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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 30, 2021, Vol. 22, No. 81

                           Headlines



B E L G I U M

TEAM.BLUE FINCO: S&P Assigns 'B' Ratings, Outlook Stable


F R A N C E

ACCOR SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
AIR FRANCE-KLM: Egan-Jones Hikes Senior Unsecured Ratings to CCC
VINCI SA: Egan-Jones Keeps BB Senior Unsecured Ratings


G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Keeps B Senior Unsecured Ratings
DOUGLAS GMBH: Fitch Assigns Final 'B-' LT IDR, Outlook Stable
GRUNENTHAL PHARMA: Fitch Assigns Final 'BB' LT IDR, Outlook Stable
HUGO BOSS: Egan-Jones Lowers Senior Unsecured Ratings to BB-


G R E E C E

NAVIOS MARITIME: Egan-Jones Keeps CCC Senior Unsecured Ratings


I R E L A N D

ARMADA EURO I: S&P Assigns B- (sf) Rating to Class F-R Notes
CARLYLE EURO 2021-1: S&P Assigns Prelim B- (sf) Rating to E Notes
DRYDEN 88 EURO 2020: S&P Assigns B- (sf) Rating to Class F Notes
SCULPTOR EUROPEAN II: S&P Assigns Prelim B- (sf) Rating on F Notes


I T A L Y

ASSICURAZIONI GENERALI: Egan-Jones Keeps BB Sr. Unsecured Ratings
ENEL SPA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
KEDRION SPA: Moody's Assigns B1 Corp Family Rating, Outlook Stable
TELECOM ITALIA: Egan-Jones Keeps B Senior Unsecured Ratings
UNICREDIT SPA: Egan-Jones Keeps BB Senior Unsecured Ratings



L U X E M B O U R G

ALTISOURCE PORTFOLIO: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings


N E T H E R L A N D S

COMPACT BIDCO: S&P Assigns Preliminary 'B-' ICR, Outlook Stable


N O R W A Y

NORWEGIAN AIR: Reports NOK1.19BB Pretax Loss for Q1


P O R T U G A L

ENERGIAS DE PORTUGAL: Egan-Jones Keeps BB+ Sr. Unsec. Ratings


R U S S I A

MOSCOW INDUSTRIAL: Amendments to Bankruptcy Measures Approved
SAFMAR FINANCIAL: S&P Alters Outlook to Stable, Affirms BB-/B ICRs


S W E D E N

ITIVITI GROUP: S&P Places 'B' ICR on CreditWatch Positive


U K R A I N E

INTERPIPE HOLDINGS: S&P Rates New Senior Unsecured Notes 'B'
UKRAINE: Egan-Jones Keeps BB- Senior Unsecured Ratings


U N I T E D   K I N G D O M

CPUK FINANCE: S&P Assigns Prelim 'B- (sf)' Rating to B6-Dfrd Notes
HAMMERSON PLC: Egan-Jones Keeps BB Senior Unsecured Ratings
HOTEL ST GEORGE: Set to Reopen on May 17 Under New Ownership
J D WETHERSPOON: Egan-Jones Keeps B- Senior Unsecured Ratings
KINGFISHER PLC: Egan-Jones Hikes Senior Unsecured Ratings to BB+

NEKTAN: Gambling Commission Suspends Remote Operating License
SEIONT MANOR: Caernarfon Acquires Business Out of Receivership
SIG PLC: Egan-Jones Keeps B+ Senior Unsecured Ratings
TESCO PLC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
WM MORRISON: Egan-Jones Keeps BB+ Senior Unsecured Ratings

WPP PLC: Egan-Jones Keeps BB- Senior Unsecured Ratings


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
[*] EUROPE: ESRB Warns of "Tsunami" of Corporate Insolvencies

                           - - - - -


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B E L G I U M
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TEAM.BLUE FINCO: S&P Assigns 'B' Ratings, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' ratings to Belgium-based
webhosting provider team.blue Finco Sarl and its EUR875 million
first-lien term loan.

S&P said, "The stable outlook indicates that we expect revenue
growth of 7%-10% over 2021 and 2022, and the adjusted EBITDA margin
to expand to 41%-44% by 2022 from about 39% in 2020. As such, we
expect that--excluding the PIK loan--adjusted leverage will remain
under 7.5x and free operating cash flow (FOCF) to debt to be 6% or
higher for 2021-2022.

"The assigned ratings are in line with our preliminary ratings,
which we assigned on March 9, 2021. There were no material changes
to our base case or the financial documentation compared with our
original review.

"The main difference between the preliminary rating analysis and
the final one is slightly higher debt issuance than expected. A
total of EUR1,225 million was raised instead of EUR1,200 million in
the analysis for the preliminary ratings. We think the impact on
team.blue's credit metrics is very limited considering the small
amount of additional debt. We also do not expect an increase in
interest expense or deterioration of cash flow generation, since
the larger second-lien debt was replaced by first-lien debt.
team.blue also secured an additional EUR50 million first-lien
facility for future acquisitions, and increased the revolving
credit facility to EUR84 million from EUR75 million. However, this
does not change our estimate for recovery at default of 50%-70%
(rounded estimate 55%) or the rating on the upsized EUR875 million
first-lien loans.

"The stable outlook indicates that we expect revenue growth of
7%-10% over 2021 and 2022, and the adjusted EBITDA margin to expand
to 41%-44% by 2022 from about 39% in 2020. The expansion would be
fueled by volume growth in the underpenetrated SME market and by
team.blue's systematic approach to increasing average revenue per
customer through price increases at contract renewal. As such, we
would expect adjusted leverage (excluding the PIK loan) to remain
under 7.5x (under 8.6x including PIK loans) and FOCF to debt
(excluding PIK loans) to be 6% or higher for 2021-2022 (5%
including PIK loans).

"We could lower the rating if adjusted debt to EBITDA excluding PIK
loans increases above 7.5x (above 8.6x including PIK loans) or FOCF
to debt excluding PIK loans fell below 6% (below 5% including PIK)
for a long period. We think this could occur if team.blue made
additional large acquisitions funded with debt. Alternatively, if
weak macroeconomic conditions caused SMEs to fail, the company
could experience higher customer turnover. Moreover, new entrants
to the market could cause competition to intensify in key
geographies.

"We see an upgrade as unlikely over the next 12 months, given
team.blue's highly leveraged capital structure. We could raise the
rating over the longer term if team.blue reduced its adjusted debt
to EBITDA (excluding PIK loans) to below 5.5x and achieved FOCF to
debt excluding PIK loans of close to 10%."




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

ACCOR SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on April 9, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Accor S.A.

Headquartered in Paris, France, Accor S.A. is a French
multinational hospitality company that owns, manages and franchises
hotels, resorts and vacation properties.


AIR FRANCE-KLM: Egan-Jones Hikes Senior Unsecured Ratings to CCC
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Air France-KLM to CCC from CC. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Tremblay-en-France, France, Air France-KLM offers
air transportation services.



VINCI SA: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by VINCI SA.

Headquartered in Paris, France, VINCI SA is a global player in
concessions and construction with expertise in building, civil,
hydraulic, and electrical engineering.




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G E R M A N Y
=============

DEUTSCHE LUFTHANSA: Egan-Jones Keeps B Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Deutsche Lufthansa AG.

Headquartered in Cologne, Germany, Deutsche Lufthansa AG provides
passenger and cargo air transportation services worldwide.




DOUGLAS GMBH: Fitch Assigns Final 'B-' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Douglas GmbH a final Long-Term Issuer
Default Rating (IDR) of 'B-'. The Outlook is Stable.

Fitch has also assigned Douglas' senior secured term loan B (TLB)
and senior secured notes a final senior secured rating of 'B' with
a Recovery Rating 'RR3' and indirect parent company Kirk Beauty SUN
GmbH's PIK notes a subordinated debt rating of 'CCC' with 'RR6'.

The assignment of final ratings follows completion of the
refinancing being in line with Fitch's expectations.

The 'B-' IDR balances Douglas's high leverage and weak coverage
metrics with a strong operating profile, as Europe's largest beauty
retailer with large scale, product breadth and established
multichannel distribution capabilities. The Stable Outlook reflects
Fitch's expectations of persistently high funds from operations
(FFO) adjusted gross leverage at around 8.0x through the financial
year ending September 2023. Fitch also expects free cash flow (FCF)
to turn neutral-to-positive from 2022 as the company returns to
pre-pandemic earnings and delivers its offline-to-online
transformation strategy.

KEY RATING DRIVERS

Sustainable Business Model: Douglas benefits from a sustainable and
agile business model that is capable of swiftly adapting to an
evolving trading environment, which it amply demonstrated during
the 2020 lockdowns. The realisation of the business-transformation
strategy without delays and on budget will further strengthen its
business model. Combined with receding execution risks, this will
be key to improving its cash-flow profitability and credit metrics,
potentially supporting a positive rating action in the medium
term.

High Execution Risks: Successful business transformation is
critical to Douglas's medium-term credit quality. The scope of the
changes brings complexity and increases execution risks. The
company has a record of successful business restructuring,
including portfolio rejuvenation and cost-optimisation measures.
However, accelerating the change from offline to online, while
expanding its customer base and market share result in higher
execution risk, particularly as conventional store-based beauty
retailers are increasingly moving online, intensifying competitive
pressures.

The sector continues to face meaningful near-term uncertainty, due
to the pandemic, and limited scope for operating-margin
improvement, given growing price transparency as beauty retail
demand steadily shifts online.

Weak FCF to Improve After FY22: As Douglas implements its
transformation initiatives in FY21-FY22, Fitch projects the FCF
margin will improve to low single-digits from FY23, after FCF
losses since 2018. This is predicated on Douglas's successful
business optimisation with steadily improving FFO margin on the
back of incremental sales volumes.

Vulnerable FCF Quality: The quality of FCF remains a vulnerable
point in Fitch's assessment of Douglas's credit profile, as Fitch
still sees material risks from market pressures, which have
historically caused cash- flow volatility. Protracted strategy
implementation with higher-than-expected business transformation
costs is also a risk. The continuation of cash burn, if not
mitigated by further cash-conservation measures, combined with weak
credit metrics could signal persisting operating issues and lead to
an increasingly unsustainable balance sheet.

Refinancing Addressed: The completion of a refinancing with a
back-ended (2026) repayment profile under the new debt structure
provides Douglas with sufficient flexibility to implement its
business- transformation strategy. Use of the PIK option on the
EUR475 million notes eases the cash burden and slightly improves
financial flexibility, but would also slow down deleveraging
prospects.

Persistently High Leverage: High leverage, which Fitch views as
more commensurate with the 'CCC' rating category, is the main
rating constraint. Following temporarily dislocated credit metrics
in FY20-FY21 due to the pandemic, the normalisation of FFO adjusted
gross leverage to below 8.5x by FY22 and towards 8.0x thereafter
will be critical for the rating and Stable Outlook. Failure to
deliver the transformation plan in the next 12 to 18 months will
put ratings under pressure.

Tight Coverage Metrics: Fitch also expects FFO fixed charge
coverage to remain tight for the rating. Fitch estimates this ratio
will improve towards 1.5x from FY23 from around 1.0x currently, as
Douglas optimises its store network with associated reduction in
property rental costs, and implements its reorganisation programme,
#ForwardOrganisation.

Structurally Growing Market: As the largest European beauty
retailer, Douglas is well-placed to benefit from stable long-term
underlying consumer demand. Despite being discretionary consumer
spending, beauty retail has been less susceptible to cyclicality
than other retail sub-sectors such as consumer electronics,
furniture or apparel. Continuing trends of premiumisation, which
Fitch estimates will outpace the mass market growth in coming
years, and of online outperformance over store-based beauty sales
will all favour Douglas. It is well-represented in the premium
segment with its extensive product and brand assortment, as well as
strong online and omnichannel capabilities.

Retail Challenges Remain: Non-food retail remains one of the most
disrupted sectors, even before the pandemic, due to changing
consumer preferences, shopping habits, technology, digitalisation
and data analytics, accelerating brand and product obsolescence or
environmental considerations and the changing face of city centres.
The pandemic has accelerated certain trends such as digitalisation
and revealed inherent weaknesses of business models. This will
result in a shake-up of the competitive landscape in the near-
to-medium term, as weaker retailers exit the market, while those
capable of adapting to new challenges, such as Douglas, should
benefit from technology and service leadership.

DERIVATION SUMMARY

Fitch assesses Douglas's rating using Fitch's Ratings Navigator for
non-food retailers. Fitch also derives the rating by comparing the
company's credit profile with predominantly store-based luxury
retailers' and online beauty retailers' given Douglas's strong and
growing e-commerce capabilities, as well as with selected branded
beauty-product companies'.

Douglas stands out as one of Europe's largest retailers with scale,
product breadth and multichannel distribution capabilities that are
commensurate with a 'BB' rating category. This is balanced by an
aggressive financial structure with FFO adjusted gross leverage
estimated at or about 8.0x and lower financial flexibility based on
projected tight FFO fixed charge coverage of around 1.5x.

The multi-notch difference with 'BB' -rated luxury predominantly
store-based retailers such as Capri Holdings Limited (BB+/Stable)
and Tapestry, Inc. (BB/Stable) is due to their materially stronger
operating and cash-flow profitability with EBITDA margins of above
15% versus Douglas's projected return towards a 10% EBITDA margin,
and sustained double-digit FCF margins compared with Douglas's
volatile FCF profile. Douglas also has up to 4.0x higher FFO
adjusted gross leverage and up to 1.0x weaker coverage metrics.

Pure online beauty retailer THG Holdings plc (B+/Positive) is rated
two notches above Douglas's, mainly due to a more conservative
post-IPO financial policy with FFO adjusted gross leverage
projected to improve to 4.4x in 2021 and even lower by 2023 as the
business accelerates its presence outside Europe with in-house
online capabilities supporting the shift of retail volumes to
online.

Comparability of Douglas with the Very Group Limited (B-/Positive)
is limited, given the latter's high exposure to consumer-finance
services supporting online retail activities. While the Very Group
gained market share during the lockdown, the 'B-' rating mainly
reflects nearer-term refinancing risks.

The ratings of manufacturers of branded cosmetics Oriflame
Investment Holding plc (B+/Stable) and Sunshine Luxembourg VII Sarl
(Galderma, B/Negative) partly reflect similar business risks to
Douglas's, given exposure to consumer sentiment and preferences and
the importance of marketing investments and distribution networks.

At the same time, as product manufacturers Oriflame and Galderma
benefit from intrinsically higher operating and cash-flow margins,
and for Galderma the medicinal nature of some of its products is
supported by in-house R&D. Such business features, along with
scale, and product and geographic breadth, support leverage of
7.0x-8.0x on an FFO basis (unadjusted) with temporarily dislocated
performance in FY20 due to the pandemic, as reflected in a
one-notch higher IDR for Galderma versus Douglas's. Orifame's 'B+'
IDR reflects significant deleveraging achieved in 2020, despite the
pandemic, and Fitch's expectation that FFO net leverage will reduce
further in 2021 to below 4.7x.

KEY ASSUMPTIONS

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

-- Store closures achieved by June 2022;

-- Store-based sales to remain at 20% - 25% below pre-pandemic
    levels (LTM to December 2019) in FY21, followed by a further
    10% reduction in FY22 and 0.5% reduction until FY25;

-- Online sales reaching 40% of total sales in FY25, up from 25%
    in FY20;

-- Around EUR100 million in non-recurring cash costs spread over
    the next three years to implement the business-optimisation
    programme;

-- Fitch-adjusted EBITDA margin of 5.3% in FY21, and gradually
    improving towards 10% in FY24;

-- Senior notes interest is capitalised;

-- Capex of EUR100 million - EUR110 million per year until FY24;

-- Working capital outflow of around EUR10 million in FY21 due to
    normalisation of trade payables, followed by high single-digit
    to low double-digit inflows until FY24 on improved inventory
    management;

-- M&A-related contingent consideration of around EUR30 million
    paid by FY23. No further acquisitions over the next five
    years.

Key Recovery Assumptions:

Fitch assumes that Douglas would be considered a going-concern in
bankruptcy and that it would be reorganised rather than
liquidated.

In Fitch's bespoke going-concern recovery analysis Fitch considered
an estimated post-restructuring EBITDA available to creditors of
around EUR300 million. In Fitch's view bankruptcy could come as a
result of prolonged economic downturn combined with more
difficulties in the turnaround of the store network and/or
weaker-than-expected online performance.

Fitch has used a distressed enterprise value (EV)/EBITDA multiple
of 5.5x. This is 0.5x higher than the 5.0x mid-point used for the
corporates universe outside the US, due to the company's exposure
to rapid online sales growth and already developed omnichannel
capabilities, which combined with its leading position in Europe
and high brand awareness, would result in a higher-than-average EV
multiple.

Fitch assumes Douglas's EUR170 million senior secured revolving
credit facility (RCF) would be fully drawn upon default. Secured
creditor claims also include the EUR1,305 million senior secured
notes and the TLB for EUR600 million. Fitch assumes all senior
secured debt to rank equally among themselves. The EUR475 million
senior PIK toggle notes are subordinated to senior secured debt.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery for the senior
secured debt in the 'RR3' category with a waterfall generated
recovery computation (WGRC) of 70%, while the PIK toggle notes'
ranked recovery is in the 'RR6' category with a WGRC of 0%,
reflecting their subordination to a large portion of secured debt.

RATING SENSITIVITIES

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

-- Successful optimisation of the business profile, including
    online operations, evidenced by sustained positive like-for
    like sales growth and the FFO margin trending towards 6%.

-- Strengthening credit metrics with FFO adjusted gross leverage
    approaching 7.0x and FFO fixed charge cover above 1.7x.

-- Sustained positive FCF margin in the low- to mid-single
    digits.

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

-- Challenges in implementing business optimisation, resulting in
    delays or higher-than-expected cash costs and FFO margin
    remaining consistently below 4%.

-- Negative FCF requiring a permanently drawn RCF leading to
    diminishing liquidity headroom.

-- FFO adjusted gross leverage above 8.5x after FY21 and FFO
    fixed charge coverage tightening toward 1.2x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch views Douglas's medium-term liquidity
as satisfactory, based on low but sufficient levels of internal
cash flow generation from FY23 after years of capital-intensive
business transitioning towards online, during which time the
company may temporarily draw on its committed RCF of EUR170
million. An EUR220 million equity injection from shareholders as
part of the refinancing leaves around EUR100 million additional
cash-on-balance sheet after payment of refinancing costs in cash at
closing of EUR192 million.

When assessing the liquidity position, Fitch only considers readily
available cash after deducting EUR50 million of liquidity Fitch
deems necessary to fund intra-trade working capital, which
historically is highest in 2Q and 3Q, as well as to account for
cash in stores.

Following the refinancing, Douglas benefits from extended
maturities to 2026, while maintaining access to bank loan and
public debt markets, albeit with a concentrated repayment profile.

ESG CONSIDERATIONS

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

GRUNENTHAL PHARMA: Fitch Assigns Final 'BB' LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Grunenthal Pharma GmbH & Co KG
(Grunenthal) a final Long-Term Issuer Default Rating (IDR) of 'BB'
with Stable Outlook. Fitch has also assigned a final senior secured
debt rating of 'BB+'/'RR2' to the EUR400 million due 2026 and
EUR250 million due 2028 senior secured notes (SSN) issued by
Grunenthal's direct subsidiary Grunenthal GmbH.

The assignment of the final ratings follows review of the financing
documentations being materially in line with the draft terms
originally presented to Fitch.

Grunenthal's 'BB' IDR reflects its conservatively leveraged niche
scale, albeit cash generative operations, with managed organic
portfolio decline supported by mid to larger scale acquisitions of
established cash generative drugs with low integration risk in
Fitch's view.

The Stable Outlook is based on Fitch's expectation of a disciplined
approach to acquisitions and adherence to internal financial
policy, leading to restrained leverage levels with funds from
operations (FFO) leverage remaining below 4.5x, fully aligned with
the rating.

Given the senior secured nature of the entire debt issued by
Grunenthal (single debt class) Fitch classifies its debt as
'category 2 first lien' under the generic approach for rating
instruments of companies in the 'BB' rating category based on
Fitch's Corporates Recovery Ratings and Instrument Ratings
criteria. Therefore, Fitch rates Grunenthal's senior secured debt
one notch above the IDR, leading to a 'BB+' senior secured notes
rating with a Recovery Rating of 'RR2'.

KEY RATING DRIVERS

Integrated Business Model: Grunenthal's rating reflects the
company's integrated business model with international
manufacturing and distribution capabilities. Fitch also notes a
good mix between mature and growth drugs, as well as between
patented and generic drugs, leading to adequate operating
profitability with EBITDA margins estimated at over 20% in the
medium term. Grunenthal is strategically repositioning away from
R&D or capex-intensive projects with uncertain prospects for
commercial success, toward a more efficient capital deployment
strategy by adding cash generative low-risk drug rights and
leveraging them on own manufacturing and distribution networks.
This is being well executed and will help mitigate operating
pressures.

Cash Generative Operations: The ratings are supported by the
company's intrinsically cash-generative operations given its focus
on established branded products. The combination of gradually
declining but predictable sales behaviour with targeted product
acquisitions supports EBITDA of EUR280 million-EUR 300 million,
leading to high and broadly stable FFO margins of above 15%. The
group further benefits from the low intrinsic capital intensity of
2%-3% supporting high free cash flow (FCF) margins ranging from 5%
to 10%, which are adequate for the rating.

Commitment to Conservative Financial Policy: The rating places a
strong emphasis on Grunenthal's adherence to financial policies and
deleveraging, particularly after larger debt-funded M&A. Unlike in
sponsor-backed transactions with an opportunistic financial
attitude, Fitch takes the commitment of Grunenthal's founding
family shareholders into account, as reflected in its target net
debt/EBITDA of below 2.5x (corresponding to Fitch FFO leverage of
3.5x-4.0x).

Fitch therefore projects flexible use of the revolving credit
facility (RCF) including voluntary debt prepayments, which will
result in FFO leverage maintained at or below 4.0x. Departure from
the stated target leverage would signal an increased risk appetite
and put the ratings under pressure.

Disciplined M&A to Continue: M&A will remain strategically
important to mitigate Grunenthal's organic sales attrition, with a
careful approach based on operating needs, financial policies and
covenanted leverage thresholds. Fitch estimates debt-funded drug
rights acquisitions of up to EUR300 million, for which the company
could use the RCF, and which would complement its therapeutic
competences and be compatible with its manufacturing and commercial
franchises with low integration risks.

Compared with sector peers focused on the purchase and management
of off-patent branded drugs, the acquisition economics with
enterprise value/EBITDA of up to 6.0x and EBITDA margin of 50% are
reasonable. Fitch also notes a strong deal flow from innovative
pharma as they streamline their product portfolios.

Concentrated Product Portfolio: In Fitch's view, operating risks
play a dominant role for Grunenthal's 'BB' IDR, particularly given
the uneven revenue pattern of its existing portfolio supported by
product acquisitions to mitigate generic market pressures. Despite
its multi-regional presence, Fitch notes the company's niche scale
and concentrated product portfolio, making it heavily reliant on
commercial success of individual drugs and leading to volatile
underlying top line and operating profitability.

Management's efforts around cost and product lifecycle management
have materially contributed to stabilising Grunenthal's operating
performance in the past three years. However, more important is the
addition of cash-generative and margin-accretive new drugs, which
have provided a medium-term boost to Grunenthal's operations.
Consequently, Fitch views M&A as critical to sustaining
Grunenthal's operations to ensure steady revenues, earnings and
cash flows.

Contained Execution and Operational Risks: Grunenthal's business
development strategy around organic portfolio management
supplemented with selected drug rights additions carries lower
execution risk and requires fewer resources than the acquisition of
businesses with manufacturing assets and commercial networks. Given
the remaining material market risks around possible entry of
substitute products for Grunenthal's main product, Palexia, the
rating case assumes sales attrition from 2022, while also excluding
any R&D enabled operating contribution. This minimises further
significant cash flow vulnerabilities.

Together with the assumed continuous organic revenue decline in a
genericised operating environment, these considerations limit the
extent of further material operating risks.

Exposure to Social Impacts: In assessing the relevance of ESG
factors, Fitch regards the pressure on reimbursement policies
related to healthcare spending as a key credit risk as countries
lower healthcare spending to remedy budgetary pressures. In the
pharmaceuticals sector, Fitch differentiates between those involved
in patented drugs (such as Grunenthal) versus those involved purely
in generics. The social impact is more relevant for the former, due
to higher prices and lower competition for patented drugs, further
adding pressure to reimbursement regimes globally. This results in
an ESG Relevance Score of '4'.

DERIVATION SUMMARY

Fitch rates Grunenthal on the basis of Fitch's Ratings Navigator
for Pharmaceutical Companies. The 'BB' IDR is supported by the
company's integrated business model with a portfolio of patented
and generic drugs with strong rating credit metrics, reflecting the
issuer's commitment to conservative financial policies, offsetting
the operating risks arising from Grunenthal's concentrated product
portfolio exposed to generic market pressures.

Grunenthal is rated above other asset-light scalable specialist
pharmaceutical companies focused on off-patent branded and generic
drugs such as Cheplapharm Arzneimittel GmbH (Cheplapharm,
B+/Stable), Antigua Bidco Limited (Atnahs, B+/Negative) and Cidron
Aida Bidco Ltd. (B/Stable). Its rating is also above
asset-intensive pharmaceutical companies such as Roar Bidco AB
(B/Positive), European Medico Development 3 Sarl (B/Stable) and
Financiere Top Mendel SAS (B/Stable) mainly due to its much
stronger leverage metrics with FFO leverage at or below 4.0x versus
5.5x for Cheplapharm and Atnahs, and 6.0-8.0x for other peers,
embedded in Grunenthal's considerably more conservative financial
policy and less aggressive M&A strategy. Grunenthal is larger than
most of these peers, while product concentration remains an issue
for the majority of non-investment grade pharmaceutical credits
given their niche scale.

Grunenthal has limited comparability with a much larger fallen
angel Teva Pharmaceutical Industries Limited (BB-/Negative), whose
rating remains under pressure due to substantial indebtedness,
modest financial flexibility and uncertainties tied to litigation
risks.

KEY ASSUMPTIONS

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

-- Volatile revenue profile reflecting organic portfolio declines
    due to generic and payor pressure, supported by inorganic
    growth through opportunistic medium-sized acquisitions,
    offsetting organic growth declines;

-- EBITDA margin maintained at around 21% - 23% over the rating
    horizon;

-- Trade working capital fluctuating with revenues and following
    addition of new drugs;

-- Sustained maintenance capex at around 2.0-3.0% of sales, in
    addition to milestone payments related to previous
    acquisitions;

-- Dividend payment of EUR25 million;

-- Opportunistic acquisition of EUR50 million in 2021 (partially
    funded by SSN issuance) and EUR300 million in 2023 funded
    through RCF utilisation and FCF;

-- Flexible use of RCF to support organic and inorganic growth;

-- Full prepayment of Facility A and Schuldschein due 2022,
    partial prepayment of Facility B using the current senior
    secured notes proceeds; contractual repayment of the remaining
    Facility B and Schuldscheindarlehen (SSD) due 2024.

RATING SENSITIVITIES

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

-- An upgrade to 'BB+' would require an improved business risk
    profile through increased visibility of revenue defensibility
    combined with a more conservative financial policy along with
    stable EBITDA, FFO and FCF margins and conservative FFO
    leverage trending towards 2.5x (2.0x net of readily available
    cash).

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

-- Volatile revenue, EBITDA, FFO and FCF margins, signaling
    challenges in addressing market pressures or poorly executed
    M&A with increased execution risks;

-- Departure from conservative financial policies and commitment
    to deleveraging, leading to FFO leverage > 4.5x (4.0x net
of
    readily available cash).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch projects Grunenthal will maintain
satisfactory liquidity levels in excess of EUR100 million through
to 2024. This assumption is supported by Grunenthal's sustained
positive FCF generation, albeit subject to fluctuations in trade
working capital, restructuring costs and performance related and
milestones payments, which Fitch treats as part of regular capital
commitments as they relate to the existing product portfolio. Fitch
projects the company will flexibly use the RCF to top up its
liquidity or fund M&A, but also make voluntary debt prepayments
based on its track record and financial policies.

Grunenthal benefits from well-spread debt maturities and
diversified sources of funding with bank loans and SSD due 2024 and
2026 (for the RCF). With the issuance of the SSN, the company has,
in addition to the bank loan and SSD markets, also entered the
public debt capital markets further improving its funding options
and maturity headroom with new notes due 2026 and 2028.

ESG CONSIDERATIONS:

Grunenthal has an ESG Relevance Score of '4' for exposure to social
impact, due to the company's reliance on reimbursement policies in
its countries of operations, which has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

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

HUGO BOSS: Egan-Jones Lowers Senior Unsecured Ratings to BB-
------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hugo Boss AG to BB- from BB.

Headquartered in Metzingen, Germany, Hugo Boss AG designs,
produces, and markets brand name clothing.






===========
G R E E C E
===========

NAVIOS MARITIME: Egan-Jones Keeps CCC Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 20, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Navios Maritime Acquisition Corporation. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Pireas, Greece, Navios Maritime Acquisition
Corporation is an owner and operator of tanker vessels.




=============
I R E L A N D
=============

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

The transaction is a reset of the existing Armada Euro CLO I
transaction, which originally closed in September 2017. The
issuance proceeds of the refinancing notes were used to redeem the
refinanced notes (class A, B, C, D, E, and F notes) and pay fees
and expenses incurred in connection with the reset.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                   CURRENT
  S&P weighted-average rating factor                 2,785
  Default rate dispersion                              690
  Weighted-average life (years)                       4.58
  Obligor diversity measure                         108.64
  Industry diversity measure                         22.62
  Regional diversity measure                          1.43

  Transaction Key Metrics
                                                   CURRENT
  Total par amount (mil. EUR)                          360
  Defaulted assets (mil. EUR)                            0
  Number of performing obligors                        133
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                  'B'
  'CCC' category rated assets (%)                      6.2
  Covenanted 'AAA' weighted-average recovery (%)     38.02
  Covenanted weighted-average spread (%)              3.45
  Covenanted weighted-average coupon (%)              4.25

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

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

S&P said, "In our cash flow analysis, we used the EUR360 million
target par amount, the covenanted weighted-average spread (3.45%),
a weighted-average coupon of 4.25%, and the target minimum
weighted-average recovery rate as indicated by the collateral
manager at the 'AAA' rating and actual recovery rate for all other
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.

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

Until the end of the reinvestment period on July 24, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
default potential of the current portfolio plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager can, through trading, deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our previous counterparty criteria. Nevertheless, there are
no non-euro assets in the current portfolio. If the issuer buys
non-euro assets during the reinvestment period, S&P will assess
these exposure in lines with the current counterparty criteria when
monitoring the ratings on the notes on an on-going basis.

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

S&P said, "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 each
class of 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-R to E-R
notes to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"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-R 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."

-- Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
development, production, maintenance, trade or stock-piling of
weapon systems, manufacture of fully completed and operational
assault weapons or firearms for sale to civilians, coal mining
and/or coal-based power generation, oil sands and associated
pipelines industry, commodity derivatives industry, growth and sale
of tobacco, production and processing of palm oil, making or
collection of pay day loans or any unlicensed and unregistered
financing, the production of illegal drugs or narcotics and any
obligors that violate the ten principles of United Nations Global
Compact. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by Brigade Capital Europe
Management LLP.

  Ratings List

  CLASS   RATING      AMOUNT     INTEREST RATE      CREDIT
                    (MIL. EUR)        (%)       ENHANCEMENT (%)
  A-R     AAA (sf)    223.00       3mE + 0.82       38.06
  B-1     AA (sf)      28.00       3mE + 1.60       27.50
  B-2     AA (sf)      10.00             1.95       27.50
  C-R     A (sf)       23.50       3mE + 2.40       20.97
  D-R     BBB (sf)     22.50       3mE + 3.40       14.72
  E-R     BB- (sf)     17.00       3mE + 6.09       10.00
  F-R     B- (sf)      11.70       3mE + 8.75        6.75
  Sub     NR           34.50              N/A         N/A

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


CARLYLE EURO 2021-1: S&P Assigns Prelim B- (sf) Rating to E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
A-1 to E European cash flow CLO notes issued by Carlyle Euro CLO
2021-1 DAC. At closing, the issuer will issue unrated subordinated
notes.

The preliminary ratings reflect S&P's assessment of:

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

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

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

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

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

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semi-annual payments.

The portfolio's reinvestment period will end approximately 4.4
years after closing and the non-call period will end 1.4 years
after closing.

S&P said, "We understand that at closing, the portfolio will be
well-diversified, 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 CDOs.e

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.82%), the
reference weighted-average coupon (4.00%), and the covenanted
weighted-average recovery rate (WARR) at the 'AAA' rating level and
actual WARR generated on the portfolio for all rating levels below
'AAA'. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis show that the class A-2A, A-2B,
B, C, and D notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those 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 preliminary ratings on the notes. The class A-1 notes could
withstand stresses commensurate with the currently assigned rating.
In our view the portfolio is granular in nature, and
well-diversified across obligors, industries, and assets.

"For the class E notes, our cash flow results indicate a negative
cushion at the current rating level. 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 noted that the available credit enhancement for this class
of notes is in the same range as other CLOs that it rates, and that
have recently been issued in Europe.

-- The average credit quality of the portfolio is similar compared
to other recent CLOs.

-- S&P's model generated breakeven default rate at the 'B-' rating
level of 29.09% (for a portfolio with a weighted-average life of
5.45 years) versus if it was to consider a long-term sustainable
default rate of 3.1% for 5.45 years, which would result in a target
default rate of 16.90%.

-- S&P also noted that the actual portfolio is generating higher
spreads and recoveries at the 'AAA' rating level versus the
covenanted thresholds that it has modelled in its cash flow
analysis.

-- 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 S&P envisions this tranche to default in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class E notes is commensurate with the
preliminary 'B- (sf)' rating assigned.

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

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria (see "Counterparty Risk Framework:
Methodology And Assumptions," published on March 8, 2019).

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

"Taking into account the above-mentioned factors and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe our preliminary ratings are commensurate
with the available credit enhancement for each class of notes."

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

-- Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
production or marketing of controversial weapons, tobacco or
tobacco-related products, nuclear weapons, thermal coal production,
speculative extraction of oil and gas, pornography or prostitution,
or opioid manufacturing and distribution. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results
shown in the chart below are based on the actual weighted-average
spread, coupon, and recoveries.

"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."

  Ratings List

  CLASS    PRELIM.    PRELIM.   INTEREST RATE (%)    *CREDIT
           RATING     AMOUNT                       ENHANCEMENT (%)
                    (MIL. EUR)

  A-1      AAA (sf)   244.00    Three-month EURIBOR    39.00
                                   plus 0.81

  A-2A     AA (sf)     37.00    Three-month EURIBOR    28.50
                                   plus 1.65

  A-2B     AA (sf)      5.00         2.00              28.50

  B        A (sf)      28.00    Three-month EURIBOR    21.50
                                   plus 2.40

  C        BBB (sf)    25.20    Three-month EURIBOR    15.20
                                   plus 3.50

  D        BB- (sf)    22.80    Three-month EURIBOR     9.50
                                   plus 6.12

  E        B- (sf)     10.00    Three-month EURIBOR     7.00
                                   plus 8.49
   
  Sub notes   NR       38.60       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.


DRYDEN 88 EURO 2020: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Dryden 88
Euro CLO 2020 DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.6
years and a non-call period 1.5 years after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                CURRENT
  S&P weighted-average rating factor           2,916.33
  Default rate dispersion                        408.73
  Weighted-average life (years)                    5.29
  Obligor diversity measure                       94.38
  Industry diversity measure                      21.46
  Regional diversity measure                       1.18

  Transaction Key Metrics
                                                CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                  B
  'CCC' category rated assets (%)                  1.71
  'AAA' weighted-average recovery (%)             33.77
  Floating-rate assets (%)                        82.00
  Weighted-average spread (net of floors; %)       3.97

S&P said, "We understand that at closing the portfolio will be
well-diversified, 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 CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.975%), and the
covenanted weighted-average coupon (4.00%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us. 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.

"Our credit and cash flow analysis show that the class B-1, B-2,
C-1, and C-2 notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those 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 preliminary ratings on the notes.

"The class F notes' current BDR cushion is a negative cushion at
the current rating level. 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 further reflects
several factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 28.97% (for a portfolio with a
weighted-average life of 5.29 years) versus 16.40% if it was to
consider a long-term sustainable default rate of 3.1% for 5.29
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 S&P envisions this tranche to default in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

"Until the end of the reinvestment period on Jan. 20, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with the same or 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 preliminary
ratings assigned to the 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 to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class E notes "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012))."

-- Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector (see "ESG Industry Report Card: Collateralized Loan
Obligations," March 31, 2021). Primarily due to the diversity of
the assets within CLOs, the exposure to environmental credit
factors is viewed as below average, social credit factors are below
average, and governance credit factors are average. For this
transaction, the documents prohibit assets from being related to
the following industries: production or marketing of controversial
weapons; production of nuclear weapons or thermal coal production;
the extraction of thermal coal, fossil fuels from unconventional
sources; extraction of petroleum via fracking; the production of or
trade in pornography, adult entertainment, or prostitution; and the
sale or promotion of marijuana. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by PGIM Loan
Originator Manager Ltd.

  Ratings List

  CLASS    PRELIM. RATING    PRELIM. AMOUNT     CREDIT
                               (MIL. EUR)       ENHANCEMENT (%)
  A-Note      AAA (sf)          117.60            40.60
  A-Loan      AAA (sf)          120.00            40.60
  B-1         AA (sf)            18.40            29.75
  B-2         AA (sf)            25.00            29.75
  C-1         A (sf)             10.20            22.60
  C-2         A (sf)             18.40            22.60
  D           BBB (sf)           29.40            15.25
  E           BB- (sf)           21.00            10.00
  F           B- (sf)             9.80             7.55
  Sub         NR                 38.95              N/A

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


SCULPTOR EUROPEAN II: S&P Assigns Prelim B- (sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Sculptor European CLO II DAC's class X, A, B, C, D, E, and F notes.
At closing, the issuer will also issue unrated subordinated notes.

Under the transaction documents, the rated notes will 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 4.2
years after closing, and the portfolio's weighted-average life test
will be approximately 8.5 years after closing.

The preliminary ratings assigned to the notes reflect our
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 (OC).

-- 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   2,888.02
  Default rate dispersion                               658.91
  Weighted-average life (years)                           4.69
  Obligor diversity measure                             126.64
  Industry diversity measure                             21.18
  Regional diversity measure                              1.34

  Transaction Key Metrics
                                                       CURRENT
  Total par amount (mil. EUR)                           400.00
  Defaulted assets (mil. EUR)                             0.67
  Number of performing obligors                            169
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                         7.39
  'AAA' identified portfolio
     weighted-average recovery (%)                       37.50
  Covenanted weighted-average spread (%)                  3.60
  Reference weighted-average coupon (%)                   3.50

Loss mitigation loan mechanics

Under the transaction documents, the issuer can purchase loss
mitigation loans, which are assets of an existing collateral
obligation held by the issuer offered in connection with the
obligation's bankruptcy, workout, or restructuring, to improve its
recovery value.

Loss mitigation loans allow the issuer to participate in potential
new financing initiatives by the borrower in default. This feature
aims to mitigate the risk of other market participants taking
advantage of CLO restrictions, which typically do not allow the CLO
to participate in a defaulted entity's new financing request.
Hence, this feature increases the chance of a higher recovery for
the CLO. While the objective is positive, it can also lead to par
erosion, as additional funds will be placed with an entity that is
under distress or in default. This may cause greater volatility in
our ratings if the positive effect of such loans does not
materialize. In our view, the presence of a bucket for loss
mitigation loans, the restrictions on the use of interest and
principal proceeds to purchase such assets, and the limitations in
reclassifying proceeds received from such assets from principal to
interest help to mitigate the risk.

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation loans using interest proceeds, principal
proceeds, or amounts standing to the credit of the supplemental
reserve account. The use of interest proceeds to purchase loss
mitigation loans is subject to (1) the manager determining that
there are sufficient interest proceeds to pay interest on all the
rated notes on the upcoming payment date, and (2) in the manager's
reasonable judgment, following the purchase, all coverage tests
will be satisfied on the upcoming payment date. The use of
principal proceeds is subject to (1) passing par coverage tests,
(2) the manager having built sufficient excess par in the
transaction so that the principal collateral amount is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment, and (3) the obligation purchased is a debt obligation
ranking senior or pari passu with the related defaulted or credit
risk obligation, maturity date not exceeding the maturity date of
notes and par value greater than its purchase price.

Loss mitigation loans that are purchased with principal proceeds
and have limited deviation from the eligibility criteria will
receive collateral value credit in the adjusted collateral
principal amount or the collateral principal amount determination.
To protect the transaction from par erosion, any distributions
received from loss mitigation loans purchased with the use of
principal proceeds will form part of the issuer's principal account
proceeds and cannot be recharacterized as interest.

Loss mitigation loans that are purchased with interest will receive
zero credit in the principal balance determination, and the
proceeds received will form part of the issuer's interest account
proceeds. The manager can however elect to give collateral value
credit to loss mitigation loans, purchased with interest proceeds,
subject to them meeting the same limited deviation from eligibility
criteria conditions. The proceeds from any loss mitigations
reclassified in this way are credited to the principal account.

The cumulative exposure to loss mitigation loans purchased with
principal is limited to 3% of the reinvestment target par balance.
The cumulative exposure to loss mitigation loans purchased with
principal and interest is limited to 10% of the reinvestment target
par balance.

Reverse collateral allocation mechanism

If a defaulted euro-denominated obligation becomes the subject of a
mandatory exchange for U.S.-denominated obligation following a
collateral allocation mechanism (CAM) trigger event, the portfolio
manager may sell the CAM obligation and invest the sale proceeds in
the same obligor (a CAM euro obligation), provided the obligation:

-- Is denominated in euros;

-- Ranks as the same or more senior level of priority as the CAM
obligation; and

-- Is issued under the same facility as the CAM obligation by the
obligor.

To ensure that the CLO's original or adjusted collateral par amount
is not adversely affected following a CAM exchange, a CAM
obligation may only be acquired if, following the reinvestment, the
numerator of the CLO's par value test, referred to as the adjusted
collateral principal amount, is either:

-- Greater than the reinvestment target par balance;

-- Maintained or improved when compared to the same balance
immediately after the collateral obligation became a defaulted
obligation; or

-- Maintained or improved compared to the same balance immediately
after the mandatory exchange which resulted in the issuer holding
the CAM exchange. Solely for the purpose of this condition, the CAM
obligation's principal balance is carried at the lowest of its
market value and recovery rate, adjusted for foreign currency risk
and foreign exchange rates.

Finally, a CAM euro exchanged obligation that is also a
restructured obligation may not be purchased with sale proceeds
from a CAM exchanged obligation.

The portfolio manager may only sell a CAM obligation and reinvest
the sale proceeds in a CAM euro obligation if, in the portfolio
manager's view, the sale and subsequent reinvestment is expected to
result in a higher level of ultimate recovery when compared to the
expected ultimate recovery from the CAM obligation.

Rating rationale

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise 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 EUR399.13 million
performing amount, the covenanted weighted-average spread of 3.60%,
the reference weighted-average coupon of 3.50%, and the covenanted
weighted-average recovery rates for all rated notes. 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.

"Our cash flow analysis also considers scenarios where the
underlying pool comprises 100% of floating-rate assets (i.e., the
fixed-rate bucket is 0%) and where the fixed-rate bucket is fully
utilized (in this case, 10%). In latter scenarios, the class F
cushion is negative. Based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and the class F notes' credit
enhancement (6.80%), we believe this class is able to sustain a
steady-state scenario, where the current market level of stress and
collateral performance remains steady. Consequently, we have
assigned our 'B- (sf)' rating to the class F notes, in line with
our criteria.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will 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 preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate 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 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."

-- Environmental, social, and governance (ESG) credit factors

S&P Said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
tobacco, weapons, thermal coal, fossil fuels, and production of
pornography or trade in prostitution. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class X, A, B, 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 X to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication. The results shown in the chart below are based on the
covenanted weighted-average spread, coupon, and recoveries.

"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."

  Ratings List

  CLASS   PRELIMINARY   PRELIMINARY   SUB (%)  INTEREST RATE*
           RATING         AMOUNT
                        (MIL. EUR)  
  X        AAA (sf)        2.00        N/A     Three/six-month
                                               EURIBOR plus 0.30%
  A        AAA (sf)      248.00       37.87    Three/six-month
                                               EURIBOR plus 0.85%
  B        AA (sf)        37.00       28.60    Three/six-month  
                                               EURIBOR plus 1.70%
  C        A (sf)         26.00       22.08    Three/six-month
                                               EURIBOR plus 2.45%
  D        BBB (sf)       27.00       15.32    Three/six-month   
                                               EURIBOR plus 3.60%
  E        BB- (sf)       22.00        9.80    Three/six-month
                                               EURIBOR plus 5.89%
  F        B- (sf)        12.00        6.80    Three/six-month
                                               EURIBOR plus 8.28%
  Sub      NR             47.88         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.




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

ASSICURAZIONI GENERALI: Egan-Jones Keeps BB Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Assicurazioni Generali S.p.A.

Headquartered in Trieste, Italy, Assicurazioni Generali S.p.A.
offers life and non-life insurance and reinsurance throughout the
world.


ENEL SPA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Enel SpA.

Headquartered in Rome, Italy, Enel SpA operates as a multinational
power company and an integrated player in the global power, gas,
and renewables markets.


KEDRION SPA: Moody's Assigns B1 Corp Family Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and a B1-PD probability of default rating to Italian-based
plasma-derivative producer Kedrion S.p.A. Moody's has also assigned
a B1 rating to the proposed EUR410 million guaranteed senior
secured notes due 2026 issued by Kedrion S.p.A. The outlook is
stable.

The rating assigned to the proposed notes assumes that the issuance
will be successfully completed and that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date. It also assumes that
these agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

Kedrion's B1 CFR reflects (1) positive industry fundamentals with
rising demand for plasma-derived products and high barriers to
entry; (2) its balanced geographic split, notwithstanding some
concentration in Italy, its second-largest market in terms of
revenue, where competition has increased in recent years; (3) its
good safety track record to date; (4) a procurement strategy that
has resulted in a plasma surplus, ensuring the supply of Kedrion's
manufacturing sites; and (5) a shareholding that supports the
long-term development of the company.

However, Kedrion is overall weakly positioned in its rating
category because of (1) Kedrion's limited scale and market share
against its main competitors and concentration on plasma-derived
products, which constrain its credit quality; (2) low profitability
levels compared to peers; (3) volatility in cash flow generation in
recent years, mainly due to large non-recurring items that Moody's
nevertheless expects will be limited over the next 12-18 months;
(4) limited free cash flow generation that will remain constrained
by the company's investments; and (5) a fairly high leverage
(Moody's-adjusted gross debt/EBITDA) at around 5x, with limited
deleveraging over the next two to three years.

Proceeds from the EUR410 million notes will be used to (i) repay
existing bank debt, (ii) fund the repayment, through a tender offer
launched on 23 April 2021, of up to EUR150 million of Kedrion's
existing EUR350 million notes due 2022, (ii) cover
transaction-related fees and (iv) increase cash balance by about
EUR7 million. Concurrently with the notes' issuance, Kedrion is
establishing new term loans totaling EUR140 million due 2026 and a
new EUR100 million revolving credit facility (RCF) due 2026, which
will all remain undrawn initially.

Kedrion's leverage as of end December 2020 is fairly high at around
5x. Moody's expects leverage to only slightly reduce over the next
two to three years, driven by a limited increase in
Moody's-adjusted EBITDA and a small reduction in gross debt when
the 2022 notes are repaid, with leverage around 4.7x-4.8x in
2022-23.

Historically, Kedrion had large non-recurring items (EUR64 million
in 2020, EUR65 million in 2019 and EUR102 million in 2018, as
defined by Kedrion). These non-recurring costs related mainly to
the renovation of its Melville plant located in the US and, in
2020, to Covid pandemic effects. The non-recurring expenses related
to Melville sharply declined since 2019 due to Melville's
production restart. Going forward, Moody's expect these costs to
further decline and overall non-recurring items to be limited. The
reduction in non-recurring items will support slightly positive
free cash flow generation over 2021-23, albeit at limited levels.
Moody's projects capital spending to revenue to increase to 7%-8%
and Kedrion's Moody's-adjusted FCF/debt to be around 1%-3% in
2021-22, a low level for a B1 rating.

Kedrion's current sourcing of plasma is split between plasma
purchased from third parties (about 60% in volume) and plasma
collected at its own collection centers (about 40%). Plasma
purchased has a higher average price per liter than that of
collected plasma, which contributes to the relatively lower margins
of Kedrion compared to its main peers. Kedrion plans to increase
the proportion of collected plasma in the coming years through both
the opening of its own collection centers and the acquisition of
collection centers established by its US partner Immunotek. Moody's
projects that Kedrion's FCF will be entirely used to acquire
collection centers, which will constrain any debt reduction.

Kedrion has had a surplus of plasma in recent years, even during
2020, when the pandemic sharply reduced global plasma collection.
While this has enabled Kedrion to have enough plasma for its
fractionation facilities, the sale of excess plasma to other plasma
derivatives' producers is done at low profitability levels and has
weighed on Kedrion's margins. Should the decline in plasma
collection from the pandemic be long-lasting, Kedrion could
eventually shift to a plasma deficit which would hurt its
plasma-derivatives' production levels.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Kedrion will
maintain fairly stable credit metrics in the next 12-18 months, in
line with its B1 rating, with expected revenue growth in the low
single digits in percentage terms and a Moody's-adjusted EBITDA
margin of at least 20%.

LIQUIDITY

Considering the refinancing transaction, Kedrion's liquidity is
adequate. Liquidity is mainly supported by a cash balance of about
EUR108 million as of December 31, 2020 (pro forma the refinancing)
and access to an undrawn revolving credit facility (RCF) of EUR100
million due 2026. Free cash flow is only expected to be modestly
positive in 2021-22 (around EUR10 million p.a. on average).
Kedrion's cash balance will decline in 2022 when its existing notes
mature and about EUR60 million of cash is used for their repayment.
After 2022, the next large debt maturity will the EUR140 million
term loans due 2026. The RCF includes a maintenance leverage
covenant which will be tested semi-annually and includes step
downs. Moody's expects Kedrion to maintain headroom of around 30%
under this covenant.

ESG CONSIDERATIONS

Social risks are the most prominent for Kedrion. As a producer of
plasma-derived products, the company is exposed to contamination
risks at plasma collection centers and production facilities, and
product recall risks. However, Kedrion has a good safety track
record to date and is subject to strict safety procedures and close
monitoring by regulatory authorities.

Kedrion has a large exposure to the US market, its largest market
in terms of revenue, where the risk of future pricing pressures is
among the highest, though there are no substitutes or generics for
its products, which often treat life-threatening conditions, and
that mitigates pricing pressure risk to some degree.

From a governance standpoint, the Marcucci family exerts a
significant influence on Kedrion because of its 50% ownership of
the shares. The roles of Chairman and CEO were recently separated
with Paolo Marcucci remaining Chairman and Val Romberg appointed
CEO in October 2020. The shareholding structure also includes FSI
Investimenti (25%) and FSI S.G.R. (24%), which are ultimately
controlled by Cassa Depositi e Prestiti S.p.A. ("CDP", Baa3
stable), an investment arm of the Italian government. Moody's
expect Kedrion's shareholders to support the long-term development
of the company and positively view past evidence of support with a
capital increase in 2019.

STRUCTURAL CONSIDERATIONS

Kedrion's pro forma capital structure (considering the refinancing,
including the full repayment of existing notes) comprises a EUR410
million senior secured bond, EUR140 million senior secured term
loans, and a EUR100 million senior secured undrawn RCF, all issued
at the level of Kedrion S.p.A. All three debt instruments have
upstream guarantees from two operating companies, and the issuer
(which is also an operating company and represents about 50% of
group EBITDA) and the guarantors represent together about 70% of
the group's EBITDA. Debt instruments also share the same collateral
which comprises share pledges and tangible and intangible assets of
the two guarantors. Moody's has considered that the collateral
offers limited protection and has modelled all instruments as
unsecured in its Loss Given Default (LGD) analysis. Moody's rates
the bond in line with the corporate family rating and ranks it in
line with other non-debt liabilities. Moody's bases its calculation
on a 50% recovery rate applicable to financing structures which
include a mix of bond and bank debt.

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

Given the currently weak positioning of Kedrion in its rating
category and limited deleveraging prospects, an upgrade is unlikely
in the next couple of years. Moody's could upgrade Kedrion if it
strengthens its business profile and significantly improves its
operating margins and free cash flow generation. A positive rating
action would also require that Kedrion's Moody's-adjusted
debt/EBITDA ratio declines to below 4.0x on a sustained basis.

Conversely, Moody's could downgrade Kedrion if its Moody's-adjusted
debt/EBITDA ratio exceeds 5.0x or if its free cash flow is negative
for a prolonged period. Should the litigation regarding Kedrion's
contract manufacturing concession in the Lombardy region result in
a negative outcome for the company or its liquidity position
weaken, this could also result in a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.

CORPORATE PROFILE

Established in Italy in 2001, Kedrion is a biopharmaceutical
company that collects and fractionates plasma to produce and
distribute plasma-derived products for the prevention and treatment
of conditions such as hemophilia, primary immunodeficiencies and Rh
sensitization. It is currently the fifth-largest provider of
plasma-derived products in terms of revenue with a global market
share of around 3%. Kedrion generated EUR697 million in revenue and
about EUR140 million in Moody's-adjusted EBITDA in 2020. Kedrion
has two main shareholders: the Marcucci family, with 50.27% of the
company shares, and CDP, through FSI Investmenti S.p.A. and FSI
S.G.R. S.p.A., with 49.17%.

TELECOM ITALIA: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 8, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Telecom Italia S.p.A. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Milano, Italy, Telecom Italia S.p.A., through
subsidiaries, offers fixed line and mobile telephone and data
transmission services in Italy and abroad.



UNICREDIT SPA: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 9, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by UniCredit S.p.A.

Headquartered in Milan, Italy, UniCredit S.p.A. attracts deposits
and offers commercial banking services.





===================
L U X E M B O U R G
===================

ALTISOURCE PORTFOLIO: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A.
provides real estate and mortgage services.






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

COMPACT BIDCO: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' long-term issuer
credit and issue ratings to parent private-equity-owned Compact
Bidco B.V. (operated under the Consolis brand) and the EUR300
million senior secured bond, while the proposed EUR75 million super
senior RCF is unrated at the issuer's request.

The stable outlook reflects S&P's view that the company will remain
highly leveraged with about 6.0x-6.5x adjusted debt to EBITDA for
the foreseeable future, while maintaining positive although modest
free operating cash flow (FOCF) and adequate liquidity.

The ratings reflect Consolis' focus and reliance on new builds and
its concentrated product portfolio in the precast concrete market.
The company is exposed to a relatively diversified construction
projects such as nonresidential (54% of revenue),
infrastructure/utilities (9%), and residential (37%). However, its
primary focus is within the new-build market, which we deem less
stable than the renovation or repairment markets. Although S&P sees
correlation between these construction segments is not high, they
share some key demand drivers such as GDP growth, changes in
household income, inflation, and business cycles. This limits our
view of the company's diversification. Consolis had a moderate
revenue base of about EUR1 billion in 2020 (post disposal of the
rail and civil work segments in France) and a narrow focus on
precast concrete products. This is in comparison to regional
producers and international manufacturers of precast concrete that
S&P rates including
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@66c93935
(EUR22 billion revenue; BBB+/Stable/A-2),
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@d45f56e
(EUR17 billion; BBB/Stable/A-2) and
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@7584fc66
(about EUR1.3 billion; B/Watch Pos/--), which are integrated in
different value chains. In particular, CRH and Heidelberg have
significant vertical integration in their precast concrete
segments.

The company has a leading position in European precast concrete but
operates in a very fragmented market. S&P said, "We believe that
Consolis' leading market position as the No.1–No.3 largest player
in precast concrete (about 90% of 2020 revenue) is an important
mitigating factor to potential earnings volatility. We view the
company as well positioned in its key end markets, although their
highly fragmented nature and intense competition limit overall
pricing power." For instance, in Denmark, Sweden, Finland, Norway,
Spain, and Poland, the top three players accounted less than 50% of
2019 revenue, with the remaining share split between smaller local
players.

Consolis has a diversified geographical presence and
well-established operations in local markets.The company enjoys
geographical diversity due to its presence in several regions such
as the west Nordics (37%), east Nordics (25%), eastern Europe (6%),
western Europe (25%), and emerging markets (9%). This is another
positive consideration, since precast concrete market is highly
local by nature. Indeed, its high weight and bulk imply higher
transport costs for long distance travel, which acts as a barrier
to entry for potential market entrants. The company benefits from a
strategic network and well-balanced customer base, with the top
five customers representing only about 10% of 2020 revenue.
Although there are several raw materials, such as specialized steel
products used for structural resistance in concrete, that are only
produced by a few suppliers, no one supplier accounts for more than
5% of raw materials. S&P views this as a positive due to the
limited vertical integration of the business.

Profitability is another constraining factor, with forecast S&P
Global Ratings-adjusted EBITDA margin below 9% on average.
Consolis' adjusted EBITDA in 2018-2020 was 5%-8%. S&P said, "This
is markedly below the 9%-18% range we consider average for the
wider building materials sector. We note that the company has a
higher selling, general, and administrative margin than other rated
building materials players. We believe this is because it operates
mainly in high-manufacturing-cost regions, particularly the west
Nordics and western Europe, which accounted for more than 60% of
revenue in 2020. That said, Consolis' high variable cost base
(about 75% of total costs in 2020) and indexing clause for its
long-term contracts provide some margin protection from any raw
material price fluctuations. We understand that the company expects
reported EBITDA margin will improve to about 10% by 2023, spurred
by operational efficiency in pricing and improved procurement and
productivity. Nevertheless, a well-established track record of
better profitability is a key aspect to improve our view of
business resiliency going forward."

Consolis' current high debt underpins our highly leveraged
financial risk assessment. The company intends to issue a EUR75
million super senior RCF, a EUR300 million senior secured bond, and
a EUR50 million PIK loan in first-half 2021. The proceeds are
expected to be used to refinance its existing capital structure. At
the same time, the company recently completed the disposal of its
rail segment and is in the process of disposing of its civil work
segment in France, with the proceeds used to repay some debt. S&P
said, "Taking this all into consideration, we forecast Consolis'
S&P Global Ratings-adjusted debt will be about EUR520 million,
leading us to expect debt to EBITDA of about 6.5x in 2021. Our debt
adjustments include about EUR30 million in pension liabilities,
about EUR76 million in future operating lease obligations, about
EUR40 million in nonrecourse factoring, and minimal contingent
considerations. We consider the preferred equity certificates
mostly held by Bain Capital to qualify for equity treatment under
our methodology, in light of the expected preferred coupon rate,
equity-stapling clause, and highly subordinated and default-free
features. Conversely, in our adjusted debt calculation, the EUR50
million PIK loan stands higher in the proposed corporate structure.
We also factor in the company's private-equity ownership and
potentially aggressive financial strategy. Therefore, we do not net
cash balances from our adjusted debt calculation. However, we
expect the company to generate positive reported FOCF given its
relatively low capital expenditure (capex) requirements in
comparison to other rated building material companies. We expect
reported FOCF of EUR10 million-EUR15 million in 2021, before
improving to about EUR20 million-EUR25 million due to lower working
capital requirements."

S&P said, "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 the final ratings. If we do not receive
the final documentation, including audited financial statements,
within a reasonable time, or if the final documentation and final
terms of the transaction depart from the materials and terms we
have reviewed, we reserve the right to withdraw or revise the
ratings." Potential changes include, but are not limited to,
changes in the disposal's scope; utilization of the proceeds and
disposals; the maturity, size, and conditions of the facilities;
financial and other covenants; security; and ranking.

S&P said, "The stable outlook reflects our view that the company
will remain highly leveraged for the foreseeable future but not
increase debt from current levels. It also reflects our assumption
that Consolis will report modest positive FOCF in 2021 and 2022 and
modestly reduce leverage while maintaining adequate liquidity over
the next 12 months. In our base-case scenario, we assume no further
large-scale acquisitions or dividends during the next 12 months.

"We could lower our rating if Consolis' FOCF turns negative and the
company is unable to address capital spending and seasonal working
capital needs without significant reliance on its factoring
facility or incurring additional debt. We could also lower the
rating if the company's liquidity falls to below adequate. We
believe this could result from margin declines because of weather
delays; a sustained economic downturn; prolonged raw material,
freight, and/or labor cost inflation; or sustained competition in
key markets.

"We could raise the rating on Consolis if the company sustainably
reduces leverage toward 5.0x–6.0x and generates recurring
positive FOCF over the next 12 months. We would also need to see an
expansion in EBITDA margin to 9% and above--the range for an
adequate profitability assessment for building materials companies.
This could potentially come from a combination of improved
price-cost mix and volume over the next 12 months."




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

NORWEGIAN AIR: Reports NOK1.19BB Pretax Loss for Q1
---------------------------------------------------
Gwladys Fouche at Reuters reports that budget airline Norwegian Air
expects demand for European short-haul travel to return to
pre-pandemic levels in 2023 or 2024, it said as it presented a
first-quarter pretax loss of NOK1.19 billion (US$145 million) on
April 29.

The carrier this month said it aims to raise NOK6 billion in fresh
capital, up from the NOK4.5 billion originally planned, as part of
a scheme to emerge from court-ordered bankruptcy protection next
month, Reuters relates.

"It is not expected that demand for short-haul travel in Europe
will return to 2019 levels before 2023 or 2024 and so Norwegian
will deploy capacity back into the market at a pace that matches
this," Reuters quotes the airline as saying in a statement.

It said on April 29 once travel restrictions lift, it plans to ramp
up operations to a peak of about 50 short-haul aircraft in 2021 and
around 70 short-haul aircraft in 2022, Reuters notes.

Of the bankruptcy protection process, Norwegian Air, as cited by
Reuters, said it was nearing "successful completion" both in
Ireland and Norway.

According to Reuters, the capital increase is due to close "on or
about" May 26, it added, referring to the day Norwegian Air is due
to leave the Irish examinership and the Norwegian reconstruction
processes.




===============
P O R T U G A L
===============

ENERGIAS DE PORTUGAL: Egan-Jones Keeps BB+ Sr. Unsec. Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by EDP - Energias de Portugal, S.A.

Headquartered in Lisbon, Portugal, EDP - Energias de Portugal, S.A.
generates, supplies and distributes electricity and the supply of
gas in Portugal and Spain.




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

MOSCOW INDUSTRIAL: Amendments to Bankruptcy Measures Approved
-------------------------------------------------------------
The Bank of Russia approved amendments to the Plans for the Bank of
Russia's Participation in Bankruptcy Prevention Measures for PJSC
Moscow Industrial bank (Reg. No. 912) and NB TRUST (Reg. No.
3279).

In accordance with these amendments, PJSC Moscow Industrial bank's
troubled and non-core assets are to be transferred to the group of
NB TRUST.  These assets are planned to be transferred by August 1,
2021.  To fund this transaction, the Bank of Russia will provide a
deposit to NB TRUST amounting to no more than RUR24.3 billion.
PJSC Moscow Industrial bank will use the earnings from the
transaction to repay its deposit totalling RUR22.4 billion earlier
provided by the Bank of Russia.  The deposit will be refunded in
July 2021 as scheduled by the relevant agreement.

The bank will continue to operate as normal and fulfil its
obligations to clients.  The Bank of Russia's earlier decision to
guarantee the continuity of the bank's operations remains
effective.

Pursuant to the said amendments, 100% of PJSC Moscow Industrial
bank's shares are expected to be transferred to the Federal Agency
for State Property Management to be subsequently transferred to
Promsvyazbank PJSC.

The reference to the Press Service is mandatory if you intend to
use this material.


SAFMAR FINANCIAL: S&P Alters Outlook to Stable, Affirms BB-/B ICRs
------------------------------------------------------------------
Safmar Financial Investments (SFI) has announced the sale of its
100% stake in the pension fund NPF Safmar for Russian ruble (RUB),
with expected proceeds from the deal of RUB23 billion-RUB24
billion.

S&P understands that SFI will use the sale proceeds to partly
prepay its debt.

Also, SFI has recently purchased a 11% stake in Russian oil company
Russneft for RUB5.5 billion.

S&P said, "We therefore revising the outlook on SFI to stable from
negative, and affirmed our 'BB-/B' long- and short-term issuer
credit ratings on the holding company.

"The stable outlook reflects our expectation that the transaction
has enabled SFI to maintain its loan-to-value (LTV) at or below 15%
over the coming year, and that the credit quality and diversity of
SFI's assets will remain broadly the same within the outlook
horizon."

Rating Action Rationale

S&P said, "The outlook revision reflects our view that SFI's LTV
will decline below 15% owing to NPF Safmar disposal. SFI sold its
100% stake in the pension fund, with expected proceeds of RUB23
billion-RUB24 billion. SFI is utilizing part of the disposal
proceeds to repay a portion of its debt ahead of schedule. We
calculate the LTV declines from about 18.5% at end-2020 to about
13.4% this year as a result of the transaction, and that it will
remain at or below 15% over the coming year. As we understand, the
company's cash and equivalents have significantly increased after
the transaction. However, we do not exclude that the company allot
a portion of the cash for new asset purchases and share buybacks in
the next 12-24 months.

"That said, the transaction may have exposed SFI to potential
rating constraints. Our 'BB-' rating continues to reflect our
expectation of stable credit quality of SFI's main investee
companies (mainly car leasing company Europlan and insurance
company VSK) and relatively stable portfolio values, which we
estimate at $1.3 billion post the transaction. At the same time, we
understand the SFI plans to spend RUB9.5 billion to purchase of a
number of assets that we consider to be less creditworthy than the
existing portfolio.

"Further rating constraints stem from a limited portfolio size,
comprising unlisted assets, and a lack of sector and geographic
diversity.We also consider SFI's exposure to economic and business
development in
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@141f6405.
Moreover, we note that SFI has a limited, although improving, track
record of operations and portfolio turnover. In our view, the
substantial portfolio concentration of SFI's assets in Russia
continues to constrain its investment position. Its portfolio now
contains four major investments, which is fewer than most peers',
and these show significant concentration in Russia's financial
services sector. Except the investment in M.Video, all other
investments are unlisted, which is atypical for investment holding
companies. We expect it could therefore take longer for SFI to
dispose of assets if needed. SFI's controlling stakes in three out
of five companies also weigh on our assessment of its business
risk.

"Lower dividend income is one of SFI's key risks.For 2021, we
expect dividend flow to be RUB6.8 billion. This would translate
into a cash flow adequacy ratio of 1.8x this year. That said, we
believe that SFI investees' performance will be largely stable. We
understand that the recent macroeconomic challenges and COVID-19
pandemic did not significantly affect credit quality or dividend
capacity of Europlan, SFI's largest investment. In our base case,
we do not expect VSK, the second-largest investment, to pay
dividends in 2021. We assume it will resume dividend payments in
2022, however."

The resilience of SFI's leasing segment, Europlan, supports
investees' credit quality. Europlan has good operational results
and is leveraging its expertise and business model on the Russian
leasing market. Additionally, Europlan has a limited cost of risk
that is lower than the system average for auto leasing. This
enables Europlan to upstream sizable dividends to SFI.

The stable outlook reflects S&P's expectation that SFI will
maintain its LTV at or below 15%, and that the credit quality and
diversity of assets will remain broadly the same within the
12-month outlook horizon.

Downside scenario

S&P would likely take a negative rating action if it noted:

-- A protracted increase in leverage at SFI, with the LTV ratio
surpassing 15% for a prolonged period; or

-- Deterioration in the credit quality of SFI's subsidiaries,
materially restricting capacity to upstream dividends to SFI.

Upside scenario

-- S&P could take a positive rating action if the credit quality
of SFI's investees improves sustainably. A positive rating action
would also depend on its observation of a more predictable company
strategy, and that SFI is likely to stick to its plans regarding
investment portfolio and leverage levels.

Company Description

SFI's main investments are in leasing, property/casualty (P/C) and
life insurance, lending brokerage and most recently in electronic
retail in Russia. SFI's investee companies largely operate on a
stand-alone basis. The main investments, which have exposure to
different business drivers, are:

-- Europlan (100% owned), which has a leasing portfolio of close
to RUB89 billion ($1.2 billion) as of Dec 31, 2020. Europlan is the
leader of the Russian car leasing market. S&P thinks this is the
strongest of SFI's operating entities from a credit perspective and
in terms of dividend capacity.

-- JSC VSK (49% stake), which is Russia's eighth-largest insurance
company, with RUB90.9 billion gross written premiums in 2020 ($1.3
billion). It offers a range of P/C insurance products, including
compulsory motor third-party liability insurance.

-- M.Video (10% stake), the most recent acquisition.
M.Video-Eldorado Group is the largest consumer electronic retailer
in Russia with annual sales oа RUR 418 billion ($5.8 billion) in
2020, taking almost 30% of the market. The Group operates M.Video
and Eldorado retail brands. The Group is the largest public
online-retailer in Russia and the leading internet merchant in
consumer electronics. The Company's shares are traded on the Moscow
Stock Exchange (ticker: MVID).

-- Russneft (11.1% stake), Russia-based midsized oil company with
RUB 133 billion ($1.8 billion) revenue for 2020. As we understand,
the company underwent debt restructuring in autumn 2020, but its
liquidity metrics still remain weak, putting pressure on credit
quality.

-- Direct Credit Centre (DCC; 87.5% stake), Russia's largest
point-of-sales lending broker. DCC is the first Russian broker to
integrate major point-of-sales lending banks into its platform and
to become an online lending aggregator.

S&P's Base-Case Scenario

In S&P's base case, it assumes:

-- GDP growth in Russia at 3.3% in 2021 and 2.5% in 2022.

-- Dividend income of at least RUB4.6 billion in 2021 and RUB6.8
billion in 2022.

-- Holding company operating expenses of RUB840 million per year
over 2021-2022.

-- No committed lines.

-- No dividends.

-- Interest expense at RUB1.6 billion in 2021 and RUB1.4 billion
in 2022.

Based on these assumptions, S&P arrives at the following credit
measures:

-- An LTV ratio below 15% in the next 12-18 months.

-- A cash flow adequacy ratio of about 2x in 2021 and 2022.

Liquidity

S&P assesses SFI's liquidity as adequate. S&P estimates that its
sources of liquidity should cover sources by 1.9x in the next 12
months. The liquidity assessment also includes SFI's existing
liquidity buffer.

S&P expects principal liquidity sources for the 12 months from
April 1, 2021, will include:

-- The proceeds from NPF SAFMAR disposal of RUB23 billion-RUB24
billion; and

-- Dividends of at least RUB4.6 billion from portfolio companies
over 2021.

S&P expects principal liquidity uses for the same period include:

-- New investments (including a stake in Russneft) in the amount
of RUB9.5 billion;

-- Partial repayment of VTB loan of RUB8.8 billion;

-- Share buyback in the amount of RUB5.3 billion;

-- Operating costs of about RUB920 million including taxes; and

-- Interest expense at RUB1.6 billion.




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

ITIVITI GROUP: S&P Places 'B' ICR on CreditWatch Positive
---------------------------------------------------------
S&P Global Ratings placed its 'B' issuer credit rating, and its 'B'
and 'CCC+' issue rating on global trading software provider Itiviti
Group's first- and second-lien term loan on CreditWatch with
positive implications.

S&P will resolve the CreditWatch placement once the transaction
closes, likely in second-quarter 2021.

On March 29, 2021, Broadridge Financial Solutions, Inc.
(Broadridge; BBB+/Negative/--) announced its acquisition of Itiviti
Group AB (Itiviti) in an all-cash transaction.

This transaction will enhance Itiviti's credit profile given
Broadridge's superior credit quality and the expected increase in
scale and synergy opportunities.

S&P said, "We are placing global trading software provider Itiviti
on CreditWatch with positive implications because we believe that,
following its acquisition by Broadridge, Itiviti will benefit from
belonging to a group with greater scale and extended capabilities
than Itiviti on a stand-alone basis. We understand Itiviti will
merge its operations with Broadridge's and that outstanding debt at
Itiviti level will be refinanced at the Broadridge level. We
therefore expect Itiviti will benefit from the same credit quality
as the new enlarged Broadridge group. As per the announcement,
Broadridge will acquire Itiviti in an all-cash transaction.

"We expect to resolve the CreditWatch upon successful closing of
the acquisition, expected in the second-quarter 2021. At that time,
we will likely equalize our ratings on Itiviti with those on
Broadridge, leading to an upgrade of at least seven notches if the
transaction closes. Furthermore, when Itiviti' debt is fully
repaid, we will likely withdraw all the ratings."




=============
U K R A I N E
=============

INTERPIPE HOLDINGS: S&P Rates New Senior Unsecured Notes 'B'
------------------------------------------------------------
S&P Global Ratings has assigned its 'B' issue rating to the
proposed senior unsecured notes issued by Interpipe Holding PLC
(Interpipe), the holding company of a vertically integrated
low-cost manufacturer of steel pipes and railway wheels.

The company expects to issue senior unsecured notes of about $300
million with maturity in 2026. It will use about half of the
proceeds to make a one-off dividend payment to shareholders and the
other half to strengthen the group's liquidity and finance upcoming
investments.

S&P said, "We previously assumed Interpipe's capital structure
would change over time and include gross debt of about $300
million-$350 million. Consequently, we see the transaction as
credit neutral, without a change in the rating." That said, the
bond issue will positively affect Interpipe's liquidity position.
This is thanks to the company's improved position in the capital
markets as well as its comfortable maturity profile with no
material debt repayments before 2026.

The improved economic recovery in Europe and in the U.S. has led us
to update our EBITDA forecast for 2021 to $170 million-$210 million
from $150 million-$200 million previously.

ISSUE RATINGS--SUBORDINATION RISK ANALYSIS

CAPITAL STRUCTURE

The pro forma gross debt, including the proposed $300 million new
senior unsecured bonds, amounts to about $410 million and
comprises:

-- $300 million senior unsecured notes with maturity in 2026;

-- About $44 million bank facilities; and

-- Performance fees of about $65 million--as reported on balance
sheet at Dec. 31, 2020.

ANALYTICAL CONCLUSIONS

S&P rates Interpipe's proposed bonds 'B', in line with the issuer
credit rating. This is because there are no elements of
subordination risk in Interpipe's capital structure. The proposed
new notes will rank pari passu with the existing bank debt.


UKRAINE: Egan-Jones Keeps BB- Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Ukraine.

Ukraine is a country in Eastern Europe.





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

CPUK FINANCE: S&P Assigns Prelim 'B- (sf)' Rating to B6-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B- (sf)' preliminary credit rating
to CPUK Finance Ltd.'s new fixed-rate GBP255.0 million class
B6-Dfrd notes with a six-year expected maturity date in August
2027.

The rating S&P assigns on the issue date will depend upon receipt
and satisfactory review of all final transaction documentation,
including legal opinions, and conditions precedent being met.

The new issuance will result in a class B6-Dfrd notes leverage
ratio of about 9.6x, based on FY 2020 EBITDA of GBP200.0 million.
S&P notes that FY2020 (financial year 2020) and FY2021 experienced
stressed income due to park closures following the COVID-19
outbreak, which led to the observed increased leverage. S&P expects
the EBITDA to recover in the longer term.

The transaction blends a corporate securitization of the U.K.
operating business of the short break holiday village operator
Center Parcs Holdings 1 Ltd. (CPH1), the borrower, with a
subordinated high-yield issuance. It originally closed in February
2012 and has been tapped several times since, most recently in
September 2020.

The transaction will likely qualify for the appointment of an
administrative receiver under the U.K. insolvency regime. When the
events of default allow security to be enforced ahead of the
company's insolvency, an obligor event of default would allow the
noteholders to gain substantial control over the charged assets
prior to an administrator's appointment, without necessarily
accelerating the secured debt, both at the issuer and at the
borrower level.

However, under certain circumstances, the removal of the class B
free cash flow debt service coverage ratio (FCF DSCR) financial
covenant would, in our opinion, prevent the borrower security
trustee, on behalf of the class B6-Dfrd noteholders, from gaining
control over the borrowers' assets as their operating performance
deteriorates and would no longer trigger a borrower event of
default under the class B6 loan, ahead of the operating company's
insolvency or restructuring. S&P Said, "This may lead us to
conclude that we are unable to rate through an insolvency of the
obligors, which is an eligibility condition under our criteria for
corporate securitizations. Our corporate securitization criteria
state that noteholders should be able to enforce their interest on
the assets of the business ahead of the insolvency and/or
restructuring of the operating company. If at any point the class
B6-Dfrd noteholders lose their ability to enforce by proxy the
security package, we may revise our analysis, including forming the
view that the class B6-Dfrd notes' security package is akin to
covenant-light corporate debt rather than secured structured
debt."

Counterparty risk

S&P does not consider the liquidity facility or bank account
agreements to be in line with its current counterparty criteria. As
a result, the maximum supported rating continues to be the lowest
issuer credit rating (ICR) among the bank account and liquidity
providers. Currently, the lowest rated providers are Barclays Bank
PLC and National Westminster Bank PLC, which act as the issuer's
liquidity provider and account bank, respectively.

However, S&P's ratings are not currently constrained by its issuer
credit ratings on any of the counterparties, including the
liquidity facility, derivatives, and bank account providers.

Outlook

S&P said, "Over the next 12 to 24 months, we expect Center Parcs'
operating performance will remain under pressure against the
current economic shock stemming from COVID-19 and the U.K.
government's response. As we receive more issuer-specific and
industry-level data and learn more about what actions issuers will
be taking to mitigate the impact on turnover, we will assess this
transaction to determine whether rating actions are warranted."

Upside scenario

Due to the current economic shock stemming from the COVID-19
pandemic and the U.K. government's response, S&P does not
anticipate raising its assessment of Center Parcs' BRP within the
next two years.

Downside scenario

S&P Said, "We could lower our rating on the notes if we were to
lower the BRP on the borrower to weak from fair. This could occur
if CPH1's operating performance were to deteriorate materially due
to macroeconomic, geopolitical event risks, or a change in customer
preference resulting in substantial decline in RevPAL performance
to about GBP150 per night and EBITDA margin moving to below 30%.
Additional rating drivers could arise from events that could have
material reputational impact.

"We could lower our rating on the class B6-Dfrd notes if there were
a further deterioration in our assessment of the borrower's overall
creditworthiness, a reflection of its financial and operational
strength over the short to medium term. We could also lower the
rating on these notes if we considered the capital structure to be
unsustainable while leverage keeps increasing and free operating
cash flow (FOCF) turns negative, or its FOCF to debt remains
insignificant.

"In a scenario where the class B4-Dfrd notes are no longer
outstanding, the lack of the class B FCF DSCR covenant would
prevent, in certain circumstances, the class B6-Dfrd noteholders
from enforcing security and exercising recourse against the
borrower, which may either result in a lower rating or prevent us
from continuing to rate the class B6-Dfrd notes under our corporate
securitization criteria."


HAMMERSON PLC: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Hammerson plc.

Headquartered in London, United Kingdom, Hammerson plc is a major
British property development and investment company.




HOTEL ST GEORGE: Set to Reopen on May 17 Under New Ownership
------------------------------------------------------------
Victoria Scheer at YorkshireLive reports that four North Yorkshire
hotels which went into administration last year are set to reopen
under new ownership.

The Hotel St George in Harrogate, the Royal Hotel in Whitby and the
New Southlands and Norbreck hotels in Scarborough, were all at risk
of closing for good, YorkshireLive notes.

However, they will soon welcome back guests who can enjoy the
restaurants, bars, wedding and event spaces on offer, YorkshireLive
states.

According to YorkshireLive, the hotels are set to reopen as part of
the Coast & Country Hotel Collection, a newly formed collection of
former Shearings Hotels, with more than 120 jobs on offer.

The Hotel St George, the New Southlands and the Royal Hotel in
Whitby are set to reopen on May 17 while The Norbreck will open on
June 1, YorkshireLive discloses.

The other hotels reopening within the collection are spread across
33 leisure destinations in England, Scotland and Wales and includes
properties such as the Windermere Hotel in Cumbria and The Ship &
Castle in St Mawes, Cornwall, YorkshireLive relays.


J D WETHERSPOON: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by J D Wetherspoon PLC. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Watford, United Kingdom, J D Wetherspoon PLC owns
and operates group of pubs throughout the United Kingdom.


KINGFISHER PLC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Kingfisher PLC to BB+ from BB.

Headquartered in City of Westminster, London, United Kingdom,
Kingfisher PLC. Kingfisher plc operates as a home improvement
company.



NEKTAN: Gambling Commission Suspends Remote Operating License
-------------------------------------------------------------
Daniel O'Boyle at iGB reports that the Gambling Commission has
suspended the remote operating license of Nektan (Gibraltar), the
British-facing B2C arm of the gambling business that was sold by
administrators in early 2020.

The B2C Nektan business was licensed to operate remote bingo and
casino at sites, iGB discloses.

According to iGB, the Gambling Commission said it believed Nektan
"has breached conditions of its license".

The regulator added that it suspected the business was "[ . . . ]
unsuitable to carry on the licensed activities, and that the
licensed activities are being or have been carried on in a manner
which is inconsistent with the licensing objectives".

As a result, the regulator is currently conducting a review into
the license, which will be suspended until the review's conclusion
or "until such time as the operator can satisfy the Commission it
is operating compliantly".

"We have made it clear to the operator that it must communicate
effectively with its customers and that the suspension does not
prevent it paying out winnings," the regulator added.

In 2020, the original Nektan business went into administration,
with the UK B2C arm sold to Grace Media, part of the Active Win
Group, iGB relates.  The Gambling Commission did not reveal whether
the events that led to the license suspension occurred under the
old or new ownership, iGB notes.


SEIONT MANOR: Caernarfon Acquires Business Out of Receivership
--------------------------------------------------------------
Zoe Monk at Boutique Hotelier reports that Seiont Manor hotel is to
be given a new lease of life after a new owner acquired the
business out of receivership.

The hotel in Llanrug, near Caernarfon, has been closed since
January 2020 when its previous owners went into administration,
Boutique Hotelier notes.

It's now been acquired by Caernarfon Properties Ltd with David
Savage, a developer from Manchester, listed as director, Boutique
Hotelier discloses.

According to Boutique Hotelier, Cadnant Planning, heading up the
proposals, said that the hotel is "unsustainable in its current
form" and was previously a loss-making operation.

They said: "A business plan has been set out by the new investors,
initially appraising the viability of the hotel without the
additional accommodation. Minimum one-off costs of just under
GBP500,000 of investment would be required to re-open the hotel.

"However, the business plan indicates that the hotel would not be
profitable based on the accommodation and facilities available.

"Annual losses, based on 75% room occupancy would amount to over
GBP650,000.

"Financial models based on provision of additional accommodation
and an upgrade of current facilities indicate that with an initial
investment of over GBP800,000 the enterprise as a whole, including
phase one of additional accommodation provided through the lodges,
would be loss making in year one of trading but would be profitable
by year two.

"This would then allow further investment in the hotel expansion,
with the development completed within 2-4 years."

Paul and Rowena Williams previously ran the hotel in partnership
with Mylo Capital Limited after taking over the business in 2016,
from Hand Picked Hotels, Boutique Hotelier relays.  It then went on
the market in February last year in the hands of administrators
Duff & Phelps, Boutique Hotelier recounts.


SIG PLC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company, on April 9, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by SIG plc.

Headquartered in Sheffield, United Kingdom, SIG plc distributes
specialty building products.


TESCO PLC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on April 20, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tesco PLC.

Headquartered in Welwyn Garden City, United Kingdom, Tesco PLC,
through its subsidiaries, operates as a food retailer.


WM MORRISON: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Wm Morrison Supermarkets PLC.

Headquartered in Bradford, United Kingdom, Wm Morrison Supermarkets
PLC retails groceries through a chain of supermarkets and an online
home delivery service in England.




WPP PLC: Egan-Jones Keeps BB- Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by WPP PLC.

Headquartered in London, United Kingdom, WPP PLC operates a
communications services group.





===============
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.


[*] EUROPE: ESRB Warns of "Tsunami" of Corporate Insolvencies
-------------------------------------------------------------
Martin Arnold at The Financial Times reports that Europe's top
financial stability supervisor has warned of a potential "tsunami"
of corporate insolvencies once governments' crisis-era support is
withdrawn and called for a shift to more targeted policies that
help otherwise viable companies which are struggling with too much
debt.

The number of businesses filing for insolvency fell sharply in most
European countries after the coronavirus pandemic hit the region
last March and stayed abnormally low for the rest of the year, the
FT discloses.

According to the FT, corporate insolvencies were averted thanks in
part to EUR1.5 trillion of public support measures, including loan
guarantees and moratoria, according to a report published on April
28 by the European Systemic Risk Board, which monitors the EU
financial system.

Once that support is withdrawn, "in a worst-case scenario, the
postponed insolvencies would suddenly materialize and trigger a
recessionary dynamic, potentially causing further insolvencies",
the FT quotes the ESRB, which is chaired by European Central Bank
president Christine Lagarde, as saying.

"The current low rate of insolvencies would then be similar to the
sea retreating before a tsunami," it said.  "Prevention would imply
that companies do not emerge from the crisis with a debt burden
that causes them to fail and are enabled to adapt to lasting
structural change in the wake of the crisis."

It recommended that governments take a series of actions to
mitigate the risk of a wave of corporate insolvencies, including
developing more targeted policies to boost the solvency of
otherwise viable companies and streamlining debt restructuring and
insolvency procedures, the FT notes.

Instead of providing blanket support to all companies affected by
the lockdown measures which were introduced to contain the
coronavirus pandemic, the ESRB, as cited by the FT, said
governments should focus on helping only the companies that would
be viable once restrictions were lifted while ensuring that
unviable companies were quickly wound down.

Some governments have already proposed ways to deal with the
corporate debt overhang left by the pandemic, the FT relays.

In total, the ESRB said companies had taken up EUR435 billion of
loans with state guarantees across Europe, of which EUR289 billion
were still in place in the third quarter of last year, according to
the FT.

Another way to help over-indebted companies would be to make
financial restructurings quicker and easier, the ESRB said, citing
a Dutch reform at the start of this year that introduced a
pre-insolvency procedure for companies to restructure their debts,
the FT says.

The ESRB also called for improvements to insolvency frameworks,
which vary widely across Europe from Finland, where secured
creditors recover on average 88 cents in every euro owed to them
through foreclosure or receivership proceedings, to Greece, where
they only recover 32 cents in every euro owed, the FT discloses.



                           *********


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.


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