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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, June 11, 2021, Vol. 22, No. 111

                           Headlines



C Y P R U S

BANK OF CYPRUS: Fitch Affirms & Withdraws CCC on EUR4-BB Notes


F I N L A N D

PHM GROUP: Moody's Assigns First Time B2 Corporate Family Rating
PHM GROUP: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable


G E O R G I A

BASISBANK JSC: Fitch Alters Outlook on 'B+' LT IDR to Stable
TERABANK JSC: Fitch Alters Outlook on 'B+' LT IDR to Stable


G E R M A N Y

GERMAN PROPERTY: Liquidator Criticizes Information Delays
PROGROUP AG: S&P Affirms 'BB-' ICR on Strong Demand Trends


G R E E C E

PIRAEUS FINANCIAL: Moody's Rates Additional Tier 1 Notes 'Ca(hyb)'
[*] GREECE: To Get Twice as Much Economic Recovery Funds in 2021


I R E L A N D

ARBOUR CLO II: S&P Assigns Prelim. B- Rating on Class F Notes
MADISON PARK IX: Moody's Assigns (P)B3 Rating to Class E Notes


K A Z A K H S T A N

FIRST HEARTLAND: Moody's Assigns First Time 'B1' Deposit Ratings


L U X E M B O U R G

JBS FINANCE: Moody's Rates New $500M Unsecured Notes Due 2032 'Ba1'
KANTAR GLOBAL: Moody's Affirms B2 CFR on Millennium Acquisition
KANTAR GLOBAL: S&P Lowers ICR to 'B-' on Slower Deleveraging


N E T H E R L A N D S

CASPER DEBTCO: Fitch Assigns FirstTime 'CCC+' LongTerm IDR


N O R W A Y

NAVICO GROUP: S&P Upgrades ICR to 'B-', Outlook Stable


P O L A N D

GLOBE TRADE: Moody's Assigns Ba1 CFR & Rates New EUR500M Notes Ba1


R U S S I A

CB KUBAN: Moody's Alters Outlook on B2 Deposit Ratings to Positive
ENERGOMASHBANK Plc: Put Under Provisional Administration
IPOTEKA BANK: S&P Affirms 'BB-/B' ICRs & Alters Outlook to Stable


U N I T E D   K I N G D O M

CONSTRUCTION AND MANAGEMENT: SFP Completes Sale of Business
VITAL INFRASTRUCTURE: Police Probe Looting, Damages at Sites


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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C Y P R U S
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BANK OF CYPRUS: Fitch Affirms & Withdraws CCC on EUR4-BB Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Bank of Cyprus Public Company Limited's
(BoC) EUR4 billion euro medium-term notes (EMTN) long-term
programme ratings at 'CCC/RR6' for the senior preferred and
non-preferred debt classes and the short-term programme rating at
'B'.

Fitch has simultaneously withdrawn BoC's EMTN ratings for
commercial reasons.

KEY RATING DRIVERS

Prior to the withdrawal, the programme ratings for the senior
preferred and non-preferred debt classes under the EUR4 billion
EMTN programme were 'CCC'/'RR6', two notches below the bank's
Long-Term Issuer Default Rating. This reflected Fitch's view that
recovery prospects for the bank's senior unsecured creditors would
be poor, given full depositor preference in Cyprus and the bank's
funding structure, which Fitch views as effectively reducing
recovery prospects for senior unsecured creditors in resolution.

RATING SENSITIVITIES

Not applicable.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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




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F I N L A N D
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PHM GROUP: Moody's Assigns First Time B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to PHM Group Holding Oy.
Concurrently, Moody's has assigned a B2 instrument rating to PHM's
new proposed EUR300 million guaranteed senior secured callable
fixed rate notes due 2026. The outlook on all ratings is stable.

RATINGS RATIONALE

The B2 ratings reflect the group's good and resilient operating
performance in the fiscal year ended December 2020 and the first
three months of 2021, against the backdrop of a very difficult
economic environment and following the very large acquisition of
main competitor Kotikatu in September 2020. Further, it is
underpinned by the moderate opening leverage of 5.3x
Moody's-adjusted Debt/EBITDA, pro forma for the new capital
structure and based on the last twelve months period to March
2021.

PHM's B2 CFR also reflects the group's: (1) strong market position
in Finland as the leading player in a very fragmented market with
around 18% share; (2) its largely recurring revenue base with
limited customer concentration and good retention rates; (3) the
proven resilience of the Nordic residential property maintenance
services market; and (4) the company's profitability margins above
the industry average and good free cash flow generation.

Conversely, the CFR also reflects (1) PHM's small scale compared to
rated peers with around two thirds of revenue concentrated in its
domestic Finnish market; (2) the competitive market in which the
company operates, with limited potential to win new customers given
the low churn rates; (3) PHM's M&A driven growth strategy that will
likely require additional debt-funding in the future; and (4) the
limited track record of the group under its current perimeter
following the very recent transformational acquisition of
Kotikatu.

ESG CONSIDERATIONS

PHM's ratings factor in certain governance considerations such as
PHM's ownership structure with Norvestor as the majority
shareholder holding approximately 69% of voting rights. As is
common for private equity-owned companies, PHM's financial policy
is characterised by a tolerance for leverage and an M&A driven
growth strategy, as well as a special dividend payment part of the
current transaction.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that PHM will
continue to sustainably increase its scale through a combination of
organic growth and bolt-on acquisitions, while maintaining
profitability at least at current high levels and sustaining
positive free cash flow generation. The outlook further assumes
that the company's liquidity remains good, with no larger
debt-funded acquisitions that lead to significant re-leveraging.

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

Upward pressure on the rating could occur if Moody's-adjusted
Debt/EBITDA falls below 4.5x and FCF/Debt increases towards high
single digits for a sustained period of time, whilst maintaining
EBITA margins in the double digits in percentage terms. An upgrade
would also require the company to build a longer track record as a
combined group and demonstrate a financial policy commensurate with
sustaining lower leverage.

Downward pressure on the rating could develop if PHM's liquidity
position deteriorates, Moody's-adjusted Debt/EBITDA trends towards
6x, EBITA margins significantly decrease from current good levels
or free cash flow generation turns negative for a sustained period
of time.

LIQUIDITY PROFILE

Pro forma for the contemplated refinancing transaction, Moody's
considers PHM's liquidity profile as good. At closing of the
transaction, the company has EUR17 million of cash on balance sheet
and access to its fully undrawn EUR50 million super senior
revolving credit facility (RCF). PHM's liquidity is further
supported by a good free cash flow generation which Moody's
forecasts at around EUR20 million per year from 2022.

STRUCTURAL CONSIDERATIONS

The B2 instrument rating of the new proposed EUR300 million
guaranteed senior secured callable fixed rate notes is aligned with
PHM's B2 CFR, reflecting the limited amount of super senior debt
within the financial structure. The company's PDR rating of B2-PD
is also in line with the CFR. The PDR reflects the use of a 50%
family recovery rate resulting from a debt package without
financial covenant and a security package that is limited to share
pledges, intercompany loans and business mortgages. Further, the
notes benefit from guarantees from material subsidiaries
representing at least 80% of consolidated EBITDA.

The super senior RCF benefits from priority over the proceeds in
case of a security enforcement over the senior secured bond. The
facility is subject to a super senior leverage maintenance covenant
set at 1.5x, under which Moody's expects the company to maintain
ample headroom at any time.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

PHM is a leading player in the Finnish residential property
maintenance services market, founded in 1989 with headquarters in
Helsinki, Finland. The group was acquired by Nordic private equity
firm Norvestor in March 2020, which owns a 63% majority stake along
with minority shareholders consisting of management, key personnel,
founders and advisors (27%) and Intera (10%).

The group offers a broad range of services including general
maintenance, cleaning, repairs and technical services for resident
and commercial properties. PHM has a network of over 3,700
employees across 53 cities in Finland, Sweden, Norway and Denmark.
During the last twelve months period ended March 2021, the group
generated around EUR340 million of revenues (like-for-like
adjusted) with nearly 13,000 contract customers.


PHM GROUP: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Finland-based property maintenance company PHM
Group Holding Oy and its preliminary 'B' issue rating to the new
senior secured bond. The recovery rating on the bond is '3',
indicating its expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 50%) in the event of a payment
default.

S&P said, "The stable outlook reflects our view that PHM will
continue to successfully integrate small tuck-in acquisitions in
the coming year, increasing its EBITDA base and solidifying its
market position. We also expect that the company will generate
positive free operating cash flow (FOCF) after 2021 and that it
will fund mergers and acquisitions(M&A) largely with cash.

"The preliminary 'B' issuer credit rating on PHM reflects the
company's financial-sponsor ownership. Norvestor acquired a
majority stake in PHM in April 2020 and has since supported a total
of 22 acquisitions, including that of Kotikatu, which effectively
doubled PHM in size. The company now plans to raise a EUR300
million senior secured bond to refinance the existing capital
structure and provide a EUR70 million dividend to shareholders. Due
to the financial sponsor ownership, we only incorporate gross debt
in our leverage calculation. When they acquired PHM in 2020,
Norvestor provided equity in the form of preference shares, and
minority shareholder Intera provided a shareholder loan. In
addition, both sponsors contributed common equity. We include this
financing in our financial analysis, as we do not believe that the
common equity financing and the noncommon equity financing are
sufficiently aligned. We expect PHM's credit metrics to remain in
the highly leveraged category as a result, but to improve year on
year."

PHM has a strong local presence, supporting its leading market
position. The company has a leading share of around 18% of the
Finnish property maintenance market, where it generates about 68%
of its revenues. PHM has recently begun to diversify into Sweden,
Norway, and Denmark, largely through acquisitions, and has
established a strong position in 53 cities across the Nordic
countries. PHM's market position is supported by its relationships
with local housing managers and small commercial customers, and its
broad range of residential property services, including both hard
and soft property maintenance, as well as property management.

In S&P's view, PHM benefits from its recurring revenue base and
large client base. PHM has a relatively diversified customer base
and serves around 13,000 clients. These are largely the housing
associations representing tenants of residential apartments or row
housing, as well as smaller commercial and public customers. The
company has strong customer retention rates of above 90%, and no
one customer generates more than 1% of revenues. Contracts are
largely auto-renewing and based on a fixed service fee. These
contracts represent almost 50% of PHM's revenues, with the residual
revenues coming from supplementary or add-on services such as
repairs or cleaning, as well as more technical services. The nature
of the work results in 92% of revenues deriving from customers with
contracts, with around 80% of these revenues recurring or
semi-recurring in nature.

PHM's relatively small size and service scope, its concentration on
Finland, and the highly fragmented and competitive nature of the
property maintenance market all constrain the rating. The business
risk profile is constrained by PHM's relatively small size,
particularly compared to peers in the facilities services industry,
with pro forma revenues of just EUR323 million in 2020. PHM also
lacks service differentiation, with its activities largely focused
on the provision of residential property maintenance or management.
S&P views the property maintenance market as highly fragmented and
competitive--PHM competes with around 700 regional and local
service providers. The company has, however, benefited from modest
price increases on an annual basis. The weak business risk profile
also reflects the company's limited geographical diversification,
as around 68% of PHM's run rate revenue emanates from Finland,
making it vulnerable to macroeconomic developments in the country.
PHM has a strong pipeline of acquisitions to support further
diversification across other Nordic countries in the coming years.

PHM's operating metrics were relatively resilient in 2020, with
some seasonal effects, and its profitability remains stronger than
that of other outsourced facilities services providers. PHM's 2020
revenues fell by around 4% in 2020, largely due to a reduction in
supplementary services owing to a lower level of snowfall during
the year, rather than any significant disruption from the COVID-19
pandemic. Some supplementary or ad hoc services within individual
apartments were postponed during peak lockdowns, but the essential
need for these services meant the postponements were only
temporary. Margins were supported by the relatively flexible cost
base, with only around 9% of costs permanently fixed in nature. The
largest element of the cost base is personnel expenses. This helped
PHM generate an S&P Global Ratings-adjusted margin of around 16% on
a pro forma basis in 2020, which sits comfortably above the margins
of industry peers, and which we expect the company to sustain in
the coming years. PHM has succeeded in enhancing the revenues and
margins of newly acquired companies, largely thanks to its strong
digital platform, operational best practices, and procurement
savings. S&P said, "However, we anticipate the company will
continue its strong acquisition strategy and could generate
higher-than-anticipated integration costs, which could limit these
gains and those from the improved business mix. Our base case
assumes that the margins will remain relatively stable."

Continued cash generation will support PHM's acquisitive strategy.
S&P takes a positive view of the company's improving profitability,
relatively low capital expenditure (capex) intensity at about 3% of
revenues, and moderate working capital requirements. These will
support FOCF generation in excess of EUR20 million in the coming
years and provide an adequate base to fund future acquisitions.
Management anticipates a high level of M&A activity, but the
company's M&A strategy incorporates an element of reinvestment by
the acquired entities. This further minimizes integration risk, in
S&P's view, allowing for a smooth transition, an alignment of
economic interests, and economies of scale.

S&P said, "The final rating will depend on our receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final rating. If we do not receive the final
documentation within a reasonable time frame, or the final
documentation departs from the materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes include,
but are not limited to, use of loan proceeds, maturity, size, and
conditions of loans, financial and other covenants, security, and
ranking.

"The stable outlook reflects our view that PHM will continue to
successfully integrate small tuck-in acquisitions in the coming
year, increasing its EBITDA base and solidifying its market
position. We also expect that the company will generate positive
FOCF to support these acquisitions and aid further deleveraging."

S&P could lower its ratings if PHM experienced a material
deterioration in profitability due to unexpected operational issues
or high exceptional costs associated with integrating bolt-on
acquisitions, and resulting in:

-- Sustained negative FOCF;

-- Funds from operations (FFO) cash interest coverage declining
below 2.0x on a sustained basis; and

-- Liquidity issues or tight covenant headroom.

Alternatively, a downgrade could result from certain financial
policy decisions, including large debt-funded acquisitions or
dividends, which would prevent PHM deleveraging toward adjusted
debt to EBITDA of 7.5x by 2022.

S&P considers an upgrade unlikely in the coming 12 months. However,
it could raise the ratings if PHM's revenue and EBITDA base
increase faster than it projects and if shareholders commit to a
prudent financial policy, with adjusted debt to EBITDA of less than
5x.




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G E O R G I A
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BASISBANK JSC: Fitch Alters Outlook on 'B+' LT IDR to Stable
------------------------------------------------------------
Fitch Ratings has revised JSC Basisbank's (Basis) Outlook to Stable
from Negative, while affirming the bank's Long-Term Issuer Default
Rating (IDR) at 'B+'.

KEY RATING DRIVERS

The IDR of Basis is driven by the bank's standalone profile, as
captured by its Viability Rating (VR) of 'b+'. The revision of the
Outlook to Stable reflects reduced pressures on bank's credit
profile both from the coronavirus crisis and contraction of the
Georgian economy in 2020 by 6.2%. Fitch believes economic recovery
(4.3% forecast by Fitch) should support bank's revenue in 2021,
while pre-impairment profits will be sufficient to absorb
additional pandemic-driven credit losses.

The VR of Basis reflects only modest impact of the pandemic on its
asset quality and performance to date and its healthy
capitalisation metrics. It also captures high foreign-currency
lending (56% of gross loans at end-1Q21) and a small franchise in
the concentrated Georgian banking sector.

As a result of the pandemic, Basis' impaired loans ratio (Stage 3
loans under IFRS 9) increased to 7.5% at end-2020 from 5.3% at
end-2019. Stage 2 loans amounted to a further 6.9%. Impaired loans
were only moderately covered by total loan loss allowances (LLAs)
at 31%, reflecting the bank's reliance on collateral. Impaired
loans, net of total LLAs, amounted to 0.2x Fitch core capital (FCC)
at end-2020.

Weaker earnings, coupled with higher provisioning (1% cost of
risk), resulted in a decline of operating profits to risk-weighted
assets (RWAs) to 1.7% in 2020 from 2.9% in 2019. Pre-impairment
profit of the bank was 3.3% of average loans in 2020, but Fitch
expects it to improve on credit growth and economic recovery.

Capitalisation is healthy with FCC at 19.7% of regulatory RWAs at
end-2020, supported by internal capital generation and only
moderate growth in recent years. Regulatory common equity Tier 1
(CET1) and total capital adequacy ratios amounted to 15.5% and
17.8%, respectively, at end-1Q21, above the current minimums of
7.9% and 12.2%. Basis has already rebuilt its capital buffers to
levels that are compliant with pre-pandemic prudential
requirements, which were relaxed by the National Bank of Georgia
(NBG) in 1Q20.

The bank is primarily funded by customer accounts (53% of end-2020
liabilities), which were stable in 2020. Basis has also retained
strong access to funding from international financial institutions,
which made up a further 27% of liabilities at end-2020. Bank's
liquidity position is healthy as highly liquid assets (cash, NBG
placements net of obligatory reserves, short-term interbank and
unencumbered securities and loans eligible for repo) made up 21% of
assets and covered 40% of deposits at end-1Q21. Mandatory
placements with NBG as reserves made up a further 12% of assets.

The Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect the bank's limited systemic importance and the recent
introduction of resolution legislation in the country and,
consequently, Fitch's view that state support cannot be relied
upon. Potential support from private shareholders is also not
factored into the ratings.

RATING SENSITIVITIES

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

-- Basis' ratings could be downgraded if the pandemic results in
    asset-quality deterioration to an extent that unreserved
    impaired loans exceed 0.5x FCC, capital metrics are eroded,
    and regulatory ratios are only marginally above prudential
    requirements.

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

-- An upgrade of the ratings would require a notable improvement
    in bank's franchise, as well as reduction of risk appetite,
    while maintaining a decent financial profile.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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


TERABANK JSC: Fitch Alters Outlook on 'B+' LT IDR to Stable
-----------------------------------------------------------
Fitch Ratings has revised Georgia-based JSC Terabank's Outlook to
Stable from Negative, while affirming the bank's Long-Term Issuer
Default Rating (IDR) at 'B+'.

KEY RATING DRIVERS

The revision of the Outlook to Stable reflects reduced pressures on
Terabank's credit profile both from the pandemic and contraction of
the Georgian economy in 2020 by 6.2%. Fitch expects economic
recovery in 2021 (4.3% forecast by Fitch) to support the bank's
revenue, which should be sufficient to cover residual credit risks
from the pandemic without jeopardising the bank's capital
position.

The IDR of Terabank is driven by its standalone profile, as
captured by its Viability Rating (VR) of 'b+'. The VR factors in
the bank's limited franchise in the concentrated Georgian banking
sector with a 2.5% share of loans at end-1Q21 and a large credit
exposure to SME and micro-lending segments (58% of gross loans),
which are vulnerable to the pandemic. The rating also reflects the
bank's adequate capital and liquidity buffers.

Impaired loans (Stage 3 loans under IFRS 9, based on management
accounts) were 4.1% of gross loans at end-1Q21. Stage 2 loans
increased to 17% of gross loans at end-1Q21 from 3% at end-2019.
Impaired loans were only moderately covered by specific loan loss
allowances (LLAs) at 34%, reflecting the bank's reliance on
collateral. At the same time, coverage of impaired loans by total
LLAs was a reasonable 98%.

Operating profit declined to 0.3% of regulatory risk-weighted
assets (RWAs) in 2020 from 2.5% in 2019. This was mainly driven by
an increase in loan impairment charges (LICs) to 2.3% of gross
loans in 2020, from below 1% in 2017-2019. Pre-impairment profit
was a reasonable 2.8% of gross loans in 2020, albeit down from 3.3%
in 2019, due to narrowing interest margins. Cost-to-income ratio
improved to 52% in 2020 from 55% in 2019, supported by reduced
personnel and marketing expenses.

Terabank's Fitch core capital (FCC) ratio declined to 13% at
end-2020 from 15% at end-2019, driven by resumed loan growth amid
lari devaluation and weak internal capital generation. Its
regulatory Tier 1 ratio declined to 9.7% at end-1Q21 from 12.9% at
end-2019. This was reasonably above the minimum requirement of 8.2%
at end-1Q21 that was relaxed by the National Bank of Georgia (NBG)
due to the pandemic.

Terabank is primarily funded by customer deposits (76% of end-2020
liabilities), which are diversified between retail (36%), corporate
(29%) and state-related (11%) clients. Refinancing risks are
manageable in light of moderate upcoming wholesale funding
maturities (4% of liabilities in the next 12 months). The bank's
liquidity buffer (cash, NBG placements net of obligatory reserves,
short-term interbank and unencumbered securities and loans eligible
for repo) covered a reasonable 19% of customer accounts at
end-1Q21.

The Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect the bank's limited systemic importance and the recent
introduction of resolution legislation in the country, and,
consequently, Fitch's view that state support cannot be relied
upon. Potential support from private shareholders is also not
factored into the ratings.

RATING SENSITIVITIES

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

-- Terabank's ratings could be downgraded in case of significant
    asset-quality deterioration with an impaired loan ratio above
    10%. The downgrade can also be triggered by a sustained
    deterioration in the bank's performance or inability to
    swiftly restore capital ratios to pre-pandemic levels as
    required by the regulator.

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

-- An upgrade of the ratings would require a notable improvement
    in bank's franchise, profitability and capitalisation.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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




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G E R M A N Y
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GERMAN PROPERTY: Liquidator Criticizes Information Delays
---------------------------------------------------------
Joe Brennan at The Irish Times reports that the liquidator of a
Kildare company linked to a Germany property group which collapsed,
resulting in losses of up to EUR107 million for Irish investors,
has criticized delays he is experiencing in getting key information
as he investigates the firm's affairs before it was put into
wind-up.

Hanover-based German Property Group (GPG), formerly known as
Dolphin Trust, collapsed last year after taking EUR1.5 billion from
investors in the Republic, the UK, Asia and elsewhere since it was
set up by businessman Charles Smethurst in 2008, The Irish Times
recounts.  Mr. Smethurst's home was raided by German police in
March as part of an ongoing investigation into suspected investment
fraud, The Irish Times relays.

Irish investments were channelled to the German group through two
special-purpose vehicles, MUT 103 and Dolphin MUT 116, based in
Naas, Co Kildare, and set up by Wealth Options Trustees Limited
(WOTL), of the same address. All three companies share the same
directors: Eanna McCloskey and Brian Flynn.  

MUT 103, an investment vehicle for EUR41.3 million of retail
savings, was put into liquidation in March, and Dolphin MUT 116,
responsible for EUR65.8 million of pension savings, entered
liquidation at the end of last month, The Irish Times discloses.
Liquidators of both are dealing with GPG's insolvency
administrators, The Irish Times notes.

According to The Irish Times, MUT 103's liquidator, Myles Kirby of
Kirby Healy Chartered Accountants, said in an update for investors
and creditors, dated June 4, that he has had "several constructive
discussions" with the provisional liquidators of Dolphin MUT 116.

Mr. Kirby, as cited by The Irish Times, said that he wrote to the
directors of MUT 103 on April 23 with questions on the company's
statement of affairs before its liquidation.  "I await the response
to a number of my queries. The delay is unsatisfactory, however, I
have been assured by the directors that they will respond shortly,"
he said.

He added that it is also "unsatisfactory" that WOTL had not yet
responded to his questions on its legal relationship with MUT 103
"and on various other matters, including commissions, fees and
division of responsibilities".

When GPG collapsed last year it was sitting on 70 properties,
mainly run-down and not developed, according to a report submitted
to the Bremen bankruptcy court by a preliminary insolvency
administrator, Gerrit Hoelzle, last October, The Irish Times
discloses.

Mr. Kirby and the provisional liquidators of Dolphin MUT 116 are
currently liaising with a valuer to undertake valuations of assets
assigned to both companies in Germany.  The security assigned to
the properties will be key.

When it first emerged in July 2019 that Dolphin Trust had missed
interest payments in the UK, WOTL issued a letter to brokers
highlighting how Irish investors were protected, saying it passed
on money to Germany only "when we have security in place for a
value in excess of the funds loaned", according to The Irish
Times.

When Dolphin Trust told WOTL in late 2019 it would miss interest
payments due to Irish investors, the Naas-based firm hired a number
of advisers, including law firm Dentons, to try to protect the
interests of investors in the Republic, The Irish Times relates.

However, Dentons' advice provided to the High Court in March said
the GPG insolvency administrator believes that all of the loan
claims of the Irish MUTs against the German group's companies are
"subordinated and therefore the granted securities could be
challenged", according to The Irish Times.  The liquidation of GPG
is expected to take years, The Irish Times notes.


PROGROUP AG: S&P Affirms 'BB-' ICR on Strong Demand Trends
----------------------------------------------------------
S&P Global Ratings affirmed its rating on German corrugated board
sheets producer Progroup AG at 'BB-'.

S&P said, "The stable outlook indicates our expectation of gradual
deleveraging on the back of lower investments and supportive market
momentum, which should improve debt to EBITDA to below 4.0x by
year-end 2021.

"We expect that continued strong demand for Progroup's products
will support robust results in 2021 and underpin its pricing power.
Thanks to the strong order intake that continued in the first
quarter of 2021, Progroup reported year-on-year volume growth of
about 10% for corrugated board and 45% for containerboard (with
about 23% higher external sales) following the commissioning and
continued ramp up of PM3 in the second half of 2020. In the first
quarter of 2021, Progroup has been able to pass on to its customers
price increases of about 11% on corrugated board, followed by 12%
on containerboard, albeit with a time lag with about two months,
typical for the industry. While Progroup's order book typically
offers very limited visibility on future revenue (about one week),
we understand that it currently stands at about four weeks, which
provides comfort with regards to achievable sales volumes in the
second quarter of 2021. We anticipate that the company will
continue to implement further price increases in the coming months
to offset higher costs of its main raw material (recovered paper),
which has seen record high pricing spikes in recent quarters. We
expect that a rising penetration of e-commerce further boosted by
continued COVID-19-related restrictions, will continue to drive
strong demand for Progroup's products. We think that revenue growth
for full-year 2021 could reach 25%-30% and could amount to EUR1.15
billion (versus EUR881 million in 2020).

"We foresee that the group will improve its EBITDA margins from a
low of about 16% reported in first-quarter 2021. Despite a strong
increase in sales in the first quarter of 2021, Progroup's EBITDA
margins were weak, due to the time lag in passing on raw material
price increases to its customers. There was a sharp 48% increase in
recovered paper costs over the period, as well as some startup
costs for PM3 (Progroup's new paper machine that started operations
in the second half of 2020). More price increases will be
implemented throughout the year, with a full effect on
profitability expected in the second half of 2021. We now expect
that EBITDA margin will remain slightly below 20% during 2021,
compared with 20% in 2020 and a high of 25% in 2019. Under our
revised base case, we anticipate that EBITDA will exceed EUR200
million in 2021.

"We think that Progroup will gradually deleverage in 2021 and 2022.
We think Progroup's debt peaked at the end of March 2021 at about
EUR860 million including our adjustments, but we expect no further
increases because we expect free operating cash flow (FOCF) to turn
positive in 2021 after two years of negative FOCF due to
investments in production capacity expansion. This is supported by
a planned capex reduction to about EUR100 million in 2021 (EUR293
million in 2020) as PM3 is now completed and we understand that the
capex for the next project in Poland (PW14) will be spread over
years. As a result, we think that adjusted debt to EBITDA peaked in
2020 and will decline to below 4.0x in 2021 and improve further
from this level in 2022. We have therefore revised our assessment
of the group's financial risk profile to significant from
aggressive on the back of better deleveraging trajectory versus our
previous forecast.

"The stable outlook reflects our expectation that the group's
credit metrics will improve gradually in 2021 on the back of more
favorable market conditions and much lower investments. We forecast
debt to EBITDA improving to below 4.0x and FFO to debt of about
16%-20% by Dec. 31, 2021.

"We could raise the ratings if leverage improved above our current
expectations, such that FFO to debt exceeded 25% and debt to EBITDA
improved to about 3.0x-3.5x on a sustainable basis.

"We could downgrade Progroup if its operational performance
deteriorated significantly. This could be the result of an extended
period of adverse pricing pressure in containerboard, corrugated
board, or raw materials. It could also result from an unexpected
outage at one of the group's mills, or cost overruns related to its
expansion investments. We would view a ratio of FFO to debt of
below 16% and debt to EBITDA of above 4.5x over an extended period
as commensurate with a lower rating."




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

PIRAEUS FINANCIAL: Moody's Rates Additional Tier 1 Notes 'Ca(hyb)'
------------------------------------------------------------------
Moody's Investors Service has assigned Ca(hyb) rating to Piraeus
Financial Holdings S.A.'s upcoming Additional Tier 1 (AT1) capital
instrument.

RATINGS RATIONALE

As part of its capital enhancement plan, Piraeus Financial Holdings
is in the process of raising up to EUR600 million of AT1 notes,
which will enhance its capital adequacy ratio (CAR) by around 140
basis points to an approximate pro-forma of 18.9% including other
additional non-dilutive capital actions. This compares to a
reported CAR of 14.2% at end-March 2021. This will be a standalone
issuance, not part of an EMTN programme, of a perpetual instrument
with a call option for the issuer after 5.5 years, optional
non-cumulative coupon suspension and will have a low trigger (CET1
ratio dropping below 5.125%) principal write-down feature.

The AT1 securities are contractual non-viability preferred
securities. In a bank resolution they rank senior only to junior
obligations, including ordinary shares and common equity Tier 1
capital. Coupons are cancelled on a non-cumulative basis at the
bank's discretion, and on a mandatory basis subject to availability
of distributable funds and breach of applicable regulatory capital
requirements.

According to the terms and conditions of the issuance and based on
its Advanced Loss Given Failure (LGF) analysis, Moody's has
assigned a Ca(hyb) rating to this AT1 instrument, which is
positioned two notches below its operating bank's (Piraeus Bank
S.A.) Baseline Credit Assessment (BCA) of caa2. This takes into
account the elevated credit risks associated to this type of
subordinated debt class, given the relatively low cushion available
for absorbing losses before the AT1 creditors are impacted in a
resolution scenario.

RATINGS OUTLOOK

The positive outlook on Piraeus Financial Holdings' long-term
issuer rating reflects Moody's view that there is a good
possibility for the BCA of Piraeus Bank S.A. to be upgraded over
the next 12-18 months, contingent on the gradual implementation of
the bank's plan to improve solvency. This would also exert upward
rating pressure to the holding company's AT1 rating.

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

Upward pressure on Piraeus Bank S.A.'s (bank) ratings could arise
from the expected economic recovery in Greece and when there is
evidence that the improvement in the bank's financial fundamentals,
delivered by the current reorganisation and NPE securitisations,
are being delivered and are sustainable. Also, tangible
improvements in the bank's core profitability and capital through
its capital enhancing actions planned for 2021 could positively
affect its BCA, which in turn would also benefit Piraeus Financial
Holdings' ratings. Concurrently, any material change in the bank's
liability structure through the raising of senior or subordinated
debt, could also trigger rating upgrades for both legal entities
through the rating agency's Advanced LGF analysis.

Piraeus Bank S.A.'s deposit ratings could be downgraded in the
event of significant negative impact on the domestic consumption
and economic activity from the coronavirus, to the extent that it
would materially deteriorate its asset quality and underlying
financial fundamentals. In addition, the deposit ratings could be
downgraded if the sovereign rating and Macro Profile for Greece is
downgraded or in case the bank is unable to further reduce its
stock of NPEs by 2022.

Piraeus Bank S.A. and Piraeus Financial Holdings S.A. are
headquartered in Athens, Greece, with pro-forma total consolidated
assets of around EUR72.1 billion at the end of March 2021.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in March 2021.


[*] GREECE: To Get Twice as Much Economic Recovery Funds in 2021
----------------------------------------------------------------
Sotiris Nikas and Paul Tugwell at Bloomberg News report that Greece
will get nearly twice as much funding than originally expected this
year from the European Union's Recovery and Resilience Facility,
one of the country's top economic advisers said on June 8.

According to Bloomberg, the country will receive some EUR7.5
billion (US$9.1 billion) in 2021 from the fund, set up to help
offset the economic effects of the pandemic, compared with an
original figure of around EUR4 billion, Alex Patelis, Prime
Minister Kyriakos Mitsotakis's chief economic adviser, said at the
Athens Stock Exchange's annual investment forum.

Greece, according to its plan, wants to use EUR31 billion it's
scheduled to get over the course of the program to boost economic
recovery, Bloomberg discloses.  The country lost some 25% of gross
domestic product during its decade-long debt crisis and suffered a
further 8.2% contraction last year due to the pandemic, Bloomberg
notes.

Mr. Mitsotakis's administration forecasts that the economy will
grow by 3.6% this year, Bloomberg states.  Output fell 2.3% in the
first quarter compared to the same period last year, which the
government sees as a positive sign for the whole year, according to
Bloomberg.

Greek banks, which will have a key role in distributing the EU
funds, have stepped up efforts to clean up their balance sheets and
eliminate bad loans, Bloomberg says.




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

ARBOUR CLO II: S&P Assigns Prelim. B- Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Arbour
CLO II DAC's class X, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer will also issue unrated subordinated
notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment (linked to six-month
EURIBOR).

The portfolio's reinvestment period ends approximately 4.5 years
after closing, and the portfolio's weighted-average life test will
be approximately 8.5 years after closing.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,851.84
  Default rate dispersion                                682.50
  Weighted-average life (years)                            4.58
  Obligor diversity measure                              114.92
  Industry diversity measure                              22.51
  Regional diversity measure                               1.23

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                            400.00
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             159
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                          7.40
  'AAA' actual weighted-average recovery (%)              36.49
  Modeled weighted-average spread (%)                      3.48   
  Reference weighted-average coupon (%)                    4.00

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

"In our cash flow analysis, we used the EUR400 million par amount,
the actual weighted-average spread of 3.48%, the reference
weighted-average coupon of 4.00%, and the actual weighted-average
recovery rates for all rated notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category. Our cash flow analysis also considers
scenarios where the underlying pool comprises 100% floating-rate
assets (i.e., the fixed-rate bucket is 0%) and where the fixed-rate
bucket is fully utilized (in this case, 15%).

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class X, A-R, B-1-R, B-2-R, C-R, D-R, and E-R notes. Our credit
and cash flow analyses indicate that the available credit
enhancement for the class B-1-R, B-2-R, C-R, and D-R notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our assigned preliminary ratings on
these notes.

"Our credit and cash flow analysis shows a negative break-even
default rate (BDR) cushion for the class F-R notes at the 'B-'
rating. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and the class F-R notes' credit
enhancement (6.88%), we believe this class is able to sustain a
steady-state scenario, where the current market level of stress and
collateral performance remains steady. Consequently, we have
assigned our preliminary 'B- (sf)' rating to the class F-R notes,
in line with our 'CCC' ratings criteria.

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets for which the obligor's primary business activity
is related to the following industries: controversial weapons,
thermal coal, nuclear weapons, firearms, coal mining, tobacco and
tobacco products, palm oil and palm fruit products, prostitution,
pornography, and illegal drugs or narcotics. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

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

  Ratings List

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

  X        AAA (SF)       1.00          N/A        3ME + 0.30
  A-R      AAA (sf)     248.00        38.00        3mE + 0.86
  B-1-R    AA (sf)       27.70        28.00        3mE + 1.50
  B-2-R    AA (sf)       12.30        28.00              2.00
  C-R      A (sf)        25.00        21.75        3mE + 2.00
  D-R      BBB (sf)      27.00        15.00        3mE + 3.00
  E-R      BB- (sf)      21.20         9.70        3mE + 5.76
  F-R      B- (sf)       11.30         6.88        3mE + 8.30
  Sub. Notes   NR        39.50          N/A               N/A


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


MADISON PARK IX: Moody's Assigns (P)B3 Rating to Class E Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Madison Park Euro Funding IX DAC (the "Issuer"):

EUR269,500,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR48,400,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,125,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR24,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

As part of this reset, the Issuer will extend the reinvestment
period to four and half years and the weighted average life by to
nine years. It will also amend certain concentration limits,
definitions including the definition of "Adjusted Weighted Average
Rating Factor". The issuer will include the ability to hold workout
obligations. In addition, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment of
the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be almost fully
ramped as of the closing date.

Credit Suisse Asset Management Limited ("CSAM") will continue to
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 and credit improved
obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance: EUR439,956,172

Diversity Score: 57

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 9 years




===================
K A Z A K H S T A N
===================

FIRST HEARTLAND: Moody's Assigns First Time 'B1' Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to First
Heartland Jusan Bank JSC. Moody's has assigned the long-term and
short-term bank deposit ratings of B1/Not Prime, together with the
standalone Baseline Credit Assessment and Adjusted BCA of b3.
Moody's has also assigned the long-term and short-term Counterparty
Risk Assessments of Ba3(cr)/Not Prime(cr) and the long-term and
short-term Counterparty Risk Ratings of Ba3/Not Prime to the bank.
Concurrently, Moody's has assigned the Baa3.kz National Scale Bank
Deposit rating and Baa1.kz National Scale Counterparty Risk rating.
The rating outlook for Almaty-based Jusan is stable.

RATINGS RATIONALE

First Heartland Jusan Bank JSC's (Jusan) B1 long-term local and
foreign currency deposit ratings are based on the bank's currently
good reported capital base with tangible common equity to
risk-weighted assets at around 29% and its very large cushion of
liquid assets at around 60% of the bank's consolidated total assets
as of December 31, 2020. The ratings also reflect Jusan's large
relative size with about 9% market share in terms of total assets
as of April 1, 2021 and factor in the high probability of the group
and its core operating entities receiving support from the
Government of Kazakhstan (Baa3 positive), in case of need.

Despite Jusan's good capital position and excellent liquidity as of
December 31, 2020, the ratings incorporate their expected
normalization at lower levels in the next two-three years, because
of the recent sizable dividend payouts and the planned loan growth.
In addition, the ratings are constrained by the weak performance of
the group's core operations as well as asset risks stemming from
the large gap between the bank's very high level of problem loans
and loan loss reserves. As of December 31, 2020, this gap totaled
KZT179 billion or 34% of the bank's tangible common equity.

Moody's is also expecting core profitability (excluding one-off
factors) of the banking conglomerate to remain weak in the next 12
months with return on assets at below 1%, given the very high share
of liquid assets and the ongoing large investments to become a
highly competitive bank.

The ratings also incorporate governance considerations that
recognise the early stage of the implementation of Jusan's new
strategy along with the lack of implementation track record. These
uncertainties are also accompanied with the bank's high appetite to
upstream dividends and make large acquisitions, as evidenced in the
recent 12 months.

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

A sustained track record of improvements in core operating
performance and/or elimination of asset risks stemming from the
loan book via a narrowing gap between problem loans relative to
loan loss reserves could lead to a rating upgrade.

Moody's might downgrade Jusan's ratings in case of a substantial
decline in capital buffers stemming from a generous dividend
policy, operating losses or rapid growth in risk-weighted assets. A
loss of the largest depositors/clients, leading to a circular
operating efficiency problem could also lead to a rating
downgrade.

LIST OF AFFECTED RATINGS

Issuer: First Heartland Jusan Bank JSC

Assignments:

Adjusted Baseline Credit Assessment, Assigned b3

Baseline Credit Assessment, Assigned b3

Short-term Counterparty Risk Assessment, Assigned NP(cr)

Long-term Counterparty Risk Assessment, Assigned Ba3(cr)

Short-term Counterparty Risk Ratings, Assigned NP

Long-term Counterparty Risk Ratings, Assigned Ba3

NSR Long-term Counterparty Risk Rating, Assigned Baa1.kz

Short-term Bank Deposit Ratings, Assigned NP

Long-term Bank Deposit Ratings, Assigned B1, Outlook Assigned
Stable

NSR Long-term Bank Deposit Rating, Assigned Baa3.kz

Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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




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

JBS FINANCE: Moody's Rates New $500M Unsecured Notes Due 2032 'Ba1'
-------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the planned $500
million (with flexibility to increase the amount subject to market
conditions) 11-year senior unsecured sustainability-linked notes
due 2032 to be issued by JBS Finance Luxembourg S.a r.l. The notes
will be guaranteed by JBS S.A. The outlook for all ratings is
stable.

This will be a sustainability-linked issuance, and coupon will be
linked to the performance of established sustainability performance
targets set under JBS' sustainability framework, more specifically,
greenhouse gas emissions targets.

Net proceeds will be primarily used for liability management and
other general corporate purposes, with no material impact on
leverage. The rating of the notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Assignments:

Issuer: JBS Finance Luxembourg S.a r.l.

Gtd Senior Unsecured Regular Bond/Debenture, Assigned Ba1

Outlook Actions:

Issuer: JBS Finance Luxembourg S.a r.l.

Outlook, Assigned Stable

RATINGS RATIONALE

JBS' credit profile reflects the strength of its global operations
as the world's largest protein producer, and its substantial
diversification across protein segments, geographies and markets.
However, JBS' credit profile is constrained by the volatility in
the protein industry, which is subject to risk factors such as
weather conditions, diseases, supply imbalances and global trade
variables. Despite the business diversification, the company still
has large exposure to the beef segment (about 56% of revenues and
43% of EBITDA in 1Q21) that also constrains the ratings. Corporate
governance concerns continue to weigh on the company's credit
profile, given the ownership concentration at J&F Investimentos, a
privately held holding company owned by the Batista family, and
their involvement in corruption investigations in the past.

JBS' strong liquidity and successful liability management
initiatives, which started in September 2018 and resulted in the
extension of debt maturities and reduced funding costs, support the
ratings. JBS has strong liquidity, with BRL10.3 billion in cash as
of the end of March 2021 and about BRL10.5 billion available in
revolving credit facilities. Liquidity is further supported by a
comfortable debt amortization schedule, with about BRL6.3 billion
in short-term debt, represented mostly by trade finance lines (ACCs
and export pre-payments).

The stable outlook reflects Moody's expectation that JBS'
operational performance will remain strong, including in the beef
segment, as well as in the processed and prepared foods segments in
the US, Brazil and its export business. The stable outlook also
reflects Moody's expectation that strong cash flow from operations
will allow JBS to further reduce funding costs and leverage.

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

An upgrade would be subject to the overall earnings stability of
JBS, sustained conservative financial policies, and continued
evidence of enhanced risk control and governance oversight, with a
track record of absence of event risks related to litigations and
investigations involving the company and its controlling
shareholders. An upward rating movement would also require JBS to
maintain strong liquidity and stable credit metrics, with leverage
sustained at 2.5x or below and interest coverage (EBITA/interest
expense) improving toward 6x.

The ratings could be downgraded if the company's operating
performance weakens, its financial policy becomes more aggressive
or its liquidity deteriorates. A downgrade could be triggered by
events that can increase liquidity risk or cause reputation damage,
including litigations and M&A. Quantitatively, a downgrade could
also occur if the company's leverage (total debt/EBITDA) stays
above 3x and cash flow from operations/debt stays below 25%.

The principal methodology used in this rating was Protein and
Agriculture published in May 2019.

Headquartered in Sao Paulo, Brazil, JBS S.A. (JBS) is the world's
largest protein producer in terms of revenue, slaughter capacity
and production. The company is the leader in beef, chicken and
leather, and it is the second-largest pork producer in the US. The
company has operations in more than 20 countries with more than 450
offices and plants, which support its large scale and
diversification. In the twelve months ended March 2021, JBS
reported consolidated revenue of BRL289 billion, with a
consolidated adjusted EBITDA margin of 10.9%.


KANTAR GLOBAL: Moody's Affirms B2 CFR on Millennium Acquisition
---------------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
at B2 for Kantar Global Holdings S.a r.l., the top-entity of the
ring-fenced group that controls Kantar, a global market leading
data, research, consulting and analytics business. At the same
time, Moody's has also affirmed the B2-PD, the probability of
default rating at Kantar Group Holdings S.a r.l. Outlook on all
ratings is negative.

However, Moody's has downgraded to B2 from B1 the ratings for the
USD400 million senior secured revolving credit facility due 2026
(RCF), the EUR950 million and USD350 million senior secured term
loan B due 2026 issued by Kantar's subsidiaries Summer (BC) Bidco B
LLC and Summer (BC) Holdco B S.a r.l., and also for the EUR1.0
billion guaranteed senior secured notes due 2026 issued by Summer
(BC) Holdco B S.a r.l. The rating for the EUR475 million guaranteed
senior unsecured notes due 2027 issued by Summer (BC) Holdco A S.a
r.l has been affirmed at Caa1.

The rating action follows the company's announcement of funding its
recently announced acquisition of Millennium Park Holdco, Inc.
(Numerator, Caa1, stable; a Chicago based tech-driven consumer and
marketing intelligence company) with USD900 million in add-on
senior secured debt with the rest USD500 million via a combination
of cash and equity. On April 19, 2021, Kantar had announced that it
had entered into a definitive agreement to acquire Numerator from
Vista Equity Partners.

The acquisition is worth USD1.4 billion implying a EV/ EBITDA
multiple for Numerator of around 12.2x based on its pro-forma
standalone buyside EBITDA (including planned cost synergies) for
last twelve months as of March 31, 2021. Closing of the transaction
is expected in Q3 2021 subject to regulatory approvals.

RATINGS RATIONALE

"Our decision to affirm the CFR at B2 is driven by Kantar's better
than expected operating performance in 2020 supported by the
company's cost savings actions, working capital management and the
completion of the sale of its Health division in 2021 which
generated USD375 million in cash proceeds. While majority debt
funded, Numerator's acquisition is strategically positive as it
will make Kantar a global panel category leader" says Gunjan Dixit,
a Moody's Vice President - Senior Credit Officer and lead analyst
for Kantar.

"The negative ratings outlook reflects the fact that the partly
debt funded acquisition will add to Kantar's already high leverage
and poses integration risks. Additionally, execution risks related
to the timely realization of cost savings in 2021/22 under the
transformation plan also remain", adds Ms. Dixit.

In 2020, Kantar's reported revenue dropped by 11%. The decline was
mainly driven by the revenue weakness in its Insights & Consulting
business (around 54% of 2020 revenues), which declined by 17% in
the wake of Covid-19 disruptions.

Kantar exercised strict cost control and generated USD180 million
in temporary cost savings and another USD35 million in permanent
cost savings in 2020. These savings helped the company in partly
offsetting the pressure on its topline leading to a reported EBITDA
(at constant currencies) of USD460 million compared to USD525
million in 2019.

Kantar generated positive free cash flow (Moody's adjusted) of
USD139 million in 2020. The company's cash flows benefitted from
working capital cash inflows of USD462 million (partly helped by
the factoring program which Moody's has not added to Kantar's
adjusted debt due to limited disclosure in audited accounts)
although it spent USD246 million towards restructuring related
outflows.

Kantar reported a net leverage of 4.8x at the end of 2020, after
adding back the unrealized cost savings of USD188 million to its
reported EBITDA. This compared to Moody's adjusted gross debt/
EBITDA of 8.8x, which excludes the unrealized cost savings and is
net of the notional cash pooling arrangement in bank overdrafts of
USD648 million. Moody's recognizes that its leverage is somewhat
inflated given the company's cash balance was significant at the
end of 2020 at USD606 million (excluding the notional cash pooling
in bank overdrafts).

In Q12021, the company's performance has been healthy with
year-on-year revenue and EBITDA growth of 3% and 59% respectively.
Kantar's Q1 EBITDA performance is helped by the realization of cost
savings and the company is aiming to generate a total of USD205
million in incremental cost savings in 2021 but this will result in
a restructuring cash spent of USD185 million. Kantar is now
targeting total cumulative cost savings of USD320 million under its
transformation plan over the coming years compared to its original
target of USD210 million.

Moody's currently expects the company's EBITDA in 2021 to be better
than in 2019 on a standalone basis (excluding Numerator and Health
division) but cautiously recognizes the execution risks associated
with the timely realization of the targeted cost savings under its
transformation plan.

Numerator's acquisition will be strategically positive for Kantar
as it will (1) expand Kantar's presence in North America; (2) make
Kantar a global panel category leader by combining Numerator's
panel business with Kantar's existing Worldpanel business (which
accounts for 10% of Kantar's standalone revenue and grew by 2% in
2020); (3) help Kantar benefit from the leading technological
capabilities of Numerator; and (4) lead to cost synergies of USD33
million mainly in relation with Numerator's 'Path' business
(comprising of advertising, promo and e-commerce intelligence
assets). Numerator has been growing and gaining market share
particularly via its panel business. While inclusion of Numerator's
panel business will substantially improve the growth prospects for
Kantar's Worldpanel business, Moody's cautiously take into
consideration the risks associated with the successful integration
of Numerator with Kantar.

Numerator's acquisition will be 67% debt funded and comes at a time
when Kantar's leverage is already elevated. Pro-forma for this
acquisition, Moody's expect the company's gross leverage to be
around 7.0x (Moody's adjusted -- net of the notional cash pooling)
at the end of 2021 which is relatively high for the rating
category. EBITDA growth and positive free cash flow generation will
pave the way for rapid de-leveraging from 2022 onwards. Yet, Kantar
may consider further add-on acquisitions to bolster growth which
could slowdown de-leveraging, if such acquisitions are
debt-funded.

Moody's considers Kantar's liquidity as solid. The company had cash
and cash equivalents of USD516 million at the end of March 2021
(net of the notional cash pooling in the bank overdrafts), after
having drawn USD72 million under its RCF USD392 million (net of an
ancillary carve out of USD8 million). Moody's expects cash flow
generation to be negative in 2021 but the cash on company's balance
sheet will be sufficient to cover its cash needs. Moody's expects
the company to return to positive cash flow generation in 2022.

The group's senior secured Term Loans B, RCF and the senior secured
notes are secured by share pledges, intercompany receivables and
bank accounts, and guaranteed by operating subsidiaries accounting
for 80% of the Consolidated EBITDA as defined in (and subject to
the guarantor coverage adjustments specified in) the Senior
Facilities Agreement. Moody's have ranked the company's bank debt
and the senior secured notes, highest in the priority of claims,
together with the company's trade claims, followed by the senior
unsecured notes. This results in a B2 rating for the group's
secured debt. The guaranteed senior unsecured notes issued by
Summer (BC) Holdco A S.à r.l. are rated Caa1.

The downgrade of the senior secured debt ratings to B2 reflects the
fact that Numerator's acquisition will be funded via incurrence of
USD900 million of additional senior secured debt leading while the
company's unsecured notes now represent a small cushion in
percentage of total debt.

ESG CONSIDERATIONS

From a corporate governance perspective, Moody's factors in the
potential risk (heightened after the acquisition by Bain Capital)
usually associated with private equity ownership, which might lead
to an aggressive financial policy, and the uncertainty in the
future leadership of the company, following the recent departure of
the CEO Alexis Nasard in April 2021. Alexis left Kantar after just
4 months of service. Moody's understands that the search for a new
CEO is currently ongoing.

RATING OUTLOOK

The negative outlook reflects the risk of (1) slower than expected
realization of planned cost savings under the transformation plan
(2) the integration risks associated with Numerator's acquisition
and (3) slower than currently expected improvement in revenues and
EBITDA over the next 12-18 months.

Stabilization of outlook will require the company to generate cost
savings in line with its plan and achieve operating performance
such that the company's gross leverage (Moody's adjusted) begins to
trend towards 6.5x.

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

Positive pressure on the ratings is unlikely over the next 12-18
months. It could develop over time, if (1) Kantar demonstrates
sustained moderate revenue and EBITDA growth; (2) its gross
debt/EBITDA (Moody's-adjusted) decreases sustainably and is
maintained below 5.5x; and (3) the company's Moody's adjusted free
cash flow (FCF)/ Debt ratio improves towards 10%.

Downward ratings pressure would materialize if (1) Kantar's
revenues and EBITDA fail to grow in line with its current business
plan (2) its gross leverage (Moody's-adjusted gross debt/EBITDA) is
no longer expected to reduce towards 6.5x during 2022; and/ or (3)
its free cash flow (FCF)/ debt (Moody's-adjusted) declines
materially beyond 2021. There would also be downward rating
pressure if the company's liquidity were to significantly
deteriorate.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Kantar Global Holdings S.a r.l.

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Issuer: Summer (BC) Holdco A S.a r.l.

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Downgrades:

Issuer: Summer (BC) Bidco B LLC

Senior Secured Bank Credit Facility, Downgraded to B2 from B1

Issuer: Summer (BC) Holdco B S.a r.l.

BACKED Senior Secured Regular Bond/Debenture, Downgraded to B2
from B1

Outlook Actions:

Issuer: Kantar Global Holdings S.a r.l.

Outlook, Remains Negative

Issuer: Summer (BC) Bidco B LLC

Outlook, Remains Negative

Issuer: Summer (BC) Holdco A S.a r.l.

Outlook, Remains Negative

Issuer: Summer (BC) Holdco B S.a r.l.

Outlook, Remains Negative

RATINGS METHODOLOGY

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

COMPANY PROFILE

Kantar Global Holdings S.a r.l. (Kantar Group Holdings), previously
Summer (BC) Lux Consolidator S.C.A., is the top-most entity of the
restricted group that owns Kantar. Kantar is a global data,
research, consulting and analytics business which offers a complete
view of consumer behaviour in over 100 countries. In its fiscal
year ended December 31, 2020, Kantar reported revenue of USD3.5
billion and EBITDA of USD460 million in constant currencies.


KANTAR GLOBAL: S&P Lowers ICR to 'B-' on Slower Deleveraging
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-based data, market research, and analytics group Kantar Global
Holdings S.a.r.l. (Kantar) to 'B-' from 'B', and removed it from
CreditWatch negative, where we placed it on April 21, 2021.

The stable outlook reflects our expectation that over the next 12
months, Kantar's operating performance will recover, and its
profitability will improve, but significant restructuring costs
will weigh on adjusted EBITDA and free cash flow after leases. The
outlook also assumes that Kantar's adjusted leverage will fall
toward 8.0x in 2022 from about 10.5x on a pro forma basis in 2021.

S&P said, "The downgrade reflects our expectation that Kantar's
adjusted debt to EBITDA will exceed 10x in 2021 and 8x in
2022.Prior to the acquisition announcement, our 'B' rating on
Kantar had a negative outlook with minimal headroom. We also
expected that despite the recovery in Kantar's operating
performance following the effects of the COVID-19 pandemic in 2020,
the group's leverage would be above our guidance for the 'B' rating
in 2021. This was due to a delay in the group realizing the cost
savings from its business transformation, and substantial
restructuring costs, compared to our initial expectations. As a
result, even excluding the impact of the proposed transaction, we
forecasted that Kantar's leverage would remain above 9.0x in 2021,
and cash flow generation would be weak."

Kantar plans to finance the acquisition with about $900 million of
new senior secured debt, $350 million of equity, and $150 million
of cash on the balance sheet. The additional debt will increase the
combined group's leverage--pro forma the annualized contribution
from the acquisition--to about 10.5x in 2021 and above 8.0x in
2022. S&P said, "This is significantly above our guidance for a 'B'
rating on Kantar, as well as above the leverage of many of its
peers in the media industry. We also think that the acquisition
reflects a more aggressive financial policy on the part of Kantar's
private-equity owner, Bain Capital, than we had previously factored
into the rating. We had previously assumed that Kantar would focus
on its business transformation and would reduce its leverage to
less than 7.5x in 2021 and to 6.0x-6.5x in 2022 before undertaking
any material debt-funded acquisitions or shareholder
distributions." While the acquisition will allow Kantar to improve
growth in its Worldpanel business, strengthen its presence in the
U.S. market, leverage on Numerator's tech capabilities, and achieve
cost synergies, it comes before the group has completed its
business turnaround and achieved the cost savings it expects. The
acquisition will also delay a reduction in leverage and
stabilization of cash flow beyond 2022.

Numerator will complement Kantar's Worldpanel and Media businesses,
and enhance the group's operations in the U.S., but its
contribution to earnings will be limited compared with Kantar's
size. Numerator operates two main businesses: Path--a promotions,
branding, and e-commerce advertising solutions platform; and
Purchase--a consumer purchasing data platform generating data via
consumer panels. Numerator generates its revenue through recurring
subscriptions for its data and software, which accounted for more
than 85% of revenues in 2019, and nonrecurring and reoccurring ad
hoc engagements. Its Purchase business segment has seen strong
revenue growth over the past 12 months, while its legacy Path
business continues to face revenue declines because of secular
pressures affecting retailers. In 2020, Numerator reported revenue
of $176 million.

S&P said, "In our view, Kantar will benefit from integrating
Numerator's Purchase business with its Worldpanel business.The
combination of the two databases, consolidation of the operational
data science team, and the streamlining of more automated
procedures, such as Numerator's proprietary receipt-collection app
and email-scraping solution, will lead to cost synergies. We also
expect that the combination of these businesses will put Kantar in
a better position to face tough competition from IRI Holdings and
Nielsen IQ in the U.S. As a result, we believe that the Worldpanel
segment could achieve robust 6.0%-7.0% revenue growth in the medium
term. At the same time, we expect that merging Numerator's Path
business, whose revenue has been declining for the past couple of
years, with Kantar's Media business will allow the group to achieve
cost synergies by removing duplicate functions and costs. We also
assume that revenue growth in this business segment will gradually
stabilize."

Kantar's ability to reduce leverage will depend on the recovery of
its operations, ability to achieve planned cost savings and cost
synergies, and successfully integrate Numerator. S&P said, "We
expect that following a pandemic-related contraction of 12.0% in
gross revenues in 2020--including 2019 revenues before Kantar's
carve out from WPP PLC--the group's operating performance will
recover in 2021. We forecast that external revenues will increase
by about 6.0% this year, with growth consolidating at around 3.0%
thereafter. The improvement will be driven by a rebound in the
Insights and Specialist divisions, as well as by robust expansion
of the highly profitable Worldpanel business." In particular,
growth at Worldpanel will determine a gradual shift in the product
mix, which, combined with improvements in Kantar's data-gathering
processes, will underpin growth in the group's gross margin of
about 30-50 basis points by 2022. In the first quarter of 2021,
Kantar reported revenue growth of about 3.0% at constant currency,
pro forma the disposal of the Health business.

Execution risks and significant uncertainties around the magnitude
and timing of the cost efficiencies remain. Kantar's management has
indicated that it expects to achieve $320 million in savings over
the medium term, above our previous expectations and the initial
business turnaround plan. This will be supported by the cost
savings and efficiency improvements that Kantar achieved in 2020 in
response to the COVID-19 pandemic. Cost-saving measures will
include the introduction of more automated data-gathering
processes, new procurement initiatives, and permanent reductions to
the headcount. S&P said, "While we expect that the group's
profitability will improve, we see execution risks and significant
uncertainties around the magnitude and timing of the cost
efficiencies. We include material restructuring costs associated
with the turnaround in our calculation of adjusted EBITDA, although
we do not give full benefit for the savings that management plans
to achieve. These savings will nevertheless contribute to a
permanent expansion of earnings over the coming years. We also
estimate that in 2021-2022, the EBITDA contribution from Numerator
will be limited compared with that from Kantar's stand-alone
operations, at about 9.5%-10.0% of combined EBITDA. As a result, we
estimate that on a pro forma basis, the combined group's adjusted
EBITDA will be about $410 million-$460 million in 2021, increasing
to $520 million-$600 million in 2022."

S&P said, "We expect that Kantar's free operating cash flow (FOCF)
will remain negative in 2021 and be weak, albeit improving, in
2022.We forecast that in 2021 and 2022, Kantar's cash generation
will remain weak due to significant restructuring and integration
costs; a moderate working capital outflow following a large inflow
in 2020; and capex of about $100 million per year over the medium
term. We estimate that in 2021, Kantar's FOCF after lease payments
will be negative $150 million-$180 million and will gradually
improve to between roughly neutral and $50 million in 2022."

Kantar's capital structure is more leveraged than other companies
in the global market research industry. Numerator will enhance
Kantar's product offering and moderately expand its global
outreach. However, the $900 million in debt that the group will add
to the capital structure will weaken its credit metrics compared to
those of its competitors and other media companies. S&P said, "In
particular, we expect Kantar to have higher leverage in both
2021-2023 than its competitors GfK SE, Nielsen IQ, and IRI
Holdings. We also think that Kantar will have weaker cash flow
generation in 2020 and 2021."

S&P asid, "The stable outlook reflects our expectation that over
the next 12 months, Kantar's operating performance will recover and
its profitability will improve on the back of a rebound in
revenues, the ongoing business transformation, and the integration
of Numerator. At the same time, significant restructuring costs
will weigh on Kantar's adjusted EBITDA and cash flow metrics in
2021 and 2022, and we expect positive, albeit weak, reported FOCF
after leases in 2022. The stable outlook also assumes that Kantar's
adjusted leverage will fall toward 8.0x in 2022 from about 10.5x on
a pro forma basis in 2021.

"We could lower the rating if Kantar fails to achieve the planned
cost savings and improvement in profitability in line with our base
case, or faces setbacks in integrating Numerator. This could result
in weaker EBITDA and continued negative FOCF, eroding the group's
liquidity and rendering its capital structure unsustainable in the
medium term.

"An upgrade is unlikely in the near term. Over the longer term, we
could raise the rating if Kantar's operating performance improved
significantly above our forecast, and the group's financial policy
aimed at deleveraging, with no major debt-funded acquisitions or
shareholder remuneration, such that adjusted leverage fell to about
7.0x on a sustainable basis. An upgrade would also hinge on the
group generating positive cash flow, with FOCF to debt above 5%."




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

CASPER DEBTCO: Fitch Assigns FirstTime 'CCC+' LongTerm IDR
----------------------------------------------------------
Fitch Ratings has assigned Casper Debtco B.V. a first-time
Long-Term Issuer Default Rating (IDR) of 'CCC+'. Fitch has also
assigned a super senior secured debt rating of 'B+'/'RR1' to the
company's term loan of EUR55 million and a senior secured debt
rating of 'B-'/'RR3' to the reinstated term loan B (TLB) of EUR196
million.

Casper Debtco B.V. indirectly owns Dummen Orange Holding B.V., a
Netherlands-based floriculture company engaed in breeding,
propagation and commercialisation of flower varieties.

The 'CCC+' IDR reflects significant credit risks due to tight
liquidity headroom, material execution risks as the company is
implementing a turnaround strategy, high intrinsic business risks,
negative free cash flow (FCF) profile and persistently high
leverage, despite the recently completed debt restructuring.

KEY RATING DRIVERS

Turnaround Challenging but Achievable: Fitch regards the execution
risks from the operating restructuring as challenging but
achievable. Fitch projects profitability improvement only by FY22
(ending September 2022) given the complexity of the turnaround
measures at Dummen Orange and the long production cycle of the
business. However, Fitch views the presented execution plan as
achievable with limited further downside risks, focused mostly on
asset productivity and cost control, while demand is expected to
recover after disruption caused by the pandemic in FY20.

Fitch views Dummen Orange's business model as redeemable,
supporting Fitch's assumptions of a successful turnaround. Dummen
Orange's small scale compared with other non-investment grade
business is mitigated by its global sector relevance across
multiple crop types and regions. The floriculture breeding market
is highly fragmented with smaller sized constituents, making Dummen
Orange a credible candidate to maintain its leading market position
in the medium term in a sector backed by steadily growing long-term
demand and high barrier to entry.

Tight Liquidity Headroom: Fitch's assessment of still tight
liquidity headroom and lack of clarity over the company's ability
to secure additional capital are the most critical factors behind
the 'CCC+' IDR. Following the refinancing, Dummen Organge's
liquidity reserves are limited to the net new money proceeds of
EUR36 million and will only be sufficient to cover ongoing debt
service as well as working capital and capex needs. Given the
company's high intra-year seasonality, Fitch estimates that most of
the new money will be tied up in daily operations, leaving no
liquidity buffer to address any other potential operating risks.

Fitch also notes the absence of other committed funding at present.
However, the current financing documentation permits an additional
super senior revolving credit facility (RCF) of up to EUR35 million
as a mechanism to install new prior-ranking money, which may in
return impact Fitch's assessment of the 'B-' instrument rating
assigned to the reinstated TLB. A successful operational turnaround
is critical for the company's ability to stop its cash burn, which
Fitch's rating case assumes by FY23, but with significant execution
risks along the way. In Fitch's view, additional deterioration of
the liquidity position will signal further credit weakening and
lead to negative rating action.

Negative FCF:  The rating is constrained by the projected negative
FCF generation, albeit with gradually reducing outflows over the
rating horizon as the company sees results from the operational
turnaround combined with lower capital intensity from FY23. In
FY21-22, Fitch projects FCF will remain strongly negative with FCF
margins of -5 to -9%, burdened by subdued but gradually recovering
EBITDA against high capex levels of around 9% of sales.

From FY24, Fitch expects strengthening EBITDA in excess of EUR45
million combined with lower capex requirements of around 6%. This
supports Fitch's assumptions of FCF approaching break-even levels.
Persisting operating challenges and execution risks attached to the
turnaround, leading to reduced medium-term prospects for FCF
improvement, will put pressure on the ratings.  

Persistently High Leverage: Fitch considers leverage as high as
reflected in the assigned rating. with FFO leverage projected at
8.7x in FY21 and 8.4x in FY22, particularly in the context of
Dummen Orange's high operating risks and consistently negative FCF
profile. Delivery of the turnaround strategy is key to deleveraging
and returning to performing credit quality. Fitch views FFO
leverage of below 7.0x as necessary for Dummen Orange to become a
performing credit rated 'B-'/Stable or above.

High Underlying Business Risks: Dummen Orange's higher risk profile
reflects its hybrid nature combining the traits of agriculture-like
crop breeders with long product cycles, high R&D, labour and
capital intensity, subject to varying crop productivity and
phyto-sanitary events (plant diseases), with consumer-related
characteristics exposed to volume volatility driven by customer
demand and changing preferences, and to a much lesser extent,
prices fluctuations.

Exposure to Environmental Impacts is scored at '4' given the impact
of climate change and extreme weather events on Dummen Organge's
assets and operations impacting its productivity, which has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

DERIVATION SUMMARY

Dummen Orange's rating reflects its unique business model, which
combines features of a crop science company with high importance of
R&D, and labour-and capital-intensive operations driven by
crop-specific product cycles with pronounced seasonality and
subject to varying productivity and phyto-sanitary incidents. It
also shares to a limited extent operating risks with manufacturers
of consumer products, given Dummen Orange's exposure to volume
risks driven by customer demand.

High inherent operating risks of agro-credits make them less
suitable for highly leveraged capital structure.

The higher ratings of vertically integrated agro-industrial
businesses Camposol Holding Limited (BB-/Stable) and Corporacion
Azucarera del Peru S.A. (B+/Stable) are supported by their higher
operating and cash flow margins combined with lower leverage.

Comparability with higher rated Sunshine Luxembourg VII S.a.r.l.
(Galderma, B/Negative), a manufacturer of branded consumer products
with an R&D angle, is limited to consumer related volatility of
demand. However, Galderma's much larger scale, strong brand quality
and the medicinal nature of its skin care products make the
business more resilient and capable of tolerating higher leverage,
with FFO leverage of 7.0x-8.0x supporting a 'B' IDR, compared with
Dummen Orange's FFO leverage of above 8.0x not being commensurate
with a performing credit rating.

KEY ASSUMPTIONS

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

-- 2021 revenue forecast to grow by 7% with a long-term prospect
    after that at around 2% a year;

-- EBITDA margin to recover in 2021 to 10% (Fitch defined,
    excluding IFRS 16 leases) and growing towards 12% by 2025,
    following turnaround and cost reduction efforts;

-- Capex at around EUR35 million in 2021 and 2022 including one
    off IT project, reduced to EUR25 million thereafter;

-- Trade working capital at around EUR1 million outflow in 2022
    25, reflecting cash collection improvement and reduced
    inventory, following a larger outflow in 2021 as activity
    rebounce from the pandemic year with reduced stock levels;

-- No M&A activity over the rating horizon.

RECOVERY RATINGS ASSUMPTIONS

-- The recovery analysis assumes that Casper Debtco B.V. would be
    reorganized as a going-concern (GC) in bankruptcy rather than
    liquidated;

-- Fitch has assumed a 10% administrative claim;

-- Casper Debtco's EUR 37 million GC EBITDA assumption reflects
    Fitch's view of a sustainable, post-reorganisation EBITDA
    level, upon which Fitch bases the enterprise valuation. It
    reflects a recovery of the industry from Covid-19 as well as
    some of the business turnaround measures already put in place;
    it corresponds to pre-pandemic FY19 EBITDA and Fitch-forecast
    FY22 EBITDA;

-- GC EV multiple of 5.5x EBITDA is applied to the GC EBITDA to
    calculate a post-reorganisation enterprise value. The multiple
    is in the medium range and is supported by the high barrier to
    entry, the significant value of Dummen Orange's intellectual
    property and research and development, as well as the expected
    modest but positive long-term growth for the floriculture
    sector;

-- The allocation of value in the liability waterfall results in
    a Recovery Rating 'RR1' for the super senior term loan of
    EUR55 million ranking pari passu with the EUR6m cash pooling
    facility indicating a 'B+' instrument rating with a waterfall
    generated recovery computation (WGRC) of 100% based on current
    assumptions, and a Recovery Rating 'RR3' for the reinstated
    TLB of EUR196 million, leading to a 'B-' instrument rating
    with a WGRC of 62%.

RATING SENSITIVITIES

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

-- Business turnaround leading to EBITDA durably above EUR40
    million (Fitch defined, excluding IFRS 16) and EBITDA margins
    above 11%;

-- Neutral to positive FCF;

-- Freely available cash (excluding Fitch-defined restricted cash
    of EUR30 million for intra-year trade working capital)
    maintained at least at EUR10 million a year;

-- FFO leverage sustained below 7.0x.

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

-- Deteriorating liquidity position requiring additional
    provision of cash to fund operations or debt service;

-- Operational challenges with EBITDA margin declining;

-- Negative FCF with diminishing prospects of reaching break-even
    by FY23;

-- No prospect of a deleverage under 8x after FY23.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Minimal Liquidity Headroom: With the reinstated TLB and new money
term loan, Dummen Orange has tight liquidity headroom, sufficient
only to cover debt service and most of its intra-year working
capital needs, which tend to reach EUR30 million and which Fitch
excludes as restricted cash. Higher working capital requirements or
unforeseen event such as low crop productivity or disease spread
would be left unfunded under the currently available financing. An
additional RCF of EUR35 million ranking super senior is permitted
under the senior facility agreement, which if established, would
aide Fitch's liquidity assessment.

Following its debt restructuring, Dummen Orange benefits from
long-dated term loan maturities with no debt amortisations due
before 2026. The new structure allows the company to concentrate on
operating turnaround and achieve de-leveraging towards 6.5x to
improve its refinancing prospects in FY25.

ESG CONSIDERATIONS

Casper Debtco B.V. has an ESG Relevance Score of '4' for Exposure
to Environmental Impacts due to the influence of climate change and
extreme weather conditions on Dummen Orange's assets, productivity
and operating performance, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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




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

NAVICO GROUP: S&P Upgrades ICR to 'B-', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised to 'B-' from 'CCC+' its issuer credit and
issue ratings on Norwegian marine electronics producer Navico Group
AS and its senior secured debt.

The stable outlook reflects S&P's expectation of Navico's material
deleveraging to 4x, thanks to solid like-for-like revenue growth
and S&P Global Ratings-adjusted EBITDA margin expansion of 300
basis points (bps)-400bps, and free operating cash flow (FOCF) of
more than $15 million, with FOCF to debt of more than 5% in 2021.

Navico's strong operating performance will lead to sound
deleveraging in 2021.

S&P said, "We revised our forecast for Navico's sales in 2021 to
$470 million-$500 million compared with our previous forecast of
$420 million-$440 million, reflecting Navico's strong first-quarter
performance and significant new order intake. We think Navico's
earnings visibility in 2021 has improved markedly with committed
new orders of more than $120 million will stretch to year-end,
compared with $23 million in April 2020. This is because
manufacturers, retailers, and wholesalers are stocking up to meet
the strong end-market demand, and to counter semiconductor
shortages and supply chain disruptions caused by the COVID-19
pandemic. We also note that Navico is gradually regaining market
share with the launch of some key products in fourth-quarter 2020.
Additionally, S&P Global Ratings-adjusted EBITDA margin will expand
in 2021 by 300bps-400bps, compared with our previous forecast of
100bps-200bps. As a result, we expect Navico's adjusted leverage
will decrease to 4.0x-4.5x in 2021, from 7.0x in 2020. This
improvement underpinned the upgrade. Furthermore, we forecast FOCF
of more than $15 million in 2021, with FOCF to debt above 5%,
versus 3.4% in 2020.

"We think persisting volatility in the market demand for
recreational marine electronics in the short to medium term
constrains rating upside.

"This stems from competitive market conditions and our expectation
that the exceptionally strong demand could recede as social
distancing measures gradually relax. Additionally, we think Navico
could see setbacks due to the ongoing semiconductor shortage and
supply chain disruptions, which delayed lead time and lifted
production costs. These factors could curb consistent revenue
growth in 2022. That said, we think Navico's long-term growth
prospects are fueled by the increased total addressable market
during the pandemic, rising share of electronics components in
total boat costs, and shorter replacement cycles.

"The stable outlook reflects our view that Navico's solid
like-for-like revenue growth and S&P Global Ratings-adjusted EBITDA
margin expansion of 300bps-400bps will lead to material
deleveraging towards 4x in 2021. We also expect FOCF to be greater
than $15 million, with FOCF to debt above 5% in 2021."

Upside scenario

S&P could raise its rating if Navico's sales continue to strengthen
in 2022, underpinning adjusted FOCF to debt of more than 5% and
debt to EBITDA of below 5x on a sustained basis.

Downside scenario

S&P could lower the rating if Navico's sales and EBITDA over the
next 12 months are below its current forecasts because of a change
in market conditions or severe disruptions on supply chain that
lead to negative FOCF and weaker liquidity coverage.




===========
P O L A N D
===========

GLOBE TRADE: Moody's Assigns Ba1 CFR & Rates New EUR500M Notes Ba1
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating, to Globe Trade Centre S.A. (GTC). Subsequently, it has
assigned a Ba1 rating to its new proposed guaranteed EUR500 million
senior unsecured notes, to be issued by GTC Aurora Luxembourg S.A.
and to be guaranteed by GTC. The outlook on the ratings for both
entities is positive.

"GTC's business risk profile is solid. While its scale is more
moderate compared to higher rated peers, we still believe that the
group's credit profile can become commensurate with the
requirements of an investment grade rating, supported by a
conservative financial policy that targets to preserve a long-term
capital structure at or below a 40% LTV. The company ranks among
the main office and retail real estate companies within CEE and
owns a well-diversified property portfolio, leased to a high-credit
quality tenant base", says Ana Luz Silva, a Vice President-Senior
Analyst at Moody's and lead Analyst for GTC.

RATINGS RATIONALE

The Ba1 corporate family rating is supported by: (1) GTC solid
market position across its main jurisdictions; (2) its well-located
and good-quality property portfolio with a high share of energy
certified assets at 84%; (3) stable cash flows generated from a
high-credit quality tenant base; (4) resilient operating
environment supported by a robust economic backdrop across its main
countries of operations and enhanced by strong medium to long term
fundamentals and (5) good liquidity further improving with the
planned bond and equity issuance, as those will considerably expand
GTC's unencumbered asset base. Moody's also view positively GTC's
long-term oriented main shareholder Optima (holding a 66% stake)
who fully supports management's action plan, including the planned
equity raise in H2 2021, for enhancing its capital structure by
reducing leverage towards 40% in line with its publicly
communicated financial policy.

On the other hand, the rating is challenged by: (1) a Moody's
adjusted leverage above 45% and a 2021e Moody's adjusted Net debt
to EBITDA above 10x, both expected though to notably decline over
the next 12 to 18 months in line with an improving occupancy rate
and company's commitment towards its financial policy; (2) the
pandemic-driven economic uncertainty that is holding back occupier
and investment dynamics in the geographies where GTC operates; (3)
company's footprint in less liquid investment markets, with higher
downside risks to investor appetite, property valuations and access
to capital than those of core European countries; (4) future growth
via development or acquisitions which could increase business risk,
balanced by company's good track record next to solid level of
pre-letting ratios and (5) still limited unencumbered asset base
which will notably expand once the company progresses on the
planned shift towards unsecured funding.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects our expectations that GTC credit
ratios can strengthen towards levels similar to those of
investment-grade rated peers over the next quarters on the back of
the company's strong commitment to reducing its effective leverage
in terms of Moody's adjusted debt/assets towards 40%, in line with
GTC's financial policy, which is fully endorsed by its anchor
shareholder.

The positive outlook also reflects potential for a higher rating if
GTC were to show an improving trend in its occupancy rates, in
particular in the office segment. A reduction in vacancies coupled
with positive rent release spreads should also support
earnings-based metrics, such as its Moody's adjusted net debt to
EBITDA to fall to levels at or below 10x. The latter point
regarding a recovering operating performance is important as it
would provide additional comfort on the robustness of GTC's
property portfolio against fundamental trends affecting the office
and retail segment as well as temporary weakness from potential
supply-and-demand imbalances.

Moody's expect that the robust economic backdrop of GTC's main
jurisdictions Poland (A2 stable), Hungary (Baa3 positive); Bulgaria
(Baa1 stable) and Romania (Baa3 negative) provides for a favourable
operating environment over the next 12 to 18 months.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

- Strong track record of successfully growing its asset base while
maintaining a solid operating performance characterized by growing
occupancy rate and like-for-like net rental income across its
portfolio, in a favourable operating environment

- Financial leverage declining towards 40% or below as measured by
Moody's-adjusted gross debt/assets and in line with the current
conservative company's financial policy, together with a declining
Moody's-adjusted Net debt/EBITDA to levels at or below 10x

- Moody's adjusted fixed-charge coverage ratio around 3.0x on a
sustained basis

- Maintenance of a robust unencumbered assets ratio well above
50%, comprised by a high-quality asset pool in strong
jurisdictions, providing a good coverage to unsecured creditors

- Maintaining strong liquidity and a long-dated well-staggered
debt maturity profile with a track record in accessing to all forms
of debt and equity capital

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

- Deterioration in the operating performance, dropping occupancy
rate, declining like-for-like net rental income, shortening WALT,
or if property market fundamentals weaken sharply

- Moody's-adjusted leverage sustained above 45%, together with an
increasing Moody's-adjusted Net debt/EBITDA vs. 2020 level

- Moody's adjusted fixed-charge coverage ratio below 2.0x on a
sustained basis

- Increase of its development pipeline towards 10% with no
meaningful pre-letting ratios

- Weakening of liquidity

STRUCTURAL CONSIDERATIONS

The planned EUR500 million guaranteed senior unsecured notes will
rank pari passu with all other unsecured obligations of the issuer
and will benefit from: (i) cross-acceleration provision (ii) a
change of control provision and (iii) covenants including a maximum
Consolidated Leverage Ratio of 60% (incurrence), a maximum Secured
Leverage Ratio of 40% (maintenance), a minimum Consolidated
Coverage Ratio of 1.5x (maintenance) and a minimum Unencumbered
Consolidated Total Assets to Unsecured Indebtedness of 1.25x
(maintenance).

The assigned Ba1 CFR is in line with the senior unsecured rating
considering that after this issuance GTC will shift towards a
predominantly unsecured funding structure over the next 12 to 18
months. Moody's understand that the targeted senior unsecured notes
will be issued by GTC Aurora Luxembourg S.A. and guaranteed by
GTC.

Pro forma of the transaction, GTC unsecured debt is expected to
increase to 56% of total debt by year-end 2021. Current encumbered
assets of c. EUR1.9bn would be reduced to c. EUR1.0bn pro forma for
bond transaction. Unencumbered properties will offer around 1.8x
coverage of unsecured debt obligations.

By year-end bondholders will likely be subordinated to remaining
secured bank debt of around EUR550 million. The company aims to
reduce the level of structural subordination of the bonds over
time, supported by planned unsecure issuances over the next 12 to
24 months. After issuance senior unsecured creditors will be
sufficiently covered with a ratio of unencumbered assets of around
66%-68% by year-end 2021.

LIQUIDITY

GTC's liquidity is expected to be good. The group's internal cash
sources are expected to comprise cash on balance sheet above EUR250
million by year-end 2021; Moody's-adjusted funds from operations
will be between EUR65 million and EUR75 million over the next 12 to
18 months. These funds will comfortably cover all expected cash
needs in the next 12 to 18 months.

Company's financing strategy is based on diversified sources. As
per end of March 2021 the average debt maturity was higher than
four years and with 77% of debt cost being hedged.

Moody's liquidity assessment also considers that the company
benefits from broad pool of banking partners and a strong
relationship with them. The targeted senior unsecured bond issuance
will support a sustained funding diversification towards
predominantly unsecured borrowings over the next 12 to 18 months.

ESG CONSIDERATIONS

GTC is a public listed company. Its shares have been traded in
Warsaw stock exchange since 2004. The company's largest shareholder
is Optima Investment Ltd (Optima), which was established in 2015
with the objective to manage the funds of the Pallas Athene
Foundation. The foundation finances educational, scientific and
cultural activities; which it does via the rentability obtained
from its real estate investments in Hungary and the CEE region.

Moody's regard the long-term orientation of its main shareholder as
credit enhancing, considering that Optima fully endorses GTC's
publicly communicated financial policy and commitment to preserve a
long-term capital structure at or below 40% LTV.

Company's main shareholder also supports management's action plan,
including planned equity raise in H2 2021 and dividend suspension
in 2020 and 2021.

The company's governance structure includes Board of Directors with
8 members, 4 of which independent. Company benefits from an
experienced management team.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

CORPORATE PROFILE

GTC is a well-known real estate investor and developer in Central
Eastern Europe (CEE). The group was established in 1994 and has
real estate operations across Poland, Budapest, Bucharest,
Belgrade, Zagreb and Sofia. The company's gross asset value (GAV)
amounts to around 2.1 billion (out which EUR1.9 billion
income-generating properties). Annual rent-in place is around
EUR139 million.

The company is publicly listed. Its shares have been traded in the
Warsaw stock exchange since 2004. GTC's market capitalization
amounted to around EUR745 million as of June 7, 2021. GTC's main
shareholder is Optima (66% shareholding), an investment fund of
Pallas Athene Foundation.




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

CB KUBAN: Moody's Alters Outlook on B2 Deposit Ratings to Positive
------------------------------------------------------------------
Moody's Investors Service affirmed CB Kuban Credit Ltd's long-term
local and foreign currency bank deposit ratings of B2 and changed
outlook on these ratings to positive from stable. Concurrently,
Moody's affirmed the bank's Baseline Credit Assessment and Adjusted
BCA of b2, its long-term local and foreign currency Counterparty
Risk Ratings (CRRs) of B1 and its long-term Counterparty Risk
Assessment (CR Assessment) of B1(cr). The bank's short-term local
and foreign currency bank deposit ratings and short-term local and
foreign currency CRRs of Not Prime and its short-term CR Assessment
of Not Prime(cr) were affirmed.

RATINGS RATIONALE

The affirmation of Kuban Credit's ratings and rating assessments
reflects the resilience of the bank's financial fundamentals to the
negative effects of the economic downturn in Russia, as its asset
quality and profitability remained strong, while the capital
adequacy improved, enhancing the bank's stand-alone
creditworthiness. These strengths are balanced against the bank's
elevated risk profile associated with its exposure to construction
and SME sectors, and the corporate governance risks stemming from
its private equity ownership and key-man risk.

Kuban Credit's capital adequacy, as measured by tangible common
equity (TCE) to risk weighted assets (RWA) ratio, improved to 15.7%
as of year-end 2020 from 11.9% at year-end 2019, boosted by
retained earnings. Positive effect on the capital ratio also had
implementation by the bank of the new finalised approach to credit
risk assessment, which inter alia set a decreased 85% risk ratio
for claims to SMEs assessed on an individual basis. Moody's
estimates that capital buffer will remain solid in the next 12 to
18 months at above 13%, supported by retained earnings and moderate
expected RWA growth.

Kuban Credit's asset quality is robust, with a low incidence of
credit losses. The bank's problem loan ratio improved to 2.4% of
gross loans as of year-end 2020 from 3.1% as of year-end 2019, with
problem loans being more than 2 times covered by loan loss
reserves. Meanwhile, the bank remains exposed to elevated asset
risk given the large share of construction and SME segments in its
loan portfolio (23% and 46% of gross loans, respectively), as well
as high single-name concentration in the corporate loan book.

In 2020, the bank reported return on tangible assets of 2.4%.
Strong financial result was driven by solid net interest margin of
4.4% and the release of loan loss reserves equivalent to 0.8% of
average gross loans. Moody's expects Kuban Credit to demonstrate
good earning power in 2021 and beyond, albeit bottom-line
profitability will normalize at a lower level compared to the last
year.

The affirmation of Kuban Credit's ratings also acknowledges its
strong funding and liquidity profiles. The bank is almost fully
funded by customer deposits, with granular retail deposits
accounting for 72% of the total amount. The bank's liquidity
cushion remains healthy. As of year-end 2020, liquid banking assets
accounted for 27% of tangible banking assets.

Against this background, Moody's notes that the bank's b2 BCA
continues to include a one-notch negative adjustment for corporate
governance considerations owing to Kuban Credit's concentrated
private equity ownership and associated key-man risk.

OUTLOOK

The positive outlook on Kuban Credit's long-term deposit ratings
reflects an upward pressure on the bank's BCA based on Moody's
expectation that the bank's financial performance will remain
resilient in the next 12-18 months, supported by conservative risk
management and further loan book diversification.

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

Kuban Credit's BCA and deposit ratings could be upgraded in the
next 12 to 18 months if the bank maintains its strong solvency
metrics, alongside a continuing diversification of its loan
portfolio. In particular, maintaining the problem loan ratio close
to the current level would be a key rating driver along with TCE to
RWA ratio remaining above 13%, with stable funding and liquidity
profiles preserved.

A downgrade of Kuban Credit's ratings is unlikely given the
positive outlook. However, the outlook could be changed to stable
if the bank's risk appetite was to increase, resulting in a
weakening of its asset quality with adverse impact on profitability
and capitalization. An increase in related-party lending could also
lead Moody's to reverse positive outlook.

LIST OF AFFECTED RATINGS

Issuer: CB Kuban Credit Ltd

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b2

Baseline Credit Assessment, Affirmed b2

Long-term Counterparty Risk Assessment, Affirmed B1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Ratings, Affirmed B1

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed B2, Outlook Changed To
Positive From Stable

Outlook Action:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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


ENERGOMASHBANK Plc: Put Under Provisional Administration
--------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1112, dated June
9, 2021, revoked the banking license of the Saint Petersburg-based
Bank For Electric Power Industry, Public Limited Company, or
ENERGOMASHBANK, Plc (Registration No. 52, hereinafter,
Energomashbank). The credit institution ranked 145th by assets in
the Russian banking system.

The Bank of Russia made this decision in accordance with Clause 6
of Part 1 and Clauses 1 and 2 of Part 2 of Article 20 of the
Federal Law "On Banks and Banking Activities", based on the facts
that Energomashbank:

   -- fully lost its capital;

   -- implemented a highly risky business model understating the
      value of required loan loss provisions to be formed;

   -- violated federal banking laws as well as Bank of Russia
      regulations

and orders, due to which the regulator repeatedly applied measures
against it over the past 12 months including two cases of
restrictions on household deposit-taking.

Due to substantial credit risks and low quality of the bank's
assets, the execution of the Bank of Russia's demands to create
additional provisions led to a complete loss the capital of
Energomashbank.

In addition, Energomashbank lost its ability to perform timely its
obligations to lenders due to a loss of liquidity.

The owners of the credit institution failed to take measures to
improve its financial standing.

The Bank of Russia also cancelled Energomashbank's professional
securities market participant licence.

The Bank of Russia appointed a provisional administration to
Energomashbank for the period until the appointment of a receiver
or a liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

Information for depositors: Energomashbank is a participant in the
deposit insurance system; therefore, depositors will be compensated
for their deposits in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued), except for the cases stipulated by Chapter 2.1
of the Federal Law "On the Insurance of Deposits with Russian
Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency). Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.


IPOTEKA BANK: S&P Affirms 'BB-/B' ICRs & Alters Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings had revised its outlooks on National Bank For
Foreign Economic Activity Of The Republic Of Uzbekistan (NBU),
Ipoteka Bank JSCM, and KDB Bank Uzbekistan JSC (KDB Uzbekistan) to
stable from negative.

The outlooks on Uzpromstroybank and Joint-stock Commercial Xalq
Bank of the Republic of Uzbekistan (Xalq Bank) remain negative.

At the same time, the 'BB-/B' ratings on all five banks were
affirmed.

Rationale

The outlook revisions to stable mirror the similar rating action on
Uzbekistan.

At the same time, for Uzpromstroybank and Xalq Bank S&P sees
continued risks related to pressure on their capitalization levels
and potentially higher credit losses, which is why it kept its
outlooks negative.

In contrast to most emerging markets that saw economic
contractions, Uzbekistan's economy expanded 1.6% in 2020 and S&P
forecasts growth will accelerate to just below 5% this year.

Continued growth of Uzbekistan's economy in 2020 was supported by
significant government stimulus measures to counteract the effects
of the pandemic. S&P also notes that large economic segments
remained operational, despite COVID-19 restrictions, including the
agricultural sector and the important industrial sector (food
processing, manufacturing, oil refining, and metals and mining),
which occupy a very large portion of the banks' corporate lending
books.

S&P said, "We expect GDP growth will rebound in 2021 to 4.8%, led
by a recovery in the services sector and economic recoveries in key
trading partner countries. We expect real GDP growth to average
about 5% annually over our 2021-2024 forecast period, supported by
growth in the services, manufacturing, and natural resources
sectors--and consequently of the banking sector.

"We consider that the overall effect of the COVID-19 pandemic
remains manageable for the Uzbek banking system. We expect that
nominal lending growth in the system will remain high and
accelerate in 2021-2022, to 30% from 27% in 2020, reflecting
improvements in economic prospects overall. We believe that credit
costs will remain elevated at around 2%, an improvement from 2.6%
for 2020, but still higher than the average for 2016-2019 (1.6%).
We expect nonperforming loans to gradually increase closer to
3.0%-4.5% in 2021 and stay at this level in 2022-2023."




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

CONSTRUCTION AND MANAGEMENT: SFP Completes Sale of Business
-----------------------------------------------------------
Barney Cotton at Business Leader reports that nationwide insolvency
practitioner SFP has successfully completed the sale of
Northamptonshire-based Construction and Management Training Limited
after the business was placed into administration.

Construction and Management Training's troubles started
pre-pandemic as a result of a fall in demand for the company's NVQ
training, Business Leader relates.  While costs were reduced to
protect the future of the business cashflow problems persisted and
following redundancies only two employees remained with the
business, Business Leader states.

The company was incorporated in October 2009 to provide training
and assessment solutions to the construction industry.  It
initially provided training for other training providers on a
contractual basis as well as to a local agricultural college.

As the business grew, it was engaged by various UK Construction
companies and by 2012, it had won a major contract to provide NVQ
training for the plant operators of a major company.  It expanded
its workforce and established a bespoke training facility in
Fulbourn, Cambridgeshire.

By 2017-2018, its workforce peaked at 12 staff, with a turnover of
GBP1.2 million -- but in 2019/2020 turnover halved, and the
business sought financial advice, entering a Company Voluntary
Agreement (CVA), Business Leader discloses.  Unable to meet the
terms of the CVA, the Directors engaged SFP, Business Leader notes.
David Kemp and Richard Hunt, of SFP, were appointed as Joint
Administrators on May 6, 2021, Business Leader relates.

SFP subsequently achieved a sale of the business to CMT Commercial
Services Limited on May 14 with the two employees transferring to
the new company, Business Leader according to Business Leader.  The
training facility infrastructure was also sold to an independent
third party, Business Leader states.


VITAL INFRASTRUCTURE: Police Probe Looting, Damages at Sites
------------------------------------------------------------
Luke Traynor at the ECHO reports that police are now investigating
a spate of frantic looting and criminal damage at sites relating to
a now-collapsed construction company as key files were whisked off
to "safe houses".

Headquarters of Vital Infrastructure Asset Management (VIAM) in
Kirkdale and Speke have been left in disarray after the firm, more
commonly known as King Construction, recently fell into
administration, the ECHO relates.

They were behind the controversial Tarmacademy scheme, one of the
elements linked to the ongoing Liverpool council corruption probe,
now in the hands of the police, the ECHO notes.

On June 9, the ECHO reported how the Derby Road site had been badly
ransacked and vandalised, with reports of wagons, excavators, and
tools allegedly stolen by disgruntled parties.

Photos revealed the damage caused inside the complex, with graffiti
on the walls, rooms stripped of furniture and items left strewn
around.

It is said that similar activity has taken place at the firm's
Goodlass Road site in Speke.

On June 10, administrators Teneo confirmed they were aware of those
incidents, which had confirmed before they were appointed
administrators on June 1, the ECHO discloses.

The matters are being investigated by police, the ECHO states.

According to the ECHO, in a statement, Teneo said: "The
administrators are aware of the acts of vandalism and allegations
regarding theft of equipment from a number of sites operated by the
Companies.

"These acts took place before the administrators were appointed.

"The police have been advised and the administrators are working
with the police, asset collection agents and their insurers to
determine the most appropriate way to deal with these matters."

Teneo, as cited by the ECHO, said they had removed all remaining
assets and records from the VIAM buildings, who also operated one
in Skelmersdale, and sent them off to be "stored at safe
locations."

In total, around 300 people are understood to have lost employment
due to the VIAM collapse, although Teneo have clarified that 127
redundancies had to be made to staff, the ECHO discloses.

The extra numbers, of around 170, are said to be made up of
subcontractors, who for the purposes of administration, are not
counted as employees of the company, according to the ECHO.




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



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

Troubled Company Reporter-Europe is a daily newsletter co-
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.

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