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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

          Tuesday, June 22, 2021, Vol. 22, No. 118

                           Headlines



A R M E N I A

ARDSHINBANK CJSC: Fitch Affirms 'B+' LT IDR, Outlook Negative


F R A N C E

ALBEA BEAUTY: Moody's Lowers CFR to B3 on Weak Performance


G E O R G I A

GEORGIAN RAILWAY: Fitch Gives Final BB- on USD500MM Eurobond


G E R M A N Y

LUFTHANSA AG: Plans to Repay Pandemic State Aid in September


I R E L A N D

CARLYLE EURO 2017-1: Moody's Assigns (P)B3 Rating to Cl. E-R Notes
EURO-GALAXY IV: Moody's Assigns (P)B3 Rating to EUR8.7MM F Notes
NORTHWOODS CAPITAL 21: S&P Assigns B- Rating on Cl. F-R Notes


I T A L Y

INTER MEDIA: Fitch Affirms BB- Rating on Notes, Outlook Negative


L U X E M B O U R G

HSE FINANCE: S&P Assigns 'B' ICR on Refinancing, Outlook Stable


N O R W A Y

NORWEGIAN AIR: Fires Chief Executive Following Restructuring


R U S S I A

OTKRITIE: Russian Central Bank Plans IPO by Mid-2022


U K R A I N E

UKRAINIAN RAILWAYS: S&P Affirms 'CCC' ICR, Off Watch Negative


U N I T E D   K I N G D O M

BALTIC HOUSE: Garcia-Walker Barred From Being a Company Director
C&W SENIOR: Fitch Raises Unsec. Notes Rating to 'BB-'
GETICA 95: Pandemic-Related Facility Prompts Insolvency Request
LIBERTY GROUP: Metals Empire In Talks to Avert Administration

                           - - - - -


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A R M E N I A
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ARDSHINBANK CJSC: Fitch Affirms 'B+' LT IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Armenia's Ardshinbank CJSC's (Ardshin)
Long-Term Issuer Default Rating (IDR) at 'B+' with a Negative
Outlook.

KEY RATING DRIVERS

IDRS, VIABILITY RATING, SENIOR DEBT RATING

Ardshin's IDRs and senior debt rating (notes issued by Dilijan
Finance B.V.) reflect the bank's intrinsic strength, as captured by
its Viability Rating (VR) of 'b+'. The VR is significantly
influenced by Fitch's assessment of the potentially cyclical
operating environment in Armenia and resulting credit risks from
the highly-dollarised and concentrated local economy. The Negative
Outlook on the Long-Term IDR reflects residual downside risks to
the bank's credit profile from the lag effect from the economic
downturn, keeping asset quality and solvency metrics under pressure
in the near term.

The Armenian economy has been significantly affected by the
coronavirus pandemic and the military conflict between Armenia and
Azerbaijan in late 2020, leading to a real GDP contraction of 7.6%
in 2020 (vs. the 'B' median contraction of 4.2%). Fitch expects the
economy to recover moderately by 3.2% in 2021 and 4.0% in 2022,
which should improve prospects for banks' credit growth and
revenues. At the same time, Fitch believes that the downturn has
not yet been fully captured by banks' asset quality metrics
reported in 2020-1Q21 and problem loan recognition will continue in
2021 and potentially in 2022. Some risk aversion and continuing
business uncertainty still weigh on growth appetite, further
constraining potential for near-term profitability improvements.

Credit risk at Ardshin mainly stems from its loan book, which
accounted for 62% of total assets at end-1Q21. Impaired loans
(Stage 3 and purchased or originated credit impaired under IFRS 9)
were a moderate 7.6% of gross loans at end-1Q21, up from 6.0% at
end-2019, largely driven by unsecured retail lending segment (13%
of end-1Q21 loans). Coverage of impaired loans by total loan loss
allowances (LLAs) was only modest at 42% as management relies on
collateral to a large extent. However, in Fitch's view, realisation
of collateral could be challenging and prolonged, so additional
provisioning could be required if prevailing conditions persist.
Furthermore, Stage 2 exposures were equal to 7% of loans at
end-1Q21 and were by 10% covered by specific LLAs.

Fitch views Ardshin's asset quality as also vulnerable to high
lending dollarisation (end-1Q21: 55% of the total, close to the
sector average of 50%). The majority of loans in foreign currencies
are concentrated in the corporate portfolio, while the share of
borrowers who receive revenues in foreign currencies is limited in
Armenia. Single-name concentration is also large at Ardshin, given
the bank's focus on larger domestic corporates. The 20 largest
borrowers accounted for 52% of gross corporate loans or 2.1x Fitch
Core Capital (FCC) at end-2020.

Ardshin's profitability metrics are reasonable, with the ratio of
operating profit to regulatory risk-weighted assets (RWAs) equal
2.1% in 1Q21 (annualised; 2020: 1.9%; 2019: 2.6%). Metrics are
supported by relatively stable net interest margin (4.5% in
2020-and in 1Q21) and good cost efficiency (cost-to-income ratio of
29% in 1Q21). Its cost of risk grew moderately to 2.8% in 2020 and
in1Q21 (2019: 2.1%). Fitch expects it to be the source of
vulnerability for the bottom line, should impaired loans rise or if
additional provisioning is required. Ardshin's pre-impairment
profit equal to 5% of average loans provided a moderate loss
absorption buffer.

The ratio of FCC to regulatory RWAs was 14.6% at end-1Q21, which
Fitch views as only moderate in light of asset quality
vulnerabilities. Net impaired loans (net of total LLAs) were a
manageable 29% of FCC at end-1Q21, but downside risks to capital
remain. Ardshin's regulatory core capital ratio is tight due to
deductions in local accounts, standing at 11.8% at end-1Q21 vs. a
minimum of 9.0%.

Our assessment of Ardshin's liquidity profile considers its
significant share of wholesale funding (55% of total liabilities at
end-1Q21) along with significant upcoming contractual maturities,
equal to 22% of end-1Q21 liabilities. Liquid assets were equal to
20% of liabilities on the same date. The bank plans to refinance at
least part of maturing external debt, which Fitch views as feasible
given its good access to international creditors. Customer accounts
(43% of liabilities) are split almost equally between retail and
corporate clients, with a 43% share of accounts in foreign
currencies. The ratio of loans-to-deposits equal to a high 164% at
end-1Q21, up from 121% at end-2019, following the issue of
Eurobonds in 2020.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating Floor of 'No Floor' and Support Rating of
'5' reflect Fitch's view that the Armenian authorities have limited
financial flexibility to provide extraordinary support to the bank,
if necessary, given the banking sector's large foreign-currency
liabilities relative to the country's international reserves. Fitch
does not factor potential support from the private shareholder into
Ardshin's ratings, as it cannot be reliably assessed.

RATING SENSITIVITIES

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

-- A downgrade of Ardshin's ratings could result from a material
    deterioration in the operating environment, beyond Fitch's
    base case, which would lead to a sharp increase of problem
    assets, especially impaired loans ratio rising sustainably
    above 10%, leading to weaker profitability that would be
    insufficient to absorb increased credit costs. Weaker solvency
    metrics, particularly its regulatory capital ratios falling
    sustainably below a 100bp buffer over the minimum required
    levels, could also lead to a downgrade.

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

-- An upgrade of the ratings is currently unlikely, given the
    Negative Outlook on the IDR. The Outlook could be revised to
    Stable following a sustained stabilisation in the operating
    environment and the bank's financial metrics.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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




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F R A N C E
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ALBEA BEAUTY: Moody's Lowers CFR to B3 on Weak Performance
----------------------------------------------------------
Moody's Investors Service has downgraded Albea Beauty Holdings S.a
r.l's corporate family rating to B3 from B2, and its probability of
default rating to B3-PD from B2-PD. Albea Beauty Holdings S.A. is
top entity of the banking restricted group, and parent of beauty
and personal care packaging company Albea.

Concurrently, Moody's has downgraded the rating on the EUR450
million (EUR443.5 million outstanding), on the $408 million ($131
million outstanding) guaranteed senior secured term loan B due
April 2024, and on the $105 million guaranteed senior secured
revolving credit facility due April 2023 (RCF) to B3 from B2. The
outlook on the ratings is stable.

"The downgrade reflects a weaker than anticipated operating
performance in 2020 as well as our expectation that Albea's credit
metrics, albeit improving, are more commensurate with a B3 rating,"
says Donatella Maso, a Moody's VP-Senior Analyst and lead analyst
for Albea. "Although we expect a gradual recovery in the company's
earnings starting from the second half of 2021, Albea's leverage,
as adjusted by Moody's, will remain significantly above 6x in the
next 12 to 18 months and any improvement in the free cash flow will
rely on the company's ability to significantly reduce restructuring
costs and capital expenditures," Ms. Maso added.

RATINGS RATIONALE

Albea's 2020 operating performance has been significantly impacted
by the measures adopted globally in response to the pandemic with
different intensity across its two divisions. This is because the
company serves the beauty and personal care industry, and more than
50% of the company's revenue can be considered highly
discretionary, such are those generated from colour cosmetics,
fragrances and, to a lesser extent, skin care products. The company
has also encountered manufacturing and logistics disruptions and
incremental costs because of factories closures or lockdowns
implemented in a number of countries including China, Italy,
France, the US and Mexico. The company's product and geographical
diversification, and proactive cost-saving initiatives were not
sufficient to mitigate these challenging trading conditions.

In this context, 2020 pro forma revenue declined by 11% compared to
prior year, while EBITDA declined by 24% (as reported and adjusted
by the company) or by approximately 39% on a Moody's adjusted
basis, with most of the shortfall attributable to the cosmetic
rigid plastic (CRP) activities, since tubes proved to be more
resilient. Q1 2021 trading is broadly in line with the same quarter
last year but well below 2019.

As a result, the company's credit metrics deteriorated more than
the rating agency anticipated, including its Moody's adjusted
leverage which increased to 11x in 2020. Furthermore, Albea's free
cash flow continued to remain negative due to ongoing cash
exceptional costs and high capital expenditures, even excluding the
portion of proceeds up-streamed to outside the restricted group
following Alinea's disposal which Moody's treated as one-off
dividends.

As the vaccination campaign progresses and lockdowns are eased, the
cosmetic and fragrance industries will gradually recover with skin
care expected to grow at an accelerated pace. However, the recovery
of certain product categories such as lipsticks, and beauty
solution will lag behind. In addition, the company's profitability
improvement could be partly constrained by the current inflationary
cost environment, particularly for plastic resins, metal and
energy. While Albea benefits from pass through clauses in c.70% of
its contracts with customers, there is a time lag to passing
through the increases which will result in temporary margin
compression. Furthermore, these provisions do not often include
freight costs and energy.

Despite Moody's expectation of a gradual improvement in the
company's earnings and free cash flow, the company's leverage, as
adjusted by Moody's, is expected to remain substantially above 6x
in the next 12 to 18 months and its free cash flow to become
positive only in 2022. Furthermore, any improvement in the free
cash flow will partially depend on reduction in the amount of
restructuring charges and a normalization in the capex level. The
B3 rating also reflects a weaker business profile following
Alinea's disposal and its lower profitability compared to its
packaging peers.

The B3 rating remains constrained by the highly competitive trading
environment, combined with significant customer concentration,
resulting in pricing pressure, particularly from larger accounts.
However, this risk is partially mitigated by the company's
long-standing relationships with its blue-chip customers, as well
as a global manufacturing base that is aligned to the customers'
plants and Albea's innovation capacity. The rating also reflects
the company's exposure to volatility in input costs, although 70%
of contracts include pass through clauses but with a lag, and to
currency movements.

More positively, the B3 rating is supported by Albea's leading
positions in the global beauty and personal care packaging segment,
particularly in laminated tubes, mascara and lipsticks, with a
diversified broad product portfolio geographical footprint.

LIQUIDITY

Albea's good liquidity is underpinned by $134 million of cash as of
March 2021, although $52 million is in Asia and not immediately
available, and full availability under its $105 million RCF due
2023. The company also relies on a EUR115 million European
non-recourse factoring facility ($11 million utilised against a
borrowing base of $12 million, maturing April 2024), and on a $35
million US non-recourse factoring facility ($2 million utilised
against a borrowing base of $3 million, maturing April 2024). These
sources of liquidity will largely cover immediate needs such as
working capital, capital spending, expected to reduce in 2021.

The RCF has one springing financial covenant (net senior secured
leverage ratio), set at 7.97x, to be tested on a quarterly basis
when the RCF is drawn by more than 40%. The company's net leverage
was 5.76x as of March 2021. Moody's expects the company to continue
to comply with its covenant when tested.

STRUCTURAL CONSIDERATIONS

The term loan B and the RCF, issued by Albea Beauty Holdings
S.ar.l, both rated B3, are secured by pledges over shares and
certain assets, including material bank accounts, and are
guaranteed by material subsidiaries representing at least 80% of
the consolidated EBITDA and 80% of consolidated assets. Moody's
also notes the presence of PECs lent into the restricted banking
group, which have been treated as equity.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Albea's
operating performance will gradually recover resulting in its
Moody's adjusted leverage decreasing to below 7.0x in the next 12
to 18 months. The stable outlook assumes that the company will not
embark in material debt funded acquisitions or further dividend
distributions.

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

Upward pressure on the ratings could develop if (1) the company
improves its profitability; (2) its Moody-adjusted debt/EBITDA
falls below 6.0x on a sustained basis; and (3) its free cash flow
(FCF)/debt is sustainably positive while (4) liquidity remains
satisfactory.

Negative pressure on the ratings could arise if (1) the company's
operating performance does not show signs of recovery in 2021-2022;
(2) its Moody-adjusted debt/EBITDA remains above 7.0x beyond 2022;
(3) its free cash flow (FCF) is sustainably negative; or (4) its
liquidity deteriorates. Immediate negative rating pressure would
also arise if the preferred equity certificates (PECs) no longer
qualify for equity treatment.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Albea Beauty Holdings S.a r.l.

LT Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Senior Secured Bank Credit Facility, Downgraded to B3 from B2

Outlook Actions:

Issuer: Albea Beauty Holdings S.a r.l.

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.

COMPANY PROFILE

Headquartered in France, Albea is a leading producer of plastic
packaging for the beauty and personal care industries. For the last
twelve months ending March 31, 2021, Albea generated $1.1 billion
of revenues and $83 million of EBITDA as adjusted by Moody's,
employing approximately 11,000 people. The company is owned by the
private-equity firm PAI Partners (PAI) since March 2018.




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G E O R G I A
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GEORGIAN RAILWAY: Fitch Gives Final BB- on USD500MM Eurobond
-------------------------------------------------------------
Fitch Ratings has assigned JSC Georgian Railway's (GR;
BB-/Negative) USD500 million senior unsecured fixed coupon (4.00%)
green Eurobond due 17 June 2028 a final long-term rating of 'BB-'.

The final rating was assigned following the receipt of final
documents conforming to information already received and details
regarding the amount, coupon rate and maturity. The final rating is
the same as the expected rating assigned on 26 May 2021.

The proceeds from the issuance will be primarily used to refinance
GR's existing 7.75% senior unsecured US dollar-denominated notes
due 2022 and to finance GR's infrastructural projects.

The company positions the issued Eurobond as eligible for green
financing as an amount equal to the net proceeds of the notes will
be used to finance or refinance one or more eligible projects as
described in the GR's Green Bond Framework.

KEY RATING DRIVERS

The Eurobond's 'BB-' rating is equalised with GR's IDR as it is a
direct, unconditional senior unsecured obligation of the company,
which ranks pari passu with all its other present and future
unsecured and unsubordinated obligations.

GR is Georgia's monopolistic integrated railway group. It is
wholly-owned by the state via national key assets manger - JSC
Partnership Fund, with core business in freight transit
operations.

Fitch classifies GR as an entity ultimately linked to Georgia
(BB/Negative) under its Government-Related Entities (GRE) Rating
Criteria and applies a top-down approach based on its assessment of
the strength of linkage with and incentive to support by the
Georgian state. Fitch assesses the GRE support score at 22.5,
reflecting a combination of a 'Strong' assessment for status,
ownership and control and financial implications of default, and
'Moderate' assessment for support track record and socio-political
implications of default.

GR's Standalone Credit Profile (SCP) is 'b+', which reflects a
'Weaker' assessment for revenue defensibility, 'Midrange'
assessment for operating risk, and 'Weaker' financial profile with
leverage (Fitch's net adjusted debt to EBITDA) approaching 6.5x in
Fitch's rating case scenario at end-2024. The combination of the
assessment of strength of links with the state and SCP assessment
under Fitch's Public Sector, Revenue-Supported Entities Rating
Criteria leads to GR's IDRs being notched down by a single notch
from Georgia's IDRs. The Negative Outlook on GR's ratings mirrors
that on the sovereign.

RATING SENSITIVITIES

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

-- Positive action on GR's ratings will be mirrored on the
    Eurobond's rating.

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

-- Negative action on GR's ratings will be mirrored on the
    Eurobond's rating.

BEST/WORST CASE RATING SCENARIO

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

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
=============

LUFTHANSA AG: Plans to Repay Pandemic State Aid in September
------------------------------------------------------------
Ilona Wissenbach at Reuters reports that Lufthansa wants to repay
state aid it received during the pandemic before Germany's federal
election in September if possible, the airline's chief executive
said on June 18.

Lufthansa was pushed to the brink by the coronavirus pandemic in
2020, when travel restrictions led to a collapse in air travel,
forcing it to take EUR9 billion (US$11 billion) in aid from Germany
and its other home countries, Reuters discloses.




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I R E L A N D
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CARLYLE EURO 2017-1: Moody's Assigns (P)B3 Rating to Cl. E-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Carlyle Euro CLO 2017-1 DAC (the "Issuer"):

EUR2,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR243,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,000,000 Class A-2A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR13,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR25,000,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR27,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR13,000,000 Class E-R 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.

The Issuer will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Original Class A-1
Notes, Original Class A-2 Notes, Original Class B Notes, Original
Class C Notes, Original Class D Notes and Original Class E Notes
due 2030 (the "Original Notes"), previously issued on June 14, 2017
(the "Original Issue Date"). On the refinancing date, the Issuer
will use the proceeds from the issuance of the refinancing notes to
redeem in full the Original Notes.

On the Original Issue Date, the Issuer also issued EUR43,500,000 of
Subordinated Notes, which will remain outstanding. In addition, the
Issuer will issue EUR5,850,000 of additional Subordinated Notes on
the refinancing date. All subordinated notes are not rated.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1-R Notes. The
class X Notes amortise by EUR416,667 over the 6 payment dates,
starting on the first payment date.

As part of this reset, the Issuer will extend the reinvestment
period to 4.5 years and the weighted average life to 8.5 years. It
will also amend certain concentration limits, definitions and minor
features. 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 fully ramped as
of the closing date so there will be no effective date defined.

CELF Advisors LLP ("CELF") will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 years
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations. 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:

Target Par Amount: EUR400,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3005

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.10%

Weighted Average Recovery Rate (WARR): 42.00%

Weighted Average Life (WAL): 8.5 years


EURO-GALAXY IV: Moody's Assigns (P)B3 Rating to EUR8.7MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Euro-Galaxy IV CLO Designated Activity Company (the "Issuer"):

EUR198,400,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,400,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR19,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR18,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR8,700,000 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.

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 fully ramped as of the closing
date.

Pinebridge Investments Europe Limited ("Pinebridge") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half year and 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: EUR320,000,000

Defaulted Par: EUR0 as of April 3, 2021

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3065

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years


NORTHWOODS CAPITAL 21: S&P Assigns B- Rating on Cl. F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Northwoods Capital 21
Euro DAC's class A-1, A-2, B-1, B-2, C-R, D-R, E-R, and F-R reset
notes. At closing, the issuer had EUR34.80 million (including
EUR6.10 million in additional unrated subordinated notes) of
unrated subordinated notes outstanding from the existing
transaction.

The transaction is a reset of the existing Northwoods Capital 21
Euro, which closed in July 2020. The issuance proceeds of the
refinancing notes was used to redeem the refinanced notes (the
class A, B, C, D, E, and F notes of the original Northwoods Capital
21 Euro transaction, which have been withdrawn), fund the purchase
of additional collateral with an upsizing of notes, and pay fees
and expenses incurred in connection with the reset.

The reinvestment period, originally scheduled to last until June
2023, was extended to December 2025. The covenanted maximum
weighted-average life will be 8.5 years from closing.

Under the transaction documents, the manager may purchase loss
mitigation obligations in connection with the default of an
existing asset to enhance the global recovery on that obligor. The
manager may also exchange defaulted obligations for other defaulted
obligations from a different obligor with a better likelihood of
recovery.

The closing date portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans. Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

  Portfolio Benchmarks

  S&P performing weighted-average rating factor           2,801.42
  Default rate dispersion                                   528.60
  Weighted-average life (years)                               5.47
  Obligor diversity measure                                  97.33
  Industry diversity measure                                 22.31
  Regional diversity measure                                  1.28
  Weighted-average rating                                        B
  'CCC' category rated assets (%)                             4.35
  'AAA' weighted-average recovery rate                       35.78
  Floating-rate assets (%)                                   86.15
  Weighted-average spread (net of floors; %)                  3.67

S&P said, "In our cash flow analysis, we modelled a par collateral
size of EUR425.00 million, a weighted-average spread covenant of
3.55%, the weighted-average coupon covenant of 4.00%, and the
minimum weighted-average recovery rates as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

The issuer purchased part of the effective date portfolio from
Northwoods Capital 21U Euro DAC, a warehouse special-purpose entity
(SPE) via participations. With regards to the warehouse SPE, the
warehouse seller complies with S&P's legal criteria. The
transaction documents require that the issuer and the warehouse SPE
use commercially reasonable efforts to elevate the participations
by transferring to the issuer the legal and beneficial interests as
soon as reasonably practicable.

S&P said, "Our credit and cash flow analysis show that the class
B-1, B-2, C-R, D-R, and E-R notes benefit from break-even default
rate (BDR) and scenario default rate cushions that we would
typically consider to be in line with higher ratings than those
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings on these classes of notes.

"The class A-1 and A-2 notes withstand stresses commensurate with
the currently assigned ratings. In our view, the portfolio is
granular in nature, and well-diversified across obligors,
industries, and assets.

"For the class F-R notes, our credit and cash flow analysis
indicates a negative cushion at the assigned rating. Nevertheless,
based on the portfolio's actual characteristics and additional
overlaying factors, including our long-term corporate default rates
and recent economic outlook, we believe this class is able to
sustain a steady-state scenario, in accordance with our criteria."
S&P's analysis reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 24.11%
(for a portfolio with a weighted-average life of 5.47 years),
versus a generated BDR at 16.96% if it was to consider a long-term
sustainable default rate of 3.1% for 5.47 years, which would result
in a target default rate of 16.96%.

-- The actual portfolio is generating higher spreads and
recoveries at the 'AAA' rating compared with the covenanted
thresholds that S&P has modelled in our cash flow analysis.

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

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

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

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

The Bank of New York Mellon, London Branch is the bank account
provider and custodian. S&P considers that the transaction's
documented counterparty replacement and remedy mechanisms
adequately mitigate its exposure to counterparty risk under its
current counterparty criteria.

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

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"The CLO is managed by Northwoods European CLO Management LLC. We
currently have three European CLOs from the manager under
surveillance. Under our "Global Framework For Assessing Operational
Risk In Structured Finance Transactions," published on Oct. 9,
2014, the maximum potential rating on the liabilities is 'AAA'.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.

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

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
weapons, marijuana, tobacco, pornography, prostitution, illegal
activities, child or forced labor, production of asbestos fibers,
thermal coal, fracking activities, opioid drug manufacturing and
distribution that has negative environment, social, and governance
impact, or payday lending activities. 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    RATING     AMOUNT      INTEREST RATE*        SUB (%)
                    (MIL. EUR)
  A-1      AAA (sf)    222.00    Three-month EURIBOR    40.71
                                  plus 0.87%
  A-2      AAA (sf)     30.00    Three-month EURIBOR    40.71
                                  plus 1.15%§
  B-1      AA (sf)      31.50    Three-month EURIBOR    29.76
                                  plus 1.55%
  B-2      AA (sf)      15.00    2.00%                  29.76
  C-R      A (sf)       32.50    Three-month EURIBOR    22.12
                                  plus 2.10%
  D-R      BBB- (sf)    27.50    Three-month EURIBOR    15.65
                                  plus 3.25%
  E-R      BB- (sf)     21.50    Three-month EURIBOR    10.59
                                  plus 6.06%
  F-R      B- (sf)      16.00    Three-month EURIBOR     6.82
                                  plus 8.63%
  Subordinated  NR      34.80    N/A                      N/A

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

EURIBOR--Euro Interbank Offered Rate.
§ EURIBOR capped at 2.05%.




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

INTER MEDIA: Fitch Affirms BB- Rating on Notes, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Inter Media and Communication S.p.A.
(Inter Media) notes at 'BB-' and removed them from Rating Watch
Negative (RWN). The Outlook is Negative.

RATING RATIONALE

The rating affirmation and removal from RWN follows FC
Internazionale Milano S.p.A's (Inter Milan) receipt of a
shareholder loan, which resolves liquidity risks at the club. This
transaction is funded through proceeds of a shareholder-financing
package, which is outside the scope of Fitch's rating analysis. The
shareholder loan was injected into the club in a similar manner to
previously as the club has historically received strong support
from its shareholders.

The removal of the RWN reflects stabilisation of Inter Milan's cash
flow profile despite the continuation of high player wages and
revenue stress as a result of the coronavirus pandemic. The club is
now able to meet its obligations over the coming years but is
expected to continue to be free cash flow (FCF)-negative.

The Negative Outlook reflects uncertainties regarding Inter Milan's
ability to lower player wages to a sustainable level given the
suppressed player transfer market as a result of the pandemic.
Further, uncertainty persists with regard to future fan attendance
and the renewal of certain sponsorship contracts as well as
continued difficulties in collecting revenue from Asian sponsorship
partners. The Inter Media notes maturity in December 2022 also
represents an upcoming refinancing risk given the financial
pressures the club is facing.

KEY RATING DRIVERS

FINANCIAL SUMMARY

The financial analysis is based on Fitch's consolidated approach
where consolidated Fitch-adjusted net debt/EBITDA is the key metric
due to Inter Media's largely balloon debt structure and links to
the football team's performance on the pitch.

Fitch has updated Fitch's Fitch rating case (FRC) to reflect the
recent cash inflow from shareholders. The use of these funds will
likely be divided between current sporting season 2020/2021 and the
following 2021/2022.

As part of Fitch's financial analysis Fitch has revisited Fitch's
assumptions to reflect the latest financial and on-pitch
performance, including assumptions on player salaries. These will
likely remain high in the short term, despite management's
intention to reduce the wages to a sustainable share of revenue.
Fitch has also updated forecast media revenue to reflect Inter
Media's recently agreed media broadcast agreements for 2021-2024.
Fitch has further updated Fitch's cases with the cash collection
from Asian sponsorships. Fitch's expectations on fan stadium
attendance remain unchanged, with full attendance in the stadium
only by 2024 under Fitch's downside FRC.

Fitch has now included in Fitch's analysis the support from current
shareholders as demonstrated in the last days of May 2021. Fitch
has run scenarios ranging from 30% to 100% of utilisation of
available funds from shareholders, which translates into cash
inflows in the form of shareholder loans to Inter Milan. Under
Fitch's updated assumptions, the club will draw 70% of available
funds to maintain an adequate level of cash at the consolidated
group. This results in an improved Fitch-adjusted net debt/EBITDA
at below Fitch's negative sensitivity of 6.5x from 2023. However,
uncertainties remain as the usage of the facility may be dependent
on Inter Milan's capacity and willingness to generate positive net
proceeds from the trading of players, ability to reduce wages and
opportunity to collect remaining outstanding Asian sponsorship
revenue to date.

Parent Subsidiary Linkage

Fitch has assessed the structural protection afforded by Inter
Media's ring-fencing provisions as constituting 'Weak' legal ties
between the parent company Inter Milan and Inter Media. Inter Milan
controls Inter Media, which contributes roughly 40% of Inter
Milan's revenue. Inter Media has its own cash flow waterfall that
governs the senior claim over the pledged revenues for the bond
investors before distributions can be made to Inter Milan. Fitch
has assessed the operational ties between both companies as
'Moderate'. As per the combination of 'Weak' legal ties and
'Moderate' operational ties, Fitch's criteria allow us to notch up
from the consolidated group profile by a single notch to arrive at
the rating of 'BB-'.

RATING SENSITIVITIES

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

-- The Outlook will be revised to Stable when player wages have
    been reduced to a sustainable level to bring Fitch-adjusted
    net debt/EBITDA to below 6.5x by 2024.

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

-- Deterioration in Fitch-adjusted net debt/EBITDA to above 6.5x
    in 2024;

-- Liquidity ratio of lower than 1x on a 1-year forward-looking
    basis, reflecting heightened refinancing risk.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

Inter Milan is one of the most renowned Italian football clubs with
a long history of strong fan support despite recent
under-performance.

Inter Media, the notes issuer, is fairly insulated from liquidity
pressure at Inter Milan due to it being a bankruptcy-remote SPV and
having preferential recourse to certain media and commercial
revenues. Despite this, Inter Media's long-term viability, and
therefore ability to refinance the notes, is intrinsically linked
to the performance of Inter Milan to ensure media and commercial
revenues are maintained at current levels. This relationship is
reflected in the consolidated approach Fitch uses to reach the
long-term credit rating.

CREDIT UPDATE

Inter Milan has won the Scudetto (Serie A or Italian domestic
league) and qualified for the lucrative UEFA Champions League
competition for the 2021/2022 season leading to the fourth
consecutive season of Champions League participation.

Inter Milan has now announced its withdrawal from the European
Super (see relevant Fitch Wire "Europe's Football Super League May
Damage Non-Participants" dated 20 April 2021 on
www.fitchratings.com).The Italian Football Federation warned on 26
April 2021 that any domestic club willing to participate in
alternative tournaments to those organised by UEFA will be banned
from participating in Serie A. In addition, nine of the original 12
founding members of the Super League (six clubs from Premier League
together with AC Milan and Inter and also Atlético de Madrid from
Spain) have agreed officially with UEFA to withhold 5% of its
potential revenue for the 2023/2024 season. These clubs also agreed
to donate EUR15 million and to agree accepting substantial fines
should they seek to play in competitions not authorised by UEFA.

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.




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

HSE FINANCE: S&P Assigns 'B' ICR on Refinancing, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit and
issue ratings to TV home shopping omni-channel retailer HSE Finance
S.a.r.l. and the senior secured notes, with a recovery rating of
'3'.

S&P said, "The stable outlook reflects our view that, although
trading will likely stay depressed in the eurozone retail industry
until mid-year 2021 due to COVID-19-related disruption, we expect
S&P Global Ratings-adjusted debt to EBITDA at 5.0x-5.5x along with
free operating cash flow (FOCF) after lease payments of more than
EUR45 million for the full year."

HSE completed the issuance of EUR630 million of notes to refinance
its debt and fund a dividend to shareholders. The EUR630 million
notes comprise EUR250 million of senior secured floating rate notes
and EUR380 of senior secured fixed notes. The interest rates on the
notes are Euro Interbank Offered Rate +5.75% and 5.625%
respectively and the transaction closed on May 6, 2021. The final
financing package also includes an undrawn EUR35 million super
senior revolving credit facility (RCF), which matures in May 2026.
The final documentation is in line with the initial terms and
conditions we captured in our preliminary rating.

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

S&P said, "The stable outlook reflects our view that, although
trading will likely stay depressed in the eurozone retail industry
until mid-year 2021 due to COVID-19-related disruption, HSE should
achieve sales growth of about 1% this year thanks to its TV and
e-commerce channel operations, and maintain solid operating
margins. We forecast adjusted debt to EBITDA of 5.0x-5.5x for 2021,
and below 5.0x for 2022, along with FOCF after lease payments of
more than EUR45 million.

"We could lower the rating if the spread of the virus or weaker
consumer confidence prevents HSE from sustaining positive trading
momentum in 2021, which could result in weaker earnings and cash
flows than we currently anticipate." In particular, S&P could lower
the ratings if:

-- The company's adjusted debt to EBITDA remains significantly
higher than 6.5x for a prolonged period;

-- FOCF weakens toward zero; or

-- The company adopts a more aggressive financial policy with
material debt-financed dividends.

S&P sees an upgrade as remote in the next 12 months considering the
group's relatively narrow size and its forecast of moderate growth
amid flat sales in the TV business. That said, a positive rating
action would hinge on HSE's ability to maintain consistent organic
sales growth, translating in rising EBITDA to smoothen profit
volatility and material positive reported FOCF on an annual basis
after accounting for all lease-related payments. Any upgrade would
also be contingent on the financial sponsor's commitment not to
exceed S&P Global Ratings-adjusted leverage above 5x.




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

NORWEGIAN AIR: Fires Chief Executive Following Restructuring
------------------------------------------------------------
Richard Milne at The Financial Times reports that Norwegian Air
Shuttle has fired its chief executive and replaced him with the
finance director who led the restructuring that rescued the
low-cost airline from the brink of collapse.

The airline said on June 21 that its board had voted to end Jacob
Schram's time as chief executive with immediate effect and replace
him with the well-regarded Geir Karlsen, the FT relates.

According to the FT, despite the board's efforts to reduce Mr.
Schram's pay-off to what it called "a level reflecting the
challenges of the industry", he will receive two years' salary.

Norwegian has cut its debt significantly through a large-scale
financial restructuring in Ireland and Norway after it expanded too
quickly and was hit by the Covid-19 pandemic, the FT discloses.  It
has abandoned its lossmaking long-haul operations and will focus
more on its Nordic home market and flights from there to the rest
of Europe, the FT recounts.

According to the FT, Svein Harald Oygard, Norwegian's chair, said
Karlsen was the board's choice to try to finish the turnround as
Covid travel bans look set to ease across Europe.

Mr. Karlsen, who has been Norwegian's chief financial officer since
April 2018, was acting chief executive for five months in 2019
following the departure of founder Bjorn Kjos, the FT relays.

The decision appeared to indicate that Norwegian's then board
thought the airline was out of financial trouble, only for it to be
plunged back into it by the pandemic, the FT notes.

Mr. Schram said his firing came as a complete surprise, and added
that he was willing to negotiate on his contractually-agreed
severance payment, but discussions with the board over it had
broken down, according to the FT.




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

OTKRITIE: Russian Central Bank Plans IPO by Mid-2022
----------------------------------------------------
Max Seddon at The Financial Times reports that Russia's central
bank plans to take Otkritie, one of the country's largest state-run
lenders, public in an IPO by the middle of next year to complete a
turnround since its nationalization in 2017.

According to the FT, Otkritie chief executive Mikhail Zadornov said
in an interview the bank, which has a book value of about US$7.3
billion, will sell 15 to 20% of its shares on Russian and
potentially international exchange markets as part of a plan for
the state to eventually relinquish its controlling stake.

The planned sale will cap a dramatic sequence of events that began
when the central bank nationalised Otkritie, to prevent what would
have been the country's largest banking collapse, the FT states.

The central bank has spent nearly US$50 billion on rescuing
Otkritie, then Russia's largest privately held bank by assets, and
two other banks, the FT discloses.

Trust, one of Otkritie's former subsidiaries, was turned into a
"bad bank" to contain the failed lenders' problem debt and has so
far recovered RUR221 billion of a planned RUR482 billion in assets,
the FT recounts.

Since then, the revamped Otkritie has more than doubled its loan
book, which now makes up about two-thirds of the group's total
assets, together with securities, the FT notes.

Mr. Zadornov, who previously won praise for creating Kremlin-run
VTB Bank's retail division, told the FT that before Otkritie goes
public, he wants to raise its return on tangible equity from 13% to
above the Russian industry average.




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

UKRAINIAN RAILWAYS: S&P Affirms 'CCC' ICR, Off Watch Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' long-term issuer credit
rating on Ukrainian Railways JSC (UR) and removed it from
CreditWatch, where it was placed with negative implications on
April 21, 2021.

The positive outlook reflects the potential for a higher rating if
UR improves its liquidity position by committing new mid-term or
long-term funding for investment needs and finalizing a
restructuring of the local loans, started in 2015.

On May 27, 2021, UR completed a restructuring of its Sberbank loan,
which S&P views as distressed, but given the principal amount was
not changed and the bank will receive some compensation, S&P
doesn't see the deal as tantamount to default.

S&P said, "UR restructured its loan with Sberbank, which we view as
distressed but not leading to default. According to the new terms,
a bulk $116 million payment, which was due May 31, is now spread
smoothly and the ultimate maturity date, already renegotiated in
July 2020, is unchanged. In our view, the shift in payments is
compensated to the bank and therefore we do not see the exchange as
tantamount to default."

UR's $153 million loan from a local bank has been under
restructuring since 2015, and the resolution will not trigger a new
default. In 2017, the creditor initiated several lawsuits to call
the debt, and in April 2021 the supreme court decided that part of
the debt is payable and due. Under another court decision, any
payments from UR to the current debt owner, VR Global Partners,
L.P. (VRGP), are temporarily prohibited, therefore UR hasn't made
any. S&P said, "Still, we cannot rule out that the court could
decide against UR on the remaining cases and we see potential
liquidity risks if/when existing restrictions are lifted. Any
resolution of this situation now will not trigger a new selective
default ('SD') for UR, since we lowered our ratings to 'SD' in
2015, when the company stopped making principal payments on its
debt obligations and aimed to restructure them. By 2018, UR had
largely completed the restructuring of its debt and completely
removed the cross-default provisions of its notes due 2021 and
other debt facilities with $153 million of, as yet, unrestructured
local bank debt. We viewed the risk of bankruptcy as limited at
that stage because the Ukrainian government would aim to avoid it,
while the debt restructuring did not affect UR's ability to
continue operations, capex, and servicing other outstanding debt.
We therefore raised our ratings on UR to 'CCC+' from 'SD' in 2018.
All new debt since 2018 is not subject to cross-default provisions
with this loan, including the notes due 2024."

S&P said, "We view liquidity as less than adequate, so sources
cover only maintenance capex and debt service. The company is
working on various funding options to support investments and
liquidity but its current liquidity remains sensitive to
macroeconomic developments and a pick-up in cargo flows. Although
UR is in advanced negotiations with some local banks and an
international financial institution, we cannot rule out delays in
the process. We expect UR is fully committed to making the timely
payment of the last $50 million installment of the 2021 Eurobond in
September.

"UR's investment needs are significant, but capex is largely not
committed, therefore actual spending will hinge on available
funding. We understand that capex flexibility may help UR to
balance its liquidity, in line with the historical track record. We
forecast 2021 capex of Ukrainian hryvnia (UAH) 10 billion-UAH15
billion compared to UR's potential investment needs of up to UAH27
billion and maintenance capex of up to UAH6 billion." The actual
investments will also depend on ongoing government support. UR
expects UAH4 billion of financing from the state budget in 2021.

Credit metrics have started recovering following a weak 2020, but
the operating environment remains challenging. S&P said, "Recovery
in freight volumes started only in March, so we anticipate UR will
generate most of its 2021 operating cash flows in the second half.
UR generates almost all its revenue and EBITDA in freight
transportation, so its results will hinge on market developments.
We expect funds from operations (FFO) of UAH11 billion-UAH13
billion in 2021, compared with UAH6.6 billion in 2020. Passenger
traffic remains constrained by the COVID-19 pandemic but this
segment is only a small part of the company's operating results,
accounting for 10% of revenue in 2019, and we do not expect
significant changes once the recovery is complete."

The positive outlook reflects the potential for a higher rating if
UR improves its liquidity position by committing new funding for
investment needs and finalizing the restructuring of the local
loans with VRGP, started in 2015.

S&P said, "For an upgrade, we expect UR to maintain liquidity
sources to needs of about 1x, without any material liquidity
deficits, and to progress on resolution of debt restructuring with
VRGP.

"At this point we don't envision any explicit default scenarios,
but we could take a negative rating action if we deem UR unlikely
to make payments according to the existing maturity schedule
because of adverse market conditions, which limit its cash flow
from operations, or challenges to commit funding to refinance."

A downside risk could materialize if the ongoing litigation
resulted in cash outflows that impair UR's ability to pay
obligations other than that owed to VRGP.




===========================
U N I T E D   K I N G D O M
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BALTIC HOUSE: Garcia-Walker Barred From Being a Company Director
----------------------------------------------------------------
Dan Whelan at North West Place reports that Antonio Garcia-Walker
has been barred from being a company director for eight years by
the Insolvency Service after misusing more than GBP4 million of
investor deposits on schemes in Liverpool and Trafford.

The eight-year disqualification relates to his time as a director
of Baltic House Developments and Warwick Road Developments,
subsidiaries of Liverpool-based company North Point Global, North
West Place notes.

According to the Government's Insolvency Service, Mr. Garcia-Walker
was found to have permitted Baltic House Developments to use
deposits totalling GBP2.6 million between January 14, 2016, and
July 25, 2016, "to make loans and/or payments to connected
companies and other third parties for purposes other than those for
which the monies had purportedly been released", North West Place
discloses.

The case notes said those deposits should have been ringfenced but
instead, the money was used in a manner "contrary to the marketing
material of Baltic House Developments", North West Place relays.

Baltic House was a proposed 150-bed student accommodation scheme,
North West Place notes.  Work started on site but stalled when the
special purpose vehicle behind it was liquidated, North West Place
recounts.  

The investigation also found that Mr. Garcia-Walker permitted
Warwick Road Developments to use GBP2.3 million of investors' money
to "make loans and/or payments to connected companies, for purposes
other than those for which the monies had purportedly been
released", North West Place discloses.

The 12-storey, 89-apartment Warwick Road development in Trafford
was to be known as the Element, according to North West Place.
However, the project failed to progress when its SPV was placed
into administration, North West Place recounts.


C&W SENIOR: Fitch Raises Unsec. Notes Rating to 'BB-'
-----------------------------------------------------
Fitch Ratings has upgraded its instrument ratings for C&W Senior
Finance Limited's unsecured notes to 'BB-'/'RR4' from 'B+'/'RR5'.

At the same time, Fitch has affirmed the following Cable & Wireless
Communications Limited (C&W) ratings:

-- Long-Term (LT) Foreign Currency (FC) Issuer Default Rating
    (IDR) at 'BB-'; and LT Local Currency (LC) IDR at 'BB-'.

Fitch has also affirmed the following instrument ratings:

-- Sable International Finance Limited and Coral-US Co-Borrower
    LLC's secured credit facilities at 'BB-'/'RR4'; and Sable
    International Finance Limited's secured notes at 'BB-'/'RR4'.

The Rating Outlook is Stable.

The ratings reflect C&W's leading market positions across well
diversified operating geographies and service offerings underpinned
by solid network competitiveness. The impact of the coronavirus
lockdowns on the company's top line was more severe than
anticipated; however, the company managed to maintain its capital
structure and cash flows. Fitch expects a stable rebound in
revenues over the medium term. Further factored into C&W's ratings
are Fitch's expectations that the parent, Liberty Latin America
(LLA), will maintain moderately high levels of leverage and
competitive pressures in Panama.

KEY RATING DRIVERS

Coronavirus Pandemic Lockdown Impact Manageable: Performance in
2020 was in line with expectations, with net debt to EBITDA of 4.7x
versus 4.9x, EBITDA margins of 37% versus 36% and revenues of
USD2.20 billion versus USD2.34 billion. The rise in leverage is
attributable to a decline in organic cash flow due to pressures in
the company's markets. The company's business position and
diversification support relatively stable cash flow generation and
mitigate concerns about weakness in C&W's operating environments.

Stable Leverage Forecast: Relatively stable EBITDA margins and
growth in broadband and business-to-business (B2B) services should
help the company delever modestly from an organic standpoint. Fitch
forecasts C&W to maintain net leverage of around 4.0 to 4.5x over
the medium term. LLA targets net proportionate leverage of around
4.0x at its operating subsidiaries, although M&A activity or
operating weakness in core markets could temporarily push leverage
metrics toward 5.0x. Fitch expects a slight rebound in capital
intensity, of 14% to 16% of revenue over the rating horizon, up
from 13% of revenue in 2020.

LLA Linkages: LLA's financial management involves moderately high
amounts of leverage across its operating subsidiaries. While the
credit pools are legally separate, LLA has a history of moving cash
around the group for investments and acquisitions. This approach
improves financial flexibility; however, it also limits the
prospects for deleveraging. LLA also has a modest amount of debt
(USD400 million) at the parent company level, which is dependent on
upstream cash from the subsidiaries. A deterioration of the
financial profile of one of the credit pools or the group more
broadly could potentially place more financial burdens on C&W given
LLA's acquisitive nature.

Strong Market Position: C&W has the no. 1 or no. 2 position in its
major markets, many of which are a duopoly between C&W and Digicel.
C&W's single largest market, Panama, is a four-player mobile market
and has been challenging in recent years. Positively, the risk of
new entrants in any given market is low given their relatively
small size. Investments of approximately USD1.0 billion over the
last three years should ensure that the company's network remains
competitive in the medium term. Under this environment, C&W's
market position should remain stable despite strong competition
from Digicel and Millicom. These dynamics support robust
Fitch-adjusted EBITDA margins, which have consistently topped 35%.

Diversified Operator: The company's revenue mix per service is well
balanced, with business-to-customer (B2C) mobile accounting for 25%
of total sales in 2020, B2C fixed-line at 28% and B2B at 48%. In
addition, the company's geographic diversification in Central
America and the Caribbean is solid, with a large presence in
countries with dollarized/dollar-linked economies. The company's
largest markets are Panama and Jamaica, which together account for
79% of mobile and 53% of fixed subscribers. The company has grown
its footprint through M&A and consolidated ownership of its
subsidiaries.

Revenue Sources: C&W's revenues should be more resilient than
speculative-grade issuers in the region, as the latter generally
have a higher dependence on mobile revenues that are generally less
sticky than subscription fixed-line and B2B service revenues. The
company's subsea cable business should continue to exhibit strong
growth as data demand increases, and the residential fixed-line
segment should be more resilient than mobile.

Mixed Operating Prospects: C&W's largest mobile market, Panama, has
seen mobile subscribers decline in each of the last four years.
This has offset growth elsewhere, thereby pressuring mobile
performance. Fitch does not expect a significant uptick in either
C&W's postpaid penetration, which has been stable at around 8% over
the last five years, or average revenue per user (ARPU) growth. The
company's residential fixed-line segment has shown stronger growth
in Panama and elsewhere, over the same timeframe, as multiplay
packages and broadband growth have helped grow fixed-line ARPUs and
revenues.

Solid Financial Flexibility: C&W has committed revolving credit
facilities for approximately USD775 million, from which it drew
USD313 million in 1Q20 (subsequently repaid) to ensure liquidity
during the pandemic and subsequent lockdowns. The company's
amortization profile is long-dated, with the majority of the debt
(USD3.8 billion out of USD4.3 billion) due after 2025. Fitch
expects that the company will maintain cash balances of around
USD350 million-USD400 million over the rating horizon.

Instrument Ratings and Recovery Prospects: The secured special
purpose vehicle (SPV) notes and the term loan are secured by equity
pledges in the various subsidiaries. Per Fitch's Corporates
Recovery Ratings and Instrument Ratings Criteria, category 2
secured debt can be notched up to 'RR1'/'+2' from the IDR; however,
the instrument ratings have been capped at 'RR4' due to Fitch's
Country Specific Treatment of Recovery Rating Criteria. The C&W
Senior Finance Limited unsecured notes have been upgraded to
'BB-'/'RR4' from 'B+'/'RR5', as the updated criteria does not notch
down instruments with 2.00x-2.5x prior-ranking debt.

DERIVATION SUMMARY

Compared to its sister company, VTR (BB-/Stable), which focuses on
the Chilean broadband and television markets, C&W has larger scale,
better service and geographical diversification. VTR benefits from
the Chilean operating environment and its status as the largest
broadband and pay TV operator by subscriber share. Each of the
three entities is expected to maintain net leverage of around
4.0x-4.5x. Compared to its sister entity, Liberty Cablevision of
Puerto Rico (LCPR), C&W has larger scale and better geographical
diversification, although C&W also operates in weaker operating
environments.

Compared with competitor Digicel Group Holdings Limited (CCC), C&W
has a stronger financial profile and better service
diversification. Digicel is also concentrated in markets with lower
operating environments, per capita incomes and more foreign
exchange (FX) risk. Both of the ratings factor in the companies'
approaches to corporate governance to a degree, although LLA's is
much less hostile to creditors than Digicel's.

Compared to WOM S.A. (WOM, BB-/Stable), C&W has greater
diversification and scale and a history of positive FCF generation.
WOM benefits from its status in Chile, a market that is close to a
50/50 postpaid/prepaid mobile. WOM's ratings reflect Fitch's
expectations that the company will be managed to net leverage
around 3.0x-3.5x, or around 1.0x-1.5x lower than C&W's leverage.

Compared to Millicom International Cellular (MIC, BB+/Stable),
Millicom has embarked on an acquisitive spree over the last two
years, buying Cable Onda (BBB-/Stable) and Telefonica S.A.'s
(BBB/Stable) operations in Panama. In 1Q20, Fitch downgraded
Millicom's largest subsidiary, Comcel Trust S.A. (BB/Stable),
following a downgrade of Guatemala (BB-/Stable). A Guatemalan
downgrade is one of the downgrade sensitivities for Millicom.
Continued debt-financed M&A activity will likely result in a
downgrade for Millicom.

KEY ASSUMPTIONS

-- Homes passed (HP) increasing by 3%-5% per year and broadband
    penetration (i.e. RGU/HP) increasing from 37% to 42%,
    telephone penetration staying flat at 32% and video
    penetration improving from 20% to 22%.

-- Fixed-line revenue generating units (RGUs) growing from 1.98
    million to 2.42 million, with overall fixed-line ARPU growing
    from USD24 million per month to USD26 million per month.

-- Mobile RGUs growing from 3.15 million to 3.39 million, with
    postpaid penetration flat at around 8% of the user base and
    overall mobile ARPUs flat around USD14.0 per month.

-- B2B revenues mostly recovering in 2021, growing at a mid
    single-digit percentage thereafter, and subsea revenues
    growing at 4%-5%.

-- Revenues of around USD2.3 billion to USD2.4 billion in 2021,
    growing to USD2.6 billion by YE24.

-- EBITDA margins of around 37%-38%, consistent with recent
    history, or around USD900 million-USD1.0 billion per year.

-- Capital expenditures of around 14%-16% of revenue, or USD350
    million-USD400 million per year.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade in the near term given
    the company's and LLA's leverage profiles.

-- Longer-term positive actions are possible if debt to EBITDA
    and net debt to EBITDA are sustained below 4.50x and 4.25x,
    respectively, for C&W and LLA.

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

-- Total debt to EBITDA and net debt to EBITDA at C&W sustained
    above 5.25x and 5.00x, respectively, due to organic cash flow
    deterioration or M&A.

-- While the three credit pools are legally separate, LLA net
    debt/EBITDA sustained above 5.0x could result in negative
    rating actions for one or more rated entities in the group.

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

Solid Financial Flexibility: C&W's liquidity, access to internal
financing and long-dated amortization profile all support the
company's solid financial flexibility. As of March 31, 2021, C&W
had cash of USD475 million against short-term debt (including
accrued interest and related party debt) of USD215 million. C&W has
committed revolving credit facilities for approximately USD775
million. The company's amortization profile is long-dated, with the
majority of the debt (USD3.8 billion out of USD4.3 billion) due
after 2025. Fitch expects that the company will maintain cash
balances of around USD350 million-USD400 million over the rating
horizon, aided by FCF margins in the mid-single digits.

ISSUER PROFILE

Cable & Wireless Communications Limited is a U.K.-domiciled
telecommunications provider that is owned by Liberty Latin America,
a U.S.-domiciled entity. The company provides B2C mobile, B2C fixed
and B2B services to customers in Central America and the
Caribbean.

SUMMARY OF FINANCIAL ADJUSTMENTS

Standard adjustments as described in the criteria, reclassified
certain working capital items and operating expenses and included
interest payable as part of debt.

ESG CONSIDERATIONS

Cable & Wireless Communications Limited has an ESG Relevance Score
of '4' for Exposure to Environmental Impacts due to its operations
in a hurricane prone region, which has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

Cable & Wireless Communications Limited has an ESG Relevance Score
of '4' for Financial Transparency due to LLA's relatively opaque
disclosure and financial management strategy, which has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

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


GETICA 95: Pandemic-Related Facility Prompts Insolvency Request
---------------------------------------------------------------
Iulian Ernstat Romania-Insider.com, citing Economica.net, reports
that a facility extended in the context of the COVID-19 crisis
seems to have contributed to the insolvency request filed by
Romania's biggest independent power supplier, Getica 95.

Under an emergency ordinance issued by the Government on May 20,
last year, the energy suppliers are forbidden to discontinue
deliveries even to customers with overdue bills during the state of
alert, Romania-Insider.com discloses.  The state of alert has not
been lifted yet, and many customers make use of this facility in
more or less good faith, Romania-Insider.com notes.

Separately, the implications of a deeper crisis at Getica 95 are
investigated, Romania-Insider.com relates.  At this moment, the
company confirmed that the contracts in force would be observed,
and the supplies would be delivered to customers,
Romania-Insider.com discloses.  But in case this will not be
possible in the future, the residential and small-sized firms will
be supplied by the supplier of last resort, which is, at this
moment, another big independent supplier, Tinmar Energy,
Romania-Insider.com says.

Tinmar may accept big companies as customers, but it is not
compelled and therefore depends on its capacity, according to
Romania-Insider.com.  If the supplier can no longer observe its
contracts, the big customers of Getica 95 must seek another
supplier on the market, Romania-Insider.com relays.


LIBERTY GROUP: Metals Empire In Talks to Avert Administration
-------------------------------------------------------------
Simon Jack at BBC News reports that part of Sanjeev Gupta's metals
empire is holding talks with its lenders to avoid collapsing into
administration.

Liberty Aluminium Technologies employs 250 people across sites in
Coventry, Witham and Kidderminster and is a supplier to Jaguar Land
Rover.

The firm was put up for sale recently as part of attempts by Mr
Gupta to refinance his beleaguered GFG Group, BBC notes.

According to BBC, GFG Alliance said it had been exploring
"strategic options" regarding the future of Liberty Aluminium
Technologies and was in talks with "four interested parties".

It said talks had "focused on identifying new owners which would
provide a sustainable future for the business", BBC relates.

The firm, as cited by BBC, said it was "also in discussions with
LAT's main creditor to give it the time to conclude that process
effectively."

BBC has learned that government officials have not yet been
involved in these talks despite assuring MPs and unions that it was
monitoring the situation at GFG very closely, BBC relays.

The UK government rejected a request for GBP170 million in public
money to prevent collapse, BBC recounts.

Mr. Gupta's empire has been in dire financial straits since the
group's main financial backer Greensill Capital went bust in early
March.

Since then, the Serious Fraud Office has launched an investigation
into suspected fraud, fraudulent trading and money laundering. GFG
says it is co-operating, BBC notes.



                           *********


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,
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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