nexi will use the remaining cash raised through the notes
to repay existing debt. If no merger closes, Nexi will redeem the
notes.

Nexi expects to complete the merger with Nets by mid-2021. The
merger received unconditional authorization by the European
Antitrust in March 2021 and is now pending local central banks'
approval. On a parallel track, the Italian antitrust is currently
reviewing the merger with SIA after the binding agreement signed
between the parties in February 2021. S&P said, "We believe these
developments signal that the transactions are proceeding as
announced. We expect to resolve the CreditWatch once we have
confirmation that the parties finalized the two merger agreements
and received all necessary shareholder, regulatory and antitrust
approvals; this will likely occur in the fourth quarter of 2021."




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

MONG DUONG: Fitch Alters Outlook on 'BB' USD Sr. Sec. Notes to Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on the rating on the US
dollar senior secured notes due 2029 issued by Mong Duong Finance
Holdings B.V., a Netherlands-domiciled SPV, to Positive from
Stable, and affirmed the rating at 'BB'.

RATING RATIONALE

The debt securities are issued by Mong Duong Finance Holdings B.V.,
which acquired all of Vietnam-based AES Mong Duong Power Co., Ltd's
(AES Mong Duong) outstanding project-financing loans. Principal and
interest payments for the US dollar notes rely on payments made by
AES Mong Duong to the offshore SPV under the project-financing
loans.

The rating actions follow the Outlook revision of the Vietnam
sovereign to Positive from Stable on 1 April 2021. The notes'
rating is capped at 'BB'/ Positive by Vietnam's sovereign rating
(BB/ Positive) due to the government's guarantee of Vietnamese
state counterparty obligations. The underlying rating is 'bbb-'.

RATING SENSITIVITIES

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

-- Upgrade of the sovereign rating of Vietnam to 'BB+' with no
    deterioration in the underlying credit rating.

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

-- Operational difficulties or other developments that result in
    the projected annual debt service coverage ratio dropping
    below 1.2x in Fitch's rating case.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The notes rating is capped at BB/Positive by Vietnam sovereign
rating.

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.



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

EVRAZ: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
------------------------------------------------------
S&P Global Ratings revised its outlook on Russian steel and coking
coal producer Evraz to stable from negative, and affirmed its 'BB+'
long-term issuer credit rating on Evraz.

The stable outlook reflects S&P's expectation that Evraz's FFO to
debt will remain above 45% in the coming years, despite some
weakening after 2021.

Evraz's recovering operating performance and credit metrics remove
pressure from the rating. High prices and strong demand for steel
across all Evraz's key markets will help it improve its EBITDA
considerably in 2021, to about $2.9 billion-$3.2 billion, a roughly
45% increase from $2.2 billion in 2020. This will result in FFO to
debt improving to 55%-65%, which is comfortably above our 45%
minimum threshold for the current 'BB+' rating. S&P said, "After
2021, however, we expect FFO to debt to gradually decline toward
45%-50% over the subsequent two-to-three years, as lower steel
prices will cause EBITDA to decline to $2.4 billion-$2.8 billion
over 2022-2023. Still, we expect Evraz's FFO to debt to stay above
the 45% threshold, in line with its aim to maintain the 'BB+'
rating."

Evraz's financial policy will remain key to maintaining the credit
metrics. S&P expects that Evraz will adhere to its flexible
financial policy, adjusting its dividends and capital expenditure
(capex) in the case of further market downturns to maintain its
credit metrics and the rating. Evraz's dividend policy stipulates a
minimum payment of $300 million per year, and maintenance capex is
no more than $400 million per year. With relatively high capex and
dividends of about $1.8 billion-$2.0 billion combined per year in
2021-2023, Evraz should be able to adjust its cash outflows, if
necessary, to maintain FFO to debt above 45%. This gives Evraz
sufficient flexibility in managing its leverage for the next few
years.

Evraz's operating performance will be strong in 2021 thanks to
surging steel prices, but will be weaker in 2022-2023 as steel
prices moderate. S&P said, "We expect steel prices to be up to 10%
higher in 2021 than they were in 2020, on average, reflecting a
rapid recovery in demand across the globe and record-high raw
material prices, particularly for iron ore. Since Evraz is
self-sufficient in iron ore, it will reap the full benefit of the
elevated steel prices. These nearly reached record highs in the
first quarter of 2021, and have been higher than the exceptionally
strong 2018 levels since late 2020. This will result in much
stronger EBITDA of $2.9 billion-$3.2 billion in 2021, compared with
$2.2 billion in 2020. Still, we do not believe that the current
prices are sustainable in the longer term, and expect them to
decline by up to 5% in 2022-2023. This, together with cost
inflation in line with Russia's Consumer Price Index (CPI), as we
expect the Russian ruble to remain generally stable, will result in
EBITDA declining to about $2.6 billion-$2.9 billion in 2022 and
$2.4 billion-$2.7 billion in 2023."

Evraz's potential deconsolidation of its coal business will
generally be neutral for its business risk, but it will need to
reduce debt to maintain the rating. S&P said, "We view the
potential deconsolidation of the coal business as generally neutral
for our assessment of Evraz's business risk, as it balances the
loss of a potentially profitable part of the business with
increased volatility in prices, as environmental considerations
make the future of coking coal uncertain. Coal generated EBITDA of
between $1.2 billion in 2018, when the EBITDA margin reached 50%,
and $400 million in 2020, and we expect it to generate $500
million-$700 million of EBITDA per year in 2021-2023. If Evraz does
decide to deconsolidate its coal business, we would expect it to
adjust its debt in line with the amount of lost EBITDA in order to
keep its FFO to debt above 45%, as we believe that the company is
committed to maintaining the 'BB+' rating."

S&P said, "The stable outlook reflects our expectation that Evraz
will be able to maintain its FFO to debt above 45% in the next few
years, despite declining EBITDA after 2021. We expect Evraz to
manage its dividends and capex proactively to maintain its credit
metrics and the rating. In the case of another significant downturn
in the steel-making industry, we would tolerate FFO to debt falling
temporarily below 45%, as we did in 2020, as long as it recovers in
line with the industry.

"We could lower the rating on Evraz if its FFO to debt does not
recover above 45%, which is commensurate with the rating under
normal industry conditions. This could happen, despite supportive
commodity markets, as a result of large dividends, increased capex,
or other meaningful cash outlays putting pressure on the credit
metrics.

"We could also lower our rating if Evraz's FFO to debt falls below
30% in the event of another downturn in the steel industry, and if
Evraz is unable to adjust its capex and dividends to preserve
leverage.

"Although it is unlikely in the next 12 months, we might consider a
positive rating action if Evraz's credit metrics improved
significantly, supported by improvements in industry conditions and
prices, and if the company decided to use FOCF to reduce debt
markedly, such that FFO to debt remained consistently above 60%.
This would also require management's commitment to maintain such
lower leverage, a commitment that Evraz's higher-rated peers, such
as Magnitogorsk Iron and Steel Works PJSC or NLMK PJSC, have
demonstrated over the past several years."


FEDERAL PASSENGER: S&P Withdraws 'BB+/B' Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+/B' issuer credit ratings on
Federal Passenger Co. JSC at the company's request. The outlook was
stable at the time of the withdrawal.


PETROPAVLOVSK PLC: Fitch Maintains 'B' IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has maintained Russian gold producer Petropavlovsk
plc's Issuer Default Rating (IDR) of 'B' on Rating Watch Negative
(RWN).

The RWN highlights continued uncertainties from changes to
Petropavlovsk's board and management and their impact on near-term
operational performance and investment schedule. Prolonged
uncertainties related to management and board composition may also
increase the refinancing risk of the company's USD500 million notes
due November 2022, and would put pressure on the rating.

The new management team, which was appointed in October
2020-January 2021, has announced lower output and higher capex
guidance for 2021. Fitch does not expect further guidance revisions
and will monitor their adherence to the updated guidance, as well
as the expansion of the board of directors to include more
independent directors and their appointment at the annual general
meeting.

Fitch will resolve the RWN following a record of stability and
effectiveness in management, board and auditor, and strengthened
internal controls, supported by stable operations as well as
progress with the bond refinancing.

KEY RATING DRIVERS

Management Changes Highlight Uncertainty: Denis Alexandrov started
his role of CEO on 1 December 2020 as part of a series of new
management appointments. The new management team has revised 2021
output guidance to 430koz-470koz, including third-party ore
volumes, substantially lower than Fitch's previous expectations of
around 600koz. Fitch expects this to increase total cash costs
(TCC) as the company's capacities including POX hub remain
under-utilised. Third-party ore procurement was revised sharply
lower to 60koz-80koz from 165koz-185koz as previous management
failed to procure enough third-party ore volumes during a key
annual contracting window in late 2020. The impact on own ore
processing is difficult to quantify due to the coronavirus
pandemic.

This exemplifies the pressure that the lack of stability and
effectiveness in management and board has brought to the company's
daily operations and potentially increases the refinancing risk of
the notes due November 2022 as a result.

Leverage within Rating Guidelines: Fitch expects funds from
operations (FFO) gross leverage to have reached 2.5x by end-2020,
increasing to 3.7x in 2021 before declining towards 3.0x in
2022-2023, including guarantees for IRC Limited. These levels are
well below the 4.3x at end-2019 and Fitch's negative guideline of
4x. The deleveraging is driven by strong gold prices, the
conversion of USD87 million convertibles in 2020 and lower
guarantees for IRC in 2022-2023. Higher production volumes of
548koz in 2020 (2019: 517koz), driven by 163koz of third-party ores
processed at POX hub, were achieved at higher TCC of almost
USD1,000/oz. Higher production volumes from its own mines and
corresponding lower TCC in 2022-2023 should result in stable
leverage despite declining gold price assumptions.

Gold Price Drives Performance: Fitch expects EBITDA to peak at
USD364 million in 2020 (2019: USD234 million) as higher realised
gold prices of USD1,748/oz in 2020 (2019: USD1,346/oz) outweighed
output falling short of the 560koz-600koz guidance under previous
management. The latter was driven by multiple factors including
delays caused by pandemic-related restrictions and obtaining an
official permit for treating ore of the Elginskoye deposit at
Albyn. The issues have been resolved and are unlikely to affect
2021 output, which is still expected to be lower than in 2020.

Limited Credit Impact from Revised Output: Fitch does not expect a
meaningful impact on credit metrics as a result of the updated
output guidance, as it is largely neutralised by higher 2021-2022
gold price assumptions. The 3.6 million tonne flotation plant
project at Pioneer has been postponed until 2Q21 from 4Q20 while
the 1.8 million tonne capacity addition at Malomir has been
postponed to 3Q22 from late 2021/early 2022. The commissioning
delays came with upward 2021 capex revision at USD140 million, from
under the USD100 million Fitch had expected in late 2020.

IRC Risks Reducing: A strong iron ore price environment and Fitch's
upward revision of medium- to long-term iron ore price assumptions
reinforce Fitch's expectations that Petropavlovsk's guarantees
provided to IRC Limited will not materialise over Fitch's four-year
rating horizon. IRC gave a positive profit alert in March 2021 and
is expected to be in a stronger position to service its debts on a
standalone basis. Fitch views successful release of the guarantee
as credit-positive but Fitch conservatively includes USD160 million
of guarantees for 2021 and USD40 million for 2022-2023 in debt as
per guarantee schedule.

Governance Issues Triggered Delayed Results: Petropavlovsk's
failure to publish interim financials within 90 days after 30 June
each year, as required by the company's USD500 million notes
indenture, forced it to obtain a waiver from noteholders, which it
received on 26 October. It published the statements on 30 October.
The delay was caused by changes in the company's board of directors
after the annual general meeting of 30 June, which included the
removal of independent and executive directors and was concluded
with the requisitioned general meeting of 10 August, leading to
another major reshuffle.

POX Hub Fully Operational: Petropavlovsk's POX hub at the
Pokrovskiy mine was commissioned in 4Q18 and contributed 162.5koz,
or 30% of total 2020 output. The POX hub consists of four
autoclaves, all fully operational and comprising up to 500,000
tonnes of refractory ore processing capacity, translating into a
400koz-500koz gold production capacity, depending on ore content.
POX hub allowed Petropavlovsk to unlock its refractory ores
reserves, which represented 71% of end-2019 reserves across all its
three producing mines.

Prepayment Facilities Treated as Debt: As of end-2020,
Petropavlovsk had gold prepayment facilities of USD64 million
outstanding with Gazprombank. For analytical purposes, Fitch
reclassifies gold prepayments received as financial debt and
include them in Fitch's leverage ratios. Fitch expects
Petropavlovsk to replace these prepayment facilities with a
standard credit line to support liquidity.

DERIVATION SUMMARY

Petropavlovsk is smaller and has less asset diversification than
higher-rated Nord Gold SE (BB/Positive). Its scale is large for the
'B' category, but it lacks diversification across mines. Its cost
position is in the third quartile of the global gold cost curve and
comparable with that of Nord Gold.

Petropavlovsk is substantially larger than polymetallic producer
GeoProMining Investment Limited (B+/Negative) but has no
diversification across metals, a higher cost position and higher
leverage. Petropavlovsk is significantly smaller than copper
producer First Quantum Minerals Ltd (B/Stable), but has a stronger
leverage profile despite weaker margins.

KEY ASSUMPTIONS

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

-- Gold price of USD1,600/oz in 2021, USD1,400/oz in 2022 and
    USD1,200/oz in 2023, based on Fitch's gold price deck;

-- Total gold production of 486koz on average in 2021-2023,
    including third-party ores;

-- TCC of around USD895/oz on average during 2021-2023, excluding
    third-party ore;

-- Capex of USD140 million in 2021, USD60 million in 2022 and
    USD55 million in 2023;

-- No dividend payments in 2021, followed by USD20 million per
    year in 2022-2023.

Key Recovery Analysis Assumptions

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

Our recovery analysis assumes a GC EBITDA at USD176 million,
reflecting Petropavlovsk's dependence on a volatile commodity and
fluctuations in output.

A distressed enterprise value (EV)/EBITDA multiple of 4.0x has been
used to calculate post-reorganisation valuation and reflects the
company's corporate governance pressures compared with peers' and
higher third-quartile position on the global gold cost curve.

Fitch applies an additional 10% haircut to the EV generated by the
going concern EBITDA and distressed EV multiple assumption. Value
is distributed to each instrument on a priority-ranking basis, from
most senior to most junior in the capital structure. This along
with the application of Fitch's Country-Specific Treatment of
Recovery Ratings Rating Criteria results in a
Waterfall-Generated-Recovery Calculation of 50% for the USD500
million notes. Fitch's analysis generated a Recovery Rating of
'RR4' indicating a 'B' instrument rating.

RATING SENSITIVITIES

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

-- Continued changes in board or management composition leading
    to higher refinancing risk for the 2022 notes and/or material
    pressure on operations;

-- FFO gross leverage remaining above 4x on a sustained basis;

-- Introduction of aggressive dividend policies.

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

-- The ratings are on RWN and an upgrade is unlikely in the short
    term. However, a record of stability and effectiveness in
    management, board and auditor and operations in line with
    revised management output expectations as well as progress
    with refinancing would lead to a rating affirmation with a
    Stable Outlook.

-- FFO gross leverage remaining below 3x (2019: 4.3x) on a
    sustained basis accompanied by consistent improvement in
    governance practices would lead to positive rating action.

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

Strong Free Cash Flow: Petropavlovsk's debt at end-2020 was
represented by USD500 million bonds due November 2022 and USD38
million convertible bonds due 2024. Fitch also classifies
Petropavlovsk's gold prepayments from banks (end-2020: USD64
million) as short-term debt.

Fitch assesses Petropavlovsk's liquidity as sufficient throughout
2021 as strong prices drive positive free cash flow (FCF) despite
high capex. Liquidity should, however, deteriorate in 2022 unless
Petropavlovsk refinances its USD500 million notes due in November
2022, as Fitch does not expect its cash and FCF to be sufficient to
repay it in full.

Governance Affects Refinancing Risk: Refinancing risk for the
USD500 million notes due in November 2022 may be complicated by
governance weakness, which already led to 2020 under-performance
compared to Fitch's forecasts and the revision of 2021 output and
capex. This is despite improved cash generation and credit metrics.
If Petropavlovsk faces further pressures related to project
implementation or production volumes on a timely basis, or its
corporate governance constitutes a credit risk, the bulky nature of
the Eurobond maturity would significantly expose it to market
conditions.

ESG CONSIDERATIONS

Petropavlovsk has an ESG Relevance Score of '4' for Governance
Structure due to Fitch's view that its operational and financial
decisions might be influenced by frequent changes in its ownership
and board composition. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Petropavlovsk has an ESG Relevance Score of '4' for Management
Strategy due to Fitch's view that its operational and financial
decisions might be influenced by frequent changes in senior
management. This has a negative impact on the credit profile, and
is relevant to the ratings 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
programme, either due to their nature or the way in which they are
being managed by the issuer.

TRANSCONTAINER PJSC: Fitch Affirms Then Withdraws 'B+' LT IDRs
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based transportation company PJSC
TransContainer's (TC) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR)s at 'B+' with a Stable Outlook and
simultaneously withdrawn the ratings.

TC's ratings are constrained by the consolidated credit profile of
LLC Management Company Delo (MC Delo, not rated) due to strong
links between TC and MC Delo and the lack of effective ring-fence
protection around TC.

The ratings have been withdrawn for commercial reasons. Fitch will
no longer provide ratings or analytical coverage of TC.

KEY RATING DRIVERS

Further Deleveraging Expected: The consolidated credit profile
remains 'B+', but has some upside potential due to a stronger
deleveraging path compared with Fitch's previous expectations. This
is backed by robust volumes growth in rail container transportation
in 2020 and the beginning of 2021 and strong results of the
stevedoring business at Deloports LLC (B+/Stable), in both the
container and grain segments, which Fitch anticipates to continue
at low-to-mid single digit level.

Healthy Performance in 2H20: TC reported 15% yoy growth in
Fitch-calculated EBITDA in 2H20 after a 21% contraction in 1H20.
This resulted in just a 3% EBITDA decline in 2020, well above
Fitch's forecast of a 14% decline in June 2020. Accelerated volumes
growth in 2H20, due to easing of lockdown restrictions in Russia
and China and lack of effect of high prices in 1Q19, partially
offset by accelerated growth in expenses, were the key contributing
factors.

Fitch expects TC's funds from operations (FFO) adjusted net
leverage to be on average slightly below 3.0x (3.8x in 2020),
assuming moderate RUB9 billion annual capex and dividends pay-out
ratio of no more than 50% of net income over 2021-2024.

Container Transportation Resilient: Russian rail container
transportation has historically been sensitive to the economic
cycle, but grew by 16% in 2020, with double-digit increases across
domestic transportation, export, import and transit. This was due
to lower competition from trucks and marine transportation, which
faced harsher lockdown restrictions than rail, support measures
from JSC Russian Railways (BBB/Stable) and the Russian government,
and management's efforts to improve service quality. TC grew in
line with the market in 2020, retaining its market share of 41%.
The market remains fundamentally strong on the back of low
containerisation levels in Russia and continued government
support.

Consolidated Group Constrains Rating: TC's ratings are constrained
by MC Delo's consolidated credit profile. Fitch sees some upside
potential for the consolidated profile on the back of faster
deleveraging compared with Fitch's previous expectations. This is
due to TC's robust performance and the excellent results of the
stevedoring business at Deloports LLC in 2020, and favorable
outlook for 2021.

No Ring-Fencing, One-Off Dividends: In 2020 TC paid dividends of
around RUB40 billion and provided RUB14.5 billion of loans to the
parent, including the short-term part of RUB4.5 billion, which
weakened TC's funds from operations (FFO) adjusted net leverage to
around 4x in 2020 from 1.1x in 2019, but was neutral at the
consolidated group level. This confirms Fitch's view that MC Delo
can move cash around the consolidated group of companies if needed.
Fitch views MC Delo's commitment to maintain TC's net debt/EBITDA
below 3.0x as insufficient to ring-fence TC, given MC Delo's high
dependence on TC's cash flows (over 60% of group EBITDA in 2020) to
meet debt service requirements.

Reverse Factoring Partially Treated as Debt: At end-2020 TC had
RUB7.2 billion of trade finance liabilities under an agreement with
Joint Stock Company Alfa-Bank (BBB-/Stable). This resulted in an
increase in trade payable days compared with the normal level of
40-45 days. Fitch considers the extension in trade payable days
results in around 60% of trade finance liabilities being akin to
financial debt and adds RUB4.3 billion to financial debt. Fitch has
also reduced working capital movements and operating cash flow by
RUB4.3 billion, reclassifying it to cash flow from financing. The
reverse factoring adjustment resulted in a 0.3x increase in FFO
adjusted net leverage in 2020.

DERIVATION SUMMARY

TC's 'B+' IDR is capped by MC Delo's consolidated profile. TC's
unconstrained credit profile of 'bb-' reflects the company's strong
41% share of total rail container transportation in Russia in 2020,
healthy long-term growth prospects of the container market in
Russia and diversification in cargo and customers.

Compared with other rolling stock peers, JSC Freight One or
Globaltrans Investment Plc (both BBB-/Stable), TC is smaller and
has higher exposure to price and volume volatility because it
operates mostly on the spot market rather than under long-term
contracts and containerised cargoes have higher sensitivity to the
economic cycle than commodities. This is partially offset by a less
fragmented container market and TC's stronger growth prospects due
to low containerisation levels in Russia.

TC's financial profile, as constrained by MC Delo, has become
weaker than that of Freight One and Globaltrans after the
debt-funded acquisition. This is because TC's cash flows provide
for the bulk of MC Delo's debt service capacity.

KEY ASSUMPTIONS

-- Russian GDP to grow at around 3% annually in 2021-2022 and 2%
    in 2023-2024;

-- Inflation of 4.6% in 2021 and 4% over 2022-2024;

-- TC's container transportation volumes growth at mid-to-high
    single digits in 2021-2024;

-- Container transportation rates to grow at below-inflation
    rates in 2021-2024;

-- Dividend payments at 50% of net income over 2021-2024; and

-- Average capex of around RUB9 billion annually over 2021-2024.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

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: At end-2020 cash and cash equivalents of RUB8.6
billion were sufficient to cover short-term debt of around RUB8.0
billion (including leases). Fitch forecasts positive free cash flow
in 2021. All TC's debt is rouble-denominated.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Fitch treats 'financial guarantee for investment in joint
    venture', including the off-balance sheet portion, as debt.

-- 60% of trade finance liabilities is reclassified to debt.
    Working capital movements and operating cash flow are
    decreased by the amount of debt adjustment.

ESG CONSIDERATIONS

PJSC TransContainer: Governance Structure: '4'

TC has an ESG Relevance Score of '4' for 'Governance Structure' as
the debt-funded acquisition of the company by MC Delo, with the
lack of effective ring-fencing of TC, was one of the key drivers of
the downgrade in June 2020.

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.



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

NEINOR HOMES: S&P Assigns Preliminary 'B' Rating, Outlook Positive
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term rating to
Spanish residential real estate developer Neinor Homes S.A. and its
'B+' preliminary issue rating to its proposed EUR300 million senior
secured bond.

S&P said, "The positive outlook indicates that we may raise the
ratings within the next 12 months, if Neinor reduces leverage
quicker than we currently anticipate, with S&P Global
Ratings-adjusted debt to EBITDA moving toward 4x, while maintaining
EBITDA interest coverage of at least 3x.

"Our assessment of Neinor's business risk profile captures the
highly cyclical and fragmented nature of Spain's real estate
development industry.

"We view the market as subject to the country's economy, and
mortgage lending availability and terms. The impact of pandemic on
the economy and labor market could result in deterioration of
individuals' disposable income and more muted demand for Neinor's
products. That said, Neinor's position as one of the largest
residential developers in Spain has resulted in resilient operating
performance despite COVID-19. The company benefits from an owned
land bank with a book value (pro forma the recent acquisition of
Quabit) of about EUR1.6 billion, located in regions that benefit
from a demand-supply imbalance, including Madrid, Malaga, and
Barcelona. The company pre-sold 2.0% more units in 2020 than in
2019, resulting in 75% of its total 2021 deliveries and 49% of 2022
deliveries being already secured, supporting cash flow visibility
and predictability. At the same time, Neinor maintained access to
development loan financing at historically comparable rates,
despite market instability. This enabled the company to maintain
its production cycle and remain on track to achieve its targeted
delivery of about 2,500 units per year on average in the next two
years. While this is broadly comparable with its Spanish peers,
such as Via Celere, which delivered close to 2,000 units in 2020,
it remains small when compared to other European peers, such as
Altareit or Taylor Wimpey, which delivered close to 10,000 and
14,000 units annually, respectively. The top-five Spanish
developers represent less than 10% of total units delivered in
2020.

"We expect demand for Neinor's products to remain resilient over
the next 12-24 months, thanks to its focus on mainly large Spanish
cities. Although COVID-19 hit Spain's economy hard, the residential
real estate segment and, most notably, demand for new dwellings has
remained stable. We forecast price growth in the Spanish housing
market of about 1.4% in 2021 versus 3.7% in 2019. However demand
and price trends are not homogenous across the Iberian peninsula,
with larger metropolitan cities benefiting from the historical
trend of city densification and urbanization. Neinor's land bank is
concentrated around Spanish largest cities and their surrounding
areas. It includes Madrid (32% of gross asset value), Malaga (26%),
Barcelona (9%) Northern Spain (13%), and Valencia (10%), where the
demand-supply imbalance supports price stability, despite lower
economic prospects as a result of the pandemic. In addition,
recently acquired Quabit contributes to diversifying Neinor's
offering into a more affordable segment, with a lower average
selling price of about EUR200,000-EUR230,000 compared with its
current average selling price of EUR280,000 (based on current order
book), enlarging its potential customer base. Our preliminary
rating also takes into account the company's low cancellation rate
of only 1%, which compares favorably to the 15%-20% of traditional
single-family homebuilders.

"Neinor's leverage will likely dip in 2021 from the recent
acquisition of Quabit and planned debt issuance, but we expect it
will return below 5.0x in 2022.On Jan. 11, 2021, the company
announced the acquisition of Quabit, and our assessment takes into
account the successful closing of the transaction, which we expect
in the coming weeks. Quabit's more leveraged capital structure and
the proposed EUR300 million bond issuance will increase the
company's S&P Global Ratings-adjusted ratio of gross debt to EBITDA
above 5.0x in 2021 from 3.3x as of year-end 2020. That said, we
expect the company will be able to reduce leverage below 5.0x in
2022, on the back of sustained demand for Neinor's products and
stable prices, and in line with its strategy. Neinor's high
pre-sales rates--with 75% and 49% of total deliveries already sold
for 2021 and 2022, respectively--support cash flow visibility. As a
result, we expect Neinor will continue generating positive free
operating cash flow (FOCF), albeit at a lower level than previous
years, including our forecasts for over EUR200 million of land
acquisitions per year. We understand the company has no need to
acquire land plots given its already large land bank, but will
selectively take advantage of any market opportunities to keep
sourcing its development pipeline. Therefore, we believe the
company's credit metrics may improve more quickly than we currently
anticipate. Furthermore, we do not deduct cash on the balance sheet
from our debt calculation, in line with our criteria for the rating
assessment. However, we note sufficient cash on Neinor's balance
sheet of EUR250 million at year-end 2020."

Complementing its residential developer operations, Neinor has a
servicing agreement with Kutxabank to manage its existing and
future portfolio of real estate assets until May 2022. S&P
understands the contract is currently under negotiations for
renewal and the company expects it to be renewed prior to contract
maturity. This servicing agreement provides stable and recurring
cash flow generation, since most of the revenue is fixed-fee-based
on the amount of assets under management. This business line
represents an EBITDA contribution of about EUR10 million per year.
Similarly, the company's strategy is to develop its build-to-rent
business line by developing and holding a rental platform. The
company expects the rental yielding portfolio will contribute to
about 20% of the group's EBITDA by 2024.

The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation of the proposed
senior secured notes. Accordingly, the preliminary ratings should
not be construed as evidence of a final rating. If S&P Global
Ratings does not receive final documentation within a reasonable
timeframe, or if final documentation departs from materials
reviewed, it reserves the right to withdraw or revise its ratings.
Potential changes include, but are not limited to: The utilization
of bond proceeds; maturity, size, and conditions of the bonds;
financial and other covenants; and security and ranking of the
bonds.

The positive outlook indicates that S&P may raise the ratings
within the next 12 months if the company deleverages faster than it
expects under its base-case scenario, with debt to EBITDA moving
toward 4.0x and EBITDA interest coverage of at least 3x on a
sustainable basis. This could be the case, if the company manages
to integrate Quabit successfully and expected synergies materialize
quickly, or if the company takes a more prudent approach in land
acquisitions.

An upgrade will also depend on Neinor maintaining a high level of
pre-sales for upcoming deliveries to offset economic uncertainties
in the Spanish housing real estate market.

S&P could revise the outlook to stable if Neinor fails to reach and
sustain a debt-to-EBITDA ratio close to 4x, or if EBITDA interest
coverage decreases significantly to below 3.0x. This would most
likely result from a deterioration in operating performance, which
would harm the company's profitability or debt-funded land
acquisitions resulting in a delay to its deleveraging strategy. A
material deterioration of its liquidity cushion would also be
credit negative.


OBRASCON HUARTE: Moody's Appends Limited Default, Retains Caa2 CFR
------------------------------------------------------------------
Moody's Investors Service has appended the limited default ("/LD")
indicator to the Ca-PD probability of default rating of Spanish
construction company Obrascon Huarte Lain S.A. ("OHL" or "group")
upon missing coupon payments on its senior unsecured notes due 2022
and 2023. The Caa2 corporate family rating, the Caa3 instruments
ratings on the senior unsecured notes and the negative outlook
remain unchanged.

RATINGS RATIONALE

The rating action follows OHL missed coupon payments after the end
of the grace period on its outstanding EUR323 million and EUR270
million senior unsecured notes due March 2022 and March 2023, which
were due on March 15, 2021.

The /LD designation attached to OHL's PDR reflects that the missed
interest payment constitutes a default under Moody's definition.
The LD designation will remain assigned until the group resolves
the missed payment, which Moody's expect at completion of its
proposed debt restructuring in May 2021.

The CFR and the instrument ratings on the senior unsecured notes
are not affected as Moody's recovery assumptions remain unchanged
from the time of its affirmation of these ratings in January 2021
when the group announced its planned debt restructuring. The
proposed refinancing and recapitalization has been approved by the
group's shareholders on March 26, 2021, while it is now seeking an
order from the Court of Justice sanctioning the Scheme.

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

The ratings on OHL could be downgraded should the group default on
its debt obligations, or if recovery expectations on OHL's debt
instruments were to further weaken.

An upgrade of OHL's ratings is unlikely before the execution of its
debt restructuring, upon which Moody's will take into account the
group's expected strengthening balance sheet and leverage metrics,
combined with the progress in its operating performance.

PRINCIPAL METHODOLOGY

The methodology used in these ratings was Construction Industry
published in March 2017.

COMPANY PROFILE

Headquartered in Madrid, OHL is one of Spain's leading construction
groups. The group's activities include (1) its core engineering and
construction business (including industrial and services
divisions), and (2) concessions development in identified core
markets in Europe, North America and Latin America. In 2020, OHL
reported sales of around EUR2.8 billion and EUR68 million of
EBITDA.



=====================
S W I T Z E R L A N D
=====================

DUFRY AG: Moody's Affirms B1 CFR & Rates New Sr. Unsec. Notes B1
----------------------------------------------------------------
Moody's Investors Service has affirmed Dufry AG's B1 Corporate
Family Rating and its B1-PD Probability of Default Rating.
Concurrently, Moody's has affirmed the B1 backed senior unsecured
ratings of Dufry One B.V. existing senior unsecured notes due in
October 2024 and February 2027, and assigned B1 ratings to the
proposed new backed senior unsecured notes expected to total an
equivalent of approximately CHF919 million, with maturities in 2026
and 2028. The outlook has been changed to stable from negative.

RATINGS RATIONALE

The rating action follows several credit positive developments in
respect of the company's liquidity profile, which Moody's considers
important in the context of the rating agency's expectation that
the coronavirus pandemic will continue to severely constrain air
travel in the months and years ahead. The severe hit to the
company's credit metrics due to the pandemic means that Dufry is
weakly positioned in the B1 rating category and as Moody's base
case is that Dufry's revenues and profitability will remain below
pre-pandemic levels until at least 2024 the rating agency expects
the company's credit metrics will remain stretched for the B1
rating category during 2022, even factoring in a gradual recovery
in air travel from the second half of 2021.

However, since publishing its 2020 results on March 9, Dufry has
boosted its liquidity by completing the offering of CHF500 million
new convertible bonds due 2026. The resultant increase in the
company's debt was largely offset by the 99.3% take up of an offer
of voluntary incentivised conversion of CHF350 million convertible
notes issued last year. Furthermore, the company has received
commitment letters, subject to final documentation, from over 66.6%
by value of the lenders in respect of its term loans of EUR500
million and USD700 million to extend maturities by two years from
November 2022 to November 2024. This would coincide with maturity
of the EUR1.3 billion revolving credit facility (RCF) that forms
part of the same facility agreement, under which majority lenders
(in respect of term loan and RCF commitments) have agreed to extend
waivers to financial covenants until September 2022. The proceeds
of the proposed new senior notes will facilitate a partial
prepayment of the Euro and Dollar term loans.

These latest actions to bolster liquidity follow pro-active steps
taken by the company during 2020 which - in addition to the CHF350
million convertible bond issue - included gross equity proceeds of
more than CHF1 billion, as well as obtaining a CHF397 million
Liquidity Facility from certain of its lenders in April 2020.

The capital raising actions of last year meant that, despite total
operational cash burn of CHF1 billion in 2020 (which was itself
limited thanks to various initiatives to cut operating expenses and
capital spending), Dufry's reported net debt (excluding leases) at
the year end was only around CHF200 million higher than December
2019 at CHF3.3 billion. Moody's notes however that while the
company successfully negotiated amendments and/or waivers of
Minimum Annual Guarantees (MAGs) in the concession agreements it
has with airports, the company's lease liabilities increased by
about CHF1 billion to CHF5.4 billion, and as such the company's
gross debt increased to CHF9.2 billion at the year end.

Notwithstanding still depressed air travel, the company's market
capitalisation has recovered from the low point of about CHF1
billion in March last year to more than CHF5 billion, which is
broadly in line with the pre-pandemic level. Moody's considers this
recovery has been supported by development of coronavirus vaccines
and clear pent up demand for a return to international travel by
leisure travelers in particular. The rating agency also notes the
significant commitments made by Advent International and Alibaba
Group in the October equity raise, which points to a strong belief
on the part of these investors in the long term viability of
Dufry.

While there is still much uncertainty about the pace and shape of
recovery for air travel Moody's base case is currently that Dufry's
revenues in 2021 will be around 55% lower than in 2019, compared to
the 70% shortfall in 2020. In its base case the rating agency
expects the revenue shortfall against 2019 to only gradually reduce
during 2022 and 2023 at minus 25% and 15% respectively. Cost
control measures, a relatively flexible cost structure, and
operational gearing would result in Moody's-adjusted EBITDA of
about CHF1.4 billion in 2022 in this scenario, more than double the
agency's forecast for 2021.

In its base case Moody's calculates trailing twelve month gross
leverage, measured as Moody's-adjusted Debt to EBITDA, will remain
above 10x in 2021 before improving to around 6.5x by the end of
2022. The agency's latest forecasts are more pessimistic than those
it produced last summer, when it had modeled a base case leverage
of less than 7x in 2021, and around 5x in 2022, on the basis of
Moody's-adjusted EBITDA approaching CHF2 billion by then.

LIQUIDITY

Notwithstanding the slower recovery in profits than it previously
anticipated Moody's expects Dufry's liquidity will remain adequate
in the years ahead. The company has repeatedly demonstrated good
access to the capital markets and finished 2020 with a cash balance
of CHF360 million as well as availability of CHF985 million under
its RCF, full availability of the CHF397 million Liquidity
Facility, and uncommitted facilities of CHF104 million. While
Moody's expects the Liquidity Facility will be cancelled in the
months ahead the adverse impact of this on liquidity is more than
offset by the proceeds of the new CHF500 million convertible bonds
and more than CHF400 million of the proceeds of the new notes not
earmarked to partially prepay the term loans.

In the company's scenario analysis for 2021 performance, published
with its annual results, it estimated that average monthly cash
burn would be about CHF40 million if revenues were 55% behind 2019
levels (i.e. in line with Moody's Base Case). In a more optimistic
minus 40% revenue scenario the company estimated free cash flow for
2021 would be broadly neutral. In Moody's modelling of a downside
scenario with no improvement in revenues, the rating agency
estimates monthly cash burn would be in the region of CHF60
million, which means that it would take more than 18 months to
deplete current available liquidity.

STRUCTURAL CONSIDERATIONS

Dufry's capital structure consists of a mixture of bonds and bank
debt. All of the facilities, including the new senior notes and
convertible notes issued by Dufry One B.V. are unsecured, with
guarantees from the material holding companies within the group.

RATIONALE FOR STABLE OUTLOOK

The stable outlook factors in the company's adequate liquidity
profile, strong access to capital markets, evidenced by a market
capitalisation in line with the pre pandemic level, and its
prospects to achieve gradually recovery in revenues and return to
run rate credit metrics in 2022 that would be more typical for the
B1 rating category.

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

The ratings are unlikely to be upgraded in the short term. In due
course, positive rating pressure could build in the event that
there is clear evidence of a sustainably improving trend in the
company's profitability and cash generation driven by a sustained
improvement in air passenger volumes towards historic levels.
Quantitively, upward rating pressure would likely require
expectations of Moody's-adjusted leverage of around 5x.

Conversely, Moody's could downgrade Dufry if Moody's expects the
recovery towards pre pandemic airport passenger volumes will take
longer than in its current base case or in the event that the
company's liquidity is adversely affected by deeper and longer
weakness in revenues not matched by it obtaining additional funding
from the capital markets.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety, and the pandemic continues to weigh on the company's
credit quality. The rating agency considers Dufry's governance
practices have been and remain appropriate and typical of a
publicly listed company.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Headquartered in Basel, Switzerland, Dufry is the leading global
travel retailer, covering 64 countries across over 400 locations,
operating about 2,400 shops in airports (90% of sales), as well
cruise liners, seaports, railway stations and downtown tourist
areas. The company reported revenues of CHF2.6 billion in 2020,
down from CHF 8.8 billion in 2019.

Dufry is listed on the SIX Swiss Exchange with a free float of
approximately 60% and a market capitalisation of around CHF5
billion, which is broadly similar to the level immediately before
the escalation of the Coronavirus crisis in 2020.



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

GLOBAL LIMAN: Moody's Downgrades CFR to Caa2 on Weak Liquidity
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term corporate
family rating of Global Liman Isletmeleri A.S. to Caa2 from Caa1
and the probability of default rating to Ca-PD from Caa1-PD.
Concurrently, Moody's downgraded to Caa3 from Caa2 the rating of
the company's USD250 million guaranteed senior unsecured notes due
November 2021. The issuer outlook remains negative.

RATINGS RATIONALE

The rating action reflects the growing risks to Global Liman's
capital structure. These increasing risks are evidenced, in Moody's
view, by the company's new tender offer, which came after a
proposed scheme of arrangement was withdrawn. The downgrade takes
into account the company's weak liquidity and the significant
refinancing risk associated with the USD250 million bond due
November 2021, coupled with the potential for a moderate loss for
the bondholders as the company seeks to address its debt
maturities.

On April 7, 2021, Global Liman launched a tender offer for up to
USD75 million in outstanding principal of the USD250 million
November 2021 notes [1]. The price will be determined according to
a Dutch auction process, with the minimum price set at USD700 per
USD1,000 in principal amount of the notes. The offer will expire on
April 13, 2021, unless extended, with settlement expected on or
around April 14, 2021. If the tender offer results in the company
purchasing the notes below their par value, then Moody's will
consider the transaction a distressed exchange and append the "LD"
designation to the PDR following the settlement.

The tender offer follows withdrawal, on April 6, 2021, of a
proposed scheme of arrangement for the refinancing of the USD250
million notes. The scheme included an extension of the debt
maturity which would have addressed the refinancing risk.
Negotiations between the company and noteholders were, however,
unsuccessful. In particular, Global Liman was unable to reach
agreement with an ad hoc noteholder group, whose support was key.

If the tender offer is completed as proposed, the debt reduction
will be positive. However, and in Moody's view, Global Liman will
still face significant near-term refinancing risk with a capital
structure, which is unsustainable in the context of the current
disruption to the cruise activities and uncertain recovery
prospects.

Overall, Global Liman's Caa2 CFR reflects the uncertainty and
magnitude of the operational disruptions caused by the coronavirus
pandemic and the group's weak liquidity as the group continues to
burn cash whilst cruise activity is disrupted. At the same time, it
recognises the potential for improvement in the group's cash flow
generation once the coronavirus outbreak is contained and cruises
resume.

The Caa3 rating of the senior unsecured notes reflects the
potential for a moderate loss for the bondholders and it further
takes account of their position in Global Liman's capital
structure. The notes are subordinated to the group's debt at the
operating subsidiaries and thus are rated one notch below the CFR.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Global Liman has been severely impacted by the breadth and severity
of the shock associated with the rapid spread of the coronavirus
outbreak. Moody's regards the coronavirus outbreak, which --
coupled with the government measures put in place to contain it and
the weak global economic outlook -- continues to disrupt the cruise
port industry, as a social risk under its ESG framework, given the
substantial implications for public health and safety.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the possibility of a rating downgrade
if Global Liman does not address its debt maturities in a timely
manner, with increasing risk of a disorderly default and a
potential for lower recovery for creditors.

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

Given the negative outlook, a rating upgrade is currently unlikely.
However, the outlook could change to stable if Global Liman
strengthens its liquidity and it appears likely that the company's
earnings start to recover leading to a more sustainable capital
structure.

An upgrade of Global Liman's ratings is unlikely before
implementation of a sustainable capital structure and resumption of
cruise operations supporting positive cash flow generation.

The ratings could be downgraded if Global Liman were to default on
its debt obligations, or if recovery expectations on the company's
debt instruments were to weaken.

LIST OF AFFECTED RATINGS

Issuer: Global Liman Isletmeleri A.S.

Downgrades:

Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD

LT Corporate Family Rating, Downgraded to Caa2 from Caa1

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
from Caa2

Outlook Actions:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Port Companies published in September 2016.

Global Liman Isletmeleri A.S. is a port operator domiciled in
Turkey. The company operates a number of cruise ports
internationally and one commercial port. Global Liman is 100% owned
by Global Ports Holding Plc, which is listed on the London Stock
Exchange.



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

BROWN BIDCO: Moody's Assigns B1 CFR on Robust Performance
---------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and B1-PD probability of default rating to BROWN BIDCO LIMITED, a
company formed for the purpose of the acquisition of flight
services provider Signature Aviation plc. Concurrently, Moody's has
assigned B1 instrument ratings to the $1.8 billion seven year
backed senior secured first lien term loan and the $350 million
five year backed senior secured revolving credit facility, to be
borrowed by Brown Group Holding LLC, a subsidiary of BROWN BIDCO
LIMITED. The outlook on all the ratings is stable.

The rating action reflects:

The resilient nature of the business with robust performance over
the pandemic and a rapid recovery in US private aviation traffic
volumes

The company's leading Fixed Base Operator (FBO) position with a
substantial footprint at airports in the US and globally

The increase in Moody's-adjusted leverage as a result of the
transaction of approximately 1.5x Moody's-adjusted 2019 EBITDA

At the same time Moody's has confirmed the existing Ba3 ratings of
the $650 million backed senior unsecured notes due 2028 (the "2028
Notes") and $500 million backed senior unsecured notes due 2026
(the "2026 Notes", together with the 2028 Notes, the "Notes")
issued by Signature Aviation US Holdings, Inc. This is based on
Moody's assumption that the Notes will be repaid after the
transaction completes, and their ratings will be withdrawn upon
repayment. It is expected that the principal amount of the senior
secured first lien term loan will be reduced on a dollar-for-dollar
basis by the principal amount of the Notes that may remain
outstanding on the acquisition closing date. To the extent the
Notes remain outstanding, they are expected to rank pari passu with
the senior secured first lien term loan. Moody's has also withdrawn
the existing Ba3 CFR and the Ba3-PD PDR of Signature Aviation plc.
This concludes the review for downgrade of Signature's ratings
initiated on January 22, 2021.

The new debt facilities will be utilized, alongside new cash and
rollover equity contributions of around $4.2 billion, to finance
the acquisition of Signature Aviation plc by entities controlled by
Blackstone Infrastructure, Blackstone Core Equity, Global
Infrastructure Partners and Cascade Investment, L.L.C., to
refinance existing debt, to pay transaction expenses and for
working capital purposes.

Assignments:

Issuer: BROWN BIDCO LIMITED

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Issuer: Brown Group Holding LLC

Senior Secured Bank Credit Facility, Assigned B1

Confirmations:

Issuer: Signature Aviation US Holdings, Inc.

Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3

Withdrawals:

Issuer: Signature Aviation plc

Probability of Default Rating, Withdrawn , previously rated
Ba3-PD

Corporate Family Rating, Withdrawn , previously rated Ba3

Outlook Actions:

Issuer: BROWN BIDCO LIMITED

Outlook, Assigned Stable

Issuer: Brown Group Holding LLC

Outlook, Assigned Stable

Issuer: Signature Aviation US Holdings, Inc.

Outlook, Changed To Stable From Rating Under Review

Issuer: Signature Aviation plc

Outlook, Changed To Rating Withdrawn From Rating Under Review
RATINGS RATIONALE

The B1 CFR reflects the company's (1) strong position as the
leading FBO provider in the US; (2) flexible cost structure,
allowing the company to manage periods of decreased revenue; (3)
substantial and profitable real estate portfolio providing
hangarage for parked aircraft; (4) strong history of organic
revenue growth in its core business from 2010-19; (5) resilient
performance during the coronavirus pandemic with substantial market
recovery continuing in 2021.

The ratings also reflect: (1) high financial leverage following the
transaction, which Moody's forecasts at around 7.3x in 2021 on an
adjusted basis; (2) the uncertain path towards full recovery of
demand and profitability as a result of the pandemic; (3) exposure
to the high cyclicality of the business and general aviation
markets.

Signature maintains a strong business profile with a leadership
position around 2x larger by revenues than Atlantic Aviation FBO,
Inc. -- B2 negative. It benefits from long leases at airports, is
the sole provider at around a third of its locations and operates
in an industry where space is a constraining factor. Its
performance over the course of the pandemic has been relatively
robust, with a reasonably rapid recovery in flight movements in the
core US business and general aviation markets. In the first two
months of 2021 flight movements across the US market were around
10-13% below 2020 levels [citation]. Moody's expects demand to
recover to pre-pandemic levels by 2022 or 2023, supported by the
continued vaccination roll out program in the United States, a
supportive domestic travel market, and a return of activities in
the rest of the world and in international travel as broader travel
markets recover.

The market is also expected to be supported by increased demand
from charter operators and fractional ownership customers, which
provides a more efficient basis of private aviation than outright
aircraft ownership. Moody's also considers that potential pressures
on business travel from growth in virtual meetings will be less of
a threat to Signature given its focus on C-suite business travelers
and the US domestic market. In addition, Moody's expects the
company's earnings recovery to be supported by cost savings
particularly in relation to the removal of listing costs and the
potential closure of its London head office.

STRUCTURAL CONSIDERATIONS

The senior secured first lien term loan and revolving credit
facility (RCF) are rated B1, in line with the CFR, reflecting the
first lien only capital structure and pari passu ranking of the
debt instruments. The facilities are guaranteed by material
subsidiaries with substantial guarantor coverage, and security is
provided over substantially all the assets of the borrowers and
material subsidiaries. After completion of the transaction the
facilities are expected to be at least partially pushed down to
Signature Aviation US Holdings, Inc., an indirect subsidiary of
Signature Aviation plc.

LIQUIDITY

Liquidity will remain good following the transaction, supported by
a pro forma cash balance on closing of $25 million and access to
the undrawn $350 million RCF. The RCF contains a springing leverage
covenant set at 40% headroom which applies when the facility is at
least 40% drawn. The company is expected to continue generating
positive free cash flow after servicing debt under the new
financial structure.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus pandemic as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Whilst the company was significantly affected by
reductions in flight activity at the start of the pandemic in the
second quarter of 2020, it has since seen a substantial recovery
with US flight activity across Signature's network. The company's
recovery was also supported by significant non-flight revenues
including from hangarage, and by cost reductions, leading to
continue positive free cash flow.

The company could be at risk from carbon transition leading to
increased usage of electric aircraft and a focus by corporate
customers on reducing emissions. Moody's anticipates a gradual
shift towards electric business jets over the next decade and in
the event that electric aircraft use becomes widespread, Signature
would likely be able to shift its revenue model to charging for
flight movements rather than fuel sales to maintain net revenues.

Companies may seek to reduce business travel as part of efforts to
reduce their carbon footprint. Whilst this may have a degree of
dampening effect on growth, the critical nature of executive
travel, the focus on the US domestic market, and need to access
remote locations difficult to reach by commercial aviation, will
provide a relatively high degree of protection.

Following the transaction Signature will be controlled by a
consortium of private investors with a focus on infrastructure
investments and Moody's expects the shareholders to maintain a
relatively balanced financial policy with a focus on deleveraging
and a relatively long-term investment horizon. Moody's does not
expect substantial releveraging transactions or dividend payments
to occur.

OUTLOOK

The stable outlook reflects Moody's expectations that business and
general aviation flight movements will continue to increase
gradually leading the company to steadily improve EBITDA, returning
to around pre-pandemic levels by around 2022 or 2023. It also
assumes that there are no significant debt-financed acquisitions
that would result in a material increase in leverage, and no
material dividend distributions.

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

The ratings could be upgraded if Moody's expects:

Moody's-adjusted leverage to reduce sustainably to around 5.5x

Moody's-adjusted EBITA / interest to increase sustainably above
2x

Free cash flow / debt to increase to at least mid-single digit
percentages

An upgrade would also require positive organic revenue growth at or
above the market, and for the company to maintain financial
policies consistent with the above metrics.

Moody's could downgrade Signature if:

Moody's-adjusted leverage is expected to be sustainably above
6.5x

Moody's-adjusted EBITA / interest reduces consistently towards
1.5x

Free cash flow / debt reduces to low single digit percentages

The ratings could also be downgraded if there is a material
weakness in the market which is likely to delay or prevent
recovery, if there is a material weakening in the company's
liquidity position, or if organic revenue growth is sustained
materially below market rates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Signature has 179 fixed base operator (FBO) locations (excluding
162 EPIC locations and 13 Signature Select locations) providing
business and general aviation flight support services at airports,
with the US being the largest market followed by Europe. An FBO is
a commercial business granted the right by an airport to operate on
the airport and provide aeronautical services.

EMERALD GLOBAL: Enters Administration, Seeks Buyer for Assets
-------------------------------------------------------------
Business Sale reports that administrators have been called in
following the collapse of London-based flight consolidator Emerald
Global and are working to realise the sale of several of the
business' assets.

The global travel specialist, which also traded as People's Travel,
has announced that Neil Gostelow and Steve Absolom of KPMG have
been appointed as administrators after the business folded,
Business Sale relates.

According to Business Sale, commenting on the announcement, Mr.
Gostelow stated that the firm's struggles have been a direct result
of the impact of the COVID-19 pandemic on the international travel
sector.

"The continued uncertainty in the sector's recovery has ultimately
led to administration for this long-standing family-owned business,
which prior to the pandemic had a loyal and fast-growing customer
base," he said.

Mr. Absolom added that KPMG's immediate priority is to assist
employees while beginning the search for interested buyers,
Business Sale notes.

"We are also seeking to realise the assets of the
direct-to-consumer and corporate travel management businesses and
encourage any interested parties to contact us at the earliest
opportunity," Business Sale quotes Mr. Absolom as saying.

Emerald Global was founded in 1980 and was a family-owned business
that specialised in providing tailormade independent travel
opportunities and group holidays around the world.


EUROHOME UK 2007-2: Fitch Affirms BB Rating on Class B2 Tranche
---------------------------------------------------------------
Fitch Ratings has upgraded two tranches each of Eurohome UK
Mortgages 2007-1 (EHM1) and Eurohome UK Mortgages 2007-2 (EHM2),
and affirmed the rest. The class B2 notes for both transactions
have been removed from Rating Watch Negative (RWN).

         DEBT                   RATING          PRIOR
         ----                   ------          -----
Eurohome UK Mortgages 2007-1 plc

Class A XS0290416527    LT  AAAsf   Affirmed    AAAsf
Class M1 XS0290417418   LT  AA+sf   Upgrade     AAsf
Class M2 XS0290419380   LT  AAsf    Upgrade     A+sf
Class B1 XS0290420396   LT  BBB-sf  Affirmed    BBB-sf
Class B2 XS0290420982   LT  BB+sf   Affirmed    BB+sf

Eurohome UK Mortgages 2007-2 plc

Class A2 XS0311691272   LT  AAAsf   Affirmed    AAAsf
Class A3 XS0311693484   LT  AAAsf   Affirmed    AAAsf
Class M1 XS0311694029   LT  AAAsf   Upgrade     AA+sf
Class M2 XS0311695182   LT  AA-sf   Upgrade     A+sf
Class B1 XS0311695778   LT  BBBsf   Affirmed    BBBsf
Class B2 XS0311697394   LT  BBsf    Affirmed    BBsf

TRANSACTION SUMMARY

The Eurohome UK transactions are securitisations of non-conforming
residential mortgages originated in the UK by DB UK Bank Limited
(DB UK) between 2006 and 2007 under the "DB Mortgages" brand. DB UK
was established in early 2006 and is a wholly owned subsidiary of
Deutsche Bank AG (DB). DB UK was the UK arm of DB's global mortgage
lending platform and ceased originating in 2007.

KEY RATING DRIVERS

Coronavirus Additional Assumptions

Fitch expects a generalised weakening in borrowers' ability to keep
up with mortgage payments due to the economic impact of the
coronavirus pandemic and the related containment measures. As a
result, Fitch has applied updated criteria assumptions to the
mortgage portfolio of the two Eurohome UK Mortgages transactions.

The application of revised 'Bsf' representative pool weighted
average foreclosure frequency (WAFF) and revised rating multiples
has resulted in a multiple to the current FF assumptions of
approximately 1.2x at 'Bsf' and about 1.0x at 'AAAsf' for both
transactions.

Borrowers on payment holidays in the transactions represent between
1% and 2% of the portfolio balances as of February 2021. Fitch did
not apply any stress for payment holidays in its cash-flow analysis
as the low level of payment holidays observed do not pose
additional liquidity risk.

Stabilising Asset Performance

The level of total arrears has stabilised from its peak in 2Q20 and
is now in line with the performance observed in the non-conforming
sector for the UK. As of February 2021, one-month plus arrears were
8.4% for EHM1 and 14.0% or EHM2, down from 10.2% and 18.8%
respectively in May 2020. Three-month plus arrears saw a modest
increase of approximately 1% between May 2020 and February 2021 for
both transactions as accounts roll into later arrears buckets.

Increasing Credit Enhancement (CE)

Both transactions continue to amortise sequentially and benefit
from credit and liquidity protection provided by the general
reserve fund and liquidity facility (fully drawn due to
counterparty trigger breaches) respectively. The target amount for
both the general reserve and liquidity facility is non-amortising.
The combination of sequential amortisation and a non-amortising
reserve fund for both transactions has led to a build-up in CE
available to all classes of notes. This has supported the
affirmations and upgrades in both transactions.

Rating Watch Negative Resolution

The junior notes for both transactions were placed on RWN in
October 2020 following a discrepancy between the total note balance
and mortgage portfolio balance. The notes current balance exceeded
the portfolio balance, while no outstanding principal deficiency
ledger was recorded. Remedial action was taken to correct the
reporting by the cash manager leading to the RWN being resolved.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE and,
    potentially, upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the FF of 15%
    and an increase in the recovery rate (RR) of 15%, implying
    upgrades of up to two notches for the mezzanine notes and up
    to five notches for the junior notes.

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

-- The transactions' performance may be affected by changes in
    market conditions and economic environment. Weakening economic
    performance is strongly correlated to increasing levels of
    delinquencies and defaults that could reduce CE available to
    the notes.

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain notes'
    ratings susceptible to negative rating action depending on the
    extent of the decline in recoveries. Fitch conducts
    sensitivity analyses by stressing both a transaction's base
    case FF and RR assumptions, and examining the rating
    implications on all classes of issued notes.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considered a more severe downside
coronavirus scenario for sensitivity purposes whereby a more severe
and prolonged period of stress is assumed with a halting recovery
from 2Q21. Under this scenario, Fitch assumed a 15% increase in
WAFF and a 15% decrease in WARR. The results indicate a downgrade
of up to three notches in EHM1 and EHM2.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third- party assessment of the asset portfolio information or
conducted a review of origination files as part of its monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

EHM 1 and EHM 2 have an ESG Relevance Score of 4 for "Human Rights,
Community Relations, Access & Affordability" due to a significant
proportion of the pools containing owner-occupied (OO) loans
advanced with limited affordability checks. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

EHM 1 and EHM 2 have an ESG Relevance Score of 4 for "Customer
Welfare - Fair Messaging, Privacy & Data Security" due to the pools
exhibiting an interest-only maturity concentration of legacy
non-conforming OO loans of greater than 20%. This has a negative
impact on the credit profile, and is relevant to the ratings 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.

FLYBE LTD: Administrators Complete Sale of Business, Assets
-----------------------------------------------------------
William Telford at BusinessLive reports that the Flybe name could
take to the skies again this Summer after administrators for the
failed firm completed the sale of its business and assets to a new
business.

Exeter-headquartered Flybe Ltd collapsed in early 2020, but
administrators at restructuring firm EY, have completed a deal with
and will also see an unspecified number of jobs transfer to a new
company affiliated with investment adviser Cyrus Capital,
BusinessLive relates.  The new company, previously known as Thyme
Opco Limited, will now be renamed Flybe Ltd, and hopes to start
flights in 2021, BusinessLive discloses.

Flybe employed 2,000 people and flew more than 9 million passengers
a year before it hit the skids and failed to gain Government cash
to prop it up, BusinessLive discloses.

It went into administration in March 2020 and joint administrators
at EY were appointed to deal with the company previously which was
renamed FBE Realisations 2021 Limited (in Administration),
BusinessLive recounts.

In October 2020, they struck a deal with hedge fund company Cyrus
Capital, which was one of three partners alongside Virgin Atlantic
and Stobart Group that had taken over Flybe before its demise in
2020, BusinessLive relays.

Now that deal has been finalised with completion of the sale of
Flybe's business and assets to a new company affiliated with Cyrus
Capital, BusinessLive notes.


GFG ALLIANCE: BNP Paribas Seeks to Sell Stake in Dunkirk Loan
-------------------------------------------------------------
Irene Garcia Perez, Jack Farchy and Laura Benitez at Bloomberg News
report that BNP Paribas SA is seeking to sell its stake in a loan
to GFG Alliance's Dunkirk unit, a sale that could loosen Sanjeev
Gupta's grip over a key asset as other lenders consider seizing
control of the aluminum smelter

The bank is offloading its US$20 million portion of the loan raised
by Gupta in 2018, Bloomberg relays, citing people familiar with the
matter who asked not to be identified discussing private
information.  Although a small amount, the sale could pave the way
to actions by other lenders, led by Trafigura Group, to threaten
Mr. Gupta's control over the smelter, Bloomberg notes.

The French bank was one of the lenders reluctant to take GFG's
Liberty Industries France to court over US$350 million in loans
that the smelter has long been in breach of, Bloomberg states.
BNP's sale could remove an obstacle to more aggressive action by
other lenders to enforce the terms of the loan, according to
Bloomberg.

In recent weeks, other banks including Morgan Stanley, Natixis SA,
Industrial & Commercial Bank of China Ltd. and ICBC Standard Bank
Plc, have sold or have sought to sell their loans to the Dunkirk
smelter at discount as GFG fights for survival after the collapse
of its biggest backer, Greensill Capital, Bloomberg relays.

The people said distressed debt investors that bought into the
loans -- including Davidson Kempner Capital Management and Triton
Partners -- could join Trafigura in efforts to take control,
Bloomberg notes.

"The smelter is strongly cashflow positive and is enjoying some of
the best market conditions the industry has seen in the last ten
years," a spokesperson for GFG wrote in an emailed statement.  "Its
Ebitda projections for this year and next more than adequately
cover its debts."

Liberty Industries France was one of the few GFG units that had
managed to raise financing from a group of international banks as
it sought financing to acquire the smelter from Rio Tinto Group,
Bloomberg states.  While it hasn't missed payments, it has been in
breach of loan covenants on disclosure and related-party
transactions, Bloomberg says, citing group accounts and people
familiar with the matter.

It has been in negotiations with the French government for a
Covid-relief loan since last year, Bloomberg notes.  According to
Bloomberg, a Finance Ministry official said the talks were halted
in March amid the Greensill collapse.

GFG Alliance, a loose group of metals and commodity trading
companies owned by Mr. Gupta and his family, has been struggling to
replace US$5 billion of credit lines it had with Greensill,
Bloomberg discloses.  It has been seeking to raise new financing
for the businesses while fending off attempts by Credit Suisse
Group AG, which bought GFG loans from Greensill, to push units in
the U.K. and Australia into insolvency, Bloomberg relates.


GREENSILL CAPITAL: Credit Suisse to Pay Out USD1.7BB to Investors
-----------------------------------------------------------------
John Revill at Reuters reports that Credit Suisse has made further
progress in winding down funds connected with Greensill Capital and
is able to distribute another US$1.7 billion to investors, the bank
said on April 13.

According to Reuters, the bank said the payout takes the total
distribution so far to US$4.8 billion.




PAYSAFE GROUP: S&P Hikes ICR to 'B+' on Significant Debt Repayment
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
global provider of payment solutions and e-wallets Paysafe Group
Holdings II Ltd. (Paysafe) to 'B+' from 'B-' and removed the rating
from CreditWatch positive, where S&P placed it on Dec. 21, 2020.

At the same time, S&P assigned its 'B+' long-term issuer credit
rating to the newly created parent company and reporting entity,
Paysafe Ltd.

In addition, S&P is raising its issue rating on Paysafe's
first-lien debt to 'B+' from 'B-', based on a recovery rating of
'3' (50%-70%; rounded estimate: 60%).

Finally, S&P is withdrawing its 'CCC' issue rating on the
second-lien term loan as Paysafe has repaid this loan.

The stable outlook reflects S&P's expectation of a solid recovery
in 2021 that should enable Paysafe to achieve organic revenue
growth of 6%-8% and a decline in chargeback losses, supporting S&P
Global Ratings-adjusted EBITDA growth of 14%-16%. This, in addition
to a $1.1 billion reduction in debt, should lead to adjusted debt
to EBITDA of close to 5x and free operating cash flow to debt of
7%-9%.

Paysafe has used new equity to reduce its debt, thereby improving
its future credit metrics.Paysafe raised about $3.6 billion of new
equity from a public listing on the New York Stock Exchange through
a merger with special-purpose acquisition company Foley Trasimene
Acquisition Corp. II. Paysafe has used about $1.1 billion of the
$3.6 billion to repay $617 million of first-lien term loans and
redeem the entire $500 million of second-lien debt. S&P said, "As a
result, we expect Paysafe's S&P Global Ratings-adjusted debt to
EBITDA to fall to about 5.0x in 2021 from about 9.0x in 2020. The
lower debt balance will also reduce Paysafe's interest costs by
about $70 million on a pro forma basis and contribute to higher
free cash flow generation. Notwithstanding the debt repayment and
our expectation of a solid recovery in profitability, we still
expect Paysafe to remain highly leveraged in 2021. We expect that
the company will reduce its adjusted debt to EBITDA below 5x in
2022."

Paysafe's performance showed relative resilience to the COVID-19
pandemic, and we anticipate a strong recovery in 2021. Paysafe
recorded flat revenue in 2020 compared to our previous forecast of
a 10%-20% decline. This is better than the performances of many of
Paysafe's peers and mostly stems from the company's high exposure
to online payments (about 75% of revenue), as electronic payments
recorded strong growth throughout the pandemic. S&P said, "We
forecast solid topline growth in 2021 of about 6%-8%, supported by
volume growth in the merchant acquiring segment (50% of revenue),
which we expect to recover to pre-pandemic levels along with the
macroeconomic recovery. We foresee a more gradual recovery in the
high-margin e-wallet segment (27% of revenue), because this segment
is highly dependent on sporting events and we expect restrictions
on mass gatherings to remain in place for most of 2021. We
anticipate strong momentum in the e-cash division (23% of revenue)
on the back of solid growth in online payments amid the pandemic.
We expect this segment to grow by about 8%-10% in 2021."

The public listing introduced a long-term financial policy target
that supports the rating. Private equity firms CVC and Blackstone
have reduced their ownership stakes in Paysafe to about 46%, but
have retained joint control of the company, together with Bill
Foley (4% stake) and his affiliated fund Cannae Holdings (7%
stake). Public shareholders and private investors in public equity
(together, about a 44% stake) do not have voting rights. S&P said,
"While we still see Paysafe as being controlled by financial
sponsors for the time being, we see the public listing as a first
step toward an exit for Paysafe's private equity shareholders. We
also expect the company to adopt a significantly less aggressive
financial policy. Paysafe has introduced a long-term target of net
leverage of 3.5x, and we understand that dividends are unlikely
over the medium term as the company will use its cash for continued
growth. Paysafe's strategy is to accelerate organic growth through
acquisitions of electronic payment providers. We understand that in
the case of a large acquisition, Paysafe intends to raise
additional equity to prevent a material increase in leverage."

Paysafe has good growth prospects on the back of growth momentum in
iGaming in the U.S. The iGaming market in the U.S. is at an
emergent stage and has sizable growth potential. Only about a dozen
states have recently legalized some forms of iGaming, with more
expected to follow, albeit with uncertain timing. Paysafe is
present in 14 states and we expect it to benefit from the future
growth thanks to its well-established relationships with leading
iGaming operators and significant regulatory and compliance
requirements, which provide barriers to new entrants. Growth could
be sizable depending on the pace of iGaming deregulation in the
U.S.

S&P said, "The stable outlook reflects our expectation of a solid
recovery in 2021, which should allow Paysafe to achieve organic
revenue growth of 6%-8% and a decline in chargeback losses,
supporting adjusted EBITDA growth of 14%-16%. This, in addition to
a $1.1 billion reduction in debt, should lead to adjusted debt to
EBITDA of close to 5x and free operating cash flow (FOCF) to debt
of 7%-9%.

"We could lover the rating if Paysafe's adjusted leverage increases
to more than 5.5x, or its FOCF to debt falls below 5% on a
sustainable basis. This could happen if Paysafe pursues a
significant debt-funded acquisition, or if high chargeback losses
continue to weigh on its profitability due to a protracted recovery
from the pandemic.

"While we do not expect an upgrade over the next 12 months, we
could raise the rating by one notch if Paysafe reduces its adjusted
debt to EBITDA below 4.5x and improves its FOCF to debt to more
than 10% on a sustainable basis. This could happen if Paysafe
sustains high organic revenue growth of about 10% beyond 2021,
fueled by strong momentum in iGaming in the U.S., and if
operational improvements lead to the adjusted margin increasing
above 30%. An exit of CVC and Blackstone is also likely to lead to
an upgrade."



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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-
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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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