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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, May 14, 2021, Vol. 22, No. 91

                           Headlines



B E L G I U M

INFINITY BIDCO 1: Moody's Assigns B1 CFR on Solid Cash Generation


D E N M A R K

NORICAN GLOBAL: S&P Alters Outlook to Stable, Affirms 'B-' Rating


F R A N C E

CHROME BIDCO: Moody's Gives B1 Rating to New Senior Secured Notes


G E R M A N Y

ADLER PELZER: Moody's Rates New EUR75M Secured Notes Issuance 'B3'
BILFINGER SE: S&P Hikes ICR to 'BB' on High Financial Flexibility
IRIS HOLDCO: Moody's Assigns B3 CFR Following Apax Acquisition


I R E L A N D

CVC CORDATUS XX: Moody's Assigns (P)B3 Rating to EUR13.5M F Notes
PERMANENT TSB: Moody's Rates EUR15BB EMTN Programme '(P)Ba2'


I T A L Y

INTERNATIONAL DESIGN: Moody's Affirms B2 CFR on YDesign Acquisition
LIBRA HOLDCO: Moody's Assigns B2 CFR on Solid Market Position


L U X E M B O U R G

AZELIS HOLDING: Moody's Affirms B3 CFR, Alters Outlook to Positive


R U S S I A

AFK SISTEMA PAO: S&P Alters Outlook to Positive, Affirms BB Rating


S P A I N

AEDAS HOMES: Moody's Assigns Ba2 CFR on Good Market Position
AERNNOVA AREOSPACE: S&P Cuts Ratings to 'B-', Outlook Stable


U N I T E D   K I N G D O M

AMIGO: Financial Conduct Authority to Oppose Rescue Plan
BURY FC: Administrators Put Gigg Lane Stadium Up for Sale
CONTOURGLOBAL PLC: S&P Downgrades ICR to 'BB-', Outlook Stable
DIGNITY FINANCE: S&P Places 'B+' Rating on B notes on Watch Neg.
HIGH STREET: Calls Crunch Meeting with Investors Amid Setbacks

IMPALA BIDCO 0: Moody's Assigns First Time 'B1' Corp. Family Rating
INSPIRED ENTERTAINMENT: Moody's Rates New GBP235M Sec. Notes 'B3'
RANGERS FC: Assets Sold for Much Less Than Their Value
SIGNATURE LIVING: Founder Expects to Lodge Recovery Plan
WYELANDS BANK: Faces Possible Liquidation



X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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B E L G I U M
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INFINITY BIDCO 1: Moody's Assigns B1 CFR on Solid Cash Generation
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Moody's Investors Service has assigned a B1 corporate family rating
and a B1-PD probability of default rating to Infinity Bidco 1
Limited (Corialis or the company), the top entity of the new
restricted group of Corialis. Concurrently, Moody's has assigned B1
ratings to the senior secured EUR890 million equivalent term loan B
with 7 years tenor and to the senior secured EUR150 million
revolving credit facility with 6.5 years tenor issued by the
company. The outlook on all ratings is stable.

At the same time, Moody's has withdrawn the B2 CFR and B2-PD PDR
and stable outlook on Feather Investments Holdings S.C.A., the
former parent of Corialis. The B1 rating on the first lien senior
secured term loan and the Caa1 rating on the second lien senior
secured term loan will be withdrawn upon the completion of the
transaction.

The proceeds from the new senior debt facilities will be used
alongside equity financing, to fund the proposed acquisition of
Corialis by Astorg Partners SAS and cover related transaction
costs. Astorg is acquiring the company from CVC Capital Partners
and Corialis' management, who will both re-invest in the business.
The transaction is expected to close in Q2 2021.

The B1 CFR balances the high Moody's-adjusted leverage of 5.8x at
closing against a strong business profile underpinned by its track
record of growth and business resilience, good profitability and
solid cash generation. The rating also reflects Moody's expectation
that the company will delever to below 5.5x over the next 18 months
and that the new shareholders will maintain and preserve Corialis'
disciplined capital allocation and growth strategy.

RATINGS RATIONALE

The B1 rating reflects the company's strong market position as one
of the leading aluminium profile system manufacturers in Europe
with good geographical diversification; exposure to the more stable
small-to-medium-sized fabricators and installers as well as to more
affluent end-customers; favourable market trends driven by the
increased aluminium penetration in key regions with high exposure
to the residential and renovation market and further strengthened
by ESG trends; strong margins from the high degree of vertical
integration; business resilience during previous downturns,
including the solid operating performance in 2020, despite the
disruptions caused by the coronavirus pandemic; positive free cash
flow (FCF) supported by its high profitability and well invested
asset base; and experienced management team with a proven track
record of expanding the business.

At the same time, the rating continues to be constrained by the
company's exposure to the inherent cyclical nature of the building
industry; the competitive environment with top players
consolidating the European market; the relatively small size of the
company with product concentration; its exposure to volatile
aluminium prices and foreign-exchange rate fluctuations; and the
high opening leverage estimated at around 5.8x on a Moody's
adjusted basis. Moody's also expects some execution risks over the
next 2 years as the company expands its operations in Iberia and
broadens its product offering.

The rating also reflects Moody's expectation that the company will
delever to below 5.5x over the next 18 months supported by the
ongoing vertical integration and business expansion as well as the
continued penetration of aluminium systems in the residential
market.

Governance risks mainly relate to the company's private-equity
ownership which tends to tolerate a higher leverage, a greater
propensity to favour shareholders over creditors as well as a
greater appetite for M&A to maximise growth and their return on
investment. Balancing the private equity ownership is the company's
stable and highly experienced management team with a disciplined
capital allocation and growth strategy.

STRUCTURAL CONSIDERATIONS

Upon completion of the transaction, Corialis' new capital structure
will consist of a EUR890 million equivalent senior secured term
loan B and a EUR150 million senior secured RCF, both rated in line
with the CFR. The instruments share the same security package, rank
pari passu and are guaranteed by a group of companies representing
at least 80% of the consolidated group's EBITDA. The security
package, consisting of shares, bank accounts and intragroup
receivables is considered as limited. The B1-PD is at the same
level as the CFR, reflecting the use of a standard 50% recovery
rate as is customary for capital structures with first lien bank
loans and a covenant-lite documentation.

LIQUIDITY

Moody's views Corialis' liquidity position as good, supported by
EUR30 million of cash on its balance sheet post-closing of the
transaction, including EUR150 million of undrawn multiyear RCF.
Moody's expects these sources of liquidity, in addition to the
expected positive FCF, to provide ample headroom to cover working
capital and capital spending needs over the next 12-18 months. The
debt structure is covenant-lite, with one springing maintenance
covenant set at 10.4x senior secured net leverage tested only when
the RCF is drawn more than 40% net of cash. The company is expected
to maintain ample headroom under this covenant over the next 12-18
months. The company will not have any major debt maturity until
2027.

RATING OUTLOOK

Corialis B1 rating is currently weakly positioned. The stable
outlook reflects Moody's expectation that Moody's adjusted leverage
will improve to levels more commensurate with B1 rating category
over the next 18 months supported by the favourable market trends
and the ongoing vertical integration of the business. The outlook
also assumes that the company will successfully execute its
business strategy and will maintain a disciplined capital
allocation with no significant debt funded acquisition or
shareholder distributions.

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

Upward pressure on the rating could develop if debt/EBITDA
sustainably falls below 4.5x and FCF/debt moves in the high-single
digits in percentage terms on a sustained basis, whilst maintaining
a good liquidity position. An upgrade will also require further
scale expansion and a commitment to a conservative financial
policy, including the absence of any excessive profit distributions
to shareholders or large debt-funded acquisitions.

Downward pressure on the rating could develop if Moody's adjusted
debt/EBITDA exceeds 5.5x on a sustained basis, if FCF/debt remains
in the low single digit percentage levels on a sustained basis or
the liquidity position deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Lokeren, Belgium, Corialis designs, manufactures
and distributes aluminium profile systems for in-wall, outdoor and
indoor products. The company operates a business-to-business
strategy, distributing its systems to small and medium-sized local
fabricators and installers. It operates in more than 35 countries
through eight hubs located in Europe, South Africa and La Reunion.
In 2020, Corialis employed more than 2,300 staff on average and
generated a revenue of EUR561 million.



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D E N M A R K
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NORICAN GLOBAL: S&P Alters Outlook to Stable, Affirms 'B-' Rating
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S&P Global Ratings revised its outlook on Danish metallics
enhancement firm Norican Global A/S to stable from negative and
affirmed its 'B-' ratings on the group and its senior secured
notes.

S&P said, "The stable outlook reflects our view that Norican's
credit metrics will improve in 2021 with FFO cash interest coverage
of about 2x, and that the group will sustain a solid liquidity
profile, with slightly positive FOCF and proactive management of
its 2023 maturities.

"We believe Norican's credit metrics will stabilize in line with
the current 'B-' rating over 2021 and that the group will address
its maturities well in advance."

Robust FOCF of EUR25 million in 2020 enabled Norican to maintain
adequate liquidity. S&P said, "We forecast the company's financial
performance to recover moderately in 2021, leaving credit metrics
within the thresholds for the current rating. Additionally,
improved market conditions prompted an increase in Norican's EUR340
million senior secured notes trading price to 97 as of May 2021
from 52 in March 2020. We therefore see it as less likely that the
group will propose an exchange offer below par. Moreover, we
believe that the group will maintain adequate liquidity. These
factors support the outlook revision to stable from negative."

Despite a substantial deterioration in its financial performance
last year, Norican preserved its cash flow, alleviating pressure on
its credit quality.In 2020, COVID-19-related constraints on
Norican's operating performance magnified the impact of decelerated
demand across the automotive sector in 2019. While equipment sales
were more heavily impacted, declining by 37%, aftermarket sales
also fell by 23%. The sharp revenue contraction led to a 65%
reduction in S&P Global Ratings-adjusted EBITDA to EUR19.7 million
in 2020, resulting in an adjusted EBITDA margin of 5.6%. S&P
factors into its EBITDA calculation a EUR11.8 million restructuring
charge taken by Norican in 2020 related to the consolidation of
global manufacturing operations and sales offices. In response to
last year's challenging operating environment, Norican took
diligent actions to protect its cash and liquidity positions.
Reduced working capital had a positive cash impact of about EUR20
million in 2020, versus negative EUR1.3 million in 2019.
Furthermore, the group scaled down adjusted capital expenditure
(capex) to EUR1.9 million in 2020 from EUR3.4 million in 2019. This
led to FOCF of about EUR25 million in 2020, in line with 2019,
enabling Norican to further increase its cash balance to EUR124
million at year-end 2020, up from EUR112 million at year-end 2019.

S&P said, "For 2021, we expect Norican's revenue base to show
moderate recovery on the back of supportive end-markets. Norican's
financial performance began to pick up toward the end of 2020, with
a fourth-quarter reported EBITDA margin reaching 13%, in line with
2019 levels and the equipment backlog ending 2020 at EUR115
million--similar to end-2019. We now anticipate Norican's top-line
recovery to continue in 2021, with revenue increasing by about 8%
from 2020, supported by solid growth of 7%-9% for global light
vehicle sales in 2021. Furthermore, Norican's 2020 restructuring
efforts are improving the company's cost base; this should lead to
adjusted EBITDA margins increasing to 10%-11% in 2021, versus 5.6%
in 2020. Although increasing sales are likely to lead to increased
working capital, we expect the company to maintain neutral to
slightly positive FOCF in 2021. As a result, we anticipate credit
metrics to improve, with debt to EBITDA of about 10x and FFO cash
interest coverage of about 2x.

"We expect the group to maintain its sound liquidity profile.
Notwithstanding COVID-19-related challenges in 2020, Norican
further improved its liquidity profile. The group's liquidity is
characterized by its EUR124 million cash balance, full cash
availability of EUR55 million under its RCF, and absence of
short-term debt maturities. With regards to its large cash balance,
we believe that Norican will seek out bolt-on acquisitions over the
next few years. Because we do not consider cash in our calculation
of Norican's credit metrics, successful mergers and acquisitions
could benefit Norican's financial risk profile over the medium
term. As of May 3, 2021, Norican's 2023 senior secured notes were
trading at about 96.6, a substantial recovery from the low price of
52.3 seen in March 2020. We therefore see it as less likely that
the group will propose an exchange offer below par.

"The stable outlook reflects our view that Norican's financial
performance will recover moderately in 2021, with credit metrics
improving toward pre-pandemic levels. We also expect that the
company will maintain neutral-to-slightly positive FOCF over the
next 12 months, resulting in debt to EBITDA of about 10x and FFO
cash interest coverage of about 2x.

"We could take a negative rating action if Norican's credit metrics
failed to improve to in line with our base-case projections, such
as FFO cash interest coverage materially below 2.0x for a sustained
period. Furthermore, rating pressure could build if the company
does not proactively manage its 2023 maturities over the next 12
months.

"Though unexpected at this stage, we could also downgrade Norican
if it were to make material repurchases of its 2023 notes below
par.

"Given our view that Norican's credit metrics will remain below
pre-pandemic levels over the next 12 months and the group's
maturity wall in 2023, we consider upside potential to be remote at
this time. However, we could take a positive rating action if the
company were to outperform our base-case metrics when excluding
cash from our calculations, with debt to EBITDA below 7.0x, FFO
cash interest coverage sustainably above 2.5x and FOCF to debt of
at least 5%. Any upgrade would also hinge on Norican being able to
address its 2023 maturity wall, implying that the company's
liquidity sources over uses is at any time above 1.2x."




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F R A N C E
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CHROME BIDCO: Moody's Gives B1 Rating to New Senior Secured Notes
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Moody's Investors Service has assigned a B1 instrument rating to
the new senior secured notes issued by Chrome BidCo and a Caa1
rating to the new backed senior unsecured notes issued by Chrome
HoldCo (Cerba), the top entity of Cerba restricted group. The B2
corporate family rating and the B2-PD probability of default rating
at the level of Chrome HoldCo remain unchanged. The B1 instrument
rating of the senior secured term loan B and the B1 instrument
rating of the senior secured revolving credit facility, issued by
Chrome BidCo, remain unchanged. The outlook on Chrome HoldCo and
Chrome BidCo is stable.

The proceeds from the proposed senior secured and backed senior
unsecured notes along with a senior secured term loan B as well as
equity will be used to finance the acquisition of a majority stake
in Cerba by EQT, with PSP reinvesting alongside management.

RATINGS RATIONALE

The rating action balances the significant re-leveraging effect
from the contemplated transaction, which will increase the gross
debt by around EUR700 million with the strengths of Cerba's
business profile namely, the defensive demand drivers, the good
track record of the company as a rated entity as illustrated by an
organic growth above the peer group, high EBITDA margin and
positive free cash flow generation.

Pro forma for the proposed refinancing, Moody's adjusted debt /
EBITDA would reach 6.6x, based on FY 2020 EBITDA including COVID-19
impact.

The rating action also takes into account the current strong
tailwind from COVID-19 testing activities. Cerba recorded a 35%
revenue growth in 2020 driven by a strong acceleration of COVID-19
testing activities, mainly PCR testing, during Q3 and Q4. For 2020,
the company estimates that its positive revenue impact from
COVID-19 testing is EUR236 million, which is net of revenue lost on
its core business due to the impact of lockdown and social
distancing measures especially during the 1st wave of the pandemic.
Thanks to scale effects, the boost from COVID-19 testing translated
into margin expansion from 23.3% in 2019 to 29.6% in 2020 (Moody's
adjusted EBITDA). In the context of the 3rd infection wave and the
slow start of the vaccination roll-out, Moody's forecasts Q1 2021
to be a strong quarter in terms of PCR testing revenues in
continental Europe. However, the rating agency expects that the
volume of PCR tests will likely phase down over the course of 2021,
since the need to detect the virus will likely diminish as vaccines
become widely available. In the US and the UK, two countries ahead
of continental Europe in terms of vaccines distribution, the
monthly volume of PCR tests have already started to decline by
around 30% and 20%, respectively, over the December 2020 to March
2021 period. The slope of the decline is highly uncertain and will
depend on different factors including (i) the pace and efficiency
of the current vaccines distribution, (ii) the emergence of new
variants, (iii) the potential cannibalization from antigen and home
tests, (iv) the risk of further reimbursement declines, (v) the
future testing policies from the public authorities as lockdown
measures are gradually lifted, and (vi) the need for serology
testing. Beyond 2021, Moody's anticipates that the need for testing
COVID-19 or other infectious diseases will likely remain but at
levels which will probably be significantly lower than what the
sector currently experiences. Testing will likely remain a central
tool within the public authorities' ongoing surveillance, track and
trace strategy especially during the winter season.

The rating agency recognizes the short-term benefit of the strong
COVID-19 testing activity expected for 2021 because it will support
free cash flow generation which, once reinvested within the company
e.g. through M&A or other initiatives, will translate into
sustainable EBITDA improvement. The pandemic has highlighted the
vital importance of testing for public health, certainly a positive
for the sector in the medium-term.

Moody's forecasts Cerba's revenue to grow further in 2021 driven by
a strong contribution from COVID-19 testing as explained above.
Beyond 2021, Moody's currently forecasts the exceptional boost from
COVID-19 testing to gradually normalize. Moody's forecasts Cerba's
underlying core organic growth to accelerate over the next 12-18
months driven by the conversion of a strong backlog in its central
labs business and its international activities notably in Africa.
The current rating is based on the expectation that underlying core
organic growth coupled with bolt-on M&A mainly financed by
internally generated cash flow will drive underlying EBITDA
increase and a Moody's adjusted leverage of around 6.7x by 2023
when COVID-19 revenue will have normalized.

Financial policy is a key rating driver for the ratings. M&A has
been a key pillar of Cerba's growth strategy historically
especially in France. In a sector continuously subject to tariff
cuts, inorganic growth allowed large networks to achieve economies
of scale and efficiency gains. Business rationale, acquisition
multiples and funding will be key drivers of the ratings of Cerba
going forward. In order to maintain its B2 CFR, Cerba should
demonstrate a willingness, in the context of its M&A strategy, to
maintain its Moody's adjusted debt/EBITDA below 7.0x and its
Moody's adjusted FCF/debt towards 5%.

Price pressure has been a credit constraint for the sector in the
past. European public authorities have put tariff cuts on hold last
year as the sector was seen as instrumental in the day to day fight
against the coronavirus. In France, a 2.5% tariff cut has been
agreed in April 2021 as part of the 2020-22 triennial agreement. In
the other geographies where Cerba is present and similar tariff
dynamics exist such as Belgium, Luxembourg or Italy, there is no
planned tariff cuts at this stage. However, there is a risk that
pricing pressure could increase over time as European governments
grapple with the cost of supporting their economies during the
pandemic.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters as the
additional volume from COVID tests will more than offset potential
disruptions on core volume as long as the pandemic persists. The
stable outlook also assumes that the company's M&A strategy will
remain measured in terms of size, pace and acquisition multiple and
that funding will not result in a Moody's adjusted debt / EBITDA
higher than 7.0x.

LIQUIDITY

Cerba's liquidity is good supported by (1) EUR50 million cash on
balance sheet after closing of the proposed transaction, (2) a new
EUR325 million senior secured revolving credit facility undrawn at
closing, (3) positive free cash flow expected for the next 12-18
months and (4) long dated maturities post contemplated
refinancing.

ESG CONSIDERATIONS

Cerba has an inherent exposure to social risks, given the highly
regulated nature of the healthcare industry and its sensitivity to
social pressure related to the affordability of and access to
healthcare services. Governance risks for Cerba include any
potential failure in internal control that could result in a loss
of accreditation or reputational damage and, as a result, could
harm its credit profile. Given its private equity ownership,
Moody's considers that Cerba has a relative aggressive financial
strategy characterised by a tolerance for high financial leverage
and shareholder-friendly policies such as the pursuit of
debt-financed acquisitions.

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

Positive pressure could arise over time if (1) the Moody's-adjusted
debt/EBITDA falls below 5.5x on a sustained basis and (2) the
Moody's-adjusted FCF/debt improves towards 10% on a sustained
basis.

Downward rating pressure could develop if (1) the leverage, as
measured by Moody's-adjusted debt/EBITDA, does not remain below
7.0x on a sustained basis, (2) the Moody's adjusted FCF/debt does
not remain close to 5% on a sustained basis and /or (3) the
company's liquidity deteriorates.

STRUCTURAL CONSIDERATIONS

The B1 ratings of the senior secured term loan B and senior secured
notes are one notch above the B2 CFR, reflecting the loss
absorption buffer from the backed senior unsecured notes rated
Caa1.

PRINCIPAL METHODOLOGY

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

PROFILE

Cerba Healthcare S.A.S., headquartered in Paris, France, is a
provider of clinical laboratory testing services in France,
Belgium, Luxembourg, Italy and Africa and generated revenue of
EUR1.3 billion for full year 2020.



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G E R M A N Y
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ADLER PELZER: Moody's Rates New EUR75M Secured Notes Issuance 'B3'
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Moody's Investors Service has assigned a B3 instrument rating to
the proposed EUR75 million guaranteed senior secured notes issuance
to the existing EUR350 million guaranteed senior secured notes due
in 2024, issued by Adler Pelzer Holding GmbH. The B3 corporate
family rating of Adler Pelzer and all other existing ratings remain
unaffected. The outlook remains stable.

RATINGS RATIONALE

The proceeds of the issuance will be used for general corporate
purposes including the potential funding of Adler Pelzer's
acquisitions of the acoustics and soft trim (AST) business of
Faurecia and the hard trim activities of the STS Group, announced
earlier this year. Pro forma for the notes issuance and
consolidation of the acquired businesses, including assumed legacy
debt, pension and lease obligations, the group's Moody's-adjusted
gross leverage increases by around 0.7x, which already exceeded
Moody's 5x-6x guidance for a B3 rating at the end of September 2020
(6.4x). However, Moody's recognizes the sound rationale of the
acquisitions from a market position and business profile
perspective, and the promising synergy potential. In particular,
the acquired operations will broaden Adler Pelzer's geographic
presence in Europe (France) and Asia (China), strengthen its
existing client relationships and provide access to new customers,
while complementing its product offering. Synergies identified by
the group relate to raw material procurement and the vertical
integration into certain semi-finished products of AST, among
others. Even though being margin dilutive for Adler Pelzer at the
time of first consolidation, the expected realization of synergies
and integration benefits (proximity to customers, best practice and
knowledge sharing, optimization of operations) should help improve
the group's profitability to solid levels for the B3 rating
(Moody's-adjusted EBITA margin above 4%) over the next two years
(2.4% for the 12 month ended September 30, 2020). The expected
margin expansion, additionally supported by improving capacity
utilization with Moody's forecast growth in light vehicle sales by
7% in 2021 (6.1% in 2022), should enable Adler Pelzer to strongly
improve its EBITDA and, correspondingly, reduce its leverage
towards 5x gross debt/EBITDA over the next 12-18 months.

The proposed notes issuance will also slightly improve Adler
Pelzer's liquidity profile, which Moody's continues to regard as
merely adequate, given the absence of committed credit facilities,
expected negative Moody's-adjusted free cash flow in 2021 and
sizeable debt maturities over the next 12-18 months.

The B3 corporate family rating (CFR) further reflects as positives
the group's (1) well established position as a leading automotive
supplier of products for noise, vibration and harmonics (NVH)
applications in light passenger vehicles; (2) long-term and
well-established relationships with a diverse mix of original
equipment manufacturers (OEMs); (3) history of revenue growth in
excess of global light vehicle production; (4) positive exposure to
the trend towards electrified vehicles; (5) a general commitment of
the main shareholder to support the company, if needed.

Nevertheless, the rating also reflects as negatives Adler Pelzer's
(1) relatively small size with revenue of around EUR1.2 billion in
2020, although increasing to over EUR1.7 billion following the AST
and STS acquisitions; (2) exposure to fluctuating commodity prices;
(3) exposure to the cyclicality of the automotive end-market, which
has been facing several headwinds since 2019 and a steep decline in
2020 in the wake of the coronavirus pandemic; (4) mostly negative
free cash flow generation in recent years, driven by high growth
investments, and (5) elevated financial leverage, with Moody's
adjusted debt/EBITDA of over 7x as of September 30, 2020 pro forma
for the new notes issuance, which currently exceeds Moody's
guidance for a B3 rating.

LIQUIDITY

Moody's considers Adler Pelzer's liquidity as merely adequate. The
group's liquidity sources consist of EUR145 million of cash on the
balance sheet as of December 31, 2020, which Moody's understands is
unrestricted, and projected annual funds from operations (FFO)
increasing to EUR110-120 million over the next 12-18 months.

Adler Pelzer's main liquidity uses include significant short-term
bank borrowings of EUR128 million at the end of 2020, and capital
spending (Moody's-adjusted, including lease liability payments) of
around EUR90 million in 2021. Moody's understands that the group is
not planning to pay any dividends to its shareholders. Moody's
assumes around EUR40 million of working cash (3% of revenues),
which is tied up to run the business.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Adler Pelzer
will reduce its leverage and improve profit margins to adequate
levels for the B3 rating, driven by the strong market recovery in
2021 and the gradual realization of synergies related to its recent
acquisitions. More specifically, Moody's expects the group's EBITA
margin (Moody's adjusted) to expand to over 4% and leverage to
reduce towards 5x gross debt/EBITDA (Moody's-adjusted) over the
next 12-18 months. The stable outlook also incorporates the
expectation of Adler Pelzer to at least maintain its currently just
adequate liquidity profile.

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

Positive pressure on Adler Pelzer's rating would build if the group
could sustainably (1) reduce its Moody's-adjusted debt/EBITDA ratio
to below 5x, (2) improve its Moody's-adjusted EBITA margin to over
4%.

Negative rating pressure would build if Adler Pelzer failed to
progressively restore its recently weakened Moody's-adjusted credit
metrics in line with the B3 rating in the coming months (e.g. EBITA
margin of at least 3% and leverage not higher than 6x gross
debt/EBITDA). Moody's would further consider a downgrade if Adler
Pelzer's liquidity started to contract.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Automotive
Supplier Methodology published in January 2020.

COMPANY PROFILE

Adler Pelzer Holding GmbH (Adler Pelzer) is a global automotive
supplier headquartered in Hagen, Germany. Adler Pelzer is a global
leader in the design, engineering and manufacturing of acoustic and
thermal components and systems for light passenger vehicles. Its
largest product family is for passenger compartments, which
includes floor trim, door shields, seals and felt and foam
insulation parts. Adler Pelzer also produces panels and trims for
the engine compartment and the trunk. In 2020, the group generated
revenue of around EUR1.2 billion and EBITDA of around EUR138
million (as defined and reported by the company, including IFRS16).
Adler Pelzer is a wholly owned subsidiary of Adler Group S.p.A.
which is controlled by Adler Plastic S.p.A., which owns 71.93% of
the Company, and FSI SGR SpA, which bought a share of 28.07% in May
2018.

BILFINGER SE: S&P Hikes ICR to 'BB' on High Financial Flexibility
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S&P Global Ratings raised its issuer credit and issue ratings on
Bilfinger SE to 'BB' from 'BB-'. The recovery rating remains
unchanged at '3' (rounded estimate of 65% recovery).

S&P bases the stable outlook on its expectation of high financial
flexibility and a recovery of operating performance in 2021,
leading to a S&P Global Ratings-adjusted EBITDA margin above 4% in
2021 and more than 4.5% in 2022.

Better-than-expected operating performance and cash generation
during 2020 and operating performance recovery should continue in
2021. In 2020, revenue declined by about 20% to about EUR3.5
billion from EUR4.3 billion in 2019, while EBITDA margin fell to
2.2%, driven by underutilization and the strong decline in oil and
gas operations, but slightly better than estimated. Bilfinger
benefited in 2020 from its successful improvement of its cost
basis, in light of its transformation program. S&P said, "At the
same time, the group was able to generate free operating cash flow
(adjusted for leases) of EUR18 million versus our estimate of being
negative, supported by solid cash inflow from working capital and
reduced capital expenditure (capex). All in all, this resulted in a
ratio of funds from operations (FFO) to debt ratio of 14.6% versus
our estimate of less than 10%. For 2021, we expect operating
performance to recover, with about EUR3.7 billion-EUR3.9 billion in
revenue, as we expect a rebound in economic development and a
normalized operating environment. With higher volumes, new
distribution activities, and a solid project pipeline, the EBITDA
margin should recover to above 2019 levels of 3.5%, to 4.0%-4.5%.
We expect free operating cash flow (adjusted for leases) to decline
but remain neutral to slightly positive in 2021, given the reverse
effect in working capital, to finance the revenue growth and higher
capex. The improvement in cash flow and profitability is also
fueled by the transformation program which focused on reducing
selling, general, and administrative (SG&A) costs. We understand
that the group will reach its targeted SG&A cost structure by the
end of 2021. However, profitability remains weak compared with
other service provider or capital goods companies, which remains
the main rating constraint."

S&P said, "We expect Bilfinger will use the EUR458 million proceeds
from the Apleona sale to strengthen its business portfolio to
improve market position, scale, and profitability. We believe that
Bilfinger will use the vast majority over the coming years to
strengthen its business portfolio, most likely via acquisitions, to
increase volume and profitability. We would view it as negative for
the rating if management decided to distribute the cash to its
shareholders, since in our view investment in its operations in
order to gain more scale will help the company better spread
overhead costs and improve its profitability. With the high cash
balance in 2021, credit metrics will be inflated, with FFO to debt
reaching more than 300% and debt to EBITDA at about 0.2x. We have
assumed in our base case that the group will spend EUR250 million
on acquisitions in 2022 and EUR200 million in 2023, contributing
about EUR300 million and EUR500 million in revenue and about EUR20
million and EUR35 million in EBITDA in 2022 and 2023." With the
cash spend, FFO to debt will decline to about 44% in 2022 and 33%
in 2023, while debt to EBITDA will increase to 1.6x and 2.1x,
respectively.

Supporting the rating is Bilfinger's relatively low financial debt,
high financial flexibility, and commitment to improve its rating
over the long term. S&P said, "For 2021, we estimate that S&P
Global Ratings-adjusted debt will be close to EUR500 million. The
majority of our adjusted debt figure relates to pension obligations
(about 60%), which have a long duration profile--annual cash
outflows of about EUR20 million per year. Given the long duration,
accounting for the obligation is very sensitive to any movement in
discount rates, which remained low at the end of 2020. We
understand management remains committed to improving the rating
over the long term to investment grade and continues to work on its
cost structure in order to improve profitability and cash
generation, which is prerequisite for a higher rating." However,
further cash distribution to shareholders from the Apleona stake,
for example via a share buyback program or higher dividend, would
raise our doubts about that commitment.

A continuously high cash balance and access to a EUR250 million RCF
provide a high degree of financial flexibility. S&P said, "At the
end of March 2021, the company reported more than EUR500 million in
cash, of which we view EUR25 million as restricted. In addition,
the company received EUR458 million in cash from the sale of its
Apleona stake and maintains an undrawn EUR250 million RCF maturing
in 2023, with comfortable headroom under its financial covenant.
Given these ample liquidity sources, no material debt maturities in
2021, and about EUR120 million of borrowing notes in 2022, we
believe Bilfinger has ample financial flexibility to cope with the
uncertain operating and economic environment over the next 24
months. We therefore assess liquidity as strong."

S&P said, "The stable outlook reflects our view that Bilfinger's
operating performance will continue to recover, driven by the
positive economic environment, enabling the group to improve
revenue by more than 10% in 2021. We further expect management will
use the proceeds from the sale of its Apleona stake to invest in
its operations to increase scale and strengthen its market
position. The group's profitability should benefit from continued
execution of its transformation program, supporting a recovery in
EBITDA margin in 2021 to 4%-4.5% and above 4.5% in 2022. The very
comfortable liquidity position further supports the outlook."

S&P's would likely lower the rating if:

-- The group is unlikely to reach adjusted FFO to debt of
comfortably above 25%, which we see as appropriate for the current
rating,

-- Financial flexibility declines, for example because of
shareholder-friendly measures,

-- Cash flow generation is materially lower than we currently
expect, or

-- EBITDA margin does not exceed 4% in 2021 and 4.5% in 2022.

S&P said, "Such a scenario could occur if the operating and
financial performance does not recover as we currently expect
because of a worsening economic environment or lower-than-expected
profitability, for example due to a renewed oil price decline or
higher-than-anticipated price pressure.

"We could raise the rating if Bilfinger's credit ratios, in
particular FFO to debt, increased materially from the currently
expected levels. We could take a positive rating action if
Bilfinger's adjusted FFO-to-debt ratio reached about 40% on a
sustainable basis and EBITDA margins improved to more than 5%. We
could also raise the rating if group was be able to gain materially
larger scale, reduce cash flow volatility and improve EBITDA
margins to more than 6%."


IRIS HOLDCO: Moody's Assigns B3 CFR Following Apax Acquisition
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Iris HoldCo GmbH
(Rodenstock), the new parent company of the German-based producer
and distributor of ophthalmic lenses Rodenstock. Moody's has also
assigned a B3 rating to the new EUR660 million guaranteed senior
secured term-loan B maturing in 2028 and to the EUR120 million
guaranteed senior secured revolving credit facility maturing in
2027, both borrowed by Iris BidCo GmbH. The outlook is stable.
Concurrently, Moody's has withdrawn the B3 CFR and the B3-PD PDR of
the previous parent company of the group, Rodenstock Holding GmbH.

The rating assignment follows the acquisition of Rodenstock by
funds advised by Apax Partners, together with other investors
including Rodenstock management. The acquisition is funded with
EUR660 million new debt and a EUR610 million equity contribution.

As part of the transaction, Rodenstock plans to repay its
outstanding debt, including the EUR395 million senior secured term
loan B due 2026, and to cancel the currently undrawn EUR20 million
senior secured revolving credit facility (RCF) due 2025, both
borrowed at Rodenstock GmbH. The ratings on the existing
instruments will be withdrawn upon repayment at completion of the
refinancing.

RATINGS RATIONALE

The rating affirmation reflects Rodenstock's relatively resilient
operating performance in 2020, as well as Moody's expectation that
the company's will continue to gradually reduce its leverage from
the high level of 2021 on the back of continued EBITDA growth. The
refinancing will add more than EUR260 million of debt to Rodenstock
capital structure, which denotes an aggressive financial policy. As
a result, Moody's expects that Rodenstock's Moody's-adjusted gross
leverage will peak to above 9.0x in 2021, which is high for the B3
rating and leaves the rating weakly positioned. However, this is
mitigated by the company's good liquidity.

Rodenstock's operating performance in 2020 was negatively impacted
by Covid, because of the closure and reduced footfall in optician
stores. However, the business rapidly resumed as soon as the
lockdown measures were lifted, because of the non-discretionary
nature of demand for optical lenses. As a result, the company's
sales and recurring EBITDA declined by only 11% and 13%
respectively last year. Moody's expects that Rodenstock will return
to its trajectory of revenue growth and profitability improvement
in 2021, with Moody's adjusted EBITDA increasing towards EUR100
million, with continuing deleveraging thereafter. Free cash
generation, which was hampered by one-off costs in the past year,
should gradually improve. Therefore, Moody's expects that
Rodenstock's financial leverage will progressively reduce to 8.0x
or below from 2022. Pension liabilities, although gradually
reducing, remain a large component of the company's adjusted gross
debt, accounting for more than 20% of total.

Rodenstock's rating continues to factor in (1) its established
market position as the world's fourth-largest ophthalmic lens
producer, with solid positions in the high-value added progressive
lenses segment, and strong position in core European markets,
notwithstanding its small size compared with that of its direct
peers; (2) the concentration of sales generated by its lenses
division, mitigated by its comprehensive offering in both branded
and private label corrective lenses, complemented by a focused
eyewear products offering and service proposition to opticians; and
(3) the risk that further consolidation of distribution channels
and the emergence of discounters might pressure margins over time.

LIQUIDITY

Moody's expects Rodenstock's liquidity to be good following the
refinancing, supported by EUR30 million available cash pro-forma
for the transaction and by the new upsized EUR120 million RCF,
maturing in 2027, which is expected to remain undrawn. Moody's
expects that available liquidity sources will be sufficient to
cover the company's needs over the next 18 months, including
ordinary capex for about EUR25 million and obligations to service
the pension liabilities of EUR13 million per annum.

The RCF has a maximum net leverage springing covenant of 9.5x to be
tested starting after 12 months from closing and only if the RCF is
drawn by at least 40%. Rodenstock is expected to have ample
capacity under this covenant.

STRUCTURAL CONSIDERATIONS

The B3 ratings assigned to the EUR660 million TLB and EUR120
million RCF borrowed by Iris BidCo GmbH are the same level of the
group's CFR and reflect the fact that the senior secured facilities
represent the majority of the group's liabilities and rank pari
passu among themselves. The facilities are secured only by pledges
on shares, bank accounts and intercompany receivables of material
subsidiaries as well as guarantees by group companies representing
a minimum of 80% of the group's EBITDA.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Rodenstock's
leverage (measured as Moody-adjusted gross debt /EBITDA) will trend
towards 7.5x in the next 18 months, owing to continued growth in
earnings.

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

Upward pressure on the ratings is unlikely in the next 12-18 month
because of the higher leverage as a result of the transaction. The
rating could be upgraded if (1) Moody's adjusted Debt/EBITDA reduce
towards 6.0x on a sustained basis and (2) the company shows a
continued track-record of sustained profit growth and positive free
cash flow (FCF), whilst maintaining a solid liquidity profile.

Downward pressure on the rating could develop if the company's
performance weakens compared with current expectations leading to
(1) Moody's-adjusted gross debt EBITDA remaining sustainably above
7.5x; (2) negative free cash flow over a prolonged period, or (3) a
deterioration of its liquidity profile including potential
reduction in headroom under financial covenants.

LIST OF AFFECTED RATINGS

Issuer: Iris HoldCo GmbH

Assignments:

Probability of Default Rating, Assigned B3-PD

Long-term Corporate Family Rating, Assigned B3

Outlook Action:

Outlook, Assigned Stable

Issuer: Iris BidCo GmbH

Assignments:

BACKED Senior Secured Bank Credit Facilities, Assigned B3

Outlook Action:

Outlook, Assigned Stable

Issuer: Rodenstock Holding GmbH

Withdrawals:

Probability of Default Rating, Withdrawn, previously rated B3-PD

Long-term Corporate Family Rating, Withdrawn, previously rated B3

Outlook Action:

Outlook, Changed To Rating Withdrawn From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Iris HoldCo GmbH (Rodenstock) is the parent company of the
Rodenstock group, an ophthalmic lens producer focusing on the
progressive lenses segment. It has leading positions in its
domestic German market and in other Western Europe markets and a
growing international presence in emerging markets, mainly in Latin
America. In 2020 Rodenstock generated sales of EUR400 million and a
reported EBITDA before one-off items of EUR90 millio



=============
I R E L A N D
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CVC CORDATUS XX: Moody's Assigns (P)B3 Rating to EUR13.5M F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the debt to be issued by CVC
Cordatus Loan Fund XX DAC (the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR152,800,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR124,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Assigned (P)Aaa (sf)

EUR21,100,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR28,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR31,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

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

CVC Credit Partners Investment Management Limited ("CVC") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's four and half year reinvestment period. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations or credit improved
obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes and
Class A Loan. The Class X Notes amortise by 12.5% or EUR250,000
over eight payment dates starting on the second payment date.

In addition to the nine classes of debt rated by Moody's, the
Issuer will issue EUR36,050,000 of Subordinated Notes which are not
rated.

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

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

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

The rated debt's performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt's
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR450,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 9 years

PERMANENT TSB: Moody's Rates EUR15BB EMTN Programme '(P)Ba2'
------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba2 long-term subordinated
ratings to the Euro MTN Programme of Permanent TSB Group Holdings
plc (PTSB Group, senior unsecured Ba1 stable), the holding company
of Permanent tsb p.l.c. (PTSB, long-term bank deposits Baa2 stable,
senior unsecured Baa2 stable, BCA ba1). Furthermore, Moody's
assigned a Ba2 rating to the expected issuance of EUR200-250
million subordinated notes under the programme.

The subordinated debt rating is based on the consolidated Advanced
Loss Given Failure (LGF) analysis of PTSB Group including the
operating company, PTSB. PTSB Group's EUR15 billion Euro MTN
Programme, allows the issuance of senior unsecured or subordinated
obligations in local and foreign currencies from PTSB Group and
PTSB. PTSB Group's long-term senior unsecured programme ratings of
(P)Ba1, PTSB's long-term senior unsecured and subordinated
programme ratings of (P)Baa2 and (P)Ba2, respectively, are
unaffected.

RATINGS RATIONALE

Moody's assumes that in a resolution, PTSB Group and PTSB will fall
within the same resolution perimeter, as both are domiciled in
Ireland. Moody's also assumes that subordinated obligations of the
holding company rank pari passu with the operating company's
subordinated programme, rated (P)Ba2. This reflects PTSB's Adjusted
BCA of ba1 and the agency's expectation of high loss severity for
this instrument under its Advanced LGF analysis, due to the limited
volume of debt and protection from more subordinated instruments
and residual equity.

Moody's therefore assigns (P)Ba2 ratings to the subordinated
programme of PTSB Group.

Moody's considers the probability of government support for
subordinated obligations to be low, resulting in no additional
notching for this class of liabilities.

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

PTSB Group's subordinated debt rating is linked to the standalone
BCA of PTSB. As such, any change to the BCA would also likely
affect these ratings. The subordinated debt ratings could also be
upgraded as a result of materially higher than expected amounts
issued or issuance of more subordinated instruments protecting
debtholders in a resolution scenario.

LIST OF AFFECTED RATINGS

Issuer: Permanent TSB Group Holdings plc

Assignments:

Subordinated Medium-Term Note Program, assigned (P)Ba2

Subordinated Regular Bond/Debenture, assigned Ba2

PRINCIPAL METHODOLOGY

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



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

INTERNATIONAL DESIGN: Moody's Affirms B2 CFR on YDesign Acquisition
-------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating, B2-PD probability of default rating and the B2 rating on
the EUR400 million guaranteed senior secured fixed rate notes due
2025 of International Design Group S.p.A. ("IDG" or the company),
an Italian high-end lighting and furniture company. Moody's has
also assigned a B2 rating to the proposed new EUR470 million
guaranteed senior secured floating rate notes due 2026. The outlook
on all the ratings remain negative.

Proceeds from the new notes will be used to refinance existing debt
and acquire YDesign, a US based online retailer of lighting and
design furniture. Moody's will withdraw the B2 rating on the
existing EUR320 million senior secured floating rate notes due 2025
once they are fully repaid.

"The affirmation of IDG's B2 ratings reflects our view that the
acquisition of YDesign makes strategic sense and will not
meaningfully deteriorate its credit metrics compared to our
previous forecasts, as the new debt will broadly be offset by the
company's stronger than expected performance in 2020. However, the
outlook on the rating remains negative, as leverage remains high
for the current rating," says Giuliana Cirrincione, lead analyst
for IDG.

RATINGS RATIONALE

The affirmation of IDG's B2 rating reflects Moody's view that
following the acquisition of YDesign for EUR150 million and the
respective increase in debt, the company's key credit metrics in
2021 will remain broadly in line with 2020 levels. These include
Moody's adjusted gross leverage of around 6.0x. While the
debt-financed acquisition increases IDG's leverage by around 0.6x
based on 2020 results, this negative impact is broadly offset by
the stronger performance than expected in 2020, proving the
resilience of its business model and operating results. This
represents a key supporting factor for the current rating.

Moody's expects that leverage will reduce towards 5.5x in 2022
supported by the demand recovery following the coronavirus
pandemic, the increasing penetration of e-commerce, as well as
other strategic initiatives including the addition to the portfolio
of a new high-end design brand under a licensing agreement.

The acquisition of YDesign and start-up costs related to several
strategic initiatives will lead to a dilution in consolidated
EBITDA margins to around 21%. This is lower than the record-high
margin of 24% achieved in 2020.

The acquisition of YDesign makes good strategic sense as it will
allow IDG to increase its footprint in North America (the region
will increase its contribution to consolidated revenues to 32% from
14% pre transaction), while leveraging on YDesign's e-commerce
capabilities. Moody's forecasts exclude all costs or revenue
synergies that could materialize following the acquisition,
although there might be cross selling opportunities. Moody's also
recognizes the favorable exposure of YDesign to e-commerce that is
expected to increase its penetration in the US market following the
acceleration caused by the coronavirus pandemic. At the same time,
the transaction will also increase foreign exchange risk as the
debt to fund the acquisition is denominated in euro while YDesign's
assets are mostly denominated in US dollars.

Moody's forecasts that free cash flow in 2021 will remain only
moderately positive, in the high single digit million range, as a
result of transaction costs and higher capex levels, as well as
working capital absorption reflecting the sales' rebound. However,
Moody's expects free cash flow generation will increase to around
EUR25-35 million in 2022, broadly in line with the company's track
record over the past three years.

LIQUIDITY

IDG's good liquidity is supported by EUR92 million cash on balance
sheet as of December 31, 2020 and a EUR100 million fully undrawn
RCF. This is more than enough to cover basic cash needs and the
increase in capex. The company's next upcoming debt maturities
include the RCF and the fixed rate notes, which are both due in
2025, while the floating rate notes mature in 2026.

The RCF contains a springing financial covenant defined as super
senior net debt/EBITDA of 2.5x (tested when more than 40% of the
RCF is drawn), which, if not met, would stop any incremental
drawing under the facility.

STRUCTURAL CONSIDERATIONS

International Design Group S.p.A. is the issuer of the EUR870
million senior secured notes and the main borrower of the EUR100
million multicurrency super senior RCF, also available at the main
operating companies within the group. The EUR870 million senior
secured notes comprise the EUR400 million senior secured fixed rate
notes due 2025 and the new EUR470 million senior secured floating
rate notes due 2026.

The RCF and the senior secured notes benefit from guarantees from
the three main operating companies (representing approximately 75%
of group's adjusted EBITDA) and are secured on a first ranking
basis on (1) the shares of the issuer, guarantors and material
subsidiaries, including the target companies; (2) certain material
structural intercompany receivables; and (3) certain material bank
accounts. The notes rank behind the super senior RCF which benefits
from priority call on the security package. However, Moody's views
the security package as weak and the size of the revolver is not
enough to cause a notching differential on the notes.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects that IDG's key credit metrics will be
weak for the current rating until 2022, when Moody's expects
leverage to reduce towards 5.5x. The negative outlook also reflects
the uncertainties related to the demand recovery following the
coronavirus pandemic and the execution risk related to the
acquisition of YDesign.

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

Given the negative outlook an upgrade is currently unlikely.
However, success in demonstrating the ability to implement a common
strategy with YDesign deriving full revenues and cost synergies,
together with success in maintaining an operating margin in the
high teens in percentage terms could lead to a rating upgrade. In
addition, upward pressure on the rating could develop should the
group's financial leverage, measured as Moody's adjusted debt to
EBITDA reduces towards 4.5x and its Moody's adjusted EBIT interest
cover increases above 2.5x.

The ratings could be downgraded if there is a sustained
deterioration in the company's operating margins towards the low
teens in percentage terms leading to a financial leverage above
5.5x also on a sustainable basis. The rating could come under
negative pressure also in case of a weakening in the company's
liquidity profile or in case of a more aggressive financial policy
signaled by aggressive acquisitions or shareholders distribution in
excess of free cash flow generation.

LIST OF AFFECTED RATINGS

Issuer: International Design Group S.p.A.

Affirmations:

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

BACKED Senior Secured Regular Bond/Debenture, Affirmed B2

Assignment:

Senior Secured Regular Bond/Debenture, Assigned B2

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

LIBRA HOLDCO: Moody's Assigns B2 CFR on Solid Market Position
-------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating of
B2 and a probability of default rating of B2-PD to Libra HoldCo
Sarl (Lutech). Concurrently, Moody's has assigned a B2 instrument
rating to the proposed EUR275 million guaranteed senior secured
fixed rate notes due in 2027 borrowed by Libra GroupCo S.p.A. The
outlook assigned for both entities is stable.

The proceeds from the notes will be used to fund the acquisition of
Lutech S.p.A. by Libra HoldCo Sarl, refinance existing indebtedness
of the group, to fund the acquisition of a minority interest as
well as to pay the related transaction fees and expenses.

RATINGS RATIONALE

Lutech's B2 CFR is supported by (1) an attractive Italian IT market
with significant medium-term growth potential, (2) the company's
broad product portfolio for defined industry verticals and high
technological expertise, (3) its solid, regional market position
and long-standing and well diversified customer base with some
share of recurring revenues, (4) forecasted Moody's adjusted free
cash flow above 5% of Moody's adjusted debt.

Conversely, the CFR is constrained by (1) Lutech limited geographic
diversification with 90% of revenues being generated in Italy as
well as the company's overall limited scale, (2) the competitive
Italian IT market with limited barriers to entry and the company's
entrenched position between large international players and a long
tail of highly specialized smaller players, (3) an elevated
starting leverage following the leveraged buy-out by private equity
firm Apax Partners which Moody's expect to be at 5.7x in 2021, (4)
risks associated with Lutech large net working capital position and
(5) the possibility of delayed deleveraging due to debt-funded
acquisitions or shareholder-friendly actions.

RATING OUTLOOK

Lutech is initially weakly positioned in the B2 rating category,
but the rating factors in gradual leverage improvements over the
next quarters. The stable outlook reflects Moody's expectation of
(1) continued growth in revenue and stable EBITDA margin over the
medium term; (2) no material re-leveraging from opening levels from
any future acquisitions, debt refinancing or shareholder
distributions; (3) ongoing cash flow generation equivalent to
annual Moody's adjusted FCF in the mid-single digits as a
percentage of Moody's adjusted debt; and (4) an adequate liquidity
profile.

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

Albeit unlikely at the moment, positive pressure could arise if:

significant increase in size and scale

Moody's adjusted debt/EBITDA moves sustainably below 4.5x

Moody's adjusted FCF/debt moves sustainably towards 10%

Adequate liquidity and absence of major debt-funded acquisitions

Conversely, negative pressure could arise, if:

Lutech's revenue and EBITDA decline substantially

Moody's adjusted debt/EBITDA rising above 6.0x on a sustained
basis

Moody's adjusted FCF/debt declines to low-single digit in
percentage terms

Any sign of weakening liquidity

STRUCTURAL CONSIDERATION

The capital structure of Lutech primarily consists of the EUR275
million guaranteed senior secured fixed rate notes due in 2027, a
EUR45 million super senior revolving credit facility due in 2026,
which benefits from the same guarantor and collateral package as
the notes, and a EUR4.5 million bilateral loan of which EUR1.5
million are secured by mortgages and the remainder is unsecured.
The collateral package of the notes includes certain share pledges,
intercompany receivables and bank accounts. The guarantor coverage
is set at a target minimum level of 80% of consolidated EBITDA. The
capital structure also includes a deferred consideration component
which Moody's expect to be paid in 2022 and be backed by the
sponsor in case that Lutech is no able to fulfill the obligation.

The B2-PD probability of default rating is at the same level as the
corporate family rating reflecting the use of a 50% recovery rate
as typical for these structures. The senior secured notes rank in
line with the corporate family rating at B2.

LIQUIDITY

Moody's consider the liquidity of Lutech as adequate, supported by
a pro forma starting cash of EUR39 million as well as access to a
fully undrawn EUR45 million revolving credit facility at closing of
the transaction. Moody's also expect the company to generate free
cash flow of at least EUR17-23 million per year. The liquidity is
in Moody's view sufficient to pay the deferred consideration
obligation of EUR20 million in 2022.

The revolving credit facility entails a springing covenant only
tested if the utilization is greater 40% of the committed amount.
Given the positive free cash flow Moody's do not expect the company
to draw on its revolving credit facility, but in the event it does,
Moody's expect ample capacity under the covenant level.

ESG CONSIDERATIONS

Moody's have considered in Moody's analysis of Lutech the following
environmental, social and governance (ESG) considerations.

In terms of social considerations, the industry faces the risk of
data leakages from cyberattacks, which could harm the company's
reputation and ultimately affect revenue and profitability.
However, the company has taken all necessary measures to protect
its customers' data and has structures in place to prevent such
events.

In terms of governance, Lutech is ultimately owned and controlled
by funds advised by private equity firm Apax Partners. Financial
policy is likely to be aggressive across the period as illustrated
by the high starting leverage. Despite the company's deleveraging
potential, Moody's see a risk of debt-funded shareholder
distributions and acquisitions because the tolerance for leverage
is high.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Milan, Italy, Lutech is a leading Italian IT
service company supporting their client base in a digital
transformation projects. The company operates in three main
segments, i.e. end-to-end tech enablers, digital services and
proprietary software solutions. Within end-to-end tech enablers,
the company designs provides, operates and secures cloud
environments including hybrid cloud infrastructures and cyber
security features. Within Digital Services, Lutech focusses on
consulting and the application of customer engagement solutions and
enterprise resource planning platforms. Within the proprietary
software solutions, Lutech develops and sells software to defined
core verticals.

The company is focused on the Italian market where it generates
around 90% of its revenues. Lutech is owned by funds ultimately
controlled by private equity firm Apax Partners which acquired it
from One Equity Partners in 2021.

In 2020, Lutech generated EUR434 million and a company adjusted
EBITDA of EUR54 million based on Italian GAAP.



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AZELIS HOLDING: Moody's Affirms B3 CFR, Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on Azelis Holding SARL as well as its guaranteed subsidiary
Azelis Finance SARL. Concurrently, Moody's affirmed all the
existing ratings of these entities, including Azelis' B3 corporate
family rating and B3-PD probability of default rating. Moody's also
assigned a B2 rating to the proposed EUR330 million first lien term
loan add-on to be issued by Azelis UK Holdings Ltd. The positive
outlook has been assigned to Azelis UK Holdings Ltd.

RATINGS RATIONALE

RATIONALE FOR THE EXISTING RATINGS AND THE OUTLOOK

The change of the outlook to positive and the affirmation of
Azelis' B3 CFR and B3-PD PDR recognizes the company's track record
of strong operational performance ahead of the rating agency's
expectations that continued through the pandemic. Despite some
exposure to cyclical industrial end markets hit by the pandemic, in
2020 Azelis managed to increase its EBITA, as reported by the
company, by 10% year-on-year and, therefore, to further reduce its
Moody's adjusted gross leverage from 6.9x in 2019 to 6.6x, while
increasing its cash balances.

Furthermore, Moody's expects that Azelis will experience good
EBITDA growth also in 2021 (high single digit %), supported by a
recovery in the industrial end markets and an ongoing growth in its
life science related businesses, and that it will maintain good
free cash flow (FCF) generation in around mid-single digit in % of
its adjusted debt enabled by its low investment needs. This
expectation increases the likelihood that the company will continue
its deleveraging trajectory through 2022 towards a level
commensurate with a B2 rating, such as Moody's adjusted debt/EBITDA
towards 6.0x.

The agency expects further deleveraging despite the recently
announced and mostly debt-funded acquisition of Vigon International
that on a pro-forma basis increases Azelis' leverage by roughly
half a turn. However, Moody's considers the acquisition to be
credit positive, because it will further strengthen the company's
position in a food ingredients business, which is one of the most
stable and most profitable segments of the specialty chemical
distribution industry, with a profitability well above the group's
average. A part of the purchase price is financed by equity (EUR50
million) injected by the sponsor and cash, which also limits the
negative effect on the company's gross leverage.

The action also recognizes that, since its acquisition by the
private equity company EQT in 2018, Azelis managed to strengthen
its business profile, while simultaneously reducing its leverage.
Between 2018 and 2020 the company increased its revenues by almost
one fifth through a combination of organic growth and bolt on
acquisitions in a highly fragmented market; improved its
geographical diversification towards faster growing markets;
increased the share of the typically more stable and more
profitable life science end markets in its mix; and further
improved its Moody's adjusted operating margin from 5.9% to 6.6%,
which is now among best-in-class in the industry and above-average
in the broader peer group of rated distribution companies. During
the same period its Moody's adjusted gross leverage reduced by
roughly half a turn.

Azelis' liquidity remains adequate considering its good FCF
generating capabilities, the access to an undrawn EUR100 million
revolving credit facility and the maturity profile with its term
loans not coming due before 2025. However, the company continues to
carry a relatively sizeable amount of short-term debt that also
includes uncommitted lines. The maintenance of the B3 CFR is
contingent upon Azelis being able to manage the exposure to the
short-term debt and retain an adequate liquidity buffer.

RATIONALE FOR THE ASSIGNMENT OF THE RATING TO THE TERM LOAN ADD-ON

The assignment of the B2 rating to the proposed EUR330 million
first lien term loan add-on tranche reflects the tranche's
pari-passu ranking with other already existing first-lien tranches
that are also rated one notch above Azelis' CFR, reflecting the
buffer provided by the relatively sizeable lower-ranking
second-lien facilities in a default scenario. However, with its
increased share in the capital structure, the average recovery of
the first lien debt is decreasing, which in turn weakens the case
for a rating uplift for these instruments above CFR.

Given the strong positioning of Azelis' B3 CFR, Moody's continues
to maintain a notch differential for these instruments for now.
However, an upgrade of Azelis' CFR to B2 may not necessarily lead
to an upgrade of the rating of the first lien debt instruments.
Similarly, a weakening of Azelis' positioning in the B3 CFR or a
further reduction of the share of the second lien debt in the
capital structure may lead to a downgrade of the B2 rating of the
first lien debt.

ESG CONSIDERATIONS

Azelis' CFR factors in its private equity ownership, which entails
weaker reporting standards than that of public companies, and a
financial policy, which tolerates high leverage. Although external
growth beyond Azelis' FCF generating capabilities that would slow
down deleveraging is a key risk factor, Azelis has a well-defined
acquisition strategy and a good track record of successfully
integrating acquisitions into the group and achieving operational
efficiencies. Environmental and social considerations are not
material for its credit quality.

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

Positive pressure on the B3 CFR could develop if Azelis continued
its deleveraging trajectory towards Moody's adjusted gross debt to
EBITDA of 6x, while maintaining EBITDA margins above 8% and
consistently generating positive FCF. Negative pressure on the
rating could arise should significant deterioration in operating
performance and extended period of negative FCF generation lead the
group to exhibit heightened leverage for a prolonged period of
time, including Moody's adjusted gross debt to EBITDA exceeding 7x,
and a weakened liquidity profile.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Azelis UK Holdings Ltd

Senior Unsecured Bank Credit Facility, Assigned B2

Affirmation:

Issuer: Azelis Finance SARL

Senior Unsecured Bank Credit Facility, Affirmed B2

Issuer: Azelis Holding SARL

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

Outlook Actions:

Issuer: Azelis Finance SARL

Outlook, Changed To Positive From Stable

Issuer: Azelis Holding SARL

Outlook, Changed To Positive From Stable

Issuer: Azelis UK Holdings Ltd

Outlook, Assigned Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Headquartered in Luxembourg, Azelis is one of the world's leading
distributors of specialty chemicals and food ingredients. In 2020
the company generated revenue of around EUR2.2 billion.



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R U S S I A
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AFK SISTEMA PAO: S&P Alters Outlook to Positive, Affirms BB Rating
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Russian investment
holding company AFK Sistema PAO to positive and affirmed its 'BB'
rating on the company.

The positive outlook reflects that S&P could upgrade Sistema over
the next 12-18 months if its portfolio and cash dividend received
become progressively less reliant on MTS, with the LTV remaining at
20%-25%.

Sistema's portfolio and leverage have benefitted from Segezha's
recent IPO; we therefore think Sistema has strengthened its
position in the 'BB' rating category. Segezha's IPO is the second
one Sistema has successfully completed in slightly less than six
months, suggesting that Sistema's portfolio is shifting to a more
mature phase. S&P said, "At the same time, we consider the improved
LTV primarily as a function of increased asset evaluations as
opposed to a lower level of debt in absolute terms. We continue to
expect that more liquid assets could support Sistema's net asset
value over the next 12-18 months. We currently estimate that
Sistema's portfolio totals about $11.2 billion."

Sistema's two recent IPOs have improved its financial flexibility,
with its LTV now close to 20%, which could sustain a higher rating.
Moreover, the portfolio composition is now somewhat rebalanced,
with its top three assets making up about 80% of Sistema's
portfolio value. That said, it would take up to several years for
Sistema to reduce its reliance on MTS, its primary source of
dividends and credit quality. S&P said, "Additionally, given the
fast pace at which Sistema's portfolio has grown over the past few
quarters, we do not think the portfolio is shielded from potential
asset valuation volatility. We therefore think Sistema would need
to further strengthen its overall asset quality, while maintaining
an LTV of 20%-25%, to sustain a higher rating level."

Sistema's investee company, Segezha, completed the first public
listing of its shares on the Moscow Stock Exchange at the end of
April 2021. Segezha issued Russian ruble (RUB) RUB3.75 billion new
shares and raised RUB30 billion. S&P said, "We expect Segezha will
use most of this for leverage reduction and business expansion. We
assess that Segezha accounts for about RUB92 billion of Sistema's
total portfolio. As a result, Sistema's portfolio value increased
by about 18% to about RUB860 billion ($11.2 billion) from RUB726
billion in December 2020, when Ozon completed its IPO. Sistema's
73.7% stake in Segezha is now valued at $1.2 billion. Segezha
accounts for about 11% of the portfolio and is the third largest
asset after Ozon and MTS--these three subsidiaries cumulatively
represent about 80% of Sistema's total portfolio value. The listing
increased Sistema's financial flexibility, with an LTV now
estimated at 21.3%, down from about 25% when Ozon completed its
IPO. Sistema would need to show a positive track record in
maintaining a defensive level of leverage to sustain a higher
rating. That said, we also note that management has dedicated the
proceeds of asset disposals to debt reduction over the past several
months."

Segezha's recent listing increased the share of liquid assets to
about 80%, from about 70% at the time of the Ozon listing in
December 2020. S&P said, "That said, we do not think Sistema can
necessarily sell its listed assets at any given point in time. Ozon
and Segezha have customary lock-up clauses expiring six months from
the IPO date; nonetheless, we consider these two assets as fully
listed. Moreover, we think there are strong legacy ties between
Sistema and MTS. We therefore expect Sistema's stake in MTS will
remain above 45% for the foreseeable future, so we consider that
Sistema's listed portfolio is not fully liquid. We still think
Sistema's growth portfolio would need to further develop to
rebalance the company's reliance on MTS in terms of divided
contribution. We estimate that MTS' dividends and share buyback
represented about 70% of Sistema's cash dividend income in 2020."

Sistema's portfolio comprises several assets that remained
resilient during the pandemic in terms of operating performance.
These include telecom MTS, forest products producer Segezha, health
care provider Medsi, and agricultural producer Steppe. MTS reported
stable operating income before depreciation and amortization
(OIBDA) in 2020 compared with 2019. Medsi reported improved OIBDA
of RUB6.9 billion, up by 16.4% from the previous year. Segezha's
OIBDA increased by 25% and Steppe's increased by 136% in the same
period.

The positive outlook reflects S&P's view that it could upgrade
Sistema over the next 12-18 months.

S&P said, "We could upgrade Sistema if it adheres to a tighter
financial policy with LTV remaining at 20%-25%. Sistema would also
need to continue developing its portfolio such that its reliance on
MTS progressively diminishes in terms of cash dividend sources and
overall portfolio quality. An upgrade is also contingent on Sistema
maintaining adequate liquidity over time and ample covenant
headroom, proactively managing its debt maturities.

"We could revise our outlook to stable if Sistema's financial risk
profile deteriorates, with the LTV ratio approaching 30%. This
could be a result of an aggressive debt-financed acquisition, which
we currently do not expect, asset divestment not balanced by
proportionate debt reduction, or performance deterioration of
Sistema's key assets, which is not our base case."




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AEDAS HOMES: Moody's Assigns Ba2 CFR on Good Market Position
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating and a Ba2-PD Probability of Default rating to AEDAS Homes,
S.A. (AEDAS or AEDAS Homes). Subsequently, it has assigned a Ba2
rating to its new EUR315 million backed senior secured notes, to be
issued by AEDAS HOMES OPCO, S.L.U. and to be guaranteed by AEDAS.
The outlook on the ratings is stable.

RATINGS RATIONALE

The Ba2 CFR is supported by: (1) AEDAS Homes' leading market
position in the fragmented Spanish homebuilding market; (2) its
best in class profitability supported by disciplined investment
criteria and its ability so far to fully replenish its landbank at
a cost consistent with net development margins well above 20%; (3)
a prudent balance sheet management and conservative financial
policy that limits leverage to a maximum net loan to value (LTV) of
20% (corresponding to a Net debt / EBITDA below 2.0x); (4) its
focus on economically dynamic Spanish regions and first move-up and
second home markets with a housing product that caters to mid and
upper-end income customers; (5) its fully-permitted and
well-located landbank offering around 5 years revenue visibility at
an average annual production rate of 3,000 units and (6) supportive
medium to long-term fundamentals such as structural undersupply and
a growing number of households in the regions where AEDAS
operates.

On the other hand, the rating is constrained by: (1) its small
scale and a limited operating track record of less than 5 years;
(2) the cyclicality of the homebuilding industry and the sharp
economic contraction in Spain due to the coronavirus pandemic which
is likely to temper demand for new homes against a backdrop of
weaker consumer confidence, rising unemployment as well as
potentially reduced availability of mortgage-loans and/or tighter
underwriting criteria of banks; (3) risk of impairment of the owned
landbank -- mitigated by its location, fully-permitted nature and
unrecorded capital gains -- next to potential challenges to acquire
fully-permitted land plots at reasonable prices; (4) potential
event risk due to the fragmented nature of the market with
consolidation opportunities as smaller homebuilders fail and (5)
general cost inflation leading to higher prices for future land,
labour and building materials that can pose challenges to the
group's strong profit margins.

RATING OUTLOOK

AEDAS Ba2 CFR will be initially weakly positioned and will require
that the company continues strengthening its business profile via a
growing scale, a solid track record of good operating results
combined with strong credit metrics. However, the stable outlook
reflects Moody's expectation that AEDAS Homes will successfully
execute its business plan while continue operating with
conservative financial structure and maintaining a good liquidity
profile over the next 12 to 18 months. Moody's do not expect a
sharp deterioration of the Spanish housing market conditions and
believe that homebuying demand might steadily firm up once the
economic environment improves given the supportive underlying
medium to long-term fundamentals in the regions where AEDAS Homes
operates.

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

WHAT COULD CHANGE THE RATING UP

The ratings could be upgraded if AEDAS is able to significantly
increase its scale and strengthen its business profile with a solid
track record of good operating results combined with strong credit
metrics. Specifically:

Revenue grows to above $2.5 billion while a gross margin around
current levels (28% in FY2021) is maintained

Debt to book capitalization is sustained below 20% with a net debt
to EBITDA below 1.5x

EBIT interest coverage in the high single digits, on a sustained
basis

Maintenance of a very good liquidity profile, including strong
free cash flow generation

Stability of economic and homebuilding industry conditions in
Spain

WHAT COULD CHANGE THE RATING DOWN

The ratings could be downgraded if:

The company breaches its financial policy

Debt to book capitalization is sustained above 25% or net debt to
EBITDA rises above 2.0x

Gross margin falls meaningfully below current levels

Company fails to maintain land bank covering 4 to 5 years of
average sales

AEDAS uses debt to fund substantial land purchases, acquisitions
or shareholder distributions

The company's liquidity profile deteriorates

End market conditions deteriorate meaningfully resulting in net
losses and material impairments

LIQUIDITY

AEDAS Homes' liquidity is expected to be good. The group's internal
cash sources comprise around EUR240 million of cash on balance
sheet pro forma of the proposed transaction, as well as funds from
operations between EUR100 million and EUR125 million over the next
12 to 18 months. Together with EUR150 million available under its
commercial paper program (70% of which is guaranteed by Spain's
Official Credit Institute) and of which EUR96 million remains
available. Finally, pro forma for the refinancing the company will
have backstop liquidity available under the new Super Senior
Revolving Credit Facility (RCF) between EUR50 and EUR60 million.
All these funds will comfortably cover all expected cash needs in
the next 12-18 months.

Current asset-level financing is comprised of developer loans, with
long maturity dates (of approximately 25 years) and repayment
executed from proceeds upon delivery of the financed units to its
customers. AEDAS has a very granular and well diversified
development loan book currently amounting to EUR167million (out of
EUR540 million funding approved).

Company's financing strategy is based on diversified sources of
funding with an average maturity of higher than three years and
with fixed rate debt accounting for over 60% of gross debt.

The liquidity assessment also considers that there will be one
springing leverage covenant attached to the new RCF, which is
tested if the RCF is drawn by more than 40% and which Moody's
expect to be set with ample headroom.
Overall, the transaction will ensure a strong funding
diversification towards predominantly unsecured borrowings by the
year-end March 2022, long-dated maturity profile, with nearly no
scheduled debt maturities over the next four years.

STRUCTURAL CONSIDERATIONS

The proposed senior secured notes will be issued by AEDAS HOMES
OPCO, S.L.U. and guaranteed by AEDAS Homes, S.A., the top company
of the restricted group.

The senior debt instruments will be secured by pledges over shares
of guarantor entities and intra-group receivables of certain
subsidiaries of the group. Consistent with Moody's methodology and
given a potentially swiftly diminishing collateral value in a
potential default scenario Moody's model trade payables as well as
pension obligations in line with the senior ranking bank debt. The
senior debt instruments are guaranteed by material subsidiaries of
the group representing at least 95% of consolidated EBITDA and/or
aggregate gross assets. Moody's assume a standard recovery rate of
50%, which reflects the covenant lite nature of the debt
documentation.

The Ba2 instrument ratings - in line with the CFR -- result from
the considerations above as well as the fact that under a
forward-looking view as per year-end March 2022 the company's
capital structure will merely consist of its new EUR315 million
senior secured notes maturing in 2026 as well as limited drawings
under its commercial paper program at below EUR50 million.

Moody's expected that mortgage-debt related to future drawings
under development-loans and future drawings under its new super
senior RCF will remain very limited, so that first-ranking debt
will represent less than 10% of the debt mass.

ESG CONSIDERATIONS

AEDAS Homes' largest shareholder is the PE fund Castlelake through
Hipoteca 43 Lux S.A.R.L company with a 61% stake. The remaining
shares are owned by institutional investors and free float. Moody's
regard PE-dominant ownership structures to be more prone towards
more aggressive financial policies, however what distinguishes the
company from other ones that are also predominantly owned by PE
investors is that AEDAS has a publicly communicated financial
policy that limits leverage to a maximum net LTV of 20%, which is
consistent with a Net Debt / EBITDA below 2.0x.

The company's governance structure includes a Board of Directors
with 9 members, 6 of which independent. It also has a remuneration
and audit and control committees. Company benefits from an
experienced management team.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

CORPORATE PROFILE

AEDAS is a leading Spanish homebuilder. The company's gross asset
value (GAV) amounts to EUR2.1 billion with a gross development
value of over EUR5 billion. The company delivered 1,963 units as of
FYE 03/2021, generating EUR672 million revenues and EUR133 million
EBITDA. A sizeable order book of around EUR1 billion provides solid
revenue visibility over the next 3 years, especially when
considering the high levels of pre-sales reported by the company,
which stand at 72% for FYE 03/2022 and 40% for FYE 03/2023. The
company's strategy targets to deliver 3,000 units per year on a
run-rate basis and thus reach EUR1 billion revenues and EUR200
million EBITDA by year-end March 2023.

AEDAS Homes is a public limited company. Its shares have been
traded in Madrid, Barcelona, Bilbao, and Valencia since IPO in
2017. The company's current market capitalization stands at EUR1.03
billion.

AERNNOVA AREOSPACE: S&P Cuts Ratings to 'B-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its ratings on Spain-based Aernnova
Areospace Corp. to 'B-' from 'B'.

The stable outlook reflects the group's healthy liquidity in the
absence of short-term debt maturities, after its refinancing and
full repayment of its revolving credit facility (RCF) in 2020.

Challenging conditions in the aerospace industry will keep
Aernnova's results under pressure through 2021 at least. S&P said,
"We forecast that the civil aerospace sector and global air
passenger traffic will recover weakly in 2021, with traffic and
revenue still 40%-60% lower than in 2019, compared with our
previous estimate of 30%-40% lower. Airlines cut flights sharply in
response to the collapse in demand, but more seats are empty and
fares are even lower. This year, we'll see a positive trend overall
relative to 2020 as progress on testing and vaccines limits risks
and travel restrictions ease. Economic recovery should help as
well, but this is secondary to vaccinations against the
coronavirus. If the EU can accelerate vaccine production and
rollouts, we think it could achieve widespread immunization by the
end of the third quarter, enabling air passenger traffic to recover
more meaningfully later this year. Nevertheless, we assume European
air passenger traffic will recover to only 30%-50% of 2019 levels.
We therefore revised down our projections of Aernnova's credit
metrics for this year and now see 2021 as a transitional year
before a slight recovery in 2022. Thanks to the group's ongoing
progress in restructuring the business, lowering headcount, cutting
capital expenditure (capex), and consolidating production sites, a
slight improvement of credit metrics is expected in 2021."

Despite pressure on revenue and EBITDA, S&P believes that Aernnova
will generate positive FOCF in 2021. To cope with reduced demand
due to the pandemic, Aernnova's management has implemented measures
to gain flexibility and restore its cash consumption. These,
alongside the cancellation of purchase orders, annual reduction of
inventories, and lower labor costs since July 2020 should enable
the group to generate about EUR15 million of adjusted FOCF in 2021,
up from negative EUR35 million estimated in 2020.

Management's prudent actions have bolstered Aernnova's liquidity
and given it the resources to rightsize the business through this
challenging period. Aernnova executed a EUR490 million refinancing
transaction in 2020 and postponed a shareholder dividend. It also
secured new loans totalling EUR20 million guaranteed by the Spanish
government and another EUR88 million loan from the Spanish
government for capex on programs and research and development
activities. S&P said, "We expect management will continue to
control costs, enabling the group to stem cash outflow and generate
positive FOCF in 2021. These actions have all resulted in a good
liquidity position. The group has repaid the EUR35 million it drew
from its RCF in first-quarter 2020. Furthermore, with EUR179
million of cash on Dec. 31, 2020 and no debt maturing in the next
two years (Term Loan B is due in 2027), we estimate Aernnova has
enough cash to weather the pandemic, rightsize the business, and
invest in capex if it decides to pursue adjacent opportunities."

Restructuring costs required to adjust to lower demand will weigh
on profitability. Aernnova continues to occupy niche,
market-leading positions, and has key relationships with major
civil aerospace customers. S&P said, "We also see some geographic
concentration compared with its peer group. The majority of
Aernnova's revenue comes from a few core markets: Spain (about 45%
of revenue), the rest of the EU (about 20%), the U.S. (about 10%),
Brazil (about 10%), Canada (about 8%), and the U.K. through the
acquisition of Hamble in 2020. Furthermore, Aernnova benefits from
its position as a tier 1 and tier 2 supplier with a high customer
concentration. Original equipment manufacturers (OEMs) of aircraft,
and tier 1 suppliers that produce large assemblies or components,
generally face a limited number of competitors. For lower-tier
suppliers, which produce smaller assemblies, or basic parts or
components, there are generally many more competitors. The group
has been able to reduce labor costs to offset the decrease in
production demand. We therefore expect the group's adjusted EBITDA
margins will gradually increase to 10% or higher in 2022. A swift
recovery in profitability to this level would underpin our
assessment of the group's business risk profile as fair, and our
issuer credit rating."

S&P said, "We view as positive Aernnova's experienced management
and the owners' commitment to support the group.We continue to
assess the group's financial policy as financial sponsor-6 since it
is partly private equity owned. The company has a clear strategic
planning process, and management is well experienced; the chairman,
CEO, chief operating officer, chief corporate officer, and chief
financial officer have almost 60 years of combined experience at
Aernnova. The chairman, CEO, and senior management own a 24.2%
stake in the company. Furthermore, we note as positive that the
external shareholders Towerbrook (approximate 37.6% share),
Peninsula Capital (about 14.7%), and Torreal (about 10%) postponed
the payment of EUR100 million in dividends early in 2020 to give
the group flexibility and a liquidity cushion as the pandemic
started to affect the industry. Although Aernnova is majority owned
by financial sponsors, before the outbreak of COVID-19, management
showed its commitment to keep debt to EBITDA well below 5x.

"We apply a one-notch negative adjustment based on our comparable
ratings analysis, leading to the 'B-' rating. This is to take into
account our projection of Aernnova's credit metrics being weaker
than companies in the same rating category in 2021, owing to the
expected slower recovery and ongoing uncertainty in the aircraft
sector. Furthermore, we consider that low profitability, with
adjusted margins staying below 10% in 2020 and 2021, is weighing on
the company's business profile and its capacity to generate
margins."

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."

S&P said, "The stable outlook reflects our view that the group has
sufficient liquidity and measures implemented should allow it to
face reduced demand amid the pandemic in 2021, which we consider a
transitional year. We forecast that Aernnova can maintain credit
metrics commensurate with the rating, specifically, adjusted EBITDA
margins recovering to at least 10% in 2022, at least neutral FOCF,
and funds from operations (FFO) cash interest coverage higher than
2.5x over our 12-month outlook horizon.

"We could lower the rating on Aernnova if Airbus' passenger
aircraft production rates were cut again or Aernnova's production
rates did not recover as expected, resulting in negative FOCF for a
long period or a negative FFO cash interest coverage ratio without
prospects for swift improvement. If profitability does not recover,
that could also put pressure on the group's business profile. We
could also lower the rating if the ratio of liquidity sources to
uses were to decrease to less than 1.2x or if Aernnova defaults on
interest payments.

"We could take a positive rating action if Aernnova's EBITDA
margins increase sustainably beyond 10%, with continued positive
FOCF and FFO cash interest coverage above 2.5x, supported by
positive industry trends, adequate liquidity, and robust operating
performance. Given the high leverage, we see rating upside as
limited."




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

AMIGO: Financial Conduct Authority to Oppose Rescue Plan
--------------------------------------------------------
MoneyExpert reports that in a U-turn, the City regulator has
announced that it will oppose in court guarantor lender Amigo's
rescue plan, which would limit compensation payouts to borrowers
mis-sold high-cost loans.

Amigo sells loans at 49.9% APR, usually to borrowers with poor
credit histories and guaranteed by the borrowers' family members or
friends, MoneyExpert discloses.  It's drawn criticism, and high
volumes of customer complaints, over allegations it has sold
customers loans they can't afford and saddled guarantors with debt,
MoneyExpert notes.

According to MoneyExpert, the Financial Conduct Authority (FCA) has
been investigating Amigo over its alleged failure to carry out
basic financial checks on borrowers before selling its guarantor
loans.

When customer complaints are upheld, Amigo has been required to
refund the interest customers have paid on the loan or update the
loan balance, MoneyExpert states.

Facing a hefty bill for compensation and skidding share price,
Amigo has proposed a "scheme of arrangement," as permitted under
part 26 of the Companies Act 2006, for handling customer
complaints, MoneyExpert relays.  Under proposals that have been
branded a rescue plan for the company, Amigo would limit its
compensation pool to GBP35 million and 15% of profits over the next
five years, according to MoneyExpert.

With an estimated 1 million current and former customers
potentially in line for payouts, this would mean customers could
receive just 5% to 10% of the money they're owed from successful
claims, MoneyExpert notes.

Amigo says that if the plans aren't adopted, it will become
insolvent, meaning customers will receive even less or nothing for
their claims, according to MoneyExpert.  Previously, customers
mis-sold loans have received as little as 3-4% of the redress
they're owed after their lender has fallen into administration.  

Amigo asked customers to vote on the rescue plan to cap
compensation and said that 95% of current and former customers are
in favour, MoneyExpert notes.  The plan requires support from at
least 50% of creditors, owed 75% of the value of claims,
MoneyExpert says.

However, campaigners have objected to a provision in the plan that
would allow board directors to earn GBP7 million in long-term
bonuses, MoneyExpert states.

The Financial Conduct Authority has now written to Amigo in court
saying it believes the scheme is unfair and will challenge it in
court, MoneyExpert discloses.  This is a reversal in the
regulator's decision in March when it said it didn't agree with
Amigo's proposed scheme of arrangement but wouldn't oppose it,
MoneyExpert notes.

According to MoneyExpert, the letter from the FCA to Amigo's chief
executive Gary Jennison states: "The FCA remains concerned that
redress creditors will have their claims significantly reduced
whilst other stakeholders, such as shareholders, are not being
asked to contribute their fair share to enable the firm to stay
solvent."


BURY FC: Administrators Put Gigg Lane Stadium Up for Sale
---------------------------------------------------------
Sarah Townsend at North West Place reports that Bury FC's
12,000-capacity stadium has been put on the market, after initial
attempts to dispose of the asset last year ground to a halt.

According to North West Place, talks are already being held with
interested buyers, including an unnamed community interest group,
and other parties.

Last March, Place North West reported that a consortium of eight
local businessman hoping to save the club from administration had
asked Bury Council to purchase the Gigg Lane ground and then lease
it back to the consortium, North West Place recounts.

However, Bury FC collapsed in November more than a year after the
club was expelled from the Football League in 2019, and no deal was
reached, North West Place notes.  The ultimate aim of the
administration was to rescue the club as a going concern, enabling
it to seek readmission to the football pyramid system, North West
Place states.

Now, Steven Wiseglass, the club's administrator at Inquesta
Corporate Recovery & Insolvency, has appointed Fleurets as agent to
sell the 135-year stadium, North West Place relays.

The 6.4-acre stadium site, which was redeveloped in various stages
during the 1990s, also includes the ticket office and club shop,
North West Place says.  The stadium is freehold, and Fleurets is
seeking unconditional offers for the entire property.

"As part of the administration process, I have been liaising with
the secured charge-holder over the stadium and have now appointed
Fleurets to actively market the stadium for sale," North West Place
quotes Mr. Wiseglass as saying in a statement.

"My role is to secure the best possible outcome for all
stakeholders of The Bury Football Club Company.  Bury FC is a club
with a rich history and a loyal and enthusiastic fan base, and I
hope a suitable buyer will be forthcoming to secure the future of
football at Gigg Lane.

"All expressions of interest should be submitted directly to
Fleurets."

Mr. Wiseglass added: "It is understood there may be an offer from a
community interest group to purchase the stadium and trading name
as a result of the Chancellor's announcement in the recent Budget
to provide matched funding for purchasing assets of community
interest.

"There are other potential parties interested in acquiring the
business and assets, and I am liaising with them." Inquesta is
continuing to investigate the financial transactions that led to
the club going into administration as part of the process.  The
club reportedly has more than £12m in unsecured debt.


CONTOURGLOBAL PLC: S&P Downgrades ICR to 'BB-', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
ContourGlobal PLC to 'BB-' from 'BB'. S&P also lowered its
subsidiary ContourGlobal Power Holdings (CGPH) to 'BB-' from 'BB',
based on the guarantee from ContourGlobal. S&P lowered its rating
on the existing senior secured debt at CGPH to 'BB' from 'BB+',
while the recovery rating on this debt remains '2'.

The stable outlook reflects S&P's view that the company has a fully
operating portfolio with increasing diversification in terms of
technology, fuel, and resource type and geography. S&P anticipates
holdco debt to EBITDA no higher than 5x and EBITDA interest
remaining over 6x.

ContourGlobal PLC, a developer of thermal and renewable power
generation assets, recently completed a $837 million acquisition of
the 1.5GW thermal assets of U.S.-based WG Partners Acquisition
LLC.

The acquisition strengthens ContourGlobal's geographical diversity
and scale, and will increase its debt leverage to close to 4.5-5.0x
over the next three years from around 3.5x in 2020.

S&P said, "We expect S&P Global Ratings-adjusted leverage will be
elevated following the completion of the acquisition of WG Partners
Acquisition LLC's despite planned deleveraging in the short
term.ContourGlobal completed the acquisition of WG Partner
Acquisition's gas and cogeneration portfolio based in the U.S. and
Trinidad and Tobago for an enterprise value of $837 million,
including $210 million existing net debt at the asset level. The
total cash consideration to the seller of $661 million (including
$34 million of fees) was funded by a combination of a $175 million
bridge loan, $320 million of new debt (as part of the $872 million
senior secured notes issued in December 2020), and $167 million
cash on hands.

"We believe ContourGlobal's leverage could increase to slightly
above 5x over the next two years if it fails to monetize existing
assets to deleverage its capital structure. The company has
reasonable certainty over a number of potential transactions that
will deliver proceeds to repay the $175m bridge loan and fees. We
expect the leverage and interest coverage ratios to range between
4.5x-5.0x and 6.0x-7.0x, respectively, compared to our
pre-acquisition expectations of around 3.5x leverage."

ContourGlobal will likely continue focusing on expanding its
business; the impact on its credit quality depends on its financial
policy. It has an ambitious plan that involves M&A and the
development of greenfield projects, aiming for consolidated EBITDA
of $1 billion by the end of 2022, from $722 million in 2020
(consolidated basis) without new equity contributions. The company
may build up cash resources and cash generation to pursue further
growth, but additional debt-funded acquisitions could pressure the
ratings. S&P said, "We expect it will continue to focus on
renewables in Europe and thermal power plants in the U.S. and
LATAM. Given its track record of portfolio expansion, we continue
to factor in acquisitions of $80 million per year in the next two
years. We forecast normalized asset-level distribution of $300
million-$350 million (including an average of $40 million from for
potential M&A) over our 2021-2023 horizon compared with $250
million-$275 million in 2014-2019 (normalized distribution
excluding one-offs)."

S&P said, "The 1.5GW capacity of the WG Partners acquisition has
added scale, diversification, and synergies to ContourGlobal's
portfolio, but does not changed our business risk profile
assessment.We consider the transaction to be a good strategic fit
for ContourGlobal due to the proximity of some of the assets to its
existing power plants in the U.S. and the possibility of extracting
synergies. The portfolio consists of six operating companies
comprising 12 gas-fired power plants, mostly located in the U.S.
and one in Trinidad & Tobago. Collectively, these plants increased
ContourGlobal's generation capacity to 6,307MW from 4,845MW. These
plants will also contribute about $20 million-$40 million in annual
normalized dividends. Even though this cash flow contribution is
not sufficient to fully mitigate ContourGlobal's higher
indebtedness, the existing contracts substantially mitigate market
risk exposure and support stable cash flows."

This is because the contracts are mostly with highly rated
offtakers and have fixed-rate capacity payments, energy payments
linked to fuel costs, or tolling revenues with no fuel obligation.
ContourGlobal will also benefit from increased exposure to
developed markets (U.S. and Europe), dollar-denominated cash flows,
and increasing diversification of its energy mix (44% thermal
generation,39% renewable generation capacity, 17% Cogeneration and
3% Biogas). On the other hand, there is risk of re-contracting and
merchant power pricing, as the average duration of contracted cash
flows is nine years.

S&P said, "The stable outlook reflects our expectations that
adjusted holdco debt to EBITDA will be no higher than 5x and holdco
EBITDA to interest will remain over 6x over our forecast
period(2021-2022).

"We also expect the portfolio of power generation assets will
continue to operate under long-term contracts with mostly
investment-grade counterparties, and generate fairly predictable
cash flows to support its holdco debt obligations. We also expect
ContourGlobal to maintain portfolio diversity in terms of the
percentage of contributions from the three largest assets.

"We could downgrade ContourGlobal if we see a falloff in
distributions from the asset portfolio, or an increase in debt at
CGPH such that adjusted holdco debt to EBITDA increases above 5x,
or we see EBITDA to interest decline below 3x in the next two
years. This could happen because of new acquisitions or weaker
counterparty risks from off-takers or governments. Other risks are
higher capital spending on new assets, a falloff in renewable
resources, or operating-cost escalations.

"We see an upgrade in the short-to-medium term as unlikely. We
could consider raising the rating if the company reduced leverage,
with adjusted holdco debt to EBITDA declining to below 4x and
EBITDA interest coverage staying well above 6.0x. We would also
likely need to see continued cash flow diversification in less
risky countries. Despite improved scale and cash flow stability
over the past few years, emerging market exposure could still limit
rating upside."

ContourGlobal is a project developer and operator of a diversified
portfolio of contracted renewable and thermal generation assets.
The group operates 117 power plants with gross capacity of
approximately 6.306GW across 20 countries in Europe, the Americas,
and Africa.

Founded in 2006 by the current CEO Joseph Brandt (formerly at AES
Corp.), ContourGlobal has grown by acquiring assets already in
operation or at an advanced stage of development. It has a pipeline
of greenfield and M&A projects to deliver on its strategy to pursue
growth. The company has been listed on the London Stock Exchange
since November 2017.

Assumptions

-- Company gross debt of about $1.3 billion at the parent over the
forecast period, factoring in the repayment of the $175 million
bridge loan facility.
-- S&P net cash against debt at $50 million per year because it
understands this is the minimum cash the company would keep on its
accounts.

-- S&P expects annual distributions stemming from its operating
assets of $300 million-$350 million between 2021-2023), including
cash flow contributions from high-probability acquisitions.

-- Expected corporate level expenses of about $45 million-$50
million per year.

-- S&P also assumes some effect of resource risk and forecast cash
flows from renewables under the P90 case.

-- S&P expects acquisitions to consume an average of an average of
$80 million cash in 2021-2022 in the form of equity investments.

-- Dividends rising by about 10% per year, from $105 million in
2020.

Key metrics

S&P said, "We assess ContourGlobal's liquidity as adequate, based
on our expectation that liquidity sources for the next 12 months
will cover uses by more than 1.2x and coverage remaining above 1x
for the following year. Our assessment of its liquidity is also
supported by its good standing in capital markets and prudent risk
management."

S&P estimates liquidity sources for the next 12 months are:

-- About $59.6 million of unrestricted cash and equivalents at the
parent level;

-- Undrawn revolving credit facility of $125 million; and

-- Positive cash flows of about $300 million-$330 million.

S&P estimates principal liquidity uses for the same period will
comprise:

-- About $175 million bridge loan facility guaranteed by
ContourGlobal;

-- Total dividends of about $110 million-$110 million;

-- Capital spending of $25 million-$30 million; and

-- Annual M&A of around $80 million on average.

S&P expects the company to maintain covenant compliance in the next
12 months.

-- Debt to EBITDA of no greater than 5.00x; and

-- Debt service coverage ratio of at least 2.00x.

ContourGlobal's capital structure comprises about $1.5 billion of
senior secured notes (excludes $175 million bridge loan) issued by
its subsidiary CGPH, including a EUR120 million RCF. The '2'
recovery rating on debt at CGPH remains unchanged (70%-90%), which
supports a one-notch uplift from the issuer rating of 'BB'.

-- S&P's recovery analysis gauges the likely recovery on
ContourGlobal's corporate-level debt if it were to default. It
assumes that ContourGlobal would remain a going concern after any
default and estimate recovery value through a discounted cash flow
analysis.

-- S&P's default scenario for ContourGlobal contemplates a default
arising from material declines in operating performance and asset
reliability, higher-than-expected operating costs, currency
movement, and some political risk.

-- In this scenario, S&P expects CG subsidiaries with
project-level debt to reduce or temporarily suspend distributions
to the company.

-- CG has a large portfolio, yet few subsidiaries are key to its
debt service. S&P can base a simulated default path on different
assumptions that entail losses of a combination of subsidiary
distributions. However, almost any default path would require cuts
to distributions from subsidiaries.

-- Simulated year of default: 2025

-- S&P cuts distributions by 30% of the base case, based on its
assessment of the probability of sustained distributions; The
reduction is in line with peers.

-- S&P assumes that the EUR120 million revolving credit facility
is 85% drawn before default.

-- S&P applies an average discount rate of 12.5%.

-- Gross enterprise value at emergence: about $1,200 million

-- Administrative expenses: 5%, or about $65 million

-- Net enterprise value (after 5% administrative costs): about
$1,135 million

-- Total first-lien claims: about $1,456 million (assumes the
corporate revolver is 85% drawn)

    --Recovery expectations: 70%-90% (rounded estimate: 80%)




DIGNITY FINANCE: S&P Places 'B+' Rating on B notes on Watch Neg.
----------------------------------------------------------------
S&P Global Ratings placed on CreditWatch negative its 'A- (sf)' and
'B+ (sf)' ratings on the class A and B notes issued by Dignity
Finance PLC.

Dignity Finance is a corporate securitization of the U.K. operating
business of the funeral service provider Dignity (2002) Ltd.
(Dignity 2002 or the borrower). It originally closed in April 2003
and was last tapped in October 2014.

The transaction features two classes of fixed-rate notes (A and B),
the proceeds of which have been on-lent by the issuer to Dignity
2002 via issuer-borrower loans. The operating cash flows generated
by Dignity 2002 are available to repay its borrowings from the
issuer, which in turn uses those proceeds to service the notes.

At a general management meeting held on April 22, a quorum
representing 89% of the company's issued share capital voted, with
55% in favor to remove Clive Whiley as a director, and 61% voted to
appoint Gary Channon as an executive director of the company. In
effect, only 55% voted to appoint a new CEO, which S&P views as an
indicator of a fundamental misalignment between the shareholders
and the management. Moreover, recent developments, including
management fluctuations and the conflicting communications about
plans for Dignity's crematoria division, reflect weaknesses in
management and governance that can adversely affect decision-making
and execution of the strategy.

S&P said, "We believe that the management and governance
deficiencies may affect the company's performance and its ability
to turn around the business, which has suffered constant stagnation
over the past two years. Management announced a three-year
transformation plan in 2018, but it has remained on hold due to the
pandemic. However, regardless of the pandemic, we see lack of
continuity of the business strategy due to management
fluctuations.

"Our current view is that our assessment of the borrower's business
risk profile (BRP) is under pressure, and, consequently, so are our
ratings assigned to both the class A and class B notes.

"The CreditWatch placement reflects uncertainty about the company's
overall strategy, as well as the competitive pressures within the
funeral services sector. We believe these factors combined may
negatively impact both our assessment of the borrower's BRP and our
base-case forecast.

"We do not view the conclusions of the U.K.'s Competition and
Markets Authority (CMA) about competition in the funeral services
sector as a major risk for the business. The CMA launched an
investigation two years ago, and its conclusions were presented in
December 2020. Its recommendations mainly focus on improving the
transparency of funeral services provided to consumers and the
underlying pricing to consumers, while pricing caps or controls
have been ruled out at this stage due to the pandemic and related
exceptional circumstances.

"For the class A notes, a lower BRP may result in up to a two-notch
lowering of the anchor, which is currently at bbb-. For the class B
notes, a lower BRP would put pressure on the anchor, currently b,
potentially resulting in a one-notch lowering of the anchor. Any
change in the anchor for either the class A or B notes has direct
implications for our ratings assigned to those notes.

"Therefore, we placed our ratings on the class A and B notes on
CreditWatch negative while we await further information from the
company regarding its strategy following the recent leadership
changes and guidance on its financial performance, which will
inform both our base-case forecast and our assessment of the
borrower's BRP. We expect to resolve the CreditWatch placements
within the next 90 days."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Governance


HIGH STREET: Calls Crunch Meeting with Investors Amid Setbacks
--------------------------------------------------------------
Graeme Whitfield at BusinessLive reports that one of the region's
most prominent developers has called a crunch meeting with
investors as it seeks to battle back from a series of major
difficulties.

The High Street Group is best known for developing Hadrian's Tower,
Newcastle's tallest building, and is also working on major schemes
close to St James' Park and on the former Brett Oils site on the
banks of the Tyne.

But the company has faced a turbulent year which has included one
of its companies being wound up, a number of accounts being filed
late and its auditors resigning over claims they could not get
proper access to company information, BusinessLive discloses.

Now the Newcastle-based group, which is also leading major
developments in Birmingham and Greater Manchester, has called a
meeting of investors where it is asking them to waive the right for
early redemptions on investments, BusinessLive relates.

High Street Group has previously said that it has been put in
difficulties after a number of big institutional investors withdrew
funding for major projects during the coronavirus pandemic,
BusinessLive notes.

It is asking investors to scrap a condition that allows them to
redeem investment before the end of a seven-year bond, and warns
that if it fails to get approval, it could have to review the
company's ability to continue as a "going concern", BusinessLive
states.

But High Street Group says the plan put to shareholders offers the
company a chance to re-set after the pandemic, according to
BusinessLive.

It has also revealed that its financial position has been boosted
by the agreement of a GBP172 million deal with a major real estate
group, BusinessLive notes.  The investment from Edmond de
Rothschild Real Estate Investment Management is across a number of
developments.

High Street Group, which is led by Gary Forrest, is behind a number
of high profile development schemes around the country, and also
has a leisure division that runs a number of bars, restaurants and
hotels in the North East, BusinessLive discloses.

The company said in February that it had suffered difficulties
after the Financial Conduct Authority (FCA) allowed investment
groups to suspend lending during the coronavirus pandemic,
BusinessLive recounts.

That followed a court decision in September 2020 where a subsidiary
that aimed to create new homes on rooftops, particularly in London,
was put into administration after it was unable to re-pay
multimillion-pound sums to Korean financiers, BusinessLive relays.


IMPALA BIDCO 0: Moody's Assigns First Time 'B1' Corp. Family Rating
-------------------------------------------------------------------
Moody's Investors Service has assigned a B1 first-time corporate
family rating and B1-PD probability of default rating to UK
healthcare workforce solutions provider Impala Bidco 0 Limited
("Acacium Group" or the "company"). Concurrently, Moody's has
assigned a B1 rating to the proposed GBP375 million senior secured
first lien term loan B due 2028 and a B1 rating to the proposed
GBP45 million senior secured first lien revolving credit facility
due 2027, both borrowed by Impala Bidco 0 Limited. Moody's has
assigned a stable outlook.

The proceeds from the proposed new GBP375 million term loan will be
used to provide a final financing structure for Acacium Group
following its acquisition by Onex Partners ("Onex") from TowerBrook
Capital Partners, which was agreed in April 2020 and closed in
September 2020. In light of the market disruption caused by the
coronavirus pandemic, a temporary financing arrangement was agreed
which included c.GBP230 million of equity (including GBP45 million
rollover equity from TowerBrook), extending the GBP268 million
existing private debt (now at GBP313 million after additional GBP45
million raised at the time of CHS Acquisition in Feb-21). The
equity included a GBP50 million shareholder loan. The proposed loan
will repay the existing private debt and the shareholder loan and
cover transaction fees.

RATINGS RATIONALE

The B1 CFR is supported by the company's (1) leading position in a
fragmented market; (2) long term growth in demand for healthcare
with supportive demographics in its key UK markets, alongside
structural and sustained staff shortages which drive demand for
agency services; (3) diversification strategy which has seen the
company branch into life sciences, expand its service offering and
increase international presence, all contributing to a reduced
reliance on NHS England; diversification is expected to further
increase going forward; (4) low capital expenditure and working
capital requirements; and, (5) consistent (Moody's adjusted) free
cash flow both historically and with at least GBP25 million p.a.
projected for the forecast period (Moody's base case).

The ratings are constrained by (1) the company's significant,
albeit reducing, exposure to NHS England with its pressure from
increased demand and cost containment initiatives; (2) the
potential risks of technological disruption through
disintermediation or more efficient procurement practices; (3)
potential for negative impact of regulator actions as occurred
during 2015-2017 to limit agency spend, although Moody's notes that
this is unlikely before 2024 (scheduled next general election) and
beyond; (4) elevated initial leverage of slightly below 5x (Moody's
adjusted base case debt/EBITDA) mitigated by Moody's expectation
that leverage will reduce towards 4x over the forecast period, and;
(5) potential for a re-leveraging transaction as a result of the
company's M&A activity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

In terms of governance, Acacium Group is a private company majority
owned by the private equity firm Onex Partners. The rating agency
projects only moderate de-leveraging for the company over the
medium-term as it expects Acacium Group will undertake some small
bolt-on M&A to strengthen and diversify its service offering and
geographical presence.

Acacium Group is positively impacted by social factors related to
demographics given the growing healthcare requirements of an aging
population in its key UK markets. Conversely, as a provider of
healthcare staffing and services solutions, the company is exposed
to reputational and regulatory risks if its contractors become
involved in malpractice or fraud.

LIQUIDITY

Moody's views Acacium Group's liquidity as good, based on: (1)
GBP21 million cash on balance sheet at transaction close; (2)
undrawn GBP45 million RCF with 1st lien springing covenant at 40%
drawn with comfortable headroom; (3) positive free cash flow
expected over the next 12 -18 months; (4) no term debt maturities
before 2028 when the term loan matures, and; (5) no shareholder
distributions expected.

STRUCTURAL CONSIDERATIONS

The B1-PD PDR is aligned with the CFR based on a 50% recovery rate,
as is customary for transactions including bank debt with weak
covenants. The proposed GBP375 million term loan and the proposed
GBP45 million RCF carry the same B1 rating as the CFR because there
is only one class of debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Acacium will
delever towards 4x in the next 12-18 months. The stable outlook
also assumes that the company will not embark on any debt-financed
transforming acquisitions or make further shareholder
distributions.

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

Upward pressure on the rating would require a sustained period of
stable profitability and positive cash flow generation, with a
continued increase of scale and diversity of revenues.
Quantitatively, upward rating pressure could arise if
Moody's-adjusted debt/EBITDA is maintained comfortably below 3.5x
and if FCF/debt exceeds 15%, both on a sustainable basis.

The rating could experience downward pressure if Moody's-adjusted
debt/EBITDA were to remain close to 5x. Aggressive debt-funded
acquisitions or shareholder distributions could also trigger a
downgrade.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in London, Acacium Group is one of the UK's leading
healthcare solutions providers. The company operates predominantly
in the UK, but has an increasing international presence in Europe,
Australia, the Middle East, Asia and the USA. The company serves
five segments: Last Minute Nursing, Managed Workforce, Diversified
Healthcare, Health & Community Services, and Life Sciences. The
group reported revenue of GBP648 million in 2020. Acacium Group is
majority-owned by Onex Partners.

INSPIRED ENTERTAINMENT: Moody's Rates New GBP235M Sec. Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 instrument rating to
the proposed GBP235 million guaranteed senior secured notes (SSNs)
to be issued by Inspired Entertainment (Financing) PLC. The issuer
is a fully owned subsidiary of Inspired Entertainment, Inc.
(Inspired or the company). Concurrently, Moody's has affirmed the
company's B3 Corporate Family Rating and B3-PD Probability of
Default Rating. The outlook for all ratings is stable.

The proposed SSN issuance will be used to repay the existing
GBP226.8 million equivalent term loans, (GBP145.8 million and
EUR93.1 million), and to pay transaction costs. The rating on the
existing term loans will be withdrawn upon repayment.

The assigned rating is based on draft documentation received by
Moody's as of the rating assignment date. Moody's does not expect
significant changes to the documentation, including the terms and
conditions of the notes. However, should borrowing conditions
and/or the final documentation deviate materially from that
incorporated in the rating, Moody's will assess the impact that
these differences may have on the ratings and act accordingly.

RATINGS RATIONALE

Inspired's B3 CFR reflects the relaxation of lockdown restrictions
in the UK, including the reopening of betting shops on April 12,
2021. Although delays in further lockdown easing cannot be ruled
out, the UK government's commitment to not reversing relaxation,
coupled with the UK's successful vaccine roll-out provides a level
of comfort. The rating is also supported by (1) leading positions
as a niche player in its core markets with a growing online
presence; (2) circa 85% recurring revenues based largely on profit
sharing or fixed fees, although this is dependent on footfall, and;
(3) the company's well invested asset base which will reduce capex
pressure in the next few years.

The B3 CFR is constrained by (1) The high Moody's-adjusted leverage
of around 6.5x expected in 2021; Moody's expect leverage to
decrease to around 5x by the end of 2022; (2) the company's
relatively small scale in a competitive market and geographic
concentration in the UK, although there is a niche aspect to the
business as well as a growing international presence; (3) the
predominantly mature land-based nature of Inspired's business, with
Virtual Sports and Interactive providing an online mitigant, and;
(4) exposure to the risks of social pressures in the context of
evolving regulation, particularly in the UK.

LIQUIDITY PROFILE

Moody's considers Inspired's liquidity to be adequate, supported
by: (1) cash on balance sheet of c.GBP34.5 million as of December
31, 2020; (2) fully available new GBP20 million RCF, and; (3) no
material term debt maturities before May 2025. The new RCF contains
a net leverage covenant with adequate headroom.

RATING OUTLOOK

The stable outlook is reflective of Moody's view that the business
will recover toward pre-crisis levels in the next 12-18 months and
that while there could be delays in the complete removal of social
distancing measures this is appropriately captured at the current
rating level of B3. The stable outlook also reflects the
expectation that the company will maintain an adequate liquidity
position including adequate headroom under its financial
maintenance covenant.

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

The ratings are unlikely to be upgraded in the short term. However,
upward pressure on the ratings could occur once all social
distancing restrictions have ended, and the company achieves a
reduction in Moody's adjusted leverage towards 4x on a sustainable
basis as well as generates positive free cashflow on a sustained
basis whilst maintaining good liquidity.

Moody's could downgrade Inspired's ratings if there are
expectations of a renewed period of complete shutdowns as a result
of the coronavirus outbreak, if leverage remains above 5.5x on a
sustained basis, or if liquidity deteriorates.

STRUCTURAL CONSIDERATIONS

Inspired's proposed debt capital structure will comprise the new
GBP235 million SSNs and new super senior secured GBP20 million RCF
(unrated). The new SSNs are initially guaranteed by entities
accounting for 95.2% of the group's revenues, 93.4% of the group's
adjusted EBITDA and 96.0% of the Group's total assets and benefit
from a pledge over all the assets of the guarantors. Although the
SSNs and super senior RCF share the same guarantor coverage and
asset security, the super senior RCF lenders will rank ahead of the
SSNs holders in an enforcement scenario. The GBP235 million SSNs'
B3 instrument rating is in line with the company's CFR, because
although the GBP20 million RCF will rank ahead of the SSNs it is
relatively small.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Inspired offers an expanding portfolio of content, technology,
hardware and services for regulated gaming, betting, lottery,
social and leisure operators across retail and mobile channels
around the world. The company operates in approximately 35
jurisdictions worldwide, supplying gaming systems with associated
terminals and content for more than 50,000 gaming machines located
in betting shops, pubs, gaming halls and other route operations;
virtual sports products through more than 44,000 retail channels;
digital games for 100+ websites; and a variety of amusement
entertainment solutions with a total installed base of more than
19,000 devices.

RANGERS FC: Assets Sold for Much Less Than Their Value
------------------------------------------------------
Greig Cameron at The Times reports that the assets of Rangers were
sold for much less than they were valued at, according to court
papers.

According to The Times, BDO, the liquidators of Rangers Oldco, are
pursuing a claim against Duff and Phelps, which handled the
administration in 2012.

A sum of GBP5.5 million was paid by a consortium headed by Charles
Green, a Yorkshire businessman, to buy the assets, The Times
discloses.

A report in The Herald indicated documents lodged at the Court of
Session suggest Green and his cohorts struck a good deal, The Times
notes.

A group of ten players, including internationals such as Steven
Davis, Steven Naismith, Allan McGregor and Steven Whittaker, were
valued at more than GBP21 million, The Times states.

Ibrox Stadium and the training ground, then called Murray Park,
were independently valued at GBP6.5 million, The Times relays.


SIGNATURE LIVING: Founder Expects to Lodge Recovery Plan
--------------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that hotelier Lawrence
Kenwright expects to lodge a recovery plan with his company's
administrators "within weeks", as preparations for the big
reopening of his venues from May 17 continue at pace.

The founder of Signature Living Group has been working closely with
his creditors to regain control of the property side of the
business which went into administration in April 2020, shortly
after the coronavirus pandemic struck, TheBusinessDesk.com
discloses.  The operational side of the business remains
unaffected, TheBusinessDesk.com notes.

Kenwright, TheBusinessDesk.com says, has been restructuring
Signature Living under a company, UK Accommodation Group Ltd
(UKAGL) with a new board that includes representation from his
unsecured creditors.  The board is chaired by Thomas Scullion, a
chartered accountant.

Following February's announcement that more than 95% of Signature
Living's largest group of unsecured creditors are backing efforts
to bring the company out of administration, a further 98% of the
last remaining group of unsecured creditors are supporting the
effort, TheBusinessDesk.com notes.

According to TheBusinessDesk.com, Lawrence Kenwright said: "Having
invited my investors into the business, the UKAGL board and I are
working hard on pulling together a Company Voluntary Arrangement
(CVA) with the backing of the vast majority of our investors and
funders and I'm confident that we'll submit that plan within
weeks.

"We are in regular contact with our funders who are very
supportive.  They know that this process cannot happen overnight.
This is a long game which supports all secured and unsecured
investors and they are prepared to stay the course."

He added: "I am grateful and highly appreciative of this huge level
of support, not only in me, but also those who have ensured that
the business has survived through the most torrid of trading
conditions ever encountered in this sector.

"Our hotels have been closed for the vast majority of the last 12
months which meant that it has been extremely difficult to gain new
funding -- after all, who would fund any hotel when they are closed
and causing values within the sector to plummet?"


WYELANDS BANK: Faces Possible Liquidation
-----------------------------------------
BBC News reports that Wyelands Bank, part of the empire of
beleaguered businessman Sanjeev Gupta, is facing possible
liquidation.

The development comes after Mr. Gupta decided not to inject further
funds into it, BBC notes.

Wyelands belongs to Mr. Gupta's GFG Alliance group, the largest
client of Greensill Capital, which collapsed in March, BBC
discloses.

The move adds to the uncertainty surrounding GFG, which also owns
the UK's Liberty Steel, BBC states.

The government has turned down a request to provide GBP170 million
in financial support for the steel firm, which employs 5,000
people, BBC recounts.

The bank, as cited by BBC, said it had repaid almost all its
depositors and had advised its remaining lending customers to seek
financing elsewhere.

It said it was seeking new investors, but if none could be found,
it would be wound up on a solvent basis, BBC relays.

According to BBC, Mr. Gupta said adverse market conditions led to a
deterioration in the bank's lending book.

Wyelands said its accounts for the year to April 30, 2020, showed a
group loss before tax on ordinary operations of GBP63 million,
after the bank booked GBP61.3 million of loan impairments, BBC
relates.




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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95

Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.



                           *********


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,
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                * * * End of Transmission * * *