---

       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

          Thursday, November 11, 2021, Vol. 22, No. 220

                           Headlines



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

PREHRAMBENA INDUSTRIJA: Court Launches Bankruptcy Proceedings


F R A N C E

STAN HOLDING: Fitch Alters Outlook on 'BB' IDR to Negative


G E R M A N Y

DEUTSCHE LUFTHANSA: Moody's Affirms Ba2 CFR, Outlook Negative


I R E L A N D

TIKEHAU CLO III: Moody's Affirms B2 Rating on Class F Notes


K A Z A K H S T A N

KAZAKHSTAN TEMIR: S&P Upgrades ICR to 'BB', Outlook Stable


N E T H E R L A N D S

TITAN HOLDINGS II: S&P Assigns 'B' ICR, Outlook Stable
WP/AP TELECOM: Moody's Assigns First Time 'B2' Corp. Family Rating
WP/AP TELECOM: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable


R U S S I A

BANK SAINT PETERSBURG: Fitch Affirms 'BB' LT IDRs, Outlook Stable
BANK ZENIT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
LLC PIK-CORP: Moody's Assigns Ba3 Rating to Proposed Notes


S P A I N

ABERTIS INFRAESTRUCTURAS: Fitch Affirms BB+ on EUR2BB Hybrid Bonds


U N I T E D   K I N G D O M

ALBION HOLDCO: Fitch Assigns Final 'BB-' LT IDR, Outlook Stable
ARCHITECTURAL FABRICATIONS: Files for Administration
ROBINSON STRUCTURES: Bought Out of Administration, 70 Jobs Saved
ROLLS-ROYCE & PARTNERS: Fitch Alters Outlook on 'BB-' IDR to Stable
RUBIX GROUP: S&P Affirms 'B-' ICR, Off CreditWatch Positive

SAVANTS RESTRUCTURING: Taps Quantuma to Oversee Administration
ZEBRA POWER: Enters Administration Amid Soaring Gas Prices

                           - - - - -


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

PREHRAMBENA INDUSTRIJA: Court Launches Bankruptcy Proceedings
-------------------------------------------------------------
Dragana Petrushevska at SeeNews reports that a Bosnian commercial
court has opened bankruptcy proceedings against Prehrambena
Industrija Trebinje, the Bosnian unit of Serbian food producer
Swisslion-Takovo, local media reported on Nov. 8.

Bosnia-based cutting tools manufacturer Swisslion Industrija Alata
Trebinje, which is majority owned by Swisslion-Takovo, has
requested the launch of bankruptcy proceedings, SeeNews relays,
citing business news provider Capital.

Last week, Swisslion Industrija Alata Trebinje and other companies
controlled by Swisslion-Takovo decided to request the proceedings
due to the high amount of receivables which could not be collected
by Prehrambena Industrija on a regular basis for over 60 days,
according to the media report, SeeNews notes.

Prehrambena Industrija Trebinje closed 2020 with a loss of
BAM738,015 (US$436,600/EUR377,300), after generating a profit of
BAM3.1 million in 2019, SeeNews discloses.




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

STAN HOLDING: Fitch Alters Outlook on 'BB' IDR to Negative
----------------------------------------------------------
Fitch Ratings has revised the Outlook on Stan Holding SAS's
(Voodoo) Long-Term Issuer Default Rating (IDR) to Negative from
Stable, while affirming the mobile games group's IDR at 'BB'. Fitch
has also affirmed Voodoo's EUR220 million senior secured term loan
at 'BB+'/'RR2'.

The Negative Outlook reflects an underperformance in Voodoo's core
hypercasual segment, slower-than-expected organic casual genre
growth, challenges in expansion to China and reduced revenue
visibility following the tightening of Apple's privacy policy. This
leads us to forecast funds from operations (FFO) gross leverage of
4.8x at end-2021, pro-forma for acquisitions in 2021. The company
maintains its deleveraging capability, but Fitch sees increased
execution risks on its strategy and financial performance that
would be key for changing the Outlook to Stable.

KEY RATING DRIVERS

Leverage to Stay High: Fitch forecasts FFO gross leverage to peak
at 4.8x in 2021 and decline to 3.3x in 2022, though it will still
be above the downgrade threshold. Further deleveraging is likely,
but Fitch believes that the visibility on games' performance has
reduced following the introduction of a new privacy policy by
Apple. The deleveraging should be driven by a rebound in the
hypercasual segment and accelerated expansion in the casual
segment.

Recent non-debt-funded acquisitions have slightly improved
leverage, strengthened Voodoo's casual genre proposition and are
expected to show high double-digit growth in 2022.

Privacy Policy Tightening: The tightening of the privacy policy by
Apple highlights the risks of Voodoo's high dependence on two major
distribution platforms: Apple's App Store and Google Play. Being an
experienced publisher, Voodoo can proactively tackle newly
introduced changes and adapt to them arguably better than smaller
market participants. However, the adaptation can take some time and
games' performance can be under pressure during this transition
period.

Fitch believes that 2021 is an adaptation period for privacy policy
change, and that the performance of hypercasual games should
notably improve from 2022.

EBITDA Under Pressure: In 2020, Voodoo's EBITDA margin declined to
16.1% from 23.4% year-on-year. This was driven by a delay in the
casual games genre and the company's APAC expansion as well as
lower overall game volumes. Pro-forma the acquisitions, Fitch
estimates EBITDA margin to decrease to 12.6% in 2021 due to the
abovementioned reasons combined with less hits released,
monetisation challenges related to iOS 14.5 privacy feature and a
one-off technical issue on Android. The group has an adaptive cost
structure and is able to adjust operating expenses relatively
quickly; Fitch projects profitability should improve from 2022.

Supportive Acquisitions: The cash- and equity-funded acquisition of
Beach Bum in September 2021 is supportive of Voodoo's leverage and
diversification. The acquisition is fully in line with the group's
diversification strategy, as Beach Bum operates in the casual games
genre and derives most of its revenue from in-app purchases. Casual
games have longer lifespan and higher lifetime value, and can
provide more stable revenue stream compared with hypercasual ones.
Beach Bum, the Israeli tabletop and card games developer, has over
two million monthly active users and is famous by its hits
"Backgammon - Lord of the Board", "Spades Royale" and "Gin Rummy
Stars".

In June 2021, Voodoo acquired marketing automation platform
Bidshake and in December 2020 it acquired a majority stake in
hypercasual games developer OHM games. Fitch expects Voodoo to
continue with bolt-on acquisitions beyond 2021.

Exposure to Hit-Driven Volatility: Voodoo's deleveraging prospects
depend on a number of released hits. The group published less hits
than expected in 4Q20 and in 2021 year-to-date. This weakened
revenue and EBITDA actual result and worsened Fitch's forecast, as
Voodoo will not benefit from these games' lifespan to the expected
extent. In addition, the high exposure to volatility significantly
limits Fitch's visibility inside the forecast horizon. Fitch
captures this factor in tighter leverage thresholds compared with
the average for the media sector.

Industry Tailwind Supports Growth: Hypercasual is a leading mobile
games genre that continues conquering the market exceeding 30%
share by downloads in 1H21. The segment has been having strong
growth since 1H18 when it possessed a share of about 12%. The
closest genres are simulation and action with about 15% and 11%
shares, respectively, at 1H21 (source: App Annie).

An increasing popularity of the hypercasual genre among users
entices more developers to the segment. This creates wider
opportunities for Voodoo to attract new hit-producers, although it
simultaneously increases competition.

Strong Competition: The mobile gaming market is fragmented and
competitive due to low barriers to entry and attractive growth.
Voodoo is leading the market with 17 major hypercasual games
published year-to-date at 1H21. However, there is a strong
competition from Voodoo's key rival Lion Studios, which released
more new titles exceeding one million downloads and equaled Voodoo
in the number of new titles exceeding five million downloads for
the same period (source: App Annie). OneSoft and Rollic are getting
close to the leading cohort, but still lag in hits production.

Other market participants were also quite active, although produced
significantly less games.

GBL Supports Expansion: In July 2021, Groupe Bruxelles Lambert
(GBL) announced the acquisition of a 16% stake in Voodoo for EUR266
million valuing the group post money at EUR1.7 billion. This
investment was made to support Voodoo's organic growth and M&A
expansion.

Expansion Risks: Active geographic and genre expansion plans
continue bearing high execution risks, as the business model
differs in the casual genre compared with hypercasual one, and APAC
region has its specifics compared with core US & EMEA. Voodoo's
regional partnerships are yet to prove their efficiency with
meaningful results to be visible at least in 2022.

Key Man Risk: Voodoo founders still control the company, and one of
the founders Alexandre Yazdi is the current chief executive. Fitch
believes that this is supportive of the company's credit profile,
as the founders will likely prioritise the company's long-term
growth over short-term shareholder remuneration. On the other hand,
the concentration of decision-making power makes the company's
success reliant on a key person, whose departure would create
uncertainty.

DERIVATION SUMMARY

Voodoo's ratings are supported by the company's strong position in
the mobile hyper-casual gaming market, the company's expertise in
consistent delivery of new successful game titles and their
efficient monetisation. Compared with the broader media and
entertainment sector, Voodoo exhibits higher revenue growth
prospects. The ratings are constrained by Voodoo's small scale,
lack of platform and game genre diversification and by an exposure
to a hit-driven volatility of the gaming industry.

Voodoo's peers in the gaming sector, Electronic Arts Inc
(A-/Stable) and Activision Blizzard, have significantly larger
scales and the robust portfolios of established gaming franchises.
Their ratings benefit from diversification by game console, PC and
mobile revenue, low leverage and strong free cash flow (FCF)
generation.

Voodoo exhibits higher revenue growth, stronger margins and is
notably less leveraged compared with similarly sized companies that
are exposed to TV, video and visual effects production like Banijay
Group SAS (B/Negative). Voodoo's leverage profile is partially
comparable to that of larger media groups RELX PLC (BBB+/Stable)
and Vivendi SE (BBB/Negative), which benefit from businesses
diversification, low leverage, a high proportion of
subscription-based revenue and stronger discretionary cash flow all
of which support higher ratings. Another media peer Daily Mail and
General Trust Plc (BB+/Stable) operates with a low leverage, but is
affected by uncertainties in the evolution of print circulation and
advertising and the likely need for continued investment in new
products and digital platforms.

KEY ASSUMPTIONS

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

-- Revenue growth of about 7% in 2021 (pro-forma for acquisitions
    in 2021), and strong double-digit growth in 2022-2024
    supported by the improvement in hypercasual segment
    performance, the launch of the delayed titles from 2021 and
    Fitch's expectation of strong growth at Beach Bum;

-- EBITDA margin of 12.6% in 2021 gradually increasing to 15% in
    2024;

-- Modest annual working capital spend of EUR5 million;

-- EUR15 million cash capex per annum;

-- M&A activity to be funded with FCF and equity;

-- No cash dividends paid.

RATING SENSITIVITIES

Factor that could lead to a revision of the Outlook to Stable:

-- Performance improvement in line with expectations, leading FFO
    gross leverage trending below 3.0x.

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

-- Successful diversification into the casual gaming segment as
    evidenced by the growing contribution of the latter to revenue
    and EBITDA;

-- FFO gross leverage sustainably below 2.0x;

-- Sustainable improvement of Fitch-defined EBITDA margin towards
    25%.

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

-- Intensified competition resulting in pressures on revenue
    growth and margins;

-- Adverse changes on key distribution platforms affecting the
    efficiency of games monetization;

-- FFO gross leverage sustainably above 3.0x.

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

Strong Liquidity: Fitch expects Voodoo to continue to have a strong
liquidity profile with estimated EUR114 million cash on balance
sheet at end-2021, an untapped EUR30 million revolving credit
facility and sustainable positive FCF generation.

ISSUER PROFILE

Voodoo is the largest global publisher of mobile hypercasual games
with more than five billion cumulative downloads and more than 300
million of monthly active users at June 2021.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).




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

DEUTSCHE LUFTHANSA: Moody's Affirms Ba2 CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has affirmed Deutsche Lufthansa
Aktiengesellschaft's ("Lufthansa" or "the company") Ba2 Corporate
Family rating and Ba2-PD Probability of Default rating.
Concurrently the agency has affirmed Lufthansa's senior unsecured
rating at Ba2 and the senior unsecured MTN program at (P)Ba2. In
addition Moody's assigned a Ba2 instrument rating to the proposed
new senior unsecured Euro Medium Term Notes dual tranche issuance
the company has launched. The outlook is negative.

RATINGS RATIONALE

The rating affirmation balances the progress Lufthansa has made in
improving its standalone credit profile since Moody's downgraded
the company's Corporate Family rating to Ba2 with a negative
outlook back in July 2020, the group's commitment to restoring an
investment grade credit profile and the expectation that Lufthansa
will fully repay and cancel commitments under its German support
package by year-end 2021 as confirmed by the company last week. The
repayment of the support measures will lead us to discontinue the
application of Moody's Government-Related Issuer Methodology and
the one notch uplift from government support Moody's gave to
Lufthansa's ba3 baseline credit assessment under this
methodological framework. However Moody's continue to consider the
potential for government support in Moody's assessment of the
rating as the German State remains a shareholder of Lufthansa and
the group still receives support from Austria, Switzerland and
Belgium.

Lufthansa has reached an important milestone in Q3 2021 with the
first positive EBIT (EUR17 million during the quarter) since the
coronavirus pandemic started. This strong performance was achieved
against still very low passenger traffic levels with Lufthansa
operating 50% of capacity during the third quarter. The operating
results were supported by a buoyant cargo business with another
record performance (EUR301 million of EBIT in Q3 2021 and EUR941
million YTD September 2021) but also by a recovery in the MRO and
catering business, two divisions that posted positive EBIT. The
performance of Eurowings also stood out in Q3 2021 with an EBIT of
EUR108 million. This compares to an EBIT of EUR169 million in Q3
2019 whilst the offered capacity in Q3 2021 was much lower with
Available Seat Kilometers at 62% of 2019 levels.

The strong operating performance was supported by good progress
made on the reduction of the group's cost base with EUR2.5 million
of structural cost savings already achieved out of a EUR3.5 billion
restructuring programme. The improvement in operating performance
also led to an improvement in cash flow generation with Lufthansa
generating a positive free cash flow of EUR13 million during the
third quarter despite a headwind of EUR443 million from a deferred
tax payment for its MRO business.

Lower cash burn, a lower pension deficit as a result of increasing
discount rates and EUR2.1 billion of net proceeds from a rights
issue recently completed has led to a lower indebtedness than
Moody's had forecasted back in July 2020. Moody's currently expect
Lufthansa to have EUR4 billion less Moody's adjusted gross debt at
year-end 2021 in comparison to Moody's expectations back in July
2020 whilst Moody's adjusted EBITDA for 2021 will also be higher at
year-end than anticipated last year.

Absent a derailing of the recovery path in passenger volumes due to
a resurgence of the virus and renewed travel restrictions Moody's
expect Lufthansa to be able to continue improving its credit
profile in 2022 and beyond. The issuer has guided that it will
operate around 65% of its capacity in early 2022 and will aim at
reaching 80% of capacity during H2 2022. The opening of the US
travel corridor for fully vaccinated passengers from November 8,
2021 will support a recovery in passenger traffic. Moody's expect
Lufthansa's gross debt/EBITDA as adjusted by Moody's to trend
towards 5.0x by year-end 2023 despite capacity still trailing 2019
levels by around 15%.

The rating affirmation also reflects Lufthansa's renewed commitment
to restoring an investment grade rating over the medium term. As
confirmed during its Q3 results presentation, Lufthansa envisages
three main pillars to restoring an investment grade credit profile
over time: (i) improvement in profitability with another EUR1
billion of structural cost savings to be achieved under the
issuer's EUR3.5 billion cost reduction programme, (ii) rights issue
with EUR2.1 billion of net proceeds to be received during the
fourth quarter 2021, and (iii) sale of non-core assets with Air
Plus and LSG Group being identified as assets to be sold once
adequate valuations can be reached whilst strategic options are
currently being explored for Lufthansa Technik.

The repayment of the Silent Participation 1 from the rights issue
proceeds (EUR1.5 billion outstanding at 30th September 2021) and
the cancellation of the commitment under this instrument as well as
the repayment of the Silent Participation 2 (EUR1 billion
outstanding at September 30, 2021) will lead to a complete
repayment of the German support package. While the German State
will remain a shareholder of Lufthansa with a 14% stake and
Lufthansa's subsidiaries in Austria, Switzerland and Belgium still
receive State support from their respective governments Moody's
will stop applying Moody's Government-Related Issuer Methodology as
soon as the Silent participation 2 will have been redeemed. The
improvement in Lufthansa's credit profile over the last 12 to 18
months has enabled to maintain the current Ba2 Corporate Family
rating despite the one notch uplift from Government support falling
away.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects both the continued uncertain
prospects for the airline industry, with remaining risks of
disruption to travel due to the coronavirus pandemic and the weak
credit profile of Lufthansa for its current rating category.

LIQUIDITY

Lufthansa's liquidity profile is adequate. The company had EUR7.3
billion of cash on balance sheet at September 30, EUR4 billion
availability under State aid packages and EUR710 million
availability under revolving credit lines. Lufthansa expects to
have EUR8.5 billion of liquidity pro forma for the receipt of the
rights issue proceeds, the repayment of all German support measures
as well as the cancellation of the commitments under the Silent
Participation 1. Longer term Lufthansa intends to maintain a
liquidity corridor of EUR6 billion to EUR8 billion. Lufthansa's
liquidity profile should also benefit from a lower level of cash
burn going forward with the group's cash burn expected to reduce
significantly in 2022.

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

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would arise over time if Moody's adjusted
Debt/EBITDA would move below 4.0x whilst the company would maintain
a solid liquidity profile supported by positive free cash flow
generation.

Conversely Moody's could downgrade Lufthansa if (i) the recovery in
passenger stalls, (ii) the company's liquidity profile
deteriorates, (iii) gross adjusted leverage stays sustainably above
5x, and (iv) Moody's adjusted EBIT margin were to fall
substantially below 7%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Airlines published in August 2021.




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

TIKEHAU CLO III: Moody's Affirms B2 Rating on Class F Notes
-----------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Tikehau CLO III DAC:

EUR57,700,000 Class B Senior Secured Floating Rate Notes due 2030,
Upgraded to Aa1 (sf); previously on Nov 9, 2017 Definitive Rating
Assigned Aa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR244,700,000 Class A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Nov 9, 2017 Definitive
Rating Assigned Aaa (sf)

EUR28,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A2 (sf); previously on Nov 9, 2017
Definitive Rating Assigned A2 (sf)

EUR19,700,000 Class D Senior Secured Deferrable Floating Rate
Notes 2030, Affirmed Baa2 (sf); previously on Nov 9, 2017
Definitive Rating Assigned Baa2 (sf)

EUR26,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Nov 9, 2017
Definitive Rating Assigned Ba2 (sf)

EUR12,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Nov 9, 2017
Definitive Rating Assigned B2 (sf)

Tikehau CLO III DAC, issued in November 2017, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured and mezzanine European loans. The portfolio is
managed by Tikehau Capital Europe Limited. The transaction's
reinvestment period will end on November 30, 2021.

RATINGS RATIONALE

The rating upgrade on the Class B note is primarily a result of the
transaction reaching the end of the reinvestment period on November
30, 2021.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action for the closing of this
transaction in November 2017.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR416,914,919

Defaulted Securities: none

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2928

Weighted Average Life (WAL): 4.73 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.59%

Weighted Average Coupon (WAC): 5.40%

Weighted Average Recovery Rate (WARR): 44.92%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in May 2021. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by 1) the manager's investment strategy and behaviour
and 2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.




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

KAZAKHSTAN TEMIR: S&P Upgrades ICR to 'BB', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long-term ratings on Kazakhstan Temir
Zholy (KTZ) and its senior unsecured debt to 'BB' from 'BB-', and
its Kazakhstan national scale rating on KTZ to 'kzA+' from 'kzA'.

S&P said, "The stable outlook indicates our view that the high
likelihood of state support for KTZ, and expected headroom in its
credit metrics with FFO to debt at 17%-19%, will balance large
capex, allowing KTZ to maintain resilient profitability and at
least its current liquidity position.

"We believe KTZ will retain healthy metrics, with FFO to debt
comfortably above 12% in the next two-to-three years, thanks to
ongoing state support, an expected modest rise in freight turnover,
and favorable tariff increases. This incorporates our projection of
KZT380 billion-KZT400 billion of adjusted EBITDA in 2021 and
moderate 5%-10% growth in 2022-2023, assuming that after a 13% rise
in railway tariffs in 2021, the following indexation will be more
modest at up to 5% annually. We expect that KTZ's freight turnover
will increase by about 1.5% in 2021, and by 2.5%-3% in 2022-2023,
thanks to active commodity exports, including coal, petroleum
products, iron ore, and ferrous metals; and transit to Russia,
China, and Central Asia.

"A protracted recovery of passenger traffic does not materially
influence KTZ's operating performance, since it represents a small
share of revenue (about 8% in 2019). We forecast a slow rebound,
with passenger turnover at 70% of the 2019 level in 2021 and
80%-90% in 2022. We expect full recovery of passenger turnover is
likely in 2023-2024. Annual state subsidies of up to KTZ30 billion
annually partly compensate for a loss in this segment."

KTZ continues to receive benefits from different supporting
measures from the state, which S&P reflect in its assessment of the
'b+' SACP. In particular, ongoing support from the state to KTZ
includes:

-- Government interest-rate grants to subsidize part of the coupon
interest on local currency debt; in 2020, KTZ received about KTZ29
billion, and we assume the same amount for 2021 in its base case.
-- Subsidies to compensate for losses not covered by existing
passenger tariffs of up to KZT30 billion annually.

-- Various low-interest long-term loans to fund replacement of
rolling stock.

-- Expected equity injections to fund investments in the passenger
segment.

-- Because all these measures are part of KTZ's ongoing
activities, we capture them in our assessment of KTZ's SACP.

S&P said, "We expect the group's substantial investments of about
$2 billion in 2021-2023 will be funded by the mix of internal
sources, government equity injections, and low-interest loans. We
expect capex will be cautious, with investment in nonstrategic
projects only if supported by the government. According to the
company's management, the group's capex is relatively flexible and
KTZ will not invest if no funding sources are available. Thus, we
forecast the consolidated net debt will increase by 3%-5% annually,
including the foreign exchange impact, and slower than EBITDA,
thereby allowing KTZ's free operating cash flow (FOCF) to gradually
improve.

"With about 1/3 of debt in hard currencies, KZT remains exposed to
the risk of tenge devaluation, though the magnitude of the exposure
is moderate. We understand management is committed to reducing
foreign currency debt further, which we view as positive, since it
would reduce the consequences of foreign exchange fluctuations.
Currently we do not include these plans in our base case because
the details are uncertain. The group receives 25%-30% of its
operating cash flows in hard currencies (transit revenue), which we
view as a partial natural hedge.

"A high likelihood of extraordinary state support underpins the
rating. KTZ plays a very important role in Kazakhstan's national
transport sector, given the country's land-locked position and
strong commodity sectors. We believe there's a strong link with the
Kazakh government, which wholly owns KTZ via sovereign wealth fund
Samruk-Kazyna and provides stable ongoing support. We continue to
see the likelihood of timely and sufficient extraordinary financial
support for KTZ from the Kazakhstan government as high, and
incorporate two notches of uplift in our 'BB' rating on KTZ.

"The stable outlook on KTZ reflects our view that a high likelihood
of extraordinary state support, sizable cash balances, and expected
headroom in the metrics, will balance high capex needs, moderate
fluctuations in cargo mix and volumes, and potentially rising
dividend payouts. Our base case envisages that the company will
maintain the headroom in its credit metrics, with FFO to debt
comfortably above 12% and at least its current less-than-adequate
liquidity. This view is underpinned by our expectations of modest
cargo turnover growth, annual tariff increases, and the company's
cautious approach to refinancing maturing debt."

S&P would consider an upgrade if KTZ's SACP strengthened to 'bb-',
which could likely result from:

-- Stronger liquidity, supported by a manageable maturity profile
and no covenant breaches.

-- FFO to debt improving sustainably above 20% due to gradual
deleveraging supported by a solid increase in traffic and/or
favorable tariffs, material subsidies, or equity injections from
the state.

-- A revision of our assessment of extraordinary government
support to very high, or a one-notch upgrade of the sovereign,
would not trigger an upgrade of KTZ, all else unchanged.

S&P said, "We could downgrade KTZ if liquidity reduces
substantially or adjusted FFO to debt deteriorated below 12% due to
weaker-than-expected operating performance, a decrease in ongoing
state support, or significant devaluation of the tenge inflating
the company's debt position.

"A one-notch downgrade of Kazakhstan or the possibility of our
assessment of government support falling to moderately high, though
both scenarios are unlikely at this stage, could also lead to a
downgrade."




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

TITAN HOLDINGS II: S&P Assigns 'B' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit ratings to
Netherlands-based metal packaging company Titan Holdings II B.V.
(Titan) and its financing subsidiary Kouti B.V. S&P is assigning
'B' issue and '4' recovery ratings to the senior secured facilities
and 'CCC+' issue and '6' recovery ratings to the subordinated
notes.

S&P said, "The stable outlook indicates that we expect Titan's
revenues and EBITDA to increase modestly in the near term and
generate strong free operating cash flows (FOCF) over the next 12
months.

"The final ratings are in line with the preliminary ratings we
assigned on June 8, 2021 and June 25, 2021, following completion of
the transaction and review of the final documentation."

KPS Partners has acquired the European tinplate business of
U.S.-based Crown Holdings. The new entity is known as Titan
Holdings II B.V. (Titan).

S&P said, "Our ratings on Titan are supported by its leading
positions in metal packaging, particularly in Europe. Apart from
its strong market positions, Titan has good geographical
diversification within Europe and relatively stable end-markets.
The group also has long-standing relationships with blue-chip
customers--35 years on average with its top 10 customers. It has a
well-invested and streamlined asset base with relatively low
maintenance capital expenditure (capex) needs. All these factors
support our business risk profile assessment."

Nevertheless, the metal packaging industry is competitive given the
commoditized nature of most products. Titan also has relatively
high customer concentrations with its top 10 customers accounting
for 30% of sales. The group primarily relies on a single substrate
(metal) and has some exposure to the price volatility of raw
materials.

S&P said, "In addition, our ratings are constrained by Titan's
historically weak profitability compared to peers because of the
somewhat aggressive selling strategies it pursued when it was owned
by Crown Holdings. We believe Titan's pricing, procurement, and
other cost-saving initiatives under its new ownership will likely
improve its profitability--but there is limited track record.

"Titan's financial risk profile reflects our expectations of high
adjusted leverage of about 9x in 2021 and 2022. Our calculation of
adjusted debt includes about EUR420 million of factoring
liabilities, EUR92 million of pension liabilities, and EUR30
million of operating leases.

"The stable outlook reflects that we forecast Titan will generate
strong FOCF during the next 12 months, while its S&P Global
Ratings-adjusted leverage remains high at about 9x this year.

"We would consider lowering our rating if Titan failed to reduce
its leverage or if FOCF generation became materially weaker than we
expect."

An upgrade is unlikely in the near term, in S&P's view, given
Titan's currently high leverage. However, S&P could raise its
rating if:

-- Adjusted debt to EBITDA declined toward 5x on a sustained
basis; and
-- Shareholders committed to maintaining leverage at or around
5x.


WP/AP TELECOM: Moody's Assigns First Time 'B2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 long term
corporate family rating and a B2-PD probability of default rating
to WP/AP Telecom Holdings III B.V. ("T-Mobile NL", or "the
company"), the ultimate holding company for Dutch mobile
telecommunications operator T-Mobile Netherlands Holding B.V.
Concurrently, Moody's has assigned a B1 rating to the proposed EUR2
billion backed term loan due 2028 to be issued by WP/AP Telecom
Holdings IV B.V., an intermediate holding entity within the group.
The outlook on the ratings is stable.

On September 7, 2021, funds managed by private equity sponsors APAX
Partners LLC and Warburg Pincus LLC announced [1] the joint
acquisition of T-Mobile NL from Deutsche Telekom AG (DT, Baa1
stable) and Tele 2 AB for an acquisition value of EUR4.84 billion,
equivalent to an EV/EBITDA multiple of 7.1x based on the last
twelve months ended September 30, 2021.

The transaction, which is expected to close in the fourth quarter
of 2021 - first quarter of 2022 and is subject to regulatory
approvals, will be funded through a combination of EUR1.1 billion
of equity and EUR3.75 billion of debt, including a term loan and
other senior secured debt totaling EUR3.2 billion, both due 2028,
and EUR0.55 billion worth of other senior unsecured debt due 2029.

The capital structure will also include a 6.5 years EUR0.5 billion
revolving credit facility.

"The B2 rating assigned to T-Mobile NL reflects its top position in
the Dutch consumer mobile market supported by the highest spectrum
ownership and network quality, and sustained free cash flow
generation," says Ernesto Bisagno, a Moody's Vice President and
Senior Credit Officer and lead analyst for T-Mobile NL.

"However, it also reflects its elevated leverage of well above 6x
at closing of the LBO transaction, still modest, albeit improving
position in the fixed-line market, and execution and commercial
risks that may arise as the company separates from the DT Group,"
adds Mr Bisagno.

RATINGS RATIONALE

T-Mobile NL's CFR takes into account (1) its leading position in
the Dutch B2C mobile telecommunications market; (2) its high
network quality and stronger than peers' spectrum portfolio; (3)
its track record of growth in both the mobile and fixed-line
segment following the successful integration of Tele 2 Netherlands,
the MVNO Simpel and wireless, broadband and TV provider Vodafone
Thuis; and (4) its sustained positive free cash flow generation and
good liquidity.

The rating however also factors in (1) the company's single market
presence and "challenger" position as the #3 telecoms operator in
The Netherlands in terms of market share, with 15%, after
Koninklijke KPN N.V. (KPN, Baa3 stable) with 36% and VodafoneZiggo
Group B.V. (VodafoneZiggo, B1 stable) with 35%; (2) its reliance on
third party networks for the provision of fixed-line services; (3)
its elevated post-LBO leverage measured by Moody's adjusted
debt/EBITDA of 6.4x at closing, and (4) the execution risks
associated with the separation from the DT Group.

With the highest spectrum ownership in the country (250 MHz vs
215MHz at VodafoneZiggo and 195 MHz at KPN), T-Mobile NL is
well-positioned to offer competitively-priced high-quality
telecommunication services. As of September 2021, the company had
leading positions, with 40% and 20% revenue market shares in the
B2C and B2B mobile segments, respectively. Initially a mobile-only
operator, T-Mobile NL currently offers fixed-line services after
acquiring a fixed-line operator and establishing service agreements
with infrastructure owners. To date, T-Mobile NL is an established
challenger with 6% and 4% of the B2C and B2B fixed-line market,
respectively, and is well-positioned for growth.

T-Mobile NL's revenue growth of around 3% in the 2018-20 period was
mainly driven by B2C subscriber base additions. Moody's expects the
company's revenue to increase by 2% in 2021 and subsequently grow
by at least 1.5%-2.5% a year in the period 2022-26 driven by
increasing data bundles as the company deploys its 5G network. In
addition, T-Mobile NL expects to gain broadband market share as it
develops its fixed-to-mobile conversion (FMC) strategy.

The competitive environment in the Dutch three-player
telecommunications market is relatively benign following market
consolidation in recent years. The potential for new entrants is
also limited given the scarcity of available spectrum. T-Mobile NL
should be able to grow ARPU by implementing a "more-for-more"
strategy, although the competitive environment will require
continued investment in spectrum, 5G and FTTH in order to meet the
company's market share targets. This will put pressure on cash flow
generation and EBITDA minus capex to interest coverage, which
Moody's expects to remain below 2x over the next 12-18 months.

Moody's expects T-Mobile NL's EBITDA to grow at least 2%-4% a year
over the next 3-5 years, with Moody's adjusted EBITDA margin of at
least 35%, also supported by pending synergies from the acquisition
of Tele 2. The rating agency also expects the company to generate
positive free cash flow in the absence of shareholder
distributions. In addition, the company will have to participate in
the upcoming 3.5GHz spectrum auction in 2022, and Moody's expects
that it will likely need to tap its Revolving Credit Facility (RCF)
to finance the investment. As a result, the company will likely
remain highly leveraged with Moody's -adjusted debt/EBITDA above 6x
over the next 24 months, and RCF/debt hovering in the low teens.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The B2 rating of T-Mobile NL incorporates the governance
considerations associated with its financial strategy and risk
management following the leveraged-buyout transaction. The company
will be jointly controlled by private equity sponsors that
generally have a high tolerance for leverage, as suggested by the
proposed capital structure which includes an equity component of
just below 23%. To an extent, this is mitigated by the owners'
undertaking to focus on deleveraging and reinvestment to support
the company's growth trajectory. Dividend distributions are not
envisaged in the current business plan and will be subject to
restrictions on payments embedded in the company's credit
agreements.

LIQUIDITY

T-Mobile NL's liquidity is good, supported by the company's access
to a EUR0.5 billion RCF, with springing leverage covenant set at
8.5x tested when more than 40% is drawn and set at a leverage level
based on 40% EBITDA headroom at closing. Although the company will
generate positive free cash flow, according to Moody's estimates,
it will need to partially use the RCF to cover for the spectrum
payments in 2022.

The company will benefit from a long term debt maturity profile,
with the RCF maturing in 2027 and the TLB in 2028.

STRUCTURAL CONSIDERATIONS

T-Mobile NL's PDR of B2-PD is at the same level as the CFR,
reflecting the use of the standard 50% family recovery rate as is
customary for capital structures that include both term loans and
bonds.

The EUR2 billion senior secured term loan due 2028 is rated B1, one
notch above the CFR. This reflects the structural and contractual
seniority of this class of debt (together with the proposed other
senior secured debt and RCF which will rank pari passu between
themselves) relative to the unsecured debt instrument, the EUR0.55
billion of other senior unsecured debt that represents around 15%
of the total funding package.

The senior secured debt, including the term loan, benefits from
guarantees from operating companies as well as a security on
shares, intercompany receivables, and material bank accounts.

RATIONALE FOR STABLE OUTLOOK

Given the high initial leverage, the rating is initially weakly
positioned in the B2 category. The stable outlook on the rating
reflects Moody's expectation that T-Mobile NL's strong operating
performance and positive momentum will allow it to progressively
reduce leverage towards 6.0x by 2023.

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

Upward rating pressure is currently limited. However, upward
pressure could develop overtime if the company's operating
performance remains strong allowing the company (1) to reduce its
Moody's adjusted gross debt-to-EBITDA ratio below 5.25x, (2)
improve its RCF/ debt ratio above 15% and (3) it maintains positive
and growing free cash flow generation.

Conversely, downward pressure on the rating could materialise if
the company fails to deliver on its business plan so that its
leverage measured by Moody's adjusted gross debt/EBITDA remains
above 6x for more than 24 months, RCF/ debt falls below 10% or its
free cash flow generation turns negative on a sustained basis. A
weakening in the company's market positioning and liquidity profile
could also have a negative effect on the ratings.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: WP/AP Telecom Holdings III B.V.

LT Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Issuer: WP/AP Telecom Holdings IV B.V.

BACKED Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Issuer: WP/AP Telecom Holdings III B.V.

Outlook, Assigned Stable

Issuer: WP/AP Telecom Holdings IV B.V.

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

T-Mobile NL, headquartered in The Hague, Netherlands, is the
country's third-largest telecommunications company providing
mobile, fixed-line and broadband services to residential and
business customers. As of September 2021, T-Mobile NL had 42%
consumer mobile market share in the Netherlands (based on the
number of active SIMs) and served 700,000 broadband customers. In
2020, T-Mobile NL reported EUR1.9 billion of revenues and EUR708
million of EBITDA.


WP/AP TELECOM: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit ratings to WP/AP Telecom Holdings III and its preliminary
'B' and 'CCC+' issue rating to the company's proposed senior
secured and senior unsecured debt, respectively.

The stable outlook reflects S&P's belief that TMNL will execute its
strategy to progressively increase its fixed-mobile converged
customer base while maintaining solid free cash flow and
deleveraging towards 5.5x by 2023.

WP/AP Telecom Holdings III B.V., owner of T-Mobile Netherlands
(TMNL), is raising about EUR3.8 billion in debt to finance a
leveraged buyout of the group by Apax Partners and Warburg Pincus
from Deutsche Telekom and Tele 2.

S&P said, "We expect TMNL's S&P Global Ratings-adjusted debt to
EBITDA will be about 6.6x in 2021, before dropping to 6.0x by 2022
and 5.7x by 2023. This will be mainly through TMNL's sustained
EBITDA growth and margin improvement, supported by its fixed-mobile
convergent strategy and improving customer mix in mobile services,
as well as lower restructuring and integration charges in 2022
(mainly coming from Simpel) because indirect costs are expected to
remain broadly stable. We think TMNL's performance will be driven
by its continued prepaid-to-postpaid customer migration at higher
average revenue per user (ARPU) and its expansion in fixed
services. We expect TMNL to increase its share of postpaid mobile
customers by about 2% per year on average from below 5.1 million in
2020. This, combined with 5G monetization and increasing demand for
unlimited data, should support EBITDA growth and margin
improvement. We expect growth will also be fueled by an expanding
convergent fixed-line customer base, achieved through cross-selling
within TMNL's large mobile base, together with cost-cutting
programs and around EUR10 million synergies following the Simpel
integration. As a result, we expect TMNL's reported EBITDA after
leases to increase by about 6% on average per year over 2021-2023,
with margins increasing to 30% by 2023. Comparatively, we expect
S&P Global Ratings-adjusted EBITDA margin to rise to 37.5% by 2023,
from 35.7% in 2021."

TMNL is the close No.2 mobile operator in the Netherlands, and has
strengthened its market position over the past few years thanks to
its high-quality mobile network and following its acquisition of
Tele2 and MVNO Simpel. TMNL had a total mobile network operator
market share of around 33% as of December 2020 (excluding Simpel),
after market incumbent KPN (over 36%) and VodafoneZiggo (VZ; circa
30%). It has a No.1 position in the consumer post-paid mobile
market with a revenue share of 40% (pro forma Simpel acquisition),
followed by KPN (31%) and VZ (27%). TMNL's strengths are
underpinned by its high-quality domestic mobile network, on which
around 50% of mobile data traffic in the Netherlands is carried
out; and its mobile spectrum portfolio, which is the largest in the
Netherlands across all frequencies and sums up to 250 megahertz
(MHz) compared with KPN with 195 MHz and VZ with 215 MHZ; and the
highest Hz/Mobile SIM (36.7) compared to competitors KPN (33.4) and
VZ (36.5). As of June 2021, it had covered over 92% of the Dutch
population in 5G. In addition, T-Mobile enjoys favorable brand
recognition and reputation across all customer segments, supported
by its multibrand approach, offering a broad range of mobile
contracts in each customer segment through its four brands (TMNL,
Tele2, BEN, and Simpel). TMNL is operating in an intense but
rational competitive environment, following the consolidation to
three players from four with TMNL's acquisition of Tele2 and no
foreseeable risk of another operator entering the market.

Contracted access to third-party fixed infrastructure should allow
TMNL to execute its fixed-mobile convergence strategy and increase
its fixed-mobile converged customer base, in a fixed market
dominated by VZ and KPN (44.8% and 41.5% revenue market share as of
2020, respectively).Access to a growing fiber footprint, thanks to
agreements signed with Primevest, Open Dutch Fiber and KPN will
underpin the company's strategy to increase fixed-mobile
convergence. TMNL rents out 100% of its fixed line access from
these providers and has a footprint of around 7.5 million
households passed (of 8 million households passed across the
country). Fixed-mobile convergence penetration of mobile customer
bases in the Dutch market is already high, with 71% of VZ's mobile
customers taking fixed line services from it as of December 2020.
This ratio stands at 65% for KPN, compared with 8% for TMNL, which
it expects to raise in the coming years by cross-selling fixed
services at attractive prices to its mobile customer base. On the
other hand, the share of fixed line customers taking mobile
services from the same provider stands at 38% for both VZ and TMNL
and at 46% for KPN. TMNL also expects to increase this ratio over
the coming years.

S&P said, "Our view of TMNL strengths are balanced by its
challenger position in fixed and business services, where it
competes against two integrated and dominant players. TMNL has only
a limited footprint in fixed services, with a majority of its
revenue from mobile services (around 77% of 2020 revenue, including
net handset). It has a significantly lower service revenue market
share in fixed services, of 5.7% as of 2020, compared with 44.8%
for VZ and 41.5% for KPN. In business services, TMNL is also a
challenger, with a 4% fixed service revenue share and 20% mobile
service revenue share. It is competing against two fully
fixed-mobile, network-based integrated players, and we believe the
strong fixed broadband position of KPN and VZ will remain a
competitive advantage given the switching costs in fixed broadband
services. In addition, given TMNL's asset-light strategy for fixed
network, its reported EBITDA margin after leases is well below its
competitors, at around 28% in 2020 (excluding EUR88 million of
subscribers' acquisition costs, which are capitalized), compared
with above 40% for VZ VodafoneZiggo and KPN. Nevertheless, given
its lower capital expenditure (capex) requirement and its solid
free cash flow, TMNL enjoys a solid financial flexibility despite
its high forecast leverage, with annual reported free operating
cash flow (FOCF) after leases exceeding EUR130 million over our
forecast period, from around EUR232 million in 2020 (under the
previous capital structure) and good EBITDA conversion (above 34%
over 2021-2023).

"The preliminary ratings are subject to the successful issuance of
the proposed debt, and our satisfactory review of the final
documentation. Accordingly, the preliminary ratings should not be
construed as evidence of final ratings. If we do not receive the
final documentation within a reasonable time frame, or if the final
documentation departs from the materials we have already reviewed,
we reserve the right to withdraw or revise our ratings. Potential
changes include, but are not limited to, the use of proceeds,
interest rate, maturity, size, financial and other covenants, and
the security and ranking of the senior secured debt.

"The stable outlook reflects our belief that TMNL will execute its
strategy to progressively increase its fixed-mobile converged
customer base, leveraging its leading position in the Dutch
business-to-customer mobile market, its strong brands and spectrum
assets, and its contracted access to an expanding third-party fiber
infrastructure, while maintaining solid free cash flow and
deleveraging toward 5.5x by 2023.

"A one-notch upside would happen if the company achieves adjusted
leverage sustainably and comfortably below 5.5x while maintain an
adjusted-FOCF-to-debt ratio above 5%. Although the Open Dutch Fiber
footprint is ramping up, we understand that the nature of the
contract could warrant an additional lease-like debt adjustment if
minimum commitments are not met, which could delay the
deleveraging."

Should leverage persistently spike to above 7x, or reported FOCF
after leases drop toward break-even, the rating could be lowered by
one notch. This could occur if the new private equity owner's
financial policy proved more aggressive than assumed, or with any
material operational setbacks due for example to aggressive
competitive retaliation from the company's competitors.




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

BANK SAINT PETERSBURG: Fitch Affirms 'BB' LT IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Bank Saint Petersburg PJSC's (BSPB)
Long-Term Issuer Default Ratings (IDRs) at 'BB'. The Outlook is
Stable.

KEY RATING DRIVERS

IDRS, VIABILITY RATING

BSPB's IDRs are driven by its standalone financial strength, as
reflected in its Viability Rating (VR) of 'bb'. The affirmation
reflects the bank's moderate franchise in the concentrated Russian
banking sector and notable exposure to the potentially vulnerable
construction & real estate sector. The VR also factors in stable
asset quality metrics, improving profitability and reasonable
capitalisation metrics.

Credit risk stems mainly from BSPB's loan book, which accounted for
63% of the bank's total assets at end-1H21. The share of impaired
loans (Stage 3 + purchased and originated credit impaired) has been
relatively stable in 1H21 at 10.1% of gross loans (end-2020: 10.4%)
and impaired loans are adequately covered by loan loss allowances
(83% coverage). Stage 2 loans were a low 4% of gross loans at
end-1H21. Corporate loans made up 75% of gross loans at end-1H21
and Fitch notes significant concentration in the potentially
vulnerable construction & real estate segment (24% of gross
corporate loans at end-1H21), although BSPB mainly focuses on
lending against completed real estate with the average
loan-to-value ratio at about 50%.

In retail lending, the bank focuses on collateralised products
(mortgages and car loans), which made up a combined 18% of gross
loans at end-1H21. Unsecured retail loans are mainly issued to the
bank's payroll clients and affluent and mass-affluent customers.
They account for 7% of gross loans, equal to a moderate 39% of the
bank's Fitch Core Capital (FCC).

BSPB's operating profitability has been stable in recent years,
with a net interest margin of around 4%, notable non-interest
income (38% of revenues in 1H21) and good operating efficiency
(cost-to-income ratio of 37%). Pre-impairment profit has stood at
around 5% of average loans in recent years, while cost of risk
declined to 1.7% of average loans in 1H21 (annualised; 2020: 2.0%)
and the bank's management expects further improvements in 2H21. As
a result, return on average equity increased to a reasonable 16.1%
in 1H21 (annualised) from 12.9% in 2020.

BSPB's FCC ratio was a moderate 13.9% at end-1H21, almost unchanged
from 13.8% at end-2020. The regulatory Tier 1 ratio was a lower
10.2% at end-3Q21 (vs. a minimum regulatory requirement of 8.5%,
including buffers) due to higher provisioning in local accounts and
because non-audited profits are included into Tier 2 capital. Fitch
expects BSPB's capital ratios to remain stable in the medium term,
as earnings retention should be sufficient to offset moderate loan
growth despite the planned dividend pay-out ratio of 20%.

Customer funding accounted for 76% of total liabilities at
end-1H21. These were mostly represented by granular retail deposits
(56% of the total) and deposits from long-standing corporate
customers. These deposits have proved to be sticky, including
during the pandemic. Wholesale funding (mainly direct repo and
interbank borrowings) represented another 22% of liabilities, was
attracted generally for treasury activities and matched with
reverse repo and liquid securities, while the bank's
loans-to-deposits ratio was a moderate 104%. The bank's cushion of
liquid assets (cash and short-term interbank placements) was
sufficient to cover an outflow of 9% of total customer funding,
while unpledged liquid bonds eligible for refinancing added another
4%.

SUPPORT RATING, SUPPORT RATING FLOOR

BSPB's Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect Fitch's view that support from the Russian authorities
cannot be relied upon due to the bank's limited systemic
importance. Support from private shareholders cannot be reliably
assessed and therefore is not factored into the ratings.

RATING SENSITIVITIES

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

-- An upgrade of BSPB's VR and IDRs would require some
    strengthening of the bank's franchise and financial profile
    metrics, namely asset quality, profitability and
    capitalisation.

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

-- Negative rating action could result from a sharp deterioration
    of BSPB's asset quality leading to weaker profitability (i.e.
    operating profit to risk-weighted assets ratio declining to 1%
    or below), or from the regulatory capital ratios falling below
    a 100bp buffer over the minimum requirements due to growth
    exceeding internal capital generation.

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.


BANK ZENIT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed PJSC Bank Zenit's Long-Term Issuer
Default Ratings (IDRs) at 'BB' with a Stable Outlook and Viability
Rating (VR) at 'b+'.

KEY RATING DRIVERS

IDRS AND SUPPORT RATING

Zenit's Long-Term IDRs of 'BB' and Support Rating of '3' are driven
by potential support from the bank's shareholder, PJSC Tatneft
(BBB-/Stable), in case of need. Fitch believes Tatneft has a high
propensity to support Zenit given its majority stake (71%) and the
record of capital support through equity injections and purchases
of high-risk assets. Fitch also believes that support would be
manageable for Tatneft given its low leverage, with expected funds
from operations (FFO) gross leverage at or below 0.4x in 2021-2024.
Zenit is a small subsidiary for the oil company. Its equity
accounted for 0.1x Tatneft's 2020 FFO.

The two-notch difference between Tatneft's and Zenit's IDRs
reflects Fitch's view that the bank is a non-core asset for the oil
company, with moderate synergies and limited reputational damage in
case the subsidiary defaults. A sale of the bank is unlikely in the
medium term but is a possibility in the longer term, once the bank
becomes more profitable.

VR

The affirmation of Zenit's VR at 'b+' reflects the bank's limited
franchise and weak profitability. The VR also factors in improved
asset quality and capitalisation as a result of the sale of
potentially high-risk assets to the shareholder, and strong
liquidity.

Profitability is Zenit's main rating weakness, as reflected by
operating profit at a low 0.7% of average IFRS-based Basel 1
risk-weighted assets (RWA) in 1H21, albeit up from a negative 1.5%
in 2020. The improvement was driven mainly by moderation of loan
impairment charges (LICs) to 0.4% of average loans in 1H21
(annualised) from 2.7% in 2020, when they were high due to the
pandemic and provisioning of some legacy corporate exposures. The
recovery in profitability was also supported by an increase in the
net interest margin to 3.5% in 1H21 owing to sector-wide moderation
of funding costs and stronger treasury income.

At the same time, the margin remains below the sector average of 4%
due to the bank's historical focus on corporate lending and
mortgages. The cost/income ratio declined to 84% in 1H21 from above
90% in 2019-2020 on the back of cost optimisation and higher
operating income. However, pre-impairment operating profit remained
weak at 1.3% of average gross loans in 1H21 (annualised), providing
only limited headroom to cover LICs if they return to 1%-2%.

Asset quality risks have moderated with the sale of potentially
risky loans held at fair value (FV; 9% of end-9M20 loans) to the
shareholder in 4Q20-1H21. Impaired loans (Stage 3 under IFRS) were
a high 14% of gross loans at end-1H21 but were conservatively (82%)
covered by specific loan loss allowances (LLAs). Total unreserved
risky loans (impaired loans less specific LLAs and loans at FV)
declined to 15% of Fitch Core Capital (FCC) at end-1H21 from 90% at
end-9M20. Stage 2 loans accounted for 4% of gross loans at
end-1H21.

Capitalisation has also improved, as reflected by FCC of 11.5% of
RWA at end-1H21, up from 9.3% at end-9M20. This was driven by a
RUB4.3 billion (2% of RWA) gain on sale of FV loans to the
shareholder above their balance sheet value in 4Q20-1H21. The
regulatory Tier 1 and total capital ratios were 11.8% and 18.5%,
respectively, at end-9M21, well above the minimum requirement of
8.5% and 10.5%, including buffers, but are likely to decline in the
medium term due to loan growth amid weak internal capital
generation.

Zenit is primarily funded by customer deposits (78% of total
liabilities at end-1H21), of which 17% was sourced from
related-parties, 38% from retail depositors and 23% from corporate
clients. Other liabilities comprised repo transactions (10%),
senior bonds (4%), interbank borrowings (3%) and subordinated debt
from the parent (1%). The cushion of liquid assets (cash,
short-term interbank placements, and bonds and loans eligible for
repo) covered 42% of customer deposits at end-9M21.

DEBT RATINGS

Zenit's senior unsecured debt is rated in line with the bank's
Long-Term IDR

RATING SENSITIVITIES

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

-- Zenit's IDRs will likely be upgraded if Tatneft's IDR is
    upgraded.

-- Upside for the bank's VR would require a consistent
    improvement in the bank's profitability, with core annual pre
    impairment operating profit increasing to about 3% of average
    loans, while maintaining reasonable capital cushion.

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

-- The IDRs and Support Rating may be downgraded if Tatneft's
    ratings are downgraded or in case of a significant weakening
    of Tatneft's propensity to provide support, reflected, for
    example, in delays in providing timely or sufficient support
    (not expected by Fitch at present).

-- Zenit's VR could be downgraded if the bank reports negative
    bottom-line results for several consecutive periods without
    sufficient capital support being provided by the shareholders,
    resulting in significant deterioration of the bank's
    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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bank's IDRs and Support Rating are linked to Tatneft's IDRs.

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.


LLC PIK-CORP: Moody's Assigns Ba3 Rating to Proposed Notes
----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 backed senior
unsecured rating to the new proposed notes issue of PIK Securities
DAC, a designated activity company incorporated under the laws of
Ireland and fully controlled by PJSC PIK - Specialized Homebuilder,
the ultimate holding company of the group (PIK, Ba2 CFR, stable),
via its 100% subsidiary LLC PIK-Corporation (PIK Corporation, Ba3
issuer rating, stable). PIK corporation was established for the
purposes of holding the group's stakes in operating entities and
issuance of debt, including unsecured and unguaranteed local bonds.
Both PIK and PIK Corporation will act as the guarantors of the
issue, which proceeds will be on-lent to companies within PIK group
to refinance debts and facilitate the group's international
expansion plans in the South East Asia. The outlook on the rating
is stable.

RATINGS RATIONALE

The assignment of the Ba3 backed senior unsecured rating to the new
issue is in line with the PIK Corporation's long-term issuer rating
and reflects legal subordination of the notes to debt at the PIK
level secured by land plots and other assets, and their structural
subordination to unsecured debt at the level of operating
companies. The structural subordination also takes into account the
fact that the guarantor PIK Corporation is a holding company with
no standalone operations and cash flow generation, and the
additional guarantor PIK will gradually transition to this stage
after it completes its two development projects by 2025. The
proposed backed senior unsecured notes will rank pari passu with
other debt issued at the PIK Corporation holding level.

Moody's notes, that following the proposed backed senior unsecured
notes issue around two-thirds of total group corporate debt will
sit at the holding levels, with the rest comprised of corporate
debts at operating companies. The calculation does not take into
account the 'project finance' debt at special-purpose entities of
more than RUB100 billion, or roughly a third of consolidated total
group debt, as of the end of September 2021, which is considered by
the agency as self-liquidating because they are usually fully
backed by cash deposits at escrow accounts.

As the company transitions to the new escrow account funding model
for its development projects over the next 2-3 years, the share of
'project finance' debt in the overall debt portfolio is likely to
grow materially. This might prompt some reassessment of the Notes'
positioning in the overall group's cash flow waterfall, which will
focus on the group's ability and capacity to upstream cash to the
holding level, to provide for a sufficient and timely debt service
at the holding level.

PIK's Ba2 CFR reflects its leading market position in the Russian
homebuilding market, integrated business model, robust operating
and financial performance, and sound credit metrics which are
likely to be sustained in the next 12-18 months. The rating also
factors in a positive momentum in the market as well as moderately
supportive long-term fundamentals. At the same time, the rating
takes into account the company's exposure to the volatile
residential real estate market in Russia and high concentration in
the Moscow city and the Moscow region (the Moscow metropolitan
area).

The rating also takes into account the company's (1) strong brand
recognition, (2) diversified project portfolio, (3) focus on mass
market segment which is more resilient to economic downturns, (4)
long track record and strong experience in construction and real
estate development, and (5) strong liquidity, underpinned by the
large cash balance and comfortable debt maturity profile. At the
same time, the rating incorporates (1) the industry's ongoing
transition to escrow accounts which weigh on the company's
operating cash flow generation, (2) weak macroeconomic environment,
characterized by low-digit GDP growth and high inflation, and (3)
the company's exposure to Russia's evolving political, regulatory
and legal framework.

In 2021 PIK continued to demonstrate robust operating results
following strong performance in 2020. In the last 12 months ended
June 30, 2021 the company's revenue increased by 36.5% compared
with the full year 2020, the company maintained profitability
measured by EBITDA margin above 23%. Introduction of the new sector
regulation which requires homebuilders to use project financing and
escrow accounts in lieu of clients' prepayments accelerated
consolidation of the sector which benefitted large developers such
as PIK, but also drove an increase in their gross debt levels and
leverage. PIK's leverage measured by Debt/EBITDA increased to 3.5x
from 2.7x and debt/total capitalization to 56.8% from 53% as of
June 30, 2021 compared with the end of 2020. In the next 12-18
months Moody's expects PIK to maintain its adjusted EBIT/interest
expense above 4x, and gross leverage measured by Moody's adjusted
debt/EBITDA at around 4.0x, which level, if sustainably exceeded,
could put pressure on the rating. Moody's positively notes that the
company aims to manage its operations in such manner that Moody's
adjusted net leverage (excluding cash balances and the cash held at
escrow accounts) should improve back to around 1x over the next 12
months. The company's financial policy stipulates maintenance of
ample liquidity sources and moderate shareholder distributions.

LIQUIDITY

As of September 2021, PIK's liquidity assessment for September
2021- December 2022 is adequate supported by committed project
finance facilities of more than RUB320 billion maturing beyond 12
months. Together with the cash balance of more than RUB50 billion
as of the end of September 2021 and net proceeds from recent
secondary public offering of around RUB30 billion and the
contemplated bond issuance, these will be sufficient to cover
project funding, working capital needs, debt maturities and
dividends of RUB30 billion until the end of 2022. The company will
remain free cash flow negative in 2021-23, as a result of working
capital outflows from accelerated organic growth and gradual move
to the project finance/escrow account funding scheme.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance considerations include PIK's concentrated private
ownership structure, with 59% shares in the company controlled by
its president Sergei Gordeev, which creates a risk of rapid changes
in the company's strategy, financial policies and development
plans. However, the owner's track record of a prudent and
consistent approach toward the company's development strategy,
financial management and corporate governance practices, as well as
its public listing on the Moscow Stock Exchange, with relevant
disclosure, governance requirements and four independent board
members out of nine, partially mitigate the risks related to
corporate governance. The presence of Bank VTB, PJSC (Baa3 stable)
among the company's shareholders with a 15% stake also provides
additional oversight over PIK's corporate governance, strategy and
policies.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects PIK's comfortable positioning within
its rating category and Moody's expectation that the company will
maintain its high operating efficiency, solid financial performance
and credit metrics.

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

Moody's does not anticipate a positive pressure on the rating to
build up over the next 18 months. In a longer term Moody's could
consider the rating upgrade if the company were to (1) demonstrate
a sustainable track record of robust operating and financial
results amid volatile industry conditions and continuing
implementation of escrow accounts, (2) maintain strong liquidity,
and (3) pursue a conservative financial policy. Quantitatively, the
rating could be upgraded if PIK's Moody's-adjusted gross
debt/EBITDA were to be below 3.0x and EBIT interest coverage above
6.0x on a sustainable basis.

Moody's could downgrade PIK's rating if its (1) Moody's-adjusted
gross debt/EBITDA were to increase above 4.0x and EBIT interest
coverage fall below 4.0x on a sustained basis; (2) operating
performance, cash generation or market position were to weaken
materially; or (3) liquidity were to deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

COMPANY PROFILE

PIK is the largest vertically integrated homebuilder in Russia. The
company builds mass market apartment houses in 12 regions with a
particular focus on the Moscow city and the Moscow region. In the
first 12 months ended June 30, 2021, the company reported revenue
of RUB430 billion ($5.7 billion) and Moody's-adjusted EBITDA of
RUB100 billion ($1.2 billion). PIK's president Sergei Gordeev owns
a 59% stake in the company, Bank VTB, PJSC (Baa3 stable) -- 15%,
and the rest is in free float.




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

ABERTIS INFRAESTRUCTURAS: Fitch Affirms BB+ on EUR2BB Hybrid Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed Abertis Infraestructuras S.A.'s
(Abertis) Long-Term Issuer Default Rating (IDR) and unsecured notes
at 'BBB'. Fitch has also affirmed the 'BB+' ratings on Abertis
Infraestructuras Finance B.V.'s (Abertis Finance) EUR2 billion
hybrid instruments. The Outlooks are Negative. Concurrently, Fitch
has affirmed and withdrawn the rating on Abertis's EUR3 billion
domestic medium-term note (MTN).

RATING RATIONALE

Abertis's 'BBB' rating reflects the geographically diversified
portfolio of core and mature assets and the relatively high
leverage profile in the context of a weighted average life of its
portfolio of around 12 years.

Outlook remains on negative as current and expected group leverage
is high and above 6x until 2023 in the Fitch rating case (FRC). In
addition, traffic is recovering, but it still remains below
pre-pandemic levels in some key countries and there is low
visibility on the dividend policy from 2023.

Fitch has chosen to withdraw the rating on Abertis's domestic MTN
for commercial reasons.

KEY RATING DRIVERS

Mature, Diversified, Resilient Portfolio - Revenue Risk (Volume):
Stronger

Abertis has a large, diversified network of toll roads spanning
nearly 7,500km of networks, mainly located in France, Chile, Spain
and Mexico. The European toll road businesses are mature and will
represent around 60% of group consolidated 2022 EBITDA (2019:
around 75%). Fitch expects the contribution from European toll
roads to remain mostly stable in Fitch's rating horizon to 2026.

Most assets are either national core networks with little
competition, or assets strategically located in core areas. Traffic
is predominantly made up of more stable light vehicles. The overall
portfolio's 2007-2019 peak to trough of 6% is low compared to the
peer average.

Inflation-Linked Tariffs - Revenue Risk (Price): Midrange

The concession frameworks where Abertis operates are robust and
generally track inflation or a large portion of it. In some
jurisdictions the tariff systems also allow the recovery of capex
execution, partly de-linking the group's cash flow generation from
potential negative traffic performance. Generally, tariffs have
regularly increased in recent years.

Flexible Plan, Experienced Operator - Infrastructure Development &
Renewal: Stronger

Abertis has extensive experience and expertise in delivering capex
on its network. Some concessions also allow for the recovery of
capex through the adjustment of toll rates.

Unsecured Bullet Debt - Debt Structure: Midrange

Abertis's debt is largely non-amortising and lacks material
structural protections, which are typical of fully covenanted debt
structures. Refinancing risk is mitigated by a well-diversified
range of bullet maturities, demonstrated solid access to bond
markets, and proactive debt management aiming at capitalising on
favourable conditions to strengthen the capital structure.

Hybrid Bonds - Deep Subordination, 50% Equity Credit

The hybrid notes have been issued by Abertis Finance and are
unconditionally and irrevocably guaranteed by Abertis. The notes
are deeply subordinated and rank senior only to Abertis Finance's
share capital, while coupon payments can be deferred at the option
of the issuer. These features are reflected in the notes' rating,
which is two notches lower than Abertis's senior unsecured rating.
Fitch applies a 50% equity credit (EC) to the bonds to reflects the
hybrid's cumulative interest coupon, a feature that is more
debt-like in nature.

Robust Liquidity

Abertis has a robust liquidity position, and this has strengthened
since the start of the pandemic. The group maintains good access to
bank and capital markets, even for non-standard transactions
(hybrids). The group now has no material refinancing until 2023.

On a consolidated basis, available cash, committed undrawn
revolving credit facilities (RCF), and the period net free cash
flow generation would be enough to cover debt maturities until
2024.

This would change little at holding company level as cash and RCF
of EUR4.3 billion at September 2021 would be sufficient to cover
holding company debt and RCF maturities until end-2023, without
considering free cash flow generation.

Governance

In 2018, Atlantia and ACS Group entered into a shareholders'
agreement to regulate the investment and governance in Abertis.
Atlantia has control of Abertis, which is consolidated line-by-line
in its accounts. Atlantia also appoints the majority of Abertis
Holdco's board, Abertis's CEO/CFO and the majority of board
members, while ACS appoints the non-executive chairman. A qualified
majority vote is required for M&A activities and changes to the
agreed financial/dividend policy.

Atlantia and ACS Group also signed a cooperation agreement to
identify, and potentially jointly develop, new projects in various
jurisdictions. This could increase Abertis's exposure to selected
greenfield projects that Atlantia and ACS may want to pursue.
However, Fitch does not believe that this option will materially
alter Abertis's business risk profile.

Should the sale of Autostrade per l'Italia SpA (BB+/Rating Watch
Positive (RWP)) and the ACS industrial division take place in the
next few months, Abertis would become the key asset within each of
Atlantia's and ACS's businesses. Both shareholders would also be
able to increase their cash reserves, which could be partly
deployed to support Abertis's external growth opportunities.

Atlantia and Abertis Linkage Assessed as Weak

Fitch has assessed the legal and operational linkages between
Abertis and its weaker parent, Atlantia S.p.A (consolidated credit
profile BB+/RWP), as 'Weak' under its Parent and Subsidiary Linkage
Criteria. The governance structure of the Spain-based toll road
operator adequately insulates Abertis from Atlantia at the current
rating, i.e. two notches above the 'BB+' consolidated rating of
Atlantia.

Fitch believes Atlantia's ability to extract cash from its stronger
subsidiary is impaired by the presence of a large minority
shareholder (ACS) whose consent is required for M&A and any change
in the dividend policy, which also has to remain compliant with a
minimum investment-grade rating of Abertis. The 50% ownership in
Abertis materially reduces the amount of cash Atlantia may upstream
from the asset because the remaining half would be distributed to
minority shareholders. Fitch may reassess Fitch's approach if
Atlantia opts, and manages, to re-leverage Abertis and extract more
cash than expected.

Financial Summary

Under the updated FRC, after the 2020-2021 coronavirus-induced
shock, Abertis's leverage will decrease but remain above 6x in
2022-2023, before it gradually returns to within Fitch's negative
rating sensitivity, yielding an average net debt/EBITDA of 6.0x in
2022-2026.

This leverage path indicates, in Fitch's view, a temporary
impairment of Abertis's credit profile, which underpins the
Negative Outlook. Furthermore, Fitch is not factoring any of the
relevant balance sheet flexibility Abertis might decide to tap in
the future into Fitch's FRC.

PEER GROUP

Abertis shares a number of common features with APRR (A-/Stable).
Both issuers are pure brownfield toll road operators with a
corporate-like bullet debt structure and Volume risk assessed at
'Stronger'. Abertis is bigger and has a more geographically
diversified portfolio of assets but APRR showed higher resilience
during the economic downturn (peak-to-trough of around 6% and 3%,
respectively). A lower projected leverage of around 4x in the
context of a longer concession tenor (15 years vs 12 for Abertis)
supports APRR's higher rating.

RATING SENSITIVITIES

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

-- Failure to improve Fitch-adjusted leverage to below 6.0x by
    2024 under the FRC.

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

-- A clearer view on medium-term traffic evolution and dividend
    policy combined with an evolution of consolidated net debt-to-
    EBITDA at least in line with the FRC and consistently below
    6.0x by 2024 could lead to the Outlook being revised to
    Stable.

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.

CREDIT UPDATE

Performance Update: Significant Recovery of Traffic Levels

Traffic recovery has been strong in the main countries of the
portfolio since June, in line with the easing of government-imposed
restrictive measures. Traffic across the group in 9M21 is
considerably above 2020 levels, and around 8% below 2019 on a
like-for-like basis. The effects of the pandemic on traffic have
been softer in Latam (except Chile) than in Europe. While Brazil,
Mexico and US had traffic levels above 2019 levels in 9M21, Spain,
France and Italy are still around 14% below. The impact on revenues
has been mitigated due to tariff increases and the more resilient
heavy-vehicle traffic performance, namely in Brazil and Mexico
where the proportion of heavy vehicles is higher than the group
average.

Recent Developments

The recent planned expiry of the Acesa and Invicat concessions in
Spain will reduce group cash flows by about EUR0.6 billion.
Nevertheless, Abertis's management has demonstrated its commitment
and execution capability in partly replacing expiring cash flows
while limiting the impact to the overall credit profile. Fitch
expects the recent consolidation of the long-dated toll road
concessions of Red de Carreteras de Occidente, S.A.B. de C.V. in
Mexico (RCO; senior secured long-term rating: BBB/Stable) and
Elizabeth River Crossings LLC (long-term debt rating: BBB/Stable)
in the US to add at least EUR0.4 billion to Abertis group's EBITDA
from 2022, while also improving group portfolio diversification
globally.

Internally, the group grew through its existing platform and
obtained concession extensions across some toll road concessions in
Mexico (Ramales) and Chile (Quilicura) - despite the expected 2024
handover of Fluminese in Brazil to the grantor.

All of this has allowed the group to maintain its weighted average
concession tenor of 12 years (2020: 12 years).

AP-7 Agreement

Abertis's largest Spanish concession, Acesa, expired in August
2021. Abertis is entitled to receive a substantial payment, based
on an amendment of the concession agreed with the Spanish
government in 2006 and enacted by a Royal Decree following review
by Council of State and Council of Minister (AP7 agreement).
Company reports that the payment at concession maturity should now
compensate Abertis for both the realised capex in the AP7 Agreement
(EUR0.5 billion, capitalised at a 6.5% rate) and any traffic
shortfall over a pre-agreed threshold until end of concession.

However, while the fixed component (capex) is unchallenged, the
traffic guarantee is highly disputed between Abertis and the
government. This is due to different interpretations of the AP7
agreement and to real traffic being significantly below the agreed
level in 2006.

Fitch continues to incorporate in Fitch's cases only the fixed
component - EUR1.2 billion - which Fitch expects to be collected in
2022 and applied to gross debt reduction at holding. As per the AP7
agreement, the compensation has to be paid within six months from
concession maturity and the Spanish government has included the
compensation amount in the budget recently submitted to the
European Commission.

Other Spanish concessions also have claims (Maresme in 2022,
Castellana in 2030), but their relevance is either less significant
(Maresme) or less immediate (Castellana).

FINANCIAL ANALYSIS

The Fitch base case (FBC) assumes 2021 traffic in EU countries to
remain 11%-14% below 2019 levels and fully recover only from 2022.
Conversely, traffic in the Americas will moderately grow this year
- which would be sufficient to fully recover 2019 traffic levels
already this year. Overall, 2019-2026 traffic CAGR is about 1.5%.

Fitch assumes average 2023-2026 tariff increases of 1.5% in EU
countries. Chile (4% on average) and Mexico (3% on average) have a
higher inflation expectation, while Brazil (9%) will benefit from a
capex recovery in tariffs.

EBITDA margin is a factor in the accomplished efficiency plan,
although Fitch adds some conservativism in Fitch's cases. This
yields a 2019 reported EBITDA margin of 71% to resume only in 2023
and reach 73% in 2026.

Fitch has aligned the capex plan with Abertis's case and have
assumed a flat EUR600 million a year dividend payment. Fitch also
considered the maturities of the group concessions over the
forecast horizon and accumulated compensation payments of around
EUR1.3 billion, related to the expiry of the Acesa and Invicat
concessions in 2022.

The resulting leverage profile under the FBC envisages 2021
leverage of 7.0x to reduce to 6.6x in 2022 and 6.1x in 2023.
However, leverage under the FRC is worse, and Fitch expects it to
settle at 7.2x in 2021 and to deleverage to 6.8x in 2022 and 6.3x
in 2023.

The FRC assumes a slightly lower traffic growth across all the
countries than the FBC does. Overall, 2019-2026 traffic CAGR is
about 1%. Fitch also took a more conservative approach on the
expected EBITDA margin in the FRC, while tariff growth, capex and
dividends are mostly unchanged from the FBC.

Criteria Variation

The analysis includes a variation from the "Rating Criteria for
Infrastructure and Project Finance" to determine the notching of
the hybrid instruments relative to Abertis's IDR, and the
application of EC.

Fitch allocates hybrids to the following categories: 100% equity,
50% equity and 50% debt, or 100% debt. The decision to use only
three categories reflects Fitch's view that the allocation of
hybrids into debt and equity components is a rough and qualitative
approximation, and is not intended to give the impression of
precision.

The focus on viability means Fitch will typically allocate EC to
instruments that are subordinated to senior debt and have an
unconstrained ability for at least five years of consecutive coupon
deferral. To benefit from EC, the terms of the instrument should
not include mandatory payments, covenant defaults, or events of
default that could trigger a general corporate default or liquidity
need. Structural features that constrain a company's ability to
activate equity-like features of a hybrid make an instrument more
debt-like.

Hybrid ratings are notched down from the IDR. The notches represent
incremental risk relative to the IDR, these notches are a function
of increased loss severity due to subordination and heightened risk
of non-performance relative to other (e.g. senior) obligations.
Hybrids that qualify for EC are deeply subordinated and typically
rated at least two notches below the IDR.

Asset Description

Abertis is a large Spanish-based infrastructure group with networks
predominantly in France, Chile, Spain and Mexico.

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.




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

ALBION HOLDCO: Fitch Assigns Final 'BB-' LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Albion HoldCo Limited a final Long-Term
Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch
has also assigned the senior secured debt issued by Albion
Financing 1 S.a.r.l and the senior secured term loan issued by
Albion Financing 3 S.a.r.l final 'BB+'/'RR2' ratings, and the
senior unsecured debt issued by Albion Financing 2 S.a.r.l a final
'BB-'/'RR4' rating.

The rating actions follow the full implementation of the financial
structure and the receipt of the final documentation.

KEY RATING DRIVERS

Resilient Underlying Market: With an ageing electrical
infrastructure in most countries, a continued trend of
urbanisation, and the transition to renewable energy sources, Fitch
believes that demand for temporary power is growing and outpacing
current supply. The gap between demand and supply of power has
widened as governments remain reluctant to bridge the power gap,
due to the large financial investments required and the
unwillingness to invest in fossil fuel-based power plants amid the
energy transition.

Cost Initiatives Drive Strong Profitability: The company has
displayed strong and resilient profitability, despite some exposure
to cyclical end-markets. Excluding the impact from Covid-19, Fitch
expects that strong profitability generation will resume to
pre-pandemic levels from 2021, aided by the recovery of underlying
markets and the cost-saving initiatives the company has embarked
upon. Fitch believes that the company's funds from operations (FFO)
margin will return to over 20% in 2021 (2020: 16%) and remain there
through the medium term.

The key cost-saving initiatives include exiting certain lower
return projects, depots and geographies in the utilities division
and an organisational structure review, which Albion's management
expects will lead to operational efficiencies and free up fleet to
be deployed elsewhere. Additionally, the use of data analytics and
predictive maintenance should continue to drive down service
material costs, addressing functional costs across finance, HR and
IT, discretionary costs such as travel and professional fees, and
costs associated with exchange listing.

Healthy FCF Generation: Free cash flow (FCF) generation is driven
to some degree by working capital flows, but has remained strong
throughout the pandemic, mainly as a result of improved management
of receivables, the reduction of dividends to preserve cash and the
postponement of non-essential capex. Fitch expects FCF to remain
positive throughout Fitch's forecast horizon on the back of
improving profitability, and for it to stabilise at around 2% of
revenue after 2021, a level that Fitch considers commensurate with
the rating.

No Short-Term Refinancing Risk: Aggreko plc is a power and energy
supplier newly acquired by Albion, and its debt is made up entirely
of long-term debt maturing in 2026 and beyond. Additional liquidity
will be available via a GBP300 million revolving credit facility
and a GBP150 million guarantee facility, also available until
2025-2026. The tenor of the debt removes near-term refinancing
risks.

High Leverage Constrains Ratings: Fitch estimates that end-2021
gross and net leverage will both be around 5.5x, a level more in
line with the 'B' category for the business services sector. Fitch
expects leverage will gradually improve to around 4.5x beyond 2024
as a result of growth in underlying cash flows, but even at this
level it will remain high for the current rating and act as a
constraining factor.

DERIVATION SUMMARY

Aggreko's rating reflects the company's global leading position in
the global provision of temporary power and in the energy services
sector, which has supported strong profitability and FCF
generation. The rating profile also considers the relative
short-term nature of the company's underlying contract length in
the rental solutions business.

The company also benefits from wide geographical and end-customer
diversification, with its largest revenue contribution coming from
North America. This mitigates exposure to any volatility in respect
to any particular sector or customer.

Aggreko's strong business profile is offset by a highly leveraged
financial structure at closing, which is in line with a 'B' rating
according to Fitch's Rating Navigator.

Albion's forecast gross debt/EBITDA is considerably lower than that
of Modulaire Investments 2 S.a.r.l (B/Stable), while its forecast
EBITDA/interest expense coverage is closer to Boels Topholding
B.V.'s (BB-/Stable).

KEY ASSUMPTIONS

-- Strong double-digit revenue growth across all operational
    divisions in 2021, following the rebound of underlying market
    dynamics from the effects of the pandemic. After 2021, Fitch
    is forecasting more normalised single-digit revenue growth, in
    line with global economic growth;

-- Consolidated EBITDA margin to improve throughout Fitch's
    forecast horizon following the number of key cost-saving
    initiatives the company has launched;

-- No dividends distribution in line with management expectations
    throughout Fitch's forecast period;

-- Capex in line with the company's management's expectations
    throughout Fitch's forecast period.

RATING SENSITIVITIES

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

-- FFO leverage below 4.0x;

-- FFO interest coverage above 4.5x;

-- Improvement of FCF margin above 3%.

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

-- FFO leverage sustainably above 5.5x;

-- FFO interest coverage below 3.0x;

-- FCF below 1%.

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

Strong Liquidity: Following the acquisition of Aggreko by I Squared
Capital & TDR Capital, Aggreko's existing debt has been entirely
refinanced with long-term debt maturing in 2026. Additional
liquidity is provided by a GBP300 million revolving credit facility
and GBP150 million guarantee facility, also available until
2025-2026. The tenor of debts removes near-term refinancing risks.

ISSUER PROFILE

Albion HoldCo Limited is the issuer and new acquiring company of
UK-based temporary power and energy supply provider, Aggreko plc.

Albion operates through three key divisions, which include i)
rental solutions (contributing around 53% of group revenue), the
ii) power solutions - utilities division and the iii) power
solutions - industrials division. Historically, the utilities
business has accounted for a much more significant portion of
revenues and EBITDA, but the company has recently begun to
strategically downsize this business and focus on select accretive
new contracts.

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.


ARCHITECTURAL FABRICATIONS: Files for Administration
----------------------------------------------------
Ian Weinfass at Construction News reports that
Sheffield-headquartered metalwork specialist Architectural
Fabrications Ltd has filed for administration after being hit by
the rising cost of steel.

According to Construction News, the firm's collapse has led to the
loss of 70 jobs.


ROBINSON STRUCTURES: Bought Out of Administration, 70 Jobs Saved
----------------------------------------------------------------
Tiya Thomas-Alexander at Construction News reports that steel-frame
specialist Robinson Structures Limited has been sold under a
pre-pack administration deal that has safeguarded around 70 jobs.

The Derby-based firm appointed administrator PKF Smith Cooper on
Nov. 4 as it struggled to cope with a number of problems, including
rising costs, Construction News relates.


ROLLS-ROYCE & PARTNERS: Fitch Alters Outlook on 'BB-' IDR to Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Rolls-Royce & Partners
Finance Limited's (RRPF) Long-Term Issuer Default Rating (IDR) to
Stable from Negative and affirmed the IDR at 'BB-'. Fitch has also
affirmed RRPF's Short-Term IDR at 'B' and RRPF's and RRPF Engine
Leasing Limited's senior secured debt long-term rating at 'BBB-'.

The rating actions follow the revision of the Outlook on
Rolls-Royce plc (RR) on November 3, 2021. The Stable Outlook on
RRPF's Long-Term IDR mirrors that on RR's IDR.

KEY RATING DRIVERS

The revision of RRPF's Outlook reflects the revision of Outlook on
its 50% owner, RR.

RRPF is a joint-venture (JV) between UK-based RR and US-based
leasing group GATX Corporation (not rated). Established in 1989,
RRPF specialises in the leasing of spare aircraft engines (largely
from RR) to around 60 airlines globally. RRPF is the world's
largest lessor of RR engines, which comprise 90% of RRPF's leases
(including narrow-body). Consequently, RRPF's business model and
franchise have strong links with RR. In Fitch's view, RRPF is
important for RR's core civil aerospace business segment and
aftermarket product offering. The shareholder structure could
complicate the provision of support, but a shareholder agreement is
in place to govern potential conflicts between JV partners.

RRPF Engine Leasing Limited is a fully-owned UK-domiciled
subsidiary of RRPF. RRPF has provided an unconditional and
irrevocable guarantee on the notes issued by RRPF Engine Leasing
Limited.

RRPF's Long-Term IDR is based on Fitch's assessment of the
company's standalone creditworthiness, which is constrained by the
strong correlation between RR's and RRPF's risk profiles, including
a cross-default clause in RRPF's bond documentation. Fitch believes
that RR's propensity to support RRPF is high, but its ability to do
so is constrained by its own rating, resulting in Fitch's support
assessment being a notch below RRPF's (and RR's) Long-Term IDR. The
Stable Outlook on RRPF's Long-Term IDR mirrors that on RR's IDR.

RRPF's debt includes a clause resulting in an event of default on
all of RRPF's debt in case an event of default is triggered on RR's
debt. Specifically, should RR's borrowings (in excess of GBP150
million or 2% of RR's consolidated net worth) be subject to
acceleration (as a result of an event of default at RR having been
triggered), it would trigger an event of default at RRPF and give
noteholders the option to declare all outstanding notes to be
immediately due and payable. As this applies to all of RRPF's debt,
in Fitch's view this results in a strong correlation between RR's
and RRPF's default probabilities and constrains RRPF's Long-Term
IDR.

Unless noted above, the key rating drivers for RRPF's IDR and
senior secured debt are those outlined in Fitch's rating action
commentary published in June 2021 (Fitch Affirms RRPF's IDR at
'BB-'/Negative; Secured Debt at 'BBB-').

RATING SENSITIVITIES

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

IDR:

-- Given cross-default clauses included in RR's and RRPF's debt,
    a downgrade of RR would likely lead to a downgrade of RRPF's
    Long-Term IDR.

-- Absent a downgrade of RR, a significant increase in leverage
    or a material weakening of RRPF's franchise could also lead to
    a downgrade.

SENIOR DEBT:

-- A downgrade of RRPF's Long-Term IDR would lead to a downgrade
    of RRPF's senior secured debt rating.

-- A material increase in RRPF's LTV ratio or changes to the
    underlying security package indicating weaker recoveries would
    lead to narrower notching between RRPF's Long-Term IDR and the
    senior secured debt rating and a downgrade of the senior
    secured notes. In addition, indications that projected engine
    market value declines exceed Fitch's current expectations
    would lead to a downgrade of the notes.

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

IDR:

-- An upgrade of RR's IDR would trigger similar action on RRPF.

SENIOR DEBT:

-- As per Fitch's criteria, senior secured debt ratings of
    issuers with a sub-investment grade Long-Term IDR are capped
    at 'BBB-'. Consequently, an upgrade of the notes would be
    contingent of RRPF's achieving an investment-grade Long-Term
    IDR, which in Fitch's view is unlikely in the medium term.

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.


RUBIX GROUP: S&P Affirms 'B-' ICR, Off CreditWatch Positive
-----------------------------------------------------------
S&P Global Ratings affirmed its ratings on Rubix Group Holdings
Ltd. including the 'B-' issuer rating and the 'B-' issue rating on
the senior secured debt, and removed them from CreditWatch, where
S&P placed them with positive implications on Oct. 21, 2021. The
outlook is revised to stable.

Rubix Group Holdings Ltd. (Rubix) has announced that it will no
longer proceed with its proposed IPO on the London Stock Exchange,
citing difficult market conditions.

Rubix is no longer proceeding with its proposed IPO. In October
2021, Rubix announced an intention to float on the London Stock
Exchange. It has since announced that it longer intends to proceed
with the listing, citing difficult market conditions. Rubix has
reiterated the strong support from its institutional investors for
its business model and strategy. S&P said, "We do not expect any
changes to the company's strategy, operating performance, or
capital structure following the shelved IPO. We expect Rubix to
continue its pursuit of merger and acquisition growth
opportunities."

Rubix's revenue and profitability remain resilient, and we expect
its credit metrics to steadily improve. S&P said, "We continue to
anticipate total sales reaching EUR2.55 billion-EUR2.65 billion in
2021, driven by 7% growth in organic sales as well as further
strategic acquisitions and distribution network developments. The
focus on less-cyclical industries such as food and beverage, as
well as pharmaceuticals, will provide some revenue stability. As a
result, we forecast 2022 revenue at EUR2.65 billion-EUR2.75
billion. We expect S&P Global Ratings-adjusted EBITDA to rise to
EUR175 million-EUR190 million in 2021, and toward EUR200 million in
2022, topping pre-pandemic levels. The company remains one of the
more highly leveraged issuers in the rated peer group. Excluding
preference shares (instruments that we view as debt-like), we
forecast leverage to be about 8.0x-8.5x in 2021 and 7.5x-8.0x in
2022."

The stable outlook reflects that Rubix's operations remain
resilient and that its revenue and EBITDA should grow in 2021 to
above 2019 levels, leading to improving metrics. S&P expects the
group's leverage will reduce slowly, with interest coverage ratios
improving. Liquidity remains adequate, with no covenant headroom
challenges. The increased focus on less cyclical businesses such as
food and beverage, and pharmaceutical, as well as a continued
acquisitive growth strategy, should support its base case.

Downside scenario

S&P could lower the ratings or revise the outlook to negative if
leverage started to rise again, on a sustained basis, or if FFO
cash interest cover weakened to below 1.5x with little prospect of
a swift and lasting improvement. Further, if the group was not able
to perform in line with the base case, its liquidity position
weakened, or if it risked a covenant breach, we could consider a
negative rating action.

Upside scenario

S&P said, "We could consider raising the ratings if Rubix were to
outperform our base case, with increasing revenue and EBITDA,
leading to signs of deleveraging, with debt to EBITDA trending
toward 7x (inclusive of the preference shares) and FFO cash
interest coverage improved significantly to above 2.5x. We would
also need to see consistently positive EBITDA supported by adequate
liquidity and ample covenant headroom."


SAVANTS RESTRUCTURING: Taps Quantuma to Oversee Administration
--------------------------------------------------------------
Consultancy.uk reports that the UK insolvencies market is heating
up, as the number of companies falling into administration rises
with the fallback of government pandemic support.

According to Consultancy.uk, the changes have come too late for
Savants Restructuring and Savants Covenant Advisory, however, which
have appointed Quantuma to oversee their own administration with
immediate effect.

With many companies heavily impacted by the lockdown brought in to
combat the Covid-19 outbreak, Government support such as the job
retention scheme and emergency loans kept a huge number afloat in
the worst moments of the crisis, Consultancy.uk states.  This also
saw the number of insolvencies fall over the first half of 2021,
Consultancy.uk notes.  Now, even as insolvencies begin to rise once
again, Savants Restructuring and its subsidiary, Savants Covenant
Advisory, have shuttered doors, Consultancy.uk discloses.

Ceasing trade with immediate effect, the move comes after Adrian
Duncan -- a sole practitioner and Director of Savants -- had his
insolvency license withdrawn by the industry watchdog,
Consultancy.uk recounts.  

Carl Jackson and Michael Hall of business advisory firm Quantuma
have been appointed as joint administrators of the London
headquartered insolvency firm, Consultancy.uk relates.

The news also saw 160 active client cases transferred to Quantuma,
according to Consultancy.uk.


ZEBRA POWER: Enters Administration Amid Soaring Gas Prices
----------------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that Jane Steer and
Eddie Williams of PwC have been appointed as joint administrators
of Zebra Power.

Zebra is an energy retailer supplying gas and electricity to
approximately 15,000 domestic customers.

The company is headquartered in Manchester and has 21 employees.

According to TheBusinessDesk.com, Zebra had been experiencing
financial challenges as a direct result of the sharp increase in
wholesale gas and electricity prices.

In October 2021, the company's gas supplier also advised the
company of its intention to withdraw from the wholesale gas market,
TheBusinessDesk.com relates.

Zebra was unable to secure alternative services at a viable price
and, consequently, the directors of Zebra took steps to place the
company into administration, TheBusinessDesk.com discloses.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *