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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

          Friday, April 16, 2021, Vol. 22, No. 71

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

REPUBLIKA SRPSKA: S&P Assigns 'B' Long-Term ICR, Outlook Stable


C Y P R U S

BANK OF CYPRUS: S&P Assigned 'B-/B' ICRs, Outlook Stable


F R A N C E

CARE BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


G E R M A N Y

BK LC LUX: S&P Assigns Preliminary B Rating, Outlook Stable
GFK SE: S&P Assigns 'B+' Prelim. Long-Term ICR, Outlook Stable


I R E L A N D

CIMPRESS PLC: S&P Upgrades ICR to 'BB-', Outlook Stable
GOLDENTREE LOAN 5: S&P Assigns B- (sf) Rating on Class F Notes
PROVIDUS CLO V: S&P Assigns B- (sf) Rating on Class F Notes
TAURUS 2021-3: S&P Assigns B (sf) Rating to EUR22.98MM Cl. F Notes


I T A L Y

AMPLIFON SPA: S&P Alters Outlook to Stable, Affirms 'BB+' ICR


N O R W A Y

NORWEGIAN AIR: Aims to Raise Up to NOK6 Billion in Fresh Capital


S P A I N

AUTOPISTA DEL SOL: S&P Affirms 'BB+' Rating, Outlook Negative


S W E D E N

SAS: Court Backs European Commission's State Aid Approval


U N I T E D   K I N G D O M

BETINDEX: Administrators Open Claim Process for Customers
BROWN BIDCO: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
GAS CONTAINER: COVID-19 Financial Impact Prompts Administration
GREENSILL CAPITAL: General Atlantic Borrows EUR300MM to Repay Loan
NMC: To Sue DIB in Abu Dhabi Courts Amid Debt Restructuring

SAFETY SUPPORT: Enters Administration After Damning Caller Report
[*] UK: 992 Cos. in England & Wales Declared Insolvent in March


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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REPUBLIKA SRPSKA: S&P Assigns 'B' Long-Term ICR, Outlook Stable
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S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Republika Srpska, a constituent region of Bosnia and Herzegovina
(BiH; B/Stable/B). The outlook is stable.

Outlook

S&P said, "The stable outlook reflects our view that Republika
Srpska's budgetary performance will improve after the pandemic;
hence, preventing further debt accumulation from already high
levels. We also anticipate that Republika Srpska will preserve its
access to a diversified pool of investors, including local banks,
multilateral institutions (MLIs) and international investors."

Downside scenario

S&P might lower the rating if Republika Srpska's liquidity position
weakens, or if the entity's debt burden further increases beyond
our current forecasts. This could occur, for example, if the
government deviated substantially from its medium-term budget
consolidation plans, or if its revenue underperformed as a result
of a delayed economic rebound.

Upside scenario

If S&P upgraded Bosnia and Herzegovina, and Republika Srpska
demonstrated greater budgetary performance than it expected, such
that it led to an improved liquidity position and reduced debt
burden, it could raise the rating on Republika Srpska.

Rationale

S&P said, "In our view, Republika Srpska's relationship with the
central government of Bosnia and Herzegovina is very volatile, and
the level of support provided by the central government is weak. On
the positive side, though, Republika Srpska also enjoys greater
fiscal autonomy than international peers do. In spite of the
entity's relatively weak economy, its high debt levels and the
unfavorable internal liquidity position, the fiscal autonomy
permits wide access to external liquidity sources, as well as a
large degree of flexibility in managing the revenue and expenditure
balance. We believe these two aspects will contribute to a steady
improvement of budgetary performance on the back of projected
economic recovery.

"We consider the institutional framework in Bosnia and Herzegovina
to be hampered by a lack of coordination between the different
levels of government, and possibly differing views among the
country's ethnicities. In our view, this can challenge the already
unstable political structure in the country. Also, we understand
Republika Srpska occasionally disagrees with views held by the
international Office of the High Representative regarding aspects
of implementing the Dayton peace agreement of 1995.

"The very volatile institutional framework is partially offset by
the greater autonomy that Republika Srpska holds in terms of
managing its own fiscal policies. For example, the government can
set rates for income and corporate taxes, or fees, and it is also
more autonomous on its spending than many international peers, in
our view."

The pandemic has had a substantial effect on the entity's financial
performance, but we expect an economic recovery starting in 2021

Republika Srpska benefits from a diversified, but relatively weak,
economy with generally low-value-added manufacturing and limited
international competitiveness. The region accounts for around
one-third of the national GDP, and at US$6,200, its GDP per capita
is slightly below the national average.

Before the pandemic hit, unemployment had declined sharply, but it
increased to 13% in 2020. S&P expects unemployment will again fall
once the economy rebounds staring in 2021.

The composition of the government follows established rules based
on the ethnic composition of the entity's population. The incumbent
government is based on a seven-party coalition, which has been in
place since the 2018 elections. The political system seems stable
and elections to the presidency and to the assembly take place
every four years. The Assembly of Republic Srpska is the
legislative power and approves the annual budget, as well as any
debt strategy and investment plans.

Republika Srpska is autonomous with respect to its direct taxes. By
contrast, indirect taxes, which account for around half of the
entity's revenue, are set and collected by the central government,
which distributes them among the different levels of government in
the country.

Republika Srpska's fiscal rules set clear debt and borrowing limits
for the government and the municipal units. In S&P's view,
financial planning is rudimentary and focuses on budgetary results,
investment plans, and debt issuance needs.

Satisfactory access to liquidity helps to cover deficits, but the
debt burden has been increasing

Following the COVID-19 outbreak, Republika Srpska has taken fiscal
measures, included higher spending--specifically for health care,
the labor market, and the tourism sector--and it also established a
loan guarantee program for small and midsize enterprises. The
government also granted grace periods to taxpayers and lowered tax
rates. After the onset of COVID-19, the operating balance turned to
a deficit at just below 10% of operating revenue in 2020, and the
deficit after capital accounts stood at nearly 10% of total
revenue. S&P said, "We expect the region's government to continue
COVID-19-related fiscal spending in 2021, although to a lesser
extent as the pandemic recedes. With the economic recovery, we
expect fiscal revenue to start increasing moderately in 2021. We
anticipate the operating balance will not turn positive before
2023, following which deficits after capital accounts will decline
over the next few years. If necessary, we believe that the
government would be able to cut expenditure, for example by
delaying or cancelling capital expenditure."

The government enjoys a large degree of flexibility in an
international comparison, which S&P sees as a rating strength.
Pension payments are made on a pay-as-you-go basis, and we
understand that they currently do not represent a significant share
of budget spending.

S&P said, "Our liquidity assessment is based on what we view as
relatively low cash levels and large deficits. Existing cash and
liquid assets are far below levels sufficient to cover the next 12
months' debt service. The government usually issues Treasury bills
to local banks as a short-term funding instrument, and funds
capital expenditure by issuing bonds. We expect that, together with
the improvement in its fiscal results, Republika Srpska's liquidity
position will also become stronger over the next two years. Based
on its track record of borrowing from local and international banks
and MLIs, as well as its access to a diversified pool of investors,
we think Republika Srpska has satisfactory access to external
liquidity sources.

"The region's debt is already relatively high compared with that of
other similar entities we rate, and we forecast it will increase
further, given the deficits after capital accounts in our base-case
scenario. According to our projections, direct debt will reach just
below 160% of the government's operating revenue in 2023, while
tax-supported debt (including the social security debt and debt of
government-related entities) will stand at around 145% of its
consolidated operating revenue in 2023. Contingent liabilities are
relatively low, in our view, because municipalities and public
companies have low debt and are unlikely to need support from
Republika Srpska."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

Ratings List

  NEW RATING; CREDITWATCH/OUTLOOK ACTION
  Republika Srpska

  Issuer Credit Rating   B/Stable/--




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C Y P R U S
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BANK OF CYPRUS: S&P Assigned 'B-/B' ICRs, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B-/B' long- and short-term issuer
credit ratings to nonoperating holding company (NOHC) Bank of
Cyprus Holdings PLC (BoC Holdings). The outlook is stable.

S&P said, "At the same time, we assigned our 'CCC' issue rating to
the subordinated tier 2 (T2) instruments to be issued by the NOHC
under the euro medium-term note (EMTN) program.

"The ratings on BoC Holdings reflect our assessment of the 'b+'
group credit profile (GCP) for its consolidated activities with
BoC, the operating entity, as well as BoC Holdings' NOHC status.As
a result, its creditors are structurally subordinated to those of
the operating bank subsidiary. BoC Holdings owns 100% of BoC and
has no other businesses. Our assessment of a 'b+' GCP reflects
BoC's leading position in Cyprus and our view that it should be
well positioned to absorb the hit from the COVID-19-induced
recession. It also reflects that BoC's creditworthiness remains
constrained by a large amount of problem loans, and by its poor
efficiency and profitability compared with that of peers. Since the
GCP is speculative grade, we deduct two notches to derive the
rating on the NOHC."

BoC Holdings is the parent of BoC, representing its only
investment. The NOHC does not have any other businesses or
investments other than the operating banking subsidiary and an
additional tier 1 (AT1) instrument that is subsequently lent to
BoC. The NOHC was created in 2016 and incorporated in Ireland for
the banking group's shares to be listed on the London Stock
Exchange.

S&P said, "We expect BoC Holdings will issue some loss-absorbing
instruments, although the point-of-entry for resolution purposes
has been established at BoC. We understand that the NOHC may issue
hybrid minimum requirement for own funds and eligible liabilities
(MREL)-eligible instruments, such as AT1 and T2 instruments, for
the group to avoid regulatory haircuts between the nominal amount
of the instrument and the amount recognized in regulatory
capital--as is the case for the existing T2 instrument issued by
BoC in 2017. However, we expect such instruments will be lent to
BoC at identical terms and conditions as at issuance by the NOHC
(like the existing AT1 instrument). We consider that the holders of
T2 instruments (as well as other senior instruments to be issued by
the NOHC) would be worse off compared with holders of those issued
by the operating company, due to structural subordination.

"We rate the subordinated T2 instruments to be issued by the NOHC
under the EMTN program 'CCC'.We do so by notching down from the
stand-alone credit profile (b-). The two-notch deduction reflects
subordination risk.

"The stable outlook reflects our expectation that the group's
creditworthiness will remain resilient through the ongoing shock
over the next 12 months. We also expect that the bank's dividend
distribution will be nonexistent or very limited over 2021-2022.

"Rating upside is limited at this point. However, we could consider
it if economic conditions improve more than anticipated, and if the
bank reduces its nonpeforming exposures faster than expected to
materially below 20%. We would also expect sustainably improved
efficiency and profitability.

"A positive rating action on BoC would not automatically lead to an
upgrade of the subordinated debt issued by the NOHC within the EMTN
program. This is because we could factor in an additional notch of
adjustment to account for the risk that the regulator could decide
to convert the hybrid instruments that are part of the bank's
regulatory capital into common equity, if needed. We currently do
not apply this, in accordance with our methodology, because the
ratings are in the 'CCC' category.

"We could lower our ratings on BoC Holdings if the group's
creditworthiness deteriorates. This could happen, primarily, if the
effect of the pandemic on asset quality is worse than expected. We
could also lower the ratings if BoC Holdings' liquidity
deteriorates to the point it cannot service its financial
commitments for the hybrid instruments. A downgrade would also
depend on our view of the NOHC having a clear path to default in
the subsequent 12 months or being dependent on favorable business
conditions to meet its financial commitments."




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F R A N C E
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CARE BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Care
BidCo S.A.S., Cooper's holding company. S&P has assigned its 'B'
issue rating to the proposed first-lien term loan B with a '3'(60%)
recovery rating, and its 'CCC+' issue rating to the proposed
second-lien term loan B with a '6'(0%) recovery rating.

S&P said, "The stable outlook reflects our view that Cooper's
resilient operating model should enable it to sustain a profitable
growth trajectory and solid cash flow generation allowing gradual
deleveraging to about 7.0x S&P Global Ratings-adjusted debt to
EBITDA in 2022."

In March 2021, private equity firm CVC announced it would acquire a
majority stake in French over-the-counter (OTC) and self-care
specialist Cooper Consumer Health, along with former owner
Charterhouse reinvesting in the group.

S&P said, "We expect Cooper's leverage to peak this year after the
proposed transaction, followed by gradual deleveraging from 2021.
CVC announced its acquisition of a majority stake in Cooper in
March 2021. The remaining shares will be split between Charterhouse
(reinvesting in the company), Avista Capital Partners, Yvan
Vindevogel's family office (Vemedia's founder), and Cooper's
management. To support the transaction, Cooper is issuing a new
first-lien EUR920 million term loan B, a new second-lien EUR235
million term loan B, and a EUR160 million RCF, and we project these
issuances will lead to an S&P Global Ratings-adjusted
debt-to-EBITDA ratio of about 7.5x-7.7x (from 6.1x at year-end
2020, excluding the non-common equity instruments) and FFO cash
interest coverage of around 3.0x-3.5x in 2021 (from 4.5x at
year-end 2020). We estimate adjusted debt will amount to EUR1.2
billion following the proposed transaction, which represents an
increase of about EUR400 million compared with year-end 2020
(excluding the non-common equity instruments). It includes around
EUR12 million of other debt (including about EUR8 million in lease
liabilities) and EUR3 million of pension-related liabilities. We
exclude the preferred shares from our debt metrics, since we view
them as non-debt-like.

"We believe Cooper's leading positions in each of its key segments,
its strong brand awareness, and dense distribution network will
continue to drive market share gains and support strong EBITDA
growth in the next 12-18 months. Although we view the elevated
leverage from the aggressive financial policy as one of the main
constraints for the rating, we assume earnings growth in 2021 will
be fueled by contribution from recent acquisitions and a
significant contract gain, as well as above-market organic growth
supported by the implementation of targeted strategic initiatives
on pricing and innovation. We still assume some volatility in
market demand for product categories like cough and cold, insect
repellents, and beauty and care in the first half of 2021, with a
stronger rebound starting in July as vaccinations progress across
Europe. Combined with our estimate of resilient margins, this will
lead to adjusted EBITDA of EUR150 million-EUR160 million in 2021,
from almost EUR130 million in 2020, strengthening to EUR165
million-EUR175 million in 2022. As a result, we anticipate gradual
deleveraging with adjusted debt to EBITDA falling to around 7.0x in
2022.

"We assume Cooper will continue to outperform the market in the
next 12-18 months, fueled by ongoing strategic initiatives on
pricing, innovation, and commercial performance. Cooper has a track
record of delivering organic growth above the self-care market
(which is expected to grow by around 2%-2.5% per year by 2024). For
instance, one of its top brands, Hexomédine (the No.3
dermatological antiseptic and disinfectant in France), grew by
44.4% organically in 2017-2019 versus market growth of similar
products at 6.2%, following its de-reimbursement and switch to OTC
in February 2019. We assume the group will continue to outperform
the market supported by innovation and product-extension
opportunities, especially on its top 15 brands, which are the key
drivers of the group's growth and profitability. For instance, the
group recently launched new gummy formats in France and the
Netherlands and a healthy nail serum, an extension from its Excilor
brand (fungal nail infection treatment) that will bring additional
sales. Other initiatives include continuous focus on pricing
management on key brands (supported by management's strong track
record in raising prices, with the average price increase of 1.8%
on OTC brands over 2017 and 2020), optimization of its sales force,
and marketing efforts. The group can rely on a numerous, very
efficient salesforce in France that provides the group with
privileged access to French pharmacies. Besides, we believe Cooper
will continue to supplement its growth with bolt-on asset deals
enhancing its market position as highlighted by the recent
acquisition of Thermacare and Tradiphar in France. Mergers and
acquisitions have proven growth and margin accretive in the past
with pre-synergy multiples of 7.6x and post-synergy multiples of
6.0x achieved on average between 2018 and 2020.

"We forecast Cooper will generate EUR70 million-EUR80 million FOCF
in the next 12 months, thanks to its high profit margins and
capital-expenditure (capex) light business model.Cooper generates a
high EBITDA margin of nearly 30% annually, thanks to its business
model of having two-thirds of manufacturing activities outsourced.
The limited in-house manufacturing capabilities keep annual capex
requirements low, at an estimated 2.0%-2.5% of revenue in the next
12-18 months, with maintenance capex of around EUR7 million-EUR8
millionmainly spent on manufacturing equipment. Our forecast also
factors in annual working capital requirements of about EUR10
million-EUR13 million, needed to increase inventories for pipeline
products and to integrate stocks for recent acquisitions. We note
that working capital deteriorated in 2020 due to some volatility in
receivables' collection because of COVID-19, but should reverse in
the course of 2021."

Earnings stability is supported by Cooper's exposure to various
therapeutic segments and its flexible cost structure. Cooper offers
more than 3,000 stock-keeping units (SKUs) within different
therapeutic areas: from calm and sleeping, medicated foot care, and
cough and cold, to pain relief. No single SKU represent more than
2% of the group's sales. This diversity helped Cooper to partly
mitigate lower demand for some of its product categories affected
by lower footfall in points of sale as part of the lockdown, even
while some other product categories, including COVID-19-related
products (thermometers, hand sanitizers, and disinfectants)
demonstrated strong growth. As a result, the pandemic had a less
severe effect on the company's operating performance. S&P said,
"The group performed in line with our anticipations with sales
falling only 0.5% and S&P Global Ratings-adjusted EBITDA increasing
to about EUR130 million in 2020 from EUR122 million in 2019,
indicating a rise in EBITDA margin to about 29.6% in 2020 from
27.8% in 2019. The higher margin was also driven by a flexible cost
structure and reinforced cost-cutting measures during the pandemic.
We note the group has decided to partly freeze advertising and
promotions spending in the first quarter of 2021 until the market
fully rebounds. We also believe that some of the group's
categories, such as hydroalcoholic gel in France (where it holds
more than 50% of the market share) could benefit from higher
medium-term growth prospects following the pandemic and increased
health safety."

S&P said, "The stable outlook reflects our view that Care BidCo
S.A.S.'s efficient operating model and the acquisition of OTC
brands in Europe should enable it to sustain a profitable growth
trajectory and solid cash flow generation. We think the group will
likely deliver about 3.0%-4.0% of organic revenue growth and
improve its adjusted EBITDA margin to 30.5%-31.5% in the next 12-18
months. Moreover, we anticipate the group will maintain FFO cash
interest coverage at above 3.0x and comfortable FOCF of around
EUR70 million–EUR80 million."

S&P would lower the rating over the next 12 months if:

-- The group cannot improve its debt-leverage ratio toward 7.0x
within the 12-18 months of the transaction's close or it is unable
to generate substantial annual FOCF in line with our base case.

-- This could result from delays in implementing growth and
profitability initiatives or from a change in the regulatory
framework for OTC drugs that led to pharmacies in France losing
their competitiveness as a distribution channel for OTC drugs, and
ensuing price competition. This could also result from an
unexpected large debt-funded acquisition.

-- S&P observed a deterioration of profitability, reflected in the
adjusted EBITDA margin contracting and approaching the 25%
threshold.

-- FFO cash interest coverage approaches 2x.

-- The potential for an upgrade is constrained by Care BidCo
S.A.S's currently high leverage and financial policy. Also, the
group operates in a consolidating industry and will most likely
participate in this trend to increase its scale and enhance its
operating leverage. Still, S&P could consider a positive rating
action if Care BidCo S.A.S displayed markedly increased EBITDA
levels translating to positive FOCF considerably above that
anticipated in our base, while integrating new businesses. An
upgrade would also be conditional on the group committing to a more
conservative financial policy.




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G E R M A N Y
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BK LC LUX: S&P Assigns Preliminary B Rating, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' ratings to BK LC
Lux Finco 1 Sarl (parent of Birkenstock group) and the proposed
EUR1,075 million senior secured facilities due 2028, and a
preliminary 'CCC+' rating to the proposed EUR430 million of other
unsecured debt due 2029.

The stable outlook reflects S&P's view that Birkenstock has
sufficient rating headroom within its credit metrics, prospects for
gradual deleveraging, and robust annual free operating cash flow
(FOCF) of EUR120 million or higher.

S&P said, "The Birkenstock brand is well established in mature
markets with relatively lower fashion-led volatility. We believe
the Birkenstock brand has strong equity power within its niche
category of sandals and orthopedic footwear products. This is
mainly thanks to its specific functionality features, long brand
history, and good control of the supply chain and manufacturing
process to maintain a consistent level of product quality. We note
that, compared with other apparel brands, Birkenstock has
relatively lower risk associated with fashion changes. Core models
have been in the market for many years, and the company has a
diversified and loyal customer base, with brand differentiation
linked to its products' orthopedic features. Birkenstock is trying
to expand its customer base, including through partnerships with
other brands, such as Valentino, Stussy, and others. Although,
brand awareness outside Europe and North America is relatively low,
the company intends to increase penetration in markets like China
and India. We note that, compared with the average for branded
apparel, Birkenstock spends a relatively smaller amount on
marketing activities and this supports sound profitability
metrics.

"The company has a solid track-record of revenue growth, with
relatively stable profitability. During 2012-2020, Birkenstock's
revenue achieved a compound annual growth rate CAGR of about 19%,
materially outperforming the global footwear industry. More
recently, during fiscal year ended Sept. 30, 2020 (fiscal year
2020), Birkenstock posted revenue growth of 1.2% year on year. The
group has been able to offset the pandemic's adverse effect on its
wholesale and physical retail channel mainly thanks to strong
momentum in online sales, which were up 81%. We believe the
footwear industry will remain supported by positive industry
factors, such as casualization, premiumization, sustainability, and
wellness trends. For these reasons we expect a more challenging
environment for formal shoes, while sport and casual shoes could
enjoy some long-term benefits also supported by the shift to
working from home.

"We consider barriers to entry in the industry to be moderate.The
global footwear industry is highly fragmented, with the top five
players accounting for less than 25% of the market share according
to Euromonitor. Although we view industry barriers as moderate, the
product segment in which Birkenstock operates is relatively small
and with specific features that are not the focus of most of the
larger footwear manufacturers. Key mitigants to competitive
pressure relate mainly to the orthopedic features of footbeds, as
well as Birkenstock's brand equity power, and vertically integrated
business model.

The company's distribution strategy is evolving, alongside an
increasing focus on direct to customer sales. Wholesale is
Birkenstock's largest distribution channel. During fiscal year
2020, wholesale business accounted for about 70% of total sales,
e-commerce 25%, and physical retail about 5%. North America is the
company's most advanced market from a distribution perspective,
with direct-to-customer (DTC) accounting for about 34% of regional
company sales. One of the company's priorities relates to the
rationalization of wholesale with a group of partners that are
better aligned with the Birkenstock brand. The group expects the
DTC channel to generate an increasing portion of sales, primarily
thanks to acceleration in e-commerce. According to Euromonitor, in
2020, digital sales accounted for about 26% of the global footwear
industry's total (up from 11% in 2015), and this is broadly in line
with e-commerce's existing contribution for the group. The share of
revenue generated by the company's own physical retail business is
low by industry standard. The company opened flagship retail stores
in Soho (New York City) in 2018 and Venice Beach (California) in
2019. As of September 2020, Birkenstock owned 52 stores. As part of
brand building and better DTC exposure, Birkenstock expects to open
selected new stores, primarily in Europe (outside Germany) and the
U.S.; although, according to the company's base case the key growth
driver remains the online channel.

There is limited product diversity, given the concentration on a
niche segment of the footwear industry. S&P said, "We note that
over 70% of annual sales are generated from five models--core
classic--with the original "Arizona" model being an important
contributor of total sales. During the past few years, the company
has expanded the Arizona model (sandal with two straps) to include
new colors, textiles, and patterns. The company is also keen to
expand in other categories outside sandals (such as closed-toe
shoes, the children's segment, accessories, and others) but these
still represent a limited part of the overall business. Moreover,
within our credit assessment, we factor in the company's limited
exposure to emerging markets and revenue contributions from a few
mature markets, with the top three countries accounting for more
than 60% of total sales."

Cash flow conversion compensates for relatively high S&P Global
Ratings-adjusted debt to EBITDA. Under our base case, we expect the
company to maintain S&P Global Ratings-adjusted debt to EBITDA of
7.0x-7.5x over the next two years. S&P said, "We anticipate gradual
deleveraging after the transaction closes, thanks to organic growth
and discipline in discretionary spending. In our adjusted debt
calculation, we include a EUR275 million vendor loan related to the
deferred purchase price under the acquisition agreement. In our
base case, we assume that interest to be paid on the vendor loan
will be in kind, in line with the company's guidance. Moreover, we
adjusted the company's reported debt to include about EUR50 million
related to the net present value of operating leases, and we do not
net cash available on balance sheet to the reported debt. Within
our base case, we forecast the company can generate FOCF (after
capital expenditure, working capital, cash interest, taxes, and
lease payments) of EUR120 million-EUR150 million. Positively, we
forecast our adjusted EBITDA interest coverage ratio to be
sustainably above 3.0x. We note that Birkenstock has undertaken no
acquisitions in the past, and the likelihood of a significant
debt-funded acquisition is low, in our view.'

S&P said, "The stable outlook reflects our view that Birkenstock
will maintain S&P Global Ratings-adjusted EBITDA margins of
27%-28%, while continuing to generate robust annual FOCF of EUR120
million-EUR150 million. We believe the company's strategy to
consolidate its position in mature markets, expand in Asia, and
focus on the DTC channel should lead to gradual deleveraging, with
adjusted debt to EBITDA at 7.0x-7.5x over the next two years
(including the vendor loan). Under our base case, we expect the
group to maintain EBITDA interest coverage above 3.0x.

"We would likely lower the rating if Birkenstock's annual FOCF is
materially weaker than anticipated or if the EBITDA interest
coverage ratio falls toward 2.0x. This could result, for example,
from a significant loss of market share in core geographies because
of intense competition or a change in consumer preferences. Another
factor that could prevent gradual deleveraging could be materially
higher discretionary spending than currently anticipated.

"We could consider an upgrade if the company accelerated its
organic deleveraging plan, with S&P Global Ratings-adjusted debt to
EBITDA below 5.0x and FOCF to debt close to 10% or higher. This
would most likely be triggered by strong revenue growth in both
mature and emerging markets and improvement in profitability to
about 30% or higher, while maintaining a conservative financing
policy to keep leverage ratios at this level on a sustainable
basis."


GFK SE: S&P Assigns 'B+' Prelim. Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its'B+' preliminary long-term issuer
credit rating to Germany-based global data and research company GfK
SE and preliminary 'B+' issue rating and '3' recovery rating to the
company's proposed senior secured term loan B (TLB) and new
revolving credit facility (RCF).

The stable outlook reflects S&P's expectation that GfK will
materially increase its earnings in 2021-2022 on a lower cost base
and declining restructuring costs, having mostly completed its
restructuring plan in the past four years, translating to positive
free operating cash flow (FOCF; after lease payments) in 2021 and
material FOCF in 2022, and S&P Global Ratings-adjusted leverage of
about 7.0x in 2021 and 5.5x in 2022.

GfK SE proposes to refinance its EUR640 million gross financial
debt by raising a new EUR650 million term loan B (TLB) due 2028 and
a EUR150 million revolving credit facility (RCF) due 2027.
S&P's preliminary rating reflects GfK's initial high financial
leverage and its modest scale of operations amid a fragmented and
very competitive market.

S&P said, "Our preliminary rating reflects GfK's good market
positions, improving profitability, less aggressive financial
policy than usual for a fully private-equity-owned company, and
financial flexibility.The company operates in the highly
competitive global research, data, and analytics market, where it
competes with larger integrated research players such as Kantar,
Nielsen IQ, and IRI. We estimate GfK is the world's sixth-largest
player in this field but it holds only about 1.3% share because the
market is very fragmented. Although smaller in terms of size and
scale of operations than some of its peers, we expect GfK's revenue
and cash flow will be relatively more stable. This is thanks to its
sound geographic and product diversity of operations, its lower
exposure to the volatile fast-moving consumer goods (FMCG) sector,
its relatively high proportion of subscription revenue, and its
improving profitability on the back of a four- year restructuring
program that is almost completed. Since 2017, the company has been
performing an extensive and costly turnaround of its business,
during which it trimmed more than EUR250 million of operating
costs, streamlined its operations by disposing of parts of its
businesses, and reduced exposure to more-volatile ad-hoc research
business (one-time projects designed for one client that cannot be
replicated). In our view, this positions GfK well compared with
some of its peers that started similar turnaround exercises later
and have yet to see the benefits. We expect this restructuring plan
to allow GfK to achieve stronger profitability in 2021-2022
compared with that of some of its peers. We also anticipate that
the company will drive its S&P Global Ratings-adjusted financial
leverage to lower levels than some of its peers by 2022. This
reflects not only the benefits of its restructuring exercise but
also our view that its majority shareholder, NIM, has the ability
and willingness to run a less aggressive financial policy than some
typical fully private-equity-owned companies, thereby offsetting
any potentially more aggressive approach from its 46% shareholder,
private equity firm KKR, which jointly controls the company. GfK
also benefits from a significant cash cushion on its balance sheet
of about EUR200 million (almost one-third of its gross debt), which
is not netted off its S&P Global Ratings-adjusted metrics and will
provide the company, together with its EUR150 million RCF, with
substantial financial flexibility to fund growth or complete its
restructuring plan without raising new financial debt.

"Pro forma the proposed refinancing, GfK's capital structure will
be highly leveraged, but we expect leverage will fall with
increasing earnings in 2021-2022, as the company reaps the benefits
of its restructuring plan.GfK is looking to refinance its capital
structure with a new EUR650 million TLB and a EUR150 million RCF.
As a result, we expect the group's S&P Global Ratings-adjusted
leverage in 2021 will be high, at about 7.2x, and then decline to
about 5.5x by year-end 2022 due to increasing EBITDA and
diminishing restructuring costs (these calculations do not net off
GfK's relatively large cash balances). This expectation reflects
our assumption that the global economy will strongly recover in
2021-2022, supporting revenue growth in GfK's key markets, and that
the group's operating efficiency will improve as it reaps the
benefits of the operating cost savings through restructuring. We
also expect that GfK's financial policy will allow for this
deleveraging and the company will not undertake debt-funded
dividend payments or material debt-funded acquisitions.

"We think that GfK's financial policy will be less aggressive than
that of most private equity-owned peers thanks to majority
shareholder nonprofit market research organization NIM's
decisions.GfK is jointly controlled by NIM, which owns 54% of the
company, and private equity fund KKR (through its Acceleratio
fund), which owns 46% of economic and voting rights. Since 2017,
the group's financial leverage has risen and gross debt was up
almost EUR200 million by 2020, leading to S&P Global
Ratings-adjusted debt to EBITDA consistently above 7.0x--also due
to high restructuring costs during the period. In our view, the
presence of a private-equity sponsor raises the risk that financial
leverage could stay high over the medium term. At the same time, we
understand that NIM has a conservative approach to leverage, and
has ultimate majority voting power at GfK if matters are put to a
shareholder's vote, which counterbalances any aggressive stance
regarding financial decisions and leverage. We therefore expect
that its financial policy will be less aggressive compared with
that of some of its peers that are fully controlled by financial
sponsors.

"Our rating on GfK also reflects the company's financial
flexibility due to its high cash balances. Since 2017, KKR has
largely driven the group's business turnaround, which we view
positively for its operating performance. In this time, GfK has not
paid dividends and maintained significant cash on its balance
sheet. We understand that, starting from 2022, the company might
resume dividend payments, but we assume, based on management's
guidance, these will be limited to EUR30 million and they will be
funded from excess FOCF and not lead to weaker credit metrics. At
year-end 2020, GfK had EUR195 million of cash on its balance sheet.
We don't net off cash when calculating our adjusted leverage
metrics, in line with our criteria, since we don't assume this cash
will be used to repay debt, but we do not assume that it will be
used to pay dividends. We understand and factor in that this cash
cushion will provide the company with financial flexibility to
absorb potential operating underperformance, for example, if the
global economic recovery or completion of the company's turnaround
program is delayed, or to invest in organic growth or bolt-on
acquisitions without incurring additional debt."

GfK benefits from strong positions in the competitive and
fragmented research market. The company operates in an industry
facing structural challenges as large clients seek to reduce data
research and marketing spending. In this context, GfK has a leading
market standing in point-of-sale (POS) data and intelligence
(market intelligence [MI]) in the tech and durables (T&D) sector,
where it holds a No. 1 global position outside of North America. It
is also the No. 2 consumer panel (CP) provider outside the U.S.
GfK's strong market position benefits from relatively high barriers
to entry resulting from long-lasting partnerships and client
relationships, deep integration of its data and analytics into
customers' daily processes, and ownership of large sets of
high-quality data that are difficult and costly to replicate. GfK
enjoys a relatively high share of recurring revenue of about 80%,
which is higher than that of its closest competitors. The company
has multiyear contracts with its clients and enjoys longstanding
client relationships. It also has a diverse geographic base,
deriving about 65% of its revenue from Europe, and a solid presence
in North America and Asia-Pacific, which generate another 20% of
revenue each. GfK also offers data, research, and analytics across
five product categories, with MI and CP generating more than 60% of
revenue, while other product categories contribute less than 15%
each. The company enjoys a diversified and large client base, but
it shows somewhat higher customer concentration than some of its
peers. GfK's size and scale of operations declined to about EUR900
million in 2020, from EUR1.4 billion in 2017, due to structural
industry challenges (that mainly affected the marketing and
consumer intelligence [M&CI] product category), increasing
competition and reducing revenue, partly driven by GfK's divestment
of its four divisions (including custom research business) to IPSOS
in 2018 during its restructuring plan in 2017-2020. In addition, in
2020, the company's revenue decreased due to the pandemic (for
example, the media measurement [MM] product category). S&P said,
"For 2021, we anticipate that some of GfK's product categories
might still be negatively affected by the pandemic, competitive
pressures, and structural declines, so we expect that revenue might
decline by up to 5%, while it should resume growth by more than 3%
annually from 2022, mainly due to higher revenue from the MI and CP
product categories. We also think GfK's new artificial intelligence
(AI)-based platform, gfknewron, might become an additional growth
spur, albeit from a currently low revenue base."

The tough competitive environment requires GfK to invest in
innovation. There is increasing demand for more data-driven,
real-time analytics and integrated solutions that require
significant investment in new technology and innovation. GfK plans
to spend a major part of its annual capital expenditure (capex) on
developing new technology. S&P understands the company will invest
material resources in gfknewron, a platform that provides
prescriptive insights and recommendations on pricing, promotions,
consumers, and other topics. gfknewron has a small number of paying
clients and needs to gain scale, but could become a lucrative
earnings stream in the future given its capabilities and lower
needs of human capital. GfK's competitors are investing in similar
innovative offerings, trying to meet demand for insights and
recommendations.

S&P said, "We expect GfK's profitability will improve in 2021-2022
following a turnaround of its business.Since 2017, the company has
undertaken a comprehensive turnaround of its business, incurred
high restructuring costs, and significantly reduced its operating
expenses. This process has weighed heavily on profitability in
2017-2020, hence S&P Global-adjusted EBITDA margins were well below
those of some of its peers, and significantly less than 15%.
Positively, GfK largely completed its transformation program in
2020, which led to a significant EBITDA improvement with a reported
EBITDA of EUR141 million compared with EUR57 million in 2019 (and
EUR23 million in 2017), and we see the company positioned ahead of
some of its peers in its transformation plan. For example, Kantar
started its business turnaround only in 2018 and accelerated it in
2020 after being acquired by Bain Capital. Equally, Nielsen IQ will
start its major restructuring in 2021 after being acquired by
Advent International. We forecast that GfK's reported EBITDA will
increase to EUR150 million-EUR170 million in 2021, from EUR141
million in 2020, and to EUR200 million-EUR210 million in 2022,
driven by increased operating efficiencies, cost savings, and
declining restructuring costs. This should translate into GfK's S&P
Global Ratings-adjusted EBITDA margins improving to 14.0%-18.5% in
2021-2022, likely exceeding those of peers. GfK's challenges in
accomplishing this turnaround will be twofold: On the one hand,
achieving good revenue growth levels despite the industry's low
growth trend and the significant price-led competition, and on the
other hand, completing its restructuring plan on time and in
budget.

"We expect GfK will generate positive and improving FOCF in
2021-2022 as a result of increasing EBITDA generation, modest
working capital outflows, and moderate capex. GfK's FOCF improved
in 2020 due to cost savings and reduced restructuring costs and
despite the impact of COVID-19, compared with negative FOCF in
2018-2019. We estimate that reported FOCF (before lease payments)
could reach EUR25 million-EUR35 million in 2021 (up to EUR5 million
reported FOCF after lease payments) and EUR65 million-EUR75 million
in 2022 (EUR35 million-EUR45 million reported FOCF after lease
payments). In our base-case scenario, we don't assume any material
debt-funded acquisitions, but note that GfK could use cash on
balance to finance some bolt-on acquisitions. We also think that
from 2021, the group could start paying modest dividends (up to
EUR30 million per year, that would include dividends to minorities)
that it would finance from its FOCF."

GfK has lower scale of operations than some of its
better-diversified competitors, but we expect it should achieve
higher operating margins and cash flows, and decreasing leverage
over the next 18 months.GfK's scale of operations is smaller than
its close competitors Kantar and Nielsen IQ, which are the No. 3
and No. 4 global research players by market share, respectively.
Both peers have higher scale of operations generating revenue of
above EUR2 billion each in 2020, and they have more diversity in
terms of product offering. However, GfK benefits from a higher
share of recurring revenue than some of its peers, and we expect it
could achieve higher profitability and cash flow generation over
the next two years due to being more advanced with its business
turnaround. S&P therefore expects GfK's leverage will decrease
somewhat in 2021 and decline more rapidly (to 5.5x in 2022) than
some of its peers.

The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. If S&P Global Ratings does
not receive final documentation within a reasonable time frame, or
if the final documentation and final terms of the transaction
depart from the materials and terms reviewed, S&P reserves the
right to withdraw or revise the ratings. Potential changes include,
but are not limited to, the finalization of the documentation, use
of the proceeds, maturity, size and conditions of the facilities,
financial and other covenants, security, and ranking.

S&P said, "The stable outlook reflects our expectations that GfK
will materially increase its earnings during the next 18 months on
the back of organic revenue growth, a lower cost base, and
declining restructuring costs. In our expectations, this will
translate into some positive FOCF in 2021 and material FOCF in 2022
and S&P Global Ratings-adjusted leverage of about 7.0x in 2021 and
5.5x in 2022. We also assume that a financial policy led by GfK's
main shareholder, NIM, including minimal dividend payments, no
significant debt financed mergers and acquisitions, and
conservative use of its relatively large cash balances, will
support deleveraging. The current rating has limited headroom to
accommodate any further debt or any material deviation from the
operating and financial expectations described above.

"We could lower the rating if GfK underperforms our base-case
scenario, leading to a lack of deleveraging in 2021 and 2022, if
its fails to reach S&P Global Ratings-adjusted debt to EBITDA of
about 5.5x by 2022 and FOCF to debt remains below 5%, or if its
liquidity weakens." This scenario could occur due to the
following:

-- The loss of market share and/or inability to increase revenue
and EBITDA as much as expected due to intense price competition or
continued pressures from COVID-19;

-- Higher-than-expected restructuring or transformation-related
costs that would erode EBITDA leading to S&P Global
Ratings-adjusted EBITDA margins failing to improve sufficiently
above 15%; or

-- A more aggressive financial policy than we assume, with
debt-funded dividends or acquisitions leading to S&P Global
Ratings-adjusted leverage above 5.5x, or the company using its
present cash levels to distribute dividends.

S&P said, "We view the likelihood of an upgrade in the next 12
months as remote, given that we already incorporate GfK's assumed
improving operating performance and deleveraging into the current
rating, as a result of its almost completed restructuring program.
Notwithstanding this, we could consider an upgrade if the group's
business strength improves, evidenced by increased scale and
diversity of operations, a robust market position, S&P Global
Ratings-adjusted margins persistently above those of peers, S&P
Global Ratings-adjusted leverage reducing below 4.5x, FOCF to debt
improving above 10%, and the company demonstrating a commitment to
maintaining credit metrics at such levels."




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CIMPRESS PLC: S&P Upgrades ICR to 'BB-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Ireland-based
print marketing and consumer products company Cimpress PLC to 'BB-'
from 'B+' to reflect the expected improvement in leverage. At the
same time, S&P raised its issue-level rating on the company's
senior unsecured notes to 'B' from 'B-'. The '6' recovery rating is
unchanged.

S&P said, "We are also assigning our 'BB' issue-level rating and
'2' recovery rating to the company's proposed $1.4 billion
first-lien credit facility (comprising a $795 million term loan,
EUR300 million term loan and $250 million revolving credit
facility).

"The stable outlook reflects our expectation that Cimpress'
adjusted leverage will decline below 4x over the next 12 months as
it benefits from improving operating performance driven by the
ongoing global economic recovery."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter of 2021. However, some
emerging markets may only be able to achieve widespread
immunization by year-end or later. S&P uses these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, S&P will
updates its assumptions and estimates accordingly.

S&P said, "We expect Cimpress' adjusted leverage will decline below
4x over the next 12 months, driven by the global economic recovery.
Although its leverage will remain elevated, at about 4.8x as of
March 2021 on a trailing 12 month basis, we expect its leverage
will gradually decline below 4x over the next 12 months as it laps
weaker quarters in the previous year, when its operations saw a
significant impact from lockdowns imposed following the onset of
the pandemic. We expect deleveraging to be primarily driven by
revenue growth as the global economy recovers from the
pandemic-related slowdown. Our economists recently revised their
U.S. GDP growth expectation upward for 2021, to 6.5% from 4.2%
previously."

S&P forecasts the company's peak adjusted leverage will be in the
quarter ended March 31, 2021 on a trailing 12 month basis (about
4.8x), which represents a full year of the economic impact from
COVID-19, before improving sequentially over the next 12 months.
The company saw revenue growth on a year-over-year basis across
substantially all of its business segments for the month of March
2021, driven by economic recovery--albeit this is also compared
with a materially weaker March 2020. In addition, new business
formation in the U.S. is strengthening, providing a growing base of
customers for Vistaprint that relies on microbusinesses and small
and medium enterprises for a majority of its orders.

Further, its PrintBrothers and The Print Group businesses in Europe
continue to exhibit relatively weaker revenue growth compared with
its Vistaprint business due to continued lockdowns and relatively
slower recovery from the pandemic there. However, we expect that
economic recovery will accelerate in the second half of 2021 as
vaccine distribution plans improve globally, driving operating
performance for Cimpress and support its ability to deleverage
below 4x over the next 12 months.

Cimpress's debt refinancing will lower interest expenses and
increase its financial flexibility. The company will use the
proceeds of the proposed term loan to redeem its $300 million
second-lien debt when it is eligible to do so on or shortly after
May 15, 2021. The proceeds will also be used to repay its existing
term loan and all outstanding balance on its $850 million revolving
credit facility - which will then subsequently be reduced to $250
million.

The planned refinancing will lower the company's interest expense
by approximately $8 million annually by redeeming its high-priced
second-lien debt with lower-cost first-lien debt. In addition, the
refinancing reduces the covenant burden as it provides for a
covenant-lite term loan and a springing covenant on the revolving
credit facility that is applicable when the revolver is drawn. The
refinancing will also place about $400 million of cash on the
balance sheet that, along with a covenant-lite structure, improves
financial flexibility for the company, in our view.

S&P said, "We expect Cimpress will pursue a disciplined financial
policy and maintain leverage below its 3.5x public guidance.
Cimpress issued $300 million of high-priced second-lien debt in
April 2020, to shore up liquidity against the uncertainties posed
by the pandemic following a large share repurchase program before
the pandemic. In addition, the company pursued aggressive cost
reductions and seek bank covenant waivers to provide it with
sufficient financial flexibility to operate its business. We
believe the company will operate with a somewhat more conservative
financial policy over the next 12- months as it emerges from the
pandemic and that its management will prioritize maintaining
leverage below its publicly stated goal of 3.5x, which translates
into S&P Global Ratings-adjusted leverage of 4.25x-4.5x. Further,
we do not expect the company to pursue significant acquisitions or
share repurchases over the next 12 months. Acquisitions, if any,
will be tuck-in, aiming to expand the company's portfolio of
products or optimize its capabilities with no meaningful impact to
adjusted leverage."

Cimpress's debt refinancing will lower interest expenses and
increase its financial flexibility. The company's planned
refinancing will lower its interest expense by approximately $8
million annually by redeeming its high-priced second-lien debt
issued in April 2020 with lower-cost first-lien debt. In addition,
the refinancing reduces the covenant burden as it provides for a
covenant-lite term loan and a springing covenant on the revolving
credit facility that is applicable when the revolver is drawn at
the end of a quarter. In addition, the refinancing places about
$400 million of cash on the balance sheet that, along with a
covenant-lite structure, improves financial flexibility for the
company, in S&P's view.

S&P expects Cimpress to show resilience despite significant
competition and manage its business to maximize profitability and
cash flows. Cimpress competes in a highly fragmented and
competitive print-based marketing and consumer products industry.
It benefits from a highly efficient mass customization at-scale
platform that allows it to profitably make to-order
price-competitive products on demand, at small quantities. This
unique position in the print industry has allowed Cimpress to
escape the secular pressures of the commercial printing industry.
Competition in the mass customization and web-to-print market had
heated up over the past few years before the pandemic, and we
expect it will persist as the economy rebounds. We believe this
could cause pricing and promotional pressure on all players to
defend their market shares. Specifically, the company's upload and
print business in Europe, which has seen larger declines than its
Vistaprint business through the recession, will likely continue to
face stiff competition. S&P expects Cimpress to maintain cost
discipline and avoid less profitable marketing and promotional
spending, thereby balancing growth with the maintenance of adjusted
EBITDA margins of about 15%.

S&P said, "The stable outlook reflects our expectation that
Cimpress' adjusted leverage will decline below 4x over the next 12
months as it benefits from improving operating performance driven
by the ongoing global economic recovery."

S&P could lower ts issuer credit rating on Cimpress if it expected
adjusted leverage to remain elevated above 4.5x on a sustained
basis. This could occur if:

-- A combination of increasing virus cases or virus variants and
slower-than-anticipated vaccine rollout in key markets caused
additional lockdowns and slowed economic recovery.

-- Cimpress pursued a more aggressive financial policy using its
cash balances or additional debt to fund significant shareholder
distributions or acquisitions.

S&P said, "An upgrade is unlikely over the next 12 months. We could
raise our ratings on Cimpress if we expected adjusted leverage to
decline and remain below 3.5x on a sustained basis. Further, we
would also look for the company to exhibit a track record of
revenue and EBITDA growth in the mid-to-high single-digit
percentage rate across its products while maintaining stable
adjusted EBITDA margins of about 14% - 15%."


GOLDENTREE LOAN 5: S&P Assigns B- (sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to the class X to F
European cash flow CLO notes issued by Goldentree Loan Management
EUR CLO 5 DAC. At closing, the issuer also issued unrated
subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

-- Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

-- The portfolio's reinvestment period will end approximately 4.3
years after closing, and the portfolio's maximum average maturity
date will be eight and a half years after closing.

  Portfolio Benchmarks
                                                       CURRENT
  S&P Global Ratings weighted-average rating factor   2,793.67
  Default rate dispersion                               604.45
  Weighted-average life (years)                           4.96
  Obligor diversity measure                             124.19
  Industry diversity measure                             21.00
  Regional diversity measure                              1.42

  Transaction Key Metrics
                                                       CURRENT
  Total par amount (mil. EUR)                            400.0
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            142
  Portfolio weighted-average rating
    derived from our CDO evaluator                         'B'
  'CCC' category rated assets (%)                         2.09
  'AAA' weighted-average recovery (covenanted) (%)       36.86
  Covenanted weighted-average spread (%)                  3.40
  Reference weighted-average coupon (%)                   3.50

S&P said, "We consider that the portfolio will be well-diversified
on the effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.40%), the
reference weighted-average coupon (3.50%), and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

S&P said, "The transaction's legal structure is bankruptcy remote,
in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class X
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to D notes could
withstand stresses commensurate with higher rating levels than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

"We note that the class F notes' available credit enhancement is
lower than other CLOs we have rated and that have been recently
issued in Europe. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and recent economic outlook, we
believe this class is able to sustain a steady-state scenario, in
accordance with our criteria." S&P's analysis reflects several
factors, including:

-- S&P's BDR at the 'B-' rating level is 19.9% versus a portfolio
default rate of 15.4% if it was to consider a long-term sustainable
default rate of 3.1% for a portfolio with a weighted-average life
of 4.96 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If it envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a 'B-
(sf)' rating.

-- The transaction securitizes a portfolio of primarily senior
secured leveraged loans and bonds, and is managed by GoldenTree
Loan Management II LP.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class X
to E notes to five of the 10 hypothetical scenarios we looked at in
our recent publication. The results shown in the chart below are
based on the actual weighted-average spread, coupon, and
recoveries.

"For the class E and F notes, our ratings analysis makes additional
considerations before assigning ratings in the 'CCC' category, and
we would assign a 'B-' rating if the criteria for assigning a 'CCC'
category rating are not met.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings List

  CLASS   RATING    AMOUNT     INTEREST RATE      CREDIT
                   (MIL. EUR)                     ENHANCEMENT (%)
   X      AAA (sf)    2.00     Three/six-month         N/A
                               EURIBOR plus 0.27%
   A      AAA (sf)  252.00     Three/six-month       37.00
                               EURIBOR plus 0.82%
   B      AA (sf)    36.00     Three/six-month       28.00
                               EURIBOR plus 1.30%
   C      A (sf)     27.00     Three/six-month       21.25
                               EURIBOR plus 1.30%
   D      BBB (sf)   28.00     Three/six-month       14.25
                               EURIBOR plus 3.30%
   E      BB- (sf)   20.40     Three/six-month        9.15
                               EURIBOR plus 5.25%
   F      B- (sf)    13.60     Three/six-month        5.75
                               EURIBOR plus 7.50%
   Sub. notes  NR    22.525    N/A                     N/A

  EURIBOR--Euro Interbank Offered Rate.
  NR--Not rated.
  N/A--Not applicable.


PROVIDUS CLO V: S&P Assigns B- (sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Providus CLO V
DAC's class A loan and the class A, B-1, B-2, C, D, E, and F notes.
At closing, the issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period will end approximately 4.3
years after closing, and the portfolio's maximum average maturity
date will be approximately 8.6 years after closing

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,856.86
  Default rate dispersion                                 503.52
  Weighted-average life (years)                             5.52
  Obligor diversity measure                                95.89
  Industry diversity measure                               16.12
  Regional diversity measure                                1.40

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              119
  Portfolio weighted-average rating
    derived from our CDO evaluator                           'B'
  'CCC' category rated assets (%)                           1.96
  Covenanted 'AAA' weighted-average recovery (%)           35.33
  Covenanted weighted-average spread (%)                    3.60
  Covenanted weighted-average coupon (%)                    4.75

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider the portfolio to be well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 3.60%, the covenanted
weighted-average coupon of 4.75%, and the actual weighted-average
recovery rates for all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"We consider the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes. In
our view the portfolio is granular in nature, and well-diversified
across obligors, industries, and asset characteristics when
compared to other CLO transactions we have rated recently. As such,
we have not applied any additional scenario and sensitivity
analysis when assigning ratings on any classes of notes in this
transaction.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
loan and the class A, B-1, B-2, C, D, E, and F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A loan and
class A to F notes to five of the 10 hypothetical scenarios we
looked at in our recent publication.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

Providus CLO V is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers. Permira
European CLO Manager LLP manages the transaction.

  Ratings List

  CLASS    RATING      AMOUNT     SUB (%)  INTEREST RATE*
                     (MIL. EUR)
  A Loan   AAA (sf)     50.00     40.00    Three/six-month
                                           EURIBOR plus 0.80%
  A        AAA (sf)    190.00     40.00    Three/six-month
                                           EURIBOR plus 0.80%
  B-1      AA (sf)      31.00     28.50    Three/six-month
                                           EURIBOR plus 1.25%
  B-2      AA (sf)      15.00     28.50    1.60%
  C        A (sf)       28.00     21.50    Three/six-month
                                           EURIBOR plus 2.05%
  D        BBB- (sf)    26.00     15.00    Three/six-month
                                           EURIBOR plus 2.95%
  E        BB- (sf)     21.25      9.69    Three/six-month
                                           EURIBOR plus 5.29%
  F        B- (sf)      10.75      7.00    Three/six-month
                                           EURIBOR plus 7.61%
  Sub. Notes   NR       38.00       N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


TAURUS 2021-3: S&P Assigns B (sf) Rating to EUR22.98MM Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Taurus 2021-3 DEU
DAC's class A, B, C, D, E, and F notes. S&P's ratings on the notes
reflect its evaluation of the underlying real estate collateral.

The transaction is backed by two cross-collateralized loans, which
are secured by the Squaire, a multifunctional building comprised
primarily of office space, two hotels, and the Squaire parking. The
total market value is EUR832.6 million as of September 2020. The
current loan-to-value (LTV) ratio is 64.9%.

The five-year loans are interest-only and include cash trap and
default covenants.

The loan proceeds will be used to refinance the borrowers' existing
indebtedness. Furthermore, payments due under the loan facility
agreement primarily fund the issuer's interest and principal
payments due under the notes and the issuer loan.

Since assigning S&P's preliminary ratings to this transaction,
EUR8.0 million in trapped cash was used to pay down the loans. The
total loan balance has therefore reduced to EUR539.8 million from
EUR548.0 million, resulting in a marginal decrease in our S&P LTV
ratio to 91.1% from 92.4%.

In addition, the transaction parties had planned for the issuer to
purchase only 91% of the loans, with 9% sitting outside the trust
and ranking pari passu with the securitized loan. This share has
now changed to 100%, which includes the issuer loan. This change
does not impact our credit analysis.

In addition, the liquidity facility increased to EUR22 million from
EUR20 million to reflect the securitization's increased size.

S&P said, "Our ratings address Taurus 2021-3 DEU DAC's ability to
meet timely interest payments and of principal repayment no later
than the legal final maturity in December 2030. Our ratings on the
notes reflect our assessment of the underlying loan's credit, cash
flow, and legal characteristics, and an analysis of the
transaction's counterparty and operational risks.

  Ratings
  
  CLASS     RATING      AMOUNT (MIL. EUR)
  A         AAA (sf)    227.0
  B         AA- (sf)     85.0
  C         A- (sf)      57.0
  D         BBB- (sf)    62.0
  E         BB- (sf)     59.0
  F         B (sf)       22.98




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

AMPLIFON SPA: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Italy-based hearing aid
device retailer Amplifon SpA to stable from negative and affirmed
the 'BB+' issuer credit and issue ratings.

The stable outlook reflects S&P's view that Amplifon's leverage
metrics will be 2.5x-3.0x in 2021 and potentially reduce below 2.5x
from 2022, subject to a disciplined financial policy regarding
shareholder returns and acquisitions.

S&P expects Amplifon's leverage to remain in the 2.5x-3.0x range in
2021 which is commensurate with the 'BB+' rating.

Amplifon reported resilient performance in 2020, supported by solid
cost management resulting in the adjusted EBITDA margin expanding
260 basis points to 24.9% versus 22.3% in 2019. This has been
achieved despite the company having experienced a 10.2% decline in
sales due to restrictions imposed by governments across the world
to mitigate the impact of the first wave of the pandemic. However,
Amplifon's top line recovered relatively fast from the third
quarter of 2020, mainly in Europe, the Middle East, and Asia
(EMEA). In addition, despite the ongoing restrictions in many
countries, Amplifon's top line in January and February 2021 was
broadly flat versus the same period last year, which implies it
didn't suffer much impact from any lockdown measures. Therefore, we
believe the company should report 8%-9% revenue growth approaching
EUR1.7 billion in 2021 and adjusted EBITDA of EUR420 million-EUR430
million (adjusted EBITDA margin of about 25%). S&P said, "As a
result, we expect a gradual reduction of leverage and we estimate
S&P Global Ratings-adjusted debt to EBITDA will remain comfortably
around 2.5x-3.0x in 2021 from 3.0x in 2020. Our adjusted debt
calculation includes EUR1.0 billion-EUR1.1 billion gross debt,
roughly EUR425 million lease liabilities, outstanding factoring of
EUR55 million-EUR60 million, slightly less than EUR20 million of
pension liability, about EUR40 million acquisition-related
liabilities, and approximately EUR500 million cash available for
debt repayment."

Amplifon's leading position in the hearing aid market will support
operating performance in 2021.

Amplifon's leading market position and its widespread store network
in key countries allowed the company to selectively open shops
during the pandemic. This is because of the essential-nature of
hearing aid devices and the related services Amplifon provides.
Amplifon furthermore reactivated media campaigns early after an
initial reduction of marketing expenses to manage costs at the
beginning of the pandemic. As a result, Amplifon was able to
improve its 11% market share because many small, independent shops
remained closed for a longer period. S&P believes Amplifon is well
positioned to capture growth demand in 2021, in spite of ongoing
local restrictions imposed in the face of new waves of the
pandemic.

Amplifon's target consumer group ensures resilience amid the
COVID-19 crisis.

Amplifon's target customer group includes people over 75 years old,
which is the age group most at risk from COVID-19. However, S&P
believes Amplifon and the overall hearing aid market will take
advantage of the priority that this demographic group has in terms
of vaccinations. In addition, these consumers are less at risk of
losing disposable income in the context of worsening macroeconomic
conditions, given that most are pensioners. Moreover, they often
receive reimbursements from private and national social insurance
for hearing aids and associated services.

Amplifon's cost and cash management will continue to support
profitability and free operating cash flow (FOCF) in 2021.

In 2020, Amplifon increased its focus on cost control to counter
the potential pressures on profitability caused by volume decline.
The company was able to post an S&P Global Ratings-adjusted EBITDA
margin of 24.9% last year and we expect it to remain around 25% in
2021, considering some nonrecurring cost savings achieved in 2020
mainly linked to government support and reduced rents. This is
thanks to Amplifon's redesign of back office activities translating
into lower staff costs, proactive renegotiations of prices with key
suppliers, and positive evolution of sales prices. S&P also expects
the company has some flexibility to temporarily reduce marketing
costs in case of adverse top line development.

S&P said, "At the same time, FOCF before lease payments is expected
to exceed EUR250 million from 2021, which is below the exceptional
level achieved in 2020. This is because we expect slightly negative
working capital following the extraordinary EUR60 million inflow
achieved in 2020, as well as normalization of capital expenditure
(capex) in the range of EUR80 million-EUR90 million from about
EUR61 million in 2020.

"We expect Amplifon's cash flow generation will support gradual
expansion of dividend payments and selective bolt-on
acquisitions."

The extraordinary uncertainties raised by the pandemic in 2020
suggested a careful approach regarding capital allocation and the
company decided to suspend dividend payments and acquisitions.
However, as performance and cash flow generation improved from the
third quarter of 2020, the company decided to resume its bolt-on
acquisition strategy, completing the purchase of PJC Hearing in the
U.S. for a total consideration of $50 million, including $17
million earn-out payments to be paid by 2025.

At the same time, Amplifon recently announced a proposal to
distribute EUR49 million-EUR50 million dividends in 2021 or EUR0.22
per share, representing a 49% dividend payout. S&P estimates the
dividend payout will be in the high end of 30%-35% from 2022.

S&P said, "We believe the company's prudent financial discipline
will support our estimated leverage below 3.0x. In our view, the
company will continue to prioritize deleveraging to ensure
flexibility to continue with its bolt-on acquisition strategy.

"The stable outlook reflects our expectation that Amplifon's
leading market position and its tight cost management should
support resilience to the ongoing COVID-19-related lockdowns in
core countries persisting at least for the first half of 2021. We
expect 8%-9% top line growth and an S&P Global Ratings-adjusted
EBITDA margin close to 25% in 2021, translating into healthy annual
FOCF before leases in excess of EUR250 million. We forecast S&P
Global Ratings-adjusted debt to EBITDA at 2.5x-3.0x in 2021 and
potentially reducing below 2.5x from 2022, supported by a prudent
financial policy.

"We would consider lowering our rating on Amplifon if the company's
financial profile deteriorated such that its adjusted debt to
EBITDA level was sustainably above 3x, or if EBITDAR coverage was
below 3x. This could happen in case of increased competition
leading to a material EBITDA margin deterioration below 20%.

"We could also lower the rating if the company deviates toward a
more aggressive financial policy, which would increase debt
leverage. This could arise from high debt-funded acquisitions or
larger shareholder returns than we currently expect for 2021-2022.

"We could raise the rating if Amplifon establishes a track record
of maintaining adjusted debt to EBITDA in the low end of 2.0x-2.5x,
supported by a solid commitment to maintain this level. This would
be contingent on Amplifon maintaining a leading position in core
European countries while strengthening its presence in less
penetrated geographies in the U.S. and Asia Pacific (APAC)."




===========
N O R W A Y
===========

NORWEGIAN AIR: Aims to Raise Up to NOK6 Billion in Fresh Capital
----------------------------------------------------------------
Terje Solsvik at Reuters reports that Norwegian Air now aims to
raise up to NOK6 billion (US$711 million) in fresh capital, up from
a planned NOK4.5 billion, to bolster its resources before emerging
from bankruptcy protection next month as the pandemic continues to
curb travel.

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

"We want to take a conservative approach at a time when the
pandemic and travel restrictions continue to create
unpredictability in the travel sector," Reuters quotes Chief
Executive Jacob Schram as saying in a statement on
April 14.

Courts in Oslo and Dublin have recently given their approval for
Norwegian to sharply cut its debt by converting it to stock, but
the rulings were conditional on the airline raising at least NOK4.5
billion in additional funds, Reuters relates.

The survival plan brings an end to Norwegian's long-haul business,
leaving a slimmed-down carrier focusing on Nordic and European
routes, but the ongoing spread of the virus continues to hamper the
industry, Reuters states.

Norwegian said certain investors had agreed to inject NOK2.86
billion via a share issue, and that current creditors were expected
to buy new perpetual bonds worth at least NOK1.8 billion, Reuters
notes.

Norway's government has separately said it is willing to invest
NOK1.5 billion in hybrid capital, Reuters relays.

Norwegian's debt will be cut to between NOK16 billion and NOK20
billion, the company said, NOK62 billion to NOK65 billion less than
end-2019 levels, Reuters discloses.




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

AUTOPISTA DEL SOL: S&P Affirms 'BB+' Rating, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' rating on Spanish toll road
operator Autopista del Sol Concesionaria Espanola's (AUSOL) senior
secured debt, and removed it from CreditWatch with negative
implications.

The negative outlook reflects that S&P could lower the rating if
lower traffic recovery over the next two years leads to AUSOL's
coverage ratios being more vulnerable than S&P currently
anticipates.

AUSOL, a limited-purpose entity, issued a EUR467 million fixed-rate
senior secured bond and EUR40 million in senior secured notes, both
due Dec. 30, 2045. AUSOL used the proceeds to refinance the debt
incurred for the construction, operation, and maintenance of a
96-kilometer (km) section of tolled motorway southern Spain between
Malaga and Guadiaro in the region of Andalucia. Part of the toll
road has been operational since 1999 (75km section known as AUSOL
I) and part since 2002 (21km section known as AUSOL II). AUSOL
services its debt via the toll charged to users of the road.

STRENGTHS

-- Strong operational performance, which materially reduces the
uncertainty in relation to the operations and maintenance (O&M) of
the asset during the debt tenor.

-- S&P views the project as a simple toll road asset. Weather
conditions are mild and there are no severe winters, resulting in
relatively simple O&M.

-- The upward trend of the annual debt service coverage ratio
(ADSCR) profile allows for some volatility of traffic growth in the
long term, with sufficient headroom to the debt service.

RISKS

-- The COVID-19 has weighed heavily on AUSOL's performance. From
March 2020 to February 2021, traffic declining 45% compared with
the period from March 2019 to February 2020. S&P currently expects
traffic will recover to 2019 levels by 2023, but the pace of
recovery will ultimately depend on the evolution of the pandemic,
government restrictions to contain the virus, the vaccination
rollout, and recovery of economic activity.

-- The road is fully exposed to traffic risk, which is highly
seasonal, with demand increasing around Easter and peaking during
the summer months (July, August, and September).

-- It competes with one free alternative route, which was less
attractive pre-COVID-19, since it operated close to capacity, but
has become more competitive as overall traffic in the corridor has
declined amid the pandemic.

AUSOL is tax consolidated with its holding companies Infratoll and
Meridiam Investments 5 SAS, and as per Spanish law, could be deemed
jointly and severally liable for any unpaid tax liabilities owed by
these companies. S&P understands that under this structure,
maintained as it is currently, the project is not exposed to any
tax liabilities that would have not been faced on a stand-alone
basis.

S&P said, "We expect traffic will take longer to recovery than we
previously anticipated, limiting the rating headroom. Traffic in
the first two months of 2021 was down by 45% compared with the
previous year (see chart 1). This largely reflects the impact of
containment measures the Spanish government implement in November
2020, and to a lesser extent a snowstorm that hit the country this
January.

"We revised our traffic forecast in light of updated traffic data
and ongoing containment measures, the pace of vaccination, and the
region's economic recovery. This has weakened our expectation of
traffic recovery for 2021, which is reflected in our reduction of
the minimum debt service coverage ratio (DSCR) to 1.11x from 1.20x
for the period January 2021 to December 2021. In our view, this
level of credit ratios, in the absence of a robust recovery
trajectory in the medium term, puts pressure on our rating on the
project's debt. Our current rating is derived from our expectation
of the minimum ADSCR recovering toward 1.20x by 2022.

"We continue to expect that AUSOL's traffic will recover to 2019
levels only in 2023 (see "Toll Road Operator AUSOL Downgraded To
'BB+' On Weaker Traffic And Recovery Expectations; Remains On
CreditWatch Neg," published Jan 20, 2021). This is at a weaker pace
than other toll roads in our portfolio, not only due to the road's
high exposure to seasonal traffic in summer, but also the
congestion-relieving nature of the road and presence of a toll-free
alternative route nearby (N-340/A7). The low congestion resulting
from the drop in traffic has strengthened the competitiveness of
the N-340/A7, thereby weakening AUSOL's capture rate of traffic on
the corridor.

"Despite protective measures, liquidity is pressured in 2021 as
covenant headroom is tight. As it was the case in 2020, we expect
AUSOL will defer non-essential discretionary expenses to 2022 from
2021 to protect liquidity. This partially offsets the loss in
revenue due to weaker traffic. Nevertheless, due to weaker traffic
than we previously expected, we now see limited headroom to the
project's financial covenants if cash flow for debt repayment is
about 10% lower than our base case.

"The project benefits from a 12-month, forward-looking debt-service
reserve account, funded through cash and letter of credit, as well
as a cash-funded, forward-looking, three-year maintenance reserve
account. Under our current base-case traffic assumptions, we do not
expect the reserves to be drawn to service debt."

AUSOL is exposed to third parties' tax liabilities, given the
current perimeter of the tax group. AUSOL is tax consolidated with
its holding companies Infratoll and Meridiam Investments 5 SAS.
Therefore, as per Spanish law, AUSOL could be deemed jointly and
severally liable for any unpaid tax liabilities owed by these
companies. Considering the current ownership and capital structure
as well as the activities of the entities, the group's consolidated
tax expenses are neutral to AUSOL for the purpose of our analysis.
S&P said, "As such, under our base case, we continue to calculate
taxes on a stand-alone basis. If any of these circumstances were to
change, we would need to reassess the project's exposure to these
tax liabilities and the impact on its creditworthiness
accordingly."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. S&P said, "We use these
assumptions about vaccine timing in assessing the economic and
credit implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

S&P said, "The negative outlook reflects our view that
weaker-than-anticipated traffic recovery could deteriorate debt
coverage ratios in the medium term to a level not consistent with
the current rating. We could lower the rating by one notch if our
view on the expected traffic recovery over the next two years was
to weaken, leading the DSCR to remain below 1.10x in the period.

"We could revise the outlook to stable if we believed AUSOL was on
a robust recovery path, with DSCR returning to around 1.20x by
2022."




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

SAS: Court Backs European Commission's State Aid Approval
---------------------------------------------------------
Foo Yun Chee at Reuters reports that Ryanair on April 14 had
another setback in its fight against state aid for rival airlines
after Europe's second-highest court again backed EU competition
regulators' approval of support for SAS and Finnair.

Europe's biggest budget airline has filed 16 lawsuits against the
European Commission for allowing state aid to individual airlines
such as Lufthansa, KLM, Austrian Airlines and TAP, as well as
national schemes that mainly benefit flag carriers, Reuters
relates.

According to Reuters, the Luxembourg-based General Court said aid
granted to SAS and Finnair complied with the bloc's state aid
rules.

Its judgments echoed its Feb. 17 ruling upholding state aid granted
to rivals including Air France and SAS, Reuters notes.

"Given that SAS's market share is much higher than that of its
closest competitor in those two member states, the aid does not
amount to unlawful discrimination," Reuters quotes the Court as
saying.

According to Reuters, judges said the Finnair state loan guarantee
was necessary in order to remedy the serious disturbance in the
Finnish economy in view of the importance of the carrier for that
economy.

Ryanair said in a statement that it would appeal, Reuters relays.

SAS AB (Scandinavian Airlines System Aktiebolag) (OSE: SAS+NOK,
Nasdaq Stockholm: SAS, SAS DKK), trading as SAS Group, is an
airline holding company headquartered in the SAS Frosundavik Office
Building in Solna Municipality, Sweden.




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

BETINDEX: Administrators Open Claim Process for Customers
---------------------------------------------------------
Marese O'Hagan at iGB reports that Football Index operator BetIndex
has announced the opening of its claim process for customers who
are still owed money from the company.

Adrian Hyde -- adrian.hyde@btguk.com -- Adrian Rabet --
adrian.rabet@btguk.com -- and RH Toone -- richard.toone@btguk.com
-- of Begbies Traynor have been appointed as joint administrators
and will handle the process, iGB relates.

According to iGB, customers must complete an online form to notify
administrators and BetIndex of their potential claim, but have been
advised that this does not verify the validity of their claim.

The GB Gambling Commission suspended BetIndex's operator licence
last month following concerns over whether activities carried out
on its licence were in accordance with the licence conditions, iGB
recounts.

On the same day, BetIndex suspended its platform and went into
administration, iGB relays.

The administration announcement specified that Football Index
account funds were held in a separate trading account from
BetIndex's accounts, and although arrangements were made to protect
these funds, BetIndex stated there was "no guarantee that all funds
will be repaid in the event of insolvency", iGB discloses.

The Gambling Commission later received a promise that player funds
would be paid before other commitments, though it noted that this
was not binding, iGB states.

However, Football Index's terms and conditions said that funds
invested in players through bets on the platform have no such
protection, as these were considered sums at risk, iGB notes.


BROWN BIDCO: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to Brown Bidco Ltd., Signature's new parent company,
and Brown Group Holding LLC, the initial borrower of the new debt,
and its preliminary 'B+' issue rating and '3' recovery rating to
the group's proposed senior secured facilities.

The stable outlook reflects S&P's view that Signature's operating
performance will benefit from a gradual recovery of flight volumes
as the impact from the COVID-19 pandemic alleviates, enabling the
group to generate meaningful free operating cash flow (FOCF) and
create financial headroom for potential acquisitions or shareholder
returns.

On March 18, 2021, Signature's shareholders approved the $4.7
billion joint acquisition offer from Blackstone, GIP, and
Cascade.The new owners plan to finance the acquisition and
refinance Signature's existing debt through the issuance of a
seven-year $1.8 billion senior secured TLB and a five-year $350
million RCF that will be undrawn at closing. The consortium will
finance the remainder with common equity totaling about $4.2
billion. Following completion of the transaction, we understand
that Blackstone, GIP, and Cascade will indirectly own 35%, 35%, and
30% of Brown Bidco Ltd. respectively. Furthermore, Signature has
agreed to sell its engine repair and overhaul (ERO) business to
StandardAero, as announced on Feb. 17, 2021, and we understand it
intends to apply $120 million of net cash proceeds to pre-pay part
of the new $1.8 billion TLB, reducing it to $1,680 million before
year-end 2021.

S&P said, "We assess Signature's business risk profile as
satisfactory, reflecting the company's leading position as the
world's largest provider of fixed-base operations (FBO) services to
the business and general aviation (B&GA) market. Signature's flight
support business operates from 179 locations worldwide (excluding
162 locations of EPIC and 13 locations of Signature Select), of
which 131 are in the largest B&GA market, North America. In our
view, the group's competitive position benefits from its large
network of key airport sites, secured under long-term leases.
Airport property and leases are long term, with Signature's average
remaining lease term of 17 years across the U.S. FBOs at year-end
2020. Signature is the largest FBO operator in the U.S., with 131
FBOs (excluding EPIC and Signature Select). Signature has FBOs in
37 of the top 50 B&GA airports in the U.S. and has a
well-diversified customer base, with a stronger focus on charters
and large fleet customer groups, that have demonstrated faster
growth than other general aviation customers historically. That
said, our assessment incorporates the competitive and cyclical
nature of the general aviation market, which constrains the
business risk profile."

Signature has demonstrated resilient operating performance during
the pandemic, supported by its flexible cost base and management
actions to mitigate the hit from significant declines in flight
activity. In 2020, the group's continuing organic revenue declined
28% year-on-year due to a decline in U.S. B&GA flight movements
caused by COVID-19-related restrictions. S&P said, "However, we
note that the U.S. B&GA market recovered swiftly from lows in April
2020, where it faced a 75% year-on-year decline in business jet
movements. Underlying operating performance in 2020 was supported
by the group's largely variable cost base; fuel is the largest cost
and is passed through to customers. Management also implemented
timely actions to align labor force to reduced flight activity.
Moreover, the group benefited from $61 million of CARES Act grant
income and management initiatives to cut general support costs such
as travel and overheads. In our view, underlying growth prospects
in the U.S. B&GA market remain supportive in the medium term. The
number of business jet flight hours has increased close to 2.0x
faster than U.S. GDP over the past 10 years and the effect of the
pandemic on commercial aviation may lead to a structural increase
in demand for private aviation services. We note that many
commercial airlines decided to consolidate routes, making business
aviation the most efficient solution to travel to locations that
would otherwise require connecting flights."

S&P said, "We expect Signature will maintain relatively high
absolute profitability in the coming years, with S&P Global
Ratings-adjusted EBITDA margins above 20%.The group's relatively
high EBITDA margins, combined with limited working capital and
modest maintenance capital expenditure (capex) requirements, have
enabled it to generate strong FOCF historically. As part of the
take-private transaction, the new owners identified cost-saving
potential associated with the de-listing of Signature, while the
divestment of the ERO division will also remove central general and
administrative costs associated with that business. In our
base-case scenario, we envisage improvements in EBITDA margins as
business flight activity gradually recovers and the group realizes
the targeted cost savings, which will also support FOCF.

"Following the transaction, we anticipate the group's cash flow and
leverage metrics will be consistent with a highly leveraged
financial risk profile.The $1.8 billion debt issuance to fund the
acquisition will result in high adjusted leverage at transaction
close. We expect S&P Global Ratings-adjusted debt to EBITDA of
7.5x-7.7x at year-end 2021 and forecast a reduction to 6.5x-6.7x at
year-end 2022, absent major discretionary spending. We also
anticipate that FOCF will weaken compared with historical
performance due to the higher cash interest burden and increased
discretionary capex. In addition, one-off restructuring (and
transaction) costs will weigh on FOCF in 2021. We then anticipate
FOCF after lease payments of $50 million-$100 million from 2022.
However, this hinges on the pace of B&GA flight volume recovery and
Signature's ability to expand its revenue and earnings.

"We consider the new owners' consortium to be infrastructure-like
funds that have a long-term investment strategy for
Signature.Although Blackstone is a private-equity firm, it will
exercise joint control with two other investors that do not meet
our definition of a financial sponsor. GIP has a focus on investing
in infrastructure assets--such as airports--and Cascade's
investment in Signature since 2009 demonstrates its long-term
approach toward the company. As a result, we understand the
expected holding period for the new investors is longer than that
we typically observe for private-equity sponsors. In addition, the
transaction will be funded with a significant common equity
contribution (approximately 70%), which supports our assessment.
However, we acknowledge the high leverage at closing, which
reflects the new owners' tolerance for significant debt. Although
our base-case scenario does not factor in specific acquisitions
because their timing and magnitude is uncertain at this stage, we
understand that acquisitions will be part of the growth strategy
under the new ownership, which constrains deleveraging in the
future.

"The stable outlook reflects our view that Signature's operating
performance will be supported by gradual recovery of flight
volumes, as the impact from the COVID-19 pandemic alleviates, and
profitability improvements, enabling the group to generate
meaningful FOCF and create financial headroom for potential
acquisitions or shareholder returns.

"We could lower the rating if Signature underperforms our forecast,
resulting in weaker FOCF than we expect combined with increasing
leverage, which could result from prolonged COVID-19-related travel
restrictions." In particular, S&P could lower the rating if:

-- Adjusted leverage remains sustainably above 7.0x.

-- FOCF after lease payments turns negative.

-- The new owners' financial policy proves more aggressive than
expected, including large debt-funded acquisitions or cash returns
to shareholders.

-- The group faces heightened liquidity pressures.

S&P could considers an upgrade if Signature's new shareholders
demonstrate a prudent application of FOCF, enabling significant
deleveraging, and if it believes adjusted debt to EBITDA would fall
and remain below 5.5x. An upgrade is contingent on the owners'
commitment to maintain a financial policy that would support such
improved ratios on a sustained basis.


GAS CONTAINER: COVID-19 Financial Impact Prompts Administration
---------------------------------------------------------------
Business Sale reports that Gas Container Services Limited, a
Nottingham-based gas cylinder company, has announced that it has
collapsed into administration as a result of financial strains
caused by the COVID-19 pandemic.

According to Business Sale, administrators from specialist business
advisory firm FRP will now seek a buyer for the business.

John Lowe -- john.lowe@frpadvisory.com -- and Philip Pierce --
phil.pierce@frpadvisory.com -- partners at FRP, have been appointed
joint administrators of the company, Business Sale relates.

They confirmed that the firm has been experiencing significant
financial difficulties as a result of the COVID-19 pandemic,
Business Sale discloses.  

Gas Cylinder Services said this is largely due to the reduction in
demand from customers across the hospitality sector due to ongoing
COVID-19 restrictions, Business Sale notes.

Gas Container Services Limited, which is based across two sites in
the Colwick Industrial Estate in Nottingham, provides a range of
products and services for the testing, filling, refurbishment,
storage and transportation of gas cylinders.


GREENSILL CAPITAL: General Atlantic Borrows EUR300MM to Repay Loan
------------------------------------------------------------------
Kaye Wiggins and Robert Smith at The Financial Times report that
General Atlantic is borrowing EUR300 million from Goldman Sachs at
a double-digit interest rate in order to repay a controversial loan
and distance itself from collapsed group Greensill Capital,
according to two people familiar with the matter.

The move will allow the US private equity firm to repay a EUR300
million loan that it took out in 2019 from Greensill, in which it
also owned a stake and had a board seat, as it seeks to end a
chapter of its relationship with the finance start-up, the FT
says.

However, the people said the deal with Goldman comes at a cost,
with General Atlantic on the hook for an interest rate of about
10%, the FT notes.

According to the FT, one of the people said the US$50 billion
investment group had not repaid any of the loan, which was set up
to last "in perpetuity" unless cancelled, when Greensill went into
administration last month.

They added while there was no immediate repayment deadline, General
Atlantic wanted to refinance the arrangement after Greensill's
collapse in order to manage reputational risk, the FT relays.
Greensill made part of the loan through its German banking
subsidiary, whose management is now under criminal investigation,
the FT states.

The demise of Greensill, which is at the centre of a growing
financial and political scandal, has shone a harsh light on the
involvement of the private equity firm, which became its first
major outside backer with a US$250 million investment in 2018,
according to the FT.

The backing of General Atlantic, which had previously built a
reputation as a savvy technology investor with bets on companies
such as Alibaba and Airbnb, paved the way for SoftBank's Vision
Fund to pump US$1.5 billion into Greensill the following year, the
FT discloses.


NMC: To Sue DIB in Abu Dhabi Courts Amid Debt Restructuring
-----------------------------------------------------------
Davide Barbuscia at Reuters reports that the United Arab Emirates'
largest private healthcare provider NMC is suing a Dubai bank in
Abu Dhabi courts, three sources said and a court document showed,
in a dispute that could complicate the company's
multibillion-dollar debt restructuring and potentially delay
payouts to creditors.

NMC, a UK-listed healthcare group, ran into trouble last year after
the disclosure of more than US$4 billion in hidden debt, Reuters
recounts.

Its UAE operating businesses were placed into administration in the
courts of Abu Dhabi's international financial centre ADGM, Reuters
discloses.  The company has said claims from creditors to date
amount to $6.4 billion, Reuters relates.

The legal action by NMC's administrator against Dubai Islamic Bank
(DIB) comes after DIB filed lawsuits in neighbouring Dubai, Reuters
notes.  The lawsuits pit UAE's different legal systems against one
another and risk complicating the restructuring, Reuters states.

NMC's lawsuit seeks to give its administrators, Alvarez & Marsal,
power over securities claimed by DIB and possibly use them to pay
other creditors, the sources and the court document seen by Reuters
showed.

Pending a full account of the receivables to the administrators and
payment by DIB of the proceeds, "the joint administrators shall be
entitled to withhold any distribution or payment that would
otherwise be due to DIB from the estate of the companies, or other
property in the hands of the joint administrators," Reuters quotes
the court document as saying.

That could leave DIB, which has an exposure of over US$400 million
to NMC, out of pocket, Reuters says.

NMC had secured loans from DIB using collateral known as insurance
receivables, which relate to payments by insurance companies for
medical treatment, Reuters discloses.

DIB has already sought rights over those securities in cases filed
in neighbouring Dubai, Reuters relays, citing three sources close
to the matter.

The UAE's legal system has both onshore and offshore jurisdictions.
The onshore courts use UAE law, while the Abu Dhabi Global Markets
courts and the courts of the financial free zone Dubai
International Financial Centre (DIFC) are modelled on the English
judicial system.

Courts in the Dubai International Financial Centre and Abu Dhabi
onshore courts have recognised Alvarez & Marsal's role as
administrator for NMC, Reuters notes.

It said in an update that is planning to submit a request to have
the administration recognised in Dubai onshore courts, according to
Reuters.

SAFETY SUPPORT: Enters Administration After Damning Caller Report
-----------------------------------------------------------------
Liam Thorp at Liverpool Echo reports that Safety Support
Consultants (SSC), a health and safety company owned by the son of
former Liverpool Mayor Joe Anderson, has gone into administration.

David Anderson's Liverpool-based company has been in the headlines
recently after it was referenced in Max Caller's damning report
into activities at Liverpool Council, Liverpool Echo relates.

In one of the most explosive passages of the report, Mr. Caller
said that a decision to award SSC a GBP250,000 health and safety
contract on the project to dismantle Liverpool's Churchill Way
Flyovers in 2019 "exposed the site teams to considerable safety
risks", Liverpool Echo notes.

Mr. Caller, as cited by Liverpool Echo, said the company had no
previous relationship with the council before the 'urgent
appointment was instructed' as work got underway in 2019.

The website states that the firm's administration started on March
26 -- two days after the Caller Report was published -- and that
administrators Richard Cole and Steve Kenny were formally appointed
on April 7, Liverpool Echo discloses.

[*] UK: 992 Cos. in England & Wales Declared Insolvent in March
---------------------------------------------------------------
David Milliken at Reuters reports that more businesses and
individuals across Britain were declared insolvent last month than
earlier in 2021 though levels remained mostly below those of a year
ago as government support muted the impact of the coronavirus
pandemic.

Britain's economy shrank by almost 10% last year and millions of
people have been unable to work due to lockdown restrictions, but
state loan guarantees and wage subsidies have kept most companies
and households financially afloat for now, Reuters relates.

Government figures on April 15 showed 992 companies in England and
Wales were declared insolvent in March, Reuters discloses.

This represents a rise since the start of the year but is still 20%
fewer than in March last year at the start of the pandemic, and 37%
down on two years ago, Reuters notes.  Data for Scottish and
Northern Irish companies showed a similar picture, Reuters states.

"The economic damage caused by the pandemic is starting to be
reflected in levels of insolvency, but government support has
postponed rather than prevented the true picture being shown in
insolvency levels to date," Reuters quotes Christina Fitzgerald,
vice president of insolvency and restructuring trade body R3, as
saying.






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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *