/raid1/www/Hosts/bankrupt/TCR_Public/200410.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, April 10, 2020, Vol. 24, No. 100

                            Headlines

19 HIGHLINE: Seeks to Hire Meridian Capital as Sales Agent
AE WOODLAND: S&P Cuts Revenue Bond Ratings to 'B (sf)'
AFFORDABLE RECOVERY: Seeks to Hire Joel A. Schechter as Counsel
AHERN RENTALS: S&P Cuts ICR to CCC+ on Expected Demand Challenges
AL YEGA: Seeks to Hire Spence Law as Counsel

ALBERT EINSTEIN HEALTHCARE: Moody's Alters Outlook to Negative
ALLIANCE DATA: Egan-Jones Lowers LC Senior Unsecured Rating to B
ALPHA INVESTMENT: Assurance Dimensions Raises Going Concern Doubt
AMERICAN BATH GROUP: S&P Alters Outlook to Neg., Affirms 'B' ICR
ANASTASIA PARENT: Moody's Cuts CFR to Caa3, Outlook Negative

ANIXTER INTERNATIONAL: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
ARCONIC INC: Egan-Jones Cuts Sr. Unsecured Ratings to BB
ARETEC GROUP: S&P Downgrades ICR to 'B-'; Outlook Stable
ARIZONA AIRCRAFT: Seeks to Hire Keery McCue as Legal Counsel
ASBURY AUTOMOTIVE: Egan-Jones Cuts Senior Unsecured Ratings to B+

ASCENT RESOURCES: Moody's Cuts CFR to B3 & Unsec. Notes to Caa2
ASHFORD HOSPITALITY: Egan-Jones Lowers Sr. Unsecured Ratings to B
ASP UNIFRAX: S&P Downgrades ICR to 'CCC+'; Outlook Negative
ATI HOLDING: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
AVALANCHE COMPANY: Seeks to Hire Bruce R. Babcock as Legal Counsel

AVIS BUDGET: Egan-Jones Lowers Senior Unsecured Ratings to B-
AYTU BIOSCIENCE: Receives More Than $23M From Warrants Exercise
BIORESTORATIVE THERAPIES: Seeks to Hire Certilman Balin as Counsel
BR HEALTHCARE: Hires H. Anthony Hervol as Counsel
BRIGHT HORIZONS: Moody's Cuts CFR to B1 & Alters Outlook to Neg.

BRONX MIRACLE: Trustee Hires Tamerlain as Real Estate Broker
BROOKDALE SENIOR: Egan-Jones Lowers Senior Unsec. Ratings to CCC-
BURLINGTON COAT: Moody's Alters Outlook on Ba1 CFR to Negative
CANNTRUST HOLDINGS: Gets CCAA Stay; E&Y Named Monitor
CBL & ASSOCIATES: Egan-Jones Lowers Senior Unsecured Ratings to B+

CFN ENTERPRISES: Signs Term Sheet for BlockCerts Joint Venture
CITIUS PHARMACEUTICALS: Receives Noncompliance Notice from Nasdaq
COGENT COMMUNICATIONS: Egan-Jones Cuts LC Unsecured Rating to B
COLUMBIA NUTRITIONAL: Hires Gordon Brothers as Appraisers
COMMUNITY HEALTH: CEO Smith Takes Voluntary Pay Cut of 25%

CONFLUENT HEALTH: Moody's Alters Outlook on B3 CFR to Negative
COUNTERPATH CORP: Incurs $266K Net Loss for Quarter Ended Jan. 31
DEAN FOODS: Receives Court Approval for Asset Sale to DFA
DUNKIN' BRANDS: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
DXI ENERGY: To Exit the Hydrocarbon Energy Business

DYNASTY ACQUISITION: Moody's Places B3 CFR on Review for Downgrade
ECOARK HOLDINGS: Converts SPV I Credit Facility Into Common Stock
ELEMENT SOLUTIONS: Moody's Alters Outlook on Ba3 CFR to Negative
ENCINO ACQUISITION: Moody's Cuts 2nd Lien Term Loan Rating to B3
ENDRA LIFE: RBSM LLP Raises Substantial Doubt on Going Concern

ENPRO INDUSTRIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
ENSERVCO CORP: Plante & Moran Raises Going Concern Doubt
EQT CORP: Egan-Jones Lowers Senior Unsecured Debt Ratings to B+
EVERI HOLDINGS: Fitch Cuts IDR to 'B' & Rates $125MM Loan 'BB/RR1'
FERRELLGAS PARTNERS: Moody's Rates New $575MM Sr. Sec. Notes 'B3'

FERRELLGAS PARTNERS: Prices $575M of 10.000% Senior Secured Notes
FORESIGHT AUTONOMOUS: Has $15.4MM Net Loss for Year Ended Dec. 31
FOUR SEASONS: S&P Places 'BB' ICR on CreditWatch Negative
FR FLOW CONTROL: S&P Cuts ICR to B- on Difficult Market Conditions
FRASIER MEADOW: Fitch Affirms Series 2017A & 2017B Bonds at BB+

GENTLE HEARTS 1: Hires Wadsworth Garber as Counsel
GI REVELATION: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
GLP CAPITAL: Moody's Alters Outlook on Ba1 Sr. Debt Rating to Neg.
GMJ MACHINE: Hires Galloway Wettermark as Attorney
GNIRBES INC: Seeks to Hire Kelley Fulton as Legal Counsel

GRAHAM HOLDINGS: Moody's Alters Outlook on Ba1 CFR to Negative
GRAND CENTRAL WINE: Seeks to Hire Burns Law Firm as Counsel
GRAY TELEVISION: Fitch Alters Outlook on 'BB-' LT IDR to Negative
GREENPOINT TACTICAL: Hires Husch Blackwell as Special Counsel
HERTZ CORP: DBRS Lowers LongTerm Issuer Rating to B(High)

HESS CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
HIDDENBLAKES LLC: Hires Wadsworth Garber as Counsel
HILL-ROM HOLDINGS: Egan-Jones Lowers Unsec. Debt Ratings to BB
HOLLYFRONTIER CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
HORNBECK OFFSHORE: S&P Cuts ICR to 'D' on Expected Chap 11 Filing

ICORECONNECT INC: Cherry Bekaert LLP Raises Going Concern Doubt
II-VI INCORPORATED: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
INTELGENX TECHNOLOGIES: Richter LLP Raises Going Concern Doubt
INTERNAP TECHNOLOGY: Seeks to Hire Milbank as Legal Counsel
INTERNAP TECHNOLOGY: Taps Prime Clerk as Administrative Advisor

INTL FCSTONE: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
IRON MOUNTAIN: Egan-Jones Lowers Senior Unsecured Ratings to B+
JAMES WAGNER CULTIVATION: Gets CCAA Initial Stay; KSV Named Monitor
JM FITNESS: Seeks to Hire Compass CPAs as Accountant
JM FITNESS: Seeks to Hire Van Horn Law as Counsel

KAPKOWSKI ROAD: Moody's Places Ba2 Rating on Review for Downgrade
KESTREL ACQUISITION: Moody's Cuts Rating to Secured Loans to B2
LADAN INC: Hires Goodrich & Associates as Counsel
LAMAR ADVERTISING: S&P Downgrades ICR to 'BB-'; Outlook Negative
LAREDO PETROLEUM: S&P Downgrades ICR to 'B-'; Outlook Negative

LAW OFFICES OF PERRY: Trustee Taps Zvi Guttman P.A. as Counsel
LD INTERMEDIATE: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
LIFEPOINT HEALTH: Moody's Rates New Sr. Secured Notes Due 2025 'B1'
LKQ CORP: Egan-Jones Lowers LC Sr. Unsecured Ratings to BB-
LOUISIANA-PACIFIC CORP: Egan-Jones Lowers Sr. Unsec. Ratings to BB

LUCID ENERGY II: Fitch Lowers LT IDR to 'B-', Outlook Negative
M/I HOMES: Egan-Jones Lowers Senior Unsecured Ratings to B+
MARATHON OIL: Egan-Jones Lowers Senior Unsecured Ratings to BB+
MARSHALL MEDICAL: Fitch Cuts Corp. Family Rating to BB+
MER TELEMANAGEMENT: Independent Auditor Raises Going Concern Doubt

MERCER INTERNATIONAL: S&P Lowers ICR to 'B+' on Elevated Leverage
MGIC INVESTMENT: Egan-Jones Lowers Senior Unsecured Ratings to BB+
MGM GROWTH: Moody's Gives Ba3 CFR & Alters Outlook to Negative
MICHAELS STORES/OLD: Egan-Jones Lowers Sr. Unsecured Ratings to B
MICHAELS STORES: Egan-Jones Cuts Local Curr. Unsecured Rating to B

MISTER CAR WASH: S&P Downgrades ICR to 'CCC+'; Outlook Negative
MOBILESMITH INC: Cherry Bekaert LLP Raises Going Concern Doubt
MODELL'S SPORTING: Committee Hires Lowenstein Sandler as Counsel
MOMENTIVE PERFORMANCE: Moody's Cuts CFR to B3, Outlook Negative
MONTAGE RESOURCES: Moody's Affirms B2 CFR, Outlook Stable

MOORE TRUCKING: Hires Pierson Legal as Counsel
MOSAIC CO: Egan-Jones Lowers Senior Unsecured Ratings to BB
MOSS CREEK: Moody's Cuts CFR to Caa1 & Unsecured Rating to Caa2
MULAX EXPRESS: Gets Interim Approval to Hire Bankruptcy Attorney
MW HORTICULTURE: Hires Barry S. Mittelberg as Special Counsel

NAI CAPITAL: Committee Hires Shemanolaw as Counsel
NANO MAGIC: New Product Line Coming Soon
NAVISTAR INT'L: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
NEWPARK RESOURCES: Egan-Jones Lowers Sr. Unsecured Ratings to B-
NULIFE MULHOLLAND: Hires Pinnacle Estate as Real Estate Broker

NUSTAR ENERGY: Fitch Lowers LT IDR to 'BB-', On Watch Negative
OAK PARENT: Moody's Alters Outlook on B2 CFR to Negative
OASIS PETROLEUM: Egan-Jones Lowers Senior Unsecured Ratings to CCC
OASIS PETROLEUM: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
OBITX INC: "Large" Accumulated Deficit Raises Going Concern Doubt

OCCIDENTAL PETROLEUM: Egan-Jones Lowers Sr. Unsec. Ratings to BB
OFFICE DEPOT: Egan-Jones Lowers LC Senior Unsecured Ratings to B-
OMNOVA SOLUTIONS: S&P Raises ICR to 'BB' on Completed Acquisition
OPTIV INC: S&P Alters ICR to 'CCC' After Distressed Debt Exchange
ORION AND ASSOCIATES: Seeks to Hire Brian K. McMahon as Counsel

OUTFRONT MEDIA: S&P Lowers ICR to 'B+'; Outlook Negative
OWENS & MINOR: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
PARTY CITY: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
PATRICK INDUSTRIES: Moody's Cuts CFR to B2, Outlook Negative
PDC BEAUTY: Moody's Alters Outlook on B3 CFR to Negative

PIER 1 IMPORTS: Camino, et al., Object to 'Placeholder' Disclosures
PIER 1 IMPORTS: Egan-Jones Lowers Senior Unsecured Ratings to B+
PIER 1 IMPORTS: Hendersonville, et al., Say Outcome Still Unclear
PIER 1 IMPORTS: I & G Direct Joints in Disclosure Objections
PILGRIM'S PRIDE: Egan-Jones Cuts Local Curr. Unsecured Rating to B+

PITNEY BOWES: Egan-Jones Lowers Senior Unsecured Ratings to B
PNM RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to BB+
POLYCONCEPT NORTH: Moody's Cuts CFR to B3, Outlook Negative
PRESTIGE HEATING: Unsecureds to Get $4.5K Monthly for 24 Months
PROFESSIONAL DIVERSITY: Receives Noncompliance Notice from Nasdaq

PULTEGROUP INC: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB+
QEP RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to B-
QORVO INC: Moody's Affirms Ba1 Corp. Family Rating, Outlook Stable
QUORUM HEALTH: Moody's Cuts CFR to Ca on Prepackaged Bankruptcy
R44 LENDING: Court Approves Disclosure Statement

RAMBUS INC: Egan-Jones Cuts Local Curr. Unsecured Rating to CCC-
REFINITIV PARENT: Fitch Maintains 'BB' LT IDR on Watch Positive
RENT-A-CENTER INC: Egan-Jones Lowers Senior Unsecured Ratings to B+
RESTAURANT BRANDS: S&P Alters Outlook to Neg., Affirms 'BB' ICR
ROYAL CARIBBEAN: S&P Lowers ICR to 'BB'; Outlook Negative

RYMAN HOSPITALITY: Fitch Cuts LT IDR to B+, Outlook Negative
SAHBRA FARMS: April 14 Hearing on Amended Disclosure Statement
SANMINA CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
SBA COMMUNICATIONS: Egan-Jones Cuts Local Curr. Unsec. Rating to B+
SERVICE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB

SERVICE PROPERTIES: S&P Downgrades ICR to 'BB+'
SHERIDAN HOLDING: Hires AlixPartners as Financial Advisor
SHERIDAN HOLDING: Hires Evercore as Investment Banker
SHERIDAN HOLDING: Hires Katten Muchin as Special Counsel
SHERIDAN HOLDING: Hires Kirkland & Ellis as Counsel

SHERIDAN HOLDING: Lenders Recover 49% in Debt-for-Equity Plan
SILGAN HOLDINGS: Egan-Jones Cuts Local Curr. Unsecured Rating to B+
SINCLAIR BROADCAST: Egan-Jones Lowers Sr. Unsecured Ratings to B
SIX FLAGS: Egan-Jones Cuts Local Curr. Sr. Unsecured Rating to B
SKLAR EXPLORATION: Hires Kutner Brinen as Counsel

SKLARCO LLC: Seeks to Hire Kutner Brinen as Counsel
SLINGER BAG: Accumulated Deficit Casts Going Concern Doubt
SM ENERGY: Moody's Cuts CFR to B3 & Senior Unsec. Rating to Caa1
SONGWUT ART: Seeks to Hire Farsad Law as Bankruptcy Counsel
SOUTH & HEADLEY: Hires Rabinowitz Lubetkin as Counsel

SOUTHWESTERN ENERGY: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
SPRINT COMMUNICATIONS: Egan-Jones Lowers Sr. Unsec. Ratings to B
STAPLES INC: Moody's Alters Outlook on B1 CFR to Negative
STAR PETROLEUM: May 26 Hearing on Disclosure Statement
STERICYCLE INC: Egan-Jones Cuts Local Curr. Unsecured Rating to B+

SUNCOKE ENERGY: Moody's Alters Outlook on B1 CFR to Negative
TAILORED BRANDS: Reports $82.3 Million Net Loss for Fiscal 2019
TEARLAB CORP: Extends CRG Loan Due Date Until May 31
TENET HEALTHCARE: S&P Assigns 'BB-' Rating to First-Lien Sr. Notes
THERMOGENESIS HOLDINGS: Marcum LLP Raises Going Concern Doubt

THREE DIAMOND: Seeks to Hire Morrison Tenenbaum as Counsel
TITAN INT'L: Egan-Jones Lowers Sr. Unsecured Ratings to CC
TIVO SOLUTIONS: Egan-Jones Lowers Sr. Unsecured Ratings to CCC+
TRANSATLANTIC PETROLEUM: RBSM LLP Raises Going Concern Doubt
TRANSDIGM INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR

TRINITA PARETE: Hires Marc Scolnick PC as Bankruptcy Counsel
TRINSEO SA: S&P Downgrades ICR to 'B' on Recession Concerns
TRONOX LIMITED: Egan-Jones Lowers LC Sr. Unsecured Rating to CCC-
TROUSDALE US AUSSIE: Hires Ervin Cohen as Special Counsel
TTM TECHNOLOGIES: Fitch Alters Outlook on 'BB' LT IDR to Negative

TUPPERWARE BRANDS: Egan-Jones Cuts Local Curr. Unsec. Rating to BB
TWINS SPECIAL: Seeks to Hire Bruce R. Babcock as Legal Counsel
TZEW HOLDCO: Case Summary & 30 Largest Unsecured Creditors
U.S. STEEL: Egan-Jones Lowers Senior Unsecured Ratings to B
UNDER ARMOUR: Egan-Jones Cuts Local Curr. Unsecured Rating to BB-

UNDER ARMOUR: S&P Alters Outlook to Negative, Affirms 'BB' ICR
UNIT CORP: PricewaterhouseCoopers LLP Raises Going Concern Doubt
UNIVERSAL HEALTH: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
UPSTREAM NEWCO: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
USF HOLDINGS: S&P Downgrades ICR to 'CCC' on Coronavirus Impact

VALSPAR CORP: Egan-Jones Cuts Local Curr. Unsecured Rating to CC
VERMILLION INC: Incurs $15.2 Million Net Loss in 2019
VICI PROPERTIES: Moody's Alters Outlook on Ba3 CFR to Negative
VILLAGE EAST: Case Summary & 20 Largest Unsecured Creditors
VISHAY INTERTECHNOLOGY: Egan-Jones Cuts Sr. Unsec. Ratings to BB-

VPR BRANDS: Issues $100K Promissory Note to CEO Frija
VTV THERAPEUTICS: Extends Loan Maturity Date by Three Months
WATSON GRINDING: January 24 Claimants Taps Porter Hedges as Counsel
WEATHERFORD INTERNATIONAL: S&P Cuts ICR to 'CCC+'; Outlook Negative
WENDY'S COMPANY: Egan-Jones Lowers Senior Unsecured Ratings to B-

WENDY'S COMPANY: Moody's Cuts CFR to B3 & Unsec. Rating to Caa2
WESCO INT'L: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
WESTERN DIGITAL: Egan-Jones Lowers LC Sr. Unsecured Rating to B+
WESTERN RESERVE: Creditors Object to Disclosure Statement
WESTSIDE LIQUIDATORS: Seeks to Hire Jason A. Burgess as Counsel

WESTWIND MANOR: June 15 Plan Confirmation Hearing Set
WHITING PETROLEUM: Egan-Jones Cuts Local Curr. Unsec. Rating to CCC
WOLVERINE WORLD: Egan-Jones Lowers Senior Unsecured Ratings to BB
WOODFORD EXPRESS: Moody's Cuts CFR to Caa1, Outlook Negative
WYNN RESORTS: Moody's Rates New $350MM Senior Unsecured Notes 'B1'

YAGER ENTERPRISES: Hires Susan McDonough as Accountant
YOAKUM ISD: Fitch Cuts LongTerm IDR to BB, On Watch Negative
YOUNGEVITY INTERNATIONAL: Gets Noncompliance Notice from Nasdaq
YUM! BRANDS: Egan-Jones Lowers Senior Unsecured Ratings to B+
ZEBRA TECHNOLOGIES: Egan-Jones Cuts Local Curr. Unsec Rating to BB+

ZYLA LIFE: Ernst & Young LLP Raises Going Concern Doubt
[*] S&P Alters Outlook on 8 Senior Living Transactions to Negative
[*] S&P Takes Various Rating Actions on Business Services Sector

                            *********

19 HIGHLINE: Seeks to Hire Meridian Capital as Sales Agent
----------------------------------------------------------
19 Highline Development, LLC and Project 19 Highline, LLC seek
approval from the U.S. Bankruptcy Court for the Southern District
of New York to hire Meridian Capital Group, LLC as its sales
agent.

The Debtor owns a condominium development project located at
435-437 19th Street, New York, New York. The project stagnated
prior to bankruptcy and the existing structure had deteriorated
physically, and needs major renovation and repair. The Debtor is
proceeding to sell the property.

Medical as sales agent will conduct the auction sale.

Meridian will be paid a buyer's premium of 105% of the gross
purchase price. In the event the Lenders acquire the property by
credit bid, then the buyer's premium shall be fixed at $25,000, to
be paid by the Debtor.

Meridian is a "disinterested person" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     David Schechtman
     Meridian Capital Group, LLC
     800 Third Avenue, 38th Floor
     New York, NY 10022
     Tel: 212-468-5900
     Fax: 212-612-0100
     Phone: 212-468-5907
     Email: dschechtman@meridiancapital.com

              About 19 Highline Development and
                     Project 19 Highline

19 Highline Development LLC owns a 100% membership interest in
Project 19 Highline Development LLC, which owns a condominium
development project located at 435-437 19th Street, New York.  The
project contemplates construction of high-end residential
condominiums, with a full "sell-out price" of approximately $60
million.

19 Highline Development sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-12714) on September 7,
2018.  On April 5, 2019, Project 19 Highline LLC filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 19-11068).

At the time of the filing, 19 Highline had estimated assets of
between $10 million and $50 million and liabilities of between $1
million and $10 million.  Meanwhile, Project 19 Highline disclosed
$55 million in assets and $40.46 million in liabilities.

The cases are assigned to Judge Michael E. Wiles.


AE WOODLAND: S&P Cuts Revenue Bond Ratings to 'B (sf)'
------------------------------------------------------
S&P Global Ratings lowered its ratings on Volusia County Industrial
Development Authority, Fla.'s series 2017A and 2017B senior-living
senior- and subordinate-lien debt revenue bonds, issued for AE
Woodland Towers LLC, to 'B(sf)' from 'A-(sf)' and 'BBB-(sf)',
respectively. At the same time, S&P placed both ratings on
CreditWatch with developing implications.

The downgrade and CreditWatch status affect approximately $16.7
million in debt outstanding, issued to fund a 235-unit
senior-living facility located in DeLand, Fla., approximately 40
miles north of Orlando. Twenty percent of the units at the two
towers are reserved for tenants with annual incomes at or below 50%
of the local area median income.

"The rating action reflects our opinion of the project's
uncertainty to meet its debt service payments on a timely basis
resulting from health and safety concerns, which we consider a
social risk under our environmental, social, and governance
factors," said S&P Global Ratings credit analyst David Greenblatt,
"and the associated high potential for the adverse economic and
financial conditions resulting from the COVID-19 pandemic to impair
the owner's capacity and willingness to honor these obligations."

Incorporated into the rating and CreditWatch status are social
risks that S&P views as being above the sector standard, reflected
in the project's vulnerability to declines in occupancy and
revenues, as well as increased expenses.

The ratings also reflect the lack of a debt service reserve fund
(DSRF) for the first-tier 2017A bonds and the DSRF equal to six
months' maximum annual debt service for the second-tier 2017B
bonds. There is no longer a differentiation in the ratings between
the senior and subordinate bonds, as S&P believes there is a
limited distinction in the owner's capacity and willingness to meet
its financial obligations for both classes.

This action follows the March 30, 2020, trustee disclosure of
management's request for a 180-day forbearance from requirements
under the bond documents, as a result of the COVID-19 pandemic and
related financial strain. This notice stated that management will
be unable to make timely debt service payments on the bonds while
also protecting the health and safety of residents and staff due to
a flow of funds that prioritize debt service payments prior to
funding an operations account. Management indicates the expected
revenue constraints at the Woodland Towers project may continue
through the COVID-19 pandemic and the associated financial downturn
in the economy.

S&P recognizes that, because seniors have been the most vulnerable
to the coronavirus, senior properties, particularly those with
assisted-living and memory care facilities, may see slower leaseups
and unforeseen operating costs, as noted in its report "All U.S.
Public Finance Sector Outlooks Are Now Negative," published April
1, 2020, on RatingsDirect.

"The CreditWatch action reflects the forbearance request as a
result of increased operational costs and expected reductions in
revenue as a result of the COVID-19 pandemic and the resulting
economic downturn, and management's recent disclosure that it will
not make timely debt service payments on the bonds while covering
the increased costs of protecting residents and staff," added Mr.
Greenblatt.

S&P will monitor events closely and make a further rating
determination within the 90-day CreditWatch period which includes
the project's next scheduled interest payment date on July 1, 2020,
or before that date if bondholders direct the trustee to take
action in the interim.


AFFORDABLE RECOVERY: Seeks to Hire Joel A. Schechter as Counsel
---------------------------------------------------------------
Affordable Recovery Housing seeks authority from the United States
Bankruptcy Court for the Northern District of Illinois to employ
the Law Offices Of Joel A. Schechter as its counsel.

Little Guys requires Joel A. Schechter to:

     (a) give the Debtor and Debtor-in-Possession legal advice with
respect to its powers and duties as Debtor-in-Possession in the
continued operation of its business;

     (b) prepare on behalf of the Debtor and Debtor-in-Possession
necessary motions, answers, orders, reports and other legal papers
necessary and appurtenant to these proceedings; and

     (c) perform all other legal services for the Debtor and
Debtor-in-Possession which may be necessary in this proceeding.

Joel Schechter, Esq., the firm's attorney who will be handling the
case, charges an hourly fee of $500.  The retainer fee is $15,000.

Mr. Schechter disclosed in court filings that he is "disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.

The Counsel can be reached through:

     Joel A. Schechter, Esq.
     Law Offices of Joel A. Schechter
     53 W. Jackson Blvd., Suite 1522
     Chicago, IL 60604
     Tel: (312)332-0267
     E-mail: joelschechter@covad.net

           About Affordable Recovery Housing

Affordable Recovery Housing is an addiction treatment center in
Blue Island, Illinois.

Affordable Recovery Housing filed it voluntary petition for relief
pursuant to Chapter 11 of the Bankruptcy Code (Banrk. N.D. Ill.
Case No. 20-01973) on Jan. 23, 2020. The petition was signed by
John M. Dunleavy, CEO. At the time of filing, the Debtor estimated
$50,000 in assets and $1 million to $10 million
in liabilities.Joel A. Schechter, Esq. at LAW OFFICES OF JOEL A.
SCHECHTER, is the Debtor's counsel.


AHERN RENTALS: S&P Cuts ICR to CCC+ on Expected Demand Challenges
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on equipment
rental company Ahern Rentals Inc. to 'CCC+' from 'B'. The outlook
is negative. In addition, S&P lowered its rating on Ahern's senior
secured second-lien notes due 2023 to 'CCC' from 'B-'.

"We expect rental demand will weaken considerably in 2020, which
could cause revenue to fall significantly. Ahern's business remains
highly exposed to the cyclical nonresidential construction
industry, particularly in Texas, California, and Las Vegas. Almost
200 million Americans are now either under shelter-in-place orders
or being urged to stay at home in a concerted effort to contain the
spread of the new coronavirus. The quarantine of about three-fifths
of Americans, either voluntarily or by mandate, has led to a sudden
stop in economic activity across the country. We believe
construction activity will slow considerably over the remainder of
the 2020 given our expectation for an economic recession. We
forecast this will cause nonresidential construction activity will
fall by 11.8% during the year, severely weakening demand for rental
equipment," S&P said.

The negative outlook on Ahern reflects the potential for a
downgrade if demand is worse than S&P expects, if negative free
cash flow pressures liquidity, or if covenant pressure increases.

"We could lower our ratings on Ahern if we envision a specific
default scenario taking place within the next 12 months. This could
occur if the depth or duration of the construction slowdown is more
significant than we expect, if it seems likely that Ahern will not
be in compliance with one or more springing financial covenants it
is required to test, or if free cash flow is more negative than we
expect, pressuring liquidity," S&P said.

"Although we expect near-term weakness in nonresidential
construction activity, we could raise our ratings over the next 12
months if demand is stronger than we forecast and the company
generates positive free operating cash flow (FOCF). In addition, we
would expect the company to have sufficient liquidity to operate
its business and maintain covenant headroom of at least 15% under
all applicable covenants," the rating agency said.


AL YEGA: Seeks to Hire Spence Law as Counsel
--------------------------------------------
Al Yega LLC seeks permission from the U.S. Bankruptcy Court for the
Southern District of New York to employ Spence Law Office, P.C., as
its counsel.

Services Spence Law will render are:

     a) give the Debtor guidance with respect to its power and
responsibility as a debtor-in-possession in the continued
management of its 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
represent the Debtor in all matters pending before the Court; and

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

The hourly rates for Spence Law Office are:

     Partners                $475
     Associates/of counsel   $325 to $450
     Paralegals              $125

Spence Law received a retainer in the amount of $20,000.

Spence Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Robert J. Spence, partner of Spence Law Office, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Spence Law can be reached at:

     Robert J. Spence, Esq.
     SPENCE LAW OFFICE, P.C.
     55 Lumber Road, Suite 5
     Roslyn, NY 11576
     Tel: (516) 336-2060

                    About Al Yega LLC

Al Yega LLC is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).

Al Yega LLC filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10383) on Feb.
10, 2020. In the petition was signed by Albert Yeganeh, member, the
Debtor estimated $1 million to $10 million in both assets and
liabilities.  Robert J. Spence, Esq. at SPENCE LAW OFFICE, P.C.,
serves as the Debtor's counsel.


ALBERT EINSTEIN HEALTHCARE: Moody's Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed Albert Einstein Healthcare
Network's (AEHN) Ba1 revenue bond and issuer rating. This action
affects approximately $449 million of rated debt. The outlook has
been revised to negative from stable.

RATINGS RATIONALE

The negative outlook reflects the risk of material declines in
revenue and further declines in an already modest liquidity
position from the impact of COVID-19. The affirmation includes an
assumption of significant state and federal support through the
CARES Act, although the amount and timing of support are unknown.
While advanced Medicare payments will likely be the first source of
funding, AEHN's allocation may be less than others because the
system already receives advanced Medicare payments for inpatient
services as a safety net provider under the Periodic Interim
Payment (PIP) system. The system's modest liquidity will provide
limited flexibility to absorb COVID-19, following a decline through
year-to-date fiscal 2020 from capital expenditures and the timing
of pension, debt service and insurance payments; of note, AEHN's
liquidity typically improves in the last quarter of the fiscal
year. Nevertheless, the affirmation reflects stable margins and
volumes pre-COVID-19 and the system's role as a large and essential
provider in the Philadelphia region.

The most significant social consideration and rating driver for
AEHN is COVID-19. AEHN suspended elective procedures indefinitely
at the end of March to prevent the spread of the virus, which will
drive a significant decline in revenue. The rapid and widening
spread of the coronavirus outbreak, deteriorating global economic
outlook, falling oil prices, and financial market 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.

A governance consideration, AEHN and Thomas Jefferson University
(TJU, A2 negative) announced plans to merge and signed a definitive
agreement in September 2018. In February 2020, the Federal Trade
Commission filed an administrative complaint opposing the merger.
Both systems are still committed to the merger. The rating does not
incorporate the potential merger or administrative complaint at
this time, given uncertainly around the timing and likelihood of
completing the transaction.

RATING OUTLOOK

The negative outlook reflects the likelihood of a continued decline
in liquidity, revenue and margins from the significant disruption
of services due to COVID-19. While the rating does incorporate
state and federal support, the timing and amount are unclear.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Material growth in unrestricted investments resulting in
improved debt and liquidity metrics

  - Sustained and durable improvement in operating margins

  - Notable growth in market share

  - Guarantee of bonds by stronger partner or favorable change of
bondholder security

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - Adverse change in existing supplemental payments or inability
to secure meaningful federal or state relief funds

  - Further decline in near-term liquidity

  - Prospect of prolonged deterioration of cashflow

  - Sizable increase in leverage or worsening debt metrics

  - Dilutive acquisition or merger

LEGAL SECURITY

The bonds are secured by a gross revenue pledge of the Obligated
Group and mortgage lien on certain property of Einstein Medical
Center Philadelphia and Einstein Medical Center Montgomery. The MTI
covenant is a 1.10 times debt service coverage test measured
annually; if below, a consultant is retained. The line of credit
excludes a cross-default provision and can be used to only issue
letters of credit. The line does have more restrictive covenants of
1) 85 days cash on hand (inclusive of collateral) measured
semi-annually and 2) 1.25 times debt service coverage measured
quarterly. A breach of bank covenants may lead to a termination of
the loan agreement. The Obligated Group consists of AEHN (parent),
Albert Einstein Medical Center, Einstein Medical Center Montgomery,
Fornance Physician Services, Montgomery Hospital Medical Center,
Montgomery Hospital Foundation, Einstein Practice Plan, and
Einstein Community Health Associates.

PROFILE

Albert Einstein Healthcare Network is a regional system based in
Philadelphia. There are four inpatient facilities in the Network:
Einstein Medical Center in Philadelphia, Moss Rehab with locations
throughout Philadelphia and Montgomery Counties, Einstein Medical
Center Elkins Park, and Einstein Medical Center Montgomery in East
Norriton. The Network also includes a large network of primary care
and specialty physician practices. The health system generated
total revenues of $1.3 billion in fiscal 2019.

METHODOLOGY

The principal methodology used in these ratings was Not-For-Profit
Healthcare published in December 2018.


ALLIANCE DATA: Egan-Jones Lowers LC Senior Unsecured Rating to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the local
currency senior unsecured ratings on debt issued by Alliance Data
Systems Corporation to B from B+. EJR also downgraded the rating on
LC commercial paper issued by the Company to C from B.

Alliance Data Systems Corporation is a publicly-traded provider of
loyalty and marketing services, such as private label credit cards,
coalition loyalty programs, and direct marketing, derived from the
capture and analysis of transaction-rich data.



ALPHA INVESTMENT: Assurance Dimensions Raises Going Concern Doubt
-----------------------------------------------------------------
Alpha Investment Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$1,697,245 on $90,115 of total income for the year ended Dec. 31,
2019, compared to a net loss of $1,608,148 on $46,799 of total
income for the year ended in 2018.

The audit report of Assurance Dimensions states that the Company
has suffered recurring losses.  As of and for the year ended
December 31, 2019, the Company had a net loss of $1,697,245, had
net cash used provided by operating activities of negative
$2,041,111, accumulated deficit of $4,019,729 and working capital
of $2,463,559. These factors raise substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $4,030,455, total liabilities of $137,320, and a total
stockholders' equity of $1,030,101.

A copy of the Form 10-K is available at:

                       https://is.gd/rXXgqA

Alpha Investment Inc. focuses on real estate and other commercial
lending activities.  The company was formerly known as GoGo Baby,
Inc., and changed its name to Alpha Investment Inc. in April 2017
to reflect its new business plan.  Alpha Investment Inc. was
incorporated in 2013 and is based in Columbus, Ohio.  As of March
17, 2017, Alpha Investment Inc. operates as a subsidiary of Omega
Commercial Finance Corp.


AMERICAN BATH GROUP: S&P Alters Outlook to Neg., Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Savannah, Tenn.–based
manufacturer American Bath Group (ABG) to negative from stable and
affirmed the 'B' issuer credit rating.

"We revised the outlook to negative to reflect our view that ABG's
ability to generate earnings in 2020 will be adversely impacted by
the recessionary macroeconomic conditions. For the 12 months ended
Sept. 30, 2019, the company's adjusted leverage was 6.5x and EBITDA
interest coverage was 1.7x. We expect these credit measures to
deteriorate somewhat over the next 12 months as end markets' demand
and earnings remain pressured. S&P Global Ratings believes that the
U.S. economy has entered into a recession, with a steep decline in
GDP expected in the second quarter of 2020 and a U-shaped recovery
in the second half," S&P said.

"In our baseline, we forecast a decline in real GDP 12.7% in the
second quarter, translating to a full-year drop of 1.3% in 2020. In
addition, we expect the unemployment rate to spike to 7.1% and
consumer spending to dry up, falling 1.4% for the year. While we
continue to forecast a U-shaped recovery in the second half, the
path and severity of the coronavirus pandemic will dictate when the
rebound will start," the rating agency said.

The negative outlook reflects S&P's belief that recessionary
pressures and reduced end-markets demand could result in ABG's
earnings and credit measures worsening more than the rating agency
expects under its base-case scenario.

"We could lower the ratings if ABG's earnings deteriorated such
that leverage rose to above 7x or EBITDA interest coverage fell
below 1.5x with little prospect for a rapid recovery. We estimate
an annual sales decline of 15% could drive credit measures to these
levels," S&P said.

"We could revise the outlook back to stable over the next 12 months
if business conditions improve and ABG maintains leverage around 6x
and EBITDA interest coverage above 2x," the rating agency said.


ANASTASIA PARENT: Moody's Cuts CFR to Caa3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of
Anastasia Parent, LLC to Caa3 from B3 and its Probability of
Default Rating to Caa3-PD from B3-PD. Moody's also downgraded
Anastasia's 1st lien senior secured revolving credit facility and
term loan ratings to Caa3 from B3. The outlook is negative.

The downgrades reflect Anastasia's declining sales and earnings,
which pushed leverage higher following the 2018 debt-financed
dividend to its owners. Sales and EBITDA dropped by roughly 15% and
30%, respectively, in 2019, which was driven by heightened
promotional activity in the intensely competitive and crowded color
cosmetics category. This soft operating performance has resulted in
high financial leverage with debt to EBITDA of 6.3x for the
twelve-month ended September 30, 2019, materially higher than
Moody's originally anticipated at the time of the 2018 dividend.
Moody's expects leverage to increase further to in excess of 8.0x
by the end of 2020. Earnings have also been negatively impacted by
increased costs as Anastasia adds to its senior management team.
Further, Anastasia continues to experience meaningful erosion in
earnings and cash flow due to ongoing competitive pressures from
large well capitalized competitors and a high number of independent
brands. Anastasia highly relies on discretionary spending since the
company largely focuses on prestige color cosmetics. Anastasia's
revenue and earnings were already declining meaningfully heading
into 2020 and earnings will be further impacted by ongoing
competitive pressures, closures at department stores and specialty
retailers, and governmental recommended social distancing
reflecting efforts to contain the coronavirus. These factors are
weakening economic growth globally and add further operating
pressure on Anastasia. The magnitude of the operating challenges
and difficult economic environment present considerable headwinds
to materially improving earnings and cash flow in a short time
period even with good execution and cost reductions.

Ratings Downgraded:

Anastasia Parent, LLC

Corporate Family Rating to Caa3 from B3

Probability of Default Rating at Caa3-PD from B3-PD

$150 million Gtd senior secured first lien revolving credit
facility expiring in 2023 to Caa3 (LGD4) from B3 (LGD4)

$650 million Gtd senior secured first lien term loan B due 2025 to
Caa3 (LGD4) from B3 (LGD4)

The outlook has been revised to negative from stable.

RATINGS RATIONALE

The Caa3 CFR reflects Anastasia's high financial leverage, with
debt/EBITDA estimated at 6.3x at the end of 2019. The credit
profile also reflects weak operating performance with meaningful
sales and earnings declines elevating risk of a debt restructuring.
The company's relatively small scale with revenues of roughly $290
million compared to much larger cosmetic competitors, and narrow
focus in prestige color cosmetics leaves Anastasia highly exposed
to fashion risk when consumer preferences shift away from the the
company's products. Larger competitors have greater scale, possess
more product and geographic diversity, and have greater investment
capacity through a range of economic cycles. Anastasia has high
specialty retail concentration at Sephora and Ulta given that a
significant amount of its revenues are generated from those
channels. Thus, Anastasia's operating performance will be
particularly weak in 2020 because of temporary closures at those
companies. Anastasia has limited geographic diversity with a
significant amount of sales generated in the U.S. The rating is
supported by the company's good brand name recognition in niche
markets and product development capabilities.

The negative outlook reflects Moody's view that the prestige color
cosmetics segment will remain challenging. The negative outlook
also reflects Moody's view that competitive and economic headwinds
will challenge Anastasia's ability to stabilize revenue declines
quickly and avoid a debt restructuring. Moody's believes that
Anastasia's operating performance and resulting credit metrics will
remain weak over the next 12-18 months.

Social considerations impact Anastasia in that the company is
largely a prestige color cosmetics company. That is, products
related to makeup help individuals enhance their self-image and
align with social mores and customs. Hence social factors are the
primary driver of Anastasia's sales, and hence the primary reason
it exists. To the extent such social customs and mores change, it
could have an impact -- positive or negative -- on the company's
sales and earnings.

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
products sector has been one of the sectors affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Anastasia's credit profile,
including its exposure to multiple affected countries 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. Its action
in part reflects the impact on Anastasia of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

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

Should Anastasia's liquidity weaken, or should Moody's feel the
company's capital structure is becoming increasingly unsustainable,
ratings could be downgraded further. This would include an
increased probability that Anastasia will pursue a restructuring or
other transaction that Moody's would consider a distressed
exchange, and hence a default.

Before Moody's would consider an upgrade, Anastasia would need to
materially improve its operating performance and reduce its
financial leverage. Moody's would need to gain greater comfort that
Anastasia's capital structure is sustainable before considering an
upgrade.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Based in Beverly Hills, CA, Anastasia is a marketer and seller of
prestige color cosmetics largely in the U.S. Anastasia is majority
owned by the Soare family with TPG owning a minority interest. The
company generates roughly $ 290 million in annual revenue.


ANIXTER INTERNATIONAL: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Anixter International Incorporated to BB- from BB.

Anixter International is a company based in Glenview, Illinois,
United States and founded in 1957. The company supplies
communications and security products and electrical and electronic
wire and cable. Anixter is a Fortune 500 company.



ARCONIC INC: Egan-Jones Cuts Sr. Unsecured Ratings to BB
--------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Arconic Incorporated to BB from BB+.

Arconic Corporation is a company specializing in lightweight metals
engineering and manufacturing. Arconic's products are used
worldwide in aerospace, automotive, commercial transportation,
packaging, building and construction, oil and gas, defense,
consumer electronics, and industrial applications.


ARETEC GROUP: S&P Downgrades ICR to 'B-'; Outlook Stable
--------------------------------------------------------
S&P Global Ratings said it lowered its issuer credit rating on
Aretec Group Inc. to 'B-' from 'B'. The outlook is stable. At the
same time, S&P lowered its rating on the company's first-lien debt,
to 'B-' from 'B' and on the second-lien to 'CCC' from 'CCC+'. S&P
also removed the ratings from CreditWatch where it placed them with
negative implications on March 18, 2020.

"The downgrade reflects our expectation Aretec's profitability and
debt-service capacity will weaken as a result of the current
environment. Facing a recession in the U.S. (and worldwide) linked
to the COVID-19 pandemic, the Fed has cut short-term interest rates
by 150 basis points (bps) in two separate moves since mid-February.
Short-term interest rates in the U.S. are now close to zero
compared with 1.5% in mid-February. We expect that the decrease in
the fed funds rate will have an outsized impact on Aretec's
profitability and debt-service capacity. The company had $919
million of first-lien debt and $190 million of second-lien debt at
the end of March 2020," S&P said.

S&P projects that the rate impact, combined with an approximate S&P
500 reduction of 30%, will result in a loss of approximately $30
million to $35 million in adjusted EBITDA per quarter. It expects
this would result in adjusted EBITDA coverage of approximately
2.4x, and total leverage between 6.5x-7x (using covenant-adjusted
EBITDA). To maintain this level of profitability, the company will
have to execute on its expense management plan by reducing
operating expenses. S&P expects the company's flexible-cost
structure will be able to maintain adequate debt-service coverage
and liquidity necessary at current market levels.

"The company's first-lien term loan has a 6.5x maximum debt to
adjusted EBITDA leverage covenant, which is only applicable if the
company draws over $35 million on the revolver at the end of a
quarter. The company's revolver was undrawn at the end of the first
quarter in 2020. We project that given current market levels, we
would expect that the company would end 2020 with first-lien
leverage, as defined by its credit agreement, of between 5x-5.5x,"
S&P said.

The stable outlook reflects S&P's expectation for Aretec's earnings
and debt-service capacity to be under pressure over the next 12
months but for the company to stay in a sufficient liquidity
position and maintain a comfortable cushion relative to the
springing leverage covenant on its revolving credit facility.

"We could downgrade Aretec if the company's covenant is activated,
if we expect the first-lien leverage to weaken beyond our current
expectations (so that the cushion to the leverage covenant
deteriorates), if the company's liquidity worsens, or if we observe
meaningful attrition of advisers from the company's platform," S&P
said.

An upgrade is unlikely at this time, according to the rating
agency.


ARIZONA AIRCRAFT: Seeks to Hire Keery McCue as Legal Counsel
------------------------------------------------------------
Arizona Aircraft Painting, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Arizona to employ Keery McCue,
PLLC, as its attorney.

Debtor was previously represented by Ronald J. Ellett of Ellett Law
Offices, P.C. On or about March 6, 2020, Prior Counsel filed a
Motion to Withdraw as Debtor's Counsel asserting that the continued
representation of the Debtor in
the Bankruptcy Proceeding created a financial hardship. On or about
March 10, 2020, the Court entered an Order granting the Motion to
Withdraw.

Keery McCue, PLLC, will represent the Debtor in this bankruptcy
case.

The professional legal services KM shall render include preparation
of pleadings and applications, conducting examinations incidental
to administration, advising the Debtor of its rights, duties, and
obligations under Chapter 11 of the Bankruptcy Code, taking any and
all other necessary action incident to the proper preservation and
administration of this Chapter 11 estate, and advising the Debtor
in the formulation and presentation of a plan pursuant to Chapter
11 of the Bankruptcy Code, the disclosure statement and concerning
any and all matters relating thereto.

The firm's hourly rates range from $135 to $395.
  
Keery McCue neither holds nor represents any interest adverse to
the Debtor's bankruptcy estate, according to court filings.

The firm can be reached through:

     Martin J. McCue, Esq.
     Patrick F. Keery, Esq.
     Keery McCue, PLLC
     6803 East Main Street, Suite 1116
     Scottsdale, AZ 85251
     Tel: (480) 478-0709
     Fax: (480) 478-0787
     Email: mjm@keerymccue.com  
            pfk@keerymccue.com

           About Arizona Aircraft Painting

Arizona Aircraft Painting, LLC, specializes in all aerospace
performance coatings, combined with the latest in spray technology.
The Company has a fully integrated, pressurized, and automatically
climate controlled paint booth, which keeps the temperature and
humidity constant for optimal painting conditions.  The Company
also offers design services, interior refurbishment, vortex
generators, aircraft cleaning & detailing services, and window
replacement services.  Arizona Aircraft Painting operates out of a
10,000 square foot facility in Mesa, Ariz.

Arizona Aircraft Painting filed a Chapter 11 petition (Bankr. D.
Ariz. Case No. 19-05477) on May 3, 2019.  In the petition signed by
Steven Head, member, the Debtor estimated $1 million to $10 million
in assets and $500,000 to $1 million in liabilities.  The Hon.
Daniel P. Collins oversees the case.  Ronald J. Ellett, Esq., at
Ellett Law Offices, P.C., serves as bankruptcy counsel.


ASBURY AUTOMOTIVE: Egan-Jones Cuts Senior Unsecured Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Asbury Automotive Group Incorporated to B+ from
BB-.

Asbury Automotive Group is a company based in Atlanta and was
founded in 1995. The company operates auto dealerships in various
parts of the United States. As of 2018, its rank in the Fortune 500
is 434 out of 500.


ASCENT RESOURCES: Moody's Cuts CFR to B3 & Unsec. Notes to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded Ascent Resources Utica
Holdings, LLC's Corporate Family Rating to B3 from B1, its
Probability of Default Rating to B3-PD from B1-PD and its unsecured
notes rating to Caa2 from B3. The rating outlook remains negative.

"The capital markets dislocation caused by the commodity price
collapse in the first quarter of 2020 has acutely elevated the
refinancing risk for oil and gas producers, and specifically for
pure-play natural gas producers such as Ascent with near-term
refinancing needs," commented Sreedhar Kona, Moody's senior
analyst.

Downgrades:

Issuer: Ascent Resources Utica Holdings, LLC

Probability of Default Rating, Downgraded to B3-PD from B1-PD

Corporate Family Rating, Downgraded to B3 from B1

Senior Unsecured Notes, Downgraded to Caa2 (LGD5) from B3 (LGD5)

Outlook Actions:

Issuer: Ascent Resources Utica Holdings, LLC

Outlook, Remains Negative

RATINGS RATIONALE

Ascent's downgrade to B3 CFR from B1 is driven by its high
refinancing risk in an unsupportive capital markets environment
combined with the challenging macro natural gas fundamentals.
Despite Ascent's strong hedge book and the ability to maintain its
production flat through 2020 while generating modest free cash
flow, the uncertainty in the natural gas price environment has
substantially constrained the company's access to capital markets.

Ascent's negative outlook reflects the company's likelihood of
purchasing its debt at steep discounts or otherwise subordinating
its unsecured debt by layering in secured financings.

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 Ascent's credit profile have left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and Ascent remains vulnerable to the outbreak continuing
to spread and commodity 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.
Its action reflects the impact on Ascent of the breadth and
severity of the commodity demand and supply shocks, and the broad
deterioration in credit quality it has triggered.

Moody's expects Ascent to maintain adequate liquidity and generate
modest free cash flow through 2020. As of December 31, 2019, Ascent
had approximately $7 million of cash balance and $600 million of
availability under its $2 billion borrowing base revolving credit
facility maturing in April 2024. Moody's expects Ascent to be able
to meet its liquidity needs through 2020 from its operating cash
flow and not to draw on its revolver. Under the credit agreement,
Ascent is required to maintain its net debt/EBITDAX ratio below 4x
(cash netting limited to $50 million) and a current ratio above 1x.
Moody's expects Ascent to maintain compliance with its financial
covenants.

Ascent's B3 CFR reflects the company's natural gas weighted
production profile which yields lower cash margins than an
oil-weighted production base on an equivalent unit of production,
notwithstanding the company's good capital efficiency. The rating
also reflects the company's single basin focus in the Utica Shale
and significant firm transportation (FT) commitments that, while
providing flow assurance, could prove burdensome if the company's
production drops. Ascent's production meets its FT requirements and
will continue to meet them at the current production levels. Ascent
benefits from a significant reserve base in the highly productive,
low-cost Utica Shale and a comprehensive hedging program that
should provide meaningful protection to debt service and the
drilling program in the near term.

Ascent's senior unsecured notes are rated Caa2, two notches below
the CFR, to reflect the significant size and priority ranking of
the company's $2 billion borrowing base senior secured revolving
credit facility due April 2024 ($1.2 billion outstanding as of
December 31, 2019).

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

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

Ascent's ratings could be downgraded if the company's refinancing
risk is not mitigated through 2020 or if the retained cash flow to
debt falls below 10%.

Ascent's ratings are unlikely to be upgraded in the near-term. The
ratings could be considered for an upgrade if the natural gas
fundamentals improve significantly to result in significant
mitigation of the company's refinancing risk and the company can
consistently grow production while maintaining its leveraged full
cycle ratio above 1.5x. The company must also maintain its retained
cash flow to debt ratio above 20% and generate positive free cash
flow.

Based in Oklahoma City, Oklahoma, Ascent Resources Utica Holdings,
LLC is a private independent E&P company with operations in the
Utica Shale in Eastern Ohio.


ASHFORD HOSPITALITY: Egan-Jones Lowers Sr. Unsecured Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ashford Hospitality Trust Incorporated to B from B+.
EJR also downgraded the rating on commercial paper issued by the
Company to B from A3.

Ashford Hospitality Trust is a real estate investment trust (REIT)
focused on investing predominantly in upper upscale, full-service
hotels.



ASP UNIFRAX: S&P Downgrades ICR to 'CCC+'; Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on ASP Unifrax
Holdings Inc. to 'CCC+' from 'B-'. The outlook is negative.

In addition, S&P is lowering its issue-level rating on the
company's first-lien credit facilities to 'CCC+' from 'B-' and its
issue-level ratings on the company's second-lien term loan to 'CCC'
from 'CCC+'. S&P's recovery ratings are unchanged.

"The downgrade reflects our view that Unifrax's S&P-adjusted
leverage will remain above 10x over the next 12 months.  Unifrax's
financial leverage is very high following its mid-2019 acquisition
of Stellar Materials. Furthermore, lower volume and profitability
will likely prevent the company from reducing financial leverage as
we had previously expected because we believe that Unifrax will
face significantly lower demand for its automotive and
commodity-industry products. Although we expect the company will
take a significant amount of operating cost out of the business in
response to this demand pressure, we expect margins to be lower
compared to our prior forecast," S&P said.

"We forecast global auto production will fall about 15% in 2020,
significantly pressuring volumes.  We expect Unifrax will sell
significantly lower volumes of products used in auto emissions
control and in quick-start auto batteries in 2020. These products
typically represent about a third of Unifrax's revenue. Although we
believe the company has made significant cost reductions, we expect
lower volumes will weaken margins. We had previously expected
demand for dry-laid polycrystalline wool (PCW) to drive growth and
margin expansion during 2020. We now believe that this benefit will
likely be delayed until next year, given our forecast for auto
production to increase by the mid-single-digit percent area in
2021," S&P said.

The negative outlook on ASP Unifrax Holdings Inc. reflects the high
degree of uncertainty in the economic environment and the potential
for a downgrade if operating performance is weaker than S&P
expects, pressuring liquidity or covenant headroom.

"We could lower our ratings on Unifrax if we envision a specific
default scenario taking place within the next 12 months. This could
occur if the depth or duration of the demand slowdown is more
significant than we anticipate causing free cash flow to be more
negative than we expect, pressuring liquidity. We could also
downgrade the company if it seems likely that it will draw more
than 35% of its revolver and not be in compliance with its
springing covenant," S&P said.

"Although unlikely over the next 12 months given our forecast for
weaker auto production and commodity activity, we could raise our
ratings if demand is stronger than we expect and the company
significantly reduces leverage. We would also expect the company to
have sufficient liquidity to operate its business and maintain
headroom of at least 15% under the covenant if we forecast it will
spring," the rating agency said.


ATI HOLDING: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded ATI Holding Acquisition,
Inc.'s Corporate Family Rating to Caa1 from B3, its Probability of
Default Rating to Caa1-PD from B3-PD, and its Senior Secured Bank
Credit Facility ratings to B3 from B2. The outlook was changed to
negative from stable.

The downgrade of the CFR to Caa1 reflects expected weakening of
liquidity over the coming quarters due to the coronavirus pandemic
as well as the rising refinancing risk as ATI's revolver expires in
May 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 rating actions reflect the combined credit effects of the rapid
and widening spread of the coronavirus outbreak, deteriorating
global economic outlook, falling oil prices, and asset price
declines. These developments are having unprecedented effects and
are creating a severe and extensive credit shock across many
sectors, regions and markets. Physical therapy has been designated
as an essential healthcare service by the Centers for Disease
Control and Prevention (CDC). However, Moody's believes that
physical therapy companies like ATI will experience a significant
drop in volumes over the coming weeks due to declines in demand and
appointments.

The change of outlook reflects Moody's view that physical therapy
companies like ATI will experience a significant drop in volumes
over the coming weeks due to declines in demand and appointments.
While ATI has some ability to improve liquidity by reducing
variable costs and growth capital expenditures, 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:

Issuer: ATI Holdings Acquisition, Inc.

  Corporate Family Rating, downgraded to Caa1 from B3

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

  Secured 1st lien revolving credit facility expiring 2021,
  downgraded to B3 from B2 (LGD3)

  Secured 1st lien term loan due 2023, downgraded to B3 from B2
  (LGD3)

Outlook Actions:

Issuer: ATI Holdings Acquisition, Inc.

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

ATI's Caa1 Corporate Family Rating reflects its high financial
leverage, moderate but growing scale, and geographic concentration
in the mid-western and East-Coast regions of the US. ATI has
exposure to the workers compensation business, which can make the
company vulnerable to economic cycles and workers' compensation
reimbursement changes. The Caa1 also reflects the relatively low
barriers to entry in the industry, which could increase competitive
challenges in the longer-term. The credit profile is also
constrained by anticipated reduction in demand, revenue and
profitability declines caused by the coronavirus global pandemic.
The rating is supported by ATI's strong market presence as the
second largest owner/operator of physical therapy clinics in the US
as well its solid market share within the regions where it
operates. Additionally, ATI has some ability to reduce variable
costs, including reducing new office openings to improve cash flow
and liquidity.

Moody's considers ATI to have weak liquidity. The company has
historically had negative free cash flow primarily 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 continuing
negative free cash flow. Liquidity is supported by approximately
$35 million of cash and another $70 million of revolver
availability as of September 30, 2019. However, this $70 million
would come due in May 2021 when the revolver expires.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, ATI faces other
social risks such as the rising concerns around the access and
affordability of healthcare services. However, Moody's does not
consider the physical therapy providers to face the same level of
social risk as many other healthcare providers. Further, ATI
benefits from positive social considerations, as physical therapy
can be a less expensive and a safer alternative to surgery or
opioid usage. From a governance perspective, Moody's views ATI's
growth strategy to be aggressive given its history of debt-funded
new clinic openings and high leverage.

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

The ratings could be downgraded if the company's liquidity weakens,
including the inability to refinance the revolver, or if the
likelihood of a default event increases.

Although not likely in the near-term, ATI could be upgraded if it
can successfully refinance the revolver, improve liquidity, and
maintain debt/EBITDA under 7.0x.

ATI Holdings Acquisition, Inc., headquartered in Bolingbrook, IL,
is an outpatient physical therapy and rehabilitation provider. The
company operates about 900 clinics in 25 states concentrated around
the U.S. Midwest and East coast. ATI Holdings' annual revenue
exceeds $775 million. ATI is owned by financial sponsor Advent
International.

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


AVALANCHE COMPANY: Seeks to Hire Bruce R. Babcock as Legal Counsel
------------------------------------------------------------------
Avalanche Company, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of California to hire the Law
Office of Bruce R. Babcock, Esq. as its legal counsel.
   
The firm will assist Debtor in the preparation of a plan of
reorganization and will provide other legal services in connection
with its Chapter 11 case.  

Babcock will be paid an hourly fee of $225.  The firm received a
retainer in the amount of $12,500.  

Bruce Babcock, Esq., disclosed in court filings that his firm is
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Bruce R. Babcock, Esq.
     Law Office of Bruce R. Babcock, Esq.
     4808 Santa Monica Ave.
     San Diego, CA 92107
     Tel: (619) 222-2661

                     About Avalanche Company

Avalanche Company, LLC, owner of sporting goods, hobby and musical
instrument stores, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Calif. Case No. 20-01229) on March 3,
2020.  At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Christopher B. Latham oversees the case.  Debtor is
represented by the Law Office of Bruce R. Babcock, Esq.


AVIS BUDGET: Egan-Jones Lowers Senior Unsecured Ratings to B-
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Avis Budget Group, Incorporated to B- from B+. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Avis Budget Group, Incorporated is the American parent company of
Avis Car Rental, Budget Car Rental, Budget Truck Rental, Payless
Car Rental, Apex Car Rentals, Maggiore Group, and Zipcar. The
company's headquarters are located in Parsippany, New Jersey,
United States.



AYTU BIOSCIENCE: Receives More Than $23M From Warrants Exercise
---------------------------------------------------------------
Aytu BioScience, Inc., has received over the preceding three weeks
more than $23 million in cash proceeds from warrant exercises with
prices ranging from $1.25 to $1.50.  The warrants had a
weighted-average exercise price of $1.35. In total, approximately
17.1 million warrants were exercised.

The Company also announced a cash balance (unaudited) of
approximately $62.5 million as of March 31, 2020.  Financial
statements for the quarter ending March 31, 2020 are expected to be
released the week of May 11, 2020.

                     About Aytu BioScience

Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com/-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs.  The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets.  The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.

Aytu Bioscience reported a net loss of $27.13 million for the year
ended June 30, 2019, compared to a net loss of $10.18 million for
the year ended June 30, 2018.  As of Dec. 31, 2019, the Company had
$74.48 million in total assets, $57.39 million in total
liabilities, and $16.76 million in total stockholders' equity.

Plante & Moran, PLLC, in Denver, CO, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
Sept. 26, 2019, on the Company's consolidated financial statements
for the year ended June 30, 2019, citing that the Company has
suffered recurring losses from operations and has an accumulated
deficit that raise substantial doubt about its ability to continue
as a going concern.


BIORESTORATIVE THERAPIES: Seeks to Hire Certilman Balin as Counsel
------------------------------------------------------------------
BioRestorative Therapies, Inc., seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Certilman Balin Adler & Hyman, LLP as its legal counsel.
   
Certilman will advise 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:

     Richard McCord, Esq.    Partner     $500 per hour
     Jaspreet Mayall, Esq.   Partner     $500 per hour  
     Fred Skolnik, Esq.      Partner     $575 per hour
     Robert Nosek, Esq.      Associate   $400 per hour
     Samantha Hiltzik, Esq.  Associate   $275 per hour
     Paraprofessionals                   $150 per hour

The firm received a retainer in the amount of $100,000.

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

The firm can be reached through:

     Robert D. Nosek, Esq.
     Certilman Balin Adler & Hyman, LLP
     90 Merrick Avenue
     East Meadow, NY 11554
     Tel: (516) 296-7000
     Email: rnosek@certilmanbalin.com

                  About BioRestorative Therapies

BioRestorative Therapies, Inc. -- http://www.biorestorative.com/--
is a life science company focused on stem cell-based therapies.  It
develops therapeutic products and medical therapies using cell and
tissue protocols, primarily involving adult stem cells.

BioRestorative Therapies sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-71757) on March 20,
2020.  At the time of the filing, Debtor had estimated assets of
between $50 million and $100 million and liabilities of between $10
million and $50 million.  Debtor is represented by Certilman Balin
Adler & Hyman, LLP.


BR HEALTHCARE: Hires H. Anthony Hervol as Counsel
-------------------------------------------------
BR Healthcare Solutions, LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Texas to employ the
Law Office of H. Anthony Hervol, as counsel to the Debtor.

BR Healthcare requires H. Anthony Hervol to:

   a. represent the Debtor in the 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 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 the
      bankruptcy 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 Bankruptcy Court to pursue or
      defend any adversary proceedings;

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

   f. object to disputed claims; and

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

H. Anthony Hervol will be paid at the hourly rate of $285.

The Debtor paid H. Anthony Hervol the amount of $11,717, including
the filing fee.

H. Anthony Hervol will also be reimbursed for reasonable
out-of-pocket expenses incurred.

H. Anthony Hervol, partner of the Law Office of H. Anthony Hervol,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

H. Anthony Hervol can be reached at:

     H. Anthony Hervol, Esq.
     LAW OFFICE OF H. ANTHONY HERVOL
     4414 Centerview Drive, Suite 207
     San Antonio, TX 78228
     Tel: (210) 522-9500
     Fax: (522) 522-0205

              About BR Healthcare Solutions, LLC

BR Healthcare Solutions, LLC, based in Karnes City, TX, filed a
Chapter 11 petition (Bankr. W.D. Tex. Case No. 20-50627) on March
20, 2020. The Hon. Craig A. Gargotta presides over the case. H.
Anthony Hervol, Esq., at the Law Office of H. Anthony Hervol,
serves as bankruptcy counsel.

In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Sanjeev Bhatia, member.



BRIGHT HORIZONS: Moody's Cuts CFR to B1 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded Bright Horizons Family
Solutions LLC's Corporate Family Rating to B1 from Ba3, Probability
of Default Rating to B1-PD from Ba3-PD, and the first lien credit
facilities' instrument ratings to B1 from Ba3. Concurrently, the
Speculative Grade Liquidity Rating was downgraded from SGL-1 to
SGL-2. The outlook is negative.

The downgrade reflects Moody's expectations for significant revenue
and earnings decline in 2020 due to coronavirus related center
closures as well as Moody's projection for a recession in the U.S
and Europe in 2020, which could have a prolonged impact on earnings
given the company's business profile is dependent on the health of
economy and labor market employment. Moody's expects lease adjusted
debt-to-EBITDA to rise from 3.6x at year end 2019 to the 4.0x range
in 2020. Bright Horizon has closed the majority of its U.S. based
centers as well a majority of its European centers in the UK, and
Moody's expects efforts to contain the coronavirus will restrict
Bright Horizon's ability to reopen for an unknown period. In
addition, Moody's believes a return to pre-pandemic enrollment
levels will be gradual once centers reopen because lower employment
will reduce center-based child care demand and some individuals may
be reluctant to put their children in social settings.

Downgrades:

Issuer: Bright Horizons Family Solutions LLC

Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Senior Secured 1st Lien Bank Credit Facility, Downgraded to B1
(LGD3) from Ba3 (LGD3)

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

Outlook Actions:

Issuer: Bright Horizons Family Solutions LLC

Outlook, revised to Negative from Stable

RATINGS RATIONALE

Bright Horizons' B1 CFR reflects its moderately high leverage with
Moody's adjusted debt-to-EBITDA expected to rise to the 4.0x range
in 2020 due to expected earnings decline. The rating is also
constrained by material business risks including exposure to
cyclical employment and a relatively high level of capital
expenditures. The rating also incorporates the company's history of
partially debt financed share repurchases. However, the rating is
supported by its well-recognized brand in the employer-sponsored
child-care space, good diversification by customer and industry
verticals, and relatively long-term contractual arrangements. The
rating also acknowledges its track record of solid free cash flow
generation and good 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 childcare
sector has been one of the sectors most significantly affected by
the shock. More specifically, the weaknesses in Bright Horizon's
credit profile, including its exposure to US quarantines have left
it vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Bright Horizon 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. Its action
reflects the impact on Bright Horizon of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

The downgrade of the liquidity rating to SGL-2 from SGL-1 is
because of the deterioration in free cash flow resulting from
efforts to contain the coronavirus and contraction in employment.
The company's liquidity position is bolstered by an undrawn $225
million revolver expiring in July 2022 and a nearly 50% EBITDA
cushion within the net debt to EBITDA covenant. The term loan has
annual amortization of $10.75 million and matures in November 2023.
Liquidity could nevertheless deteriorate because of the expected
EBITDA decline and cash burn.

The negative outlook reflects Moody's view that Bright Horizon
remains vulnerable to coronavirus disruptions, rapidly
deteriorating economic environment in the US and Europe, as well as
the uncertainty regarding the timing of center re-openings. The
negative outlook also reflects Moody's view that liquidity will
deteriorate should there be prolonged center closures or lower
enrollment volumes.

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

The ratings could be upgraded if the centers reopen on a timely
basis, volume recovers such that the company resumes revenue and
earnings growth with Moody's adjusted debt-to-EBITDA leverage
maintained below 4.0x with free cash flow to debt maintained in the
low teens' percentage. Additionally, the company would need to
demonstrate a conservative approach with respect to acquisitions
and shareholder-friendly activities.

The ratings could be downgraded if center closures persist or
volume recovery is slow upon center reopening such that earnings
continued to weaken, or if Moody's adjusted debt-to-EBITDA leverage
increases and is sustained above 5.0x. A material debt-financed
acquisition, aggressive share repurchase activity, or liquidity
deterioration could also pressure the ratings.

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

Bright Horizons Family Solutions LLC, based in Watertown,
Massachusetts, is a provider of employer-based child care services,
back-up dependent care, and other educational advisory services. As
of December 31, 2019, the company operated 1,084 child care and
early education centers with the capacity to serve over 120,000
children in the United States, the United Kingdom, Canada, the
Netherlands, and India. In 2019, the publicly-traded company
generated approximately $2.0 billion in revenues.


BRONX MIRACLE: Trustee Hires Tamerlain as Real Estate Broker
------------------------------------------------------------
Deborah J. Piazza, the Chapter 11 Trustee of Bronx Miracle Gospel
Tabernacle Word of Faith Ministries, Inc., seeks authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Tamerlain Realty Corp., as real estate broker to the
Trustee.

The Trustee requires Tamerlain to market and sell the Debtor's real
property known as 2910 Barnes Avenue, Bronx, New York.

Nico V. Rossi, partner of Tamerlain Realty Corp., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Tamerlain can be reached at:

     Nico V. Rossi
     TAMERLAIN REALTY CORP.
     629 Fifth Avenue, Suite 219
     Pelham, NY 10803
     Tel: (914) 637-0800

              About Bronx Miracle Gospel Tabernacle
                 Word of Faith Ministries, Inc.

Bronx Miracle Gospel Tabernacle Inc. -- http://www.bronxmiracle.org
-- is a not-for-profit religious corporation in Bronx, New York.
The Debtor previously sought bankruptcy protection on May 22, 2017
(Bankr. S.D.N.Y. Case No. 17-11395).

The Debtor sought bankruptcy protection (Bankr. S.D.N.Y. Case No.
19-12447) on July 28, 2019. In the petition signed by Rev. Dr.
Keith Elijah Thompson, pastor, the Debtor estimated $1 million to
$10 million in both assets and liabilities. Barak P. Cardenas, Esq.
at CARDENAS ISLAM & ASSOCIATES, PLLC, serves as the Debtor's
counsel.



BROOKDALE SENIOR: Egan-Jones Lowers Senior Unsec. Ratings to CCC-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Brookdale Senior Living Incorporated to CCC- from
CCC.

Brookdale Senior Living owns and operates over 800 senior living
communities and retirement communities in the United States.
Brookdale was established in 1978 and is based in Brentwood,
Tennessee.



BURLINGTON COAT: Moody's Alters Outlook on Ba1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Burlington Coat Factory
Warehouse Corp's Corporate Family Rating at Ba1, its Probability of
Default Rating at Ba1-PD, and the company's senior secured term
loan at Ba1. In addition, Moody's downgraded its Speculative Grade
Liquidity rating to SGL-2 from SGL-1. The outlook was changed to
negative from stable.

"The negative outlook reflects the potential for a protracted
weakness in credit metrics as a result of the store closures
related to COVID-19 and the potential for continuing suppression of
consumer demand despite its participation in the healthy off-price
segment," stated Vice President Christina Boni. "Burlington's
liquidity remains good given its roughly $800 million of cash
inclusive of a $400 million draw on its $600 million revolver and
the lack of term debt maturities. However, extended store closures
pose a significant cash drain as the company does not sell online,"
Boni added.

Downgrades:

Issuer: Burlington Coat Factory Warehouse Corp

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

Affirmations:

Issuer: Burlington Coat Factory Warehouse Corp

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD3)

Outlook Actions:

Issuer: Burlington Coat Factory Warehouse Corp

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 non-food
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 Burlington's credit
profile, including its exposure widespread store closure and to
China have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Burlington 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.
Its action reflects the impact on Burlington of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Burlington's Ba1 Corporate Family Rating is supported by governance
considerations which include its suspension of share repurchases in
response to COVID-19 and its moderate financial leverage with
debt/EBITDA at 2.9x and EBIT/interest expense at 4.0x as of LTM
February 2, 2020. Burlington, the third largest off-price operator
based on revenues has continued to post improving operating
performance. Nonetheless, the disruption from COVID-19 and the
continuing suppression of consumer demand pose a risk to its credit
profile. The company's participation in the off-price retail
segment which had continued to grow faster than other apparel
related sub-sectors and has fared relatively well during economic
downturns also supports its rating. Its improved merchandising
initiatives and its real estate expansion through smaller stores
have supported sustainable improvement in operating margins. The
company still has a relatively weaker competitive position, as it
is still significantly smaller than its largest peers -- TJX and
Ross Stores - and with lower operating margins. The rating also
reflects the company's good liquidity.

The negative rating outlook reflects the risk that the disruption
caused by Covid-19 and weakening consumer demand could lead to a
sustained weakening of credit metrics. Financial strategy is
expected to remain conservative with any reinstatement of share
repurchases only following a return to sales and operating income
growth.

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

Ratings could be upgraded if operating performance improves such
that debt/EBITDA is sustained below 3.0x and EBITA/interest expense
is sustained above 4.0x. A ratings upgrade will also require
maintaining very good liquidity as well as financial policies and a
capital structure consistent with an investment grade rating.

Ratings could be downgraded in the event Burlington's financial
strategy was to become more aggressive prior to a return to sales
and operating income growth or its liquidity profile weakens.
Quantitatively, ratings could be downgraded if debt/EBITDA was
sustained above 3.75x and EBITA/interest expense was sustained
below 3.25x.

Headquartered in Florence, NJ, Burlington Stores operates a
national chain of off-price retail stores, operating 727 stores as
of February 1, 2020 primarily under the Burlington Stores name.


CANNTRUST HOLDINGS: Gets CCAA Stay; E&Y Named Monitor
-----------------------------------------------------
CannTrust Holdings Inc. (TSX: TRST, NYSE: CTST) has obtained an
order from the Ontario Superior Court of Justice (Commercial List)
granting protection under the Companies' Creditors Arrangement Act
(Canada).

In accordance with the Initial Order, all creditors of CannTrust,
CannTrust Inc., CTI Holdings (Osoyoos) Inc., and Elmcliffe
Investments Inc., as well as the plaintiffs in the putative class
actions and other litigation brought against the Companies, will be
stayed from enforcing their claims.  The Initial Order provides for
a stay of proceedings in favour of the Companies for an initial
period of 10 days, subject to such extensions as the Court may
subsequently order, and the appointment of Ernst & Young Inc. as
Monitor in the CCAA proceedings.

After reviewing a number of options, CannTrust's Board of Directors
determined that commencing CCAA proceedings is in the Company's
best interests.  The Company hopes to exit CCAA protection
well-positioned to rebuild its stakeholders' trust and deliver
high-quality, innovative products to its patients and customers.

Pursuant to the Initial Order, the Court has granted a stay of
proceedings that will allow CannTrust to, among other things:

   -- Complete the remainder of CannTrust's remediation plan for
its
      Vaughan Facility without disruption and submit the related
evidence
      package to Health Canada;

   -- Continue to work with Health Canada to resolve any remaining
      Cannabis Act compliance issues, with a view towards
reinstating
      CannTrust's licenses for its Niagara and Vaughan facilities
and
      restoring operations;

   -- Explore a CCAA plan of compromise or arrangement as a means
for
      addressing the multiple putative class actions and other
litigation
      brought against CannTrust in several jurisdictions, seeking
to
      resolve all of the claims and contingent claims against the
Company
      in a single forum; and

   -- Facilitate the completion of the Board of Directors' review
of
      strategic alternatives (the "Strategic Process"), including
the
      solicitation, development and execution of any potential sale
or
      other strategic transaction involving CannTrust, whether in
addition
      to, or as an alternative to, a CCAA plan of compromise or
      arrangement.

Despite the efforts by CannTrust's management and Board of
Directors to preserve the Company's cash liquidity while seeking to
restore the Company to operations and resolve the multiple
litigations and other contingent claims facing the Company, the
Company's future remains uncertain. Without its cannabis licenses,
the Company has been unable to generate any meaningful revenue
since June 2019.

The Company has not filed any financial statements subsequent to
its interim unaudited comparative financial statements for the
three months ended March 31, 2019, which, together with its
financial statements for the year ended December 31, 2018, are
subject to restatement.  Furthermore, the effects of the COVID-19
pandemic have exacerbated what were already difficult
circumstances, introducing potential delays in Health Canada's
ability to review the Company's applications for reinstatement of
its Niagara and Vaughan licenses and making it even more
challenging for CannTrust to attract new financing or a strategic
partner.

CannTrust is expending significant time and money pursuing the
completion of its remediation plan and defending the putative class
actions against the Company in multiple jurisdictions.  There can
be no assurance that Health Canada will reinstate CannTrust's
licenses or that the Company's litigation will be resolved in the
near term or on a basis that will leave the Company with sufficient
financial resources to resume operations. At present, and in light
of seeking CCAA protection, its reduced liquidity position and the
contingent claims it is facing, the Company does not intend to
devote additional time or money towards curing its public
disclosure defaults by completing and resuming the filing of
required reports under Canadian and United States securities laws.

As of March 20, 2020, CannTrust had a cash balance of approximately
$145 million. If Health Canada elects to reinstate CannTrust's
cannabis licenses, it would take several months for the Company to
commence earning revenue and the Company would require significant
working capital to restore its operations and return to
profitability.  Similarly, there can be no assurance that the
Strategic Process will result in any transaction, and there can be
no assurance that the Strategic Process or the outcome of the CCAA
proceeding will provide any residual value for the benefit of
holders of the Company's Common Shares.

Lawyers for the Companies:

   McCarthy Tetrault LLP
   66 Wellington Street West, Suite 5300
   Toronto, ON M5K 1E6
   Fax: 416-868-0673

   James D. Gage
   Tel: 416-601-7539
   Email: jgage@mccarthy.ca

   Paul R. Steep
   Tel: 416-601-7998
   Email: psteep@mccarthy.ca

   Shane D'Souza
   Tel: 416-601-8196
   Email: sdsouza@mccarthy.ca

   Trevor Courtis
   Tel: 416-601-7643
   Email tcourtis@mccarthy.ca

   Alexander Steele
   Tel 416-601-8370
   Email: asteele@mccarthy.ca

Lawyers for CannTrust Holdings Inc.

   Goldman, Spring, Kichler & Sanders LLP
   40 Sheppard Avenue West, Suite
   700 Toronto, ON M2N 6K9

   Mitchell J. Sanders
   Tel: 416-225-9400 ext, 324
   Email: msanders@goldmanspring.com

The Monitor be reached at:

   Ernst & Young Inc
   Ernst & Young Tower
   100 Adelaide Street West
   P.O. Box. 1
   Toronto ON M5H 0B3
   Tel: 416-864-1234

   Alex Morrison
   Email: alex.f.morrison@ca.ey.com
   
   David Saldanha
   Email: david.saldanha@ca.ey.com

   Karen Fung
   Email: karen.l.fung@ca.ey.com

Lawyers for the Monitor:

   Aird & Berlis LLP
   181 Bay Street, Suite 1800
   Toronto, ON, M5J 2T9

   Steven Graff
   Tel: 416-865-7726
   Email: sgraff@airdberlis.com

   Kathryn Esaw
   Tel: 416-865-4707
   Email: kesaw@airdberlis.com

   Jonathan Yantzi
   Tel: 416-865-4733
   Email: jyantzi@airdberlis.com

Chief Restructuring Officer of the Companies:

   FTI Consulting Canada Inc
   TD Waterhouse Tower
   79 Wellington Street West
   Toronto Dominion Centre
   Suite 2010, P.O. Box 104
   Toronto, ON M5K 1G8

   Paul Bishop
   Tel: 416-649-8100
   Email: paul.bishop@fticonsulting.com

   Steven W. Bissell
   Tel: 416-649-8054
   Email: steven.bissell@fticonsulting.com

   Ellen Dong
   Tel: 416-649-8091
   Email: ellen.dong@fticonsulting.com

A copy of the Initial Order and other information will be available
on the Monitor's website at http://www.ey.com/ca/canntrust.

CannTrust Holdings Inc. -- https://www.canntrust.ca/ -- operates as
a pharmaceutical company. The Company develops and produces medical
cannabis for health care sectors.  CannTrust also supports ongoing
patient education. CannTrust serves patients in Canada.


CBL & ASSOCIATES: Egan-Jones Lowers Senior Unsecured Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CBL & Associates Properties Incorporated to B+ from
BB.

CBL Properties is a real estate investment trust that invests in
shopping centers, primarily in the Southeastern United States and
the Midwestern United States. The company is organized in Delaware
with its headquarters in Chattanooga, Tennessee.



CFN ENTERPRISES: Signs Term Sheet for BlockCerts Joint Venture
--------------------------------------------------------------
CFN Enterprises Inc. entered into term sheet on April 3, 2020, for
a joint venture and marketing agreement with BlockCerts Blockchain
Limited BVI for the development of proprietary websites, an
ecommerce platform and market place dedicated to CBD products,
services and lifestyle.

In connection with the execution of the Term Sheet, Tim Vasko,
founder and CEO of BCBC, was appointed to a newly created
Technology Advisory Board of the Company where he will advise on
technology direction, requirements and scalability.  Mr. Vasko is
an entrepreneur, certified with MIT and Oxford in blockchain, AI,
analytics and FinTech.  Mr. Vasko is an inventor and patent holder
of secure Virtual Space Technology.  Over 1.8 million development
hours has made Mr. Vasko's BlockCerts.com a leader in the
blockchain platform marketplace for businesses, enterprises,
organizations, exchanges and governments.  Mr. Vasko's prior
companies in the areas of health care, real estate, private equity,
SME and exchanges have processed billions of transactions.  Mr.
Vasko is also a member of the prestigious Forbes Technology
Council.

The Company will issue seven million shares of restricted stock in
consideration for the services to be provided by BCBC, subject to
satisfactory completion of due diligence, the negotiation and
execution of definitive documentation for the marketing agreement
and development of the websites and marketplace.  While there are
no assurances that the joint venture, marketing agreement and
development of the websites and marketplace will occur, the Company
and BCBC have agreed to a one year exclusivity period whereby
either will not entertain any other proposals for a similar
transaction unless the Term Sheet has been terminated.

                    About CFN Enterprises

CFN Enterprises Inc., formerly known as Accelerize Inc. --
http://www.cfnenterprisesinc.com/-- owns and operates CFN Media
Group, a financial media network reaching executives, entrepreneurs
and consumers worldwide.  Through its proprietary content creation,
video library, and distribution via www.CannabisFN.com, CFN has
built an extensive database of cannabis interest, assisting many of
the world's largest cannabis firms and CBD brands to build
awareness and thrive.

Accelerize reported a net loss of $11.42 million for the year ended
Dec. 31, 2018, compared to a net loss of $2.42 million for the year
ended Dec. 31, 2017.  As of Sept. 30, 2019, Accelerize had $4.99
million in total assets, $790,339 in total liabilities, and $4.21
million in total stockholders' equity.

RBSM LLP, in New York, NY, the Company's auditor since 2012, issued
a "going concern" qualification in its report dated April 16, 2019,
citing that the Company has suffered recurring losses from
operations and will require additional capital to continue as a
going concern.  This raises substantial doubt about the Company's
ability to continue as a going concern.


CITIUS PHARMACEUTICALS: Receives Noncompliance Notice from Nasdaq
-----------------------------------------------------------------
Citius Pharmaceuticals, Inc., received written notice from The
Nasdaq Stock Market on April 1, 2020, indicating that, because the
closing bid price for the Company's common stock has fallen below
$1.00 per share for 30 consecutive business days, the Company no
longer complies with the $1.00 minimum bid price requirement for
continued listing on The Nasdaq Capital Market under Rule
5550(a)(2) of the Nasdaq Listing Rules.

The notification of noncompliance has no immediate effect on the
listing or trading of the Company's common stock or its warrants to
purchase common stock on The Nasdaq Capital Market under the symbol
"CTXR" and "CTXRW," respectively.  Pursuant to Nasdaq Marketplace
Rule 5810(c)(3)(A), the Company has been provided an initial
compliance period of 180 calendar days, or until Sept. 28, 2020, to
regain compliance with the minimum bid price requirement.  To
regain compliance, the closing bid price of the Company's common
stock must meet or exceed $1.00 per share for a minimum of 10
consecutive business days prior to Sept. 28, 2020.  In that event,
Nasdaq will provide the Company with a written confirmation of
compliance and the matter will be closed.

The Company intends to consider all available alternatives to
regain compliance with Rule 5550(a)(2) to allow for continued
listing of the common stock on The Nasdaq Capital Market.

If the Company does not regain compliance by Sept. 28, 2020, the
Company may be eligible for an additional grace period.  To
qualify, the Company would be required to meet the continued
listing requirements for market value of publicly held shares and
all other initial listing standards for The Nasdaq Capital Market,
with the exception of the minimum bid price requirement, and
provide written notice of its intention to cure the minimum bid
price deficiency during the second compliance period.  If the
Company meets these requirements, the Nasdaq staff will grant an
additional 180 calendar days for the Company to regain compliance
with the minimum bid price requirement.  If the Nasdaq staff
determines that the Company will not be able to cure the
deficiency, or if the Company is otherwise not eligible for such
additional compliance period, Nasdaq will provide notice that the
Company's common stock will be subject to delisting.  The Company
would have the right to appeal a determination to delist its common
stock, and the common stock would remain listed on The Nasdaq
Capital Market until the completion of the appeal process.

                        About Citius

Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. --
http://www.citiuspharma.com/-- is a specialty pharmaceutical
company dedicated to the development and commercialization of
critical care products targeting unmet needs with a focus on
anti-infectives, cancer care and unique prescription products.

Citius reported a net loss of $15.56 million for the year ended
Sept. 30, 2019, a net loss of $12.54 million for the year ended
Sept. 30, 2018, and a net loss of $10.38 million for the year ended
Sept. 30, 2017.  As of Dec. 31, 2019, the Company had $24.98
million in total assets, $4.61 million in total liabilities, and
$20.37 million in total stockholders' equity.

Wolf & Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated Dec. 16, 2019, citing that the Company has suffered
recurring losses and negative cash flows from operations and has a
significant accumulated deficit.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


COGENT COMMUNICATIONS: Egan-Jones Cuts LC Unsecured Rating to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the local
currency senior unsecured rating on debt issued by Cogent
Communications Holdings Incorporated to B from B+. EJR also
downgraded the rating on LC commercial paper issued by the Company
to B from A3.

Cogent Communications is a multinational internet service provider
based in the United States. Cogent's primary services consist of
Internet access and data transport, offered on a fiber optic, IP
data-only network, along with colocation in data centers.



COLUMBIA NUTRITIONAL: Hires Gordon Brothers as Appraisers
---------------------------------------------------------
Columbia Nutritional, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire Gordon
Brothers Asset Advisors, LLC, as inventory appraisers.

Gordon Brothers is to appraise the inventory that is collateral for
Columbia State Bank's loans to the Debtor.

The total cost of the appraisal is $32,500, inclusive of expenses.


Gordon Brothers is not a creditor of the Debtor and has no interest
adverse to the Debtor or the estate on any of the matters upon
which it is to be engaged, has no connection with the Debtor,
creditors, or any party in interest or its respective attorneys or
accountants, and is a disinterested person as defined in 11 U.S.C.
Sec. 101(14), according to court filings.

Gordon Brothers can be reached at:

     Chris Carmosino
     GORDON BROTHERS ASSET ADVISORS, LLC
     Prudential Tower
     800 Boylston Street, 27th Floor
     Boston, MA 02199
     Tel: (888) 424-1903
     Fax: (617) 210-7141

          About Columbia Nutritional

Columbia Nutritional, LLC -- https://www.columbianutritional.com --
is a contract manufacturer of dietary supplements based in the
Pacific Northwest.

Columbia Nutritional filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Wa. Case No. 20-40353) on Feb. 6,
2020. The petition was signed by Brea Viratos, chief operating
officer. At the time of filing, the Debtor estimated $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

Judge Brian D. Lynch oversees the case.  Thomas W. Stilley, Esq.,
at Sussman Shank LLP, serves as the Debtor's legal counsel.


COMMUNITY HEALTH: CEO Smith Takes Voluntary Pay Cut of 25%
----------------------------------------------------------
Community Health Systems, Inc., announced that (i) Wayne Smith, the
Company's chairman and chief executive officer, has voluntarily
agreed to a 25% reduction in his base salary otherwise payable for
the remainder of 2020, and (ii) each of the Company's other named
executive officers has voluntarily agreed to a 10% reduction in the
base salary otherwise payable to such named executive officers for
the remainder of 2020.  Voluntary reductions in base salary similar
(from a percentage standpoint) to those being taken by such other
named executive officers have also been taken by the Company's
other corporate officers and regional presidents.  In addition,
each of the Company's non-management directors has voluntarily
agreed to a 25% reduction of the annual cash stipend otherwise
payable to those directors in 2020.

The Company said the reductions will allow it to make a donation in
excess of $1.5 million to the CHS Cares Fund, whose sole purpose is
to provide financial assistance to employees of the Company's
affiliated entities who have experienced hardship due to events
beyond their control (which would include the COVID-19 pandemic).
Additionally, the CHS Foundation (a foundation funded by charitable
gifts from the Company) will donate approximately $1.25 million to
the CHS Cares Fund, and Wayne Smith will make an additional
charitable contribution to the CHS Cares Fund of approximately
$200,000.  Taking into account the contributions, it is
contemplated that the total amount to be contributed to the CHS
Cares Fund from these sources will exceed $3 million.  The CHS
Cares Fund is administered by The Community Foundation of Middle
Tennessee, a Section 501(c)(3) organization which promotes
charitable giving in Middle Tennessee and beyond).

                    About Community Health

Community Health Systems, Inc. -- http://www.chs.net/-- is a
publicly traded hospital company and an operator of general acute
care
hospitals in communities across the country.  The Company, through
its subsidiaries, owns, leases or operates 99 affiliated hospitals
in 17 states with an aggregate of approximately 16,000 licensed
beds.  The Company's headquarters are located in Franklin,
Tennessee, a suburb south of Nashville. Shares in Community Health
Systems, Inc. are traded on the New York Stock Exchange under the
symbol "CYH."

Community Health reported a net loss attributable to the Company's
stockholders of $675 million for the year ended Dec. 31, 2019,
following a net loss attributable to the Company's stockholders of
$788 million for the year ended Dec. 31, 2018.  As of Dec. 31,
2019, the Company had $15.61 billion in total assets, $17.25
billion in total liabilities, $502 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and a total stockholders' deficit of $2.14 billion.

                          *    *    *

As reported by the TCR on Nov. 29, 2019, S&P Global Ratings raised
its issuer credit rating on U.S.-based hospital operator Community
Health Systems Inc. to 'CCC+' from 'SD' (selective default).  The
upgrade to 'CCC+' reflects the company's longer-dated debt maturity
schedule, and S&P's view that Community's efforts to rationalize
its hospital portfolio as well as improve financial performance and
cash flow should strengthen credit measures over the next couple of
years.

In November 2019, Fitch Ratings downgraded Community Health
Systems, Inc.'s Issuer Default Rating to 'C' from 'CCC' following
the company's announcement of an offer to exchange a series of
senior unsecured notes due 2022.


CONFLUENT HEALTH: Moody's Alters Outlook on B3 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed Confluent Health, LLC's outlook
to negative from stable and affirmed its B3 Corporate Family
Rating, B3-PD Probability of Default Rating, B3 Senior secured
first lien revolving credit facility rating, and B3 senior secured
first lien term loan rating.

The change of outlook reflects the combined credit effects of the
rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines. These developments are having unprecedented
effects and are creating a severe and extensive credit shock across
many sectors, regions and markets. Physical therapy has been
designated as an essential healthcare service by the Centers for
Disease Control and Prevention (CDC). However, Moody's believes
that physical therapy companies like Confluent will experience a
significant drop in volumes over the coming weeks due to declines
in demand and appointments.

The affirmation of the B3 CFR reflects Moody's view that Confluent
can reduce variable costs and growth capital expenditures to
maintain adequate liquidity 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. That said, Moody's believes
that Confluent will continue to be able to serve a portion of
patients through telehealth visits and that demand for physical
therapy services will return to more normalized levels in the
second half of 2020.

Moody's took the following rating actions:

Issuer: Confluent Health, LLC

Corporate Family Rating, affirmed at B3

Probability of Default Rating, affirmed at B3-PD

Gtd Senior secured first lien revolving credit facility
expiring 2024, affirmed at B3 (LGD3)

Gtd Senior secured first lien term loan due 2026,
affirmed at B3 (LGD3)

Outlook Actions:

Issuer: Confluent Health, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Confluent's B3 Corporate Family Rating reflects its small scale
relative to other rated physical therapy peers, geographic
concentration in three states that contribute over half of the
company's revenues and high financial leverage. The rating also
reflects the relatively low barriers to entry in the physical
therapy business and the risk of market oversaturation given the
rapid expansion of Confluent and many of its competitors. The
rating also reflects the risks associated with the company's rapid
expansion strategy as it grows, both organically and through
acquisitions. The rating is supported by Confluent's track record
of good profit margins, low working capital requirements, and low
capital expenditure needs. Additionally, Confluent has some ability
to conserve liquidity by reducing new clinic openings. Moody's
expects that the demand for physical therapy will continue to grow
given it is relatively low-cost and can prevent the need for more
expensive treatments.

Moody's considers Confluent to have adequate liquidity. The company
has historically had positive free cash flow, though limited by
growth and acquisition spending. While the company can reduce these
expenditures, Moody's expects revenue and earnings to decline
significantly in the coming weeks, resulting in negative free cash
flow. Liquidity is supported by the company's approximately $15
million of cash as of September 30, 2019, as well as another $50
million of cash from the company's recent revolver draw.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, Confluent faces
other social risks such as the rising concerns around the access
and affordability of healthcare services. However, Moody's does not
consider the physical therapy providers to face the same level of
social risk as many other healthcare providers. Further, Confluent
benefits from positive social considerations, as physical therapy
can be a less expensive and a safer alternative to surgery or
opioid usage. From a governance perspective, Moody's views
Confluent's growth strategy to be aggressive given its history of
debt-funded new clinic openings and clinic acquisitions. Given the
company's private equity ownership, Moody's considers the risk of a
debt-funded transaction to be a possibility, though unlikely in the
short-term.

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

Ratings could be downgraded if the company's liquidity weakens or
if the company is not able to reduce variable costs and capital
expenditures in the coming weeks to mitigate the negative impact of
coronavirus on volumes. Beyond coronavirus, if the company fails to
effectively manage its rapid growth or the company pursues more
aggressive financial policies, the ratings could be downgraded.

Although not likely in the near-term, an upgrade is possible if
Confluent materially increases its size and scale and demonstrates
stable organic growth at the same time it effectively executes on
its expansion strategy. Additionally, adjusted debt/EBITDA
sustained below 5.0 times could support an upgrade.

Confluent Health, LLC, headquartered in Louisville, Kentucky, is a
provider of physical rehabilitation services which includes
outpatient physical therapy, workplace injury prevention
programming, and advanced education courses and degrees for
physical therapists. The company is approximately 74% owned by
Partners Group, a Zurich-based private equity firm with a regional
base in Denver, CO. The company's pro forma revenues (including
contributions from recent acquisitions) are approximately $200
million.

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


COUNTERPATH CORP: Incurs $266K Net Loss for Quarter Ended Jan. 31
-----------------------------------------------------------------
CounterPath Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $265,775 on $2,784,868 of total revenue
for the three months ended Jan. 31, 2020, compared to a net loss of
$1,059,380 on $2,587,758 of total revenue for the same period in
2019.

At Jan. 31, 2020, the Company had total assets of $11,989,452,
total liabilities of $10,211,806, and $1,777,646 in total
stockholders' equity.

The Company has experienced recurring losses and has an accumulated
deficit of $70,577,838 as of January 31, 2020, as a result of flat
to declining revenues resulting from a number of factors including
its buildout of a cloud based subscription platform concurrent with
the change of its licensing model to subscription based licensing
and has not reached profitable operations which raises substantial
doubt about its ability to continue operating as a going concern
within one year of the date of issuance of the financial
statements.

A copy of the Form 10-Q is available at:

                       https://is.gd/sRHOdG

CounterPath Corporation designs, develops, and sells software and
services that enable enterprises and telecommunication service
providers to deliver unified communications services over Internet
protocol based networks in North America and internationally.  It
was founded in 2002 and is headquartered in Vancouver, Canada.



DEAN FOODS: Receives Court Approval for Asset Sale to DFA
---------------------------------------------------------
Dean Foods Company on April 4, 2020, disclosed that the U.S.
Bankruptcy Court for the Southern District of Texas has approved
the sale, subject to entry of final agreed orders, of a substantial
portion of Dean Foods' business operations, including the sale of
the assets, rights, interests and properties relating to 44 of the
Company's fluid and frozen facilities, to Dairy Farmers of America
("DFA") for $433 million.

The Court also approved the sale, subject to entry of final agreed
orders, of the assets, rights, interests, and properties relating
to eight additional facilities, two distribution branches and
certain other assets to Prairie Farms Dairy for $75 million in cash
and the sale of Dean Foods' facility in Miami, Florida to Mana
Saves McArthur, LLC for $16.5 million.  The Court also approved
Producers Dairy Foods' purchase of Dean Foods' Reno, Nevada
facility for $3.7 million and its purchase of the "Berkeley Farms"
trademark and related intellectual property for $3 million.
Additionally, the sale of the Company's Uncle Matt's business to
Harmoni, Inc. for $7.25 million has been approved, as well as the
sale of Dean Foods' Meadow Gold Hawaii operations as an ongoing
business to Industrial Realty Group, LLC for $25.5 million.

"Following the competitive court-supervised auction process, and
with the Court's approval, we have determined a combination of bids
that represent the best path forward for our stakeholders," said
Eric Beringause, President and Chief Executive Officer of Dean
Foods. "We are confident that, under these new owners, our
customers can expect the same commitment to quality and service
that Dean Foods has lived up to over the years.  We will continue
to provide an uninterrupted supply of high-quality dairy products
as we work towards completing these transactions.  We appreciate
the continued hard work and commitment of our Dean Foods employees
throughout this process.

Each transaction remains subject to customary closing conditions,
including any required regulatory approvals. The Company
anticipates completing all transactions by early May.

Additional information is available on the restructuring page of
the Company's website, DeanFoodsRestructuring.com.  In addition,
Court filings and other information related to the proceedings are
available on a separate website administered by the Company's
claims agent, Epiq Bankruptcy Solutions LLC, at
https://dm.epiq11.com/case/southernfoods/dockets, or by calling
Epiq representatives toll-free at 1-833-935-1362 or 1-503-597-7660
for calls originating outside of the U.S.

A list of entities included in each transaction is available at
DeanFoodsRestructuring.com.

                      About Southern Foods

Southern Foods Group, LLC, d/b/a Dean Foods, is a food and beverage
company and a processor and direct-to-store distributor of fresh
fluid milk and other dairy and dairy case products in the United
States.

The Company and its 40+ affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Tex. Lead Case No. 19-36313).  The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer.  The Debtors were estimated to have assets
and liabilities of $1 billion to $10 billion.

Judge David Jones presides over the cases.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel.  Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


DUNKIN' BRANDS: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Dunkin' Brands Group, Incorporated to B+ from BB-.

Dunkin' Brands Group, Incorporated is an American restaurant
holding company that runs two chains of fast-food restaurants:
Dunkin' Donuts and Baskin-Robbins. It is headquartered in Canton,
Massachusetts.



DXI ENERGY: To Exit the Hydrocarbon Energy Business
---------------------------------------------------
DXI Energy Inc.'s Board of Directors has decided the Company needs
to exit the energy space immediately, given current affairs beyond
the Company's control.

The 99% owned Woodrush multi well production facility, owned by a
wholly-owned subsidiary, has been formally shut in.  The asset is
to be sold.  The Kokopelli multi-well gas production property (15%
WI) in Colorado is also to be sold.  Sufficient funding to continue
the conversion of the Woodrush production facility to a methanol
plant in NE BC simply did not materialize despite the efforts of
the Company's senior management and its financial advisors.  The
Calgary office will be closed immediately.  All funds received from
the sale of assets will be applied to satisfy prioritized payables,
and fund, as possible, the costs required to maintain corporate
affairs and the search for a new business.

Effective March 31, 2020, the company's contracts with all senior
personnel including Chairman and CEO Simon Raven and CFO David
Matheson have been terminated.  Mr. Raven subsequently resigned as
director and chief executive officer of DXI and all wholly-owned
subsidiaries.  The Company wishes to thank Mr. Raven for his
service and wishes him all the best in his future endeavors. The
Company is very thankful that Mr. Matheson will continue to assist
the Company in the sale of assets and filing of obligatory
financial statements over at least the short term.

Three additional members of the Board of Directors (all independent
from the USA) resigned following the Company's recognition that
funding for the Company's current project did not materialize at a
meeting held March 31, 2020.  The Company wishes to thank Messrs.
Sean Sullivan, Stan Page and Ed Aabak for their years of valuable
advice and substantial contribution on behalf of all Company
stakeholders.

The remaining directors will use their best efforts to secure a new
path of opportunity for the Company's stakeholders.  This may take
several months given current global issues, the pursuit of new
business, capital reorganization (e.g. prudent consolidation,
mandatory secured and prioritized share for debt settlement) and
new financing.

The Company will respond proactively to the TSX listing policies
(and the US OTC exchange) in the near future and prepare to apply
for listing on a junior exchange, yet to be determined, subject to
satisfying that exchange's listing policies.

Delay in Filing under CSA Instrument Governing Relief under
Covid-19 Duress

Pursuant to CSA Instruments BC Instrument 51-515 and Ontario
Instrument 51-502, due to circumstances created by the COVID-19
pandemic, the British Columbia Securities Commission and other
Canadian Securities Administrators granted "Issuers" in the
Canadian securities industry up to an additional 45 days, from
March 30, 2020 through May 14, 2020, to complete year-end statutory
filings.  Accordingly, as required by CSA Instruments BC Instrument
51-515 and Ontario Instrument 51-502, the Company's management and
other insiders will be subject to a trading black-out that reflects
the principles in Section 9 of National Policy 11-207 until its
financial statements are filed, the Company will file its' audited
financial statements and interim financial statements for the year
and three month period ended Dec. 31, 2019, together with its
"Annual Information Form", by May 14, 2020, and other than as
previously disclosed by the Company, including the information
herein, there are no other material business developments since the
date of the Company's most recent filing of its interim financial
statements and management discussion and analysis.

The Company looks forward to reporting to all stakeholders as it
moves through this period of reorganization.

                      About DXI ENERGY INC.

DXI Energy Inc. maintains, to date, offices in Calgary and
Vancouver, Canada and has been producing commercial quantities of
oil and gas since 2008.  The company is currently publicly traded
on the Toronto Stock Exchange (DXI.TO) and the OTCQB (DXIEF).

As of Sept. 30, 2019, DXI Energy had C$4.41 million in total
assets, C$9.07 million in total liabilities, and a total
shareholders' deficit of C$4.65 million.

BDO Canada LLP, in Vancouver, British of Columbia, issued a "going
concern" qualification in its report dated April 18, 2019, citing
that the Group has incurred a loss of $11.6 million during the year
ended Dec. 31, 2018, and as of that date, the Group's current
liabilities exceeded its total assets by $3.4 million.  These
events or conditions, along with other matters, indicate that a
material uncertainly exists that may cast substantial doubt about
its ability to continue as a going concern.


DYNASTY ACQUISITION: Moody's Places B3 CFR on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed its ratings for Dynasty
Acquisition Co., Inc. and subsidiary 1199169 B.C. Unlimited
Liability Company under review for downgrade, including the B3
corporate family rating and B2 first lien debt ratings.

According to Moody's lead analyst Bruce Herskovics, "StandardAero's
very high financial leverage makes the company vulnerable to the
adverse impact of the pandemic, with potentially as much as
one-third of its sales base exposed to significantly reduced flight
schedules."

The review anticipates materially weaker credit metrics than
previously expected due to the coming adverse impact on aircraft
engine maintenance/repair/overhaul demand following the COVID-19
pandemic. Depressed passenger airline flight miles over the coming
year will reduce MRO revenues and require expedient cost
adjustments in order for StandardAero to limit the magnitude of
prospective earnings declines.

"We anticipate the company's leverage will probably exceed a very
high 8x this year, and while 2020 was expected to be the year that
the company finally became free cash generative, that likelihood
has considerably diminished in its estimation," added Herskovics.

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

The B3 CFR reflects leading scale, service and platform diversity
of StandardAero's engine MRO network, balanced against very high
leverage, historically weak free cash flow generation, and an
acquisitive growth appetite that since 2017 has seemed out of
balance with actual cash-based performance of the business.
StandardAero's customer base spans commercial, business aviation
and military end markets, which helps the prospect of revenue
resilience. The long-term, contractual nature of the aircraft
engine MRO services also provides some beneficial visibility. The
trend by aircraft engine OEMs to outsource MRO services should
continue in coming years, as newly introduced engine models have
been heavily utilizing MRO capacity of OEMs. Moody's expects that
StandardAero should, unlike in recent years, soon be able to better
cover investment requirements of new programs through free cash
flow, rather than mainly financing them with incremental debt
borrowings.

Moody's review will focus on the still-evolving extent of demand
reduction ahead, and StandardAero's ability to adjust operating
costs commensurately while maintaining service quality levels. The
review will encompass working capital management, capital spending
adjustments and other measures that the company may undertake to
preserve liquidity. Moody's expects to conclude the review within
the next 45-60 days.

The rapid and widening spread of the coronavirus outbreak, the
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 aerospace and
defense sector has been adversely affected by the shock given its
indirect exposure to the severely pressured airline industry and
its sensitivity to consumer demand and market sentiment.
StandardAero's weakening credit profile and exposure to passenger
airlines has 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.
Its actions reflect the impact on StandardAero of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Moody's review will focus on the still-evolving extent of demand
reduction ahead, and StandardAero's ability to adjust operating
costs commensurately while maintaining service quality levels. The
review will encompass working capital management, capital spending
adjustments and other measures that the company may undertake to
preserve liquidity. Moody's expects to conclude the review within
the next 45-60 days.

Downward rating momentum would follow expectations of leverage
being maintained above 8x, liquidity below $300 million, or a weak
liquidity profile otherwise, including an expectation of free cash
flow below $100 million in 2020. Continued use of revolver
borrowings for M&A will be viewed unfavorably, especially before
achieving a steadier rate of free cash flow generation. Upward
rating momentum, unlikely near term, would depend on leverage below
6x, a good liquidity profile, and annual free cash flow in excess
of $175 million.

The following rating actions were taken:

On Review for Downgrade:

Issuer: Dynasty Acquisition Co., Inc.

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently B2 (LGD3)

Issuer: 1199169 B.C. Unlimited Liability Company

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently B2 (LGD3)

Outlook Actions:

Issuer: Dynasty Acquisition Co., Inc.

Outlook, Changed to Rating Under Review from Stable

Dynasty Acquisition Co., Inc. is the acquisition vehicle through
which entities of The Carlyle Group acquired StandardAero Aviation
Holdings, Inc. in 2019. StandardAero, headquartered in Scottsdale,
Arizona, is a leading provider of aircraft engine MRO and aircraft
completion and modification services to the commercial, business,
military and general aviation industries. Revenues in 2019 were
$3.7 billion.


ECOARK HOLDINGS: Converts SPV I Credit Facility Into Common Stock
-----------------------------------------------------------------
Ecoark Holdings, Inc. has converted all principal and interest
within the Trend Discovery SPV I, LLC credit facility into Ecoark
common stock on Tuesday, March 31, 2020.  The conversion includes
the issuance of approximately 3.9 million shares at $0.73 per share
to convert approximately $2.5 million of principal and $0.3 million
of accrued interest into Ecoark common stock.  The conversion price
of $0.73/share represents a 24% premium to Ecoark's closing share
price of $0.59/share on the date of the conversion.

"The willingness of the TD SPV debt holders, which include company
insiders, to convert to Ecoark common stock at an above-market rate
is a reflection of their confidence in both our business model and
future prospects," said Randy May, chairman and CEO of Ecoark.
"Completing this conversion on Ecoark's March 31st fiscal year-end
will continue to strengthen the company's stockholders' equity,
balance sheet and its prospects to up list to a national securities
exchange," said Brad Hoagland, CFA, principal financial officer of
Ecoark.

                    About Ecoark Holdings

Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011,
Ecoark is an AgTech company modernizing the post-harvest fresh food
supply chain for a wide range of organizations including growers,
suppliers, distributors and retailers.  The Company's wholly-owned
subsidiary, Zest Labs, offers the Zest FreshTM solution, a
breakthrough approach to quality management of fresh food, is
specifically designed to help substantially reduce the amount of
food loss the U.S. experiences each year.  Through item-level
monitoring and real-time predictive analytics, Zest Fresh enables
customers to improve the freshness and quality of produce and
proteins, realize substantial cost savings and reduce food waste.


RBSM LLP, in Larkspur, CA, the Company's auditor since 2019, issued
a "going concern" qualification in its report dated Aug. 19, 2019,
citing that the Company has sustained significant operating losses
and needs to obtain additional financing to continue its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

Ecoark reported a net loss of $13.65 million for the fiscal year
ended March 31, 2019, following a net loss of $32.84 million for
the year ended March 31, 2017.  As of Dec. 31, 2019, EcoArk had
$4.48 million in total assets, $7.74 million in total liabilities,
and a total stockholders' deficit of $3.26 million.


ELEMENT SOLUTIONS: Moody's Alters Outlook on Ba3 CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has revised Element Solutions Inc's
outlook to negative from stable. Moody's affirmed Element Solutions
Inc's Ba3 Corporate Family Rating, Ba3-PD Probability of Default
Rating and maintained the SGL-2 Speculative Grade Liquidity rating.
Moody's also affirmed the Ba2 first lien senior secured term loan
and Ba2 revolving credit facility ratings as well as the B2 rating
for the senior unsecured notes.

"The negative outlook reflects the weakening demand in several of
the company's major end markets, including autos and electronics,
that will experience a slowdown related to the coronavirus and
temporarily stretch credit measures in 2020," said Domenick R.
Fumai, Moody's Vice President and lead analyst for Element
Solutions Inc.

Outlook Actions:

Issuer: Element Solutions Inc

Outlook, Changed to Negative from Stable

Affirmations:

Issuer: Element Solutions Inc

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Secured Revolving Credit Facility, Affirmed Ba2 (LGD2)

Senior Secured Term Loan, Affirmed Ba2 (LGD2)

Senior Unsecured Notes, Affirmed B2 (LGD5)

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 chemical
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, exposure to the auto and electronics industry
have made it potentially vulnerable to shifts in market sentiment
in these unprecedented operating conditions and Element Solutions
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. Its action reflects the impact on Element Solutions of the
breadth and severity of the shock, and the broad deterioration in
economic activity that is expected to occur in 2020.

The affirmation of the Ba3 CFR rating considers Element Solution's
solid liquidity, attractive margins, variable cost structure and
asset-light business model that will allow the company to generate
free cash flow and eventually restore metrics commensurate with the
existing rating. The rating also considers expectations that cash
balances will be prudently managed during the downturn. The credit
profile incorporates its solid, globally diversified business with
leading positions in niche segments and exposure to favorable
long-term trends in 5G technology, increased electronic content in
automobiles and the Internet of Things (IoT). Element has a
favorable debt maturity schedule, with the nearest maturity in
2024.

The rating is constrained by the company's significant exposure to
the cyclical automotive and electronics industries. The lack of a
long-term operating history under the new financial policy, which
includes the company's public statement to maintain net leverage
according to management's calculation below 3.5x, is tempered by
expectations that future free cash flow generation will be used for
share repurchases and M&A, rather than additional debt reduction.
Moody's expects the company to maintain good liquidity to mitigate
the impact of slower macroeconomic growth and exposure to these
industries.

The negative outlook reflects Moody's expectations that credit
metrics will weaken in 2020 as several of Element's major end
markets, including autos and electronics, will suffer from weaker
demand as economic growth falters due to the coronavirus pandemic.
Moody's would likely revise the outlook back to stable upon
evidence that the economic weakness does not persist for more than
several quarters and Element is able to restore financial metrics
consistent with the Ba3 rating.

Moody's also evaluates environmental, social and governance factors
in the rating consideration. As a specialty chemicals company,
environmental risks are categorized as moderate. The company has
sites in the US subject to waste disposal cleanup activities
imposed by CERCLA and RCRA. Environmental liabilities related to
remediation, clean-up costs and monitoring of sites previously
owned or operated amounted to $12 million as of December 31, 2019,
and appear manageable given their long-tail nature, but could
increase depending on future regulation. Governance risks are low
given that Element is a public company with clear and consistent
financial policies including a targeted net leverage ceiling of
3.5x, a majority independent board of directors and requirements to
file financial statements with the SEC.

Moody's expects Element Solutions to maintain good liquidity over
the next 12 months with available cash on the balance sheet of
approximately $500 million, including drawing $320 million on the
$330 million revolving credit facility, of which approximately $350
million is in the US, and positive free cash flow generation. The
term loan does not have any additional financial maintenance
covenants beyond the cross protection of the revolver covenant. The
revolver has a springing first lien net leverage ratio covenant of
5.0x if it is more than 30% drawn, which Moody's expects the
company to remain in compliance with over the next 12 months given
the significant cushion. The credit facilities allow for issuance
of incremental debt not to exceed the greater of $460 million or
1.0x consolidated EBITDA plus an unlimited amount up to 3.5x first
lien net leverage or 5.0x senior secured net leverage or 2.0x fixed
charge coverage ratio for the unsecured debt.

The Ba2 rating on the senior secured credit facilities reflects
their senior position in the new capital structure. In November
2019, Element was able to successfully reprice the $744 million
first lien term loan reducing the rate to L+200 basis points from
L+225 basis points. The first lien term loan is secured by a first
lien on the assets of the borrower and guarantors, which include
domestic subsidiaries. The senior unsecured notes are rated B2
reflecting their effective subordination to the still sizable
amount of secured debt in the capital structure. The rating on the
senior unsecured notes also reflects expectations that the amount
of secured debt could increase from the current level in the future
to fund either acquisitions or share repurchases.

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

Moody's would likely consider a downgrade if leverage is sustained
above 4.0x, free cash flow is negative for a sustained period, or
the company uses cash on the balance sheet for share repurchases or
acquisitions before restoring credit metrics. Although unlikely
given the challenging economic conditions, an upgrade would be
contingent on financial leverage, including Moody's standard
adjustments, remaining well below 3.5x, maintaining retained cash
flow-to-debt (RCF/Debt) above 17% and consistently generating
positive free cash flow.

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

Headquartered in Fort Lauderdale, FL, Element Solutions Inc is a
public company that produces a wide array of specialty chemicals
and materials primarily sold into the automotive, electronics and
industrial markets with leading positions in a number of niche
markets. The company operates in two business segments: Electronics
and Industrial & Specialty. Element Solutions had sales of $1.84
billion for fiscal year ended December 31, 2019.


ENCINO ACQUISITION: Moody's Cuts 2nd Lien Term Loan Rating to B3
----------------------------------------------------------------
Moody's Investors Service downgraded Encino Acquisition Partners
Holdings, LLC's senior secured second lien term loan rating to B3
from B2 and changed the rating outlook to negative from stable.
Concurrently, Moody's affirmed Encino's B1 Corporate Family Rating
and its B1-PD Probability of Default Rating.

"Encino's negative outlook reflects the significant credit
weakening of pure-play natural gas producers including Encino, in
light of the anemic natural gas price outlook. Despite Encino's low
debt burden, good commodity hedge book and a supportive sponsor,
its credit profile will remain weak until natural gas fundamentals
improve. Deterioration in the valuation of Encino's reserves
reduced the asset coverage for the second lien term loan which is
subordinated to a substantial first lien credit facility,"
commented Sreedhar Kona, Moody's senior analyst. "An absence of
near-term refinancing needs and the company's adequate liquidity
contribute to the affirmation of CFR."

Downgrades:

Issuer: Encino Acquisition Partners Holdings, LLC

Second Lien Term Loan, Downgraded to B3 (LGD5) from B2 (LGD5)

Outlook Actions:

Issuer: Encino Acquisition Partners Holdings, LLC

Outlook changed to negative from stable

Affirmations:

Issuer: Encino Acquisition Partners Holdings, LLC

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

RATINGS RATIONALE

Encino's negative outlook is driven by the challenging macro
natural gas fundamentals and the company's limited ability to grow
size and scale in this environment. Although the company does not
have near-term financing needs, the company's cash margins on an
unhedged basis will remain weak and limit access to capital markets
to fund the company's growth.

Encino's $550 million senior secured lien term loan due October
2025 is rated B3, two notches below the CFR, reflecting the
priority ranking of the company's $1.05 billion borrowing base
($370 million outstanding as of September 30, 2019) due in October
2023. Prior to the downgrade to B3, the second lien term loan
rating benefited from the substantial asset coverage of debt which
has weakened significantly in light of weak commodity price
environment.

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 Encino's credit profile have left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and Encino remains vulnerable to the outbreak continuing
to spread and commodity 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.
Its action reflects the impact on Encino of the breadth and
severity of the commodity demand and supply shocks, and the broad
deterioration in credit quality it has triggered.

Moody's expects Encino to maintain adequate liquidity. As of
September 30, 2019, Encino had approximately $16 million of cash
balance and $600 million of availability under its $1.05 billion
borrowing base revolving credit facility maturing in October 2023.
Moody's expects Encino to be able to meet its liquidity needs
through 2020 from its operating cash flow and a modest draw on its
revolver. Under the credit agreement, Encino is required to
maintain its current ratio of greater than 1x and net debt/EBITDAX
ratio below 4x. Moody's expects Encino to maintain compliance with
its financial covenants. The company's Term Loan agreement does not
contain any financial maintenance covenants.

Encino's B1 CFR reflects the company's natural gas weighted
production profile which yields lower cash margins than an
oil-weighted production base on an equivalent unit of production,
notwithstanding the company's good cost structure with relatively
low operating expense (LOE). The rating also reflects the company's
single basin focus in the Utica Shale and significant firm
transportation (FT) commitments that, while providing flow
assurance, could prove burdensome if the company's production
drops. Encino's largely proved undeveloped reserves base will
require large cash outlays over time to develop. The company
benefits from the conservative financial policy, evidenced by low
financial leverage and a significant hedge position that mitigates
cash flow volatility. The company is supported by an experienced
management team with a proven track record and a long-term investor
CPPIB with strong history in natural resources investments.

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

Encino's ratings could be downgraded if the company's absolute debt
increases substantially, retained cash flow to debt ratio falls
below 20% or liquidity deteriorates.

Encino's will be considered for an upgrade if the natural gas
fundamentals improve significantly and the company can consistently
grow production while maintaining its leveraged full cycle ratio
above 1.5x. The company must also maintain its retained cash flow
to debt ratio above 25% and generate positive free cash flow.

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

Encino is a private independent E&P company with operations in the
Utica Shale in Ohio. Encino is 100% owned by Encino Acquisition
Partners, LLC (EAP), which is owned by Encino Energy, LLC (2%) and
CPPIB (98%). There are no debt obligations at EAP.


ENDRA LIFE: RBSM LLP Raises Substantial Doubt on Going Concern
--------------------------------------------------------------
ENDRA Life Sciences Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss (attributable to common stockholders) of $17,525,741 on $0
of revenue for the year ended Dec. 31, 2019, compared to a net loss
(attributable to common stockholders) of $9,796,261 on $6,174 of
revenue for the year ended in 2018.

The audit report of RBSM LLP states that the Company has an
accumulated deficit, recurring losses, and expects continuing
future losses that raise substantial doubt about the Company’s
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $7,176,269, total liabilities of $2,415,599, and a total
stockholders' equity of $4,760,670.

A copy of the Form 10-K is available at:

                       https://is.gd/t8P4Ul

ENDRA Life Sciences Inc. develops medical imaging technology based
on the thermos-acoustic effect that improves the sensitivity and
specificity of clinical ultrasound.  It offers diagnostic imaging
technologies, such as computed tomography, magnetic resonance
imaging, and ultrasound that allow physicians to look inside a
person's body to guide treatment or gather information about
medical conditions, such as broken bones, cancers, signs of heart
disease, or internal bleeding.  It also offers Nexus-128 system
that combines light-based thermos-acoustics and ultrasound to
address the imaging needs of researchers studying disease models in
pre-clinical applications.  ENDRA Life Sciences Inc. has
collaborative research agreement with General Electric Company.
The company was incorporated in 2007 and is based in Ann Arbor,
Michigan.


ENPRO INDUSTRIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by EnPro Industries, Incorporated to BB- from BB.

EnPro Industries, Incorporated 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.



ENSERVCO CORP: Plante & Moran Raises Going Concern Doubt
--------------------------------------------------------
ENSERVCO Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$7,652,000 on $43,026,000 of total revenues for the year ended Dec.
31, 2019, compared to a net loss of $5,865,000 on $42,760,000 of
total revenues for the year ended in 2018.

The audit report of Plante & Moran, PLLC states that the Company
has substantial debt obligations that are due within one year. The
ongoing capital and operating expenditures, including the debt
interest payments, will vastly exceed the amount of cash on hand
and the revenue the Company expects to generate from operations in
the near future. These conditions, along with other matters, raise
substantial doubt about the Company’s ability to continue as a
going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $42,976,000, total liabilities of $45,652,000, and a total
stockholders' deficit of $2,676,000.

A copy of the Form 10-K is available at:

                       https://is.gd/TQsbBF

ENSERVCO Corporation, through its subsidiaries Heat Waves Hot Oil
Service, LLC ("Heat Waves"), Adler Hot Oil Service, LLC ("Adler"),
and Heat Waves Water Management, LLC ("HWWM"), provides a range of
oil field services to the domestic onshore oil and gas industry.
The Company owns and operates through its subsidiaries a fleet of
more than 450 specialized trucks, trailers, frac tanks and other
well-site related equipment and serves customers in several major
domestic oil and gas areas including the DJ Basin/Niobrara area in
Colorado and Wyoming, the Bakken area in North Dakota, the San Juan
Basin in northwestern New Mexico, the Marcellus and Utica Shale
areas in Pennsylvania and Ohio, the Jonah area, Green River and
Powder River Basins in Wyoming, the Eagle Ford Shale in Texas and
the Stack and Scoop plays in the Anadarko Basin in Oklahoma.


EQT CORP: Egan-Jones Lowers Senior Unsecured Debt Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by EQT Corporation to B+ from BB+.

EQT Corporation is a company engaged in hydrocarbon exploration and
pipeline transport. It is headquartered in EQT Plaza in Pittsburgh,
Pennsylvania.


EVERI HOLDINGS: Fitch Cuts IDR to 'B' & Rates $125MM Loan 'BB/RR1'
------------------------------------------------------------------
Fitch Ratings has downgraded Everi Holdings Inc.'s and Everi
Payments Inc.'s Long-Term Issuer Default Ratings to 'B' from 'B+'.
Fitch has also downgraded Everi's senior secured credit facility to
'BB'/'RR1' from 'BB+'/'RR1' and assigned a 'BB'/'RR1' to the
proposed $125 million incremental term loan. Fitch downgraded
Everi's unsecured notes to 'CCC+'/'RR6' from 'B+'/'RR4' on reduced
recovery prospects following the incremental secured debt issuance.
The Rating Outlook is Negative.

The incremental term loan will be used for general corporate
purposes and provide support to Everi's liquidity profile to
weather near-term cash burn. The downgrade to 'B' reflects Fitch's
expectation that leverage will now remain above the prior 4.5x
downgrade sensitivity at the 'B+' IDR level.

Fitch projects Everi's leverage will spike in 2020 and could return
to within Everi's 6.0x debt/EBITDA sensitivity for 'B' IDR in 2021
when conditions normalize. Everi has no maturities in 2020 and
Fitch estimates that the company will burn $39 million in cash
during 2Q20, with FCF turning breakeven-to-slightly positive in
3Q20 and 4Q20. Currently, Everi has a 4.5x net secured leverage
maintenance covenant that Fitch expects Everi to seek an amendment
for.

Everi's Negative Outlook 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 impacted by gaming operators' likely
tendency to conserve capital in the near term.

Fitch could revise the Rating Outlook to Stable when the extent and
the duration of the coronavirus impact on the gaming industry
becomes clearer and Fitch gains more confidence in Everi's ability
to deleverage quickly to within 6.0x debt/EBITDA. Conversely, a
more severe impact than what is currently forecasted by Fitch could
result in a downgrade. Fitch will also consider Everi's liquidity
and covenant considerations when considering the Rating Outlook and
possible further rating actions.

KEY RATING DRIVERS

Coronavirus Exposure: All of Everi's operating segments are being
materially affected given its exposure to gaming demand. The
incremental term loan provides a needed buffer to absorb near-term
cash burn as casinos are closed throughout the U.S. with uncertain
timelines for reopening. FCF will be negative in 2Q20, roughly $39
million per Fitch's estimates, which the incremental term loan will
help fund. As result of the incremental debt and expected EBITDA
declines, gross leverage will peak around 9.0x in 2020. Fitch
assumes a recovery in 2021 that is still 10%-15% below the revenue
levels seen in 2019, which leads to leverage declining to mid-5x, a
level commensurate with a 'B' IDR. The Negative Outlook reflects
uncertainty around the pandemic's ultimate depth and duration.

Good Business Mix: About 54% of Everi's EBITDA comes from gaming
and 46% from FinTech. About two-thirds of the gaming revenue is
generated on a participation basis, whereby Everi 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, Everi is less dependent on replacement sales and new casino
openings, relative to other gaming suppliers.

Solid EGM Strategy Execution: Everi has been investing heavily in
its electronic gaming machine content and hardware with good
results to date. Everi has been able to grow its participation EGM
footprint steadily and had 14,711 participation games at YE 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,
Everi 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 Everi'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' IDR reflects the company's good diversification; strong
momentum in growing its class III slots business; and solid market
position in cash access systems and class II slots. Negative credit
considerations include Everi's niche position within the slots
segment and the long-term disintermediation risk associated with
its FinTech business as well as the elevated leverage and uncertain
operating prospects during the current environment. 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 under normal operation conditions.
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

  -- Roughly 30% revenues and 50% EBITDA declines in 2020,
respectively. The negative impact from the coronavirus is most
severe in 2Q20 (75% revenue decline and about breakeven margin)
with some recovery in 2H20.

  -- 2021 recovery is modest and still 10%-15% below 2019 levels,
reflecting economic uncertainty and the duration of the recovery
post-pandemic. Margins are also slightly pressured relative to 2019
levels.

  -- Debt remains level following the incremental term loan
issuance in 2Q20. Everi resumes using FCF to repay debt in 2021;

  -- CapEx is estimated at 20% of revenues and interest expense
remains roughly $65 million annually as the incremental term loan's
interest offsets lower LIBOR rates and lower par amount of the
senior unsecured notes.

RATING SENSITIVITIES

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

  -- Gross debt/EBITDA sustaining below 4.5x;

  -- 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.

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

  -- Debt/EBITDA sustaining above 6.0x;

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

  -- A reduction in overall liquidity (low cash and revolver
availability, heightened covenant risk or increased FCF burn) as a
result of prolonged pressures related to the coronavirus pandemic.

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Everi's available cash pro forma for the incremental term loan is
sufficient to weather near-term cash burn, though it already fully
drew on its $35 million revolver. Everi has no maturities in 2020
and Fitch estimates that the company will burn $39 million in cash
during 2Q20, with FCF turning breakeven-to-slightly positive in
3Q20 and 4Q20. Currently, Everi has a 4.5x net secured leverage
maintenance covenant that is a risk if not amended.


FERRELLGAS PARTNERS: Moody's Rates New $575MM Sr. Sec. Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service affirmed Ferrellgas Partners, LP's Caa3
Corporate Family Rating, its Ca-PD Probability of Default Rating,
and C ratings on the company's senior unsecured notes rating. At
the same time, Moody's rated Ferrellgas LP's new $575 million
senior secured notes B3, and affirmed Caa3 ratings on OLP's senior
unsecured notes. The Speculative Grade Liquidity Rating remains
SGL-4. The rating outlook remains negative.

The proceeds from the secured notes offering will be used to
refinance existing secured indebtedness, pay related fees and
premium, cash collateralize $122 million of letters of credit, and
put over $115 million cash on the balance sheet.

Assignments:

Issuer: Ferrellgas, L.P.

Senior Secured Notes, Assigned B3 (LGD2)

Affirmations:

Issuer: Ferrellgas Partners L.P.

Probability of Default Rating, Affirmed Ca-PD

Corporate Family Rating, Affirmed Caa3

Senior Unsecured Notes, Affirmed C (LGD5)

Issuer: Ferrellgas, L.P.

Senior Unsecured Notes, Affirmed Caa3 (LGD3)

Outlook Actions:

Issuer: Ferrellgas Partners L.P.

Outlook, Remains Negative

Issuer: Ferrellgas, L.P.

Outlook, Remains Negative

RATINGS RATIONALE

The announced refinancing transaction of senior secured
indebtedness does not meaningfully change Ferrellgas's overall
liquidity position or address its pending unsecured maturities. It
also does not significantly change the composition of the capital
structure between secured and unsecured debt. Consequently, Moody's
has affirmed Ferrellgas' existing ratings, and its SGL rating and
outlook remain SGL-4 and negative, respectively.

Ferrellgas, LP's new $575 million secured debt due 2025 is rated
B3, three notches above the parent's Caa3 CFR, given its first lien
priority claim in the capital structure and the expected lack of a
cross-default provision with respect to the bankruptcy of
Ferrellgas. However, given the imminence of an event of default and
the untenable amount of debt on the balance sheet, Moody's believes
the B3 rating is more appropriate than that suggested by the
Moody's Loss Given Default (LGD) methodology.

OLP also has $500 million in 6.5% senior unsecured notes due 2021,
$475 million 6.75% senior unsecured notes due 2022, and $500
million 6.75% senior unsecured notes due 2023. OLP's senior
unsecured notes are rated Caa3, same as the CFR due to the priority
claim of the sizeable senior secured notes offset by $357 million
8.625% unsecured notes at Ferrellgas Partners. The structural
subordination of Ferrellgas's notes to debt at the OLP results in
the 8.625% notes being rated C, two notches beneath the Caa3 CFR.

Ferrellgas is facing challenges in growing EBITDA and in reducing
its elevated financial leverage while it tries to expand market
share in its core propane distribution business amid a less than
favorable heating season. Pro forma for the secured notes issuance,
Ferrellgas' leverage will be about 9x even with no cash
distribution burden, which significantly reduces its options to
refinance the $357 million notes due June 2020. Even with a higher
cash balance, Ferrellgas would be unable to repay the June 2020
notes in full, resulting in a very high likelihood of distressed
exchange on these notes and OLP's senior notes, or debt
restructuring.

Ferrellgas's Caa3 CFR reflects heightened risk of debt
restructuring or distressed exchange in the near term, elevated
financial leverage, high uncertainty about EBITDA growth, and the
seasonal nature of propane sales with significant dependency on
cold weather months and the associated volatility in cash flows.
Without meaningful debt reduction, Ferrellgas will not be able to
materially deliver, even with a normal or cold winter. The rating
considers the partnership's substantial scale and geographic
diversification that facilitate cost efficiencies in the fragmented
propane distribution industry, its utility-like services that
provide a base level of revenue, and a propane tank exchange
business which generates complementary cash flows during summer
months.

Ferrellgas' SGL-4 Speculative Grade Liquidity rating reflects
approaching maturities of Ferrellgas notes in June 2020 and of $500
million OLP notes in May 2021. The existing $300 million revolver
will be repaid and retired using the proceeds from the new secured
notes while increasing the cash balance. Nonetheless, the
compressed debt maturity schedule and untenable leverage are likely
to require the company to complete a full debt recapitalization in
the near-term. Additionally, there will be a continued need for
growth capex but liquidity won't be hampered by quarterly
distributions. The partnership's working capital needs are highly
seasonal, with peak borrowings during the winter season that can
fluctuate significantly with volatile propane prices. The
partnership also has an accounts receivable (A/R) securitization
facility, which provides a variable monthly borrowing limit ranging
from $175 million to $250 million.

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

The negative outlook reflects potential balance sheet
restructuring. Ratings could be downgraded if Moody's views on
expected recoveries were to worsen. A ratings upgrade is unlikely
without significant debt reduction. Factors that could support a
rating upgrade include debt/EBITDA approaching 7x and
EBITA/interest over 1.25x.

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

Ferrellgas Partners L.P. (Ferrellgas) is a publicly traded master
limited partnership (MLP) based in Overland Park, Kansas.


FERRELLGAS PARTNERS: Prices $575M of 10.000% Senior Secured Notes
-----------------------------------------------------------------
Ferrellgas, L.P. and its wholly-owned subsidiary Ferrellgas Finance
Corp. (together, the "Issuers") announced the pricing of their
offering of $575 million aggregate principal amount of 10.000%
Senior Secured First Lien Notes due 2025 at an offering price equal
to 100% of the principal thereof.  The Notes will be senior secured
first lien obligations of the Issuers and will be guaranteed on a
senior secured first lien basis by Ferrellgas Partners, L.P.,
Ferrellgas, Inc. and each existing and future subsidiary of the
Company, subject to certain exceptions.  The Issuers intend to use
a portion of the net proceeds received from the offering of the
Notes to repay all of the outstanding indebtedness under the
Company's existing senior secured credit facility, which will be
terminated upon completion of the offering, and to cash
collateralize all of the letters of credit outstanding under the
existing senior secured credit facility, and the remainder for
general corporate purposes.  The offering is expected to close on
April 16, 2020, subject to customary closing conditions.

The Notes have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state laws.  The
Notes are being offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act and to certain non-U.S. persons outside
the United States in compliance with Regulation S under the
Securities Act.

                      About Ferrellgas
  
Ferrellgas Partners, L.P., through its operating partnership,
Ferrellgas, L.P., and subsidiaries, serves propane customers in all
50 states, the District of Columbia, and Puerto Rico.

Ferrellgas reported net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017.  As of Jan. 31, 2020, the Company had $1.47 billion
in total assets, $754.88 million in total current liabilities,
$1.73 billion in long-term debt, $84.55 million in operating lease
liabilities, $45.26 million in other liabilities, and a total
partners' deficit of $1.14 billion.

                        *   *   *

As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered
its issuer credit rating on Ferrellgas Partners L.P. (Ferrellgas)
to 'CCC-' from 'CCC'.  The downgrade was based on S&P's assessment
that Ferrellgas' capital structure is unsustainable given the
upcoming maturity of its $357 million notes due June 2020.

As reported by the TCR on March 18, 2020, Moody's Investors Service
downgraded Ferrellgas Partners L.P.'s Corporate Family Rating to
Caa3 from Caa2.  "Ferrellgas's downgrade is driven by the company's
continued high financial leverage and the very high likelihood that
the partnership will complete a full debt recapitalization in the
near-term," said Arvinder Saluja, Moody's vice president.


FORESIGHT AUTONOMOUS: Has $15.4MM Net Loss for Year Ended Dec. 31
-----------------------------------------------------------------
Foresight Autonomous Holdings Ltd. filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F, disclosing
a net loss of $15,439,000 on $0 of revenue for the year ended Dec.
31, 2019, compared to a net loss of $14,657,000 on $0 of revenue
for the year ended in 2018.

The audit report of Brightman Almagor Zohar & Co. states that the
Company's lack of revenues and substantial operating losses raise
substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $19,334,000, total liabilities of $3,046,000, and $16,288,000 in
total shareholders' equity.

A copy of the Form 20-F is available at:

                       https://is.gd/OLeju0

Foresight Autonomous Holdings Ltd. is a technology company engaged
in the design, development and commercialization of sensors systems
for the automotive industry.  The Company was founded in 2015 and
is headquartered in Israel.



FOUR SEASONS: S&P Places 'BB' ICR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings placing all of its ratings on Four Seasons
Holdings Inc., including its 'BB' issuer credit rating, on
CreditWatch with negative implications.

"The CreditWatch placement reflects the significant anticipated
stress on the company's revenue and cash flow over the next several
months, or possibly longer, which may cause us to lower our ratings
in the next few months, or sooner, even if it currently has a good
liquidity cushion.  We have updated our assumptions to reflect a
severe economic contraction in the U.S. in the second quarter and
anticipate that the collapse in the demand for hotel rooms could
persist for months rather than weeks. This may cause the decline in
U.S. revenue per available room (RevPAR) to be closer to the more
severe end of our current 20%-30% assumption. RevPAR in Four
Seasons' key markets severely declined over the past three weeks,
falling by about 70% in the U.S. during the week ended March 20,
and 80% in the week of March 28, and this pattern will likely
continue in the coming weeks," S&P said.

"The CreditWatch listing reflects the possibility that we will
downgrade Four Seasons over the next few months, or sooner, if we
no longer believe the virus can be contained by midyear, which
would lead travel and hotel demand to begin to recover. We could
also lower the rating if we no longer believe the company can
sustain adequate liquidity, including revolver availability, and
get anticipated needed covenant relief under the revolver. Because
there is currently a high degree of uncertainty in our updated
base-case assumptions, we could also lower our rating if we no
longer believe Four Seasons will quickly recover following a
significant spike in leverage in 2020 and reduce its S&P-adjusted
leverage below our 5x downgrade threshold in 2021," S&P said.


FR FLOW CONTROL: S&P Cuts ICR to B- on Difficult Market Conditions
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on FR Flow
Control Midco Limited to 'B-' from 'B'. At the same time, S&P
lowered its ratings on its revolving credit facility and first-lien
term loan B to 'B-' from 'B', and its first-lien term loan C to
'B+' from 'BB-'. The recovery ratings are unchanged.

Slowing global economic activity and the collapse of crude-oil
prices are likely to reduce demand and pressure earnings over the
next 12 months.

"We believe reduced energy market investment and industrial
spending will lead to shrinking flow-control equipment orders and
margin pressure. Roughly 27% of FR Flow Control's revenue is
derived from the oil and gas industry, with about 11% upstream and
16% downstream exposure. Oil prices plummeted in early March as a
result of oversupply and weak demand given global travel
restrictions and falling industrial activity. We expect the
challenging end-market conditions will reduce orders and pressure
margins over the next 12 months. However, we believe higher-margin
aftermarket revenue will somewhat alleviate the impact of lower
equipment volumes," S&P said.

The negative outlook reflects the risk that a prolonged economic
downturn or greater fallout from the coronavirus pandemic and steep
drop in oil prices could deteriorate cash flow generation and
coverage measures beyond S&P's current forecast.

"We could lower our rating if FR Flow Control is unable to generate
sufficient free cash flow to cover its interest and capital
spending requirements, resulting in weaker liquidity, and causing
us to view its capital structure as unsustainable. We could also
lower our rating if we believed the company was likely to breach
its financial covenant over the next 12 months," S&P said.

"We could revise our outlook to stable if FR Flow Control is able
to generate positive free cash flow sufficient to fund operations
and cover its fixed charges, while maintaining adequate liquidity,"
the rating agency said.


FRASIER MEADOW: Fitch Affirms Series 2017A & 2017B Bonds at BB+
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued by the Colorado Health Facilities Authority on behalf of
Frasier Meadows Manor, Inc.:

  -- $84.4 million revenue refunding bonds, series 2017A;

  -- $56.0 million revenue improvement bonds, series 2017B.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a first mortgage lien on Frasier's campus
and facilities, a security interest in gross revenues (including
entrance fees) and a debt service reserve fund.

KEY RATING DRIVERS

SUCCESSFUL COMPLETION OF EXPANSION PROJECT: Frasier successfully
completed the expansion project in support of its independent
living unit offering. The project was completed in December 2019.
With strong pre-sales, Frasier anticipates that the new units will
be 97% occupied by fiscal YE 2020. Frasier had anticipated that the
units would be fully occupied by March 31, but due to the impact of
the coronavirus pandemic Frasier revised its expectation to the end
of the fiscal year. As of this report, Frasier had 75 move-ins and
received entrance fees for four other units with move-in scheduled
prior to year-end. It is also anticipated that Frasier will
continue to see demand for its offerings and maintain high
occupancy across all levels of care.

HIGH DEBT POSITION: With the issuance of the series 2017 bonds,
Frasier's debt position was negatively impacted. As of Dec. 31,
2019, the elevated debt load resulted in a very high 32.8% maximum
annual debt service (MADS) as a percent of revenues and a
debt-to-net available of 25.6x. Despite strong cash flow metrics,
MADS coverage remained slim at 1.0x for fiscal 2019 and 0.7x for
the six-month interim 2020. Frasier has plans to privately place
series 2020 bonds to refund the series 2017B bonds, net of May 2020
$10 million call, and $10 million to fund the renovation of Summit
Health Center, the skilled nursing facility. The additional $10
million of new money has a minimal impact on the above metrics.

ANTICIPATED RETURN TO HEALTHY CASH FLOWS: Frasier's Net Operating
Margin (NOM)-adjusted has declined and is anticipated to see a
return in the near term. Frasier's NOM was 15.8% for the first half
of fiscal 2020 driven by the completion of the project and
challenges in the memory care offering. Unrestricted cash and
investments were adequate at 376 days cash on hand (DCOH) as of the
six-month interim. The decline was driven by the equity injection
from Frasier and does not include the approximately $40 million in
initial entrance fees collected to date since project opening on
Jan. 1, 2020.

Asymmetric Additive Risk Factors: No asymmetric additive risk
factors were incorporated into the rating determination.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's expectation that Frasier will
successfully fill the expansion while continuing to drive demand
for the campus. However, Fitch believes that with the completed
expansion and anticipated high occupancy, Frasier's operations are
beginning to reflect upside rating momentum. Frasier's improved
operating platform may result in stronger metrics after the
short-term disruption from the current pandemic.

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

  -- Revenue growth coupled with net entrance fees in line with
long-term projections driving DCOH to a sustainable trend of
greater than 500 days;

  -- MADS coverage sustained at greater than 1.2x;

  -- Occupancy maintained at levels that support operational growth
at Frasier.

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

  -- Liquidity trend of less than 400 DCOH;

  -- Addition of future debt that further impacts leverage metrics
outside of anticipated 2020 bonds;

  -- Failure to continue to execute on strategic plans;

  -- Fitch anticipates escalating operating costs with the
coronavirus outbreak. Additionally, the financial market
uncertainty is also expected to change the liquidity profile for
Frasier. Should economic conditions decline further than expected
from Fitch's current expectations for economic contraction or
should a second wave of infections and longer lockdown periods
across the parts of the country occur, Fitch would expect to see an
even larger GDP decline in 2020 and a weaker recovery in 2021,
which, may result in rating pressure for Frasier.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Established in 1956, Frasier owns and operates a single-site life
plan community (LPC) with 198 individual living units (ILUs
apartments, 19 assisted living units (ALUs), 19 memory-care ALUs
and 54 skilled nursing facility (SNF) beds, on a 20-acre campus in
Boulder, CO.

Frasier offers a type-B, modified fee-for-service contract with 50%
refundable or non-refundable entrance fee agreements.
Non-refundable entrance fees are approximately 25% lower than the
refundable entrance fees and monthly service fees are the same
under each type of agreement. All agreements provide for a modest
discount for healthcare benefits, as well as 30 free healthcare
days per ILU per year in a semi-private room. Approximately 50% of
ILU residents have non-refundable entrance fee agreements.

ILU EXPANSION PLAN COMPLETED

Frasier completed the ILU expansion project on time and on budget
in December 2019. Frasier had planned for the fill up of the new
project to take approximately three months driven by its strong
demand. Pre-sales reached 100% after a rapid eight-month marketing
period and as of Dec. 31, 2019 was 96%.

A majority of depositors indicated a desire to move in within 90
days of unit readiness, and approximately 75 of the 98 units were
occupied at Mar. 31, 2020. The fill up has slowed slightly due to
the impacts of the coronavirus pandemic. Initial plans called for
the units to be filled by Mar. 31, 2020 and has shifted to June 30,
2020, thus Frasier expects to have primarily all of the units
occupied or received an entry fee for future occupancy.

Fitch continues to believe that Frasier's high existing ILU
occupancy, strong pre-sale level for the expansion units, favorable
service area demographics and property values, solid financial
performance and management's prior experience with large
development projects positioned it well to execute on its plans.

The recent outbreak of coronavirus and related government
containment measures worldwide has created an uncertain environment
for the entire healthcare system in the near term. While Frasier's
financial performance through the most recently available data has
not indicated any impairment, material changes in revenue and cost
profiles will occur across the sector, and will likely worsen in
the coming weeks and months as economic activity suffers and as
government restrictions are maintained or expanded. Fitch's ratings
are forward-looking in nature, and Fitch will monitor developments
in the sector as a result of the virus outbreak as it relates to
severity and duration, and incorporate revised expectations for
future performance and assessment of key risks.

HIGH DEBT POSITION

Due to the issuance of the 2017 bonds, Frasier continues to have a
high debt position. Further impacting the high debt position,
Frasier plans to issue series 2020A and 2020B bonds, once the
markets have stabilized, that will increase to outstanding debt by
$10 million. The series 2020A bonds will be used to for the
redemption of the series 2017B bonds and the series 2020B bonds
will be used to fund an expansion of the health center. The series
2020 bonds will be privately placed.

With the issuance of the 2020 bonds, MADS will decline slightly but
remain high at 32.8% of revenues and very slim 0.7x MADS coverage
for the first half of fiscal 2020. Frasier's ratio of debt-to-net
available funds is also expected to remain elevated relative to
Fitch's Below Investment Grade medians until the new ILUs open and
start to fill.

Fitch notes that Frasier is not tested on total MADS until fiscal
2021.

OCCUPANCY AND DEMAND TRENDS

Frasier's long operating history, favorable service area
demographics and high-quality reputation have resulted in strong
occupancy and a very substantial waiting list for the expansion
ILUs. An average of approximately 96% of ILUs, 92% of ALUs and 95%
of SNF beds were occupied in fiscal 2019. Occupancy has remained
strong for the first half of fiscal 2020.

With the strong demand for its services, Frasier is planning to
expand its SNF beds. Frasier plans to issue $10 million 2020B bonds
to support the renovation of the Summit Care Center. The renovation
of Summit will ultimately increase the number of beds to 62 from
54.

FINANCIAL PERFORMANCE AND POSITION

While cash flow generation had been solid over the last couple of
years, unrestricted cash and investments have dipped for the first
half of fiscal 2020 (ended Dec. 31). The decline in the
unrestricted cash and investments was driven by Frasier's expected
equity injection to complete capital project. Given that the bulk
of initial entrance fees are expected to remain on Frasier's
balance sheet, rather than applied to paying off debt, liquidity
metrics are expected to strengthen considerably with the completion
of the project.

Unrestricted cash and investments totaled $25.5 million as of Dec.
31, 2019 down from $42.2 million at fiscal YE 2018, resulting in
light cash-to-debt of 18%, which is below with Fitch's BIG median.
Unrestricted cash and investments equaled 376 DCOH as of Dec. 31,
2019.


GENTLE HEARTS 1: Hires Wadsworth Garber as Counsel
--------------------------------------------------
Gentle Hearts 1, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Colorado to employ Wadsworth Garber
Warner Conrardy, P.C., as counsel to the Debtor.

Gentle Hearts 1requires Wadsworth Garber to:

   a. prepare on behalf of the Debtor of all necessary reports,
      orders and other legal papers required in this Chapter 11
      proceeding;

   b. perform all legal services to the Debtor as debtor-in-
      possession which may become necessary herein; and

   c. represent the Debtor in any litigation which the Debtor
      determines is in the best interest of the estate whether in
      state or federal court(s).

Wadsworth Garber will be paid at these hourly rates:

     David V. Wadsworth              $435
     Aaron A. Garber                 $400
     David J. Warner                 $325
     Aaron J. Conrardy               $325
     Lindsay S. Riley                $235
     Michelle S. Primo               $175
     Paralegals                      $115

Prior to the filing of the petition, the Debtor paid Wadsworth
Garber a flat fee of $2,500 for pre-bankruptcy planning services,
which includes the $1,717 filing fee. The Debtor's principal, Blake
DiMeo, has agreed to provide Wadsworth Garber a retainer of $7,500
for postpetition services.

Wadsworth Garber will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Aaron J. Conrardy, partner of Wadsworth Garber Warner Conrardy,
P.C., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.

Wadsworth Garber can be reached at:

     Aaron J. Conrardy, Esq.
     WADSWORTH GARBER WARNER CONRARDY, P.C.
     2580 W. Main St., Suite 200
     Littleton, CO 80120
     Tel: (303) 296-1999
     Fax: (303) 296-7600
     E-mail: aconrardy@wgwc-law.com

                     About Gentle Hearts 1

Gentle Hearts 1, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Colo. Case No. 20-12233) on March 26, 2020, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by Aaron J. Conrardy, Esq., at Wadsworth Garber Warner
Conrardy, P.C.



GI REVELATION: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded GI Revelation Acquisition
LLC's Corporate Family Rating to Caa1 from B3 and Probability of
Default Rating to Caa1-PD from B3-PD. Concurrently, Moody's
downgraded the company's first lien senior secured credit facility
(revolver and term loan) to B3 from B2 and its second lien senior
secured term loan to Caa3 from Caa2. The outlook was changed to
negative from stable.

The downgrade to Caa1 CFR and negative outlook reflects Moody's
expectations for lower revenue and earnings prospects in 2020 due
to challenging industry conditions stemming from the coronavirus
(COVID-19) pandemic, including declines in litigation fillings,
increasing court closures in the United States, delay in matters
starts, and decrease in litigation-related expenditures by
customers. The potential for cash flow deficits and liquidity
tightening throughout 2020 is elevated given the risk that
corporate clients could delay or not pay at all for litigation
services, given their own deteriorated financial condition.

While Moody's understands the company has transitioned 100% of
employees to a secure remote model, there are downside risks, such
as lack of direct oversight of people and technology, which is
sometimes required for highly sensitive projects, logistics issues
related to collection of data and increased potential for data
breaches.

Downgrades:

Issuer: GI Revelation Acquisition LLC

  Corporate Family Rating, Downgraded to Caa1 from B3

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

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

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

Outlook Actions:

Issuer: GI Revelation Acquisition 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 legal services
industry has been one of the sectors significantly affected as
civil case volumes are expected to be disrupted amid court closures
and as businesses and law firms shift to remote work capabilities.
More specifically, the weaknesses in Consilio's credit profile,
including its exposure to collection of data and document review in
the US, elevated leverage and tightening liquidity 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. Its action
reflects the impact on Consilio of the breadth and severity of the
shock, and the expected broad deterioration in credit quality it
has triggered.

The negative outlook reflects Moody's expectation of weakened
credit metrics and liquidity, compounded by the uncertainty of the
time and trajectory of the recovery. Moody's is concerned that
Consilio's liquidity will become weak if cash collections begin to
slow materially leading to higher default risk probability.

Moody's expects Consilio to maintain adequate liquidity over the
next 12-15 months, but liquidity is at risk for deterioration
depending on the duration of the pandemic and the pace of recovery.
Sources of liquidity consist of balance sheet cash of $42.5 million
at March 31, 2020, including the full draw down under its $50
million revolving credit facility due 2023. The potential for
negative free cash flow over the next several quarters is
heightened given the current economic conditions and uncertain cash
collections efforts. There are no financial maintenance covenants
on the first and second lien term loans but the revolving credit
facility is subject to a springing first lien net leverage ratio of
6.0x when the amount drawn exceeds 35% of the revolving credit
facility. Moody's expects that projected EBITDA deterioration will
increase the risk of the potential covenant breach over the next
12-15 months.

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

The ratings could be downgraded if Consilio's revenue and earnings
decline more severely than expected, free cash flow remains largely
negative, or probability of default increases.

The ratings could be upgraded if Consilio demonstrates continued
organic growth, sustained decreases in debt-to-EBITDA (Moody's
adjusted), improves free cash flow meaningfully and maintains at
least adequate liquidity.

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

Headquartered in Washington, D.C., Consilio provides electronic
discovery, document review and consulting services to corporations
and law firms globally. The company generated annual revenue of
about $430 million as of twelve months ended September 30, 2019.
Consilio is majority owned by GI Partners, with remaining shares
held by management.


GLP CAPITAL: Moody's Alters Outlook on Ba1 Sr. Debt Rating to Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 senior unsecured
debt rating of GLP Capital L.P., the main operating subsidiary of
Gaming & Leisure Properties, Inc. In the same action, Moody's
assigned an SGL-3 rating to GLP Capital L.P. The rating outlook was
revised to negative from stable.

The ratings affirmation reflects GLP Capital L.P.'s scale and
long-term, triple-net leases that contain various structural
protections to enhance the security of contractual rent payments.
GLP Capital also maintains strong fixed charge coverage, an
entirely unsecured capital structure and adequate near-term
liquidity. The negative outlook reflects the pressure on GLP
Capital L.P.'s operating cash flows that is expected to persist
while its tenants face disruption to their businesses from the
coronavirus. The outlook also reflects the uncertain prospects for
recovery, as job losses and declining asset values will impact
consumer discretionary spending once the public health crisis
subsides. The SGL-3 rating reflects GLP Capital's limited financial
flexibility as it faces the maturity of its $449mm bank term loan
in April 2021.

The following ratings were affirmed:

GLP Capital L.P. -- Senior unsecured bank credit facility at Ba1;
Gtd. senior unsecured debt at Ba1; Gtd. senior unsecured debt at
Ba1 (Co-Issued by GLP Financing II, Inc.); senior unsecured shelf
at (P)Ba1

The following ratings were assigned:

  GLP Capital L.P.

   - corporate family rating at Ba1;
   - speculative grade liquidity rating at SGL-3

The following ratings were withdrawn:

  Gaming & Leisure Properties, Inc.

   - corporate family rating at Ba1; speculative
     grade liquidity rating at SGL-2

Outlook Actions:

Issuer: GLP Capital L.P.

  Outlook, Change to Negative from Stable

Issuer: Gaming & Leisure Properties, Inc.

  Outlook, Withdrawn, previously Stable

RATINGS RATIONALE

GLP Capital L.P.'s Ba1 rating reflects its contractual cash flows
derived from long-term triple-net master leases, with good property
level coverage and structural protections that help insulate it
from the volatility of the underlying gaming business. GLP Capital
also benefits from its large size and geographic diversification.
Fixed charge coverage is strong and it maintains an entirely
unsecured capital structure and sufficient near-term liquidity,
which position it to provide temporary financial relief to its
tenants who are struggling from business disruptions stemming from
the coronavirus. The ratings are also supported by governance
considerations, as GLP Capital maintains a consistent financial
policy including Net Debt/EBITDA below 5.5x as it executes
accretive growth.

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
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 GLP Capital L.P.'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 GLP
Capital L.P. 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. Its action reflects the impact on GLP Capital L.P. of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.

GLP Capital L.P. has already entered into agreements with its
largest tenant, Penn National Gaming (PENN, 80% of revenues), which
include its acquisition of the real estate assets of the Tropicana
Las Vegas hotel and casino and the land for PENN's Morgantown
development in exchange for a non-cash rent payment of $337.5
million. The companies also agreed to a 5-year extension of the
master lease as well as other terms. Moody's notes that these
agreements will result in a significant, albeit temporary, decline
in GLP Capital L.P.'s operating cash flows, with a commensurate
impact on its leverage that is expected to temporarily exceed 8x
(excluding non-cash rents) over the upcoming year. Positively, GLP
Capital L.P. is gaining control of a valuable real estate asset,
for which PENN will assume carrying costs, that may be monetized at
a time when transaction markets are more accommodating.

Key credit challenges include the potential for GLP Capital L.P. to
experience more sustained declines in operating cash flow depending
on the duration of casino closures and pace of recovery for its
tenants' businesses. Job losses and declining asset prices are
causing a decline in consumers' discretionary income available to
spend on gaming and other types of entertainment once the public
health crisis has subsided. It also remains unclear how quickly
consumers will be willing to resume gathering in large public
spaces even as social distancing measures are relaxed.

GLP Capital L.P.'s SGL-3 rating reflects its limited financial
flexibility as it faces the maturity of its $449mm bank term loan
in April 2021. GLP Capital L.P.'s $1.175 billion unsecured credit
revolver remains fully drawn, as it recently drew down remaining
capacity to enhance liquidity given the uncertain operating outlook
for its tenants. GLP Capital L.P. is sitting on a sizable cash
balance, but will need to source incremental liquidity as it faces
the maturity of its $449 million bank term loan in April 2021.

The negative outlook reflects the pressure on GLP Capital L.P.'s
operating cash flows that is expected to persist while its tenants
face disruption to their businesses from the coronavirus. The
outlook also reflects the uncertain prospects for recovery, as job
losses and declining asset values will impact consumer
discretionary spending once the public health crisis subsides.

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

Ratings could be downgraded if Net Debt/EBITDA were expected to
remain above 6.0x and fixed charge coverage below 3.0x on a
sustained basis. Deterioration in tenant credit quality or property
rent coverage metrics would also put pressure on the ratings.

A ratings upgrade is unlikely but would reflect Net Debt/EBITDA in
the low 5x range and maintenance of fixed charge coverage above
3.5x on a sustained basis. Property type diversification outside of
gaming investments and increasing rent coverage for each of its
largest tenants would also support a ratings upgrade.

GLP Capital L.P. is the main operating subsidiary of Gaming &
Leisure Properties, Inc. (NASDAQ: GLPI), a REIT engaged in the
business of acquiring, financing, and owning real estate property
to be leased to gaming operators in triple net lease arrangements.
As of December 31, 2019, the REIT owned 44 assets across 16
states.

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


GMJ MACHINE: Hires Galloway Wettermark as Attorney
--------------------------------------------------
GMJ Machine Company, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Alabama to employ Galloway
Wettermark & Rutens, LLP, as its attorney.

GMJ Machine requires Galloway Wettermark to:

     a. give the Debtor 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. protect the interest of the Debtor in connection with
lawsuits by the Debtor;

     c. prepare applications, answers, orders, reports, and other
legal papers; and

     d. perform all other legal services for the
debtor-in-possession which may be necessary.

Galloway Wettermark will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.

Robert M. Galloway, partner of Galloway Wettermark & Rutens, LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Galloway Wettermark can be reached at:

     Robert M. Galloway, Esq.
     GALLOWAY, WETTERMARK & RUTENS, LLP
     3263 Cottage Hill Road
     Post Office Box 16629
     Mobile, AL 36616-0629
     Tel: (251) 476-4493

               About GMJ Machine Company

GMJ Machine Company, Inc. manufactures specialized components for
the aerospace, defense, general aviation, and energy industries.

GMJ Machine Company sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ala. Case No. 20-10632) on Feb. 27,
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 Jerry C. Oldshue oversees the case.  Robert M.
Galloway, Esq., at Galloway, Wettermark & Rutens, LLP, is the
Debtor's legal counsel.


GNIRBES INC: Seeks to Hire Kelley Fulton as Legal Counsel
---------------------------------------------------------
Gnirbes Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to hire Kelley, Fulton & Kaplan, P.L.
as its legal counsel.
   
Kelley will provide services in connection with Debtor's Chapter 11
case, which include legal advice regarding its powers and duties
under the Bankruptcy Code and the preparation of a bankruptcy plan.


The firm has agreed to provide its services at the reduced hourly
rate of $450.  It will receive a retainer in the amount of $20,000,
which includes the filing fee of $1,717.

Craig Kelley, Esq., at Kelley, disclosed in court filings that he
and his firm do not represent any interest adverse to Debtor and
its bankruptcy estate.

The firm can be reached through:

     Craig I. Kelley, Esq.
     Kelley, Fulton & Kaplan, P.L.
     1665 Palm Beach Lakes Blvd., Suite 1000
     West Palm Beach, FL 33401
     Phone: 561-264-6850
     Fax: 561-684-3773                        
     Email: dana@kelleylawoffice.com

                        About Gnirbes Inc.

Gnirbes Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-13992) on March 26, 2020.  At
the time of the filing, Debtor had estimated assets of less than
$50,000 and liabilities of between $100,001 and $500,000.  Judge
Mindy A Mora oversees the case.  Debtor is represented by Kelley,
Fulton & Kaplan, P.L.


GRAHAM HOLDINGS: Moody's Alters Outlook on Ba1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Graham Holdings Company's Ba1
corporate family rating, and Ba1-PD probability of default Rating.
Moody's revised the outlook to negative from stable. Moody's also
affirmed the Ba1 rating on the company's senior unsecured notes.
The negative outlook reflects Moody's expectation for weak
operating performance from the company's broadcasting segment,
which is already challenged by lack of competitive scale and
shifting advertising budgets toward on-line and digital media. The
negative outlook also reflects the expectation for sustained low
margins in the company's largest education segment, which will
continue to pressure free cash flow. Operating pressures in all of
the company's operating segments will only will be compounded by
the impact of coronavirus. However, the temporary shock related to
the coronavirus, which will increase leverage and reduce cash flow
materially in 2020, is partially mitigated by Graham's strong
balance sheet, excellent liquidity, moderate leverage and
conservative financial strategy. The company's Speculative Grade
Liquidity rating is unchanged at SGL-1 due to Moody's expectation
for positive free cash flow and strong cash and marketable
securities balances over the next 12 months.

Moody's took the following rating actions on Graham Holdings
Company:

Corporate Family Rating: affirmed at Ba1

Probability of Default Rating: affirmed at Ba1-PD

$400 million senior unsecured notes due 2026: affirmed at Ba1
(LGD4)

Outlook Actions:

Issuer: Graham Holdings Company

Outlook: revised to Negative from Stable

RATINGS RATIONALE

The negative outlook reflects 1) the anticipated decline in
advertising revenue; 2) lower broadcasting operating margins due to
higher network fees and smaller scale in the broadcasting segment
compared to larger competitors; and 3) anticipated operating
weaknesses in the company's education division. Operating
performance will also be challenged within the company's
manufacturing and other business segments. Ratings reflect
moderate, but increasing leverage for Graham, as it continues to
diversify its operating segments, while managing a challenging
education segment portfolio and shrinking margins within its
broadcast segment, the largest contributor to EBITDA and cash flow.
The newly acquired businesses have small scale, limited synergies
and uncertain business risks since the types of operations and
industries which Graham is targeting through acquisitions are
somewhat open-ended. The company's ratings reflect its very good
liquidity position.

Financial strategy is a key consideration under its ESG framework
due to Graham's historically high cash and short-term marketable
securities balances vis-à-vis the company's funded debt levels.
Moody's expects the company will exercise prudent financial
policies that preserve cash and liquidity, given the expectation
for depressed margins and cash flow in 2020 as a result of
COVID-19. 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. Advertising, manufacturing and in-person education
sectors have been some of the sectors most significantly affected
by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Graham's credit
profile, including its exposure to broadcast advertising demand,
manufacturing and supply chain disruptions and reduced enrollments
in its education segment, have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions.
Graham 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. Its action reflects its long-term expectations, in
addition to the temporary shock and credit deterioration caused by
COVID-19.

Graham also maintains very good liquidity with a sizable cash and
marketable securities balances that exceed funded debt. The company
had a $200 million unrestricted cash balance, and $585 million in
short-term marketable securities as of 12/31/2019, as well as an
undrawn $300 million senior unsecured revolver due 2023 (unrated).
Moody's projects that Graham will generate approximately $60-$80
million in free cash flow as it works through the negative
consequences of the coronavirus outbreak.

The company's strong liquidity and conservative financial strategy
provide flexibility to weather cyclical downturns, re-invest in its
businesses, and opportunistically pursue acquisitions to enhance
long-term growth potential. The company has an over-funded
qualified pension plan ($1 billion over funded at FYE2019). The
pension over-funding reflects Graham's prudent financial management
and provides flexibility to adjust costs through early retirement
packages (funded from the pension plan) without affecting cash flow
generation. The Graham family has historically preferred a
conservative financial profile and has presided over the
diversification of the company from its newspaper publishing roots.
The rating assumes that this conservative management policy will
continue.

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

The negative outlook reflects its expectation for deteriorating
long-term operating performance, in addition to the temporary shock
caused by the coronavirus outbreak, which will cause increased
near-term leverage levels due to the deterioration in the company's
operating margins and reduced cash flow generation.

The outlook may be revised to stable if the company can demonstrate
underlying growth in its core businesses from historic baselines,
following the reduction in social distancing measures related to
the coronavirus outbreak. Improved overall growth, operating
margin, cash flow generation, and further business diversification
would also be needed to change the outlook to stable.

Moody's views the likelihood of an upgrade as low given the
near-term coronavirus-related deterioration, the longer term
reduction in size and profitability in its core education and
broadcasting segments, and the ongoing transition of the company
away from many of its traditional operations with greater emphasis
on a portfolio of smaller niche companies with uncertain business
risk. In addition to Graham maintaining a conservative balance
sheet with strong free cash flow, business risk and operating
challenges in Graham's current portfolio would need to demonstrate
sustainable growth and stable profitability.

Ratings may be downgraded if revenue and earnings decline more
severely than expected and do not begin to recover in the second
half of 2020, if the company's liquidity position were to weaken,
or if Moody's believes the long-term underlying business risk of
the asset portfolio continues to increase. Leverage sustained above
3.5x total debt to EBITDA (incorporating Moody's standard
adjustments) could also lead to a downgrade.

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

Graham Holdings Company is primarily an education and television
broadcasting company consisting of Kaplan Education (50% of revenue
and 30% of EBITDA); television broadcasting (15% of revenue and 55%
of EBITDA); and investments in diverse businesses (35% of revenue
and 15% of EBITDA). Other businesses include Slate and Foreign
Policy magazines, health and hospice service providers, industrial
goods manufacturers, auto dealerships, Clyde's restaurant group and
a marketing platform provider. Don Graham beneficially owns
approximately 56.7% of Class A common shares, providing voting
control through a dual class share structure, and 11.4% of Class B
common shares (assuming conversion of Class A shares) with
remaining Class B shares being widely held. Consolidated revenue
was $2.9 billion for FYE 2019.


GRAND CENTRAL WINE: Seeks to Hire Burns Law Firm as Counsel
-----------------------------------------------------------
Grand Central Wine & Spirits LLC seeks authority from the US
Bankruptcy Court for the District of Maryland to employ The Burns
Law Firm, LLC, as its counsel.

Grand Central Wine requires Burns Law Firm to:

     (a) provide the Debtor with legal advice concerning their
powers and duties as Debtor-in-possession;

     (b) prepare applications, answers, orders, reports and other
legal papers, to be filed by the Debtor;

     (c) file and prosecute adversary proceedings against necessary
parties adverse to the Debtor or their estate;

     (d) prepare any disclosure statement or plan of
reorganization; and

     (e) perform Chapter 11 services for the Debtor and the estate
which may be necessary in the bankruptcy case.

Burns Law Firm will be paid at these hourly rates:

     Partners                $495
     Associates              $355
     Paralegals              $295

Burns Law Firm will be paid a retainer in the amount of $11,500.

Burns Law Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

John D. Burns, partner of The Burns Law Firm, LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Burns Law Firm can be reached at:

     John D. Burns, Esq.
     THE BURNS LAW FIRM, LLC
     6303 Ivy Lane, Suite 102
     Greenbelt, MD 20770
     Tel: (301) 441-8780

            About Grand Central Wine & Spirits LLC

Grand Central Wine & Spirits LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Md. Case No. 20-12354) on Feb.
24, 2020, listing under $1 million in both assets and liabilities.
John D. Burns, Esq. at The Burns Law Firm, LLC, represents the
Debtor as counsel.


GRAY TELEVISION: Fitch Alters Outlook on 'BB-' LT IDR to Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' Long-Term Issuer Default
Rating assigned to Gray Television, Inc. Fitch has also affirmed
the 'BB+'/'RR1' ratings on the first lien credit facilities and the
'BB-'/'RR4' ratings on the senior unsecured notes. The Rating
Outlook has been revised to Negative from Stable.

The Negative Outlook reflects Gray's high total leverage, the
limited headroom relative to the 5.5x average two-year total
leverage negative sensitivity threshold and its expectations that
the weaker operating environment could delay the pace of
deleveraging relative to Fitch's initial expectations following the
Raycom acquisition. Fitch expects that a near-term advertising
recession will result in material operating headwinds across
traditional media categories and in particular Gray and the local
broadcast peer group, given its weighting toward local advertising
and the general auto and service advertising categories.

Fitch believes that Gray is better positioned for a pull-back in
advertising spending relative to the last downturn owing to the
growing and significant amount of contractual subscription revenue
(retransmission fees) in its revenue base, which approximated 37.5%
for year-end 2019. In addition, Fitch does not yet anticipate any
material impact to political advertising revenues. Gray earns an
outsized proportion of political advertising revenues due to its
geographic concentration in political battleground territories.
These revenue streams will provide a cushion for the declining
advertising revenues.

Gray's ratings are supported by the company's scale and market
position with the company's local TV stations reaching roughly 24%
of the U.S., the preponderance of the top two-ranked ranked
stations in smaller and some larger markets, its concentration in
political battleground geographies and its strong EBITDA margins
that are at the high end of the local broadcaster peer group.

Fitch does not rate the $650 million Series A Preferred Stock held
by Retirement Systems of Alabama (RSA). Fitch has determined that
the Series A preferred stock receives 0% equity credit, and as such
is included in Fitch's leverage calculations in accordance with
established criteria.

KEY RATING DRIVERS

Coronavirus Pandemic: The advertising environment will face broadly
negative effects as a result of the coronavirus pandemic, with
implications varying by segment. Travel and leisure, retail,
restaurant, automotive and general service advertisers will be
heavily affected, while smaller local advertisers may not return.
Fitch remains concerned about the depth and severity of the impact
to local broadcasters, particularly owing to the sector's weighting
toward local and auto advertising revenues.

Fitch expects overall advertising spending to contract in the
mid-to-high single-digit range during 2020 and in the low- to
mid-single digits during 2021. Fitch notes that local television
and other news content providers provide a vital public service
during the coronavirus pandemic. As a result, television viewership
trends are up as consumers increase in-home entertainment, which
could somewhat soften the impact. However, Fitch expects
traditional mediums like local broadcasting to face likely
advertising declines in the low-to-high teens range, excluding
cyclical revenues. Fitch will revisit its assumptions as the
effects of the pandemic continue to evolve given the number of
unknowns including the length of the coronavirus outbreak and the
timeframe for a full re-opening of the economy. The timing for an
advertising revenue rebound is highly uncertain, and Fitch expects
that impacts could linger into 2021.

Fitch believes Gray is better positioned to manage weaker operating
performance as contracted retransmission revenues now account for a
larger percentage of the revenue base (37.5% in fiscal 2019).
Incrementally, a softening in the ad environment is not expected to
have a material impact on political advertising revenues. Fitch
expects a robust political presidential cycle in fiscal 2020 owing
to the contentious political climate. However, declining core
advertising revenues will result in a reduction in EBITDA and FCF
owing to the high fixed-cost nature of the broadcasting business.
The Negative Rating Outlook reflects Gray's high total leverage,
the limited headroom relative to the 5.5x average two-year total
leverage negative sensitivity threshold and its expectations that
headwinds will delay Gray's ability to manage within previously
outlined leverage goals as envisioned following the Raycom
acquisition.

Strong Television Portfolio: Gray reaches 24% of U.S. television
households. The company has a strong portfolio of station assets,
with the top-ranked stations in 68 of its 93 markets (~73%) and the
second-ranked stations in 29 markets. Gray network affiliations are
weighted toward CBS, NBC and ABC affiliates (34%, 32% and 15% of
revenues, respectively).

Gray's legacy television stations were present primarily in smaller
designated market areas (DMAs), ranked between 61 and 209, that
were generally less competitive and overlap in university towns and
state capitals. The Raycom acquisition added a complementary
portfolio of highly ranked television station located in some
larger markets predominantly located in the Southeast. Raycom's
other media assets may also provide vertical opportunities to use
the company's increased scale and leverage Raycom's programming
capabilities.

Highly Levered: Fitch-calculated total leverage (total debt with
equity credit/EBITDA) was 6.2x at year-end December 2019. Gray
continues to prioritize strengthening the balance sheet, applying
roughly $211 million in free cash flow to reduce term loan
outstanding during 2019. Fitch expects that Gray will continue to
prioritize the balance sheet as it navigates through a weaker
operating time period.

Growing Net Retransmission Revenues: Gray benefits from a favorable
retransmission contract renewal schedule with distributors, with
~56% of subscribers renegotiated in 2020 and an incremental ~24% in
2021 and ~20% in 2022. Gray's retransmission contract renewals are
generally at the end of these applicable years. Gray has no network
contracts up for renewal until 2021 (CBS). Fitch expects that this
supports strong retransmission growth in the low-double-digit range
in 2020 with declines to mid- to high- single-digit growth
thereafter. Net retransmission revenue growth will be lumpy due to
the underlying contract renewal cycle. Fitch expects modest net
retransmission growth over the near term and expects margin
compression from growing payments to networks over the forecast
period.

Improving FCF: TV broadcasters typically generate significant
amounts of FCF due to high operating leverage and minimal capex
requirements. Gray generated $273 million in FCF in fiscal 2019.
Gray guided to FCF of $500 million before the coronavirus crisis.
Declining advertising revenues will pressure both EBITDA and FCF
generation over the near term. However, Fitch expects that Gray
will still generate a meaningful amount of FCF even with a pullback
in advertisers' marketing budget. Gray and other local broadcasters
benefit from having a more material cushion from retransmission and
political advertising revenues than prior economic downturns.

Sufficient Liquidity: Liquidity is supported by $212 million in
balance sheet cash and availability under the $200 million
revolver. Gray does not have any required debt amortization under
its existing term loan B and the next sizeable maturity is not
until 2024. Gray's revolver has a springing leverage covenant, a
4.50x maximum first-lien net leverage ratio, stepping down to
4.25x, which is only tested when the revolver is drawn. Gray's net
first lien leverage was 1.93x at year-end 2019 and Fitch believes
there is significant cushion relative to the covenant over the
forecast period.

Advertising Revenue Exposure: Fitch estimates that advertising
revenues accounted for roughly 53% of Gray's average two-year total
revenues, excluding political. Advertising revenues, especially
those associated with TV, are becoming increasingly hypercyclical
and represent a significant risk to all TV broadcasters. Local
advertising revenues accounted for approximately 80% of Gray's
average two-year advertising revenues, excluding political.

Viewer Fragmentation: Gray continues to face the secular headwinds
present in the TV broadcasting sector including declining audiences
amid increasing programming choices, with further pressures from
over-the-top (OTT) internet-based television services. However,
Fitch expects that local broadcasters, particularly those with
higher rated stations, will remain relevant and capture audiences
that local, regional and national spot advertisers seek. Fitch also
views positively the increasing inclusion of local broadcast
content in OTT offerings. Growth in OTT subscribers could provide
incremental revenues and offset declines of traditional MVPD
subscribers. However, Fitch does not believe penetration will be
material for Gray over the near term, particularly given the
company's predominance in small- and medium-sized markets. Fitch
expects net video subscribers, including MVPD, to decline in the
low single-digit range.

DERIVATION SUMMARY

Gray's 'BB-' IDR reflects its smaller scale and higher leverage
relative to the larger and more diversified media peers like
ViacomCBS, Inc. (BBB/Stable) and Discovery Communications
(BBB-/Stable). Gray's ratings reflect the company's high leverage,
which is offset by the company's enhanced scale and competitive
position following the Raycom acquisition. Gray is the
fifth-largest independent station group by U.S. TV household reach
but maintains the highest broadcast revenue per television
household owing to its strong portfolio of highly ranked television
stations. Gray has the top-ranked television stations in 68 of its
93 markets and the second-ranked television stations in 29 markets.
Fitch notes that highly ranked stations garner a larger share of
the local and political advertising revenues in their markets. Gray
also has a favorable mix of affiliated stations weighted toward CBS
and NBC and ABC. Gray's pro forma average two-year total leverage
of 6.0x is roughly in line with E.W. Scripps (B+/Negative).
However, Gray benefits from its stronger and high-performing
station portfolio and its significant exposure in political
battleground geographies. Gray's EBITDA margins, in the high 30%
range (two-year average), lead the peer group. By comparison, Fitch
expects that Scripps's EBITDA margins will remain in the high teens
range (even-odd year average).

KEY ASSUMPTIONS

   - Core advertising declines in mid-double digits in 2020,
rebounding in 2021. Core advertising returns to flat to low
single-digit declines thereafter.

   - Political advertising revenues of roughly $260 million in 2020
with strong presidential cycle (midrange of public guidance for
$250 million-$275 million).

   - Gross retransmission revenue growth will decelerate over the
ratings horizon from low-double digits in 2020 and to high-single
digits in 2021.

   - EBITDA margins are soft in 2020 owing to declining core
advertising revenues and high degree of fixed costs. EBITDA also
fluctuates, reflecting even-year cyclical revenues. Margins
compress as a growing percentage of retransmission revenues are
paid to the networks in reverse retransmission compensation.

   - Capex in a range of 4% of revenues annually.

   - Fitch assumes Gray uses a meaningful portion of excess cash
flow to focus on near-term debt reduction and beyond that time
frame balances acquisitions and shareholder returns.

RATING SENSITIVITIES

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

  - Fitch would consider stabilizing the outlook once there is more
clarity over the duration of the coronavirus pandemic and a
resultant economic and ad recession and the timeframe for the
resumption of a normal course of business.

  - Over the longer term, the two-year average total leverage
(Total Debt with Equity Credit/EBITDA) sustained below 4.5x.

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

  - Any extension of the Coronavirus pandemic into the summer
months, any longer lasting impacts to consumer behavior or a deeper
macroeconomic shock that delays Gray's efforts to reduce and
sustain average two-year total leverage below 5.5x on a sustained
basis will likely lead to a negative rating action.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity is supported by $212 million in
balance sheet cash and availability under the $200 million
revolver. Gray does not have any required debt amortization under
its existing term loan B and the next sizable maturity is not until
2024. Declining advertising revenues will pressure both EBITDA and
FCF generation over the near-term. However, Fitch expects that Gray
will still generate a meaningful amount of FCF even with a pullback
in advertisers' marketing budget. Gray and other local broadcasters
benefit from having a more material cushion from retransmission and
political advertising revenues than prior economic downturns.

Gray's first-lien credit facilities have modest covenant
protections. The revolver has one financial maintenance covenant, a
first-lien net leverage ratio of 4.50x, which steps down to 4.25x
in 2021 and is only tested when the revolver is drawn. The
first-lien credit facilities also require a 50% excess cash flow
sweep when first-lien net leverage is greater than 4.50x, stepping
down to 25% when leverage is greater than 3.75x and 0% otherwise.


GREENPOINT TACTICAL: Hires Husch Blackwell as Special Counsel
-------------------------------------------------------------
Greenpoint Tactical Income Fund LLC, and its debtor-affiliates
filed a supplemental application seeking authority from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
Husch Blackwell LLP, as their special counsel.

On March 4, 2020, the Debtors moved to employ Husch Blackwell LLP
to represent them in relation to ongoing SEC litigation, Case No.
19-cv-809.

On March 18, 2020, the United States Trustee filed an Objection to
the Debtors' Application to Employ Husch Blackwell as Special
Counsel, alleging that additional information was needed in
relation to the proposed employment.

The Trustee questions whether Husch Blackwell previously
represented one of the Debtors, GPRE, in relation to the SEC
Litigation. The Trustee also questions whether employment of Husch
Blackwell is in the best interests of the estate. The Trustee also
suggests that there may be disabling conflicts of interest in the
SEC Litigation between and among the Debtors and certain of their
insiders. Finally, the Trustee raises a concern about the
possibility that the Debtors may use estate funds to pay for the
legal expenses of their insiders.

The Debtors also request that Husch Blackwell, LLP be employed to
act as special counsel in their prosecution as co-plaintiffs of an
action being brought under Bivens v. Six Unknown Federal Narcotics
Agents, 403 U.S. 388 (1971) in the United States District Court for
the Eastern District of Wisconsin.

The specific professional services that the special counsel will
render are:

     a. prepare, review and file pleadings, motions and
correspondence;

     b. handle case administration tasks and addressing procedural
issues;

     c. appear at and represent GPTIF and GPRE in various
proceedings of the Bivens Action, including motion hearings and
trials;

     d. conduct discovery; and

     e. provide any other services as necessary as counsel GPTIF
and GPRE in the Bivens Action.

Husch Blackwell will be paid at the hourly rate of $175 to $750.

Patrick S. Coffey, partner of Husch Blackwell LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Husch Blackwell can be reached at:

     Patrick S. Coffey, Esq.
     HUSCH BLACKWELL LLP
     555 E. Wells Street, Suite 1900
     Milwaukee, WI 53202-3819
     Tel: (414) 273-2100

                 About Greenpoint Tactical Income Fund

Greenpoint Tactical Income Fund LLC is a private investment fund
headquartered in Madison, Wis.  GP Rare Earth Trading Account LLC
is a wholly-owned subsidiary of Greenpoint Tactical Income Fund.

Greenpoint Tactical Income Fund and GP Rare Earth sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Lead Case
No. 19-29613) on Oct. 4, 2019. At the time of filing, the Debtors
each had estimated assets of between $100 million and $500 million
and liabilities of between $10 million and $50 million.

The cases have been assigned to Judge G. Michael Halfenger.

The Debtors tapped Steinhilber Swanson LLP as their legal counsel;
Husch Blackwell LLP, as special counsel; and MorrisAnderson &
Associates Ltd. as their accountant and financial advisor.

The Office of the U.S. Trustee appointed a committee of equity
security holders on Dec. 5, 2019.  The equity committee is
represented by Freeborn & Peters LLP.


HERTZ CORP: DBRS Lowers LongTerm Issuer Rating to B(High)
---------------------------------------------------------
DBRS, Inc. has downgraded the ratings of The Hertz Corporation,
including Hertz's Long-Term Issuer Rating to B (high) from BB
(low). At the same time, the Company's ratings were placed Under
Review with Negative Implications. The rating actions reflect DBRS
Morningstar's view that the Coronavirus Disease (COVID-19) outbreak
will have a significant impact on Hertz's credit fundamentals,
especially its bottom line.

KEY RATING CONSIDERATIONS

The downgrade and the Under Review with Negative Implications
considers the significant impact of the coronavirus pandemic is
having on Hertz. Across the globe, governments have put in place
substantial travel restrictions in order to reduce the spread of
the coronavirus. These travel restrictions have greatly reduced
aviation and automotive travel, materially impacting Hertz's
on-airport and off-airport rental volumes and vehicle utilization
rates, leading to a meaningful reduction in revenues and
operational cashflow. DBRS Morningstar notes that the full impact
of the coronavirus is still unclear, including the severity of the
disease, as well as its duration before it runs its course. As
such, the ultimate impact on Hertz's credit profile is dependent
upon the length and severity of the downturn in the travel
industry, due to the coronavirus.

Offsetting this headwind, Hertz is proactively managing its costs,
including prioritizing sales and marketing strategies, implementing
employee furlough programs across North America, and substantially
cutting capital expenditures. Additionally, the Company is selling
vehicles to better balance supply with demand.

The ratings consider the encumbered nature of Hertz's balance
sheet, which is due to the predominance of secured debt. This high
level of asset encumbrance results in the one-notch differential
between the Long-Term Issuer Rating and Long-Term Senior Debt
rating. With its highly encumbered assets, Hertz's financial
flexibility is limited, especially during stressful periods. DBRS
Morningstar notes that the Company has approximately $1.0 billion
in liquidity and only a moderate level of corporate debt coming due
in 2020. Additionally, Hertz is looking to gain excess liquidity by
accessing surplus equity in its fleet-backed facilities. Finally,
the Company does not expect any vehicle debt financing requirements
for its global car rental business during the remainder of 2020.

During the review, DBRS Morningstar will focus on Hertz's ability
to counter the impact of lower rental volumes and vehicle
utilization, and the corresponding negative impact on revenues and
the bottom line. DBRS Morningstar will take into consideration the
Company's actions, including reducing fleet levels, managing costs,
and reducing capital expenditures. DBRS Morningstar will also
assess Hertz's balance sheet fundamentals, especially its liquidity
position. Additionally, the review will consider the impact of any
European or U.S. governmental support for the rental car industry.

The Under Review with Negative Implications status is generally
resolved with a rating action within three months. However, if
heightened market uncertainty and volatility persists, DBRS
Morningstar may extend the Under Review status for a longer period
of time.

RATING DRIVERS

Given the Under Review with Negative Implications, an upgrade in
the near term is unlikely. Meanwhile, if solid progress is made
globally, particularly in the United States, in controlling the
coronavirus pandemic and rental volumes and utilization rates were
to approach pre-pandemic levels, the ratings could return back to a
Stable trend. Conversely, if the coronavirus pandemic is sustained
longer than anticipated and weak industry fundamentals were to
persist, including low rental volumes and vehicle utilization,
ratings would likely be downgraded. Additionally, material negative
changes to the Company's liquidity or capital profiles could result
in a downgrade.

Notes: All figures are in U.S. dollars unless otherwise noted.


HESS CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
---------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hess Corporation to BB- from BB.

Hess Corporation is an American global independent energy company
engaged in the exploration and production of crude oil and natural
gas. It was formed by the merger of Hess Oil and Chemical and
Amerada Petroleum in 1968 led by Leon Hess. In 1995, his son John B
Hess succeeded him as chairman and CEO.



HIDDENBLAKES LLC: Hires Wadsworth Garber as Counsel
---------------------------------------------------
Hiddenblakes, LLC, seeks authority from the U.S. Bankruptcy Court
for the District of Colorado to employ Wadsworth Garber Warner
Conrardy, P.C., as counsel to the Debtor.

Hiddenblakes, LLC, requires Wadsworth Garber to:

   a. prepare on behalf of the Debtor of all necessary reports,
      orders and other legal papers required in this Chapter 11
      proceeding;

   b. perform all legal services to the Debtor as debtor-in-
      possession which may become necessary herein; and

   c. represent the Debtor in any litigation which the Debtor
      determines is in the best interest of the estate whether in
      state or federal court(s).

Wadsworth Garber will be paid at these hourly rates:

     David V. Wadsworth           $435
     Aaron A. Garber              $400
     David J. Warner              $325
     Aaron J. Conrardy            $325
     Lindsay S. Riley             $235
     Michelle S. Primo            $175
     Paralegals                   $115

Prior to the filing of the petition, the Debtor paid Wadsworth
Garber a flat fee of $2,500 for prebankruptcy planning services,
which includes the $1,717 filing fee.  The Debtor's principal,
Blake DiMeo, has agreed to provide Wadsworth Garber a retainer of
$7,500 for postpetition services.

Wadsworth Garber will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Aaron J. Conrardy, a partner at Wadsworth Garber Warner Conrardy,
P.C., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.

Wadsworth Garber can be reached at:

     Aaron J. Conrardy, Esq.
     WADSWORTH GARBER WARNER CONRARDY, P.C.
     2580 W. Main St., Suite 200
     Littleton, CO 80120
     Tel: (303) 296-1999
     Fax: (303) 296-7600
     E-mail: aconrardy@wgwc-law.com

                     About Hiddenblakes LLC

Hiddenblakes, LLC, based in Denver, CO, filed a Chapter 11 petition
(Bankr. D. Colo. Case No. 20-12235) on March 26, 2020.  In the
petition signed by Blake DiMeo, managing member, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  The Hon. Elizabeth E. Brown presides over the case.
Aaron J. Conrardy, Esq., at Wadsworth Garber Warner Conrardy, P.C.,
serves as bankruptcy counsel.


HILL-ROM HOLDINGS: Egan-Jones Lowers Unsec. Debt Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hill-Rom Holdings, Incorporated to BB from BB+.

Hill-Rom Holdings, Incorporated manufactures equipment for the
healthcare industry and provides wound care, pulmonary, and trauma
management services. The Company produces hospital beds,
mattresses, stretchers, furniture, and hospital information
technology systems, as well as offers wound, circulatory, and
pulmonary therapies.



HOLLYFRONTIER CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The HollyFrontier Corporation to BB+ from BBB-.

Based in Dallas, Texas, The HollyFrontier Corporation is a
petroleum refiner and distributor of petroleum products, from
gasoline to petroleum-based lubricants and waxes.


HORNBECK OFFSHORE: S&P Cuts ICR to 'D' on Expected Chap 11 Filing
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
offshore vessel provider Hornbeck Offshore Services Inc. to 'D'
from 'SD' (selective default).

At the same time, S&P is lowering its issue-level ratings on the
company's unsecured notes to 'D'. S&P's '3' recovery rating remains
unchanged, indicating its expectation for meaningful (50%-70%;
rounded estimate: 65%) recovery.

The downgrade follows Hornbeck's disclosure that it has entered
into forbearance agreements with its lenders and bondholders until
April 20, 2020, as the company negotiates and finalizes a
restructuring support agreement ahead of a prepackaged Chapter 11
filing. Hornbeck had recently terminated a potential debt exchange
transaction and was unable to repay its $224 million of notes due
April 1, 2020.

S&P expects to withdraw all of its ratings on Hornbeck in the next
30 days.


ICORECONNECT INC: Cherry Bekaert LLP Raises Going Concern Doubt
---------------------------------------------------------------
iCoreConnect Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$2,983,000 on $1,014,000 of revenue for the year ended Dec. 31,
2019, compared to a net loss of $5,190,000 on $1,089,000 of revenue
for the year ended in 2018.

The audit report of Cherry Bekaert LLP states that the Company has
recurring losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $2,522,000, total liabilities of $2,057,000, and a total
stockholders' equity of $465,000.

A copy of the Form 10-K is available at:

                     https://is.gd/8KDhU1

iCoreConnect Inc., a Nevada Corporation, builds secure cloud-based
HIPAA compliant communications systems, productivity and technology
framework software focused on healthcare, although the core
technology can be adopted to other vertical markets that require a
high degree of secure data communication, such as the legal,
financial and education fields.


II-VI INCORPORATED: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by II-VI Incorporated to BB- from BB+.

Previously, on March 23, 2020, Egan-Jones downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by II-VI Incorporated to BB+ from BBB-.

II-VI Incorporated, a global leader in engineered materials and
optoelectronic components, is a vertically integrated manufacturing
company that develops innovative products for diversified
applications in the industrial, optical communications, aerospace &
defense, life sciences, semiconductor capital equipment, and
consumer markets.



INTELGENX TECHNOLOGIES: Richter LLP Raises Going Concern Doubt
--------------------------------------------------------------
IntelGenx Technologies Corp. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $10,660,000 on $742,000 of total revenues for the year
ended Dec. 31, 2019, compared to a net loss of $10,108,000 on
$1,824,000 of total revenues for the year ended in 2018.

The audit report of Richter LLP states that the Company does not
have sufficient existing cash and short-term investments to support
operations for at least the next year following the issuance of
these financial statements which raises doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $11,020,000, total liabilities of $10,727,000, and a total
shareholders' equity of $293,000.

A copy of the Form 10-K is available at:

                     https://is.gd/dWzJNY

IntelGenx Technologies Corp., a drug delivery company, focuses on
the development of novel oral immediate-release and
controlled-release products for the pharmaceutical market.
IntelGenx Technologies Corp. was founded in 2003 and is
headquartered in Montreal, Canada.


INTERNAP TECHNOLOGY: Seeks to Hire Milbank as Legal Counsel
-----------------------------------------------------------
Internap Technology Solutions Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Milbank LLP as its legal counsel.
   
Milbank will provide these services to Internap Technology and its
affiliates in connection with their Chapter 11 cases:

     (a) advise Debtors of their rights, powers, and duties in the
operation of their business and the management of their properties;


     (b) advise Debtors on the conduct of their cases, including
all of the legal and administrative requirements of operating in
Chapter 11;

     (c) take actions to protect and preserve Debtors' estates,
including the defense of any actions commenced against them, the
negotiation of disputes in which they are involved, and the
preparation of objections to claims filed against their estates;

     (d) prepare legal papers;

     (e) represent Debtors in connection with obtaining authority
to continue using cash collateral and post-petition financing;

     (f) advise Debtors concerning the assumption, assignment and
rejection of executory contracts and unexpired leases;

     (g) appear before the court and any appellate courts;
  
     (h) advise Debtors regarding tax matters;

     (i) take actions in connection with a Chapter 11 plan and
related disclosure statement; and

     (j) provide general corporate legal services and other
services.

The firm will be paid at these rates:
  
     Partners           $1,215 – $1,615
     Counsel            $1,175 – $1,380
     Senior Attorneys        $1,175
     Associates           $475 – 1,045
     Legal Assistants     $240 – $385  

In the one-year period prior to Debtors' petition filing, Milbank
received payments totaling $3,711,103, including the retainer.
Debtors are currently holding a retainer of $408,988.

Abhilash Raval, Esq., a partner at Milbank, disclosed in court
filings that the firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Raval made the following disclosures:

     (1) Milbank did not agree to a variation of its standard or
customary billing arrangements for its employment with Debtors.

     (2) None of Milbank's professionals who will represent Debtors
have varied their rate based on the geographic location of Debtors'
cases.

     (3) Milbank represented Debtors in the 12 months prior to the
petition date.  The billing rates and material financial terms in
connection with such representation have not changed post-petition,
other than due to annual and customary firm-wide adjustments to
Milbank's hourly rates in the ordinary course of its business.

     (4) Debtors and Milbank intend to develop a prospective budget
and staffing plan to comply with the U.S. Trustee's requests for
information and additional disclosures.  Consistent with the U.S.
Trustee Guidelines, the budget may be amended as necessary to
reflect changed or unanticipated developments.

Milbank can be reached through:

     Dennis F. Dunne, Esq.
     Abhilash M. Raval, Esq.
     Tyson Lomazow, Esq.
     Milbank LLP
     55 Hudson Yards
     New York, NY 10001
     Tel: (212) 530-5000
     Fax: (212) 530-5219
     Email: ddunne@milbank.com
            araval@milbank.com
            tlomazow@milbank.com

                    About Internap Corporation

Internap Corporation (NASDAQ: INAP) -- http://www.INAP.com/-- is a
leading-edge provider of high-performance data center and cloud
solutions with 100 network Points of Presence worldwide.  INAP's
full-spectrum portfolio of high-density colocation, managed cloud
hosting and network solutions supports evolving IT infrastructure
requirements for customers ranging from the Fortune 500 to emerging
startups.  INAP operates in 21 metropolitan markets, primarily in
North America, with 14 INAP Data Center Flagships connected by a
low-latency, high-capacity fiber network.

On March 16, 2020, Internap Technology Solutions Inc. and six
affiliates, including INAP Corporation, each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 20-22393).  Judge Robert D. Drain oversees
the cases.

Debtors tapped Milbank LLP as legal counsel, FTI Consulting as
restructuring advisor, and Moelis & Company as financial advisor.
Prime Clerk LLC is the claims agent and administrative advisor.


INTERNAP TECHNOLOGY: Taps Prime Clerk as Administrative Advisor
---------------------------------------------------------------
Internap Technology Solutions Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Prime Clerk LLC as administrative advisor.
   
Prime Clerk will provide these bankruptcy administrative services
to Internap Technology and its affiliates in connection with their
Chapter 11 cases:

     a. assist in the solicitation, balloting and tabulation of
votes, and prepare any related reports in support of confirmation
of a Chapter 11 plan;

     b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;

     c. assist in the preparation of Debtors' schedules of assets
and liabilities and statements of financial affairs, and gather
data in conjunction therewith;

     d. provide a confidential data room; and

     e. manage and coordinate any distributions pursuant to the
plan.

The firm will be paid at these rates:

   Claim/Noticing Rates:   

   Title                          Hourly Rate
   -----                          -----------
   Analyst                          $35 - $55
   Technology Consultant            $35 - $95
   Consultant/Senior Consultant    $70 - $170
   Director                       $175 - $195
   COO/Executive VP                 No charge

Solicitation/Balloting/Tabulation Rates:

   Title                          Hourly Rate
   -----                          -----------
   Solicitation Consultant               $195
   Director of Solicitation              $215

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

The firm can be reached through:

     Benjamin J. Steele
     Prime Clerk LLC
     One Grand Central Place
     60 East 42nd Street, Suite 1440
     New York, New York 10165

                    About Internap Corporation

Internap Corporation (NASDAQ: INAP) -- http://www.INAP.com/-- is a
leading-edge provider of high-performance data center and cloud
solutions with 100 network Points of Presence worldwide.  INAP's
full-spectrum portfolio of high-density colocation, managed cloud
hosting and network solutions supports evolving IT infrastructure
requirements for customers ranging from the Fortune 500 to emerging
startups.  INAP operates in 21 metropolitan markets, primarily in
North America, with 14 INAP Data Center Flagships connected by a
low-latency, high-capacity fiber network.

On March 16, 2020, Internap Technology Solutions Inc. and six
affiliates, including INAP Corporation, each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 20-22393).  Judge Robert D. Drain oversees
the cases.

Debtors tapped Milbank LLP as legal counsel, FTI Consulting as
restructuring advisor, and Moelis & Company as financial advisor.
Prime Clerk LLC is the claims agent and administrative advisor.


INTL FCSTONE: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by INTL FCStone Incorporated to B+ from BB. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

INTL FCStone Incorporated is a financial services organization. The
company operates in five areas: Commercial Hedging, Global
Payments, Securities, Physical Commodities, and Clearing and
Execution Services. The company ranked No. 112 in the 2019 Fortune
500 list of the largest United States corporations by total
revenue.


IRON MOUNTAIN: Egan-Jones Lowers Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Iron Mountain Incorporated to B+ from BB-.

Iron Mountain Incorporated is an American enterprise information
management services company founded in 1951 and headquartered in
Boston, Massachusetts.



JAMES WAGNER CULTIVATION: Gets CCAA Initial Stay; KSV Named Monitor
-------------------------------------------------------------------
The Ontario Superior Court of Justice (Commercial List) made an
order granting James E. Wagner Cultivation Corporation, James E.
Wagner Cultivation Ltd., JWC 1 Ltd., JWC 2 Ltd., JWC Supply Ltd.
and Growthstorm Inc. protection pursuant to the Companies'
Creditors Arrangement Act.  

Pursuant to the Initial Order, KSV Kofman Inc. was appointed as
monitor.

Pursuant to the order, there is a stay of proceedings until April
10, 2020, which the Court can extend from time-to-time.  A motion
is scheduled to be heard on April 9, 2020, to extend the stay of
proceedings.

The Court approved the terms of a debtor-in-possession loan
facility in the maximum principal amount of $4 million to be made
available by Trichome Financial Corp., pursuant to a term sheet
dated March 31, 2020.

The principal purpose of these restructuring proceedings is to
create a stabilized environment to enable the Companies to pursue a
restructuring of their business by conducting a "stalking horse"
sale and investor solicitation process ("SISP") while continuing
operations in the ordinary course of business.  Subject to Court
approval, the SISP is to be conducted by Stoic Advisory Inc., under
the supervision of the Special Committee of the Board of James E.
Wagner Cultivation Corporation and the Monitor.

A copy of this order, if issued, will be available on the Monitor's
website at
https://www.ksvadvisory.com/insolvency-cases/case/james-e-wagner-cultivation-corporation.

The monitor can be reached at:

   KSV Kofman Inc.
   150 King Street West Suite 2308
   Toronto, ON M5H 1J9

   Bobby Kofman
   Tel: 416-932-6228
   Email: bkofman@ksvadvisory.com

   Noah Goldstein
   Tel: 416-932-6207
   Email: ngoldstein@ksvadvisory.com

Insolvency Counsel to the Companies:

   Bennett Jones LLP
   3400 One First Canadian Place
   P.O. Box 130
   Toronto, ON M5X 1A4
   Fax: 416-863-1716

   Sean Zweig
   Tel: 416-777-6254
   Email: zweigs@bennettjones.com

   Mike Shakra
   Tel: 416-777-6236
   Email: shakram@bennettjones.com

   Aiden Nelms
   Tel: 416-777-4642
   Email: nelmsa@bennettjones.com

Corporate Counsel to the Companies:

   DLA Piper (Canada) LLP
   Suite 6000, 1 First Canadian Place
   PO Box 367, 100 King St W
   Toronto, ON M5X 1E2

   Edmond Lamek
   Tel: 416-365-3444
   Email: edmond.lamek@dlapiper.com

   Danny M. Nunes
   Tel: 416-365-3421
   Email: danny.nunes@dlapiper.com

Counsel to the Monitor, KSV Kofman Inc.:

   Davies Ward Philipps & Vineberg LLP
   155 Wellington Street West
   Toronto, ON M5V 3J7

   Robin B. Schwill
   Tel: 416-863-5502
   Email: rschwill@dwpv.com

   Natalie Renner
   Tel: 416-367-7489
   Email: nrenner@dwpv.com

Counsel to Trichome Financial Corp.:

   Torsy LLP
   79 Wellington St W
   Suite 3300
   Toronto, ON M5K 1N2

   Scott A. Bomhof
   Tel: 416-865-7370
   Email: sbomhof@torys.com

   Jeremy Opolsky
   Tel: 416-865-8117
   Email: jopolsky@torys.com

James E. Wagner Cultivation Corporation -- https://www.jwc.ca/ --
produces and distributes pharmaceutical products.  The Company
cultivates and processes cannabis for medical uses.  JWC serves
patients in Canada.


JM FITNESS: Seeks to Hire Compass CPAs as Accountant
----------------------------------------------------
JM Fitness, LLC, seeks authority from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Compass CPAs & Advisors
LLC, as accountant to the Debtor.

JM Fitness requires Compass CPAs to:

   Phase 1 – QBs, Accounting – 2018 and 2019

   -- assist with QBs accounting, clean-up, adjustments, and
      reconciliation;

   -- assist in the preparation of the financial statement for
      2018;

   -- assist in the 2020 budgets, projections, and cash flows.

   Phase 2 – Tax Compliance – 2019

   -- review of 2018 personal and business tax returns filed;

   -- assist in the preparation and e-filing of 2019 personal and
      business income tax returns; and

   -- assist in the tax projections and estimated tax payment
      computations.

Compass CPAs will be paid at the hourly rate of $225.

Compass CPAs will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Steven Samuels, partner of Compass CPAs & Advisors LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Compass CPAs can be reached at:

     Steven Samuels
     COMPASS CPAS & ADVISORS LLC
     347 N. New River Drive East
     Fort Lauderdale, FL 33301
     Tel: (954) 882-8563
     E-mail: steven@compasscpaadvisors.com

                      About JM Fitness LLC

JM Fitness LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Fla. Case No. 20-13257) on March 10, 2020, disclosing under $1
million in both assets and liabilities.  The Debtor is represented
by Chad Van Horn, Esq., at Van Horn Law Group, P.A.



JM FITNESS: Seeks to Hire Van Horn Law as Counsel
-------------------------------------------------
JM Fitness LLC seeks authority from the United States Bankruptcy
Court for the Southern District of Florida to hire Van Horn Law
Group, P.A., as its counsel.

JM Fitness requires Van Horn Law to:

     a. give advice to the Debtor with respect to its powers and
duties as a debtor in possession and the continued management of
its business operations;

     b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of court;

     c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;

     d. protect the interest of the debtor in all matters pending
before the court; and

     e. represent the Debtor in negotiation with its creditors in
the preparation of a plan.

Van Horn Law will be paid at these hourly rates:

     Chad Van Horn, Esq.     $450
     Associates              $350
     Jay Molluso             $250
     Law Clerks              $175
     Paralegals              $200

Van Horn Law will be paid a retainer in the amount of $12,500.

Van Horn Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Chad T. Van Horn, the firm's founding partner, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Van Horn Law can be reached at:

     Chad T. Van Horn, Esq.
     VAN HORN LAW GROUP, INC.
     330 N. Andrews Ave., Suite 450
     Fort Lauderdale, FL 33301
     Tel: (954) 765-3166
     E-mail: Chad@cvhlawgroup.com

                    About JM Fitness LLC

JM Fitness LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-13257) on March 10, 2020,
listing under $1 million in both assets and liabilities. Chad Van
Horn, Esq. at VAN HORN LAW GROUP, P.A., represents the Debtor as
counsel.


KAPKOWSKI ROAD: Moody's Places Ba2 Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed Kapkowski Road Landfill
Reclamation Improvement District's (NJ) Ba2 rating on review for
downgrade, affecting approximately $110 million of debt outstanding
issued by the New Jersey Economic Development Authority.

RATINGS RATIONALE

The review is prompted by the March 18th closure of the Mills at
Jersey Garden Mall by government mandate as a result of the
Coronavirus (COVID-19) pandemic, uncertainty about the timing and
speed of a recovery in the return of visitors, and the impact of
the downturn in visitors on the project's revenues whose
payment-in-lieu-of-tax (PILOT) secures the bonds. Moreover, the
COVID-19 pandemic brings into question the financial health of
existing retail tenants which will be impacted by the broader
negative outlook in the retail sector, as well as potentially
elevating the risks associated with the November 2020 refinancing
of a $350 million interest-only loan with Wells Fargo, held jointly
by N.J. Metromall Urban Renewal, Inc and JG Elizabeth II, LLC.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The rapid and widening spread of the coronavirus
outbreak, deteriorating global economic outlook, 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. More specifically, the mall's
exposure to reduced revenue from falling visitor levels, including
from a sizeable share of international travelers, has left it
vulnerable in these unprecedented operating conditions and the mall
remains vulnerable to extended credit stress stemming from the
continued impact of the outbreak.

The Ba2 rating reflects the track record of healthy cash flow from
the Mills at Jersey Gardens Mall. Broad changes in consumer
behavior shifting away from traditional brick and mortar to online
retail platforms have not impacted the financial performance of
mall property. To date, tenant sales have remained strong
year-over-year which is underpinned by strong property management
by JG Elizabeth II, LLC (JGE II) as a wholly owned subsidiary of
Simon Property Group, L.P. (Senior Unsecured, A2, Negative). The
mall has had a diverse and stable retail tenant base and an
accessible location adjacent to the New Jersey Turnpike and
Newark-Liberty International Airport, with direct transportation
links to New York City. The credit is challenged by the absence of
a debt service reserve fund in lieu of an advancing agreement by
Midland Loan Services (NR) to provide timely payment of debt
service.

The PILOT payments commenced August 2004 and will terminate on the
date of the final payment of the bonds in February 2031. The FY
2020 PILOT payment is approximately $3.19 million quarterly,
totaling $12.77 million annually. PILOT payments increase by 10%
every 5 years, and the next increase is scheduled for May 1, 2021.
The mall has a $350 million interest-only 3.83% mortgage note with
Wells Fargo, subordinate to the PILOTs. The mortgage is secured by
the investment property and related rents and leases, maturing
November 1, 2020.

RATING OUTLOOK

The rating review will focus on the potential impact of the
COVID-19 pandemic on the mall, including on the outlook for visitor
levels, as well as the broader effect of the deteriorating retail
sector on mall tenant dynamics. The review period will also allow
for additional insight into overall credit market dynamics and any
potential for rollover risk for the Wells Fargo mortgage loan.

LEGAL SECURITY

The bonds are payable solely from PILOTs made by JGE II to the City
of Elizabeth, which has assigned the payment to the bondholders'
trustee. If there is a shortfall of PILOT payments, which are
remitted quarterly to a trustee, the PILOT's total value will not
be accelerated. The Landfill Improvement Act of NJ provides for
imposition of a special assessment as a back-up taxing mechanism to
the lien of PILOTs. The city's Assessment Ordinance prescribes the
lien on the special assessment as $180 million and requires it to
be pay so long as the bonds are outstanding, or 30 years, whichever
is less. There is no explicit rate covenant but the deal is
structured so that the fixed PILOT payments provide sum sufficient
debt service coverage.

PROFILE

JG Elizabeth II, LLC was formed for the purpose of operating and
holding the Mills at Jersey Gardens for long-term investment and is
a wholly-owned subsidiary of Simon Property Group, L.P. JG
Elizabeth II, LLC is responsible for quarterly PILOTs to an
affiliate, New Jersey Metromall Urban Renewal LLC, who is legally
required to pay the PILOTs to the trustee. Simon replaced Glimcher
Realty as owner and operator of the mall in January 2015.

The Mills at Jersey Gardens is an enclosed two-level,
value-oriented fashion and entertainment mega-mall located in
Elizabeth, New Jersey with a gross leasable area of approximately
1.3 million square feet. It is located approximately three miles
from Newark International Airport and 15 miles from Manhattan at
Exit I3A of the New Jersey Turnpike in an urban enterprise zone
with a reduced sales tax rate. Advertised as "New Jersey's Largest
Outlet Mall," Jersey Gardens has over 200 stores and is located in
northern New Jersey and the New York City metro area.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

  - Visitor levels are expected to return to credit supportive
levels

  - Governments act to open retail facilities and provide strong
support to maintain economic conditions

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

  - Visitor levels decline materially with no sign of rebounding
leading to forecast financial metrics remaining weak for a
sustained period of time

  - Any material possibility that the mortgage loan will face
heightened refinancing risk

  - Social distancing mandates closing retail facilities beyond 3
to 4 months

  - Economic conditions indicate a strong recessionary environment

METHODOLOGY

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


KESTREL ACQUISITION: Moody's Cuts Rating to Secured Loans to B2
---------------------------------------------------------------
Moody's Investors Service downgraded the rating assigned to Kestrel
Acquisition, LLC's senior secured credit facilities to B2 from B1
to reflect challenging market conditions that are expected to
further pressure Kestrel's already weak financial performance. The
credit facilities consist of a $444 million term loan B due 2025
and a $40 million revolving credit facility due 2023. The outlook
remains negative.

RATINGS RATIONALE

The one notch downgrade to B2 reflects weak power market
fundamentals driven by the combination of a mild winter in PJM, low
natural gas and electric prices and reduced electric demand across
the region owing to regional lock-down measures taken to slow the
spread of the coronavirus. These conditions are expected to
collectively lower electric wholesale power prices along with the
Project's operating margins and cash flow which adds to Kestrel's
already weak financial performance. Moody's considers Kestrel to be
more susceptible to weak power market fundamentals relative to
certain other PJM based baseload power projects due in part to the
lack of a multi-year hedging strategy causing it to be more exposed
to a decline in market fundamentals.

Kestrel's cash flow over the trailing twelve months ended September
30, 2019 was barely sufficient to cover capital spending
requirements and mandatory debt service. A driver for Kestrel's
weak cash flow generation during this period included non-recurring
major maintenance expenses incurred during a scheduled spring
outage. Positively, from an operational perspective, Kestrel's
operating performance has remained in line with expectations
including a 80.8% capacity factor through the nine months ended
September 30, 2019.

Kestrel's liquidity is adequate. Availability under a $40 million
revolving credit facility due June 2023 was $15 million. The only
items outstanding under the revolving credit facility were letters
of credit supporting operating activities, including a 6-month debt
service reserve requirement. From a financial covenant perspective,
Kestrel's debt service coverage ratio as of September 30, 2019 was
at 1.5x, within compliance of the 1.1x debt service coverage
requirement.

RATING OUTLOOK

The negative outlook reflects a high degree of uncertainty relating
to electric demand and power prices in PJM over the near-term which
will impact peak power pricing and related operating margins and
cash flow at Kestrel owing to the Project more open hedging
strategy.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

In light of the negative outlook and the near-term challenges in
the wholesale power market, limited prospects exist for the rating
to be upgraded. The outlook could stabilize if stronger wholesale
power market dynamics emerge resulting in project cash flow-to-debt
of 5% and debt-to-EBITDA that is less than 7.5 times on a sustained
basis.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Usage of its liquidity reserves, including a drawdown of the letter
of credit supporting its six-month debt service requirement, would
likely trigger negative rating action. The rating could also be
downgraded if Kestrel fails to achieve key financial metrics
including project cash flow-to-debt in excess of 3% and
debt-to-EBITDA that is less than 9 times. on a sustained basis.

PROFILE

Kestrel owns the 810-megawatt (MW) Hunterstown Generation Facility
(Hunterstown), located in Gettysburg, PA. Kestrel is wholly owned
by affiliates of the private equity firm Platinum Equity
(Platinum).


LADAN INC: Hires Goodrich & Associates as Counsel
-------------------------------------------------
Ladan, Inc., has filed an amended application with the U.S.
Bankruptcy Court for the Northern District of California seeking
approval to hire Goodrich & Associates as its counsel.

Ladan, Inc. requires Goodrich & Associates to:

   (a) assist in the preparation of bankruptcy schedules,
       statement of financial affairs and other related documents
       pertaining to the Chapter 11 proceedings;

   (b) represent the Debtor at each hearing, and to represent the
       Debtor at all meetings with the Office of the United
       States Trustee, and all meetings of creditors or with the
        creditors committee;

   (c) bring such actions or defend such actions as may arise
       during these proceedings, and to perform such legal
       services as shall be necessary in the attempts made by the
       Debtor to present and confirm a Plan of Reorganization in
       these proceedings;

   (d) defend, as necessary, requests for relief from the
       automatic stay filed herein by secured parties;

   (e) examine into the validity of all claims filed against the
       estate and to conduct hearings upon said objections
       thereto which the Debtor my deem in its duty to interpose;

   (f) litigate, as necessary, any and all claims asserted on
       behalf of or against this estate; and

   (g) advise the Debtor generally on all other matters which may
       arise during the pendency of these proceedings.

The Debtor has paid a retainer to Goodrich & Associates in the
amount of $4,717. After applying the retainer to pay the court
filing fee for this case in the amount of $1,717, Goodrich &
Associates holds a retainer balance of $3,000 in its IOLTA
Account.

Goodrich & Associates is a disinterested party, and neither holds
nor represents an interest adverse to the estate, according to
court filings.

The firm can be reached through:

     Jeffrey Goodrich, Esq.
     Goodrich & Associates
     12 Bellwether Way Suite 215
     Bellingham, WA 98225
     Tel: (360) 671-0226
     Fax: (360) 671-0261

                      About Ladan Inc.

Ladan, Inc. -- http://ludwigsfinewine.com/-- is a private held
company that owns and operates wine, beer, and liquor stores.
Ladan, Inc., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 20-30130) on Feb. 6, 2020.  The
case is assigned to Judge Dennis Montali.  In the petition signed
by Magid Nazari, president, the Debtor had $258,503 in assets and
$7,672,414 in liabilities.  Jeffrey Goodrich, Esq., at GOODRICH &
ASSOCIATES, is the Debtor's counsel.


LAMAR ADVERTISING: S&P Downgrades ICR to 'BB-'; Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Lamar
Advertising Co. to 'BB-' from 'BB'; because it expects the decline
in advertising spending to increase its adjusted leverage well
above its 4.5x downgrade threshold over the next year.

The rating agency expects Lamar's leverage to increase above S&P's
4.5x downgrade threshold in 2020.

"Lamar's adjusted leverage was 4.2x as of the end of 2019. We
previously expected the company's leverage to remain in the
low-4.0x area in 2020; however, we now anticipate that the decline
in its revenue stemming from the coronavirus pandemic and U.S.
economic slowdown will increase its leverage above 4.5x in 2020.
The duration and severity of the pandemic remain uncertain, though
we believe its negative effect on Lamar's EBITDA will keep the
company's leverage elevated above 4.5x through 2021," S&P said.

The negative outlook reflects the uncertainty surrounding the
duration and severity of the pandemic and the related economic
downturn and the risk that Lamar's leverage could increase above
5.5x and remain at that level through 2021.

"We could lower our rating on Lamar if we expect its leverage to
increase above 5.5x and remain elevated through 2021. This could
occur if the efforts to contain the pandemic reduce outdoor traffic
through the second half of 2020, a severe advertising recession
extends into 2021, or Lamar is unable to sufficiently reduce its
cost base to adequately offset the decline in its revenue," S&P
said.

"We could revise our outlook on Lamar to stable if we expect its
leverage to remain below 5.5x. This could occur if we see evidence
that U.S. population traffic statistics are returning to
pre-pandemic levels and expect a healthy recovery in spending on
out-of-home advertising toward the end of 2020 and beginning of
2021," the rating agency said.


LAREDO PETROLEUM: S&P Downgrades ICR to 'B-'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Tulsa,
Okla.-based oil and gas exploration and production (E&P) company
Laredo Petroleum Inc. (LPI) to 'B-' from 'B+'. The outlook is
negative.

"The sharp decline in commodity prices will cause Laredo's credit
metrics and profitability to deteriorate below our previous
expectations for the rating. We project LPI's average funds from
operations (FFO) to debt at 25% and debt to EBITDA at just over 3x
over the next two years," S&P said.

S&P's outlook on Laredo is negative. The rating agency expects the
company's metrics to weaken due to the fall in commodity prices and
it expects measures to stay soft during the next couple of years.
Furthermore, S&P anticipates lease operating expenses will increase
with the recent Howard County acquisition. Moreover, the rating
agency expects metrics to decline further when the favorable hedges
roll off after 2020.

"We would consider a downgrade if the company's credit metrics
deteriorated further with no near-term solution. This could occur
if commodity prices did not materially increase over the next year.
Furthermore, we could lower the rating if production fell well
short of our expectations. We could also lower the rating if the
company entered into a restructuring agreement with its note
holders or lenders," S&P said.

"We could consider changing the outlook to stable if the company's
credit measures outperformed our expectations and we viewed its
risk of entering into a debt exchange or other form of
restructuring as limited. This would most likely occur if the
company's operating and capital efficiency outperformed our
expectations or if commodity prices increased meaningfully above
our price deck assumptions over the next year," the rating agency
said.


LAW OFFICES OF PERRY: Trustee Taps Zvi Guttman P.A. as Counsel
--------------------------------------------------------------
Zvi Guttman, the Chapter 11 trustee for The Law Offices of Perry A.
Resnick, LLC, received approval from the U.S. Bankruptcy Court for
the District of Maryland to hire his own firm to handle Debtor's
Chapter 11 case.
   
The Law Offices of Zvi Guttman, P.A. will advise Debtor of its
powers and duties under the Bankruptcy Code and will provide other
legal services in connection with the case.

Guttman will be paid at these rates:

     Attorney    $525 per hour
     Paralegal   $185 per hour

The firm does not represent interests adverse to Debtor's
bankruptcy estate, according to court filings.

The firm can be reached through:

     Zvi Guttman, Esq.
     The Law Offices of Zvi Guttman, P.A.
     P.O. Box 32308
     Baltimore, Maryland 21282
     Phone: (410) 580-0500
     Fax: (410) 580-0700
     Email: Zvi@zviguttman.com

             About The Law Offices of Perry A. Resnick

The Law Offices of Perry A. Resnick, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 20-12820)
on March 4, 2020.  At the time of the filing, Debtor disclosed
assets of between $1 million and $10 million and liabilities of the
same range.  Judge Nancy V. Alquist oversees the case.  Debtor is
represented by The VerStandig Law Firm, LLC and McNamee Hosea
Jernigan Kim Greenan & Lynch, P.A.

Zvi Guttman was appointed as Debtor's Chapter 11 trustee.  The
trustee is represented by The Law Offices of Zvi Guttman, P.A.


LD INTERMEDIATE: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded LD Intermediate Holdings,
Inc.'s Corporate Family Rating to Caa2 from Caa1 and Probability of
Default Rating to Caa2-PD from Caa1-PD. At the same time, Moody's
downgraded the company's first lien senior secured credit facility
(revolver and term loan) to B3 from B2 and the Speculative Grade
Liquidity rating to SGL-4 from SGL-3. The outlook was changed to
negative from stable.

The downgrade to Caa2 CFR and negative outlook reflects Moody's
view that KLD's credit profile will remain weak because earnings
and liquidity will be pressured during challenging economic
conditions in 2020, including declines in litigation fillings,
increasing court closures in the United States, delays in matters
starts, and decrease in litigation-related expenditures by
customers. The potential for meaningful cash flow deficits
throughout 2020 is elevated given the risk that corporate clients
could delay or not pay at all for litigation services, given their
own deteriorated financial condition. Moody's views default risk to
be heightened, including the potential for a distressed exchange or
debt restructuring as the current debt capital structure is deemed
unsustainable.

Downgrades:

Issuer: LD Intermediate Holdings, Inc.

Corporate Family Rating, Downgraded to Caa2 from Caa1

Probability of Default Rating, Downgraded to Caa2-PD from Caa1-PD

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD2) from
B2 (LGD2)

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

Outlook Actions:

Issuer: LD Intermediate Holdings, 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 legal services
industry has been one of the sectors significantly affected as
civil case volumes are expected to be disrupted amid court closures
and as businesses and law firms shift to remote work capabilities.
More specifically, the weaknesses in KLD's credit profile,
including its exposure to collection of data and document review in
the US, elevated leverage and tightening liquidity 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. Its action
reflects the impact on KLD of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook reflects Moody's expectation of weakened
credit metrics and liquidity, compounded by the uncertainty of the
time and trajectory of the recovery. Moody's is concerned that
KLD's probability of default will further increase if cash
collections slow materially.

The SGL-4 Speculative Grade Liquidity Rating reflects Moody's
expectation that KLD's liquidity will remain weak over next 12-15
months. Sources of liquidity consist of balance sheet cash of
approximately $50 million at March 31, 2020, including the full
draw down under its $30 million revolving credit facility due
December 2021. Moody's projects significant cash flow deficits over
the next several quarters given the current economic conditions and
uncertain cash collections efforts. There are no financial
maintenance covenants on the first lien term loan but the revolving
credit facility is subject to a springing first lien net leverage
ratio of 5.5x when the amount drawn exceeds 30% of the revolving
credit facility. Moody's expects that projected EBITDA
deterioration will increase the risk of the potential covenant
breach over the next 12-15 months.

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

The ratings could be downgraded if continued deterioration in
liquidity, including sustained negative free cash flow and covenant
pressure that would further increase probability of default. The
ratings could also be pressured if the company is unable to address
its 2021-2022 debt maturities on commercially viable terms.

Moody's would consider an upgrade if the company puts in place a
more tenable capital structure, demonstrates sustained organic
growth in revenue and earnings, sustainably decreases in
debt-to-EBITDA (Moody's adjusted), improves free cash flow
meaningfully and maintains at least adequate liquidity.

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

McLean, VA-based KLD provides electronic-discovery services to
corporations and law firms. The company generated more than $300
million in annual revenue in 2019. Following the reverse IPO merger
with Pivotal in December 2019, KLD is a publicly traded company on
OTC market under the symbol "KLDI." The Carlyle Group LP and
Revolution Growth are the majority shareholders of the combined
company.


LIFEPOINT HEALTH: Moody's Rates New Sr. Secured Notes Due 2025 'B1'
-------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to LifePoint Health,
Inc.'s new senior secured notes. There is no impact on any of
LifePoint's existing ratings, including the B2 corporate family
rating, B2-PD probability of default rating, B1 senior secured
rating, and Caa1 senior unsecured rating, or the stable outlook.

Proceeds from LifePoint's issuance of $500 million of senior
secured notes and an $80 million FILO term loan, will be used to
augment LifePoint's liquidity as the ongoing spread of the
coronavirus continues across the US. The company's liquidity
reflects its pro forma cash balance of $900 million as of December
31, 2019 and its largely available $800 million ABL facility.

Moody's expects that LifePoint's good liquidity and anticipated
relief from the recently signed CARES Act will enable the company
to weather significant short-term earnings headwinds related to the
coronavirus. This transaction will increase LifePoint's pro forma
debt/EBITDA from 5.6 times to around 6.0 times as of December 31,
2019.

Ratings assigned:

LifePoint Health, Inc.

Senior secured notes due 2025 at B1 (LGD3)

RATINGS RATIONALE

LifePoint's B2 CFR reflects the company's high financial leverage.
Pro forma for this transaction, debt to EBITDA was about 6.0 times
at December 31, 2019. The rating is also constrained by several
industry-wide headwinds, the most significant of which is the
ongoing spread of the coronavirus across the US. Moody's expects
the coronavirus to materially pressure LifePoint's earnings as its
hospitals forgo lucrative elective procedures with the current
public health crisis ongoing. LifePoint will continue to face
moderate, though declining, integration risk as it merges LifePoint
and RegionalCare's operations. Further, Moody's has very low growth
expectations for non-urban hospitals given multiple industry
headwinds. The B2 CFR is supported by the company's large scale
with nearly $9 billion in revenue and roughly $1.2 billion in
adjusted EBITDA. It is also supported by good geographic
diversity.

The stable outlook reflects Moody's view that LifePoint's liquidity
will be strong enough to mitigate near-term headwinds. It also
reflects Moody's view that demand for LifePoint's services will
rebound fairly quickly once isolation measures are lifted.

With respect to governance, LifePoint's ownership by private equity
firm Apollo Management will result in the deployment of aggressive
financial policies. While LifePoint may pursue an IPO longer-term
given its large scale, Apollo may take dividends if the company
achieves its cash flow and deleveraging goals. Since the November
2018 merger between LifePoint and RegionalCare, the combined
organization's financial performance has tracked reasonably in line
with its guidance. As a for-profit hospital operator, LifePoint
also faces high social risk. Moody's regards the coronavirus
outbreak as a social risk under Moody's ESG framework, given the
substantial implications for public health and safety. To prepare
for a surge of coronavirus patients, acute care hospitals are
postponing or cancelling non-essential elective surgical
procedures. Further, alternative care settings for such elective
procedures, such as ambulatory surgery centers (ASCs), are having
to do the same in an effort to conserve valuable surgical supplies
(e.g., personal protective equipment). Losing these procedures,
which tend to be more profitable than treating sick patients, will
result in significant headwinds to hospital companies' earnings.
Beyond the coronavirus, the affordability of hospitals, price
transparency, and the practice of balance billing have garnered
substantial social and political attention. Additionally, hospitals
rely on Medicare and Medicaid for a substantial portion of
reimbursement. Any changes to reimbursement to Medicare or Medicaid
directly impacts hospital revenue and profitability. In addition,
the social and political push for a single payor system would
drastically change the operating environment.

LifePoint's good liquidity reflects its pro forma cash balance of
$900 million as of December 31, 2019, near fully available $800
million ABL facility.

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

The ratings could be downgraded if LifePoint experiences adverse
reimbursement developments, weakening admission trends, or
integration challenges. A downgrade could also result from
weakening liquidity or aggressive financial policies such as
shareholder dividends or acquisition of margin dilutive hospitals.
Lastly, debt to EBITDA sustained above 6.0 times could also give
rise to a ratings downgrade.

The ratings could be upgraded if LifePoint achieves significantly
better cost and revenue synergies than Moody's expects. Sustaining
strong underlying patient volume growth while maintaining debt to
EBITDA below 5.0 times could also result in a ratings upgrade.


LKQ CORP: Egan-Jones Lowers LC Sr. Unsecured Ratings to BB-
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued LKQ Corporation to
BB- from BB+.

Previously, on March 24, 2020, Egan-Jones downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by LKQ to BB+ from BBB.

LKQ Corporation is an American provider of alternative and
speciality parts to repair and accessories automobiles and other
vehicles. LKQ has operations in North America, Europe and Taiwan.



LOUISIANA-PACIFIC CORP: Egan-Jones Lowers Sr. Unsec. Ratings to BB
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Louisiana-Pacific Corporation to BB from BB+.

Previously, on March 24, 2020, EJR downgraded the foreign currency
and local currency senior unsecured ratings on debt issued by
Louisiana-Pacific to BB+ from BBB.

Louisiana-Pacific Corporation, commonly known as "LP", is an
American building materials manufacturer. It was founded in 1973
and is currently based in Nashville, Tennessee. LP pioneered the
U.S. production of oriented strand board panels.



LUCID ENERGY II: Fitch Lowers LT IDR to 'B-', Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Lucid Energy Group II Borrower, LLC's
Long-Term Issuer Default Rating to 'B-' from 'B+' and senior
secured rating to 'B-'/'RR4' from 'BB-'/'RR3'. The Rating Outlook
remains Negative.

The downgrade of the IDR reflects Lucid's elevated leverage (total
adjusted debt/adjusted EBITDAR) in the near term. Fitch has
previously stated that leverage in 2020 above 6.5x is a negative
rating sensitivity. Fitch now projects Lucid's to operate with
leverage above 8.5x for both 2020 and 2021. While Fitch notes that
in 2019 Lucid has achieved volume growth that is consistent with
Fitch's prior expectation, Lucid's EBITDA has significantly
underperformed, leading to leverage above 9.0x at YE 2019. The
EBITDA underperformance is largely driven by Lucid's operational
issue related to its processing plants that led to lower NGL
recoveries. In 2019, approximately 15% of Lucid's revenue was
directly exposed to commodities price. While Fitch expects Lucid's
volume in 2020 and 2021 to sustain at level above 2019's, Fitch's
forecasted throughput volume is now much lower than previously
anticipated. The path of deleveraging through volume ramp for Lucid
is delayed. Fitch expects Lucid's sponsors to remain supportive in
help funding capex and liquidity needs for Lucid in 2020.

The Negative Outlook reflects Fitch's concerns over the near-term
impact of weaker commodity prices on Lucid's system volumes and
non-fixed fee business that could further delay deleveraging and
result in weaker leverage and coverage metrics. Fitch would seek to
stabilize the Outlook should growth keep pace with or exceed
Fitch's base case expectations, with FFO fixed-charge coverage
trending toward 2.0x for 2021.

The rating actions on Lucid's gathering and processing operations
occur in a context of certain members of OPEC+ effectively changing
the policy of withholding production to maintain relatively stable
oil prices. Cartel leader Saudi Arabia has adopted a pump-at-will
policy. The pressure on existing policy was acute given the sharp
decrease in global energy demand brought on by the coronavirus
pandemic.

Fitch's price deck for oil and natural gas establishes guideposts
for the execution of Fitch's policy of rating through the cycle.
The price deck serves as the main basis for the new Fitch forecast.
Producer commentary is also used. Based on the price deck and based
on producer commentary throughout the Permian basin, and including
some of Lucid's customers.

KEY RATING DRIVERS

Leverage Remains Elevated: Fitch calculated Lucid's leverage (total
adjusted debt/adjusted EBITDAR) to be above 9x in 2019 largely
driven by EBITDA underperformance as a result of lower realized
commodity-based revenue and higher operating and G&A expense.
Lucid's volume growth in 2019 was consistent with Fitch's prior
expectation. Operational challenges related to gas treating,
resulting in lower NGL recoveries, contributed to lower profit
margins for second and third quarter of 2019, in Fitch's view.
However, management stated that such operational issue was resolved
in 4Q19 as its new processing plant, Red Hills IV, went in-service
during 4Q19. Fitch observed that 4Q19 saw an improvement in profit
margin. With volume growth expected to be challenged under the
revised Fitch commodity price deck, Fitch now forecasts Lucid to
maintain leverage above 8.0x with fixed charge coverage below 2.0x
through 2021. Fitch previously expected Lucid's leverage to be
below 5.5x by YE 2020.

Mostly Fee-Based Contracts: Lucid generates a high percentage of
cash flow under fixed fee contracts with its counterparties. While
Lucid has continued to reduce its exposure to commodity-based
contracts, Lucid still has a material hybrid POP contract remaining
with a major customer. These PoP contracts expose Lucid to changing
commodity prices. Specifically, Lucid, in exchange for processing
services provided, takes title to a portion of the natural gas
liquids and natural gas processed. In 2019, the commodity price
exposure is one factor driving a decline in expected EBITDA
compared to what Fitch previously estimated. The company has
roughly 973,000 acres dedicated on its system with a weighted
average contract life of approximately eight years remaining.

Volume Growth Challenged: Fitch recognized that Lucid's volume
growth in 2019 has been consistent with Fitch's prior expectations.
However, recent weeks have seen a precipitous drop in benchmark oil
prices, predicated on the breakup of OPEC+ and Saudi Arabia's
willingness to pump-at-will. This has come on the tails of
persistently weak (North American) oil demand. The recent fall in
oil prices has only exacerbated ongoing market concerns over the
risks faced by small-to-mid-sized gathering and processing issuers,
which generally do not have an extensive yet compact territory, as
E&P producers are reducing their drilling budgets. Despite the
curtailed drilling activities by E&P producer customers, Lucid
could still be able to maintain or grow its existing volume if some
producers completed their drilled but uncompleted wells (DUCs).
However, there is increased uncertainty on the evolution of
customer volumes given the overall capex reduction by E&P producer
customers that would result in fewer well completions.

Customer Concentration: Lucid is not reliant on a single
counterparty for the majority of its volumes, though it does have
concentrated customer exposure to three investment-grade E&P
producer customers. Fitch expects these three E&P producers to
account for approximately 60% of Lucid's volume in 2020. Recently
announced capex reduction by two of its major IG customers could
pressure Lucid's volume growth in the near term. However,
offsetting some of the customer concentration risk is that the
contract with its largest customer is underpinned by minimum volume
commitment (MVC). The MVC level will account for approximately 20%
of Lucid's volume in 2020 under Fitch's rating case. For the past
two quarters, the producer customer has produced above the MVC
level.

Near-term Liquidity: Fitch expects Lucid's liquidity to continue to
depend on infusions of equity from its two sponsors, Riverstone and
Goldman. Lucid is currently constructing a processing plant (Red
Hills V) in 2020. Fitch expects Lucid will continue to fund its
2020 capex and working capital with its internally generated cash
flow as well as equity contribution from sponsors. The sponsors
have approved further equity infusions for 2020; however, this
committed equity has yet to come into the possession of Lucid (the
foregoing information was based on preliminary information.)
Liquidity concerns would arise if sponsor support were delayed or
failed to materialize in its entirety, given current capacity
growth spending plans (2020) and limited borrowing capacity under
its $100 million revolver. Fitch notes that Lucid's sponsors have
been supportive in the past years to partially fund Lucid's
processing plant buildout in 2018 and 2019.

Additionally, the $80 million outstanding borrowings under the
revolving credit facility expiring in 2023 will need to be
pro-actively managed, in Fitch's judgment, in the event that
Fitch's leverage forecast for 2023 would remain high, and markets
from time to time become unsettled, as they are now.

Size and Scale: Lucid is a small gathering and processing service
provider that operates solely in the Northern Delaware region of
the Permian basin, and Fitch expects the company to generate an
annual EBITDA less than $200 million in the near term. Lucid's size
and scale is limited and generally consistent with a 'B' range IDR
within the midstream space. The lack of operational and geographic
diversity and EBITDA of below $200 million, though growing in 2019,
in Fitch's view, subject Lucid to outsized event risk and capital
market access risks should there be a slowdown in or longer-term
disruption of Midland Basin area production. The limiting factor is
somewhat offset by Lucid's geographic presence in the Permian,
where the basin growth profile still remains intact in the near
interim.

Competitive Risk: Fitch recognizes that competition as a limiting
factor can hamper Lucid's future growth. In seeking further acreage
dedications, Lucid faces competition from larger midstream
companies that can offer more integrated midstream services,
including greater hub connectivity within the Northern Delaware
basin, as well as downstream services such as long-haul transport
and fractionation.

DERIVATION SUMMARY

Lucid' credit profile and ratings reflect its single territory,
high current leverage, and slightly concentrated customer credit
risk. The company's natural gas gathering and processing operations
are focused on a single-basin, the Permian. Generally, Fitch views
single basin focused midstream service providers as being
consistent with 'B' category IDRs.

Both Navitas (B-/Negative) and EagleClaw (B-/Negative) are two
comparables for Lucid within the Midstream space. All three
entities are single basin, private equity backed G&P companies
operating in the Permian, where Fitch expects curtailed producer
activity in the near term. Neither three entities have fully
fee-based contract portfolios (in other words, all have a portion
of contracts directly exposed to commodity prices). While neither
Navitas nor EagleClaw benefits from MVC contracts, approximately
20% of Lucid's volume in 2020 is underpinned by MVC contract.
Lucid's customer exposure is also somewhat less risky than that of
Navitas and Eagleclaw. Lucid's customer exposure is concentrated at
three large investment graded counterparty. In terms of size, Lucid
and EagleClaw is relatively similar by dedicated acreage. While
Navitas is the smallest among the three companies, Navitas exhibits
stronger leverage metrics with 7.0x in 2020 and approximately 6.5x
by YE 2021. In contrast, leverage for both Lucid and Eagleclaw are
forecasted to be above 8.0x in the near term.

KEY ASSUMPTIONS

  - West Texas Intermediate (WTI) crude oil and Henry Hub (HH)
natural gas prices reflect the Fitch Price Deck. For WTI, that
includes $32/bbl for 2020, and $42 in 2021. For HH, that includes
$1.85/mcf in 2020, and $2.10/mcf in 2021. Ethane consistent with
Henry Hub above, Natural Gasoline consistent with WTI above,
Propane consistent with the one-year-out NYMEX forwards;

  - Production by customers for delivery into the Lucid systems in
2020 does not fall from the 2019 level, reflecting improved
customer production in 1Q20 compared to 4Q19;

  - Lower growth capex relative to management's forecast;

  - The executed equity contribution agreement provides funds in
2020 to partially fund capital expenditures;

  - Dividends are not assumed in the model;

  - Deleveraging is supported by term loan amortization (1% per
annum);

  - Refinancing of outstanding revolver borrowings in 2023;

  - The recovery analysis assumes that Lucid would be considered a
going-concern in bankruptcy. Fitch has assumed a 10% administrative
claim (standard). The going-concern EBITDA estimate of $100
million- $105 million reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of the company. As per criteria, the EBITDA reflects some
residual portion of the distress that caused the default. The
previous recovery exercise (May 2019) assumed an EBITDA in the
range of $120 million-$130 million.

  - An EV multiple of 6x is used to calculate a post-reorganization
valuation and is in line with recent reorganization multiples for
the energy sector, including three cases in the last five years
from the midstream sector in the U.S.

RATING SENSITIVITIES

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

  -- Fitch would likely stabilize the Outlook if volumes continue
to ramp, and EBITDAR improves as a result of increased utilization;
LTM total adjusted debt/adjusted EBITDAR (Fitch defined) and FFO
fixed charge coverage ratio trends below 8.5x and above 2.0x,
respectively;

  -- Improved liquidity measures;

  -- Positive FCF generation combined with leverage (total
debt/adjusted EBITDAR) at or below 7.0x on a sustained basis with
FFO fixed charge coverage above 2.0x could result in an upgrade.

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

  -- A decline in volumes across Lucid's acreage, as evidenced by
Lucid's operational problems or by a drop in daily volumes through
the system;

  -- Significant cost overruns on project completion pressuring
existing liquidity condition;

  -- Leverage (total adjusted debt/adjusted EBITDAR at or above
9.0x on a sustained basis with FFO fixed charge coverage ratio
sustained below 1.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Fitch expects Lucid to be reliant on sponsor's
contribution to partially fund its capex in 2020 and 2021, as
Lucid's liquidity is limited in the near term. As of Dec 31, 2019,
the company had a total of $95.1 million (including $15.1 million
outstanding LOCs) outstanding under its $100 million super secured
revolving credit facility that matures in 2023. The revolving
credit facility has financial covenant of maximum super senior
leverage ratio of 1.25x. Previously, Lucid received equity
contribution from its sponsors Riverstone and Goldman in 2018 and
2019 to partially fund its processing plant buildout.

The $950 million of senior secured term loan B and $125 senior
secured term loan B-2 facility have a manageable maturity of seven
years. The term loans have a debt service coverage ratio (DSCR)
covenant threshold of 1.1x, and Fitch expects Lucid to remain so
throughout its forecast period. The term loan requires a six-month
debt service reserve account (DSRA), as well as a cash flow sweep
and mandatory amortization of 1% per annum. The instrument that
provides back-up liquidity for the DSCR directed toward term loan
holders is in the form of cash at the borrower level and LOC issued
by a bank. The LOC is for an approximate $30 million-$35 million.
The LOC is written in favor of the collateral agent. The obligation
to repay the LOC resides at an entity above Lucid.


M/I HOMES: Egan-Jones Lowers Senior Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by M/I Homes Incorporated to B+ from BB-.

M/I Homes, Incorporated builds single-family homes. M/I Homes have
homebuilding operations in Ohio, Indiana, Florida, North Carolina,
Virginia, and Maryland.



MARATHON OIL: Egan-Jones Lowers Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Marathon Oil Corporation to BB+ from BBB-.

Marathon Oil Corporation, usually simply referred to as Marathon
Oil, is an American petroleum and natural gas exploration and
production company headquartered in the Marathon Oil Tower in
Houston, Texas. Marathon Oil is incorporated in Ohio.



MARSHALL MEDICAL: Fitch Cuts Corp. Family Rating to BB+
-------------------------------------------------------
Fitch Ratings has downgraded its rating on Marshall Medical
Center's Series 2004B revenue bonds issued by California Health
Facilities Financing Authority to 'BB+' from 'BBB-'. Fitch Ratings
also downgraded MMC's Long-Term Issuer Default Rating to 'BB+' from
'BBB-'.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a gross revenue pledge and mortgage lien
of the obligated group (OG). The consolidated group includes a
subsidiary surgery center that is non-obligated per the Master
Indenture. The obligated group accounted for substantially all
total assets and revenue of the consolidated entity in fiscal 2019.
Fitch's analysis is based on the consolidated entity.

ANALYTICAL CONCLUSION

The downgrade to 'BB+' is based on MMC's addition of approximately
$50 million of debt via California's Cal-Mortgage Loan Insurance
Program (Cal-Mortgage) over the near term. Approximately $27
million will reimburse MMC for completed capital projects and the
remaining will go toward funding various capital projects over the
next couple of years. As part of the debt issuance, MMC will also
refinance the existing $20 million Series 2004B bonds rated by
Fitch. Although a portion of the funds will reimburse MMC,
improving its liquidity levels. Fitch views the addition of debt
will weaken MMC's capital-related ratios, particularly its cash to
adjusted debt, resulting in metrics that are more consistent with
Fitch's 'BB' category. Furthermore, given Fitch's expectation of
flat volumes and expense pressures anticipated over the next few
years, MMC's operating risk assessment is expected to change subtly
from midrange to weak. With these factors coupled with the current
economic condition and coronavirus situation, Fitch now views that
MMC's credit profile could be more vulnerable to unexpected
volatility in operations. Nonetheless, the rating continues to
reflect MMC's leading market position as the sole provider in its
primary service area (PSA) and leading market share presence. MMC
continues to benefit from the California's Hospital Quality
Assurance Fee (HQAF) program given its demographics and rural
designation.

The recent outbreak of coronavirus and related government
containment measures worldwide has created an uncertain environment
for the healthcare sector in the near term. While MMC's financial
performance through the most recently available data has not
indicated any impairment, material changes in revenue and cost
profiles will occur across the sector, and will likely worsen in
the coming weeks and months as economic activity suffers and as
government restrictions are maintained or expanded. Fitch's ratings
are forward-looking in nature, and Fitch will monitor developments
in the sector as a result of the virus outbreak as it relates to
severity and duration, and incorporate revised expectations for
future performance and assessment of key risks.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Leading Market Share and Adequate Payor Mix

MMC's revenue defensibility is midrange reflecting a strong market
position as the sole health care provider in a rural and
economically healthy community and limited competition for acute
care services within its PSA. MMC has modest exposure to Medicaid
and self-pay patients although the exposure has continued to shift
gradually from Medicaid to Medicare as the population ages.

Operating Risk: 'bb'

Weaker but Stable Operations Expected

Fitch expects MMC to continue to benefit from the HQAF program
albeit revenue recognition related to the program will continue to
drive volatility in operating performance. MMC's operating
performance is expected to weaker compared to fiscal 2019 results
with an operating risk assessment that Fitch considers weak. Fitch
expects the hospital will continue to realize gains from
efficiencies related to the electronic health record (EHR)
implementation from 2017 and expect operating performance will
remain weak over the medium term.

Capex is considered manageable with facilities meeting California's
structural and seismic requirements up to 2030. However, over the
longer-term (and outside the Outlook period), MMC will need to
undertake several structural and nonstructural improvements in
order to use its facilities beyond 2030.

Financial Profile: 'bb'

Weakened Capital-Related Ratios

MMC's financial profile has weakened in fiscal 2019 due to declined
cash levels as a result of an additional pension contribution. The
downgrade to the 'BB+' rating reflects MMC's weaker financial
profile assessment factoring in the additional debt, which weakens
the hospital's capital-related metrics given its already light
liquidity levels. Due to strategic capex plans over the next few
years, Fitch expects MMC's liquidity levels will remain light over
the medium term. Liquidity levels and operations would come under
pressure as evidenced by Fitch's stress case scenario with a
comparably slower recovery period expected through the cycle;
however, capital-related metrics supporting the rating are expected
to remain within 'BB' category expectations.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric risk considerations were used in this rating
determination.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's view that although MMC's
operating risk assessment is considered weak, the hospital's
operating performance is expected stabilize over the medium term as
they continue to realize gains from efficiencies and improved
optimization with the update of its EHR. The Outlook also reflects
Fitch's expectations that MMC will remain the market share leader
and sole provider of acute care services in its PSA.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- If operating performance is not sustained and MMC fails to
meet operating performance based on management's budgeted
expectations over the medium term;

  -- If cash levels significantly deteriorate resulting in
capital-related ratios that are no longer is consistent with the
current rating category;

  -- Due to its limited liquidity cushion, if MMC issues additional
debt outside of Fitch's expectation;

  -- Fitch anticipates that margins could decrease in the coming
months due to the disruption from the coronavirus outbreak, which
is affecting non-emergent cases and visits as well as potential
elevating costs at MMC;

  -- Should economic conditions decline further than expected from
Fitch's current expectations for an economic contraction and
should a second wave of infections and longer lockdown periods
across parts of the country occur, Fitch would expect to see an
even larger GDP decline in 2020 and a weaker recovery in 2021,
which could result in rating pressures for MMC.

Factors That Could, Individually or Collectively, Lead to a
Positive Rating Action/Upgrade:

  -- Significant improvements in MMC's operating risk assessment
with sustained operating performance consistent with those at a
higher rating. However, upward rating potential is limited over the
outlook period given MMC's limited cash to adjusted debt levels.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Marshall Medical Center (MMC) is a not-for-profit stand-alone
hospital located in Placerville, CA, approximately 45 miles east of
Sacramento. The hospital operates a 125-bed general acute-care
hospital as well as several rural clinics and provides health care
services to the residents of El Dorado County. MMC maintains a
strong market position in its service area with competition mainly
from Kaiser Permanente as well as other tertiary providers in the
Sacramento area. The hospital generated approximately $285.9
million of revenues as of fiscal 2019 (year-end Oct. 31).

REVENUE DEFENSIBILITY

MMC's revenue source remains reliant on governmental payors with
Medicaid and Medicare being its largest payors. Medicaid has been
gradually shifting more toward Medicare as a result of an aging
population. Medicaid and self-pay represented 21% of gross revenues
as of fiscal 2019. Fitch expects Medicaid and self-pay levels to
remain at relatively stable levels in the coming years. MMC
continues to benefit from the state's HQAF program given its rural
hospital designation albeit revenue volatility related to the
program will likely continue based on the hospital's revenue
recognition of the program.

Strong Market Position

MMC maintains a strong market share of 46% with limited competition
in its PSA. The next closest competitor is Kaiser Permanente's
Roseville Hospital with an estimated 14% market share. Demand for
MMC's health care services remains stable with 80% of admissions
originating from its PSA while outmigration of tertiary services to
larger Sacramento-area systems is common. Market strength is
augmented by MMC's largely agricultural and geographically isolated
service area, with the county's western slope isolated by a
mountain pass from a neighboring market in Lake Tahoe and the
relatively long distance to services in Sacramento.

MMC's PSA consists of the contiguous communities of Pollock Pines,
Apple Hill, Camino, Cameron Park, Roseville, Diamond Springs,
Somerset, Grizzly Flats and Placerville in the western slope of El
Dorado County, California. Though MMC's PSA constitutes a
significant portion of the county, Fitch considers the PSA
characteristics to be more consistent with the City of Placerville
due to the geographic separation of the PSA from the Lake Tahoe
area to the east. Placerville and El Dorado County's demographics
are relatively stable with median household incomes and
unemployment levels consistent with state and national indicators,
although a few surrounding communities exhibit weaker
demographics.

OPERATING RISK

Operating performance was strong in fiscal 2019 as a result of
revenue recognition from the HQAF program in addition to
optimization and efficiencies gained from the EHR implementation in
2017. MMC generated operating EBITDA and EBITDA margins of 8.3% and
9.0%, respectively, as of fiscal 2019 compared with 4.9% and 5.8%
the prior year. MMC's interim results through the first three
months of fiscal 2019 reflect healthy operating performance and
profitability. With the current rendition of the HQAF program
running from July 2019 through December 2021 approved by the
Centers for Medicare and Medicaid Services (CMS), the hospital will
be able to recognize the revenues although there may still be a
delay on the cash receipts.

Management anticipates fairly flat volumes coupled with expense
growth in the medical group will continue to pressure its cost
base. Fitch expects MMC to sustain operating EBITDA and EBITDA
margins ranging from 6% and 7% over the next few years as
demonstrated by Fitch's base case scenario. These levels compare
reasonably well with Fitch's non-investment-grade medians of 6%
operating EBTIDA margins and 7% EBITDA margins. Fitch notes that
management's budget expectations are typically conservative with
actual operating performance exceeding expectations in the past;
however, given the current and developing situation with the
coronavirus, Fitch views MMC's operations could be vulnerable to a
potential surge in patient volume.



Healthy Plant Age With Elevated Capex Plans Over the Next Two
Years

Capex has been slightly below depreciation levels over the past two
years following the hospital's EHR implementation in fiscal 2017.
Capex represented 92.7% of depreciation in fiscal 2019 with an
average age of plant of 12 years. MMC's inpatient facilities are in
compliant with California seismic requirements up to year 2030.
Annual capex is expected to be above 170% over the next two years,
which will help MMC to maintain its plant age. Longer-term, MMC
will have to address structural and nonstructural seismic
improvements on two buildings in order to operate beyond year 2030.
Management is in the process of evaluating the hospital's seismic
needs and has engaged an architect and structural engineer to
develop a plan to ensure compliance by 2030.

Management's capital outlay includes $30 million of capex projects
over the next couple of years and includes (but not limited to) a
kitchen cafeteria remodel, purchase of a facility and parking lot,
catheter lab expansion and replacement and purchase of a medical
office building and improvements. These projects along with other
various improvements are expected to be funded by the anticipated
Cal-Mortgage loan.

FINANCIAL PROFILE

As of fiscal 2019, MMC had approximately $55.5 million of total
debt and $39.4 million in unrestricted cash and investments. In
fiscal 2019, the hospital made an additional pension contribution
of $11 million as a result of an actuarial adjustment. Although the
contribution resulted in a cash decline in fiscal 2019, Fitch views
the contribution will benefit MMC's defined benefit pension plan
(DBPP) saving the hospital in future expenses and potentially
increase the funded status under improved economic conditions.

Given the decline in cash levels, MMC's cash to adjusted debt
weakened to 51.5% as of fiscal 2019 resulting in a weak financial
profile assessment and limited financial cushion for the hospital.
Debt equivalents are manageable at approximately $27.6 million
estimated for fiscal 2019 consisting of operating lease expense
(based on 5x lease expense method) and pension liability as of
year-end fiscal 2019. MMC has a DBPP and was 73% funded as of
fiscal 2019. On a pro forma basis, which includes approximately $50
million in new money ($27 million will reimburse MMC for completed
projects and the remaining will fund future capital projects),
liquidity improves to about 92 days cash on hand relative to
Fitch's non-investment-grade median of 86 days. However, the
capital-related metrics remain more consistent with 'BB' category
expectations as demonstrated by Fitch's sensitivity analysis. Given
management's strategic spending plans over the next couple of
years, Fitch expects liquidity levels will be strained with
expectations for more limited improvement over the long term.

Sensitivity Analysis Supports Rating Stability

Fitch expects the hospital's capital-related ratios to remain
consistent with 'BB' category expectations given its midrange
revenue defensibility assessment and adequate operating performance
budgeted over the next couple of years. Operations and
capital-related metrics will come under pressure the first couple
of years of the stress case followed by recovery in the outer
years. However, Fitch expects recovery back to base case scenario
levels would likely happen beyond the five-year review timeframe.
Liquidity ratios would also come under pressure during an economic
disruption given MMC's already limited cash flexibility and weak
cash to adjusted debt levels as demonstrated under Fitch's stress
case scenario. Cash to adjusted debt and net adjusted debt to
adjusted EBITDA (NADAE) would decline temporarily under the stress
case and then recover in the outer years to 44% and 2.6x,
respectively. These levels are consistent with 'BB' category
expectations and in line with Fitch's non-investment grade medians
of 40% cash to adjusted debt and 3.6x NADAE. MMC's asset allocation
is conservative and would be modestly affected under economic
stress with 57% invested in cash and cash equivalents, 12% in fixed
income, and the remaining 32% in equities and hedge fund
investments.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

MMC's debt profile is conservative with about 66% of fixed rate
debt and the remaining accounting for MMC's single auction rate
certificates, which will be refinanced via the Cal-Mortgage Loan.
MMC has no exposure to swap instruments or direct bank held debt.
The hospital's asset allocation is somewhat conservative having the
majority of its assets in cash and fixed income with about 32%
invested in equities and hedge funds. Fitch views MMC's portfolio
as manageable and is not considered asymmetric risk factors.

In addition to the sources of information identified in Fitch's
applicable criteria, this action was informed by information from
Lumesis.


MER TELEMANAGEMENT: Independent Auditor Raises Going Concern Doubt
------------------------------------------------------------------
Mer Telemanagement Solutions Ltd. filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F, disclosing
a net loss of $135,000 on $5,193,000 of total revenues for the year
ended Dec. 31, 2019, compared to a net loss of $1,170,000 on
$5,861,000 of total revenues for the year ended in 2018.

The audit report of Kost Forer Gabbay & Kasierer states that the
Company has suffered recurring losses from operations, and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $8,043,000, total liabilities of $4,938,000, and $3,105,000 in
total shareholders' equity.

A copy of the Form 20-F is available at:

                       https://is.gd/2SoQRx

Mer Telemanagement Solutions Ltd. provides solutions for
telecommunications expense management (TEM), and CA and enterprise
mobility management worldwide.  It was founded in 1995 and is
headquartered in Ra'anana, Israel.



MERCER INTERNATIONAL: S&P Lowers ICR to 'B+' on Elevated Leverage
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Mercer
International Inc. and its issue-level rating on the company's
senior unsecured notes to 'B+' from 'BB-'.

"We estimate Mercer's leverage will sharply increase over the next
two years. Mercer's leverage significantly increased to the mid-5x
area in 2019, which was higher than expected and beyond our
threshold for the previous rating. We expect the company's leverage
and coverage ratios to further weaken in 2020, including adjusted
debt-to-EBITDA in the high-7x area. Our estimates are underpinned
by lower earnings and cash flow that result primarily from
continuing weak pulp prices. Subdued pulp markets persisted through
much of last year, and we do not expect much improvement through
2021. The company is highly sensitive to weakness in pulp prices,
because about 85% of its revenue is derived from pulp products.
Pulp prices weakened throughout 2019, as global inventory levels
rose significantly due to softening demand in China and the
U.S.-China trade war. We expect pulp prices to stabilize in 2020
but remain depressed at about year-end 2019 levels, mainly since
high global inventories will likely take time to decline amid a
weak demand environment," S&P said.

Mercer has a small, but growing exposure to lumber markets, since
entering the wood products segments with its acquisition of the
Germany-based Friesau sawmill in 2017. Expected weakness in lumber
markets also constrains S&P's prospective cash flow estimates,
albeit to a much smaller extent, given that the company derives
most of its revenue from pulp. S&P believes lumber markets will be
volatile in 2020, due to macroeconomic uncertainty. S&P anticipates
the COVID-19 outbreak will have a negative impact on housing starts
and lumber demand this year, and lumber prices could prevail near
current spot market prices in the low-US$300 per thousand board
feet area throughout 2020.

The negative outlook reflects S&P's view that a prolonged period of
economic weakness could pressure pulp market demand and pricing,
therefore constraining the company's cash flow and weakening its
liquidity. S&P forecasts a global recession this year and believes
Mercer's high leverage, which the rating agency expects to be well
above 5x in 2020, increases the company's susceptibility to
volatile market conditions.

"We could lower the ratings if, within the next 12 months, we
estimate Mercer will generate negative FOCF to an extent that
materially reduces its cash position and liquidity cushion. This
could occur if weak macroeconomic conditions have an adverse effect
on demand in the company's packaging, printing, and writing
segments, and contribute to realized pulp prices below our
expectations," S&P said.

"We could revise the outlook to stable if, over the next 12 months,
we expect the company will reduce and sustain adjusted
debt-to-EBITDA at close to 5x, while generating at least neutral
FOCF and preserving liquidity near current levels. In our view, we
believe this could result from higher pulp prices," the rating
agency said.


MGIC INVESTMENT: Egan-Jones Lowers Senior Unsecured Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by MGIC Investment Corporation to BB+ from BBB.

MGIC Investment Corporation provides private mortgage insurance
services. The Company offers mortgage insurance to thrifts,
mortgage bankers and brokers, commercial banks, credit unions, and
other lending institutions. MGIC Investment serves customers in the
United States and Puerto Rico.



MGM GROWTH: Moody's Gives Ba3 CFR & Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed MGM Growth Properties
Operating Partnership LP's Ba3 senior secured bank credit facility
and its B1 senior unsecured debt. Moody's also assigned a corporate
family rating at Ba3 and a speculative grade liquidity rating at
SGL-2 to MGP. The rating outlook was revised to negative from
stable.

The ratings affirmation reflects MGP's scale and long-term,
triple-net leases that contain various structural protections to
enhance the security of contractual rent payments. The REIT also
maintains a strong fixed charge coverage and adequate near-term
liquidity. The negative outlook reflects the pressure on MGP's
operating cash flows that is expected to persist while its tenants
face disruption to their businesses from the coronavirus. The
outlook also reflects the uncertain prospects for recovery, as job
losses and declining asset values will impact consumer
discretionary spending once the public health crisis subsides.

The following ratings were affirmed:

   MGM Growth Properties Operating Partnership LP
   -- Senior secured bank credit facility at Ba3;
   Senior unsecured debt at B1; BACKED senior
   unsecured debt at B1;

The following ratings were assigned:

   MGM Growth Properties Operating Partnership LP
   -- Corporate family rating at Ba3; Speculative
   grade liquidity rating at SGL-2

The following rating was withdrawn:

   MGM Growth Properties LLC -- Corporate family
   rating at Ba3

Outlook Actions:

Issuers: MGM Growth Properties Operating Partnership LP

Outlook, Changed to Negative from Stable

Issuers: MGM Growth Properties LLC

Outlook, Withdrawn, previously Stable

RATINGS RATIONALE

MGP's Ba3 corporate family rating primarily reflects the REIT's
highly predictable cash flow from operations sustained by its
long-term triple net master lease agreement with a leading industry
operator of gaming and resort assets. The operator and obligor
under the master lease is MGM Resorts International (MGM Resorts,
Ba3 Ratings under Review for Downgrade). The rating also
incorporates MGP's healthy fixed charge coverage ratio and limited
near-term debt maturities. However, MGP has significant tenant, and
geographic concentrations with sizable of its reported adjusted
EBITDA generated by its Las Vegas assets. Its tenant exposure is
solely to MGM Resorts. The rating also considers the specialized
nature of MGP's unique gaming assets, which are highly volatile,
and its largely encumbered portfolio which reduces the REIT's
financial flexibility.

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
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 MGP'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 MGP 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. Its action reflects the impact on MGP of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Key credit challenges include the potential for MGP to experience
more sustained declines in operating cash flow depending on the
duration of casino closures and pace of recovery for its tenant's
businesses. Job losses and declining asset prices are causing a
decline in consumers' discretionary income available to spend on
gaming and other types of entertainment once the public health
crisis has subsided. It also remains unclear how quickly consumers
will be willing to resume gathering in large public spaces even as
social distancing measures are relaxed.

MGP's SGL-2 rating is supported by its cash flow generation, ample
cash position, and a minimal near-term maturity schedule. MGP had
approximately $202 million unrestricted cash and its $1.35 billion
secured credit revolver was fully available at December 31, 2019.
However, the REIT recently drew down the revolver in full to
enhance liquidity given the uncertain operating outlook for its
tenant and the REIT has about $420 million of unrestricted cash.
MGP is sitting on a sizable cash balance of approximately $1.8
billion, but Moody's expects the REIT to use the cash to fund the
potential $1.4 billion MGM Resorts' redemption of the operating
partnership units. As part of the joint venture with Blackstone
announced in January 2020, MGM agreed to redeem up to $1.4 billion
of the operating partnership units to reduce the ownership
concentration to approximately 55% from 67.7%. This potential OP
unit redemption marks the first step since the REIT's IPO in 2016
towards becoming more independent from MGM Resorts. MGP has no
near-term maturities. Nonetheless, its unencumbered assets to gross
assets are modest as most of its assets are securing the credit
facility, which diminishes the REIT's liquidity position.

The negative outlook reflects the pressure on MGP's operating cash
flows that is expected to persist while its tenant face disruption
to their businesses from the coronavirus. The outlook also reflects
the uncertain prospects for recovery, as job losses and declining
asset values will impact consumer discretionary spending once the
public health crisis subsides.

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

Ratings could be downgraded if Moody's becomes more concerned about
the credit profiles of MGP's tenant, the REIT's net debt to EBITDA
is in excess of 6.0x and/or fixed charge coverage ratio is below
2.5x, on a consistent basis. Sizable leveraged acquisitions or a
deteriorating liquidity profile would also lead to negative rating
pressure.

A ratings upgrade is unlikely given the negative outlook. Longer
term, an upgrade would require unencumbered assets to gross assets
to approach 50% and a prudent growth strategy on a leverage neutral
basis, while maintaining ample liquidity. The rating upgrade will
also be predicated on net debt to EBITDA remaining below 5.5x and
fixed charge coverage being above 3.5x, In addition, an upgrade
will require that the REIT's largest tenant concentration falls
below 50% of the MGP's EBITDA and an increased third party
ownership of MGP beyond the 50% level with commensurate board
representation and voting rights

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

In addition, Moody's has corrected the issuer/borrower on the USD
1.350 billion Senior Secured Revolving Credit Facility due 2023,
USD 270 million Senior Secured Term Loan A due 2023 and USD 200
million Senior Secured Delayed Draw Term Loan A due 2023 to MGM
Growth Properties Operating Partnership LP. Due to an internal
administrative error, the issuer/borrower on these bank credit
facilities was previously shown, incorrectly, as MGM Growth
Properties LLC. The Term Loans were repaid in Q1 2020.

MGM Growth Properties LLC (NYSE: MGP) is a publicly traded real
estate investment trust engaged in the acquisition, ownership and
leasing of large-scale destination entertainment and leisure
resorts, whose diverse amenities include casino gaming, hotel,
convention, dining, entertainment and retail offerings. MGP
currently owns a portfolio of properties acquired from MGM Resorts,
consisting of eleven premier destination resorts in Las Vegas and
elsewhere across the United States, the MGM Northfield Park in
Northfield, OH, Empire Resort Casino in Yonkers, NY, as well as a
retail and entertainment district, The Park in Las Vegas. MGP had
$15.1 billion of gross assets as of December 31, 2019.


MICHAELS STORES/OLD: Egan-Jones Lowers Sr. Unsecured Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Michaels Stores Incorporated/Old to B from BB-. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Michaels Stores Incorporated/Old retails specialty arts and crafts
products. The Company offers a range of products and supplies
including art supplies, bakeware, beads, craft painting, floral,
framing, general crafts, holiday supplies, home decor, teacher
supplies, scrapbooking, and yarn. Michaels Stores serves consumers
at retail locations throughout North America.



MICHAELS STORES: Egan-Jones Cuts Local Curr. Unsecured Rating to B
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the local
currency senior unsecured rating on debt issued by Michaels Stores
Incorporated to B from BB-. EJR also downgraded the rating on LC
commercial paper issued by the Company to B from A3.

Michaels Stores, Incorporated retails art and craft products. The
Company offers books, clocks, lighting, paper, sticker, framing,
floral and wall decor, paper, fabric, wedding, and party products.
Michaels Stores serves customers worldwide.



MISTER CAR WASH: S&P Downgrades ICR to 'CCC+'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings downgraded Mister Car Wash Holdings Inc.'s (MCW)
to 'CCC+' from 'B-'. The outlook is negative.

"The downgrade reflects our belief that the massive temporary store
closures, combined with subsequent lower discretionary spending,
will meaningfully weaken MCW's operating performance this year,"
S&P said.

"We forecast a major decline in sales volumes and EBITDA generation
due to the sharp decline of traffic and quarantine measures.
Despite our expectation that MCW will be able to somewhat reduce
its cost base, including payroll costs, we anticipate a
dramatically lower EBITDA base in 2020 and, in turn, a
deterioration in credit metrics," the rating agency said.

The negative outlook reflects heightened uncertainty regarding the
impact of the coronavirus pandemic and recession on MCW's operating
performance. A prolonged shutdown coupled with lower discretionary
spending could affect its ability to recover operationally.

"We could lower our rating on MCW if a prolonged shutdown resulted
in a higher cash burn rate than we expected, increasing the
likelihood of a shortfall in liquidity or the violation of its
financial covenant. We could also lower the rating if we believed
the company were likely to consider a distressed exchange offer or
below-par redemption in the next 12 months," S&P said.

"We could raise our rating or revise the outlook to stable if the
company were on track to improve its operating performance,
resulting in a sustainable capital structure, positive free cash
flow, and more than 15% headroom over the springing covenant," the
rating agency said.


MOBILESMITH INC: Cherry Bekaert LLP Raises Going Concern Doubt
--------------------------------------------------------------
MobileSmith, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$11,005,536 on $2,801,708 of total revenues for the year ended Dec.
31, 2019, compared to a net loss of $8,334,747 on $2,323,121 of
total revenues for the year ended in 2018.

The audit report of Cherry Bekaert LLP states that the Company has
suffered recurring losses from operations and has a working capital
deficiency as of December 31, 2019. These conditions raise
substantial doubt about the Company’s ability to continue as a
going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $1,208,819, total liabilities of $52,523,144, and a total
stockholders' deficit of $51,314,325.

A copy of the Form 10-K is available at:

                       https://is.gd/vS6BeD

MobileSmith, Inc. provides procedure management assistance and
operational improvement patient/member-facing mobile application
services to the healthcare industry in the United States. The
company's suite of e-health mobile solutions provides a catalog of
ready to deploy mobile app solutions and support services. It
operates Peri, a cloud-based surgical and clinical procedure
application. The company was formerly known as Smart Online, Inc.
and changed its name to MobileSmith, Inc. in July 2013.
MobileSmith, Inc. was incorporated in 1993 and is headquartered in
Raleigh, North Carolina.


MODELL'S SPORTING: Committee Hires Lowenstein Sandler as Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Modell's Sporting
Goods, and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the District of New Jersey to retain
Lowenstein Sandler LLP, as counsel to the Committee.

The Committee requires Lowenstein Sandler to:

   (a) advise the Committee with respect to its rights, duties,
       and powers in these Chapter 11 Cases;

   (b) assist and advise the Committee in its consultations and
       communications with the Debtors relative to the
       administration of these Chapter 11 Cases;

   (c) assist the Committee in analyzing the claims of the
       Debtors' creditors and the Debtors' capital structure and
       in negotiating with holders of claims and equity
       interests;

   (d) assist the Committee in its investigation of the acts,
       conduct, assets, liabilities, and financial condition of
       the Debtors and of the operation of the Debtors'
       businesses;

   (e) assist the Committee in its investigation of the liens and
       claims of the holders of the Debtors' pre-petition debt
       and the prosecution of any claims or causes of action
       revealed by such investigation;

   (f) assist the Committee in its analysis of, and negotiations
       with, the Debtors or any third party concerning matters
       related to, among other things, the assumption or
       rejection of certain leases of nonresidential real
       property and executory contracts, asset dispositions,
       financing of other transactions and the terms of any
       chapter 11 plans for the Debtors and accompanying
       disclosure statements and related plan documents;

   (g) assist and advise the Committee as to its communications
       to unsecured creditors regarding significant matters in
       these Chapter 11 Cases;

   (h) represent the Committee at hearings and other proceedings;

   (i) review and analyze applications, orders, statements of
       operations, and schedules filed with the Court and advise
       the Committee as to their propriety;

   (j) assist the Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Committee's interests and objectives;

   (k) prepare, on behalf of the Committee, any pleadings,
       including without limitation, motions, memoranda,
       complaints, adversary complaints, objections, or comments
       in connection with any of the foregoing as may be
       necessary in furtherance of the Committee's interests and
       objectives in these Chapter 11 Cases, including without
       limitation, the preparation of retention applications and
       fee applications for the Committee's professionals,
       including Lowenstein Sandler; and

   (l) perform such other legal services as may be required or
       are otherwise deemed to be in the interests of the
       Committee in accordance with the Committee's powers and
       duties as set forth in the Bankruptcy Code, Bankruptcy
       Rules, or other applicable law.

Lowenstein Sandler will be paid at these hourly rates:

         Partners              $630 to $1,450
         Counsels              $495 to $870
         Associates            $395 to $675
         Paralegals            $210 to $370

Lowenstein Sandler will also be reimbursed for reasonable
out-of-pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  Yes. Lowenstein Sandler has agreed to a 10%
              reduction on rates charged by partners with respect
              to the representation of the Committee in the
              Chapter 11 Cases.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  No.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Not applicable.

Jeffrey Cohen, partner of Lowenstein Sandler, LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Lowenstein Sandler can be reached at:

     Jeffrey Cohen, Esq.
     LOWENSTEIN SANDLER LLP
     1251 Avenue of the Americas
     New York, NY 10020
     Telephone: (212) 262-6700

                About Modell's Sporting Goods

Modell's Sporting Goods -- https://www.modells.com/ -- is a
family-owned and operated retailer of sporting goods, athletic
footwear, active apparel, and fan gear. Modell's Sporting Goods
operates stores throughout New York, New Jersey, Pennsylvania,
Connecticut, Massachusetts, New Hampshire, Delaware, Maryland,
Virginia and the District of Columbia.

Modell's Sporting Goods, Inc., and its affiliates sought Chapter 11
protection (Bankr. D.N.J. Lead Case No. 20-14179) on March 11,
2020.

Modell's Sporting Goods was estimated to have $500,000 to $1
million in assets and $1 million to $10 million in liabilities. The
Hon. Vincent F. Papalia is the case judge.

The Debtors tapped Cole Schotz P.C. as counsel; Berkeley Research
Group, LLC, as restructuring advisor; and Prime Clerk LLC as claims
agent.

On March 23, 2020, the Office of the United States Trustee
appointed the Official Committee of Unsecured Creditors of Modell's
Sporting Goods. The Committee hires Lowenstein Sandler LLP, as
counsel.



MOMENTIVE PERFORMANCE: Moody's Cuts CFR to B3, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Momentive Performance
Materials Inc.'s Corporate Family Rating to B3 from B2, probability
of default rating to B3-PD from B2-PD, and its first lien senior
secured term loan facilities to B2 from B1. The outlook has been
changed to negative from stable.

Rating actions:

Issuer: Momentive Performance Materials Inc.

Corporate Family Rating, downgraded to B3 from B2

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

First Lien Senior Secured Term Loan Facilities, downgraded to B2
(LGD3) from B1 (LGD3)

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 silicone
sector has been one of the sectors affected by the shock given its
sensitivity to automotive, electronics, consumer and construction
activities. More specifically, the weaknesses in Momentive's credit
profile, including its high debt leverage and exposure to Europe
and Asia, have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Momentive 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.
Its action reflects the impact on Momentive of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The downgrade of Momentive's rating has taken into account the
company's weakened earnings, high debt leverage and liquidity
constraint. At the same time, Moody's expects Momentive's
collaboration with its majority owner, KCC Corporation, will
benefit its business profile and help retain financial flexibility
as the market environment remains challenging.

Industrial downturn, auto recession, silicone price drops and a
strong dollar will continue to pressure Momentive's earnings in
2020. Momentive's EBITDA declined in 2019 from the peak level of
$401 million in 2018 as a result of the weaker industrial demand,
lower standard silicone prices and a normalization of the silicone
business cycle. Adjusted debt to EBITDA, including Moody's
adjustments for pension and lease, rose to 7.2x at the end of 2019,
versus 5.7x originally expected at the close of the acquisition by
KCC in May 2019. Moody's expects substantial actions to be
undertaken by management to improve its cost position and to
accelerate cost savings and business synergies under the majority
ownership of KCC. Such actions would be critical to preserve
Momentive's financial flexibility and liquidity.

Momentive's liquidity profile has weakened since its acquisition by
KCC and SJL in May 2019. Large transaction-related expenses and a
legal settlement caused large cash outflows and a drawdown from its
ABL revolver during 2019. Moody's expects the company's cash
balance to be adequate for its daily business operations in 2020,
while the availability under the ABL Facility will be limited. The
company has to comply with the net leverage maintenance covenant of
not exceeding 6.25x pursuant to the KCC's guaranteed term loan
agreement. It estimated EBITDA headroom under the net leverage
covenant will be limited in 2020 given the spin-off of its quartz
business (accounting for about 10% of EBITDA) as of January 1, 2020
and considering the coronavirus outbreak. Cost discipline, business
restructuring and KCC growth synergies, which are available
options, will be critical to Momentive's liquidity and financial
flexibility.

Fundamentally, Momentive has been a major global producer of
silicone products, with a track record of maintaining market share
positions across a diverse product portfolio. The company has
improved its product mix with increasing specialty silicones, but
remains exposed to the commodity silicone products. It also
competes against other larger revenue base companies with partial
backward integration.

KCC's stronger credit profile and guarantee to Momentive's $839
million term loan A (subscribed by Korean investors, not rated by
Moody's) also indicate KCC's ability and willingness to provide
support to Momentive in the event it is required. Momentive's
rating has not factored in explicit support uplift, given the
presence of a private equity investor—SJL. SJL, which holds
slightly less than 50% in Momentive, has a strong influence on
financing decisions and may exit at the same time of the term loan
maturity, which Moody's regards as a governance risk under its ESG
framework.

Momentive's rating also factors in environmental risk under its ESG
framework. Momentive's reported obligations for environmental
remediation at the end of 2019 were small relative to its debt and
pension obligations.

The negative outlook reflects the challenging business
fundamentals, high debt leverage and weakened liquidity profile.

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

Momentive's ratings will be downgraded, if the company's liquidity
profile deteriorates further with negative free cash flow and
narrowing headroom under its financial covenant, or its adjusted
debt/EBITDA remaining above 7.0x for an extended period of time.

Rating upgrade would be considered, if the company is able to
improve earnings, reduce debt leverage and substantially improve
its financial flexibility. In particular, positive free cash flow,
adjusted debt/EBITDA below 6.0x with ample headroom under its
financial covenants are required for an upgrade.

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

Momentive Performance Materials Inc., based in New York, US, is one
of the largest global producers of silicones and silicone
derivatives. Silicones, or more accurately, polymerized siloxanes
or polysiloxanes, are mixed inorganic-organic polymers that are
used in a wide variety of industrial and consumer applications
including agriculture, automotive, electronics, healthcare,
personal care, textiles, and sealants. KCC Corporation (Ba1
negative) and SJL Partners LLC acquired MPM Holdings Inc., the
holding company of Momentive, for approximately $3.1 billion in
2019. Momentive generated $2.3 billion in revenues in 2019.


MONTAGE RESOURCES: Moody's Affirms B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed Montage Resources Corporation's
B2 Corporate Family Rating, its B2-PD Probability of Default Rating
and B3 ratings on the company's senior unsecured notes. The
company's Speculative Grade Liquidity Rating was upgraded to SGL-2
from SGL-3. The rating outlook remains stable.

"Montage benefits from flexibility in its operating model, having
no near-term debt maturities, and reducing operating and
development costs in a low gas price environment," said Arvinder
Saluja, Vice President at Moody's.

Upgrades:

Issuer: Montage Resources Corporation

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

Affirmations:

Issuer: Montage Resources Corporation

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: Montage Resources Corporation

Outlook, Remains Stable

RATINGS RATIONALE

The rating affirmation of Montage's B2 CFR and the stable outlook
reflect the company's supportive hedge position and cost structure
with no near-term maturities during this ongoing weak commodity
price environment, and its expectation that Montage will manage
good liquidity, cash flow and related metrics through 2021.

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 decline
in oil & gas commodity prices. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its action
reflects the limited impact on Montage's credit quality of the
breadth and severity of the oil demand and supply shocks, and the
company's resilience during a period of low gas prices.

Moody's expects Montage to have good liquidity, which is reflected
in the SGL-2 rating. Moody's expects breakeven to modestly positive
free cash flow through 2020. The company had about $12.1 million in
cash on its balance sheet at December 31, 2019 and $340.8 million
of availability under its secured revolving credit facility. The
company has a secured revolving credit maturing in February 2024
and has a borrowing base of $500 million. It had $130 million
borrowings and $29.2 million of letters of credit outstanding under
its revolver at year end 2019. The borrowing base is subject to
semi-annual redeterminations in April and October. The credit
facility has a net debt to EBITDAX covenant of less than 4.0x, and
a current ratio covenant of greater than 1.0x. The notes have a
debt incurrence test that requires EBITDAX/Interest coverage
greater than 2x. Moody's expects Montage will comply with its
covenants. Other than the revolver, Montage's only debt maturity is
of the $511 million senior unsecured notes in July 2023.

The B2 CFR reflects natural gas weighted production profile (82% of
2020 expect production from natural gas, and 18% from oil and
NGLs), moderate scale and reserve life, and concentrated operations
in the Marcellus and Utica Shale plays. Like other natural gas
focused companies, Montage is exposed to the prolonged weakness in
commodity prices, which could remain low and range-bound over the
next several years. The B2 CFR is supported by its competitive cost
structure and a supportive hedge position for 2020 and 2021. The
company will continue to have good cash flow and capital efficiency
metrics, as well as strong production and reserve based leverage
metrics due to its early 2019 all-stock merger with Blue Ridge
Mountain Resources that created a larger combined Appalachian
basin-focused E&P company with a larger production and cash flow
base and a deeper drilling inventory without any increase in debt.
Montage also benefits from reductions in gathering and processing
fees, and retaining ample development plan flexibility through a
balanced firm transportation portfolio.

The senior unsecured notes are rated B3, as a result of the secured
nature and priority claim of the ABL revolver with $500 million
commitment. Due to the size of the claim of the secured debt, the
senior notes are rated one notch beneath the B2 CFR.

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

The ratings could be downgraded if the company significantly
outspends its cash flow leading to weak liquidity, the RCF/debt
ratio falls below 20%, or the leveraged full-cycle ratio (LFCR)
declines towards 1x. The CFR could be upgraded if the company
increases production over 600 MMcfe per day, generates free cash
flow consistently, and maintains RCF/debt above 35%. A more
supportive oil and gas price environment will also be needed for
considering an upgrade.

Montage Resources Corporation is a publicly traded exploration and
production company that operates in the Utica and Marcellus Shales.
The company is headquartered in Irving, Texas.

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


MOORE TRUCKING: Hires Pierson Legal as Counsel
----------------------------------------------
Moore Trucking, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of West Virginia to employ Pierson
Legal Services, as attorney to the Debtor.

Moore Trucking requires Pierson Legal to represent and provide
legal services to the Debtor in the Chapter 11 bankruptcy
proceedings.

Pierson Legal will be paid at these hourly rates:

     Attorneys              $300
     Paralegals             $150

Pierson Legal will also be reimbursed for reasonable out-of-pocket
expenses incurred.

James M. Pierson, partner of Pierson Legal Services, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and their estates.

Pierson Legal can be reached at:

     James M. Pierson, Esq.
     PIERSON LEGAL SERVICES
     P.O. Box 2291
     Charleston, WV 25328
     Tel: (304) 925-2400

                    About Moore Trucking

Moore Trucking Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D. W.Va. Case No. 20-20136) on March 31, 2020, disclosing under
$1 million in both assets and liabilities. The Debtor is
represented by James M. Pierson, Esq., at Pierson Legal Services.



MOSAIC CO: Egan-Jones Lowers Senior Unsecured Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Mosaic Company to BB from BB+.

Based in Tampa, Florida, The Mosaic Company is the largest U.S.
producer of potash and phosphate fertilizer.


MOSS CREEK: Moody's Cuts CFR to Caa1 & Unsecured Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded Moss Creek Resources Holdings,
Inc.'s Corporate Family Rating to Caa1 from B2, its Probability of
Default Rating to Caa1-PD from B2-PD and its unsecured notes rating
to Caa2 from B3. The rating outlook is negative.

"The capital markets dislocation caused by the commodity price
collapse in the first quarter of 2020 has created an unsupportive
environment for oil and gas producers with heavy reliance on the
capital markets. Specifically, for Moss Creek, it has elevated the
risk of debt purchases at a steep discount to par value, an action
Moody's would deem a default," commented Sreedhar Kona, Moody's
senior analyst.

Downgrades:

Issuer: Moss Creek Resources Holdings, 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 (LGD5) from B3 (LGD5)

Outlook Actions:

Issuer: Moss Creek Resources Holdings, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Moss Creek's downgrade to Caa1 CFR from B2 is driven by the
unsupportive capital markets environment combined with the
challenging macro commodity price environment. Despite Moss Creek's
good hedge book and the ability to maintain its production flat
through 2020 while approaching cash flow neutrality, the
uncertainty in the commodity markets fundamentals has substantially
constrained the company's access to capital markets.

Moss Creek's negative outlook reflects the company's likelihood of
purchasing its debt at steep discounts or otherwise subordinating
its unsecured debt by layering in secured financings. Moody's would
deem such actions a default.

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 Moss Creek's credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Moss Creek remains vulnerable to the
outbreak continuing to spread and commodity 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. Its action reflects the impact on Moss Creek of the
breadth and severity of the commodity demand and supply shocks, and
the broad deterioration in credit quality it has triggered.

Moss Creek will have adequate liquidity to meet its capital
spending plan through 2020. As of December 31, 2019, Moss Creek had
no outstanding borrowings under its $950 million borrowing base
revolving credit facility due in April 2023, and maintained a cash
balance of $94 million. The company maintained a 4-rig drilling
program for the most part of 2019, increasing it to 5-rig program
in October 2019. The company will reduce its capital spending
substantially in 2020 reducing it by about 50% to approximately
$270 million and target cash flow neutrality by the second half of
2020. Moss Creek will meet its 2020 capital spending and debt
service needs through operating cash flow, and not likely to incur
borrowings under the revolver. The financial maintenance covenants
under Moss Creek's credit agreement include a 4x leverage
(debt/EBITDA) covenant and a 1x current ratio covenant. Moody's
expects Moss Creek will remain in compliance with the covenants.

Moss Creek's Caa1 CFR reflects its relatively smaller size and
scale, as compared to its Permian Basin peers, and also by its
significant portion of undeveloped acreage which would require
substantial capital spending to develop. The company continued to
pursue its capital spending program through 2019, although less
aggressively than in 2018 in light of weak commodity prices,
growing average daily production to approximately 50,000 boe per
day for full-year 2020. Although the company was free cash flow
negative through 2019, substantially reduced 2020 capital spending
will allow the company to achieve cash flow neutrality in the
second half of 2020, despite weak commodity prices. Approximately
50% of the company's proved reserves are proved undeveloped
reserves, which require a substantial capital investment in the
future to convert them into proved developed reserves. Moss Creek
benefits from the company's favorable acreage location with high
oil content in the Midland Basin, competitive cost structure
driving high cash margins and good capital efficiency, and moderate
financial leverage.

Moss Creek's $700 million senior unsecured notes due 2026 and $500
million senior unsecured notes due 2027 are rated Caa2, one notch
below the Caa1 CFR, reflecting the size of the company's $950
million borrowing base senior secured revolving credit facility,
and the revolver's priority claim to the company's assets.

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

Moss Creek's ratings could be downgraded if the company engages in
significant debt purchases at steep discount to the par value or if
the retained cash flow to debt falls below 10%.

Moss Creek's ratings are unlikely to be upgraded in the near-term.
The ratings could be considered for an upgrade if the macro
commodity fundamentals improve significantly to result in
significant mitigation of the company's refinancing risk.

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

Moss Creek Resources Holdings, Inc. is an independent
privately-held exploration and production company headquartered in
Houston, Texas; engaged in the development, production, operation,
exploration, and acquisition of oil and natural gas properties in
the Permian Basin of west Texas. The company is 100% owned by
Shandong Xinchao Energy Corporation, Ltd., a Chinese corporation
(listed on the Shanghai Stock Exchange), that is focused on
investments in North America oil and gas assets.


MULAX EXPRESS: Gets Interim Approval to Hire Bankruptcy Attorney
----------------------------------------------------------------
Mulax Express, LLC, received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire Jon
Martin, Esq., as its legal counsel.

Mr. Martin, an attorney based in Palm City, Fla., will advise
Debtor of its powers and duties under the Bankruptcy Code, will
negotiate with its creditors in the preparation of a bankruptcy
plan, and will provide other legal services in connection with its
Chapter 11 case.

Debtor will pay the attorney an hourly fee of $395.  The rate for
legal assistants is $150.  Mr. Martin received $10,000 in payment
of a retainer fee and cost deposit.

Mr. Martin disclosed in court filings that he is "disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.

Mr. Martin holds office at:

     901 SW Martin Downs Boulevard, Suite 309
     Palm City, FL 34990
     Tel: 772-419-0057
     Email: jlm@jonlmartinlaw.com

                       About Mulax Express

Mulax Express LLC, a trucking company in Florida, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-14020) on March 27, 2020.  At the time of the filing, Debtor
disclosed $445,815 in assets and $1,350,305 in liabilities.  Judge
Erik P. Kimball oversees the case.  The Debtor is represented by
Jon L. Martin, Esq.


MW HORTICULTURE: Hires Barry S. Mittelberg as Special Counsel
-------------------------------------------------------------
MW Horticulture Recycling Facility, Inc., filed an amended
application seeking authority from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Barry S. Mittelberg, P.A.,
as special litigation counsel.

Prior to the filing of this Amended Application, the Debtor filed
an Application to employ the law firm of Roetzel & Andress, P.A.,
as special litigation counsel to represent the Debtor in certain
state court litigation matters against Lee County, Florida and
against the Florida Department of Environmental Protection. After
the entry of the order approving Roetzel's hiring, a dispute
between the Debtor and Roetzel arose regarding its work on behalf
of the Debtor. Roetzel moved to withdraw on the matters on which it
was to provide representation.

On or about January 15, 2020, the Debtor filed an application to
employ the Attorneys as special litigation counsel in the action
entitled Kelly Tractor Co. v. MW Recycling Facility, Inc. bearing
Case No. 2019-023313-CA-01. On or about February 7, 2020, this
Court entered an Order approving the hiring of the Attorneys in the
Kelly Tractor action.

The Debtor seeks to employ Mittelberg to represent it in the action
entitled Lee County, Florida v. Minus Forty Technologies Corp.
U.S.A., et al., Case No. 19-CA005166 which is pending before the
Circuit Court of the Twentieth Judicial Circuit in and for Lee
County, Florida. The County Action was filed on or about August 13,
2019.

In addition, the Debtor seeks to employ Mittelberg to represent it
in the action entitled State of Florida Department of Environmental
Protection v. MW Horticulture Recycling Facility, Inc. et al., Case
No. 19-CA-005811 which is pending before the State Court. The DEP
Action was filed on or about September 10, 2019.

MW Horticulture requires Barry S. Mittelberg to will be paid based
upon its normal and usual hourly billing rates. The firm will also
be reimbursed for reasonable out-of-pocket expenses incurred.

Barry S. Mittelberg, partner of Barry S. Mittelberg, P.A., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Barry S. Mittelberg can be reached at:

     Barry S. Mittelberg, Esq.
     BARRY S. MITTELBERG, P.A.
     10100 W Sample Rd., Suite 407
     Coral Springs, FL 33065
     Tel: (954) 752-1213
     Fax: (954) 752-5299

            About MW Horticulture Recycling Facility

MW Horticulture Recycling Facility, Inc., is a family owned and
operated horticulture recycling waste management company with
locations in Lee County, along with a landscape supply and garden
depot.

MW Horticulture Recycling filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Case No. 19-12193) on Dec. 31, 2019.
In the petition signed by Mark D. Houghtaling, president, the
Debtor was estimated to have under $50,000 in assets and $1 million
to $10 million in liabilities.

Richard Johnston, Jr., at Johnston Law, PLLC, is the Debtor's
bankruptcy counsel. Barry S. Mittelberg, P.A., its special
litigation counsel.


NAI CAPITAL: Committee Hires Shemanolaw as Counsel
--------------------------------------------------
The Official Committee of Unsecured Creditors of NAI Capital, Inc.,
seeks authorization from the U.S. Bankruptcy Court for the Central
District of California to retain Shemanolaw, as counsel to the
Committee.

The Committee requires Shemanolaw to:

   a. advise the Committee on matters arising in the
      administration of the Debtor's estate;

   b. assist the Committee with an investigation of the acts,
      conduct, assets, liabilities and financial condition of the
      Debtor, the operation of the Debtor's business and the
      desirability of the continuance of such business and such
      other matters relevant to the case or to the formulation of
      a plan;

   c. assist in the formulation of any plan;

   d. appear for, prosecute, defend and represent the Committee's
      interest of general unsecured creditors – in the
      proceedings arising in, or related to, this case;

   e. advise the Committee generally with respect to its
      obligations;

   f. assist in the preparation of such pleadings, applications,
      motions, complaints, orders and other documents as may be
      reasonably required;

   g. pursue, if appropriate, potential causes of action on
      behalf of the Committee acting for the estate, including
      preferences, fraudulent transfers, other possible avoidance
      actions, and litigation pending, or to be commenced, in
      state court(s); and,

   h. provide such other services as are typically rendered by
      counsel for the Committee in a chapter 11 case.

Shemanolaw will be paid at the hourly rate of $675.

Shemanolaw will also be reimbursed for reasonable out-of-pocket
expenses incurred.

David B. Shemano, partner of Shemanolaw, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and (a) is not creditors, equity
security holders or insiders of the Debtor; (b) has not been,
within two years before the date of the filing of the Debtors'
chapter 11 petition, directors, officers or employees of the
Debtor; and (c) does not have an interest materially adverse to the
interest of the estate or of any class of creditors or equity
security holders, by reason of any direct or indirect relationship
to, connection with, or interest in, the Debtor, or for any other
reason.

Shemanolaw can be reached at:

     David B. Shemano, Esq.
     SHEMANOLAW
     1801 Century Park East, Suite 1600
     Los Angeles, CA 90067
     Tel: (310) 492-5033
     E-mail: dshemano@shemanolaw.com

                       About NAI Capital

NAI Capital, Inc. is a commercial real estate and property
management company based in Encino, California. It specializes in
the leasing and sale of office, the sale of investments, land and
residential income, tenant representation, and corporate services.
The Company was founded in 1979.

NAI Capital, Inc., based in Encino, CA, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 20-10256) on Jan. 31, 2020. In the
petition signed by Chris Jackson, executive managing director and
authorized agent, the Debtor was estimated to have up to $1 million
to $10 million in both assets and liabilities. The Hon. Deborah J.
Saltzman oversees the case. Levene Neale Bender, Yoo & Brill LLP
serves as bankruptcy counsel. McGarrigle Kenney & Zampiello, APC,
as special litigation and special corporate counsel.

The Office of the U.S. Trustee on March 12, 2020, appointed a
committee to represent unsecured creditors in the Chapter 11 case
of NAI Capital, Inc. The Committee hires Shemanolaw, as counsel.



NANO MAGIC: New Product Line Coming Soon
----------------------------------------
Nano Magic Inc. announced its new name, new trading symbol, and
rebrand, plus an exciting new product line coming soon.

Tom Berman, president and CEO, explained: "We have a rich history
of creating nanotechnology powered products that consumers deserve
to have.  We know people just want the products they're buying to
work and to make their life better -- and ours do both. We have
chosen this new name because we get it -- science can be stuffy —
and we want to make science more approachable.  Plus, it's a lot
easier to explain that although our products are powered by
science, they work like magic."

The company has a deep background in using advancements in
nanotechnology to make everyday products perform better.  They hold
a roster of patents and trademarks for cleaning products and
surface protectants powered by nanotechnology.  With their rebrand,
they are focusing on direct-to- consumer sales and distribution
into big box-retail, as well as continuing to provide industrial
nano- coating applications.

The company is preparing for the launch of their new Nano
Magic-branded product line that will include lens care, electronic
device screen cleaning and protection, sport and safety anti-fog
solutions, auto windshield cleaning and protection, as well as
household surface cleaning and protectant solutions.  In fact,
Berman was excited to share that they are eager to join the
Covid-19 fight.  Berman said: "we have accelerated the development
and commercialization efforts of our household cleaning and
protectant solutions in order to help create a cleaner and safer
world."

Nano Magic expects its full product lineup to roll out within the
next few months.

                     About Nano Magic Inc.

Nano Magic Inc. (OTCMKT: NMGX) -- http://www.nanomagic.com/--
specializes in liquid products to apply to surfaces such as glass,
porcelain, and ceramic.  Consumer products include lens care,
electronic device hygiene and protection, anti-fog solutions (sport
and safety), as well as household and auto cleaning and protection.
Other applications include touch screens, glass displays and
screens, windshields, solar panels, glass countertops and display
cases, china, tableware, toilets, sinks, shower doors and more.
Nano Magic's Innovation and Technology Center in Austin, TX engages
in contract research and development work for government and
private customers and it also develops and sells printable inks and
pastes, and graphene foils.

PEN Inc.'s Board adopted an amendment to its Certificate of
Incorporation, and the filing was made in Delaware on March 2, 2020
to change its name to "Nano Magic Inc."  Management requested the
change to better convey its business and products to investors and
customers.

As of Sept. 30, 2019, PEN Inc. had $1.25 million in total assets,
$1.79 million in total liabilities, and a total stockholders'
deficit of $538,919.

The Company had a net loss of $53,135 and $687,068 for the years
ended Dec. 31, 2018 and 2017.  Additionally, the Company had a net
loss of $232,875 and $624,023 for the three and nine months ended
Sept. 30, 2019.  Furthermore, the Company had an accumulated
deficit, a stockholders' deficit and a working capital deficit of
$7,264,393, $538,919 and $737,884, respectively, at Sept. 30,
2019.

Tama, Budaj & Raab, P.C., in Farmington Hills, Michigan, the
Company's auditor since 2018, issued a "going concern"
qualification in its report dated Nov. 13, 2019, citing that the
Company has suffered recurring losses, has a stockholders' deficit
and has a working capital deficit.  These factors raise substantial
doubt about the Company's ability to continue as a going concern.


NAVISTAR INT'L: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Navistar International Corporation to B from B+. EJR
also downgraded the rating on LC commercial paper issued by the
Company to B from A3.

Navistar International Corporation is an American holding company.
Created in 1986 as the successor to International Harvester,
Navistar operates as the owner of International brand of trucks and
diesel .



NEWPARK RESOURCES: Egan-Jones Lowers Sr. Unsecured Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Newpark Resources, Incorporated to B- from B+. EJR
also downgraded the rating on LC commercial paper issued by the
Company to B from A3.

Newpark Resources, Incorporated is a worldwide provider of
value-added drilling fluids systems and composite matting systems
used in oilfield and other commercial markets. Industry partners
include American Petroleum Institute, Independent Petroleum
Association of America - IPAA, US Chamber of Commerce et al.



NULIFE MULHOLLAND: Hires Pinnacle Estate as Real Estate Broker
--------------------------------------------------------------
Nulife Mulholland, LLC, seeks authority from the U.S. Bankruptcy
Court for the Central District of California to employ Pinnacle
Estate Properties, Inc., as real estate broker to the Debtor.

Nulife Mulholland requires Pinnacle Estate to market and sell the
Debtor's real property located at 24969 Mulholland Hwy, Calabasas,
CA 91302-2366, and 24969 Mulholland Hwy, Calabasas, CA 91302.

Pinnacle Estate will be paid a 5% commission of the gross sales
price.

David Watkins, partner of Pinnacle Estate Properties, Inc., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Pinnacle Estate can be reached at:

     David Watkins
     PINNACLE ESTATE PROPERTIES, INC.
     24025 Park Sorrento Ste 110
     Calabasas, CA 91302
     Tel: (818) 970-2946

              About Nulife Mulholland, LLC

NuLife Mulholland LLC owns and operates an addiction treatment
center in California. It owns in fee simple an 11.2-acre lot with
7400-square-foot house and 800-square-foot guest house located in
Calabasas, Calif., having an appraised value of $7 million. NuLife
Mulholland also owns in fee simple a two-acre lot with small
vineyard valued at $750,000.

NuLife Mulholland sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12407) on Sept. 24,
2019. In the petition signed by its managing member, John D. Meints
Jr., the Debtor disclosed $8,028,177 in assets and $5,180,697 in
debt. Judge Martin R. Barash oversees the case. The Law Offices of
Robert M. Yaspan is the Debtor's legal counsel.

Dr. Timothy J. Stacy has been appointed as patient care ombudsman
for the company.  The PCO is represented by Resnik Hayes Moradi
LLP.



NUSTAR ENERGY: Fitch Lowers LT IDR to 'BB-', On Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
for NuStar Energy, L.P. and NuStar Logistics, L.P.'s to 'BB-' from
'BB'. The senior unsecured ratings for Logistics have been
downgraded to 'BB-'/'RR4' from 'BB'/'RR4' and the junior
subordinated notes to 'B'/'RR6' from 'B+'/'RR6'. The preferred
equity ratings at NuStar have also been downgraded to 'B'/'RR6'
from 'B+'/'RR6'. The recovery rating of 'RR4' reflects Fitch's
expectation of an average recovery in the event of default and
'RR6' reflects expectations of poor recovery in the event of
default.

The ratings have been placed on Rating Watch Negative.

The downgrade of NuStar and Logistics and the RWN reflect the
company's limited market access against the backdrop of a collapse
in energy demand and prices linked to the coronavirus pandemic and
the OPEC+ fracturing. More importantly, the volatility that the
coronavirus has created in energy markets has increased execution
risk around the company's refinancing plans to address its upcoming
debt maturities.

The partnership has $450 million due in September 2020 and $300
million due in February 2021. Challenges in accessing unsecured
debt markets and limited capacity to issue secured debt have
narrowed external options for the partnership. NuStar recently
extended its revolver from October 2021 to October 2023 at a
reduced amount of $1.0 billion. The revolver could be used for the
upcoming maturities; however, subsequent availability on the
revolver will be severely diminished. While management plans to use
asset sales to meet some of these obligations, Fitch is concerned
about the timing of these sales given market uncertainty.
Management has taken some steps with the reduction in capex
guidance for 2020, but these actions do not go deep enough, in
Fitch's view.

Additionally, Fitch is concerned that liquidity could be further
constricted by NuStar's ability to borrow under its revolving
credit facility. NuStar's ability to draw on the revolver is
restricted by a leverage covenant as defined by the bank agreement,
which does not allow leverage to be greater than 5.0x for covenant
compliance or 5.5x following a qualifying acquisition. Fitch
expects NuStar to remain covenant compliant; however, the margin
for operating underperformance is limited. Fitch notes that the
covenant calculation allows for the exclusion of its junior
subordinated notes, debt proceeds held in escrow for the future
funding of construction and preferred equity, to which Fitch
applies 50% debt credit in its metric calculations and allows for
the inclusion of pro forma EBITDA for material projects and
acquisitions, which should provide some cushion to covenant
calculations.

KEY RATING DRIVERS

Leverage Remains Elevated: At the end of 2019, leverage (total debt
with equity credit to adjusted EBITDA) was 5.5x, marginally higher
than 2018-year end leverage at 5.3x. This was in line with Fitch's
estimate of 5.6x. NuStar has a slate of growth projects, some of
which were completed in 3Q19, and were expected to boost EBITDA in
2020 but the macro headwinds have tempered Fitch's original EBITDA
estimates. Fitch recently revised its oil price deck lower and is
concerned with the impact of a weak oil price environment on
producer activity in the Permian. NuStar's recently announced 30%
capex reduction initiative for 2020 is a constructive measure to
conserve cash but is inadequate in Fitch's view to prevent leverage
creep up in 2020 and 2021. Fitch forecasts leverage to increase to
5.6x-6.0x in 2020 and 6.3x-6.5x in 2021.

Volume and EBITDA Risks: Reduced utilization and volume exposure
are additional concerns for Nustar. Its fee-based business with
minimum volume commitments provide some cash flow stability in the
near term, with expected volume growth across its expanded asset
base. However, shifting exploration and production budgets and
production focus, and flattening basis differentials have the
potential to drive delays or pullback in volumes, weighing on
EBITDA growth. The partnership remains focused on growth
predominantly in the Permian where crude pipeline throughput is
expected to decline in the current environment. This may be
partially offset by the current contango for crude oil and multiple
refined products that is expected to spur incremental storage
demand. NuStar also expects EBITDA growth from its Trafigura
project, Northern Mexico supply project and West Coast projects
going forward.

Significant Use of Hybrids: NuStar has a large part of its capital
structure derived from the Series A, B, C and D perpetual
preferred. The partnership has leaned on these securities when
equity and debt markets were less attractive. In addition, the bank
agreement excludes them from the definition of debt for purposes of
its leverage calculation. Fitch assigns 50% equity credit to these
four securities. This enhances the available liquidity on the
revolver. The face value of these securities was nearly $1.4
billion as of YE 2018 compared with the face value of debt at $3.1
billion. The securities have high coupons with the $227 million
Series A at 8.5%; the $385 million Series B at 7.625%; and the $173
million Series C at 9.0%.

There is also the $590 million of Series D perpetual preferred
privately placed with EIG Nova Equity Aggregator, L.P. and FS
Energy and Power Fund in June and July 2018, not rated by Fitch,
with a coupon of 9.75%. NuStar has $402.5 million of junior
subordinated debt that receives 50% equity credit per Fitch's
criteria. These were fixed-to-floating notes fixed at 7.625% until
April 2018, when they became floating rate notes. The interest on
these notes was 8.7% as of YE 2019.


DERIVATION SUMMARY

The 'BB-' rating reflects NuStar's size and scale, and leverage.
Fitch forecasts NuStar's leverage defined as (total debt to
adjusted EBITDA with debt adjusted for equity credit) to be between
5.6x-6.0x by year-end 2020. NuStar is smaller and less diverse than
higher rated Plains All American LP (PAA; BBB-/ Stable), which has
the advantage of size and scale that provides operational and
geographic diversification as well as an advantage in accessing the
capital markets.

NuStar's leverage is higher than some of the 'BB' midstream energy
issuers like Sunoco, LP (SUN; BB/Stable) and AmeriGas Partners, LP
(APU; BB/ Stable). Fitch notes that they are not direct peers since
NuStar is focused on crude and refined products and Sunoco is an
independent fuel distributor. Amerigas is a propane distributor.
Fitch expects Sunoco to have 2020 year-end leverage in the 4.5x to
5.0x range and AmeriGas Partners, LP to have leverage in the range
of 4.2x to 4.5x at the end of its fiscal year end (Sept. 30,
2020).

KEY ASSUMPTIONS

  -- Fitch utilized its WTI oil price deck of $38/barrel in 2020,
$45/ barrel in 2021 and $50/ bbl in 2022;

  -- Revenue grows in 2020 largely due to continued growth in the
Storage segment benefitting from contango market and partially from
the projects completed in 3Q19; market continues to remain subdued
in 2021 before making a modest turnaround in 2022;

  -- Growth capex and maintenance capex consistent with management
guidance;

  -- Distributions remain flat;

  -- No asset sales or equity issuance assumed.

RATING SENSITIVITIES

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

  -- Fitch may look to stabilize outlook if there is progress
toward completing asset sales and repayment or refinancing of
maturity wall;

  -- Fitch may take a positive rating action if leverage (total
debt adjusted for equity credit/adjusted EBITDA) falls below 5.0x
for a sustained period of time provided NuStar has an adequate
cushion in its financial covenants.

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

  -- Lack of progress toward addressing 2020 and 2021 notes prior
to mid-June 2020 driven by lack of access to capital markets and/or
inability to complete asset sales;

  -- Material reduction in liquidity;

  -- Leverage (total debt/ adjusted EBITDA) at or above 6.0x on a
sustained basis and FFO interest coverage below 2.0x on a sustained
basis.

  -- Failure to reduce growth capex and distribution if external
funding is restricted;

  -- Significant increases in capital spending beyond its
expectations with negative consequences for the credit profile.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: As of December 2019, NuStar had total liquidity
of $737 million, which includes $721 million undrawn on its
revolver, after accounting for $4 million in LOCs. Cash on the
balance sheet was $16.2 million. NuStar has nearly $29.5 million
available on a $35.0 million uncommitted line of credit, which is
not included in the total liquidity calculation. During 2019,
NuStar amended the revolving credit facility reducing total amount
available for borrowing to $1.2 billion. In March 2020, the
revolver amount was again reduced to $1.0 billion and maturity
extended to October 2023.

NuStar's ability to draw on the revolver is restricted by a
leverage covenant as defined by the bank agreement, which does not
allow leverage to be greater than 5.0x for covenant compliance or
5.5x for two consecutive quarters following a qualifying
acquisition. Bank defined leverage was 3.88x, as of Dec. 31, 2019,
at similar levels at YE 2018. The covenant calculation allows for
exclusion of the junior subordinated notes of $402.5 million, debt
proceeds held in escrow for future funding of construction of $43
million (repaid in March 2020), and preferred equity Series A, B, C
and D, totaling nearly $1.4 billion. The covenant calculation
allows for inclusion of pro forma EBITDA for material projects and
acquisitions, providing some cushion in calculations.

Nustar has various notes outstanding aggregating $2.452 billion,
including $402.5 million in subordinated notes. There is an
upcoming maturity wall aggregating $750 million in 2020 and 2021.
The 4.80% notes for $450 million are due September 2020. Another
$300 million notes are due February 2021. Fitch is concerned that
NuStar's liquidity may be constrained with these notes maturities.

NuStar calculates consolidated debt at $3.4 billion as of Dec. 31,
2019 and $2.1 billion of this amount is fixed rate. The remaining
$1.3 billion is floating rate, largely based on LIBOR. The
partnership's $402.5 million floating rate notes changed from a
fixed rate of 7.625% to a floating rate effective January 2018. The
interest rate on these notes was 8.7% at YE 2019.

NuStar established a $125 million receivable financing agreement in
June 2015 that can be upsized to $200 million. The borrowers are
NuStar and NuStar Finance LLC (NuStar Finance), a special purpose
vehicle (SPV) and wholly owned subsidiary of NuStar. There was
$62.2 million of borrowings outstanding under the agreement as of
Dec. 31, 2019. NuStar amended the securitization program on Sept.
20, 2017 and added certain NuStar Energy wholly owned subsidiaries
resulting from the Navigator acquisition. The securitization
program extends until Sept. 20, 2021, with the option to renew for
additional 364-day periods thereafter.


OAK PARENT: Moody's Alters Outlook on B2 CFR to Negative
--------------------------------------------------------
Moody's Investors Service affirmed Oak Parent, Inc.'s debt ratings,
including its B2 corporate family rating, B2-PD probability of
default rating, and the B2 ratings on its senior secured credit
facilities. The outlook was changed to negative from stable. Oak
Parent, Inc. is an indirect parent company of Augusta Sportswear
Holdings, Inc.

The change in outlook to negative reflects the unprecedented
disruptions caused by the rapid spread of the coronavirus
(COVID-19), including widespread cancellations and postponements of
spring school and recreational sports programs, and prolonged
declines in discretionary consumer spending. With pro forma
debt-to-EBITDA approaching 6.0 times as of September 30, 2019,
Augusta's leverage is high going into this challenging period. The
affirmation reflects Augusta's defensible market position in the
wholesale team uniform, school-related sportswear and dancewear
markets, and resilient nature of youth sports participation.
Augusta's liquidity is good, supported by balance sheet cash and
availability under its $40 million revolver.

Affirmations:

Issuer: Oak Parent, Inc.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3, from LGD4)

Outlook Actions:

Issuer: Oak Parent, 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 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 Augusta's credit profile, including
its exposure to discretionary spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Augusta 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. Its action reflects the
impact on Augusta of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Augusta's B2 CFR reflects its narrow business focus and limited
revenue scale in the global apparel industry, as well as governance
risks such as financial sponsor ownership with financial and M&A
strategies that have led to high leverage. Using Moody's standard
analytical adjustments and considering the July 2019 acquisition of
Pacific Headwear, and potential synergies, pro forma debt-to-EBITDA
approached 6.0 times as of September 30, 2019. Prior to the onset
of coronavirus, Moody's expected ongoing improvement to come from
debt reduction and operating performance improvement due to
operational improvement actions and cost savings measures. The
rating is supported by the Company's defensible market position in
the wholesale team uniform, school-related sportswear and dancewear
markets that, when combined with high barriers to entry, typically
drive strong operating margins and cash flow generation. The
ratings also consider the limited level of fashion risk in the
Company's products, product breadth and demand stability from the
ultimate end users, all of which typically drive revenue stability,
as well as Augusta's good liquidity.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The ratings could be downgraded if the Company's revenue and
earnings sustainably decline, liquidity erodes, or financial
policies become more aggressive. Quantitative metrics include
lease-adjusted debt/EBITDA sustained above 6.0 times or
EBITA/interest expense below 1.75 times.

Ratings could be upgraded if the company demonstrates sustainable
improvement in revenue and earnings trends while utilizing free
cash flow to reduce debt and leverage and maintaining a good
overall liquidity profile. Quantitatively, ratings could be
upgraded if debt/EBITDA was sustained below 5.0 times and
EBITA/interest expense above 2.75 times

The principal methodology used in these ratings was Apparel
Methodology published in October 2019.

Based in Augusta, Georgia, Augusta Sportswear Brands is a
manufacturer and distributor primarily of youth team sports
uniforms, dance apparel and related products serving customers in
the United States. The company has been majority owned by Kelso &
Company, a private equity firm, since 2012, and does not publicly
disclose financial information. Revenue for the latest twelve
months ended September 2019 was less than $300 million.


OASIS PETROLEUM: Egan-Jones Lowers Senior Unsecured Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Oasis Petroleum, Incorporated to CCC from B+. EJR
also downgraded the rating on LC commercial paper issued by the
Company to C from A3.

Oasis Petroleum is a company engaged in hydrocarbon exploration and
hydraulic fracturing in the Williston Basin as well as in the
Delaware Basin of the Permian Basin in West Texas. It is organized
in Delaware and headquartered in Houston, Texas, with an office in
Williston, North Dakota.


OASIS PETROLEUM: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded Oasis Petroleum Inc.'s
Corporate Family Rating to B3 from B1, Probability of Default
Rating to B3-PD from B1-PD, senior unsecured notes rating to Caa1
from B2 and the Speculative Grade Liquidity Rating to SGL-3 from
SGL-2. The rating outlook was changed to negative from stable.

"While Oasis' cash flow deteriorates due to low commodity prices,
the company will also face increasing debt refinancing risk," said
Amol Joshi, Moody's Vice President and Senior Credit Officer.

Downgrades:

Issuer: Oasis Petroleum Inc.

Corporate Family Rating, Downgraded to B3 from B1

Probability of Default Rating, Downgraded to B3-PD from B1-PD

Senior Unsecured Notes, Downgraded to Caa1 (LGD4) from B2 (LGD5)

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

Outlook Actions:

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Oasis is faced with a sizeable unsecured notes maturity in 2022,
which could prompt a springing forward of its revolver maturity to
December 2021 if the 2022 unsecured notes maturity is not
addressed. While this low commodity price environment leads to
deteriorating cash flow and leverage metrics, it could also lead to
a downward redetermination of the company's revolver borrowing base
and rising debt refinancing risk. These risks resulted in the
downgrade of the company's rating to B3 CFR with a negative
outlook.

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

Oasis' SGL-3 rating reflects adequate liquidity through mid-2021.
At December 31, 2019, Oasis had $20 million of cash and $337
million of borrowings under its credit facility as well as $15
million in letters of credit. The secured revolving credit facility
due October 2023 has a borrowing base of $1.3 billion, but an
elected commitment of $1.1 billion. The revolving credit agreement
has financial covenants including a minimum EBITDAX to interest
expense ratio of 2.5x and a minimum current ratio of 1x. In
addition, if the revolver commitment amount exceeds 85% of its
borrowing base, the company faces a maximum EBITDAX to debt of
4.25x for the first two quarters and 4x thereafter. The nearest
debt maturity is in November 2021, when $72 million of outstanding
unsecured notes are due. Oasis also has $891 million of unsecured
notes maturing in March 2022. Oasis' revolver matures in October
2023 and Moody's expects Oasis will remain reliant on its revolver.
But the company faces rising debt refinancing risk as its revolver
could mature in December 2021 if the unsecured notes due 2022
remain outstanding at that time. Oasis' midstream subsidiary, Oasis
Midstream Partners LP (OMP) has a separate secured credit facility
due September 2022, under which OMP had $459 million in borrowings
at December 31.

Oasis' B3 CFR reflects the company's moderate scale, two-basin
asset portfolio and historical track record of growing its
production and reserves. The company has a sizeable Williston Basin
asset base, and Oasis has indicated initial success in extending
the core of its Williston Basin acreage while improving the depth
of its drilling inventory. The company's February 2018 Delaware
Basin acreage acquisition diversified Oasis' operations. The
company has a significant portion of crude oil in its production
mix, and full-development mode in its core Williston Basin has
supported capital efficiency. But production growth will pause and
likely decline as Oasis strives to spend within cash flow and
preserve liquidity. Oasis continues to be challenged by its high
leverage relative to production and proved developed reserves, and
the company requires significant capital to develop its exploration
& production (E&P) assets, while its midstream subsidiary OMP
builds gathering infrastructure.

The senior unsecured notes are rated Caa1, one notch below the B3
CFR, reflecting the priority claim of Oasis' relatively large
borrowing base senior secured credit facility.

The negative outlook reflects Oasis' rising debt refinancing risk
in a low oil price environment.

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

The ratings could be downgraded if Oasis' liquidity deteriorates,
the company is unable to refinance its debt in a timely manner, or
if it undertakes any actions that are deemed by Moody's to be a
distressed exchange of debt. The ratings could be upgraded in a
more supportive oil and gas price environment if Oasis maintains
adequate liquidity and substantially mitigates refinancing risk.

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

Oasis Petroleum Inc., headquartered in Houston, Texas, is an
independent E&P company with operations focused in the Williston
and Delaware Basins. Oasis conducts midstream services through its
MLP, Oasis Midstream Partners LP, which is about 32.5% owned by the
public (as of December 31, 2019).


OBITX INC: "Large" Accumulated Deficit Raises Going Concern Doubt
-----------------------------------------------------------------
OBITX, Inc. filed its quarterly report on Form 10-Q, disclosing a
net loss from operations of $164,516 on $0 of sales for the three
months ended Oct. 31, 2019, compared to a net loss from operations
of $216,184 on $46,320 of sales for the same period in 2018.

At Oct. 31, 2019, the Company had total assets of $2,085,483, total
liabilities of $579,598, and $1,505,885 in total stockholders'
equity.

OBITX said, "Currently the company has a negative working capital
as there has been a significant loss when US$1,250,000 of accounts
receivable was written off for the year ended January 31, 2019.
The large accumulated deficit raises substantial doubt about its
ability to continue as a going concern."

A copy of the Form 10-Q is available at:

                       https://is.gd/q1EHvw

OBITX, Inc., publishes and generates textual, audio, and/or video
content on the Internet, and operate web sites that use a search
engine to generate and maintain extensive databases of internet
addresses and content.  The Company earns revenue through social
media advertising, fees, and services.  The Company was
incorporated in the State of Delaware on March 30, 2017 originally
under the name GigeTech, Inc.  On October 31, 2017 the Company
changed its name to OBITX, Inc., and updated its Articles of
Incorporation through unanimous consent of its shareholder, MCIG.  
The Company is headquartered in Jacksonville, Florida.


OCCIDENTAL PETROLEUM: Egan-Jones Lowers Sr. Unsec. Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Occidental Petroleum Corporation to BB from BB+.

Occidental Petroleum Corporation is an American company engaged in
hydrocarbon exploration in the United States, the Middle East, and
Colombia as well as petrochemical manufacturing in the United
States, Canada, and Chile. It is organized in Delaware and
headquartered in Houston.



OFFICE DEPOT: Egan-Jones Lowers LC Senior Unsecured Ratings to B-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Office Depot,
Incorporated to B- from B. EJR also downgraded the rating on LC
commercial paper issued by the Company to C from B.

Office Depot, Incorporated is an American office supply retailing
company headquartered in Boca Raton, Florida, United States. The
company has combined annual sales of approximately $11 billion, and
employs about 38,000 associates with businesses in the United
States.



OMNOVA SOLUTIONS: S&P Raises ICR to 'BB' on Completed Acquisition
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on OMNOVA
Solutions Inc. to 'BB', in line with its rating on Synthomer PLC,
from 'B+'. S&P removed all of its ratings on OMNOVA from
CreditWatch, where S&P placed them with developing implications on
July 8, 2019. The outlook is stable.

"We raised our ratings on OMNOVA following the close of its
acquisition by a higher rated parent, Synthomer.  Specifically, we
raised our issuer credit rating on the company to 'BB' to equalize
it with our ratings on Synthomer because we now consider OMNOVA to
be integral to Synthomer's current identity and future strategy.
The rating withdrawal follows OMNOVA's announcement that all of its
debt has been repaid in full," S&P said.



OPTIV INC: S&P Alters ICR to 'CCC' After Distressed Debt Exchange
-----------------------------------------------------------------
S&P Global Ratings revised the issuer credit rating on Optiv Inc.
to 'CCC' from 'SD' (selective default) after the company completed
a distressed debt exchange of its second-lien debt in the fourth
quarter of 2019.

S&P lowered its ratings on the $800 million first-lien debt due
2024 to 'CCC' from 'CCC+' and removed them from CreditWatch, where
it placed them with negative implications on March 27, 2020. S&P
also raised its issue level rating on the $230 million second-lien
debt due 2025 to 'CC' from 'D'.

"The rating action is driven by weak 2019 performance with limited
free cash flow generation, and our view that the company could
continue to execute additional distressed exchanges over the near
term. The company repurchased about $47 million of second-lien debt
for about $23 million of cash, which represents more than a 50%
discount to face value. As of now, the second-lien trades at a
significant discount to par, and the company has shown willingness
to use its liquidity to retire additional debt, if there was an
interested party willing to sell at a discount. While these actions
make credit metrics look marginally better because they result in
less total outstanding debt, they lower the company's liquidity,"
S&P said.

The negative outlook reflects S&P's view that the company may
struggle to revive performance, reduce leverage, and drive positive
free cash flow in 2020 during a time of projected negative GDP
growth, thereby increasing the risk of continued weak financial
metrics and additional distressed exchanges.

"We would consider a downgrade if we view the company to be
vulnerable to nonpayment within the next 12 months, either through
a distressed exchange, reorganization of the capital structure, or
missed interest payment. This could happen if the company generates
sustained negative free cash flow due to stiffer-than-expected
competition and further deterioration of the macro and IT spending
environment," S&P said.

"We would revise the outlook to stable if the company can generate
positive free cash flow in 2020 thereby affirming the
sustainability of the company's capital structure, and if we don't
foresee Optiv executing additional distressed exchanges either
because the debt trading levels improve or if the company says as
such," the rating agency said.


ORION AND ASSOCIATES: Seeks to Hire Brian K. McMahon as Counsel
---------------------------------------------------------------
Orion and Associates Investment Company, LLC, seeks authority from
the US Bankruptcy Code for the Southern District of Florida to
employ Brian K. McMahon, P.A. as its legal counsel.
   
The attorney will render these professional services:

     (a) give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession;

     (b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     (c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary in the
administration of the case;

     (d) protect the interest of the Debtor in all matters pending
before the court;

     (e) represent the Debtor in negotiation with its creditors in
the preparation of a bankruptcy-exit plan.

Brian McMahon, Esq., the firm's attorney who will be handling the
case, charges an hourly fee of $400.

The firm received payment of $3,000, of which $1,717 was used to
pay the filing fee.  

Mr. McMahon disclosed in court filings that he and his firm do not
represent any interest adverse to the Debtor and its bankruptcy
estate.

The firm can be reached through:

     Brian K. McMahon, Esq.
     Brian K. McMahon, P.A.
     1401 Forum Way, 6th Floor
     West palm Beach, FL 33401
     Phone: (561) 478-2500
     E-mail: briankmcmahon@gmail.com

             About Orion and Associates
               Investment Company, LLC

Orion and Associates Investment Company, LLC, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-13185) on March 9, 2020, listing under $1 million in both assets
and liabilities.  Brian K. McMahon, Esq. serves as the Debtor's
counsel.


OUTFRONT MEDIA: S&P Lowers ICR to 'B+'; Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Outfront
Media Inc. to 'B+' from 'BB-' because it expects the decline in
advertising spending to increase its leverage well above its 5.5x
downgrade threshold over the next year.

"We expect Outfront's leverage to increase above our 5.5x downgrade
threshold in 2020.  Outfront's adjusted leverage was 5.2x as of the
end of 2019. We previously expected the company's leverage to
remain in the low-5.0x area in 2020; however, we now anticipate
that the decline in its revenue stemming from the coronavirus
pandemic and U.S. economic slowdown will increase its leverage
above 5.5x in 2020. The duration and severity of the pandemic
remain uncertain, though we believe its negative effect on
Outfront's EBITDA will keep the company's leverage elevated above
5.5x through 2021. Due to these factors, we revised our assessment
of its financial risk profile to highly leveraged from aggressive,"
S&P said.

The negative outlook reflects the uncertainty surrounding the
duration and severity of the pandemic and the related economic
downturn and the risk that Outfront's leverage could increase above
6.5x and remain at that level through 2021.

"We could lower our rating on Outfront if we expect its leverage to
increase above 6.5x and remain elevated through 2021. This could
occur if the efforts to contain the pandemic reduce outdoor traffic
through the second half of 2020, a severe advertising recession
extends into 2021, or Outfront is unable to sufficiently reduce its
cost base to adequately offset the decline in its revenue," S&P
said.

"We could revise our outlook on Outfront to stable if we expect its
leverage to remain below 6.5x. This could occur if we see evidence
that U.S. population traffic statistics are returning to
pre-pandemic levels and expect a healthy recovery in spending on
out-of-home advertising toward the end of 2020 and beginning of
2021," the rating agency said.


OWENS & MINOR: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Owens & Minor, Incorporated to CCC+ from B-. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Owens & Minor, Incorporated is a global healthcare logistics
company. Owens & Minor employs 17,000 people in 90 countries. A
FORTUNE 500 company, Owens & Minor was founded in 1882 in Richmond,
Virginia, where it remains headquartered today.



PARTY CITY: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Party City Holdings Inc.'s
corporate family rating to Caa1 from B2, its probability of default
rating to Caa1-PD from B2-PD and its senior secured term loan to B3
from B1, senior unsecured notes to Caa2 from Caa1. The outlook was
changed to negative from stable.

"The downgrade reflects Party City's already challenged operating
performance, store closures due to the spread of COVID-19, weakened
liquidity and the likelihood of depressed consumer demand once the
pandemic subsides in light of the severe shock to the US economy ",
said Moody's analyst Peggy Holloway. Additionally, given expected
weak operating performance, the company's may face difficulty
refinancing its term loan which becomes current in August of 2021.

The negative outlook reflects uncertainty around the duration of
unit closures, liquidity, and pace of rebound in consumer demand
once the pandemic begins to subside.

Downgrades:

Issuer: Party City Holdings Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

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

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)

Outlook Actions:

Issuer: Party City Holdings 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 non-food
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 Party City's credit
profile, including its exposure to widespread store closures have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Party City 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.
Its action reflects the impact on Party City of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Party City Holdings Inc.'s Caa1 CFR is constrained by weakened
operating performance caused by a challenging operating environment
that is being exacerbated by temporary store closures as a result
of COVID-19. Additionally, competition, elevated helium prices, and
tariffs will continue to pressure the company's revenue and
margins. Moody's expects a significant increase in leverage due to
the COVID-19 crisis and as a retailer, Party City is exposed to
changing demographic and societal trends, including the shift of
consumers purchasing goods and accessories online.

The rating is supported by Party City's strong market presence in
both retail and wholesale, geographic diversification, and
historically more stable party goods and accessories segment. The
rating also considers that Party City is no longer a 'controlled
company', as private equity ownership has been reduced by Thomas H.
Lee Partners, L.P. ("THL") and so financial strategy is considered
to be benign.

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

The ratings could be downgraded if the duration of the closures
lingers, thereby squeezing liquidity or if the probability of
default increases for any reason. Quantitatively, ratings could be
downgraded if debt/EBITDA increase above 7.25x or EBIT/interest
declines to .5x. Given the negative outlook as well as the expected
severity of the impact of coronavirus on the company's earnings, an
upgrade over the near term in unlikely. However, ratings could be
upgraded once the impact of coronavirus has abated and operating
performance has improved such that debt/EBITDA is sustained below
6.5x and EBITA/interest expense approached 1.0x. An upgrade would
also require the company to address its refinancing needs.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


PATRICK INDUSTRIES: Moody's Cuts CFR to B2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded its ratings for Patrick
Industries, Inc., including the company's corporate family rating
(CFR to B2 from B1) and probability of default rating (to B2-PD
from B1-PD), along with its senior unsecured ratings (to Caa1 from
B3). The speculative grade liquidity rating was downgraded to SGL-3
from SGL-2. The ratings outlook is negative.

The following rating actions were taken:

Downgrades:

Issuer: Patrick Industries, 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-3 from
  SGL-2

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

Outlook Actions:

Issuer: Patrick Industries, Inc.

  Outlook, Changed to Negative from Stable

"The downgrades reflect its expectation that Patrick's earnings
will be significantly pressured over the balance of the year from
the adverse impact of the COVID-19 crisis and further weakening in
macroeconomic conditions," says Shirley Singh, Moody's lead analyst
for Patrick. Moody's expects meaningful contraction in recreational
vehicle (RV) and marine build rates, which will reduce demand for
Patrick's products and result in weaker earnings and cash flow in
FY2020.

The rapid and widening spread of the coronavirus outbreak, the
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 RV sector is
exposed to the shock given its sensitivity to consumer demand and
market sentiment. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its actions reflect the
impact on Patrick of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

RATINGS RATIONALE

Patrick's B2 CFR broadly reflects its large scale and inherent
cyclicality in its largest end-market exposures ---- recreational
vehicles and the marine sector. Patrick's earnings and key credit
metrics (including adjusted debt-to-EBITDA of 3.2x) are expected to
weaken as demand for RV and marine products contract amid the
COVID-19 crisis and economic slowdown. Patrick generates close to
70% of its revenue from the RV and marine sectors, which are
susceptible to broad economic conditions as they rely heavily on
discretionary spending and face high substitution risk from other
leisure activities and products. Moody's expects the company to
adjust its cost structure and maintain prudent financial policies
to mitigate the expected adverse impact from the sales decline. The
rating also benefits from the company's relatively high margins,
its low capital spending requirements, a broad product portfolio
and a successful track record of integrating acquisitions.

The negative outlook reflects Moody's expectation that the
coronavirus crisis will meaningfully weigh on Patrick's sales and
earnings, which will result in a weakening of key credit metrics
and liquidity for the balance of fiscal year 2020 and into fiscal
year 2021.

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

Although unlikely in the near-term, ratings could be upgraded if RV
and marine sales stabilize and begin to grow, adjusted
debt-to-EBITDA is sustained below 3.0x, and the company diversifies
into a product portfolio that is less susceptible to cyclical
downturns. An upgrade would also require an expectation that the
company would maintain good liquidity with a prudent capital
structure and financial policies that support the aforementioned
leverage level.

Ratings could be downgraded if the company's liquidity weakens
further, including increased cash consumption and revolver usage
and/or concerns over prospective compliance with the financial
maintenance covenants.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Patrick Industries, Inc. (NASDAQ: PATK), headquartered in Elkhart,
Indiana, is a leading manufacturer and distributor of components
parts in the RV, marine, manufactured housing and adjacent
industrial markets primarily serving large OEMs. Revenues for the
twelve months ended December 2019 totaled $2.3 billion.


PDC BEAUTY: Moody's Alters Outlook on B3 CFR to Negative
--------------------------------------------------------
Moody's Investors Service changed the rating outlook for PDC Beauty
& Wellness Co. to negative from stable. At the same time, Moody's
affirmed Parfums' B3 Corporate Family Rating, and the B2 ratings on
its 1st lien senior secured revolving credit facility and term
loan. Moody's also affirmed the company's 2nd lien term loan
ratings at Caa2.

The change in rating outlook reflects Moody's view that Parfums'
will generate weaker than previously expected sales and earnings
over the next 12 months. Sales and earnings have been challenged by
weak demand for new products in the intensely competitive and
crowded mass fragrance, bath, multicultural hair care and beauty
categories. This soft operating performance resulted in high
financial leverage with debt to EBITDA of 7.5x at the twelve-month
ended September 30, 2019. Parfums will also face challenges given
governmental recommendations for social distancing in an attempt to
contain the coronavirus. Thus, while the company's major
distribution channels -- drug stores and grocery stores -- remain
open, recommendations for social distancing will keep store traffic
modest while increased unemployment is reducing discretionary
consumer income that can weaken demand for the company's products.
These factors will negatively affect the company's revenue,
operating earnings and cash flow over the next 6-12 months.

Ratings Affirmed:

PDC Beauty & Wellness Co.

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

1st Lien Senior Secured Revolving Credit Facility at B2 (LGD3)

Senior Secured First Lien Term Loan at B2 (LGD3)

Senior Secured Second Lien Term Loan at Caa2 (LGD5)

The ratings outlook was changed to negative from stable

RATINGS RATIONALE

The B3 CFR reflects Parfums' high financial leverage, small scale
relative to larger and better capitalized competitors, aggressive
acquisition strategy, and event risk related to its majority
ownership by a financial sponsor. Demand for the company's products
are also vulnerable to shifts in consumer preferences, weakness in
household income, retailers' shelf space allocation and marketing
support. The mass fragrance, bath, multicultural hair care and
beauty segments are also highly competitive and Parfums faces steep
competition from branded product companies that are significantly
larger, more diverse, financially stronger, and which have much
greater investment capacity. These factors are partially balanced
by the company's projected ability to generate free cash flow, good
geographic and product diversification and solid historical organic
growth in several of the company's key product categories. The
rating is also supported by Parfum's adequate liquidity and Moody's
expectation that continued distribution gains and product
development will support the company's operating performance over
the next 12 to 18 months.

Parfums has a limited track record at its current operating scale
and the majority of its operations were assembled through a series
of acquisitions over the last five years. The management team has
delivered strong growth in a favorable economic environment and
through actions such as increasing distribution and focusing on
products with favorable demographic support. However, the company
does not have a track record operating the current portfolio of
brands through a range of economic and competitive environments and
Moody's expects performance to gradually moderate toward levels
consistent with the slower category levels. Moody's also projects
revenue and earnings will decline over the next year because of
weak economic conditions.

In terms of Environmental, Social and Governance (ESG)
considerations, the most important factor for Parfums' ratings are
governance considerations related to its financial policies.
Moody's views Parfums' financial policies as aggressive given its
appetite for debt financed acquisitions. Social considerations
impact Parfums in that the company is largely a beauty company. The
company sells products that appeal to customers almost entirely due
to "social" considerations. To the extent such social customs and
mores change, it could have an impact -- positive or negative -- on
the company's sales and earnings.

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
products sector has been one of the sectors affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Parfums' credit profile, including
its exposure to multiple affected countries 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. Its action in part
reflects the impact on Parfums of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

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

Customer or competitor actions that pressure Parfums' revenue and
EBITDA through a deterioration in market share, retail distribution
or pricing could result in a downgrade. Acquisitions, shareholder
distributions, earnings weakness or other actions that lead to
debt-to-EBITDA above 7.5x, or a deterioration in liquidity could
also result in a downgrade.

An upgrade could be considered if Parfums demonstrates a track
record of profitable growth at its current scale, and maintains
more conservative financial policies including debt-to-EBITDA below
6.0x, free cash flow to debt above 6%, and good liquidity.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

PDC Beauty & Wellness Co, (dba as Parfums) headquartered in
Stamford, CT, develops, markets and sells fragrance, bath care and
specialty bath and hair care products to mass market consumers. Key
brands include Dr. Teal's, Cantu, Body Fantasies, Calgon, BODman,
and Bodycology. Parfums is currently majority-owned by CVC Partners
and generates annual revenues of about $450 million.


PIER 1 IMPORTS: Camino, et al., Object to 'Placeholder' Disclosures
-------------------------------------------------------------------
Camino Real Limited Liability Company, MCP VOA I & III, LLC,
Metropolitan Life Insurance Company, MLM Chino Property, LLC, OTR,
Public Storage, and landlords affiliated with Weingarten Realty
Investors (collectively, the "Objecting Landlords"), submit this
objection to the adequacy of the  proposed Disclosure Statement For
The Joint Chapter 11 Plan of Pier 1 Imports, Inc. and Its Debtor
Affiliates.

Objecting Landlords point out that the Disclosure Statement fails
to provide adequate information. Here, the Proposed Disclosure
Statement fails to satisfy the requirements of Section 1125 as to
numerous significant elements.  A review of Debtors' Proposed
Disclosure Statement makes it clear that the Proposed Disclosure
Statement is only a "placeholder," filed to meet the fast-track
"Milestones" contained in the prepetition Plan Support Agreement
between Debtors and their Consenting Term Lenders.  At the most
fundamental level, the Proposed Disclosure Statement broadly
describes two alternative transactions: (1) an Equitization
Restructuring or (2) an Asset Sale Transaction. Without further
information regarding the "path forward," the feasibility of the
Proposed Plan (11 U.S.C. § 1129(a)(11)) cannot be evaluated.  The
Proposed Disclosure Statement further contains numerous blanks and
virtually all key exhibits are missing, presumably to be provided
prior to the hearing on the Proposed Disclosure Statement, thus
failing to provide creditors with a meaningful opportunity for
review and analysis.

Objecting Landlords further point out that the Debtors improperly
seek to extend the time to assume or reject unexpired real property
leases, potentially disenfranchising affected landlords. By
postponing disclosure of the Schedule of Assumed Executory
Contracts and Unexpired Leases until the Plan Supplement (see
definition at page 14 of Proposed Plan) and by purporting to
reserve the right to potentially add or subtract leases to be
assumed or rejected through changes in its Schedule of Assumed
Executory Contracts and Unexpired Leases at any time prior to the
Effective Date (see Article V of Proposed Plan), Debtors
potentially disenfranchise landlords whose leases may be rejected,
with resulting significant unsecured claims, by depriving them from
timely voting to accept or reject the Plan.  Debtors make no
proposal to preserve the voting rights of an affected landlord
under these circumstances.

Attorney for Objecting Landlords:

     Augustus C. Epps, Jr., Esquire
     Michael D. Mueller, Esquire
     Jennifer M. McLemore, Esquire
     Bennett T. W. Eastham, Esquire
     WILLIAMS MULLEN
     200 South 10th Street, Suite 1600
     Richmond, Virginia 23219
     Telephone: (804) 420-6000
     Facsimile: (804) 420-6507
     E-mail: aepps@williamsmullen.com
             mmueller@williamsmullen.com      
             jmclemore@williamsmullen.com  
             beastham@williamsmullen.com

               - and -

     Ivan M. Gold, Esquire
     ALLEN MATKINS LECK GAMBLE MALLORY  
     & NATSIS LLP
     Three Embarcadero Center, 12th Floor
     San Francisco, CA 94111
     Telephone: (415) 273-7431
     Facsimile: (415) 837-1516
     E-mail: igold@allenmatkins.com  

                     About Pier 1 Imports

Founded with a single store in 1962, Pier 1 Imports, Inc. --
http://www.pier1.com/-- is a leading omni-channel retailer of
unique home decor and accessories.  Its products are available
through approximately 930 Pier 1 stores in the U.S. and online at
pier1.com.

Pier 1 Imports and seven affiliates sought Chapter 11 protection
(Bankr. E.D. Va. Lead Case No. 20-30805) on Feb. 17, 2020, to
pursue a sale of the assets.

Pier 1 Imports disclosed $426.6 million in assets and $258.3
million in debt as of Jan. 2, 2020.

Judge Kevin R. Huennekens oversees the cases.

A&G Realty Partners is assisting Pier 1 Imports with its previously
announced store closures and lease modifications.  Pier 1 Imports
landlords are encouraged to contact A&G Realty Partners through its
website, http://www.agrep.com/  

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP serve as
legal advisors to Pier 1 Imports and its affiliated debtors in the
U.S. and Canada, respectively.  The Debtors tapped AlixPartners LLP
as restructuring advisor; Guggenheim Securities, LLC as investment
banker; and Epiq Bankruptcy Solutions as claims agent.


PIER 1 IMPORTS: Egan-Jones Lowers Senior Unsecured Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Pier 1 Imports Incorporated to B+ from BBB-.

Pier 1 Imports Incorporated is a Fort Worth, Texas-based
omnichannel retailer specializing in imported home furnishings and
decor, particularly furniture, table-top items, decorative
accessories, and seasonal decor. It was publicly traded on the New
York Stock Exchange under ticker PIR.



PIER 1 IMPORTS: Hendersonville, et al., Say Outcome Still Unclear
-----------------------------------------------------------------
Hendersonville (Highlands) WMS, LLC, NC-White Oak Main Shopping
Center, LLC, Lynchburg (Wards Crossing), LLC, IRC Baytowne Square,
L.L.C., IRC Deer Trace, L.L.C., IRC  Mankato Heights, L.L.C., IRC
Ravinia Plaza, L.L.C., IRC Rivertree Court, L.L.C., IRC Two  Rivers
Plaza, L.L.C., IRC University Crossings, L.L.C., Cole MT West
Covina CA, LP, Pine Tree  Commercial Realty, LLC, Ramco Spring
Meadows LLC, and RLV Winchester Center LP (collectively, the
"Landlords"), submitted an objection to the Disclosure Statement
for the Joint Chapter 11 Plan of Pier 1 Imports, Inc.  and its
debtor affiliates.

Landlords point out that in an effort to secure confirmation of the
Plan within the milestones the Debtors' lenders have imposed upon
them, the Debtors are seeking approval of the Disclosure Statement
despite the fact that the case outcome - what the Debtors have said
will be a restructuring or asset sale - is still unclear.  The
Disclosure Statement and corresponding Plan also describe
procedures to deal with unexpired leases that cast aside the
requirements of the Bankruptcy Code and the Landlords’ due
process rights.

The Landlords further point out that the Disclosure Statement lacks
sufficient information for unsecured creditors to determine what
they may receive on account of their allowed claims, whether in a
restructuring or sale.  It also fails to include critical
information consisting of a liquidation analysis, projections and
the amount of a cap on administrative claims that is a condition
precedent to the effectiveness of the Plan.  The Disclosure
Statement also does not properly address the process for asserting
cure amounts.

The Landlords assert that the Disclosure Statement describes an
unconfirmable Plan, as it needs to be clear that no
post-confirmation decisions on the assumption or rejection of
leases can be made.

The Landlords complain that the Plan violates the Landlords’ due
process rights because, as proposed, (i) the Debtors would be able
to make changes to their lease/contract schedules as late as the
day of the confirmation hearing with the Landlords having little or
no opportunity to object, and (ii) lease assignments may be
accomplished under the Plan, as opposed to being proposed on notice
to the  Landlords with a sufficient opportunity to review adequate
assurance information of the proposed  assignee entity and object
if necessary.

According to the Landlords, the Plan process for lease assumptions
does not provide the Landlords with an opportunity to assert
non-monetary defaults as part of the cure requirements.  The Plan
should also bifurcate the process between undisputed and disputed
portions of any cure amount, and it must not cut off any liability
of the Debtors for any adjustment amounts such as taxes,
maintenance, and insurance obligations which are accruing but are
not yet due as of the date of assumption.

The Landlords point out that the Plan also improperly seeks to
deprive the Landlords of their rights of setoff, recoupment, and
subrogation while it preserves corresponding rights for the
Debtors.

The Landlords further point out that other issues include the
proposed processes to deal with requests for allowance and payment
of administrative claims, filing proofs of claim and objections
thereto, and cure amounts, broad rights to enter into Restructuring
Transactions, and ensuring there are no liens against leases as a
result of the Exit ABL Facility and New Term Loan.

The Landlords complain that as a result of the deficiencies with
the Disclosure Statement and Plan, the Court should not grant the
Motion at this time or, at a minimum, condition approval of the
Disclosure Statement on the Debtors adequately addressing the
defects of the Disclosure Statement and Plan.

Counsel to the Landlords:

     Jennifer M. McLemore
     WILLIAMS MULLEN         
     Williams Mullen Center
     200 South 10th Street, Suite 1600
     Richmond, Virginia 23219
     Telephone: (804) 420-6330
     Facsimile: (804) 420-6507
     E-mail: jmclemore@williamsmullen.com

            - and -

     Kevin M. Newman
     BARCLAY DAMON LLP
     Barclay Damon Tower
     125 East Jefferson Street
     Syracuse, New York 13202
     Telephone: (315) 713-7115
     Facsimile: (315) 703-7349
     E-mail: knewman@barclaydamon.com

            - and -

     Scott L. Fleischer
     BARCLAY DAMON LLP
     1270 Avenue of the Americas, Suite 501
     New York, New York 10020
     Telephone: (212) 784-5810
     Facsimile: (212) 784-5799
     E-mail: sfleischer@barclaydamon.com

                     About Pier 1 Imports

Founded with a single store in 1962, Pier 1 Imports, Inc. --
http://www.pier1.com/-- is a leading omni-channel retailer of
unique home decor and accessories.  Its products are available
through approximately 930 Pier 1 stores in the U.S. and online at
pier1.com.

Pier 1 Imports and seven affiliates sought Chapter 11 protection
(Bankr. E.D. Va. Lead Case No. 20-30805) on Feb. 17, 2020, to
pursue a sale of the assets.

Pier 1 Imports disclosed $426.6 million in assets and $258.3
million in debt as of Jan. 2, 2020.

Judge Kevin R. Huennekens oversees the cases.

A&G Realty Partners is assisting Pier 1 Imports with its previously
announced store closures and lease modifications.  Pier 1 Imports
landlords are encouraged to contact A&G Realty Partners through its
website, http://www.agrep.com/  

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP serve as
legal advisors to Pier 1 Imports and its affiliated debtors in the
U.S. and Canada, respectively.  The Debtors tapped AlixPartners LLP
as restructuring advisor; Guggenheim Securities, LLC as investment
banker; and Epiq Bankruptcy Solutions as claims agent.


PIER 1 IMPORTS: I & G Direct Joints in Disclosure Objections
------------------------------------------------------------
I & G Direct Real Estate 5, LP, a Delaware limited partnership, the
lessor of Debtors' distribution center in Ontario, California (the
"Landlord"), submits this objection to the adequacy of the proposed
Disclosure Statement for the Joint Chapter 11 Plan of Pier 1
Imports, Inc. and Its debtor affiliates.

For its objection, the Landlord joins in the Objection To
Disclosure Statement For The Joint Chapter 11 Plan of Pier 1
Imports, Inc. and Its Debtor Affiliates filed by Camino Real
Limited Liability Company, MCP VOA I & III, LLC, Metropolitan Life
Insurance Company, MLM Chino Property, LLC, OTR, Public Storage,
and landlords affiliated with Weingarten Realty Investors.

Attorneys for I & G Direct:

     Augustus C. Epps, Jr., Esquire
     Michael D. Mueller, Esquire
     Jennifer M. McLemore, Esquire
     Bennett T. W. Eastham, Esquire
     WILLIAMS MULLEN
     200 South 10th Street, Suite 1600
     Richmond, Virginia 23219
     Telephone: (804) 420-6000
     Facsimile: (804) 420-6507
     E-mail: aepps@williamsmullen.com
             mmueller@williamsmullen.com
             jmclemore@williamsmullen.com  
             beastham@williamsmullen.com

                 - and -

     Ivan M. Gold, Esquire
     ALLEN MATKINS LECK GAMBLE    
     MALLORY & NATSIS LLP
     Three Embarcadero Center, 12th Floor
     San Francisco, CA 94111
     Telephone: (415) 273-7431
     Facsimile: (415) 837-1516

                      About Pier 1 Imports

Founded with a single store in 1962, Pier 1 Imports, Inc. --
http://www.pier1.com/-- is a leading omni-channel retailer of
unique home decor and accessories.  Its products are available
through approximately 930 Pier 1 stores in the U.S. and online at
pier1.com.

Pier 1 Imports and seven affiliates sought Chapter 11 protection
(Bankr. E.D. Va. Lead Case No. 20-30805) on Feb. 17, 2020, to
pursue a sale of the assets.

Pier 1 Imports disclosed $426.6 million in assets and $258.3
million in debt as of Jan. 2, 2020.

Judge Kevin R. Huennekens oversees the cases.

A&G Realty Partners is assisting Pier 1 Imports with its previously
announced store closures and lease modifications.  Pier 1 Imports
landlords are encouraged to contact A&G Realty Partners through its
website, http://www.agrep.com/  

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP serve as
legal advisors to Pier 1 Imports and its affiliated debtors in the
U.S. and Canada, respectively.  The Debtors tapped AlixPartners LLP
as restructuring advisor; Guggenheim Securities, LLC as investment
banker; and Epiq Bankruptcy Solutions as claims agent.


PILGRIM'S PRIDE: Egan-Jones Cuts Local Curr. Unsecured Rating to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Pilgrim's Pride
Corporation to B+ from BBB-.

Pilgrim's Pride Corporation, is a Brazilian-owned, multi-national
food company, currently one of the largest chicken producers in the
United States and Puerto Rico and the second-largest chicken
producer in Mexico. It exited bankruptcy in December 2009 and
relocated its U.S. headquarters to Greeley, Colorado, in 2011.



PITNEY BOWES: Egan-Jones Lowers Senior Unsecured Ratings to B
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Pitney Bowes Incorporated to B from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Pitney Bowes is a global technology company most known for its
postage meters and other mailing equipment and services, and with
recent expansions, into global e-commerce, software, and other
technologies.



PNM RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PNM Resources Incorporated to BB+ from BBB-.

PNM Resources is an energy holding company based in New Mexico. The
acronym PNM by itself usually refers to the PNM Resources
subsidiary Public Service Company of New Mexico.



POLYCONCEPT NORTH: Moody's Cuts CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Polyconcept North America
Holdings, Inc.'s Corporate Family Rating to B3 from B2, its
Probability of Default Rating to B3-PD from B2-PD, and its senior
secured first lien term loan rating to B3 from B1. The outlook is
negative.

Its downgrades and negative outlook reflect Moody's view that
pressure on corporate earnings, high level of unemployment, and
weak economic outlook as a result of the coronavirus pandemic will
materially affect demand for Polyconcept's promotional products in
2020. The promotional products industry is cyclical and
discretionary in nature, and customers pull back purchases of
promotional products during economic downturns. Given the
anticipated decline in earnings, debt/EBITDA is expected to
increase to around 7.0x and free cash flow expected to be modest
over the next 12-18 months.

Downgrades:

Issuer: Polyconcept North America Holdings, Inc.

  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 B1 (LGD3)

Outlook Actions:

Issuer: Polyconcept North America Holdings, Inc.

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Polyconcept's B3 CFR reflects its modest size with annual revenue
under $1.0 billion, and elevated financial leverage with
debt/EBITDA at around 5.2x for the twelve-month period ended
September 30, 2019 (pro forma for recent acquisition). The company
is exposed to cyclical headwinds due to the discretionary nature of
its products, and Moody's expects the weak economic outlook and
increased unemployment as a result of the coronavirus pandemic will
negatively impact new orders and the company's operating results.
As a result, Moody's expects debt-to-EBITDA leverage will increase
above 7.0x in fiscal 2020 and free cash flow to be modest.
Governance factors include aggressive financial policies under
private equity ownership. The rating also reflects the company's
solid industry positioning, supported by a broad product portfolio
and ability to execute quick order turnaround times, its
competitive advantage in low-cost sourcing resulting from high
volume purchases in Asia and its diverse geographic presence and
customer base. Moody's also recognizes Polyconcept's successful
mitigation of tariffs changes through the implementation of
multiple price increases in 2019. The company's good liquidity
reflects cash balance of $46 million as of September 30,2019,
access to an undrawn $88 million revolver facility due in August
2021, relatively low capital expenditures, and no meaningful
maturities until 2023. The approaching revolver expiration poses
liquidity risks; however, Moody's expects the company will address
the revolver maturity ahead of it becoming current.

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 and business demand and
sentiment. More specifically, the weaknesses in Polyconcept's
credit profile, including its exposure to weak economic conditions
and high unemployment, have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and
Polyconcept 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. Its action reflects the impact on
Polyconcept of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The negative outlook reflects Moody's expectation that headwinds
related to the coronavirus outbreak will pressure Polyconcept's
profitability and cash flows, the uncertainty around the duration
of the outbreak and weak economic conditions, as well as the pace
of the rebound once the pandemic begins to subside.

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

The ratings could be upgraded if the company's operating results
and free cash flow generation improve driven by sustained organic
revenue growth and EBITDA margin expansion, if debt/EBITDA is
sustained below 6.0x and the company maintains at least adequate
liquidity. The ratings could be downgraded if operating results
deteriorate beyond Moody's expectations, debt/EBITDA is sustained
above 7.0x, or there is a deterioration in liquidity for any reason
including increasing revolver reliance, or if the company fails to
extend its approaching 2021 revolver maturity.

Headquartered in New Kensington, Pennsylvania, Polyconcept designs,
sources, distributes and decorates promotional products through its
main offices in the US, Europe, Hong Kong, Canada and China. The
company supplies a wide range of promotional, lifestyle and gift
products to several hundred thousand companies ranging from small
enterprises to global corporations in over 100 countries, with a
primary focus on North America and Europe. The company operates
through three segments including Polyconcept North America (PCNA),
Europe (PFCI), and Private Label. Polyconcept was acquired by an
affiliate of private equity firm Charlesbank Capital Partners in
August 2016 for $975 million, including the repayment of debt and
fees and expenses. Polyconcept generated approximately $854 million
of revenue for the twelve-month period ended September 30, 2019.

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


PRESTIGE HEATING: Unsecureds to Get $4.5K Monthly for 24 Months
---------------------------------------------------------------
Prestige Heating and Air Conditioning, LLC, filed a Combined Plan
of Reorganization and Disclosure Statement.

Holders of Governmental Secured Claims will be paid in cash with
installment payments commencing 30 days from the Petition Date.
Holders of Claims in this Class will be paid as follows:

   A. Cash Payments equaling 5% of their respective Claims to be
paid in 12 equal monthly installments with payments for months one
through 12.

   B. Cash Payments of 15% of their respective claims to be paid in
12 equal monthly installments with payments for months 13 through
24.

   C. Cash Payments of 20% of their respective claims to be paid in
12 equal monthly installments with payments for months 25 through
36.

   D. Cash Payments of 25% of their respective claims to be paid in
12 equal monthly installments with payments for months 37 to 48.

   E. Cash Payments of 35% of their respective claims to be paid in
12 equal monthly installments with payments for months 49 to 60.

Holders of allowed secured claims in Class 1 will retain their
liens to the extent they are secured on the Debtor's assets and
will file termination statements with the Texas Secretary of State
upon completion of payments to release their liens.  The Debtor
reserves the right to prepay payments required under Paragraph
5.1.1 of this Plain to Governmental Secured Claims.

Holders of Secured Vehicular Claims in Class 3, which include the
claims of Chrysler and Santander will receive pro rata cash
payments of their claims 30 days following the Effective Date with
interest bearing at 5.5 percent for a term of 60 months.  Holders
of allowed claims in Class 3 will retain all liens it currently
holds and will release the title to their collateral when their
claims are paid in full.  

Holders of Unsecured Priority Claims, which include the Claims held
by the Internal Revenue Service, Texas Workforce Commission, and
Comptroller of Public Accounts, will be paid in Cash with
installment payments commencing 30 days from the Petition Date.
Holders of Claims in this class shall be paid as follows:

   F. Cash Payments equaling 5% of their respective Claims to be
paid in twelve equal monthly installments with payments for months
one through twelve.

   G. Cash Payments of 15% of their respective Claims to be paid in
twelve equal monthly installments with payments for months 13
through 24.

   H. Cash Payments of 20% of their respective Claims to be paid in
12 equal monthly installments with payments for months 25 through
36.

   I. Cash Payments of 25% of their respective Claims to be paid in
12 equal monthly installments with payments for months 36 to 48.

   J. Cash Payments of 35% of their respective Claims to be paid in
12 equal monthly installments with payments for months 49 to 60.

Holders of General Unsecured Claims will receive, in full
satisfaction of their claims, monthly pro rata cash payments of
$4,500 for the term of 36 months with payments commencing 24 months
from the Effective Date.  General unsecured creditors are comprised
of at least 25 entities, each with claims of $500 to $191,000.

Equity Interest Holders in Class 6 will retain their interest in
the Reorganized Debtor.   

Payments and distributions under the Plan will be funded from the
continued operations of PHAC. PHAC is currently finalizing its 3
year projections and will supplement this Plan and Disclosure
Statement with its projections.

A full-text copy of the Plan of Reorganization and Disclosure
Statement dated March 23, 2020, is available at
https://tinyurl.com/yx4a6ogy from PacerMonitor.com at no charge.

Attorneys for the Objectors:
     
     Susan Tran Adams
     CORRAL TRAN SINGH, LLP
     1010 Lamar, Suite 1160  
     Houston TX 77002
     Tel: (832) 975-7300
     Fax: (832) 975-7301
     Susan.Tran@ctsattorneys.com

                   About Prestige Heating

Prestige Heating and Air Conditioning, LLC ("PHAC") is a Texas
limited liability company incorporated on June 14, 2010.  PHAC is
member managed company whose day to day affairs are managed by
Kristie Gesner. Ms. Gesner operates PHAC along with her husband
Brian Gesner, and they employ ten other individuals. PHAC provides
heating and air conditioning services to commercial and residential
customers in the Houston, Texas and greater Houston areas.

Prestige Heating and Air Conditioning sought Chapter 11 protection
(Bankr. S.D. Tex. Case No. 19-35298) on Sept. 24, 2019, estimating
less than $1 million in both assets and liabilities.  Susan Tran
Adams, Esq., at CORRAL TRAN SINGH LLP, is the Debtor's counsel.


PROFESSIONAL DIVERSITY: Receives Noncompliance Notice from Nasdaq
-----------------------------------------------------------------
Professional Diversity Network, Inc., received on April 2, 2020 a
letter from Nasdaq stating that‎ the Company no longer complies
with Nasdaq Listing Rules because it did not file its Annual Report
on Form 10-K for the fiscal year ended Dec. 31, 2019 by the due
date, March 30, 2020.  The letter also stated that the Company has
60 calendar days to submit a plan to regain compliance and, if the
plan is accepted by Nasdaq, Nasdaq can grant an exception of up to
180 calendar days from the due date, or until Sept. 28, 2020, to
regain compliance.

The Company previously filed a Form 8-K on April 1, 2020 disclosing
its inability to timely file the 2019 10-K by the original deadline
of March 30, 2020 due to circumstances related to COVID-19 and
seeking to rely on the SEC order dated March 4, 2020 (Release No.
34-88318) to extend the due date for the filing of its 2019 10-K
until May 14, 2020 (45 days after the original due date).  However,
due to personnel change and other technical issues, the Extension
8-K was filed two days after the March 30, 2020 deadline for
automatic extension under the SEC Order, and thus was not effective
to obtain the automatic extension.

The Company said it will continue to work diligently and aim to
file the 2019 10-K by May 14, 2020 and regain compliance within the
timeframe provided by Nasdaq.

                  About Professional Diversity

Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com/ -- is a dynamic operator of
professional networks with a focus on diversity.  The Company uses
the term "diversity" to describe communities, or "affinities," that
are distinctly based on a wide array of criteria which may change
from time to time, including ethnic, national, cultural, racial,
religious or gender classification. It serves a variety of such
communities, including Women, Hispanic-Americans,
African-Americans, Asian-Americans, Disabled, Military
Professionals, and Lesbian, Gay, Bisexual and Transgender.  Its
goal is (i) to assist its registered users and members in their
efforts to connect with like-minded individuals, identify career
opportunities within the network and (ii) connect members with
prospective employers while helping the employers address their
workforce diversity needs.

The Company reported a net loss of $15.08 million in 2018 following
a net loss of $22.29 million in 2017.  As of Sept. 30, 2019, the
Company had $9.30 million in total assets, $5.74 million in total
liabilities, and $3.56 million in total stockholders' equity.

At Sept. 30, 2019 the Company's principal sources of liquidity were
its cash and cash equivalents and the net proceeds from the sales
of shares of common stock in the first nine months of 2019.

The Company had an accumulated deficit of approximately $87,534,000
at Sept. 30, 2019.  During the nine months ended Sept. 30, 2019,
the Company generated a net loss from continuing operations of
approximately $2,726,000, used cash in continuing operations of
approximately $3,424,000, and the Company expects that it will
continue to generate operating losses for the foreseeable future.
At Sept. 30, 2019, the Company had a cash balance of approximately
$4,862,000.  Total revenues were approximately $1,348,000 and
$1,895,000 for the three months ended Sept. 30, 2019 and 2018,
respectively, and approximately $4,021,000 and $6,327,000 for the
nine months ended Sept. 30, 2019 and 2018, respectively.  The
Company had working capital of approximately $149,000 and working
capital deficit of $3,384,000 at Sept. 30, 2019 and Dec. 31, 2018,
respectively. The Company said these conditions raise substantial
doubt about its ability to continue as a going concern.


PULTEGROUP INC: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PulteGroup, Incorporated to BB+ from BBB.

PulteGroup, Incorporated is a home construction company based in
Atlanta, Georgia, United States. The company is the 3rd largest
home construction company in the United States based on the number
of homes closed. The company operates in 44 markets in 23 states.
It is ranked 312th on the Fortune 500.



QEP RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by QEP Resources, Incorporated to B- from B.

QEP Resources, Incorporated operates as an independent natural gas,
oil exploration, and production company. The Company focused in the
Rocky Mountain and Midcontinent regions of the United States. QEP
also gathers, compresses, treats, and processes natural gas.



QORVO INC: Moody's Affirms Ba1 Corp. Family Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Qorvo, Inc. Ba1 Corporate Family
Rating and other ratings following a review of the company's credit
profile considering Qorvo's large exposure to the smartphone end
market, which Moody's expects will experience lower production
levels in 2020 due to the coronavirus pandemic. The Speculative
Grade Liquidity rating remains unchanged at SGL-2. The outlook is
stable.

Ratings Affirmed:

Issuer: Qorvo, Inc.

Corporate Family Rating, Ba1

Probability of Default Rating, Ba1-PD

Senior Unsecured Notes Ba1 (LGD4)

Outlook Actions:

Issuer: Qorvo, Inc.

Outlook, remains stable

RATINGS RATIONALE

The ratings affirmation reflects Qorvo's resilient credit profile
to the potentially material weakening in smartphone end market
revenues in 2020. The credit profile benefits from Qorvo's
excellent liquidity; conservative financial policy, with adjusted
debt to EBITDA of 1.8x (year ended December 28, 2019); and only
moderate capital intensity, with a large portion of discretionary
capital expenditures that can be tempered during periods of lower
demand, which supports free cash flow generation.

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 semiconductor
sector has been one of the sectors affected by the shock given its
sensitivity to consumer and enterprise demand and sentiment. More
specifically, the weaknesses in Qorvo's credit profile, including
its exposure to a global supply chain, have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Qorvo 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. Its action reflects the impact on
Qorvo of the breadth and severity of the shock.

Qorvo's ratings are supported by governance considerations,
specifically Qorvo's conservative financial policy, with adjusted
debt of 1.8x EBITDA (twelve months ended December 28, 2019). Given
the company's good liquidity, including cash of $1.1 billion as of
December 28, 2019 and strong free cash flow generation, should
provide a reasonable degree of financial flexibility to fund share
buybacks and tuck in acquisitions. Qorvo is a public company with a
broad investor base and an independent board of directors.

The Ba1 CFR reflects Qorvo's modest leverage, which Moody's expects
to remain at or below the low 2x adjusted debt to EBITDA level
during 2020 and below 1.5x over time, its strong niche position in
the smartphone radio frequency ("RF") filter market, and a
portfolio of infrastructure and defense products, which tend to
have longer product life cycles. RF filter providers are enjoying
strong secular growth from both increased smartphone sales over the
long term and rapidly increasing RF content per phone.

Still, the modest leverage and good liquidity are needed to balance
the large revenue concentrations, as Qorvo's top two customers
comprise over 40% of revenues, and the very short product life
cycles characteristic of the smartphone industry.

The stable outlook reflects Moody's expectation that, following a
near term decline in end market demand due to the impact of the
coronavirus outbreak on the smartphone industry, revenues will
resume growth over the next 12 to 18 months, with EBITDA margin
(Moody's adjusted) gradually recovering. Moody's expects that the
adjusted debt to EBITDA will increase during 2020 but will return
to below 2x once the pandemic abates. Moody's also expects that
Qorvo will refrain from shareholder friendly actions over the near
term.

Qorvo's SGL-2 rating indicates good liquidity supported by cash,
which Moody's expects to be maintained in excess of $500 million,
and FCF, which Moody's projects to be over $450 million over the
next year. These internal sources of liquidity are supplemented by
an undrawn $300 million unsecured revolving credit facility
maturing in December 2022.

The principal methodology used in these ratings was Semiconductor
Industry published in July 2018.

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

The ratings could be upgraded if Qorvo substantially reduces the
revenue concentration with its top two customers. Moody's would
expect that Qorvo would also be generating organic revenue growth
in excess of the industry, and maintaining a conservative leverage
profile, with debt to EBITDA (Moody's adjusted) maintained below
1.5x.

The ratings could be downgraded if Moody's expects a sustained
slowdown in revenue growth or if the EBITDA margin falls below the
low 20s percent level (Moody's adjusted) for an extended period of
time. The rating could also be pressured if profitability pressure
or a material increase in debt levels lead to debt to EBITDA
(Moody's adjusted) sustained above 2.5x.

Qorvo, Inc., based in Greensboro, North Carolina, produces radio
frequency filters and modules used in smartphones and other RF
products for a variety of end markets including cellular telephony
base stations, military and commercial radar, and WiFi networks.


QUORUM HEALTH: Moody's Cuts CFR to Ca on Prepackaged Bankruptcy
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings on Quorum Health
Corporation, including the Corporate Family Rating to Ca from Caa2
and the Probability of Default Rating to D-PD from Caa2-PD. Moody's
also downgraded the ratings on Quorum's senior secured revolving
credit facility and term loan to Caa3 from Caa1, and the rating on
its unsecured notes to C from Caa3. The outlook was changed to
stable from negative. The SGL-4, which is unchanged, reflects
Moody's expectation that Quorum's liquidity will remain weak
despite relief that will benefit hospitals from the recently signed
CARES Act.

The downgrade of the PDR reflects the fact that Quorum filed for
Chapter 11 bankruptcy protection on April 7, 2020. The downgrade of
the CFR reflects the company's weak profitability and liquidity at
a time that its hospitals prepare to treat a surge of coronavirus
patients. The downgrades of the senior secured and senior unsecured
ratings reflect Moody's estimated recoveries for those classes of
debt, respectively. The stable outlook reflects that the ratings
appropriately capture default and recovery risk.

The majority of Quorum's term loan lenders and unsecured note
holders support a prepackaged plan to recapitalize the business and
significantly reduce the size of Quorum's debt by roughly $500
million. While in bankruptcy, some of Quorum's noteholders plan to
provide $100 million of debtor-in-possession (DIP) financing which
will convert to equity upon emergence.

Ratings downgraded:

Quorum Health Corporation

Corporate Family Rating to Ca from Caa2

Probability of Default Rating to D-PD from Caa2-PD

Senior secured revolving credit facility expiring 2021 to Caa3
(LGD3) from Caa1 (LGD3)

Senior secured term loan due 2022 to Caa3 (LGD3) from Caa1 (LGD3)

Senior unsecured Global notes due 2023 to C (LGD5) from Caa3
(LGD5)

The outlook, previously negative, was changed to stable.

RATINGS RATIONALE

Quorum's Ca CFR reflects the company's very high financial leverage
and high interest costs which severely constrain cash flow. The
rating is also constrained by Quorum's moderate scale,
concentration of profits in a few markets, growing refinancing
risk, and cash flow volatility created by exposure to state
supplemental Medicaid programs. Delays associated with efforts to
divest underperforming hospitals and implement efficiency efforts
will limit Quorum's ability to improve operating performance over
the near-term. That said, Quorum is the sole hospital provider in
many of its markets, limiting competition. The company has shifted
its strategy in the last year to focus more on hospital
profitability than revenue growth.

The stable outlook reflects that the ratings appropriately capture
default and recovery risk.

With respect to governance, Quorum has had a number of management
and strategy changes within the last two years, which have to date
not shown evidence of being successful. Further, the company has
been unable to demonstrate a consistent track record for meeting
its own financial guidance. As a for-profit hospital operator,
Quorum also faces high social risk. Moody's regards the coronavirus
outbreak as a social risk under Moody's ESG framework, given the
substantial implications for public health and safety. To prepare
for a surge of coronavirus patients, acute care hospitals are
postponing or cancelling non-essential elective surgical
procedures. Losing these procedures, which tend to be more
profitable than treating sick patients, will result in significant
headwinds to hospital companies' earnings. Aside from coronavirus,
the affordability of hospitals, price transparency, and the
practice of balance billing have garnered substantial social and
political attention. Additionally, hospitals rely on Medicare and
Medicaid for a substantial portion of reimbursement. Any changes to
reimbursement to Medicare or Medicaid directly impacts hospital
revenue and profitability. In addition, the social and political
push for a single payor system would drastically change the
operating environment. As Quorum is focused on non-urban
communities, over time slow population growth tempers the company's
capacity to grow admissions. Implementing strategy changes in a
rural hospital is often met with community backlash, which can make
it difficult to sell, close or otherwise reduce services in order
to improve profitability.

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

The ratings could be downgraded if Moody's does not expect Quorum
to emerge from Chapter 11 bankruptcy protection. A downgrade can
also occur if Quorum's operating performance and liquidity erode
further from current levels or it is unable to sell assets at
valuations that facilitate deleveraging.

The ratings could be upgraded if Quorum is able to successfully
recapitalize itself with a more tenable capital structure and
sufficient liquidity to sustain its hospital and consulting
operations longer-term.

Quorum Health Corporation is an operator and manager of hospitals
and outpatient services in non-urban areas of the US. The company
operates 23 hospitals in 13 states. The company also manages
non-affiliated hospitals, through its Quorum Health Resources
subsidiary. Quorum recognized revenue of approximately $1.8 billion
for the year ended September 30, 2019.

PRINCIPAL METHODOLOGY

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


R44 LENDING: Court Approves Disclosure Statement
------------------------------------------------
Judge Neil W. Bason has ordered that the disclosure statement filed
by R44 Lending Group, LLC, is approved subject to modifications to
the Disclosure Statement and Plan as required by the Court at the
time of hearing.

A pre-trial conference will be held on the confirmation of the
Debtor's Fifth Amended Plan on June 16, 2020, at 2:00 p.m., in the
Courtroom 1545, 255 East Temple Street, Los Angeles, CA.

Counsel to the Debtor and the objecting parties shall meet and
confer regarding the confirmation trial and shall submit a
pre-Trial Conference Order on or before June 2, 2020.

Attorneys for the Debtor:

     Jeffrey S. Shinbrot, Esquire
     JEFFREY S. SHINBROT, APLC
     15260 Ventura Blvd., Suite 1200
     Sherman Oak, CA 91403
     Telephone: (310) 659-5444
     Fax: (310) 878-8304

                   About R44 Lending Group

R44 Lending Group, LLC, acquired the Park Granda Mobile Home Park
in November 2004.  The property is located at 218 West Carson
Street Carson CA 90746 valued by the company at $650,000.  

R44 Lending Group filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 18-15559) on May 15, 2018. In the petition signed by Leo
Starflinger, managing member, the Debtor disclosed $663,000 in
total assets and $3.02 million in total liabilities.  The case is
assigned to Judge Neil W. Bason.  Jeffrey S. Shinbrot, APLC, is the
Debtor's general insolvency counsel.


RAMBUS INC: Egan-Jones Cuts Local Curr. Unsecured Rating to CCC-
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the local
currency senior unsecured ratings on debt issued by Rambus
Incorporated to CCC- from CCC+.

Rambus Incorporated, founded in 1990, is an American technology
company that designs, develops and licenses chip interface
technologies and architectures that are used in digital electronics
products.



REFINITIV PARENT: Fitch Maintains 'BB' LT IDR on Watch Positive
---------------------------------------------------------------
Fitch Ratings has maintained the Long-Term Issuer Default Rating of
Refinitiv Parent Ltd. and Refinitiv US Holdings, Inc. on Rating
Watch Positive. The Ratings Watch Positive reflects Refinitiv's
pending acquisition by London Stock Exchange Group plc, expected to
close in 2H20.

Fitch placed the ratings of Refinitiv, including the 'BB' IDR, on
Rating Watch Positive on Aug. 5, 2019. Fitch is maintaining the
Positive Watch due to its continued expectation that the
transaction will occur and that LSE will refinance all of
Refinitiv's USD13.2 billion of outstanding debt. To that end, LSE's
USD13.3 billion of bridge financing remains in place. Although new
capital structure details have not been disclosed, reports suggest
LSE plans to convert the entire bridge into bonds with an expected
IG rating. LSE's existing debt is rated IG (Fitch does not
currently rate LSE).

On Aug. 1, 2019, LSE announced its acquisition of Refinitiv in an
all-stock transaction valuing Refinitiv at USD27 billion, or
approximately 12.3x Dec. 31, 2019 Fitch-calculated Adjusted EBITDA
of USD2.2 billion. The acquisition, expected to close during 2H20,
creates a diversified global financial infrastructure group with
leading segment market shares generating combined 2018 revenue and
Adjusted EBITDA of more than GBP6.4 billion and GBP2.6 billion,
respectively. On Nov. 26, 2019, LGE's shareholders approved the
transaction.

The transaction is structured as an all-stock deal in which
Refinitiv shareholders will receive newly issued LSE shares for
each share of Refinitiv held. As a result, Refinitiv's current
owners will have an approximate 37% aggregate economic interest and
less than 30% voting interest in LSE, with final ownership
interests to be based on LSE's issued share capital as of the
closing date. These shares will be subject to a two-year lock-up
post the transaction's completion with one-third becoming saleable
annually thereafter over the next three years.

LSE remains committed to closing the transaction during 2H20, but
potential delays in the regulatory review process may affect that
timing. In March 2020, the Committee on Foreign Investment in the
U.S. approved the transaction, stating it had no national security
concerns. Current reviews of the transaction by other national
regulatory and legal agencies, including the US DOJ and the EU's
European Commission (EC), may be subject to coronavirus related
delays. Regarding the EC, although LSE has been engaged with the EC
in pre-notification discussions, designed to uncover potential
issues and remedies prior to the start of a formal review, the EC
has requested that companies seeking antitrust approval wait before
beginning the formal application process due to coronavirus-related
disruptions.

KEY RATING DRIVERS

Refinitiv Carveout Rationale: Fitch viewed the basis for
Refinitiv's carveout from Thomson Reuters Corporation (TRI;
BBB+/Stable) cautiously, although the platform's importance has
been validated by LSE's announced acquisition. Fundamentally, the
underlying challenges facing Refinitiv's desktop business remain
roughly the same regardless of its ownership. Leveraging
Blackstone's and potentially LSE's financial services industry
relationships are a modest positive at best. The opportunity to
remove USD650 million in costs on a run-rate basis net of
stand-alone costs would be a credit positive on its own but is
overwhelmed by interest expense associated with the significant
amount of acquisition-related debt. However, despite the
substantial interest payments, Refinitiv is expected to generate
FCF over the rating horizon.

Improving Operating Profile: Fitch believes Refinitiv's top line
will continue to perform comparably to the recent past, meaning low
single-digit topline growth assuming no further strategic desktop
pricing adjustments. Margin expansion has been significant,
increasing 390 bps to 35.3% for FYE Dec. 31, 2019 driven by USD411
million of realized run-rate savings. Fitch expects margins to
continue to improve based on company expectations of USD650 million
in total cost savings. The company significantly outperformed
(137%) Fitch's initial expectations through Dec. 31, 2019 (USD301
million). As a result, Fitch has adjusted its rating case
expectations and increased its total realization assumption to
USD581 million, or 89%.

Leverage and Capital Structure: Closing total leverage of 7.5x
before synergies was high for the 'BB' category. However, as of
Dec. 31, 2019, pro forma total leverage, including run-rate costs
reductions and excluding associated realization costs, had declined
to approximately 6.3x driven almost exclusively by EBITDA growth as
expected. Fitch notes this is in line with its rating case
expectations that early leverage improvement would be driven by
EBITDA growth due to Refinitiv's minimal required amortization.
Fitch expects leverage to reach 5.0x over the rating horizon,
driven by margin expansion initially and debt repayment in the
outer years as it expects a significant portion of FCF to be used
for debt repayment due primarily to required excess cash flow
repayments.

Refinitiv's weighting toward secured debt in its capital structure
(85% of total debt) holds the secured debt notching at +1, despite
an expected superior recovery, and drives the -2 unsecured debt
notching. Fitch excludes the HoldCo perpetual preferred PIK
securities from its leverage calculations as they are outside the
rated entity, structurally subordinated and has no security or
liquidity requirements.

Market Position: Refinitiv is the leading provider of commodities
asset coverage and foreign exchange (FX) data. It provides the
largest platform for real-time FX pricing and transaction data to
the largest number of traders in the world. It also has one of the
leading positions for trading fixed income, derivatives and money
market products through Tradeweb, which offers a global
multidealer-to-client platform. In addition, the open nature of its
data management platform has been well received by both sell-side
and buy-side users.

TRI Relationship: Fitch views Refinitiv's association with TRI
positively. TRI lacks majority economic and voting control, which
is atypical in parent-subsidiary linkage (PSL) situations, but
Fitch finds TRI's influence over Refinitiv's strategic decisions
and large equity stake warrant the PSL. This includes TRI's control
of four of nine board seats, consent rights over fundamental
matters and operational overlap with the 30-year Reuters news
agreement, which will survive an acquisition by LSE, and three-year
reciprocal back-office support agreement. Although 5x steady state
leverage would be consistent with a 'BB-' rating, even for a data
analytics and processing business, Fitch believes the TRI
relationship warrants a one-notch uplift to 'BB'.

DERIVATION SUMMARY

Refinitiv is comparably positioned among financial information
providers and business services DAP peers with meaningful scale,
good margins with a potential to operate closer to more highly
rated peers with synergies and strong FCF generation. Absent
leverage associated with TRI's 2018 sale of 55% of Refinitiv to
Blackstone Group, the company's business and financial profile
would be consistent with the lower to middle part of the 'BBB'
rating category. Leverage associated with the transaction makes the
company an outlier relative to peers and more consistent with the
lower end of the 'BB' category. However, Fitch includes Refinitiv's
continued strong relationship with TRI post transaction as a
component of the 'BB' rating given TRI's board position and consent
rights and operational and support agreements between the
companies.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  -- Revenues: 2020: Low single-digit total revenue increase driven
by annual subscription price increases and transaction volume
increases due to continued market dislocation in 1H20, offset by
slower 2H20 volume growth. 2021: low single-digit total revenue
declines due to a decrease in the number of desktops, driven by
financial institutions employment declines, which more than offsets
rate increases, while transaction volumes increase less than 2020.
Thereafter, subscription and transaction growth return to
historical levels.

  -- Continued margin expansion with realization of more than
USD550 million run-rate synergies net of standalone costs over the
rating horizon. Fitch notes that the company significantly
outperformed Fitch's expected 2019 cost synergies, leading to an
adjustment to expected realized 2020 synergies. However, Fitch
continues to assume total realized cost synergies will be USD581
million, or 89% of Refinitiv's USD650 million expectations.

  -- Debt reduction limited to expected amortization and excess
cash flow payments.

  -- Other significant annual cash uses: 7% to 8% of annual capital
intensity (capex/revenues) and USD100 million of annual bolt-on
acquisitions.

  -- Total Fitch-calculated leverage declines to below 5.5x by
2022.

RATING SENSITIVITIES

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

  -- The Rating Watch will be resolved positively if LSE completes
its announced acquisition of Refinitiv and refinances all of
Refinitiv's outstanding debt.

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

  -- The Rating Watch Positive would be removed if LSE does not
complete the acquisition of Refinitiv or does not refinance all of
Refinitiv's debt.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios - Non-Financial Corporate:

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of Dec. 31, 2019, Refinitiv had USD1.1
billion of cash on hand, with approximately USD174 million held in
subsidiaries with regulatory and/or contractual restrictions and
$462 million held at Tradeweb LLC, and USD644 million of revolver
availability after accounting for USD106 million of outstanding
LCs. Over the rating horizon, Fitch assumes Refinitiv will maintain
sufficient cash balances to operate in the normal course while
generating positive annual FCF over the rating horizon that reaches
more than USD1 billion by 2021 with full access to its USD750
million revolver excluding any outstanding LCs.

Debt Profile: Refinitiv's debt structure is heavily weighted toward
secured debt, with roughly 85% of transaction-related debt
comprising first-lien secured instruments (revolver, term loans and
notes). Maturities are concentrated over a two-year period, with
USD8.6 billion due in 2025 (secured term loan outstandings at
maturity assuming required amortization payments only) and USD4.3
billion due in 2026 (secured and unsecured notes). Although the
USD750 million revolver will mature in 2023, Fitch does not expect
any outstandings at maturity given the company's expected FCF
generating capability.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

Refinitiv US Holdings, Inc.

  - LT IDR BB; Rating Watch Maintained

  - Senior unsecured; LT B+; Rating Watch Maintained

  - Senior secured; LT BB+; Rating Watch Maintained

Refinitiv Parent Ltd.

  - LT IDR BB; Rating Watch Maintained


RENT-A-CENTER INC: Egan-Jones Lowers Senior Unsecured Ratings to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Rent-A-Center Incorporated/TX to B+ from BB-.

Rent-A-Center, Incorporated operates franchised and company-owned
Rent-A-Center and ColorTyme rent-to-own merchandise stores. The
Company's stores offer home electronics, appliances, furniture, and
accessories under flexible rental purchase agreements.
Rent-A-Center operates across the United States and Puerto Rico.



RESTAURANT BRANDS: S&P Alters Outlook to Neg., Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on
Toronto-based Restaurant Brands International Inc. (RBI) and
revised the outlook to negative from stable. S&P also assigned a
'BB+' issue-level rating and a '2' recovery rating to the company's
proposed $500 million first-lien senior secured notes.

"We believe RBI's system sales volume and royalty fees will be
negatively affected by the spread of the coronavirus pandemic over
the near term because it will reduce customer traffic to its
restaurants.  We have lowered our forecast for the company based on
our updated performance expectations for the current fiscal year
and expect leverage will rise to the mid-to-high 5x area in fiscal
2020 before improvement in the following year to about 5x, which is
below our 5.5x downgrade threshhold. We currently expect the brunt
of social distancing during the second quarter of 2020, with
moderate rebound through the end of the year and average unit
volumes remaining below 2019 levels through 2021." The negative
outlook reflects the risk for a prolonged disruption to customer
traffic and consumer spending, especially in the U.S. and Canada,
where RBI's business is concentrated (about 85% of sales and 75% of
EBITDA) and the pandemic is currently escalating. This could lead
to extended operating underperformance, driven by a lack of dine-in
sales, social distancing habits that reduce food-away-from-home
consumption, and fewer new restaurant openings resulting in
sustained higher leverage," S&P said.

The negative outlook reflects the heightened uncertainty regarding
the impact of the coronavirus and impending recession on RBI's
financial condition. A prolonged period of pandemic with a slowdown
in customer traffic and consumer spending could affect the
company's ability to improve operationally and recover leverage
back to recent levels (4.9x as of December 2019).

"We could lower the rating if we believed RBI's credit metrics
would weaken such that we expected leverage to be sustained above
5.5x through 2021. This could occur if the impact of the
coronavirus and subsequent recessionary macroeconomic environment
were more severe and prolonged than we currently forecast, delaying
operating performance improvements expected next year," S&P said.

"We could revise our outlook on RBI to stable if performance
results demonstrated sustained traction toward meaningfully
improved system sales as customer traffic normalized, resulting in
credit metrics tracking toward our base-case projections," the
rating agency said.


ROYAL CARIBBEAN: S&P Lowers ICR to 'BB'; Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Royal
Caribbean Cruises Ltd. to 'BB' from 'BBB-' and removed the ratings
from CreditWatch, where they were placed with negative implications
on March 10.

S&P lowered its issue-level ratings on Royal's unsecured debt to
'BB' from 'BBB-', and assigned a '3' recovery rating.

"We believe the suspension of cruises may extend into the third
quarter and spike Royal's leverage in 2020, and that it's unlikely
to improve to under 3.75x in 2021, the threshold at the previous
'BBB-' rating.  In our assumed containment scenario, we believe
Royal can begin to recover starting in the fourth quarter of 2020
and into 2021. However, a global recession and lingering travel
fears could prolong recovery. As a result, we assume Royal's
adjusted leverage may remain high, in the low- to mid-5x range,
through 2021. This follows a significant deterioration in credit
measures and liquidity in 2020 because of a meaningful loss of
revenue and cash flow from the COVID-19 pandemic and the suspension
of cruising for at least several months. We believe adjusted
leverage in the low- to mid-5x area represents minimal cushion
under our 5.5x downgrade threshold for Royal at the 'BB' rating. It
provides little flexibility to absorb a materially slower recovery
in 2021 than we currently assume," S&P said.

The negative outlook reflects S&P's forecast for adjusted leverage
to improve to the mid- to high-5x area in 2021 in the rating
agency's assumed recovery scenario after a significant spike in
2020. This represents minimal cushion relative to S&P's 5.5x
downgrade threshold. The negative outlook also reflects high
uncertainty in the rating agency's base-case recovery assumptions
for late 2020 and 2021.

"We could lower the rating if we believe Royal would sustain
adjusted leverage above 5.5x. This would likely occur if the impact
and duration of the suspension of operations is more severe and
longer, or if the recovery in the fourth quarter and into 2021 is
weaker than we currently assume. In this scenario, we believe
Royal's liquidity position may come under pressure," S&P said.

"We are unlikely to revise the outlook to stable over the next year
given high uncertainty around when the coronavirus might be
contained, how long it may take travel and cruise demand to
recover, and the effect that could have on our base-case recovery
assumptions. Higher ratings are unlikely given our forecast for
adjusted leverage close to our downgrade threshold. Nevertheless,
once operations recover, we could consider higher ratings if we
expect Royal would sustain adjusted leverage under 4.5x," the
rating agency said.


RYMAN HOSPITALITY: Fitch Cuts LT IDR to B+, Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded the long-term rating for Ryman
Hospitality Properties to 'B+' from 'BB-', reflecting the negative
impact of the coronavirus on the travel and hospitality sectors.
The Rating Outlook is Negative. The rating reflects Fitch's
expectation for leverage to rise in the one to two-year horizon, as
well as uncertainty around the timing of bringing it back to
2018-2019 levels given the severe, unprecedented impact of the
coronavirus pandemic on the travel and hospitality sectors.
Positively, Ryman has adequate near-term liquidity and no material
debt maturities until 2023. Moreover, Fitch's rating case forecast
shows Ryman's leverage returning to below its negative rating
sensitivity by the end of 2022.

The length and severity of the coronavirus pandemic will be key
considerations in stabilizing the ratings. These factors include
the degree and duration of lower hotel occupancy and average daily
room (ADR) rates due to travel reductions; the ramifications for
U.S. GDP and private non-residential fixed investment, which is a
key driver of hospitality demand.

Fitch expects the abrupt halt to travel and economic disruption due
to the coronavirus pandemic to result in a quicker and deeper
decline in U.S. lodging industry fundamentals compared to the
downturns following the global financial crisis (GFC) and Sept. 11,
2001 terrorist attacks.

Ryman has suspended operations at its hotels and entertainment
assets. Entertainment venues will be closed through at least April
26 and hotel operations will be reassessed in April. The company
estimated monthly operating cash needs of $42 million, including
$10 million for six months for closure related expenses (e.g.
unemployment, medical) and $10 million for debt service. With cash
on hand, including a recent $400 million draw on the senior secured
revolver, Ryman has adequate liquidity under a complete shutdown to
cover costs for 18 months.

Although not expected by Fitch, Ryman has adequate liquidity under
a complete shutdown scenario to cover costs for 24 months, assuming
the company draws the remaining $300 million capacity under its
committed revolver. The company currently expects to continue with
its planned expansion of Gaylord Palms, where there is $70 million
left to spend through May 2021, which will add 303 rooms and
additional resort and meeting space. Most other capital spending
has been eliminated or deferred, including the expansion of Gaylord
Rockies.

Last December, Ryman agreed to acquire Block 21, a mixed-use,
entertainment, lodging, office and retail complex in Austin for
$275 million, including the assumption of $141 million of CMBS
debt. The loan assumption process could last into late April to
May, during which time, Ryman plans to reassess the acquisition.
Ryman's exposure, if it were to walk, would be its $15 million
deposit. Assuming the company goes through with its planned
acquisition of Block 21, Fitch estimates that the previous 18 to
24-month time frame of cash on hand would lower to 11 to 18 months.
Again, this assumes operations remains suspended at its real estate
assets for the duration, which is not Fitch's base case
assumption.

Fitch's rating case for Ryman assumes U.S. lodging occupancy rates
drop to 40% in March and 20% in April and May before improving to
the 40% to 50% range through the balance of the year. These
assumptions result in U.S. RevPAR declining by over 40% during
2020. Fitch assume 2021 U.S. RevPAR rebounds by 44% to roughly 80%
of 2019 levels, reflecting marked improvement from the
unsustainably low travel levels and social restrictions designed to
limit the spread of the disease, offset by lingering weakness from
disruption to the U.S. and global economies. After rebounding in
2021, Fitch's rating case provides for a similar slope of RevPAR
improvement, roughly 7% per year, to the prior two downturns in the
early and late 2000s. Fitch's base case assumption results in TTM
RevPAR returning to prior peak levels within 61 months, compared to
49 months and 59 months following the 2001 and GFC downturns.

Fitch's rating case assumes slightly better recovery performance in
Ryman's portfolio, namely rebounding to 85% of 2019 RevPAR levels
in 2021 and 8% growth thereafter reflecting some of the retention
and rebooking efforts the company is making this year. Fitch also
assumes additional revenue and EBITDA in the out years from the
Palms expansion and Block 21 acquisition. In this scenario, Fitch's
estimate of REIT leverage rises to 6.4x in 2021, from 4.1x in 2019,
and settles to 4.8x in 2022 and 4.3x in 2023. Fitch also
contemplates a stress scenario, which calls for a sharper 51%
decline in 2020 followed by a rebound to roughly 75% off of 2019
levels, and recovering 8% per year thereafter. U.S. RevPAR would
take 71 months to recover to the prior peak. In this scenario,
Fitch estimates that leverage would rise to 8.0x in 2021, 6.0x in
2022 and 5.3x in 2023.

KEY RATING DRIVERS

High Quality, Differentiated Hotel Portfolio: RHP owns a high
quality, concentrated portfolio of five specialized hotels
(including its 62% interest in the Gaylord Rockies) with strong
competitive positions in the large group destination resort market.
The company's smallest hotel has 1,500 rooms and each of its five
properties ranks within the 10 largest U.S. hotels as measured by
exhibit and meeting space square footage. RHP's portfolio also has
the highest space-to-rooms ratio in the segment.

Groups booking rooms blocks of 10, or more comprise roughly 70% of
with multi-year advance bookings windows. RHP's high portfolio
concentration by assets, markets, price/amenity level, brand and
property manager are consistent with speculative grade ratings. All
of the company's hotels are managed by Marriott International
(BBB-/Negative), which acquired the Gaylord brand from RHP during
2012.

High capital costs and long lead times provide some barriers to new
supply in RHP's niche property type. RHP's assets are generally
attractive to institutional lenders and investors, supporting the
company's contingent liquidity. Development is not a key component
of RHP's strategy; however, the company has taken some development
risk through unconsolidated joint ventures.

Volatile Cash Flows: Hotel industry cyclicality is a key credit
concern. Hotels re-price their inventory daily and, resulting in
the shortest lease terms and least stable cash flows within
commercial real estate. Economic cycles and exogenous events (i.e.
act of terrorism) have historically caused, or exacerbated industry
downturns.

The average large group bookings window is over two years, which
provides RHP with better revenue visibility than most hotel REITs.
Longer lead times can cause group demand to lag that of the overall
industry, which can buffer cash flows during downturns and delay
them during recoveries.

RHP's Entertainment segment (slightly over 10% of segment EBITDA)
provides some additional cash flow diversification and stability.
The segment includes unique, valuable entertainment content
stemming from the Grand Ole Opry's nearly 100 years of history, as
well as other branded entertainment and/or F&B assets, such as the
Ryman Auditorium in Nashville, TN and the company's Ole Red branded
restaurant joint venture.

Weak Relative Capital Access: RHP has demonstrated access to common
and preferred equity, private placement unsecured bonds and bank
debt, secured debt, and joint ventures. However, Fitch believes the
company's access to many of these capital avenues is weaker than
more established REIT issuers that own portfolios with more stable,
longer lease duration property types in core urban markets
generally favored by institutional equity investors and lenders.

Ryman's credit facility is secured by first-lien interests in each
of the company's owned Gaylord hotels. As a result, the company
would likely be unable to access the secured mortgage market to
bolster its liquidity during a downturn. Fitch notes that this is
mitigated somewhat by the company's liquidity position and
well-laddered maturity profile.

Elevated Leverage: Fitch expects Ryman's REIT leverage to rise to
above 6.0x for the next two years. This compares to generally in
the 4.0x-5.0x range during 2016-2019. Leverage temporarily rose in
2018 with the construction of the Gaylord Rockies resort and the
acquisition of a majority stake (from 35% to 62%).

Speculative Grade Liability Profile: RHP's liability profile is
consistent with a 'bb' U.S. equity REIT. The company had 57%
variable rate debt at Dec. 31, 2019, which is consistent with a
'bb'. The company's shorter lease duration, more cyclically
sensitive cash flow profile mitigates the variable rate debt risk.
57% of RHP's debt is secured and the balance unsecured. $1.2
billion of the variable debt is subject to interest rate swaps
through 2022-2023.

Recovery Ratings: Fitch's recovery analysis assumes Ryman would be
considered a going-concern in bankruptcy and the company would be
reorganized rather than liquidated. Ryman's going concern EBITDA is
based on LTM results ended Dec. 31, 2019. The EBITDA estimate
reflects Fitch's view of a sustainable, conservative
post-reorganization EBITDA level.

Fitch assumed a roughly 40% drop from 2019 hotel and entertainment
EBITDA, more consistent with a large, diversified operator in a
downturn and applied an 8x multiple. Although Ryman's hotel EBITDA
has historically been less volatile, the coronavirus impact has
been particularly bad for large group hotels in this downturn, and
Fitch believes that historical precedent is less informative.

For the Rockies, Fitch applied a 5% discount to 2019 EBITDA, the
asset had not fully ramped up its operations in 2019. Fitch applied
a 9x multiple for the newer Rockies asset, a premium to the four
older assets to reflect its newer quality, and a higher run rate
total RevPAR. Rockies was built in 2018 and revalued at $810
million in 4Q18. Ryman and its JV partner have guaranteed 10% of
the Rockies loan until certain coverage ratios are met, which Fitch
assumes will not happen this year. Fitch has included any shortfall
from the Rockies loan (up to the guarantee amount) as an unsecured
claim.

The recovery analysis featured assumes that Ryman's $700 million
revolver is fully drawn, resulting in total debt of $3.3 billion
(including the Rockies loan). The net recoverable value totals $2.5
billion, after applying 10% to administrative costs and priority
claims.

The distribution of value yields a recovery ranked in the 'RR1'
category for the revolving credit facility, term loan A, and term
loan B; a recovery rating of 'RR2' for the Rockies loan; and the
'RR4' category for the unsecured obligations.

Under Fitch's Recovery Criteria, these recoveries results in
notching three levels above the IDR for the secured obligations
excluding the Rockies loan to 'BB+', two notches for the Rockies
loan to 'BB', and in line with the IDR at 'B+' for the unsecured
loans.

DERIVATION SUMMARY

Ryman is smaller and notably more concentrated by assets, geography
and chainscale (i.e. hotel quality) than its peers Extended Stay
America, Service Properties Trust and Host Hotels & Resorts
(BBB-/Stable). Ryman's operations are concentrated to the five
large hotels. Additionally, Ryman's focus on the large group
segment of the leisure market differentiates it from its peers.
Ryman's entertainment assets differentiate it from all its peers.
While the entertainment assets generate a small portion of the
Ryman's overall EBITDA, Fitch views the diversification as a credit
positive.

KEY ASSUMPTIONS

  -- Severe, roughly 40% drop in RevPAR in 2020 followed by a
rebound in 2021 to around 85% of peak 2019 levels. RevPAR growth of
8% in 2022-2023.

  -- EBITDA margins shrink to mid-single digits in 2020, as
occupancy drop for several months before starting to recovery in
the back half of the year. EBITDA margin improves to 25% in 2021
down from the 30% in 2018-2019, and continues to recover
thereafter.

  -- The company closes the Block 21 acquisition with $134 million
in cash and the assumption of $141 million CMBS debt, due January
2026.

  -- No share issuance or repurchase. No additional dividends in
2020 after the first quarter of $0.95 per share (to be paid in
April).

RATING SENSITIVITIES

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

  -- Faster than expected rebound from the coronavirus pandemic, in
which global economies quickly return to pre-2020 levels with
minimal disruption.

  -- Fitch's expectation for leverage sustaining below 5.0x.
  
  -- Better re-booking success in the second half of 2020 and in
2021, leading to better than expected growth.

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

  -- Fitch's expectation for leverage to sustain above 6.0x over
the rating horizon due to a protracted lodging industry downturn.

  -- A more severe lodging industry downturn or slower than
historical recovery.

  -- Slower margin recovery in 2022 and beyond.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Ryman has a strong liquidity position. At Dec. 31, 2019, Ryman had
$362 million of unrestricted cash, $700 million of borrowing
capacity under its revolving facility and no material debt
maturities until 2023. Since YE 2019, Ryman has drawn $400 million
of its revolver, resulting in roughly $685 million of unrestricted
cash on the company's balance sheet.


SAHBRA FARMS: April 14 Hearing on Amended Disclosure Statement
--------------------------------------------------------------
Judge Alan M. Koschik has ordered that Sahbra Farms, Inc.,  will
file its amended Disclosure Statement, along with a
separately-filed red-line of the Amended Disclosure Statement
showing the amendments made, no later than March 31, 2020.

Any party in interest seeking to comment on or object to the
Amended Disclosure Statement shall file and serve their comments or
objections no later than April 7, 2020.

The Court shall hold a non-evidentiary hearing on the Amended
Disclosure Statement on April 14, 2020, at 2:00 p.m.  If objections
or comments to the Amended Disclosure Statement are timely filed
and served, they will be heard at the Disclosure Statement
Hearing.

If the Court approves the Amended Disclosure Statement at the
Disclosure Statement Hearing, the Court will also consider the
schedule for solicitation of acceptances to the Plan and a
confirmation hearing on the Plan, as well as any matters regarding
voting and balloting that require resolution in advance of
solicitation.

                       About Sahbra Farms

Sahbra Farms Inc. -- a horse breeder in Streetsboro, Ohio --
sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ohio Case No. 19-51155) on May 16, 2019.  In the petition signed
by
its president, David Gross, the Debtor disclosed $3,286,476 in
assets and $2,684,224 in debts.  The Hon. Alan M. Koschik is the
case judge.  The Debtor is represented by Thomas W. Coffey, Esq.
at
Coffey Law LLC.


SANMINA CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sanmina Corporation to BB+ from BBB.

Sanmina Corporation is an American electronics manufacturing
services provider headquartered in San Jose, California that serves
original equipment manufacturers in communications and computer
hardware fields.



SBA COMMUNICATIONS: Egan-Jones Cuts Local Curr. Unsec. Rating to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by SBA
Communications Corporation to B+ from BB-.

SBA Communications Corporation owns and operates wireless
infrastructure, including small cells, indoor/outdoor distributed
antenna systems and traditional cell sites that support antennas
used for wireless communication by mobile carriers and wireless
broadband providers in the United States and its territories, as
well as in Canada, Central America, and South America.



SERVICE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Service Corporation International/US to BB from
BBB-.

Service Corporation International provides deathcare services
worldwide. The Company operates funeral service locations,
cemeteries, and crematoria. Service also sells prearranged funeral
services in most of its service markets.



SERVICE PROPERTIES: S&P Downgrades ICR to 'BB+'
-----------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Service
Properties Trust (SVC) to 'BB+' from 'BBB-'. At the same time, S&P
affirmed its 'BBB-' issue-level rating on the company's senior
unsecured notes and are assigning a '2' recovery rating.

S&P expects SVC's operating performance to be negatively affected
by the COVID-19 pandemic, including possible rent deferrals across
some of its triple-net tenants, delayed asset sales, and
higher-than-anticipated leverage. The downgrade reflects S&P's
expectation that SVC's operating performance, particularly in its
hotel segment, will be negatively affected by the recent COVID-19
pandemic such that the rating agency anticipates the company's
revenue per available room (RevPAR) will decline significantly for
2020. As of Dec. 31, 2019, the company's hotels segment accounted
for 61.9% of its annualized minimum returns/rents and had a
comparable occupancy rate of 69.5%. Moreover, S&P thinks the
company will likely need to offer some of its triple-net tenants
(particularly its movie theater, health and fitness club, and
casual dining restaurant tenants) rent deferrals with the hope that
it will collect the full rent later this year (but that will be
dictated by the duration and severity of the pandemic).
Furthermore, S&P no longer expects that SVC's planned hotel sales
will occur prior to the fourth quarter of 2020 and believe they
could be delayed even further. While the company's announced
dividend cut and deferral of $100 million of capital expenditures
will preserve its liquidity and temper the negative effects of its
weaker operating performance, S&P now expects the company's
adjusted debt to EBITDA to increase modestly to the low- to high-7x
area by year-end 2020 (from 7.0x as of year-end 2019).

"We expect to resolve the CreditWatch placement in the next 90 days
after better assessing the coronavirus pandemic's effects on SVC's
business prospects and credit protection measures," S&P said.

"We could lower our ratings on SVC if its operating performance
deteriorates beyond our current expectations, including sustaining
a debt-to-EBITDA ratio of more than 7.5x. This could occur if a
more severe and prolonged global recession further erodes its
operator coverage levels or leads to future lease amendments or
deferrals that reduce its rental revenues," the rating agency
said.

  Ratings List

  Downgraded; CreditWatch/Outlook Action
                                  To               From
  Service Properties Trust
   Issuer Credit Rating     BB+/Watch Neg/--   BBB-/Negative/--

  Ratings Placed On CreditWatch; Recovery Ratings Assigned

  Service Properties Trust
   Senior Unsecured         BBB-/Watch Neg     BBB-
    Recovery Rating         2(80%)             NM


SHERIDAN HOLDING: Hires AlixPartners as Financial Advisor
---------------------------------------------------------
Sheridan Holding Company I, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ AlixPartners, LLP, as financial advisor to the
Debtors.

Sheridan Holding requires AlixPartners to:

   a. assist the Debtors with contingency planning, including
      preparation of bankruptcy petitions, chapter 11 first day
      papers and operational readiness planning, including in the
      areas of accounting cutoff and vendor management;

   b. provide assistance with testimony before the Court, as
      required, on matters that are within AlixPartners' areas of
      involvement and expertise;

   c. assist with the preparation of reports required by the
      Court;

   d. provide assistance to management in coordinating elements
      of the restructuring, including but not limited to
      management of various diligence requests and coordination
      of communication with stakeholders and their
      representatives with respect thereto, and process
      administration, as needed;

   e. coordinate and provide administrative support for the
      bankruptcy proceedings and assistance in developing the
      Debtors' plan of reorganization and related documents, as
      needed;

   f. assist management in developing assumptions related to a
      potential chapter 11 filing in connection with negotiations
      for the use of cash collateral or the provision of
      incremental financing;

   g. provide assistance with related plan or reorganization
      documents, including the best interest test, and otherwise,
      as needed;

   h. provide assistance to management in connection with the
      development of a rolling 13-week cash receipts and
      disbursements forecasting tool and variance analysis;

   i. provide assistance with restructuring negotiations, as
      needed;

   j. assist with such other matters as may be requested that
      fall within AlixPartners' expertise and that are mutually
      agreeable and approved by the Debtors and AlixPartners in
      advance.

AlixPartners will be paid at these hourly rates:

     Managing Director             $1,000 to $1,195
     Director                        $800 to $950
     Senior Vice President           $645 to $735
     Vice President                  $470 to $630
     Consultant                      $175 to $465
     Paraprofessional                $295 to $315

AlixPartners currently holds a retainer payment of $350,000.  In
the 90 days prior to the Petition Date including the Retainer, the
Debtors paid AlixPartners a total of $596,880.

AlixPartners will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Pilar Tarry, partner of AlixPartners, LLP, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

AlixPartners can be reached at:

     Pilar Tarry
     ALIXPARTNERS LLP
     909 Third Avenue
     New York, NY 10022
     Tel: (212) 490-2500

           About Sheridan Holding Company I, LLC

Sheridan Holding Company I, LLC and its Debtor affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming. The
Debtors comprise the first of three series of private placement oil
and gas investment funds in the Sheridan group, all under the
common management of non-debtor Sheridan Production Partners
Manager, LLC. Established in 2006 and headquartered in Houston,
Texas, the Debtors have focused on acquiring "unloved" oil and gas
properties from large independent operators and conducting
exploration and production activities across three states in four
geographic areas.  The Debtors assets are primarily mature
producing properties with long-lived production, relatively shallow
decline curves, and lower-risk development opportunities.

Sheridan Holding sought Chapter 11 protection (Bankr. S.D. Tex.
Case No. 20-31884) on March 23, 2020. The case is assigned to Hon.
David R. Jones.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
counsel; Katten Muchin Rosenman LLP, as special counsel; Evercore
Group L.L.C., as investment banker; and AlixPartners, LLP, as
financial advisor.


SHERIDAN HOLDING: Hires Evercore as Investment Banker
-----------------------------------------------------
Sheridan Holding Company I, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Evercore Group L.L.C., as investment banker to
the Debtors.

Sheridan Holding requires Evercore to:

   a. review and analyze the Debtors' business, fund structure,
      operations, capital structure and financial projections;

   b. evaluate transaction alternatives and the financial
      implications on the Debtors' capital structure and
      financial condition;

   c. advise and assist the Debtors in a Debt Restructuring, if
      they determine to undertake such a transaction, which would
      include, among other things:

      i. assist the Debtors in structuring a Debt
         Restructuring, including developing the Plan;

     ii. advise the Debtors on tactics and strategies for
         negotiating with various stakeholders regarding the
         Plan;

    iii. advise the Debtors in its negotiations regarding the
         economic terms of a Debt Restructuring and/or
         negotiating with the Debtor's stakeholders on their
         behalf regarding such a Debt Restructuring;

     iv. provide testimony, as necessary, with respect to
          matters on which Evercore has been engaged to advise
          the Debtors before any court exercising jurisdiction
          over the Debtors, including in any proceeding under the
          Bankruptcy Code that is pending before such court; and

      v. provide the Debtors with other financial restructuring
         advice as the Parties may deem appropriate.

Evercore will be paid as follows:

   a. A monthly fee of $150,000 (a "Monthly Fee"), of which two
      Monthly Fees equal to $300,000 shall be payable on
      execution of the Engagement Letter, and one Monthly Fee
      shall be payable on the first day of each month commencing
      November 1, 2018 until the earlier of the consummation of
      the Debt Restructuring or the termination of Evercore's
      engagement. 100% of the first five payments of the Monthly
      Fee (up to a maximum amount of $750,000), to the extent
      actually earned and paid, shall be credited (without
      duplication) against any Debt Restructuring Fee payable;
      provided, that any such credit of fees contemplated by this
      sentence shall only apply to the extent that all such
      Monthly Fees and the Debt Restructuring Fee are approved in
      their entirety by the Bankruptcy Court pursuant to a final
      order not subject to appeal and which order is consistent
      with the terms of the Engagement Letter or otherwise
      reasonably acceptable to Evercore.

   b. A fee (a "Debt Restructuring Fee"), payable upon the
      consummation of any Debt Restructuring, equal to a fixed
      percentage of the Debtors' outstanding indebtedness at the
      time of the Engagement Letter (which indebtedness
      shall be deemed to be $622,000,000 for the purposes of
      calculating the Debt Restructuring Fee), as set forth
      below:

          i. For a Debt Restructuring which is completed
             simultaneously with, or around the same time as, a
             sale of all or substantially all of the Debtors'
             SCOOP assets (a "SCOOP Sale"), the percentage shall
             be equal to 0.402%.

          ii. For a Debt Restructuring which is completed after a
              SCOOP Sale, and for which there is no written
              consensual agreement among creditors on a Debt
              Restructuring at or around the time the SCOOP
              Sale is consummated, the percentage shall be equal
              to 0.724%.

          iii. For a Debt Restructuring which is completed
               without a SCOOP Sale having been completed before,
               or around the same time as, such Debt
               Restructuring, the percentage shall be equal to
               0.965%.

   c. In addition to any fees that may be payable to Evercore
      and, regardless of whether any transaction occurs, the
      Debtors shall reimburse to Evercore monthly and upon
      consummation of a Debt Restructuring or termination of
      the Engagement Letter, all reasonable documented out-of-
      pocket fees and expenses  (including  travel  and  lodging,
      data processing and communications charges, courier
      services and other appropriate expenditures), including
      expenses of counsel, if any; provided that Evercore shall
      obtain advance approval for any such amounts reasonably
      expected to exceed $50,000; provided, further, that this
      sentence shall in no way affect or limit the obligations of
      the Debtors as set forth in Schedule I of the Engagement
      Letter.

   d. If the Debtors request, and Evercore provides, services to
      the Debtors for which a fee is not provided in the
      Engagement Letter (including, but not limited to, a
      financing or sale of the Debtors' assets), such services
      shall, except insofar as they are the subject of a separate
      agreement, be treated as falling within the scope of the
      Engagement Letter, and the Parties will agree upon a fee
      for such services based upon good faith negotiations,
      subject to Court order.

   e. In addition, the Parties acknowledge and agree that more
      than one fee may be payable to Evercore under subparagraphs
      2(b) and/or 2(d) of the Engagement Letter in connection
      with any single transaction or series of transactions, it
      being understood and agreed that if more than one fee
      becomes so payable to Evercore in connection with a series
      of transactions, each such fee shall be paid to Evercore.

   f. If a Debt Restructuring is to be completed through a pre-
      packaged Plan or similar pre-arranged Plan (i) 50% of the
      fees pursuant to subparagraphs 2(b) and 2(c) of the
      Engagement Letter shall be earned and shall be payable upon
      the execution of definitive agreements or delivery of
      binding consents with respect to such Plan and (ii) the
      remainder of such fees shall be earned and shall be payable
      upon consummation of such Plan; provided, further, that
      in the event that Evercore is paid a fee in connection with
      a pre-packaged Plan or similar pre-arranged Plan, and such
      Plan is not thereafter consummated, then such fee
      previously paid to Evercore may be credited by the Debtors
      against any subsequent fee hereunder that becomes payable
      by the Debtors to Evercore.

Evercore received $3,452,363.32 from the Debtors for fees and
expense reimbursements in connection with the prepetition
engagement during the 90 days immediately preceding the Petition
Date. In total, within 1 year prior to the Petition Date, the
Debtors paid Evercore $4,835,901.87, which includes a $15,000
retainer for prepetition expenses not yet billed.

Jeremy Matican, managing director of Evercore Group L.L.C., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Evercore can be reached at:

     Jeremy Matican
     EVERCORE GROUP L.L.C.
     55 East 52 nd Street
     New York, NY 10055
     Tel: (212) 857-3100
     Fax: (212) 857-3101

               About Sheridan Holding Company I

Sheridan Holding Company I, LLC and its debtor affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming.  They
comprise the first of three series of private placement oil and gas
investment funds in the Sheridan group, all under the common
management of non-debtor Sheridan Production Partners Manager, LLC.
Established in 2006 and headquartered in Houston, Texas, the
Debtors have focused on acquiring "unloved" oil and gas properties
from large independent operators and conducting exploration and
production activities across three states in four geographic areas.
The Debtors assets are primarily mature producing properties with
long-lived production, relatively shallow decline curves, and
lower-risk development opportunities.

Sheridan Holding sought Chapter 11 protection (Bankr. S.D. Tex.
Case No.20-31884) on March 23, 2020. The case is assigned to Hon.
David R. Jones.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
counsel; Katten Muchin Rosenman LLP, as special counsel; Evercore
Group L.L.C., as investment banker; and AlixPartners, LLP, as
financial advisor.



SHERIDAN HOLDING: Hires Katten Muchin as Special Counsel
--------------------------------------------------------
Sheridan Holding Company I, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Katten Muchin Rosenman LLP, as special counsel
to the Debtors.

On July 9, 2019, the Debtors engaged Katten Muchin to render
independent services at the sole direction of the Fund I Special
Committees. The Special Committee Members, acting at their sole
discretion and with the assistance of Katten Muchin and other
professionals, acting at the sole direction of the Special
Committee Members, (a) conducted an independent investigation into
Fund I Conflict Matters in connection with a potential sale,
restructuring, reorganization, or other recapitalization
transactions and related financings, (b) were authorized to conduct
inquiries or investigations relating to any Conflicts Matters as
the Fund I Special Committees deemed necessary in their business
judgment, and (c) evaluated restructuring transactions, approved or
terminated any restructuring support agreement, participated in
consultation with management and advisors, and authorized approval
of a restructuring (referred to as the "Special Committee
Investigation").

Katten Muchin will provide legal services and render independent
services at the sole direction of the Fund I Special Committees in
relation to the Special Committee Investigation.

Katten Muchin will be paid at these hourly rates:

     Partners             $770 - $1,555
     Of Counsel           $895 - $1,475
     Associates           $460 - $970
     Paraprofessionals    $195 - $580

During the 90 days prior to the Petition Date, Katten Muchin was
paid in the ordinary course its fees and related expense
reimbursements in the amount of $410,775.66.

Katten Muchin will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  From July 1, 2019 through December 31, 2019, Katten
              Muchin followed the hourly billing rates. On
              January 1, 2020, the Firm's hourly billing rates
              for attorneys and paraprofessionals increased in
              the form of: (i) step increases historically
              awarded in the ordinary course on the basis of
              advancing seniority and promotion; and (ii)
              periodic increases within each attorney's and
              paraprofessional's current level of seniority.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  The Debtors did not approve a budget and staffing
              plan for the Firm.

Steven J. Reisman, partner of Katten Muchin Rosenman LLP, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Katten Muchin can be reached at:

     Steven J. Reisman, Esq.
     KATTEN MUCHIN ROSENMAN LLP
     575 Madison Avenue
     New York, NY 10022
     Tel: (212) 940-8800
     E-mail: sreisman@katten.com

              About Sheridan Holding Company I

Sheridan Holding Company I, LLC and its Debtor affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming.  The
Debtors comprise the first of three series of private placement oil
and gas investment funds in the Sheridan group, all under the
common management of non-debtor Sheridan Production Partners
Manager, LLC.  Established in 2006 and headquartered in Houston,
Texas, the Debtors have focused on acquiring "unloved" oil and gas
properties from large independent operators and conducting
exploration and production activities across three states in four
geographic areas. The Debtors assets are primarily mature producing
properties with long-lived production, relatively shallow decline
curves, and lower-risk development opportunities.

Sheridan Holding sought Chapter 11 protection (Bankr. S.D. Tex.
Case No.20-31884) on March 23, 2020.  The case is assigned to Hon.
David R. Jones.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
counsel; Katten Muchin Rosenman LLP, as special counsel; Evercore
Group L.L.C., as investment banker; and AlixPartners, LLP, as
financial advisor.


SHERIDAN HOLDING: Hires Kirkland & Ellis as Counsel
---------------------------------------------------
Sheridan Holding Company I, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, as counsel to the Debtors.

Sheridan Holding requires Kirkland & Ellis to:

   a. advise the Debtors with respect to their powers and duties
      as debtors in possession in the continued management and
      operation of their businesses and properties;

   b. advise and consult on the conduct of these chapter 11
      cases, including all of the legal and administrative
      requirements of operating in chapter 11;

   c. attend meetings and negotiating with representatives of
      creditors and other parties in interest;

   d. take all necessary actions to protect and preserve the
      Debtors' estates, including prosecuting actions on the
      Debtors' behalf, defending any action commenced against the
      Debtors, and representing the Debtors in negotiations
      concerning litigation in which the Debtors are involved,
      including objections to claims filed against the Debtors'
      estates;

   e. prepare pleadings in connection with these chapter 11
      cases, including motions, applications, answers, orders,
      reports, and papers necessary or otherwise beneficial to
      the administration of the Debtors' estates;

   f. represent the Debtors in connection with obtaining
      authority to continue using cash collateral and
      postpetition financing;

   g. advise the Debtors in connection with any potential sale of
      assets;

   h. appear before the Court and any appellate courts to
      represent the interests of the Debtors' estates;

   i. advise the Debtors regarding tax matters;

   j. take any necessary action on behalf of the Debtors to
      negotiate, prepare, and obtain approval of a disclosure
      statement and confirmation of a chapter 11 plan and all
      documents related thereto; and

   k. perform all other necessary legal services for the Debtors
      in connection with the prosecution of these chapter 11
      cases, including: (i) analyzing the Debtors' leases and
      contracts and the assumption and assignment or rejection
      thereof; (ii) analyzing the validity of liens against the
      Debtors; and (iii) advising the Debtors on corporate and
      litigation matters.

Kirkland & Ellis will be paid at these hourly rates:

     Partners              $1,075 to $1,845
     Of Counsel              $625 to $1,845
     Associates              $610 to $1,165
     Paraprofessionals       $245 to $460

On January 9, 2019 the Debtors paid Kirkland & Ellis the amount of
$250,000 as advance retainer. Subsequently, the Debtors paid
Kirkland & Ellis additional advance payment retainer totaling
$7,525,000 in the aggregate.

Kirkland & Ellis will also be reimbursed for reasonable
out-of-pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Kirkland represented the Debtors during the twelve-
              month period before the Petition Date, using the
              hourly rates listed below:

                  Partners             $1,025-$1,795
                  Of Counsel             $595-$1,705
                  Associates             $595-$1,125
                  Paraprofessionals      $235-$460

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Yes, for the period from March 23, 2020 through
              March 30, 2020.

Steven N. Serajeddini, president of Steven N. Serajeddini, P.C., a
partner of the law firm of Kirkland & Ellis LLP, and Kirkland &
Ellis International, LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Kirkland & Ellis can be reached at:

     Steven N. Serajeddini, Esq.
     KIRKLAND & ELLIS LLP, AND
     KIRKLAND & ELLIS INTERNATIONAL, LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4829

               About Sheridan Holding Company

Sheridan Holding Company I, LLC and its debtor affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming.  The
Debtors comprise the first of three series of private placement oil
and gas investment funds in the Sheridan group, all under the
common management of non-debtor Sheridan Production Partners
Manager, LLC.  Established in 2006 and headquartered in Houston,
Texas, the Debtors have focused on acquiring "unloved" oil and gas
properties from large independent operators and conducting
exploration and production activities across three states in four
geographic areas.  The Debtors assets are primarily mature
producing properties with long-lived production, relatively shallow
decline curves, and lower-risk development opportunities.

Sheridan Holding sought Chapter 11 protection (Bankr. S.D. Tex.
Case No.20-31884) on March 23, 2020. The case is assigned to Hon.
David R. Jones.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
counsel; Katten Muchin Rosenman LLP, as special counsel; Evercore
Group L.L.C., as investment banker; and AlixPartners, LLP, as
financial advisor.


SHERIDAN HOLDING: Lenders Recover 49% in Debt-for-Equity Plan
-------------------------------------------------------------
Sheridan Holding Company I, LLC and its debtor affiliates filed on
March 23, 2020, a disclosure statement explaining their Sheridan
Holding Company I, LLC and its debtor affiliates Pursuant to
Chapter 11 of the Bankruptcy Code, dated February 21, 2020.

Despite owning and operating a valuable portfolio of oil and gas
properties, at currently depressed commodity prices and following
the unsuccessful Loan Modification Process, the Debtors were unable
to refinance the Sheridan I RBL Facilities and Sheridan I Term Loan
Facilities out of court.  Following a series of extensions of the
waivers under the Sheridan I RBL Facilities and Sheridan I Term
Loan Facilities, the Debtors engaged in hard-fought, good-faith
negotiations around the terms of the Plan.  Ultimately, the Debtors
and the Secured Lenders reached an agreement-in-principle as
reflected by the Plan and the terms of the restructuring support
agreement (the "RSA").

As of Dec. 31, 2019, the Debtors have approximately $616.1 million
of funded debt, consisting of:

   * three first-lien revolving credit facilities with
approximately $167.1 million in aggregate principal outstanding
(the "Sheridan I RBL Facilities"); and

   * three first-lien term loan credit facilities with
approximately $449.0 million in aggregate principal outstanding,
which share an  equal lien with the Sheridan I RBL Facilities (the
"Sheridan I Term Loan Facilities").

The RSA and Plan contemplate an equitization of the majority of
the Sheridan I secured debt through the issuance of the New
Sheridan Equity, subject to dilution by the New Warrants issued to
limited partner equity holders, and a $150 million take-back exit
facility (the "Exit Facility").  Limited partners will receive the
New Warrants exercisable into 25% of the number of shares of the
New Sheridan Equity issued and outstanding on the Effective Date,
on the terms set forth  in the New Warrant Term Sheet, in exchange
for the release by such limited partners of the Debtors, Secured
Lenders, Manager Parties, and other parties and their affiliates
and related parties, as further set forth in the Plan.  Following
emergence, the Debtors' corporate structure will be streamlined
under a new holding company, New Sheridan, owned by the current
Secured Lenders, which holding company, either directly or through
one of its subsidiaries, will acquire all of the assets of the
Debtors.  The Reorganized Debtors will seek bids for the sale of
certain asset packages in accordance with milestones under the Exit
Facility to facilitate an orderly wind-down of the Debtors' asset.

The Plan contemplates the following stakeholder recoveries:

  -- Holders of Administrative Claims and Other Priority Claims
will receive payment in full in cash;

  -- Sheridan I Revolving Lenders and Sheridan I Term Lenders will
receive (i) new term loans under the Exit Facility, (ii) New
Sheridan Equity (subject to dilution by the Warrant Shares), and
(iii) the Excess Balance Sheet Cash, if any; and

  -- General Unsecured Claims will be reinstated or otherwise
receive payment in full in cash.

Class 3(a) SIP I RBL Credit Agreement Claims total $143,012,743.
Class 3(b) SPP I-A RBL Credit Agreement Claims total $18,950,360.
Class 3(c) SPP I-M RBL Credit Agreement Claims total $11,574,991.
Class 4(a) SIP I Term Loan Credit Agreement Claims total
$378,022,811.
Class 4(b) SPP I-A Term Loan Credit Agreement Claims total
$50,091,119.
Class 4(c) SPP I-M Term Loan Credit Agreement Claims total
$30,595,949.

Each of those classes -- Class 3(a) to Class 4(c) -- are impaired
and with projected recovery of 49%.  On the Effective Date, each
classes (Class 3(a) to Class 4(c)) will receive, in full and final
satisfaction of such Claims, its ratable share (measured by
reference to the Secured Lender Claim Amount) of: (i) the New Term
Loans under the Exit Facility; (ii) the New Sheridan Equity
(subject to dilution by the Warrant Shares); and (iii) the Excess
Balance Sheet Cash, if any.

Class 5 General Unsecured Claims totaling $6,755,596 with projected
recovery of 100%. Each Holder of an Allowed General Unsecured Claim
shall receive either: (i) Reinstatement of such Allowed General
Unsecured Claim pursuant to Section 1124 of the Bankruptcy Code; or
(ii) payment in full in Cash on (a) the Effective Date or (b) the
date due in the ordinary course of business in accordance with the
terms and conditions of the particular transaction giving rise to
such Allowed General Unsecured Claim.

Class 6 - Intercompany Claims.
Class 7 - Intercompany Interests.  

Classes 6 and 7 will be treated as follows: On the Effective Date,
all Intercompany Claims and Interests shall be, at the option of
the Reorganized Debtors, either:  (i) Reinstated; or (ii) cancelled
and released without any distribution on account of such Claims.

Class 8 – Interests. On the Effective Date, all Interests will be
cancelled, released, and extinguished and will be of no further
force or effect, and Holders of Interests will not receive any
distributions on account of such Interests.

On the Effective Date, the Reorganized Debtors shall enter into the
Exit Facility, the terms of which will be set forth in the Exit
Facility Documents.  Confirmation of the Plan shall be deemed
approval of the Exit Facility and the Exit Facility Documents, as
applicable, and all transactions contemplated thereby, and all
actions to be taken, undertakings to be made, and obligations to be
incurred by the Reorganized Debtors in connection therewith,
including the payment of all fees, indemnities, expenses, and other
payments provided for therein and authorization of the Reorganized
Debtors to enter into and execute the Exit Facility Documents and
such other documents as may be required to effectuate the treatment
afforded by the Exit Facility.  Execution of the Exit Facility
Credit Agreement by the Exit Agent shall be deemed to bind all
holders of Sheridan I RBL Claims and Sheridan I Term Loan Claims as
if each such holder had executed the Exit Facility Credit
Agreements with appropriate authorization.

New Sheridan shall be authorized to issue a certain number of
shares and interests of New Sheridan Equity pursuant to its New
Organizational Documents.  On the Effective Date, the Debtors shall
issue all securities, notes, instruments, certificates, and other
documents required to be issued pursuant to the Plan.   

On the Effective Date, New Sheridan shall issue the New Warrants
directly or indirectly to the Limited Partners pursuant to Article
IV.D of the Plan in accordance with the New Warrant Term Sheet and
New Warrant Agreement.  All of the New Warrants issued pursuant to
the Plan shall be duly authorized, validly issued, fully paid, and
non-assessable.

Upon the Effective Date, Holders of the Sheridan I RBL Claims and
Sheridan I Term Loan Claims shall receive their pro rata share of
the Excess Balance Sheet Cash, if any.

A full-text copy of the Disclosure Statement dated March 23, 2020,
is available at https://tinyurl.com/wwfe53p from PacerMonitor.com
at no charge.

Counsel to the Debtors:

     Matthew D. Cavenaugh
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, Texas 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com

             - and -

     Joshua A. Sussberg, P.C.
     Steven N. Serajeddini
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: joshua.sussberg@kirkland.com
             steven.serajeddini@kirkland.com

             - and -

     Spencer A. Winters
     KIRKLAND & ELLIS LLP   
     KIRKLAND & ELLIS INTERNATIONAL LLP   
     300 North LaSalle Street
     Chicago, Illinois 60654   
     Telephone: (312) 862-2000   
     Facsimile: (312) 862-2200   
     E-mail: spencer.winters@kirkland.com

                   About Sheridan Holding

Sheridan Holding Company I, LLC and its affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming.
Sheridan, et al., comprise the first of three series of private
placement oil and gas investment funds in the Sheridan group, all
under the common management of non-debtor Sheridan Production
Partners Manager, LLC. Established in 2006 and headquartered in
Houston, Texas, the Debtors have focused on acquiring "unloved" oil
and gas properties from large independent operators and conducting
exploration and production activities across three states in four
geographic areas.  Sheridan's assets are primarily mature producing
properties with long-lived production, relatively shallow decline
curves, and lower-risk development opportunities.

Sheridan Holding Company I and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Case No.20-31884) on March 23, 2020.
Sheridan Holding I was estimated to have $100 million to $500
million in assets and $500 million to $1 billion in liabilities.

The case is assigned to Hon. David R. Jones.

The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel;
JACKSON WALKER L.L.P. as local bankruptcy counsel; EVERCORE GROUP
L.L.C. as investment banker; ALIXPARTNERS, LLP, as restructuring
advisor; and Prime Clerk LLC as claims agent.


SILGAN HOLDINGS: Egan-Jones Cuts Local Curr. Unsecured Rating to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the local
currency senior unsecured rating on debt issued by Silgan Holdings,
Incorporated to B+ from BB-.

Silgan Holdings, Incorporated is a Connecticut-based American
manufacturing company that produces consumer goods packaging. The
company was founded in 1987 by two former executives of Continental
Can, Phil Silver, and Greg Horrigan – their names contributing to
the company name.



SINCLAIR BROADCAST: Egan-Jones Lowers Sr. Unsecured Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sinclair Broadcast Group Incorporated to B from B+.
+. EJR also downgraded the rating on commercial paper issued by the
Company to B from A3.

Sinclair Broadcast Group, Incorporated is a publicly-traded
American telecommunications conglomerate that is controlled by the
family of company founder Julian Sinclair Smith.



SIX FLAGS: Egan-Jones Cuts Local Curr. Sr. Unsecured Rating to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Six Flags
Entertainment Corporation to B from BB+. EJR also downgraded the
rating on LC commercial paper issued by the Company to B from A2.

Six Flags Entertainment Corporation, more commonly known as Six
Flags or as Six Flags Theme Parks, is an amusement park
corporation, headquartered in Grand Prairie, Texas. It has
properties in Canada, Mexico, and the contiguous United States.



SKLAR EXPLORATION: Hires Kutner Brinen as Counsel
-------------------------------------------------
Sklar Exploration Company, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Colorado to employ Kutner
Brinen, P.C., as counsel to the Debtor.

Sklarco, LLC requires Kutner Brinen to:

   a. provide the Debtor with legal advice with respect to its
      powers and duties;

   b. aid the Debtor in the development of a plan of
      reorganization under Chapter 11;

   c. file the necessary petitions, pleadings, reports, and
      actions that may be required in the continued
      administration of the Debtor's property under Chapter 11;

   d. take necessary actions to enjoin and stay until a final
      decree the continuation of pending proceedings and to
      enjoin and stay until a final decree herein the
      commencement of lien foreclosure proceedings and all
      matters as may be provided under the Bankruptcy Code; and

   e. perform all other legal services for the Debtor that may be
      necessary.

Kutner Brinen will be paid based upon its normal and usual hourly
billing rates.  The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Kutner Brinen holds a prepetition retainer for payment of
post-petition fees and costs in the amount of $89,819.  Kutner
Brinen was also paid prepetition fees and costs, including the
filing fee, by the Debtor in the amount of $30,166.

Keri L. Riley, a partner of Kutner Brinen, P.C., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Kutner Brinen can be reached at:

     Lee M. Kutner, Esq.
     Jeffrey S. Brinen, Esq.
     Keri L. Riley, Esq.
     KUTNER BRINEN, P.C.
     1660 Lincoln Street, Suite 1850
     Denver, CO 80264
     Tel: (303) 832-2400
     Fax: (303) 832-1510
     E-mail: lmk@kutnerlaw.com

                About Sklar Exploration Company

Sklar Exploration Company, LLC -- https://sklarexploration.com --
is an independent exploration production company owned and managed
by Howard F. Sklar. With offices in Boulder, Colorado, Shreveport,
Louisiana, and Brewton, Alabama, Sklar owns interests in oil and
gas wells located throughout the United States. Sklar's exploration
and production activities have historically focused on the
hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf
Coast basins of East Texas, North Louisiana, South Mississippi,
South Alabama, and the Florida Panhandle.

Sklar Exploration Company, LLC, based in Boulder, CO, filed a
Chapter 11 petition (Bankr. D. Colo. Case No. 20-12377) on April 1,
2020. The Hon. Elizabeth E. Brown presides over the case.  Keri L.
Riley, Esq., at Kutner Brinen, P.C., serves as bankruptcy counsel.
In its petition, the Debtor was estimated to have $1 million to $10
million in assets and $10 million to $50 million in liabilities.
The petition was signed by Howard Sklar, manager.


SKLARCO LLC: Seeks to Hire Kutner Brinen as Counsel
---------------------------------------------------
Sklarco, LLC, seeks authority from the U.S. Bankruptcy Court for
the District of Colorado to employ Kutner Brinen, P.C., as counsel
to the Debtor.

Sklarco, LLC requires Kutner Brinen to:

   a. provide the Debtor with legal advice with respect to its
      powers and duties;

   b. aid the Debtor in the development of a plan of
      reorganization under Chapter 11;

   c. file the necessary petitions, pleadings, reports, and
      actions that may be required in the continued
      administration of the Debtor's property under Chapter 11;

   d. take necessary actions to enjoin and stay until a final
      decree the continuation of pending proceedings and to
      enjoin and stay until a final decree herein the
      commencement of lien foreclosure proceedings and all
      matters as may be provided under the Bankruptcy Code; and

   e. perform all other legal services for the Debtor that may be
      necessary.

Kutner Brinen will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Keri L. Riley, a partner of Kutner Brinen, P.C., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Kutner Brinen can be reached at:

     Lee M. Kutner, Esq.
     Jeffrey S. Brinen, Esq.
     Keri L. Riley, Esq.
     KUTNER BRINEN, P.C.
     1660 Lincoln Street, Suite 1850
     Denver, CO 80264
     Tel: (303) 832-2400
     Fax: (303) 832-1510
     E-mail: lmk@kutnerlaw.com

                      About Sklarco LLC

Sklarco, LLC is an independent oil and gas exploration and
production company owned and managed by Howard F. Sklar.

Sklarco, LLC, based in Boulder, CO, filed a Chapter 11 petition
(Bankr. D. Colo. Case No. 20-12380) on April 1, 2020.  In the
petition signed by by Howard Sklar, manager, the Debtor was
estimated to have $10 million to $50 million in both assets and
liabilities.  The Hon. Michael E. Romero presides over the case.
Keri L. Riley, Esq., at partner of Kutner Brinen, P.C., serves as
bankruptcy counsel.


SLINGER BAG: Accumulated Deficit Casts Going Concern Doubt
----------------------------------------------------------
Slinger Bag Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $450,224 on $0 of total revenue for the
three months ended Jan. 31, 2020, compared to a net loss of $3,472
on $0 of total revenue for the same period in 2019.

At Jan. 31, 2020, the Company had total assets of $1,856,267, total
liabilities of $2,530,412, and $674,145 in total stockholders'
deficit.

The Company has an accumulated deficit of $716,334 as of January
31, 2020 and more losses are anticipated in the development of the
business.  Accordingly, there is substantial doubt about the
Company's ability to continue as a going concern.

The ability to continue as a going concern is dependent upon the
Company generating profitable operations in the future and/or being
able to obtain the necessary financing to meet its obligations and
repay its liabilities arising from normal business operations when
they become due.  Management intends to finance operating costs
over the next twelve months with existing cash on hand, loans from
related parties, and/or private placement of common stock.

In addition, the Company's independent registered public accounting
firm auditors' report accompanying the Company's April 30, 2019
financial statements contained an explanatory paragraph expressing
substantial doubt about the Company's ability to continue as a
going concern.

A copy of the Form 10-Q is available at:

                       https://is.gd/t245Hd

Slinger Bag Inc. operates in the sporting and athletic goods
business.  The company focuses on the development, production, and
sale of the Slinger Launcher, a portable tennis ball launcher from
a trolley roller bag. It allows anyone to control the speed and
frequency of tennis balls that are launched for tennis practicing
purposes.  The company is based in Baltimore, Maryland.



SM ENERGY: Moody's Cuts CFR to B3 & Senior Unsec. Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service downgraded SM Energy Company's Corporate
Family Rating to B3 from B1, Probability of Default Rating to B3-PD
from B1-PD, senior unsecured rating to Caa1 from B2, and senior
unsecured shelf to (P)Caa1 from (P)B2. The Speculative Grade
Liquidity Rating was downgraded to SGL-3 from SGL-2. The rating
outlook was revised to negative.

The downgrade reflects SM's high debt leverage at a time when very
low commodity prices are likely to lead to dramatically reduced
cash flow on its non-hedged production, particularly in 2021 when
the company's hedged volumes and pricing drop considerably. The
weakened hedge position after 2020 raises the possibility the
company may breach its leverage covenant in early 2021 if commodity
prices remain very low. The downgrade also encompasses Moody's'
concern that the company's ample liquidity and the distressed
trading levels of its unsecured debt may motivate it to repurchase
its notes at deeply discounted prices in a volume Moody's would
deem a distressed exchange.

Downgrades:

Issuer: SM Energy Company

Probability of Default Rating, Downgraded to B3-PD from B1-PD

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

Corporate Family Rating, Downgraded to B3 from B1

Senior Unsecured Notes, Downgraded to Caa1 (LGD4) from B2 (LGD4)

Senior Unsecured Shelf, Downgraded to (P)Caa1 from (P)B2

Outlook Actions:

Issuer: SM Energy Company

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

SM's B3 CFR reflects its relatively high debt leverage, measured by
its debt to average daily production ratio which Moody's expects to
be in excess of $22,000 boe per day in 2021, and the high capital
intensity and steep initial decline rates of its shale assets which
limit the company's ability to make deep capital spending cuts. The
rating also considers the distressed trading levels of SM's notes
and the company's ample liquidity, which may motivate the company
to repurchase its notes at deeply discounted prices in a volume
Moody's would deem a distressed exchange.

Distressed exchange risk is further heightened by the company's
need to address its 2021 and 2022 debt maturities and the
exploration and production sector's ongoing disfavor with the
capital markets. SM benefits from a strong 2020 hedge position
(about 80% of projected oil and 35% of natural gas production at
prices well above Moody's price assumptions) which will allow it to
fund its reduced capital spending program for 2020. The company's
good inventory of Midland Basin drilling locations, capable of
generating attractive returns in an oil price environment below
$45/bbl should allow the company to maintain production while
limiting outspending.

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 SM's credit profile have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and SM 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.
Its action reflects the impact on SM of the breadth and severity of
the oil demand and supply shocks, and the broad deterioration in
credit quality it has triggered.

SM's SGL-3 rating is based on its expectation that the company will
maintain adequate liquidity through early 2020, primarily due to
its large borrowing capacity under its revolving credit facility.
The company had negligible cash and $122 million drawn under its
$1.2 billion committed revolving credit facility as of December 31,
2019. The borrowing base was set at $1.6 billion in the most recent
redetermination and although likely to fall considerably in the
April 2020 redetermination, Moody's expects SM to maintain ample
availability under the facility following the redetermination.

Cash flow is buttressed by the company's commodity hedging program,
with about 80% of expected oil production for the second, third and
fourth quarters of 2020 locked in at or above $55/bbl. Although
Moody's expects oil prices to begin to recover in the second half
of 2020 and average $50/bbl in 2021, should oil prices remain below
$40/bbl in 2021 SM will likely breach its leverage covenant
(debt/EBITDAX of 4x) in the first half of the year. SM's next bond
maturity is for its $172.5 million of senior convertible notes due
July 1, 2021, followed by $477 million of senior unsecured notes
coming due in November 2022. Although SM's revolver does not mature
until September 2023, it has a springing feature that accelerates
the maturity to August 16, 2022 if more than $100 million of the
2022 notes remain outstanding at that date.

The company has a committed $1.2 billion senior secured credit
facility and $2.5 billion of senior unsecured notes. The senior
notes have no subsidiary guarantee and have a subordinated claim to
SM Energy's assets behind the senior secured credit facility. The
significant size of the revolving credit facility relative to the
unsecured notes results in the senior notes being rated Caa1, one
notch below the B3 CFR.

The negative outlook reflects the considerable refinancing risk the
company faces over the next twelve to eighteen months and the
potential for a distressed exchange.

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

Ratings could be downgraded if a covenant breach becomes more
likely, 2021 RCF/debt is likely to fall below 15%, or SM's
leveraged full cycle ratio falls below 1.0x. Although an upgrade is
unlikely in the near term, ratings could improve if SM's RCF/debt
ratio improves to 30% while maintaining a leveraged full cycle
ratio greater than 1.5x.

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

SM Energy Company is a Denver, Colorado based publicly traded E&P
company with primary production operations in the Eagle Ford Shale
(Webb County) and the Midland Basin (Howard, Upton, Midland and
Martin Counties) of Texas.


SONGWUT ART: Seeks to Hire Farsad Law as Bankruptcy Counsel
-----------------------------------------------------------
Songwut Art Kochaphum seeks authority from the US Bankruptcy Court
for the Northern District of California to hire  Farsad Law Office,
P.C., as its general bankruptcy counsel.

Professional services that the counsel will provide are:

     a. advise the Debtor with respect to the powers and duties as
Debtor-in-possession in the continued operation of the business and
management of the Debtor's property;

     b. take necessary action to avoid any liens against the
Debtor's property, if needed;

     c. assist, advise and represent the Debtor in consultations
with creditors regarding the administration of this case, including
the creditors holding liens on the property;

     d. advise and take any action to stay foreclosure proceedings
against any of Debtor's property;

     e. prepare on behalf of the applicants as Debtor-in-possession
necessary applications, answers, orders, reports and other legal
papers;

     f. prepare on behalf of the applicants as Debtor-in-possession
a disclosure statement, a plan of reorganization, and representing
the Debtor at any hearing to approve the disclosure statement and
to confirm the plan of reorganization;

     g. assist, advise and represent the Debtor in any manner
relevant to a review of any contractual obligations, and asset
collection and dispositions;

     h. prepare documents relating to the disposition of assets;

     i. advising the Debtor on finance and finance-related matters
and transactions and matters relating to the sale of the Debtor's
assets;

     j. assisting, advising and representing the Debtor in any
issues associated with the acts, conduct, assets, liabilities and
financial condition of the Debtor, and any other matters relevant
to this case or to the formulation of plan(s) of reorganization;

     k. assist, advise and represent the Debtor in the negotiation,
formulation, preparation and submission of any plan(s) or
reorganization and disclosure statement(s);

     l. provide other necessary advice and services as the Debtor
may require in connection with this case, including advising and
assisting the Debtor with respect to resolving disputes with any
creditor that may arise;

     m. prepare status conference statements, and appear at all
court hearings as necessary, including status conference hearings
before the court; and

     n. obtain the necessary approval from the Court for Approval
of Disclosure Statement and soliciting ballots as necessary for
plan confirmation.

The attorneys at the firm shall be billed at the following rates:

     Arasto Farsad    $350 per hour
     Nancy Weng       $350 per hour
     Paralegals       $100 per hour

The Firm has received a retainer of $15,000, plus $1,717 court
filing fee.

Farsad Law is a "disinterested person" within the meaning of 11
U.S.C. 101(14), according to court filings.

The firm can be reached through:

     Arasto Farsad, Esq.
     Nancy Weng, Esq.
     FARSAD LAW OFFICE, P.C.
     1625 The Alameda Suite 525
     San Jose, CA 95126
     Tel: (408) 641-9966
     Fax: (408) 866-7334
     Email: farsadlaw1@gmail.com

                 About Songwut Art Kochaphum

Songwut Art Kochaphum sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 20-50524) on March 17,
2020, listing under $1 million in both assets and liabilities.
Arasto Farsad, Esq. at Farsad Law Office, P.C., represents the
Debtor as counsel.


SOUTH & HEADLEY: Hires Rabinowitz Lubetkin as Counsel
-----------------------------------------------------
South & Headley Associates, Ltd., seeks authority from the U.S.
Bankruptcy Court for the District of New Jersey to employ
Rabinowitz Lubetkin & Tully, LLC, as counsel to the Debtor.

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, research, preparation of
pleadings and other legal documents, and representation in
negotiations.

Rabinowitz Lubetkin has received a retainer in the amount of
$32,500 from the Debtor, based upon a disbursement on Debtor's
account from Realty Management Associates, an agency account
maintained on behalf of the Debtor and other affiliates of the
Debtor.

Rabinowitz Lubetkin will be paid based upon its normal and usual
hourly billing rates.  The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.

Rabinowitz Lubetkin will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jay Lubetkin, Esq., a partner at Rabinowitz Lubetkin & Tully, LLC,
disclosed in court filings that the firm and its attorneys and
employees are "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code.

Rabinowitz Lubetkin can be reached through:

     Jay L. Lubetkin, Esq.
     RABINOWITZ, LUBETKIN & TULLY, LLC
     293 Eisenhower Parkway, Suite 100
     Livingston, NJ 07039
     Tel: (973) 597-9100
     Fax: (973) 597-9119
     E-mail: jlubetkin@rltlawfirm.com

              About South & Headley Associates

South & Headley Associates, Ltd., filed a Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 20-15065) on March 30, 2020,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by Jay Lubetkin, Esq., at Rabinowitz Lubetkin
& Tully, LLC.


SOUTHWESTERN ENERGY: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Southwestern Energy Company to BB- from BB.

Southwestern Energy is a natural gas exploration and production
company organized in Delaware and headquartered in Spring, Texas.
The company is ranked 642nd on the Fortune 500. The company's
primary exploration and production activities are in the
Appalachian Basin in Pennsylvania and West Virginia.



SPRINT COMMUNICATIONS: Egan-Jones Lowers Sr. Unsec. Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sprint Communications Incorporated to B from B+. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Sprint Communications, Incorporated provides wireless telecom
services.



STAPLES INC: Moody's Alters Outlook on B1 CFR to Negative
---------------------------------------------------------
Moody's Investors Service affirmed Staples, Inc.'s B1 corporate
family rating, its B1-PD probability of default rating, B1 senior
secured rating and B3 senior unsecured rating. The outlook was
changed to negative from stable.

"The negative outlook reflects uncertainty around the duration of
the COVID-19 pandemic and the impact on Staple's earnings,
liquidity and credit metrics caused by lower demand", said Moody's
analyst Peggy Holloway. The affirmation reflects the company's good
liquidity, demand increases in the Pro Segment and Staples.com that
will partially offset lower demand for office supplies as well as
its expectation the company will reduce expenses and capital
spending to minimize the near-term cash burn. Moody's estimates
leverage could rise above its downgrade trigger of 5.5x in 2020,
but can drop in 2021 as demand recovers and corporate actions to
lower costs flow through.

Affirmations:

Issuer: Staples, Inc.

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Senior Secured Bank Credit Facility, Affirmed B1 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD6 from
LGD5)

Outlook Actions:

Issuer: Staples, 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 distribution
and supply chain sector have been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. Staple'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. Its action
reflects the impact on Staple's of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Staples credit profile considers the scale of its delivery-only B2B
business, loyal commercial relationships with high retention rates,
and well-established supply chain and distribution capabilities.
Staples is constrained by continued weakness in demand for core
office products (52% of sales) which is being exacerbated by
reduced demand from corporations whose employees are now working at
home due to COVID-19, its focus on increasing scale in non-office
ancillary products (the Pro segment) that may include debt financed
acquisitions, high leverage and financial strategy risks inherent
in a sponsor-owned company, including potential for leveraging
extractions of equity

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

The ratings could be downgraded if the duration of the closures
lingers, thereby squeezing liquidity or if the probability of
default increases for any reason. Quantitatively, ratings could be
downgraded if debt/EBITDA is sustained above 5.5x or EBIT/interest
trends toward to 2.0x.

Given the negative outlook an upgrade over the near term is
unlikely. However, ratings could be upgraded once the impact of
coronavirus has abated and operating performance has improved such
that debt/EBITDA can be sustained below 4.5x, EBITA/interest
expense is sustained above 3.0x and financial strategies are
supportive of maintaining credit metrics are these levels.

Staples, Inc., headquartered in Framingham, MA, is a
business-to-business distributor of office supplies, and ancillary
products and services selling to corporate customers in North
America and Canada. The company's business units include Staples,
Quill.com, HiTouch Business Services, and Dex Imaging. Staples
serves businesses and organizations of all sizes in North America
through its contract businesses and Staples.com. Quill.com uses a
targeted high touch approach to serve the needs of small and
mid-sized businesses in the United States. HiTouch Business
Services is a nationwide independent dealer of office-related
supplies and services, selling to a mix of large and mid-sized
customers throughout the United States. Dex Imaging is a provider
of imaging solutions in the United States. For the LTM ending
November 2nd, 2019 revenues were $10.8 billion. The company was
acquired and taken private by affiliates of Sycamore Partners, a
private equity company, in September 2017. Upon acquisition, the
predecessor company was split into three stand-alone entities,
Staples' US Retail, Canadian Retail and the North American delivery
business operated by Staples, Inc.

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


STAR PETROLEUM: May 26 Hearing on Disclosure Statement
------------------------------------------------------
Judge Enrique S. Lamoutte has ordered that a hearing on approval of
disclosure statement filed by Star Petroleum Corp. is scheduled for
May 26, 2020 at 10:00 a.m.

Objections to the form and content of the disclosure statement
should be filed and served not less than 14 days prior to the
hearing.

                  About Star Petroleum Corp.

Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020.  In the
petition signed by Sami Abraham, president, the Debtor disclosed
$6,782,500 in liabilities.  CHARLES A. CUPRILL, PSC LAW OFFICES,
serves as bankruptcy counsel to the Debtor.


STERICYCLE INC: Egan-Jones Cuts Local Curr. Unsecured Rating to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the local
currency senior unsecured rating on debt issued by Stericycle
Incorporated to B+ from BB-.

Stericycle Incorporated is a compliance company that specializes in
collecting and disposing of regulated substances, such as medical
waste and sharps, pharmaceuticals, hazardous waste, and providing
services for recalled and expired goods. It also provides related
education and training services, and patient communication
services.



SUNCOKE ENERGY: Moody's Alters Outlook on B1 CFR to Negative
------------------------------------------------------------
Moody's Investors Service changed the rating outlook for SunCoke
Energy Inc. to negative. At the same time, Moody's affirmed
SunCoke's corporate family rating of B1, the probability of default
rating of B1-PD and the B2 rating of senior unsecured notes of
SunCoke Energy Partners, L.P. which are guaranteed by SunCoke. The
Speculative Grade Liquidity Rating remains SGL-2.

"The change in the outlook to negative reflects a significant
deterioration in the North American steel industry conditions and
the uncertainty around the company's cokemaking take-or-pay
contracts expiring in 2020 and 2021," said Botir Sharipov, Vice
President and lead analyst for SunCoke Energy Inc.

Outlook Actions:

Issuer: SunCoke Energy Partners, L.P.

Outlook, Changed to Negative from Stable

Issuer: SunCoke Energy, Inc.

Outlook, Changed to Negative from Stable

Affirmations:

Issuer: SunCoke Energy Partners, L.P.

Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5) from
(LGD4)

Issuer: SunCoke Energy, Inc.

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

RATINGS RATIONALE

SunCoke's B1 corporate family rating reflects its still moderate
leverage and relative earnings stability offered by its long-term
take-or-pay contracts with pass-through provisions, offset by
potential event risk related to high customer concentration,
expiration of some of the contracts in 2020-2021 and challenging
coal and steel industry conditions. The ratings acknowledge that
despite the headwinds faced by the steel industry in the past few
years, its customers continued to either take the contracted
deliveries or make make-whole payments to the company. The company
contracts allow for pass-through, with some variation in contract
structure, of most costs, including metallurgical coal, the
principal raw material input and largest cost component in the
coke-making process. The ratings also acknowledge that the
company's portfolio of efficient and technologically advanced coke
batteries gives it a distinct competitive advantage over other
aging cokemaking facilities in North America that are likely to
continue to close due to environmental challenges and rising
costs.

Soft demand and the resulting downward pressure on steel prices in
2019 negatively impacted the profitability of SunCoke's customers,
the three largest integrated steel producers in North America, with
some, in response, cutting back production and announcing permanent
closures such as AK Steel's Ashland Works facility. The steel
industry conditions worsened further in 2020 prompting additional
steelmaking capacity reductions as the rapid and widening spread of
the coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines created a severe and
extensive credit shock across many sectors, regions and markets.
The combined credit effects of these developments are
unprecedented. The steel sector is a sector that will be affected
by the shock given its sensitivity to end market demand, such as
automotive, OCTG, general manufacturing and sentiment. More
specifically, SunCoke's significant dependence on the steel
industry, its customer concentration and exposure to the coal
industry have left it more vulnerable to shifts in market sentiment
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.

Despite difficult steel industry conditions, Moody's assumes that
SunCoke's customers will continue to honor their take-or-pay
obligations under contracts as they have in the past. SunCoke
generated $254 million in Moody's adjusted EBITDA and $53 million
in free cash flow in 2019. Following the repayment of about $58m of
debt, Debt/ EBITDA, as adjusted, stood at 3.2x at December 31,
2019. For 2020, Moody's expects the adjusted EBITDA in the range of
$220-230 million as the incremental earnings from the Indiana
Harbor over rebuild program will partially offset the EBITDA loss
from the Murray Energy and Foresight Energy bankruptcies and
overall lower logistics revenues. Moody's expects 2020 adjusted
leverage in the range of 3.5-4x but track below 4x in 2021. Moody's
also estimates that SunCoke will remain free cash flow positive in
2020. However, there is a significant uncertainty around the
company's cokemaking business in the longer term given that 1)
contracts representing 30% of its domestic cokemaking capacity
expire in December 2020; 2) Haverhill 2 contract with AK Steel
(550kt, 13% of capacity) expires in December 2021 and, Moody's
believes, is unlikely to be renewed due to the permanent closure of
Ashland Works and 3) North American EAFs continuing to take away
market share from integrated steel producers.

The negative outlook reflects a significant deterioration in the
North American steel industry conditions, the uncertainty around
the company's take-or-pay coke contracts expiring in 2020-2021 and
the overall risk that the credit profile will deteriorate more
meaningfully than currently expected.

As a producer of coke and a supplier of key input ingredient for
the steel industry, SunCoke is exposed to elevated environmental
social and governance risks. SunCoke, like all producers of
carbon-based products is subject to numerous regulations including
environmental laws aimed at reducing greenhouse gas and air
pollution emissions, among a number of other sustainability issues
and will likely incur costs to meet increasingly stringent
regulations. As of December 31, 2019, the company also had $55
million in obligations for coal workers' black lung benefits
related to its legacy coal mining business.

SunCoke's SGL-2 speculative grade liquidity rating reflects its
good liquidity, supported by $97 million in cash as of December 31,
2019 and $245 million available under the $400 million revolving
credit facility. Moody's expects SunCoke to be in compliance with
the restrictive financial covenants under the credit agreement,
which include maximum consolidated leverage ratio of 4.50x and a
minimum consolidated interest coverage ratio of 2.50x.
Substantially all assets that could be pledged are encumbered under
the terms of the credit agreement and Moody's does not view asset
sales as representing an additional source of liquidity. The B2
rating on SXCP's senior unsecured notes, which are guaranteed by
SunCoke, reflect their relative position in the capital structure
with respect to claim on collateral behind SunCoke's secured
revolver.

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

An upgrade is unlikely in the near term but would be considered if
the company's end markets show signs of improvement, coke contracts
successfully renewed in 2020-2021 and Debt/ EBITDA, as adjusted by
Moody's, were expected to be maintained below 2.5x. The ratings
could be downgraded if liquidity were to deteriorate or if Debt/
EBITDA, as adjusted, were expected to exceed and sustain above
4.0x.

SunCoke Energy Inc. is the largest independent US based producer of
coke, a key ingredient in the production of steel in blast furnace
steel operations. The company owns and operates five metallurgical
coke making facilities in the US, and also operates a cokemaking
facility in Brazil on behalf of ArcelorMIttal (Baa3 Negative). The
company's logistics business comprised of 4 terminals, provides
handling and mixing services to steel, electricity utility, coke
and coal producing and other manufacturing companies. The company
generated $1.6 billion in revenues in 2019.

The principal methodology used in these ratings was Steel Industry
published in September 2017.


TAILORED BRANDS: Reports $82.3 Million Net Loss for Fiscal 2019
---------------------------------------------------------------
Tailored Brands, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$82.28 million on $2.88 billion of total net sales for the year
ended Feb. 1, 2020, compared to net earnings of $83.24 million on
$3 billion of total net sales for the year ended Feb. 2, 2019.

As of Feb. 1, 2020, the Company had $2.42 billion in total assets,
$2.52 billion in total liabilities, and a total shareholders'
deficit of $98.31 million.

Cash and cash equivalents at the end of fiscal 2019 were $14.4
million, a decrease of $18.3 million compared to the end of fiscal
2018, primarily due to the decrease in sales and the use of cash on
hand for costs related to the Company's multi-year cost savings and
operational excellence programs, and debt reduction.

Cash provided by operating activities was $99.6 million in fiscal
2019 compared to $322.7 million in fiscal 2018.  The decrease was
primarily driven by lower net earnings after adjusting for non-cash
items other than non-cash lease expense and timing fluctuations in
accounts payable, accrued liabilities and other current
liabilities.

Capital expenditures were $88.5 million in fiscal 2019 compared to
$82.3 million in fiscal 2018.

Total debt at the end of fiscal 2019 was approximately $1.1
billion, down $61.5 million compared to the end of fiscal 2018.
During fiscal 2019, the Company repurchased and retired $54.8
million in face value of its 7% Senior Notes due 2022 and repaid
$9.4 million on its Term Loan Facility.
The Company had $50.0 million borrowings outstanding on its
revolving credit facility as of Feb. 1, 2020.

The Company repurchased 2.4 million shares for a total of $10.0
million at an average price of $4.28.

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

                      https://is.gd/p3Z3EU

                      About Tailored Brands

Tailored Brands, Inc. is an omni-channel specialty retailer of
menswear, including suits, formalwear and a broad selection of
polished and business casual offerings.  The Company delivers
personalized products and services through its convenient network
of over 1,400 stores in the United States and Canada as well as its
branded e-commerce websites at www.menswearhouse.com and
www.josbank.com.  Its brands include Men's Wearhouse, Jos. A. Bank,
Moores Clothing for Men and K&G.

                          *    *    *

As reported by the TCR on March 27, 2020, S&P Global Ratings
lowered all ratings on Calif.-based specialty apparel retailer
Tailored Brands Inc., including its issuer credit rating to 'CCC+'
from 'B', reflecting its view of the company's capital structure as
unsustainable in light of substantially weakened earnings
prospects.


TEARLAB CORP: Extends CRG Loan Due Date Until May 31
----------------------------------------------------
TearLab Corporation entered into a consent agreement by and among
the Company, certain of its subsidiaries and CRG LP and certain of
its affiliate funds as lenders.  The Consent extends the date on
which the principal and interest payments are due under the Loan
Agreement from March 31, 2020 to May 31, 2020.  Additionally, as of
March 31, 2020 the Company was not in compliance with the minimum
revenue covenant under the Loan Agreement and the Consent
temporarily waives any related default until May 31, 2020.  Failure
by the Company to make the principal and interest payment on or
before May 31, 2020 will result in an immediate event of default
under the Loan Agreement.

                        About TearLab

TearLab Corporation (www.tearlab.com) develops and markets
lab-on-a-chip technologies that enable eye care practitioners to
improve standard of care by objectively and quantitatively testing
for disease markers in tears at the point-of-care.  The TearLab
Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay
developed for the award-winning TearLab Osmolarity System.  TearLab
Corporation's common shares trade on the OTCQB Market under the
symbol 'TEAR'.

TearLab reported a net loss and comprehensive loss of $5.42 million
for the year ended Dec. 31, 2019, compared to a net loss and
comprehensive loss of $2.25 million for the year ended Dec. 31,
2018.  As of Dec. 31, 2019, the Company had $14.29 million in total
assets, $40.31 million in total liabilities, and a total
stockholders' deficit of $26.02 million.

Mayer Hoffman McCann P.C., in San Diego, CA, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated March 6, 2020 citing that the Company has incurred recurring
losses, debt covenant violations and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


TENET HEALTHCARE: S&P Assigns 'BB-' Rating to First-Lien Sr. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '1' recovery
rating to Dallas-based Tenet Healthcare Corp.'s proposed first-lien
senior secured notes. The '1' recovery rating indicates S&P's
expectation for very high (90%-100%, rounded estimate: 95%)
recovery for lenders in the event of a payment default. The company
is issuing the notes to provide extra liquidity while it manages
through a substantial decline in patient volume related to the
intentional deferral of elective procedures to help conserve
resources for the Covid-19 crisis. The transaction will slightly
increase leverage. S&P's issuer credit rating on Tenet remains 'B'
with a stable outlook.

At the same time, S&P is lowering its issue-level rating on Tenet's
secured second-lien notes to 'CCC+' from 'B-' and revising the
recovery rating to '6' (rounded estimate: 0%) from '5' (rounded
estimate: 10%). The revision is due to lower recovery prospects for
the second-lien debt resulting from the increase in first-lien
debt, and the expectation the company will succeed with its
intention to increase the size of its ABL to $2 billion from $1.5
billion. Prior to adding this new debt, Tenet had approximately
$300 million in residual enterprise value to be apportioned to
second-lien lenders. Under the new capital structure, which
includes an additional $500 million in first-lien notes, that value
is reserved for first-lien lenders.

"Our 'B' rating and stable outlook on Tenet reflect our view of
operating performance and cash flow amid uncertainty from the
COVID-19 pandemic. While we believe Tenet's recent performance has
improved, it is difficult to predict if and when the company can
return to pre-outbreak levels. We expect performance to be more
consistent with the current rating for the time being," S&P said.

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

-- Tenet's capital structure consists of a $2 billion asset-backed
lending (ABL) revolver, $6.6 billion of senior secured debt, $2.9
billion of second-lien debt, $5.5 billion of unsecured debt, and
about $445 million of finance leases and mortgage debt.

-- S&P has valued the company on a going-concern basis using a
6.0x multiple of the rating agency's projected emergence EBITDA
(which excludes the physician partners' minority interest). This is
consistent with its treatment of other large, well-diversified
hospital operators.

-- S&P estimates that for the company to default, its EBITDA would
need to decline significantly, most likely due to a decrease in
reimbursement rates or the loss of key contracts because of local
market competition.

Simulated default assumptions

-- Simulated year of default: 2022
-- EBITDA at emergence: $1.36 billion
-- EBITDA multiple: 6.0x

Simplified waterfall

-- Net EV of obligors: $7,724 million
-- Priority claims at obligors (ABL): $1,226 million
-- Value avail. to first priority claims: $6,498 million
-- Secured first priority claims: $6,735 million
-- Recovery range: 90%-100%; rounded estimate: 95%
-- Value available to second priority claims: 0
-- Secured second-priority claims: $2,993 million
-- Recovery range: 0%-10%; rounded estimate: 0%
-- Total value available to unsecured claims: 0
-- Unsecured debt claims/Secured deficiency claims: $5,718
million/$3,230 million
-- Recovery range: 0%-10%; rounded estimate: 0%

Notes: Debt amounts include six months of accrued interest that S&P
assumes will be owed at default. Collateral value includes asset
pledges from obligors (after priority claims) plus equity pledges
in nonobligors. S&P generally assumes usage of 60% for asset-based
lending (ABL) revolvers at default

Refinancing assumptions: S&P generally assumes debt maturing before
its simulated default is refinanced before maturity and that highly
amortizing debt is refinanced before the cumulative amortization
exceeds 40% of the original principal.


THERMOGENESIS HOLDINGS: Marcum LLP Raises Going Concern Doubt
-------------------------------------------------------------
ThermoGenesis Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss (attributable to common stockholders) of $9,497,000 on
$13,047,000 of total net revenues for the year ended Dec. 31, 2019,
compared to a net loss (attributable to common stockholders) of
$39,716,000 on $9,672,000 of total net revenues for the year ended
in 2018.

The audit report of Marcum LLP states that the Company has incurred
recurring losses. These recurring losses raise substantial doubt
about the Company's ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $15,214,000, total liabilities of $14,298,000, and a total
equity of $916,000.

A copy of the Form 10-K is available at:

                       https://is.gd/twg4Oi

ThermoGenesis Holdings, Inc. develops, commercializes, and markets
a range of automated technologies for cell-based therapies in the
United States, China, rest of Asia, Europe, and internationally.
The company operates through two segments, Clinical Development and
Device.  The company was formerly known as Cesca Therapeutics Inc.
and changed its name to ThermoGenesis Holdings, Inc. in November
2019.  ThermoGenesis Holdings, Inc. was founded in 1986 and is
headquartered in Rancho Cordova, California.



THREE DIAMOND: Seeks to Hire Morrison Tenenbaum as Counsel
----------------------------------------------------------
Three Diamond Diner Corp., and its debtor-affiliates seek approval
from the US Bankruptcy Court for the Southern District of New York
to hire Morrison Tenenbaum, PLLC as their counsel, effective as of
March 10, 2020.

Three Diamond Diner requires Morrison Tenenbaum to:

     a. advise the Debtor with respect to its powers and duties as
debtor-in-possession in the management of its estate;

     b. assist in any amendments of Schedules and other financial
disclosures and in the reparation/review/amendment of a disclosure
statement and plan of reorganization;

     c. negotiate with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;

     d. prepare on behalf of the Debtor all necessary motions,
applications, answers, proposed orders, reports and other papers to
be filed by the Debtor in this case;

     e. appear before the Bankruptcy Court to represent and protect
the interests of the Debtor and its estate; and

     f. perform all other legal services for the Debtor that may be
necessary and proper for an effective reorganization.

Morrison Tenenbaum will be paid at these hourly rates:

      Lawrence F. Morrison          $525
      Brian J. Hufnagel             $425
      Associates                    $380
      Paraprofessionals             $200

On Feb. 25, 2020, Morrison Tenenbaum received a retainer fee in the
amount of $50,000.  

Morrison Tenenbaum will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Lawrence F. Morrison, a partner at Morrison Tenenbaum, PLLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Morrison Tenenbaum can be reached at:

     Lawrence F. Morrison, Esq.
     Brian J. Hufnagel, Esq.
     MORRISON TENENBAUM PLLC
     87 Walker Street, Floor 2
     New York, NY 10013
     Tel: (212) 620-0938
     E-mail: lmorrison@m-t-law.com
             bjhufnagel@m-t-law.com

                  About Three Diamond Diner Corp.

Three Diamond operates a diner known as "Mt. Kisco Diner" located
at 252 Main Street, Mount Kisco, New York 10549.

Three Diamond Diner Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-22376) on March 10,
2020, listing under $1 million in both assets and liabilities.
Morrison Tenenbaum, PLLC represents the Debtor as counsel.


TITAN INT'L: Egan-Jones Lowers Sr. Unsecured Ratings to CC
----------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Titan International, Incorporated to CC from CCC+.

Titan International, Incorporated is a wheel, tire, and
undercarriage industrial manufacturer and supplier. The Company's
segments are agricultural, earthmoving/construction, and consumer.



TIVO SOLUTIONS: Egan-Jones Lowers Sr. Unsecured Ratings to CCC+
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by TiVo Solutions Incorporated to CCC+ from B-. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

TiVo Solutions Incorporated specializes in entertainment technology
and audience insights. The Company offers services that allow
viewers to record and control live television, customize viewing
preferences, and access television shows.



TRANSATLANTIC PETROLEUM: RBSM LLP Raises Going Concern Doubt
------------------------------------------------------------
TransAtlantic Petroleum Ltd. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
comprehensive loss of $10,692,000 on $67,380,000 of total revenues
for the year ended Dec. 31, 2019, compared to a comprehensive loss
of $22,471,000 on $70,789,000 of total revenues for the year ended
in 2018.

The audit report of RBSM LLP states that the Company has suffered
recurring net losses and had an accumulated deficit that raises
substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $136,504,000, total liabilities of $82,874,000, and a total
shareholders' equity of $7,580,000.

A copy of the Form 10-K is available at:

                       https://is.gd/xhYm4b

TransAtlantic Petroleum Ltd., an oil and natural gas company,
engages in the acquisition, exploration, development, and
production of oil and natural gas.  The Company was founded in 1985
and is based in Addison, Texas.


TRANSDIGM INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on TransDigm Inc. to
negative from stable and affirmed all of its ratings on the
company, including its 'B+' issuer credit rating. At the same time,
S&P assigned its 'B+' issue-level rating and '3' recovery rating to
the company's proposed $1 billion of secured notes due 2025.

"We expect TransDigm's credit metrics to be weaker in fiscal 2020
(Sept. 30 year-end) than we had previously expected due to the
coronavirus outbreak.  TransDigm derives a significant amount of
its earnings from the commercial aftermarket and we expect demand
to be down because the coronavirus pandemic has caused many
airlines to cancel flights. The company has taken actions to
control costs, including workforce reductions. We also expect the
company's financial policy to be more conservative during the
period of lower demand. While we are unsure about the overall
impact the coronavirus will have on TransDigm, we now expect debt
to EBITDA to be above 7x in 2020, compared to our previous forecast
in the low –6x range," S&P said.

"We expect TransDigm to maintain adequate liquidity.  Pro forma for
the close of the notes offering, TransDigm will have about $3.5
billion of cash and access to about $500 million on its revolver.
We expect TransDigm's liquidity and the actions it's taken to
reduce costs to support the business for at least the next few
months." The company does not have any near-term debt maturities,"
the rating agency said.

Environmental, Social, and Governance (ESG) Credit Factors for this
Credit Rating change:

-- Health and Safety Factors

The negative outlook on TransDigm reflects S&P's expectations that
the company's credit metrics will weaken as a result of lower
demand due to the coronavirus significantly reducing commercial air
traffic. S&P now expects debt to EBITDA to be above 7x in fiscal
2020, but to improve in 2021.

"We could lower our rating on TransDigm if debt to EBITDA increases
above 7x over the next 12 months and we do not expect it to
improve. This could be the result of sustained lower demand due to
the coronavirus. This could also follow the company's restart of a
more aggressive financial policy prior to the market recovering,
leading us to believe it will operate at a higher level of leverage
over time," S&P said.

"We could revise our outlook on TransDigm back to stable if debt to
EBITDA remains below 7x and we expect it to remain there. This
would likely be caused by a quicker-than-expected recovery in air
traffic, driving higher aftermarket demand, as well as effective
cost cutting. The company would also have to limit shareholder
returns and acquisitions until demand recovers," the rating agency
said.


TRINITA PARETE: Hires Marc Scolnick PC as Bankruptcy Counsel
------------------------------------------------------------
Trinita Parete LLC seeks authority from the United States
Bankruptcy Court for the Southern District of New York to employ
Law Office of Marc Scolnick P.C. as its general bankruptcy
counsel.

Trinita requires Marc Scolnick to:

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

     b. prepare and file 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;
and

     d. perform such other legal services as may be necessary in
connection with this case.

The firm's prevailing customary hourly rates range from $400 per
hour for attorneys to $175 per hour for the time of certain
paralegals.

The Debtor paid a prepetition retainer in the amount of $22,000 on
Feb. 10, 2020.

The firm does not hold or represent any interest adverse to Debtor,
its creditors or Debtor's estate, and is a disinterested person
within the meaning of Sec. 101(14) of the Bankruptcy, according to
court filings.

The firm can be reached through:

     Marc Scolnick, Esq.
     Law Office of Marc Scolnick P.C.
     84-03 Cuthbert Road Suite 1B
     Kew Gardens, NY 11415
     Phone: (718) 554-6445
     Email: marc@scolnicklaw.com

          About Trinita Parete LLC

Trinita Parete LLC filed a voluntary petition for relief pursuant
to Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-10413) on Feb. 12, 2020. In the petition signed by Anisa
Moloney, authorized representative, the Debtor estimated $500,000
to $1 million in assets and $1 million to $10 million in
liabilities. Marc Scolnick, Esq. at the Law Office of Marc Scolnick
P.C., serves as the Debtor's counsel.


TRINSEO SA: S&P Downgrades ICR to 'B' on Recession Concerns
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Berwyn,
Pa.-based materials company Trinseo S.A. to 'B' from 'B+'. The
outlook is negative.

At the same time, S&P lowered its issue-level rating on Trinseo's
secured debt to 'BB-' from 'BB'. Its '1' recovery rating on the
secured debt remains unchanged. S&P also lowered its issue-level
rating on the company's unsecured debt to 'B' from 'B+' and revised
its recovery rating to '4' from '3'.

The rating action reflects the challenging macroeconomic conditions
Trinseo will face in 2020, which S&P expects will lead to a
material weakening of its credit measures. S&P already viewed the
company's credit measures as weak for the 'B+' rating as of the end
of 2019 because of unfavorable market conditions related to China
tariffs, which reduced demand in key sectors such as automotive and
tires. It now forecasts that U.S. and eurozone GDP, markets that
account for over 70% of Trinseo's sales, will contract in 2020. S&P
also forecasts that global light-vehicle sales will decline by
almost 15% in 2020. A substantial portion of this decline is
occurring in Trinseo's core European markets, where auto
manufacturers including Volkswagen and Fiat Chrysler have announced
temporary factory closures. S&P expects that decline to weaken
Trinseo's automotive segments, which generate about 25% of the
company's sales. Automotive sales are a key demand driver for
styrene products, including synthetic rubber in tires and hard- and
soft-touch plastics used in vehicle interiors. S&P also expects
weakening in other cyclical markets such as construction. It
believes that the coronavirus pandemic will continue to result in
reduced demand due to government- mandated restrictions, leading
people to defer car purchases. S&P expects these conditions will
lead the company's credit measures to be appropriate for the 'B'
rating, including a debt-to-EBITDA of between 5x and 6x on a
sustained basis.

The negative outlook on Trinseo S.A. reflects the potential for
weakening earnings and credit measures in excess of what S&P
assumed in its previous base case. S&P's economic assumptions
include a global recession in the first half of 2020, with
conditions rebounding in the second half, leading to global GDP
growth of 0.4% for all of 2020. In this scenario, S&P expects the
demand for styrene chain products to contract, especially in the
cyclical automotive market. The rating agency expects the company's
core debt-to-EBITDA ratio to remain in the 5x-6x range on a
sustained basis. If the downturn is more severe or longer lasting
than S&P's base case assumption and the company experiences
challenges in preserving its profitability, it could lead its
credit measures to be more appropriate for a 'B-' rating.

"We could lower the rating over the next 12 months if the global
macroeconomic slowdown is more severe and longer lasting than our
current base case, resulting in extended weakness in demand for
Trinseo's products in its end markets, including automotive and
tire, construction, and appliances. This could occur if governments
impose mandates in response to the coronavirus pandemic that limit
economic activity for an extended time, leading to longer-lasting
financial strain on consumers globally. We could lower our ratings
if such conditions led Trinseo' EBITDA margins to decline by at
least 200 basis points (bps) below our expectations, resulting in a
core debt to EBITDA ratio approaching 7x on a sustained basis. We
could also lower the ratings if the company's liquidity weakens or
we believe it will struggle to comply with its covenants. We could
also lower our ratings if, against our expectations, the company
were to undertake any large debt-funded growth projects,
acquisitions, or shareholder rewards that could stretch its credit
measures beyond what we would view as appropriate for the current
rating," S&P said.

"We could revise our outlook to stable if global macroeconomic
activity rebounds faster than expected and Trinseo is able to
expand its profitability despite the slowdown. We could revise the
outlook if we expect its core debt to EBITDA ratio to remain below
6x even after accounting for expected volatility and macroeconomic
weakness. This could occur if there is sustained healthy demand in
key end markets such as automotive and construction in the second
half of 2020 with little evidence of a long-term effect on demand.
We would also need to see the company's profit margin improve by
about 100 bps on higher pricing, lower raw material costs, or lower
operating expenses," the rating agency said.


TRONOX LIMITED: Egan-Jones Lowers LC Sr. Unsecured Rating to CCC-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the local
currency senior unsecured ratings on debt issued by Tronox Limited
to CCC- from CCC.

Tronox Limited operates mining and inorganic chemical businesses.
The Company mines and processes titanium ore, zircon, and other
minerals, as well as manufactures titanium dioxide pigments. Tronox
mines trona ore and manufactures natural soda ash, sodium
bicarbonate, caustic soda, and other compounds that are used in the
production of household products.



TROUSDALE US AUSSIE: Hires Ervin Cohen as Special Counsel
---------------------------------------------------------
Trousdale US Aussie, LLC, seeks authority from the U.S. Bankruptcy
Court for the Central District of California to employ Ervin Cohen
& Jessup LLP as special litigation counsel, effective as of Sep.
12, 2019, with respect to:

-- Matthew Winston v. Nicholas Keros, et al., LASC case no.
BC650916;
-- Matthew Winston v. Trousdale AZ, LLC, et al., LASC case no.
BC723164; and
-- Matthew Winston v. Trousdale NK, LLC, et al., 2nd DCA case no.
B294808.

In 2015, Mr. Nicholas Keros had the opportunity to purchase the
Property for $8.3 million. At the time, the Property was improved
with a dilapidated residence, pool, and related structures. He and
a foreign investor, Henrick Strandgaard, decided to purchase the
Property, obtain permits for new construction, and sell the
newly-permitted Property for a profit.

The buyer of the Property was 460 Trousdale, LLC. The members of
460 Trousdale were Trousdale NK, LLC, and  Trousdale, AZ, LLC.

In February 2017, Matthew Winston filed a purported derivative
action on behalf of Trousdale AZ and another entity against Mr.
Keros, Trousdale NK, 460 Trousdale, and others. Generally, Mr.
Winston alleged that the Trousdale-related defendants improperly
relinquished Trousdale AZ's interest in 460 Trousdale, and
improperly utilized loan proceeds.

In May 2018, the Superior Court sustained a demurrer filed by Mr.
Keros, the Debtor, and certain other defendants.

Mr. Winston appealed the Superior Court's ruling as to Trousdale
NK, Trousdale Development, and the Debtor. The appeal is pending
before the Second Appellate District of the California Court of
Appeal.

The Debtor requires Ervin Cohen to:

     1. represent the Debtor in and with respect to the pending
appeal;

     2. if the appellate court reverses the order dismissing the
first Winston Matter as to the Debtor, represent the Debtor in the
first Winston Matter;

     3. represent the Debtor in the second Winston Matter; and

     4. represent the Debtor in any subsequent matters relating to
the claims and disputes at issue in the Winston Matters.

Ervin Cohen and all of its partners and associates are
disinterested persons as that term is defined in 11 U.S.C. Sec.
101(14), according to court filings.

The firm can be reached through:

The firm can be reached through:

     Michael D. Murphy, Esq.
     Ervin Cohen & Jessup LLP
     9401 Wilshire Boulevard, Ninth Floor
     Beverly Hills, CA 90212-2974
     Phone: 310-273-6333
     Fax: 310-859-2325
     Email: info@ecjlaw.com

               About Trousdale US Aussie

Trousdale US Aussie, LLC, based in Beverly Hills, CA, filed a
Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-20822) on Sept.
12, 2019.  In the petition signed by Trevor Groeneveld, authorized
agent, the Debtor was estimated to have $10 million to $50 million
in both assets and liabilities.  The Hon. Julia W. Brand oversees
the case.  John N. Tedford IV, Esq., at Danning Gill Diamond &
Kollitz, LLP, serves as bankruptcy counsel to t he Debtor.


TTM TECHNOLOGIES: Fitch Alters Outlook on 'BB' LT IDR to Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
TTM Technologies, Inc. and TTM Technologies Enterprises Limited at
'BB' and has revised the Outlook to Negative. Fitch has also
affirmed the senior secured debt rating of 'BBB-'/'RR1' for the ABL
facilities, the senior secured debt rating of 'BB+'/'RR1' for the
term loans, the senior unsecured debt rating of 'BB'/'RR4' and the
senior subordinated debt rating of 'B+'/'RR6'. Fitch's actions
affect approximately $1.7 billion of committed and outstanding
debt.

Following the leveraging acquisition of Anaren Inc. in 2018,
leverage has remained stubbornly above the company's 2.0x net
leverage target and Fitch's 3.5x gross leverage negative
sensitivity, as operating results fell short of expectations due to
a poorly received new product launch by the company's largest
handset client in 2H18. This was compounded by softening automotive
markets in 2019, preventing anticipated deleveraging within Fitch's
typical rating horizon. However, Fitch expects the pending sale of
the company's Mobility business, along with the strong FCF
generated in 2019, will result in cash balances of approximately $1
billion. This will position TTM to reduce leverage below Fitch's
negative threshold through further prepayments of the term loan and
repayment of the maturing convertible notes, despite economic
headwinds caused by the coronavirus outbreak. Based on its 2020
EBITDA forecasts, Fitch estimates TTM would need to reduce debt by
$650 million to satisfy its rating thresholds. Fitch expects to
stabilize the Rating Outlook upon debt repayments that reduce
leverage to within its sensitivity range.

KEY RATING DRIVERS

Improved End-Market Mix: TTM has continued to pursue its strategy
to reduce operating volatility by seeking an increased mix of sales
into end markets with advantageous characteristics. The company
reduced its exposure to deeply cyclical consumer electronic device
markets, with a Fitch-estimated 17% of 2019 revenue derived from
consumer device-related end markets, down from 27% in 2014. TTM
announced in January 2020 the sale of four Chinese manufacturing
plants that comprise the company's mobility business to a Chinese
consortium, AKMMeadville Electronics (Xiamen) Co., Ltd., for $550
million plus the retention of certain accounts receivable estimated
to provide an additional $110 million in cash proceeds. Fitch
expects remaining exposure to consumer electronic markets to be
largely insignificant following the close of the transaction.

In place of these sales, TTM has increased its exposure to
favorable end markets such, as automotive and aerospace and defense
(A&D), that are characterized by longer product cycles, deeper
customer engagement, lower threat of competitive displacement and
decreased order volatility. TTM's 2015 acquisition of Viasystems
Inc. materially increased exposure to automotive end markets to 20%
of revenue from 2%, and the 2018 acquisition of Anaren increased
exposure to A&D markets to 20% from 16% on a pro forma basis.

Fitch believes the improved end-market mix contributes to lower
revenue volatility through economic and product cycles; introduces
new sources of secular growth as wireless handsets reach
saturation; and presents opportunities for margin enhancement
through deeper customer engagement, increased advanced product
sales, longer product cycles and increased returns on capital
investment.

Reduced Customer Concentration: The divestiture of TTM's Mobility
business significantly reduces customer concentration by nearly
eliminating sales to the company's largest handset original
equipment manufacturer (OEM) customer that represented 15%-20% of
revenues during 2016-2019. While TTM's OEM remaining clients also
operate in concentrated markets, such as A&D, wireless
infrastructure and autos, Fitch estimates the company's revenue
exposure to its top five clients will be reduced to approximately
25% from 32%-37% during 2016-2019 upon closing of the transaction.
Fitch believes the remaining large customers present favorable
characteristics, such as improved secular growth trends, longer
product cycles, deeper design engagement and reduced risk of
competitive displacement, leading to increased revenue stability
and visibility.

Commitment to Leverage Target: TTM management has expressly
committed to a long-term net leverage target of 2.0x EBITDA,
compared with Fitch-calculated 2019 gross and net leverage of 4.0x
and 3.1x, respectively. Following the leveraging acquisition of
Anaren in 2018, leverage remains stubbornly above the company's
target and Fitch's 3.5x gross leverage negative sensitivity, as a
poorly received product introduction by the company's largest
handset client in 2H18 was compounded by softening automotive
markets in 2019, preventing anticipated deleveraging in Fitch's
expected two-year time frame.

The company has demonstrated willingness to exceed the target for
M&A opportunities, but management historically prioritized debt
repayment to return to the long-term target in two to three years
following an acquisition. The 2015 Viasystems acquisition took pro
forma net leverage (excluding synergies) to 4.1x and was followed
by $220 million in voluntary debt prepayment, reducing net leverage
to 2.1x by YE 2016. The 2018 Anaren acquisition was similarly
followed by $144 million in voluntary term loan prepayments to
date.

Fitch believes the strong FCF experienced in 2019 that resulted in
nearly $170 million of cash inflow, as well as the pending sale of
the Mobility segment, will result in approximately $1 billion of
readily available cash. This will position TTM to achieve
management's target and reduce leverage below Fitch's negative
threshold through further prepayments of the term loan and
repayment of the maturing convertible notes, despite economic
headwinds caused by the coronavirus outbreak. Fitch estimates TTM
would need to reduce debt by $650 million to satisfy its rating
thresholds. Fitch expects to stabilize the Rating Outlook upon debt
repayments that reduce leverage to within its sensitivity range.

Product Necessity: TTM produces printed circuit boards (PCBs),
which are used to connect the underlying circuitry in nearly all
electronic and computing products. Given the product's necessity,
long-term demand for PCBs is secure, despite short-term economic
cyclicality. Fitch believes the ubiquitous nature of and
sustainable demand for PCBs is supportive of the company's credit
profile.

Reliable FCF Generation: TTM generated FCF margins averaging 6.5%
over the most recent four years and has demonstrated strong cash
flow resiliency during adverse environments, with a 2018 trough
margin that still exceeded 4%. Fitch believes the acquisition of
the higher margin Anaren and sale of the Mobility segment;
increased sales of advanced technologies; opportunities to engage
clients in complex design and engineering work; accelerated demand
growth in attractive end markets, such as A&D and automotive;
longer product runs; and lower upfront capital investment may drive
improved FCF margins over the long term.

Fragmented Industry: The PCB industry contains nearly 2,600
manufacturers, with the top five, including TTM, accounting for
4%-5% market share each. Fitch believes the high fragmentation
results in ongoing pricing pressure, low margins and revenue
volatility. TTM has improved its competitive positioning through
development of advanced technologies and with the acquisition of
Anaren, which provides competitive advantages in A&D markets, as
well as with its large-scale, global manufacturing footprint
capable of fulfilling the high-volume needs of large OEMs.

Weak Position in Value Chain: TTM often experiences low revenue
visibility given a limited backlog of approximately 90 days, lack
of volume commitments in contracts and short lead times for
purchase orders that are typically subject to cancellation without
penalty. Fitch believes the company's position reduces forecasting
ability and contributes to revenue and EBITDA margin volatility.

DERIVATION SUMMARY

TTM continues to pursue the strategic goal of reducing operating
volatility while increasing exposure to markets with favorable
characteristics. Following the acquisition of Anaren in 2018, which
increased exposure to A&D markets, TTM recently announced the sale
of its Mobility business unit a Chinese consortium, AKMMeadville
Electronics (Xiamen) Co., Ltd., for estimated total net after-tax
proceeds of $600 million. The transaction serves to reduce exposure
to consumer electronics markets that have frequently experienced
acute swings in production volumes due to short lead times, high
customer concentration and elevated seasonality, while also
presenting minimal further growth opportunity due to handset
saturation. Fitch estimates a low single-digit percentage of
revenue will be generated from consumer electronics markets
following the disposition.

In contrast, Fitch believes the exit will allow TTM to increase
focus on attractive markets, such as A&D, automotive,
medical/industrial and wireless infrastructure, where increased
defense spending with and strategic focus on radar and other
advanced technology, rising electronic content in autos, 5G
buildout, development of medical instrumentation and internet of
things provide favorable secular dynamics. Increased exposure to
these end markets provides stronger long-term growth prospects,
reduced economic sensitivity, improved predictability, deeper
customer engineering engagement and longer product cycles. Fitch
views the impacts of the sale and exit from the handset market
positively, as it eliminates many of the adverse dynamics and risks
TTM experienced in recent years, while increasing focus on stronger
end markets and allowing the company to move up the value chain
with more highly engineered products, resulting in a healthier
operating profile.

TTM is well positioned comparably among industry competitors given
its top-five position in the PCB industry, global manufacturing
scale, end-market diversification, focus on leading advanced
technology PCBs, deep engineering engagement with customers and
sole position as a U.S.-domiciled PCB manufacturer in the global
top 10 that is required to serve sensitive product areas in
technology and A&D markets. TTM has experienced similar operating
volatility compared with credit peers Jabil Inc. (BBB-/Stable) and
Flex Ltd. (BBB-/Stable), but has generated favorable FCF margins in
the mid to high single digits with few periods of cash burn
throughout cycles. TTM also maintains similar end-market exposures,
with significantly smaller scale, but has pursued a differentiated
strategy by exiting consumer electronics markets with the sale of
the Mobility segment, likely resulting in reduced future
volatility. TTM has also demonstrated greater willingness to absorb
higher leverage for M&A transactions that fulfil strategic
priorities, such as the Anaren acquisition, that along with
deterioration in end markets contributed leverage elevated above
Fitch and management targets. The disposition now positions TTM
with sufficient cash to reduce leverage to within Fitch's 3.5x
negative sensitivity threshold, and Fitch would expect to stabilize
the Outlook upon such an outcome.

The ratings reflect the company's improved end-market mix, reduced
customer concentration, gradual progress up the value chain,
demonstrated commitment to prepaying debt to achieve leverage
targets, reliable FCF and expectation for reduced operating
volatility. No Country Ceiling or operating environment aspects
affect the rating. Fitch applied its parent/subsidiary criteria and
determined the IDRs of TTM Technologies, Inc. and TTM Technologies
Enterprises (HK) Limited should be equalized due to strong legal,
operational and strategic ties.

KEY ASSUMPTIONS

  -- Revenue: 25% decline in 2020 due to macro impacts of
coronavirus and disposition of Mobility segment in 2H20; growth of
4%-6% per annum thereafter due to strength in strategic defense
platforms, commercial aerospace upgrades, increasing electronic
content in automotive end markets, 5G infrastructure buildout and
continued Data center expansion;

  -- EBITDA Margin: Compression of 12% in 2020 due to revenue
declines and disposition of Mobility segment, followed by return to
14.5% margin in fiscal 2020 and 50bps expansion per annum
thereafter due to increased engineering engagement with customers,
growth in advanced technology sales, increased mix from higher
margin Anaren revenues and operating leverage;

  -- Capex: Capital intensity of 5%, consistent with recent history
and at the high end of management's 4%-5% target;

  -- Debt: Repayment of convertible notes upon maturity in 2020
using readily available cash balances;

  -- M&A: disposition of Mobility segment in 2H20 for $550 million
cash consideration plus the collection of $110 million of
outstanding accounts receivable.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to
stabilization of the Rating Outlook:

  -- Debt repayments sufficient to reduce total debt with equity
credit/operating EBITDA leverage to below 3.5x, following
coronavirus disruptions and successful completion of the Mobility
business disposition;

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

  -- Expectation for total debt with equity credit/operating EBITDA
to be sustained below 3.0x;

  -- Expectation for gross debt/FCF to be sustained below 6.0x;

  -- Improved diversification and increased exposure to more stable
end markets results in reduced cyclicality and improved
visibility.

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

  -- Expectation for total debt with equity credit/operating EBITDA
to be sustained above 3.5x due to a change in financial policies
and/or deterioration of growth and margin expansion opportunities;

  -- Expectation for gross debt/FCF to be sustained above 7.0x.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios Non-Financial Corporate:

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

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity Position: The company's liquidity position has
grown substantially, consisting of $400 million of readily
available cash and available borrowing capacity under the U.S.
asset-backed loan (ABL) and the Asia ABL facilities of $95.5
million and $98.3 million, respectively, as of Dec. 29, 2019.
Strong FCF through fiscal 2019 led to significant growth in cash
from $256 million at YE fiscal 2018, and the pending disposition of
the Mobility segment for $550 million plus the collection of up to
$110 million of currently outstanding accounts receivable related
to the segment will result in levels above $1 billion, prior to any
debt repayments. Liquidity is further supported by TTM's reliably
consistent FCF that Fitch's forecasts will total $100 million-$150
million per annum through 2022. The strong liquidity position is
more than sufficient to fund the $250 million maturity of the
convertible notes due in December 2020 and to sustain through a
pronounced downturn due to the impacts of the coronavirus.

Total committed and outstanding debt as of Dec. 29, 2019 consists
of:

  -- $40 million outstanding on the $150 million U.S. ABL facility
due 2024;

  -- $30 million outstanding on the $150 million Asian ABL facility
due 2024;

  -- $806 million outstanding principal on the senior secured term
loan due 2024;

  -- $375 million outstanding principal on the senior unsecured
notes due 2025;

  -- $250 million outstanding principal on the senior unsecured
non-guaranteed convertible notes due 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch made standard financial adjustments as described in the
applicable ratings criteria.


TUPPERWARE BRANDS: Egan-Jones Cuts Local Curr. Unsec. Rating to BB
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Tupperware
Brands Corporation to BB from BBB.

Tupperware Brands Corporation, formerly Tupperware Corporation, is
an American multinational multi-level marketing company. Its main
focus is a kitchen and household products, particularly plastic
containers for food storage and preparation.



TWINS SPECIAL: Seeks to Hire Bruce R. Babcock as Legal Counsel
--------------------------------------------------------------
Twins Special, LLC, seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to hire the Law Office of
Bruce R. Babcock, Esq. as its legal counsel.
   
The firm will assist Debtor in the preparation of a plan of
reorganization and will provide other legal services in connection
with its Chapter 11 case.  

Bruce Babcock, Esq., disclosed in court filings that his firm is
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Bruce R. Babcock, Esq.
     Law Office of Bruce R. Babcock, Esq.
     4808 Santa Monica Ave.
     San Diego, CA 92107
     Tel: (619) 222-2661

                       About Twins Special

Twins Special, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Calif. Case No. 20-01230) on March 3,
2020.  At the time of the filing, Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range.  The Debtor is represented by the Law Office of Bruce
R. Babcock, Esq.


TZEW HOLDCO: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: TZEW Holdco LLC
             18575 Jamboree Road
             Suite 600
             Irvine, CA 92612

Business Description: The Debtors are a privately held owner-
                      operator of amusement parks, resorts, and
                      family entertainment centers across the
                      country.  Founded in 2014, the Debtors'
                      business strategy focuses on the
                      acquisition, operation, growth, and
                      development of various properties into
                      economical, family-friendly entertainment
                      and amusement venues.  The Debtors'
                      locations include year-round family
                      entertainment centers, water parks, and
                      amusement parks in states across the
                      country, including California, Texas, and
                      Florida.  Each of the Debtors' locations
                      provides affordable, family-friendly
                      entertainment to local markets and features
                      numerous attractions, including rides,
                      games, and events.  For more information,
                      visit http://www.apexparksgroup.com/

Chapter 11
Petition Date:        April 8, 2020

Court:                United States Bankruptcy Court
                      District of Delaware

Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                       Case No.
      ------                                       --------
      TZEW Holdco LLC (Lead Debtor)                20-10910
      Apex Parks Group, LLC                        20-10911
      Apex Real Property Holdings, LLC             20-10912
      Speedzone Beverage Company, LLC              20-10913
      TZEW Intermediate Corp.                      20-10916
      Speedzone Holdings, LLC                      20-10914
      Speedzone Mangement, LLC                     20-10915

Debtors' Counsel: Laura Davis Jones, Esq.
                  David M. Bertenthal, Esq.
                  Timothy P. Cairns, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 North Market Street, 17th Floor
                  P.O. Box 8705
                  Wilmington, Delaware 19899 (Courier 19801)
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: ljones@pszjlaw.com
                          dbertenthal@pszjlaw.com
                          tcairns@pszjlaw.com

Debtors'
Investment
Banker &
Financial
Advisor:          IMPERIAL CAPITAL LLC

Debtors'
Restructuring
Advisor:          PALADIN MANAGEMENT GROUP, LLC

Debtors'
Claims &
Noticing
Agent:            KURTZMAN CARSON LLC
                  https://www.kccllc.net/apex

Estimated Assets
(on a consolidated basis): $50 million to $100 million

Estimated Liabilities
(on a consolidated basis): $100 million to $500 million

The petitions were signed by John Fitzgerald, chief executive
officer.

A copy of TZEW Holdco's petition is available for free at
PacerMonitor.com at:

                    https://is.gd/2ARnsW

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Store Master Funding VII, LLC      Landlord          $1,565,324
8501 E. Princess Drive
Suite 190
Scottsdale, AZ 85255
Christopher H. Volk
Tel: 480-256-1100
Fax: 480-256-01101

2. BK of Destin Inc.                  Landlord            $442,193
381 West Miracle Strip Parkway
Mary Esther, FL 32569
George Brown
Tel: wingshooter@cox.net

3. Turnstile, Inc.                  Professional          $371,756
2002 Academy Lane                     Services
Suite 100
Dallas, TX 75234
John Seeker
Tel: 214-210-6O0O
Email: bmccullough@turnstileinc.com

4. Stemmons Park Ltd.                 Landlord            $294,333
3838 Camino Del Rio
#300 N
San Diego, CA 92108
Richard C. Dentt
Tel: 619-280-6400 ext. 212
Email: glenda@pacrealty.com

5. Broadspire Services, Inc.        Professional          $256,570
5335 Triangle Parkway NW              Services
Peachtree Corners, GA 30092
Jason Hernesman
Tel: 404-300-0700
Fax: 404-300-1005
Email: Jason_Hernesman@choosebroadspire.com

6. Johnson Law Group                Professional          $224,149
370 West Camino Gardens               Services
Boulevard
Suite 402
Boca Raton, FL 33432
Jeffrey W. Johnson, Esq.
Tel: 561-994-9433
Fax: 561-994-9099
Email: jwj@j2law.com

7. Broadsky Partners LLC            Professional          $219,929
1230 Ave of the Americas              Services
321081669
New York, NY 10020
Tel: 312-649-5666

8. Accordian Partners LLC           Professional          $155,841

31 West 52nd Street                   Services
16th Floor
New York, NY 10019
Herb Cohen
Tel: 646-485-8000
Email: billings@accordion.com

9. Boca Raton Airport Authority      Landlord             $149,274
903 NW 35th Street
Boca Raton, FL 33431
Ariadna Camilo
Clara Bennett
Tel: 561-391-2202
Email: ariadna@bocaairport.com
clara@bocaairport.com

10. Blue Shield of California      Professional           $148,284
P.O. Box 749415                      Services
Los Angeles
Seth Jacobs, Esq.
Tel: 866-346-7198
Fax: 415-229-5056
Email: seth.jacobs@blushieldca.com

11. KFL Development, LLC             Landlord             $138,981
44 Montgomery Street
Suite 2388
San Francisco, CA 94104
Ashley Sokol
Krausz Puente
Tel: 415-732-5600
Email: dan@krauszco.com

12. Betson Imperial Parks & Serv.     Trade               $115,457
12981 Florence Avenue
Santa Fe Springs, CA 90670
Tel: 800-824-6596
Email: customerservice@betson.com

13. Krausz Puente, LLC              Landlord              $106,682
44 Montgomery Street
Suite 2388
San Francisco, CA 94104
Krausz Puente
Email: dan@krauszco.com

14. The Ultimate Software          Professional           $103,195

Group, Inc.                          Services
2000 Ultimate Way
Weston, FL 33326
Arlene Rodriguez
Email: AccountsReceivable@ultimatesoftware.com

15. Constellation New Energy, Inc.    Trade                $79,444
P.O. Box 4640
Carol Stream, IL 60197
James McHugh
Tel: 844-636-3749
Email: CustomerCare@constellation.com

16. Town of Grand Island-Water        Trade                $78,558
2225 Baseline Road
Grand Island, NY 14072
James Dlugokinski
Tel: 716-775-1929
Email: water@grand-island.ny.us

17. Comcast Cable Communications      Trade                $77,313
Management dba Effectv
1701 JFK Boulevard
Philadelphia, PA 19103
Alicia Kristy
Tel: 504-302-0976
Email: kristyalicia@trustaltus.com

18. Amuse LLC                         Trade                $69,650
7083 W. Mahogany Road
Coeur d'Arlene, ID 83814
Brandon Paul
Tel: 208-277-5320
Email: brandon@amuserides.com

19. John M. Huish Properties        Landlord               $61,328
33361 Marina Vista
Dana Point, CA 92629
Dyke Huish
Email: huishlaw@mac.com

20. Carolyn B. Huish Properties     Landlord               $60,623
33361 Marina Vista
Dana Point, CA 92629
Dyke Huish
Email: huishlaw@mac.com

21. Livermore Airway Business Park  Landlord               $49,234
3375 Scott Blvd
Suite 308
Santa Clara, CA 95054
Tel: 408-496-1234
Fax: 408-988-4768
Email: joan@tjrinc.com
tsiewert@tjrinc.com

22. Carothers DiSante &            Professional            $39,463
Freudenberger LLP                    Services
18300 Von Karman Avenue
Suite 800
Irvine, CA 92612
Brian E. Cole II
Tel: 949-622-1611
Email: twulffson@cdflaborlaw.com

23. Dennis Foland Inc.               Trade                 $37,529
dba Sureshot Redemption Charm Co
P.O. Box 5935
Drawer #2426
Troy, MI 48007-5935
Tel: 909-930-9900
Email: ar@folandgroup.com

24. 18691 Jamboree Road Tenant LLC   Landlord              $32,980
18575 Jamboree Road
Irvine, CA 92612
Email: help@wework.com

25. BMI Broadcast Music Inc.       Professional            $32,830
P.O. Box 630893                     Services
Cincinnati, OH 45263-0893
Rachel Craver
Mike O'Niell
Tel: 800-925-8451
Email: rcraver@bmi.com

26. Adaptive Insights, Inc.        Professional            $31,644
3350 W. Bayshore Road                Services
Suite 200
Palo Alto, CA 94303
Jennie Wilstead Fay
Tel: 650-528-7500
Fax: 650-528-7501
Email: jwilstead@adaptivesights.com

27. AFCO Insurance Premium         Professional            $30,958
Financing                            Services
P.O. Box 4795
Carol Stream, IL 60197-4795
Rolin Salinas
Bob Pinkerton
Tel: 800-288-6901
Email: propmtservice@afco.com

28. RB U'Ren Equipment                Trade                $29,701
1120 Connecting Road
Niagara Falls, NY 14304
Dana Hartman
Tel: 716-283-4466
Email: tammy@rburen.com

29. J-Mar Sisk Road Property, L.P.   Landlord              $25,966
515 Lyell Drive
Suite 101
Modesto, CA 95356
Zach DeGough
Tel: 209-578-5800
Email: zach.degough@berberianco.com

30. McKool Smith, a Professional   Professional            $25,960
Corporation                          Services    
300 Crescent Court
Suite 1500
Dallas, TX 75201
Jamie Huffman
Tel: 214-978-4253
Fax: 214-978-4044
Email: jhuffman@McKoolSmith.com


U.S. STEEL: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by United States Steel Corporation to B from BB-. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

United States Steel Corporation, more commonly known as U.S. Steel,
is an American integrated steel producer headquartered in
Pittsburgh, Pennsylvania, with production operations in the United
States and Central Europe.



UNDER ARMOUR: Egan-Jones Cuts Local Curr. Unsecured Rating to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the local
currency senior unsecured rating on debt issued by Under Armour,
Incorporated to BB- from BB.

Under Armour, Incorporated is an American company that manufactures
footwear, sports, and casual apparel.[2] Under Armour's global
headquarters are located in Baltimore, Maryland.



UNDER ARMOUR: S&P Alters Outlook to Negative, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB' issuer credit rating.

Store closures and a sharp drop in consumer spending due to the
COVID-19 pandemic will result in severe revenue declines.  

"While stores in China have reopened following closure in February,
we expect that consumers will be slow to return to normal retail
activity as fears of a resurgence of infection remain. In addition,
Under Armour's closure of North America stores, which started March
16, could be extended beyond the current April 4 date as government
and individual actions to contain the spread of COVID-19 persist.
Although we anticipate that stores will come back online at some
point in the second quarter of the fiscal year, the operating
environment will be challenging through the remainder of the year,
as S&P Global Ratings now believes the global economy has entered
into a recession. Given the discretionary nature of performance
sports apparel, we anticipate that consumer demand will decline
materially amid high unemployment and economic uncertainty," S&P
said.

The negative outlook reflects the heightened risk that credit
metrics will materially weaken as operating performance suffers,
driven by store closures and global economic recession. A
lengthening of store closures in North America, or a
sharper-than-expected drop in consumer spending could hinder the
company's ability to recover operationally.

"We could lower the rating if Under Armour's leverage remains in
the high-3x area on a sustained basis. This could result from a
more severe and prolonged recessionary macroeconomic environment,
such that the company cannot improve operating results in fiscal
2021," S&P said.

"We could revise the outlook to stable if the company's sales and
earnings prospects improve as a result of strengthening customer
confidence, such that we believe Under Armour can maintain leverage
below 3x on a sustained basis," the rating agency said.


UNIT CORP: PricewaterhouseCoopers LLP Raises Going Concern Doubt
----------------------------------------------------------------
Unit Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
attributable to Unit Corporation of $553,879,000 on $674,634,000 of
total revenues for the year ended Dec. 31, 2019, compared to a net
loss attributable to Unit Corporation of $45,288,000 on
$843,281,000 of total revenues for the year ended in 2018.

The audit report of PricewaterhouseCoopers LLP states that the
Company has incurred significant losses, is in a negative working
capital position, and does not anticipate that forecasted cash and
available credit capacity will be sufficient to meet their
commitments over the next twelve months, which raises substantial
doubt about its ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $2,090,052,000, total liabilities of $1,034,417,000, and a total
shareholders' equity of $1,055,635,000.

A copy of the Form 10-K is available at:

                       https://is.gd/YrObEr

Unit Corporation, together with its subsidiaries, engages in the
exploration, acquisition, development, and production of oil and
natural gas properties in the United States. It operates through
three segments: Oil and Natural Gas, Contract Drilling, and
Mid-Stream.  Unit Corp was founded in 1963 and is headquartered in
Tulsa, Oklahoma.


UNIVERSAL HEALTH: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured rating on debt
issued by Universal Health Services Incorporated to BB+ from BBB+.

Based in King of Prussia, Pennsylvania, Universal Health Services
is a large provider of hospital and healthcare services.


UPSTREAM NEWCO: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Upstream Newco,
Inc., including the Corporate Family Rating to B3 from B2, the
Probability of Default Rating to B3-PD from B2-PD, the senior
secured first lien credit facility rating to B2 from B1, and the
senior secured second lien credit facility rating to Caa2 from
Caa1. The outlook was changed to negative from stable.

The downgrade of the CFR to B3 reflects Upstream's elevated
financial leverage at the B2 level that is unlikely to improve
below its former downgrade triggers and expected weakening of
liquidity over the coming quarters due to the coronavirus
pandemic.

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 timing for
recovery remains uncertain.

The change of outlook to negative reflects Moody's view that
physical therapy companies like Upstream will experience a
significant drop in volumes over the coming weeks due to declines
in demand and appointments. While Upstream has some ability to
improve liquidity by reducing variable costs and growth capital
expenditures, 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. That
said, Moody's believes that Upstream will continue to be able to
serve a portion of patients through telehealth visits and that
demand for physical therapy services will return to more normalized
levels in the second half of 2020.

Ratings Downgraded:

Issuer: Upstream Newco, Inc.

Corporate Family Rating, downgraded to B3 from B2

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

Senior secured first lien first lien revolver expiring 2024,
downgraded to B2 (LGD3) from B1 (LGD3)

Senior secured first lien term loan due 2026, downgraded to
B2 (LGD3) from B1 (LGD3)

Senior secured second lien term loan due 2027, downgraded to
Caa2 (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Upstream Newco, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Upstream's B3 Corporate Family Rating reflects its high financial
leverage and geographic concentration in the southeastern region of
the US. The rating also reflects the company's rapid expansion
strategy as it grows predominantly through new clinic openings. The
rating is also constrained by the low barriers to entry in the
physical therapy business and the risk of market oversaturation
given the rapid expansion plans of Upstream and many of its
competitors. Further, the B3 rating contemplates the anticipated
reduction in demand, revenue and profitability declines caused by
the coronavirus global pandemic. The rating is supported by
Upstream's strong track record of same store sales growth and
management of new clinic expansions and acquisitions. Additionally,
Upstream has some ability to preserve liquidity by reducing new
clinic openings.

Moody's considers Upstream to have adequate liquidity. The company
has historically had positive free cash flow, though limited by
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 modestly
negative free cash flow. Liquidity is supported by approximately
$50 million of cash including cash from the company's fully drawn
revolver.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, Upstream faces
other social risks such as the rising concerns around the access
and affordability of healthcare services. However, Moody's does not
consider the physical therapy providers to face the same level of
social risk as many other healthcare providers. Further, Upstream
benefits from positive social considerations, as physical therapy
can be a less expensive and a safer alternative to surgery or
opioid usage. From a governance perspective, Moody's views
Upstream's growth strategy to be aggressive given its history of
debt-funded new clinic openings and clinic acquisitions.

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

Ratings could be downgraded if the company's liquidity weakens or
if the company is not able to reduce variable costs and capital
expenditures in the coming weeks to mitigate the negative impact of
coronavirus on volumes. Beyond coronavirus, if the company fails to
effectively manage its rapid growth or the company pursues more
aggressive financial policies, the ratings could be downgraded.

Although unlikely in the near term, ratings could be upgraded if
Upstream materially increases its size and scale and demonstrates
stable organic growth at the same time that it effectively executes
its expansion strategy. Additionally, debt/EBITDA sustained below
6.0 times could support an upgrade.

Upstream Newco, Inc., headquartered in Birmingham, Alabama, is a
provider of outpatient rehabilitation services - primarily physical
therapy. Through its subsidiaries, it operates over 750 clinics in
27 states, with a strong presence in the southeast. Upstream is
owned by Revelstoke Capital Partners, LLC, a Denver-based private
equity firm. The company's revenue as of September 30, 2019 is
approximately $508 million.

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


USF HOLDINGS: S&P Downgrades ICR to 'CCC' on Coronavirus Impact
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on USF Holdings
LLC to 'CCC' from 'B'. At the same time, S&P lowered its rating on
the company's term loan B to 'CCC' from 'B+', and revised the
recovery rating to '3' from '2'. S&P also placed its ratings on USF
on CreditWatch with negative implications.

USF's exposure as an original equipment (OE) supplier, lower-margin
profile over the last few years due to industry dynamics, and
customer concentration render it very vulnerable to the coronavirus
pandemic.   Although there continues to be significant uncertainty
around the effects of the pandemic, USF's operating performance
will deteriorate over the next six months or longer, depending on
how long the original equipment manufacturers (OEMs) keep their
production shuttered. USF's geographic concentration is largely in
the U.S., and the customer concentration is high, with almost 80%
of sales generated from Fiat Chrysler (FCA), Ford, and General
Motors (GM).

CreditWatch

The CreditWatch negative placement reflects S&P's view that there
is at least a 50% chance it will lower its ratings on USF if the
coronavirus impacts are greater than it expects, causing a strain
on cash that could lead to a distressed exchange within the next
six months, either due to the large amortization payment or a
potential covenant breach.


VALSPAR CORP: Egan-Jones Cuts Local Curr. Unsecured Rating to CC
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the local
currency senior unsecured ratings on debt issued by The Valspar
Corporation to CC from B. EJR also downgraded the rating on
commercial paper issued by the Company to C from B.

The Valspar Corporation is a manufacturer of paint and coatings
based in Minneapolis, Minnesota, U.S. With over 11,000 employees in
25 countries and a company history that spanned two centuries, it
was the sixth-largest paint and coating corporation in the world.



VERMILLION INC: Incurs $15.2 Million Net Loss in 2019
-----------------------------------------------------
Vermillion, Inc., filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $15.24
million on $4.54 million of total revenue for the year ended Dec.
31, 2019, compared to a net loss of $11.37 million on $3.05 million
of total revenue for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $13.83 million in total
assets, $5.09 million in total liabilities, and $8.74 million in
total stockholders' equity.

BDO USA, LLP, in Austin, Texas, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated April 7,
2020 citing that the Company has suffered recurring losses from
operations and has negative cash flows from operations that raise
substantial doubt about its ability to continue as a going
concern.

The Company has incurred significant net losses and negative cash
flows from operations since inception, and as a result has an
accumulated deficit of approximately $422,161,000 at Dec. 31, 2019.
The Company expects to incur a net loss in 2020 as well.  The
Company's management believes that successful achievement of the
business objectives will require additional financing.  The Company
expects to raise capital through a variety of sources, which may
include the exercise of common stock warrants, public and private
equity offerings, debt financing, collaborations, licensing
arrangements, grants and government funding and strategic
alliances.  However, additional funding may not be available when
needed or on terms acceptable to the Company.

Vermillion stated that, "If the Company is unable to obtain
additional capital, it may not be able to continue sales and
marketing, research and development, or other operations on the
scope or scale of current activity and that could have a material
adverse effect on the business, results of operations and financial
condition.  There can be no assurance that the Company will achieve
or sustain profitability or positive cash flow from operations.
Management expects cash from product sales and licensing to be the
Company's only material, recurring source of cash in 2020.  Given
the above conditions, there is substantial doubt about the
Company's ability to continue as a going concern within one year
after the date these financial statements are filed."

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

                     https://is.gd/edou8f

                       About Vermillion

Headquartered in Austin, Texas, Vermillion, Inc. --
http://www.vermillion.com/-- is dedicated to the discovery,
development and commercialization of novel high-value diagnostic
and bio-analytical solutions that help physicians diagnose, treat
and improve gynecologic health outcomes for women.


VICI PROPERTIES: Moody's Alters Outlook on Ba3 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed VICI Properties L.P.'s Ba3
corporate family rating as well as its Ba3 senior unsecured debt
rating. VICI's SGL-2 speculative grade liquidity rating remains
unchanged. In the same action, Moody's affirmed the Ba2 senior
secured bank credit facility of VICI Properties 1 LLC, VICI's
wholly-owned direct subsidiary. The rating outlook was revised to
negative from stable.

The ratings affirmation reflects VICI's scale and long-term,
triple-net leases that contain various structural protections to
enhance the security of contractual rent payments. The REIT also
maintains strong fixed charge coverage and adequate near-term
liquidity. The negative outlook reflects the pressure on VICI's
operating cash flows that is expected to persist while its tenants
face disruption to their businesses from the coronavirus. The
outlook also reflects the uncertain prospects for recovery, as job
losses and declining asset values will impact consumer
discretionary spending once the public health crisis subsides.

The following ratings were affirmed:

VICI Properties L.P. -- Senior unsecured debt at Ba3; BACKED senior
unsecured debt at Ba3; Corporate family rating at Ba3

VICI Properties 1 LLC -- Senior secured bank credit facility at
Ba2

Outlook Actions:

Issuers: VICI Properties L.P. & VICI Properties 1 LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

VICI's Ba3 rating reflects its high quality and geographically
diverse portfolio of properties, and solid cash flow, and prudent
capital management policy. The stable cash flow is supported by the
REIT's long-term triple net leases that are operated under
well-recognized names by leading industry operators such as Caesars
Entertainment Corporation, Penn National Gaming, Inc., Hard Rock
International and Jack Entertainment. These credit strengths are
partially offset by VICI's negligible unencumbered asset pool.
Although the REIT has improved its secured debt ratio notably from
past levels, its secured credit facility remains secured by most of
its assets. The low level of unencumbered assets weakens the REIT's
financial position that is already hindered by the relative
illiquidity of casino assets versus other real estate property
types. Tenant concentration risk is also a concern, albeit
improving modestly since the IPO, with acquisitions throughout
regional gaming markets. The ratings also incorporate an
experienced and independent management team with a long track
record and strong knowledge of the gaming and hospitality sector.
The bench strength should enhance VICI's ability to expand its
operations in the gaming and hospitality sector, while good
corporate governance will help to sustain the prudent financial
policy and expansion as the REIT seeks to diversify into non-gaming
properties in order to fulfill its external portfolio growth
expectations. The gaming REIT sector is relatively new but the
public REITs already own approximately 40% of the industry based on
gross gaming revenue.

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
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 VICI'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 VICI 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. Its action reflects the impact on VICI of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Key credit challenges include the potential for VICI to experience
more sustained declines in operating cash flow depending on the
duration of casino closures and pace of recovery for its tenants'
businesses. Job losses and declining asset prices are causing a
decline in consumers' discretionary income available to spend on
gaming and other types of entertainment once the public health
crisis has subsided. It also remains unclear how quickly consumers
will be willing to resume gathering in large public spaces even as
social distancing measures are relaxed.

VICI's SGL-2 rating is supported by its cash flow generation, ample
revolver availability, and a minimal near-term maturity schedule,
which supports growth. VICI has approximately $370 million
unrestricted cash and an undrawn $1.0 billion revolving credit
facility, which matures in May 2024. VICI has no debt maturities
until December 2024 when its $2.1 billion term loan B matures.
Nonetheless, its unencumbered assets are modest as most of its
assets are securing the credit facility, which diminishes the
REIT's liquidity position.

The negative outlook reflects the pressure on VICI's operating cash
flows that is expected to persist while its tenants face disruption
to their businesses from the coronavirus. The outlook also reflects
the uncertain prospects for recovery, as job losses and declining
asset values will impact consumer discretionary spending once the
public health crisis subsides.

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

Ratings could be downgrade if Moody's becomes more concerned about
the credit profiles of VICI's large tenants. The ratings would also
be lowered if VICI's financial performance were to deteriorate such
that its net debt to EBITDA is approaching 6.0x on a sustained
basis, fixed charge coverage falls below 3.0x or if VICI reverses
the current refinancing trend that has improved its secured debt to
gross assets ratio. Sizable leveraged acquisitions or any
deterioration in the REIT's liquidity profile would also lead to
negative rating pressure.

A ratings upgrade is unlikely given the negative outlook. Longer
term, an upgrade would require unencumbered assets to gross assets
to approach 50% and a prudent growth strategy on a leverage neutral
basis as the REIT seeks to diversify into non-gaming properties in
order to fulfill its external portfolio growth expectations, while
maintaining ample liquidity. The rating upgrade will also be
predicated on net debt to EBITDA remaining below 5.5x and fixed
charge coverage being above 3.5x. In addition, an upgrade will
require VICI to maintain its secured debt to less than 20% of gross
assets.

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

VICI Properties Inc. [NYSE: VICI] operates as a stand-alone real
estate investment trust after its spin-off on October 6, 2017, from
Caesars Entertainment Op. Co. LLC, a subsidiary of Caesars
Entertainment Corporation. VICI's properties are leased to leading
brands such as Caesars, Harrah's, Horseshoe, Bally's, JACK, and
Hard Rock.


VILLAGE EAST: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Village East, Inc.
           FDBA Middletown Christian Village, Inc.
        11530 Herrick Lane
        Louisville, KY 40243

Business Description: Village East, Inc. --
                      https://www.villageeastcommunity.com -- is a
                      Kentucky nonprofit corporation that operates
                      a senior living community.  It offers
                      assisted living apartments, independent
                      living patio homes, and apartments for
                      seniors.

Chapter 11 Petition Date: April 9, 2020

Court: United States Bankruptcy Court
       Western District of Kentucy

Case No.: 20-31144

Judge: Hon. Joan A. Lloyd

Debtor's Counsel: Charity S. Bird, Esq.
                  KAPLAN JOHNSON ABATE & BIRD LLP
                  710 West Main Street
                  Fourth Floor
                  Louisville, KY 40202
                  Tel: (502) 540-8285
                  E-mail: cbird@kaplanjohnsonlaw.com

Total Assets: $8,143,599

Total Liabilities: $9,247,199

The petition was signed by Tina Newman, executive director.

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/9uICco


VISHAY INTERTECHNOLOGY: Egan-Jones Cuts Sr. Unsec. Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured rating on debt
issued by Vishay Intertechnology Incorporated to BB- from A-.

Vishay Intertechnology, Incorporated is an American manufacturer of
discrete semiconductors and passive electronic components founded
by Polish-born businessman Felix Zandman.



VPR BRANDS: Issues $100K Promissory Note to CEO Frija
-----------------------------------------------------
VPR Brands, LP, issued a promissory note in the principal amount of
$100,001 to Kevin Frija, who is the Company's chief executive
officer, president, principal financial officer, principal
accounting officer and chairman of the Board, and a significant
stockholder of the Company.  The principal amount due under the
Note bears interest at the rate of 24% per annum, and the Note
permits Mr. Frija to deduct one ACH payment from the Company's bank
account in the amount of $500 per business day until the principal
amount due and accrued interest is repaid.  Any unpaid principal
amount and any accrued interest is due on April 6, 2021.  The Note
is unsecured.

                       About VPR Brands

Headquartered in Ft. Lauderdale, FL, VPR Brands --
http://www.VPRBrands.com/-- is a technology company whose assets
include issued U.S. and Chinese patents for atomization-related
products, including technology for medical marijuana vaporizers and
electronic cigarette products and components.  The Company is also
engaged in product development for the vapor or vaping market,
including e-liquids, vaporizers and electronic cigarettes (also
known as e-cigarettes) which are devices which deliver nicotine and
or cannabis and cannabidiol (CBD) through atomization or vaping,
and without smoke and other chemical constituents typically found
in traditional products.

VPR Brands reported a net loss of $973,740 for the year ended Dec.
31, 2018, compared to a net loss of $1.61 million for the year
ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had $1.24
million in total assets, $2.22 million in total liabilities, and a
total partners' deficit of $979,238.

Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated May 6, 2019, citing that the Company has a net loss of
$973,740 for the year ended Dec. 31, 2018 and has an accumulated
deficit of $8,599,384 and a working capital deficit of $601,617 at
Dec. 31, 2018.  These factors, among others, raise substantial
doubt regarding the Company's ability to continue as a going
concern.


VTV THERAPEUTICS: Extends Loan Maturity Date by Three Months
------------------------------------------------------------
vTv Therapeutics LLC and vTv Therapeutics Inc. entered into a
Second Amendment to the Venture Loan and Security Agreement, dated
as of Oct. 28, 2016, with Horizon Funding Trust 2019-1 (as assignee
of Horizon Technology Finance Corporation) and Silicon Valley
Bank.

The Second Amendment provides for a three-month extension in the
maturity date of both of the first and second tranches.  Further,
the Second Amendment provides for monthly, interest-only payments
on the outstanding principal balance for three months beginning
April 1, 2020 before reverting to the previous payment schedule.
The Second Amendment also removes the requirement for the Company
to maintain a minimum cash balance for the three months beginning
April 1, 2020.  Thereafter, the Company must maintain a minimum
cash balance amount of up to $1.0 million.  As consideration for
these amendments, the final payment for the second tranche, due
upon maturity, has been increased by approximately $0.2 million.

                    About vTv Therapeutics

vTv Therapeutics Inc. -- http://www.vtvtherapeutics.com/-- is a
clinical-stage biopharmaceutical company focused on developing oral
small molecule drug candidates.  vTv has a pipeline of clinical
drug candidates led by programs for the treatment of type 1
diabetes, Alzheimer's disease, and inflammatory disorders. vTv's
development partners are pursuing additional indications in type 2
diabetes, chronic obstructive pulmonary disease (COPD), and genetic
mitochondrial diseases.

vTv reported a net loss attributable to the company's common
stockholders of $17.91 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to the company's common
stockholders of $8.65 million for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $9.27 million in total assets,
$18.11 million in total liabilities, $40.18 million in redeemable
non-controlling interest, and a total stockholders' deficit
attributable to vTv Therapeutics Inc. of $49.02 million.

Ernst & Young LLP, in Raleigh, North Carolina, the Company's
auditor since 2000, issued a "going concern" qualification in its
report dated Feb. 20, 2020 citing that the Company has not
generated any product revenue, has not achieved profitable
operations, has insufficient liquidity to sustain operations and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.


WATSON GRINDING: January 24 Claimants Taps Porter Hedges as Counsel
-------------------------------------------------------------------
The Official Committee of January 24 Claimants of Watson Grinding
and Manufacturing Co. seeks authority from the United States
Bankruptcy Court for the Southern District of Texas to retain
Porter Hedges LLP as its bankruptcy counsel.

The Committee requires Porter Hedges to:

     a. assist, advise and represent the Committee in its
consultations regarding the administration of this case;

     b. assist, advise and represent the Committee in investigating
the acts, conduct, assets, liabilities and financial condition of
the Debtor, the operation of the Debtor's business and the
desirability of the continuance of such business, and any other
matters relevant to this case or the formulation of a plan;

     c. assist, advise and represent the Committee in analyzing the
Debtor's assets and liabilities, investigating the extent and
validity of liens and contested matters;

     d. assist, advise and represent the Committee in investigating
and analyzing the liens and security interests asserted against the
Debtor's assets;

     e. assist, advise and represent the Committee with respect to
the Debtor's postpetition financing transactions (if any) and cash
collateral issues;

     f. assist, advise and represent the Committee in participating
in the negotiation and formulation of a disclosure statement and
plan of reorganization and to advise Committee members of the
Committee's  determinations as to any plan;

     g. if necessary, request the appointment of a trustee or
examiner as provided for under section 1104 of the Bankruptcy
Code;

     h. assist, advise and represent the Committee in any manner
relevant to preserving and protecting the Debtor's estate and the
rights of creditors;

     i. assist, advise and represent the Committee regarding the
evaluation of claims, preferences, fraudulent transfers and other
actions;

     j. assist, advise and represent the Committee in assessing the
Debtor's insurance policies, associated litigation, and the
automatic stay, including working with Committee retained and/or
Debtor retained special insurance counsel;

     k. prepare on behalf of the Committee all necessary or
appropriate applications, motions, objections, responses, answers,
orders, reports, and other legal papers;

     l. appear in Court and to protect the interests of the
Committee before the Court; and

     m. perform all other legal services for the Committee which
may be necessary and proper in this case and related proceedings.

The firm charges these hourly fees:

      Partners                     $675 to $775
      Of Counsel                   $375 to $650
      Associates/Staff Attorneys   $435 to $485
      Paralegals                   $235 to $305

Joshua W. Wolfshohl, Esq., partner in the law firm of Porter
Hedges, disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

Porter Hedges can be reached through:

     Joshua W. Wolfshohl, Esq.
     Porter Hedges LLP
     1000 Main St, Suite 3600
     Houston, TX 77002-6336
     Tel: 713-226-6648
     Fax: 713-226-6248

             About Watson Grinding & Manufacturing
                     and Watson Valve Services

Watson Grinding & Manufacturing Co. --
http://www.watsongrinding.com/-- provides precision machined
parts, thermal spray coatings and grinding services to companies in
the oil and gas, chemical, and mining industries.

Watson Valve Services, Inc., -- http://watsonvalve.com/-- is a
turn-key OEM manufacturer of severe service ball valves.
Additionally, Watson Valve provides hydrostatic and pneumatic
pressure testing; oxygen service cleaning; on-site and off-site
installation support and troubleshooting; valve dis-assembly,
analysis, repair, and rebuilding; actuation system mounting and
installation; CNC and manual machining; grinding; thermal spray
coatings; coatings analysis; and non-destructive testing.

Watson Grinding and Watson Valve sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case Nos. 20-30967 and
20-30968) on Feb. 6, 2020.

At the time of the filing, Watson Grinding disclosed assets of
between $10 million and $50 million and liabilities of the same
range.  Watson Valve had estimated assets of between $10 million
and $50 million and liabilities of between $500,000 and $1
million.

Judge Marvin Isgur oversees the cases.

The Debtors tapped McDowell Hetherington, LLP and Jones, Murray &
Beatty, LLC, as their legal counsel.


WEATHERFORD INTERNATIONAL: S&P Cuts ICR to 'CCC+'; Outlook Negative
-------------------------------------------------------------------
S&P Global Ratings lowered the issuer credit and senior unsecured
ratings on Weatherford International plc to 'CCC+' from 'B-', and
senior secured rating to 'B' from 'B+'.

"We believe there will be significant erosion in both domestic and
international markets in 2020 that will persist into 2021.  We
expect WFT and its peers in the oilfield services (OFS) and
equipment (OFE) industries to face weak and uncertain markets in
2020 into 2021, as the Saudi Arabia-Russia price war and
coronavirus fallout drive crude oil prices and resulting
exploration and production (E&P) demand for services significantly
lower. We believe North American markets could fall 30%-40%, and
international markets low- to mid-single digits. Furthermore, as
the full impact of the coronavirus on demand for crude oil products
becomes more pronounced--S&P Global economists recently lowered
their global GDP growth forecast to only 0.4% in 2020--the outlook
for the sector gets bleaker. We expect this to place additional
pressure on financial performance across the sector despite our
expectation for improving crude oil prices," S&P said.

The negative outlook on Weatherford reflects S&P's view that market
conditions in the OFS sector remain challenging, and if spending
cuts by the E&P industry go deeper than expected, debt leverage
could reach unsustainable levels and liquidity could materially
weaken. S&P notes that the ABL borrowing base is dependent in part
on receivables, which could significantly fall under current market
conditions.

"We could lower our rating on Weatherford if we expected
debt/EBITDA to be sustained significantly above 5x. Additionally,
we could lower the rating if we reassessed liquidity as less than
adequate. Both events are likely to occur if the downturn in E&P
spending is deeper and/or more prolonged than currently expected,"
S&P said.

"We could revise our outlook on Weatherford to stable if its
expected FFO to debt were comfortably above 12% for a sustained
period, while maintaining adequate liquidity. This most likely
would occur if international drilling activity and the company's
operating margins increase as crude oil prices recover," the rating
agency said.


WENDY'S COMPANY: Egan-Jones Lowers Senior Unsecured Ratings to B-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured rating on debt
issued by The Wendy's Company to B- from B.

Headquartered in Dublin, Ohio, The Wendy's Company is an American
holding company for the major fast-food chain, Wendy's.



WENDY'S COMPANY: Moody's Cuts CFR to B3 & Unsec. Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded Wendy's Company's Corporate
Family Rating to B3 from B2, Probability of Default Rating to B3-PD
from B2-PD, senior unsecured notes to Caa2 from Caa1. The outlook
is negative.

"The downgrade reflects the expectation for a material
deterioration in earnings, cash flow and credit metrics that are
driven by the restrictions and closures across Wendy's restaurant
base due to efforts to contain the spread of the coronavirus"
stated Bill Fahy, Moody's Senior Credit Officer. In response to
these operating challenges and to strengthen liquidity, Wendy's
will focus on reducing all non-essential operating expenses and
discretionary capex. "While many restaurants are still able to
provide service through the drive-thru as well as take-out,
curb-side pick-up and delivery, restaurant sales will still be well
below normal operating levels for a typical quick service
restaurant", added Fahy.

Downgrades:

Issuer: Wendy's Company

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

Corporate Family Rating, Downgraded to B3 from B2

Issuer: Wendy's International, LLC

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD6)
from Caa1 (LGD6)

Outlook Actions:

Issuer: Wendy's Company

Outlook, Changed to Negative from Stable

Issuer: Wendy's International, 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 restaurant
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 Wendy's credit profile,
including its exposure to widespread location closures have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Wendy'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. Its action reflects the
impact of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

Wendy's credit profile is constrained by its already high leverage
with debt to EBITDA of around 7.4 times prior to the impact of
COVID-19 and the likelihood that the impact of coronavirus will
likely result in leverage weakening further. The ratings further
consider the very competitive and highly promotional quick-service
restaurant segment of the restaurant industry, with increasing
labor and commodity costs. The company benefits from its strong
brand awareness, meaningful scale and adequate liquidity.

The negative outlook reflects the uncertainty with regards to the
potential length and severity of restrictions and closures and the
ultimate impact these will have on Wendy's revenues, earnings and
liquidity. The outlook also takes into account the negative impact
on consumers ability and willingness to spend on eating out until
the crisis materially subsides.

Wendy's board of directors is a good mix of industry and industry
related experience, as well as directors with large company
experience and varied periods of board tenure. Wendy's board has 11
members, 8 of which are independent.

Restaurants by their nature and relationship with sourcing food and
packaging, as well as an extensive labor force and constant
consumer interaction are deeply entwined with sustainability,
social and environmental concerns. While these factors may not
directly impact the credit, they should positively impact brand
image and result in a more positive view of the brands overall.

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

Factors that could result in a stable outlook include a clear plan
and time line for the lifting of restrictions on restaurants that
result in a sustained improvement in operating performance,
liquidity and credit metrics. Given the negative outlook an upgrade
is unlikely at the present time. However, an upgrade would require
at least a good liquidity profile, debt/EBITDA of around 5.5x and
EBIT/interest expense of over 1.5x.

Factors that could result in a downgrade include a longer than
currently anticipated period of restaurant restrictions or closures
or a material deterioration in liquidity. Ratings could also be
downgraded in the event that credit metrics remained weak despite a
lifting of restrictions on restaurants and a subsequent recovery in
earnings and liquidity. Specifically, ratings could be downgraded
in the event debt to EBITDA exceeded 6.5 times on a sustained basis
or liquidity deteriorated for any reason.

The Wendy's Company, through its wholly owned subsidiary Wendy's
International, LLC, owns, operates and franchises approximately
6,788 quick-service hamburger restaurants, of which 357 were
operated by the company and the rest franchised. Annual revenues
are approximately $1.7 billion, although systemwide sales are about
$10.9 billion.

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


WESCO INT'L: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured rating on debt
issued by WESCO International, Incorporated to BB- from BB.

Previously, on March 25, 2020, Egan-Jones downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by WESCO to BB from BBB-.

WESCO International, Incorporated is a holding company for WESCO
Distribution, a multinational electronics distribution, and
services company based in Pittsburgh, Pennsylvania.



WESTERN DIGITAL: Egan-Jones Lowers LC Sr. Unsecured Rating to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2020, downgraded the local
currency senior unsecured rating on debt issued by Western Digital
Corporation to B+ from BB-.

Western Digital Corporation is an American computer hard disk drive
manufacturer and data storage company. It designs, manufactures and
sells data technology products, including storage devices, data
center systems, and cloud storage services.



WESTERN RESERVE: Creditors Object to Disclosure Statement
---------------------------------------------------------
Creditors JAG Development, LLC, Cappas & Karas Investments, Ltd.,
C&K Industrial Services. Inc. and Joseph Hooley enter their
objections to Western Reserve Water Sytems, Inc., to its Amended
Disclosure Statement.  JAG, Cappas & Karas Investments, C&K
Industrial and Hooley join in the objections contained in the
objection of the United States Trustee to Debtor's Amended
Disclosure Statement.

JAG, et al., point out that the Debtor's Disclosure Statement does
not contain adequate information, citing that:

  * The Debtor's Plan does not contain an adequate or accurate
description of the Debtor's assets or their value.

  * The Debtor's Amended Disclosure Statement fails to report the
present financial condition of the Debtor.

  * The Disclosure Statement contains a liquidation analysis but
does not provide any information regarding the means and/or methods
for valuing the Debtor's assets or the assumptions that there
utilized in the unprovided liquidation analysis.

  * The Debtor's Disclosure Statement does not identify the
postpetition directors and/or officers of the Debtor or demonstrate
that the appointment or continuance of those officers or directors
is consistent with the interests of creditors and equity security
holders and with public policy.

  * The Debtor's Disclosure Statement does not contain a discussion
of the estimated administrative expenses, other than a "priority"
line item on Debtor's claim settlement schedule, which inaccurately
lists the amount of priority claims as $600,000, and inaccurately
states that Debtor has professional fees of only $100,000.

  * The Debtor's Amended Disclosure Statement does not discuss or
disclose of information that is material to the risks that the Plan
proposes to creditors.

  * The Debtor provides no information as whether Debtor conducted
an investigation of Debtor's potential insider or avoidance
claims.

  * The Debtor's Amended Disclosure Statement must provide the
anticipated future operational plans of the Debtor to enable
creditors to analyze potential risks during the time the Debtor
will perform the terms, not just whether the Debtor can remain an
ongoing concern post-bankruptcy.

  * The Amended disclosure state does not specify a date certain
for the payment of administrative priority claims.

  * The Debtor's Plan and Amended Disclosure Statement fail to
provide a concrete deadline by which all of their administrative
expense priority claims must be paid in full.

JAG, et al., also note that:

  * The Debtor's Plan proposes to make improper insider payments in
violation of 11 U.S.C. Sec. 503 and the absolute priority rule.

  * The Debtor has not proposed its plan in good faith.

  * The Debtor's claim classification scheme is a bad faith attempt
to impose artificial claim classifications and discriminate against
disfavored claimants.

  * The Debtor's Plan fails to meet the feasibility requirements
set forth under Section 1129(a)(11) because: (a) Debtor's Plan does
not set forth reasonably viable means for generating sufficient
cash to fund the consummation of the Plan; and because (b) Debtor's
future cash flow projections are unreliable and not supported by
the Debtor's own operating reports.  

  * The Debtor's Plan does not set forth reasonably viable means
for generating sufficient  cash to fund the consummation of the
Plan; and because (b) Debtor's future cash flow projections are
unreliable and not supported by the Debtor's own operating
reports.

Attorneys for JAG, et al.:

     Rodd A. Sanders
     SONKIN & KOBERNA, LLC       
     3401 Enterprise Parkway, Suite 400       
     Cleveland, OH  44122       
     Telephone: (216) 514-8300       
     Facsimile: (216) 514-4467       
     E-mail: rsanders@sklawllc.com

               About Western Reserve Water Systems

Western Reserve Water Systems, Inc. --
http://www.westernreservewater.com/-- is an industrial water
service company offering a wide range of equipment, services,
parts, and consulting services for the industrial process water and
high purity water user. Western Reserve Water Systems services are
supplied to various industries, such as power generation, chemical
processing, auto, steel, food & beverage, pharmaceutical, hospital,
medical, laboratory and light industrial and commercial markets.

The Company's service center and regeneration facility is
currently
located in Cleveland, Ohio, with satellite service locations in
Cincinnati, Ohio, and Terre Haute, Indiana.  Western Reserve Water
Systems sought Chapter 11 protection (Bankr. N.D. Ohio Case No.
19-11864) on April 1, 2019.  In the petition signed by Michael
Eiermann, president, the Debtor disclosed total assets at
$10,285,282 and $4,306,486 in total debt.  The case is assigned to
Judge Jessica E. Price Smith.  The Debtor tapped Glenn E. Forbes,
Esq., at Forbes Law, LLC, as counsel.


WESTSIDE LIQUIDATORS: Seeks to Hire Jason A. Burgess as Counsel
---------------------------------------------------------------
Westside Liquidators of Jax, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire The Law
Offices of Jason A. Burgess, LLC as its legal counsel.
   
The firm will provide services in connection with 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.

Debtor paid the firm the sum of $6,717, of which $1,717 was used to
pay the filing fee.

The firm does not represent any interest adverse to Debtor,
according to court filings.

The firm can be reached through:

     Jason A. Burgess, Esq.
     The Law Offices of Jason A. Burgess, LLC
     1855 Mayport Road        
     Atlantic Beach, Florida 32233        
     Phone: (904) 372-4791        
     Facsimile: (904) 372-4994
     Email: jason@jasonaburgess.com

                About Westside Liquidators

Westside Liquidators of Jax, Inc., a Florida Corporation sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 20-01208) on April 2, 2020.  At the time of the
filing, Debtor disclosed assets of between $100,001 and $500,000
and liabilities of the same range.  Debtor is represented by The
Law Offices of Jason A. Burgess, LLC.


WESTWIND MANOR: June 15 Plan Confirmation Hearing Set
-----------------------------------------------------
On March 18, 2020, the Bankruptcy Court held a hearing at which it
approved the Westwind Manor Resort Association, Inc., et al., First
Amended Disclosure Statement for the First Amended Joint Plan of
Reorganization of proposed by the Debtors and the Committee
Pursuant to Section 1125 of the Bankruptcy Code filed on March 17,
2020.

A hearing to consider confirmation of the Plan will be held before
the Honorable Judge David R. Jones at the Bankruptcy Court,
Courtroom 400, 515 Rusk Street, Houston, Texas 77002, on June 15,
2020 at 2:00 p.m. (Central Time), or as soon thereafter as counsel
can be heard.

All votes to accept or reject the Plan must be actually received by
the Debtors’ voting agent, Donlin, Recano & Company, Inc. (the
“Voting Agent”) by 5:00 p.m. (CT) on June 2, 2020.

The deadline to object to confirmation of the Plan is 5:00 p.m.
(CT) on June 5, 2020.

The Debtors will file and serve a supplement to the Plan on or
before May 8, 2020.

Counsel for the Debtors:

     Michael D. Warner
     Benjamin L. Wallen
     COLE SCHOTZ P.C. 301 Commerce Street, Suite 1700
     Ft. Worth, TX 76102
     Tel: (817) 810-5250
     Fax: (817) 810-5255
     E-mail: mwarner@coleschotz.com
             bwallen@coleshotz.com

            About Westwind Manor Resort Association

Westwind Manor Resort Association, Inc., and its subsidiaries
operate two distinct business segments. Warrior Custom Golf focuses
on the manufacture and sale of custom golf clubs.  Warrior
Acquisitions manages affiliates, like Warrior Golf, LLC, which own
and manage golf courses.

Warrior Custom Golf was founded in 1998 by Brendan Flaherty.  It
develops, manufactures, markets and sells affordable custom golf
clubs and related equipment worldwide. Warrior Custom Golf's
products are custom built to the specifications of each customer.
Warrior Acquisitions is the manager of six entities that own and
operate 18 golf courses and parcels of land located throughout the
United States. Both segments of the business are headquartered in
Irvine, Calif.

Westwind Manor Resort Association and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 19-50026) on March 4, 2019.

The Debtors were estimated to have both assets and debt between $1
million and $10 million.

The cases are assigned to Judge David R. Jones.

The Debtors tapped Cole Schotz P.C. as bankruptcy counsel; Sidley
Austin LLP, as special counsel; ForceTen Partners LLC as financial
advisor; and Donlin, Recano & Company, Inc., as claims and
noticing
agent.

Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed
an
official committee of unsecured creditors on March 19, 2019.  The
committee is represented by Cozen O'Connor.


WHITING PETROLEUM: Egan-Jones Cuts Local Curr. Unsec. Rating to CCC
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Whiting
Petroleum Corporation to CCC from B-. EJR also downgraded the
rating on commercial paper issued by the Company to C from B.

Previously, on March 23, 2020, Egan-Jones downgraded the foreign
currency and local currency senior unsecured rating on debt issued
by Whiting Petroleum to B- from B+.  Egan-Jones also downgraded the
rating on commercial paper issued by the Company to B from A3.

Whiting Petroleum Corporation is a company engaged in hydrocarbon
exploration. It is organized in Delaware and headquartered in
Denver, Colorado.



WOLVERINE WORLD: Egan-Jones Lowers Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured rating on debt
issued by Wolverine World Wide Incorporated to BB from BBB-.

Wolverine World Wide, Incorporated or Wolverine Worldwide is a
publicly-traded American footwear manufacturer based in Rockford,
Michigan, known for its own brand, Wolverine Boots and Shoes, as
well as other brands such as Hush Puppies and Merrell.



WOODFORD EXPRESS: Moody's Cuts CFR to Caa1, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Woodford Express, LLC's
Corporate Family Rating to Caa1 from B2, its Probability of Default
Rating to Caa1-PD from B2-PD and the rating on its senior secured
term loan due January 2025 to Caa1 from B2. The rating outlook is
negative.

"The significant expected decline in SCOOP volumes and new well
completions for Woodford Express in 2020 will drive down earnings
and increase leverage," said Arvinder Saluja, Moody's Vice
President. "Without a meaningful uptick in commodity prices, its
main customers would likely continue to throttle down production
beyond this year."

Downgrades:

Issuer: Woodford Express, LLC

Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Secured Term Loan, Downgraded to Caa1 (LGD4) from B2 (LGD4)

Outlook Actions:

Issuer: Woodford Express, LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The rating action reflects the significant deterioration in
expected volumes from WEX's dedicated acreage. WEX's main customer,
Gulfport Energy Corporation (Gulfport, Caa1 negative), has
historically accounted for over 70% of its volumes and plans to
scale back its number of completed wells in the SCOOP basin in
2020. In a continued weak oil and gas price environment, its other
customers will not offset the decline in volumes from Gulfport.

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 midstream
energy sector has been one of the sectors most significantly
affected by the decline in oil & gas commodity prices. More
specifically, WEX's credit profile is vulnerable to shifts in
market sentiment in these unprecedented operating conditions given
its reliance on the financial health of its main E&P counterparty
customers. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. Its action reflects the level of
impact on WEX of the breadth and severity of the shock, and the
uncertainty over when oil & gas prices might recover.

WEX's Caa1 CFR reflects the expectation of meaningful reduced
volumes and increased leverage in 2020-21; its modest scale, its
concentrated customer base, and declining drilling and completion
activity within its target geography, the SCOOP basin in Oklahoma,
where it has a gathering and processing system. Moody's expects
WEX's leverage in 2020-21 to remain around 8x due to a sharp
decline in EBITDA. WEX's remaining customers after Gulfport only
account for a quarter of its revenues. WEX benefits from primarily
fee-based contracts (limiting commodity price risk), low working
capital requirements, and an excess cash flow sweep that will
facilitate repayment of debt. However, if volume growth
fundamentals improve, its SCOOP system, even in an as-is state,
should be able to service additional volume with limited additional
capital expenditures.

WEX has adequate liquidity supported by modestly positive cash flow
from operations and an undrawn $25 million revolving credit
facility expected to be due in early 2023. The capital expenditures
for the SCOOP system have been mostly completed. There is an excess
cash flow sweep mechanism under the credit facility that requires
repayment of debt with excess cash flow as long as the consolidated
net leverage ratio is above 3.0x. Moody's expects WEX will comply
with its expected credit facility financial covenant at least
through mid-2021 - a minimum debt service coverage ratio of 1.10x.
The company has no near-term debt maturities.

The $353 million senior secured term loan facility is rated Caa1.
Although the $25 million revolver (unrated and maturing in January
2023) has a super priority claim to WEX's assets, the term loan is
rated the same as the CFR given the small size of the revolver
relative to the term loan. The lack of notching relative to the CFR
also reflects the fact that the debt under the credit facilities
comprises all of the company's third-party debt and almost all of
its liabilities.

The negative outlook reflects the high likelihood that weakness in
commodity prices and credit metrics could persist for a prolonged
period making WEX's capital structure increasingly untenable.

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

The ratings could be downgraded if the company undertakes any
actions that are deemed by Moody's to be a distressed exchange of
debt, liquidity becomes weaker, EBITDA/interest falls below 1.5x,
or Gulfport's CFR is downgraded to Caa2 or lower. The ratings could
be upgraded and/or the outlook changed to stable if volume and
EBITDA declines reverse significantly and leverage falls below 6x.
Additionally, improved commodity price backdrop and counterparty
credit quality as reflected by a rating upgrade for Gulfport would
be necessary considerations as well.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

Woodford Express, LLC owns and operates natural gas gathering and
processing assets in the SCOOP play of Southern Oklahoma's Woodford
Shale and Springer Shale.


WYNN RESORTS: Moody's Rates New $350MM Senior Unsecured Notes 'B1'
------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Wynn Resorts
Finance, LLC's proposed $350 million senior unsecured notes due
2025. Moody's additionally confirmed the existing ratings of WRF,
including the company's Ba3 Corporate Family Rating, Ba3-PD
Probability of Default Rating, Ba1 rated senior secured revolver
and term loan, and B1 rated senior unsecured notes. At the same
time, Moody's confirmed the B1 rated senior unsecured notes of Wynn
Macau, Limited and B1 rated senior unsecured notes of Wynn Las
Vegas, LLC. The company's speculative-grade liquidity rating was
downgraded to SGL-2 from SGL-1. The rating outlook is negative. The
actions conclude the review for downgrade initiated on March 16,
2020.

The confirmation of the company's Ba3 CFR reflects Wynn's good
liquidity, including sizeable cash balances and the ability to
withstand a meaningful but temporary cash burn from weakened
operating performance and facility closures related to the
coronavirus. Moody's expects earnings and credit metrics will
weaken while operations in the U.S. and Macau are negatively
affected by facility closures and reduced travel and leisure
spending, but that earnings and credit metrics will improve when
economic conditions recover.

The negative outlook reflects the uncertain duration and recovery
from the coronavirus-related earnings and cash flow pressure, which
will lead to higher debt even when property earnings recover.
Earnings will decline due 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. The
negative outlook 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 once this crisis subsides. Wynn 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.

Assignments:

Issuer: Wynn Resorts Finance, LLC

Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD5)

Downgrades:

Issuer: Wynn Resorts Finance, LLC

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

Confirmations:

Issuer: Wynn Las Vegas, LLC

Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5)

Issuer: Wynn Macau, Limited

Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5)

Issuer: Wynn Resorts Finance, LLC

Probability of Default Rating, Confirmed at Ba3-PD

Corporate Family Rating, Confirmed at Ba3

Senior Secured Bank Credit Facility, Confirmed at Ba1 (LGD2)

Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5)

Outlook Actions:

Issuer: Wynn Las Vegas, LLC

Outlook, Changed to Negative from Rating Under Review

Issuer: Wynn Macau, Limited

Outlook, Changed to Negative from Rating Under Review

Issuer: Wynn Resorts Finance, LLC

Outlook, Changed to Negative from Rating Under Review

RATINGS RATIONALE

Wynn's Ba3 Corporate Family Rating 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 rating is supported by the quality,
popularity, and favorable reputation of the company's resort
properties -- a factor that continues to distinguish it from most
other gaming operators -- along with the company's well-established
and very successful track record of building large, high quality
destination resorts. Wynn's good liquidity and relatively low cost
of debt capital also support the ratings. The Ba3 Corporate Family
Rating also incorporates Moody's expectation that Wynn will
successfully renew its Macau concession agreement prior to its 2022
expiration on terms that will not, in and of itself, impair Wynn's
credit quality. Key credit concerns include Wynn's limited
diversification despite being one of the largest U.S. gaming
operators in terms of revenue. Wynn's revenue and cash flow will
remain heavily concentrated in the Macau gaming market, Moody's
also expects that Wynn will be presented with and pursue other
large, high profile, integrated resort development opportunities
around the world. As a result, there will likely be periods where
the company's leverage experiences periods of increases due to
partially debt-financed, future development projects.

Moody's downgraded Wynn'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. As of the
year ended December 31, 2019, Wynn had cash of $2.3 billion on a
consolidated basis. Proforma for the proposed bond offering, the
company will have $1.7 billion of cash in the US, with minimal
revolver availability, and have $1.8 billion of cash in Macau with
$400 million of revolver capacity. Moody's estimates the company
could maintain sufficient internal cash sources after maintenance
capital expenditures to meet required annual amortization and
interest requirements assuming a sizeable decline in annual EBITDA.
The expected EBITDA decline will not be ratable over the next year
and because EBITDA and free cash flow will be negative for an
uncertain time period, liquidity and leverage could deteriorate
quickly over the next few months.

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
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 Wynn'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 Wynn 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. Its action reflects the impact on Wynn of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

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

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates Wynn's earnings declines to 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.
However, an upgrade would require that the continued ramp-up of
Encore Boston Harbor supports WFA's ability to maintain net
debt/EBITDA on a Moody's adjusted basis below 5.0 times.

Wynn Resorts Finance, LLC is an indirect wholly-owned subsidiary of
Wynn Resorts, Limited, and holds all of Wynn Resorts, Limited's
ownership interests in Wynn Las Vegas, LLC, which owns and operates
the Wynn Las Vegas integrated resort in Las Vegas, Nevada
(excluding certain leased retail space that is owned by Wynn
Resorts directly), in Wynn Asia, and in Wynn MA, LLC, which owns
and operates Encore Boston Harbor. Consolidated revenue for the
last twelve-month period ended December 31, 2019 was $6.6 billion.

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


YAGER ENTERPRISES: Hires Susan McDonough as Accountant
------------------------------------------------------
Yager Enterprises Incorporated seeks authority from the U.S.
Bankruptcy Court for the District of Minnesota to employ Susan
McDonough, as accountant to the Debtor.

Yager Enterprises requires Susan McDonough to:

   -- advise the debtor with respect to its obligations as
      debtors-in-possession;

   -- review and assist in the preparation of all accounting
      books and records;

   -- assist in filing US Trustee Monthly operating reports;

   -- assist in working with the Debtor to formulate cash flow
      projections for a plan of reorganization; and

   -- assist the Debtor in preparing and filing all necessary tax
      returns.

Susan McDonough will be paid at the hourly rate of $150.

Susan McDonough will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Susan McDonough, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Susan McDonough can be reached at:

     Susan McDonough
     2843 80th St. SW
     Montrose, MN 55363
     Tel: (763) 658-4114

              About Yager Enterprises Incorporated

Yager Enterprises Incorporated sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Minn. Case No. 19-43873) on Dec.
30, 2019.  At the time of the filing, the Debtor disclosed assets
of between $500,001 and $1 million and liabilities of the same
range.  Judge Katherine A. Constantine oversees the case.  Thomas
H. Olive Law, P.A. is the Debtor's legal counsel.


YOAKUM ISD: Fitch Cuts LongTerm IDR to BB, On Watch Negative
------------------------------------------------------------
Fitch Ratings has downgraded the following ratings on the Yoakum
Independent School District (ISD) to 'BB' from 'BBB-':

  -- Approximately $42 million outstanding ULT bonds;

  -- Long-Term Issuer Default Rating.

The Rating Watch Negative is maintained.

SECURITY

The ULT bonds are payable from an unlimited annual property tax
levy and are further backed by the Texas Permanent School Fund
(PSF) bond guaranty program, rated 'AAA' by Fitch. A change in
Fitch's assessment of the Texas Permanent School Fund bond
guarantee program would automatically result in a change in the
rating of Yoakum ISD's ULT bonds backed by the PSF.

ANALYTICAL CONCLUSION

The downgrade of the IDR and underlying ULT rating to 'BB' from
'BBB-' and the Rating Watch Negative reflect continued weakness in
operating performance, which has resulted in a negative fund
balance and cash position and a 'going concern' audit opinion in
the last two fiscal years. The continued Rating Watch reflects
concern about the district's ability to maintain positive cash
flow. Positive resolution of the Rating Watch is predicated on a
sustained improvement in the district's cash-flow trends and
strengthening of its financial resilience. Further deterioration in
these areas would lead to a downgrade. The rating also incorporates
the district's moderate long-term liabilities and fixed costs.

ECONOMIC RESOURCE BASE

Yoakum ISD is located about 100 miles east of San Antonio, TX in
the counties of Dewitt, Lavaca, and Gonzales. With an economy
historically based on agriculture, the district lies within the
Eagle Ford shale, one of the most actively drilled targets for
unconventional oil and gas in the U.S. during the recent energy
boom; however, Eagle Ford's output has dropped sharply since 2015
due to the volatility in oil prices. Despite an 11% increase in the
last two fiscal years, gross taxable assess values TAV (without
consideration of the abatement of nearly the entire value of a
natural gas liquids processing plant for purposes of calculating
the maintenance and operation or M&O levy) is about 25% below peak
levels in fiscal 2015. The abatement expires in fiscal 2023.

KEY RATING DRIVERS

Revenue Framework: 'bbb'

Revenue growth is expected to be in line with inflation based on
increases in state per-pupil funding, tempered by negative
enrollment trends. The district's independent legal ability to
raise revenues is limited by state law.

Expenditure Framework: 'bbb'

Based on historical performance, natural spending growth is
expected to be well above revenue growth. The fixed-cost burden for
debt service and retiree benefits is moderate. The district's
expenditure flexibility is adequate as it can still implement
manageable cuts to core services.

Long-Term Liability Burden: 'aa'

Fitch expects the liability burden to remain moderate as the
district has no future debt issuance plans and pension liabilities
are fairly modest.

Operating Performance: 'bb'

The district's operating performance has deteriorated in recent
years, leaving it with limited gap-closing capacity given its
inherent limited budgetary flexibility and negative general fund
reserve and cash levels.

RATING SENSITIVITIES

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

  -- Sustained reversal of negative enrollment trends, a principal
driver for state funding, which would enhance revenue growth
prospects;

  -- Sustained balanced operations that lead to a reversal of the
accumulated deficit and negative cash position;

  -- Progress towards building an adequate reserve safety margin
and improvement to the district's financial resilience.

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

  -- Continued negative cash position, operational deficits and
negative reserves;

  -- A material sustained decline in district enrollment beyond
current levels, leading Fitch to reassess the medium-term revenue
growth prospects to below inflation.

BEST/WORST CASE RATING SCENARIO

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

CURRENT DEVELOPMENTS

The recent outbreak of the coronavirus and related government
containment measures worldwide create an uncertain global
environment for U.S. state and local governments and related
entities in the near term. While Yoakum ISD's most recently
available fiscal and economic data may not fully reflect related
impairment, material changes in revenues and expenditures are
occurring across the country and likely to worsen in the coming
weeks and months as economic activity suffers and public health
spending increases. Fitch's ratings are forward-looking in nature,
and Fitch will monitor developments in state and local governments
as a result of the virus outbreak as it relates to severity and
duration, and incorporate revised expectations for future
performance and assessment of key risks.

Yoakum ISD's financial position is already exceptionally weak,
having deteriorated with recent large operating deficits and a
precipitous decrease in its fund balance leading to a negative
position in fiscal 2018 and fiscal 2019. The district attributes
the dramatic drop in reserves since a peak of 34% of spending in
fiscal 2014 to poor management of costs related to major capital
improvement projects. However, it is unclear what is continuing to
drive negative operations since that time. Both the fiscal 2018 and
fiscal 2019 audits retained an unqualified opinion, although the
external audit also stated there was "substantial doubt about the
district's ability to continue as a going concern" in both years.
Despite the district's weak financial health, the Texa Education
Agency (TEA) has not intervened to date.

Fiscal 2019 audited results show the district's financial position
remains challenged, continuing a cash and fund balance deficit
position.

CREDIT PROFILE

The economy is highly concentrated in oil and gas production. The
top 10 taxpayers in the district, with the majority in the oil and
gas industry, made up about 25% of fiscal 2019 gross TAV (42%
applicable for M&O and I&S tax rate). The District entered into an
eight-year tax abatement agreement in fiscal 2015 with Enterprise
Products Partners LP's (Fitch IDR 'BBB+'/Outlook Stable), the
owners of the NGL processing plant, which dramatically reduced the
TAV applicable to the M&O levy. The debt service (I&S) levy is
applied to the entire TAV.

REVENUE FRAMEWORK

Funding for public schools in Texas is provided by a combination of
local (property tax), state and federal resources. The state
budgets the majority of instructional activity through the
Foundation School Program (FSP), which uses a statutory formula to
allocate school aid taking into account each district's property
taxes, projected enrollment, and amounts appropriated by the
legislature in the biennial budget process. The Tier 1 component of
the FSP provides districts a certain level of operational funding,
and the basis for most Tier 1 allotments is called the basic
allotment. The basic allotment is a per pupil dollar amount that
multiplied by average daily attendance (and adjusted for specific
circumstances) produces a district's Tier 1 allotment. Local
revenues, primarily property taxes, comprised 42% Yoakum ISD's
operating revenues in fiscal 2019, followed by state aid at 50%.
Fitch would expect this proportion of state funding to trend
upwards beginning in fiscal 2020 with the implementation of House
Bill 3, detailed below.

It is unclear if the state will tighten fiscal 2021 budget and the
effect on school funding, given the impact of the corona virus.
However, prior to the current pandemic for the state's fiscal
2020-2021 biennium, the state is increasing TEA funding by $11.6
billion (roughly 20%) to $67 billion. House Bill 3 (HB3) -- the
funding legislation -- includes a number of reforms to K-12
education. These changes include full day pre-K for eligible
children, increased funding for low-income student education,
incentives for districts to offer dual language programs, and money
for districts to develop merit pay programs for teachers. HB3 also
requires the compression of the vast majority of districts' local
operating tax rates to $0.93 from $1.00, which was implemented in
fiscal 2020. If they have not done so previously, districts will
also have the ability to increase the operating rate by $0.04
without voter approval, and can add an additional $0.01 with
unanimous board approval. HB 3 also requires districts to limit
annual operating tax revenue increases to 2.5% by requiring a
further compression in the M&O rate if TAV increases by more than
2.5% beginning in fiscal 2021. Additional enrichment pennies (up to
$0.12) can be added to the operating tax rate in fiscal 2021 if
previously approved by voters; any additional enrichment pennies
not previously authorized will require voter approval before being
levied.

The increased state funding is driven primarily by an increase in
the per student basic allotment to $6,160 from $5,140. HB3 requires
districts to apply 30% of annual increased funding to full-time
employee compensation increases (75% of which would go to teachers,
counselors, nurses and librarians). Finally, the legislation
revises the equalization formula so that recapture payments by
property-wealthy districts are projected to decline by $1.6 billion
in fiscal 2020 and $1.9 billion in fiscal 2021.

The CAGR of district revenues was below U.S. GDP growth for the 10
years through fiscal 2019, but growth is expected to slow to about
the rate of inflation given negative ADA trends, a key component of
the state funding formula.

The district has no meaningful independent legal ability to raise
revenues due to state tax limitations. With the recent passing of
HB3, the district's M&O tax rate was compressed to just under $0.97
in fiscal 2020 from $1.04 per $100 TAV in fiscal 2019, the first
year of implementation. For fiscal 2021, districts will be
compressing their M&O rates further based on the state's projection
of state-wide property value growth of 4.01%, or additional tax
rate compression for those that realize property value increases
greater than 4.01%. This tax rate-change will not affect Texas
districts' legal ability to increase revenues, which Fitch
uniformly assesses at the 'bb' level given the inability to
increase M&O tax rates without voter approval.

The district levies a separate, unlimited debt service tax rate
that stood at $0.44 per $100 TAV in fiscal 2020; this rate is not
subject to compression under HB3. While the debt service property
tax pledge securing the district's bonds is unlimited, state law
requires districts to demonstrate the ability to service
outstanding and any proposed debt with a debt service rate of no
more than $0.50 per $100 of TAV.

EXPENDITURE FRAMEWORK

The district's main expenditure category is instruction, which
accounted for 52% of operating expenses in fiscal 2019.

The district's pace of spending has significantly surpassed
revenues in recent years due to the pay-go funding of large capital
projects and operational cost increases. Fitch expects the natural
pace of spending to be well above revenues with increases in
maintenance, utilities and other operating costs exceeding the rate
of inflation.

The district's fixed cost burden is moderate, with carrying costs
for debt, pensions and other post-employment benefits (OPEB)
equaling about 19% of fiscal 2019 governmental expenditures. The
district retains adequate flexibility in staffing levels, and does
not have any labor contracts or plans to issue additional debt.
However, the district's limited spending flexibility is evidenced
by its large operating deficits.

Senate Bill 12 (SB12), which was enacted in the 2019 Texas
legislative session, will direct the allocation of $1.1 billion in
state savings to the Texas Retirement System (TRS) over the next
several years. Roughly $600 million from this allocation will be
used to finance a one-time payment of $2,000 to retired teachers;
the remainder will be used to gradually increase state
contributions to TRS. Over the next six years, educators, school
districts, and the state will incrementally ramp up their
respective contributions. Districts and teachers will begin to
increase their contributions in fiscal 2022. By fiscal 2024
teachers will pay 8.25% of salary (up from 7.7% currently), with
districts increasing their contributions (currently 1.5% of
payroll) by 0.1% annually until reaching 2% in fiscal 2025. Between
fiscal years 2020 and 2024, the state will steadily increase its
contribution of total teacher payroll to 8.25% from the current
6.8%. These changes would result in a pension amortization period
of less than 31 years, consistent with the current 32 years.

Fitch has consistently considered the risk that the state could
increase district contributions to TRS in its assessment of each
entity's expenditure framework, and believes most districts can
accommodate the increases mandated by SB 12 without compromising
spending flexibility.

Yoakum ISD's current financial state, however, raises concern
regarding the district's ability to withstand additional
operational pressures. Fitch believes that Yoakum ISD would be
hindered in accommodating any potential increases in contributions
to TRS in the near term.

LONG-TERM LIABILITY BURDEN

The district's total debt and net pension liability represents
about 11% of personal income, with direct debt making up the bulk
of the total liability.

Pension and OPEB liabilities (largely retiree healthcare benefits)
are limited because of the district's participation in the state
pension program administered by the Texas Teachers Retirement
(TRS). TRS is a cost-sharing, multiple-employer plan for which the
state provides the bulk of the employer's annual pension
contribution. Under GASB 67 and 68, TRS's assets cover 74% of
liabilities as of fiscal 2019, a ratio that falls to 66% using
Fitch's more conservative 6% return assumption. The state assumes
the majority of TRS employer contributions and net pension
liability on behalf of school districts, except for small amounts
that state statute requires districts to assume. The TRS board at
its July 2018 meeting voted to lower the investment return
assumption for the TRS pension plan to 7.25% from 8.0%. This move
increases the plan's current $35.5 billion net pension liability
(NPL) by $10.0 billion. As noted above, contributions by the state,
districts and employees will be increasing over the next six years
to help address the increased NPL. This change in investment return
assumption and overall increase in the NPL does not affect Fitch's
analysis of the long-term liability burden, as Fitch currently
utilizes a lower 6% assumption when considering the burden.

OPERATING PERFORMANCE

The district's financial resilience and gap closing capacity have
drastically eroded, leaving district operations critically exposed
to even a moderate downturn, much less a potential severe decline
related to the coronavirus. Fitch considers the district's
operations to be unsustainable absent policy action in the current
economic environment. Reserves have dropped to -$1.9 million or
-11% of fiscal 2019 spending. Although the district reports its
recurring deficits resulted largely from capital improvements
overspending, multiple years of deficits point to a more
significant fundamental structural imbalance in operations. While
limited steps to make cuts in operations have been implemented, no
internal expenditure control policies are in place to guard the
district against further budget deficits or overdrawn cash
position. The district also has a history of underperforming
budgets, continuing into fiscal 2019 and year-to-date operations in
fiscal 2020.

The adopted fiscal 2020 budget anticipated an operating surplus of
$312,000 or 1.6% of projected spending, but year-to-date operations
are slightly weaker, with a surplus closer to $244,000. This will
not make a meaningful change to the accumulated deficit position as
the general fund cash balance was overdrawn by $556,000 at the end
of fiscal 2019. The district reported that as of March 31, 2020 it
had merely 29 days of cash on hand or approximately $1.4 million
assuming projected spending through fiscal YE 2020 to be around
$17.4 million.

In accordance with the extension of the Governor's disaster
declaration, Yoakum ISD schools are presently expected to remain
closed until early May 2020. The district does not foresee any
unbudgeted expenditures resulting from the coronavirus. This
assumption is supported by management's expectation not to lose any
state aid funding initially budgeted with the continuation of
education fully underway online, in accord with official TEA
guidance.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

The district faces additional risk related to its high degree of
taxpayer concentration. The district's two largest taxpayers (EOG
Resources Inc. and Enterprise Hydrocarbons LP) made up about 15% of
its gross tax base in 2020. Although the companies continue
operating, the district could face significant financial stress if
one or more of these companies shut down their facilities. Fitch
considers these scenarios to uncertain.

In addition to the sources of information identified in Fitch's
applicable criteria, this action was informed by information from
Lumesis.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Yoakum ISD has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality, Control of Corruption due to
poor financial operating and capital management culminating in
operational deficits and depletion of reserves to negative
balances. This position has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a
change to the rating and outlook to 'BB'/Negative Watch from 'BBB-'
/Negative Watch.

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


YOUNGEVITY INTERNATIONAL: Gets Noncompliance Notice from Nasdaq
---------------------------------------------------------------
Youngevity International, Inc., received a letter from the Listing
Qualifications Department of The Nasdaq Stock Market LLC indicating
that, as a result of Youngevity's delay in filing its Annual Report
on Form 10-K for the fiscal year ended Dec. 31, 2019, Youngevity is
not in compliance with the timely filing requirement for continued
listing under Nasdaq Listing Rule 5250(c)(1).  The notification
letter has no immediate effect on the listing or trading of
Youngevity's common stock on the Nasdaq Market.

Youngevity filed a Notification of Late Filing on Form 12b-25 on
March 16, 2020, indicating that the filing of the Form 10-K would
be delayed and the company anticipated filing its 10K within the 15
day extension period provided under Rule 12b-25 of the Securities
Exchange Act of 1934, as amended.  On March 25, 2020, subsequent to
Youngevity's March 16th Notification of Late Filing, the Securities
and Exchange Commission provided extended conditional exemptions
from reporting requirements for Public Companies affected by Covid
19, but this exemption and relief was not made available for
companies that already had filed a Notification of Late Filing so
Youngevity was not provided the relief provided by the SEC.  On
March 31, 2020, Youngevity issued a press release that advised due
the displacement of staff, including substantially all accounting
staff, restrictions imposed by various governments, and
displacement of its auditors' staff among other areas of impact,
has slowed down the financial reporting and audit process causing
the company to miss the filing date of its 10-K.

Nasdaq has informed Youngevity that it must submit a plan of
compliance within 60 calendar days of receipt of the letter
addressing how it intends to regain compliance with Nasdaq's
listing rules and, if Nasdaq accepts the Plan, it may grant an
extension of up to 180 calendar days from the Form 10-K original
filing due date to regain compliance.

Youngevity anticipates filing the Form 10-K and regaining
compliance prior to the 60-day period described above to submit a
Plan.

Dave Briskie, president and CFO of Youngevity International stated,
"Our team and our auditors are diligently working toward the
completion of our 10-K Annual Report and in spite of the challenges
presented by Covid-19 we expect to regain compliance inside of the
60 days afforded by Nasdaq to submit a plan of compliance."

                      About Youngevity

Chula Vista, California-based Youngevity International, Inc. --
http://www.youngevity.com/-- is a multi-channel lifestyle company
operating in three distinct business segments including a
commercial coffee enterprise, a commercial hemp enterprise, and a
multi-vertical omni direct selling enterprise.  The Company
features a multi country selling network and has assembled a
virtual Main Street of products and services under one corporate
entity, YGYI offers products from the six top selling retail
categories: health/nutrition, home/family, food/beverage (including
coffee), spa/beauty, apparel/jewelry, as well as innovative
services.
Youngevity reported a net loss attributable to common stockholders
of $23.50 million for 2018 following a net loss attributable to
common stockholders of $12.69 million for 2017. As of Sept. 30,
2019, the Company had $141.18 million in total assets, $85.01
million in total liabilities, and $56.17 million in total
stockholders' equity.

Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated April 15, 2019, on the consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has recurring losses and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


YUM! BRANDS: Egan-Jones Lowers Senior Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Yum! Brands, Incorporated to B+ from BB-.

Yum! Brands, Incorporated, formerly Tricon Global Restaurants,
Inc., are an American fast food corporation listed on the Fortune
500. Yum! operates the brands KFC, Taco Bell, Pizza Hut, and
WingStreet worldwide, except in China, where the brands are
operated by a separate company, Yum China.



ZEBRA TECHNOLOGIES: Egan-Jones Cuts Local Curr. Unsec Rating to BB+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Zebra
Technologies Corporation to BB+ from BBB-.

Zebra Technologies Corporation is an American public company based
in Lincolnshire, Illinois, USA, that manufactures and sells
marking, tracking and computer printing technologies.



ZYLA LIFE: Ernst & Young LLP Raises Going Concern Doubt
-------------------------------------------------------
Zyla Life Sciences filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$46,640,000 on $79,527,000 of total revenue for the period from
February 1, 2019 through December 31, 2019; and a net income of
$107,240,000 on $1,775,000 of total revenue for the period from
January 1, 2019 through January 31, 2019; compared to a net loss of
$95,454,000 on $30,353,000 of total revenues for the year ended in
2018.

The audit report of Ernst & Young LLP states that the Company has
incurred recurring operating losses and negative cash flows from
operations, has a working capital deficit and has stated that
substantial doubt exists about the Company’s ability to continue
as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $230,387,000, total liabilities of $187,996,000, and a total
stockholders' equity of $42,391,000.

A copy of the Form 10-K is available at:

                       https://is.gd/IrmnCC

Zyla Life Sciences is a commercial-stage life sciences company
focused on developing and marketing important treatments for
patients and healthcare providers.  The Company currently has a
portfolio of innovative treatments for pain and inflammation.  Zyla
has seven commercially available products: SPRIX(R) (ketorolac
tromethamine) Nasal Spray, ZORVOLEX(R) (diclofenac), INDOCIN(R)
(indomethacin) suppositories, VIVLODEX(R) (meloxicam), TIVORBEX(R)
(indomethacin), INDOCIN(R) oral suspension and OXAYDO(R) (oxycodone
HCI, USP) tablets for oral use only -- CII.


[*] S&P Alters Outlook on 8 Senior Living Transactions to Negative
------------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable on
16 long-term debt ratings associated with eight affordable senior
living transactions.

"The negative outlook reflects the potentially severe and ongoing
impacts associated with the COVID-19 pandemic," said S&P Global
Ratings credit analyst Joanie Monaghan. We view the uncertainty
regarding the duration of the spread of the coronavirus throughout
the country as a health and safety social risk under our
environmental, social and governance (ESG) factors. For these
transactions, we believe the pandemic presents near-term liquidity
pressure to operation and debt service payments and could create
long-term downward pressure on credit quality. The outlook
revisions follow our updated overall view of all U.S. public
finance sectors."

The negative outlooks reflect at least a one-in-three likelihood of
a negative rating action over the intermediate term for
investment-grade issues (generally up to two years) and over the
short term for speculative-grade issues (generally up to one year).
Negative outlooks on specific ratings may return to stable on a
case-by-case basis in the near-to-medium term if evidence, data,
and analysis support the revision.

In S&P's view, affordable rental properties face potential
financial stress because significant revenue declines could result
from eviction moratoriums, an uptick in operating expenses, and
extended vacancies squeezing debt service coverage ratios. At this
time, liquidity short falls is the imminent risk. Therefore,
transactions that lack sufficient resources and liquid reserves may
not cover expenses related to ongoing operations, increased expense
related to virus mitigation, and debt service. Further, S&P
believes senior living properties with assisted living and memory
care facilities are in a particularly vulnerable position and may
see slower lease-ups and unforeseen operating costs. Finally, the
private pay nature and lack of government support through a rental
subsidy for a majority of senior living transactions further
exposes these issues to revenue stress. These additional financial
and operational challenges compared to other affordable rental
properties supports the negative outlook revision on each senior
living rating beyond the sector-wide outlook revision.

"While we believe all affordable senior ratings are susceptible to
deterioration of credit quality related to COVID-19, those
transactions that lack debt service reserve funds equal to at least
12 months annual debt service for each class of rated debt and lack
access to other reliable and sufficient liquidity sources will be
the most vulnerable to liquidity risks and susceptible to negative
rating action earlier in the outlook period. These transactions, in
our view, will likely have to choose between using potentially
reduced operating revenues to pay operating expenses and to address
health and safety risks, or pay full and timely debt service," S&P
said.

S&P will continue to monitor and evaluate the effects of this fluid
and fast-moving situation. Potential negative rating action could
be either broad-based or credit specific. S&P will continue to
collect data and have conversations with management teams to
properly evaluate information as it becomes available. Therefore,
while the outlook period is for one year, further review and rating
action on the issues could occur throughout the outlook period,
given market conditions and credit-specific information.

A list of Affected Ratings can be viewed at:

             https://bit.ly/2ViCTDJ


[*] S&P Takes Various Rating Actions on Business Services Sector
----------------------------------------------------------------
S&P Global Ratings said business and consumer services providers
are facing unprecedented operational disruptions and revenue
declines as worldwide social distancing sanctions force
nonessential business to temporarily suspend operations and
consumers to stay indoors. Most business are commencing short-term
closures (few weeks to a month) but S&P believes extensions are
likely. The risk of foregone volumes and revenues during this
period of COVID-19-related disruption is substantial, as many
services companies provide largely intangible, point-of-sale
experiences. Although 2020 revenue growth will undoubtedly decline,
a prolonged economic downturn would have broader credit
implications, including a spike in layoffs. Despite the sector's
largely variable cost structure, S&P woulds also expect cash flow
to contract as the elevated debt service needs of its highly
leveraged issuers stress liquidity.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus pandemic. Some
government authorities estimate it will peak between June and
August, and is using this assumption in assessing the economic and
credit implications.

"We believe measures to contain COVID-19 have pushed the global
economy into recession and could cause a surge of defaults among
nonfinancial corporate borrowers. As the situation evolves, we will
update our assumptions and estimates accordingly," S&P said.

S&P plans to publish individual reports as soon as practical.
Ratings on CreditWatch reflect significant anticipated stress on
revenue and cash flow over the next several months, or possibly
longer, that could cause S&P's to lower ratings over a short time
frame, even if companies currently have good leverage levels and
liquidity cushions. Outlook revisions to negative reflect the
possibility of a downgrade over the next six to 12 months.
Downgrades typically reflect operating metrics and leverage
measures that were already weak compared with downgrade thresholds
at the previous rating, are likely to deteriorate over the next
year or very thin liquidity in the face of high fixed charges, or
defaulted.

One or more Environmental, Social, and Governance (ESG) credit
factors are key drivers behind this rating action.

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

-- Health and Safety

  Ratings List

  Downgraded; Outlook Action  
                                  To             From
  HALO Buyer, Inc.
   Issuer Credit Rating      B-/Negative/--   B/Stable/--

  CB Poly Investments, LLC
   Issuer Credit Rating      B-/Negative/--   B/Stable/--

  Ratings Placed On CreditWatch  

  ABC Financial Intermediate, LLC
   Issuer Credit Rating      B-/Watch Neg/--  B-/Stable/--



                            *********

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