/raid1/www/Hosts/bankrupt/TCR_Public/200330.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, March 30, 2020, Vol. 24, No. 89

                            Headlines

1794 - 1796 LLC: Creditor’s Trustee Bars Cash Collateral Access
1794 - 1796 LLC: Gets OK on Cash Stipulation, Plan Hearing Date Set
18 FREMONT: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
220 52ND STREET: Seeks Nov. 22 Extension of Plan Deadline
51 EAST 73RD: Seeks Court Approval to Hire Bankruptcy Attorney

900 CESAR CHAVEZ: April 28 Plan Confirmation Hearing Set
900 CESAR CHAVEZ: Unsecureds to Recover 100% in Plan
A NEW START: Unsecureds to Get Payout When "Economically Justified"
ACI WORLDWIDE: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
ACPRODUCTS INC: S&P Alters Outlook to Stable, Affirms 'B' ICR

ADIENT GLOBAL: Moody's Places B2 CFR on Review for Downgrade
ADIL LLC: Seeks to Hire John A. Montez as Legal Counsel
AEGIS TOXICOLOGY: S&P Alters Outlook to Negative, Affirms B- ICR
AERIAL ROBOTICS: Seeks to Hire Diaz & Larsen as Counsel
AFFINITY GAMING: Moody's Lowers CFR to B3, Outlook Remains Negative

AFFORDABLE CARE: Moody's Cuts CFR to Caa2, On Review for Downgrade
AGROFRESH INC: Moody's Cuts CFR to Caa1, Outlook Stable
AHERN RENTALS: Moody's Lowers CFR to B3, On Review for Downgrade
AIKIDO PHARMA: Schedules Annual Meeting for December 1
AIR INDUSTRIES: Incurs $2.73 Million Net Loss in 2019

ALASKA AIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
ALL SORTS OF SERVICES: Seeks to Hire Cole & Cole as Legal Counsel
ALL STAR MATERIALS: U.S. Trustee Says Plan & Disclosures Deficient
ALLEGIANT TRAVEL: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
AMERICAN AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-

AMERICAN TIRE: Moody's Cuts CFR & Sr. Sec. First Lien Debt to Caa3
AMERICORE HOLDINGS: Carol Fox Appointed as Chapter 11 Trustee
AMERICORE HOLDINGS: Suzanne Koenig Named as PCO
APPLIANCESMART INC: Seeks to Hire Kenneth A. Reynolds as Counsel
AUTONATION INC: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB

AUXILIUS HEAVY: Case Summary & 20 Largest Unsecured Creditors
AVIANCA HOLDINGS: Carried More Than 2.2M Passengers in February
BALDWIN PATTIE: Seeks to Hire Bare & Clough as Legal Counsel
BARCLAYS CENTER: Moody's Alters Outlook on $524M PILOT Bonds to Neg
BED BATH: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CCC

BLACKROCK CAPITAL: Fitch Puts BB+ LT IDR on Rating Watch Negative
BLUE RIBBON: Moody's Cuts CFR & Senior Secured Ratings to Caa1
BONAVISTA ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to B-
BOYD GAMING: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
BROWN BROS: Seeks to Hire Richard Banks as Legal Counsel

BRUIN E&P: Moody's Cuts CFR to Ca & Senior Unsecured Rating to C
BRUNSWICK CORP: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB+
BRYCE-COLE LLC: Seeks to Hire Michael W. Mogil as Counsel
BUENA VISTA: Moody's Cuts CFR to Caa2, On Review for Downgrade
BULLDOG PURCHASER: Moody's Cuts CFR to Caa1, Outlook Stable

CALIFORNIA RESOURCES: Provides Comment on Market Speculation
CARROLS RESTAURANT: S&P Lowers ICR to 'B-' on Operating Headwinds
CASABLANCA GLOBAL: Moody's Cuts CFR to Caa2, Alters Outlook to Neg.
CBAK ENERGY: Delays Form 10-K Filing Amid COVID-19 Pandemic
CCM MERGER: Moody's Lowers CFR to B2, Outlook Negative

CEC ENTERTAINMENT: Moody's Cuts CFR to Caa1, Outlook Negative
CENTURY CASINOS: Moody's Lowers CFR to B3, On Review for Downgrade
CHERRY BOMB: Seeks to Hire Herron Hill Law as Attorney
CHURCHILL DOWNS: Moody's Lowers CFR to Ba3 & Alters Outlook to Neg.
CNX RESOURCES: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+

COLUMBUS MCKINNON: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB-
COMMUNITY WATCH: Seeks to Hire Herron Hill Law as Attorney
COMMUNITY WATCH: V Trustee Hires Zimmerman Kiser as Counsel
COMSTOCK RESOURCES: S&P Downgrades ICR to 'CCC+'; Outlook Stable
COOPER-STANDARD AUTOMOTIVE: Moody's Cuts CFR to B3, Outlook Neg.

COUNTRYSIDE FUNERAL: Seeks to Hire Mark J. Lazzo as Legal Counsel
CRACKLE INTERMEDIATE: S&P Downgrades ICR to 'B-'; Outlook Negative
CROSBY WORLDWIDE: S&P Alters Outlook to Negative, Affirms B- ICR
DALF ENERGY: Seeks to Hire H. Anthony Hervol as Counsel
DATTO INC: Moody's Alters Outlook on B2 CFR to Negative

DAYCO PRODUCTS: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
DELCATH SYSTEMS: Incurs $8.88 Million Net Loss in 2019
DELPHI TECHNOLOGIES: Moody's Lowers CFR to B2, On Review
DENNY'S CORP: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB
DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC

DOUGLAS DYNAMICS: Moody's Alters Outlook on B1 CFR to Negative
DOWNSTREAM DEVELOPMENT: Moody's Cuts CFR to B3, Outlook Negative
DPW HOLDINGS: Will Hold a Virtual Special Meeting on April 30
DRIVE CHASSIS: Moody's Places B2 CFR on Review for Downgrade
DYCOM INDUSTRIES: Moody's Lowers CFR to Ba3, Outlook Stable

EDGEWATER RNH: Hires Colliers International as Real Estate Broker
EDGEWATER RNH: Seeks to Hire Akerly Law as Attorney
ENPRO INDUSTRIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB
ENTERPRISE DEVELOPMENT: Moody's Cuts CFR to Caa1, Ratings on Review
ESH HOSPITALITY: Moody's Alters Outlook on Ba3 CFR to Negative

EVERI HOLDINGS: Fitch Alters Outlook on B+ LT IDR to Negative
EXACTECH INC: Moody's Cuts CFR to B3 & Alters Outlook to Negative
FELCOR LODGING: Moody's Alters Outlook on B1 Unsec. Rating to Neg.
FETCH ACQUISITION: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
FORD MOTOR: Moody's Cuts CFR & Senior Unsec. Rating to 'Ba2'

FORD MOTOR: Moody's Cuts LT Senior Unsecured Rating to Ba2
FORESIGHT ENERGY: Hires Armstrong Teasdale LLP as Co-Counsel
FORESIGHT ENERGY: Seeks to Hire FTI Consulting as Financial Advisor
FORESIGHT ENERGY: Seeks to Hire Jefferies LLC as Investment Banker
FORUM ENERGY: Moody's Cuts CFR to Caa1, Outlook Remains Negative

GALLEON CONTRACTING: Seeks to Hire an Accountant
GAP INC: Moody's Lowers Sr. Unsec. Rating to Ba1, Outlook Neg.
GEORGIA DEER: Taps Falcone Law Firm as Legal Counsel
GNC HOLDINGS: Fitch Lowers LT Issuer Default Rating to CC
GNC HOLDINGS: Swings to $35.1 Million Net Loss in 2019

GOLDEN ENTERTAINMENT: Moody's Cuts CFR to B3, Outlook Negative
GOODYEAR TIRE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
GOODYEAR TIRE: Moody's Lowers CFR to B1, On Review for Downgrade
GRACE PARK: Seeks to Hire Council Law Firm as Counsel
GRADE A HOME: Seeks to Hire Corral Tran Singh as Legal Counsel

GREIF INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB-
GUAM: Moody's Reviews Ba1-Rated $30MM GO Bonds for Downgrade
H&E EQUIPMENT: Moody's Places B1 CFR on Review for Downgrade
HEARTLAND DENTAL: Moody's Cuts CFR to Caa1, Ratings Under Review
HENRY VALENCIA: Seeks to Hire Giddens & Gatton as Attorney

HILTON WORLDWIDE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
HOLLEY PURCHASER: Moody's Cuts CFR to Caa1, Review for Downgrade
HOVNANIAN ENTERPRISES: Completes Private Exchange of $59.1M Notes
HOYA MIDCO: Moody's Puts B3 CFR on Review for Downgrade
HUBBARD RADIO: Moody's Cuts CFR to B2 & Alters Outlook to Negative

INNOVATIVE DESIGNS: Reports $842K Net Loss for FY Ended Oct. 31
INTERNATIONAL GAME: Egan-Jones Lowers Sr. Unsecured Ratings to B+
JACOBS ENTERTAINMENT: Moody's Cuts CFR to B3, Ratings on Review
JONATHAN R. SORELLE: Goodman Named PCO for 2 Affiliates
K&N PARENT: S&P Cuts ICR to CCC+; Ratings on Creditwatch Negative

K-MAC HOLDINGS: Moody's Alters Outlook on B3 CFR to Negative
KEANE GROUP: Moody's Alters Outlook on B2 CFR to Negative
LATTICE SEMICONDUCTOR: Egan-Jones Hikes Sr. Unsec. Ratings to B+
LIFETIME BRANDS: Moody's Lowers CFR to B2, Outlook Remains Negative
LIMETREE BAY: Moody's Cuts Rating on $465MM Secured Loan to B2

MACY'S INC: Moody's Assigns Ba1 Corp. Family Rating, Outlook Neg.
MANITOWOC CO: Moody's Places B2 CFR on Review for Downgrade
MARKPOL DISTRIBUTORS: May Use Cash Collateral Thru April 10
MASTEC INC: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB-
MATRIX INDUSTRIES: Taps Shafferman & Feldman as Legal Counsel

MAURA LYNCH: Chapter 7 Case Conversion Upheld
MAXIM CRANE: Moody's Puts B2 CFR on Review for Downgrade
MEN'S WEARHOUSE: Moody's Cuts CFR to B3, On Review for Downgrade
MERITOR INC: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
METRO-GOLDWYN-MAYER INC: Moody's Lowers CFR to B1, Outlook Stable

METROPOLITAN OPERA: Moody's Cuts Rating on $89MM Bonds to Ba1
MGM RESORTS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
MGM RESORTS: Fitch Lowers IDR to BB- & Alters Outlook to Neg.
MICHAEL KORS: Moody's Cuts Senior Unsecured Rating to 'Ba1'
MOBIQUITY TECHNOLOGIES: Incurs $43.75 Million Net Loss in 2019

MOHEGAN TRIBAL: Moody's Lowers CFR to B3, Outlook Remains Negative
MULAX EXPRESS: Case Summary & 20 Largest Unsecured Creditors
NABORS INDUSTRIES: Fitch Corrects March 20 Ratings Release
NEP/NCP HOLDCO: S&P Cuts ICR to 'B-' on Severe Operating Challenges
NINE ENERGY: Moody's Lowers CFR to Caa1, Outlook Negative

NN INC: Moody's Lowers CFR to Caa1, On Review for Downgrade
NUANCE COMMUNICATIONS: Egan-Jones Cuts Unsecured Debt Ratings to C
NUSTAR ENERGY: S&P Alters Outlook to Negative, Affirms BB- ICR
OLIN CORP: Moody's Lowers CFR to Ba2 & Alters Outlook to Negative
ONE SKY: Moody's Cuts CFR to B3 & Alters Outlook to Negative

ONEWEB GLOBAL: Case Summary & 30 Largest Unsecured Creditors
PATTERN ENERGY: S&P Assigns 'BB-' ICR on Take-Private Transaction
PCI GAMING: Moody's Alters Outlook on Ba3 CFR to Negative
PENINSULA PACIFIC: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg
PENNRIVER COMMUNITY:Gets $600K Gift, Withdraws DIP and Cash Motions

PETROCHOICE HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Stable
PRECIPIO INC: Lincoln Park Commits to Purchasing $10M Common Shares
PUG LLC: Moody's Alters Outlook on B2 CFR to Negative
RESOLUTE FOREST: Egan-Jones Lowers. Sr. Unsec. Debt Ratings to BB-
ROOSEVELT UNIVERSITY: Fitch Assigns B IDR & Alters Outlook to Neg

ROUGH COUNTRY: S&P Alters Outlook to Negative, Affirms 'B' ICR
ROYAL ALICE: AMAG Objects to Disclosure Statement
ROYAL ALICE: Arrowhead Capital Objects to Plan & Disclosures
ROYAL ALICE: U.S Trustee Objects to Disclosure Statement
ROYAL CARIBBEAN: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+

RYMAN HOSPITALITY: Moody's Alters Outlook on Ba3 CFR to Negative
S&C TEXAS: Court Conditionally Approves Disclosure Statement
SADLER CONSTRUCTION: Unsecureds To Be Paid for 5 Years
SALEM MEDIA: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
SANAM CONYERS: Unsecureds Will be Paid in Full in Plan

SANDY CREEK: Moody's Cuts Sr. Secured Rating to Caa2, Outlook Neg.
SARACEN DEVELOPMENT: Moody's Cuts CFR to Caa1, Outlook Negative
SCHOOL TOWN OF MUNSTER: S&P Raises Bond Rating to 'BB+'
SEALED AIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
SHAPPHIRE RESOURCES: Has Deal to Move Disclosures Hearing to June 3

SILVER CREEK: April 16 Hearing on Disclosure Statement
SIX FLAGS: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB-
SOUTHERN CABLE: Wins Summary Judgment Bid vs Robert Carter
SOUTHERN LIVING: North State Bank Objects to Disclosure Statement
SOUTHERN LIVING: U.S. Trustee Objects to Disclosure Statement

SPECTACLE GARY: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
SPIRIT AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
STGC HOLDINGS: Proposes Liquidating Plan
SUGARHOUSE HSP: Moody's Lowers CFR to B3 & Alters Outlook to Neg.
SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to CC

TACALA INVESTMENT: Moody's Alters Outlook on B3 CFR to Negative
TAUBMAN CENTERS: Egan-Jones Lowers Unsecured Debt Ratings to BB
TENET HEALTHCARE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CC
TENNECO INC: Egan-Jones Lowers Sr. Unsecured Ratings to B
TERADATA CORP: Egan-Jones Cuts Sr. Unsecured Ratings to B+

TEXAS CAPITAL: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
TOLL BROTHERS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
TOTAL HEALTH: PCO Files 3rd Report
TRICO GROUP: Moody's Alters Outlook on B3 CFR to Negative
TRINITY INDUSTRIES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB

TWIN RIVER: Moody's Lowers CFR to B2, Outlook Negative
U.S. FARATHANE: Moody's Lowers CFR to Caa3, Outlook Negative
UNISYS CORP: Egan-Jones Withdraws 'B' Sr. Unsecured Debt Ratings
VERRI CHIROPRACTIC: Wins Confirmation of Chapter 11 Plan
WALKER SERVICE: Case Summary & Unsecured Creditor

WENDY'S COMPANY: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
WEWORK COMPANIES: S&P Cuts ICR to CCC+; Ratings on Watch Negative
WPX ENERGY: Egan-Jones Lowers Unsecured Debt Ratings to B+
WPX ENERGY: S&P Affirms 'BB-' Issuer Credit Rating; Outlook Stable
WYNDHAM HOTELS: S&P Places 'BB+' ICR on CreditWatch Negative

ZINC-POLYMER PARENT: S&P Lowers ICR to 'CCC+'; Outlook Negative

                            *********

1794 - 1796 LLC: Creditor’s Trustee Bars Cash Collateral Access
-----------------------------------------------------------------
Manuel Moutinho asked the Bankruptcy Court to prohibit 1794 - 1796
LLC from using cash collateral and to direct that the Debtor
provide adequate protection for using cash collateral in which Mark
IV Construction Co., Inc. 401(k) Savings Plan has interest.  Mr.
Moutinho acts as trustee of Mark IV Construction Co., Inc. 401(k)
Savings Plan.   

The Debtor owes Mark IV Construction under two mortgage loans,
evidenced by promissory notes in the original principal amount of
$175,000 and $100,000.  The notes are secured by assignment of
rents and a certain mortgage deeds involving the Debtor's real
property in Bridgeport, Connecticut.  The Debtor, however, believes
that the second mortgage is wholly unsecured.

The Debtor has proposed to make the regular monthly tax payments
and adequate protection payments to the secured creditor.  The
Debtor has also proposed to pay the per diem on the first mortgage
of $19.12 per diem from the Petition Date to March 1, 2020 for a
total of $1,319.28 plus post-petition interest on any outstanding
taxes, plus the January taxes of $5,617.93 – in exchange for use
of the cash collateral for the period from March 1 through March
31, 2020.
  
Thereafter, according to the dockets, Judge James J. Tacredi
directed the Debtor to segregate and not use cash collateral except
with the permission of Mr. Moutinho, or in the event of an
emergency, until further order of the Court, in which case the
Debtor must promptly advise the United States Trustee and counsel
for the mortgage lender.

                     About 1794 - 1796 LLC

1794 - 1796, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Conn. Case No. 19-22130) on Dec. 23,
2019.  At the time of the filing, the Debtor had estimated assets
of between $100,001 and $500,000 and liabilities of between
$500,001 and $1 million.  The Debtor is represented by the Law
Offices of Jeffrey Hellman, LLC.


1794 - 1796 LLC: Gets OK on Cash Stipulation, Plan Hearing Date Set
-------------------------------------------------------------------
The Bankruptcy Court for the District of Connecticut has set out a
ruling with respect to the various terms in which (i) 1794 - 1796,
LLC,  (ii) Manuel Moutinho (as trustee of Mark IV Construction Co.,
Inc. 401(k) Savings Plan), and (iii) the U.S. Trustee address Mr.
Moutinho's motion seeking to prohibit the Debtor's use of cash
collateral.

The Court ruled, among others, that:

   (a) the Debtor will pay adequate protection of $592.72 per month
to Manuel Moutinho, trustee, by the 1st of each month due, in hand,
no later than the 7th of each month,

   (b) the Debtor will also pay $1,615.64 in accrued adequate
protection on or before March 16, 2020,

   (c) the Debtor will timely pay all accruing fees to the U.S.
Trustee.

Moreover, the Court ruled that:

   * the Debtor is allowed a single opportunity to file a
disclosure statement and plan of reorganization on or before April
1, 2020 at 5:00 p.m,

   * the hearing on the approval of the Debtor's disclosure
statement is set on April 14, 2020 at 2:00 p.m. and the hearing on
the confirmation of the Debtor's plan will be held on May 14, 2020
at 2:00 p.m., subject to the Court's availability.  

The Court further ruled that the Debtor's failure to obtain
approval of the disclosure statement or confirmation of its plan
after the hearings on the stated dates will result in the relief to
be entered as set forth infra.

A copy of the stipulated order is available at https://is.gd/Esbr7y
from PacerMonitor.com at no charge.

                     About 1794 - 1796 LLC

1794 - 1796, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Conn. Case No. 19-22130) on Dec. 23,
2019.  At the time of the filing, the Debtor had estimated assets
of between $100,001 and $500,000 and liabilities of between
$500,001 and $1 million.  The Debtor is represented by the Law
Offices of Jeffrey Hellman, LLC.


18 FREMONT: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded 18 Fremont Street Acquisition,
LLC's Corporate Family Rating to Caa1 from B3. The outlook is
negative.

The downgrade to a Caa1 CFR considers that Fremont is still in the
construction phase of Circa Resort and Casino and that the
coronavirus outbreak could cause delays and have significant
negative implications related to constructing the project on time
and its ability to ramp up and cover its fixed charges. Circa is a
$860 million resort casino development in downtown Las Vegas,
scheduled to open in December 2020

Downgrades:

Issuer: 18 Fremont Street Acquisition, LLC

  Probability of Default Rating, downgraded to Caa1-PD from B3-PD

  Corporate Family Rating, downgraded to Caa1 from B3

  Senior Secured Bank Credit Facility, downgraded to Caa1 (LGD4)
  from B3 (LGD4)

Outlook Actions:

Issuer: 18 Fremont Street Acquisition, LLC

  Outlook, changed to Negative from Stable

RATINGS RATIONALE

Fremont's credit profile considers the benefits of management's
knowledge and success operating in the downtown Las Vegas gaming
market along with Moody's expectation that the downtown Las Vegas
gaming market will continue to gain in popularity over the
longer-term as the quality of gaming and non-gaming options in that
market, including Circa, continues to improve.

Positive rating consideration is also given to Fremont's good
liquidity. Credit protections during the construction phase of
Circa include an interest reserve that extends three months past
the scheduled completion date along with a $45 million completion
guaranty fully backed by a letter of credit. Additionally, there
are no material debt maturities until the company's term loan
matures in 2025. However, Fremont does not have a revolver.

Key credit concerns include the prospective nature of the rating in
that the casino is under construction and will not be generating
earnings until its scheduled opening in about 9 months from now.
Also considered concern is Fremont's relatively small size and lack
of geographic diversification.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Fremont of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered

The negative outlook acknowledges that the coronavirus situation
remains highly uncertain, and as a result, Fremont is at risk for
project delays or a difficult ramp-up period once it opens. Ratings
could be downgraded if either situation occurs or liquidity
deteriorates. Beyond the construction period, ratings could be
downgraded if the ramp-up performance of Circa is materially below
Moody's expectations for any reason.

An upgrade is unlikely given the weak operating environment and
continuing uncertainty related to the coronavirus. Ratings
improvement is also not expected during the construction period.
However, once construction is complete, Fremont's ratings can
improve after it opens if early results suggest that it can achieve
and maintain debt/EBITDA around 4.5 times in its first full year of
operations.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Fremont is a privately held company that is developing Circa Casino
Resort, an $860 million resort casino development in downtown Las
Vegas that is scheduled to open in December 2020.


220 52ND STREET: Seeks Nov. 22 Extension of Plan Deadline
---------------------------------------------------------
A hearing on the motion to extend the time period to file a plan of
reorganization of 220 52nd Street, LLC, will be held before the
Honorable Elizabeth S. Stong, United States Bankruptcy Judge, May
1, 2020 at 10:30 a.m., in the United States Bankruptcy Court —
Eastern District of New York — Brooklyn, 271 -C Cadman Plaza
East, Courtroom 3585, Brooklyn, New York, 11201 or as soon
thereafter as counsel can be heard.

Any objection to the within Motion must be in writing and must
state with particularity the grounds of the objection.  The
objection must be filed and served so as to be received no later
than seven days before the hearing date.

The Debtor's 300-day period to file a plan of reorganization and
disclosure statement are currently set to expire on May 25, 2020.

The Debtor asserts that an extension of the time period to file a
plan through Nov. 22, 2020, is essential and appropriate.  

The Debtor's counsel avers that ample cause exists to grant the
Debtor the extension of the time period to file a plan as, inter
alia,

   (i) the Debtor needs more time to finalize the selling of the
commercial property and to reach mutually agreeable terms of
settlement between the Debtor and Creditors of the case, in order
to fully resolve the filed claims, and allowing the Debtor to
approve said terms by an Order of the Bankruptcy Court and confirm
a plan of reorganization containing said terms,

  (ii) there is no prejudice to the Creditors, as, in fact,
allowing the Debtor time to reach and finalize mutual terms of
treatment of the Creditors' claims, respectively, will be in the
best interest of all Creditors; and

(iii) Debtor has been paying post-petition obligations as they
become due.

Counsel for the Debtor:

     Alla Kachan, Esq.
     Law Offices of Alla Kachan, P.C.
     3099 Coney Island Avenue, Third Floor
     Brooklyn, NY 11235
     Tel.: (718) 513-3145

                  About 220 52nd Street LLC

220 52nd Street, LLC, owns four real estate properties in Staten
Island, New York; Adelanto, California; and Desert Hot Springs,
California having a total current value of $4.76 million.

220 52nd Street, LLC, based in Staten Island, NY, filed a Chapter
11 petition (Bankr. E.D.N.Y. Case No. 19-44646) on July 30, 2019.
In the petition signed by Ruslan Agarunov, president, the Debtor
disclosed $4,760,124 in assets and $3,705,011 in liabilities.  The
Hon. Elizabeth S. Stong oversees the case.  Alla Kachan, Esq., at
the Law Offices of Alla Kachan, P.C., serves as bankruptcy counsel
to the Debtor.


51 EAST 73RD: Seeks Court Approval to Hire Bankruptcy Attorney
--------------------------------------------------------------
51 East 73rd St, LLC, seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to hire a bankruptcy
attorney.
   
The Debtor proposes to employ Leo Fox, Esq., and his New York-based
firm to give legal advice regarding its powers and duties under the
Bankruptcy Code; negotiate with its creditors to formulate a
reorganization plan; and provide other legal services in connection
with its Chapter 11 case.

The firm's attorneys and paralegal will be paid at these rates:

     Partner     $450 per hour
     Associate   $275 per hour
     Paralegal    $75 per hour

The retainer fee is $15,000.

Mr. Fox disclosed in court filings that his firm does not have any
interest adverse to the Debtor.

Mr. Fox holds office at:

     Leo Fox, Esq.
     630 Third Avenue - 18th Floor
     New York, NY 10017
     Tel: 212-867-9595
     E-mail: leo@leofoxlaw.com

                      About 51 East 73rd St

51 East 73rd St, LLC, owns and operates a real estate located at
51-53 East 73rd Street, N.Y.

51 East 73rd St sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10683) on March 3,
2020.  At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.  The Debtor is represented by Leo Fox, Esq.


900 CESAR CHAVEZ: April 28 Plan Confirmation Hearing Set
--------------------------------------------------------
On March 11, 2020, the U.S. Bankruptcy Court for the Western
District of Texas, Austin Division, conducted a hearing on approval
of the Disclosure Statement for Joint Chapter 11 Plan of
Reorganization filed by 900 Cesar Chavez, LLC and its Affiliated
Debtors.

On March 12, 2020, Judge Tony M. Davis approved the Disclosure
Statement and established the following dates and deadlines:

* April 21, 2020, at 5:00 p.m. is fixed as the last day for
submitting ballots for acceptances or rejections of the Plan.

* April 24, 2020, is the deadline for the counsel for the Debtors
to file with the Court (a) a ballot summary in the form required by
Local Bankruptcy Rule 3018(b) with a copy of the ballots and (b) a
memorandum of legal authorities addressing any unresolved
objections filed to the Plan.

* April 28, 2020, at 9:00 a.m. at the U.S. Bankruptcy Court,
Courtroom No. 1, 903 San Jacinto Blvd., Austin, Texas, is fixed as
the time of the hearing on confirmation of the Plan and any
objections thereto.

A full-text copy of the order dated March 12, 2020, is available at
https://tinyurl.com/rox3xtb from PacerMonitor at no charge.

Attorneys for the Debtors:

         WALLER LANSDEN DORTCH & DAVIS, LLP
         Morris D. Weiss
         100 Congress Avenue, Suite 1800
         Austin, Texas 78701
         Tel: (512) 685-6400
         Fax: (512) 685-6417
         E-mail: Morris.Weiss@wallerlaw.com

                     About 900 Cesar Chavez

900 Cesar Chavez, LLC is engaged in renting and leasing real estate
properties. The Debtors are Single Asset Real Estate entities (as
defined in 11 U.S.C. Section 101(51B)).

900 Cesar Chavez, LLC (Bankr. W.D. Tex. Case No. 19-11527), the
Lead Case, and its affiliates, 905 Cesar Chavez, LLC (Bankr. W.D.
Tex. Case No. 19-11528), 5th and Red River, LLC (Bankr. W.D. Tex.
Case No. 19-11529), and 7400 South Congress, LLC (Bankr. W.D. Tex.
Case No. 19-11530), sought Chapter 11 protection on Nov. 4, 2019.
The cases are assigned to Judge Tony M. Davis.

In the petition signed by Brian Elliott, corporate counsel, 900
Cesar Chavez, LLC, was estimated to have assets in the range of $1
million to $10 million, and $10 million to $50 million in debt.

The Debtors tapped Evan J. Atkinson, Esq., and Morris D. Weiss,
Esq., at Waller Lansden Dortch & Davis LLP as counsel.


900 CESAR CHAVEZ: Unsecureds to Recover 100% in Plan
----------------------------------------------------
900 Cesar Chavez, LLC, 905 Cesar Chavez, LLC, 5th and Red River,
LLC, and 7400 South Congress, LLC, filed an Amended Disclosure
Statement for their Plan of Reorganization.

The Bankruptcy Court has entered an order fixing April 28, 2020, at
9:00 a.m. (Prevailing Central Time), Bankruptcy Courtroom 1 for the
Hon. Tony M. Davis, 903 San Jacinto, Austin, Texas as the date,
time and place for the initial commencement of a hearing on
confirmation of the Plan, and fixing April 21, 2020, at 5:00 p.m.
(Prevailing Central Time), as the time by which all objections to
confirmation of the Plan, which must be accompanied by a memorandum
of authorities, must be filed with the Bankruptcy Court and served
on counsel for the Debtors.

Class 1 Lender asserts a claim in the amount of $18,575,000.  Under
all scenarios, the Lender is significantly oversecured.  The
Debtors reserve the right to only seek the sale of those Properties
that will result in payment in full of the debt of the Lender.  The
total value of the Debtor's asset is $25,153,420.  The Lender will
recover 100%.  will be paid from cash proceeds on hand at the time
of confirmation, if any, and ongoing sales of the remaining
Properties, with interest only payments to be made monthly
beginning on the 15th day of the month after the Effective Date at
5 percent per annum simple interest, or such other rate as is
determined by the Court.

Class 2 Allowed Unsecured Claims with total claims of $189,910 will
recover 100%.  Each holder of an allowed unsecured claim will
receive payment in full of the allowed amount of each holder's
claim, to be paid 30 days following payment of the Class 1 claim.

The ability of the Debtors to fund the amounts contemplated under
the Plan is premised on receiving proceeds of sale, proceeds of a
refinance, rental receipts, or equity infusions from an affiliate
of the Debtors.

A full-text copy of the Amended Disclosure Statement dated March
16, 2020, is available at https://tinyurl.com/tovkr2p from
PacerMonitor.com at no charge.

Attorneys for the Debtors:

     Morris D. Weiss
     Mark C. Taylor
     Evan J. Atkinson
     WALLER LANSDEN DORTCH & DAVIS, LLP
     100 Congress Ave., Suite 1800
     Austin, Texas 78701
     Telephone: (512) 685-6400
     Facsimile: (512) 685-6417
     E-mail: morris.weiss@wallerlaw.com
             mark.taylor@wallerlaw.com
             evan.atkinson@wallerlaw.com

                    About 900 Cesar Chavez

900 Cesar Chavez, LLC, is engaged in renting and leasing real
estate
properties.  900 Cesar and its affiliates are single asset real
estate entities (as defined in 11 U.S.C. Section 101(51B)).

900 Cesar Chavez, LLC (Bankr. W.D. Tex. Case No. 19-11527), the
Lead Case, and its affiliates, 905 Cesar Chavez, LLC (Bankr. W.D.
Tex. Case No. 19-11528), 5th and Red River, LLC (Bankr. W.D. Tex.
Case No. 19-11529), and 7400 South Congress, LLC (Bankr. W.D. Tex.
Case No. 19-11530), sought Chapter 11 protection on Nov. 4, 2019.
The cases are assigned to Judge Tony M. Davis.

In the petition signed by Brian Elliott, corporate counsel, 900
Cesar Chavez, LLC, was estimated to have assets in the range of $1
million to $10 million, and $10 million to $50 million in debt.

The Debtors tapped Evan J. Atkinson, Esq., and Morris D. Weiss,
Esq., at Waller Lansden Dortch & Davis LLP as counsel.


A NEW START: Unsecureds to Get Payout When "Economically Justified"
-------------------------------------------------------------------
Chapter 11 Trustee John D. Emmanuel has filed a proposed Plan of
Liquidation and Disclosure Statement for the Debtor.

The essential elements of the Plan include, among other things:

(a) The payment in full of all Allowed Administrative Claims in
accordance with the requirements of the Bankruptcy Code;

(b) The appointment of a Plan Trustee who will, among other
things, collect and reduce to Cash all property of the Estate and
close the Liquidating Estate as expeditiously as is compatible with
the best interests of parties in interest. This property of the
Estate includes all claims or other Causes of Action belonging to
the Debtor as of the date of its bankruptcy filing;

(c) Distribution of Cash to satisfy in full Priority Claims; and

(d) Distributions to Unsecured Creditors shall be made as soon as
economically justified, unless otherwise provided in the Plan or as
may be ordered by the Bankruptcy Court.

The Trustee has proposed that holders of Convenience Claims (claims
of less than $1,000) be paid on the Effective Date in an amount
equal to 75% of the total amount of each Convenience Claim in full
satisfaction of said claims.

The Trustee also has proposed that United Healthcare will have a
$4.8 million Allowed Unsecured Claim, of which $2 million will be
treated as a general unsecured claim (in Class 1) and the remaining
$2.8 million will be subordinated in its own subordinated Unsecured
Class (Class 3).  In exchange, the Trustee will release claims
against United Healthcare arising from any outstanding accounts
receivable that is subject to dispute or contest by United
Healthcare.

Under the Plan, each holder of an Allowed Unsecured Claim in Class
1 will receive one or more pro rata payments based on the allowed
amount of its unsecured claim, in cash, as soon as economically
justified or as otherwise allowed by court order.  The class is
impaired.

As of Feb. 28, 2020, the cash on hand in the estate was
approximately $400,000.

A full-text copy of the Disclosure Statement dated March 4, 2020,
is available at https://tinyurl.com/qqfx6xl from PacerMonitor.com
at no charge.

Attorneys for the Chapter 11 Trustee John D. Emmanuel:

     Scott A. Underwood
     Megan W. Murray
     BUCHANAN INGERSOLL & ROONEY PC
     SunTrust Financial Centre
     401 E. Jackson Street, Suite 2400
     Tampa, FL 33602
     Tel: (813) 222-8180
     Fax: (813) 222-8189
     E-mail: scott.underwood@bipc.com
             megan.murray@bipc.com

                About A New Start Incorporated

A New Start Incorporated -- https://anewstartincfl.com/ -- is a
treatment center in Palm Beach County, Florida, providing
outpatient treatment for substance abuse and chemical dependency
disorders in adult clients. An outpatient program allows clients to
continue working or attending school while receiving treatment and
support from the company's program and team of specialists.

A New Start Incorporated filed a voluntary Chapter 11 petition
(Bankr. S.D. Fla. Case No. 19-13294) on March 14, 2019.  In the
petition signed by Eugene Sullivan, chief executive officer, the
Debtor was estimated to have $1 million to $10 million in assets
and $100,000 to $500,000 in liabilities.  Judge Erik P. Kimball
oversees the case.  

The Debtor tapped the Law Office of Angelo A. Gasparri as
bankruptcy counsel; Quintairos Prieto Wood & Boyer, P.A. as special
counsel; and Smyth and Hauck, PA as accountant.

John D. Emmanuel was appointed as the Debtor's Chapter 11 trustee.
The trustee is represented by Buchanan Ingersoll & Rooney, P.C.


ACI WORLDWIDE: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by ACI Worldwide Incorporated to B+ from BB-.

ACI Worldwide Incorporated is a payment Systems Company
headquartered in Naples, Florida. ACI develops a broad line of
software focused on facilitating real-time electronic payments.



ACPRODUCTS INC: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on ACProducts Inc. to stable
from positive and affirmed the 'B' issuer credit rating.

"We are revising the outlook on AC Products stable from positive.
Upside in the rating depended on earnings growth in 2020, which
appears highly improbable and more likely the opposite given the
probable impact of the coronavirus outbreak on GDP and consumer
spending, particularly for high-ticket discretionary items such as
kitchens and baths. Also affecting the company's sales, in our
view, will be a decline in the level of U.S. housing starts, which
is expected in this climate," S&P said.

The stable outlook reflects S&P's belief that earnings growth in
2020 is improbable and the rating agency expects to see a pullback
in consumer discretionary spending in the near to mid term
resulting in leverage around 6.0x.

"We could lower the rating over the next 12 months if the fallout
from the coronavirus spread continues and there is a prolonged
reduction in economic activity such as continued pullback in
discretionary consumer spending, or if housing starts fell from
current levels such that EBITDA generation declined by 20%. Such a
decline, in our view would result in debt to EBITDA trending above
6x and reduced interest coverage," S&P said.

"Although unlikely, we could raise the rating over the next 12
months if the company is the company is able to sustain debt to
EBITDA of 5.0x by the end of fiscal 2020. We could raise the rating
if the company were to expand outside of kitchen cabinets and if
EBITDA improves such that debt to EBITDA leverage, with a
commitment by the controlling financial sponsors, is sustained at
less than 4.0x," the rating agency said.


ADIENT GLOBAL: Moody's Places B2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of Adient Global
Holdings Ltd. including Corporate Family Rating at B2, the
Probability of Default Rating at B2-PD, and the senior unsecured
ratings at B3 under review for downgrade. Adient US LLC's senior
secured facilities have been downgraded to Ba3 from Ba2 and are
also under review for downgrade. The Speculative Grade Liquidity
Rating is upgraded to SGL 2 from SGL-3

The following rating actions were taken:

Upgrades:

Issuer: Adient Global Holdings Ltd

  Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

On Review for Downgrade:

Issuer: Adient Global Holdings Ltd

  Corporate Family Rating, Placed on Review for Downgrade,
  currently B2

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B3 (LGD5)

Issuer: Adient US LLC

  Senior Secured Bank Credit Facility, Downgraded to Ba3 (LGD2)
  from Ba2 (LGD2); Placed Under Review for further Downgrade

  Senior Secured Regular Bond/Debenture, Downgraded to Ba3
  (LGD2) from Ba2 (LGD2); Placed Under Review for further
  Downgrade

Outlook Actions:

Issuer: Adient Global Holdings Ltd

  Outlook, Changed to Rating Under Review from Negative

Issuer: Adient US LLC

  Outlook, Changed to Rating Under Review from Negative

The $1.25 billion asset based revolving credit facility is unrated
by Moody's.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto sector
(and issuers within other sectors that rely on the auto sector) has
been one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in the companies' credit profiles,
including their exposure to final consumer demand for light
vehicles have left them vulnerable to shifts in market sentiment in
these unprecedented operating conditions and the companies remain
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on the companies of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The review will consider (i) the outbreak's impact on the
manufacturing operations of Adient, and its global operations. A
number of automotive original equipment manufacturers and auto
parts suppliers have already temporarily closed facilities in order
to ensure the safety of their employees. The review will assess the
impact from facility closures and global automotive production
declines on Adient now and what the company will experience in the
near term. The review will also consider (ii) the lingering impact
of diminished consumer demand on automotive production, resulting
from consumer concerns over contracting coronavirus, and regional
government policies restricting consumer movement over coming
quarters, (iii) the impact of governmental action to support
corporates and consumers in the companies' main markets, and (iv)
the impact of potential self-help measures of the individual
issuers. The review will aggregate these effects in conjunction
with the liquidity profiles of these issuers placed under review
for downgrade. The level of cash, availability under liquidity
facilities, financial maintenance covenant pressure, the pressure
of refinancing debt maturities coming due over the next 12-24
months will be major considerations for Moody's review.

Adient's SGL-2 Speculative Grade Liquidity rating reflects the
expectation of good liquidity through 2020 supported by strong cash
balances. As of December 31, 2019, cash on hand was $965 million
and availability under the $1.25 billion asset based revolving
credit facility (ABL) was about $1.1 billion. This facility matures
in May 2024. On March 20, 2020, Adient announced that it would draw
$825 million under the ABL increasing cash to $1.79 billion at
December 31, 2019 on a pro forma basis and reducing ABL
availability to $175 million. Also, positively impacting Adient's
liquidity profile are expected proceeds of $574 million by fiscal
year-end September 2020 from the announced agreements to sell
certain assets. The financial covenant under the ABL facility is a
springing fixed charge coverage test, triggered when availability
falls to 10%. The senior secured term loan does not have financial
maintenance covenants. With the recent draw under the ABL and the
company's strong cash position, the ABL covenant is not expected to
be triggered through 2020.

Offsetting the relatively sizable cash position is the risk is
Moody's estimate that Adient could generate negative free cash flow
of at least $200 million, given the recent suspension of operations
at OEM manufacturing facilities around the world and additional
headwinds from supply chain disruptions related to the COVID-19
virus. Yet, this estimate is uncertain given the risk of further
spreading of the COVID-19 virus and the uncertainty of the
consumer's return to automotive show rooms.

Adient enters into supply chain financing programs to sell accounts
receivable without recourse to third-party financial institutions.
Amounts under these programs were $165 million as of September 30,
2019. While not expected, if the company is unable to maintain and
extend these receivable programs, additional borrowings under the
revolving credit facility would be required to meet liquidity
needs.

Adient US LLC's rating was downgraded to Ba3 from Ba2 following the
draw under the company's revolving credit, which increased the
proportion of secured debt relative to total claims and lowered the
recovery prospects of the unsecured claims.

The ratings could be downgraded with the expectation of material
deterioration of automotive demand affecting cash flow, the loss of
or meaningful decline in volume from a major customer, or if the
company is unable to demonstrate progress improving operating
performance over the next 12 months. A deterioration in liquidity
or if Moody's expects weak free cash flow performance to worsen
could also lead to a downgrade.

An upgrade is unlikely over the next 12 months. However, the
ratings could be upgraded if the company demonstrates improved
operating performance that leads to an expectation of positive free
cash flow generation and a reduction in debt-to-EBITDA below 5x
(excluding consideration for equity income from joint ventures).
Progress on improving margins and free cash flow, along with solid
liquidity could lead to a stable rating outlook.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Adient plc, the publicly-traded parent of Adient Global Holdings
Ltd., is one of the world's largest automotive seating suppliers
with a leading market position in the Americas, Europe and China,
and has longstanding relationships with the largest global original
equipment manufacturers (OEMs) in the automotive space. Adient's
automotive seating solutions include complete seating systems,
frames, mechanisms, foam, head restraints, armrests, trim covers
and fabrics. Adient also participates in the automotive seating and
interiors market through its joint ventures in China. Revenues for
the LTM period ending December 31, 2019 were $16.3 billion.


ADIL LLC: Seeks to Hire John A. Montez as Legal Counsel
-------------------------------------------------------
Adil, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of Texas to hire John A. Montez, PC, as its legal
counsel.
   
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.

The firm will be paid at these rates:

     John Montez, Esq.     $300 per hour
     Associates            $225 per hour
     Paraprofessionals     $150 per hour

John A. Montez and its attorneys represent no creditors in the
Debtor's bankruptcy case, according to court filings.

The firm can be reached through:

     John A. Montez, Esq.
     John A. Montez, PC   
     523 Herring Ave.
     Waco, TX 76708
     Telephone: 254-759-8600
     Telecopier: 254-759-8700                      
     Email: johna.montez@yahoo.com

                         About Adil LLC

Adil, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Tex. Case No. 20-60166) on March 4, 2020.  At the
time of the filing, the Debtor had estimated assets of between
$100,001 and $500,000 and liabilities of between $500,001 and $1
million.  The Debtor is represented by John A. Montez, PC.


AEGIS TOXICOLOGY: S&P Alters Outlook to Negative, Affirms B- ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Aegis Toxicology Sciences
Corp. to negative from stable and affirmed its ratings on Aegis,
including its 'B-' issuer credit rating and senior secured
issue-level rating.

Weak global macroeconomic conditions sparked by the COVID-19
pandemic could reduce demand for Aegis' services materially over
the near term and cause credit ratios to deteriorate just as the
company's covenant steps down.  COVID-19 has heightened the risk of
a downgrade, given the company's narrow focus as a provider of
toxicology laboratory services, including urine drug testing (UDT)
services. Aegis' business has grown recently, primarily reflecting
increasing awareness of the risk of opioid addiction and the need
for doctors to carefully monitor patients to ensure that their pain
medications are being taken as prescribed. If testing protocols are
altered and clinicians opt for less frequent testing in order to
prescribe pain medication, the company could experience a decline
in volume.

The negative outlook reflects the risk of performance deterioration
and covenant breach stemming from the economic fallout from
COVID-19, such that S&P could lower the ratings over the next 12
months.

"We would consider lowering our ratings if macroeconomic conditions
worsen from the impact of COVID-19 such that a decline in revenues
and profitability would lead to cash flow deficits such that it
raises the potential that the company will be unable to sustain its
capital structure," S&P said.

"We could affirm the rating and revise the outlook to stable if we
gain confidence that the company will continue to generate revenue
growth and significant positive free cash flows, despite the
increasing uncertainty due to COVID-19, and that a comfortable
covenant cushion is maintained," S&P said.


AERIAL ROBOTICS: Seeks to Hire Diaz & Larsen as Counsel
-------------------------------------------------------
Aerial Robotics, Inc., seeks authority from the US Bankruptcy Court
for the District of Utah to employ Diaz & Larsen as its counsel.

Diaz & Larsen has received a retainer from the Debtor in the amount
of $12,000. The Debtor proposes to pay Diaz & Larsen its customary
hourly rates for services rendered.

Aerial requires Diaz & Larsen to:

      a. advise the Debtor of its rights, powers, and duties as
debtor and debtor in possession;

      b. take all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions on the
Debtor’s behalf, the defense of actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the Debtor’s estate;

      c. assist in preparing on behalf of the Debtor all necessary
schedules and statements, motions, applications, answers, orders,
reports, and papers in connection with the administration of the
Debtor’s estate;

     d. assist in presenting the Debtor’s proposed plan of
reorganization and all related transactions and any related
revisions, amendments, etc.; and

     e. perform all other necessary legal services in connection
with this chapter 11 case.

Andres Diaz, manager of Diaz & Larsen, assures the court that the
firm does not have any connection with or any interest adverse to
the Debtor, his creditors, the attorneys and financial advisors of
the Debtor, or any other party in interest in the Debtor’s
chapter 11 case.

The firm can be reached through:

     Andres Diaz, Esq.
     Timothy J. Larsen, Esq.
     DIAZ & LARSEN
     307 West 200 South, Suite 3003
     Salt Lake City, UT 84101
     Tel: (801) 596-1661
     Fax: (801) 359-6803
     Email: courtmail@adexpresslaw.com

                 About Aerial Robotics, Inc.

Aerial Robotics, Inc. filed its voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. D. Utah Case No. 20-21313) on March
4, 2020. In the petition signed by Kevin L.T. Stallard, president,
the Debtor estimated $100,000 to $500,000 in assets and $1 million
to $10 million in liabilities. Andres Diaz, Esq. at DIAZ & LARSEN
represents the Debtor as counsel.


AFFINITY GAMING: Moody's Lowers CFR to B3, Outlook Remains Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded Affinity Gaming Corporation's,
Corporate Family Rating to B3 from B2. The outlook is negative.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. The downgrade also reflects the negative effect on consumer
income and wealth stemming from job losses and asset price
declines, which will diminish discretionary resources to spend at
casinos, including Affinity's casinos, once this crisis subsides.

On March 17, all non-essential businesses in Nevada, were shut down
for 30 days as part of the state's efforts to reduce the impact of
a growing coronavirus pandemic. The directive included all casinos
in the state, including Affinity's casinos. Affinity's Nevada
casinos account for a significant portion of its consolidated
results. Iowa casinos are closed until April 8 and Missouri casinos
are closed until April 6.

Ratings Downgraded:

Issuer: Affinity Gaming Corporation

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

  Corporate Family Rating, downgraded to B3 from B2

  Senior Secured 1st lien revolver 2021, downgraded to B2 (LGD3)
  from B1 (LGD3)

  Senior Secured 1st lien term loan B 2023, downgraded to B2
(LGD3)
  from B1 (LGD3)

  Senior Secured 2nd lien term loan 2025, downgraded to Caa2
(LGD5)
  from Caa1 (LGD5)

Outlook Actions:

Issuer: Affinity Gaming Corporation

  Outlook, remains negative

RATINGS RATIONALE

Affinity's B3 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen.
Affinity's credit profile is also constrained by its small scale in
terms of revenue and earnings. Credit challenges also include
Affinity's high leverage and historically aggressive financial
policy evidenced by payment of leveraged dividend in early 2018 by
ownership, Z Capital Partners, LLC.

Key credit strengths include the company's geographic diversity and
ability to generate positive free cash flow during normal operating
conditions. However, like other US gaming companies, Affinity
remains exposed to longer-term challenges facing regional gaming
companies related to consumer entertainment preferences that do not
necessarily favor traditional casino-style gaming.

Affinity has adequate liquidity. There are no material significant
capital expenditure requirements above maintenance levels. As a
result, and despite the stress on financial resources that will
occur as a result of the coronavirus crisis, Affinity still has the
ability to generate and maintain an excess level of internal cash
resources after satisfying all scheduled debt service. Cash on hand
is about $62 million and Affinity also has a $75 million revolver,
however the revolver expires relatively soon, in July 2021. The
company's term loan matures two years later in July 2023.
Additionally, the credit agreement contains a first lien leverage
ratio and the compliance cushion is already modest.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Affinity's continued exposure to travel
disruptions and discretionary consumer spending, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Affinity of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at Affinity's casinos will recover. As a result,
the company's liquidity and leverage could deteriorate quickly over
the next few months. The negative outlook also considers that
Affinity's revolver expires within the next 18 months.

Ratings could be downgraded if Moody's anticipates that Affinity's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. A ratings upgrade is
unlikely given the weak operating environment and continuing
uncertainty related to the coronavirus. An upgrade would require a
high degree of confidence on Moody's part that the gaming sector
has returned to a period of long-term stability, and that Affinity
demonstrate the ability to generate positive free cash flow,
maintain good liquidity, and operate at a debt/EBITDA level of 6.0x
or lower. Ratings could also be lowered if the upcoming debt
maturities are not addressed in the relative near-term.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Affinity Gaming Corporation is a diversified casino gaming company
headquartered in Las Vegas, Nevada. The company's casino operations
consist of 8 casinos, five of which are located in Nevada, two in
Missouri and one in Iowa. Affiliates of Z Capital Partners, the
private equity management arm of Z Capital Group, closed the
going-private acquisition of Affinity in 2017.


AFFORDABLE CARE: Moody's Cuts CFR to Caa2, On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Affordable Care
Holding Corp. and placed the ratings under review for further
downgrade. Moody's downgraded the Corporate Family Rating to Caa2
(from Caa1), the Probability of Default Rating to Caa2-PD (from
Caa1-PD), and the first lien senior secured bank credit facility to
Caa1 (from B3).

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

On March 18, the Centers for Medicare & Medicaid Services (CMS)
advised that all elective surgeries, non-essential medical,
surgical, and dental procedures be delayed in order to increase
capacity and resources to fight the coronavirus outbreak. The
Centers for Disease Control and Prevention (CDC), several governors
and others are advising the same. Based on the guidance to limit
non-essential medical and surgical procedures, Moody's believes
that dental service organizations (DSOs) like ACH, will experience
a significant drop in volumes over the coming weeks, and the timing
for recovery is uncertain.

The downgrade of the CFR to Caa2 is related to ACH's already high
leverage and the expected weakening of liquidity over the coming
quarters due to the coronavirus pandemic. The downgrade also
reflects rising refinancing risk as ACH's revolver (now fully
drawn) expires in October 2021. The potential for prolonged credit
market disruption for highly leveraged companies increases
refinancing risk as well as the risk that the company could pursue
a transaction that Moody's deems to be a distressed exchange, and
hence a default under Moody's definition.

The ratings review will focus on liquidity and the ability to
reduce variable costs and growth capital expenditures to manage
through the public health emergency. Moody's expects that there
will be significant erosion of operating performance in the second
quarter, and perhaps beyond, depending on the duration of the
coronavirus crisis.

Ratings Downgraded and Placed On Review for Downgrade:

Issuer: Affordable Care Holding Corp.

  Corporate Family Rating, downgraded to Caa2 from Caa1, placed
  on Review for Downgrade

  Probability of Default Rating, downgraded to Caa2-PD from
  Caa1-PD, placed on Review for Downgrade

  First Lien Senior Secured Term Loan, downgraded to Caa1 (LGD3)
  from B3 (LGD3), placed on Review for Downgrade

  Senior Secured Revolving Credit Facility, downgraded to Caa1
  (LGD3) from B3 (LGD3), placed on Review for Downgrade

Outlook Actions:

Issuer: Affordable Care Holding Corp.

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Notwithstanding the review for downgrade, ACH's Caa2 Corporate
Family Rating reflects its high financial leverage and weak free
cash flow. ACH has limited revenue diversification with roughly 75%
of revenue derived from denture services, which is mostly self-pay.
The credit profile is also constrained by the recent government
warnings on dental procedures amidst the coronavirus pandemic and
that patients should delay/forego any non-urgent treatment during
the coronavirus global pandemic. The rating is supported by ACH's
strong market presence as the largest provider of dentures in the
US, good geographic diversification across the U.S., and
historically positive trends in same-store sales growth.
Additionally, ACH has some ability to improve cash flow and
liquidity by reducing new office openings and new dentist
affiliation investments.

Moody's considers ACH to have weak liquidity. The company has
historically had negative free cash flow due to growth and
acquisition spending. While the company can reduce these
expenditures, Moody's expects organic revenue and earnings to
decline significantly in the coming weeks, resulting in continued
negative free cash flow. Liquidity is supported by the company's
approximately $12 million of cash as of September 30, 2019, as well
as another $50 million of cash due to the recent draw on the
revolver. ACH has refinancing risk as its revolver expires in
October 2021.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, ACH faces other
social risks such as the rising concerns around the access and
affordability of healthcare services. While Moody's does not
consider the DSOs to face the same level of social risk as many
other healthcare providers, ACH in particular, generates a majority
of revenues from fee-for-service, out-of-pocket payments paid
directly by patients. Further, ACH had a cybersecurity incident in
mid-2019. As a result, the incident has led the company to invest
further into its cybersecurity systems and practices, which should
allow it to protect itself from future cyber-attacks. From a
governance perspective, Moody's views ACH's growth strategy to be
aggressive given its history of debt-funded acquisitions and high
leverage.

ACH is a U.S. DSO which provides management and dental laboratory
services to affiliated dental centers, primarily focused on
dentures. Under management service agreements, ACH provides
business support services necessary for the administration of the
non-clinical aspects of the dental operations, while the affiliated
practices, operated by dental practitioners, are responsible for
providing dental care to patients. In addition to providing dental
facilities (primarily leased from third parties), dental supplies
and support staff to the affiliated practices, the company also
provides business operations, financial, marketing, and other
administrative services. ACH is affiliated with more than 340
dental offices across 41 U.S. states. The company is owned by
Berkshire Partners LLC, and had $257 million of LTM September 30,
2019 net revenue. As a privately-owned company, ACH discloses
limited information publicly.

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


AGROFRESH INC: Moody's Cuts CFR to Caa1, Outlook Stable
-------------------------------------------------------
Moody's Investors Service downgraded AgroFresh, Inc.'s Corporate
Family Rating to Caa1 from B3 and Probability of Default rating to
Caa1-PD from B3-PD. Moody's also downgraded the rating on the
Senior Secured Bank Credit Facility of AgroFresh to Caa1 from B3.
The Speculative Grade Liquidity Rating of AgroFresh is downgraded
to SGL-4. The outlook is stable. The downgrade reflects increasing
refinancing risk rather than a significant deterioration in
performance. While 2019 revenue declined due to lower sales of its
key SmartFresh products and weak pear harvest in Europe, earnings
were geenrally flat and the company generated free cash flow.
However, earnings growth continues to lag behind expectations and
current market conditions can also make it difficult to for the
company to refinance its capital structure with over a year left
until its $406 million term loan matures and the revolver turning
current on April 1. In addition, the company currently has no
access to the revolver because it would not be able to meet
covenant levels.

Downgrades:

Issuer: AgroFresh, Inc.

  Corporate Family Rating, Downgraded to Caa1 from B3

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

  Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
  SGL-3

  Senior Secured Revolving Credit Facility, Downgraded to Caa1
  (LGD3) from B3(LGD3)

  Senior Secured Term Loan B, Downgraded to Caa1(LGD3) from
  B3(LGD3)

Outlook Actions:

Issuer: AgroFresh, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The Caa1 corporate family rating reflects increasing refinancing
risk and high debt levels in addition to high business risk due to
technology, product and crop concentration, small scale. Although
the company is more diversified now than when it was initially
rated in 2015 as it was spun off from Dow, it has failed to
generate EBITDA growth and to delever. EBITDA has remained fairly
flat as volume of its core product has declined offsetting ramp up
of new products and expansion into other active ingredients or
technologies. As a result, gross debt/EBITDA as adjusted by Moody's
remains above 6 times and the company's capital structure is
unsustainable unless it timely refinances its $406 million term
loan due July 31, 2021.

While AgroFresh has introduced some new products and diversified
its technology to new crops through the Tecnidex acquisition, it
continues to generate over 75% of its sales from its principal
post-harvest product SmartFresh, based on its patented 1-MCP
technology applied to apples. The company is facing increasing
competition and patent expiration for its encapsulation technology
over the next few years, which together with acquisitions in other
post-harvest products will likely pressure margins going forward.
As a result, Moody's expects modest organic growth and EBITDA
improvement, while inorganic growth opportunities are constrained
by the company's levered balance sheet and recent declines in its
stock value.

The credit profile benefits from the company's high EBITDA margins
and asset-light business model, but high debt burden constrain cash
generation. In 2019, the company terminated its tax receivables
agreement with Dow, paying $16 million in settlement of all past
and estimated future liabilities. The settlement eliminates future
cash payments to Dow, increasing free cash flow going forward. In
addition, in October 2019, the jury awarded AgroFresh $31.1 million
in damages, including punitive damages, related to its lawsuit
against a former consultant MirTech, Inc, a competitor Decco U.S.
Post Harvest Inc. and Decco's parent UPL related to patent
infringement. AgroFresh is seeking additional $14 million in
damages. Decco and UPL filed post-trial motions asking the trial
Court Judge to set aside the jury's award and find in favor of UPL
and Decco. The court has not ruled on any of the post-trial motions
to date. The receipt of the award would allow AgroFresh to reduce
debt and would be a credit positive event, but the timing of the
receipt is uncertain.

As a specialty chemical manufacturer, Moody's views AgroFresh as
having moderate environmental and social risks. Moody's believes
the company has established expertise in complying with these
risks, and has incorporated procedures to address them in their
operational planning and business models. The company states it has
completed over 400 international health and environmental tests
that prove that its products, based on 1-MCP, are safe for
consumers, workers and environment. The company has to register its
products with local authorities before they can be used in that
jurisdiction. Although 1-MCP is destroyed when exposed to air and
leaves no residue, use of AgroFresh's current products is not
compatible with "organic" labeling standards in all jurisdictions.
There are some social risks, as an increase in consumer preferences
for organic produce could negatively affect the demand for its
products or services. Since the product extends shelf life for
fresh produce, a shift in consumer preferences toward frozen or
processed food products, or toward locally grown produce, could
also impact demand. However, a shift toward frozen or processed
food is less likely than a shift toward seasonal or locally grown
produce. However, the company also claims that its products improve
sustainability of agricultural products by extending shelf-life and
reducing waste. AgroFresh is a public company, which reduces
governance risks, but has a significant ownership concentration by
Dow, which could exercise control over any transactions related to
the change of ownership or M&A activity. As of December 2019, Dow
held 41% of the company's stock and 3,000,000 of outstanding
warrants.

The stable rating outlook reflects expectations of flat to modest
EBITDA growth and improved free cash flow generation post TRA
termination. Moody's could upgrade the rating if the company
refinances its capital strucutre, extending maturities for a
substantial time to eliminate near-term refinancing risk and
improves its liquidity and access to a revolver.

Moody's could downgrade the rating if the company fails to extend
its revolver and refinance debt maturities and if its operating
performance deteriorates and cash flow turns negative.

AgroFresh's SGL-4 Speculative Grade Liquidity Rating reflects weak
liquidity due to refinancing risk, as the company's revolver turns
current on April 1 and its $406 million term loan is due on July
31, 2021. The company held approximately $29 million in cash at the
end of December 2019 and is projected to generate free cash flow in
2020. The majority of cash at the end of the year was held in the
US, but the share of domestic and overseas cash changes throughout
the year depending on the season and some cash remains in
jurisdictions that cannot be easily repatriated. The company has a
$12.5 million revolver due April 1, 2021, but it could not access
it because it would not meet the springing senior secured leverage
covenant. The credit agreement has a springing senior secured net
leverage ratio of 5.75 times if the revolver is drawn or
outstanding letters of credit are above $5 million. The covenant
level falls to 5.5x in December 2020. All assets are encumbered
under secured credit facilities.

Headquartered in Philadelphia, PA, AgroFresh Solutions, Inc., the
parent company of AgroFresh, Inc., was originally incorporated as
Boulevard Acquisition Corp., a special purpose acquisition company,
and changed its name after completing its acquisition of the
AgroFresh business from Dow. AgroFresh is an agricultural chemicals
company in the area of fresh produce preservation, which provides
products and services for use in produce storage, transportation,
and harvest management. Revenues for the last twelve months ending
December 31, 2019 were approximately $170 million.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


AHERN RENTALS: Moody's Lowers CFR to B3, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Ahern Rentals
Inc. including the company's corporate family rating to B3 from B2,
probability of default rating to B3-PD from B2-PD, and senior
secured second lien notes rating to Caa1 from B3. The ratings have
been placed on review for further downgrade. The outlook is ratings
under review.

RATINGS RATIONALE

"The downgrade of Ahern's ratings and placement of the ratings on
review for further downgrade is, in part, from the company's recent
dividend which reduces liquidity following the onset of the
coronavirus pandemic while the company has adequate liquidity",
said Brian Silver, a Moody's Vice President and lead analyst for
Ahern Rentals. At a time of significant near-term business
uncertainty, Ahern paid a dividend to shareholders of $16 million
late last week. Although not especially large, the payment was
unanticipated and represented the maximum allowed per the company's
credit agreement at the time. Pro forma for the outflow, which is
assumed to have been funded primarily with the company's ABL, Ahern
had less than $150 million of total liquidity.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The Equipment and
Transportation Rental Industry sector has been one of the sectors
most significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
Ahern's credit profile, including its exposure to the highly
cyclical rental equipment business, has left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Ahern remains vulnerable to the outbreak continuing
to spread. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The action reflects the impact on
Ahern of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The B3 CFR reflects the company's total liquidity of less than $150
million pro forma for the $16 million dividend to shareholders,
which Moody's views as aggressive in light of coronavirus-related
uncertainty. It also reflects Ahern's exposure to cyclical end
market demand for equipment over the economic cycle and its balance
sheet to the asset intensive nature of the equipment rental
industry, regional revenue concentration with roughly half of its
revenue coming from California, Las Vegas, and Texas, and its
elevated debt-to-EBITDA of about 4.8 times for 2019, and its
expectation it will weaken to above 5 times in 2020 (all ratios are
Moody's adjusted unless otherwise stated). Ownership of the company
by CEO Don Ahern and transactions with commonly controlled
affiliates are a governance challenge.

However, Ahern's credit profile benefits from having no significant
debt maturities until 2023, Moody's expectation for an increase in
near-term free cash flow driven by inventories being worked down
and a significant reduction in capital expenditures, which have
been very high over the last few years. Ahern also has a
well-established and growing national footprint in the US equipment
rental market spanning 30 states. Also, Moody's views the company's
use of leases to fund a portion of its rental fleet favorably, in
addition to the more traditional purchase model to capitalize on
strong demand for equipment, because it preserves liquidity and
flexibility to manage its overall investment in its rental fleet.

The review will focus on (i) the extent to which the coronavirus
pandemic impacts the company's operations and profitability, which
will be largely dependent on the duration and severity of the
outbreak, and how it ultimately impacts the construction sector;
(ii) Ahern's response to the challenges presented by the pandemic,
including the speed and efficiency by which the company is able to
conserve cash by pulling back on capital expenditures and right
sizing its cost structure to align with anticipated demand, and
(iii) the company's overall liquidity position, which will be
evaluated in the context of a potentially deep and prolonged
downturn.

Although unlikely in the near term, the ratings could be upgraded
if the company is able to strengthen its liquidity such that it can
sustain more than $250 million of ABL availability. Moody's would
also expect debt-to-EBITDA be sustained below 4.75 times.

The ratings could be downgraded if ABL availability falls below
$100 million. The ratings could also be downgraded if there is a
material decline in revenue and margins, sustained negative free
cash flow during periods of slow market demand, or debt-to-EBITDA
is sustained above 6 times. In addition, if the company makes
increased loans to commonly controlled affiliates, the ratings
could be downgraded.

The following rating actions were taken:

Downgrades:

Issuer: Ahern Rentals Inc.

  Corporate Family Rating, Downgraded to B3 from B2; Placed Under
  Review for further Downgrade

  Probability of Default Rating, Downgraded to B3-PD from B2-PD;
  Placed Under Review for further Downgrade

  Senior Secured Regular Bond/Debenture, Downgraded to Caa1
  (LGD5) from B3 (LGD5); Placed Under Review for further
  Downgrade

Outlook Actions:

Issuer: Ahern Rentals Inc.

  Outlook, Changed to Rating Under Review From Stable

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Ahern Rentals Inc., (Ahern) headquartered in Las Vegas, NV, is an
equipment rental company that has grown organically over the years
and now has a network of over 90 branches across 30 states, as well
as a small international presence accounting for roughly 5% of
total revenue. The company generates approximately 70-75% of its
revenue from the largest portion of its rental fleet, high reach
equipment, which consists of boom lifts, forklifts, and scissor
lifts. Ahern's majority shareholder is the company's Chairman and
Chief Executive Officer, Don Ahern. Ahern reported 2019 annual
revenue of approximately $889 million.


AIKIDO PHARMA: Schedules Annual Meeting for December 1
------------------------------------------------------
AIkido Pharma, Inc.'s Board of Directors has decided to hold the
Company's 2020 Annual Meeting of Stockholders on or around Dec. 1,
2020.  The Company will announce the Annual Meeting's definitive
date, time and related deadlines after a final decision has been
made.  The Company will subsequently file and mail proxy materials
as required.

                         About AIkido

Headquartered in New York, NY, AIkido fka Spherix Incorporated was
initially formed in 1967 and is currently a biotechnology company
with a diverse portfolio of small-molecule anti-cancer
therapeutics.  The Company's platform consists of patented
technology from leading universities and researchers and it is
currently in the process of developing an innovative therapeutic
drug platform through strong partnerships with world renowned
educational institutions, including  The University of Texas at
Austin and Wake Forest University.  Its diverse pipeline of
therapeutics includes therapies for pancreatic cancer, acute
myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL).  In
addition, the Company is constantly seeking to grow its pipeline to
treat unmet medical needs in oncology.

Spherix reported a net loss of $4.18 million for the year ended
Dec. 31, 2019, compared to net income of $1.73 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $11.28
million in total assets, $750,000 in total liabilities, and $10.53
million in total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated Jan. 31,
2020 citing that the Company has historically incurred losses from
operations and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


AIR INDUSTRIES: Incurs $2.73 Million Net Loss in 2019
-----------------------------------------------------
Air Industries Group filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$2.73 million on $54.57 million of net sales for the year ended
Dec. 31, 2019, compared to a net loss of $10.99 million on $44.53
million of net sales for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $51.09 million in total
assets, $40.88 million in total liabilities, and $10.21 million in
total stockholders' equity.

The Company suffered net losses from continuing operations, net of
taxes of $2,598,000 and $8,551,000 for the years ended Dec. 31,
2019 and 2018, respectively, and had negative cash flows from
operations (both continuing and discontinued combined) of $888,000
and $2,336,000 for the years ended Dec. 31, 2019 and 2018,
respectively.  The Company has been dependent on raising equity or
other financing to fund ongoing operations.  These factors raised
substantial doubt about the Company's ability to continue as a
going concern.

In December 2019 the Company refinanced its PNC Bank revolving debt
and term loan with Sterling National Bank on better terms and the
combination of the significantly lower interest rates and extended
amortization of the new credit facility is estimated to reduce the
Company's cash interest and cash principal amortization
significantly.  The Company's revenues from sales and its gross
profit from its continuing operations increased in 2019 by
$10,043,000 and $3,697,000, respectively, from the previous year.
The Company is projecting positive cash flows from operations in
2020 and management believes the Company will be able to meet its
obligations as they come due for the year from the date of issuance
of these financial statements.

Accordingly, the Company said the above factors have alleviated
substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 10-K is available for free at:

                     https://is.gd/8NvP4S

                     About Air Industries

Headquartered in Bay Shore, New York, Air Industries Group is an
integrated manufacturer of precision equipment assemblies and
components for aerospace and defense prime contractors.


ALASKA AIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Alaska Air Group, Incorporated to BB+ from BBB.

Alaska Air Group, Incorporated is an airline holding company based
in SeaTac, Washington, United States. The group owns two
certificated airlines, Alaska Airlines, a mainline carrier, and
Horizon Air, a regional carrier. Alaska Airlines in turn wholly
owns an aircraft ground handling company, McGee Air Services.



ALL SORTS OF SERVICES: Seeks to Hire Cole & Cole as Legal Counsel
-----------------------------------------------------------------
All Sorts of Services of America, Inc., seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida to hire
Cole & Cole Law, P.A. as its legal counsel.
   
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code; investigation of the Debtor's
financial condition and operations; and the preparation of a
bankruptcy plan.

The firm will be paid at these rates:

     R. John Cole II, Esq.     $400 per hour
     Richard Cole III, Esq.    $350 per hour
     Paralegals                $120 per hour

Cole received a $10,000 retainer, plus $1,717 for the filing fee.

The firm and its attorneys do not represent interests adverse to
the Debtor's interest, according to court filings.

The firm can be reached through:

     Richard J. Cole, III, Esq.
     Cole & Cole Law, P.A.
     46 N. Washington Blvd., Ste. 24
     Sarasota, FL 34236
     Tel: (941) 365-4055
     Email: rjc@colecolelaw.com

              About All Sorts of Services of America

Headquartered in Plymouth, Mich., All Sorts of Services of America,
Inc. provides masonry work, fireplace, and chimney services,
serving the entire Cleveland-Metro and Toledo, Ohio areas.  It
conducts business under the name Chimney Cricket.  For more
information, visit https://www.chimneycricket.com

All Sorts of Services of America sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-01953) on
March 5, 2020.  At the time of the filing, the Debtor had estimated
assets of between $100,000 and $500,000 and liabilities of between
$1 million and $10 million.  The Debtor is represented by Cole &
Cole Law, P.A.


ALL STAR MATERIALS: U.S. Trustee Says Plan & Disclosures Deficient
------------------------------------------------------------------
Nancy J. Gargula, United States Trustee for Region 21, objects to
final approval of the Disclosure Statement of All Star Materials,
LLC, and Magnum Materials, LLC, and confirmation of the Debtors'
Chapter 11 Plan of Reorganization.

The United States Trustee points out that:

  * The Debtors failed to provide adequate information about the
Debtor's operations;

  * The Debtors failed to provide information about substantive
consolidation;

  * The liquidation analysis is meaningless.  The Debtor's
Liquidation Analysis fails to include sufficient detail.  There are
no details as to  the personal property or accounts receivable or
the extent of the  security interests encumbering such assets.

  * The Disclosure Statement does not provide information regarding
claims against the estate.

  * The Disclosure Statement failed to provide information about
priority tax claims.

  * The Disclosure Statement failed to provide information
regarding the absolute priority rule.  Under the Plan and
Disclosure Statement, Class 3 equity is unimpaired; yet Class 2
general unsecured claimants are impaired.  The Disclosure Statement
fails to provide any information as  to the impact of the absolute
priority rule or specifically how the  Debtor may achieve
confirmation in the event Class 2 rejects the Plan.  Based on these
deficiencies, it is not possible for creditors and parties-
in-interest to make meaningful decisions regarding the potential
success of the Debtor's Plan or for creditors to determine with any
level of specificity what they may receive under the Plan.

                   About All Star Materials

All Star Materials, LLC, is a foreign limited liability company
organized under the laws of the State of Delaware and authorized to
transact business in Florida since March 8, 2019.  It has been in
the business of production and sale of construction materials such
as concrete block, aggregate, dirt and fill products.

Magnum Materials sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 19-03010) on May 3, 2019.

All Star Materials filed a voluntary Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-05191) on Aug. 7, 2019.

The Debtors are represented by:

         Jeffrey S. Ainsworth, Esquire
         BransonLaw, PLLC
         1501 E. Concord Street
         Orlando, Florida 32803
         Tel: (407) 894-6834
         Fax: (407) 894-8559
         E-mail: jeff@bransonlaw.com


ALLEGIANT TRAVEL: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Allegiant Travel Company to BB+ from BBB.

Allegiant Air is an American low-cost airline that operates
scheduled and charter flights. As a major air carrier, it is the
ninth-largest commercial airline in the US. It is wholly owned by
Allegiant Travel Company, a publicly-traded company with 4,000
employees and over US$2.6 billion market capitalization.



AMERICAN AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by American Airlines Group Incorporated to BB- from
BB.

American Airlines Group Inc. is an American publicly traded airline
holding company headquartered in Fort Worth, Texas. It was formed
on December 9, 2013, in the merger of AMR Corporation, the parent
company of American Airlines, and US Airways Group, the parent
company of US Airways.



AMERICAN TIRE: Moody's Cuts CFR & Sr. Sec. First Lien Debt to Caa3
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings for American Tire
Distributors, Inc., including the corporate family rating and the
senior secured first lien term loan to Caa3 from Caa1, and the
senior secured first lien (second-out) term loan to Ca from Caa2.
The outlook is negative.

The ratings downgrade reflects Moody's view that American Tire's
earnings and cash flow will be pressured compared to previous
expectations for 2020, creating a weak liquidity position and an
increased leverage profile (currently 7x debt/EBITDA through
September 2019). As a result, Moody's views the potential for a
distressed exchange to be elevated.

The following rating actions were taken:

Downgrades:

Issuer: American Tire Distributors, Inc. (New)

Corporate Family Rating, Downgraded to Caa3 from Caa1

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa3
(LGD4) from Caa1 (LGD3)

Senior Secured 1st Lien Second-Out Lien Bank Credit Facility,
Downgraded to Ca (LGD5) from Caa2 (LGD4)

Outlook Actions:

Issuer: American Tire Distributors, Inc. (New)

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The automotive
parts sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in American Tire's
credit profile, including its exposure to final consumer demand has
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and American Tire remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on American Tire of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

American Tire's ratings reflect the company's high financial risk,
competitive industry dynamics, suppressed margin profile and weak
liquidity position. Moody's expects American Tire's credit profile
to be negatively impacted by the spread of the coronavirus as
social distancing efforts over the near-term will reduce miles
driven significantly and lower the replacement demand for tires for
the next several quarters at least. American Tire does have a
strong market position with a large national distribution
footprint. As well, Moody's expects the company to engage in
self-help initiatives to reduce costs and improve productivity
efficiencies.

Moody's expects American Tire's liquidity position to be weak
during 2020 with cash flow generation to be challenged despite
recent improvements in working capital management. The company's
liquidity is underpinned entirely by its approximately $1 billion
asset-based lending facility (ABL). However, negative free cash
flow in 2019 has resulted in higher reliance on the ABL than
anticipated and potential cash burn in the coming quarters could
reduce availability further. In addition, should the company's
springing fixed charge coverage covenant test come into effect upon
lower availability, Moody's anticipates the company will be
challenged to be in compliance.

The negative outlook reflects Moody's expectation that American
Tire's earnings and liquidity could weaken further than anticipated
in a challenging near-term operating environment.

The ratings could be downgraded if liquidity deteriorates and/or
covenant compliance issues arise from lower earnings during 2020.
The ratings could also be downgraded if the company undertakes a
pre-emptive restructuring of its debt at sub-par levels and/or
Moody's estimates of ultimate recovery deteriorate further.

The ratings could be upgraded if the company is able to improve its
liquidity position through external and/or alternate capital
sources. The rating could also be upgraded if company demonstrates
earnings stability through cost savings initiatives taking hold.

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

Headquartered in Huntersville, North Carolina, American Tire
Distributors, Inc. is a wholesale distributor of tires (97% of net
sales), custom wheels, and related tools. It operated more than 143
distribution centers in the US and Canada and generated about $4.6
billion of revenue for the twelve month period ending September
2019.

The company went through a Chapter 11 restructuring in the US
bankruptcy courts in late-2018 which resulted in the conversion of
more than $1 billion of subordinated debt claims into equity.
Post-restructuring, the company is subsequently majority owned by a
large consortium of investors.


AMERICORE HOLDINGS: Carol Fox Appointed as Chapter 11 Trustee
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky has
approved the United States Trustee's appointment of Carol L. Fox as
Chapter 11 trustee.

Paul A. Randolph, Acting United States Trustee, asked the
Bankruptcy Court to appoint a Chapter 11 trustee or examiner under
11 U.S.C. Section 1104, or in the alternative to dismiss the case
of Americore Holdings, LLC, et al.

Third Friday Total Return Fund, LP, meanwhile asked the Court to
remove Grant White as the Chief Executive Officer and appoint a
trustee to manage the affairs of Americore.

The Debtors are the owners and/or operators of four separate
hospitals in each of Kentucky, Pennsylvania, Arkansas, and
Missouri.  The Kentucky and Pennsylvania facilities have completely
ceased.  Grant White is the majority owner of the business.

According to the U.S. Trustee, Mr. White has grossly mismanaged the
Debtors, and has improperly siphoned money from the Debtors for his
personal benefit.  The U.S. Trustee points to the Debtors' false
statements regarding cash collateral:

     1. On January 6, 2020, the Debtors' counsel stated that St.
Alexius was concerned that it "run out of certain medical supplies
and food for patient safety" if cash was not made immediately
available.  As such, the Court made $75,000 in cash collateral
available to the Debtors on an interim basis.

     2. On January 17, 2020, the Debtors, through Toni Knoche, the
managing director of revenue cycle at the Debtors, stated that the
Debtors will need $1.5 million over the next couple of weeks to
maintain hospital operations, such as paying employees or
purchasing medicine.   The U.S. Trustee is unaware how the Debtors,
with a supposed dire and imminent need for $1.5 million in DIP
financing, have been able to continue to operate at least two
hospitals.

The U.S. Trustee contends that either:

     1. the Debtors significantly overstated their need for DIP
financing at the January 17, 2020 hearing; or

     2. the Debtors have cut corners that have placed patients at
significant risk.

Grant White's personal residence was raided by the Federal Bureau
of Investigation on or around January 29, 2020. To the best of the
U.S. Trustee's knowledge, White has not been charged or convicted
of any crime during January 29 raid. However, the investigations
must limit his ability to devote time to the management of the
Debtors.

White has failed to attend the Individual Debtor Interview that
required under Section XIII of the Court's Chapter 11 Operating
Order, which requires the Debtor, through senior management, to
attend an initial debtor interview with the United States Trustee.


Additionally, under 11 U.S.C. section 1112(b)(4)(H), the Court may
dismiss a bankruptcy case if a debtor fails to attend meetings
reasonably requested by the United States Trustee.  
The Debtors requested that the IDI be rescheduled.  The U.S.
Trustee and the Debtors have not agreed on a new time to hold the
Debtors' IDI.

Third Friday Total Return Fund, LP is a Delaware limited
partnership which is managed by Michael Lewitt. Americore Holdings
and its affiliates owe Third Friday approximately $25 million.

Michael Lewitt, an attorney and the General Partner of The Third
Friday Total Return Fund, says he has worked with Mr. White over
the last 18 months and observes Mr. White lacks the adequate
knowledge of the hospital and healthcare business.   He says Mr.
White conducts business in an unethical manner, consistently
breaches contracts, violates loan agreements, deliberately misleads
lenders, vendors, and employees, and consistently acts in a manner
that damages the reputation and prospects of the Debtor.

Section 1104(a)(1) of the Bankruptcy Code provides that: (a) At any
time after the commencement of the case but before confirmation of
a plan, on request of a party in interest or the United States
trustee, and after notice and a hearing, the court shall order the
appointment of a trustee -- (1) for cause, including fraud,
dishonesty, incompetence, or gross mismanagement of the affairs of
the debtor by current management.

Mr. Lewitt contends that the erosion of confidence in the
management of the hospitals is increasing and the appointment of a
trustee will be in the best interest of the creditors all other
parties-in-interest. There is no doubt that removing Mr. White is
in the best interest of the Debtors, their creditors and most
importantly, the doctors and patients at the hospitals.  
Substantial losses and mismanagement will continue absent the
appointment of a trustee.

Counsel for Third Friday Total Return Fund, LP:

     Mark J. Sandlin, Esq.
     Jan M. West, Esq.
     Goldberg Simpson, LLC
     9301 Dayflower Street
     Prospect, KY 40059
     Tel: (502) 589-0444
     Fax: (502) 581-1344
     E-mail: msandlin@goldbergsimpson.com

A full-text copy of the U.S. Trustee's request is available at
https://tinyurl.com/v7rqtjj from PacerMonitor.com at no charge.

A full-text copy of Third Friday's request is available at
https://tinyurl.com/v9mtgul from PacerMonitor.com at no charge.

                 About Americore Holdings

Americore Holdings, LLC and its affiliates, including Americore
Health LLC, own and operate the Ellwood City Medical Center in
Pennsylvania, Southeastern Kentucky Medical Center (formerly
Pineville Community Hospital), Izard County Medical Center in
Arkansas; and St. Alexius Hospital in St. Louis.  Americore
Holdings and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Ky. Case No. 19-61608) on Dec. 31,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of less than $50,000.  Judge
Gregory R. Schaaf oversees the case.  Bingham Greenebaum Doll, LLP
is the Debtor's legal counsel.



AMERICORE HOLDINGS: Suzanne Koenig Named as PCO
-----------------------------------------------
Paul A. Randolph, Acting United States Trustee in the U.S.
Bankruptcy Court for the Eastern District of Kentucky, appoints as
Patient Care Ombudsman of Americore Holdings, LLC, et al.:

      Suzanne Koenig, President
      SAK Management Services, LLC
      300 Saunders Rd, Suite 300
      Riverwoods, IL 60015
      Tel: (847) 446-8400
      Fax: (847) 446-8432
      E-mail: skoenig@sakmgmt.com
      www.sakmgmt.com

         About Americore Holdings

Americore Holdings, LLC and its affiliates, including Americore
Health LLC, own and operate the Ellwood City Medical Center in
Pennsylvania, Southeastern Kentucky Medical Center (formerly
Pineville Community Hospital), Izard County Medical Center in
Arkansas; and St. Alexius Hospital in St. Louis.  Americore
Holdings and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Ky. Case No. 19-61608) on Dec. 31,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of less than $50,000.  Judge
Gregory R. Schaaf oversees the case.  Bingham Greenebaum Doll, LLP
is the Debtor's legal counsel.  


APPLIANCESMART INC: Seeks to Hire Kenneth A. Reynolds as Counsel
----------------------------------------------------------------
ApplianceSmart, Inc., seeks authority from the US Bankruptcy Court
for the US Bankruptcy Court for the Southern District of New York
to employ the law firm of The Law Offices of Kenneth A. Reynolds,
Esq., P.C. as its counsel.

The professional services the counsel will render are:

     (a) give Applicant guidance with respect to its power and
responsibility as a debtor-in-possession in the continued
management of their property;

      (b) attend creditors' meetings and Section 341 hearings;

      (c) negotiate with creditors of the Debtor in formulating a
plan of reorganization and to take the necessary legal steps in
order to institute plans of reorganization;

      (d) aid the Debtor in the preparation and drafting of
disclosure statement;

      (e) prepare on behalf of the Debtor, all necessary petitions,
reports, applications, orders and other legal papers;

      (f) appear before the United States Bankruptcy Court and to
represent the Debtor in all matters pending before said Court; and

      (g) perform all legal services which may be necessary and
appropriate.

The counsel will paid at these hourly rates:

     Partners          $400
     Paralegals       $150

The counsel received a retainer in the aggregate amount of $17,000
from the funds of the Debtor.

The Law Offices of Kenneth A. Reynolds represents no interest
adverse to the Debtor, or its estate, and is a "disinterested
person" as that term is defined by 11 U.S.C. Section 101(14),
according to court filings.

The firm can be reached through:

     Kenneth A. Reynolds, Esq.
     THE LAW OFFICES OF KENNETH A.
     REYNOLDS, ESQ., P.C.
     105 Maxess Road, Suite 124
     Melville, NY 11747
     Tel: (631) 994-2220

                   About ApplianceSmart, Inc.

ApplianceSmart, Inc. -- https://appliancesmart.com -- is a retailer
of household appliances.  ApplianceSmart offers white-glove
delivery within each store's service area for those customers that
prefer to have appliances delivered directly.

ApplianceSmart, Inc. filed its voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13887) on Dec.
9, 2019. The petition was signed by Virland Johnson, chief
financial officer. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.  Kenneth A.
Reynolds, Esq. at THE LAW OFFICES OF KENNETH A. REYNOLDS, ESQ.,
P.C. is the Debtor's counsel.


AUTONATION INC: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by AutoNation Incorporated to BB from BB+.

AutoNation Incorporated is an American automotive retailer, which
provides new and pre-owned vehicles and associated services in the
United States. The company was founded by Wayne Huizenga in 1996
and has more than 360 retail outlets.


AUXILIUS HEAVY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Auxilius Heavy Industries, LLC
        328 West Main Street
        Carmel, IN 46032

Business Description: Auxilius Heavy Industries, LLC is a
                      privately held company that operates in the
                      wind industry.  The company offers wind
                      turbine services, including blade
                      inspections and repairs, end of warranty
                      inspections, turbine cleaning, and
                      supplemental manning.  The company serves
                      wind farms located in the following states:
                      California, Colorado, Illinois, Indiana,
                      Iowa, Michigan, Nebraska, New Mexico, Texas,
                      and Pennsylvania.  It also has offices
                      located in Los Angeles, CA; Bradfod,
                      Illinois, and Fowler, Indiana.

Chapter 11 Petition Date: March 26, 2020

Court: United States Bankruptcy Court
       Southern District of Indiana

Case No.: 20-01963

Judge: Hon. James M. Carr

Debtor's Counsel: KC Cohen, Esq.
                  KC COHEN, LAWYER, PC
                  151 N. Delaware St., Ste. 1106
                  Indianapolis, IN 46204
                  Tel: 317-715-1845
                  E-mail: kc@smallbusiness11.com

Total Assets: $639,911

Total Liabilities: $2,025,877

The petition was signed by Michael Kidwel, president.

A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:

                      https://is.gd/k2ZVgK


AVIANCA HOLDINGS: Carried More Than 2.2M Passengers in February
---------------------------------------------------------------
In February, the subsidiary companies of Avianca Holdings S.A.
(NYSE: AVH) (BVC: PFAVH) transported 2,267,572 passengers, a 4.8%
decrease as compared to the same period in 2019.  Capacity,
measured in ASKs (available seat kilometers), decreased 5.1%, while
passenger traffic, measured in RPKs (revenue passenger kilometers),
decreased 6.9%.  The load factor for the month was 79.6%, a
decrease of 394 bps as compared to the same period in 2019.

Domestic markets in Colombia, Peru and Ecuador

In February, the subsidiary airlines of Avianca Holdings
transported within these markets a total of 1,327,676 travelers, a
decrease of 0.2% as compared to the same period in 2019. Capacity
(ASKs) decreased 2.3%, while passenger traffic (RPKs) decreased
3.4%.  The load factor for the month was 80.0%, a decrease of 85
bps as compared to the same period in 2019.

International markets

In February, the affiliated airlines of Avianca Holdings
transported 939,896 passengers on international routes, a decrease
of 10.5% as compared to the same period in 2019. Capacity (ASKs)
decreased 5.7%, while passenger traffic (RPKs) decreased 7.6%.  The
load factor for the month was 79.5%, a decrease of 400 bps as
compared to the same period in 2019.

                         About Avianca

Avianca is a commercial brand for a collection of passenger
airlines and cargo airlines under the umbrella company Avianca
Holdings S.A.  Avianca has been flying uninterrupted for 100 years.
With a fleet of 175 aircraft, Avianca serves 76 destinations in 27
countries within the Americas and Europe.  On Feb. 22, 2019,
Avianca Holdings announced its corporate transformation plan
consisting of four key pillars: 1) the improvement of operational
indicators, 2) fleet adjustments, 3) the optimization of
operational profitability and 4) repositioning of non-strategic
assets.  On May 24, 2019, control of Avianca Holdings was assumed
by Kingsland Holdings Limited, an independent third party of United
Airlines.

Avianca reported a net loss of US$893.99 million for the year ended
Dec. 31, 2019, compared to net profit of US$1.14 million the year
ended Dec. 31, 2018.

KPMG S.A.S., in Bogota, Colombia, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated April
26, 2019, on the Company's consolidated financial statements for
the year ended Dec. 31, 2018, citing that the controlling
shareholder of the Company obtained a loan and pledged its shares
in Avianca Holdings S.A. as security for this loan agreement (the
loan agreement), which requires compliance with certain covenants
by the controlling shareholder, including compliance with the
Company financial ratios.  Breach of these covenants provides the
lender the right to enforce the security, leading to a change of
control over the Company.  A change of control over the Company
would breach covenants included in some loan and financing,
aircraft rental, and other agreements of the Company, which in turn
could trigger early termination or cancelation of these contracts.
On April 10, 2019, the Company was informed by the controlling
shareholder and its lender, that there was a non-compliance with
covenants established in the controlling shareholder's loan
agreement, and no waiver was in place; thus, there is a potential
risk of change of control.  The auditors said this circumstance
raises a substantial doubt about the Company's ability to continue
as a going concern.
  
                          *    *    *

As reported by the TCR on Dec. 19, 2019, Fitch Ratings upgraded
Avianca Holdings' Long-Term Foreign and Local Currency Issuer
Default Ratings to 'CCC+' from 'RD'.  The upgrades follow Avianca's
announcement that it has completed its debt restructuring,
including receipt of a US$250 million convertible secured
stakeholder facility loan from United Airlines, Inc. (BB/Stable)
and Kingsland Holdings Limited.


BALDWIN PATTIE: Seeks to Hire Bare & Clough as Legal Counsel
------------------------------------------------------------
Baldwin Pattie Drug Store, LLC, seeks approval from the U.S.
Bankruptcy Court for the Western District of Michigan to hire Bare
& Clough PC as its legal counsel.
   
The firm will provide these services:

     a. advise and consult the Debtor regarding the conduct of its
Chapter 11 case, including legal and administrative requirements of
operating in Chapter 11;

     b. advise the Debtor on matters relating to the evaluation of
the assumption, rejection or assignment of unexpired leases or
executory contracts;

     c. assist in preparing a plan of reorganization and pursuing
confirmation of the plan: and

     d. provide all other necessary legal services in connection
with the Debtor's bankruptcy case.

The firm will be paid at these rates:

     Attorneys            $250 per hour
     Legal Assistants     $75 per hour

Bare & Clough is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Paul I. Bare
     Bare & Clough PC
     1010 S Garfield Ave # 300
     Traverse City, MI 49686
     Phone: 231-946-4901
     Fax: 231-946-9116
     E-mail: bareandcloughpc.com
             lawofficecourtdocs@gmail.com

                  About Baldwin Pattie Drug Store

Baldwin Pattie Drug Store, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 20-01025) on
March 10, 2020.  At the time of the filing, the Debtor had
estimated assets of between $100,001 and $500,000 and liabilities
of between $500,001 and $1 million.  The Debtor is represented by
Bare & Clough PC.


BARCLAYS CENTER: Moody's Alters Outlook on $524M PILOT Bonds to Neg
-------------------------------------------------------------------
Moody's Investors Service changed the rating outlook to negative
from stable on approximately $524 million of PILOT Revenue Bonds
(PILOT Bonds) issued by the Brooklyn Arena Local Development
Corporation (Barclays Center Project), which serves as the conduit
issuer. Concurrent with this action, Moody's affirmed the Ba1
rating on the PILOT bonds.

RATINGS RATIONALE

The change in rating outlook to negative principally reflects
concerns about the financial impact on the Barclays Center Project
resulting from the continuing coronavirus outbreak. On March 11,
the National Basketball Association (the "NBA") announced that it
had suspended its regular season. On the following day, the
National Hockey League (the "NHL") announced it too was suspending
its current season. The Barclays Center (the "Arena") is a venue
for sports and entertainment events that serves as the home court
for the NBA's Brooklyn Nets (the "Nets"). The NHL's Islanders also
play some home games at the Arena. Although the teams/leagues were
coming to the end of their regular seasons with only a few games
left, the Arena also announced that it was postponing all remaining
events, including concerts.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Stadiums and
arenas have been acutely affected by the shock given their
sensitivity to consumer demand and sentiment. More specifically,
the Arena's exposure to demand risk has left it vulnerable to
shifts in market sentiment during these unprecedented operating
conditions, and the Arena's financial performance remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its Environmental,
Social and Governance ("ESG") framework, given the substantial
implications for public health and safety. The rating action
reflects the impact on the Arena, the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Although it is difficult to determine the precise impact on its
revenues and cash flow at this time, the outbreak is expected to
have a financial impact on the Arena, at least temporarily as the
debt service coverage ratio (DSCR) on the PILOT bonds for the
fiscal year ending June 30, 2020 will fall below the 1.20x level, a
threshold that it has indicated could cause us to consider a
negative rating action. Moody's does expect the Barclays Center
Project to be able to cover debt service from internal operating
cash flow in 2020. The Barclays Center financial performance for
fiscal year 2021 will depend on the duration and trajectory of this
pandemic, the disruption it causes on the Arena's forward events
calendar and sports season, the timeframe over which the Arena
remains closed, and consumer sentiment towards arena-based
activities once the Arena reopens.

Importantly, Moody's notes the existence of strong liquidity in
terms of restricted reserves, including a cash-funded debt service
reserve that is equal to 12 months of average annual debt service
and a cash-funded strike/liquidity reserve equal to 50% of average
annual debt service as well as other reserves that will help the
Arena manage through a liquidity crisis should it surface.
Moreover, an additional important mitigant is the sharing
arrangement between the Arena and the Nets under a new licensing
agreement signed in September 2019, with more of the shared
revenues like naming rights, sponsorships, luxury suites and
concession revenues going to the Arena. These revenue sources are
pledged to Arena bondholders and tend to be under longer-term
contracts and help mitigate the impact of any game cancellations.
Ticket sales, which are more vulnerable to cancellations, go to the
Nets. However, revenues from non-Nets events would be reduced or
lost if attendance for such events are lower than expected or if
the events are ultimately canceled.

Additionally, the credit profile benefits from the security
afforded by the PILOT bond structure; the strength of New York City
as a media, sports and entertainment market; the non-relocation
agreement with the Nets; and the owner's operating support
agreements with both the Arena and the Nets. Specifically, Joseph
Tsai, who now owns both the Nets and the Arena, has signed an
operating support agreement whereby he unconditionally and
irrevocably agrees to provide the Arena with all amounts necessary
for the Arena to meet its expenses and payment obligations,
including PILOTs, if necessary. In addition, Mr. Tsai has signed an
operating support agreement with the NBA whereby he is obligated to
provide the Nets with all amounts necessary for the team to meet
its expenses and payment obligations, including debt service. In
addition, the Nets have a consent letter with the NBA league that
allows the team to access the league's support, including
liquidity, an important credit consideration for the Arena, which
has a professional team. In addition, the NBA consent letter gives
the NBA the right to bundle and sell the Arena and the team to
repay any overdue and uncured PILOTs, which provides the owner with
a very strong incentive to continue to make the PILOT payments.

OUTLOOK

The negative rating outlook reflects the belief that the DSCR will
fall below 1.20x for the current fiscal year ending June 30, 2020,
and may remain below that level given the uncertainty around the
near-term implications to credit quality from the coronavirus,
particularly if the Arena remains closed for a longer period of
time or if it impacts consumer sentiment towards arena-based
events.

WHAT COULD MAKE THE RATING GO UP

Given the negative outlook, the rating is unlikely to go up in the
near term. However, the outlook could be revised back to stable
once the Arena reopens and the impact on its financial performance
is short lived, and if management is able to secure a strong
forward calendar of events such that actual financial performance
returns to original expectations with annual DSCRs of at least
1.20x on a sustained basis.

WHAT COULD MAKE THE RATING GO DOWN

The rating could come under downward pressure if the coronavirus
outbreak is prolonged causing the Arena to remain closed for an
extended period and leading to the DSCR remaining below 1.20x on a
sustained basis.

OBLIGOR PROFILE

Brooklyn Events Center, LLC ("ArenaCo") is a special purpose entity
created to manage the construction, operations and maintenance of
the Arena. Empire State Development ("ESD") owns the Arena and the
land on which it sits, which is leased to the Brooklyn Arena Local
Development Corporation ("BALDCo"), the issuer of the PILOT bonds.
BALDCo subleases the Arena to ArenaCo, and ArenaCo is obligated to
make Payments in Lieu of Taxes (PILOTs) to the PILOT Trustee, which
has agreed to remit the PILOT payments to the PILOT Trustee that
directs the payments to bondholders via the PILOT Bond Trustee.

The principal methodology used in these ratings was Generic Project
Finance Methodology published in November 2019.


BED BATH: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CCC
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Incorporated to CCC from B. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Bed Bath & Beyond Incorporated is an American chain of domestic
merchandise retail stores. Bed Bath & Beyond operates many stores
in the United States, Canada, and Mexico. Bed Bath & Beyond was
founded in 1971. It is currently part of the S&P 500 and Global
1200 Indices.



BLACKROCK CAPITAL: Fitch Puts BB+ LT IDR on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed the 'BB+' Long-Term Issuer Default Rating,
senior secured debt and senior unsecured debt ratings of BlackRock
Capital Investment Corporation on Rating Watch Negative.

KEY RATING DRIVERS

The Negative Rating Watch reflects Fitch's belief that BKCC's
cushion on its minimum shareholders' equity covenant on its
revolving credit facility agreement may not be sufficient to
account for portfolio valuation declines resulting from credit
spread widening associated with the global coronavirus pandemic.
Additionally, Fitch believes BKCC's cushion to its asset coverage
requirement could also fall meaningfully with valuation marks.

At Dec. 31, 2019, BKCC's leverage, as measured by par debt to
equity, was 0.73x, which implied an asset coverage cushion of
15.6%. Without considering any post-year-end portfolio activity,
Fitch calculates that BKCC's portfolio could withstand a valuation
mark of about 8% before breaching the minimum shareholder's equity
covenant on its revolving credit facility.

Additionally, BDCs are likely to have experienced increased
revolver draws in recent weeks as certain underlying portfolio
companies have looked to shore up liquidity given the economic
uncertainty. Fitch notes that BKCC's exposure to unfunded revolver
commitments is relatively small, amounting to approximately $6.8
million at Dec. 31, 2019. The firm had $14.7 million of balance
sheet cash and $165.6 million of availability under its credit
facility at YE19, which Fitch views as sufficient to fund increased
draws. However, the funding of these commitments with additional
debt would further pressure its asset coverage ratio.

BKCC may seek to take measures to improve its asset coverage
cushion, including utilizing portfolio cash flows to repay debt,
but uncertainty about the magnitude of valuation declines, combined
with the challenging and rapidly evolving economic backdrop
increase the possibility of a rating downgrade over the near term.

In March 2018, BKCC amended its revolving credit facility to reduce
the minimum shareholder's equity covenant to $450 million from $500
million, while agreeing to reduce facility commitments by $40
million, to $400 million. In August 2019, BKCC amended its facility
again, reducing the equity covenant to $375 million, while facility
commitments declined another $60 million, to $340 million. At Dec.
31, 2019, BKCC's cushion on its minimum shareholder's equity
covenant was $60.6 million, which represented 8.1% of the portfolio
at value, which could be breached by a combination of portfolio
valuation marks and credit deterioration in coming quarters. While
the equity covenant could potentially be amended, again, Fitch
believes that commitments under the credit facility could be
further reduced, thus limiting the firm's flexibility from a
liquidity perspective. The revolver had $174.4 million of
outstanding borrowings at YE19.

BKCC's asset quality trends have been weak in recent years,
continuing a trend of elevated losses driven by ongoing challenges
in the legacy portfolio. Fitch believes that, in addition to
coronavirus-related markdowns, there is the potential for
incremental portfolio losses on legacy, non-core investments. While
there is uncertainty around valuation marks in 1Q20, since BDC
valuation procedures have a high degree of subjectivity given the
illiquid nature of middle market loans, Fitch believes there is a
possibility that BKCC's portfolio markdowns could be in excess of
5%, given credit spread widening and economic weakening.

BKCC's ratings remain supported by the firm's affiliation with
global investment manager BlackRock Inc. (BlackRock), which Fitch
believes provides BKCC with enhanced risk management and back
office capabilities, Wall Street relationships and broader industry
and market insights.

Rating constraints specific to BKCC include weaker-than-peer credit
performance since inception, above-average exposure to equity
investments relative to peers, inconsistent operating performance,
weak dividend coverage, elevated portfolio concentrations, and
turnover in the management team in recent years, which yields more
limited experience running a BDC.

Rating constraints for the BDC sector more broadly include the
market impact on leverage, given the need to fair-value the
portfolio each quarter, dependence on access to the capital markets
to fund portfolio growth and a limited ability to retain capital
due to dividend distribution requirements. Additionally, the
competitive underwriting environment has yielded deterioration in
terms in the middle market, including fewer and/or looser covenants
and higher underlying leverage. Fitch believes a sustained slowdown
in the economy, which could result from the coronavirus pandemic,
is likely to translate to asset quality issues more quickly given
the limited embedded financial cushion in most portfolio credits
and weaker lender flexibility in credit documentation. Recently
relaxed regulatory limits on leverage are an evolving sector
headwind, which could contribute to increased risk profiles for
individual BDCs and elevated competition amongst BDCs.

The equalization of the secured and unsecured debt ratings with the
Long-Term IDR reflects solid collateral coverage for all classes of
debt given that BKCC is currently subject to a 200% asset coverage
limitation and will be subject to a 150% asset coverage limitation
following the 12-month waiting period on Oct. 29, 2020 (unless BKCC
receives earlier stockholder approval).

RATING SENSITIVITIES

Fitch could downgrade BKCC's ratings by at least one notch if the
company is unable to increase its asset coverage cushion relative
to the minimum shareholders' equity covenant to a level sufficient
to account for incremental valuation volatility and credit
deterioration in the portfolio over the medium term. Additionally,
Fitch could downgrade BKCC if the asset coverage cushion falls
meaningfully below 5.5% or is sustained modestly below 5.5% for two
quarters.

Negative rating action could also result from a material increase
in leverage without a commensurate decline in the portfolio risk
profile, material asset quality deterioration in investments
originated by the current management team, incremental outsized
realized losses in the legacy portfolio, and/or an inability to
improve operating performance and dividend coverage for a sustained
period. Longer term, should BKCC fail to maintain economic access
to the unsecured funding markets, ratings could also be pressured.

If the cushion to the shareholders' equity covenant improves,
without a material reduction in liquidity, and BKCC is able to
increase its asset coverage cushion to a level sufficient to
account for incremental valuation volatility and potential credit
deterioration in the portfolio over the medium-term, Fitch would
expect to remove the Negative Rating Watch. However, the Rating
Outlook could still be pressured, reflecting Fitch's expectation
for continued declines in portfolio valuations and/or credit
deterioration, which could continue to adversely affect the asset
coverage cushion over the medium term.

The secured and unsecured debt ratings are primarily linked to the
Long-Term IDR and are expected to move in tandem. However, a
sustained reduction in unsecured debt as a proportion of total debt
could result in the unsecured debt rating being notched down from
the IDR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. 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.

BlackRock Capital Investment Corporation has an ESG Relevance Score
of 4 for Management Strategy due to the execution risk associated
with the portfolio rotation out of legacy underperforming
investments and the redeployment of proceeds into yielding senior
debt investments, which is relevant to the rating in conjunction
with other factors.


BLUE RIBBON: Moody's Cuts CFR & Senior Secured Ratings to Caa1
--------------------------------------------------------------
Moody's Investors Service downgraded Blue Ribbon, LLC's CFR and
senior secured ratings to Caa1 from B3. The Probability of Default
rating was downgraded to Caa1-PD from B3-PD. The outlook remains
negative.

The downgrade reflects refinancing risk in the current volatile
environment given its near-term revolver maturity, high debt to
EBITDA leverage, an aggressive financial policy, particularly with
respect to back up liquidity, and challenges to grow volumes in the
core business. Leverage, which was over 7 times as of September
2019, is expected to moderate only slightly to closer to 7 times by
year end. The negative outlook reflects the fact that Blue Ribbon's
revolving credit facility is current with the expiration set for
September 30, 2020 following the most recent amendment which
extended the maturity by only four months. The absence of a
revolving credit facility would weaken the company's liquidity
despite good internal liquidity, including approximately $15
million of cash on hand at the end of December. The revolver was
reduced from $95 million to $36 million when the maturity date was
extended in the fall of 2019. The revolver is currently undrawn but
the company relies on the revolver for letters of credit supporting
its brewing arrangement with Molson Coors. Also, the revolver is an
important alternate liquidity source in the event of unexpected
operating challenges, which are increasingly likely given the
severe disruptions that are being caused by the spread of the
coronavirus in the US. It is Moody's understanding the Company will
continue to discuss a refinancing or extension of the revolver but
given the volatility and tight liquidity in the markets,
refinancing risk is currently heightened. Its term facility will
mature in November 2021 which will also need to be addressed in the
near term. A longer-term refinancing that addresses these upcoming
maturities could result in the stabilization of the outlook and,
assuming that the alcoholic beverage market has also stabilized, a
potential upgrade.

Blue Ribbon, LLC Ratings downgraded:

  Corporate Family Rating to Caa1 from B3

  Probability of Default rating to Caa1-PD from B3-PD

  Senior Secured First lien term loan due 2021 to Caa1 (LGD3)
  from B3 (LGD3)

Rating assigned:

  Senior Secured Revolving Credit facility due September 2020
  at Caa1 (LGD3)

Outlook remains negative

RATINGS RATIONALE

Blue Ribbon's Caa1 Corporate Family Rating reflects its near-term
revolver maturity, high financial leverage (Debt to EBITDA in the
mid 7 times range including Moody's adjustments), small scale and
its heavy reliance on its largest brand, Pabst Blue Ribbon (PBR),
which accounts for nearly half of sales and has seen slowing
revenue growth and recent volume declines. The company has seen top
line declines for the last several years as it has downsized its
hard soda portfolio and exited the hard cider business. Further,
the current disruption related to the coronavirus adds uncertainty
about the ability of the company to continue to take pricing to
offset volume declines. Moody's expects that the company will
continue to face tough competition from larger competitors. While
operating margins have improved in recent years, they are still
thin relative to larger beer producers. Blue Ribbon also has more
limited geographic diversity and small scale compared to other beer
companies and to other beverage companies in general. The rating is
supported by its well-known, iconic brands, the strong market
position of its largest brand as one of the most affordable beers
in its category, success of certain recent brand additions and
partnerships, minimal need for working capital and capital
investment, and good cash flow. Its portfolio includes more than 30
active brands that are helping to revitalize and premiumize its
portfolio. While the beer category has been in decline in the US
for some time, Blue Ribbon has successfully taken pricing which
helps to mitigate the volume declines. In November, 2018 the
company settled its lawsuit with MillerCoors, extending the length
of the co-packing arrangement through 2024, and on January 6, 2020,
it entered into an agreement with Molson Coors Beverage Company
giving it an option to purchase one of that company's brewing
facilities located in Irwindale, California. In addition, in
November 2019, Blue Ribbon announced that it had reached an
agreement to transition its production to City Brewing. This
removed the uncertainty surrounding the phase out of the Molson
Coors relationship. The company recently extended its revolver
maturity to September 30, 2020 from May 13th. Moody's considers
liquidity to be weak because of the near-term maturity and limited
availability under the revolver because of significant Letters of
Credit required against the facility.

The rating could be upgraded if the company improves its liquidity,
provides visibility into a longer- term operating plan, generates
good and predictable cash flows, successfully executes its growth
strategies to support sustained top line and operating profit
expansion, and reduces leverage. In addition, an upgrade would
require that leverage is reduced such that debt to EBITDA
(including Moody's standard adjustments) is below 6.5x.

The rating could be downgraded if the company fails to address
liquidity including its alternate liquidity arrangements, if
operating performance weakens such that EBIT/interest falls below
1x, debt/EBITDA is sustained above 8x, or free cash flow becomes
negative. In addition, leveraged acquisitions, or leveraging
transactions including substantial dividend distributions before
debt/EBITDA declines below 5x, could also lead to a downgrade. The
execution of a distressed exchange could result in a default.

Environmental, Social and Governance considerations:

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial credit implications of public health and
safety. For more information on research on and ratings affected by
the coronavirus outbreak, please see moodys.com/coronavirus.

Like other alcoholic beverage companies, Blue Ribbon monitors its
social risks closely, including product quality and safety, clean
labeling and messages about alcohol content and responsible
consumption. While the alcoholic beverage industry is subject to
some risk due to health concerns and the impact of drunk driving,
Blue Ribbon and the industry as a whole has made meaningful efforts
to disclose the risks and promote moderate consumption of alcoholic
beverage products.

Blue Ribbon's environmental impact remains low and the associated
risks are limited. Environmental considerations are not a material
factor in the rating.

Blue Ribbon's governance is influenced by its private ownership.
Like other Private Equity sponsored firms, it has been comfortable
operating with high financial leverage and recently, with very
limited external alternate liquidity. Moody's views private equity
ownership and aggressive financial policies as a risk, however
management has recently indicated that it would aim to reduce
leverage to 5 times or under.

The principal methodology used in these ratings was Alcoholic
Beverages Methodology published in February 2020.

Headquartered in Los Angeles, California, Blue Ribbon, LLC (parent
company of Pabst Brewing Company) is one of the largest privately
held independent brewers in the US, though well behind market
leaders in scale, with a portfolio of iconic American beer brands.
Major brands in the company's portfolio include Pabst Blue Ribbon,
Lone Star, Rainier, Old Milwaukee, Colt 45, Schlitz and Not Your
Father's hard sodas. The company also has a long-term arrangement
to market and distribute Tsingtao in the US. The company is owned
by a consortium of private investors. Annual net sales for 2019 are
expected to reach approximately $500 million.


BONAVISTA ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bonavista Energy Corporation to B- from B. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Bonavista Energy Corp is a Calgary-based Bonavista Energy is an
independent producer of oil and natural gas in Western Canadian.
The company generates its revenue through the sale of oil, and
natural gas liquids.



BOYD GAMING: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Boyd Gaming Corporation to B- from B.

Boyd Gaming Corporation is an American gaming and hospitality
company based in Paradise, Nevada. The company continues to be run
by founder Sam Boyd's family under the management of Sam's son,
Bill Boyd, who currently serves as the company's executive chairman
after retiring as CEO in January 2008.



BROWN BROS: Seeks to Hire Richard Banks as Legal Counsel
--------------------------------------------------------
Brown Bros. Telecom & Utility, Inc., seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Tennessee to hire
Richard Banks & Associates, P.C., as its legal counsel.
   
Richard Banks will provide services in connection with the Debtor's
Chapter 11 case, which include negotiations with creditors, review
of claims and the preparation of a reorganization plan.

The firm will be paid at these rates:
  
     Richard Banks         Attorney          $350 per hour
     R. Bradley Banks      Attorney          $250 per hour
     Rachel Fisher-Queen   Attorney          $200 per hour
     Cheryl Wilson         Legal Assistant    $75 per hour

The firm received a retainer in the amount of $2,500.

Richard Banks does not hold any interest adverse to the Debtor and
its bankruptcy estate, according to court filings.

The firm can be reached through:

     Richard L. Banks, Esq.
     Rebble S. Johnson, Esq.        
     R. Bradley Banks, Esq.
     Rachel Fisher-Queen, Esq.
     Richard Banks & Associates, P.C.
     393 Broad Street NW
     P.O. Box 1515
     Cleveland, TN 37364-1515
     Tel: (423) 479-4188
     Fax: (423) 478-1175
     E-mail: rbanks@rbankslawfirm.com
             rfisherqueen@rbankslawfirm.com

               About Brown Bros. Telecom & Utility

Brown Bros. Telecom & Utility, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 20-11022) on
March 13, 2020.  At the time of the filing, the Debtor was
estimated assets of between $100,001 and $500,000 and liabilities
of the same range.  Judge Shelley D. Rucker oversees the case.  The
Debtor is represented by Richard Banks & Associates, P.C.


BRUIN E&P: Moody's Cuts CFR to Ca & Senior Unsecured Rating to C
----------------------------------------------------------------
Moody's Investors Service downgraded Bruin E&P Partners LLC's
corporate family rating to Ca from B2, probability of default
rating to Ca-PD from B2-PD and senior unsecured notes rating to C
from Caa1. The outlook remains stable.

"The downgrade reflects Bruin E&P's weak liquidity position and
untenable capital structure in the face of a low oil price
environment", said Paresh Chari, Moody's analyst. "Moody's expects
the company to complete a debt recapitalization in the near-term
given the high debt level and interest burden."

Downgrades:

Issuer: Bruin E&P Partners, LLC

  Corporate Family Rating, Downgraded to Ca from B2

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

  Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD5)
  from Caa1 (LGD5)

Outlook Actions:

Issuer: Bruin E&P Partners, LLC

  Outlook, Remains Stable

RATINGS RATIONALE

Bruin's Ca CFR reflects 1) an upcoming borrowing base
redetermination that will likely eliminate liquidity; 2) the high
risk of debt restructuring in the near term; 3) high financial
leverage; and 4) likely production declines through 2020.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The E&P sector has
been one of the sectors most significantly affected by the shock
given its sensitivity to demand and oil prices. More specifically,
the weaknesses in Bruin's credit profile have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Bruin remains vulnerable to the outbreak continuing
to spread and oil prices remaining weak. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on Bruin of the breadth and severity
of the oil demand and supply shocks, and the broad deterioration in
credit quality it has triggered. Bruin has weak liquidity.

Pro forma for a likely borrowing base reduction, Moody's expects
minimal availability under the $710 million borrowing base
revolving credit facility that matures September 2022. Moody's
expects breakeven to negative free cash flow through 2020. Bruin is
not expected be in to be in compliance with its maximum
debt/EBITDAX of 4x through 2020.

The $572 million senior unsecured notes are rated C, one notch
below the CFR, reflecting the priority ranking of the $710 million
borrowing base revolver.

The rating outlook is stable. The ratings could be upgraded if
there was significant debt reduction and an improvement in
liquidity. The ratings could be downgraded if recovery expectations
worsened.

Houston, Texas-based Bruin E&P Partners, LLC is a private equity
backed exploration and production company with primary operations
in the Williston Basin Bakken in North Dakota.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


BRUNSWICK CORP: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Brunswick Corporation to BB+ from BBB.

Brunswick Corporation manufactures consumer products serving the
outdoor and indoor active recreation markets. The Company's
products include stern drives, outboard, and inboard marine
engines, fitness, billiards, and bowling equipment. Brunswick also
manufactures pleasure, fishing, and high-performance boats.



BRYCE-COLE LLC: Seeks to Hire Michael W. Mogil as Counsel
---------------------------------------------------------
Bryce-Cole, LLC, seeks to hire the US Bankruptcy Court for the
District of South Carolina to employ the Law Office of Michael W.
Mogil, P.A. as its counsel.

The firm does not hold or represent any interests adverse to the
estate, and is a disinterested person within the meaning of 11
U.S.C. Sec.101(14).

The counsel desires a proposed compensation of $350 per hour for
Michael W. Mogil, $175 per hour for associate legal work, and $100
per hour for paralegal time.

The firm does not hold or represent any interest adverse to the
estate, and is a disinterested person within the meaning of 11
U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Michael W. Mogil, Esq.
     The Law Office of Michael W. Mogil, P.A.
     2 Corpus Christie Place, Ste. 303
     Hilton Head Island, SC 29928
     Tel: (843) 785-8110
     Fax: (843) 785-9676

          About Bryce-Cole LLC

Bryce-Cole LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.S.C. Case No. 20-01116) on March 2, 2020, listing
under $1 million in both assets and liabilities. Michael W. Mogil,
Esq. at the LAW OFFICE OF MICHAEL W. MOGIL, P.A. serves as the
Debtor's counsel.


BUENA VISTA: Moody's Cuts CFR to Caa2, On Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service downgraded Buena Vista Gaming Authority's
Corporate Family Rating to Caa2 from Caa1. The ratings are on
review for further downgrade.

The downgrade to a Caa2 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus, including Buena Vista's voluntary decision to
close its Harrah's NorCal, a Class III gaming facility near
Sacramento, California on a temporary basis.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos and other
entertainment facilities, including Harrah's NorCal, once this
crisis subsides. Buena Vista derives all its revenue and earnings
from Harrah's NorCal.

Downgrades:

Issuer: Buena Vista Gaming Authority

  Probability of Default Rating, Downgraded to Caa2-PD from
  Caa1-PD; Placed Under Review for further Downgrade

  Corporate Family Rating, Downgraded to Caa2 from Caa1; Placed
  Under Review for further Downgrade

  Senior Secured Regular Bond/Debenture, Downgraded to Caa2
  (LGD4) from Caa1 (LGD3); Placed Under Review for further
  Downgrade

Outlook Actions:

Issuer: Buena Vista Gaming Authority

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Buena Vista's Caa2 CFR reflects the meaningful earnings decline
over the next few months expected from efforts to contain the
coronavirus and the potential for a slow recovery once properties
reopen. Buena Vista opened less than a year ago and is still in
what Moody's considers the ramp-up phase. Prior to the temporary
closing of Harrah's NorCal, the facility had been generating
EBITDA, albeit it substantially less than initially forecasted. The
company is subject to the risks associated with its single asset
profile, limited operating history, significant debt burden, and
highly competitive market environment. Partly mitigating the credit
concerns mentioned above is that Harrah's NorCal Casino is managed
by Caesars and part of its highly popular and valuable Total
Rewards loyalty program and database of potential customers.

The review for downgrade will focus on the degree to which Buena
Vista can absorb the negative financial implications related to the
coronavirus outbreak because limitations on travel and social
gatherings, mandated or otherwise, could have a very material
effect on the liquidity and overall credit profile of the company.

The review for downgrade also considers that given the current
economic circumstances, Buena Vista's internal cash generation will
not be enough to satisfy long-term operating expenses, scheduled
debt service, and maintenance level capital expenditures. While the
company does not have any financial maintenance covenants under the
senior notes, Buena Vista does not have a revolver as a source of
external liquidity or alternate sources of liquidity in terms of
selling off discrete assets to raise additional cash. As a result,
Moody's believes that absent an equity-based infusion of cash,
there will be an impairment to creditors.

Moody's will assess the potential length and severity of the
decline in visitation and revenue, and the effect on the company's
liquidity options. Moody's will also evaluate Buena Vista's ability
to reduce expenses and take other actions to preserve cash, as well
as potential recovery prospects in the event of default. With
revenue ceasing, EBITDA and free cash flow will be negative for a
period of time and this could lead to meaningful operating strains
and the potential for a downgrade in a relatively short time
period.

Ratings could be downgraded if Moody's anticipates that Buena
Vista's earnings or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. The ratings could
also be downgraded if it appears the company will need to obtain
additional capital to manage through the crisis or a debt
restructuring becomes even more likely. A ratings upgrade is
unlikely because the ratings are on review for downgrade and given
the weak operating environment and continuing uncertainty related
to the coronavirus.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Buena Vista's continued exposure to travel
disruptions and discretionary consumer spending have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Buena Vista from the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Buena Vista Gaming Authority is an unincorporated governmental
instrumentality of the Buena Vista Rancheria of Me-Wuk Indians, a
federally recognized Tribe. The Authority was created by tribal law
on July 15, 2009, to own, develop and operate the gaming and
related businesses of the Tribe. The Authority owns the Harrah's
NorCal, a Class III gaming facility near Ione, California in Amador
County, about 45 miles southeast of Sacramento, California.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


BULLDOG PURCHASER: Moody's Cuts CFR to Caa1, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service downgraded Bulldog Purchaser's Corporate
Family Rating to Caa1 from B3 and Probability of Default to Caa1-PD
from B3-PD. Concurrently, Moody's downgraded the first lien credit
facilities' instrument ratings to B3 and the second lien credit
facilities' instrument ratings to Caa3. The outlook remains
stable.

The downgrade reflects Moody's expectations for significant revenue
and earnings decline in 2020 due to coronavirus related facility
closures as well as the negative effect on consumer income and
wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend on leisure
activities and potentially reduce Bay Club's membership through
attrition and lower new recruitment. As a result, Moody's expects
debt-to-EBITDA to rise to above 10.0x by the end of 2020 with
negative free cash flow. The facility closures began on March 15th
and Moody's expects efforts to contain the coronavirus will
restrict Bay Club's ability to reopen for an unknown period.

Downgrades:

Issuer: Bulldog Purchaser Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured 1st Lien Bank Credit Facility, Downgraded to B3
(LGD3) from B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Downgraded to Caa3
(LGD5) from Caa2 (LGD5)

Outlook Actions:

Issuer: Bulldog Purchaser Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Bay Club's Caa1 CFR broadly reflects its high financial leverage,
small size with pro forma revenues of roughly $300 million, and
high geographic concentration in California. Liquidity will remain
pressured throughout fiscal year end January 2021 and operations
will be funded through cash on hand originally earmarked for
acquisitions. Most of Bay Club's properties are owned, reducing the
monthly fixed costs associated with leasing but facilities
maintenance, personnel expenses and interest would translate into
negative EBITDA and free cash flow while the clubs are closed.
Moody's expects the $85 million of cash on hand will be enough to
sustain the company for roughly six months at current burn rates if
revenue halts, but the cash burn would ease considerably once
facilities reopen. Because the company is unlikely to meet the
springing covenant in the revolver at depressed earnings levels,
the effective availability on the $50 million revolver is limited
to stay within the 35% utilization trigger level. Bay Club's credit
profile benefits from a typically solid EBITA margins, an affluent
membership base, the high quality of the facilities, amenities and
services, and a track record of stable operating performance
through prior economic downturns.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The fitness sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Bay Club's credit profile,
including its exposure to US quarantines have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Bay Club remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Bay Club of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

The stable outlook reflects Bay Club's sizable cash balance and
ability to restrict growth capital expenditures as a method to
partially offset the negative impact of club closures. Moody's also
assumes in the stable outlook that the facilities will open within
a few months. Furthermore, while not anticipated at this time, the
company maintains a sizeable real estate portfolio that can be
monetize if needed.

Ratings could be downgraded if club closures persist beyond June
2020, membership declines accelerate post-club openings, or cash on
hand deteriorates faster than originally anticipated. Furthermore,
ratings could also be downgraded should debt-to-EBITDA remain
elevated or the prospect for a distress exchange or other default
increase.

While unlikely at this time, but the ratings could be upgraded if
the facilities reopen and earnings recover such that positive free
cash flow and reinvestment flexibility is restored, and
debt-to-EBITDA is sustained below 7x.

Bay Club is a membership-based hospitality company. Bay Club
operates nine campuses in the San Francisco, San Jose, Los Angeles,
San Diego and Portland markets. The company's clubs offer amenities
that combine the elements of fitness, sports, hospitality and
family. In the fall of 2018, KKR acquired Bay Club from York
Capital. Pro forma revenues are roughly $300 million for the twelve
months ended October 31, 2019.

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


CALIFORNIA RESOURCES: Provides Comment on Market Speculation
------------------------------------------------------------
California Resources Corporation issued the following statement on
media speculation:

"Over the past five years, we have consistently pursued options to
preserve and enhance the value of CRC and we are fighting hard for
the best outcome for our shareholders and other stakeholders. We
have significant operating flexibility and are focusing on
controlling what we can control, including reducing our capital
program and operating costs.  We will continue to consider all
options with our advisors as we work through this unprecedented
downturn and do not intend to provide updates on on-going
discussions."

                   About California Resources

California Resources Corporation -- http://www.crc.com/-- is an
oil and natural gas exploration and production company
headquartered in Los Angeles, California.  CRC operates its
resource base exclusively within the State of California, applying
complementary and integrated infrastructure to gather, process and
market its production.

California Resources reported a net loss attributable to common
stock of $28 million for the year ended Dec. 31, 2019, compared to
net income attributable to common stock of $328 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$6.96 billion in total assets, $709 million in total current
liabilities, $4.87 billion in long-term debt, $146 million in
deferred gain and issuance costs, $720 million in other long-term
liabilities, $802 million in redeemable non-controlling interests,
and total deficit of $296 million.

                          *    *    *

In March 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit
rating on California Resources Corp.  The affirmation reflects
S&P's expectation that CRC will continue to support its liquidity
by balancing its spending with its cash flow, selling non-core
assets, and potential for joint ventures in 2019 as mentioned in
the Company's fourth quarter conference call.

In November 2017, Moody's Investors Service upgraded California
Resources' Corporate Family Rating (CFR) to 'Caa1' from 'Caa2' and
Probability of Default Rating (PDR) to 'Caa1-PD' from 'Caa2-PD'.
Moody's said the upgrade of CRC's CFR to 'Caa1' reflects CRC's
improved liquidity and the likelihood that it will have sufficient
liquidity to support its operations for at least the next two years
at current commodity prices.


CARROLS RESTAURANT: S&P Lowers ICR to 'B-' on Operating Headwinds
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Carrols
Restaurant Group Inc. to 'B-' from 'B' and placed the rating on
CreditWatch with negative implications. At the same time, S&P
lowered its issue-level rating on its senior secured credit
facilities to 'B-' from 'B' and placing the rating on CreditWatch
with negative implications. The recovery rating remains '3'.

"We expect significant same store sales declines as consumers
practice social distancing by preparing more meals at home.  The
downgrade reflects our view that Carrols' cash flow and
profitability prospects are grim under current conditions,
especially considering its weakened restaurant base owing to last
year's acquisition of underperforming units. Despite its ability to
continue operating drive-thru, take-out, and delivery service, we
expect sharp declines in traffic over at least the next several
weeks. We believe that quick service restaurant operators are
slightly less exposed to the effects of the pandemic based on
higher penetration take-out service. However, social norms of crowd
avoidance and social distancing are very likely to result in
meaningful deterioration to Carrols' revenue. We expect social
distancing practices to result in reduced drive-thru and take-out
volumes in the mid-double-digit percent area for a period of at
least six weeks, followed by a protracted return to normalcy. We
believe negative same store sales in the double-digit percent area
are likely in fiscal 2020," S&P said.

"The CreditWatch placement reflects the possibility that we will
lower the ratings on Carrols by at least one notch as the pandemic
situation unfolds in the U.S. and the impact to quick service
restaurant operators is better understood. We believe there is a
one-in-two chance that we would consider Carrols' capital structure
to be unsustainable as a result of mandated restaurant closures,
greater-than-expected impact of social distancing on demand, or
both," S&P said.


CASABLANCA GLOBAL: Moody's Cuts CFR to Caa2, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Casablanca
Global Intermediate Holdings L.P. (Casablanca Global Intermediate
Holdings L.P. and its subsidiaries operate under the business name
Apple Leisure Group (ALG)) including its Corporate Family Rating to
Caa2, Probability of Default Rating to Caa2-PD, and senior secured
rating to Caa2. The outlook is negative.

"The downgrade reflects increased travel restrictions for US
travelers over the coming months due to the spread of COVID-19 that
will lead to a material reduction in ALG's earnings and free cash
flow in 2020," stated Pete Trombetta, Moody's lodging and cruise
analyst. "Significant earnings pressure and the company's decision
to fully draw down its revolver could lead to covenant concerns as
early as the second quarter of 2020," added Trombetta.

Downgrades:

Issuer: Casablanca Global Intermediate Holdings L.P.

  Probability of Default Rating, Downgraded to Caa2-PD from B3-PD

  Corporate Family Rating, Downgraded to Caa2 from B3

Issuer: Casablanca US Holdings Inc.

  Senior Secured Bank Credit Facility, Downgraded to Caa2 (LGD3)
  from B3 (LGD3)

Outlook Actions:

Issuer: Casablanca Global Intermediate Holdings L.P.

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The lodging and
travel sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in ALG's credit
profile, including its exposure to increased travel restrictions
and limitations on public gatherings have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and the company remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on ALG of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

ALG's Caa2 credit profile reflects its high leverage and weak free
cash flow in 2020. The company is also constrained by its very
small scale in terms of number of resorts, its geographic
concentration in Mexico and the Caribbean, its low operating
margins and its heavy reliance on contract sales at its Unlimited
Vacation Club to generate a substantial portion of its earnings.
Positive ratings consideration is given to ALG's acquisition of
Mark Travel which broadens its destinations concentration to
include Florida, California, Nevada and other resort destinations
and increases its passenger volume as a large percentage of
customers who traveled via Mark Travel packages did not utilize a
resort managed by Apple Leisure Group. Other positive
considerations include ALG's low capital requirements, and its
vertically integrated business model. Under normal circumstances,
Moody's believes that ALG's low capital requirements and vertically
integrated business model mitigate, to some degree, the earnings
volatility that are experienced during periods of weak demand.

Ratings could be downgraded if the probability of default increases
for any reason. Any deterioration in liquidity would also lead to
negative rating actions. The outlook could return to stable if the
company addresses any covenant concerns and if free cash flow turns
at least break even. Although not likely in the near term, ratings
could be upgraded if free cash flow turns positive and the
company's liquidity improves.

Casablanca Global Intermediate Holdings L.P. and its subsidiaries
operate under the business name Apple Leisure Group (ALG). ALG's
consolidated annual gross are about $1.1 billion (net of cost
reimbursements), with GAAP net revenues of approximately $800
million.

Casablanca Global Intermediate Holdings L.P. is a company formed in
connection with the acquisition of the operating subsidiaries of
Apple Leisure Group by Kohlberg Kravis Roberts & Co. L.P. and KSL
Capital Partners IV, LP along with certain other investors (the
management and founders). Casablanca Global Intermediate Holdings
L.P. is the indirect parent of Casablanca US Holdings Inc.,
Casablanca Foreign Holdings B.V., and ALG Servicios Financieros
Mexico, S.A. de C.V. (the borrowers under the rated bank
facilities). Casablanca does business under the name Apple Leisure
Group. Its primary operating subsidiaries are ALG Vacations,
AMStar, AMResorts, and Unlimited Vacation Club. Apple Leisure
Group's distribution group sells wholesale and retail vacation
travel packages to the Caribbean, Mexico, Hawaii, and Europe
through multiple business units under brand names including "Apple
Vacations", "Funjet Vacations", "Travel Impressions" and "Cheap
Caribbean". AMSTAR provides optional tours, and ground
transportation services in Hawaii, the Caribbean and Mexico.
AMResorts manages 75 all-inclusive resorts located in Mexico, the
Caribbean, Central America and Spain. Unlimited Vacation Club sells
memberships which that primarily provides discounted pricing on
future resort stays. ALG's consolidated annual gross revenues are
about $1.1 billion.

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


CBAK ENERGY: Delays Form 10-K Filing Amid COVID-19 Pandemic
-----------------------------------------------------------
CBAK Energy Technology, Inc., said in a Form 8-K filed with the
Securities and Exchange Commission that it will be unable to file
its 2019 Annual Report on Form 10-K by March 30, 2020 due to
circumstances related to COVID-19.  All of the Company's operating
subsidiaries, employees and production facilities are located in
China which has been affected by the outbreak of COVID-19 since
December 2019.  From January to February 2020, the Chinese
government imposed nationwide travel restrictions and quarantine
control, and the Company largely suspended its operations during
this period.  As a result, the Company's finance department will be
unable to complete the preparation of the Company's consolidated
financial statements and the 10-K without undue hardship and
expense to the Company until after March 30, 2020.

The Company is relying on the SEC order under Section 36 of the
Securities Exchange Act of 1934, as amended, dated March 25, 2020
(Release No. 34-88465) to extend the due date for the filing of the
10-K until May 14, 2020 (45 days after the original due date).  The
Company will work diligently to comply with such requirement and,
at this time, management believes that it will need the entire
available extension period.

The Company is supplementing the risk factors previously disclosed
in the Company's Annual Report on Form 10-K for the year ended Dec.
31, 2018 and its subsequent Quarterly Reports on Form 10-Q with the
following risk factor:

"Our business operations have been and may continue to be
materially and adversely affected by the outbreak of the
coronavirus (COVID-19).

"An outbreak of respiratory illness caused by COVID-19 emerged in
late 2019 and has spread within the PRC and globally.  The
coronavirus is considered to be highly contagious and poses a
serious public health threat.  The World Health Organization
labeled the coronavirus a pandemic on March 11, 2020, given its
threat beyond a public health emergency of international concern
the organization had declared on January 30, 2020.

"Any outbreak of health epidemics or other outbreaks of diseases in
the PRC or elsewhere in the world may materially and adversely
affect the global economy, our markets and our business.  In the
first quarter of 2020, the COVID-19 outbreak has caused disruptions
in our manufacturing operations and temporary closure of our
offices.  A prolonged disruption or any further unforeseen delay in
the procurement, manufacturing and assembly process within our
production facilities could continue to result in delays in the
shipment of our products to customers, increased costs and reduced
revenue.

"As the coronavirus epidemic expands globally, the world economy is
suffering a noticeable slowdown.  If this outbreak persists,
commercial activities throughout the world could be curtailed with
decreased consumer spending, business operation disruptions,
interrupted supply chain, difficulties in travel, and reduced
workforces.  The duration and intensity of disruptions resulting
from the coronavirus outbreak is uncertain.  It is unclear as to
when the outbreak will be contained, and we also cannot predict if
the impact will be short-lived or long-lasting.  The extent to
which the coronavirus impacts our financial results will depend on
its future developments.  If the outbreak of the coronavirus is not
effectively controlled in a short period of time, our business
operation and financial condition may be materially and adversely
affected as a result of any slowdown in economic growth, operation
disruptions or other factors that we cannot predict."

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, CBAK Energy had
$110.40 million in total assets, $98.90 million in total
liabilities, and $11.50 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.


CCM MERGER: Moody's Lowers CFR to B2, Outlook Negative
------------------------------------------------------
Moody's Investors Service today downgraded CCM Merger, Inc.'s
Corporate Family Rating to B2 from B1. The outlook is negative.

The downgrade to B2 CFR is in response to the disruption in casino
visitation resulting from efforts to contain the spread of the
coronavirus including recommendations from federal, state and local
governments to avoid gatherings and avoid non-essential travel.
These efforts include mandates to close casinos on a temporary
basis.

Based on Michigan Governor Whitmer's Executive Order 2020-20,
MotorCity Casino closed on March 16 and will remain closed through
at least April 13, 2020. CCM is entirely dependent upon Motor City
Casino located in downtown Detroit to generate all its revenue and
cash flow. The downgrade also reflects the negative effect on
consumer income and wealth stemming from job losses and asset price
declines, which will diminish discretionary resources to spend at
casinos, including Motor City Casino, once this crisis subsides.

Downgrades:

Issuer: CCM Merger, Inc.

  Corporate Family Rating, Downgraded to B2 from B1

  Probability of Default Rating, Downgraded to B2-PD from B1-PD

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
  (LGD5) from B3 (LGD5)

Affirmations:

Issuer: CCM Merger, Inc.

  Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD2
  from LGD3)

Outlook Actions:

Issuer: CCM Merger, Inc.

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

CCM's B2 CFR reflects the meaningful earnings decline over the next
few months expected from efforts to contain the coronavirus and the
potential for a slow recovery once properties reopen. Because of
approaching July 2021 maturities, the credit profile could
deteriorate meaningfully over the next three months if the
company's operating performance does not rebound quickly from the
coronavirus outbreak. Other key credit risks include CCM's small
size in terms of gaming revenue and single asset profile.

Positive rating consideration is given to the demonstrated
stability and favorable characteristics of the Detroit gaming
market. Detroit has many attributes that make it an attractive
gaming market. The market retains significant population density as
measured by adults per gaming position, and casino participation
rates are high. Additionally, state law allows only three casinos
in the city providing a barrier to entry for new competitors.
Detroit is also geographically isolated from other gaming markets
in the U.S. Most of its customers come from within a 100-mile
radius. It is the most convenient gaming market to reach from
points southeast.

The B2 CFR also acknowledges CCM's good liquidity. As of December
2019, the company had about $185 million of cash and had recently
drawn on its entire $15 million revolver to preserve liquidity.
There are no near-term capital expenditure requirements above
maintenance levels. As a result, and despite the stress on
financial resources that will occur as a result of the coronavirus
crisis, CCM still has the ability to generate and maintain an
excess level of internal cash resources after satisfying all
capital expenditure and near-term scheduled debt service. However,
CCM has significant amount of debt maturities in July 2021 that
will weaken liquidity meaningfully if the company is unable to
proactively address the maturities. The company had been using its
free cash flow to repay date above and beyond scheduled amounts.
CCM's $15 million revolver and $285 million term loan B mature in
July 2021 while its $200 million senior unsecured notes mature in
March 2022.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, CCM's continued exposure to travel disruptions
and discretionary consumer spending, have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions makes it vulnerable to the outbreak continuing to
spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on CCM of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at Motor City Casino will recover. The negative
outlook also considers the substantial maturities in 2021 and
2022.

Ratings could be downgraded if liquidity deteriorates including if
CCM's debt maturities are not addressed in the relative near term.
A downgrade could also occur if Moody's anticipates that CCM's
earnings decline will be deeper or more prolonged because of
actions to contain the spread of the virus or reductions in
discretionary consumer spending.

A ratings upgrade is unlikely given the weak operating environment
and continuing uncertainty related to the coronavirus. An upgrade
would require a high degree of confidence on Moody's part that the
gaming sector has returned to a period long-term stability, and
that CCM demonstrate the ability to generate positive free cash
flow, maintain good liquidity, and operate at a debt/EBITDA level
at 4.0x or lower.

CCM, through its subsidiary Detroit Entertainment L.L.C, owns and
operates the MotorCity Casino Hotel in Detroit, Michigan, one of
only three commercial casinos that are allowed to operate in the
Detroit area. CCM is owned by Marian Ilitch and generates
approximately $485 million in net revenue. The company is privately
held and does not publicly disclose detailed financial
information.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


CEC ENTERTAINMENT: Moody's Cuts CFR to Caa1, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded CEC Entertainment, Inc.'s
corporate family rating to Caa1 from B3, its probability of default
rating to Caa1-PD from B3-PD, its first lien term loan and
revolving credit facilities to B3 from B2, and its senior unsecured
notes to Caa3 from Caa2. The company's speculative grade liquidity
rating of SGL-2 was downgraded to SGL-3. The ratings outlook was
changed to negative from stable.

The downgrade considers the closure of on-premise dining,
entertainment and arcade rooms at all company-operated Chuck E.
Cheese and Peter Piper Pizza restaurant units in response to the
COVID-19 pandemic and the likelihood that the closures will extend
beyond March 31, 2019 resulting in debt/EBITDA rising above Moody's
downgrade factors. CEC is providing carry-out orders and delivery
via third parties that will help offset a small portion of fixed
costs. Given the anticipated decline in earnings, debt/EBITDA is
expected to increase near 7.0x from approximately 6.3x as of the
last twelve months and EBIT/interest will deteriorate below 1.0x.

CEC's cash balances plus the revolver draw approximate $140 million
which will enable the company to meet its obligations even if the
closures last for several months. The negative outlook reflects
uncertainty around the duration of unit closures and pace of the
rebound once the pandemic begins to subside as well as CEC's
liquidity in light of the springing maturity of its capital
structure. The maturity of CEC's revolver and term loan springs to
November 15, 2021, in the event that more than $50 million of the
Company's 8% senior unsecured notes maturing 2/15/2022 remain
outstanding 91 days prior to this date.

Downgrades:

Issuer: CEC Entertainment, Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-2

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD5)
from Caa2 (LGD5)

Outlook Actions:

Issuer: CEC Entertainment, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector will be one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in the credit profile of
restaurant companies, including their exposure to travel
disruptions and discretionary consumer spending have left them
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the companies remain vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The actions
reflect the impact on casual dining restaurants of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

CEC Entertainment, Inc. is constrained by its high leverage and
weak coverage driven in part by its debt financed leveraged buyout
by an affiliate of Apollo Investments in February 2014. The ratings
also incorporate the company's high seasonality of earnings in the
first quarter and store concentration in California, Texas and
Florida. While competition and increasing labor costs remain a
headwind, the company's guest experience and technology
investments, such as PlayPass, have led to an improving same store
sales trend. The ratings are supported by CEC's meaningful scale,
its good EBITDA margins relative to similarly rated peers,
reasonable level of brand awareness, and good liquidity profile.

CEC Entertainment, Inc., headquartered in Irving, Texas, owns,
operates, and franchises a total of 612 Chuck E. Cheese stores and
129 Peter Piper Pizza locations that provide family-oriented dining
and entertainment in 47 states and 16 foreign countries. CEC is
wholly owned by an affiliate of Apollo Global Management, LLC.
Revenue for the last twelve-month period ended 12/31/2019
(including franchise fees and royalties) was approximately $912
million.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


CENTURY CASINOS: Moody's Lowers CFR to B3, On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service downgraded Century Casinos, Inc.'s
Corporate Family Rating to B3 from B2. Other rating actions
affecting the company are listed below. The ratings are on review
for further downgrade. Moody's also downgraded Century's
Speculative Grade Liquidity rating to SGL-2 from SGL-1.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos on a
temporary basis.

On March 17, Century announced that it closed its Colorado casinos
for the next 30 days to comply with a quarantine imposed by the
Governor of Colorado. Century's Colorado operating segment
contributes about 10% of Century's net operating revenue and
EBITDA. On March 18, Century announced that it temporarily closed
its Canadian, West Virginia and Missouri casinos to comply with
quarantines issued by governments.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos and other
entertainment facilities, including at Century's gaming facilities,
once this crisis subsides.

Downgrades:

Issuer: CENTURY CASINOS, INC.

  Probability of Default Rating, downgraded to B3-PD from B2-PD;
  placed under review for further downgrade

  Speculative Grade Liquidity Rating, downgraded to SGL-2 from
  SGL-1

  Corporate Family Rating, downgraded to B3 from B2; placed under
  review for further downgrade

  Senior Secured Bank Credit Facility, downgraded to B3 (LGD3)
  from B2 (LGD3); placed under review for further downgrade

Outlook Actions:

Issuer: CENTURY CASINOS, INC.

  Outlook, changed to rating under review from stable

RATINGS RATIONALE

Century's B3 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen. The
company's relatively small scale in terms of revenue and earnings,
and high leverage of the borrowing group supporting the rated debt
also create credit risk. Additionally, borrowing group debt/EBITDA
on a Moody's lease-adjusted basis and prior to the coronavirus
outbreak was 5.5x, a level considered already high for the
relatively small asset profile of the borrowing group, which
includes Century's North American casinos only. Prior to the
coronavirus outbreak, borrowing group EBITDA was expected to be
small, at only about $65 million. Supporting the B3 CFR at this
time is Century's geographic diversification, albeit a modest
amount, and that there are no major expansion projects on the
immediate horizon as Century completed several growth projects over
the past two years.

The review for downgrade will focus on the degree to which Century
can absorb the negative financial implications related to the
coronavirus outbreak because limitations on travel and social
gatherings, mandated or otherwise, could have a very material
effect on the liquidity and overall credit profile of the company.
The review for downgrade reflects that given the current economic
circumstances, Century internal cash generation may not be
sufficient to satisfy all scheduled debt service and maintenance
level capital expenditures. Moody's will assess the potential
length and severity of the drop in visitation and revenue, and the
effect on the company's credit metrics and liquidity. Moody's will
also evaluate Century's ability to reduce expenses and take other
actions to preserve cash. With revenue ceasing, EBITDA and free
cash flow will be negative for a period of time and this could lead
to meaningful operating strains and the potential for a downgrade
in a relatively short time period.

Moody's downgraded the Speculative-Grade Liquidity rating to SGL-2
from SGL-1 because of the expected decline in earnings and cash
flow and increased risk of a covenant violation. On March 17,
Century drew down the full $10 million limit on its revolving
facility, As of December 31, 2019, the company had no outstanding
borrowings under the revolver. The $10 million supplements the
company's approximately $51.2 million cash on hand as of February
29, 2020. On the positive side, the scheduled maturity date of the
revolving facility is several years out, at December 6, 2024, and
there are no material debt maturities before then. There are also
no material financial covenants governing the credit facility.

Ratings could be downgraded if Moody's anticipates that Century's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. The ratings or SGL
could also be lowered if it appears the company will need to obtain
additional capital to manage through the crisis.

A ratings upgrade is unlikely because the ratings are on review for
downgrade and given the weak operating environment and continuing
uncertainty related to the coronavirus.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Century's continued exposure to travel
disruptions and discretionary consumer spending have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Century the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Century is headquartered in Colorado Springs, Colorado, is an
international casino entertainment company with operations in the
US, Canada, England, Argentina and Poland. The company is publicly
traded (NASDAQ: CNTY) and has consolidated annual net revenues of
around $420 million, although the revenue of the borrowing group
responsible for servicing the company's rated $180 million credit
facility is considerably smaller at about $260 million.


CHERRY BOMB: Seeks to Hire Herron Hill Law as Attorney
------------------------------------------------------
Cherry Bomb Electric, Inc., seeks authority from the US Bankruptcy
Court for the Middle District of Florida to employ as Herron Hill
Law Group, PLLC, as attorneys.

The professional services that the attorneys will render are:

     a. advise and counsel the debtor-in possession concerning the
operation of its business in compliance with Chapter 11 and orders
of this Court;

     b. defend any causes of action on behalf of the
debtor-in-possession;

     c. prepare, on behalf of the debtor-in-possession, all
necessary applications, motions, reports, and other legal papers in
the Chapter 11 case;

     d. assist in the formulation of a plan of reorganization and
preparation of a disclosure statement; and

     e. provide all services of a legal nature in the field of
bankruptcy law.

Herron Hill Law represents no interest adverse to the Debtor, or
its estate, and is a "disinterested person" as that term is defined
by 11 U.S.C. Section 101(14), according to court filings, according
to court filings.

The firm can be reached through:

     Kenneth D. Herron, Jr., Esq.
     Herron Hill Law Group, PLLC
     135 W Central Blvd #650
     Orlando, FL 32801
     Phone: +1 407-648-0058
     
               About Cherry Bomb Electric, Inc.

Cherry Bomb Electric is an electrical contractor from Satellite
Beach. They provide electrical wiring, recessed lighting and other
services.

Cherry Bomb Electric, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-01234) on Feb.
28, 2020, listing under $1 million in both assets and liabilities.
Kenneth D. Herron, Jr., Esq. at     Herron Hill Law Group, PLLC, is
the Debtor's counsel.


CHURCHILL DOWNS: Moody's Lowers CFR to Ba3 & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service downgraded Churchill Downs Incorporated's
Corporate Family Rating to Ba3 from Ba2. The outlook is negative.
Moody's also downgraded the Speculative Grade Liquidity rating to
SGL-2 from SGL-1.

The downgrade to a Ba3 CFR is in response to the disruption in
casino and horse racing visitation resulting from efforts to
contain the spread of the coronavirus including recommendations
from federal, state and local governments to avoid gatherings and
avoid non-essential travel. These efforts include mandates to close
casinos on a temporary basis.

On March 17, 2020, Churchill announced the rescheduling of the
146th Kentucky Oaks and Kentucky Derby. The 146th Kentucky Derby
will be rescheduled from May 2, 2020 to September 5, 2020 and the
146th Kentucky Oaks will be rescheduled from May 1, 2020 to
September 4, 2020. The company has temporarily suspended casino and
racing operations at most of its locations as a precautionary
measure and in cooperation with state and local authorities.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos and other
entertainment facilities, including at Churchill's gaming and horse
racing venues, once this crisis subsides.

Downgrades:

Issuer: Churchill Downs Incorporated

  Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD

  Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
  SGL-1

  Corporate Family Rating, Downgraded to Ba3 from Ba2

  Senior Unsecured Regular Bond/Debenture, Downgraded to B1 (LGD5)
  from Ba3 (LGD5)

Affirmations:

Issuer: Churchill Downs Incorporated

  Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD2)

Outlook Actions:

Issuer: Churchill Downs Incorporated

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Churchill's Ba3 CFR reflects the meaningful earnings decline over
the next few months expected from efforts to contain the
coronavirus and the potential for a slow recovery once properties
reopen. Positive credit consideration includes the strong history,
popularity and performance of the Kentucky Derby. Credit challenges
include the highly discretionary nature of consumer spending on
traditional gaming and betting activities in general, along with
the fact that the Kentucky Derby accounts for a significant portion
of the company's consolidated segment EBITDA.

Moody's downgraded the speculative-grade liquidity rating to SGL-2
from SGL-1 because of the expected decline in earnings and cash
flow and increased risk of a covenant violation. As of December 31,
2019, Churchill had about $143 million of cash prior to drawing
down on the entire amount under its $700 million revolver on March
16. Churchill also received an amendment to extend the maturity for
its revolving credit facility to at least September 27, 2024, which
is 91 days prior to the latest maturity date of its term loan
facility on December 27, 2024. Previously, the maturity date of the
revolving credit facility was December 27, 2022. There are no other
no material near-term debt maturities or significant capital
expenditure requirements above maintenance levels at this time. As
a result, and despite the stress on financial resources that will
occur as a result of the coronavirus crisis, Churchill still has
the ability to generate and maintain an excess level of internal
cash resources after satisfying all scheduled debt service.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Churchill's continued exposure to travel
disruptions and discretionary consumer spending, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Churchill of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at Churchill's casinos will recover. As a result,
the company's liquidity and leverage could deteriorate quickly over
the next few months.

Ratings could be downgraded if Moody's anticipates that Churchill's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. A ratings upgrade is
unlikely given the weak operating environment and continuing
uncertainty related to the coronavirus. An upgrade would require a
high degree of confidence on Moody's part that the gaming sector
has returned to a period long-term stability, and that Churchill
demonstrate the ability to generate positive free cash flow,
maintain good liquidity, and operate at a debt/EBITDA level at 4.0x
or lower.

Churchill owns and operates The Kentucky Derby which is the longest
continuously held annual sporting event in the United States and is
the first horse racing event of the annual series of races for
3-year old thoroughbreds known as the Triple Crown. The company
also owns Derby City Gaming, a historical racing machine facility
in Louisville, Kentucky, TwinSpires.com, and brick-and-mortar
casino gaming facilities across eight states. Revenue for the
fiscal year-ended Dec. 31, 2019 was about $1.33 billion.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


CNX RESOURCES: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CNX Resources Corporation to B+ from BB.

CNX Resources Corporation is a natural gas company based in
Pittsburgh. The company was known as Consol Energy until separating
into CNX and Consol Energy in 2017. The company operates in the
Appalachian Basin. It was the first company to use an electric
fracking fleet in the Appalachian Basin.




COLUMBUS MCKINNON: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Columbus McKinnon Corporation of New York to BB-
from BB+.

Columbus McKinnon Corporation of New York designs, manufactures,
and distributes a variety of material handling, lifting, and
positioning products. The Company's products are sold to
distributors and end-users in the general manufacturing, crane
building, mining, construction, transportation, entertainment,
power generation, agriculture, marine, and medical markets.



COMMUNITY WATCH: Seeks to Hire Herron Hill Law as Attorney
----------------------------------------------------------
Community Watch Solutions, LLC, seeks authority from the US
Bankruptcy Court for the Middle District of Florida to employ
Herron Hill Law Group, PLLC, as its attorneys.

The professional services that the attorneys will render are:

     a. advise and counsel the debtor-in possession concerning the
operation of its business in compliance with Chapter 11 and orders
of this Court;

     b. defend any causes of action on behalf of the
debtor-in-possession;

     c. prepare, on behalf of the debtor-in-possession, all
necessary applications, motions, reports, and other legal papers in
the Chapter 11 case;

     d. assist in the formulation of a plan of reorganization and
preparation of a disclosure statement; and

     e. provide all services of a legal nature in the field of
bankruptcy law.

Herron Hill Law represents no interest adverse to the Debtor, or
its estate, and is a "disinterested person" as that term is defined
by 11 U.S.C. Section 101(14), according to court filings, according
to court filings.

The firm can be reached through:

     Kenneth D. Herron, Jr., Esq.
     Herron Hill Law Group, PLLC
     135 W Central Blvd #650
     Orlando, FL 32801
     Phone: +1 407-648-0058

            About Community Watch Solutions, LLC

Based in Champions Gate, Florida, Community Watch Solutions, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Case No. 20-01222) on Feb. 28, 2020, listing under $1
million in both assets and liabilites. Kenneth D. Herron, Jr., Esq.
at HERRON HILL LAW GROUP, PLLC, represents the Debtors as counsel.


COMMUNITY WATCH: V Trustee Hires Zimmerman Kiser as Counsel
-----------------------------------------------------------
Richard B. Webber II, Subchapter V Trustee in this Chapter 11 of
Community Watch Solutions, LLC, seeks authority from the US
Bankruptcy Court for the Middle District of Florida to retain the
law firm of Zimmerman, Kiser & Sutcliffe, P.A., as his counsel.

Zimmerman is to represent and assist the Trustee in carrying out
the V Trustee's duties under the Bankruptcy Code. The attorney will
render all legal services as may be required in this case.

Specifically, Zimmerman will:

     1. attend at Emergency Hearings and other Hearings in the
Chapter 11 Case;

     2. attend at the Initial Debtor Interview;

     3. attend at the 341 Meeting of Creditors and V Trustee has a
direct conflict as he is in Trial with Judge Jennemann on Monday
March 3, 2020 and needs another attorney to attend the 341 Meeting
of Creditors as required;

     4. draft and file necessary pleadings and to take appropriate
actions required by V Trustee to include Adversary Proceedings, if
necessary;

     5. facilitate and assist Debtor in preparation of a Plan of
Reorganization in this Chapter 11 case;

     6. attend Confirmation Hearing;

     7. review the Debtor's Monthly Operating Reports and other
financial information;

     8. provide all other actions as are necessary and appropriate
to carry out the V Trustee's duties and to specifically include
negotiations with creditors on Plan of Reorganization
classification, treatment and appropriate interest rates.

The attorney's standard hourly rate is $550. It is the V Trustee's
goal to keep fees to a blended rate of $400 in this Chapter 11 Case
and requires assistance of paralegals and associate attorneys in
this regard with their reduced rates.

To the best of the V Trustee’s knowledge, the attorney has no
connection with the Debtor, creditors, and any other party in
interest, their respective attorneys and accountants, the United
States Trustee, or any person employed in the office of the United
States Trustee.

The attorney can be reached through:

     Richard B. Webber II, Esq.
     Zimmerman, Kiser & Sutcliffe, P.A.
     PO Box 3000
     Orlando, FL 32802-3000
     Tel: (407) 425-7
     Tel: (407) 425-2747

            About Community Watch Solutions, LLC

Based in Champions Gate, Florida, Community Watch Solutions, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Case No. 20-01222) on Feb. 28, 2020, listing under $1
million in both assets and liabilites. Kenneth D. Herron, Jr., Esq.
at HERRON HILL LAW GROUP, PLLC, represents the Debtors as counsel.


COMSTOCK RESOURCES: S&P Downgrades ICR to 'CCC+'; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company Comstock
Resources Inc. to 'CCC+' from 'B'. The issue-level rating on the
unsecured debt was also lowered to 'CCC+'.

"We expect Comstock's already tight liquidity position will be
vulnerable to upcoming borrowing base redetermination cycles.  With
$1.25 billion (83%) of its $1.5 billion RBL elected commitment
drawn as of year-end, we believe redetermination risk has markedly
increased as economic and business conditions have deteriorated
considerably along with oil and gas prices. Accordingly, we expect
lenders will become more conservative--which could result in a
liquidity shortfall assuming ownership does not intervene," S&P
said.

The stable outlook incorporates Comstock's commodity hedges,
low-cost structure, and absence of near-term debt maturities; while
taking into account its thin liquidity, significant borrowing base,
redetermination risk, and elevated leverage over the next 12
months.

"We could lower the rating if liquidity erodes or if we believe
there is a significant probability of conventional or selective
default in the next year," S&P said.

"We could raise the rating if the company exhibits strong
operational execution while demonstrating the ability to generate
meaningful positive cash flow for several consecutive quarters. The
company would need to significantly reduce revolver borrowings,
maintain at least adequate liquidity, and sustain FFO to debt above
20%. We could envision this scenario if commodity prices rebound
and the company does not encounter unforeseen operational issues,"
the rating agency said.


COOPER-STANDARD AUTOMOTIVE: Moody's Cuts CFR to B3, Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded Cooper-Standard Automotive
Inc.'s ratings, including Corporate Family Rating and Probability
of Default Ratings to B3 and B3-PD, from B2 and B2-PD,
respectively; and senior unsecured note rating to Caa1 from B3.
Moody's affirmed the senior secured rating at Ba3.
Cooper-Standard's Speculative Liquidity Rating remains SGL-3. The
rating outlook is negative.

The following ratings were downgraded:

Issuer: Cooper-Standard Automotive Inc.

  Corporate Family Rating, to B3 from B2;

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

  $400 million of senior unsecured notes, to Caa1 (LGD5) from
  B3 (LGD5).

The following rating is affirmed

Issuer: Cooper-Standard Automotive Inc.

  $327 million (remaining amount) senior secured term loan
  due 2023, at Ba3 (LGD2)

The rating outlook is negative

The $210 million asset based revolving credit facility is not rated
by Moody's.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto sector
(and issuers within other sectors that rely on the auto sector) has
been one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in the companies' credit profiles,
including their exposure to final consumer demand for light
vehicles have left them vulnerable to shifts in market sentiment in
these unprecedented operating conditions and the companies remain
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on the companies of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Cooper-Standard's B3 CFR reflects Moody's expectation that cash
flow and profits will be further weakened over the near-term due to
temporary plant suspensions of automotive manufacturers and new
social distancing policies around the world which will dampen
automotive demand. Debt/EBITDA at year-end 2019 of 6.5x (inclusive
of Moody's adjustments) is expected to worsen through the first
half of 2020.

The negative outlook reflects Moody's expectation that the
company's negative EBITA margins are likely to continue into the
first half of 2020, putting further pressure on leverage and
liquidity.

An upgrade in the ratings is unlikely over the next 12 months. The
ratings could be upgraded with strong restructuring and operating
efficiency actions combined with a stabilization of global
automotive production driving Moody's expectations of improving
EBITA margin, Debt/EBITDA, and EBITA/Interest coverage, inclusive
of restructuring charges. Maintaining an adequate liquidity
profile, inclusive of addressing debt maturities in 2021, is also
important to supporting an upgrade.

The ratings could be downgraded with Moody's expectation that the
company's restructuring and operating efficiency actions are
insufficient to offset automotive production disruptions and
softening industry conditions through 2020 and stabilize profit
margins. A further weakening liquidity position would also drive a
lower rating.

Cooper-Standard's SGL-3 speculative grade liquidity rating reflects
an adequate liquidity profile through though 2020. Cash on hand at
December 31, 2019 was $360 million while borrowing base
availability under the under the $210 million asset based revolving
credit facility (maturing November 2021) was $173 million after
outstanding letters of credit. Moody's now expects negative free
cash flow 2020 could be as much as $100 million due to global
temporary plant suspensions at automotive manufacturers and new
social distancing policies around the world. The primary financial
revolver covenant is a springing fixed charge covenant of 1 to 1
when availability falls below the greater of $15 million or 10% of
the facility's borrowing base. This is a low-test level, and
Moody's does not expect sufficient borrowings to require test of
the covenant, although there could be stress on the limit if the
covenant were to be tested. The senior secured term loan does not
have financial maintenance covenants.

Further, there was about $104 million of account receivables
outstanding under its receivable transfer agreement at December 31,
2019 which matures in December 2020. The risk of this outlet being
unavailable over the long-term weighs on the company's liquidity
profile.

Cooper-Standard's role in the automotive industry exposes the
company to material environmental risks arising from increasing
regulations on carbon emissions. As automotive manufacturers seek
to introduce more electrified powertrains, traditional ICEs will
become smaller. Some of Cooper-Standard's products are supportive
of this trend including sealing systems and fluid transfer systems.
Yet, fuel delivery products may be challenged over the
longer-term.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Cooper-Standard, headquartered in Novi, Michigan, is a leading
global supplier of systems and components for the automotive
industry. Products include sealing and trim, fuel and brake
delivery, and fluid transfer systems. The Company operates
manufacturing, design, engineering, administrative and logistics
locations in 21 countries around the world. Net sales for 2019 were
$3.1 billion.


COUNTRYSIDE FUNERAL: Seeks to Hire Mark J. Lazzo as Legal Counsel
-----------------------------------------------------------------
Countryside Funeral Home, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to hire Mark J. Lazzo,
P.A., as its legal counsel.
   
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include the preparation of a bankruptcy
plan, negotiations with creditors, review of claims, negotiations
to sell the Debtor's assets, and the filing of adversary cases.

Mark Lazzo, Esq., and Justin Balbierz, Esq., the firm's attorneys
who will be handling the case, will charge $300 per hour and $220
per hour.

Both attorneys neither hold nor represent an interest adverse to
the Debtor's bankruptcy estate, according to court filings.

The firm can be reached through:

     Mark J. Lazzo, Esq.
     Mark J. Lazzo, P.A.
     3500 N. Rock Road Bldg. 300, Suite B       
     Wichita, Kansas 67226
     Phone: (316) 263-6895
     Email: mark@lazzolaw.com

                  About Countryside Funeral Home

Countryside Funeral Home, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Kansas Case No. 20-10330) on
March 16, 2020.  At the time of the filing, the Debtor disclosed
$1,344,900 in assets and $4,118,149 in liabilities.  Judge Robert
E. Nugent oversees the case.  The Debtor is represented by Mark J.
Lazzo, P.A.


CRACKLE INTERMEDIATE: S&P Downgrades ICR to 'B-'; Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Crackle
Intermediate Corp.'s (dba SnapAV) to 'B-' from 'B'. The outlook is
negative. S&P also lowered its issue-level rating on the company's
secured term loan and revolving credit facility to 'B-' from 'B';
the recovery rating remains '3'.

"The downgrade and negative outlook reflect 2019 leverage around
9x, higher than expected due to investments in growth that did not
materialize, and our uncertainty about how severely the coming
macroeconomic downturn will affect SnapAV's operating performance.
We think the company can keep leverage around 9x and maintain
positive cash flow in a downturn because of cost reductions and
highly variable costs. But we see risk to this view because we are
uncertain about the depth and length of the coming recession and
the magnitude of the impact on SnapAV's customer demand," S&P
said.

The negative outlook reflects S&P's uncertainty about how severely
the coming macroeconomic downturn will affect SnapAV's operating
performance given its products' discretionary nature, particularly
because leverage is already high at around 9x.

"We could downgrade SnapAV over the next 12 months if free
operating cash flow (FOCF) falls to around break-even or if total
liquidity falls below $30 million, which would likely be the result
of a prolonged macroeconomic downturn that lasts into the second
half of 2020 or beyond. At that point, we would question the
sustainability of the capital structure," S&P said.

"We could revise our outlook to stable if the trough of the
downturn is visible and the company can generate $10 million-$20
million of cash flow, while maintaining about $50 million of total
liquidity," the rating agency said.


CROSBY WORLDWIDE: S&P Alters Outlook to Negative, Affirms B- ICR
----------------------------------------------------------------
S&P Global Ratings revised Crosby Worldwide Ltd.'s outlook to
negative from positive and affirmed its 'B-' issuer credit rating.
At the same time, S&P affirmed its 'B-' rating and '3' recovery
rating on company's revolving credit facility due 2024 and
first-lien term loan due 2026 as well as its 'CCC' and '6' recovery
rating on the second-lien term loan.

The outlook revision incorporates significant declines in its end
markets (particularly its oil and gas and other cyclical markets)
and uncertainty in the general macroeconomic environment given the
rapid spread of COVID-19 and expectations for a sizable reduction
in global GDP. S&P expects leverage well above 6.5x in 2020,
possibly approaching 10x, and for cash flow to be significantly
impacted.

The negative outlook reflects the potential that S&P could lower
the rating if Crosby experiences significantly lower revenues and
free cash flow over the next 12 months, particularly given Crosby's
material exposure to the upstream oil and gas end market.
Downside scenario

"We could lower our rating on Crosby if the company's free
operating cash flow turns negative and its liquidity position
weakens. We believe negative cash flow could also lead to increased
revolver usage, which would subject the company to financial
maintenance covenants and reduce its cushion under these covenants.
Additionally, we could lower our rating if we deem the capital
structure to be unsustainable," S&P said.

Upside scenario

S&P could revise its outlook to stable if there is a dramatic
rebound in the company's end markets and it expects operating
trends to be restored to levels supporting sustainable positive
free cash flow, sufficient liquidity and a sustainable capital
structure.


DALF ENERGY: Seeks to Hire H. Anthony Hervol as Counsel
-------------------------------------------------------
Dalf Energy, LLC, seeks authority from the US Bankruptcy Court for
the Western District of Texas to hire the Law Office of H. Anthony
Hervol as its counsel.

Services the attorney will render are:

     a. represent the Debtor in this Chapter 11 case and advise the
Debtor as to its rights, powers and duties as
debtor-in-possession;

     b. prepare all necessary statements, schedules and other
documents and to negotiate and prepare one or more plans of
reorganization for the Debtor;

    c. represent the Debtor at all hearings, meetings of creditors,
conferences, trials and other proceedings in this case;

     d. take necessary action to collect property of the estate and
file suits to recover the same, pursue or defend other adversary
proceedings as needed, or work with special counsel appointed by
the Court to pursue or defend any adversary proceedings;

     e. prepare on behalf of the Debtor all necessary applications,
motions, answers, responses, orders, reports and other legal
papers;

     f. object to dispute claims;

     g. prepare and present final accounting and motion for final
decree closing the bankruptcy case; and

     h. perform all other legal services for the Debtor as Debtor
in possession which may be necessary.

The counsel will charge $285 per hour for its services, to be
applied against a retainer of $20,000 for pre-petition and
post-petition services, and a deposit of $1,717for costs and filing
fees.

H. Anthony Hervol, Esq. assures the court that the firm does not
hold or represent an interest adverse to the estate with respect to
the matters on which he would be employed.

The firm can be reached through:

     H. Anthony Hervol, Esq.
     LAW OFFICE OF H. ANTHONY HERVOL
     4414 Centerview Road, Suite 207
     San Antonio, TX 78228
     Phone: (210) 522-9500
     Fax: (210) 522-0205
     Email: hervol@sbcglobal.net

                About DALF Energy, LLC

DALF Energy, LLC is a privately held company in the oil and gas
extraction business.

DALF Energy, LLC, filed its voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-50369) on Feb.
17, 2020. In the petition signed by Carlos Sada Gonzalez,
co-manager, the Debtor estimated $1 million to $10 million in both
assets and liabilities. H. Anthony Hervol, Esq. at LAW OFFICE OF H.
ANTHONY HERVOL, represents the Debtor as counsel.


DATTO INC: Moody's Alters Outlook on B2 CFR to Negative
-------------------------------------------------------
Moody's Investors Service affirmed Datto, Inc.'s existing ratings,
including the B2 Corporate Family Rating and the B2 ratings for its
senior secured credit facilities, and changed the ratings outlook
to negative, from stable.

RATINGS RATIONALE

The negative outlook reflects the risk that Datto's revenue growth
could decelerate sharply, at least in the short term, as the
spreading coronavirus will likely deeply affect its Small and
Medium Business (SMB) customers and Managed Service Provider (MSP)
partners. This could result in persisting levels of high leverage
and negative free cash flow over the next few quarters. The risks
are amplified by Datto's only adequate levels of liquidity
comprising nearly $32 million of cash balances and approximately
$35 million of availability under its revolving credit facility at
quarter ended September 2019, at which time the company was
generating negative free cash flows.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Datto's exposure
to small businesses in the US and Western Europe have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and it remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
risk to Datto's business from the breadth and severity of the
shock, and the potential deterioration in credit quality it has
triggered.

For more information on research on and ratings affected by the
coronavirus outbreak, please see moodys.com/coronavirus.

Moody's expects Datto to benefit from secular growth in demand for
IT outsourcing and Business Continuity and Disaster Recovery (BCDR)
services in the SMB segment and the company had solid growth
momentum prior to the outbreak (24% growth in subscription in YTD
3Q '19 period). Moody's also believes that services provided by
Datto are critical to its existing customers. However, the likely
severe impact on Datto's SMB customers has created uncertainty
about how Datto's service renewal rates, cash collection cycle and
new bookings could be impacted and how quickly they could recover.
The negative outlook reflects Moody's view that Datto's leverage
could remain high near 7x and free cash flow could remain negative
for 2020.

The affirmation of the rating is supported by Datto's track record
of very strong revenue retention rates and Moody's expectation that
demand for Datto's products should recover in 3Q '20. Moody's also
believes that given Datto's strong long-term growth prospects, the
company will benefit from support from its financial sponsors if
liquidity becomes weak.

The B2 rating reflects Datto's limited product diversity, an
intensely competitive market for BCDR services for SMB customers,
and evolving technologies for data backup and storage services.
Datto has high financial risk profile as a result of its high
leverage (about 7x, Moody's adjusted, at 3Q '19) and only adequate
liquidity. However, Moody's expects that if business conditions
stabilize quickly, the company has the capacity to reduce leverage
quickly from strong growth. The company's growing monthly recurring
revenues under contracts have historically provided good revenue
visibility in the short term. Moody's expects Datto will continue
to exhibit high financial risk tolerance under the ownership of
financial sponsors.

Datto's ratings could be downgraded if Moody's expects business
conditions will remain weak longer than currently expected or
Datto's liquidity weakens. The rating could be downgraded if
Moody's expects total debt to EBITDA (Moody's adjusted) will remain
above 6x and free cash flow is unlikely to increase to the
mid-single digit percentages of adjusted debt over the next 12 to
18 months. Conversely, the ratings could be upgraded if Datto
generates strong EBITDA growth and maintains conservative financial
policies such that total debt to EBITDA is sustained below 5x and
free cash flow in excess of 10% of adjusted debt.

Affirmations:

Issuer: Datto, Inc.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: Datto, Inc.

Outlook, Changed To Negative From Stable

Datto, Inc. provides software- and hardware-enabled IT services to
SMB customers and Business Management software applications to
Managed Service Providers. Datto was acquired by funds affiliated
with Vista Equity Partners on December 7, 2017, and merged with
Autotask, which was owned by Vista Equity.

The principal methodology used in these ratings was Software
Industry published in August 2018.


DAYCO PRODUCTS: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Dayco Products, LLC's
corporate family rating to Caa2 from B3, its Probability of Default
Rating to Caa2-PD from B3-PD and the senior secured term loan
rating to Caa2 from B3. The outlook has been revised to negative.

The downgrade reflects Moody's expectations that Dayco's ongoing
underperformance in both its aftermarket and original equipment
segment will continue over the near-term as end-market conditions
weaken considerably as a result of the coronavirus pandemic. The
company's exposure to manufacturing in Italy (about 40% of revenues
and 25% of assets) creates a heightened risk profile relative to
other US-based auto parts suppliers. The length of temporary
production shutdowns and the uncertain impact on demand will likely
stress Dayco's liquidity profile over the near-term and elevate the
company's leverage (6.4x debt/EBITDA through November 2019) to
unsustainable levels, thus creating an increased risk for a
distressed exchange.

The following summarizes the rating action:

Downgrades:

Issuer: Dayco Products, LLC

  Corporate Family Rating, Downgraded to Caa2 from B3

  Probability of Default Rating, Downgraded to Caa2-PD from B3-PD

  Senior Secured Bank Credit Facility, Downgraded to Caa2
  (LGD3) from B3 (LGD3)

Outlook Actions:

Issuer: Dayco Products, LLC

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The automotive
parts sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Dayco's credit
profile, including its exposure to new vehicle production and
exposure to one of the more highly-infected areas in Italy have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Dayco remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Dayco of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Dayco's ratings reflect the company's exposure to highly cyclical
end markets, modest scale relative to other global automotive
suppliers, and a weak liquidity profile constrained by the
expectation for negative free cash flow generation to persist.
Dayco's operating performance, specifically its original equipment
segment (about 60% of revenues), will deteriorate through at least
the first half of its current fiscal year- the magnitude of
declines dependent on the length of production shut downs at its
major customers. The company's traditionally more stable
aftermarket segment has been pressured in recent years from
competitive pricing by its customers and weakness in that segment
is expected to continue as replacement demand will likely fall off
in the near-term.

Moody's expects Dayco to maintain a weak liquidity profile as a
result of the impact from the coronavirus on its operations over at
least the next two quarters. The company held a cash position of
about $75 million at the end of November 2019, supported by about
$54 million in borrowings under its $100 million asset-based (ABL)
credit facility. Moody's estimates that Dayco's free cash flow was
about breakeven for the fiscal year ended February 2020. With the
length of production shutdowns and subsequent demand unknown,
Moody's expects Dayco's cash burn to be greater during the first
two quarters of its current fiscal year, thus quickly eroding its
cash resources and remaining ABL availability.

The negative outlook reflects the risk that Dayco's liquidity
position and leverage profile could deteriorate more than
anticipated in a challenging operating environment caused by the
coronavirus pandemic.

The ratings could be downgraded if liquidity weakens and earnings
pressure elevates leverage to unsustainable levels. The ratings
could also be downgraded if the company undertakes a pre-emptive
restructuring of its debt at sub-par levels and/or Moody's
estimates of ultimate recovery deteriorate further.

The ratings could be upgraded if the company is able to strengthen
its liquidity position through either external or alternate capital
sources.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Dayco, LLC, headquartered in Troy, MI, is a global manufacturer of
engine technology solutions targeted at primary and accessory drive
systems for the worldwide aftermarket, automotive Original
Equipment (OE), and industrial end markets. Revenues for the last
twelve-month period ended November 30, 2019 were slightly below
$1.0 billion. The company is owned primarily by a consortium of
Oaktree Capital, Anchorage Capital Group, L.L.C. and TPG Capital.


DELCATH SYSTEMS: Incurs $8.88 Million Net Loss in 2019
------------------------------------------------------
Delcath Systems, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$8.88 million on $1.10 million of product revenue for the year
ended Dec. 31, 2019, compared to a net loss of $19.22 million on
$3.38 million of product revenue for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $14.21 million in total
assets, $20.57 million in total liabilities, and a total
stockholders' deficit of $6.36 million.

Delcath said, "The Company's existence is dependent upon
management's ability to obtain additional funding sources or to
enter into strategic alliances.  Adequate additional financing may
not be available to us on acceptable terms, or at all.  If the
Company is unable to raise additional capital and/or enter into
strategic alliances when needed or on attractive terms, it would be
forced to delay, reduce or eliminate our research and development
programs or any commercialization efforts.  There can be no
assurance that the Company's efforts will result in the resolution
of the Company's liquidity needs.  If Delcath is not able to
continue as a going concern, it is likely that holders of its
common stock will lose all of their investment.  The accompanying
consolidated financial statements do not include any adjustments
that might result should the Company be unable to continue as a
going concern.

"The Company anticipates incurring additional losses until such
time, if ever, that it can generate significant sales.  At December
31, 2019, management believed that its capital resources were
adequate to fund operations through June 2020.  Additional working
capital will be required to continue operations. Operations of the
Company are subject to certain risks and uncertainties, including,
among others, uncertainty of product development and clinical trial
results; uncertainty regarding regulatory approval; technological
uncertainty; uncertainty regarding patents and proprietary rights;
comprehensive government regulations; limited commercial
manufacturing, marketing or sales experience; and dependence on key
personnel."

Marcum LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 25, 2020 citing that the Company has a significant working
capital deficiency, has incurred significant recurring losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

A full-text copy of the Form 10-K is available for free at:

                      https://is.gd/1DLvSB

                      About Delcath Systems

Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com/-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects.  In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.


DELPHI TECHNOLOGIES: Moody's Lowers CFR to B2, On Review
--------------------------------------------------------
Moody's Investors Service downgraded the ratings of Delphi
Technologies PLC's including Corporate Family Rating and
Probability of Default Rating to B2 and B2-PD, from B1 and B1-PD,
respectively; and senior unsecured note rating to B3 from B2. The
ratings are under review for downgrade. The Speculative Grade
Liquidity Rating is unchanged at SGL-3.

The following ratings were downgraded and are under review for
downgrade:

Issuer: Delphi Technologies PLC

  Corporate Family Rating, Downgraded to B2 from B1; Placed Under
  Review for further Downgrade

  Probability of Default Rating, Downgraded to B2-PD from B1-PD;
  Placed Under Review for further Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD5)
  from B2 (LGD5); Placed Under Review for further Downgrade,
  previously Under Review for Upgrade

The $1.25 billion bank credit facility is not rated by Moody's.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto sector
(and issuers within other sectors that rely on the auto sector) has
been one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in the companies' credit profiles,
including their exposure to final consumer demand for light
vehicles have left them vulnerable to shifts in market sentiment in
these unprecedented operating conditions and the companies remain
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on the companies of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The review will consider (i) the outbreak's impact on the
manufacturing operations of Delphi, and its global operations. A
number of automotive original equipment manufacturers and auto
parts suppliers have already temporarily closed facilities in order
to ensure the safety of their employees. The review will assess the
impact from facility closures and global automotive production
declines on Delphi now and will experience in the near term. The
review will also consider (ii) the lingering impact of diminished
consumer demand on automotive production, resulting from consumer
concerns over contracting coronavirus, and regional government
policies restricting consumer movement over coming quarters, (iii)
the impact of governmental action to support corporates and
consumers in the companies' main markets, and (iv) the impact of
potential self-help measures of the individual issuers. The review
will aggregate these effects in conjunction with the liquidity
profiles of these issuers placed under review for downgrade. The
level of cash, availability under liquidity facilities, financial
maintenance covenant pressure, the pressure of refinancing debt
maturities coming due over the next 12-24 months will be major
considerations for Moody's review.

Delphi's B2 CFR incorporates Moody's view that the company's credit
metrics will remain weak over the intermediate-term with
Debt/EBITDA of 4.6x at December 31, 2019. Previously announced
restructuring actions are likely to be offset by near-term OEM
manufacturing suspensions related to the coronavirus pandemic while
social distancing policies are also expected to drive global
automotive production lower than previously forecasted. Moody's
also expects demand to be negatively impacted by global commercial
vehicle production, affecting Delphi as 25% of revenue is from
commercial vehicles. Global declines are expected for 2020, which
were previously expected only in the low-mid single digit range.
North American Class 8 build rates are now anticipated to decline
about 40% in 2020. However, this only represents approximately 4%
of Delphi's revenues, as the company is more exposed to non-US
commercial vehicle markets.

The majority of Delphi's debt is borrowed in Europe. The B3 senior
unsecured rating reflects Moody's EMEA approach within the Loss
Given Default Methodology, which includes treatment of trade
payables and U.K. pensions as secured amounts with priority over
the senior unsecured debt, based on the expected approach in
reorganization. Although there will be secured debt (the bank
debt), the entities outside of the US are estimated to generate the
vast majority of Delphi's consolidated adjusted EBITDA.
Consequently, the secured debt is expected to be in only a somewhat
more favorable recovery position relative to the unsecured notes
with only a modestly higher relative recovery.

Delphi's SGL-3 Speculative Grade Liquidity Rating anticipates an
adequate liquidity profile through 2020. As of December 31, 2019,
cash was $191 million. The $500 million revolving credit facility,
maturing in 2022, was unfunded and the new Pan European Euro 225
million factoring facility maturing in 2022 was also unfunded. With
Delphi's previously announced restructuring actions and the
suspension of OEM manufacturing plants, Moody's believes free cash
flow will now likely be break-even to negative compared to its
prior expectation of positive $60 million. The financial covenant
under the senior secured facilities includes a net leverage ratio
test under which covenant cushion is likely to significantly reduce
over the coming quarters. The term loan facility matures in
December 2022, while the unsecured notes mature in 2025.

Delphi's role in the automotive industry exposes the company to
material environmental risks arising from increasing regulations on
carbon emissions. As automotive manufacturers seek to introduce
more electrified powertrains, traditional ICEs will become smaller.
Delphi is addressing this risk through the development of engine
components that support this trend.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Delphi Technologies PLC is a leading global automotive supplier of
engine management systems and aftermarket parts. Components include
advanced fuel injection systems, actuators, valvetrain products,
sensors, electronic control modules and power electronics
technologies. Revenues for 2019 were approximately $4.4 billion.


DENNY'S CORP: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Denny's Corporation to BB from BB+.

Denny's Corporation is an American table service diner-style
restaurant chain. It operates over 1,600 restaurants in the United
States, Canada, Costa Rica, El Salvador, Mexico, The Dominican
Republic, Guatemala, Japan, Honduras, New Zealand, Qatar,
Philippines, United Arab Emirates, Curacao, and the United
Kingdom.



DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamond Offshore Drilling Incorporated to CCC from
B-. EJR also downgraded the rating on commercial paper issued by
the Company to C from B.

Diamond Offshore Drilling, Incorporated is an offshore drilling
contractor. The company is headquartered in Houston, Texas, United
States, and has major offices in Australia, Brazil, Mexico,
Scotland, Singapore, and Norway. The company operates 17 drilling
rigs including 13 semi-submersible platforms and 4 drillships.



DOUGLAS DYNAMICS: Moody's Alters Outlook on B1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Douglas Dynamics L.L.C.'s
Corporate Family Rating at B1, Probability of Default Rating at
B1-PD and senior secured term loan rating at B2. The Speculative
Grade Liquidity Rating remains unchanged at SGL-3. The outlook has
been revised to negative.

The affirmation of Douglas Dynamics' ratings reflects Moody's view
that the company's consistent operating performance and improved
financial leverage profile position the company to face various
headwinds and uncertainties during 2020. These challenges include
Moody's expectations for softer replacement demand following
back-to-back years of low snowfall, lingering supply constraints
for medium-duty chassis and potential for cutbacks in government
spending given a weakening macroeconomic environment.

The negative outlook reflects the potential for these headwinds
facing Douglas Dynamics to have a greater financial impact on the
company's credit profile than currently anticipated while occurring
at a time the company's 2021 bank credit maturities approach.

The following rating acitons were taken:

Affirmations:

Issuer: Douglas Dynamics, L.L.C.

  Corporate Family Rating, Affirmed B1

  Probability of Default Rating, Affirmed B1-PD

  Senior Secured Bank Credit Facility, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: Douglas Dynamics, L.L.C.

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Douglas Dynamics' B1 CFR reflects its strong position in the niche
market of snow and ice control equipment, solid EBITA margins in
the mid-teens range and consistent track record of free cash flow
generation. The company's debt/EBITDA leverage has improved to 2.5x
as of December 2019 following voluntary debt repayments during the
year. However, leverage remains volatile over time as the majority
of the demand for the company's products is tied to unpredictable
snowfall levels. In addition, leverage has been subject to periodic
increases from acquisitions to diversify away from its
weather-related business.

Moody's expects Douglas Dynamics' key credit metrics, including
margins, leverage and cash flow to weaken in 2020 following strong
2019 results. Recent winters of low snowfall across the US will
likely decrease demand during the company's preseason ordering
period and weakening macroeconomic conditions over the coming
quarters from the coronavirus could pressure that demand further.
The coronavirus has impacted Douglas Dynamics in the immediate
near-term as the company has temporarily closed facilities through
at least March 29th, 2020. Potential supply shortages, specifically
around medium-duty chassis, could also adversely impact the
company's performance during 2020.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The parts
manufacturing sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Douglas Dynamic's
credit profile, including its exposure to supply chain and demand
disruptions has left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Douglas Dynamics
remains vulnerable to the outbreak continuing to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Douglas Dynamics of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.

As a niche automotive parts supplier, Moody's views environmental
risk, specifically carbon transition risk which is high for the
broader sector, to be relatively immaterial to Douglas Dynamics
given its product focus on work truck attachments.

Douglas Dynamics' Speculative Grade Liquidity rating of SGL-3
reflects Moody's view that the company will maintain adequate
liquidity through 2020. Following strong free cash flow generation
in 2019 of $41 million (of which the company applied a majority
toward debt reduction), Moody's expects free cash flow generation
to weaken in 2020, but remain modestly positive as demand drops and
challenges in the supply of chassis persist. Douglas Dynamics'
seasonal liquidity needs are supported by availability under its
$100 million asset-based revolving credit facility (ABL), with
average availability based on quarter-end disclosures to be about
$64 million during 2019. The ABL facilities matures in June 2021
and the remaining balance on the company's secured term loan
(approximately $223 million pro forma for $20 million pay down
during Q1 2020) matures in December 2021.

The ratings could be upgraded if Douglas Dynamics sustains very
little balance sheet debt and maintains significant liquidity
cushions to counter the company's small scale and weather-dependent
seasonal demand.

The ratings could be downgraded if Moody's expects that debt/EBITDA
leverage will be sustained above 4x or the company's liquidity
position deteriorates.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Douglas Dynamics is a manufacturer and up-fitter of commercial work
truck attachments and equipment. The company's products include
snowplows, sand and salt spreaders as well as attachments and
storage solutions for commercial work vehicles. Headquartered in
Milwaukee, Wisconsin, the company generated approximately $571
million of revenue for the twelve months ended December 31, 2019.


DOWNSTREAM DEVELOPMENT: Moody's Cuts CFR to B3, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded Downstream Development
Authority's Corporate Family Rating to B3 from B2. The outlook is
negative.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos on a
temporary basis.

On March 17, Downstream announced the temporary cessation of all
operations at Downstream Casino Resort through April 2, 2020 as a
preventative measure to contain the spread of the coronavirus.
Downstream is entirely dependent upon Downstream Casino Resort
casino to generate all its revenue and cash flow.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos,
including Downstream Resort Casino, once this crisis subsides.

Downgrades:

Issuer: Downstream Development Authority

  Corporate Family Rating, Downgraded to B3 from B2

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

  Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD4)
  from B2 (LGD4)

Outlook Actions:

Issuer: Downstream Development Authority

   Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Downstream's B3 CFR reflects the meaningful earnings decline over
the next few months expected from efforts to contain the
coronavirus and the potential for a slow recovery once properties
reopen.

Positive rating considerations include the company's minimal
ongoing capital expenditure requirements and well-established
market position. Downstream Casino Resort is located near the
three-corner border of Oklahoma, Kansas and Missouri in northeast
Oklahoma. In addition to being easily accessible to a major
highway, the casino has a demonstrated its ability to generate
stable revenue and EBITDA since its opening in 2008, and despite a
casino opening since then near its market area.

Also factored into Downstream's B3 CFR is its adequate liquidity.
As of December 2019, Downstream had about $30 million of cash but
because the company does not have a revolving credit facility,
there is no external liquidity source to cover unexpected
contingencies. Also, as a single asset, Native American type gaming
facility, there is very little cash Downstream would be able to
raise via asset sales if the company needed additional liquidity.
Despite the stress on financial resources that will occur as a
result of the coronavirus crisis, the company still has the ability
to generate and maintain an excess level of internal cash resources
after satisfying all scheduled debt service, maintenance level
capital expenditures, and cash distributions to the Quapaw Tribe of
Oklahoma, a federally recognized Native American tribe that owns
Downstream. Also providing some flexibility is that the company
does not have any material scheduled debt maturities until February
2023, when its $270 million 10.5% senior secured notes mature.

Downstream's rating also considers that Saracen Development, LLC, a
100% wholly-owned unrestricted subsidiary of the Downstream, has
its own financing structure. There are no explicit guarantees or
cross-default provisions that link the two entities. As a result,
Downstream and Saracen are rated on a standalone basis.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Downstream's credit profile,
including its exposure to travel disruptions and discretionary
consumer spending, have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and
Downstream remains vulnerable to the outbreak continuing to
spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Downstream of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at the Downstream Casino Resort will recover. As
a result, liquidity and leverage could deteriorate quickly over the
next few months.

Ratings could be downgraded if Moody's anticipates the company's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending.

A ratings upgrade is unlikely given the weak operating environment
and continuing uncertainty related to the coronavirus. An upgrade
would require a high degree of confidence on Moody's part that the
gaming sector has returned to a period long-term stability, and
that Downstream demonstrate the ability to generate positive free
cash flow, maintain good liquidity, and operate at a debt/EBITDA
level at 6.0x or lower.

Downstream Development Authority is a wholly owned unincorporated
instrumentality of the Quapaw Tribe of Oklahoma, a federally
recognized Native American tribe with approximately 4,900 enrolled
members. Downstream owns and operates the Downstream Casino Resort,
a Native American casino located at the point where the state
borders for Kansas, Missouri and Oklahoma meet -- its casino is in
Oklahoma and part of its parking lot is located in Kansas. On a
restricted group basis and excluding Saracen, Downstream's revenue
for the latest reported12-month period ended Dec. 31, 2020 was
approximately $175 million.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


DPW HOLDINGS: Will Hold a Virtual Special Meeting on April 30
-------------------------------------------------------------
DPW Holdings, Inc. announced that, due to the emerging public
health impact of the coronavirus (COVID-19) pandemic, the location
of DPW's special meeting of stockholders that was originally
scheduled to be held on Tuesday, March 31, 2020 at 9:00 a.m. PT at
the Hyatt Regency Hotel Newport Beach, located at 1107 Jamboree
Road, Newport Beach, CA 92660 has been changed and will be held in
a virtual meeting format only on April 30, 2020 at 9:00 a.m. PT.

The Special Meeting will be held for the following purposes:

   * To approve the issuance of shares of the Corporation's Class
     A common stock, par value $0.001 per share to Esousa
     Holdings LLC, in accordance with the Master Exchange
     Agreement dated Feb. 10, 2020, and the exercise of warrants
     issued in connection therewith;

   * To approve the exercise of warrants issued or issuable to
     Esousa to purchase up to an aggregate of 2,000,000 shares of
     Common Stock, issued in connection with certain term
     promissory notes in an aggregate amount of up to $2,000,000;
     and

   * To approve the conversion of a $1,000,000 Convertible
     Promissory Note issued on Feb. 5, 2020, to Ault & Company,
     Inc., which is convertible into 717,241 shares of Common
     Stock at $1.45 per share.

The Special Meeting is open to stockholders and any other parties
interested in participating in the simultaneous live online webcast
and traditional conference call/audio only option. Registration is
mandatory and must be completed one hour prior to the meeting by
using this link to register:
https://zoom.us/webinar/register/WN_X6WkVPuzRVGsblGiqS1O1A

Further information regarding this change to the location, time and
date of the special meeting can be found in the Notice of Change of
Location, Time and Date of Special Meeting of Stockholders filed by
DPW with the Securities and Exchange Commission on March 27, 2020.

                      About DPW Holdings

DPW Holdings, Inc. -- http://www.DPWHoldings.com/-- is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical,
crypto-mining, and textiles.  In addition, the Company owns a
select portfolio of commercial hospitality properties and extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary.  DPW's headquarters are located at 201 Shipyard
Way, Suite E, Newport Beach, CA 92663.

DPW Holdings incurred a net loss of $32.98 million in 2018,
following a net loss of $10.89 million in 2017.  As of Sept. 30,
2019, the Company had $47.42 million in total assets, $29.50
million in total iabilities, and $17.92 million in total
stockholders' equity.

Marcum LLP, in New York, the Company's auditor since 2016, issued a
"going concern" qualification in its report dated April 16, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that the Company has a significant
working capital deficiency, has incurred significant losses, and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DRIVE CHASSIS: Moody's Places B2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of intermodal chassis
equipment provider Drive Chassis Holdco, LLC on review for
downgrade, including the B2 Corporate Family Rating, the B2-PD
Probability of Default Rating and the Caa1 rating of the $825
million senior secured second lien term loan due 2026.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The transportation
sector is one of the sectors that will be significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Drive Chassis' credit profile,
including its exposure to intermodal container transportation, have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Drive Chassis' end markets
remain vulnerable to the continuing spread of the outbreak. Moody's
regards coronavirus as a social risk under its ESG framework, given
the substantial credit implications of public health and safety.
The action reflects the expected impact on Drive Chassis of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

In its review, Moody's will consider (i) the company's liquidity,
(ii) the severity of the impact of the coronavirus outbreak on
international and domestic intermodal container transportation,
(iii) the ability of the company to adapt its costs and investments
in a timely manner to possibly rapid changes in chassis demand,
(iv) the possible need to reposition intermodal chassis and
associated costs, (v) the impact of weaker earnings on already
higher than anticipated leverage, and (vi) the potential to restore
credit metrics when economic activity recovers following the
coronavirus outbreak.

The ratings could be downgraded if Moody's expects that EBITDA
margins decrease to less than 35%, debt/EBITDA will exceed 6.5
times, EBIT/interest decreases to less than 1 time, or that free
cash flow is not consistently positive.

There will be no upward pressure on the ratings until intermodal
container volumes increase along with general economic activity in
the US. The ratings could be upgraded if Drive Chassis is able to
maintain EBITDA margins close to 40%, while lowering debt/EBITDA
towards 5 times, increasing EBIT/interest to at least 1.5 times and
generating free cash flow that is in excess of $75 million.

The following rating actions were taken:

On Review for Downgrade:

Issuer: Drive Chassis Holdco, LLC

  Corporate Family Rating, Placed on Review for Downgrade,
  currently B2

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Senior Secured Bank Credit Facility, Placed on Review for
  Downgrade, currently Caa1 (LGD5)

Outlook Actions:

Issuer: Drive Chassis Holdco, LLC

  Outlook, Changed To Rating Under Review From Stable

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.

Drive Chassis Holdco, LLC indirectly owns Direct ChassisLink, Inc.
Headquartered in Charlotte, NC, Direct ChassisLink, Inc. is a
leading provider of chassis equipment to the U.S. intermodal
transportation industry. The company is privately owned by funds
managed by Apollo Global Management, LLC and EQT Infrastructure.


DYCOM INDUSTRIES: Moody's Lowers CFR to Ba3, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service downgraded Dycom Industries, Inc.'s
Corporate Family Rating to Ba3 from Ba2, its Probability of Default
Rating to Ba3-PD from Ba2-PD, and its convertible unsecured notes
rating to B2 from B1. Moody's maintained the company's Speculative
Grade Liquidity rating at SGL-3. The ratings outlook has been
revised to stable from negative.

"The downgrade of Dycom's ratings reflects the recent deterioration
in its operating performance and credit metrics and the expectation
this trend will continue in 2020 due to project execution issues
and potential work stoppages and delays related to the economic
impact of the coronavirus." said Michael Corelli, Moody's Vice
President -- Senior Credit Officer and lead analyst for Dycom
Industries, Inc.

Downgrades:

Issuer: Dycom Industries, Inc.

Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD

Corporate Family Rating, Downgraded to Ba3 from Ba2

Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to B2
(LGD5) from B1 (LGD6)

Outlook Actions:

Issuer: Dycom Industries, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Dycom's Ba3 corporate family rating is supported by the positive
outlook for capital spending in the telecom sector due to growing
demand for greater bandwidth and the deployment of fiber to enable
video offerings and increase the speed at which data is transmitted
over networks. Dycom's rating also reflects its long-standing
customer relationships with large telecommunication service
companies, which is reflected in its sizeable order backlog and
provides some revenue visibility for services under contract.
Dycom's rating is constrained by its negative free cash flow during
the past two years which has led to a deterioration in its credit
metrics. Its rating also incorporates its high customer
concentration with its top four customers compromising 72% of total
revenue for the quarter ended January 2020 and its dependence on
the capital expenditure budgets of major telecommunications and
cable television providers, which are subject to both seasonality
and cyclicality.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the potential impact on Dycom from the breadth
and severity of the shock, including potential work stoppages and
delays, and the broad deterioration in credit quality it has
triggered.

Dycom experienced operational challenges during the fourth quarter
of fiscal 2020 (ended January 2020) due to higher than anticipated
complexity and costs, difficult soil conditions and adverse weather
and these issues will continue to impact the company in fiscal
2021. In addition, the coronavirus is likely to impact its
operating performance due to economic weakness and the potential
for work stoppages and delays and reduced spending by its
customers. Therefore, Moody's anticipates the company's operating
performance will deteriorate for the second consecutive year.

Dycom incurred cash outflows for the second consecutive year in
fiscal 2020 due to increased unbilled revenues and accounts
receivables. It will likely continue to experience cash outflows in
the first half of fiscal 2021 due to seasonality while its
operating performance weakens versus the prior year. This will lead
to a deterioration in its credit metrics. Moody's anticipated this
would raise its adjusted leverage ratio (Debt/EBITDA) above 3.5x
and reduce its interest coverage (EBITA/Interest) below 2.0x, which
excluded the recent $650 million draw on its revolver. The company
plans to use a portion of the borrowings to repurchase about $157
million principal amount of its convertible notes for around $138
million. The revolver draw and convertible debt paydown will
enhance the company's liquidity and modestly reduce its net debt
position, but it will raise its leverage ratio above 5.5x and
reduce its interest coverage below 1.5x. These metrics could
improve in the second half of the year if the company generates
free cash flow and pays down debt, but this could be offset by
potential project delays.

The speculative grade liquidity rating of SGL-3 reflects Dycom's
adequate liquidity. The company had $54 million of cash and $287
million of availability under its undrawn $750 million revolving
credit facility as of January 2020. On 18 March 2020, Dycom
borrowed $650 million under the revolver to preserve financial
flexibility in light of the economic and financial market
uncertainty resulting from the coronavirus outbreak. Proceeds were
placed in the company's bank accounts and its net debt was
unchanged. The revolving credit facility had $22.7 million of
capacity after the $650 million was borrowed.

The stable outlook reflects its expectation that Dycom's operating
performance will moderately weaken in fiscal 2021, but that it will
use its free cash flow to pay down debt and maintain credit metrics
that support its rating. Dycom's credit metrics will be evaluated
excluding the recent revolver draw as long as it maintains the cash
on its balance sheet to pay off these borrowings when economic and
credit market conditions stabilize.

Factors that could lead to a downgrade include debt-financed
acquisitions, excessive share repurchases, a decline in earnings,
or the loss of projects from key customers. A deterioration in
liquidity or the expectation that its leverage ratio would be
sustained above 4.0x, or interest coverage below 2.0x could also
result in a downgrade.

A ratings upgrade is unlikely in the near term, but could occur if
the company consistently generates free cash flow, maintains good
liquidity and its leverage ratio is sustained below 3.0x and
interest coverage above 3.5x.

The principal methodology used in these ratings was Construction
Industry published in March 2017.

Dycom Industries, Inc. (Dycom), located in Palm Beach Gardens,
Florida, is a leading provider of specialty contracting services in
North America. Dycom provides engineering, construction and
maintenance services that assist telecommunication and cable
television providers expand and monitor their network
infrastructure. To a lesser extent, Dycom provides underground
locating services for telephone, cable, power, gas, water, and
sewer utilities. Dycom generated contract revenues of $3.3 billion
for the fiscal year ended January 25, 2020 and had a backlog of
$7.3 billion.


EDGEWATER RNH: Hires Colliers International as Real Estate Broker
-----------------------------------------------------------------
Edgewater RNH LLC filed an emergency application seeking authority
from the US Bankruptcy Court for the Northern District of Texas to
employ Colliers International North Texas, LLC as the real estate
broker.

The Debtor requires the services of Colliers to market and help
sell real property. The real property at issue is located at:

     (1) 701 North Watson Rd, Arlington, Texas 76011 (Tarrant
County),

     (2) 3840 NE Loop 820, Fort Worth, Texas 76137 (Tarrant
County), and

     (3) 2501 South Stemmons Freeway, Lewisville, Texas 75067
(Denton County).

A commission equal to 7% of the gross sales price of the property
will be paid to the broker.

The Broker does not hold or represent any interest adverse to that
of the Debtor or the bankruptcy estate, and that Broker is a
disinterested person within the meaning of 11 U.S.C. Sec. 101(14),
according to court filings.

The firm can be reached through:

     Steve Everbach
     COLLIERS INTERNATIONAL NORTH TEXAS, LLC
     1717 McKinney Avenue, Suite 900
     Dallas, TX 75202
     Phone: 214-692-110
     Email: steve.everbach@colliers.com

             About Edgewater RNH LLC

Edgewater RNH LLC's business consists of the ownership and leasing
of three real properties: two in Tarrant County and one in Denton
County, Texas.

Edgewater RNH LLC filed its voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-63869) on March
3, 2020. In the petition signed by William A. Tinker, managing
member, the Debtor estimated $1 million to $10 million in both
assets and liabilities. The Debtor taps Bruce Akerly, Esq. at
AKERLY LAW PLLC as its counsel.


EDGEWATER RNH: Seeks to Hire Akerly Law as Attorney
---------------------------------------------------
Edgewater RNH LLC seeks authority from the US Bankruptcy Court for
the Northern District of Texas to employ Akerly Law PLLC as its
attorney.

Edgewater requires Akerly to:

     a. take all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions, the
defense of any action commenced against the Debtor, the negotiation
of disputes in which the Debtor is involved, and the preparation of
objections to claims filed;

     b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connections
with the administration and prosecution of the Case;

     c. advise the Debtor in respect of bankruptcy matters or other
such related services as requested;

     d. perform all other necessary legal services in connection
with the Case; advise the Debtor with respect to its powers and
duties as debtor-in-possession in the continued management,
operation and liquidation of its business and properties;

     e. review all loan and lease documents executed by the Debtor
with its lenders and lessors, if any;

     f. assist Debtor in resolution of disputes with claimants, if
any;

     g. attend meetings and negotiate with representatives of
creditors and other parties in interest;

     h. review and take necessary steps if there are transfers
which may be avoided as preferential or fraudulent transfers, under
the appropriate provision of the Bankruptcy Code;

     i. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any action commenced against the
Debtor, negotiations concerning all litigation in which the Debtor
is or may become involved, and objections to claims filed against
the Debtor's estate;

     j. prepare on behalf of the Debtor all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;

     k. prepare on the Debtor's behalf any plan or plans of
liquidation, statements, and all related agreements and/or
documents, and take any necessary action on behalf of the Debtor to
obtain confirmation of such plan;

     l. represent the Debtor in connection with any potential
post-petition financing and/or work-out matters;

     m. appear before this Court, any appellate courts, and the
United States Trustee and protect the interests of the Debtor's
estate before such Courts and the United States Trustee;

     n. file the Chapter 11 petition and schedules, related
pleadings and first day motions, if any; and

     o. perform all other necessary legal services in the case as
may be necessary to promote the filing and confirmation of a plan
of reorganization and provide all other necessary legal advice to
the Debtor in connection with this Chapter 11 case.

Akerley will be paid as follows:

     Bruce W. Akerly  - $300 per hour
     Associates       - $175-250 per hour
     Clerks           - $95 per hour
     Paralegals       - $100 per hour

Akerly Law disclosed that the Debtor has paid the sum of $22,000 as
a retainer.

Bruce W. Akerly, Esq., partner in the law firm Akerly Law, attests
that he and his firm are disinterested parties within the meaning
of the Bankruptcy Code.

The firm can be reached through:

     Bruce W. Akerly, Esq.
     AKERLY LAW PLLC
     878 S. Denton Tap Road, Suite 100
     Coppell, TX 75019
     Tel: (469) 444-1878
     Fax: (469) 444-1864
     Email: bakerly@akerlylaw.com

         About Edgewater RNH LLC

Edgewater RNH LLC's business consists of the ownership and leasing
of three real properties: two in Tarrant County and one in Denton
County, Texas.

Edgewater RNH LLC filed its voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-63869) on March
3, 2020. In the petition signed by William A. Tinker, managing
member, the Debtor estimated $1 million to $10 million in both
assets and liabilities. The Debtor taps Bruce Akerly, Esq. at
AKERLY LAW PLLC as its counsel.


ENPRO INDUSTRIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by EnPro Industries, Incorporated to BB from BB+.

EnPro Industries, Inc. is an American industrial conglomerate,
through its various divisions and subsidiaries it provides
engineered industrial products for critical applications in a wide
range of industries. Its businesses manufacture sealing and other
high-performance products, plain bearings and diesel engines.



ENTERPRISE DEVELOPMENT: Moody's Cuts CFR to Caa1, Ratings on Review
-------------------------------------------------------------------
Moody's Investors Service downgraded The Enterprise Development
Authority's Corporate Family Rating to Caa1 from B3. The ratings
are on review for further downgrade.

The downgrade to a Caa1 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include temporary casino closings. Hard Rock
Hotel & Casino Sacramento at Fire Mountain announced it will remain
closed through the end of March because of coronavirus concerns.
Fire Mountain is owned by EDA and is its only source of cash flow
available to repay is rated debt. Fire Mountain originally opened
in October 2019.

The downgrade also reflects EDA's weak liquidity and the negative
effect on consumer income and wealth stemming from job losses and
asset price declines, which will diminish discretionary resources
to spend at casinos and other entertainment facilities, including
at Fire Mountain, once this crisis subsides.

Downgrades:

Issuer: The Enterprise Development Authority

  Probability of Default Rating, downgraded to Caa1-PD from B3-PD;
  placed under review for further downgrade

  Corporate Family Rating, downgraded to Caa1 from B3; placed
  under review for further downgrade

  Senior Secured Regular Bond/Debenture, downgraded to
  Caa1 (LGD3) from B3 (LGD4); placed under review for further
  downgrade

Outlook Actions:

Issuer: The Enterprise Development Authority

  Outlook, changed to Rating Under Review from Stable

RATINGS RATIONALE

EDA's Caa1 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen. The
company's single asset profile, relatively small scale in terms of
revenue and Fire Mountain's short operating and earnings history
create credit risk.

Positive rating consideration is given to promissory note from Hard
Rock Seminole that it will make funds available to EDA to pay
interest for the nine month period after the funded interest
reserve is used. This would provide some credit protection for EDA
through June 2020. Also considered is EDA's affiliation with the
highly successful and recognizable Hard Rock brand, and Fire
Mountain's close proximity to Sacramento, CA along with its
favorable demographics.

The review for downgrade will focus on the degree to which EDA can
absorb the negative financial implications related to the
coronavirus outbreak because limitations on travel and social
gatherings, mandated or otherwise, could have a very material
effect on the liquidity and overall credit profile of the company.

The review for downgrade also considers that given the current
economic circumstances, upon reopening within a month EDA's
internal cash generation should be enough to satisfy all operating
expenses, scheduled debt service, and maintenance level capital
expenditures. EDA has a $10 million revolver and a $40.5M revolver
as a source of external liquidity. Given its single asset profile,
alternate sources of liquidity in terms of selling off discrete
assets to raise additional cash is not available.

Moody's will assess the potential length and severity of the
decline in visitation and revenue, and the effect on the company's
liquidity options. Moody's will also evaluate EDA's ability to
reduce expenses and take other actions to preserve cash. At this
time, Moody's expects that EDA will be able to meet its run-rate
based $75 million minimum EBITDA covenant, albeit with only a
modest cushion.

With revenue ceasing, EBITDA and free cash flow will be negative
for a period of time and this could lead to meaningful operating
strains and the potential for a downgrade in a relatively short
time period.

Ratings could be downgraded if Moody's anticipates that EDA's
earnings or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. The ratings could
also be downgraded if it appears the company will need to obtain
additional debt capital to manage through the crisis or a debt
restructuring becomes even more likely.

A ratings upgrade is unlikely because the ratings are on review for
downgrade and given the weak operating environment and continuing
uncertainty related to the coronavirus.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, EDA's continued exposure to travel disruptions
and discretionary consumer spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions makes it vulnerable to the outbreak continuing to
spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on EDA from the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

EDA is an unincorporated governmental instrumentality of the Estom
Yumeka Maidu Tribe of the Enterprise Rancheria (Tribe). The Tribe
is a federally recognized Indian tribe who occupy the lands of the
Middle Fork Feather River Watershed Northern California. The Tribe
is governed in accordance with its Constitution adopted in 2003,
most recently revised and ratified on June 4, 2016, and has over
1,000 members.


ESH HOSPITALITY: Moody's Alters Outlook on Ba3 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service revised the outlook of ESH Hospitality,
Inc. to negative from stable. At the same time, Moody's affirmed
the REIT's ratings, including its Ba3 senior unsecured debt and
corporate family and its Ba2 senior secured bank credit facility.
In the same rating action, Moody's downgraded ESH's speculative
grade liquidity rating to SGL-3 from SGL-2.

The negative outlook reflects Moody's expectation that travel
restrictions being put in place across the US related to the spread
of the COVID-19 coronavirus will put significant pressure on ESH's
earnings in 2020. Additional travel restrictions likely to be put
in place over the coming weeks will put further pressure on the
REIT's earnings, however its net debt/EBITDA will remain within the
downgrade trigger of 4.5x on a sustained basis and the REIT has
adequate liquidity to get it through this period of unprecedented
declines in occupancy.

Affirmations:

Issuer: ESH Hospitality, Inc.

  -- Senior unsecured debt, Affirmed at Ba3

  -- Corporate family rating, Affirmed at Ba3

  -- Senior secured bank credit facility, Affirmed at Ba2

Downgrade:

Issuer: ESH Hospitality, Inc.

  -- Speculative grade liquidity rating, Downgraded to SGL-3
     from SGL-2

Outlook Action:

Issuer: ESH Hospitality, Inc.

  Outlook changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The commercial
lodging real estate sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
ESH's credit profile, including its exposure to increased travel
restrictions for US citizens have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
ESH remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action in part reflects the impact on ESH, the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The Ba3 corporate family rating reflects ESH Hospitality's moderate
leverage with Net Debt/EBITDA at around 4x and strong market
position in the mid-price extended stay lodging segment. The REIT
benefits from the less operating-intensive nature of this lodging
segment due to longer average length of stay, lower levels of
service, and resultant higher profitability. With 557 properties,
ESH enjoys a wide geographic footprint encompassing 40 states
across the United States. Counterbalancing these positive credit
factors, all of ESH's properties are managed under a single brand,
creating a concentration risk. The REIT's liquidity is sound but
constrained by lumpy debt maturities, with 100% of funded debt
coming due between 2025-2027. The rating is also tempered by the
volatility inherent in the lodging economic cycle as well as
intense competition from a number of lodging chains owned by well
capitalized leading hotel operators with vast marketing expertise
and resources.

For the first quarter of 2020, ESH now expects that RevPAR growth
and adjusted EBITDA will likely be modestly below the low end of
its first quarter 2020 guidance range. Its quarter to March 12,
2020's comparable system-wide RevPAR rate was approximately +1.3%,
reflecting the benefits of ESH's wide geographical foot print,
suburban locations, its limited in-bound international travel and
the ability to attract extended staying guests that are not related
to the broader hotel industry. Nonetheless, ESH has withdrawn its
full-year 2020 guidance, as the REIT is not able to accurately
assess the potential impact on its full-year operating results,
given the rapidly evolving environment. ESH is also taking measures
to reduce operating expenses prudently. With significant brand
concentration to Extended Stay America, ESH's earnings and overall
credit quality will be strained if ESH is forced to temporarily
close portions of its hotels for an extended period of time.

The negative outlook reflects the earnings pressure ESH will face
in 2020 as travel restrictions being put in place across the US
related to the spread of the COVID-19 coronavirus cause significant
declines in occupancy and revenue per available room (RevPAR).
Moody's expects that additional restrictions will be put in place
as the number of confirmed COVID-19 cases increases in the US over
the coming weeks. ESH'S net debt/EBITDA was 4.4x at the end of 2019
and its fixed charge coverage was good at 4.3x. The downgrade of
ESH's speculative grade liquidity to SGL-3 from SGL-2 reflects
Moody's expectation that ESH might need to rely on external sources
to meet its obligations in the coming 12-months, as evidenced by
its fully drawn $400 million revolver to date, which is not due
until September 2024. ESH has no maturities until 2025 when its
$1.3 billion senior unsecured bond comes due.

Ratings could be downgraded should the EBITDA decline meaningfully
in the next six month which will imply that net debt/EBITDA is
sustained above 4.5x. The ratings would also be downgrade if there
are liquidity challenges, operational set-backs or a drop in demand
that causes RevPAR to decline below $45 (below FY2015 levels). A
shift towards a more aggressive debt-financed acquisition growth
strategy would also be viewed negatively, as would an increase in
debt-financed shareholder initiatives.

Although not likely, ratings could be upgraded if ESH lowers its
brand concentration and improves its debt maturity ladder while
maintaining secured debt under 17% of gross assets. The ratings
upgrade would also require that ESH continue to demonstrate sound
operating performance and that liquidity remains strong throughout
an industry and economic cycle.

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

ESH Hospitality, Inc., a REIT subsidiary of Extended Stay America,
Inc. headquartered in Charlotte, N.C., owns its parent company's
557 hotels in the U.S. comprising approximately 61,900 rooms. The
company's brand, Extended Stay America, serves the mid-priced
extended stay segment.


EVERI HOLDINGS: Fitch Alters Outlook on B+ LT IDR to Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Everi Holdings Inc.'s and Everi Payments
Inc.'s Long-Term Issuer Default Ratings at 'B+' and revised their
Rating Outlooks to Negative from Stable. Fitch also affirmed the
ratings of EVRI's senior secured credit facility and senior
unsecured notes at 'BB+'/'RR1' and 'B+'/'RR4', respectively.

EVRI's Outlook revision to Negative reflects the company's exposure
to the adverse impact to the gaming industry from the coronavirus
pandemic. Specifically, about two-thirds of its revenues are
directly tied to activities at casinos, which are widely closed
with uncertain timeline for openings or normalization of volumes.
Other segments will be affected by gaming operators' likely
tendency to conserve capital in the near term. EVRI's 'B+' IDR
continues to reflect the company's solid balance sheet relative to
the 'B+' IDR and adequate liquidity to withstand the aforementioned
pressures as currently estimated by Fitch.

Fitch projects EVRI's leverage will spike above downgrade
sensitivities in 2020 and will return to within EVRI's 4.5x
debt/EBITDA downgrade sensitivity in 2021 as conditions normalize.
EVRI's available cash pro forma for its full draw on its revolver
and its 1Q20 tender for its unsecured notes is $77 million. EVRI
has no maturities in 2020 and Fitch estimates that the company will
generate positive FCF in each of the quarters this year except 2Q20
when it will burn $27 million. EVRI has some near-term cushion
under its 4.5x net secured leverage maintenance covenant, but the
covenant headroom will get tight in 3Q20 (4.8x estimated by
Fitch).

Fitch could revise the Rating Outlook to Stable when the extent and
the duration of the coronavirus impact on the gaming industry
becomes more clear and Fitch gains more confidence in EVRI's
ability to deleverage quickly to within 4.5x debt/EBITDA.
Conversely, a more severe impact than what is currently forecast by
Fitch could result in a downgrade. Fitch will also consider EVRI's
liquidity and covenant considerations when considering the Rating
Outlook and possible further rating actions.

KEY RATING DRIVERS

Improving Leverage Profile: EVRI's leverage profile has been
improving materially prior to the operating pressures resulting
from the coronavirus pandemic. Year-end 2019 gross debt/EBITDA, pro
forma for senior unsecured notes tender, was 4.1x, which is
significantly lower than 6.0x two years ago. Management has a net
leverage target of 3.0x-3.5x, and has expressed desire to allocate
FCF to debt paydown in order to achieve this. Historically, the
company's higher leverage offset its stable revenue mix, solid
market position in the payments business and growth prospects for
its gaming segment.

Healthy FCF Generation: EVRI's 2019 FCF adjusted for FinTech
segment cash settlement swings and including $131 million of capex
and slot placement fees was $41 million, or 8% of revenues. Prior
to the coronavirus outbreak, Fitch expected EVRI's FCF margin to
grow to low teens range in 2020 driven by EBITDA grows, interest
expense decreases, placement fees decline, and benefits from a
larger premium installed base flowthrough. Despite the operating
pressures resulting from the virus outbreak, Fitch still expects
EVRI to generate $11 million in FCF this year, which will be helped
by reduced capex and lower LIBOR rate. EVRI's capex is largely tied
to slots and cash-access kiosks produced and leased to casinos.

Diversified Business Mix: About 54% of EVRI's EBITDA comes from
gaming and 46% from FinTech. About two-thirds of the gaming revenue
is generated on a participation basis, whereby EVRI earns fees
based on games performance. FinTech revenues mostly come from ATM
and cash advance service fees, which are tied to contracts with
generally three- and five-year terms and high renewal rates.
Although revenue in both segments depends on the gaming sector's
health, EVRI is less dependent on replacement sales and new casino
openings, relative to other gaming suppliers.

Solid EGM Strategy Execution: EVRI has been investing heavily in
its electronic gaming machine (EGM) content and hardware with good
results to date. EVRI has been able to grow its participation EGM
footprint steadily and had 14,711 participation games at year-end
2019, 5,160 of which were premium units. The premium unit installed
base has nearly tripled since 2016 with healthy average daily win
growth. Coronavirus impact notwithstanding, Fitch expects the
premium segment to continue to grow, albeit at a decelerating rate,
given the intense competition in this segment. On an LTM basis,
EVRI sold nearly 5,000 EGMs and has established itself as a roughly
6% ship share supplier (according to Eilers & Krejcik Gaming).

Technology Related Risks: New, cashless technologies employed by
other participants in the gaming and FinTech industries represent a
long-term risk to disintermediate EVRI's cash access services
(roughly one-third of total revenues). However, the company's
diverse FinTech product portfolio, investments made in new
technologies and its own cashless solutions, and maintenance of
money transmitter licenses, reduces this risk. The gaming industry
is highly regulated on a state-by-state basis and has been slow to
adopt new technologies on the casino floor, where cash remains
prevalent. Casino operators also generate a meaningful amount of
fees from ATM transactions.

Lackluster View on Suppliers: The gaming equipment and cash access
industry is characterized by a tepid, albeit improving, slot
replacement cycle, shrinking slot floors and declining long-term
new casino opportunities. For some, exposure to lottery, cash
access systems, table games or social games provide diversification
benefits. The new supply calendar in the U.S. received a near-term
boost with recent gaming expansions, notably Illinois and Arkansas,
resulting in approximately 9,000 in Fitch-estimated new EGM sales
from 2020-2022. After 2022, growth will become harder to come by as
there are limited expansion opportunities left in the U.S. At this
point, the slot-replacement cycle and ship share will become the
primary driver of performance for gaming equipment suppliers.

DERIVATION SUMMARY

Everi's 'B+' Long-Term IDR reflects its declining leverage,
conservative financial policy, healthy FCF metrics, stable revenue
mix and strong position in the FinTech segment. Negative credit
considerations include Everi's niche position within the slots
segment and the long-term disintermediation risk associated with
its FinTech business. Everi's gaming peers include International
Game Technology plc (IGT), Scientific Games Corp. (SGMS), and
Aristocrat Leisure (ALL); all of which have similar-to-stronger
credit profiles due to greater scale, higher ship share,
international diversification, product diversification (ex.
lottery, table games) and/or lower leverage.

Scientific Games maintains higher leverage than Everi but also
generates a healthy FCF margin. IGT's and SGMS' lottery businesses
are positive from a cash flow stability perspective; however, they
require meaningful recurring capex payments when contracts are won
or renewed, which are often debt-funded. The Stars Group Inc. (TSG,
B+ IDR; RWP) is another gaming peer, which is a large online gaming
company with sizable poker, online casino and sportsbook
operations. TSG has higher, albeit declining, leverage but
generates substantial FCF with a FCF margin closer to 20%.

KEY ASSUMPTIONS

  -- In 2020, 28% revenues and 44% EBITDA declines, respectively.
     The negative impact from the coronavirus is in 2Q20 (65%
     revenue decline and about breakeven margin) with some
     recovery in 2H20;

  -- 2021 revenue is down slightly (-5%) from 2019 levels
     reflecting economic uncertainty and the duration of the
     recovery post-pandemic. Margins are also slightly pressured
     relative to 2019 levels. Past 2021, revenues grow in the
     low-single digit range with margins returning to their
     pre-coronavirus levels;

  -- Debt remains level in 2020 following EVRI's 1Q20 draw on
     the revolver and the redemption of $84.5 million in par
     of senior unsecured notes. EVRI continues to use FCF to
     repay debt in 2021;

  -- Capex is estimated at 20% of revenues and interest
     expense is reduced to about $50 million per year reflecting
     lower LIBOR rates and lower par amount of the senior
     unsecured notes.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Gross debt/EBITDA sustaining below 3.5x;

  - Continued market share in the U.S. gaming equipment industry,
    in particular with respect to its class III business;

  - Continued diversification away from payment processing.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Debt/EBITDA sustaining above 4.5x;

  - Significant deterioration and/or loss of market share in
    the gaming and FinTech segments;

  - A decrease in FCF margin to the mid-single digit range;

  - Adoption of a more aggressive financial policy, either toward
    target leverage or approach to shareholder returns at the
    detriment to the credit profile.

LIQUIDITY AND DEBT STRUCTURE

EVRI's available cash pro forma for its full draw on its revolver
and its 1Q20 tender for its unsecured notes is $77 million. EVRI
has no maturities in 2020 and Fitch estimates that the company will
generate positive FCF in each of the quarters this year except 2Q20
when it will burn $27 million. EVRI has some near-term cushion
under its 4.5x net secured leverage maintenance covenant but the
covenant headroom will get tight in 3Q20 (4.8x estimated by
Fitch).

SUMMARY OF FINANCIAL ADJUSTMENTS

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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.


EXACTECH INC: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Exactech Inc.'s Corporate
Family Rating to B3 from B2 and its Probability of Default Rating
to B3-PD from B2-PD. Moody's also downgraded the company's first
lien credit facility ratings to B3 from B2. The outlook was also
changed to negative from stable.

The rating actions reflect Moody's expectations that guidance from
various public health authorities and physician associations is
likely to lead to a meaningful decline in elective procedures as
treating COVID-19 patients will be a priority. Moody's believes
that many types of orthopedic procedures, such as knee, hip and
extremities replacements, will likely be considered elective and
therefore will be deferred. The impact is difficult to quantify as
it will depend on the breadth and duration of the health crisis.
Moody's currently expects a sizable decline in elective procedures
in the second quarter of 2020, with sequential improvement over the
course of the year. Importantly, Moody's expects that while
near-term volumes will be pressured, most procedures that were
planned will still eventually take place, and hence the revenue
will not be permanently lost.

The rating actions and negative outlook also reflect Moody's
expectations that Exactech's liquidity will weaken, giving it
limited cushion to absorb a prolonged disruption to procedure
volumes. Moody's estimates that the company has in excess of $40
million of total liquidity. However, with earnings likely to be
pressured in the next few quarters, and some growth investments
continuing, liquidity will decline over the course of 2020.

Rating actions:

Downgrades:

Issuer: Exactech, Inc.

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

Corporate Family Rating, Downgraded to B3 from B2

Senior Secured Bank Credit Facilities, Downgraded to B3 (LGD3) from
B2 (LGD3)

Outlook Actions:

Issuer: Exactech, Inc.

Outlook, Changed to Negative from Stable

Exactech's B3 Corporate Family Rating reflects its moderate scale
with revenues of $320 million. Its credit profile is also
constrained by high product concentration, as a few key products
accounts for the majority of revenues. The company also competes
directly with other large investment-grade orthopedic companies who
have substantially greater resources. The company's credit profile
benefits from solid growth trends in its extremities business which
continues to grow in the double-digit range. Moody's expects that
debt/EBITDA will rise above five times over the next 12 to 18
months as elective procedures are delayed.

Ratings could be upgraded if Exactech is able to demonstrate a
return toward historical performance levels and sustain its high
EBITDA margins. Quantitatively ratings could be upgraded if
debt/EBITDA is sustained below five times while maintaining a good
liquidity profile.

The ratings could be downgraded if Moody's believes the impacts of
the coronavirus will lead to a steep and prolonged decline in
demand for elective surgical procedures. The ratings could also be
downgraded if the company's liquidity profile were to erode, or if
Moody's expects free cash flow to remain negative into fiscal
2021.

Moody's regards the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety. The rapid and widening spread of the
coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. Although the medical device sector is less exposed
from a demand standpoint than other sectors, the diversion of
healthcare resources to treating the outbreak will reduce demand
for some medical device products. In addition, global supply chains
in the medical device are complex, and it is possible that supply
disruptions will cause product delays and affect revenue of some
products. The rating actions reflects the impact on Exactech of the
breadth and severity of the shock and the broad deterioration in
credit quality it has triggered.

Headquartered in Gainesville, Florida, Exactech, Inc. develops and
markets a range of orthopedic implant devices, related surgical
instruments and biologic materials and services. It operates in the
United States and more than 35 markets in the rest of the world.
Revenues are approximately $320 million. The company is privately
held and is owned by management and affiliates of TPG Capital,
LLC.

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


FELCOR LODGING: Moody's Alters Outlook on B1 Unsec. Rating to Neg.
------------------------------------------------------------------
Moody's Investors Service revised the outlook of FelCor Lodging
Limited Partnership to negative from stable. At the same time,
Moody's affirmed the REIT's ratings, including its B1 senior
unsecured debt and corporate family rating. Moody's also assigned
an SGL-4 speculative grade liquidity rating to FelCor.

The negative outlook reflects Moody's expectation that travel
restrictions being put in place across the US related to the spread
of the COVID-19 coronavirus will put significant pressure on
FelCor's earnings in 2020. Additional travel restrictions likely to
be put in place over the coming weeks will put further pressure on
the REIT's earnings, however its net debt/EBITDA will remain within
the downgrade trigger of 6.0x on a sustain basis and Moody's
expects that FelCor will have adequate liquidity to get through
this period of unprecedented declines in occupancy through its
continued access to the available liquidity at RLJ Lodging Trust
LP, its ultimate parent.

Affirmations:

Issuer: FelCor Lodging Limited Partnership

-- Senior unsecured debt, Affirmed at B1

-- Corporate family rating, Affirmed at B1

Rating Assigned:

Issuer: FelCor Lodging Limited Partnership

-- Speculative grade liquidity rating at SGL-4

Outlook Action:

Issuer: FelCor Lodging Limited Partnership

Outlook changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The commercial
lodging real estate sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
FelCor's credit profile, including its exposure to increased travel
restrictions for US citizens have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
FelCor remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action in part reflects the impact on FelCor, the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The B1 corporate family rating reflects FelCor's strengthening
credit metrics over the last years. More specifically, leverage,
secured debt level and fixed charge coverage have improved
significantly, helped by the early redemption of its senior secured
notes, funded by a contribution from its parent, RLJ Lodging Trust,
L.P. Nonetheless, these strengths are offset by FelCor's weak
funding profile, which largely depends on cash available on hand
and funds from operations for liquidity needs. The B1 senior
unsecured rating also reflects Moody's concerns about FelCor's
long-term growth strategy in the late stages of the lodging cycle
and the sustainability of the REIT's improved financial
flexibility, including leverage and secured debt levels. FelCor has
undertaken an asset sale program that continues to reduce its
modest size and scale.

FelCor's earnings, liquidity and overall credit quality will be
strained if FelCor is forced to temporarily close its hotels for an
extended period of time. Moody's expects FelCor to take measures to
reduce operating expenses prudently. FelCor has depended largely on
its cash on hand, funds from operations, proceeds from assets sale,
and related party borrowings from RLJ that would from time to time
be funded from RLJ's revolving credit facility. Positively,
Felcor's only unsecured debt is its $501 million senior notes that
are not due until June 2025. Nonetheless, the REIT's liquidity
position could weaken significantly if the effects of the pandemic
on the lodging industry persist into 2021 and access to and cost of
capital remain challenged.

FelCor's SGL-4 reflects its modest cash and cash equivalent
position, projected declining operating income which will reduce
available funds from operations for liquidity needs. FelCor will
depend more heavily RLJ Lodging Trust LP's liquidity support.

The negative outlook reflects the earnings pressure FelCor will
face in 2020 as travel restrictions being put in place across the
US related to the spread of the COVID-19 coronavirus cause
significant declines in occupancy and revenue per available room
(RevPAR). Moody's expects that additional restrictions will be put
in place as the number of confirmed COVID-19 cases increases in the
US over the coming weeks, but FelCor's net debt/EBITDA will remain
within the downgrade trigger of 6.0x on a sustained basis. While
FelCor's funding profile is weak, it has a sizable unencumbered
asset pool that provides meaningful alternative liquidity source.
Its net debt/EBITDA of 5.1x at the end of 2019 and fixed charge
coverage of 4.2x for the same period were relatively strong for its
rating category.

Ratings could be downgraded should the EBITDA decline meaningfully
in the next six month which will imply that net debt/EBITDA is
sustained above 6.0x. A rating downgrade could also result from
fixed charge coverage falling below 2.0x on a consistent basis or
from a meaningful reduction of unencumbered assets.

Although not likely, ratings could be upgraded if net debt/EBITDA
falls below 5.0x on a sustained basis and fixed charge coverage
approaches 3.5x. The rating upgrade would also require an improving
liquidity position with a large unencumbered asset pool.

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

FelCor Lodging Limited Partnership is a wholly-owned indirect
subsidiary of RLJ Lodging Trust, L.P. FelCor owns primarily
premium-branded, upper-upscale hotels located in major markets and
resort locations. As of December 31, 2019, FelCor owned 28 hotels
in 13 states, including a 95% controlling interest in The
Knickerbocker. At December 31, 2019, FelCor reported gross assets
of $2.3 billion, declined from $2.9 billion at year end 2017.


FETCH ACQUISITION: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded Fetch Acquisition LLC's
Corporate Family Rating to B3 from B2 and downgraded the
Probability of Default Rating to B3-PD from B2-PD. Moody's also
downgraded the company's first lien revolver and term loan ratings
to B2 from B1. The outlook is negative.

The downgrade reflects Moody's expectation that Fetch will no
longer be in a position to reduce its financial leverage (Moody's
Adjusted Debt to EBITDA) to below 6.0x within the next year due to
demand disruptions from the coronavirus outbreak that will have a
negative impact on the company's highly discretionary products. Job
losses as a result of the coronavirus outbreak will lead to
material cutbacks in discretionary consumer spending, which Moody's
expects will weaken Fetch's operating performance. Moody's expects
that operating income will decline by mid-to-high single digits and
that debt/EBITDA will increase to around 8.5 to 9.0x over the next
six to twelve months.

Moody's took the following rating actions on Fetch Acquisition
LLC:

Ratings downgraded:

  - Corporate Family Rating to B3 from B2

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

  - Senior Secured First lien revolving credit facility to
    B2 (LGD 3) from B1(LGD 3)

  - Senior Secured First lien term loan due 2024 to B2 (LGD 3)
    from B1(LGD 3)

  - Senior Secured First lien term loan due 2024 to B2 (LGD 3)
    from B1(LGD 3)

Outlook Action:

  - Outlook, changed to negative from stable

RATINGS RATIONALE

Fetch's B3 CFR reflects the company's aggressive financial policy
and high operational risk in a highly discretionary product
category. The Company's financial policy is aggressive with debt to
EBITDA currently at 8.0x as of December 31, 2019 (incorporating
Moody's standard adjustments). The ratings reflect the company's
weakening business fundamentals as the coronavirus outbreak will
result in diminished retail traffic and increased unemployment that
weakens discretionary consumer spending. Fetch's products are
highly discretionary in nature and would be negatively impacted by
weakness in the U.S. economy. Moody's expects the company's
leverage to increase over the next six months as a result of weaker
demand for the company's products and subside to below 8.0x within
the next 12 to 18 months. Fetch also has some operational risk as
its products are largely reliant on two manufacturing facilities.
The rating also reflects Fetch's solid market position within the
durable pet products market and its domestic manufacturing and
vertical integration, which gives it a competitive cost advantage
relative to its competitors. Growing incidence of pet ownership
over the next 3-5 years will translate to growing demand for pet
products following the coronavirus related economic weakness.

From a governance perspective, the company has aggressive financial
policies and high leverage following its acquisition by Olympus
Partners. Fetch's ownership by a private equity company is credit
negative, given the risk of activities such as debt-funded
acquisitions and shareholder distributions. Moody's does not expect
material acquisitions over the next year, but acquisitions to
increase product diversity could result in increased leverage and
integration risk.

The negative outlook reflects Moody's expectation that a
challenging operating environment will make it difficult to reduce
leverage and improve weak free cash flow.

The ratings could be upgraded if the company organically grows
revenue with a stable to higher margin, demonstrates a more
conservative financial policy, and sustains debt to EBITDA below
6.0 times. An upgrade is highly unlikely in this operating
environment.

The ratings could be downgraded if the company's operating
performance deteriorates more than expected, liquidity weakens,
free cash flow remains weak, or the company does not proactively
refinance maturities. The rating could also be downgraded if debt
to EBITDA remains above 8.0x.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The durables
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Fetch's credit profile,
including its exposure to highly discretionary pet products, have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Fetch remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Fetch of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Fetch Acquisition LLC owns Petmate Holdings. Fetch has no
operations apart from Petmate. Petmate produces and sells various
durable pet products in the United States including carriers,
shelters, strollers, feeding & watering products, pet waste
management products, toys, and more. Fetch is indirectly owned by
private equity firm Olympus Partners with annual revenues of around
$260 million.

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


FORD MOTOR: Moody's Cuts CFR & Senior Unsec. Rating to 'Ba2'
------------------------------------------------------------
Moody's Investors Service downgraded Ford Motor Company's corporate
family rating and senior unsecured debt rating to Ba2 from Ba1,
with the Speculative Grade Liquidity unchanged at SGL-1. The
ratings were placed under review for downgrade.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The automotive
industry has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
Ford remains vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company is vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Ford of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Ford's ratings, including the Ba2 CFR, reflect what is an
already-stressed credit profile and a very long- term restructuring
program. The company is now additionally burdened by the prospect
of a severe and prolonged decline in automotive markets
precipitated by the coronavirus.

Ford's financial performance is weaker than Moody's expected. For
the year ending December 31, 2019, Ford's automotive operations had
an EBITA margin of 0.9%, EBITA/interest of 0.8x, and free cash flow
of negative $3.8 billion.

Moreover, there was an unexpected erosion in operating efficiencies
in the company's core North American market, as well as a
problem-plagued launch of the strategically important Explorer SUV.
These factors contributed to Ford's North American EBIT margin
falling to 6.7% in 2019, continuing a steady decline from a margin
of 9.7% in 2016. The company's China operations have seen profits
fall substantially to a loss of $771 million in 2019.

The company is in the midst of a multi-year restructuring program
largely intended to address its weak operations in Europe and South
America. The program will entail total cash charges approximating
$7 billion, of which Ford has already incurred expenditures of
about $1.1 billion. Future expenditures under the plan will
approximate $5.9 billion.

Moody's review is focusing on Ford's prospects to reverse a
prolonged erosion in operating performance and competitive position
in all of its key markets which are now further burdened by what
could be a lengthy period of weak demand and economic uncertainty.
Moody's will also assess the company's ability and time frame for
improving its automotive and North American profitability, its free
cash flow, and its interest coverage.

In its review for downgrade, Moody's considers that the demand for
new vehicles will be reduced meaningfully over the coming months,
especially in the EMEA and North American markets. This is likely
to extend through the early summer at least, with a reasonable
recovery from the low points commencing at that point. Moody's
current assumptions are that global demand will shrink by about 15%
for all of 2020, and could be down in the range of 30% for the
second quarter. Accelerating incidence of the coronavirus across
the US and EMEA could lead to even more extended production
shutdowns and a much-delayed recovery in unit sales. Production
facilities in Europe and North America are mostly closed, as are
the factories for the extended supply chain. This should enable
field inventories of unsold vehicles to be somewhat restrained, but
also leads to potential for meaningful disruption even once new
vehicle production starts back up unless the OEMs and the extended
supply chain cooperate carefully. Even without production for a
couple months, there will be an overhang of inventory which could
lead to considerable manufacturer incentives before the new model
year shipments. For now, Moody's assumes a reasonable pace of
recovery of demand as the third quarter develops, especially
spurred by the new product introduction common during the late
third quarter. Moody's assumes Ford's full year unit shipments
would drop by upwards of 18%, however the risk to the downside is
considerable and further downside scenarios around the severity and
duration of the pandemic are uncertain.

Liquidity

Ford's liquidity position is very good, reflected in the
Speculative Grade Liquidity Rating of SGL-1, as it heads into the
current crisis. To better contend with a weakening demand outlook,
Ford has drawn the full amount available under its $15.4 billion in
bank credit facilities. The company has also suspended its $2.4
billion annual dividend (quarterly distributions of $600 million).
Drawing funds on a committed credit facility does not improve
Ford's liquidity. However, the elimination of the $2.4 billion
annual dividend is constructive.

As a result of these initiatives, Ford's year-end 2019 liquidity
position, pro-forma for the facility draw, consisted of $37.7
billion in cash and markable securities. Moody's estimates that the
company's automotive cash requirements during the coming twelve
months will approximate $18.5 billion. These requirements include:
$1.5 billion in maturing debt; an $8 billion cash burn resulting
from the coronavirus-related downturn in demand; and, Moody's
estimate of $10 billion in minimum cash necessary to fund ongoing
corporate and operating activities.

The $8 billion cash burn reflects the elimination of Ford's $2.4
billion dividend, and Moody's expectation that full-year global
auto shipments in 2020 will decline by approximately 14%. The
decline in industry sales will be most extreme during the second
calendar quarter, during which year-over-year quarterly shipments
could decline by as much as 30%. The $10 billion minimum cash
position includes Moody's estimate of approximately $7 billion
needed to fund the unwind of negative working capital that occurs
when sales decline. The liquidity profile for Ford's finance arm,
Ford Motor Credit Company, is solid.

Ford has been focused on addressing environmental risks and will
remain a priority in its strategic planning. Even so, Ford's
current product line-up puts the company at risk for potentially
large emission penalties in 2020 and 2021. In response, Ford's new
product launch will include a number of battery electric and full
hybrid vehicles as important contributors in Ford's ability to
comply with increasingly challenging emission regulations in the US
and Europe. However, customer acceptance and Ford's ability to earn
an economic return on them are uncertain.

Downgrades:

Issuer: Ford Holdings, Inc.

  Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
  (LGD4) from Ba1 (LGD4); Placed Under Review for further
  Downgrade

Issuer: Ford Motor Company

  Corporate Family Rating, Downgraded to Ba2 from Ba1; Placed
  Under Review for further Downgrade

  Probability of Default Rating, Downgraded to Ba2-PD from Ba1-PD;
  Placed Under Review for further Downgrade

  Senior Unsecured Bank Credit Facility, Downgraded to Ba2
  (LGD4) from Ba1 (LGD4); Placed Under Review for further
  Downgrade

  Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
  Ba2 (LGD4) from Ba1 (LGD4); Placed Under Review for further
  Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
  (LGD4) from Ba1 (LGD4); Placed Under Review for further
  Downgrade

Outlook Actions:

Issuer: Ford Holdings, Inc.

  Outlook, Changed to Rating Under Review from Stable

Issuer: Ford Motor Company

  Outlook, Changed to Rating Under Review from Stable

The methodologies used in these ratings were Automobile
Manufacturer Industry published in June 2017, and Captive Finance
Subsidiaries of Nonfinancial Corporations published in August 2019.


Ford Motor Company, based in Dearborn, Michigan, is a global
automotive manufacturer with operations in North America, South
American, Europe, Africa and the Middle East, China and the broad
Asia Pacific region. For the twelve months ending December, 2019,
total automotive revenues were about $144 billion.


FORD MOTOR: Moody's Cuts LT Senior Unsecured Rating to Ba2
----------------------------------------------------------
Moody's Investors Service has downgraded its ratings for Ford Motor
Credit Company LLC and its subsidiaries, including the Ba2
long-term senior unsecured rating. All ratings were placed on
review for further downgrade, except the Not Prime short-term
ratings that were affirmed.

The rating actions follow similar actions on the ratings for Ford
Credit's parent, Ford Motor Company (Ford, Ba2 corporate family
rating, review for downgrade).

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook and falling oil prices are
creating a severe and extensive credit shock across many sectors,
regions and markets. The current situation as well as the
significant rise in used car prices over the last decade place
pressure on the credit strengths of the auto captives, on which
Moody's maintains a negative outlook. Moody's believes that
delinquency rates, loan defaults and lease residual realization
trends will worsen in the next 12-18 months. Moody's notes,
however, that US auto captive finance companies are moderately well
positioned to weather a level of shock in the system absent
meaningful declines in used car prices and a rapid and unexpected
deterioration of liquidity at the parent level.

In its analysis, Moody's incorporates the strategic importance of
captives to their auto affiliates due to their ability to stimulate
auto sales. Auto finance captives are expected to provide a
consistent source of purchase financing to dealers and consumers,
thereby aiding the auto manufacturers in meeting their sales
objectives. The reliance of the auto finance captives on their
automotive parents for liquidity remains high, although an
important feature of auto finance companies is their ultimate
reliance on consumers and dealers to regularly make monthly
payments on their loans or leases thereby partially reducing debt
outstanding on the asset-backed securitization pools used by the
auto captives for a portion of the loans and leases.

To the extent that the capital markets with respect to the
unsecured and secured funding contract, captives will have to
reduce the new origination volumes although it will be to the
disadvantage of the parent as the parent aims to originate new
sales once the environment stabilizes at its new normal.

Downgrades:

Issuer: Ford Motor Credit Company LLC

  Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
  Ba1; Placed Under Review for further Downgrade

  Senior Unsecured Shelf, Downgraded to (P)Ba2 from (P)Ba1;
  Placed Under Review for further Downgrade

  Senior Unsecured Medium-Term Note Program, Downgraded to
  (P)Ba2 from (P)Ba1; Placed Under Review for further Downgrade

  Backed Senior Unsecured Medium-Term Note Program (Local
  Currency), Downgraded to (P)Ba2 from (P)Ba1; Placed Under
  Review for further Downgrade

  Subordinate Shelf, Downgraded to (P)Ba3 from (P)Ba2;
  Placed Under Review for further Downgrade

Issuer: Ford Credit Canada Company

  Backed Senior Unsecured Medium-Term Note Program,
  Downgraded to (P)Ba2 from (P)Ba1; Placed Under Review
  for further Downgrade

  Backed Senior Unsecured Regular Bond/Debenture,
  Downgraded to Ba2 from Ba1; Placed Under Review for
  further Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to
  Ba2 from Ba1; Placed Under Review for further Downgrade

  Backed Senior Unsecured Shelf, Downgraded to (P)Ba2
  from (P)Ba1; Placed Under Review for further Downgrade

Issuer: FCE Bank plc

  Senior Unsecured Bank Credit Facility, Downgraded to Ba2 from
  Ba1; Placed Under Review for further Downgrade

  Senior Unsecured Medium-Term Note Program, Downgraded to
  (P)Ba2 from (P)Ba1; Placed Under Review for further Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
  from Ba1; Placed Under Review for further Downgrade

Affirmations:

Issuer: Ford Motor Credit Company LLC

  Commercial Paper, Affirmed NP

  Backed Commercial Paper, Affirmed NP

  Other Short Term, Affirmed (P)NP

Issuer: Ford Credit Canada Company

  Backed Commercial Paper, Affirmed NP

Issuer: FCE Bank plc

  Backed Deposit Note Program, Affirmed NP

  Commercial Paper, Affirmed NP

  Other Short Term, Affirmed (P)NP

Outlook Actions:

Issuer: Ford Motor Credit Company LLC

  Outlook, Changed to Rating Under Review from Stable

Issuer: Ford Credit Canada Company

  Outlook, Changed to Rating Under Review from Stable

Issuer: FCE Bank plc

  Outlook, Changed to Rating Under Review from Stable

RATINGS RATIONALE

The one-notch downgrade and placement on review for downgrade of
Ford Credit's long-term ratings was prompted by similar actions
taken on the ratings for its ultimate parent Ford. Ford's weaker
credit profile will have negative implications for Ford Credit's
access to funding and its financing volumes. Ford's support to Ford
Credit is evidenced by a support agreement under which Ford Credit
can require Ford to inject capital to restore leverage below an
11.5x debt to equity threshold, should Ford Credit exceed the
threshold. As further evidence of support, Ford guarantees any
draws by Ford Credit as subsidiary borrower under Ford's revolving
credit facility.

Ford Credit's unchanged ba2 stand-alone profile takes into
consideration the company's well managed portfolio asset quality
and adequate tangible equity to tangible assets capital cushion
(8.9% as 31 December 2019), protecting its creditors against
unexpected losses. Moody's believes that the capital cushion will
remain close to 9.0% under stress case Moody's assumptions. Ford
Credit is the only firm in Moody's rated auto captive portfolio
that has a relatively limited lease portfolio (19% of managed
assets as of 31 December 2019) making it less vulnerable to a
potentially rapid decline of used car prices. Moody's expects that
Ford Credit's managed receivables ($142 million as of 31 December
2019) will decline but the extent of it is uncertain given the
current market environment. Additionally, while historically Ford
Credit's debt to equity leverage was managed to within its
historical range of 8x to 9x, Moody's believes that the likelihood
that Ford Credit will distribute capital to Ford for additional
liquidity support is higher than before, even if Ford's liquidity
is very good, in Moody's view. Moody's estimates that as a result
of the one-notch rating downgrade, the company's cost of debt
funding will increase, resulting in narrower finance margins.
Additional credit challenges for Ford Credit are its exposure to
the performance trends of its parent and its significant use of
confidence-sensitive securitization, which Moody's believes will
substantially increase in the current environment.

Ford Credit's liquidity is supported by approximately $8.2 billion
of available cash (net of $3.5 billion in cash reserves for ABS
facilities) as well as $19.3 billion of committed asset backed
facilities in addition to availability of $2.2 billion under other
unsecured credit facilities ($3bn capacity).

Environmental, social and governance (ESG) factors play an
important role in Moody's assessment of Ford Credit's credit
quality. As its relationship with Ford is key to its business, the
environmental considerations are closely aligned to those of Ford.
While the environmental challenges related to tightening emissions
regulations in key global markets may not affect Ford's near-term
profitability, they could weigh on credit quality of automakers and
their captives globally in the longer term. Moody's does not have
any particular concerns regarding Ford Credit's governance.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The review for downgrade indicates that ratings upgrades are
unlikely over the next 12-18 months. The ratings could be confirmed
upon conclusion of the review, if the ratings for Ford are
confirmed.

A material declines in asset quality and profitability beyond
Moody's current expectations, diminished liquidity, or leverage
(TCE/TMA) to less than 8% could lead to lower stand-alone credit
profile for Ford Credit. Ford Credit's ratings could be downgraded
upon completion of the review if Ford's ratings are downgraded.

The methodologies used in these ratings were Finance Companies
Methodology published in November 2019, and Captive Finance
Subsidiaries of Nonfinancial Corporations published in August 2019.


FORESIGHT ENERGY: Hires Armstrong Teasdale LLP as Co-Counsel
------------------------------------------------------------
Foresight Energy LP and its debtor-affiliates seeks authority from
the United States Bankruptcy Court for the Eastern District of
Missouri to employ Armstrong Teasdale LLP as their co-counsel.

The Debtors require Armstrong Teasdale to:

     (a) provide legal advice with respect to the Debtors' powers
and duties as debtors-in-possession in the continued operation of
its business and management of its properties;

     (b) attend meetings and negotiating with representatives of
creditors and other parties in interest and advising and consulting
on the conduct of Chapter 11 Cases, including the legal and
administrative requirements of operating in chapter 11;

     (c) take necessary action to protect and preserve the Debtors'
estates, including the prosecution of actions commenced under the
Bankruptcy Code on their behalf, and objections to claims filed
against the estates;

     (d) prepare and prosecute on behalf of the Debtors' motions,
applications, answers, orders, reports and papers necessary to the
administration of the estates;

     (e) advise and assist the Debtors with respect to
restructuring alternatives, including, to the extent applicable,
preparing and pursuing confirmation of a chapter 11 plan and
approval of a disclosure statement;

     (f) appear in Court and protecting the interests of the
Debtors before the Court; and

     (g) perform all other legal services for the Debtors which may
be necessary and proper in these cases.

Armstrong Teasdale's standard hourly rates are:

     Partners      $375 - $685
     Of Counsel    $395 - $555
     Associates    $255 - $395
     Paralegals    $125 - $305
     Law Clerks    $200

Richard W. Engel, Jr., Esq., partner of the law firm of Armstrong
Teasdale, attests that his firm is a "disinterested person," as
defined in section 101(14) of the Bankruptcy Code and as required
by section 327(a) of the Bankruptcy Code.

The firm can be reached through:

     Richard W. Engel, Jr., Esq.
     John G. Willard, Esq.
     Kathryn Redmond, Esq.
     ARMSTRONG TEASDALE LLP
     7700 Forsyth Boulevard, Suite 1800
     St. Louis, MO 63105
     Tel: (314) 621-5070
     Fax: (314) 621-5065
     Email: rengel@atllp.com
            jwillard@atllp.com
            kredmond@atllp.com

                About Foresight Energy

Foresight Energy and its subsidiaries -- http://www.foresight.com/
-- are producers of thermal coal, with four mining complexes and
nearly 2.1 billion tons of proven and probably coal reserves
strategically located near multiple rail and river transportation
access points in the Illinois Basin.  The Debtors also own a
barge-loading river terminal on the Ohio River.  From this
strategic position, the Debtors sell their coal primarily to
electric utility and industrial companies located in the eastern
half of the United States and across the international market.

Foresight Energy LP and its affiliates sought Chapter 11 protection
(Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020.

The Hon. Kathy A. Surratt-States is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
counsel to Foresight Energy; Jefferies Group is acting as
investment banker; and FTI Consulting, Inc. is acting as financial
advisor.  Prime Clerk LLC is the claims agent at
https://cases.primeclerk.com/ForesightEnergy

Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and
Lazard Freres & Co. LLC is acting as investment banker to the Ad
Hoc Lender Group representing lenders under the first lien credit
agreement.

Milbank LLP is acting as legal counsel and Perella Weinberg
Partners LP is acting as investment banker to the Ad Hoc Lender
Group representing crossover lenders under each of the second lien
indenture and first lien credit agreement.

The Debtors were estimated to have $1 billion to $10 billion in
assets and liabilities.


FORESIGHT ENERGY: Seeks to Hire FTI Consulting as Financial Advisor
-------------------------------------------------------------------
Foresight Energy LP and its debtor-affiliates seeks authority from
the United States Bankruptcy Court for the Eastern District of
Missouri to employ FTI Consulting, Inc. as their restructuring
financial advisor.

Services FTI will render are:

     a. develop a 13 week cash flow forecast;

     b. prepare the Debtors to meet the requirements of filing for
bankruptcy court protection;

     c. prepare the Debtors to meet the requirements of operating
under bankruptcy court protection; and

     d. assist the Debtors with any other customary services
typical for an engagement of this tyoe as may be mutually agreed to
by the Debtors and FTI from time to time.

FTI's will be paid as follows:

     (a) Hourly Rates.

         Senior Managing Directors           $895 – $1,195
         Directors / Managing Directors      $670 – 880
         Consultants / Senior Consultants    $355 – 640
         Administrative / Paraprofessionals  $145 – 275

      (b) Reasonable Direct Expenses.

           i. FTI will bill for reasonable direct expenses that are
likely to be incurred on the Debtors' behalf during their
engagement.

          ii. The Debtors agree to reimburse each Indemnified
Person from and against any and all claims, liabilities, damages,
obligations, costs and expenses (including reasonable and
documented attorneys' fees and expenses and cost of investigation)
arising out of or in connection with the Engagement.

     (c) Cash on Account. FTI received, and continues to hold,
unapplied advance payments from the Debtors in the amount of
approximately $250,000.

     (d) Employment Protections. The Debtors have agreed to
promptly notify FTI if the Debtors or any of their subsidiaries or
affiliates extends (or solicits the possible interest in receiving)
an offer of employment to a principal or employee of FTI involved
in this Engagement and that FTI has earned and is entitled to a
cash fee, upon hiring, equal to 150% of the aggregate first year's
annualized compensation, including any guaranteed or target bonus
and equity award, to be paid to FTI's former principal or employee
that the Debtors or any of their subsidiaries or affiliates hires
at any time up to one year subsequent to the date of the final
invoice rendered by FTI with respect to this Engagement.

Alan Boyko, senior managing director of FTI, attests that the firm
is a "disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Alan Boyko
     FTI Consulting, Inc.
     999 17th Street, Suite 700
     Denver CO 80202
     Tel: +1 303 689 8892
     Email: alan.boyko@fticonsulting.com

                      About Foresight Energy

Foresight Energy and its subsidiaries -- http://www.foresight.com/
-- are producers of thermal coal, with four mining complexes and
nearly 2.1 billion tons of proven and probably coal reserves
strategically located near multiple rail and river transportation
access points in the Illinois Basin.  The Debtors also own a
barge-loading river terminal on the Ohio River.  From this
strategic position, the Debtors sell their coal primarily to
electric utility and industrial companies located in the eastern
half of the United States and across the international market.

Foresight Energy LP and its affiliates sought Chapter 11 protection
(Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020.

The Hon. Kathy A. Surratt-States is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
counsel to Foresight Energy; Jefferies Group is acting as
investment banker; and FTI Consulting, Inc. is acting as financial
advisor.  Prime Clerk LLC is the claims agent at
https://cases.primeclerk.com/ForesightEnergy

Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and
Lazard Freres & Co. LLC is acting as investment banker to the Ad
Hoc Lender Group representing lenders under the first lien credit
agreement.

Milbank LLP is acting as legal counsel and Perella Weinberg
Partners LP is acting as investment banker to the Ad Hoc Lender
Group representing crossover lenders under each of the second lien
indenture and first lien credit agreement.

The Debtors were estimated to have $1 billion to $10 billion in
assets and liabilities.


FORESIGHT ENERGY: Seeks to Hire Jefferies LLC as Investment Banker
------------------------------------------------------------------
Foresight Energy LP and its debtor-affiliates seeks authority from
the United States Bankruptcy Court for the Eastern District of
Missouri to employ Jefferies LLC as their investment banker.

Services Jefferies will perform are:

     (a) become familiar with and analyze the business, operations,
assets, financial condition, and prospects of the Debtors;

     (b) advise the Debtors on the current state of the
"restructuring market";

     (c) assist and advise the Debtors in examining and analyzing
any potential or proposed Restructuring;

     (d) as mutually agreed upon by Jefferies and the Debtors,
assist and advise the Debtors in  connection with any potential
Corporate Transactions; and

     (e) advise the Debtors in connection with any Financing
including, in connection with the sale and/or placement, whether in
one of more public or private transactions, of Equity Securities or
Debt.

Jefferies compensation are:

     (a) Monthly Fee. A monthly fee equal to $200,000 payable in
advance on the 8th day of each month. Fifty percent of any Monthly
Fees actually paid to and retained by Jefferies in excess of
$1,200,000 in the aggregate under the Engagement Letter will be
credited once, without duplication, against any Restructuring Fee
or Corporate Transaction Fee subsequently payable to Jefferies.

     (b) Restructuring Fee. Upon the consummation of a
Restructuring, a fee in an amount equal to $8,500,000.

     (c) Corporate Transaction Fee. Upon the consummation of a
Corporate Transaction, a fee  equal
to 1.0 percent of the first $1,200,000,000 of Aggregate Sales
Consideration of such Corporate Transaction plus 3.0 percent of the
Aggregate Sales Consideration of such Corporate Transaction in
excess of $1,200,000,000.

     (d) Debt Financing Fee. Promptly upon the closing of each
Financing involving Debt, a fee in an amount equal to: (i) 1.0
percent of the aggregate principal amount of any
debtor-in-possession financing; plus (ii) 1.5 percent of the
aggregate principal amount of senior secured Debt placed; plus
(iii) 2.0 percent of any junior secured or unsecured Debt placed.
For the avoidance of doubt, 50 percent of any Debt Financing Fee
(other than any Debt Financing Fee payable on account of any
debtor-in-possession financing) actually paid to and retained by
Jefferies shall be creditable against 50 percent of any
Restructuring Fee subsequently payable to Jefferies.

     (e) Equity Financing Fee. Promptly upon the closing of each
Financing involving Equity Securities, a cash fee in an amount
equal to 4.0 percent of the aggregate gross proceeds from the
issuance of such Equity Securities. For the avoidance of doubt, 50
percent of any Equity Financing Fee  actually paid to and retained
by Jefferies shall be creditable against 50 percent of any
Restructuring Fee subsequently payable to Jefferies.

     (f) Expenses. In addition to any fees that may be paid to
Jefferies under the Engagement Letter, the Debtors shall reimburse
Jefferies for out-of-pocket expenses incurred in connection with
its engagement by the Debtors (including reasonable and documented
fees and expenses of counsel, and the reasonable and documented
fees and expenses of any other independent experts retained by
Jefferies).

Jeffrey Finger, managing director of Jefferies, attests that the
firm is a "disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code and utilized in section 328(c) of
the Bankruptcy Code.

The firm can be reached through:

     Jeffrey Finger
     Jefferies LLC
     520 Madison Avenue 10th Floor
     New York, NY 10022
     Phone: 1-212-284-2300

               About Foresight Energy

Foresight Energy and its subsidiaries -- http://www.foresight.com/
-- are producers of thermal coal, with four mining complexes and
nearly 2.1 billion tons of proven and probably coal reserves
strategically located near multiple rail and river transportation
access points in the Illinois Basin.  The Debtors also own a
barge-loading river terminal on the Ohio River.  From this
strategic position, the Debtors sell their coal primarily to
electric utility and industrial companies located in the eastern
half of the United States and across the international market.

Foresight Energy LP and its affiliates sought Chapter 11 protection
(Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020.

The Hon. Kathy A. Surratt-States is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
counsel to Foresight Energy; Jefferies Group is acting as
investment banker; and FTI Consulting, Inc. is acting as financial
advisor.  Prime Clerk LLC is the claims agent at
https://cases.primeclerk.com/ForesightEnergy

Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and
Lazard Freres & Co. LLC is acting as investment banker to the Ad
Hoc Lender Group representing lenders under the first lien credit
agreement.

Milbank LLP is acting as legal counsel and Perella Weinberg
Partners LP is acting as investment banker to the Ad Hoc Lender
Group representing crossover lenders under each of the second lien
indenture and first lien credit agreement.

The Debtors were estimated to have $1 billion to $10 billion in
assets and liabilities.


FORUM ENERGY: Moody's Cuts CFR to Caa1, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service downgraded Forum Energy Technologies,
Inc.'s Corporate Family Rating to Caa1 from B2, Probability of
Default Rating to Caa1-PD from B2-PD, and senior unsecured notes
rating to Caa2 from B3. Forum's Speculative Grade Liquidity rating
was downgraded to SGL-4 from SGL-3. The outlook remains negative.

"Forum's rating downgrade reflects increased debt refinancing risk
and elevated risk of default, including from a distressed
exchange," said Jonathan Teitel, Moody's Analyst.

Downgrades:

Issuer: Forum Energy Technologies, Inc.
  Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

  Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
  SGL-3

  Corporate Family Rating, Downgraded to Caa1 from B2

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
  (LGD5) from B3 (LGD4)

Outlook Actions:

Issuer: Forum Energy Technologies, Inc.

  Outlook, Remains Negative

RATINGS RATIONALE

Forum's Caa1 CFR reflects rising default risk, including a
distressed exchange which could be deemed a default by Moody's.
Refinancing needs for debt maturing in 2021 pose a key credit risk.
On March 19, Forum announced that it had been in discussions with
its largest bondholder about a potential exchange of the notes but
that an agreement could not be reached because of market
conditions. Forum faces highly challenging access to capital
markets in current market conditions and with weak commodity
prices. Forum is highly leveraged and operates in a very cyclical
industry. The company benefits from a sizable cash balance and
modest capital spending needs.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oilfield
services sector has been affected by the shock given its
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in Forum's credit profile and liquidity have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Forum remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Forum of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Governance considerations include significant equity ownership by
SCF. As of February 24, 2020, SCF Partners owned about 16% of
Forum's stock.

Forum's SGL-4 rating reflects Moody's view that Forum has weak
liquidity with near-term det maturities. The company's borrowing
base revolver expires in July 2021 (so long as the senior notes due
October 2021 are outstanding). The undrawn revolver has $300
million in lender commitments and a borrowing base of $253 million
as of December 31, 2019. After considering outstanding letters of
credit, $229 million was available. Liquidity could become further
constrained if the company uses its revolver to repurchase bonds.

Forum's senior unsecured notes are rated Caa2, one notch below the
CFR. This notching reflects effective subordination to the secured
revolver.

The negative outlook reflects refinancing risks, heightened risk of
default (including a distressed exchange) and further erosion of
liquidity as debt maturities approach.

Factors that could lead to a downgrade include increasing default
risk including distressed exchanges or if Moody's view on expected
recoveries is lowered.

Factors that could lead to an upgrade include reduced refinancing
risk, organic EBITDA growth and adequate liquidity in a
significantly improving industry environment.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Forum, headquartered in Houston, Texas, is a publicly-traded
oilfield services company. Revenue for 2019 was $957 million.


GALLEON CONTRACTING: Seeks to Hire an Accountant
------------------------------------------------
Galleon Contracting, LLC, seeks authority from the US Bankruptcy
Court for the  Western District of Texas to employ an accountant.

Jose J. Gonzalez, CPA, as an accountant, will assist in the
preparation of monthly reports, assist in preparation of
projections and cash flow statements, prepare financial reports to
the Courts pursuant to 11 U.S.C. Sec. 1106, prepare tax returns and
give general accounting advice.

Mr. Gonzalez will be paid $150 per hour for MORS and financial
reports and other accounting

Mr. Gonzalez represents no interest adverse to the Debtor.

Mr. Gonzalez can be reached at:

     Jose J. Gonzalez, CPA
     Joe J. Gonzalez, CPA, PLLC
     4243 Piedras Drive East #110
     San Antonio, TX 78228
     
                         About Galleon Contracting
  
Galleon Contracting, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-52911) on Dec. 9,
2019.  The petition was signed by its sole managing member, Maurice
Martinez.  At the time of filing the Debtor was estimated to have
both assets and liabilities of less than $1 million.  Judge Ronald
B. King oversees the case.  The Debtor is represented by Todd J.
Malaise, Esq., at Malaise Law Firm.


GAP INC: Moody's Lowers Sr. Unsec. Rating to Ba1, Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service downgraded Gap Inc. senior unsecured
rating to Ba1 from Baa2. At the same time, Moody's assigned the
company a Ba1 Corporate Family Rating, Ba1-PD Probability of
Default rating and a Speculative Grade Liquidity rating of SGL-2.
Outlook was changed to negative from stable.

"The two-notch downgrade reflects the steady decline in Gap's cash
flow from operations and credit metrics as well as the anticipated
disruption of the COVID-19 virus in the face of unprecedented
temporary store and mall closures", stated Vice President,
Christina Boni. Despite having $1.7 billion of cash and short-term
investments, and the ability to reduce its $360 million common
dividend, Moody's expects Gap's earnings will materially contract
in 2020 and Gap is currently pursuing a secured credit facility.

Downgrades:

Issuer: Gap, Inc. (The)

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 (LGD4)
from Baa2

Assignments:

Issuer: Gap, Inc. (The)

Probability of Default Rating - Ba1-PD

Speculative Grade Liquidity Rating - SGL-2

Corporate Family Rating - Ba1

Outlook Actions:

Issuer: Gap, Inc. (The)

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The apparel retail
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Gap Inc.'s credit profile,
including its exposure to store closures, China and consumer demand
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Gap Inc. remains vulnerable
to the outbreak continuing to spread. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on Gap Inc. of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Gap Inc.'s Ba1 rating reflects its solid market position in the
specialty apparel market with its ownership of three leading
specialty apparel brands (Old Navy, Gap and Banana Republic). The
relatively shorter term of its store leases (approximately five
years) has enabled right sizing of its mature brands (Gap and
Banana Republic) while adding stores to its higher growth concepts
(Old Navy and Athleta). Investments in its online and mobile
business have also strengthened its operational profile and
improved customer experience. Continued integration of its online
and store experiences supports its efforts to increase customer
conversion and will offset the impact of temporary store closures.
Nonetheless, the company will suffer significant disruption in the
face of COVID-19 which will reduce its free cash flow
significantly. Although the company has approximately $1.25 billion
of debt due in April 2021, the company is pursuing has a new
secured credit facility to replace its $500 million unsecured
revolver, as it has $2.1 billion of unencumbered inventory and
additional real estate.

The negative outlook reflects Gap's need reset its cost base in the
face of the unprecedented disruption of COVID-19 and an expected
slowdown in consumer spending. The negative outlook also reflects
its need to manage its cash burn through its operational and
financial policy actions while refinancing its capital structure.

An upgrade would require consistency of performance at all its
major brands, maintenance of an unsecured capital structure, very
good liquidity, and a conservative financial policy.
Quantitatively, debt/EBITDA would need to be sustained below 3.0x,
and EBIT/Interest above 4.5x.

Ratings could be downgraded should there be sustained deterioration
in profitability at any of its key brands which significantly
impacts liquidity and it its pursuit of a secured credit facility
is unsuccessful. Ratings could also be downgraded if debt/EBITDA
sustained above 3.5x.

Gap Inc. is a leading global retailer offering clothing,
accessories, and personal care products for men, women, and
children under the Gap, Banana Republic, Old Navy, Athleta, Janie
and Jack, and Intermix. Fiscal year 2019 net sales were
approximately $16.4 billion. Gap Inc. products are available for
purchase in more than 90 countries worldwide through 3,345
company-operated stores, 574 franchise stores, and e-commerce
sites.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


GEORGIA DEER: Taps Falcone Law Firm as Legal Counsel
----------------------------------------------------
Georgia Deer Farm, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire The Falcone Law
Firm, P.C., as its legal counsel.
   
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code; analysis of the Debtor's
financial condition; negotiation and preparation of a bankruptcy
plan; and assistance in connection with the sale of the Debtor's
assets.

The firm will be paid at these rates:

     Senior Attorneys            $350 per hour
     Associate Attorneys         $200 per hour
     Paralegals                  $150 per hour
     Administrative Assistants   $50 per hour
  
Falcone Law Firm is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Ian M. Falcone, Esq.
     The Falcone Law Firm, P.C.
     363 Lawrence Street
     Marietta, GA 30060
     Tel: (770) 426-9359
     E-mail: attorneys@falconefirm.com

                     About Georgia Deer Farm

Georgia Deer Farm, Inc., a tractor and farm equipment dealer in
Roopville, Ga., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-10563) on March 13,
2020.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $1 million and $10
million.  The Debtor is represented by The Falcone Law Firm, P.C.


GNC HOLDINGS: Fitch Lowers LT Issuer Default Rating to CC
---------------------------------------------------------
Fitch Ratings has downgraded GNC Holdings, Inc.'s ratings,
including its Long-Term Issuer Default Rating to 'CC' from 'B-'.

The downgrade reflects increased concerns regarding GNC's ability
to address upcoming maturities, including approximately $160
million of convertible notes due August 2020 and approximately $450
million of term loans due March 2021. GNC originally expected to
complete its refinancing process by the end of 2019. However, the
process continued into 2020 and has now been further delayed by the
coronavirus pandemic. The pandemic is likely to also complicate
already challenged operations, with anticipated, significant
declines in near-term sales impacting GNC's cash position and
obscuring longer term projections. As such, Fitch expects that a
restructuring or default, including a distressed debt exchange, is
probable.

KEY RATING DRIVERS

2020/2021 Refinancing Concerns: GNC's capital structure includes
approximately $160 million of convertible notes due August 2020 and
approximately $450 million of term loans due March 2021. GNC
originally expected to complete its refinancing process by the end
of 2019. However, the process continued into 2020 and has now been
further delayed by the coronavirus pandemic. Additionally, on March
25 the company indicated that an Asian lending group, with whom GNC
had been negotiating a refinancing, would no longer be
participating in discussions. While the company ended 2019 with
approximately $180 million in liquidity, including cash on hand and
revolver availability, near-term operating challenges related to
coronavirus could limit GNC's ability to use this liquidity to
repay 2020 maturities; GNC would also need to refinance its 2021
debt maturities.

Ongoing Weakness: Sales have declined to $2.1 billion in 2019 from
a peak of $2.6 billion in 2013, while EBITDA has precipitously
declined to approximately $190 million in 2019 from around $530
million in 2013. While the category has continued its growth
trajectory, channels such as grocery, drug, discount and online
appear to be taking share from standalone players such as GNC. The
proliferation of vitamin-related information online coupled with an
increased vitamin focus by a number of competitors in the discount,
grocery, drug retail and online spaces have limited GNC's
competitive advantage in recent years.

Fitch believes GNC also took some operational missteps, which
negatively impacted results beginning 2014. The company's marketing
and merchandising efforts historically appealed to sports-related
products such as muscle-gain proteins, while industry growth has
focused more on natural/organic supplements, particularly for the
aging baby boomer population. In addition, while the company's Gold
Card loyalty program was a historical advantage, the loyalty
program began to create price confusion among consumers who
increasingly value price transparency. The pricing structure was
also misaligned in the company's stores relative to its online
channel, where products were heavily discounted.

EBITDA erosion has weakened the company's leverage profile, with
adjusted debt/EBITDAR rising from the mid-4.0x range in 2013 to
around 7.3x in 2019. This increase was exacerbated by the company's
decision to execute debt-financed share buybacks in 2015 and the
first half of 2016. Outstanding debt balances increased by around
$250 million from the beginning of 2015 until the company ceased
share buybacks in mid-2016 in order to use FCF to repay debt.

New Initiatives: The company announced several new strategies to
drive sales and EBITDA in late 2018. In the U.S. and Canada,
topline initiatives include expanding upon its initial loyalty
program enrollment, using data analytics to drive retention and per
customer spend. The company also plans to increase its pipeline of
product innovation, particularly within its proprietary brand
portfolio. Finally, GNC plans to upgrade its website to optimize
key functionality like search, the mobile shopping experience, and
local store inventory availability. Internationally, aside from
China the company's focus regions include Europe, Brazil and
Colombia, all of which are primarily franchised markets.

Alongside the investment by Harbin, a leading pharmaceuticals and
vitamin manufacturer in China with over 300 retail pharmacies in
its operating portfolio, GNC and Harbin formed a joint venture to
sell GNC-branded products in China. GNC forecasts $200 million in
2021 revenue in China, compared with a Fitch-estimated $40 million
in 2018 revenue or around 20% of GNC's current international
revenue.

On an enterprise-wide basis, Fitch forecasts GNC's revenue could
remain near the current $2 billion run rate longer term, with some
dislocation in 2020 due to the coronavirus pandemic. This forecast
is predicated on continued declines in the U.S. business, primarily
driven by ongoing store closures and near-flat SSS, mitigated by
some international growth. Achievement of GNC's international
targets would yield material upside to Fitch's current
assumptions.

To support its topline initiatives, the company is planning to
reduce annual corporate costs by $50 million by the end of 2020.
Savings are to be generated by a variety of functional areas,
including product/packaging costs, lease optimization, reduction to
low-ROI marketing, and lower consulting expenses. Selling, general
and administrative (SG&A) declined around 10% in 2019, partly due
to expense management and partly due to business divestitures. The
planned closure of 700 to 900 U.S./Canada locations could be
EBITDA-neutral or even modestly support EBITDA despite revenue
loss, if a significant portion of sales transfer to nearby
locations or GNC's websites. The closure should support medium-term
gross margin expansion given reduced rent expense. Together, these
assumptions yield projections of EBITDA trending close to the $200
million range longer term, similar to the current run rate.

Positive Cash Flow: Despite operational declines, GNC's cash flow
generation has remained positive, and Fitch expects GNC can
generate $50 million to $100 million in FCF annually on $200
million of EBITDA. Beginning mid-2016, the company has directed all
FCF, as well as cash proceeds from its preferred equity investment
and asset sales, toward debt reduction and Fitch expects the
company will continue to use internally generated cash to improve
its capital structure. GNC's good FCF margins in the mid-single
digits, remains a credit profile positive, particularly considering
limited cash flow generation by many of GNC's distressed retail
peers.

DERIVATION SUMMARY

GNC's 'CC' rating reflects heightened concerns regarding GNC's
ability to address upcoming maturities, including approximately
$160 million of convertible notes due August 2020 and approximately
$450 million of term loans due March 2021. GNC originally expected
to complete its refinancing process by the end of 2019. However,
the process continued into 2020 and has now been further delayed by
the coronavirus pandemic. The pandemic is likely to also complicate
already challenged operations, with anticipated, significant
declines in near-term sales impacting GNC's cash position and
obscuring longer term projections.

GNC's ratings consider its challenged topline and EBITDA trends,
with EBITDA falling to the $200 million range in 2019 from nearly
$500 million in 2015. The company had significant difficulty
addressing its 2019 maturities, ultimately undertaking a distressed
debt exchange (DDE), $300 million preferred equity investment and a
partial refinancing of its $1.1 billion term loan due March 2019.

GNC's retail peers include J.C. Penney Company, Inc. J.C. Penney's
'CCC+' rating reflects operating declines which have caused EBITDA
to decline to the high-$500 million range in 2019 from around $1
billion in 2016, with limited FCF generated in recent years.
Similarly, adjusted debt/EBITDAR has increased to around 7x in 2019
from the mid-5.0x in 2016/2017.

Rite Aid Corporation's 'B-'/Stable rating reflects continued
operational challenges, which have heightened questions regarding
the company's longer-term market position and the sustainability of
its capital structure. Persistent EBITDA declines have led to
negligible to modestly negative FCF and elevated adjusted
debt/EBITDAR in the low- to mid-7.0x range, despite some signs of
pharmacy sales stabilization over the past year. Fitch believes
that operational challenges include both a challenged competitive
position in retail and, more recently, sector-wide gross margin
contraction resulting from reimbursement pressure. These concerns
are mitigated by Rite Aid's strong liquidity, supported by a
borrowing base of pharmaceutical inventory and prescription files,
and limited near-term maturities.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Operating results in 2020 are expected to be materially
impacted by the coronavirus pandemic, which has caused weak
consumer shopping traffic and store closures globally. Depending on
length and severity of the outbreak, Fitch estimates GNC's 2020
revenue could be down in the 10% to 15% range, or $1.7 billion to
$1.8 billion, with EBITDA declining toward the mid-$100 million
level on fixed-cost deleverage.

  -- Longer term, Fitch expects GNC's revenue and EBITDA could
remain near 2019 levels of $2.1 billion and approximately $200
million, respectively. Stagnant revenue trends could be the result
of international growth mitigated by ongoing store closures and
modestly negative SSS in the U.S. GNC recently began an expense
reduction program which should support margin stability in the
medium term.

  -- FCF is expected to trend in the $50 million to $100 million
range longer term on $200 million of EBITDA, given around $100
million in annual interest expense and limited capex. FCF in 2020
is likely to fall below this range on reduced EBITDA, mitigated
somewhat by lower expected cash taxes and potential benefits from
working capital efforts.

  -- Adjusted debt/EBITDAR (capitalizing leases at 8.0x), which was
7.3x in 2019, is expected to remain around 7x longer term, absent
material debt reduction. Adjusted leverage could spike in 2020 to
8x or above (absent debt reduction) due to coronavirus related
operating challenges.

  -- GNC will need to address upcoming maturities, including
approximately $160 million of convertible notes due August 2020 and
approximately $450 million on term loans due March 2021. Given
GNC's liquidity position, Fitch forecasts the company would need to
refinance some or all of these maturities. A restructuring or
default, including a distressed debt exchange, is probable.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- An upgrade could occur if GNC addresses its 2020/2021
maturities in a timely fashion, while sustaining its current
operating profile of EBITDA around $200 million and adjusted
debt/EBITDAR (capitalizing leases at 8x) near 7.0x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- A downgrade could occur if current refinancing discussions
fail to produce a bona fide refinancing deal, which would lead to a
default.

LIQUIDITY AND DEBT STRUCTURE

Adequate Operating Liquidity: GNC's total liquidity as of Dec. 31,
2019 was $183 million, which includes $117 million in cash and ABL
availability. The company's ABL facility was reduced to $81 million
from $100 million in March 2019 in association with the divestiture
of the Nutra Manufacturing and Anderson facility assets as part of
the entrance into the joint venture with IVC.

Comprehensive Refinancing Needed: GNC's total debt balance as of
Dec. 31, 2019 is approximately $1.2 billion. Total debt includes
$159 million in principal amount of convertible notes due August
2020, the remaining $449 million B-2 term loan maturing March 2021
inclusive of unamortized discounts, the $275 million FILO term loan
due December 2022, and the $300 million preferred equity, which
Fitch treats as 100% debt.

Following several months of negotiations with potential financing
partners, the company has thus far been unable to address its
upcoming maturities. As such, Fitch expects that a restructuring or
default is probable.

Recovery

Fitch's recovery analysis is based on a going-concern value of $750
million, versus approximately $500 million from an orderly
liquidation of assets, composed primarily of inventory,
receivables, and owned property and equipment. Post-default EBITDA
was estimated at $150 million, similar to Fitch's 2020 EBITDA
forecast. The going concern EBITDA is prior than Fitch's previous
$200 million forecast given GNC's default would likely take place
during the current, business-challenged environment The analysis
uses a 5.0x enterprise value/EBITDA multiple, consistent with the
5.4x median multiple for retail going-concern reorganizations. The
multiple considers GNC's historically strong position in a good
category, recent competitive encroachment by alternate channels and
operational missteps.

After deducting 10% for administrative claims, the remaining $900
million would lead to full recovery for the ABL revolver and ABL
FILO term loan, which are therefore rated 'CCC+'/'RR1'. The ABL
revolver and ABL FILO term loan are secured by a first lien on
assets comprising domestic inventory and receivables with a second
lien on other domestic assets, though the ABL would receive
priority payment in a default. ABL revolver availability is
governed by a borrowing base, which includes domestic inventory and
receivables; Fitch assumes the revolver is 70% drawn in a default.
The company's term loan B-2 would have superior recovery prospects
(71%-90%) and is therefore rated 'CCC'/'RR2'. GNC's convertible
preferred equity, which is subordinate to its term loans and
unsecured notes would have poor recovery prospects (0%-10%) and is
therefore rated 'C'/'RR6'.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch adjusts for non-cash stock based compensation and long-lived
asset impairment which totaled $4.6 million and $2.9 million,
respectively in 2019.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


GNC HOLDINGS: Swings to $35.1 Million Net Loss in 2019
------------------------------------------------------
GNC Holdings, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$35.11 million on $2.07 billion of revenue for the year ended Dec.
31, 2019, compared to net income of $69.78 million on $2.35 billion
of revenue for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $1.65 billion in total assets,
$1.64 billion in total liabilities, $211.39 million in series A
convertible preferred stock, and a total stockholders' deficit of
$207.26 million.

PricewaterhouseCoopers LLP, in Pittsburgh, Pennsylvania, the
Company's auditor since 2003, issued a "going concern"
qualification in its report dated March 25, 2020 citing that the
Company has significant debt (specifically the Convertible Notes
and the Tranche B-2 Term Loan) maturing at the latest in March
2021.  The Company has insufficient cash flows from operations to
repay these debt obligations as they come due, which raises
substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 10-K is available for free at:

                    https://is.gd/nuYrhd

                     About GNC Holdings

GNC Holdings, Inc., headquartered in Pittsburgh, PA, is a global
health and wellness brand with a diversified, multi-channel
business.  The Company's assortment of performance and nutritional
supplements, vitamins, herbs and greens, health and beauty, food
and drink and other general merchandise features innovative
private-label products as well as nationally recognized third-party
brands, many of which are exclusive to GNC.  The Company serves
consumers worldwide through company-owned retail locations,
domestic and international franchise activities, and e-commerce.
As of Dec. 31, 2019, GNC had approximately 7,500 locations, of
which approximately 5,400 retail locations are in the United States
(including approximately 1,800 Rite Aid licensed
store-within-a-store locations) and the remainder are locations in
approximately 50 countries.


GOLDEN ENTERTAINMENT: Moody's Cuts CFR to B3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Golden Entertainment, Inc.'s
Corporate Family Rating to B3 from B2. The outlook is negative.
Moody's also downgraded the Speculative Grade Liquidity rating to
SGL-2 from SGL-1.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. The downgrade also reflects the negative effect on consumer
income and wealth stemming from job losses and asset price
declines, which will diminish discretionary resources to spend at
casinos, including Golden's casinos, once this crisis subsides.

Downgrades:

Issuer: Golden Entertainment, Inc.

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

  Speculative Grade Liquidity Rating, downgraded to SGL-2 from
  SGL-1

  Corporate Family Rating, downgraded to B3 from B2

  Senior Unsecured Regular Bond/Debenture, downgraded to Caa2
  (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Golden Entertainment, Inc.

  Outlook, changed to negative from stable

Affirmations:

Issuer: Golden Entertainment, Inc.

  Senior Secured Bank Credit Facility, affirmed B1 (LGD3)

RATINGS RATIONALE

Golden's B3 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen. Key
credit strengths include the company's geographic diversity and
ability to generate positive free cash flow during normal operating
conditions. However, like other US gaming companies, Golden remains
exposed to longer-term challenges facing regional gaming companies
related to consumer entertainment preferences that do not
necessarily favor traditional casino-style gaming.

Moody's downgraded Golden's Speculative Grade Liquidity rating to
SGL-2 from SGL-1 because of the expected decline in earnings and
cash flow and increased risk of a covenant violation. On March 16,
2020, the company fully drew the available capacity of $200 million
under its revolving credit facility as a precautionary measure in
order to increase its cash position and preserve financial
flexibility. Pro forma for the revolver draw, Golden has about $300
million of cash on its balance sheet. The company has no material
long-term debt maturities until its $200 million revolver matures
in October 2022. The revolver has a springing net leverage
financial covenant, however, there are no financial covenants tied
to the term loans or the recently issued senior unsecured notes.
The company has discrete assets that it can sell to raise cash
should the need arise.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Golden's continued exposure to travel
disruptions and discretionary consumer spending, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Golden of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at Golden's casinos will recover. As a result,
the company's liquidity and leverage could deteriorate quickly over
the next few months.

Ratings could be downgraded if Moody's anticipates that Golden's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. A ratings upgrade is
unlikely given the weak operating environment and continuing
uncertainty related to the coronavirus. An upgrade would require a
high degree of confidence on Moody's part that the gaming sector
has returned to a period of long-term stability, and that Golden
demonstrate the ability to generate positive free cash flow,
maintain good liquidity, and operate at a debt/EBITDA level of 6.0x
or lower.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Golden owns and operate a portfolio of 10 casino gaming assets,
including 9 casinos throughout Nevada and one casino in Maryland.
The company also owns and operates distributed gaming assets in Las
Vegas and Montana. The company conducts its business through two
reportable operating segments: Casinos and Distributed Gaming. The
company is publicly traded with the Chairman and CEO Blake Sartini
holding a roughly 25% stake. Net revenue for the fiscal year-ended
December 31, 2019 was $973 million.


GOODYEAR TIRE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Goodyear Tire & Rubber Company to BB- from BB.

The Goodyear Tire & Rubber Company is an American multinational
tire manufacturing company founded in 1898 by Frank Seiberling and
based in Akron, Ohio. Goodyear manufactures tires for automobiles,
commercial trucks, light trucks, motorcycles, SUVs, race cars,
airplanes, farm equipment and heavy earth-mover machinery.



GOODYEAR TIRE: Moody's Lowers CFR to B1, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of The Goodyear
Tire & Rubber Company including the corporate family and
Probability of Default ratings to B1 and B1-PD, from Ba3 and
Ba3-PD, respectively; Goodyear's senior secured second-lien term
loan, to Ba2 from Ba1; senior unsecured guaranteed notes to B2 from
B1, senior unsecured unguaranteed notes to B3 from B2; and Goodyear
Europe B.V.'s senior unsecured guaranteed notes to Ba3 from Ba2.
The Speculative Grade Liquidity Rating remains SGL-3 The ratings
are under review for downgrade.

The following rating actions were taken:

Issuer: Goodyear Tire & Rubber Company (The)

  Corporate Family Rating, Downgraded to B1 from Ba3; Placed
  Under Review for further Downgrade

  Probability of Default Rating, Downgraded to B1-PD from Ba3-PD;
  Placed Under Review for further Downgrade

  Senior Secured Bank Credit Facility, Downgraded to Ba2 (LGD2)
  from Ba1 (LGD2); Placed Under Review for further Downgrade

  Gtd Senior Unsecured Regular Bond/Debenture, Downgraded to
  B2 (LGD4) from B1 (LGD4); Placed Under Review for further
  Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to
  B3 (LGD6) from B2 (LGD6); Placed Under Review for further
  Downgrade

Downgrades:

Issuer: Goodyear Europe B.V.

  Senior Unsecured Regular Bond/Debenture, Downgraded to
  Ba3 (LGD2) from Ba2 (LGD2); Placed Under Review for
  further Downgrade

Outlook Actions:

Issuer: Goodyear Europe B.V.

  Outlook, Changed to Rating Under Review from Stable

Issuer: Goodyear Tire & Rubber Company (The)

  Outlook, Changed to Rating Under Review from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto sector
(and issuers within other sectors that rely on the auto sector) has
been one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in the companies' credit profiles,
including their exposure to final consumer demand for light
vehicles have left them vulnerable to shifts in market sentiment in
these unprecedented operating conditions and the companies remain
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on the companies of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The review will consider (i) the outbreak's impact on Goodyear's
global manufacturing operations as a number of automotive original
equipment manufacturers and auto parts suppliers have already
temporarily closed facilities in order to ensure the safety of
their employees. The review will assess the impact from facility
closures and global automotive production declines Goodyear is
experiencing and will experience over the near term. The review
will also consider (ii) the lingering impact of diminished consumer
demand on automotive production and automotive aftermarket demand,
resulting from consumer concerns over contracting coronavirus, and
regional government policies restricting consumer movement over
coming quarters; (iii) the impact of governmental action to support
corporates and consumers, and (iv) the impact of potential
self-help measures Goodyear will deploy. The review will aggregate
these effects in conjunction with the liquidity profile. The level
of cash, availability under liquidity facilities, financial
maintenance covenant pressure, the pressure of refinancing debt
maturities coming due over the next 12-24 months will be major
considerations for Moody's review.

Goodyear's B1 CFR incorporates Moody's view that the company's
credit metrics will remain weak over the intermediate-term with
Debt/EBITDA of 4.7x at December 31, 2019 remaining elevated through
2020. Goodyear recently announced that in response to the
coronavirus pandemic its Americas and European plants would suspend
operations until at least April 3, 2020 in order to protect
employees and respond to sudden declines in demand. Moody's
believes the demand for tires will continue to reflect increasing
social distancing policies over the near-term with the company's
plants returning to normal operations over the coming months.

Goodyear's Speculative Grade Liquidity Rating of SGL-3 incorporates
Moody's expectation of good availability under the company's credit
facilities, balanced by year-end cash balances of $908 million, and
anticipated negative free flow through 2020. As of December 31,
2019, the $2.0 billion ABL revolving credit facility was unfunded
with $37 million of letters of credit outstanding resulting in $1.7
billion of availability after considering the borrowing base. The
facility matures in April 2021. While this near-term maturity
pressures the liquidity profile, the asset-based nature of the
facility should support refinancing in the very near-term.
Goodyear's Euro 800 million revolving credit facility was also
unfunded and the pan-European accounts receivable securitization
facility was fully utilized at $327 million.

Moody's expects Goodyear to generate negative free cash flow in
2020 in the $125 -$150 million range at least due to the plant
suspensions and softening demand. Also, pressuring Goodyear's
liquidity profile is the August 2020 $282 million 8.75% note
maturity. This maturity could be funded with availability under the
revolvers. The covenant test under the $2.0 billion ABL revolver is
a coverage ratio which comes into effect only when availability,
plus cash balances of the parent and guarantor subsidiaries under
the facility, declines below $200 million, which is unlikely to
occur in the near-term.

Important to Goodyear's liquidity profile is its ability to factor
receivables. At December 31, 2019 the gross number of receivables
sold was $548 million. Moody's considers this a potential funding
risk if markets are not available to enter into further factoring
arrangements.

The ratings on the Goodyear Europe B.V. senior unsecured Euro notes
include a one-notch down override. The override considers the
recent increase in the size and potential usage of the secured
revolving credit facility at this entity.

Goodyear's role in the automotive industry exposes the company to
material environmental risks arising from increasing regulations on
carbon emissions. As automotive manufacturers seek to introduce
more electrified powertrains, traditional ICEs will become a
smaller portion of the car parc. Goodyear's products are generally
agnostic to vehicle powertrain. Yet, vehicle electrification
provides the opportunity to offer additional products to improve
ride and fuel economy.

The principal methodology used in these ratings was the Automotive
Supplier Methodology published in January 2020.

The Goodyear Tire & Rubber Company, based in Akron, OH, is one of
the world's largest tire companies with 47 manufacturing facilities
in 21 countries around the world. Revenues for 2019 were
approximately $14.7 billion.


GRACE PARK: Seeks to Hire Council Law Firm as Counsel
-----------------------------------------------------
Grace Park Townhome Apartments, LLC, seeks authority from the US
Bankruptcy Court for the Eastern District of Louisiana to employ
The Council Law Firm, LLC as its counsel,

Professional services that The Council Law Firm will render are:

     (a) give the Debtor legal advice with respect to its powers
and duties as Debtor-In-Possession in the continued operation of
its business and management of its property;

     (b) assist Debtor in the disposition, through this proceeding,
of assets which it no longer needs in the operation of its
business;

     (c) prepare on behalf of applicant, as Debtor-In-Possession,
necessary applications, answers, orders, reports and other legal
papers; and

     (d) perform all other legal services for the debtor, as
debtor-in-possession, which may be necessary.

The Debtor has agreed to a flat fee of $10,000 to Benny Council,
Esq. and The Council Law Firm, for the first twelve (12) months of
representation and thereafter, billable hours at a rate of $300 per
hour for services to be rendered.

Benny Council does not represent any interest adverse to
Debtor-In-Possession or the estate in the matters upon which he is
to be engaged for the Debtor-In-Possession, according to court
filings.

The firm can be reached through:

     Benny Council, Esq.
     The Council Law Firm, LLC
     419 S. Salcedo St., Suite #2
     New Orleans, LA 70119
     Tel: (504) 822-8350
     Fax: (504) 822-8351
     Email: Ben@TheCouncilLawFirm.com

                    About Grace Park Townhome Apartments

Grace Park Townhome Apartments, LLC, filed its voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.:
20-10329) on Feb. 13, 2020. In the petition signed by Artie T.
Fletcher, member, the Debtor estimated $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities. Benny Council, Esq.
at THE COUNCIL LAW FIRM, LLC is the Debtor's counsel.


GRADE A HOME: Seeks to Hire Corral Tran Singh as Legal Counsel
--------------------------------------------------------------
Grade A Home, LLC, seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Corral Tran Singh, LLP
as its legal counsel.
   
Corral Tran Singh will provide services in connection with the
Debtor's Chapter 11 case, which include legal advice regarding its
powers and duties under the Bankruptcy Code; negotiations with
creditors; analysis of claims; and the preparation of a plan of
reorganization.

The firm will be paid at these rates:

     Susan Tran Adams     $350 per hour
     Brendon Singh        $375 per hour
     Adam Corral          $350 per hour
     Krystyna Salinas     $250 per hour

The retainer fee is $20,000.

Corral Tran Singh is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Adam Corral, Esq.
     Susan Tran Adams, Esq.
     Brendon Singh, Esq.  
     Corral Tran Singh, LLP
     1010 Lamar St., Suite 1160
     Houston TX 77002
     Tel: (832) 975-7300
     Fax: (832) 975-7301
     E-mail: Susan.Tran@ctsattorneys.com

                      About Grade A Home

Grade A Home, LLC, a privately held company in Houston, Texas,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Case No. 20-31556) on March 2, 2020.  At the time of the
filing, the Debtor was estimated to have assets of between $1
million and $10 million and liabilities of the same range.  Judge
Eduardo V. Rodriguez oversees the case.  The Debtor is represented
by Corral Tran Singh, LLP.


GREIF INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Greif, Incorporated to BB- from BB+.

Greif, Incorporated is an American manufacturing company based in
Delaware, Ohio. Originally a manufacturer of barrels, the company
is now focused on producing industrial packaging and containers. In
2018, the company ranked 642 on the Fortune 1000.



GUAM: Moody's Reviews Ba1-Rated $30MM GO Bonds for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the Government of Guam's
Ba1-rated general obligation bonds on review for possible
downgrade. This action directly affects $30 million of outstanding
general obligation bonds.

RATINGS RATIONALE

The placement of Guam's general obligation rating on review is
prompted by a significant reduction in visitors to the territory
from Asia as a result of the coronavirus pandemic, uncertainty
about the timing and speed of a recovery in visitor arrivals, and
the impact of the downturn in visitors on general government
revenues and liquidity. Its review will focus on an assessment of
the magnitude and length of the contraction of the territory's key
tourism industry as well as the government's actions to offset the
associated loss in tax revenues and the magnitude of any assistance
provided to states and territories by the federal government. Upon
completion of its review, Moody's will take appropriate rating
action, which could include a downgrade and/or assignment of a
negative outlook or confirmation of the rating.

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

METHODOLOGY

The principal methodology used in this rating was US States and
Territories published in April 2018.


H&E EQUIPMENT: Moody's Places B1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed H&E Equipment Services, Inc.
ratings under review for downgrade, including: the B1 corporate
family rating, B1-PD probability of default rating, and B2 senior
unsecured debt rating. The company's SGL-2 speculative grade
liquidity rating is unchanged. The rating outlook has been changed
to rating under review from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The Equipment and
Transportation Rental Industry sector has been one of the sectors
most significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
H&E's credit profile, including its exposure to the highly cyclical
rental equipment business, has left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
H&E remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on H&E of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The review will focus on (i) the extent to which the coronavirus
pandemic impacts the company's operations and profitability, which
will be largely dependent on the duration and severity of the
outbreak, and how it ultimately impacts the construction sector;
(ii) H&E's response to the challenges presented by the pandemic,
including the speed and efficiency by which the company is able to
conserve cash by pulling back on capital expenditures and right
sizing its cost structure to align with anticipated demand, and
(iii) the company's overall liquidity position, which will be
evaluated in the context of a potentially deep and prolonged
downturn.

The following rating actions were taken:

On Review for Downgrade:

Issuer: H&E Equipment Services, Inc.

Corporate Family Rating, Placed on Review for Downgrade, currently
B1

Probability of Default Rating, Placed on Review for Downgrade,
currently B1-PD

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B2 (LGD5, from LGD4)

Outlook Actions:

Issuer: H&E Equipment Services, Inc.

Outlook, Changed To Rating Under Review From Stable

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in April 2017.

H&E Equipment Services, Inc. ("H&E", NASDAQ: HEES) is a
multi-regional equipment rental company with over 90 locations
spanning 23 states with a presence in the West Coast,
Intermountain, Southwest, Gulf Coast, Mid-Atlantic, and Southeast
regions of the United States. H&E is also a distributor for JLG,
Gehl, Genie Industries (Terex), Komatsu, and Manitowoc, among
others. The company generated 2019 revenue of approximately $1.35
billion.


HEARTLAND DENTAL: Moody's Cuts CFR to Caa1, Ratings Under Review
----------------------------------------------------------------
Moody's Investors Service downgraded ratings of HEARTLAND DENTAL,
LLC and placed the ratings under review for further downgrade.
Moody's downgraded the Corporate Family Rating to Caa1 (from B3),
the Probability of Default Rating to Caa1-PD (from B3-PD), and the
first lien senior secured debt rating to B3 (from B2). Moody's also
downgraded the rating on the unsecured notes to Caa3 (from Caa2).
Moody's placed these ratings on review for further downgrade.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

On March 18, the Centers for Medicare & Medicaid Services (CMS)
advised that all elective surgeries, non-essential medical,
surgical, and dental procedures be delayed in order to increase
capacity and resources to fight the coronavirus outbreak. The
Centers for Disease Control and Prevention (CDC), several governors
and others are advising the same. Based on the guidance to limit
non-essential medical and surgical procedures, Moody's believes
that dental service organizations (DSOs) like Heartland Dental,
will experience a significant drop in volumes over the coming
weeks, and the timing for recovery is uncertain.

The downgrade of the CFR to Caa1 is related to Heartland Dental's
already very high leverage and the expected weakening of liquidity
given reduced elective procedures due to the coronavirus pandemic.
The company's very high leverage and high cash interest expense
relative to its earnings increase the risk that the company could
pursue a transaction that Moody's deems to be a distressed
exchange, and hence a default under Moody's definition.

The ratings review will focus on liquidity and the ability to
reduce variable costs and growth capital expenditures to manage
through the public health emergency. Moody's expects that there
will be significant erosion of operating performance in the second
quarter, and perhaps beyond, depending on the duration of the
coronavirus crisis.

Downgrades:

Issuer: HEARTLAND DENTAL, LLC

  Probability of Default Rating, Downgraded to Caa1-PD from
  B3-PD; Placed Under Review for further Downgrade

  Corporate Family Rating, Downgraded to Caa1 from B3; Placed
  Under Review for further Downgrade

  Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3)
  from B2 (LGD3); Placed Under Review for further Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
  (LGD5) from Caa2 (LGD5); Placed Under Review for further
  Downgrade

Outlook Actions:

Issuer: HEARTLAND DENTAL, LLC

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Notwithstanding the review for downgrade, Heartland's Caa1
Corporate Family Rating reflects its very high leverage, moderate
free cash flow, and aggressive growth strategy. The credit profile
is also constrained by the recent governmental warnings on dental
procedures amidst the coronavirus pandemic and that patients should
delay/forego any non-urgent treatment during the coronavirus global
pandemic. The rating is supported by the company's position as the
largest dental support organization (DSO) in the US, favorable
industry dynamics and good geographic diversity. Additionally,
Heartland has some ability to improve cash flow and liquidity by
reducing new office openings and new dentist affiliation
investments.

Moody's considers Heartland to have adequate liquidity. The company
has historically had negative free cash flow due to growth and
acquisition spending. While the company can reduce these
expenditures, Moody's expects organic revenue and earnings to
decline significantly in the coming weeks, resulting in continued
negative free cash flow. Liquidity is supported by the company's
$66 million in cash as of December 31, 2019, as well as another
$130 million of cash due to the recent draw on the revolver.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, Heartland Dental
faces other social risks such as the rising concerns around the
access and affordability of healthcare services. However, Moody's
does not consider the DSOs to face the same level of social risk as
many other healthcare providers, and Heartland Dental, in
particular, generates a majority of revenues from commercial
insurance.

From a governance perspective, Moody's views Heartland's growth
strategy to be extremely aggressive given its history of
debt-funded acquisitions and high leverage. Heartland has added
over 200 offices since its acquisition by KKR in March 2018, either
through acquisition or opening new dental offices. While there is
execution risk to rapid growth, acquisitions and new store openings
have generally been executed successfully.

Heartland provides support staff and comprehensive business support
functions under administrative service agreements to its affiliated
dental offices, organized as professional corporations. Heartland
currently operates 1,011 offices across 37 states. Heartland is
majority-owned by KKR, and Ontario Teachers' Pension Plan Board
maintains partial ownership. The company generated about $1.6
billion in net patient service revenue as of December 31, 2019.

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


HENRY VALENCIA: Seeks to Hire Giddens & Gatton as Attorney
----------------------------------------------------------
Henry Valencia, Inc, seeks authority from the US Bankruptcy Court
for the District of New Mexico to employ Giddens & Gatton Law,
P.C., as its attorneys.

Professional services Giddens will render are:

     a. represent and to render legal advice to Debtor regarding
all aspects of this bankruptcy case including adversary proceedings
and including, without limitation, the continued operation of
Debtor's business, meetings of creditors, cash collateral matters,
claims objections, plan confirmation and all hearings before this
Court;

     b. prepare on behalf of Debtor necessary petitions,
complaints, answers,motions, applications, orders, reports and
other legal papers, including Debtor's Chapter 11 plan of
reorganization;

     c. assist Debtor in taking actions required to effect
reorganization under Chapter 11 of the Bankruptcy Code;

     d. perform all legal services necessary or appropriate for
Debtor's continued operation; and

     e. perform any other legal services for Debtor as it deems
appropriate.

Giddens has been paid a retainer in the amount of $15,000.

Giddens' hourly rates are:

     Dave Giddens      $350
     Chris Gatton      $275
     Marcus Sedillo    $175
     Ashley Cook       $175
     Paralegals        $115
     Document Clerk    $40

Chris M. Gatton, Esq., shareholder with Giddens, attests that the
firm neither holds nor represents any interest adverse to the
Debtors' bankruptcy estates.

The firm can be reached through:

     Chris M. Gatton, Esq.
     Giddens & Gatton Law, P.C.
     10400 Academy NE, Suite 350
     Albuquerque, NM 87111
     Phone: (505) 271-1053
     Fax: (505) 271-4848
     Email: chris@giddenslaw.com

                     About Henry Valencia, Inc.

Henry Valencia, Inc. -- https://www.henryvalencia.net -- is a
dealer of Buick, Chevrolet, GMC cars in Espanola, NM.  Henry
Valencia offers new and pre-owned cars, trucks, and SUVs.

Henry Valencia, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 20-10539) on March 3,
2020. In the petition signed by Margaret Valencia, dealer
owner/operator, the Debtor estimated $1 million to $10 million in
both assets and liabilities. Christopher M. Gatton, Esq. at GIDDENS
& GATTON LAW, P.C. is the Debtor's counsel.


HILTON WORLDWIDE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hilton Worldwide Holdings Incorporated to BB- from
BB+.

Hilton Worldwide Holdings Incorporated, formerly Hilton Hotels
Corporation, is an American multinational hospitality company that
manages and franchises a broad portfolio of hotels and resorts.
Founded by Conrad Hilton in May 1919, the corporation is now led by
Christopher J. Nassetta.



HOLLEY PURCHASER: Moody's Cuts CFR to Caa1, Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Holley
Purchaser, Inc., including its corporate family rating to Caa1 from
B3, Probability of Default Rating to Caa1-PD from B3-PD, and its
senior secured first lien bank credit facilities to B3 from B2. The
ratings have been placed on review for further downgrade.

The following rating actions were taken:

Downgrades:

Issuer: Holley Purchaser, Inc.

  Corporate Family Rating, Downgraded to Caa1 from B3; Placed
  Under Review for further Downgrade

  Probability of Default Rating, Downgraded to Caa1-PD from
  B3-PD; Placed Under Review for further Downgrade

  Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3)
  from B2 (LGD3); Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Holley Purchaser, Inc.

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The automotive
parts sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Holley's credit
profile, including its exposure to final consumer demand has left
it vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Holley remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Holley of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Holley's ratings reflect the company's modest scale and expected
pressure on credit metrics over the coming quarters due to the
coronavirus pandemic. Holley maintains a good market position and
branded portfolio in the niche performance aftermarket engines
product space with relatively high margins. However, the company's
products are highly discretionary, and Moody's expects consumers to
put off vehicle upgrade purchases in the event of a recessionary
environment. As a result, earnings contraction during 2020 in
Moody's view will contribute to a further elevated leverage
profile, which Moody's estimates to be in the mid-6x range
debt/EBITDA LTM September 2019.

Moody's expects Holley to maintain a weak liquidity profile during
2020 with increased reliance on its $50 million revolving credit
facility due 2023 to offset potential free cash flow pressures. The
company currently maintains adequate cushion on its net leverage
covenant ratios, but earnings pressure and greater than anticipated
cash burn could result in a potential covenant violation.

The review will focus on (i) the extent to which the coronavirus
pandemic impacts consumer demand sentiment over the coming
quarters, (ii) any potential disruptions to manufacturing and
distribution capabilities, (ii) the company's liquidity position to
absorb potential supply and demand shocks. The review will also
consider the impact of any government action to support corporates
and consumers as well as the impact of any self-help measures taken
by the company.

Moody's could downgrade the ratings if earnings and cash flow
weaken in the near-term from a greater than anticipated drop in
demand upon declining consumer sentiment. A ratings upgrade in the
near-term is unlikely given the current market situation, but could
be considered should earnings and cash flow stabilize to
pre-outbreak levels in the event of a decline.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Holley Purchaser, Inc. (Holley), headquartered in Bowling Green,
KY, designs and manufactures performance engine products for the
enthusiast focused automotive aftermarket. The company's product
offerings include electronic fuel injection and tuner systems,
ignition controls, carburetors, superchargers, exhaust systems and
other products designed to enhance the performance of the car. The
company is majority owned by Sentinel Capital Partners and
generated revenue of about $370 million for the 12 months ended
September 2019.


HOVNANIAN ENTERPRISES: Completes Private Exchange of $59.1M Notes
-----------------------------------------------------------------
Hovnanian Enterprises, Inc. and K. Hovnanian Enterprises, Inc.
("Issuer"), a wholly-owned subsidiary of the Company, completed on
March 25, 2020, a private exchange of $59,128,000 aggregate
principal amount of the Issuer's 10.000% Senior Secured Notes due
2022 held by certain participating bondholders for $59,128,000
aggregate principal amount of the Issuer's 11.25% Senior Secured
1.5 Lien Notes due 2026 pursuant to an Exchange Agreement, dated
March 25, 2020, among the Issuer, the Company, the subsidiary
guarantors party thereto, the Exchanging Holders and certain
holders of the Initial Notes.  In connection therewith, the
Consenting Holders provided their consents under the Indenture to
permit the issuance of the Additional Notes.  After giving effect
to the Exchange, there was approximately $136.7 million of 10.000%
Notes outstanding.

The Additional Notes were issued as additional notes of the same
series as the $103,141,000 aggregate principal amount of the
Issuer's 11.25% Senior Secured 1.5 Lien Notes due 2026 issued on
Oct. 31, 2019.  In connection with the issuance of the Additional
Notes in the Exchange, the Issuer, the Guarantors and Wilmington
Trust, National Association, as trustee and collateral agent,
entered into the Fourth Supplemental Indenture, dated as of
March 25, 2020, to the Indenture, dated as of Oct. 31, 2019, among
the Issuer, the Guarantors, the Trustee and the Collateral Agent.
The Supplemental Indenture also amends the Indenture in accordance
with the Consents to permit the Issuer and Guarantors to secure up
to $162,269,000 of 1.5 Lien Obligations (as defined in the
Indenture).  As of March 25, 2020, after giving effect to the
issuance of the Additional Notes, $162,269,000 aggregate principal
amount of 1.5 Lien Obligations, which consist of the Notes, were
outstanding.

The Notes and the guarantees thereof will be secured by the same
assets that secure K. Hovnanian's other senior secured credit
facilities and senior secured notes.  The Notes bear interest at
11.25% per annum, payable semi-annually on February 15 and August
15 of each year to holders of record at the close of business on
February 1 or August 1, as the case may be, immediately preceding
each such interest payment date.  The date from which interest will
accrue on the Additional Notes is Feb. 15, 2020, and the first
interest payment date for the Additional Notes will be
Aug. 15, 2020.  The Notes mature on Feb. 15, 2026.

The Indenture contains restrictive covenants that limit, among
other things, and in each case, subject to certain exceptions, the
ability of the Company and certain of its subsidiaries, including
K. Hovnanian, to incur additional indebtedness, pay dividends and
make distributions on common and preferred stock, repay certain
indebtedness prior to its respective stated maturity, repurchase
common and preferred stock, make other restricted payments
(including investments), sell certain assets (including in certain
land banking transactions), incur liens, consolidate, merge, sell
or otherwise dispose of all or substantially all of their assets
and enter into certain transactions with affiliates.  The Indenture
also contains customary events of default which would permit the
holders of the Notes to declare the Notes to be immediately due and
payable if not cured within applicable grace periods, including the
failure to make timely payments on the Notes or other material
indebtedness, the failure to satisfy covenants, the failure of the
documents granting security for the Notes to be in full force and
effect, the failure of the liens on any material portion of the
collateral securing the Notes to be valid and perfected and
specified events of bankruptcy and insolvency (which specified
events would result in immediate acceleration of the Notes without
any further action by the holders).

                     About Hovnanian Enterprises

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian
and headquartered in Matawan, New Jersey, designs, constructs,
markets, and sells single-family detached homes, attached townhomes
and condominiums, urban infill, and active lifestyle homes in
planned residential developments.  The Company is a homebuilder
with operations in Arizona, California, Delaware, Florida, Georgia,
Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina,
Texas, Virginia, Washington, D.C. and West Virginia.  The Company's
homes are marketed and sold under the trade names K. Hovnanian
Homes, Brighton Homes.

Hovnanian Enterprises reported a net loss of $42.12 million for the
year ended Oct. 31, 2019, compared to net income of $4.52 million
for the year ended Oct. 31, 2018.  As of Jan. 31, 2020, the Company
had $1.79 billion in total assets, $2.29 billion in total
liabilities, and a total deficit of $499.08 million.

                          *    *    *

As reported by the TCR on Feb. 10, 2020, S&P Global Ratings raised
its issuer credit rating on U.S.-based homebuilder Hovnanian
Enterprises Inc. to 'CCC+' from 'SD' because it believes the
company has completed exchange offers that it viewed as
distressed.

In November 2019, Moody's Investors Service downgraded Hovnanian
Enterprises' Corporate Family Rating to 'Caa2' from 'Caa1'.  The
rating action was prompted by a series of refinancing transactions
completed and contemplated by Hovnanian that Moody's deems to be
distressed exchanges.


HOYA MIDCO: Moody's Puts B3 CFR on Review for Downgrade
-------------------------------------------------------
Moody's Investors Service placed Hoya Midco, LLC's (Vivid Seats) B3
Corporate Family Rating and its B3-PD Probability of Default Rating
on review for downgrade. Concurrently, Moody's downgraded the
company's senior secured first lien credit facility (revolver and
term loan) ratings to B3 from B2 and placed these ratings on review
for further downgrade. The rating outlook was changed to ratings
under review from stable.

Issuer: Hoya Midco, LLC:

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Senior secured first lien revolver due 2022, Downgraded to B3
(LGD3) from B2 (LGD3) and Placed on Review for Downgrade

Senior secured first lien term loan due 2024, Downgraded to B3
(LGD3) from B2 (LGD3) and Placed on Review for Downgrade

Outlook Actions:

Issuer: Hoya Midco, LLC:

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The review for downgrade reflects the impact of coronavirus
outbreak on Vivid Seats, the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered. The
rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
services sector related to entertainment and leisure has been one
of the sectors most significantly affected by the shock given its
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in Vivid Seats' credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the company remains vulnerable to the
outbreak continuing to spread. In response to the federal
government's recommendation that public gatherings should be
restricted to ten or fewer individuals and people should engage in
social distancing due to the widespread coronavirus pandemic, major
sports league, concert venues, Broadway shows have either cancelled
or postponed their seasons/events, and there is no certainty as to
when these entertainment activities will resume. The review for
downgrade reflects the numerous uncertainties related to the
economic impact of the coronavirus outbreak on Vivid Seats' cash
flows and liquidity, especially if the virus continues to spread
forcing venues and sport leagues to keep its seasons/theatres
cancelled/closed beyond June, halting revenue-generating activity
on the ticket exchange market place. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

In its review, Moody's will also focus on the company's ability to
secure sufficient additional liquidity or obtain additional
liquidity from its sponsors or other sources if needed, meet the
springing covenant compliance requirements under its credit
facility or obtain temporary relief/waivers should it be needed,
and reduce its cost base sufficiently and in a timely manner to
limit cash burn during the outbreak while still preserving the
long-term value of the business. Vivid Seats entered the
coronavirus outbreak crisis with a viable and profitable business
model as well as improved balance sheet due to recent debt
repayment and disciplined financial policy, which should aid the
company's efforts in managing its liquidity and long-term value
preservation through the outbreak.

The downgrade of the first lien credit facility to B3 (on review)
from B2 is triggered by a structural change in the company's
capital stack following a repayment of $40 million second lien term
loan in Q4 2019. This structural change eliminated the cushion and
loss absorption previously provided to first lien debt by junior
debt. The instrument ratings on the first lien revolver due 2022
and term loan due 2024 reflect the probability of default of the
company, as reflected in its Probability of Default Rating, and an
average expected family recovery rate of 50% at default given there
is now only a single class of debt.

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

Hoya Midco, LLC is the parent company of Vivid Seats LLC,
headquartered in Chicago, Illinois, which provides an online
marketplace serving the secondary ticketing industry. The company
is majority-owned by affiliates of GTCR, LLC and co-investors, with
ownership stakes also held by affiliates of Vista Equity Partners
Management LLC and the management team.


HUBBARD RADIO: Moody's Cuts CFR to B2 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Hubbard Radio, LLC's corporate
family rating to B2 from B1 and its probability of default rating
to B3-PD from B2-PD. Concurrently, the company's rating for the
senior secured credit facility, consisting of a $10 million
revolver and $360 million term loan due 2025, was downgraded to B2
from B1. The outlook was changed to negative from stable.

The downgrade reflects weaker than expected operating performance
and Moody's projection that leverage (5.1x as of Q3 2019) will
increase in the near term due to the impact of the coronavirus
outbreak on the economy and advertising revenue. Hubbard's free
cash flow levels are also expected to decline in the near term due
to lower EBITDA levels.

Downgrades:

Issuer: Hubbard Radio, LLC

  Corporate Family Rating, Downgraded to B2 from B1

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

  Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
  SGL-2

  Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3)
  from B1 (LGD3)

Outlook Actions:

Issuer: Hubbard Radio, LLC

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Hubbard Radio's B2 CFR reflects the company's leverage of 5.1x as
of Q3 2019 (excluding Moody's lease adjustments), concentration to
a few markets and relatively small size. The radio industry is
sensitive to the economy and advertising revenue. In addition,
Hubbard faces challenging conditions in the terrestrial radio
industry which is being negatively affected by the shift of
advertising dollars to digital mobile and social media as well as
heightened competition for listeners from several digital music
providers. Secular pressures and the cyclical nature of radio
advertising demand have the potential to exert substantial pressure
on profitability over time. Hubbard's benefits from its strong
position in the markets that it operates with leading positions in
its formats. Hubbard's strong position in several of its markets,
support good EBITDA margins of approximately 24% (excluding Moody's
standard adjustments) and free cash flow to debt of over 10%.

A governance impact that Moody's considers in Hubbard's credit
profile is the relatively conservative financial policy. Hubbard
has made debt funded, leveraging acquisitions in the past, but has
consistently used free cash flow to reduce debt while not paying
dividends. Hubbard is a private, family owned company and is a
wholly owned subsidiary of Hubbard Broadcasting, Inc.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The radio industry
could be significantly affected by the shock given its sensitivity
to consumer demand and sentiment. More specifically, the weaknesses
in Hubbard's credit profile, including its exposure to
discretionary advertising spend, have left it vulnerable to shifts
in market sentiment in these unprecedented operating conditions and
Hubbard remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The negative outlook reflects Moody's view that Hubbard will
experience declining revenues and EBITDA in the next few quarters
due to the impact of the coronavirus outbreak on the economy and
advertising revenue. The outlook also incorporates Moody's
expectation for the company's debt-to-EBITDA leverage to increase
over 6x and its liquidity position to be negatively impacted.
Political advertising revenue may help support results as the
election approaches if there are competitive races in Hubbard's
markets.

Given the downgrade to B2 and negative outlook, an upgrade is
unlikely in the intermediate term. Hubbard's relatively small size
also constrains the ratings. However, the ratings could be upgraded
if the company demonstrates positive organic revenue growth, stable
EBITDA margins, and leverage maintained under 4x. Continued
positive free cash flow sustained at or above 10% of total debt
along with a good liquidity position would also be required.

Ratings could be downgraded if Hubbard's leverage was maintained
above 6x going forward or if its free cash flow to debt ratio
declined to the low single digits. A downgrade could also occur if
its liquidity position weakened or if the company was likely to
violate its financial covenants.

The company has adequate liquidity with balance sheet cash of $4
million and a $10 million revolving credit facility as of Q3 2109.
Free cash flow as a percentage of debt is over 10% due to good cash
flow from operations, minimal capex, and no dividend payments.
Hubbard has a history of directing free cash flow to debt, but has
also increased debt to fund acquisitions in the past to increase
the scale of the company. Free cash flow is expected to decline due
to the near term economic weakness, but capex could be reduced to
support liquidity. The credit agreement includes a maximum
consolidated leverage test of 6.5x, compared to 4.69x as of Q3
2019. While Hubbard has an adequate cushion currently, Moody's
projects the level of compliance will tighten as EBITDA declines in
the near term.

Formed in 2011, Hubbard Radio, LLC is a family controlled and
privately held media company that owns and operates radio stations
in eight of the top 50 markets, including Chicago, Washington,
D.C., Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle,
Phoenix, and West Palm Beach, Florida. Hubbard also operates 2060
Digital, LLC, a national digital marketing agency based in
Cincinnati, OH. Headquartered in St. Paul, MN, the company is
affiliated with Hubbard Broadcasting Inc., a television and radio
broadcasting company that was started in 1923. Net revenues for the
12 months ending September 2019 for Hubbard on a standalone basis
were approximately $253 million.

The principal methodology used in these ratings was Media Industry
published in June 2017.


INNOVATIVE DESIGNS: Reports $842K Net Loss for FY Ended Oct. 31
---------------------------------------------------------------
Innovative Designs, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$841,979 on $215,975 of revenues for the year ended Oct. 31, 2019,
compared to a net loss of $582,882 on $249,682 of revenues for the
year ended Oct. 31, 2018.

As of Oct. 31, 2019, the Company had $1.57 million in total assets,
$931,732 in total liabilities, and $636,778 in total stockholders'
equity.

Louis Plung & Company, LLP, in Pittsburgh, Pennsylvania, the
Company's auditor since 2006, issued a "going concern"
qualification in its report dated March 16, 2020 citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.  The auditor further stated that,
"In early 2020, an outbreak of a novel strain of coronavirus was
identified and infections have been found in a number of countries
around the world, including the United States.  The coronavirus and
its impact on trade including customer demand, travel, employee
productivity, supply chain, and other economic activities has had,
and may continue to have, a significant effect on financial markets
and business activity. The extent of the impact of the coronavirus
on our operational and financial performance is currently uncertain
and cannot be predicted."

A full-text copy of the Form 10-K is available for free at:

                       https://is.gd/3CrqBG

                     About Innovative Designs

Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc.
operates in two separate business segments: cold weather clothing
and a house wrap for the building construction industry.  Both of
its segment lines use products made from INSULTEX, which is a
low-density foamed polyethylene with buoyancy, scent block, and
thermal resistant properties.  The Company has a license agreement
directly with the owner of the INSULTEX Technology.


INTERNATIONAL GAME: Egan-Jones Lowers Sr. Unsecured Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by International Game Technology PLC to B+ from BB-.

International Game Technology PLC, formerly Gtech S.p.A. and
Lottomatica S.p.A., is a multinational gambling company that
produces slot machines and other gambling technology. The company
is headquartered in London, with major offices in Rome, Providence,
Rhode Island, and Las Vegas.


JACOBS ENTERTAINMENT: Moody's Cuts CFR to B3, Ratings on Review
---------------------------------------------------------------
Moody's Investors Service downgraded Jacobs Entertainment, Inc.'s
Corporate Family Rating to B3 from B2. The ratings are on review
for downgrade.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos on a
temporary basis, including those in states where Jacobs owns and
operates casinos -- Louisiana, Colorado, and Nevada.

On March 16, Louisiana announced that all non-essential businesses,
including video poker truck stops, would be closed through April
13. On March 17, all non-essential businesses, including casinos,
were shut down in Nevada for 30 days. On March 16, Colorado closed
all non-essential businesses, including casinos, for a period of 30
days.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos and other
entertainment facilities, including at Jacobs gaming facilities,
once this crisis subsides.

Downgrades:

Issuer: Jacobs Entertainment, Inc.

  Probability of Default Rating, Downgraded to B3-PD from B2-PD;
  Placed Under Review for further Downgrade

  Corporate Family Rating, Downgraded to B3 from B2; Placed Under
  Review for further Downgrade

  Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD4)
  from B2 (LGD4); Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Jacobs Entertainment, Inc.

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Jacobs' B3 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen. Key
credit concerns also include the company's small scale relative to
peers, high earnings concentration with over 80% of EBITDA coming
from two markets, Colorado and Louisiana, and practice of
maintaining high financial leverage. Debt/EBITDA was regularly
maintained at or near the 6.0x debt/EBITDA prior to the coronavirus
outbreak.

The rating is supported by the good market position of Jacob's
revenue generating assets within its operating regions, certain
barriers to entry in the Louisiana market due to laws that limit
the locations of new direct truck stop operators -- this provides
Jacobs with a certain level of earnings stability -- and regional
growth trends in the Reno NV market where the company owns two
land-based casinos. Jacobs has minimal near-term capital
expenditure requirements as the company is coming off of a period
of heavy investment activity over the past few years and does not
have any significant projects currently planned.

Jacobs has good liquidity. External sources of liquidity include a
$50 million senior secured first lien revolving credit facility
that expires in February 2022. Jacobs typically uses the facility
for working capital needs and capital expenditure programs. There
are no material debt maturities prior to the revolver expiration.
The company's second lien notes mature in February 2024.

The review for downgrade will focus on the degree to which Jacobs
can absorb the negative financial implications related to the
coronavirus outbreak because limitations on social gatherings,
mandated or otherwise, could have a very material effect on the
liquidity and overall credit profile of the company. The review for
downgrade reflects that given the current economic circumstances,
Jacobs' internal cash generation may not be sufficient to satisfy
all scheduled debt service and maintenance level capital
expenditures.

Moody's will assess the potential length and severity of the drop
in visitation and revenue, and the effect on the company's credit
metrics and liquidity. Moody's will also evaluate Jacobs' ability
to reduce expenses and take other actions to preserve cash. With
revenue ceasing, EBITDA and free cash flow will be negative for a
period of time and this could lead to meaningful operating strains
and the potential for a downgrade in a relatively short time
period.

Ratings could be downgraded if Moody's anticipates that Jacobs'
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. The ratings could
also be lowered if the company obtains additional debt to manage
through the crisis. A ratings upgrade is unlikely because the
ratings are on review for downgrade and given the weak operating
environment and continuing uncertainty related to the coronavirus.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Jacobs' continued exposure to discretionary
consumer spending have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions makes it
vulnerable to the outbreak continuing to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Jacobs' breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Jacobs Entertainment, Inc. is a privately held company that does
not disclose financial information publicly. The company owns and
operates gaming facilities located in Colorado, Nevada and
Louisiana. The company owns six land-based casinos: The Lodge
Casino at Black Hawk and the Gilpin Hotel Casino, both in Black
Hawk, CO; the Sands Regency and the Gold Dust West Casino in Reno,
NV; the Gold Dust West-Carson City in Carson City, NV and the Gold
Dust West-Elko in Elko, NV. Jacobs also owns and operates 26 video
poker truck stop facilities in Louisiana. Additionally, the company
has operations in Cleveland, Ohio that include an aquarium,
parking, a 5,000 seat covered outdoor amphitheater, and a dinner
cruise and entertainment ship. The company is a wholly-owned
subsidiary of Jacobs Investments, Inc. (JII). Jeffrey P. Jacobs,
the Chief Executive Officer and his family trusts own 100% of JII's
outstanding Class A and Class B shares.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


JONATHAN R. SORELLE: Goodman Named PCO for 2 Affiliates
-------------------------------------------------------
Mike K. Nakagawa,the U.S. Bankruptcy Judge in the District of
Nevada, ordered that:

     1. a patient care ombudsman will not be appointed in the
Chapter 11 case of Jonathan R. Sorelle; and

     2. the United States Trustee must appoint a patient care
ombudsman or ombudsmen for the estates of Jonathan R. Sorelle,
M.D., PLLC and The Minimally Invasive Hand Institute, LLC.

The Debtors agreed that the Chapter 11 cases of In re Jonathan R.
Sorelle, M.D., PLLC, Case No. 19-17870-MKN, and In re The Minimally
Invasive Hand Institute, LLC, Case No. 19-17871-MKN are health care
businesses as defined in 11 U.S.C. Section 101(27A).

Accordingly, Tracy Hope Davis, the U.S. Trustee for Region 17 in
the District of Nevada, appoints:

         Susan N. Goodman, RN JD
         PIVOT HEALTH LAW, LLC
         P.O. Box 69734
         Oro Valley, AZ 85737
         Tel: 520-744-7061;
         Fax: 520-575-4075
         Email: sgoodman@pivothealthaz.com

for Jonathan R. Sorelle, M.D., PLLC; and Minimally Invasive Hand
Institute.

                About Jonathan R. Sorelle, M.D., PLLC

Jonathan R. Sorelle, M.D., PLLC, The Minimally Invasive Hand
Institute, LLC and Jonathan R. Sorelle, filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.

Case Nos. 19-17870, 19-17871 and 19-17872, respectively) on Dec.
12, 2019. The Debtors each listed less than $1 million in both
assets and liabilities.  The Debtors tapped Brownstein Hyatt Farber
Schreck, LLP as their legal counsel, and Inouye CPA LLC as their
accountant.



K&N PARENT: S&P Cuts ICR to CCC+; Ratings on Creditwatch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on K&N Parent
Inc. (K&N) to 'CCC+' from 'B-' and placed the ratings on
CreditWatch with negative implications. This reflects S&P's view of
the company's substantially weakened earnings and severely
constrained liquidity as it spends heavily to move production
facilities out of California and awaits a capital infusion from its
sponsor.

At the same time, S&P lowered its issue-level ratings on the
company's first-lien term loan and revolver to 'B-' from 'B' and
the second-lien term loan to 'CCC-' from 'CCC' and placed them on
Creditwatch with negative implications.

The downgrade reflects S&P's view that K&N's operating prospects
are substantially worsened by the coronavirus pandemic following a
weak 2019 marked by ongoing product mix and cost management
challenges.  Margins and cash flow have been burdened by a number
of company initiatives. These include the launch of new products,
geographic growth initiatives, and a major investment to move
operations from California to Texas. While these initiatives could
increase profits over time, in the near term it brings higher costs
and greater execution risk. The company' margins have been trending
lower as sales have fallen and it has sold a mix of lower-margin
products. S&P believes demand for K&N's discretionary products will
fall significantly due to the virus outbreak in the near term as
consumers avoid nonessential upgrades to their vehicle. S&P also
fears some product channels such as Amazon.com will be constrained
as the online retailer focuses on stocking and shipping
nondiscretionary consumer products. Furthermore, S&P believes a
recession stemming from the pandemic could pressure consumer
discretionary demand and slow recovery once the virus is contained.
It believes these increasing risks will lower revenues and margins
this year.

As a result, adjusted leverage will likely stay well above 8x and
the company will continue to burn cash as capex remains elevated
due to the committed capital to move operations. The company
remains more dependent on its revolver and is required by its
credit agreement to receive from its sponsor at least $12 million
capital infusion by March 31, 2020. S&P believes in 2020 the
company has already been drawing down on its revolver to facilitate
the higher capex, and availability could drop below $15 million
this year and possibly lower in 2022.

CreditWatch

The CreditWatch placement reflects at least a 50% chance that S&P
could lower the ratings at least by one notch due to a potential
breach of its credit agreement requirement that the sponsor add
additional capital of $12 million by the end March 31, 2020. The
CreditWatch also reflects uncertainty on the extent of the negative
impact of COVID-19 on the company's EBITDA and cash flows. A
scenario more negative than current expectations could lead to a
near-term liquidity crisis, violation of financial covenants, or a
distressed exchange.


K-MAC HOLDINGS: Moody's Alters Outlook on B3 CFR to Negative
------------------------------------------------------------
Moody's Investors Service affirmed K-Mac Holdings Corp's corporate
family rating at B3, its probability of default rating at B3-PD,
its first lien senior secured bank facilities rating at B2 and
second lien bank term loan at Caa2. The outlook was changed to
negative from stable.

Outlook Actions:

Issuer: K-Mac Holdings Corp

Outlook, Changed To Negative From Stable

Affirmations:

Issuer: K-Mac Holdings Corp

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa2 (LGD5)

"The negative outlook reflects the mandated closure of in-store
dining units across the restaurant industry due to efforts to
contain the spread of the coronavirus, said Moody's analyst", Peggy
Holloway. The affirmation reflects the continuation of
drive-through operations, K-Mac's good liquidity to manage through
several months of significant revenue decline, and Moody's
expectation the company will manage the business to preserve
liquidity and once the crisis subsides will use cash flow to reduce
debt.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector will be one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in the credit profile of
restaurant companies, including their exposure to travel
disruptions and discretionary consumer spending have left them
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the companies remain vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The actions
reflect the impact on restaurants of the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

K-Mac Holdings Corp. is constrained by high leverage relative to
the company's modest size and scale measured by total number of
restaurants and revenue and concentration in one brand.
Additionally, its geographic concentration in the south central
region of the US, notably Oklahoma, Arkansas and Missouri, as well
as an aggressive financial policy with a history of debt financed
dividends constrain the company. The credit profile is supported by
the strength, value proposition, and high level of awareness of the
Taco Bell brand which has helped drive a solid track record of same
store sales growth at K-Mac. K-Mac's liquidity is good; the
company's revolver expires in 2023; first lien term loan in 2025;
second lien term loan in 2026. The company is subject to net first
lien leverage financial covenant of 6.25x when revolver borrowings
exceed 30%. Moody's estimates the company can maintain compliance
with this covenant.

The ratings take into account the likelihood credit metrics will
exceed downgrade triggers for a period of time before improving as
the crisis stabilizes later in the year. Nevertheless, ratings
could be downgraded if the pace of revenue declines accelerates or
if the period of significant disruption caused by COVID-19 lingers
thereby squeezing liquidity and causing credit metrics to remain
weak. Quantitatively, ratings could be downgraded if debt/EBITDA is
sustained above 6.25x or if EBIT/interest is sustained below 1.0x.
Given the negative outlook and still unfolding pandemic, ratings
are not likely to improve in the near term. Ratings could be
considered for an upgrade if debt/EBITDA drops below 5.5x,
EBIT/interest rising near 1.75x, liquidity is good and the company
pursues a balance financial policy.

K-Mac Holdings Corp., headquartered in Fort Smith, Arkansas, owns
and operates 300 Taco Bell and 6 Golden Corral franchised
restaurants throughout the south central region of the US. Revenue
for the year ended 12/31/19 is approximately $485 million. K-Mac is
majority owned by Lee Equity Opportunities Fund, L.P

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


KEANE GROUP: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------
Moody's Investors Service affirmed Keane Group Holdings, LLC's (a
subsidiary of NexTier Oilfield Solutions Inc., or "NexTier")
Corporate Family Rating at B2, Probability of Default Rating at
B2-PD, and senior secured term loan rating at B3. Keane's
Speculative Grade Liquidity rating was downgraded to SGL-2 from
SGL-1. The outlook was changed to negative from positive.

"The change of Keane's outlook to negative reflects pressures on
credit quality because of challenging industry conditions in the
weak commodity price environment," said Jonathan Teitel, Moody's
Analyst. "The B2 rating is supported by good liquidity and benefits
to its business and credit metrics from the merger with C&J Energy
Services, Inc."

Downgrades:

Issuer: Keane Group Holdings, LLC

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1

Outlook Actions:

Issuer: Keane Group Holdings, LLC

Outlook, Changed To Negative From Positive

Affirmations:

Issuer: Keane Group Holdings, LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B3 (LGD4)

RATINGS RATIONALE

The negative outlook reflects Moody's expectation for ongoing
challenges to NexTier in 2020 because of weak commodity prices and
lower capital spending by exploration and production companies.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oilfield
services sector has been one of the sectors most significantly
affected by the shock given its sensitivity to demand and oil
prices. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. The action reflects the adverse impact on
NexTier's credit quality of the breadth and severity of the oil
demand and supply shocks but also the company's resilience to a
period of low oil prices.

Keane's SGL-2 rating reflects good liquidity supported by cash on
the balance sheet, positive free cash flow, and availability under
the revolving credit facility. The company's cash balance as of
December 31, 2019 was $255 million. In March, NexTier sold its Well
Support Services segment to Basic Energy Services, Inc. for $94
million in total consideration consisting of: (i) $59 million in
cash, before transaction costs, escrowed amounts, and subject to
customary working capital adjustments, bolstering its balance sheet
and (ii) $34 million of senior secured notes of Basic which
includes a make-whole guarantee at par value as long as the notes
are held to the one year anniversary. In March, the company drew
$175 million on its ABL revolver to increase financial flexibility.
The revolver expires in October 2024 and has $84 million available
after considering outstanding letters of credit.

Keane's B2 CFR reflects low leverage, good liquidity and a strong
market position in a highly cyclical industry. The oilfield
services market is highly competitive and an oversupply of
hydraulic fracturing equipment weighs on the sector, despite
retirement of equipment. NexTier benefits from the merger of Keane
and C&J completed in late 2019. The merger was deleveraging, and
further improved scale and market position. It also drives
economies of scale, supporting cost savings; better positions the
company with customers and suppliers; and increases financial
flexibility across the larger business. NexTier's balance sheet and
Moody's expectation for the company to generate positive free cash
flow in 2020 provide flexibility to endure a lower commodity price
environment.

NexTier's financial policies including its capital return program.
In December 2019, the company announced a capital return program of
up to $100 million through the end of 2020. Moody's expects the
company to prudently manage its balance sheet as it executes on any
capital return to shareholders.

Keane Group Holdings, LLC's $345 million senior secured term loan
due 2025 is rated B3, one notch below the CFR. This notching
reflects that the senior secured ABL revolver due 2024 has a
priority lien with respect to the relatively more liquid assets
securing the facility. The term loan is guaranteed by NexTier
Oilfield Solutions Inc.

Factors that could lead to a downgrade include debt/EBITDA above
3x, EBITDA/interest below 3x, deterioration in liquidity or more
aggressive financial policies.

Factors that could lead to an upgrade include sustainable EBITDA
growth in a significantly improving industry environment, debt
reduction, very good liquidity and conservative financial
policies.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Keane Group Holdings, LLC, headquartered in Houston, Texas, and a
subsidiary of publicly-traded NexTier Oilfield Solutions Inc., is a
provider of oilfield services to exploration and production
companies in the United States. Affiliates of Cerberus Capital
Management, L.P. are a substantial shareholder.


LATTICE SEMICONDUCTOR: Egan-Jones Hikes Sr. Unsec. Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Lattice Semiconductor Corporation to B+ from B.

Lattice Semiconductor Corporation is an American manufacturer of
high-performance programmable logic devices. Founded in 1983, the
company by 2014 was employing about 700 people and had annual
revenues of around $300 million.



LIFETIME BRANDS: Moody's Lowers CFR to B2, Outlook Remains Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded Lifetime Brands, Inc.'s
Corporate Family Rating to B2 from B1, Probability of Default
Rating to B2-PD from B1-PD, and senior secured term loan rating to
B3 from B2. At the same time Moody's lowered the company's
Speculative Grade Liquidity to SGL-3 from SGL-2. The outlook is
negative.

The ratings downgrade reflects Lifetime Brands' high financial
leverage with debt/EBITDA at around 5.8x for the fiscal year-end
period December 31, 2019, and Moody's expectation that headwinds
stemming from the coronavirus outbreak will keep leverage elevated
over the next 12-18 months. The kitchenware product category should
partially benefit from a stay at home environment and increased
in-home meal preparation. However, Lifetime Brands' customer
temporary store closures and reduced operating hours, along with
increased unemployment and lower consumer confidence as a result of
the coronavirus outbreak, will negatively affect demand for the
company's products. Many of Lifetime Brands' products are
discretionary in nature and subject to competition from private
label and lower priced offerings, and will be negatively affected
by reduced consumer spending.

Downgrades:

Issuer: Lifetime Brands, Inc.

  Probability of Default Rating, Downgraded to B2-PD from B1-PD

  Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
  SGL-2

  Corporate Family Rating, Downgraded to B2 from B1

  Senior Secured Bank Credit Facility, Downgraded to B3 (LGD4)
  from B2 (LGD4)

Outlook Actions:

Issuer: Lifetime Brands, Inc.

  Outlook, Remains Negative

RATINGS RATIONALE

Lifetime Brands' B2 CFR broadly reflects its relatively small scale
with annual revenue under $1.0 billion, and its weak credit metrics
profile with elevated debt/EBITDA leverage at around 5.8x at fiscal
year-end December 31, 2019. The company's products are
discretionary in nature and susceptible to consumer spending, and
the deteriorating operating environment because of the coronavirus
outbreak will negatively impact demand. As a result, Moody's
projects Lifetime Brands' debt/EBITDA leverage will increase to
over 6.0x and that free cash flow will be modest at around $10
million in fiscal 2020. The rating also reflects Lifetime Brands'
relatively low mid-single digits operating profit margins, its
geographic and customer concentration, and the mature and highly
competitive nature of the kitchenware product category. The company
sources its products mostly from China, exposing the company's
supply chain to manufacturing issues affecting the region such as
the coronavirus outbreak. Production at the company's suppliers has
improved following earlier coronavirus-related cutbacks, but supply
chain risks remain.

The rating also considers the company's strong market position in
the homewares industry with many leading brands in narrowly defined
product categories, and its good brand and product diversification.
Lifetime Brands' well-diversified retail distribution channel,
which includes e-commerce, positions the company well to benefit
from the continued shift of consumer spending to online.

Moody's downgraded the speculative-grade liquidity rating to SGL-3
from SGL-2 because of the expected decline in earnings and free
cash flow. Lifetime Brands has adequate liquidity characterized by
$11.3 million of cash as of December 31, 2019 and Moody's
expectation for modest free cash flow of around $10 million in
fiscal 2020, and by the company's access to a $150 million ABL
revolving facility ($32.8 million drawn as of December 31, 2019)
expiring in March 2023. The revolver capacity and the modest $2.75
million of required annual term loan amortization provide financial
flexibility to fund working capital needs over the next 12-18
months. Aside from term loan amortization, there are no other
material debt maturities until the revolver expires.

Governance factors include the company's reasonably conservative
3.0x net debt-to-EBITDA target (based on the company's
calculation). However, the company has been well above this target
for several years, limiting its flexibility to fund investments or
acquisitions.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
durables sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Lifetime Brands'
credit profile, including its exposure to the US have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Lifetime Brands remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Lifetime Brands of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook reflects Lifetime Brands' already high
leverage and modest free cash flow generation, and the uncertainty
regarding the impact of adverse economic conditions to consumer
spending and to the company's operating results.

Ratings could be downgraded if Lifetime Brands' operating
performance deteriorates such that debt/EBITDA leverage is expected
to remain above 6.0x or free cash flow is expected to be weak.
Additional factors that could lead to a downgrade include a
deterioration of liquidity, or if the company's financial policies
become more aggressive, in particular regarding a material
debt-funded acquisition or shareholder returns.

Ratings could be upgraded if Lifetime Brands' operating results
improve driven by organic revenue growth with a stable to higher
EBITDA margin. Debt/EBITDA sustained below 5.0x and a significant
improvement in free cash flow would also be necessary for an
upgrade.

Lifetime Brands, Inc. designs, sources and sells branded
kitchenware, tableware and other products used in the home.
Lifetime Brands is publicly traded, with annual revenue of
approximately $735 million for the fiscal year end period December
31, 2019.

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


LIMETREE BAY: Moody's Cuts Rating on $465MM Secured Loan to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating on Limetree Bay
Terminals, LLC's $465 million senior secured term loan ($452
million outstanding at Dec 31, 2019) to B2 from B1. The rating
outlook has been changed to negative from stable.

RATINGS RATIONALE

The rating action is prompted by a challenging historical business
environment for the terminal reflected in low ship visits in Q4
2019, a continued delay in the restart of the refinery, which is LB
Terminals' largest customer by contract, and an ongoing commercial
dispute with a material customer. Taken together, these events have
resulted in weaker than expected financial performance in Q4 2019
and will likely impact the business in Q1 2020.

On the positive side, LB Terminals could benefit from the current
low oil price environment as demand for oil storage typically
increases when oil prices are low and in contango, i.e. future oil
prices are higher than current spot prices.

Moody's projects that financial performance will remain weak if the
refinery restart continues to be delayed, resulting in lost fee
income for LB Terminals. Restrictions to the Coronavirus (COVID-19)
outbreak have not yet materially impacted LB Terminals' labor force
and operations but that could change if the spread of the virus
cannot be contained.

The current rating assumes that LB Terminals can generate at least
a DSCR of around 1.5x, FFO/debt of around 5%-7.5%, and will start
to phase out the need for equity injections from its sponsor as
major capital projects have been completed. LB Terminals has not
generated yet any excess cash flow that could be applied to debt
reduction but Moody's expects the business to generate excess cash
flow once the refinery starts to contribute to operating revenue.

Other factors considered in the rating are (1) the low operating
risk of storage terminals and the experience of management and
employees in operating storage assets; (2) the large scale of the
facility relative to smaller peers in the Caribbean region, (3) the
take-or-pay nature of the customer contracts with fixed capacity
charges providing a degree of stability to the revenue basis (4)
structural features such as a first lien security on assets, the
existence of a LC-backed six months debt service reserve, a cash
flow sweep requirement of the greater of (i) 50% of excess cash
flow and (ii) the target debt balance, and a 1.1x maintenance DSCR
financial covenant; and (5) no direct exposure to commodity risks.

Rating Outlook

The negative outlook considers the risk of a further delay of the
refinery restart and the ongoing commercial dispute with a material
customer despite lower global oil prices resulting in potential
positive business conditions for storage terminals in 2020.

WHAT COULD CHANGE THE RATING UP

  - Sustained increase in ship visits and ramp-up of refinery
    storage

  - Positive free cash flow generation used for debt reduction'
    and FFO/debt around 10%

WHAT COULD CHANGE THE RATING DOWN

  - Deteriorating liquidity

  - Loss of a material contract or continued delayed restart of
    refinery

  - Inability to generate positive free cash flow and achieve a
    DSCR of 1.5x and FFO/debt of 5.0% on a sustained basis

Profile

Limetree Bay Terminals, LLC is a wholly-owned subsidiary of
Limetree Bay Ventures which is owned by an affiliate of private
equity sponsors EIG, ArcLight Capital Partners, a syndicate of
other investors, and an affiliate of Freepoint Commodities, LLC.

The project is a storage terminal and marine facility on around
1,500 acres of land on the south shore St. Croix, US Virgin
Islands. Limetree has a terminal operating agreement with the VI
Government that extends through January 4, 2041 with the option by
the terminal owner to extend the agreement for another 15 years. LB
Terminals has repurposed the asset as a storage terminal, restarted
storage tanks and entered into fee-based contracts.

The principal methodology used in this rating was Generic Project
Finance Methodology published in November 2019.


MACY'S INC: Moody's Assigns Ba1 Corp. Family Rating, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Macy's, Inc.'s Baa3 senior
unsecured rating to Ba1. At the same time, Moody's assigned Macy's,
Inc. a Ba1 corporate family rating, Ba1-PD probability of default
rating and an SGL-2 speculative grade liquidity rating. The senior
unsecured rating at Macy's Retail Holdings, Inc. and May Department
Stores Company (The) were also downgraded to Ba1 from Baa3. The
Macy's Retail Holdings, Inc. commercial paper rating was downgraded
to NP from P-3. The outlook remains negative.

"The disruption and negative effect on consumer demand as a result
of COVID-19 will require Macy's to refocus its efforts toward
priortizing the preservation of liquidity and delaying its
strategic plans to improve its operating performance", said
Christina Boni, Vice President.

Downgrades:

Issuer: Macy's Retail Holdings, Inc.

Senior Unsecured Commercial Paper, Downgraded to NP from P-3

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 (LGD4)
from Baa3

Issuer: Macy's, Inc.

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 ( LGD4)
from Baa3

Issuer: May Department Stores Company (The)

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 ( LGD4)
from Baa3

Assignments:

Issuer: Macy's, Inc.

Probability of Default Rating, Assigned Ba1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned Ba1

Outlook Actions:

Issuer: Macy's Retail Holdings, Inc.

Outlook, Remains Negative

Issuer: Macy's, Inc.

Outlook, Remains Negative

Issuer: May Department Stores Company (The)

Outlook, Remains Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The department
store sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Macy's credit
profile, including its exposure store closure, China and consumer
sentiment have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Macy's remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on Macy's of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Macy's Ba1 CFR reflects its large scale with net sales of roughly
$24.6 billion and its market position as the U.S.'s largest
department store chain. Macy's integrated approach to its stores
and online, enhances its ability to meet the accelerating changes
to the demands by consumers and how they shop and may help to
mitigate the impact of COVID-19.

Macy's also has good liquidity and clearly stated balance sheet
targets including an adjusted leverage ratio (as defined by Macy's)
of 2.5 to 2.8 times. Nonetheless, the company has drawn down its
$1.5 billion revolver to increase its cash position to contend with
the negative effects on demand related to COVID-19. The company's
use of free cash flow to repay approximately $2.6 billion in debt
over the past three years, remains a credit positive. The company's
financial policy is expected to remain conservative and debt
reduction prioritized.

Macy's must contend with reinvigorating growth of its top line as
it resizes its Macy's footprint by closing 125 stores or 25% of its
Macy's branded stores while operating in a weaker consumer
environment. Secular trends which include higher price
transparency, faster delivery, as well as intense competition from
fashion, off-price and on-line apparel are forcing Macy's and its
competitors to rapidly change by enhancing its product offerings
and customer experience. Macy's remains committed to responsible
sourcing and outlines its minimum standards in its Vendor and
Supplier Code of Conduct. The company also continues to adapt its
brand and offering to changing demographics with a particular focus
on the customer under the age of 40 which will be integral to
expanding its sales base long term.

The negative outlook reflects the risk that operating performance
will remain pressured in the face of COVID-19 and market share
erosion continues without clear signs of sales and earnings
stabilization. Liquidity could be further compromised to the extent
that stores remain closed for an extended period of time and
consumer demand remains surpressed.

Ratings could be upgraded should comparable sales and operating
income to reflect sustained improvement in performance with the
maintenance of a conservative financial policy. Quantitatively and
upgrade would require debt/EBITDA sustained below 3.5 times and
EBIT/interest expense sustained above 4.0 times.

Ratings could be downgraded should its strategic initiatives result
in significant business disruption or sale trends remain weak and
operating margins do not improve. Quantitatively, ratings could be
downgraded should debt/EBITDA be sustained above 4.0 times or
EBIT/interest expense were likely to remain below 3.0 times.

Macy's, Inc., with corporate offices in Cincinnati and New York, is
one of the nation's premier retailers, with fiscal 2019 net sales
of $24.6 billion. The company operates 775 stores in 43 states, the
District of Columbia, Guam and Puerto Rico under the names of
Macy's, Bloomingdale's, Bloomingdale's Outlet, Macy's Backstage and
Bluemercury, as well as the macys.com, bloomingdales.com and
bluemercury.com websites. Bloomingdale's in Dubai and Kuwait are
operated by Al Tayer Group LLC under license agreements.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


MANITOWOC CO: Moody's Places B2 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed The Manitowoc Company, Inc.'s
ratings under review for downgrade, including: the B2 corporate
family rating, B2-PD probability of default rating, and B2 senior
secured debt rating. The company's SGL-3 speculative grade
liquidity rating is unchanged. The rating outlook has been changed
to rating under review from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The manufacturing
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Manitowoc's credit profile,
including its exposure to some of the more highly affected areas in
Europe including a manufacturing plant in Italy, together with the
high cyclicality of the cranes business, has left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Manitowoc remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Manitowoc of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

The review will focus on (i) the extent to which the coronavirus
pandemic impacts the company's operations and profitability, which
will be largely dependent on the duration and severity of the
outbreak, and how it ultimately impacts the construction sector;
(ii) Manitowoc's response to the challenges presented by the
pandemic including the speed and efficiency by which the company is
able to right size its cost structure to align with anticipated
demand, and (iii) the company's overall liquidity position, which
will be evaluated in the context of a potentially deep and
prolonged downturn.

The following rating actions were taken:

On Review for Downgrade:

Issuer: Manitowoc Company, Inc. (The)

  Corporate Family Rating, Placed on Review for Downgrade,
  currently B2

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B2 (LGD4, from LGD3)

Outlook Actions:

Issuer: Manitowoc Company, Inc. (The)

  Outlook, Changed To Rating Under Review From Stable

The principal methodology used in this rating was Manufacturing
Methodology published in March 2020.

The Manitowoc Company, Inc. (NYSE: MTW), headquartered in
Milwaukee, WI, was founded in 1902 and is a leading provider of
engineered lifting equipment for the global construction industry,
including lattice-boom cranes, tower cranes, mobile telescopic
cranes and boom trucks. The company has three reportable segments
based on region, including the Americas, Europe and Africa (EURAF)
and Middle East and Asia Pacific (MEAP). Manitowoc generated 2019
revenue of approximately $1.83 billion.


MARKPOL DISTRIBUTORS: May Use Cash Collateral Thru April 10
-----------------------------------------------------------
Judge Benjamin Goldgar authorized Markpol Distributors, Inc., and
debtor affiliates to use the cash collateral of Fifth Third Bank,
successor by merger of MB Financial, N.A., through April 10, 2020
on an interim basis, pursuant to the budgets.

The respective affiliate's budget for the week-ending March 28,
2020 provided for total disbursements in the amount of (i) $197,000
(including $155,000 in inventory) for Markpol Distributors, (ii)
$3,000 for Vistula Development Incorporated, and (iii) $5,000 for
Kozyra Holdings - 955 Lively LLC.

Fifth Third Bank is granted replacement liens to the extent of its
pre-petition liens, the Court ruled.

                 About Markpol Distributors

Markpol Distributors, Inc. -- http://markpoldistributors.com/-- is
a food distributor specializing in European grocery merchandise
imported from European exporters.  The Company's customers may
select an offering of 4 to 24 feet selection of assorted grocery
merchandise appealing to the American and European consumer.
Markpol is headquartered in Wood Dale, Ill.

Markpol Distributors sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-06105) on March 2,
2018.  On May 30, 2018, Vistula Development, Incorporated and
Kozyra Holdings, LLC - 955 Lively, LLC each filed Chapter 11
petitions (Bankr. N.D. Ill. Case Nos. 18-15604 and 18-15605).

In the petition signed by CEO Mark Kozyra, Markpol estimated assets
and liabilities at $1 million to $10 million.  Judge Benjamin A.
Goldgar is the case judge.  Shelly A. DeRousse, Esq., at Freeborn &
Peters LLP, is the Debtors' counsel.  Rally Capital Services, LLC
is the financial advisor.  

Patrick S. Layng, U.S. Trustee for the Northern District of
Illinois, appointed an official committee of unsecured creditors on
March 15, 2018.  The committee retained Goldstein & McClintock LLLP
as its counsel.


MASTEC INC: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mastec, Incorporated to BB- from BB+.

Mastec, Incorporated is an American multinational infrastructure
engineering and construction company based in Coral Gables,
Florida.



MATRIX INDUSTRIES: Taps Shafferman & Feldman as Legal Counsel
-------------------------------------------------------------
Matrix Industries Inc. received approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Shafferman &
Feldman, LLP as its legal counsel.
   
Shafferman will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code; negotiation with creditors;
and the preparation of a plan of reorganization.

The firm will receive its customary fees for its services subject
to court approval.

Shafferman is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Joel Shafferman, Esq.
     Shafferman & Feldman LLP
     137 Fifth Avenue, 9th Floor
     New York, NY 10010
     Tel: (212) 509-1802
     Fax: 212 509-1831
     E-mail: joel@shafeldlaw.com

                   About Matrix Industries

Based in Great Neck, N.Y., Matrix Industries Inc. filed a petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 19-13835) on Dec. 2, 2019, listing under $2 million on
both assets and liabilities.  Judge Robert E. Grossman oversees the
case.  Joel Shafferman, Esq., at Shafferman & Feldman LLP, is the
Debtor's legal counsel.


MAURA LYNCH: Chapter 7 Case Conversion Upheld
---------------------------------------------
In the case captioned MAURA E. LYNCH, Debtor-Appellant, v. STEPHEN
VACCARO, Creditor-Appellee, R. KENNETH BARNARD, Chapter 7 Trustee
Appellee, UNITED STATES TRUSTEE, Trustee-Appellee, No. 18-2934-bk
(2nd Cir.), Lynch appeals from a judgment of the district court
entered Sept. 20, 2018, affirming an order of the bankruptcy court
and dismissing her appeal. By order entered June 28, 2017,
Bankruptcy Judge Alan S. Trust converted Lynch's Chapter 11 case to
a Chapter 7 case.

Upon reviewing Lynch's arguments, the United States Court of
Appeals, Second Circuit affirms the district court's ruling.

The Second Circuit says the bankruptcy court has authority to
convert a Chapter 11 proceeding to a case under Chapter 7 for
cause, after notice and hearing, where such conversion is in the
best interests of creditors and the estate.   The Second Circuit
holds that the bankruptcy court did not abuse its discretion in
converting the case to a Chapter 7 proceeding. The bankruptcy court
identified three grounds for conversion: (1) Lynch's repeated
delays caused the bankruptcy estate to incur increased costs and
legal fees; (2) she failed to comply with court orders; and (3) it
was apparent that she would be unable to obtain a court-approved
disclosure statement and confirm a reorganization plan by the
deadline imposed by the bankruptcy court.

Lynch's delays generated over $400,000 in legal fees, and she
continued to accrue arrears on her Wells Fargo mortgage while the
bankruptcy case was pending -- more than $700,000 in total as of
June 2017. She also failed to comply with the bankruptcy court
order requiring her to obtain an approved disclosure statement by
June 16, 2017. Finally, the U.S. Trustee explained that Lynch's
proposed reorganization plan was not confirmable for "numerous
reasons," including that the disclosure statement provided
inadequate information and the issues with respect to Vaccaro had
not been resolved. Although, as Lynch contends, there might have
been sufficient assets in her estate to cover her debts, a year and
a half had transpired with little having been accomplished, and it
was apparent that Lynch was not going to be able to bring the
matter to a successful resolution under Chapter 11. The bankruptcy
court reasonably concluded that it was in the best interest of the
creditors and the estate to convert the proceedings to a Chapter 7
liquidation.

A copy of the Court's Order dated Feb. 18, 2020 is available at
https://bit.ly/2IdWSgy from Leagle.com.

MAURA E. LYNCH, pro se, Sag Harbor, New York, for
Debtor-Appellant.

GARY F. HERBST -- gfh@lhmlawfirm.com  -- ( David A. Blansky , on
the brief), LaMonica Herbst & Maniscalco, LLP, Wantagh, New York,
for Chapter 7-Trustee-Appellee.

                       About Maura E. Lynch

Maura E. Lynch filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 15-74795) on
Nov. 9, 2015.  Since that time, the Debtor has operated as a debtor
in possession pursuant to sections 1107(a) and 1108 of the
Bankruptcy Code.  No examiner or trustee has been appointed in the
case.

According to the Troubled Company Reporter, Maura E. Lynch filed
for chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No.
19-72595) on April 9, 2019, and is represented by Jonathan L.
Flaxer, Esq. of Golenbock, Eiseman, Assor, Bell and Peskoe.



MAXIM CRANE: Moody's Puts B2 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service placed Maxim Crane Works Holdings
Capital, LLC's ratings under review for downgrade, including: the
B2 corporate family rating, B2-PD probability of default rating,
and B3 senior secured second lien notes rating. The rating outlook
has been changed to rating under review from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The Equipment and
Transportation Rental Industry sector has been one of the sectors
most significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
Maxim's credit profile, including its exposure to the highly
cyclical rental equipment business, has left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Maxim remains vulnerable to the outbreak continuing
to spread. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The action reflects the impact on
Maxim of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The review will focus on (i) the extent to which the coronavirus
pandemic impacts the company's operations and profitability, which
will be largely dependent on the duration and severity of the
outbreak, and how it ultimately impacts the construction sector;
(ii) Maxim's response to the challenges presented by the pandemic,
including the speed and efficiency by which the company is able to
conserve cash by pulling back on capital expenditures and right
sizing its cost structure, and (iii) the company's overall
liquidity position, which will be evaluated in the context of a
potentially deep and prolonged downturn.

The following rating actions were taken:

On Review for Downgrade:

Issuer: Maxim Crane Works Holdings Capital, LLC

  Corporate Family Rating, Placed on Review for Downgrade,
  currently B2

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B3 (LGD5)

Outlook Actions:

Issuer: Maxim Crane Works Holdings Capital, LLC

  Outlook, Changed To Rating Under Review From Stable

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Headquartered in Bridgeville, Pennsylvania, Maxim Crane Works
Holdings Capital, LLC is a leading provider of specialty crane
rental services in the US that serves 9,300 customers in 49 states
through 56 branch locations with a modernized and technologically
advanced diverse fleet of around 2,600 cranes. Maxim rents cranes
and other heavy equipment primarily to non-residential building
construction and energy-related end markets. In June 2017, the
company changed its name to its current name, Maxim Crane Works
Holdings Capital, LLC from Cloud Crane, LLC. Cloud Crane, LLC was
created in 2016 by Apollo Global Management, LLC to purchase Maxim
Crane Works, L.P. and AmQuip Holdings Corp. The company generated
reported revenue of about $887 million for the twelve months ended
September 30, 2019.


MEN'S WEARHOUSE: Moody's Cuts CFR to B3, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service downgraded The Men's Wearhouse, Inc.
ratings, including its Corporate Family Rating to B3 from Ba3,
Probability of Default Rating to B3-PD from Ba3-PD, secured term
loan rating to B3 from Ba3 and unsecured note rating to Caa2 from
B2. The company's Speculative Grade Liquidity Rating was also
downgraded to SGL-3 from SGL-2. All long-term ratings are on review
for further downgrade. Men's Wearhouse is a subsidiary of Tailored
Brands, Inc.

The downgrade reflects Tailored Brands' weak operating performance
and credit metrics in 2019 and Moody's expectation for further
significant declines in 2020 due to the impact of the coronavirus,
including temporary store and e-commerce fulfillment center
closures and anticipated decline in consumer spending. In response
to these challenges, in an effort to strengthen liquidity, on March
18, 2020, the Company announced that it drew down $260 million
under its $550 million ABL revolving credit facility in addition to
taking action to reduce expenses and defer capital expenditures and
inventory purchases to preserve cash and liquidity. As of March 18,
the company had just under $400 million of balance sheet cash,
including $100 million of restricted cash related to the recent
sale of the Joseph Abboud trademarks. On March 19, 2020, the
company announced that it borrowed an additional $25 million under
the ABL.

The review will focus on the duration and severity of the
coronavirus outbreak and the impact on the company's overall
revenue, earnings, credit metrics and liquidity profile. Moody's
will also focus on the company's ability to implement cost savings
and other cash flow preservation actions, as well as the potential
for other liquidity enhancing activities, and ability to improve
operations and address 2022 debt maturities.

Downgrades:

Issuer: Men's Wearhouse, Inc. (The)

Probability of Default Rating, Downgraded to B3-PD from Ba3-PD;
Placed Under Review for further Downgrade

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-2

Corporate Family Rating, Downgraded to B3 from Ba3; Placed Under
Review for further Downgrade

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD4) from
Ba3 (LGD3); Placed Under Review for further Downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from B2 (LGD5); Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Men's Wearhouse, Inc. (The)

Outlook, Changed To Rating Under Review From Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The apparel retail
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Tailored Brands' credit
profile, including its exposure to US discretionary consumer
spending, have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Tailored Brands
remains vulnerable to the outbreak continuing to spread. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. The action reflects the impact on Tailored Brands of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Men's Wearhouse is a subsidiary of Tailored Brands, Inc., which
operates around 1,450 stores in the U.S. and Canada, under the
Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G
brands. Pro forma revenue for the year ended February 1, 2020
approached $2.9 billion

The principal methodology used in these ratings was Retail Industry
published in May 2018.


MERITOR INC: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Meritor, Incorporated to BB+ from BBB-.

Meritor, Incorporated is an American corporation headquartered in
Troy, Michigan, which manufactures automobile components for
military suppliers, trucks, and trailers. Meritor is a Fortune 500
company. In 1997, Rockwell International spun off its automotive
business as Meritor.



METRO-GOLDWYN-MAYER INC: Moody's Lowers CFR to B1, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service downgraded Metro-Goldwyn-Mayer Inc.'s
corporate family rating to B1 from Ba3 and probability of default
rating to B1-PD from Ba3-PD due to sustained high leverage with
expectations that leverage will remain high during the next 12 to
18 months before improving towards the end of 2021 to a level
consistent with a B1 CFR. Concurrently, Moody's downgraded the
company's 1st lien senior secured credit facility, consisting of a
$1.8 billion revolving credit facility due 2023 and a $400 million
term loan due 2025, to Ba3 from Ba2 and downgraded its $400 million
2nd lien term loan due 2026 to B3 from B2. The outlook is stable.
This rating action concludes the review for downgrade initiated on
June 13, 2019.

Downgrades:

Issuer: Metro-Goldwyn-Mayer Inc.

  Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

  Corporate Family Rating, Downgraded to B1 from Ba3

  Senior Secured 1st Lien Bank Credit Facility, Downgraded to
  Ba3 (LGD3) from Ba2 (LGD3)

  Senior Secured 2nd Lien Bank Credit Facility, Downgraded to
  B3 (LGD5) from B2 (LGD5)

Outlook Actions:

Issuer: Metro-Goldwyn-Mayer Inc.

  Outlook, Changed to Stable from Rating Under Review

RATINGS RATIONALE

MGM's B1 CFR reflects temporarily high gross leverage of as high as
9.0x at the end of 2019 due to the company's increased spending to
bolster its EPIX premium pay TV network and film and television
content production funding before it scales down to its
expectations of over 5.0x (including Moody's standard adjustments)
through much of 2020 as profitability benefits from reduced content
spending. The acquisition of EPIX in 2017 caused credit metrics to
deteriorate as the acquisition was financed with debt. Moody's
believes that peak debt and leverage occurred in 2019, with the
financing of the latest James Bond film production. The B1 CFR
reflects its expectations of gradually declining net-leverage to
under 4.0x by the end of 2021 as the company begins to repay its
revolver borrowings, experiences cash flow improvement and leverage
is reduced aggressively.

Prior to the company's debt-financed acquisition of the EPIX stake
that it did not already own, debt was modest and free cash flows
were historically stable and strong. However, front-end spending on
the company's film (including the next Bond film) and television
slate along with the buildup of EPIX to expand its distribution and
subscriber base added financial risk to a company with higher than
average business risks. As a result, the credit profile
deteriorated from 2017 to 2019. Moody's believes that management
has recently pivoted its EPIX strategy from becoming a larger scale
streaming player, to a nimbler, cash flow producing programmer.
This switch is driven by the steeper competitive forces and
significant capital requirements needed to achieve previous goals.
The result is less than expected capital spending and lower
leverage and Moody's believes that 2019 was the peak borrowing and
investment year. Moody's believes that the 2019 results were
negatively impacted, but the pivot led to the decline in content
spending as compared to the original strategy and resulted in lower
than expected leverage, though still very high for its credit
rating. Moody's believes that free cash flow and debt reduction
will not ramp back up until late 2020 and 2021.

Although Moody's believes the EPIX acquisition provided synergy
opportunities, further diversification of revenue and additional
growth potential, MGM has limited balance sheet capacity to compete
with its much larger rivals. The materially higher debt taken on
and additional debt funded investments in content added much
additional financial risk to the balance sheet and drove leverage
to the high single digits. Moody's notes that EPIX has been an
underperforming asset, although there has been improvement,
particularly with the addition of EPIX to the Comcast premium
network package which provides new guaranteed contractual high
margin revenues.

The rating also reflects risks associated with new film production
that typically is funded from the company's library cash flows
which are being diverted, and reflects uncertainty surrounding
theatrical performances of films and substantial upfront costs
involved in producing, marketing and distributing films. At this
time however, the spread of the coronavirus has caused most
television and film production to come to a halt, and theatrical
film releases have been delayed. Therefore, cash outflows for
working capital for production costs and theatrical prints and ads
are not being spent. Moody's does expect the company to continue
benefiting from exploitation of its large film and television
library as there is great demand for content, and particularly at
this time when there is limited new content available, so there is
some potential for upside library performance during this period in
its view. The latest Bond film release has been delayed from April
to November this year, so the significant cash flow expected from
this franchise film will move to 2021. Other films are also being
rescheduled, and some smaller budget films yet released at studios
like MGM's may be licensed to streaming platforms to recover
production costs and profits, so in its view, this could be an
opportunity for the company to monetize some assets. Moody's
remains cautious about volatility inherent in the motion picture
industry and notes that expectation of modest leverage levels was
key for the company's credit given the potential for steep
deterioration in profitability and cash flows from lackluster
theatrical performances of feature films. Accordingly, Moody's
believes it is imperative for companies in the feature film and
television production and distribution business to operate with
modest debt levels in their capital structure and maintain a strong
balance sheet.

The stable outlook reflects its expectations that the company will
reduce debt and leverage to under 4.0x by the end of 2021
(including Moody's adjustments). The outlook also assumes the
company will revert back to generating consistent positive free
cash flows as the large debt funded investments in content level to
more consistent levels. In addition, Moody's expects that MGM will
sustain adequate liquidity.

As the company's rating is expected to be weakly positioned through
2020, an upgrade is unlikely in the near term. Over the next few
years, the ratings could be upgraded if management commits to more
conservative financial policies and leverage is sustained under
3.0x. A rating downgrade could occur if a deleveraging trajectory
is not on track by 2021 and leverage appears will be sustained
above 4.0x (Moody's adjusted). The rating could also be downgraded
if the company's liquidity position comes under pressure, or cash
flow generation does not improve during the next 12 months.
Significant ratings pressure would also be prompted by a radical or
permanent shift towards even more aggressive financial policies.

MGM has an adequate liquidity profile supported by good cash
balances, and covenant-lite loans with good cushion. The company
currently has more than $800 million of cash and revolver
availability and Moody's expects liquidity to improve from this
level in 2020 and beyond. The credit agreement governing the
revolving credit facility contains an asset-based calculation to
determine availability. Moody's anticipates that the company will
have full availability to the revolver over the near term. Moody's
estimates that MGM will remain well in compliance with financial
covenants over the intermediate term. The facility does contain a
material adverse change clause. The revolver matures in July of
2023, while the company's First Lien Term Loan matures in 2025 and
second lien term loan in 2026.

With regards to its ESG framework, environmental and social risks
are usually not a factor in the rating process for companies in the
motion picture business. However, with the recent spread of the
coronavirus and subsequent movie theater closures across the
country, Moody's views this as a social risk and expect it to
create delays in film releases and revenues until the threat of the
spread has subsided. However, the company's recent operational
pivot and commitment to repaying debt with free cash flow indicates
a more balanced policy and is credit positive.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The motion picture
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand, sentiment, and
box office success. More specifically, the weaknesses in MGM's
credit profile, including its exposure to the success of its films
in theatres, which are now closed throughout the country to limit
the spread of the virus, have left it vulnerable in these
unprecedented operating conditions and MGM remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Metro-Goldwyn-Mayer Inc., based in Beverly Hills, California,
produces and distributes motion pictures, television programming,
home videos, interactive media, music, and licensed merchandise. It
owns a library of films and television programs and holds ownership
interests in domestic and international television channels.
Revenues for LTM ended 9/30/2019 were approximately $1.6 billion.
As of September 30, 2019, Anchorage Capital Partners and Highland
Capital Partners each individually, or together with their
affiliated entities, owned more than 10% of the issued and
outstanding shares of common stock of MGM Holdings. MGM Holdings is
the ultimate parent company of the MGM families of companies,
including its subsidiary Metro-Goldwyn-Mayer Inc.

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


METROPOLITAN OPERA: Moody's Cuts Rating on $89MM Bonds to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded the Metropolitan Opera
Association's Taxable Bonds, Series 2012 to Ba1 from Baa2. The
action impacts $89 million of rated debt. The rating outlook has
been revised to negative from stable.

RATINGS RATIONALE

The downgrade to Ba1 and revision of the outlook to negative is
driven by the financial impact of the cancellation of Metropolitan
Opera's performances through May as a response to coronavirus
pandemic. Because the opera operates with very thin liquidity
including high reliance on an operating line of credit, this social
disruption and the public health emergency has a heightened credit
impact.

While payroll expenses will be cut after March, the net impact of
the potential expected cash flow loss will likely be in the $60
million range. A focused campaign will seek to raise $60 million to
offset the near term impacts. However, the already high reliance on
a revolving credit agreement for working capital will likely
increase even as pledges and gifts come in. The revolving credit
agreement terms include a material adverse effect clause, and two
financial covenants introducing additional credit risk. The
agreement is collateralized by certain investments and certain
artwork. The rating action also considers losses in financial
markets since July 31, 2019. Because over 80% of the organization's
wealth at fiscal year end 2019 was permanently restricted, the
losses will have an amplified impact on spendable cash and
investments.

The Ba1 rating remains supported by the Metropolitan Opera's very
good global brand and considerable scope for a cultural nonprofit
with $313 million in operating revenue in fiscal 2019. The rating
also acknowledges strong donor support for operations with $175
million in total gift revenue in fiscal 2019 and appeals to help
support current operations. Total cash and investments reached $307
million in fiscal 2019, although nearly 80% of that represents
permanent endowment funds. Favorably, management continues to seek
revenue growth opportunities including the recent move to Sunday
performances and increased streaming activities. While the opera
has calibrated revenue and expenses for close to breakeven
operations over the last few years, its practice of operating with
limited liquidity and reliance on an operating line of credit drive
its assessment of fair financial oversight. Other challenges
include material and growing pension exposure, workforce subject to
collective bargaining agreements, ongoing capital needs and
softening ticket revenue.

RATING OUTLOOK

The negative outlook incorporates expectations of weakened box
office cash receipts in fiscal 2020 and potential increase in debt
through an operating line of credit. The outlook could return to
stable following a move to a normal season, successful conclusion
of the $60 million focused fundraising and maintenance of headroom
over financial covenants in the bank line.

The rating and outlook incorporate Moody's current base case
macroeconomic scenario, including that disruption in economic
activity in the first half of the year will be followed by some
recovery in the second half. However, uncertainty will remain for
at least several months as to how long it will take to contain the
spread of the virus and how businesses and households will cope
with the resulting financial losses.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Material gains in unrestricted liquidity with reduced
    reliance on operating line

  - Sustained growth of total wealth including spendable
    cash and investments

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - Narrowing of headroom above financial covenants or potential
disruption to access to operating line for working capital

  - Material erosion of financial reserves including
    unrestricted liquidity

  - Move to weak operating performance beyond potential
    challenges in fiscal 2020

LEGAL SECURITY

The Taxable Bonds, Series 2012 are unsecured general obligations of
the Metropolitan Opera Association. There are no additional bonds
tests or financial covenants.

USE OF PROCEEDS

Not applicable.

PROFILE

The Metropolitan Opera is one of the largest cultural organizations
in the US with fiscal 2019 operating revenue of $313 million. The
Met was founded in 1883 and moved to its current home in 1966 as it
became part of Lincoln Center. Its opera house, with 3,786 seats,
is owned by Lincoln Center for the Performing Arts (LCPA). The
Met's relationship with LCPA, including its use of the hall, is
defined through a long-term Constituency Agreement. If the Met
exercises its remaining optional renewal period, which is likely,
the agreement will run through 2066.

METHODOLOGY

The principal methodology used in this rating was Nonprofit
Organizations (Other Than Healthcare and Higher Education)
published in May 2019.


MGM RESORTS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by MGM Resorts International to B- from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

MGM Resorts International is an American global hospitality and
entertainment company operating destination resorts in Las Vegas,
Detroit, Mississippi, Maryland, and New Jersey, including Bellagio,
Mandalay Bay, MGM Grand, and Park MGM.


MGM RESORTS: Fitch Lowers IDR to BB- & Alters Outlook to Neg.
-------------------------------------------------------------
Fitch Ratings has downgraded MGM Resorts International's and MGM
China Holding Limited's (MGM China, collectively MGM) Issuer
Default Ratings to 'BB-' from 'BB'. Fitch also downgraded the
unsecured debt of both entities to 'BB-/RR4'. The Rating Outlook is
revised to Negative from Stable.

The downgrade primarily reflects MGM's decreased financial
flexibility following the recent sale-leaseback transactions as
well as the severe disruption to global gaming caused by the
coronavirus outbreak. The sale and leaseback of Bellagio and MGM
Grand, the company's last two flagship Las Vegas Strip assets,
reduce MGM's liquidity levers vis-à-vis ability to monetize assets
and increase MGM's rent obligations to unaffiliated parties, most
notably Blackstone Real Estate Income Trust, Inc. (BREIT). Largely
as a result of the asset sales as well as MGM's expressed interest
in reducing its stake in MGP, Fitch has revised lease adjusted
debt/EBITDAR downgrade sensitivity for MGM from 'BB' to 'BB-' to
5.5x from 6.0x and set a downgrade sensitivity of 6.0x from 'BB-'
to 'B+'.

Due to the operating disruption caused by coronavirus, Fitch
expects MGM's 2020 consolidated lease adjusted gross leverage to be
well above 5.5x and the company's cash burn to be $1.4 billion
compared to $1.1 billion in positive Fitch-defined FCF in Fitch
prior forecast for 2020. The Negative Outlook reflects the unknown
depth and duration of the coronavirus disruption, though per
Fitch's current assumptions MGM's adjusted leverage returns toward
6.0x by 2021 as gaming demand begins to normalize. At this time,
the rating takes into account a gaming recovery that begins later
this year and into 2021. To the extent there is increased
visibility with respect to the trajectory of the recovery and MGM's
leverage returning back to within 6.0x, Fitch could revise the
Rating Outlook back to Stable.

MGM is well positioned from a liquidity standpoint to weather the
near-term cash burn, which Fitch anticipates will be funded with
cash on hand including the recent asset sale proceeds. This
includes $3.2 billion estimated at U.S.-level and $270 million in
Macau. There was also over $2 billion in aggregate revolver
availability at the MGM Resorts ($1.5 billion) and MGM China levels
($583 million) as of Dec. 31, 2019.

Fitch analyzes MGM on a consolidated basis after adjusting for
distributions to minority interests and distributions from
unconsolidated entities.

KEY RATING DRIVERS

COVID-19 Exposure: Given the global nature of the coronavirus
pandemic, all of MGM's regions will be materially affected. MGM's
healthy liquidity provides a considerable buffer to absorb the
near-term cash burn. The negative FCF in 2020, which can
potentially be funded with cash on hand, as well as lower EBITDA in
the initial recovery stage, will result in higher adjusted leverage
in 2021 approaching Fitch's 'BB-' IDR rating sensitivities for MGM.
MGM entered the disruption with a number of liquidity sources and
an improved FCF profile, thanks to the completion of its
development pipeline and ramp-up of MGM Cotai over the last few
quarters.

Reduced Financial Flexibility: Following the MGM Grand transaction,
MGM has monetized all of its meaningful wholly-owned assets and the
increase in lease equivalent debt has mostly offset the decline in
traditional debt. The new fixed costs created by the Bellagio and
MGM Grand transactions have weakened MGM's domestic FCF generation,
inclusive of distributions from its subsidiaries. Fitch estimates
domestic FCF margin will be in the low-to-mid single digits after
2020, versus closer to 10% in Fitch's prior forecast before the
sale-leasebacks. MGM guarantees the two mortgages for the Bellagio
and MGM Grand/Mandalay Bay JVs, which is another negative liquidity
consideration, although a manageable one given both are collection
guarantees (Fitch will not consolidate the JV debt).

Leverage Trajectory Unclear: Consolidated rent adjusted leverage
will remain elevated should MGM achieve its target of 1x "domestic
net financial leverage". MGM has paid down $4.1 billion of
traditional debt since the end of 2018 with asset sale proceeds,
but created $4.3 billion of lease equivalent debt in the process.
Uncertainties around MGP ownership reduction make leverage
trajectory opaque, as deconsolidation will result in roughly $6.5
billion of incremental lease equivalent debt from capitalizing the
MGP master lease at 8x.

Favorable Asset Mix: MGM has good geographic diversification, which
includes international properties in Macau. Since 2016, the company
improved its diversification with acquisitions and developments in
U.S. regional markets and the Cotai Strip in Macau. MGM's portfolio
of Las Vegas Strip assets are mostly high quality and its regional
assets are typically market leaders. The regional portfolio's
diversification partially offsets the more cyclical nature of Las
Vegas Strip properties. MGM's two properties in Macau (about 20% of
total consolidated property EBITDAR) provide global diversification
benefits and exposure to a market with favorable long-term growth
trends.

MGM Growth Properties: MGP (BB+/Stable) is roughly 64% owned and
effectively controlled by MGM. Therefore, Fitch analyzes MGM on a
consolidated basis and subtracts distributions to minorities from
EBITDAR. MGM has publically stated its desire to reduce its
ownership stake in MGP to under 50% by 2020. MGM could further
dilute its stake through its exercise of a $1.4 billion Waiver
Agreement with MGP, in which MGP would be required to redeem OP
units for cash (expires January 2022). MGM's ownership of the sole
MGP Class B share and controlling voting power (intact until
ownership falls below 30%) will continue to support a consolidated
analysis with adjustments for the minority stake in MGP.

Should MGM reduce its stake in MGP below 30% and deconsolidate,
Fitch would likely analyze the MGM domestic credit on a standalone
basis, whose financial flexibility is weaker given the high amount
of fixed cost associated with the MGP and Non-MGP master leases.

DERIVATION SUMMARY

MGM's 'BB-' IDR reflects the issuer's moderate consolidated gross
adjusted leverage, strong liquidity and FCF profile, and
diversified operating footprint. This is offset by weaker financial
flexibility following the monetization of its remaining
wholly-owned Las Vegas Strip properties, resulting in higher fixed
cost. The IDR takes into consideration MGM's multiple liquidity
sources to withstand the near-term cash burn from the coronavirus
disruption and potential de-levering path back to 6.0x consolidated
gross adjusted leverage amid a moderate recovering in global
gaming. Peer Las Vegas Sands Corp. (BBB-/Stable) has a track record
of adherence to a more conservative financial policy and stronger
international diversification in attractive regulatory regimes.

Fitch links MGM China's IDR to MGM's. Fitch views MGM's and MGM
China's standalone credit profiles roughly on par with each other
but would not de-link the ratings if the stand-alone credit
profiles would moderately diverge. MGM China is strategically and
operationally important to MGM, and MGM China does not have
material ring-fencing mechanisms in its financing documentation
that would limit MGM's access to MGM China's cash flows.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

  -- 2020 revenues for Las Vegas, Regionals, and Macau will be
     down 34%, 25% and 31%, respectively. Flow through to EBITDAR
     is 70%, 50% and 50%, respectively. 2021 revenues are down 5%
     from 2019 levels with similar margins;

  -- Total rent payments of roughly $1.3 billion in 2020 for the
     MGP, Bellagio, and MGM Grand/Mandalay Bay leases, with low
     single-digit escalators annually;

  -- A majority of cash flow from operations less capex at MGM
     China, MGM Growth Properties, and CityCenter JV is
     distributed;

  -- $550 million in annual maintenance capex, with $100 million
     attributable to MGM China;

  -- No share repurchases are assumed. MGM's parent-level
     dividend is flat at $271 million per year;

  -- No draws on revolver in 2020 or thereafter. $750 million
     in domestic debt tendered in first-quarter 2020.

  -- Covenant waivers are obtained at MGM Resorts and MGM China
     level for 2020.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action (i.e. Likely Outlook Revision to Stable)

  - Evidence of stabilization in demand and signs of a significant
    rebound in global gaming demand;

  - Greater certainty of gross adjusted debt/EBITDAR sustaining
    below 5.5x;

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Gross adjusted debt/EBITDAR exceeding 6.0x past 2021, either
    through a more prolonged disruption to global gaming demand
    or adoption of a more aggressive financial policy;

  - A reduction in overall liquidity (low cash and revolver
    availability, heightened covenant risk or increased FCF
    burn) as a result of prolonged coronavirus pressures.

LIQUIDITY AND DEBT STRUCTURE

Ample Sources of Liquidity: MGM maintains meaningful cash balances,
revolver availability, and generated solid FCF heading into the
coronavirus disruption. Total excess cash is roughly $3.6 billion
pro forma for the MGM Grand JV transaction (net of $400 million in
estimated cage cash). The company's termination of the $1.25
billion Dutch tender further helps its positioning to weather the
near-term cash burn. MGM Resorts has full availability on its $1.5
billion unsecured revolver and MGM China has nearly $600 million in
revolver availability. MGM monetized its last meaningful
wholly-owned asset in early 2020, which reduces the company's
overall financial flexibility. Voluntary debt paydown from the
Bellagio and MGM Grand transactions eliminated meaningful
maturities until 2022 when the $1 billion in 7.75% notes mature.

SUMMARY OF FINANCIAL ADJUSTMENTS

Leverage: Fitch subtracts distributions to minority holders of
non-wholly owned consolidated subsidiaries from EBITDA for
calculating leverage. Fitch also adds recurring distributions from
unconsolidated JVs.

ESG CONSIDERATIONS

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

MGM has an ESG Relevance Score of 4 for Group Structure due to the
complexity of its ownership structure for its primary operating
subsidiaries and joint ventures and increasing group transparency
risk. This has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.


MICHAEL KORS: Moody's Cuts Senior Unsecured Rating to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service downgraded Michael Kors (USA), Inc.'s
senior unsecured rating to Ba1 from Baa3. At the same time, Moody's
assigned the company a Ba1 Corporate Family Rating, Ba1-PD
Probability of Default rating and a Speculative Grade Liquidity
rating of SGL-2. The outlook was changed to negative from stable.

"The downgrade with a negative outlook reflects that Michael Kors
has been unable to reduce leverage to the levels originally
forecasted at the time of the Versace acquisition. It also reflects
the anticipated disruption from the COVID-19 virus in the face of
unprecedented temporary store and mall closures", stated Vice
President, Christina Boni. " Nonetheless, its recent bank amendment
to extend all but $48 million of its November 2020 term loan
maturity to November 2023 improves its liquidity ", Boni added.

Downgrades:

Issuer: Michael Kors (USA), Inc.

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 (LGD4)
from Baa3

Issuer Rating, Downgraded to Ba1 from Baa3

Assignments:

Issuer: Michael Kors (USA), Inc.

Probability of Default Rating, Assigned Ba1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned Ba1

Outlook Actions:

Issuer: Michael Kors (USA), Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The apparel retail
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Michael Kors' credit profile,
including its exposure to store closures and China have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Michael Kors remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Michael Kors of the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

Michael Kors (USA), Ba1 CFR reflects the its ownership of
well-known brands of Michael Kors, Versace, and Jimmy Choo and
their solid market position in the US and Western European women's
accessible luxury accessories markets, with a growing focus on the
Asia-Pacific region. It also reflects the company's significant
industry scale, with LTM revenue of approximately $5.7 billion.
Currently, leverage remains at 3.0x but is expected to be pressured
as the luxury sector contends with the effects of COVID-19. Michael
Kors' recent bank amendment to extend $267 million of its $315
million term loan due November 2023 and covenant modification
enhances its liquidity profile, as the company currently has
approximately $500 million of cash and approximately $300 million
of revolver availability.

The negative outlook reflects the risks associated with the
unfavorable operating environment posed by COVID-19 as well as the
potential for a slowdown in luxury spending as a result. The
negative outlook also reflects the concern that liquidity may
deteriorate from a contraction in demand within its key markets for
any extended period.

While unlikely over the near-term, ratings could be upgraded over
time if Michael Kors has sustained positive organic revenue and
operating income growth with consistent growth at all of its brands
while maintaining a conservative financial policy and excellent
liquidity. Quantitative metrics include debt/EBITDA sustained below
2.5 times and interest coverage above 5.5 times while maintaining
very good liquidity and an unsecured capital structure.

Ratings could be downgraded to the extent organic sales growth and
operating growth do not return to more stabilized levels or
liquidity deteriorates. Ratings could also be downgraded if
financial policies were to become more aggressive, such as through
debt-financed acquisitions, or a resumption of share repurchases
prior to significant debt reduction. Quantitative metrics include
debt/EBITDA sustained above 3.5 times or EBIT/interest below 4.5
times.

Michael Kors (USA), Inc. is a wholly owned subsidiary of Capri
Holdings Limited, a global fashion luxury group. Its portfolio
consists of iconic brands, which include Michael Kors, Versace and
Jimmy Choo. Its brands cover the full spectrum of fashion luxury
categories including women's and men's accessories, footwear and
ready-to-wear as well as wearable technology, watches, jewelry,
eyewear and a full line of fragrance products.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


MOBIQUITY TECHNOLOGIES: Incurs $43.75 Million Net Loss in 2019
--------------------------------------------------------------
Mobiquity Technologies, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$43.75 million on $9.72 million of revenue for the year ended Dec.
31, 2019, compared to a net loss of $58.51 million on $1.47 million
of revenue for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $17.71 million in total
assets, $6.78 million in total liabilities, and $10.92 million in
total stockholders' equity.

The Company had cash and cash equivalents of $1,240,064 at Dec. 31,
2019.  Cash used by operating activities for the year ended Dec.
31, 2019 was $8,342,506.  This resulted from a net loss of
$44,027,719, partially offset by non-cash expenses, including
depreciation and amortization of $1,528,644, stock-based
compensation of $6,599,000, and warrant expense of $3,153,991,
other warrant costs from the conversion/issuance of debt of
$23,213,197.  Cash provided by financing activities of $9,017,551
was the result of issuance of notes, proceeds from the issuance of
common stock, sales of investments, and notes from bank.

The Company commenced operations in 1998 and was initially funded
by its three founders, each of whom has made demand loans to its
company that have been repaid.  Since 1999, the Company has relied
on equity financing and borrowings from outside investors to
supplement its cash flow from operations and expect this to
continue in 2020 and beyond until cash flow from its proximity
marketing operations become substantial.

In 2018 and 2019, the Company completed debt and equity various
financings.

BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 24, 2020 citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.

A full-text copy of the Form 10-K is available for free at:

                      https://is.gd/3cFgXO

                        About Mobiquity

Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. owns
100% of Advangelists, LLC and 100% of Mobiquity Networks, Inc. as
wholly owned subsidiaries.  Advangelists is a developer of
advertising and marketing technology focused on the creation,
automation, and maintenance of an advertising technology operating
system (or ATOS).  Advangelists' ATOS platform blends artificial
intelligence (or AI) and machine learning (ML) based optimization
technology for automatic ad serving that manages and runs digital
advertising inventory and campaigns.  Mobiquity Networks has
evolved and grown from a mobile advertising technology company
focused on driving Foot-traffic throughout its indoor network, into
a next generation location data intelligence company.


MOHEGAN TRIBAL: Moody's Lowers CFR to B3, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Mohegan Tribal Gaming
Authority's Corporate Family Rating to B3 from B2. The outlook is
negative. MTGA's SGL-2 Speculative Grade Liquidity rating remained
intact.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos on a
temporary basis.

On March 16 and March 17, MTGA announced its decision to
temporarily suspend operations at its North American properties
until further notice consistent with directives from various
government bodies. These properties include Mohegan Sun,
Connecticut, Mohegan Sun Pocono, Pennsylvania, ilani, Washington,
Resorts Casino Hotel, New Jersey, Fallsview Casino and Casino
Niagara, Canada, and Paragon Casino Resort, Louisiana.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos,
including MTGA's casino properties, once this crisis subsides.

Downgrades:

Issuer: Mohegan Tribal Gaming Authority

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

  Corporate Family Rating, Downgraded to B3 from B2

  Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3)
  from B1 (LGD3)

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
  (LGD6) from B3 (LGD4)

Outlook Actions:

Issuer: Mohegan Tribal Gaming Authority

  Outlook, Remains Negative

RATINGS RATIONALE

MTGA's B3 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen.
Because of approaching October 2021 maturities, the credit profile
and liquidity could deteriorate meaningfully over the next three to
six months if the company's operating performance does not rebound
quickly from the coronavirus outbreak.

Positive rating considerations include MTGA's high quality,
well-established, and large amount of gaming and attractive
nongaming amenities along with its earnings diversification
efforts. Diversification efforts outside of MTGA's restricted group
structure include management and development fees from unaffiliated
casinos in the U.S., along with MTGA's investment in a resort
casino project South Korea, which Moody's views as a long-term
positive for the company, despite inherent risks. In June 2019,
MTGA also completed the acquisition of the MGE Niagara Resorts and
assumed the day-to-day operations of the properties under the terms
of a casino operating and services agreement.

Also considered is MTGA's SGL-2 Speculative Grade Liquidity rating
which indicates good liquidity. At December 31, 2019, MTGA had a
considerable amount of unrestricted cash on its balance sheet at
about $280 million in the company's latest reported period. In
addition, the company drew down its $250 million revolver in full
to preserve liquidity. As a result, and despite the stress on
financial resources that will occur as a result of the coronavirus
crisis, the company still has the ability to generate and maintain
an excess level of internal cash resources after satisfying all
scheduled debt service, maintenance level capital expenditures, and
cash distributions to the Mohegan Tribe of Indians of Connecticut,
a federally recognized Native American tribe that owns MTGA.
Reducing cash distributions would provide some additional cash
flexibility if MTGA and the Tribe feel it is necessary. Because the
company's $250 million revolver and $445 million term loan A mature
in October 2021, Moody's would likely lower the liquidity rating to
SGL-4 if the company does not proactively address the maturities.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, MTGA's continued exposure to travel disruptions
and discretionary consumer spending, have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions makes it vulnerable to the outbreak continuing to
spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on MTGA of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at the MTGA's casinos will recover. As a result,
liquidity and leverage could deteriorate quickly over the next few
months. The negative outlook also reflects the refinancing risk
associated with the approaching October 2021 revolver and term loan
A maturities.

Ratings could be downgraded if Moody's anticipates the company's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending.

A ratings upgrade is unlikely given the weak operating environment
and continuing uncertainty related to the coronavirus. An upgrade
would require a high degree of confidence on Moody's part that the
gaming sector has returned to a period long-term stability, and
that MTGA demonstrate the ability to generate positive free cash
flow, maintain good liquidity, and operate at a debt/EBITDA level
at 6.0x or lower.

MTGA owns and operates Mohegan Sun, a gaming and entertainment
complex near Uncasville, Connecticut, and Mohegan Sun at Pocono
Downs, a gaming and entertainment facility offering slot machines
and harness racing in Plains Township, Pennsylvania. MTGA also
receives fees for the management of several non-affiliated casinos.
MTGA is owned by the Mohegan Tribe of Indians of Connecticut, a
federally recognized Native American tribe. MTGA generated
consolidated net revenue of about $1.46 billion for the latest
12-months ended December 31, 2019.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


MULAX EXPRESS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Mulax Express LLC
        2054 SW Marblehead Way
        Port Saint Lucie, FL 34953

Business Description: Mulax Express LLC is a trucking company
                      based in Florida.

Chapter 11 Petition Date: March 27, 2020

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 20-14020

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Jon L. Martin, Esq.
                  JON L. MARTIN, ATTORNEY AT LAW
                  901 SW Martin Downs Boulevard, Suite 309
                  Palm City, FL 34990
                  Tel: 772-419-0057
                  E-mail: jlm@jonlmartinlaw.com

Total Assets: $445,815

Total Liabilities: $1,350,305

The petition was signed by Todd A. Hawblitzel, president/authorized
member.

A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:

                     https://is.gd/JIMVYc


NABORS INDUSTRIES: Fitch Corrects March 20 Ratings Release
----------------------------------------------------------
Fitch Ratings replaced a ratings release on Nabors Industries
published on March 20, 2020 to correct the name of the obligor for
the bonds.

The amended press release is as follows:

Fitch Ratings is downgrading the Issuer Default Rating for Nabors
Industries, Ltd. and Nabors Industries, Inc. (collectively, Nabors)
to 'B-' from 'BB-'. In addition, Fitch is downgrading the senior
unsecured priority guaranteed revolving credit facility due 2023 to
'BB-'/'RR1' from 'BB'/RR2', the senior unsecured guaranteed notes
to 'B-'/'RR4' from 'BB-'/'RR4' and the senior unsecured notes to
'CCC'/'RR6' from 'B+'/'RR5'. The ratings have been placed on Rating
Watch Negative.

The downgrade reflects the risk that Nabors stock may be delisted
within the next six months, which would cause a fundamental change
under the senior exchangeable notes indenture that would allow
noteholders to put the $575 million issue to the company at par.
Nabors has filed a proxy for a reverse stock split to mitigate this
issue, but under current market conditions, it is uncertain whether
the stock would remain above $1 over this time period. The company
is generating FCF and has availability to refinance the notes on
the revolver. However, this would materially weaken liquidity at
the same time that business conditions are worsening.

Nabors has favorable asset quality characteristics, a global
footprint that provides for exposure to the international market
with longer-term contracts, and a commitment to use FCF for debt
reduction. This is offset by worsening conditions in the U.S. and
international drilling rig markets, reduced funding commitments,
the need to address a looming maturity wall and credit metrics that
are weak for the current rating level. Fitch recognizes that Nabors
has taken positive steps to improve its credit profile and enhance
liquidity, including extending its revolver, repurchasing debt,
reducing capex spending and significantly cutting its dividend.
However, current industry conditions are not expected to materially
improve and capital market support is uncertain.

The Negative Rating Watch reflects the risk of addressing the
senior convertible note issue along with concerns regarding
challenging capital market access and the uncertainty of the length
and the depth of commodity price downturns. Fitch expects
exploration and production (E&P) customers will reduce drilling
significantly over 2020 and push hard for lower pricing.

KEY RATING DRIVERS

Convertible Note Put: On March 9, 2020, Nabors received an informal
communication from the New York Stock Exchange (NYSE) that if the
average closing price of its stock is less than $1.00 over a
consecutive 30-day trading period, it will receive notice of
de-listing with a six-month cure period. Nabors stock closed on
March 18 at $0.41 and has been below $1.00 since March 6. To
address the issue, the board has approved and is recommending
shareholder approval for a reverse stock split at a ratio of
1-for-15 to 1-for-50 and a proportional increase in par value for
such authorized common shares. Even if the reverse stock split is
approved, there is still a risk that the shares could trade under
$1.00 given current industry conditions.

If the stock is delisted, this would result in a fundamental change
under the senior exchangeable noted bond indenture. Under the terms
of the indenture, noteholders would have the ability to put the
bonds to the company at par. There is approximately $575 million
outstanding. Nabors could use a combination of FCF and revolver
availability to refinance the notes, although waivers may be
required under the credit facility. In addition, this would
materially reduce liquidity at a time that business conditions are
worsening.

Looming Maturity Wall: The $1 billion of notes issued in January
2020 materially reduced the maturity wall, although there are still
significant maturities to address. Nabors has $282 million of notes
and $355 million on its 2012 revolver due in 2020 as of Dec. 31,
2019, and Fitch's expectation is that a sizeable portion of these
amounts will be refinanced on the 2018 revolver. Another $255
million is due in 2021 and over $264 million is due in 2023.
According to Fitch's projections, FCF will not be sufficient to
fund these maturities, and will likely need to be refinanced
through the revolver.

Declining Liquidity: Nabors currently has two revolvers: a $663.6
million 2012 unsecured revolver due 2020 and a $1,013 million 2018
guaranteed revolver due 2023. The latter revolver was recently
amended in December 2019 with the commitment being reduced from
$1.267 billion and a net capitalization requirement replaced with a
net debt/EBITDA covenant of no greater than 5.5x (was 3.55x as of
Dec. 31, 2019), which the company is at risk to breeching if the
current low commodity price environment continues into 2021. There
is $355 million on the 2012 revolver that is expected to be
refinanced on the 2018 revolver. Fitch believes a portion of the
2020 and 2021 maturities may need to be refinanced on the 2018
revolver, which could materially reduce liquidity.

U.S. Activity Has Weakened: Nabors' U.S. lower 48 rig count has
declined to 90 in March 2020 from an average of 108 for
third-quarter 2019. Indications following announcements from many
E&P companies are that rig activity is likely to fall further
during the year. During the last commodity price downturn, Nabors
U.S. lower 48 margins declined from $12,670/day in 2015 to
$5,324/day with total U.S. EBITDA declining to $161 million in 2017
from $513 million in 2015. Nabors is somewhat buffeted by having
some of the best U.S. pad-capable rigs providing for relatively
resilient utilization and day rates. Super-spec rigs, which include
ancillary technological offerings and other value-added services,
continue to have high utilization within the industry,

International Segment Provides Stability: Nabors' international
drilling segment exhibited resilient through-the-cycle results
consistent with the average international rig count. Rig counts are
less sensitive to commodity price changes due to longer contract
terms and a customer base of generally large public and sovereign
oil companies. This segment acts as a favorable hedge to the more
volatile U.S. rig count. International margins are slightly higher
than U.S. margins, and the longer term of the contracts provide for
more clarity on future utilization.

The company's international rig count has remained steady over the
past several years, although gross margins have declined from a
combination of sales of higher margin jack-ups, the expiration of a
couple of high margin rigs, reactivation costs and operational
challenges in Latin America. Fitch anticipates moderate growth over
the forecasted period. A portion of this growth will come from
leasing rigs to a 50/50 joint venture (JV) with the Saudi Arabian
Oil Company (Saudi Aramco), as well as new contracts in Mexico and
Kuwait. Challenges remain in Colombia, where eight rigs are up for
renewed contracts in 2020, and in Venezuela, where three rig
contracts will end by early 2021 and could be affected by
sanctions.

DERIVATION SUMMARY

Fitch compares Nabor's with Precision Drilling ('B+'/'Negative'),
which is also an onshore driller with exposure to the U.S. and
Canadian markets. Nabors is estimated to have the third largest
market share in the U.S. at 12% versus Precision at 8%. Nabors
gross margins in the U.S. are higher than Precision, but this is
helped by its offshore and Alaskan rig fleet, which operates at
significantly higher margins. Precision has the highest market
share in Canada, while Nabors has a smaller position. However,
Nabors has a significant international presence, which typically
have longer-term contracts that partially negates the volatility of
the U.S. market.

Precision has better credit metrics than Nabors, with debt/EBITDA
of 3.5x compared with Nabors of 4.2x. Nabors does have more
liquidity than Precision due to its larger revolver and higher
availability. Both companies are expected to generate FCF over
their respective forecast periods and use the cash to reduce debt.

KEY ASSUMPTIONS

  -- WTI oil price of $38/(barrels) bbl in 2020 increasing to
$45.00/bbl in 2021, $50/bbl in 2022 and $52/bbl thereafter;

  -- Henry Hub natural gas price of $1.85/mcf in 2020, $2.10/mcf in
2021, $2.25/mcf in 2022, and $2.50/mcf thereafter;

  -- Revenues decline by 19% in 2020 and 14% in 2021 due to
reduction in E&P capital spending;

  -- Capex of $325 million in 2020 and $275 million in 2021 to
maintain equipment given the view that there are no upgrades or
expansions until utilization increases when prices are well above
the base case price deck;

  -- FCF is expected to be slightly negative to positive with the
expectation that any FCF proceeds will be used to reduce debt.

  -- Stress Case Price Deck:

  -- WTI oil price of $33/bbl in 2020, $37/bbl in 2021, $45.00/bbl
in 2022, and $47 long term;

  -- Henry Hub natural gas price of $1.65/mcf in 2020 and 2021,
$2.00/mcf in 2022 and $2.25/mcf long-term.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Nabors Industries Inc. would be
reorganized as a going-concern in bankruptcy rather than
liquidated.

Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

Nabor's GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation.

  -- The GC EBITDA assumption for commodity sensitive issuer at a
cyclical peak reflects the industry's move from top of the cycle
commodity prices to mid-cycle conditions and intensifying
competitive dynamics.

  -- The GC EBITDA assumption equals the EBITDA estimated for 2022,
which represents the emergence from a prolonged commodity price
decline. Fitch assumes a West Texas Intermediate (WTI) oil price of
$38 in 2020, $45 in 2021m $50 in 2022, and $52 for the long term.
This represents a 31% decline to fiscal 2019 EBITDA.

  -- The GC EBITDA assumption reflects loss of customers and lower
margins, as E&P companies pressure oil service firms to reduce
operating costs.

  -- The assumption also reflects corrective measures taken in the
reorganization to offset the adverse conditions that triggered
default such as cost cutting and optimal deployment of assets.

An Enterprise Value EV multiple of 4x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value. The
choice of this multiple considered the following factors:

  -- The historical bankruptcy case study exit multiples for peer
energy companies have a wide range with a median of 6.1x. The oil
field service subsector ranges from 2.2x to 42.5x due to the more
volatile nature of EBITDA swings in a downturn. The median is
8.0x.

  -- Seventy Seven Energy Inc., a strong comparison, emerged from
bankruptcy in August 2016 with a midpoint EV of $800 million
resulting in a post-emergence EBITDA multiple of 5.6x based on 2017
forecasted EBITDA of $144 million. The company was subsequently
acquired by Patterson-UTI for $1.76 billion, resulting in a 12x
multiple based on 2017 forecasted EBITDA.

  -- Fitch used a multiple of 4.0x to estimate a value for Nabors
because of its high mix of International rigs that are not easily
mobilized.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

  -- Fitch assigns a liquidation value to each rig based on
management discussions, comparable market transaction values, and
upgrade and newbuild cost estimates.

  -- Different values were applied to top of the line Super Spec
rigs, lower value Super Spec rigs, non-Super Spec rigs, and higher
value International rigs.

  -- The GC value was estimated at $2.22 billion, or approximately
$5 million per rig.

The guaranteed credit facility is assumed to be fully drawn upon
default and is super senior in the waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to RR1 recovery for the guaranteed credit
facility ($1.013 billion),a recovery rating of 'RR3' for the
guaranteed notes that are subordinated to the guaranteed credit
facility ($1.0 billion) as well as the assumption that Nabors would
likely use capacity under the guaranteed notes covenants to issue
additional debt at this level ($1.5 billion), and a recovery
corresponding to 'RR6' for the senior unsecured guaranteed notes
($2,158 million).

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- Ability to address potential senior convertible bond put
without weakening liquidity;

  -- Mid-cycle debt/EBITDA of below 3.5x on a sustained basis;

  -- Lease-adjusted FFO gross leverage less than 4.5x;

  -- A demonstrated ability to address the upcoming maturity wall
without reducing overall liquidity.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Inability to address potential senior convertible bond put
without weakening liquidity;

  -- Failure to manage FCF, reducing liquidity capacity and
increasing gross debt levels;

  -- Increasing refinancing risk impeding the ability to address
the maturity wall;

  -- Structural deterioration in rig fundamentals resulting in
weaker than expected financial flexibility;

  -- Mid-cycle debt/EBITDA above 4.5x on a sustained basis;

  -- Mid-cycle lease-adjusted FFO-gross leverage greater than
5.5x.

LIQUIDITY AND DEBT STRUCTURE

Declining Liquidity: Nabors had $436 million of cash on hand as of
Dec. 31, 2019, which included $290 million at the Saudi Aramco
joint venture. Nabors currently has two revolvers: a $663.6 million
2012 unsecured revolver due 2020 and a $1,013 million 2018
guaranteed revolver due 2023. The only financial covenant is a net
debt/EBITDA covenant of no greater than 5.5x (was 3.55x as of Dec.
31, 2019). There is $355 million on the 2012 revolver that is
expected to be refinanced on the 2018 revolver.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


NEP/NCP HOLDCO: S&P Cuts ICR to 'B-' on Severe Operating Challenges
-------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on NEP/NCP
Holdco Inc. to 'B-' from 'B' and placed it on CreditWatch
negative.

S&P also lowered its issue-level rating on the first-lien term loan
facility to 'B' from 'B+' and the second-lien term loan to 'CCC'
from 'CCC+'. The '2' and '6' recovery ratings for the first- and
second-lien facilities, respectively, remain unchanged.

"The downgrade reflects our expectations that NEP/NCP Holdco Inc.'s
(NEP's) adjusted leverage will remain above our mid-6.0x threshold
for the current rating over the next 12 months. The CreditWatch
placement reflects our view of the company's less-than-adequate
liquidity to meet its operational needs. We expect the company's
current sources of cash, including its cash balance and revolver,
to be insufficient to cover uses over the next six months without
additional equity or debt issuance. Furthermore, the company will
very likely breach its covenants by the end of the quarter ended
June 30, 2020, without a covenant amendment," S&P said.

"The CreditWatch placement reflects our view that the impact of
COVID-19 on live events could last until mid-June. As such, we
expect NEP will likely breach its covenants by the end of the
second quarter ending June 30, 2020, without a covenant amendment.
The CreditWatch placement also reflects our view that NEP will need
to increase its liquidity sources, either through additional debt
issuance, or equity contribution, to be able to ramp up its
operations when delayed events resume production. In resolving our
CreditWatch, we could lower our rating if we don't see material
progress toward addressing the liquidity and covenant issues,
increasing the risk a covenant breach," the rating agency said.


NINE ENERGY: Moody's Lowers CFR to Caa1, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded Nine Energy Service, Inc.'s
Corporate Family Rating to Caa1 from B2, Probability of Default
Rating to Caa1-PD from B2-PD and senior unsecured notes rating to
Caa2 from B3. Nine's Speculative Grade Liquidity rating remains
unchanged at SGL-2. The outlook remains negative.

"Nine's rating downgrades reflect pressures on credit quality in
the weak commodity price environment and lower capital spending by
the upstream energy sector," said Jonathan Teitel, Moody's
Analyst.

Downgrades:

Issuer: Nine Energy Service, Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Unsecured Notes, Downgraded to Caa2 (LGD4) from B3 (LGD4)

Outlook Actions:

Issuer: Nine Energy Service, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade reflects Moody's expectation for ongoing challenges
to Nine because of weak commodity prices and lower capital spending
by exploration and production companies. The negative outlook
reflects Moody's expectation that Nine's leverage will rise in 2020
while considering the company's large cash balance as well as lack
of near-term debt maturities. The negative outlook also considers
the potential for a distressed exchange particularly in light of
weak bond price levels.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oilfield
services sector has been affected by the shock given its
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in Nine's credit profile and liquidity have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Nine remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Nine of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Nine's SGL-2 rating reflects Moody's expectation that the company
will maintain good liquidity supported by a sizable cash balance
and modest maintenance capital spending needs, revolver
availability, and no near-term debt maturities. As of December 31,
2019, the company had $93 million of cash and $99 million available
under its borrowing base revolver. Nine's revolver expires in
2023.

Nine's Caa1 CFR reflects small scale, a highly cyclical and
competitive industry, and challenging operating environment that
will drive rising leverage offset by good liquidity including a
large cash balance and positive free cash flow in 2020. Weak
commodity prices and lower capital spending by exploration and
production companies pose significant challenges. Nine operates in
a highly competitive and fragmented industry. The company's ability
to increase market penetration of dissolvable frack plugs and to
grow profitability from lower cost replacements will be important
to offset broader industry challenges and to reduce leverage.
However, even its successful execution is likely not enough to
forestall weakening credit metrics in the current commodity price
environment.

Nine is exposed to environmental risks similar to those of the
exploration and production companies that are its customers. The
eventual dampening of demand for oil due to energy transition will
affect the oilfield services sector. The company has cited a study
to evaluate the environmental impact of dissolvable plugs relative
to composite plugs. Its finding were that dissolvable plugs have a
lower carbon footprint and this is a feature of its products that
the company has begun to actively market.

Governance considerations include large equity ownership stakes in
the company by three shareholders which are SCF, Warren Lynn
Frazier, and Capital World Investors. Financial policies have
included the use of debt for acquisition purposes. In 2018, the
company used debt to finance its purchase of Magnum Oil Tools
International, Ltd., which built upon Nine's lineup of completion
tools, particularly frack plugs.

Nine's $400 million of senior unsecured notes are rated Caa2, one
notch below the CFR, reflecting their effective subordination to
the ABL revolver. Obligations under the ABL are secured by
substantially all of the company's assets.

Factors that could lead to a downgrade include rising default risk,
including a distressed exchange, weakening liquidity or
EBITDA/interest below 1.5x.

Factors that could lead to an upgrade include sustainable EBITDA
growth in a significantly improving industry environment,
consistent positive free cash flow generation and growing cash on
the balance sheet supporting improved liquidity and eventual debt
repayment, and conservative financial policies.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Nine, headquartered in Houston, Texas, is a publicly-traded
provider of oilfield services to exploration and production
companies and primarily focused on onshore well completions.
Revenue for 2019 was $833 million.


NN INC: Moody's Lowers CFR to Caa1, On Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service downgraded NN, Inc.'s ratings, including
Corporate Family Rating and Probability of Default Ratings to Caa1
and Caa2-PD, from B3 and Caa1-PD, respectively; and the senior
secured credit facilities to Caa1 from B3. The ratings are under
review for downgrade. The Speculative Grade Liquidity Rating was
downgraded to SGL-4 from SGL-3.

The following ratings were downgraded and are under review for
downgrade:

Issuer: NN, Inc.

  Corporate Family Rating, Downgraded to Caa1 from B3; Placed
  Under Review for further Downgrade

  Probability of Default Rating, Downgraded to Caa2-PD from
  Caa1-PD; Placed Under Review for further Downgrade

  Senior Secured Bank Credit Facility, Downgraded to Caa1(LGD3)
  from B3 (LGD3); Placed Under Review for further Downgrade

Rating Downgraded:

Issuer: NN, Inc.

  Speculative Grade Liquidity Rating, Downgraded to SGL-4
  from SGL-3

Outlook Actions:

Issuer: NN, Inc.

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto sector
(and issuers within other sectors that rely on the auto sector) has
been one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in the companies' credit profiles,
including their exposure to final consumer demand have left them
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the companies remain vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on NN of the breadth and severity of the shock,
and the broad deterioration in credit quality it has triggered.

The review will consider (i) the outbreak's impact on the
operations of NN. A number of manufacturers have already
temporarily closed facilities in order to ensure the safety of
their employees. The review will assess the impact from facility
closures and global production declines NN is and will experience
over the near term The review will also consider (ii) the lingering
impact of diminished customer demand, resulting from consumer
concerns over contracting coronavirus, and regional government
policies restricting consumer movement over coming quarters; (iii)
the impact of governmental action to support corporates and
consumers in the companies' main markets, and (iv) the impact of
potential measures that NN will deploy. The review will aggregate
these effects in conjunction with NN's liquidity profile. The level
of cash, availability under liquidity facilities, financial
maintenance covenant pressure, the pressure of refinancing debt
maturities coming due over the next 12-24 months will be major
considerations for Moody's review.

NN's Caa1 CFR reflects the expected pressure on the company's
credit metrics due to the coronavirus epidemic. Approximately 28%
of the company's revenues are to the automotive original equipment
market where automotive manufacturers around the world have begun
temporary suspensions of their manufacturing operations. This
automotive production volatility will drive manufacturing
inefficiencies as the company attempts to execute cost improvement
actions. As a result, continued progress in the reduction of
Debt/EBITDA, estimate at 7.7x as of December 31, 2019, is likely to
be stalled while free cash flow generation will be weakened. NN's
life sciences segment, about 40% of revenues, is expected remain a
positive competitive consideration, but is unlikely to completely
offset pressures in the automotive supply industry.

The SGL-4 Speculative Grade Liquidity Rating reflects the
expectation of a weak liquidity profile through 2020. As of
December 31, 2019, NN's cash on hand was $31.7 million and
availability under the $75 million revolving credit facility, which
matures in July 2022, was $63.9 million after outstanding letters
of credit. Temporary closures of automotive manufacturing plants
along with the impact of social distancing policies around the
world will pressure automotive production over the coming quarters.
Moody's now anticipates negative free cash flow in 2020 to be as
much as $10 million, as the company executes cost savings actions
in a volatile production environment. As such the maximum net
leverage ratio financial maintenance covenant cushion under the
revolving credit facility will weaken over the coming quarters. The
term loan facilities do not have financial maintenance covenants.

The Probability of Default Rating of Caa2-PD, is one notch below
the CFR. This rating reflects both the single class of debt and the
control the lender group has in calling a default because of the
effective covenants, a leverage measure in particular.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

NN, headquartered in Charlotte, NC, is a diversified industrial
company that combines advanced engineering and production
capabilities with in-depth materials science expertise to design
and manufacture high-precision components and assemblies for a
variety of markets on a global basis. Revenues for 2019 were $848
million.


NUANCE COMMUNICATIONS: Egan-Jones Cuts Unsecured Debt Ratings to C
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nuance Communications Incorporated to C from B.

Nuance Communications Incorporated is an American multinational
computer software technology corporation, headquartered in
Burlington, Massachusetts, United States, on the outskirts of
Boston that provides speech recognition, and artificial
intelligence.



NUSTAR ENERGY: S&P Alters Outlook to Negative, Affirms BB- ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on NuStar Energy L.P. to
negative. At the same time, S&P affirmed its 'BB-' issuer credit
rating and 'BB-' issue-level ratings on the partnership's senior
unsecured debt and 'B' issue-level rating on its subordinated
notes. The '3' recovery rating on the senior unsecured debt and '6'
recovery rating on the subordinated notes are unchanged.

NuStar Energy L.P. faces significant refinancing risk over the next
12 months.   NuStar has $450 million of notes maturing in September
2020 and $300 million maturing in February 2021. Additionally,
NuStar recently amended its revolving credit agreement, extending
the maturity to 2023 and downsizing it to $1 billion from $1.2
billion. As of Dec. 31, 2019, NuStar had $475 outstanding on the
credit facility. Given current market conditions, S&P believes
NuStar could face difficulty refinancing the upcoming maturities
for a longer term and it does not have sufficient revolver capacity
to fund the maturities coming due over the next 12 months.

The negative outlook reflects S&P's view that NuStar could face
challenges refinancing the $750 million of debt they have maturing
through February 2021.

"We could consider lowering the rating if NuStar is unable to
extend its maturity profile soon. This could occur due to public
debt markets remaining challenged preventing NuStar from
refinancing," S&P said.

"We could return the outlook to stable if NuStar successfully
refinances its 2020 and 2021 maturities for longer terms," the
rating agency said.


OLIN CORP: Moody's Lowers CFR to Ba2 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded long-term ratings for Olin
Corporation, including the Corporate Family Rating to Ba2 from Ba1
and senior unsecured debt ratings to Ba2 from Ba1, and downgraded
the company's Speculative Grade Liquidity Rating to SGL-3 from
SGL-2. The rating outlook is negative.

"Olin's rating incorporated prospects for meaningful deleveraging
over the next 12-18 months. Given the expected impact of the
Coronavirus pandemic on the global economy, deleveraging will be
much more challenging and the company likely will need to amend
financial maintenance covenants in the near term," said Ben Nelson,
Moody's Vice President -- Senior Credit Officer and lead analyst
for Olin Corporation.

Downgrades:

Issuer: Blue Cube Spinco Incorporated

  Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
  (LGD4) from Ba1 (LGD4)

Issuer: Olin Corporation

  Corporate Family Rating, Downgraded to Ba2 from Ba1

  Probability of Default Rating, Downgraded to Ba2-PD from
  Ba1-PD

  Senior Unsecured Bank Credit Facility, Downgraded to Ba2
  (LGD4) from Ba1 (LGD4)

  Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
  (LGD4) from Ba1 (LGD4)

  Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
  SGL-2

Outlook Actions:

Issuer: Olin Corporation

  Outlook, Changed To Negative from Stable

Issuer: Blue Cube Spinco Incorporated

  Outlook, Changed To Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The commodity
chemical sector has been affected by the shock given its
sensitivity to consumer and industrial demand and sentiment.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety, as well as the associated economic impact.

The downgrade is prompted by substantive deterioration in global
macroeconomic conditions and uncertainty related to some of Olin's
key end markets that will result in weaker earnings and cash flow
in 2020. In addition, the anticipated downturn, combined with the
company's prior performance, calls into question the impact of
structural changes in the chlor-alkali industry on Olin's financial
performance. Before the global spread of the Coronavirus and
substantial downward revisions to its macroeconomic forecast,
Moody's expected that weak business conditions in the chlor-alkali
industry would result in Olin's credit metrics eroding in 2020,
including adjusted financial leverage near 5 times (Debt/EBITDA)
and use of the revolving credit facility to fund part of the
company's upcoming $490 million payment due to Dow Chemical
Company. Olin, which is highly sensitive to caustic soda pricing,
responded to softening market conditions by announcing: (i)
operational and financial actions to lower costs; (ii) a credit
agreement amendment that loosened financial maintenance covenants
and allowed more restructuring-related add-backs to EBITDA; and
(iii) plans to idle a chlor-alkali plant and a vinylide chloride
(VDL) production facility in Freeport, Texas. Olin had also
pre-funded upcoming optional redemptions of high cost debt in late
2020 by establishing a much less expensive unsecured delayed draw
term loan. Combined with continued economic growth and anticipated
cyclical recovery in the caustic soda market, these actions set the
stage for improved cash flow generation and deleveraging in 2021.
In light of the expected shock to the global macroeconomic
environment, Moody's will be focused on: (i) anticipated impact of
weaker macroeconomic conditions on the chlor-alkali and epoxy
businesses; (ii) potential offset from strengthening conditions in
the Winchester ammunition business; and (iii) plans to address a
narrowing cushion of compliance under financial maintenance
covenants.

The Ba2 CFR is principally constrained by a highly-leveraged
balance sheet and narrowing cushion of compliance under financial
maintenance covenants. Credit metrics are weak for the Ba rating
category, including adjusted financial leverage of 4.5x
(Debt/EBITDA; includes meaningful lease and pension adjustments)
and retained cash flow to debt of 11% (RCF/Debt) for the twelve
months ended 31 December 2019. The rating also reflects exposure to
the cyclical chlor-alkali industry and longer-term risks associated
with ESG-related factors. The rating is supported by strong market
positions, excellent cost position supported by access to low-cost
energy, and adequate liquidity.

The SGL-3 Speculative Grade Liquidity rating reflects expectations
for modest cash consumption and a narrowing cushion of compliance
under financial maintenance covenants in 2020. Moody's expects that
discretionary cash flow generation will exceed fixed charges over
the next several quarters, but the company will need to use
revolving credit to help fund a $490 million payment due in
December 2020. The company reported $220 million of cash and an
undrawn $800 million revolving credit facility ($3.5 million of
letters of credit) at 31 December 2019. The revolving credit
facility is governed by customary leverage- and coverage-based
ratio tests. Olin reported a Consolidated Net Leverage Ratio of
3.44x and Interest Coverage Ratio of 4.01 at 31 December 2019.
Moody's expects that the company's cushion of compliance under
these covenants will narrow in the coming quarters. Moody's also
notes that the company has no debt maturities in 2020 or 2021.

The negative outlook reflects heightened risk of meaningful
deterioration in financial performance and narrowing cushion of
compliance under financial maintenance covenants. Moody's could
downgrade the rating with expectations for adjusted financial
leverage sustained above 5 times (Debt/EBITDA), retained cash
flow-to-debt (RCF/Debt) sustained below 8%, or a substantive
deterioration in liquidity. Moody's could upgrade the rating with
expectations for adjusted financial leverage sustained below 4
times and retained cash flow-to-debt above 12%.

Environmental, social, and governance factors influence Olin's
credit quality. The company is exposed to environmental and social
issues typical for commodity chemicals companies, additional social
risk related to the Winchester ammunition business, and
governance-related risks related to debt-funded acquisitions, share
repurchases, and proposed expansion of its board at the behest of
an activist shareholder that collectively are heightened compared
to many publicly-traded companies.

Olin Corporation is a Clayton, Missouri-based manufacturer and
distributor of commodity chemicals and a manufacturer of small
caliber firearm ammunition. The company operates through three main
segments: (i) Chlor Alkali Products and Vinyls whose primary
products include chlorine and caustic soda, hydrochloric acid,
vinyl chloride, sodium hypochlorite (bleach), and potassium
hydroxide; (ii) Epoxy, which produces and sells a full range of
epoxy materials, including allyl chloride, epichlorohydrin, liquid
epoxy resins and downstream products such as converted epoxy resins
and additives; and (iii) Winchester, whose primary focus is the
manufacture and sale of small caliber, firearm sporting and
military ammunition. In 2015, Olin acquired Dow's U.S.
chlor-alkali, global epoxy and global chlorinated organics
businesses (Dow's chlor-alkali business), significantly expanding
the company's size and diversity.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


ONE SKY: Moody's Cuts CFR to B3 & Alters Outlook to Negative
------------------------------------------------------------
Moody's Investors Service downgraded One Sky Flight, LLC's
Corporate Family Rating to B3 from B2, Probability of Default
Ratings nto B3-PD from B2-PD, and its first lien senior secured
term loan rating to B3 from B2. The outlook was changed to negative
from stable.

The downgrade to B3 CFR and negative outlook reflects Moody's
expectation for severe disruptions within the private aviation
sector due to the Coronavirus (COVID-19) pandemic that will
significantly curtail demand for air travel in the second quarter
of 2020, and only a slow pace of recovery commencing in the third
quarter. Moreover, as the severity and duration of the pandemic and
their impact is largely unknown at this time, this places a high
degree of uncertainty on demand across all modes of travel,
including private air operators. Nonetheless, Moody's acknowledges
that One Sky has significant cash sources from the recent debt
financing and expects the company to adjust its cost structure in
response to diminished demand for air travel, allowing the company
to manage its liquidity needs, including the potential for negative
free cash flow.

Moody's took the following ration action on One Sky Flight, LLC:

Downgrades:

Issuer: One Sky Flight, LLC

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

Corporate Family Rating, Downgraded to B3 from B2

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B2 (LGD3)

Outlook Actions:

Issuer: One Sky Flight, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The aviation
market has been one of the sectors most significantly affected by
the shock given its exposure to international travel restrictions
and sensitivity to consumer demand and sentiment.

One Sky's B3 CFR reflects operating headwinds in the private
aviation sector, including significant revenue and earnings
contraction due to the disruptions caused by the COVID-19 pandemic
and increasing uncertainties around the global economic outlook.
The rating considers One Sky's high debt-to-EBITDA leverage
(Moody's adjusted and incorporating debt treatment for the
preferred stock) in the mid-4x range as of December 31, 2019 to
increase considerably due to Moody's expectation for lower earnings
in fiscal 2020. Moody's expects growth rates for private aviation
business to remain under pressure, reflecting a weakening macro
environment, volatility in financial markets, additional travel
restrictions, and social distancing. The potential for negative
free cash flow over the next two quarters are likely due to reduced
earnings, contrary to the original expectations for positive free
cash flow.

Nevertheless, the rating is supported by the company's established
market position behind NetJets in North America, the largest
private aviation market in the world, offering fractional sales and
leasing, prepaid charter services and on-demand charter solutions.
OneSky's brand portfolio, which includes Flexjet, Sentient Jet,
Private Fly and Sirio, captures demand across the entire aviation
spectrum allowing customers to choose private flight solutions that
best serve their need. The company's long-term contracted nature of
fractional sales and lease combined with the asset-lite model
(approximately 77% of total revenue as of June 2019 LTM) provides
some protection in the downturn. The private aviation industry is
highly regulated and requires significant upfront investment to
build fleets or establish relationships across suppliers and
operators, creating high barriers for potential new entrants.

The negative outlook reflects Moody's expectation for weakening
operating performance and liquidity stemming from the COVID-19
pandemic.

Moody's expects One Sky to maintain adequate liquidity over the
next 12-15 months. Sources of liquidity consist of cash on the
balance sheet of $130-135 million at March 31, 2020, including the
company's pro-active significant draw under its $40 million
asset-based revolving credit facility due 2024, to insulate itself
against any bank liquidity concerns. The potential for negative
free cash flow over the next several quarters is heightened,
depending on the duration of the pandemic and a pace of recovery.

The company's bank loan agreements (ABL and term loan) include
financial maintenance covenants, including a maximum total net
leverage, minimum fixed charge covenant and minimum liquidity
covenant, which require quarterly compliance. Moody's expects that
projected EBITDA deterioration will increase the risk of the
potential covenant breach over the near term. The agreement also
provides for covenant cure rights. One Sky may exercise the option
to cure the breach with an incremental equity contribution for up
to 5 times prior to the maturity and up to two instances over four
consecutive quarters.

The ratings could be downgraded if the company's revenue and
earnings decline more severely than expected leading to
debt-to-EBITDA (Moody's adjusted) sustained at elevated levels,
free cash flow remains negative, or if there is a material
deterioration in liquidity.

The ratings could be upgraded if One Sky sustains positive organic
growth, decreases its debt-to-EBITDA (Moody's adjusted) sustainably
below 5.5x, free cash flow improves meaningfully and adequate
liquidity is maintained.

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

Headquartered in Cleveland, OH, OneSky is a full-service global
business aviation provider that serves corporate and high net worth
individuals primarily in North America, only recently beginning its
buildout in Europe. The company offers a range of services that
include fractional aircraft sales, fractional aircraft leasing,
prepaid jet cards, on-demand charter and aircraft management
services in the United States and Europe. The company owned and
managed fleet consisting of 166 aircraft as of December 31, 2019,
including small cabin, mid/super-mid and large cabin/ultra
long-range aircraft types. The company is majority owned by
management (through Directional Aviation), Eldridge Industries,
LLC, Resilience Capital Partners, as well as other co-investors.
The company reported annual revenue of approximately $1.6 billion
in 2019.


ONEWEB GLOBAL: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: OneWeb Global Limited
             West Works Building
             195 Wood Lane
             London, W12 7FQ

Business Description: Founded in 2012, OneWeb is a global
                      communications company developing a low-
                      Earth orbit satellite constellation system
                      and associated ground infrastructure,
                      including terrestrial gateways ("Satellite
                      Network Portals", or "SNPs") and end-
                      user terminals, capable of delivering
                      communication services for use by consumers,

                      businesses, governmental entities, and
                      institutions, including schools, hospitals,
                      and other end-users whether on the ground,
                      in the air, or at sea.  OneWeb's business
                      consists of the development of the OneWeb
                      System, which has included the development
                      of small-next generation satellites that
                      have been mass-produced through a joint
                      venture and the development of specialized
                      connections between the satellite system and

                      the internet and other communications
                      networks through the SNPs.  For more
                      information, visit https://www.oneweb.world.

Chapter 11 Petition Date: March 27, 2020

Court: United States Bankruptcy Court
       Southern District of New York

Nineteen affiliates that concurrently filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                        Case No.
     ------                                        --------
     OneWeb Global Limited (Lead Case)             20-22437
     1021823 BC Ltd.                               20-22441
     Network Access Associates Ltd                 20-22442
     OneWeb Chile SpA                              20-22443
     OneWeb Communications Ltd                     20-22438
     OneWeb GK                                     20-22449
     OneWeb Holdings LLC                           20-22434
     OneWeb Ltd                                    20-22450
     OneWeb Network Access Holdings Ltd            20-22448
     OneWeb Norway AS                              20-22446
     WorldVu Australia Pty Ltd                     20-22444
     WorldVu Development LLC                       20-22436
     WorldVu JV Holdings LLC                       20-22435
     WorldVu Mexico S. De R.L. de CV               20-22451
     WorldVu Satellites Ltd                        20-22439
     WorldVu South Africa (Pty) Ltd                20-22452
     WorldVu Unipessoal Lda                        20-22445
     OneWeb ApS                                    20-22447
     OneWeb Limited                                20-22440

Judge: Hon. Robert D. Drain

Debtors' Counsel:    Dennis F. Dunne, Esq.
                     Andrew M. Leblanc, Esq.
                     Tyson M. Lomazow, Esq.
                     Lauren C. Doyle, Esq.
                     MILBANK LLP
                     55 Hudson Yards
                     New York, NY 10001
                     Tel: (212) 530-5000
                     Fax: (212) 530-5219
                     E-mail: ddunne@milbank.com
                             aleblanc@milbank.com
                             tlomazow@milbank.com
                             ldoyle@milbank.com

Debtors'
Investment
Banker:              GUGGENHEIM SECURITIES, LLC
                     330 Madison Avenue
                     New York, NY 100017

Debtors'
Financial
Advisor:             FTI CONSULTING, INC.
                     8251 Greensboro Drive, Suite 400,
                     McLean, VA 22102

Debtors'
Claims,
Noticing &
Solicitation
Agent:               OMNI AGENT SOLUTIONS
                     5955 De Soto Avenue, Suite 100
                     Woodland Hills, CA 91367
                     Website: https://is.gd/UYbSwH

Estimated Assets
(on a consolidated basis): $1 billion to $10 billion

Estimated Liabilities
(on a consolidated basis): $1 billion to $10 billion

The petitions were signed by Thomas Whayne, chief financial
officer.

A copy of OneWeb Global's petition is available for free at
PacerMonitor.com at:

                      https://is.gd/1N5iRv

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Arianespace                        AP Trade        $238,137,447
Boulevard de l'Europe
Evry-Courcouronnes, 91006
France
Tel: +330160876000
Email: m.doubovick@arianespace.com

2. Qualcomm Technologies Inc.         AP Trade          $8,000,000
File No.748382
Los Angeles, CA 90074-8382
Attn: Mario Scipione
Tel: 858-651-0529
Email: mscipion@qti.qualcomm.com

3. Deloitte Touche Tohmatsu Ltd     Professional        $6,861,336
P.O. Box 844736
Dallas, TX 75284-4736
Attn: Leah Albeck
Tel: 212-436-5980
Email: lealbeck@deloitte.com

4. Hughes Network Systems,LLC         AP Trade          $5,352,750
P.O. Box 64136
Baltimore, MD 21264
Attn: Hope Swartz
Tel: 301-212-1011
Email: Hope.swartz@hughes.com

5. Deutsche Bank                      AP Trade          $5,200,734
1 Wall St
New York, NY 10005
Attn: Vaibhav Lohiya
Tel: SynOps: 201-593-6919
Email: vaibhav.lohiya@db.com

6. Wipro Ltd                          AP Trade          $2,470,647
2 Tower Center Blvd, Ste 2200
East Brunswick,NJ 08816
Attn: Venkata Thallapalli
Email: venkata.thallapalli@wipro.com

7. Willis Towers Watson PLC          Insurance          $1,899,895
New York, NY 10249-4557
Attn: Mark Quinn
Tel: 301-581-4264
Email: mark.quinn@WillisTowersWatson.com

8. Viasat                             AP Trade          $1,225,000
6155 El Camino Real
Los Angeles, CA 92009
Attn: Andy Anderson
Tel: 678-924-2753
Email: andy.anderson@viasat.com

9. Nokia Corp                         AP Trade            $988,051
25 Martin Linges vei Fornebu
Baerum, 1364
Norway
Attn: Earl Clark
Tel: +35871400400
Email: earl.clark@nokia.com

10. Redapt, Inc.                      AP Trade            $662,275
14051 NE 200th St
Woodinville, WA 98072
Attn: Bert Forderer
Tel: 425-605-7151
Email: bertf@redapt.com

11. Rockwell Collins Inc.             AP Trade            $596,775
400 Collins Rd
Cedar Rapids, IA 52498
Attn: Jennelle Silkert
Tel: 319-295-1000
Email: jennelle.silkert@collins.com

12. Mcdermott Will & Emery LLP      Professional          $546,786
340 Madison Ave
New York, NY 10173-1922
Tel: 212-547-5535
Email: eherrera@mwe.com

13. USSI Global                       AP Trade            $501,477
9145 Ellis Rd
Melbourne, FL 32904
Attn: Dave Christiano
Tel: 321-723-5395
Email: dave.christiano@ussiglobal.com

14. RUAG                              AP Trade            $328,152
Accounting, Stachegasse 16
1120 Vienna Austria
Attn: Andreas Derntl
Tel: +43-1-801-99-0
Email: Andreas.derntl@ruag.com

15. NTT Communications Corp           AP Trade            $195,502
2-3-1 Oteamchi Chiyoda-Ku
Tokyo, Japan
Attn: Hiromu Inoue
Email: hiromu.inoue@ntt.com

16. Capgemini America, Inc.           AP Trade            $175,514
012663 Collection Center Dr
Chicago, IL 60693
Attn: Arun Santhanam
Email: arun.santhanam@capgemini.com

17. Salesforcecom Inc.                AP Trade            $145,544
P.O. Box 203141
Dallas, TX 75320-3141
Tel: 415-901-8457
Email: billing@salesforce.com

18. Shearman & Sterling LLP         Professional          $129,444
401 9th St NW, Ste 800
Washington, DC 20004
Attn: Jay Singer
Tel: 212-848-4000
Email: jay.singer@shearman.com

19. Finding X                       Professional          $125,652
4-6 High St Dukes House, Ste 6
Windsor Berkshire, SL4 1LD
United Kingdom
Attn: Chris Finch
Tel: +44(0)7901526119
Email: chris.finch@findingx.com

20. Kongsberg Satellite Services      AP Trade            $117,000
38 Prestvannveien
Tromso, N-9291 Norway
Attn: Anders Saetermo
Tel: +77600250
Email: anders.saetermo@ksat.no

21. Mosaic Island                   Professional          $106,124
25 Moorgate
London, EC2R 6AY
United Kingdom
Attn: Tony Walsh
Email: tony.walsh@mosaicisland.co.uk

22. Mission Microwave Technologies    AP Trade            $102,501
9924 Norwalk Blvd
Santa Fe Springs, CA 90670
Attn: ChristieCamacho
Tel: 951-893-4925
Email: christie.camacho@missionmicrowave.com

23. Collabera Inc.                  Professional           $84,179
Attn: Accounts Receivable
P.O. Box 19
Liberty Corner, NJ 07938-9800
Attn: Nikul Parekh
Tel: 973-889-5200
Email: nikul.parekh@collabera.com

24. Additional Contract Services    Professional           $64,969
Lockbox Dept CH14395
Palatine, IL 60055-439
Attn: Joshua Urgent
Tel: 781-685-3827
Email: joshua.urgent@entegee.com

25. Quanta Consulting LLC           Professional           $62,500
P.O. Box 86
Hanover, NH 03755
Attn: Ryan Gardner
Tel: 802-735-7546
Email: Ryan@1010Holdings.com

26. DHG Dixon Hughes Goodman        Professional           $56,700
P.O. Box 602828
Charlotte, NC 28260-2828
Attn: Catherine DuBois
Tel: 703-970-0400
Email: Catherine.DuBois@dhg.com

27. Euroconsult                       AP Trade             $52,269
86 Blvd de Sebastopol
F-75003 Paris France
Attn: Pacome Revillon
Tel: +33(0)1 49 23 75 09
Email: revillon@euroconsult-ec.com

28. Hawaii Pacific Teleport, LP       AP Trade             $50,000
P.O. Box 429
Makawao, HI 96768
Attn: Leeana Smith-Ryland
Tel: 808-674-9157
Email: lsmith-ryland@hawaiiteleport.com

29. Future Aerospace Hainan Ltd     Professional           $48,000
33 33 Hairun Rd, 1st Fl
Sanya Tianya Hainan, B-A03 China
Attn: Rita Zhang
Tel: (010)82949816
Email: rita.zhang@futureaerospace.com

30. Emerging Markets                Professional           $40,000
Communications, LLC
1025 Connecticut Ave NW, Ste 1000
Washington, DC 20036
Attn: Mark Anastasio
Tel: 202-331-7751
Email: mdanastasio@emcommunicate.com


PATTERN ENERGY: S&P Assigns 'BB-' ICR on Take-Private Transaction
-----------------------------------------------------------------
S&P Global Ratings assigned Pattern Energy Operations LP (Pattern
Operations) a 'BB-' long-term issuer credit rating. The outlook is
stable. S&P withdrew the issuer credit rating on Pattern Energy
Group Inc (PEGI).

S&P is affirming its 'BB-' rating on the company's senior unsecured
notes issued by PEGI. The '4' recovery rating remains unchanged,
indicating its expectation of average (30%-50%; rounded estimate:
30%) recovery in the event of a default.

Canada Pension Plan Investment Board (CPPIB) has acquired the
outstanding common shares of PEGI and its affiliates for $26.75 per
share in cash. Upon the close of the transaction, CPPIB will be the
majority shareholder of Pattern Energy Group LP (HoldCo) with
private equity funds sponsored by Riverstone Holdings LLC and
company management holding minority interests. As part of the new
organizational structure, HoldCo will also be the parent of Pattern
Energy Holdings Group 2 LP (DevCo) and Green Power Investments
Corp. (GPI). DevCo will be engaged primarily in the development and
construction of renewable energy assets while GPI will take over
PEGI's operational assets in the company's Japanese renewable
portfolio. The two developmental affiliates, DevCo and GPI, are
separate legal entities and will finance their activities using
nonrecourse project debt--analogous to when the firm was a
publically listed company. Both DevCo and GPI are now under a
common ownership structure along with Pattern Operations and
Pattern Services, which will house the costs associated with the
firm's employees. Company management intends not to incur any
incremental financial obligations at HoldCo and any recourse debt
at either of the developmental entities.

The stable outlook reflects S&P's anticipation that following the
take-private transaction, consolidated weighted average FFO to debt
will be 13%-16% and leverage will be 4.5x-5.5x in 2021 and beyond.
S&P also expects Pattern will grow its renewable power generation
platform under long-term power purchase agreement contracts with
investment-grade counterparties, and consequently generate fairly
predictable cash flows that should support its debt obligations.
S&P expects the company to continue to grow by utilizing both debt
and equity financing combined with judicious draws on its corporate
revolver.

"We could consider a negative rating action if consolidated FFO to
debt falls consistently below 13% in our forecast period. This
could result from a deterioration in operating performance and
asset reliability, substantial increases in operating expenses,
soft wind production, or increased leverage at the operating
company, resulting in reduced distributions at the operating
company level," S&P said.

"We would consider higher ratings on Pattern if consolidated FFO to
debt stays above 20%. This could result from increased cash flows
from renewable energy projects, new acquisitions, or additional
deleveraging activity," the rating agency said.


PCI GAMING: Moody's Alters Outlook on Ba3 CFR to Negative
---------------------------------------------------------
Moody's Investors Service revised PCI Gaming Authority's outlook to
negative from stable. The company's Ba3 Corporate Family Rating was
affirmed.

The negative outlook reflects that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at PCI's casinos will recover. As a result, the
company's liquidity and leverage could deteriorate over the next
few months. Wind Creek Bethlehem along with PCI's Alabama casinos
remain closed with a tentative reopening at March 30.

The affirmation of PCI's Ba3 CFR acknowledges the company's
substantial cash resources. Prior to the coronavirus crisis, PCI
had a cash balance of about $420 million of unrestricted cash, very
low leverage and strong coverage. Pro forma for PCI's acquisition
of Wind Creek Bethlehem formerly Sands Bethlehem, debt/EBITDA less
priority distributions to the Tribe was about 2.6x and EBITDA less
priority distributions/ interest coverage around 8x. The cash
sources and low leverage within Moody's expectations for the rating
provide modest cushion to absorb a drop in EBITDA related to the
coronavirus.

Affirmations:

Issuer: PCI Gaming Authority

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD4)

Outlook Actions:

Issuer: PCI Gaming Authority

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

PCI's Ba3 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen.

Positive credit consideration includes PCI's good liquidity. In
addition to its considerable cash resources, PCI has a $100 million
revolving credit facility due 2024 that is currently undrawn, and
no material scheduled debt maturities until the $1.3 billion term
loan matures in 2026. The revolver, which Moody's expect will
remain undrawn, is governed by a springing total net leverage
covenant that will be tested if borrowings exceed 30% of the
commitment amount. Other favorable credit factors include PCI's
solid market position in the Alabama gaming market with three
properties located within driving distance of the densely populated
Atlanta, Birmingham, and Mobile metro areas and limited
competition.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, PCI's continued exposure to travel disruptions
and discretionary consumer spending, have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions makes it vulnerable to the outbreak continuing to
spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on PCI of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Ratings could be downgraded if Moody's anticipates that PCI's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. A ratings upgrade is
unlikely given the weak operating environment and continuing
uncertainty related to the coronavirus. An upgrade would require a
high degree of confidence on Moody's part that the gaming sector
has returned to a period long-term stability, and that PCI
demonstrate the ability to generate positive free cash flow,
maintain good liquidity, and operate at a debt/EBITDA level at 4.0x
or lower.

PCI Gaming Authority d/b/a Wind Creek Hospitality is an
unincorporated instrumentality conducting gaming activities for the
Poarch Band of Creek Indians. Poarch Creek is the only federally
recognized Tribe in the state of Alabama and Wind Creek owns and
operates the only authorized gaming facilities in Alabama. The
company owns three locations in Montgomery, Wetumpka and Atmore all
located on Tribal Lands. These three facilities, along with Wind
Creek Bethlehem, comprise 99% of the restricted credit group's
revenue. Annual revenue of the Restricted Group is approximately
$1.3 billion.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


PENINSULA PACIFIC: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service downgraded Peninsula Pacific
Entertainment LLC's Corporate Family Rating to Caa1 from B3. The
rating outlook is negative.

The downgrade to a Caa1 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos and other
non-essential recreation and entertainment businesses on a
temporary basis. On March 23, The State of Virginia ordered the
closing of all non-essential entertainment businesses and venues,
including racetracks and historic horse racing facilities. P2E
derives all its revenues and earnings from Colonial Downs which is
located in New Kent, VA.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at gaming and
betting venues, including Colonial Downs, once the crisis
subsides.

Downgrades:

Issuer: Peninsula Pacific Entertainment LLC

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

  Corporate Family Rating, Downgraded to Caa1 from B3

  Senior Secured Supplemental Priority Bank Credit Facility,
  Downgraded to B1 (LGD1) from Ba3 (LGD1)

  Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD4)
from B3 (LGD4)

Outlook Actions:

Issuer: Peninsula Pacific Entertainment LLC

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

P2E's Caa1 CFR reflects the meaningful earnings decline over the
next few months expected from efforts to contain the coronavirus
and the potential for a slow recovery once properties reopen.
Positive credit consideration is given to the fact that P2E's
Colonial Downs racetrack is the only racetrack qualified for HHR
(Historic Horse Racing) terminals and P2E holds the only HHR
license in the State of Virginia and has exclusivity through 2028.
HHR terminals are an electronic slot machine-like game that is a
form of pari-mutuel legal horse racing wagering.

Key credit concerns include the inherent risks related to the
ramp-up of a relatively new development project, along with the
relatively small, single-site nature of the facilities. HHR
terminals also do not have a lengthy or broad history of service
throughout the US. In April 2018, Virginia Governor Northam signed
a new law allowing for the installation of HHR terminals at
Colonial Downs Racetrack and 10 Satellite Wagering Facilities under
the Colonial Downs license.

P2E has adequate liquidity. The company had about $25 million of
cash at the end of December 2019 and full availability under a $20
million revolver due 2023. The company's term loan is not due until
2024 and there are no financial maintenance covenants.

The negative outlook reflects that P2E remains vulnerable to travel
disruptions and unfavorable sudden shifts in discretionary consumer
spending and the uncertainty regarding the timing of facility
re-openings and the pace at which consumer spending at the
company's properties will recover. With revenue ceasing, EBITDA and
free cash flow will be negative for a period of time and this could
lead to meaningful operating strains and a deterioration in
liquidity.

Ratings could be downgraded if Moody's anticipates that P2E's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. The ratings could
also be lowered if it appears the company will need to obtain
additional debt capital to manage through the crisis. A ratings
upgrade is unlikely given the weak operating environment. However,
the ratings could be upgraded if the facilities reopen and earnings
recover such that positive free cash flow and reinvestment
flexibility is restored and debt-to-EBITDA is sustained below
5.5x.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, P2E's continued exposure to travel disruptions
and discretionary consumer spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions makes it vulnerable to the outbreak continuing to
spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on P2E's breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

P2E is owned by PGP Investors, LLC, founded to develop, own and
operate regional gaming opportunities. On April 25, 2018, P2E
closed on the acquisition of Colonial Downs Racetrack in Virginia
from Jacobs Entertainment for $26.2 million. A portion of the
proceeds from the financing was used to purchase from Revolutionary
Racing the reamining 51.5% of equity interests not owned by P2E.
The remainder of the proceeds were used to fund the redevelopment
and installation of HHR terminals at Colonial Downs.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


PENNRIVER COMMUNITY:Gets $600K Gift, Withdraws DIP and Cash Motions
-------------------------------------------------------------------
Pennriver Community, LLC, withdrew the motion seeking to use cash
collateral, and the motion to obtain secured financing, (which
motions the Debtor filed with the Bankruptcy Court for the Eastern
District of Michigan), having received a commitment for an
unconditional gift in an amount up to $600,000 from an affiliated
entity.  

The Debtor intends to use the gift proceeds to pay its operating
expenses and other essential items.

                   About Pennriver Community

Pennriver Community, LLC, is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  Pennriver Community sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Mich. Case No. 20-41082) on Jan. 26, 2020.  At the time of the
filing, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Judge Mark A. Randon
oversees the case.  Zousmer Law Group, PLC is the Debtor's legal
counsel.



PETROCHOICE HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded PetroChoice Holdings,
Inc.'s Corporate Family Rating to Caa1 from B3, senior secured
first lien term loan and revolver to B3 from B2, and its senior
secured second lien term loan to Caa3 from Caa2. Moody's also
downgraded its probability of default rating to Caa1-PD from B3-PD.
The rating outlook is stable.

Rating Action:

PetroChoice Holdings, Inc.

  Corporate Family Ratings, downgraded to Caa1 from B3

  Probability of Default Rating, downgraded to Caa1-PD from B3-PD

  Senior Secured First Lien Revolving Credit Facility, downgraded
  to B3 (LGD3) from B2 (LGD3)

  Senior Secured First Lien Term Loan, downgraded to B3 (LGD3)
  from B2 (LGD3)

  Senior Secured Second Lien Term Loan, downgraded to Caa3 (LGD5)
  from Caa2 (LGD5)

  Rating Outlook, Remains Stable

RATINGS RATIONALE

"The rating downgrade reflects PetroChoice's already high debt
leverage, limited free cash flow generation and susceptibility to
lower lubricant demand as a result of the coronavirus outbreak in
the US," says Jiming Zou, a Moody's Vice President and Lead Analyst
for PetroChoice.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Despite recurring
demand and pricing stability relative to crude, the lubricant
sector will be negatively affected by reduced miles driven and
curtailed industrial activities as a growing number of states in
the US have ordered residents to stay home and non-essential
business to close. More specifically, PetroChoice's high debt
leverage and limited free cash flow have left it vulnerable to
shifts in lubricant demand in these unprecedented operating
conditions. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The action reflects the impact on
PetroChoice of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

Weak lubricant demand from the transportation and other industrial
sectors will erode PetroChoice's financial profile. Its debt
leverage has remained high in the low 7 times range since the 2015
acquisition by private equity firm Golden Gate Capital. Interest
coverage ratio was 1.4x for the last twelve months ending September
2019. Aggregate free cash flow generation from 2015 through Sep
2019 was about $6 million, a miniscule amount compared to
PetroChoice's reported total debt of $444 million at the end of Sep
2019.

Moody's expects PetroChoice to carefully manage its liquidity.
Internal cash sources should be sufficient for daily operations,
given increased cash balance after recent revolver drawdown, the
potential of working capital release, cost saving and reduction in
capital expenditure. However, external cash sources will become
limited, as $20 million of its total $60 million revolving credit
facility will become due on August 21, 2020, leaving the remaining
$40 million revolver available through August 2022. The revolver
has a financial covenant, first lien leverage ratio covenant not
exceeding 6.5x, which will be tested, if the outstanding amount
exceeds 30% of the revolving commitment. Moody's estimates that the
company has about $20 million EBITDA cushion before reaching the
critical covenant threshold, based on its $66 million reported
EBITDA for the LTM September 2019 and EBITDA contribution from CDI
acquisition completed in January 2020.

PetroChoice's Caa1 CFR also reflects its small revenues scale, a
narrow product and business scope, and geographic concentration
focused in the eastern half of the US -- albeit expanding through
acquisitions into Western and Midwestern US. Business challenges
include the integration of a number of acquired companies in recent
years and realization of expected synergies which are necessary to
grow earnings and reduce debt. Supporting its Caa1 CFR are
predictable sales from diverse end-markets including auto service
markets, general industrial, mining, construction, and commercial
transportation services. The company has reliable distribution
margins and positive retained cash flow, since lubricant pricing
has historically been less volatile than crude oil prices and the
company has demonstrated the ability to pass through lubricant and
base oil price increases. As one of the largest lubricant
suppliers, PetroChoice enjoys a favorable relationship with its
largest supplier, ExxonMobil, and benefits from customer density in
its territories.

The company's rating has also considered environmental, social and
government factors. Moody's views governance risk for PetroChoice
as above average as it is a private company owned by a private
equity firm. The company has consistently maintained debt leverage
above its target range. In addition, the company's distribution of
lubricants is susceptible to the increasing number of hybrid and
electric vehicles that will reduce the demand for lubricants per
vehicle over time.

The stable outlook reflects its expectation that PetroChoice will
accelerate business synergies and raise operational efficiency and
carefully manage its liquidity given market weakness.

Rating upgrade requires the company to achieve and sustain leverage
below 7.0x, improve margins and cash generation, and establish a
track record of successfully integrating acquisitions without a
meaningful increase in leverage. Moody's could downgrade the
rating, if free cash flow turns negative and leverage continues to
increase or if its liquidity profile deteriorates.

PetroChoice Holdings, Inc. is one of the largest distributors of
lubricants and lubricant solutions in the United States. On July 7,
2015, Golden Gate Private Equity, Inc., signed an agreement to
acquire the company from prior equity sponsor Greenbriar Equity
Group. PetroChoice has executed nine acquisitions since Golden Gate
became the equity sponsor.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


PRECIPIO INC: Lincoln Park Commits to Purchasing $10M Common Shares
-------------------------------------------------------------------
Precipio Inc. entered into a purchase agreement and a registration
rights agreement with Lincoln Park Capital Fund, LLC on March 26,
2020, pursuant to which Lincoln Park has agreed to purchase from
the Company, from time to time, up to $10,000,000 of shares its
common stock, subject to certain limitations, during the 24 month
term of the Purchase Agreement.  Pursuant to the terms of the
Registration Rights Agreement, the Company will file with the SEC a
registration statement on Form S-1 in order to register for resale
under the Securities Act the shares that have been or may be sold
and issued to Lincoln Park under the Purchase Agreement.

The Company does not have the right to commence any sales to
Lincoln Park under the Purchase Agreement until certain conditions
set forth in the Purchase Agreement, all of which are outside of
Lincoln Park's control, have been satisfied, including the
Registration Statement being declared effective by the SEC.
Thereafter, under the Purchase Agreement, on any business day
selected by the Company, it may direct Lincoln Park to purchase up
to 50,000 Shares on any such business day, which the Company refers
to as a Regular Purchase in the Purchase Agreement, provided,
however, that (i) the Regular Purchase may be increased to up to
80,000 Shares, provided that the closing sale price is not below
$1.00 on the purchase date and (ii) the Regular Purchase may be
increased to up to 100,000 Shares, provided that the closing sale
price of the Company's commons stock is not below $1.50 on the
purchase date (each of the share numbers and prices above subject
to adjustment for any reorganization, recapitalization, non-cash
dividend, stock split, reverse stock split or other similar
transaction as provided in the Purchase Agreement).  In each case,
the maximum amount of any single Regular Purchase may not exceed
$1,000,000 per purchase.  The purchase price per share for each
such Regular Purchase will be based on prevailing market prices of
the Company's common stock immediately preceding the time of sale
as computed under the Purchase Agreement.  In addition to Regular
Purchases, the Company may also direct Lincoln Park to purchase
other amounts as accelerated purchases or as additional accelerated
purchases.

Lincoln Park has no right to require the Company to sell any Shares
to Lincoln Park, but Lincoln Park is obligated to make purchases as
the Company directs, subject to certain conditions. There are no
upper limits on the price per share that Lincoln Park must pay for
shares of the Company's common stock that it sells to Lincoln Park
pursuant to the Purchase Agreement.  In all instances, the Company
may not sell shares of its common stock to Lincoln Park under the
Purchase Agreement if it would result in Lincoln Park beneficially
owning more than 4.99% of its common stock.

Under applicable rules of The Nasdaq Capital Market, in no event
may the Company issue or sell to Lincoln Park under the Purchase
Agreement more than 19.99% of the shares of the Company's common
stock outstanding immediately prior to the execution of the
Purchase Agreement (which is 1,774,024 shares, based on 8,870,129
shares outstanding immediately prior to the execution of the
Purchase Agreement), unless (i) the Company obtains stockholder
approval to issue shares of common stock in excess of the Exchange
Cap or (ii) the average price of all applicable sales of our common
stock to Lincoln Park under the Purchase Agreement equals or
exceeds $0.7306 per share (which represents the closing price of
the Company's common stock on The Nasdaq Capital Market on the
trading day immediately preceding date of the Purchase Agreement,
plus an incremental amount to account for the Company's issuance of
Commitment Shares to Lincoln Park), such that issuances and sales
of the common stock to Lincoln Park under the Purchase Agreement
would be exempt from the Exchange Cap limitation under applicable
Nasdaq rules.  In any event, the Purchase Agreement specifically
provides that the Company may not issue or sell any shares of its
common stock under the Purchase Agreement if such issuance or sale
would breach any applicable Nasdaq rules.

There are no restrictions on future financings, rights of first
refusal, participation rights, penalties or liquidated damages in
the Purchase Agreement or Registration Rights Agreement, other than
our agreement not to enter into any "variable rate" transactions
(as defined in the Purchase Agreement) with any third party,
subject to certain exceptions set forth in the Purchase Agreement,
for the period set forth in the Purchase Agreement.  Lincoln Park
has covenanted not to cause or engage in any direct or indirect
short selling or hedging of the Company's shares.

The net proceeds under the Purchase Agreement to the Company will
depend on the frequency and prices at which the Company sells the
Shares to Lincoln Park.  The Company expects that any proceeds
received by the Company from such sales to Lincoln Park will be
used for working capital and general corporate purposes.  As
consideration for entering into the Purchase Agreement, the Company
will issue 250,000 shares of common stock to Lincoln Park as a
commitment fee.

The Purchase Agreement and the Registration Rights Agreement
contain customary representations, warranties, conditions and
indemnification obligations of the parties.  During any "event of
default" under the Purchase Agreement, all of which are outside of
Lincoln Park's control, Lincoln Park does not have the right to
terminate the Purchase Agreement; however, the Company may not
initiate any regular or other purchase of shares by Lincoln Park,
until such event of default is cured.  The Company has the right to
terminate the Purchase Agreement at any time, at no cost or
penalty.  In addition, in the event of bankruptcy proceedings by or
against the Company, the Purchase Agreement will automatically
terminate.  The representations, warranties and covenants contained
in such agreements were made only for purposes of such agreements
and as of specific dates, were solely for the benefit of the
parties to such agreements, and may be subject to limitations
agreed upon by the contracting parties.

                        About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com/-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.

Precipio reported a net loss of $13.24 million on $3.13 million of
net sales for the year ended Dec. 31, 2019, compared to a net loss
of $15.69 million on $2.86 million of net sales for the year ended
Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $19.51 million
in total assets, $6.31 million in total liabilities, and $13.20
million in total stockholders' equity.

Marcum LLP, in Hartford, CT, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
27, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


PUG LLC: Moody's Alters Outlook on B2 CFR to Negative
-----------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family Rating
of PUG LLC and changed the outlook to negative from stable. The
negative outlook reflects Moody's expectation that Viagogo will
report significantly depressed operating results for the first half
of 2020 combined with the uncertainties regarding the depth and
duration of the severe disruptions across the live events and
secondary ticketing sectors due to the coronavirus (COVID-19)
outbreak.

Issuer: PUG LLC (Viagogo)

  Corporate Family Rating, Affirmed B2

  Probability of Default Rating, Affirmed B2-PD

  Senior Secured 1st lien Bank Credit Facility (USD),
  Affirmed B2 (LGD4)

  Senior Secured 1st lien Bank Credit Facility (Euro),
  Affirmed B2 (LGD4)

Outlook Actions:

Issuer: PUG LLC (Viagogo)

  Outlook, changed to Negative from Stable

RATINGS RATIONALE

Viagogo's credit profile is significantly pressured by
cancellations and postponement of live events globally (e.g.
sports, concerts, and theater) and Moody's expectation that
secondary ticket sales revenue will be well below 2019 levels over
the next few months. There are further downside risks in the event
demand for live events remains depressed beyond the first half of
2020 in a scenario in which COVID-19 is not contained. The rapid
and widening spread of the coronavirus outbreak, deteriorating
global economic outlook, falling oil prices, and asset price
declines are creating a severe and extensive credit shock across
many sectors, regions and markets. The combined credit effects of
these developments are unprecedented. Live events and secondary
ticket sales sectors are two of the most significantly affected by
the shock given mandates restricting crowd gatherings and
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in Viagogo's credit profile, including its exposure
to global economies for 24% of revenues, have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Viagogo remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Viagogo from the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

Viagogo's B2 CFR is supported by the company's cash balances (over
$400 million, net of amounts due to ticket sellers) plus up to 35%
of availability under the company's $125 million of revolver (usage
exceeding 35% subjects the company to a 5.70x first lien leverage
test). This liquidity should be adequate to absorb the expected
reduction in free cash flow over the next few months as the company
works through current challenges including integration of the
StubHub acquisition. Moody's revised base case reflects significant
revenue and cash flow declines in the first half of 2020 followed
by a gradual recovery in demand for live events and secondary
tickets accompanied by revenues approaching, but remaining below,
2019 levels during 2021. Over 60% of Viagogo's operating costs,
including sales and marketing, is variable and tied to revenue and
transaction volume. As demand for secondary tickets declines, the
company will incur reduced performance marketing spend (customer
acquisition costs, lower bid pricing). Given depressed ticket
demand, management has the option to reduce spending on offline
marketing expense, including brand promotion, as well as defer
product development costs to support margins and preserve cash.

Notwithstanding the impact of COVID-19, Viagogo's credit profile
benefits from its large scale with leading market positions in most
major global regions including North America. Financial metrics are
supported by historically attractive adjusted EBITDA margins,
typically positive working capital cash flows, and minimal capex
leading to good conversion of EBITDA to free cash flow. Moody's
believes these benefits support the company's ability to return to
historical margins and free cash flow generation when live events
and secondary tickets sales rebound. Given the significant recent
equity investment in the company by its investors, there is the
potential for sponsor support in the event the outbreak is
prolonged and further liquidity is needed.

The ticketing industry faces regulatory scrutiny and the potential
for legislation that could adversely impact Viagogo's business
model. Social risks include concerns regarding ticket prices in the
secondary market both in the U.S. and abroad. There is also the
potential for changes in consumer practices or regulations that
could reduce profitability or require greater disclosures for the
sector evidenced by prior regulatory actions taken against
secondary ticket providers, including StubHub, Ticketron, and
Viagogo. Concentrated voting control, lack of public financial
disclosure, and the absence of board independence are also
incorporated in Viagogo's B2 CFR. Moody's treats the preferred
shares as equity; however, initial investors in the preferred
shares have the right to request that Viagogo conduct a sale
process if an IPO or public listing of common stock has not
occurred within 8 years of closing.

Viagogo's liquidity is adequate supported by more than $400 million
of cash balances (net of amounts due to ticket sellers), working
capital inflows from upfront cash receipts in advance of
reimbursements to ticket sellers, minimal capital expenditures, and
35% availability under the $125 million revolving credit facility
due 2025. Given the springing covenant in the revolver, Moody's
assumes the remaining portion of the revolver may be unavailable
over the next few quarters. Moody's believes liquidity is adequate
for Viagogo to cover elevated restructuring costs required to
achieve most targeted acquisition synergies.

The negative outlook is driven by significant uncertainty regarding
the depth and duration of the current decline in global demand for
live events and secondary tickets. This lack of visibility is
exacerbated by government mandated restrictions on group
gatherings. Moody's recognizes Viagogo's adequate liquidity to
manage cash outflows and ability to reduce expenses including
performance marketing, branding, and product development. The
outlook does not include redemption of preferred shares or other
distributions in advance of adjusted leverage improving to the mid
4x range, or changes to regulations or consumer practices in major
regions that could have a negative impact on secondary ticket
sales. To the extent revenue growth tracks below Moody's revised
base case projections, there is a delay in achieving Moody's
expectation for cost synergies, or a gradual recovery in demand by
the third quarter is not considered likely, there could be
additional downward pressure on ratings.

Given the pressure on the business, an upgrade is unlikely over the
near term. Over the next few years, ratings could be upgraded if
Viagogo largely completes the integration of StubHub, executes its
operating strategy including realizing cost synergies, and produces
consistent top line growth such that adjusted debt to EBITDA
approaches 4 times without addbacks. Viagogo would also need to
maintain very good liquidity (net of cash due to ticket sellers)
and improve adjusted EBITDA margins to 30% while adhering to
disciplined financial policies. Ratings could be downgraded if the
impact of COVID-19 is not contained leading Moody's to expect a
gradual recovery in demand will occur after the third quarter or
that 2021 revenues will not match 2019 levels, if the liquidity
cushion significantly erodes, or if there are significant delays in
achieving expected cost synergies. There would also be downward
rating pressure if adjusted EBITDA margins deteriorate, or if
regulatory actions or developments in the competitive landscape
adversely affect Viagogo's profitability or market share.

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

Viagogo provides an online marketplace for secondary tickets along
with payment support, logistics, and customer service.
Post-acquisition of StubHub, the combined company will be a leading
ticket marketplace globally. Viagogo is majority owned by Madrone
Capital Partners, Bessemer Venture Partners, and Eric Baker, CEO
and founder, with Mr. Baker holding majority voting control.


RESOLUTE FOREST: Egan-Jones Lowers. Sr. Unsec. Debt Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Resolute Forest Products, Incorporated to BB- from
BB.

Resolute Forest Products, Incorporated formerly known as
AbitibiBowater Inc., is a pulp, paper, tissue, and wood products
manufacturer headquartered in Montreal, Quebec, Canada, formed by
the merger of Bowater and Abitibi-Consolidated, which was announced
January 29, 2007.



ROOSEVELT UNIVERSITY: Fitch Assigns B IDR & Alters Outlook to Neg
-----------------------------------------------------------------
Fitch Ratings has downgraded the rating on approximately $35.4
million outstanding Illinois Finance Authority revenue bonds series
2007, issued on behalf of Roosevelt University (Roosevelt or RU),
to 'B' from 'BB-'. At the same time, Fitch assigns an Issuer
Default Rating of 'B' to Roosevelt.

The Rating Outlook is revised to Negative from Stable.

SECURITY

The $35.4 million series 2007 bonds are an unsecured general
obligation of RU. There is a cash funded debt service reserve fund
(DSRF) equal to maximum annual debt service (MADS).

Fitch does not rate RU's outstanding 2018 and 2019 bonds, about
$195 million combined, which have a stronger security pledge than
the unsecured 2007 bonds, including mortgage liens on all
university-owned property and various liquidity covenants.

ANALYTICAL CONCLUSION

The downgrade to 'B' from 'BB-' on RU's series 2007 bonds is due to
continued negative operating performance in fiscal 2019 and similar
results expected in fiscal 2020. Additional concerns include
significant debt leverage, an ongoing structural deficit, and
concern about RU's ability to grow net tuition revenue and achieve
sufficient cash flow margins to meet both current debt coverage and
MADS coverage. Fitch views RU has having no new debt capacity, and
notes that in March 2020 it issued $12 million of new debt. These
uncertainties are exacerbated by a highly competitive market for
students in Illinois and expected declines in the numbers of high
school students, and RU's high student revenue dependence (about
83%). RU's leverage ratio (available funds to debt) is weak and
vulnerable through a stress cycle. However, available funds of $101
million at fiscal year end (FYE) 2019 provide a limited cushion for
RU to implement financial and enrollment initiatives.

The revision of the Outlook to Negative from Stable reflects
uncertainty related to RU's March 2020 asset purchase transaction
of portions of Robert Morris University Illinois (RM). No
information on the purchase and no financial or budgetary
projections were made available to Fitch. The university's Aug. 31,
2020 financial statements are expected to reflect the asset
purchase.

The recent outbreak of coronavirus and related containment measures
creates an uncertain environment for the U.S. public finance higher
education sector in the near term. Significant changes in revenue
and operating performance are likely in the near term, and could
persist as economic activity contracts and containment restrictions
persist or expand. Fitch will monitor developments as a result of
the virus outbreak, and incorporate revised qualitative and
quantitative parameters as Fitch assesses key risks as part of its
forward-looking analysis. In response to the coronavirus pandemic,
RU has moved to online learning for the spring 2020 semester, and
reduced occupancy in its housing while keeping housing, dining and
library facilities open for students without other options. Fitch
will continue to monitor the impacts of these actions.

KEY RATING DRIVERS

Revenue Defensibility:: 'bb'

Enrollment Pressure in Competitive Market

The 'bb' Revenue Defensibility assessment is based on continued
declines in enrollment through fall 2019 for RU, significant
competition for students in Illinois, a highly student fee driven
revenue profile, and significant price sensitivity. The financial
implications of RU's recent asset purchase transaction of portions
of Robert Morris University Illinois, including both the addition
of about 1,300 RM students and new operating expenses, are unknown;
the acquisition adds credit risk.

Operating Risk:: 'bb'

Slim Cash flow Margins and Structurally Unbalanced Budget

RU's Operating Risk assessment would normally be supported by a
'bbb' attribute for a fiscal 2019 cash flow margin of 9.2% and
generally manageable capital needs. However, RU's ongoing
structural budget imbalance is an asymmetric rating factor that
pushes the assessment to 'bb'. In fiscal 2019, RU's cash flow
margin was not sufficient to meet either current or MADS coverage
due to high debt leverage, requiring the use of reserves.

Financial Profile:: 'bb'

High Debt Leverage

The 'bb' Financial Profile assessment reflects high debt leverage,
and vulnerability through a stress cycle from a combination of
potential enrollment declines, failure to grow operating margins
and market pressures on endowment and balance sheet ratios.
Additionally, RU's fiscal 2018 and 2019 operating margins were
insufficient to meet either current or MADS coverage due to high
debt leverage, which is considered an asymmetric rating factor
further limiting this assessment.

Asymmetric Additional Risk Considerations

Fitch incorporated two Asymmetric Risk Considerations in RU's
rating. A negative Asymmetric Additional Risk Consideration was
applied to the Operating Risk assessment due to continuing
structural budget imbalance, and to the Financial Profile
assessment due to weak liquidity evidenced by a history of
insufficient debt service coverage.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to a
Negative Rating Action:
  
  -- Failure of RU to show progress towards improving cash flow
margins and achieving debt service coverage may lead to a further
downgrade.

  -- Fitch views RU as having no new debt capacity at the current
rating. Any new debt issuance, absent significant improvement in
cash flow margins and demonstrated achievement of MADS coverage
from recurring revenues, may lead to a downgrade.

Developments that May, Individually or Collectively, Lead to a
Positive Rating Action:

  -- Over time, improved and sustained cash flow margins closer to
20% and consistent MADS coverage exceeding 1.1x could support
upward rating movement. Fitch would also expect RU's leverage
ratios to remain stable or improve.

CREDIT PROFILE

Founded in 1945, Roosevelt's main campus is located in Chicago's
"loop" business district, and includes the historic auditorium
building, a 32-floor Wabash "vertical campus" building, and the
Goodman Center. The university also owns and operates a 27-acre
suburban campus in Schaumburg, IL, a northwest Chicago suburb. In
2017, Roosevelt received a $25 million bequest dedicated strictly
for scholarships; income from that gift began benefiting students
in fall 2018. In fiscal 2019, RU sold its ownership in the Gage
building, and in fiscal 2017 RU sold its ownership interest in
University Center housing. Roosevelt students primarily come from
the Chicago metro area and are a mix of traditional undergraduates
and graduate students. Many students commute to the Chicago or
Schaumburg campuses.

In fall 2019, Roosevelt enrolled 3,427 FTE students, a 4.8% decline
from fall 2018, and down 28% in the six years since fall 2014.
Management reports that fall 2016 was particularly difficult due to
significant delays with State of Illinois MAP grants for low-income
students. In fall 2019, about 62% of FTE enrollment was
undergraduate students and 38% was graduate students, including the
PharmD program. RU's 10-year accreditation was reaffirmed in March
2016.

Robert Morris University Illinois (RM)

Upon the March 9, 2020 approval of RU and RM's joint application to
the Higher Learning Commission, the two universities formally
integrated. Both institutions' academic programs retained full
accreditation. About 1,300 RM students moved to Roosevelt. Many RM
students were located at their leased Chicago site, which was next
to Roosevelt's Chicago facilities; additionally, some RM students
and staff were renting academic and housing space from Roosevelt
prior to the transaction. Management says programs with some
duplication (such as business and core curriculum subjects) will be
merged into Roosevelt's existing academic divisions; programs
unique to RM will continue. Fitch understands that Roosevelt did
not acquire any RM debt or property, but did accept some, but not
all, leased academic sites in Illinois. A purchase price was paid
to RM, which amount is confidential.

Roosevelt offered RM staff and faculty the opportunity to move to
Roosevelt, and reports that most did transition to RU. Roosevelt's
president remains in his position, and RM's president is now the
chief operating officer at the Schaumburg campus. Financial
projections for the combined institution were not provided to
Fitch.

REVENUE DEFENSIBILITY

The 'bb' Revenue Defensibility assessment is based on continued
enrollment declines in a very competitive Illinois market, a highly
student fee driven profile, and significant price sensitivity. The
financial and enrollment implications of RU's recent asset purchase
transaction of portions of Robert Morris University are unknown,
and add credit risk.


Enrollment has been declining at RU for at least nine years, and
remains pressured. FTE enrollment at fall 2019 for just RU was
3,427, down 28% from fall 2014, and down 4.8% from fall 2018.
Management reports that the asset purchase transaction of RM in
March 2020 added approximately 1,300 additional students. RU
operates in an extremely competitive Chicago metro market. In
addition, high school demographics for Illinois are projected to
decline over the next decade, heightening competition and
enrollment pressures.

Student quality has consistently been above the national average;
RU's entering fall 2019 freshman class ACT average was 24.2. Most
students come from Illinois or the Chicago metropolitan area.
Traditionally a commuter institution, RU began attracting more
full-time residential undergraduate students with the 2012
completion of its academic tower in the Chicago loop business
district.

RU operations remain highly dependent on student revenues, about
83% in fiscal 2019; the integration of RM in March 2020, including
absorbing about 1,300 students, is not expected to change this. The
next largest revenue component in fiscal 2019 was RU's endowment
draw, about $4.3 million in fiscal 2019, or 4.0% of operating
revenues. In fiscal 2018, the draw formula was moderated to 4.5% of
the fiscal end market value, and remained at that level in 2019 and
2020. Due to RU's continuing budget deficits, however, Fitch views
the effective draw as not sustainable, as the deficits require use
of operating reserves. RU reports no extraordinary endowment draws
since a $3 million draw in fiscal 2016.

RU is not historically a strong fundraiser, but has received some
sizable gifts. In fiscal 2017, it received a $25 million bequest
for scholarships. RU is not presently in a comprehensive campaign.

Fitch considers Roosevelt to be price sensitive. Enrollment
declines have driven reductions in net tuition revenue in each of
the last four fiscal years. Management strategy has been to reduce
expenses and right-size the institution to match current enrollment
levels. However, net tuition revenue declined again in fiscal 2019,
and along with continued operating deficits, the decline remains a
credit concern. Fiscal 2020 estimated GAAP results indicate another
GAAP deficit, similar to fiscal 2019. The effect of the RM
integration on fiscal 2021 operations is uncertain, particularly
whether the new revenues and expenses will increase net operating
income. For fiscal 2019, RU's 'five-year net tuition revenues per
FTE Enrollment CAGR' ratio was 0.9%, down from 1.7% the prior year.
Per Fitch's criteria, this CAGR ratio is consistent with a 'bb'
attribute.

OPERATING RISK

The Operating Risk assessment would normally indicate a 'bbb' level
based on RU's fiscal 2019 cash flow margin of 9.2%. However, RU's
structural operating deficit continued into 2019 and is expected to
continue into 2020. Fitch considers the deficit to be an asymmetric
rating factor, and as such the Operating Risk assessment is 'bb'.

RU has generated GAAP deficits for several years, in part due to
high depreciation expense from its relatively new academic tower.
Fiscal 2019 results were negative $11.9 million, similar to
negative $11.7 million in 2018 but improved from negative $16.4
million in fiscal 2017. GAAP results for fiscal 2020 are expected
to be similar to fiscal 2019. Cash flow margins are stronger,
adjusted for depreciation and interest expense, but remain stressed
as they do not cover MADS. RU refinanced most of its outstanding
debt in 2018 and 2019 to reduce annual debt service and MADS. Debt
service increases from $13.88 million to MADS of $16 million in
fiscal 2024.

The FYE 2019 operating cash flow margin for RU was $9.2 million, or
9.2%. This compares to $11.8 million in fiscal 2018 (10.9%) and
$6.9 million in fiscal 2017 (6.6%). While these margins, per Fitch
criteria, would indicate a 'bbb' assessment, they are not
sufficient to cover MADS or annual debt service. As such, Fitch
considers RU to have an Operating Cost Flexibility attribute of
'bb'. Projections for the merged institutions beyond fiscal 2020
were not provided.

RU entered into a $12 million negotiated underwriting/bond
transaction in March 2020, and has drawn down $4 million to date to
reimburse itself for expenses related to the RM transaction and
make capital improvements to buildings to accommodate RM programs
and the integration transition. No new debt plans were reported
beyond that transaction. Fitch views RU as having no new debt
capacity at this time.

RU's lifecycle investment needs are relatively modest based on a
12.8 year average age of plant in fiscal 2019. This average age of
plant in part reflects RU's academic tower in the Chicago Loop
business district, which is relatively new. Future capital funding
for RU is expected to come from internal funds or gifts.

A negative asymmetric Additional Risk Consideration was applied to
the Operating Risk assessment based on a history of structural
operating deficits.

FINANCIAL PROFILE

Available funds (AF), defined by Fitch as cash and investments not
permanently restricted, totaled $101 million at Aug. 31, 2019, up
from $93.8 million at FYE 2018. Fiscal 2019 investments benefited
from sale proceeds of the Gage building. Fiscal 2019 operating
results and leverage ratios include no effect from the March 2020
integration of RM. Fitch understands that RU made a cash payment to
RM in an amount that is not publically disclosed, likely used some
operating reserves to fund the fiscal 2020 budget deficit, and
received some reimbursement from loan/bond proceeds, around $4
million to date.

RU's Fitch-adjusted debt is $247 million at FYE 2019, including
outstanding bonds ($220 million, including 2018 and 2019 bond
restructurings), some capital leases, and a Fitch-adjusted debt
equivalent of $16.5 million which is primarily a non-cancelable
10-year operating lease for residential beds. Not included in the
fiscal 2019 debt amount is an authorized $12 million bond issue.
Management states that RU assumed no RM bonded debt.

Roosevelt's debt structure changed significantly after debt
refundings in 2018 and 2019. Annual debt service was reduced, and
is interest only until 2024, at which time it increases from $13.9
million to $16 million. The restructuring extended principal
amortization an additional 15 years to 2058. RU's MADS burden
remained very high at 16% in fiscal 2019. Balance sheet metrics are
slim, but provide Roosevelt some financial cushion as it implements
financial and strategic plans and absorbs its purchase of RM.

AF at FYE 2019 was 90.7% of operating expenses and a narrower 41%
of Fitch-adjusted debt. However, Fitch views significant
uncertainty from a combination of factors, including the RM
integration with RU, continued budget deficits, and uncertainties
for fall 2020 enrollment in general and as compounded by the
current coronavirus situation. There is uncertainty whether RU can
meet MADS coverage by fiscal 2024. A high 16% debt burden and
growing debt leverage remain ongoing credit concerns. Debt leverage
remains vulnerable in a stress scenario.

Debt Service Coverage


Liquidity is weak, as evidenced by RU's history of insufficient
debt service coverage. Fiscal 2019 operating results covered annual
debt service of $13.8 million (interest only through 2023) by only
0.6x, and covered MADS of $16.4 million (starting in fiscal 2024)
by 0.7x. Achieving at least 1.0x MADS coverage by fiscal 2021 or
2022, well in advance of the scheduled debt service jump-up, is an
important rating consideration.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

A negative Asymmetric Additional Risk Consideration was applied to
the Operating Risk assessment due to structural operating deficits.
A negative Asymmetric Additional Risk Consideration was also
applied to the Financial Profile due to insufficient debt service
coverage.

In addition to the sources of information identified in Fitch's
applicable criteria specified, this action was informed by
information from Lumesis.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


ROUGH COUNTRY: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based truck
accessory supplier Rough Country LLC to negative from stable and
are affirmed its 'B' issuer credit rating on the company.

A U.S. recession stemming from the coronavirus pandemic could
reduce consumer discretionary demand and lead to a slow recovery
once the virus is contained.  The outlook revision reflects the
elevated probability that weak macroeconomic conditions in the
U.S., due to the effects of the coronavirus pandemic, will reduce
the company's revenue and margins this year. Although Rough Country
sells many of its products directly to automotive enthusiasts to
install at home, S&P believes many consumers will likely avoid
making nonessential upgrades to their vehicles over the next few
quarters. This could partially negate the overall advantage of the
company's go-to-market strategy, which involves selling its
products directly to its end consumers and dealers/installers
rather than through a three-step distribution channel as its
competitors do.

Outlook

The negative outlook reflects the potential that S&P will lower its
rating on Rough Country over the next few quarters if its sales and
EBITDA do not appear to stabilize, leading it to sustain a
FOCF-to-debt ratio below 3%.

Downside scenario

S&P could lower its ratings on Rough Country if the drop in
discretionary demand due to the coronavirus outbreak extends into
the second half of 2020 such that the company's FOCF-to-debt ratio
falls below 3%. S&P could also lower its rating if the company's
liquidity is eroded and its revolver availability falls toward $7
million for a sustained period.

Upside scenario

S&P could revise its outlook on Rough Country to stable if the
effect of the pandemic on its demand and margin appears less severe
than expected, allowing it to sustain a FOCF-to-debt ratio of above
3%.


ROYAL ALICE: AMAG Objects to Disclosure Statement
-------------------------------------------------
AMAG, Inc., filed an objection to the Disclosure Statement for
Royal Alice Properties, LLC's Chapter 11 Plan filed Feb. 5, 2020.

AMAG objects to approval of the Disclosure Statement because of the
lack of "adequate information" as required by 11 U.S.C. Sec. 1125.

AMAG points out that in the present case, the Disclosure Statement
in many instances provides no information, while at other times
provides information that is misleading and incomplete.

AMAG further points out that the predominant failures of this
Disclosure Statement, as well as this entire case, is the failure
to address transactions with insiders, the lack of consistent
valuation of the properties as well as a complete failure to pursue
causes of action against the insiders and affiliates.  The names of
insiders and affiliates are not identified in the Plan.

AMAG complains that the Disclosure Statement fails to provide
projected revenue, expenses, net income.

AMAG asserts that the Disclosure Statement fails to provide
feasibility and all the items required to determine that the
Reorganized Debtor is capable of making payments as specified
post-confirmation.

According to AMAG, the Disclosure Statement fails to provide the
Bridge Financing Term Sheet and states as an attachment that it
"...will be filed at a later date."

AMAG points out that the Disclosure Statement fails to sufficiently
provide adequate information regarding the circumstances that lead
to the filing of the Bankruptcy Petition.

AMAG further points out that a complete description of the
available assets and the values of the properties is not provided.

AMAG complains that the activities and performance of the Debtor
while in Chapter 11 is limited to five monthly reports and lacks
any details regarding the planned Bridge Financing, its terms, and
most importantly, how the Debtor will pay the note(s).

Attorney for AMAG Inc:

     Richard W. Martinez, APLC
     3500 N. Hullen St.
     Metairie, LA 70002
     Telephone: (504)525-3343
     E-mail: richard@rwmaplc.com

                 About Royal Alice Properties

Royal Alice Properties, LLC, owns, manages and rents the building
and real estate located on the 900 block of Royal Street in the
French Quarter, New Orleans, Louisiana.  The condominium units are
located at 906, 910-12 Royal St. New Orleans, LA 70116.

Royal Alice Properties sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 19-12337) on Aug.
29, 2019.  In the petition signed by Susan Hoffman, member/manager,
the Debtor was estimated $1 million to $10 million in both assets
and liabilities.

The case is assigned to Judge Elizabeth W. Magner.

Leo D. Congeni, Esq. at Congeni Law Firm, LLC, represents the
Debtor.


ROYAL ALICE: Arrowhead Capital Objects to Plan & Disclosures
------------------------------------------------------------
Arrowhead Capital Finance, Ltd., filed an objection to the
Disclosure Statement and Plan of Reorganization of debtor Royal
Alice Properties, LLC.

Arrowhead points out that the Debtor's Disclosure Statement fails
to property disclose the nature of its relationship with, and the
terms of the leases it has granted to, Hoffman Affiliates for
occupancy of Debtor's premises.

Arrowhead further points out that the Debtor's Disclosure Statement
fails to disclose projected financial information.

Arrowhead complains that the Debtor's Disclosure Statement fails to
make required disclosures as to Debtor's receivables.

Arrowhead asserts that the Debtor's Disclosure Statement fails to
property disclose the property valuations and liquidation
alternative.

According to Arrowhead, the Debtor's Disclosure Statement fails to
fully and property disclose management by, and benefits and
compensation for, the Hoffman's.

Arrowhead points out that the Debtor Disclosure Statement fails to
fully and property disclose pending litigation and unfiled claims
and causes of action.

Arrowhead further points out that the Debtor's Disclosure Statement
and Plan of Reorganization also cannot be approved because they
include impermissible release and exculpatory clauses.

Arrowhead asserts that the Disclosure Statement reflects the lack
of feasibility of the Plan.

Attorneys for Arrowhead Capital Finance, Ltd.:

     BARRY L. GOLDIN, ESQ.
     3744 Barrington Drive
     Allentown, PA 18104-1759
     Tel: (610) 336-6680
     Fax: (610) 336-6678
     E-mail: barrygoldin@earthlink.net

               - and -

     Daniel J. Carr, La.
     PEIFFER WOLF CARR & KANE
     1519 Robert C. Blakes Sr. Drive, 1st Floor
     New Orleans, Louisiana 70130
     Tel: (504) 586-5270
     Fax: (504) 523-2464
     E-mail: dcarr@pwcklegal.com

                 About Royal Alice Properties

Royal Alice Properties, LLC, owns, manages and rents the building
and real estate located on the 900 block of Royal Street in the
French Quarter, New Orleans, Louisiana.  The condominium units are
located at 906, 910-12 Royal St. New Orleans, LA 70116.

Royal Alice Properties sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 19-12337) on Aug.
29, 2019.  In the petition signed by Susan Hoffman, member/manager,
the Debtor was estimated $1 million to $10 million in both assets
and liabilities.

The case is assigned to Judge Elizabeth W. Magner.

Leo D. Congeni, Esq. at Congeni Law Firm, LLC, represents the
Debtor.


ROYAL ALICE: U.S Trustee Objects to Disclosure Statement
--------------------------------------------------------
Dave W. Asbach, Acting United States Trustee for Region 5, objects
to the adequacy of the Disclosure Statement for Chapter 11 Plan.

No Chapter 11 Trustee has been appointed in the bankruptcy case,
and the Debtor remains in possession and control of its property as
a debtor-in-possession pursuant to 11 U.S.C. Sec. 1107 and 1108.

The U.S Trustee objects to the approval of Debtor's Disclosure
Statement because it does not provide adequate information as
required under 11 U.S.C. Sec. 1125(a).

The U.S. Trustee points out that the Disclosure Statement contains
little detail about how the Debtor will fund the Plan of
Reorganization.

The U.S. Trustee further points out that the Disclosure Statement
(i) does not reserve causes of action against insider company and
tenant Picture Pro, LLC, insider company and tenant Royal Street
Bistro, LLC, and tenant Leo Duvernay, LLC, nor (ii) explain why
these causes of action are being abandoned, despite their
non-payment of rent since the filing of the bankruptcy petition.

The U.S Trustee complains that the Disclosure Statement fails to
provide a pro forma analysis of income and payments under the Plan
and a liquidation analysis, as required by Local Rule 3016-1.

The U.S Trustee asserts that the Exculpation language in the
Disclosure Statement and Plan is confusing, as undersigned counsel
cannot tell if "employees, representatives, financial advisors,
attorneys or agents acting in such capacity, or affiliates, or any
of their successors or assigns" of the Debtor are being exculpated,
or if "employees, representatives, financial advisors, attorneys or
agents acting in such capacity, or affiliates, or any of their
successors or assigns" of claim holders are prevented from bringing
claims against the Debtor or the Reorganized Debtor.

                 About Royal Alice Properties

Royal Alice Properties, LLC, owns, manages and rents the building
and real estate located on the 900 block of Royal Street in the
French Quarter, New Orleans, Louisiana.  The condominium units are
located at 906, 910-12 Royal St. New Orleans, LA 70116.

Royal Alice Properties sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 19-12337) on Aug.
29, 2019.  In the petition signed by Susan Hoffman, member/manager,
the Debtor was estimated $1 million to $10 million in both assets
and liabilities.

The case is assigned to Judge Elizabeth W. Magner.

Leo D. Congeni, Esq. at Congeni Law Firm, LLC, represents the
Debtor.


ROYAL CARIBBEAN: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Royal Caribbean Cruises Limited to BB+ from BBB-.

Royal Caribbean Cruises Limited is a global cruise holding company
incorporated in Liberia and based in Miami, Florida, US. It is the
world's second-largest cruise line operator, after Carnival
Corporation & plc.



RYMAN HOSPITALITY: Moody's Alters Outlook on Ba3 CFR to Negative
----------------------------------------------------------------
Moody's Investors Service revised the outlook of Ryman Hospitality
Properties, Inc to negative from stable. At the same time, Moody's
affirmed all of the REIT's ratings, including Ryman Hospitality
Properties, Inc.'s Ba3 corporate family rating and RHP Hotel
Properties, LP's B1 senior unsecured rating. In the same rating
action, Moody's assigned a speculative grade liquidity rating of
SGL-3 to Ryman.

The negative outlook reflects Moody's expectations that travel
restrictions being put in place across the US related to the spread
of the coronavirus will put significant pressure on Ryman's
earnings in 2020. Additional travel restrictions likely to be put
in place over the coming weeks will put further pressure on the
REIT's earnings. Moody's notes that Ryman's assets did not
experience as dramatic a decline in RevPAR during the last downturn
as other lodging properties due to the nature of its assets with
longer booking windows and greater visibility into occupancy and
staffing needs.

Affirmations:

Issuer: Ryman Hospitality Properties, Inc.

  -- Corporate family rating, Affirmed at Ba3

Issuer: RHP Hotel Properties, LP

  -- Senior unsecured debt, Affirmed at B1

  -- Senior secured bank credit facility, Affirmed at Ba3

The following ratings were assigned:

Issuer: Ryman Hospitality Properties, Inc.

  -- Speculative grade liquidity rating at SGL-3

Outlook Actions:

Issuer: Ryman Hospitality Properties, Inc.

  Outlook changed to Negative from Stable

Issuer: RHP Hotel Properties, LP

  Outlook changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The commercial
lodging real estate segment has been one of the sectors most
affected by the shock given the sensitivity to the lodging
environment and hotel operator health. To date, Ryman has lost
approximately 268,000 net room nights from March to December 2020,
for a total of $132 million in revenue, net of $63 million in
attrition and cancellation fees. With material asset and manager
concentration, Ryman's earnings and overall credit quality will be
strained if the REIT is forced to temporarily close portions of its
five hotels as well as its entertainment venues for an extended
period of time. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action in part
reflects the impact on Ryman, the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Ryman's Ba3 corporate family rating reflects the REIT's
high-quality portfolio comprised primarily of five large,
group-oriented hotels with resort-style amenities and its sound
credit profile with solid leverage metrics, though with potential
for deterioration due to the spread of the coronavirus pandemic.
The lodging sector, in particular, has seen an unprecedented
decline in occupancy due to large-scale group cancellations and
reduced travel demand. Positively, Moody's notes that Ryman's
properties did not experience as dramatic a decline in RevPAR
during the last downturn as other lodging properties, due to the
nature of its assets with longer booking windows and greater
visibility into occupancy and staffing needs.

Over the next few quarters, the REIT's earnings and leverage ratios
could weaken to levels above expectations for the credit. Ryman's
net debt plus preferred to EBITDA was solid at 4.6x at YE2019,
however a moderate decline in EBITDA over the next few quarters
would weaken the ratio to well above 7.0x at YE2020. The REIT's
secured leverage was 25.7% at YE2019 and will continue to fluctuate
according to usage of its secured revolver. In March, the company
drew $400 million on its existing $700 million secured credit
facility due in 2024, to provide itself with ample cushion to meet
funding needs over the medium-term. The company has no maturities
until 2023 when $1.2 billion in debt comes due, however the REIT's
liquidity position could weaken significantly if the effects of the
pandemic on the lodging industry persist into 2021 and access to
and cost of capital remain challenged. As of today, the REIT
maintains approximately $685 million in cash on hand and $300
million in revolver availability. In addition, the company has
suspended its dividend through the remainder of the year 2020 and
has withdrawn its full-year 2020 guidance, as the company is not
able to accurately assess the potential impact on its full-year
operating results, given the rapidly evolving environment.

The negative outlook reflects the increased risk of material
revenue and earnings loss as travel restrictions being put in place
across the US related to the spread of the COVID-19 coronavirus
cause significant declines in occupancy and revenue per available
room (RevPAR).

Ratings could be downgraded should EBITDA decline meaningfully over
the next six-month period, with Net Debt/EBITDA exceeding 5.0x on a
sustained basis, fixed charge coverage declining closer to 2.5x,
and effective leverage increasing above 45% of gross assets.
Significant operating challenges, as demonstrated by occupancy
declines or earnings deterioration, or failure to maintain adequate
liquidity could lead to downward ratings pressure.

A ratings upgrade is unlikely and would require material
improvement in the overall lodging outlook. Additionally, asset
diversification, improving operating performance over several
quarters, and increasing the size of its unencumbered asset pool
would be needed for an upgrade.

Ryman Hospitality Properties, Inc. is a REIT specializing in
group-oriented, destination hotel assets in urban and resort
markets. The Company's owed assets include a network of five
upscale, meetings-focused resorts and suites that are managed by
lodging operator Marriot International, Inc. under the Gaylord
Hotels brand.

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


S&C TEXAS: Court Conditionally Approves Disclosure Statement
------------------------------------------------------------
Judge David R. Jones has ordered that the Disclosure Statement
filed by S&C Texas Investments, Inc.; d/b/a Sky Zone Westborough;
d/b/a Sky Zone Wallingford; d/b/a Sky Zone Houston is conditionally
approved.

April 20, 2020 at 5:00 p.m. (prevailing Central Time) is the
deadline for filing ballots accepting or rejecting the Plan.

April 20, 2020 at 5:00 p.m. (prevailing Central Time) is the
deadline for filing and serving written objections to confirmation
of the Plan.

The Court will conduct a hearing in Courtroom 400, 4th Floor,
United States Courthouse, 515 Rusk, Houston, Texas 77002 to
consider confirmation of the Plan and final approval of the
Disclosure Statement on May 6, 2020 at 2:30 p.m. (prevailing
Central Time).

                  About S&C Texas Investments

S&C Texas Investments, Inc., is an amusement park operator and
investor whose current assets include the Sky Zone Westborough and
Sky Zone Wallingford amusement centers.

S&C Texas Investments, based in Cypress, TX, filed a Chapter 11
petition (Bankr. S.D. Tex. Case No. 18-35668) on Oct. 8, 2018.  In
the petition signed by Ryan Swift, president, the Debtor disclosed
$857,373 in assets and $8,862,438 in liabilities.  The Hon. David
R. Jones oversees the case.  Margaret M. McClure, Esq., at the Law
Offices of Margaret M. McClure, serves as bankruptcy counsel to the
Debtor.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


SADLER CONSTRUCTION: Unsecureds To Be Paid for 5 Years
------------------------------------------------------
Sadler Construction Company, Inc., filed a Chapter 11 Plan and a
Disclosure Statement.

Secured Creditors will be paid in accordance with their agreements
with the Debtor, with any delinquency arising prior to the Petition
Date being repaid over a period of five years.  Creditors holding
priority claims against the Debtor will be repaid, in full, over a
period of five years. Creditors holding allowed general unsecured
claims against the Debtor shall be paid over a period of five years
through pro rata distributions from a fund to be created by the
Debtor's owner, the total of which will be the lesser of the total
amount of all allowed general unsecured claims or $10,000.

Under the Plan, holders of general unsecured non-tax claims, namely
Port-A-John Rentals ($536), Bank Capital Services, LLC ($4,296),
and Internal Revenue Service ($4,392), will have a 100 percent
dividend.

The primary source of funds for the Debtor's proposed distributions
shall be from income from its business operations.

A full-text copy of the Disclosure Statement dated March 11, 2020,
is available at https://tinyurl.com/rz28gmy from PacerMonitor.com
at no charge.

Attorneys for the Debtor:

     Aurelius Robleto, Esq.
     Renée M. Kuruce, Esq.
     ROBLETO KURUCE, PLLC
     6101 Penn Ave., Ste 201
     Pittsburgh, PA 15206
     Telephone: (412) 925-8194
     Facsimile: (412) 346-1035
     E-mail: apr@robletolaw.com
             rmk@robletolaw.com

                   About Sadler Construction

Sadler Construction Company, Inc., is a full-service, general
contractor with its primary business offices located at 536 Bash
Road in Indiana, Pa.  

Sadler Construction Company sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-70571) on Sept.
13, 2019.  At the time of the filing, the Debtor was estimated to
have assets of between $100,001 and $500,000 and liabilities of
between $500,001 and $1 million.  Robleto Kuruce, PLLC, is the
Debtor's counsel.


SALEM MEDIA: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Salem Media Group, Inc.'s
corporate family rating and senior secured notes rating to Caa1
from B3. The outlook was changed to negative from stable.

The downgrade reflects weaker than expected performance that
Moody's projects will persist in the next few quarters. Leverage
has increased to 6.6x as of Q4 2019 from 6.0x as of Q4 2018.
Results have continued to be impacted by the shift of ad dollars to
digital mobile and social media, competitive conditions for local
radio ad dollars, and declines in local block programming revenue.
Free cash flow generation has continued to deteriorate and was only
modestly positive in 2019. The coronavirus outbreak is also
expected to lead to lower revenue and EBITDA levels in the near
term and higher leverage levels.

Downgrades:

Issuer: Salem Media Group, Inc.

  Corporate Family Rating, Downgraded to Caa1 from B3

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

  Gtd Senior Secured 1st lien Notes due 2024, Downgraded to Caa1
  (LGD4) from B3 (LGD4)

Outlook Actions:

Issuer: Salem Media Group, Inc.

  Outlook, changed to Negative from Stable

RATINGS RATIONALE

Salem's Caa1 CFR reflects the company's very high leverage of 6.6x
as of Q4 2019 (excluding Moody's lease adjustments) and a weak free
cash flow-to-debt ratio of 1% in 2019. The company has operations
in broadcasting, digital media, and publishing focused on Christian
and conservative content. Overall broadcast performance is
vulnerable to the secular pressures in the radio industry due to
increased competition for ad dollars from digital and social media
companies and for listeners from digital music providers. While
Salem's broadcast revenue is supported by rate increases from
national block programming operations, overall performance has been
weak with an EBITDA decline of 18% in 2019 as calculated by
Moody's.

Salem's size is very small with revenue of $254 million in 2019
which elevates the volatility in performance. The company has a
leading market position in Christian teaching and talk format and
Moody's expects its national block programing revenue will be more
stable compared to the other revenue streams of the company.
National block programming is less reliant on advertising dollars
due to its recurring nature, although its local block programing
has declined. The station portfolio is largely in the top 25
markets with the vast majority of signals on the less attractive AM
band. While the company has a broad footprint, there is geographic
concentration as Salem's top two markets (Los Angeles and Dallas)
accounted for approximately 22% of net broadcasting revenue in
2019.

A governance impact that Moody's considers in Salem's credit
profile is the moderately aggressive financial policy. While free
cash flow and asset sale proceeds have been used to repay debt over
the past several years, the distribution to equity holders has
continued despite weak performance in recent years. The
distribution was reduced in Q4 2019, but continuing the
distribution as operations have declined reduces financial
flexibility. Salem has also completed a number of related party
transactions with management and family members which owns the
majority of the economic interest and has voting control of the
company. Salem is a publicly traded company listed on the NASDAQ
Global Market.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The radio industry
could be significantly affected by the shock given its sensitivity
to consumer demand and sentiment. More specifically, the weaknesses
in Salem's credit profile, including its exposure to discretionary
advertising spend have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and Salem
remains vulnerable to the outbreak continuing to spread. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

Salem has a weak liquidity profile as reflected in the SGL-4
speculative-grade liquidity rating. The company has access to a $30
million ABL facility due May 2022 that has $12 million drawn as of
Q4 2019 and cash on the balance sheet is minimal. Free cash flow of
$3 million in 2019 is weak after distributions of $6 million and
capex of approximately $8 million. The distribution was reduced in
Q4 2019 to an annual amount of approximately $2.7 million. Moody's
expects cash flow from operations will decrease in line with EBITDA
in the near term, but the company could reduce capex and
distributions further to support liquidity if needed. Salem has
also spent $16.8 million in 2019 to buy back its outstanding debt.
Salem's alternative liquidity is limited as the vast majority of
stations are AM signals which are less attractive given that most
listenership has migrated to the FM band. The ABL facility is
subject to a fixed charge coverage ratio of 1x when availability is
less than the greater of 15% of the maximum revolver amount and
$4.5 million for 60 consecutive days after the threshold amount has
been reached.

The negative outlook reflects Moody's view that revenue will
decline in the near term due in part to the coronavirus outbreak's
impact on the economy and leverage will increase well above 7x in
2020. While EBITDA is projected to improve in 2021, leverage levels
are expected to remain elevated.

Ratings could be downgraded if debt-to-EBITDA was expected to be
above 8x (excluding Moody's lease adjustments), the EBITDA minus
capex to interest coverage ratio declined to less than 1x, or if
free cash flow was negative. A further deterioration of its
liquidity profile or elevated concern about the ability of Salem to
service its debt could also result in a downgrade.

Ratings could be upgraded if debt-to-EBITDA is sustained
comfortably under 6.5x (excluding Moody's lease adjustments) with
stable organic revenue growth and EBITDA margins. A free cash
flow-to-debt percentage in the mid-single digit range would also be
required as well as maintenance of an adequate liquidity profile.

The principal methodology used in these ratings was Media Industry
published in June 2017.

Salem Media Group, Inc., formed in 1986 and headquartered in
Camarillo, CA, is a religious programming and conservative talk
radio broadcaster with integrated business operations including
digital media and publishing. Salem owns or operates 100 local
radio stations (33 FM, 67 AM) in 37 markets. The digital media
business provides digital services including audio and video web
streaming of Christian and conservative themed content as well as
digital marketing services. Salem's publishing business largely
publishes books by conservative authors and offers a
self-publishing service. Edward G. Atsinger III (CEO), Stuart
Epperson (Chairman, and brother-in-law of CEO), Edward C. Atsinger
(son of the CEO), Nancy A. Epperson (Chairman's spouse), and their
trusts own a majority of the economic interest in the company and
have voting control through a dual class share structure with the
remaining shares being widely held. Revenue for the last twelve
months ending Q4 2019 was $254 million.


SANAM CONYERS: Unsecureds Will be Paid in Full in Plan
------------------------------------------------------
Sanam Athens Lodging, Inc., d/b/a Microtel Inn Athens, filed a
Chapter 11 plan that will be funded primarily by from income from
the operation of the business and through the sale and re-lease of
the Debtor's hotel.

The Plan treats claims as follows:

  * Class B: Allowed prepetition claim of Microtel Inn and Suites.
This claim will be paid in accordance with the settlement
agreement.  The Class B Claimant is Impaired.

  * Class C: Allowed Secured Claims of First American Bank & Trust
secured by Deeds to Secure debt on hotel property.  This claim will
be assumed by Dukk, LLC, who will pay the underlying note according
to the terms and conditions contained therein, and who will
indemnify and hold harmless the Reorganized Debtor from any claims
arising therefrom. The Class C Claimant is Impaired

  * Class D: Allowed General Unsecured Claims.  Allowed claims of
general unsecured claimants will be paid in full.  Payments will be
issued pro rata to all allowed claims in this class at the rate of
not less than $5,000 per month ("the Plan Funding Pool") per month
commencing 90 days after the Effective Date.  Payments will be
issued pro-rata to claimants in this class. Class D Claimants are
Impaired.

  * Class E: General Unsecured Claims of Taxing Authorities
(penalties). These claims will be paid in full from the Plan
Funding Pool of $5,000.00. Payments will commence immediately after
D Claimants are paid in full. Class E Claimants are Impaired.

  * Class F: Equity Interests. Equity Security Interests will
retain their equity interests, but will not be entitled to receive
any distributions until all Plan payments to senior classes have
been made, and all allowed claims have been paid in full. Class F
Claimants are Impaired.

A full-text copy of the Disclosure Statement dated March 11, 2020,
is available at https://tinyurl.com/sj35pth from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     Danowitz Legal, PC
     300 Galleria Parkway, Suite 960
     Atlanta, GA 30339
     Tel: 770-933-0960

                 About Janam Madison Lodging

Janam Madison Lodging, Inc., along with related debtor entities,
filed a Chapter 11 petition on March 26, 2019 in the U.S.
Bankruptcy Court for the Northern District of Georgia.  Their cases
are jointly administered In re Sanam Conyers Lodging, LLC (Bankr.
Lead Case No. 19-54798).  Judge Wendy L. Hagenau oversees the
cases.  Danowitz Legal, PC, is the Debtors' counsel.


SANDY CREEK: Moody's Cuts Sr. Secured Rating to Caa2, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded the senior secured rating
of Sandy Creek Energy Associates, LP to Caa2 from B3. Concurrent
with this rating action, it revised the rating outlook for SCEA to
negative from stable.

The senior secured credit facilities are comprised of a $1,025
million term loan due November 2020 (approx. $809.6 outstanding at
3/15/20), a $102 million letter of credit facility due November
2020 to backstop Tax-Exempt Variable Rate Notes, and a $75 million
working capital facility due November 2020. SCEA owns approximately
64% of the Sandy Creek Energy Station, a 933 megawatt (MW) single
unit, once-through super-critical cycle, pulverized coal-fired
power generating facility in Riesel, Texas. SCEA is a
bankruptcy-remote entity owned by affiliates of LS Power
(Sponsor).

RATINGS RATIONALE

The rating downgrade to Caa2 from B3 principally reflects the
Project's higher refinancing risk and default probability as its
debt approaches maturity on November 8, 2020. Complicating the
refinancing prospects for SCEA is the current financing environment
for coal-fired generators as well as the current disruption and
dislocation in the debt capital markets, particularly among
speculative grade issuers, which increases the Project's
refinancing risk and raises the prospects of a debt restructuring.

The downgrade to Caa2 also incorporates its views around potential
recoveries for existing SCEA creditors in the event of a debt
restructuring or payment default by SCEA owing to the value
associated with the long-term contractual arrangements with
Texas-based utilities that extend well-beyond the term of the
debt.

From a financial standpoint, SCEA had a debt service coverage ratio
(DSCR) for 2019 of 1.28x, according to Moody's calculations, based
on unaudited financials for the year. This was lower than the 1.56x
metric for 2018, which included cash flow from commodity hedges
that have since rolled off, but higher than the 1.13x level
recorded in 2017 during a period of weak merchant cash flow. The
improvement in merchant cash flows since 2017 reflects stronger
market fundamentals in the ERCOT region. Whether this continues
into 2020 will depend on the impact that the coronavirus may have
on economic conditions in the state, particularly during the summer
months.

That being said, forward prices for 2021 have held up relative to
recent wholesale power prices indicating continuing strength in the
ERCOT merchant wholesale power market over the medium term.
Importantly, it remains possible that SCEA could still execute a
refinancing prior to the November 2020 debt maturity, particularly
if market conditions for speculative grade issuers improve. An
important mitigant to the issuer's pending refinancing risk is the
existence of contracted cash flows under long-term power purchase
agreements (PPAs) for 30 years (maturing in 2043) with Lower
Colorado River Authority, TX (LCRA: A2 stable) for 104 MWs and
Brazos Electric Power Cooperative, Inc. (Brazos) for 155 MWs. These
PPAs provide for stability and predictability to SCEA's cash flows
as the terms of the PPAs allow pass through of applicable fixed and
variable costs, including carbon emissions costs.

Both off-takers also have an ownership interest in the plant.
Brazos has a 25% ownership interest in the plant, which entitles it
to 236MWs of the plant's output, while LCRA has an 11.13% interest
in the plant (or 105MWs of the plant's output). Moody's views the
presence of SCEA's contract counterparties as Sandy Creek plant
co-owners to be a credit positive, as their interests as plant
owners and contract counterparties are aligned.

From an operational perspective, the plant continues to perform
well with an average availability factor in 2019 of 86%. The heat
rate was 9,550 MMBtu/MWhs reflecting the efficient nature of this
large, relatively new supercritical coal-fired generator.

SCEA currently has about $37.2 million in cash on its balance
sheet, plus $21 million available under its working capital
facility, as well as a 6-month debt service reserve letter of
credit for $34 million. Along with the term loan, these facilities
mature in November 2020.

Rating Outlook

The negative outlook reflects its concern that SCEA's refinancing
window is diminishing, and that a debt restructuring is
increasingly likely given the challenges facing the Project. Much
will depend on business, financial and economic conditions within
ERCOT as well as the duration of the dislocation within the term
loan debt markets.

FACTORS THAT COULD LEAD TO AN UPGRADE

Given the negative outlook and the challenges facing the project
from a refinancing perspective, the rating is unlikely to be
upgraded at this juncture.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating could be downgraded further if, in the absence of a
refinancing, there is a default or a restructuring where the
expected recovery is less than 80%.

PROFILE

Sandy Creek Energy Station (Sandy Creek) is a greenfield nominal
933 MW single unit super-critical coal-fired base load electric
generating station located near Riesel, Texas. Ownership of the
Project is held 63.87% by Sandy Creek Energy Associates, LP (SCEA),
a 25% interest by Brazos Sandy Creek Electric Cooperative, Inc.
(Brazos), and an 11.13% interest by Lower Colorado River Authority,
TX (LCRA: A2, Stable).

The principal methodology used in these ratings was Power
Generation Projects published in June 2018.


SARACEN DEVELOPMENT: Moody's Cuts CFR to Caa1, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgraded Saracen Development, LLC's
Corporate Family Rating to Caa1 from B3. The outlook is negative.

The downgrade to a Caa1 CFR considers that Saracen is still in the
process of constructing and equipping Phase I of Saracen Casino
Resort, and that the coronavirus outbreak could cause a delay and
have significant negative implications related to constructing the
project on time and its ability to ramp up and cover its fixed
charges. The Saracen Casino Annex (300 slots and four kiosks for
sports betting and video poker) opened on October 1, 2019 and is
generating some cash flow. However, the largest part of the
development, the Saracen Casino (2,000 slots, 50 tables,
restaurants and sports book) is not scheduled to open until June
2020. The downgrade also reflects the negative effect on consumer
income and wealth stemming from job losses and asset price
declines, which will diminish discretionary resources to spend at
casinos, including the Saracen Casino, once the facility is open
and the crisis subsides.

Downgrades:

Issuer: Saracen Development, LLC

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

  Corporate Family Rating, Downgraded to Caa1 from B3

  Senior Secured Regular Bond/Debenture, Downgraded to Caa1
  (LGD3) from B3 (LGD3)

Outlook Actions:

Issuer: Saracen Development, LLC

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Saracen's Caa1 CFR reflects the construction and ramp up risks
typical of ground up developments, small scale (pro forma revenues
estimated at about $200 million), and geographic and property
concentration. There is limited history of commercial gaming in
Arkansas that was only approved in November 2018 which adds an
element of regulatory risk.

Positive rating consideration is given to the fact that there is an
interest reserve covering approximately 15 months of cash interest
(8 months for construction and 7 months to support the ramp-up).
Additionally, there are no material debt maturities until the
company's $285 million senior secured notes mature in 2025. Saracen
is also well located in the southeastern Arkansas - about 50 miles
from Little Rock, a major population center- and the casino will be
managed by Downstream Development Authority that successfully
constructed, opened and has profitably managed the Downstream
Casino Resort located in Oklahoma since 2008.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Saracen of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
remains highly uncertain, and as a result, Saracen is at risk for
project delays or a difficult ramp-up period once it opens. Ratings
could be downgraded if either situation occurs or liquidity
deteriorates.

A ratings upgrade is unlikely given the weak operating environment
and continuing uncertainty related to the coronavirus. An upgrade
would require a high degree of confidence on Moody's part that the
gaming sector has returned to a period long-term stability.
Additionally, an upgrade would require that Saracen's casino
project is completed in full, on time, and within budget. The
company would also need to demonstrate the ability to meet Moody's
original expectations for the project when it was first rated --
EBITDA to around $60 million in first year of full operations which
would be sufficient to cover capital needs and interest expense
near 1.5x with debt/EBITDA below 5.5x.

Saracen is a wholly-owned unrestricted subsidiary of Downstream
Development Authority with its own independent financing structure.
Saracen was established to develop Saracen Casino Resort in Pine
Buff, Arkansas, located 45 minutes from Little Rock, Arkansas.
Downstream Development Authority is an instrumentality of the
Quapaw Tribe of Oklahoma, owner of Downstream Casino Resort located
in Northeast Oklahoma.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


SCHOOL TOWN OF MUNSTER: S&P Raises Bond Rating to 'BB+'
-------------------------------------------------------
S&P Global Ratings raised its underlying rating by one notch to
'BB+' from 'BB' on bonds issued by and on behalf of the School Town
of Munster (the district), Ill. At the same time, S&P affirmed its
'AA+' long-term rating on the district's outstanding debt. The
outlook on the underlying rating is positive and the outlook on the
long-term rating is stable.

"The raised rating and positive outlook reflect our view of the
district's significantly improved liquidity position, increased
available cash balance that is now in a positive position, and
consistently positive operating results in recent years," said S&P
Global Ratings credit analyst Taylor Budrow.

The primarily residential district encompasses approximately 8
square miles in northwest Indiana's Lake County, where it is
located 15 southeast of Chicago.


SEALED AIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sealed Air Corporation to BB- from BB.

Sealed Air Corporation is a packaging company known for its brands:
Cryovac food packaging and Bubble Wrap cushioning packaging. It
sold off its stake in Diversey Care in 2017. Headquartered in
Charlotte, North Carolina, its current CEO is Ted Doheny.



SHAPPHIRE RESOURCES: Has Deal to Move Disclosures Hearing to June 3
-------------------------------------------------------------------
U.S. Bank, National Association and debtor Shapphire Resources,
LLC, entered into a stipulation continuing a hearing to consider
approval of the Debtor's Disclosure Statement and extending the
deadline to file an amended Disclosure Statement.

The Parties have been involved in extensive and time consuming
negotiations regarding the treatment of U.S. Bank's claim under a
proposed reorganization plan, are on the verge of finalizing a
written stipulation acceptable to the Parties, and anticipate
having a fully executed stipulation this week, but require some
additional time.  Following the execution of the stipulation, the
Debtor will file and serve an amended disclosure statement and an
amended plan of reorganization.

The parties stipulate to (a) continue the chapter 11 Status
Conference and the Disclosure Statement Hearing from April 29,
2020, at 11:00 a.m., to June 3, 2020, at 11:00 a.m. in courtroom
1675 of the United States Bankruptcy Court for the Central District
of California [Los Angeles Division] located at 255 East Temple
Street, Los Angeles, California 90012, and (b) to extend the
deadline for Shapphire Resources to file and serve its amended
disclosure statement and amended chapter 11 plan from March 11,
2020 to April 15, 2020.

A full-text copy of the Stipulation dated March 11, 2020, is
available at https://tinyurl.com/t8hl3b5 from PacerMonitor.com at
no charge.

The Debtor's counsel:

     Raymond H. Aver
     LAW OFFICES or RAYMOND H. AVER
     A Professional Corporation
     10801 National Boulevard, Suite
     Los Angeles, California 90064
     Telephone: (310) 571-3511
     E-mail: ray@averlaw.com

                    About Shapphire Resources

Shapphire Resources, LLC's principal assets are located at 2770
Cold Plains Drive Hacienda Heights, CA 91745.

Shapphire Resources previously filed for bankruptcy protection
(Bankr. C.D. Cal. Case No. 10-57493) on Nov. 4, 2010.

Shapphire Resources filed a Chapter 11 bankruptcy petition (Bankr.
C.D. Cal. Case No. 17-15033) on April 24, 2017.  In the petition
signed by Susan Tubianosa, manager, the Debtor was estimated to
have $1 million to $10 million in both assets and liabilities.  The
Hon. Neil W. Bason oversees the case.  The Law Offices of Raymond
H. Aver, a professional corporation, represents the Debtor.


SILVER CREEK: April 16 Hearing on Disclosure Statement
------------------------------------------------------
Judge Thomas P. Agresti has ordered that on April 16, 2020 at 10:00
a.m. a hearing to consider the approval of the Disclosure Statement
filed by Silver Creek Services, Inc., will be held in Courtroom C,
54th Floor U.S. Steel Tower, 600 Grant Street, Pittsburgh, PA
15219.

April 9, 2020 is the last day for filing and serving objections to
the Disclosure Statement and to file a request for payment of an
administrative expense.  Filed objections and requests will be
heard at the time of the hearing on approval of the Disclosure
Statement.

                  About Silver Creek Services

Silver Creek Services Inc. provides oil and gas field services,
including fracturing, flowback and production testing.

Silver Creek Services filed a voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Penn. Case No. 19-22775) on
July 11, 2019.  In the petition signed by CEO Michael Didier, the
Debtor disclosed $6,385,000 in assets and $11,922,381 in
liabilities.  Robert O. Lampl, Esq., at Robert O. Lampl Law Office,
is the Debtor's legal counsel.


SIX FLAGS: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Six Flags, Incorporated to BB- from BB.

Six Flags, Incorporated owns and operates theme parks. The Company
provides parks comprised of theme, water-rides, roller coasters,
concerts, shows, restaurants, game venues, retail outlets, and
zoological attractions. Six Flags offers amusement parks across
North America.



SOUTHERN CABLE: Wins Summary Judgment Bid vs Robert Carter
----------------------------------------------------------
District Judge AnneMarie Carney Axon granted Defendant Southern
Cable Services, LLC's motion for summary judgment in the case
captioned ROBERT CARTER, Plaintiff, v. CABLE TECHNOLOGY
COMMUNICATIONS, LLC, et al., Defendants, No. 2:18-cv-00571-ACA
(N.D. Ala.).

Plaintiff Robert Carter filed an amended complaint under the Fair
Labor Standards Act ("FLSA"), 29 U.S.C. section 201 et seq.,
against Cable Technology Communications, LLC, Southern Cable
Services, LLC, Southern Cable Systems, LLC , Thanh Nguyen, and
Jerry Tyler, for unpaid overtime and minimum wages. The Clerk has
entered a default against Cable Technology Communications and Mr.
Nguyen after they failed to answer or otherwise defend this action,
but Services, Systems, and Mr. Tyler have answered the amended
complaint. According to Mr. Carter, Mr. Tyler is the owner and
operator of both Services and Systems.

After Mr. Carter filed this action, Systems and Mr. Tyler declared
bankruptcy, and the district court entered the automatic stay, as
required under 11 U.S.C. section 362(a). Services, the only
defendant that has not defaulted or had a stay entered, has now
filed for summary judgment.  In response, Mr. Carter objects that,
because of the automatic stay imposed as a result of Mr. Tyler's
and Systems' bankruptcies, he has not been able to conduct adequate
discovery.

Mr. Carter's amended complaint alleges that he was employed jointly
by all of the defendants -- including Services -- from December
2016 until March 2017. In its motion for summary judgment, Services
contends that it could not have employed Mr. Carter because it went
out of business and has been defunct since 2009.

Services moves for summary judgment on the basis that it cannot
have employed Mr. Carter in 2016 and 2017 because it has not
engaged in active operations since 2009. Under Federal Rule of
Civil Procedure 56, "[t]he court shall grant summary judgment if
the movant shows that there is no genuine dispute as to any
material fact and the movant is entitled to judgment as a matter of
law."

Services has presented evidence that it has been defunct since it
was liquidated in 2009. And a defunct organization cannot have
employed anyone. Mr. Carter has not controverted that evidence.
Instead, he argues that he has not been able to conduct adequate
discovery on the role Services played in his employment because, as
a recipient of the automatic stay under 11 U.S.C. section 362(a),
Mr. Tyler has been unavailable for further discovery.

Mr. Carter alleges that Services employed him in 2016 and 2017, but
the unrebutted evidence establishes that Services has not done any
business since 2009. Obviously, a plaintiff cannot prevail in an
FLSA case unless he proves that the defendant employed him. Because
no genuine dispute of material fact exists about whether Services
could have been Mr. Carter's employer in 2016 and 2017, the court
grants Services' motion for summary judgment.

A copy of the Court's Memorandum Opinion and Order dated Feb. 18,
2020 is available at https://bit.ly/2TeinE7 from Leagle.com.

Robert Carter, Plaintiff, represented by Jody F. Jackson , JACKSON
+ JACKSON, Mary Bubbett Jackson , JACKSON & JACKSON & Mary Bubbett
Jackson , JACKSON & JACKSON, pro hac vice.

Southern Cable Services LLC, Southern Cable Systems LLC & Jerry
Tyler, individually, as owner and operator of Southern Cable
Services LLC and Southern Cable Systems LLC, Defendants,
represented by Justin G. Williams -- justin@tannerguin.law --
TANNER & GUIN LAW FIRM.

                  About Southern Cable Systems

Southern Cable Systems, LLC, filed for chapter 7 bankruptcy
protection (Bankr. N.D. Ala. Case No. 19-02610) on June 28, 2019.
Judge D. Sims Crawford presides over the case.  Southern Cable
Systems is represented in the bankruptcy case by:

         C Taylor Crockett, Esq.
         Tel: 205-978-3550
         E-mail: taylor@taylorcrockett.com


SOUTHERN LIVING: North State Bank Objects to Disclosure Statement
-----------------------------------------------------------------
North State Bank filed an objection to the Disclosure Statement for
Plan of Reorganization filed by debtor Southern Living for Seniors
of Burnsville NC, LLC.

The Bank points out that the incomplete information provided by the
Debtor is the failure of the Plan and the Disclosure Statement to
specify the amount that must be paid to the Bank in order for the
Debtor to obtain a release of the Bank's lien.

The Bank further points out that the Disclosure Statement contains
inaccurate representations about the Debtor's interest in the real
property on which its business is situated.

The Bank asserts that the Disclosure Statement fails to include
other relevant information, including an explanation about the
scope of an exculpation clause within the Plan and the existence of
certain improper post-petition transactions engaged in by the
Debtor.

The Bank complains that the disclosure statement does not
demonstrate that the Debtor's plan is feasible.

The Bank asserts that the disclosure statement incorrectly states
the amount of the secured claim and therefore does not establish
that the plan will pay the secured claim in full.

According to the Bank, the disclosure statement incorrectly states
that the plan will result in the release of the bank’s lien
securing real property owned by a non-debtor.

Bank points out that the Disclosure Statement's language concerning
the Plan's exculpation clause is vague and appears to authorize
improper non-debtor releases.

The Bank further points out that the Disclosure Statement fails to
mention the Debtor's improper postpetition transfers.

Attorneys for North State Bank:

     C. Edward Dobbs
     Matthew M. Weiss
     Michael C. Sullivan
     PARKER, HUDSON, RAINER & DOBBS LLP
     303 Peachtree Street, N.E., Suite 3600
     Atlanta, Georgia 30308
     Telephone: (404) 523-5300
     Telecopier: (404) 522-8409
     E-mail: edobbs@phrd.com
             mweiss@phrd.com
             msullivan@phrd.com

              About Southern Living for Seniors

Southern Living for Seniors of Burnsville NC, LLC, owns and
operates an assisted living facility.

Based in Dallas, Ga., Southern Living for Seniors of Burnsville NC,
LLC, filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-42896) on Dec. 14, 2019.  In the
petition signed by Kenneth Mark Simons, member and manager, the
Debtor was estimated to have up to $50,000 in assets and $1 million
to $10 million in liabilities.  Cameron M. McCord, Esq., at Jones &
Walden, LLC, is the Debtor's legal counsel.


SOUTHERN LIVING: U.S. Trustee Objects to Disclosure Statement
-------------------------------------------------------------
Nancy J. Gargula, United States Trustee for Region 21, submitted an
objection to the Disclosure Statement and Plan of Reorganization
filed by Southern Living for Seniors of Burnsville NC, LLC, on Jan.
31, 2020.

The U.S. Trustee points out that the Disclosure Statement should
provide historical information regarding the Debtor's revenues and
expenditures during the pendency of the chapter 11 proceeding, such
as is contained in the operating reports filed in the case.

The U.S. Trustee further points out that the Disclosure Statement
must contain financial projections demonstrating Debtor's ability
to maintain its business operations and fund payments under the
Plan, especially since the refinancing from Rockhall Funding is no
longer viable.

The U.S. Trustee asserts that the Disclosure Statement appears to
contain errors and omissions related to the classification of
claims.

The U.S. Trustee complains that the Disclosure Statement fails to
adequately discuss the financial relationship of the Debtor with
its affiliate S&S Senior Housing of Burnsville, LLC, and other
entities.

According to U.S. Trustee, the Disclosure Statement is not
sufficient relating to the Debtor's Assets and Liabilities.

              About Southern Living for Seniors

Southern Living for Seniors of Burnsville NC, LLC, owns and
operates an assisted living facility.

Based in Dallas, Ga., Southern Living for Seniors of Burnsville NC,
LLC, filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-42896) on Dec. 14, 2019.  In the
petition signed by Kenneth Mark Simons, member and manager, the
Debtor was estimated to have up to $50,000 in assets and $1 million
to $10 million in liabilities.  Cameron M. McCord, Esq., at Jones &
Walden, LLC, is the Debtor's legal counsel.


SPECTACLE GARY: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Spectacle Gary Holdings, LLC's
Corporate Family Rating to Caa1 from B3. The outlook is negative.

The downgrade to a Caa1 CFR considers that Spectacle is still in
the development process of Hard Rock Northern Indiana and that the
coronavirus outbreak could cause delays and have significant
negative implications related to constructing the project on time
and its ability to ramp up and cover its fixed charges. Hard Rock
Northern Indiana, a $252 million casino project, will feature a
72,000 square foot full-service casino with 1,650 slots and 80
tables, and 2,000 seats Hard Rock Live! Entertainment venue. The
downgrade also reflects the negative effect on consumer income and
wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos,
including the Hark Rock Northern Indiana casino, once the facility
is open and the crisis subsides.

Downgrades:

Issuer: Spectacle Gary Holdings, LLC

  Probability of Default Rating, downgraded to Caa1-PD from B3-PD

  Corporate Family Rating, downgraded to Caa1 from B3

  Senior Secured Bank Credit Facility, downgraded to Caa1 (LGD4)
  from B3 (LGD4)

Outlook Actions:

Issuer: Spectacle Gary Holdings, LLC

  Outlook, changed to Negative from Stable

RATINGS RATIONALE

Spectacle's credit profile considers the benefits of the company's
affiliation with the highly successful and recognizable Hard Rock
brand. The Hard Rock brand is owned by Seminole Hard Rock
Entertainment, Inc., which in turn is owned by the Seminole Tribe
of Florida, a well-known and highly successful tribal and
commercial casino developer and operator. Also considered is
Spectacle's heavily populated primary market, along with the
competitive advantages it will have given its easy access off a
major highway, and the fact that the casino will be the first new
casino development in the Chicagoland gaming market in over 8 years
and first land-based casino in that market.

Positive rating consideration is also given to Spectacle's good
liquidity. The project is fully funded, including a cash interest
reserve designed to cover interest payments through four months
after the casino's scheduled completion. Spectacle also has a $10
million undrawn revolver, and there are no material debt maturities
until the term loans mature in 2025. As a single asset however, the
Spectacle has limited alternate sources of liquidity in that there
are no discrete assets to sell to raise money, if needed.

Key credit concerns include the prospective nature of the rating in
that the casino is under construction and will not be generating
earnings until its scheduled opening at the end of 2020.
Spectacle's relatively small and single asset profile are also a
risk. Additionally, a significant amount of casino supply already
exists near Spectacle's primary market area, and increased
competition remains a possibility. As a result, Hard Rock Northern
Indiana will be competing for customers with other established
casinos.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Spectacle of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered

The negative outlook acknowledges that the coronavirus situation
remains highly uncertain, and as a result, Spectacle is at risk for
project delays or a difficult ramp-up period once it opens. Ratings
could be downgraded if either situation occurs or liquidity
deteriorates.

Ratings could also be downgraded if Spectacle's casino project
experiences significant construction delays. Beyond the
construction period, ratings could be downgraded if the ramp-up
performance of Hard Rock Northern Indiana is materially below
Moody's stated expectations for any reason.

An upgrade is unlikely given the weak operating environment and
continuing uncertainty related to the coronavirus. Ratings
improvement is also not expected during the construction period.
However, once construction is complete, Spectacle's ratings can
improve after it opens if early results suggest that it can achieve
and maintain debt/EBITDA in its first full year of operation in the
range of 4.0 to 4.5x.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Spectacle Gary Holdings, LLC, a private company, currently owns and
operates Majestic Star I and II under two gaming licenses in
Buffington Harbor, Indiana. On May 8, 2019, Indiana approved House
Bill 1015, which allowed Spectacle to transfer one of its existing
two licenses to a new, land-based location and relinquish its
remaining license back to the state.


SPIRIT AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Spirit Airlines, Incorporated to BB from BBB-.

Spirit Airlines, Incorporated is an American ultra-low-cost carrier
headquartered in Miramar, Florida in the Miami metropolitan area.
It is the seventh-largest commercial airline in the United States.
Spirit operates scheduled flights throughout the United States and
in the Caribbean and Latin America.



STGC HOLDINGS: Proposes Liquidating Plan
----------------------------------------
STGC Holdings, LLC, filed a Chapter 11 Plan of Liquidation and a
Disclosure Statement on March 11, 2020.

The Trust is the 100% shareholder of STGC.  STGC owns the Rink. The
Rink is operated by Glacier Ice Arena, LLC.  Glacier owns all of
the personal property in the Rink. Glacier is owned by the spouses
of K. Edwards, and A. Koos.  Glacier operates the Rink pursuant to
a lease with STGC.  The lease, however, provides that Glacier has
no rental obligation unless it turns a profit.  Accordingly,
Glacier has never paid rent for the use of the Rink.

The Rink is encumbered by just a tax lien of the Mesa County
Treasurer in the amount of $90,000, and the recorded judgment lien
of the Texas Trustee in the principal amount of $645,000.  The Rink
is currently listed on the market for $2,400,000.

The operation of the Rink has never turned a profit.  Over the
years, STGC and the Trust provided Glacier with funds to cover that
shortfall and allow the Rink to continue operations.  According to
their respective books and records, on the Petition Date, Glacier
owed STGC the sum of $73,833.42 and owed the Trust the sum of
$100,214.  Glacier's only assets are the personal property at the
Rink, which is valued at $649,825.

The Plan proposes to treat claims as follows:

   * Class 2, Secured claims of The Mesa County Treasurer.  The
Class 2 Secured Claim is impaired by the Plan.  The Class 2 Secured
Claim will be treated under the Plan as follows:

     a. The principal amount of the Class 2 claim will be allowed
in an amount of $90,000.  Pursuant to 11 U.S.C. Sec. 506, the claim
is secured up to the value of the collateral for the claim and
unsecured for the balance.

     b. The Class 2 Claim will bear interest at the rate of 7% per
annum.

     c. The Class 2 Claim shall be paid from the Net Sale Proceeds
upon the sale of the Rink.

   * Class 3, Trustee Claims.  The Trustee Claims shall be treated
as provided in the Settlement Agreement.  In relevant part, the
Settlement Agreement provides:

     a. The Trustee Claims shall be allowed in the sum of
$1,400,000.00, as provided for in the Settlement Agreement.

     b. The Class 3 Claim shall not bear interest.

     c. The Class 3 Claim shall be paid in full from the Net Sale
Proceeds upon the sale of the Rink, by not later than June 1, 2021.


     d. Prior to the sale of the Rink, the Trust shall make
payments to the Trustees as described in the Settlement Agreement.

  * Class 4, Interests in STGC.  Class 4 includes the Interests in
STGC. The interests in STGC will be cancelled upon the sale of the
Rink.

STGC believes that the Plan, as proposed, is feasible.  The overall
feasibility of the Plan is premised upon the sale of the Rink.  The
Rink is in good condition, and holds significantly more value than
the liens encumbering it.  Accordingly, the Plan is feasible.

A full-text copy of the Amended Disclosure Statement dated March
11, 2020, is available at https://tinyurl.com/rvlyeyv from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Jonathan M. Dickey
     Buechler Law Office, L.L.C.
     999 18th Street, Suite 1230S
     Denver, CO 80202
     Tel: 720-381-0045
     Fax: 720-381-0382
     E-mail: jonathan@kjblawoffice.com

                     About STGC Holdings

STGC Holdings LLC, based in Grand Junction, CO, filed a Chapter 11
petition (Bankr. D. Colo. Lead Case No. 19-12310) on March 27,
2019.  The Hon. Thomas B. McNamara (19-12310) and Hon. Joseph G.
Rosania Jr. (19-12311), oversees the cases.  The petition was
signed by Kathryn Edwards, trustee for the Jean Zamboni Trust, 100%
owner of STGC, LLC.  In its petition, the Debtors were estimated to
have up to $50,000 in assets and $1 million to $10 million in
liabilities.  Jonathan Dickey, Esq., at Buechler Law Office,
L.L.C., serves as bankruptcy counsel.


SUGARHOUSE HSP: Moody's Lowers CFR to B3 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Sugarhouse HSP Gaming Prop.
Mezz, L.P.'s Corporate Family Rating to B3 from B2. The outlook is
negative.

The downgrade to a B3 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos on a
temporary basis.

On March 13, Sugarhouse announced that it will close Rivers Casino
Philadelphia effective Sunday, March 15, for fourteen days.
Sugarhouse is entirely dependent upon Rivers Casino Philadelphia to
generate all its revenue and cash flow.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos,
including Rivers Casino Philadelphia, once this crisis subsides.

Downgrades:

Issuer: Sugarhouse HSP Gaming Prop. Mezz, L.P.

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

  Corporate Family Rating, Downgraded to B3 from B2

  Senior Secured Priority Bank Credit Facility, Downgraded to Ba3
  (LGD1) from Ba2 (LGD1)

  Senior Secured Regular Bond/Debenture, Downgraded to Caa1 (LGD4)
  from B3 (LGD4)

Outlook Actions:

Issuer: Sugarhouse HSP Gaming Prop. Mezz, L.P.

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Sugarhouse's B3 CFR reflects the meaningful earnings decline over
the next few months expected from efforts to contain the
coronavirus and the potential for a slow recovery once properties
reopen. The credit profile is also constrained by the company's
small revenue base, single asset profile, and direct competition
from three casinos within a 25 miles driving distance and from
Atlantic City. Additionally, new supply (the Stadium project) is
expected to complete construction in December 2020 (per report file
with the gaming commission) and to open shortly thereafter. Once
open, the additional supply will cause a drop in Sugarhouse's
EBITDA until the supply is absorbed. Positive rating consideration
is given to Sugarhouse's well-established market position in the
densely populated Philadelphia metro area and limited capital
spending needs.

Sugarhouse has good liquidity. As of Sep. 30, 2019, the company had
about $25 million of cash and over $90 million of capacity under
its $95 million revolver. Despite the stress on financial resources
that will occur as a result of the coronavirus crisis, Sugarhouse
has the ability to generate an excess level of internal cash
resources after satisfying all scheduled debt service, maintenance
level capital expenditures and cash dividends. Other than the
revolver which expires in May 2022, the company's next meaningful
debt maturity is 2025 when the senior secured notes mature.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Sugarhouse's continued exposure to travel
disruptions and discretionary consumer spending, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Sugarhouse of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at Rivers Casino Philadelphia will recover. As a
result, the company's liquidity and leverage could deteriorate
quickly over the next few months.

Ratings could be downgraded if Moody's anticipates that
Sugarhouse's earnings decline or liquidity deterioration will be
deeper or more prolonged because of actions to contain the spread
of the virus or reductions in discretionary consumer spending. A
ratings upgrade is unlikely given the weak operating environment
and continuing uncertainty related to the coronavirus. An upgrade
would require a high degree of confidence on Moody's part that the
gaming sector has returned to a period long-term stability, and
that Sugarhouse demonstrate the ability to generate positive free
cash flow, maintain good liquidity, and operate at a debt/EBITDA
level at 6.0x or lower.

Sugarhouse owns the Rivers Casino Philadelphia, PA on the Delaware
River waterfront. The company is majority-owned and controlled by
Neil Bluhm, his family, and Greg Carlin. Sugarhouse generated net
revenue of $335 million for the last 12-month period ended Dec. 31,
2019.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to CC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Superior Energy Services, Incorporated to CC from
CCC.

Superior Energy Services, Incorporated is an oilfield services
company. In 2014 it ranked 534 on the Fortune 1000.



TACALA INVESTMENT: Moody's Alters Outlook on B3 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service affirmed Tacala Investment Corp.'s
corporate family rating at B3, its probability of default rating at
B3-PD, its first lien senior secured bank facilities rating at B2
and second lien bank term loan at Caa2. The outlook was changed to
negative from stable.

Affirmations:

Issuer: Tacala Investment Corp.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa2 (LGD5)

Outlook Actions:

Issuer: Tacala Investment Corp.

Outlook, Changed To Negative From Stable

"The negative outlook reflects the mandated closure of in-store
dining units across the restaurant industry due to efforts to
contain the spread of the coronavirus, said Moody's analyst", Peggy
Holloway. The affirmation reflects the continuation of
drive-through operations, K-Mac's good liquidity to manage through
several months of significant revenue decline, and Moody's
expectation the company will manage the business to preserve
liquidity and once the crisis subsides will use cash flow to reduce
debt.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector will be one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in the credit profile of
restaurant companies, including their exposure to travel
disruptions and discretionary consumer spending have left them
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the companies remain vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The actions
reflect the impact on restaurants of the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

Tacala Investment Corp. is constrained by its high leverage,
particularly given its modest scale with regards to revenue and
number of restaurants. The rating also considers the company's
geographic concentration in Texas and the Southeast US, material
capex requirements and aggressive financial policy as evidenced by
its recent $110 million largely debt financed dividend. Tacala
benefits from the strength and brand awareness of the Taco Bell
brand, positive same store comparable sales, with growth in revenue
and EBITDA. The company's good liquidity; the company's revolver
expires in 2025.

The ratings take into account the likelihood credit metrics will
exceed downgrade triggers for a period of time before improving as
the crisis stabilizes later in the year. Nevertheless, ratings
could be downgraded if the pace of revenue declines accelerates or
if the period of significant disruption caused by COVID-19 lingers
thereby squeezing liquidity and causing credit metrics to remain
weak. Quantitatively, ratings could be downgraded if debt/EBITDA is
sustained above 6.50x or if EBIT/interest is sustained below 1.0x.
Given the negative outlook and still unfolding pandemic, ratings
are not likely to improve in the near term. Ratings could be
considered for an upgrade if debt/EBITDA drops below 5.5x,
EBIT/interest rising near 1.75x, liquidity is good and the company
pursues a balance financial policy.

Tacala, with headquarters in Vestavia Hills, Alabama, owns and
operates 313 Taco Bell franchised restaurants in Texas and the
Southeastern US. Revenue for the last twelve-month period ended
9/3/2019 was approximately $480 million. Tacala is majority owned
by Altamont Capital Partners.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


TAUBMAN CENTERS: Egan-Jones Lowers Unsecured Debt Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Taubman Centers, Incorporated to BB from BB+.

Taubman Centers, Incorporated is a real estate investment trust
that invests in shopping centers.



TENET HEALTHCARE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tenet Healthcare Corporation to C from B. EJR also
downgraded the rating on commercial paper issued by the Company to
CCC+ from B-.

Tenet Healthcare Corporation is a multinational investor-owned
healthcare services company based in Dallas, Texas, United States.



TENNECO INC: Egan-Jones Lowers Sr. Unsecured Ratings to B
---------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tenneco Incorporated to B from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Tenneco Incorporated is an American Fortune 500 company that has
been publicly traded on the New York Stock Exchange since November
5, 1999, under the symbol TEN.



TERADATA CORP: Egan-Jones Cuts Sr. Unsecured Ratings to B+
----------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Teradata Corporation to B+ from BB.

Teradata Corporation is a provider of database and
analytics-related software, products, and services. The company was
formed in 1979 in Brentwood, California, as a collaboration between
researchers at Caltech and Citibank's advanced technology group.



TEXAS CAPITAL: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlooks on six U.S. and Puerto
Rican banks to stable from positive: BancorpSouth Bank, FirstBank
Puerto Rico, Popular Inc., TCF Financial Corp., Texas Capital
Bancshares Inc., and Western Alliance Bank.

At the same time, S&P affirmed its issuer credit ratings on each
institution and its subsidiaries, where relevant:

  BancorpSouth Bank: 'BBB/A-2'
  FirstBank Puerto Rico: 'BB-'
  Popular Inc.: 'BB-/B'
  TCF Financial Corp.: 'BBB-/A-3'
  Texas Capital Bancshares Inc.: 'BB+'
  Western Alliance Bank: 'BBB-'

S&P said, "The outlook revisions primarily reflect our view that
the emerging economic downturn associated with the COVID-19
pandemic, as well as net interest margin pressures given recent Fed
rate cuts, has significantly diminished the probability that we
will raise our ratings on these banks."

"Our ratings on these institutions are all one notch or more below
our 'bbb+' U.S. bank anchor--which is the starting point for the
ratings and reflects our view of economic and industry risks."

Recent actions by the Federal Reserve have increased liquidity for
the banking industry. But the economic fallout and current
ultra-low interest rates will likely lead to substantially lower
earnings and significantly worse asset quality, particularly in
industries more affected by the virus outbreak.

S&P will reassess its outlooks and ratings on these banks as needed
as conditions change, after considering peer relativities at each
rating level.

BancorpSouth Bank

S&P said, "The outlook revision on our ratings on BancorpSouth Bank
reflects our view that the heightened liklihood of an economic
downturn may hurt the bank's loan credit quality, fee income, and
profits. We also believe that the recent large Fed rate cuts pose a
headwind to BancorpSouth's net interest margin and could weigh on
the bank's net interest income, which accounts for 70% of its total
net revenues."

"While credit quality metrics have improved over the past several
years, we expect the current economic uncertainty to cause some
credit deterioration in the loan portfolio. Construction and
development, a higher-risk lending activity, is 10% of
BancorpSouth's loans, though the company has meaningfully
diversified the geographical and lending type diversity of its loan
portfolio in recent years."

"We believe the company's healthy capital position, adequate
on-balance-sheet liquidity, and greater geographic and product
diversification than during the last downturn leave it less
vulnerable to individual sectors and will help to sustain it
through what will likely be volatile economic conditions over the
next year."

The bank's regulatory capital ratios increased in 2019 because of
good earnings results and the issuance of preferred stock and
subordinated debt in the latter part of the year.

Outlook

The stable outlook on BancorpSouth indicates that the bank will
maintain adequate capital levels and manage earnings pressure due
to lower market interest rates and higher provision expenses. We
expect nonperforming assets (NPAs) and net-charge offs (NCOs) to
increase.

S&P could lower the ratings if loan performance deteriorates
meaningfully, or if the bank adopts what it views as less
conservative business or financial policies.

Although unlikely in the current economy, S&P could raise the
ratings over the next two years if it believes the bank would
increase its S&P Global Ratings risk-adjusted capital ratio
sustainably above 10%, which could result from a reduction in its
share buybacks, stabilization in its dividend payout ratio, or less
acquisition activity.

FirstBank Puerto Rico

S&P said, "We revised our ratings outlook on FirstBank Puerto Rico
based on our view that the heightened likelihood of an economic
downturn has increased risks to asset quality. Under these
circumstances, we believe that the positive effects of the Banco
Santander acquisition could be muted and synergies may take
somewhat longer to materialize than we had previously
anticipated."

"We also believe FirstBank will likely incur higher credit losses
and problem loans over the next year. Overall growth in commercial
and consumer loans should slow as borrowers recoil from the impact
of the COVID-19 pandemic, which has led to a near halt of economic
activity across vast areas of the U.S., including Puerto Rico."

"We believe execution and integration risks from the impending
merger with Banco Santander are manageable, but the recent market
upheaval and asset quality risks could lead to delays in regulatory
approvals and in executing the integration."

"Nevertheless, we believe FirstBank's strong capital position, its
solid market share on the island, and its good on-balance-sheet
liquidity will enable it to withstand potential credit and economic
stress at the current rating level."

Outlook

S&P said, "Our stable outlook acknowledges the potential
competitive advantages for FirstBank from increased scale in its
business franchise following the Banco Santander acquisition, the
improvement in the combined entity's deposit funding and liquidity,
and its strong capital position. On balance, we expect reduced
profitability and higher credit losses in the near term reflecting
ultra-low interest rates and the expected economic contraction in
the U.S."

"We could revise the outlook to positive, or raise the ratings in
the next 12 months, if the bank accretes capital faster than we
currently anticipate, such that our projected S&P Global Ratings
risk-adjusted capital ratio improves and remains above 15%
following the merger. We could also revise the outlook or raise our
ratings if FirstBank Puerto Rico's competitive position and
franchise improves considerably, as evidenced by better revenue
diversification and stronger market share."

"Conversely, we may revise the outlook to negative (which we view
as less likely) if we see outsize deposit outflows hurt FirstBank's
funding, loan performance weakens materially, or the company is
unable to successfully integrate and realize expected synergies
from the acquisition."

Popular Inc.

S&P said, "The outlook revision on our ratings on Popular Inc.
indicates that we expect the net interest margin will decline and
overall profitability will weaken given recent Fed rate cuts and
lower market interest rates. Furthermore, we anticipate the
economic conditions in Puerto Rico and the U.S. will deteriorate,
which will likely hurt the company's loan performance, particularly
among its commercial and consumer borrowers. In addition, we expect
capital ratios to decline very substantially in the first quarter
given the company's $500 million accelerated share repurchase
agreement, which was announced in January, and slowly rebuild
throughout the rest of this year."

Nonetheless, Popular has made substantial financial improvements in
recent years and strengthened its market position in Puerto Rico,
aided by the Doral Bank transaction and the acquisition of certain
assets and liabilities related to Wells Fargo & Co.'s auto finance
business in Puerto Rico.

S&P said, "Furthermore, we view funding and liquidity as solid
following improvements stemming from deposit growth, reduced
wholesale borrowings, and deposit inflows from government-related
entities. Despite significant economic headwinds, we think Popular
is better positioned than other banks based in Puerto Rico to
weather additional challenges, should they arise."

Outlook

S&P said, "The outlook on Popular is stable, reflecting our view
that the rating is unlikely to change within the next 12 months. We
expect the company's net interest margins to decline in 2020 given
lower market interest rates, and loan performance could weaken due
to a slowdown in economic activity. We expect Popular to maintain
conservative business and financial policies amid difficult
operating conditions.

"We could raise the ratings if the bank maintains or improves its
asset quality, capital ratios, and funding and liquidity metrics.
Conversely, we could lower the ratings, which we view as less
likely, if loan performance deteriorates materially or if capital
ratios decline substantially, potentially because of lower
profitability."

TCF Financial Corp.

S&P said, "We revised our ratings outlook on TCF Financial Corp.
because we think that TCF, like other regional banks, could face
earnings and asset quality pressures in the near term because of
the recent Fed rate cuts and the economic fallout from the COVID-19
pandemic. That said, we believe the company's healthy capital, good
on-balance-sheet liquidity, and greater geographic and product
diversification resulting from the merger, which leave it less
vulnerable to individual sectors, will help to sustain it through
potential industrywide deteriorating economic conditions over the
next year."

Outlook

S&P said, "The stable outlook on TCF reflects our view that in
spite of the economic challenges it could face in the near term,
which could weigh on its earnings and asset quality, the company's
healthy capital and good core deposit funding and on-balance-sheet
liquidity will help to sustain it against growing economic
headwinds. We expect its performance will remain comparable to
similarly rated peers over at least the next two years. Although we
believe that the full integration of the TCF and Chemical
organizations could take longer than we initially anticipated, we
expect that TCF will benefit from the geographic and product
diversification resulting from the merger."

"If, over time, the company is able to take advantage of the
increased scope of its business to deepen its market share and
generate solid, diversified loan growth, while maintaining good
asset quality and adequate core deposit funding, we could raise the
ratings. Additionally, it the company grows capital over time, such
that we expect it to maintain an S&P Global Ratings risk-adjusted
capital ratio above 10% on an ongoing basis, we could raise the
ratings."

"Alternately, if the company's exposure to riskier asset classes
increases substantially, loan performance deteriorates materially,
or funding weakens, we could lower the ratings."

Texas Capital Bancshares Inc.

S&P said, "The outlook revision on our ratings on Texas Capital
Bancshares Inc. (TCBI) reflects the significantly diminished
possibility that we will raise the ratings over the next two years
due to the worsening U.S. and global economies. However, we
continue to believe that the pending merger with Independent Bank
promises greater geographical, lending, and funding diversification
for the combined company. The merger is expected to close by
midyear, though it is unclear whether the approval process could be
extended given current market conditions."

"We believe TCBI, on a stand-alone basis, as well as following the
merger, could face declining asset quality in the near term given
the economic fallout resulting from the COVID-19 pandemic. TCBI has
relatively large exposure to commercial real estate, including
construction, which is 10% of loans. But it has, over the last few
years, lowered its exposure to higher-risk lending, particularly
energy and leveraged lending, which were 5% and 5%, respectively,
of total loans at year-end 2019. TCBI also has a relatively low
exposure to other stressed sectors such as retail and
restaurants."

"We also expect the recent deep Fed rate cuts will lower the bank's
net interest margin and earnings. TCBI has a relatively low revenue
contribution from non-interest income, and instead relies mostly on
interest rate spread income. In response to lower interest rates,
TCBI increased its mortgage finance warehouse lending, which has
seen strong growth and has lower duration and interest rate risk."

"The company has maintained strong credit quality over its
two-decade history, and through several downturns. The company does
not have a share buyback plan or common stock dividend, and we
believe its capital position will remain well above regulatory
minimums for the foreseeable future."

Outlook

S&P said, "Our outlook on TCBI is stable based on our expectation
that the company will be able to navigate increasing headwinds from
low energy prices, falling interest rates, and a worsening economy
at the current rating level. The company also has reduced leveraged
lending and energy in the last few years, while keeping a low
exposure to retail. We think the mortgage finance business
contributes to revenue growth, while lowering the bank's credit and
interest rate risks."

S&P could lower the ratings over the next two years if:

-- Merger integration issues arise, or S&P expects TCBI's credit
quality to deteriorate substantially;

-- Energy or construction loan portfolios increase meaningfully as
a proportion of total loans; or

-- The Texas economy weakens significantly.

S&P said, "We could raise the ratings over the next two years if
the company demonstrates resilience through the currently volatile
market and economic conditions and maintains relatively
conservative business and financial strategies. We would also look
for the merged company to maintain low credit losses and exhibit
financial performance in line with higher-rated peers."

Western Alliance Bank

S&P said, "Our outlook revision on Western Alliance Bank (WAB)
indicates the significantly diminished likelihood that we will
raise the ratings given the emerging economic fallout from the
COVID-19 pandemic. While credit quality metrics have improved over
the past several years, we expect the evolving economic downturn
will eventually lead to some credit deterioration in its loan
portfolio. Additionally, like its U.S. regional bank peers, we
expect WAB will face net interest income pressure, higher loans
loss provisions, and reduced earnings capacity in 2020."

"WAB's hotel franchise book may be particularly susceptible to
deterioration. As of Dec. 31, 2019, this portfolio represented 9.1%
of total loans. We expect travel and tourism to decline
significantly in the short term due to the COVID-19 outbreak. As
such, we expect an increase in NPAs and credit losses in this
portfolio."

"Furthermore, given that a majority of the loan portfolio consists
of commercial exposures, we expect an increase in NPAs and NCOs in
2020 due to slower economic growth. We also expect reduced earnings
capacity in 2020 with lower market interest rates constraining net
interest income, which has been approximately 95% of operating
revenue the past several years."

Outlook

S&P said, "The stable outlook on WAB reflects our expectation that
the bank will maintain adequate capital levels and solid liquidity
and funding metrics despite challenges it could face over the next
two years due to the emerging economic downturn. We expect the
commercial loan portfolio's credit quality metrics to weaken,
particularly the hotel franchise book. In addition, WAB will face
earnings pressure due to ultra-low interest rates and higher
provision expenses."

"We continue to view the bank's large commercial loan portfolio and
exposure to hotels cautiously from a credit perspective. We could
revise the outlook to negative or lower the ratings within the next
two years if the bank's loan credit quality decreases more than
expected, or if the bank's capital ratios decline significantly."

"We could raise the ratings if the bank maintains strong loan
performance and demonstrates resilience through the currently
volatile market and economic conditions, or if we project WAB's S&P
Global Ratings risk-adjusted capital ratio will rise and remain
above 10%."

  Ratings List
  
  Ratings Affirmed; Outlook Action  
                                 To                From
  BancorpSouth Bank
   Issuer Credit Rating     BBB/Stable/A-2     BBB/Positive/A-2

  FirstBank Puerto Rico
   Issuer Credit Rating     BB-/Stable/--      BB-/Positive/--

  Popular Inc.

  Popular North America Inc.
   Issuer Credit Rating     BB-/Stable/B       BB-/Positive/B

  Banco Popular de Puerto Rico
   Issuer Credit Rating     BB+/Stable/--      BB+/Positive/--

  Popular International Bank Inc.
   Issuer Credit Rating     BB-/Stable/--      BB-/Positive/--

  TCF Financial Corp
   Issuer Credit Rating     BBB-/Stable/A-3    BBB-/Positive/A-3

  TCF National Bank
   Issuer Credit Rating     BBB/Stable/A-2     BBB/Positive/A-2

  Texas Capital Bancshares Inc.
   Issuer Credit Rating     BB+/Stable/--      BB+/Positive/--

  Texas Capital Bank N.A.
   Issuer Credit Rating     BBB-/Stable/--     BBB-/Positive/--

  Western Alliance Bank
   Issuer Credit Rating     BBB-/Stable/--     BBB-/Positive/--


TOLL BROTHERS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Toll Brothers Incorporated to BB from BB+.

Toll Brothers, Incorporated is a home construction company based in
Horsham, Pennsylvania that specializes in building luxury homes. In
2016, the company was the 10th largest homebuilder in the United
States, based on the number of homes closed. The company is ranked
480th on the Fortune 500. The company operates in 20 states.



TOTAL HEALTH: PCO Files 3rd Report
----------------------------------
Erika D. Hart, the Patient Care Ombudsman of Total Health Systems,
Inc., submitted a third report to the U.S. Bankruptcy Court for the
Eastern District of Michigan, reporting on the status of the
quality of patient care at the Debtor's facility based on
conversations with the Operations Director, Dr. Aaron Lundgaard
during the PCO's site visit.

Total Health operates a multi-disciplinary medical practice with
five offices in Macomb County, focusing on chiropractic care,
physical therapy and massage, as well as some primary care medical
services and services to aid patients with adopting healthy
lifestyle changes, such as nutrition and exercise.

On January 15, 2020, the Ombudsman visited the Washington, Michigan
office of Total Health on Garfield Road and met with Dr. Lundgaard
for the third time.  Dr. Lundgaard indicated that he had been
informed of a complaint relating to a 2017 incident against Total
Health in Macomb County Circuit Court, but had not yet been served
with a copy of the Complaint in order to provide full details.

With respect to the time period that Total Health has been in
bankruptcy, there have been no complaints, lawsuits or other
negative charges regarding care provided by Total Health doctors,
chiropractors or other staff, and Total Health appears to have
continued to maintain a high standard of care for its patients
post-petition. Monitoring by the Ombudsman and reporting will
continue.

PCO can be reached at:

        Erika D. Hart
        700 E. Maple Rd., Second Floor
        Birmingham, MI 48009
        Tel: (248) 644-7800
        E-mail: ehart@tauntlaw.com

A full-text copy of the PCO's 2nd Report is available at
https://tinyurl.com/qnzn7ja from PacerMonitor.com at no charge.

                     About Total Health Systems

Total Health Systems, Inc. -- https://www.totalhealthsystems.com/
-- is a full-service wellness center that provides traditional
medical services, chiropractic, physical therapy, massage therapy,
one-on-one personal training, physician supervised weight loss,
nutrition, and wellness services.

Total Health Systems filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-52723) on
Sept. 5, 2019, in Detroit, Michigan.  In the petition signed by
CFO Terrence Gallagher, the Debtor estimated assets of no more than
$50,000 and liabilities between $1 million and $10 million.  Judge
Hon. Phillip J. Shefferly oversees the case.  Stevenson & Bullock,
P.L.C., is the Debtor's bankruptcy counsel.



TRICO GROUP: Moody's Alters Outlook on B3 CFR to Negative
---------------------------------------------------------
Moody's Investors Service affirmed the ratings of Trico Group, LLC
including the B3 Corporate Family Rating and senior secured rating,
and B3-PD Probability of Default Rating. The rating outlook has
been changed to negative from positive.

The change in outlook to negative reflects Moody's view that
Trico's exposure to new vehicle production (about 25% of revenues)
could impact the company's performance in 2020 compared to previous
expectations as the coronavirus pandemic is expected to materially
weaken new vehicle production in the near-term. In addition, while
the majority of Trico's business is in the aftermarket with
relatively non-discretionary products, travel restrictions and
social distancing could result in lower than anticipated
replacement volumes.

The following rating actions were taken:

Affirmations:

Issuer: Trico Group, LLC

  Corporate Family Rating, Affirmed B3

  Probability of Default Rating, Affirmed B3-PD

  Senior Secured Bank Credit Facility, Affirmed B3 (LGD3)

Outlook Actions:

Issuer: Trico Group, LLC

  Outlook, Changed To Negative From Positive

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The automotive
parts sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Trico's credit
profile, including its exposure to final consumer demand has left
it vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Trico remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Trico of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Trico's ratings reflect its still relatively short-track record
operating with multiple businesses and what has been an aggressive
approach to debt-funded acquisitions. Trico also has high customer
concentrations with several large retailers. The company operates
within the highly cyclical automotive industry with about a quarter
of its revenues tied to new vehicle production. The company's
aftermarket presence at over 70% of revenue provides a more stable
source of demand, especially given the nature of several of its
products -- specifically its wiper blades where its market position
is particularly favorable. Wiper blades and systems generate over
40% of consolidated sales. The company's aggressive approach toward
cost saving initiatives following recent acquisitions should
support EBITA margins in the low-to-mid teens range despite likely
top line pressures resulting from the coronavirus in 2020.

As a primarily aftermarket automotive supplier, Trico's
environmental risk exposure is viewed as manageable although
longer-term trends towards more electrified vehicles will certainly
pressure volumes on several Trico products including oil filters
and fuel pumps.

There is an elevated presence of governance and key man risk --
Trico's CEO maintains full ownership of the company. The CEO had
previously controlled Crowne Group, LLC and maintained control of
Crowne's OE business following the 2018 separation with Trico,
creating certain governance risks at the time relating to
dual-ownership. Currently, the CEO no longer maintains ownership in
those OE businesses, thus allowing for full managerial resources to
be focused on Trico. Heightened event risk remains though given
management's track record for debt-funded acquisitions.

The negative outlook reflects Trico's exposure (25% of revenue) to
uncertain declines in new vehicle production during 2020 as well as
potentially lower than expected aftermarket volume should vehicle
travel and maintenance needs be reduced.

The company is expected to maintain an adequate liquidity profile
supported by moderate free cash flow generation and availability
under its asset-based lending facility of at least $100 million.
Trico factors about $160 million of customer accounts receivables
which are accounted for as true sales. Moody's views these amounts
as a potential financing requirement given their recurring nature
and their customer importance. If the market for the factored
accounts receivables were to be disrupted, a combination of
renegotiated terms and/or alternative financing could be required
to support liquidity needs.

The ratings could be upgraded if Trico demonstrates consistent
organic revenue gains across its product categories and an ability
to sustain its realized costs savings and synergies. Metrics that
could support an upgrade include free cash flow to debt approaching
7%, EBITA/interest expense above 2.25x and debt/EBITDA sustained
below 5x.

The ratings could be downgraded if Trico's margin profile
deteriorates from pressures in its OE segment or an inability to
maintain cost savings. Metrics that could indicate pressure on the
rating include debt/EBITDA above 7x and EBITA/interest expense
sustained below 1.25x. Additionally, further debt-funded
acquisitions, shareholder distributions or a deterioration in
liquidity could also result in a lower rating.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Trico Group, LLC, headquartered in Cleveland, OH, is a leading
manufacturer and distributor of primarily aftermarket component
parts for the automotive and other industrial equipment markets.
The company's products include wipers and blades, water pumps, air
and oil filters, fuel pumps, spark plugs and gas springs. Pro forma
revenue for the twelve months ending September 2019 was about $1.3
billion.


TRINITY INDUSTRIES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Trinity Industries Incorporated to BB from BB+.

Trinity Industries Incorporated is an American industrial
corporation that owns a variety of businesses that provide products
and services to the industrial, energy, transportation and
construction sectors.



TWIN RIVER: Moody's Lowers CFR to B2, Outlook Negative
------------------------------------------------------
Moody's Investors Service downgraded Twin River Worldwide Holdings,
Inc.'s Corporate Family Rating to B2 from B1. The outlook is
negative. Moody's also downgraded the Speculative Grade Liquidity
rating to SGL-2 from SGL-1.

The downgrade to a B2 CFR is in response to the disruption in
casino visitation resulting from efforts to contain the spread of
the coronavirus including recommendations from federal, state and
local governments to avoid gatherings and avoid non-essential
travel. These efforts include mandates to close casinos on a
temporary basis.

On March 13, Twin River announced that the government of Rhode
Island ordered all casino, hotel and f&b operations have been
suspended in the state to close for a 7-day period commencing on
March 14, 2020. As a result, Twin River's Rhode Island properties,
Twin River Casino Hotel and Tiverton Casino Hotel, suspended all
operations as of such date. Although the suspension of operations
at present applies only to the company's Rhode Island operations,
it is possible that its other properties could also be disrupted in
the future as a result of the implementation of further efforts to
mitigate the spread of coronavirus.

The downgrade also reflects the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend at casinos,
including Twin River, once this crisis subsides.

Downgrades:

Issuer: Twin River Worldwide Holdings, Inc.

  Corporate Family Rating, Downgraded to B2 from B1

  Probability of Default Rating, Downgraded to B2-PD from B1-PD

  Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
  SGL-1

  Senior Secured Bank Credit Facility, Downgraded to Ba3 (LGD2)
  from Ba2 (LGD2)

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
  (LGD5) from B3 (LGD5)

Outlook Actions:

Issuer: Twin River Worldwide Holdings, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Twin River's B2 CFR reflects the meaningful earnings decline over
the next few months expected from efforts to contain the
coronavirus and the potential for a slow recovery once properties
reopen. Key credit strengths include Twin River's positive free
cash flow during periods of normal operation and improved
diversification resulting from its recent acquisition of Dover
Downs. However, Twin River remains a relatively small regional
gaming company in terms of revenue and will still have heavy
exposure to the heightened level of competition coming from the
increased gaming supply in Massachusetts.

Moody's downgraded the speculative-grade liquidity rating to SGL-2
from SGL-1 because of the expected decline in earnings and cash
flow and increased risk of a covenant violation. As of December
2019, Twin River had about $183 million of cash prior to drawing
down on the entire amount under its $250 million revolver. The
revolver was undrawn at December 31, 2019. There are no material
near-term debt maturities or significant capital expenditure
requirements above maintenance levels. As a result, and despite the
stress on financial resources that will occur as a result of the
coronavirus crisis, Twin River still has the ability to generate
and maintain an excess level of internal cash resources after
satisfying all scheduled debt service. The company's next
meaningful debt maturity is 2024.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
will be one of the sectors most significantly affected by the shock
given the non-essential nature of casino gaming and the sector's
historically high sensitivity to consumer demand and sentiment.
More specifically, Twin River's continued exposure to travel
disruptions and discretionary consumer spending, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions makes it vulnerable to the outbreak continuing
to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Twin River of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook acknowledges that the coronavirus situation
continues to evolve, and a high degree of uncertainty remains
regarding the timing of facility re-openings and the pace at which
consumer spending at Twin River's casinos will recover. As a
result, the company's liquidity and leverage could deteriorate
quickly over the next few months.

Ratings could be downgraded if Moody's anticipates the Twin River's
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. A ratings upgrade is
unlikely given the weak operating environment and continuing
uncertainty related to the coronavirus. An upgrade would require a
high degree of confidence on Moody's part that the gaming sector
has returned to a period long-term stability, and that Twin River
demonstrate the ability to generate positive free cash flow,
maintain good liquidity, and operate at a debt/EBITDA level at 5.0x
or lower.

Twin River owns and operates four casinos and one racetrack in four
states -- two casinos in Rhode Island, one casino in Mississippi,
one casino in Delaware, and one racetrack in Colorado. On March
28th, 2019, Twin River completed its merger with Dover Downs Gaming
& Entertainment and also became a publicly-traded gaming operator
listed on the NYSE as TRWH. Additionally, late last year, the
company acquired a subsidiary of Affinity Gaming that owns Golden
Gates, Golden Gulch and Mardi Gras in Blackhawk, Colorado.
Consolidated net revenue for the fiscal year-ended Dec. 31, 2019
was $523 million.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


U.S. FARATHANE: Moody's Lowers CFR to Caa3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded U.S. Farathane, LLC's
Corporate Family Rating to Caa3 from B3, Probability of Default
Rating to Caa3-PD from B3-PD, and senior secured first lien term
loan rating to Caa3 from B3. The outlook is negative.

The ratings downgrade reflects Moody's view that US Farathane's
weak liquidity profile exposes the company to heightened default
risk given the uncertainty around near-term new vehicle production
in the US and consumer demand as a result of the coronavirus
pandemic. Moody's expects the company's earnings and cash flow to
be pressured over the near-term while liquidity remains constrained
by required debt amortization and marginal cushion under its
leverage covenant that could limit the company's ability to borrow
under its revolving credit facility. In addition, the downgrade
considers the elevated risk in addressing the company's December
2021 term loan maturity. Consequently, high leverage and weakening
liquidity indicates the potential for a debt restructuring is
elevated.

The following rating actions were taken:

Downgrades:

Issuer: U.S. Farathane, LLC

  Corporate Family Rating, Downgraded to Caa3 from B3

  Probability of Default Rating, Downgraded to Caa3-PD from B3-PD

  Senior Secured Bank Credit Facility, Downgraded to Caa3 (LGD4)
  from B3 (LGD4)

Outlook Actions:

Issuer: U.S. Farathane, LLC

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The automotive
parts sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in US Farathane's
credit profile, including its exposure to final consumer demand for
light vehicles has left it vulnerable to shifts in market sentiment
in these unprecedented operating conditions and US Farathane
remains vulnerable to the outbreak continuing to spread. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. The action reflects the impact on US Farathane of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

US Farathane's rating reflects the company's high exposure to new
vehicle production in the US, deterioration in its margin profile
over the last few years and its weak liquidity position. Moody's
expects US Farathane's credit profile to be impacted by temporary
production shutdowns in the US by its major customers and weaker
consumer demand for new vehicles in the next two quarters. The
company's leverage remains moderate at 4.3x debt/EBITDA (LTM
September 2019), but is high for an auto original equipment
manufacturer (OEM) supplier of its scale. Financial policies have
been aggressive under private equity ownership and the 2015 LBO and
subsequent debt-funded dividends have sustained high debt and
leverage.

Moody's expects US Farathane's liquidity position to remain weak
through 2020 because the company historically operates with minimal
cash on hand ($8 million as of September 2019), free cash flow is
unlikely to cover the required $31 million in annual term loan
amortization, and covenant cushion is limited. Due to the
uncertainty around new vehicle production in the coming quarters,
Moody's expects US Farathane to rely on external capital sources to
cover any near-term cash burn. The company maintains a $110 million
asset-based revolving credit facility with average availability
based on quarter-end disclosures of $43 million over the nine
months ending September 2019. Given the company's limited headroom
under the term loan's 4.15x maximum leverage covenant, and multiple
step downs in the required covenant level to 3.95x by the end of
2020, revolver borrowing availability may be limited and a covenant
amendment would be necessary if earnings and free cash flow do not
improve. An attempted 2019 bond refinancing would have refinanced
the term loan, but suggests addressing the December 2021 term loan
maturity could increase cash interest costs meaningfully and
depress free cash flow.

The negative outlook reflects Moody's expectation that US
Farathane's liquidity will weaken in a challenging operating
environment and that refinancing risk will rise as the company's
debt maturities approach.

The ratings could be downgraded if liquidity deteriorates and/or
covenant compliance issues arise from lower earnings during 2020.
The ratings could also be downgraded if the company undertakes a
pre-emptive restructuring of its debt at sub-par levels and/or
Moody's estimates of ultimate recovery deteriorate further.

The ratings could be upgraded if the company is able to improve its
liquidity situation through external and/or alternate capital
sources.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

U.S. Farathane, LLC, headquartered in Auburn Hills, Michigan, is a
manufacturer and supplier of functional black plastic, and interior
and exterior plastic components to North American automotive
Original Equipment Manufacturers (OEMs). The company operates 18
manufacturing facilities in the United States, Mexico and China.
USF's customers include General Motors, Ford, Chrysler and, to a
much lesser extent, several other large global OEMs and Tier
suppliers. Revenue for the twelve months ended September 2019 was
approximately $879 million.


UNISYS CORP: Egan-Jones Withdraws 'B' Sr. Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2020, withdrew its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Unisys Corporation.

Unisys Corporation is an American global information technology
company based in Blue Bell, Pennsylvania, that provides IT
services, software, and technology. It is the legacy proprietor of
the Burroughs and UNIVAC line of computers, formed when the former
bought the latter.



VERRI CHIROPRACTIC: Wins Confirmation of Chapter 11 Plan
--------------------------------------------------------
Judge Thomas P. Agresti has ordered that the Disclosure Statement
filed by Verri Chiropractic Associates, LP on July 15, 2019 is
finally APPROVED.

The Plan filed by the Debtor on July 15, 2019, including any
stipulations or other amendments finally approved by the Court
which are incorporated by reference into the Plan as if fully set
forth therein, is CONFIRMED.

As reported in the Troubled Company Reporter, Verrino Construction
Services Corp has proposed a Chapter 11 plan that says proceeds
from claims against Jewish Theological Seminary of America and
AMG-NYC, LLC, will fund plan payments.

According to the Disclosure Statement, JTSA Claim ($874,880
asserted against Jewish Theological Seminary of America) and AMG
Claim ($296,550 asserted against AMG-NYC, LLC) are the sole assets
of the estate and its recovery in part or in full will be the sole
source of funding the Plan.  The larger the recovery on these
claims the larger the potential distribution to Claimants.  At this
time Debtor cannot accurately determine what pool of funds that
could be available for distribution, though JTSA has made a
settlement offer of $300,000 and the AMG shall proceed to state
court.  And, further, there may be no recovery at all with regard
to the AMG Claim.  Although the precise amount of Debtor's Recovery
cannot be determined, if a full recovery is received, these funds
are expected to pay all Allowed Administrative Claims in full, as
well as to fund 32% distribution to the holders of Allowed
Unsecured Claims, and the Debtor shall effectuate all payments due
under the Plan.

A full-text copy of the First Amended Disclosure Statement dated
Jan. 1, 2020, is available at https://tinyurl.com/vdjgprb from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     Hugh L. Rothbaum
     HUGH L. ROTHBAUM, PLLC
     235 Main Street, Suite 320
     White Plains, NY 10601
     Tel: (914) 358-4232

             About Verri Chiropractic Associates

Based in Philadelphia, Pennsylvania, Verri Chiropractic Associates,
LP, filed a voluntary Chapter 11 petition (Bankr. W.D. Pa. Case No.
19-20199) on Jan. 15, 2019, and is represented by Mary Bower
Sheats, Attorney At Law.


WALKER SERVICE: Case Summary & Unsecured Creditor
-------------------------------------------------
Lead Debtor: Walker Service Corp.
             465 Utica Avenue
             Brooklyn, NY 11203

Business Description:     The Debtors are privately held companies

                          in the taxi and limousine service
                          industry.

Chapter 11 Petition Date: March 27, 2020

Court:                    United States Bankruptcy Court
                          Eastern District of New York

Twenty-one affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                      Case No.
      ------                                      --------
      Walker Service Corp. (Lead Case)            20-41759
      Miranda Transit, LLC                        20-41768      
      Yoha Transit, LLC                           20-41779
      Lev Transit, LLC                            20-41766
      Quartermoon Hacking Corp.                   20-41770
      Lyuba Hacking Corp.                         20-41767
      Slepchik Transit, LLC                       20-41773
      Larry's Cab Company, LLC                    20-41764
      Lawrence Transit, LLC                       20-41765
      Sima Hacking Corp.                          20-41772
      T & L Cab Co. Inc.                          20-41775
      Zion Taxi, Inc.                             20-41780
      Stinger Taxi Inc.                           20-41774
      Seven Transit, LLC                          20-41771
      Nicolette Transit, LLC                      20-41769
      Betty Transit, LLC                          20-41760
      Laddie Cab Corp.                            20-41763
      Cyclonic Hacking Corp.                      20-41762
      Cirrus Hacking Corp.                        20-41761
      Trot Service Corp.                          20-41776
      Vermouth Taxi, Inc.                         20-41777

Judge:                    Hon. Elizabeth S. Stong

Debtors'
General
Bankruptcy
Counsel:                  Michael D. Hamersky, Esq.
                          GRIFFIN HAMERSKY LLP
                          420 Lexington Avenue, Suite 400
                          New York, NY 10170              
                          Tel: (646) 998-5578
                          E-mail: mhamersky@grifflegal.com

Walker Service's
Estimated Assets:         $100,000 to $500,000

Walker Service's
Estimated Liabilities:    $1 million to $10 million

The petitions were signed by Joe Pross, member.

A full-text copy of Walker Service's petition is available for free
at PacerMonitor.com at:

                     https://is.gd/jeZMED

The Debtors list Pentagon Federal Credit Union as their sole
unsecured creditor holding a claim of $1,169,823, partially
secured.


WENDY'S COMPANY: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Wendy's Company to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

The Wendy's Company is an American holding company for the major
fast-food chain, Wendy's. Its headquarters are in Dublin, Ohio.



WEWORK COMPANIES: S&P Cuts ICR to CCC+; Ratings on Watch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on WeWork
Companies LLC to 'CCC+' from 'B-' and placed all ratings on
CreditWatch with negative implications. At the same time, S&P
lowered its rating on the company's unsecured debt to 'CCC+' from
'B' and revising the recovery rating to '3' (rounded estimate: 55%)
from '2'.

WeWork's liquidity and the sustainability of its business face
added pressure given the uncertainty around the extent of
Softbank's support, COVID-19, and recession impacts.  Business
disruption related to the global recession, a rush to remote
working and uncertainty around the extent of self-quarantine
precautions could weigh heavily on WeWork's business viability,
encouraging a drop in total occupancy levels, an increase in
operating costs, and pressure on the company's ability to fill
recently opened locations. S&P Global Ratings now forecasts a
global recession and for the U.S. to post marginal economic
contraction in the first quarter of 2020 and a significant
contraction in the second quarter, before recovery begins in the
back half of the year.

"In resolving the CreditWatch listing, we plan to assess the
company's cash burn rate and steps it might take to reduce
operating expenses. We will also evaluate WeWork's liquidity
position in light of the uncertain duration and impact of social
distancing and forced telecommuting on tenant retention and
rebates, and limitations on external funding sources." Other key
ratings factors include gaining greater visibility into Softbank's
tender offer, WeWork's ability to fully access the remaining $3.3
billion in debt funding, and SoftBank's longer term level of
commitment," S&P said.


WPX ENERGY: Egan-Jones Lowers Unsecured Debt Ratings to B+
----------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by WPX Energy, Incorporated to B+ from BB-.

WPX Energy, Incorporated is a company engaged in hydrocarbon
exploration. It is organized in Delaware and headquartered in
Tulsa, Oklahoma. All of the company's assets are in either the
Williston Basin or the Permian Basin.


WPX ENERGY: S&P Affirms 'BB-' Issuer Credit Rating; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on WPX
Energy Inc., and removed the rating from CreditWatch, where S&P
placed it with positive implications on Dec. 17, 2019. At the same
time, S&P affirmed its 'BB-' rating on the company's unsecured
debt. The '3' recovery rating indicates its expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery to creditors
in the event of a payment default.

The affirmation reflects WPX Energy's improved scale -- with the
addition of Felix Energy's assets -- and S&P's expectation that the
company will operate under a more moderate capital spending plan in
2020 given the current market uncertainty. The acquisition of
Felix, which closed on March 6, 2020, adds about 60,000 barrels of
oil equivalent per day (boe/d) of production, a 33% increase over
WPX's fourth-quarter 2019 volumes, and materially increases proved
reserves. Felix's assets are located in the Delaware Basin in
Texas, expanding upon WPX's existing position in the region. The
deal was financed with $900 million in cash and about 153 million
WPX common shares. The company issued $900 million in 4.5% senior
unsecured notes on Jan. 7, 2020, to fund the cash portion.

The stable outlook on WPX Energy reflects S&P's expectation that
the company will maintain a modest financial policy amid the
current weak oil price environment, benefiting from the addition of
Felix Energy's production following deal-close. S&P expects FFO to
debt to average 35%-40% over the next two years, supported by
strong oil hedging in the remainder of 2020, despite the rating
agency's $25/bbl WTI oil price assumption.

"We could lower our ratings on WPX if its FFO to debt falls below
20% for a sustained period with no clear path to improvement. This
would most likely occur from a prolonged period of weak crude oil
prices relative to our current assumptions without an offsetting
cut in its capital spending, or if the company's production falls
short of our current expectations," S&P said.

"We could raise our rating on WPX if its FFO to debt increases well
above 45%, with an expectation of sustained positive free operating
cash flow. This would most likely occur from an improvement in
crude oil prices relative to our current price assumptions," S&P
said.


WYNDHAM HOTELS: S&P Places 'BB+' ICR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings placed all ratings on Wyndham Hotels & Resorts
Inc., including the 'BB+' issuer credit rating, on CreditWatch with
negative implications.

The CreditWatch listing reflects significant anticipated stress on
revenue and cash flow over at least the next several months, which
would likely significantly drain liquidity, materially reduce
EBITDA this year even in a recovery scenario, and result in a spike
in leverage. S&P believes revenue per available room (RevPAR) in
key markets around the world severely declined over the past three
weeks, falling about 33% in the week ended March 14 in the U.S.,
and this pattern is likely to worsen in the coming weeks.

"We could lower the rating over the next few weeks if we lose
confidence containment can occur in the second quarter so that
travel and hotel demand can begin to recover. We could also lower
the rating if we lose confidence Wyndham can sustain adequate
liquidity in the form of cash balances, revolver availability, and
anticipated needed covenant relief under the revolver. Because
there is a high degree of uncertainty in our updated assumptions,
we could also lower the rating if we lose confidence Wyndham can
quickly recover following a significant spike in leverage in 2020
and reduce our measure of leverage in 2021 to under our 5x
downgrade threshold," S&P said.


ZINC-POLYMER PARENT: S&P Lowers ICR to 'CCC+'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on to 'CCC+'
from 'B'. At the same time, S&P lowered its issue-level ratings on
the company's senior secured credit facilities to 'CCC+' from 'B'.

The negative outlook reflects the company's high leverage as a
result of significant transaction and restructuring costs
associated with its sale to One Rock Capital Partners from Newell
Brands almost a year ago. While S&P continues to monitor the pace
of the decline in transaction and restructuring costs, it believes
COVID-19 impacts in some of the company's more discretionary
products will reduce the likelihood of significant deleveraging
over the next year.

The negative outlook on Zinc-Polymer Parent Holdings LLC reflects
S&P's expectation for high debt leverage over the next 12 months
due to continued transaction and restructuring costs from the
spin-off from Newell Brands, as well as a decline in the rating
agency's global macroeconomic outlook which could pressure
operating performance, result in negative free cash flow, and
significantly reduce liquidity.

"We could lower our rating on the company if its operating
performance deteriorates more than we anticipate, such that it free
cash flow turns meaningfully negative. Under this scenario, cushion
under the company's covenant is reduced and the company may
experience difficulty funding debt service. Further, we would lower
the rating if we were to envision a specific default scenario over
the next 12 months," S&P said.

"While unlikely over the next 12 months, we could stabilize the
outlook on Zinc-Polymer Parent Holdings LLC or raise our ratings if
we expect the global economic environment to improve and we expect
the company to stabilize its operating performance," S&P said.


                            *********

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