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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, March 13, 2020, Vol. 21, No. 53

                           Headlines



F R A N C E

B&B HOTELS: S&P Lowers First Lien Term Loan B Rating to 'B-'


G E R M A N Y

FRESENIUS MEDICAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
ZEAMARINE GROUP: Booking and Operating Units File for Insolvency


I R E L A N D

GEDESCO TRADE 2020-1: Moody's s Rates EUR15MM Cl. F Notes Ca(sf)
PENTA CLO 7: Moody's Assigns B3 Rating on EUR8.8MM Cl. F Notes
PENTA CLO 7: S&P Assigns B-(sf) Rating on $8.8MM Class F Notes


I T A L Y

GRUPPO BANCARIO: Fitch Affirms BB LT IDR, Outlook Stable


K A Z A K H S T A N

AGRARIAN CREDIT: Moody's Alters Outlook on Ba1 CFR to Negative


N E T H E R L A N D S

AVAST HOLDING: S&P Withdraws 'BB' Issuer Credit Rating


S P A I N

BBVA RMBS 3: Moody's Affirms B3 Rating on EUR27.2NN Cl. A3d Notes
GRUPO COOPERATIVO: Fitch Raises LT IDR to BB, Outlook Stable
HIPOCAT 11: Fitch Affirms Csf Rating on Class D Debt
INTERNATIONAL AIRPORT: Fitch Affirms B Rating to $400MM Sec. Notes
TELEFONICA S.A.: Egan-Jones Lowers Commercial Paper Ratings to B



T U R K E Y

KOC HOLDING: S&P Affirms BB- Issuer Credit Rating, Outlook Stable


U K R A I N E

UKRAINE: Egan-Jones Hikes Senior Unsecured Ratings to BB+


U N I T E D   K I N G D O M

BRIGHTHOUSE LTD: Near Insolvency, Sky News Reports
CANADA SQUARE 2020-1: S&P Assigns B(sf) Rating on Cl. X-Dfrd Notes
COUNTRYWIDE PLC: Sale of Real Estate Consultancy Business Delayed
DEBENHAMS PLC: Mike Ashley's Legal Challenge Over CVA Fails
EI GROUP: Moody's Withdraws B1 CFR After Sec. Notes Repayment

HOP SKIP & JUMP: Respite Centre Enters Insolvency
INTU GROUP: May Go Bust If Efforts to Raise Extra Funds Fails
LLANGOLLEN RAILWAY: Gets Donations, Won't Push Through with CVA
S&T UK: Goes Into Administration Amid Financial Woes
SALUTATION HOTEL: Placed in Creditors' Voluntary Liquidation



X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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F R A N C E
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B&B HOTELS: S&P Lowers First Lien Term Loan B Rating to 'B-'
------------------------------------------------------------
S&P Global Ratings lowered its issue rating on B&B Hotels' term
loan B (TLB) to 'B-' from 'B'. S&P also removed the rating from
CreditWatch, where S&P placed its with negative implications on
Feb. 4, 2020.

B&B Hotels plans to use the proceeds from the EUR50 million
increase in the term loan to improve its liquidity profile to
further support its growth strategy.

S&P said, "Our 'B-' issuer credit rating and positive outlook on
B&B Hotels' parent company, Casper MidCo SAS, remain unchanged. Our
'CCC' issue rating on the EUR155 million TLB issued by Casper Bidco
SAS, the 100% owned subsidiary of Casper Midco SAS, is also
unchanged."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

  -- The EUR715 million first-lien TLB due in 2026 has an issue
rating of 'B-' with a recovery rating of '3'. This reflects S&P's
expectations of meaningful recovery (50%-70%; rounded estimate:
65%) in the event of default.

  -- The EUR155 million second-lien TLB due in 2027 has an issue
rating of 'CCC' with a recovery rating of '6'. This reflects S&P's
expectations of negligible recovery (0%-10%; rounded estimate: 0%)
in the event of default.

  -- The recovery rating on the senior secured debt is supported by
a limited amount of prior ranking liabilities, but constrained by
the security package, which S&P views as weak due to the absence of
tangible assets. The security mainly comprises share pledges and
bank accounts. Since B&B Hotels leases most of its hotels, they
would not be available as security in a default.

  -- S&P's hypothetical default scenario assumes increased
competition in the lodging industry and challenging macroeconomic
conditions.

  -- S&P values B&B Hotels as a going concern, given its strong
brand and position as one of Europe's leading budget and economy
hotel chains.

Simulated default assumptions

  -- Year of default: 2022
  -- Emergence EBITDA: About EUR106 million
  -- Implied value multiple: 6x--below the 6.5x anchor multiple
     for the lodging sector to reflect the company's weaker
     business risk profile versus peers
  -- Jurisdiction: France

Simplified waterfall

-- Gross enterprise value at default: EUR607 million
-- Net enterprise value after administrative costs (5%):
    EUR577 million
-- Estimated senior secured debt: EUR844 (1)(2)
-- Recovery range: 50%-70% (rounded estimate: 65%)
-- Implied recovery rating: 3
-- Estimated second lien debt: EUR163 million (1)
-- Recovery range: 0%-10% (rounded estimate: 0%)
-- Implied recovery rating: 6

(1) All debt amounts include six months of prepetition interest.

(2) S&P assumed the capital expenditure/acquisition facility and
    the revolving credit facility are 85% drawn at the time of
    default.




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G E R M A N Y
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FRESENIUS MEDICAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 5, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Fresenius Medical Care AG & Co. KGaA to BB+ from
BBB-.

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG &
Co. KGaA provides kidney dialysis services through a network of
3,900 outpatient dialysis centers, serving 336,000 patients. The
company primarily treats end-stage renal disease, which requires
patients to undergo dialysis 3 times per week for the rest of their
lives.


ZEAMARINE GROUP: Booking and Operating Units File for Insolvency
----------------------------------------------------------------
Heavy Lift & Project Forwarding International reports that
Zeamarine's German booking and operating divisions - Zeamarine
Bremen, Zeamarine Germany and Zeamarine Chartering - have filed for
insolvency at the Bremen District Court.

HLPFI says Zeamarine last month confirmed that the three companies
will operate under court supervision, in accordance with creditor
protection conditions.

Zeamarine also confirmed that the Americas liner business has been
sold and is now operating under the brand Intermarine, as HLPFI
reported. Other companies within the Zeaborn Group, including
Zeaborn Ship Management and Harper Petersen, remain unaffected by
the restructuring, said Zeamarine.

Meanwhile, Zea Gold has been arrested at the port of Rouen, France
at the request of Nomadic Shipping, which had chartered two of its
multipurpose vessels - Nomadic Hjellestad and the Nomadic Milde -
to the shipping line, HLPFI reports.

According to the report, Erik Thulin, managing director of Nomadic
Shipping, confirmed that the ship has been arrested for bunkers on
board due to unpaid debts relating to the two multipurpose
vessels.

The shipping line has already offloaded large parts of its fleet,
the report says.  HLPFI notes that he commercial management of ten
multipurpose vessels has been transferred to HC Chartering - part
of the Zeaborn Group; nine ships - the F900 Eco Lifter type vessels
- joined United Heavy Lift's (UHL) roster; and BBC Chartering
signed contracts for six ships that were previously sailing for
Zeamarine.




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I R E L A N D
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GEDESCO TRADE 2020-1: Moody's s Rates EUR15MM Cl. F Notes Ca(sf)
----------------------------------------------------------------
Moody's Investors Service assigned the following definitive ratings
to the debts issued by Gedesco Trade Receivables 2020-1 Designated
Activity Company:

EUR225M Class A asset backed floating rate Notes due January 2026,
Definitive Rating Assigned Aa3 (sf)

EUR15M Class B asset backed floating rate Notes due January 2026,
Definitive Rating Assigned Baa2 (sf)

EUR15M Class C asset backed floating rate Notes due January 2026,
Definitive Rating Assigned B2 (sf)

EUR7.5M Class D asset backed floating rate Notes due January 2026,
Definitive Rating Assigned Caa2 (sf)

EUR7.5M Class E asset backed floating rate Notes due January 2026,
Definitive Rating Assigned Caa3 (sf)

EUR15M Class F asset backed floating rate Notes due January 2026,
Definitive Rating Assigned Ca (sf)

Moody's has not assigned a rating to the EUR 15M Class Z Notes.

The transaction is a revolving cash securitisation of different
types of receivables (factoring, promissory notes and short-term
loans) originated or acquired by Gedesco Finance S.L. ("Gedesco",
NR) and Toro Finance, S.L.U. (NR) to enterprises and self-employed
individuals located in Spain.

RATINGS RATIONALE

The ratings of the Notes are primarily based on the analysis of the
credit quality of the potential underlying portfolio during the
revolving period, the structural integrity of the transaction, the
roles of external counterparties and the protection provided by
credit enhancement.

In Moody's view, the strong credit positive features of this deal
include, among others:

(i) Gedesco's expertise as specialised lender and servicer in the
Spanish market with a long track record of more than 15 years;

(ii) back-up servicer appointed since the closing date;

(iii) pledges granted over the collection account to mitigate
commingling risk;

(iv) strong early amortisation triggers in place to stop the
revolving period ; and

(v) 25% subordination under Series A Notes.

However, the transaction also presents challenging features, such
as:

(i) a 3 year revolving structure during which the portfolio
composition could change significantly, in particular in terms of
proportion of promissory notes and loans;

(ii) relatively loose portfolio limits which allow for a low
granularity portfolio with up to 20% concentration in any sector in
terms of Moody's industry classification, including real estate
sector; and

(iii) An unrated servicer of relatively small size compared to
other established financial institutions and with a growing
business strategy on its loan product.

  - Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 10.7%
over a weighted average life of 0.55 years (equivalent to a
Caa1/Caa2 proxy rating as per Moody's Idealized Default Rates).
This assumption is based on: (1) the available historical
performance data, (2) the receivables eligibility criteria and (3)
the potential worst pool composition allowed to be reached during
the revolving period in light of the portfolio limits established.
Moody's also took into account the current economic environment and
its potential impact on the portfolio's future performance, as well
as industry outlooks or past observed cyclicality of
sector-specific delinquency and default rates. Moody's also assumed
a mean default rate of 10.7% to the replenished pool during the
34-month revolving period given the initial pool assumed already
took into account the worse possible composition therefore limiting
any potential deterioration in the credit quality of the portfolio
through the pool replenishments.

Default rate volatility: Moody's assumed a coefficient of variation
(i.e. the ratio of standard deviation over the mean default rate)
of 53.2%, as a result of the analysis of the potential portfolio
concentrations in terms of single obligors and industry sectors.

Recovery rate: Moody's assumed a fixed recovery rate of 36%,
primarily based on the available historical recovery data combined
with the potential worst pool composition as delimited by the
portfolio requirements established. Upon Gedesco's insolvency the
recovery rate assumption was reduced to 25% to take into account
the potential lack of recourse to certain security on the claims.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 27.3%, that take
into account the current local currency country risk ceiling (LCC)
for Spain of Aa1.

As of July 31, 2019, the provisional initial portfolio was composed
of 9,302 contracts amounting to EUR 357.7 million. Assets are
represented by receivables belonging to different sub-pools: loans
(59.6%), factoring (10%) and promissory notes (30.4%). The top
industry sector is the Construction and Building sector (28.4%), in
terms of Moody's industry classification. The top direct debtor
represents 4.59% of the portfolio and the top 20 represent 43.6%.
Around 60% of the pool has a remaining term of less than 90 days
and over 39% has an internal annual rate of return higher than 15%.
The quality of the portfolio over time will primarily be maintained
by eligibility criteria and concentration limits.

  - Key transaction structure features:

Reserve fund: The transaction benefits from a EUR 1.125 million
reserve fund, equivalent to 0.5% of the balance of the Class A at
closing, and will be replenished up to 1% during the life of the
transaction, subject to available funds and the priority of
payments. The reserve fund provides both credit and liquidity
protection to the Class A Notes.

  - Counterparty risk analysis:

Gedesco will act as servicer of the receivables for the Issuer.
Copernicus (NR) has been appointed as back-up servicer in the
transaction. Moody's believes that Copernicus would be able to step
in as back-up servicer if needed given its experience in servicing
receivables of similar nature. However given Gedesco is an unrated
entity and that the short-term nature of the assets would require a
very fast servicer replacement if needed. Considering the
likelihood of this scenario and related potential uncertainty
Moody's considered the financial disruption risk in the transaction
consistent with a Aa3 rating.

All of the payments under the assets in the securitised pool are
paid into four collection accounts at CaixaBank, S.A. (Long Term
Deposit Rating: A3 /Short Term Deposit Rating: P-2) with a transfer
requirement if the rating of the bank falls below Baa3. The
collection accounts are pledged for the benefit of the issuer via a
first ranking pledge to guarantee the full and timely payment
obligations of Gedesco as servicer. There is a daily sweep of the
funds held in the collection accounts into the Issuer account. As a
result, Moody's considered that commingling risk in the transaction
was fully mitigated.

The Issuer account is held at Elavon Financial Services DAC (Long
Term Deposit Rating: Aa2 /Short Term Deposit Rating: P-1) with a
transfer requirement if the rating of the bank falls below A2.

  - Principal Methodology:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2019.

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

The Notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement and Spain's
country risk could also impact the Notes' ratings.


PENTA CLO 7: Moody's Assigns B3 Rating on EUR8.8MM Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to Notes issued by Penta CLO 7
Designated Activity Company:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aaa (sf)

EUR25,800,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Definitive Rating Assigned Aa2 (sf)

EUR25,200,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned A2 (sf)

EUR26,800,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Baa3 (sf)

EUR22,400,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Ba3 (sf)

EUR8,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6 month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer also issued EUR 39.3 million of subordinated notes which
will not be rated.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par Amount: EUR 400,000,000

Diversity Score: 47

Weighted Average Rating Factor (WARF): 3107

Weighted Average Spread (WAS): 3.59%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 45.2%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


PENTA CLO 7: S&P Assigns B-(sf) Rating on $8.8MM Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Penta CLO 7 DAC's
class A, B-1, B-2, C, D, E, and F notes. At closing, the issuer
also issued EUR39.30 million of unrated subordinated notes.

On the closing date, the issuer will own approximately 80% of the
target effective date portfolio. S&P considers that the target
portfolio will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans. Therefore,
S&P has conducted its credit and cash flow analysis by applying its
criteria for corporate cash flow collateralized debt obligations.

  Portfolio Benchmarks
                                                      Current
  S&P Global Ratings weighted-average rating factor     2,742
  Default rate dispersion                                 416
  Weighted-average life (years)                          5.70
  Obligor diversity measure                               111
  Industry diversity measure                               20
  Regional diversity measure                              1.3
  Weighted-average rating                                 'B'
  'CCC' category rated assets (%)                           0
  'AAA' weighted-average recovery rate                  36.07
  Floating-rate assets (%)                                100
  Weighted-average spread (net of floors; %)             3.75

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.63%),
the reference weighted-average coupon (4.50%), and the minimum
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

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

"Elavon Financial Services DAC is the bank account provider and
custodian. Its documented replacement provisions to be in line with
our counterparty criteria for liabilities rated up to 'AAA'.

"The issuer can purchase up to 20% of non-euro assets, subject to
entering into asset-specific swaps. The downgrade provisions of the
swap counterparty or counterparties are in line with our
counterparty criteria for liabilities rated up to 'AAA'.

"The issuer is bankruptcy remote, in accordance with our legal
criteria.

"The CLO is managed by Partners Group (UK) Management Ltd. Under
our "Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.

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

  Ratings List

  Class      Rating       Amount (mil. EUR)
  A          AAA (sf)     248.00
  B-1        AA (sf)      25.80
  B-2        AA (sf)      15.00
  C          A (sf)       25.20
  D          BBB- (sf)    26.80
  E          BB- (sf)     22.40
  F          B- (sf)      8.80
  Sub notes  NR           39.30

  NR--Not rated.




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I T A L Y
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GRUPPO BANCARIO: Fitch Affirms BB LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Gruppo Bancario Cooperativo Iccrea's
Long-Term Issuer Default Rating at 'BB' with a Stable Outlook and
Viability Rating (VR) at 'bb'. Fitch has also affirmed the IDRs of
central bank Iccrea Banca and its subsidiary Iccrea BancaImpresa
(IBI).

Fitch has also upgraded the Long-Term Deposit Rating of IB and IBI
to 'BB+' from 'BB' and removed them from 'Under Criteria
Observation' to reflect the protection they will accrue from more
junior bank resolution debt and equity buffers. Fitch has also
downgraded IB's subordinated debt to 'B+' from 'BB-' and removed it
from UCO to reflect the switch to a baseline notching of two
notches for loss severity from the anchor rating under Fitch's new
bank rating criteria published on February 28, 2020.

ICBG is not a legal entity, but a cooperative banking group. Its
136 credit cooperatives, IB acting as a central bank, IBI and other
entities are bound by a cross-support mechanism. Under this
mechanism, the central bank ensures viability of the affiliated
banks, redistributing capital and liquidity from stronger members
to support the weaker ones. ICBG shares with the members a common
strategy and marketing activities, publishes consolidated accounts,
is supervised by ECB on a consolidated basis and risk management is
centralised. Fitch assigns group ratings in accordance with Annex 4
of its Bank Rating Criteria and assign the same IDRs to ICBG, IB
and IBI.

KEY RATING DRIVERS

IDRs, VR AND SENIOR DEBT

The ratings of ICBG reflect its below-average asset quality and
profitability compared with that of peers operating in similar
markets, despite gradual improvement achieved over the past year.
The ratings also factor ICBG's adequate capitalisation and a sound
funding and liquidity profile, resulting from a stable and granular
customer deposits base, which are rating strengths.

Despite improvement in ICBG's asset quality and profitability in
the last year, further improvements will be challenged by an
increasingly difficult operating environment in Italy.

ICBG's profitability is modest as a result of a less diversified
business model than domestic peers' and weak cost efficiency.
Profitability improvement in 2019 was largely driven by lower loan
impairment charges on the back of asset-quality improvements, a
trend Fitch expects to broadly continue in 2020 assuming there is
no economic fallout from the Covid-19 outbreak. At the same time,
ICBG's core profitability will face pressure from persistently low
interest rates given the group's limited revenue diversification
and the investments required to complete the cooperative group
integration.

Fitch estimates ICBG's impaired loan ratio to have amounted to
around 12% at end-2019. While the ratio still lags behind the
domestic average of around 8%, this has decreased in the past few
years and improving the ratio remains a focus of the bank,
particularly via impaired loans disposals. Achieving this target is
now particularly challenging given risks of deterioration of the
Italian operating environment and prospects and how this could
impact investors' appetite to buy distressed Italian assets. ICBG's
impaired loan coverage compares well with the domestic sector's.

Lower volumes of impaired loans led to a gradual reduction of
ICBG's capital encumbrance to unreserved impaired loans, which
Fitch expects to have been around 40% of CET1 capital at end-2019.
Further scope to reduce this will largely depend on the group's
capacity to continue disposing impaired loans. Capitalisation
remains vulnerable to sovereign risk since Italian government bonds
represent high multiples of CET1 capital. ICBG's CET1 ratio,
estimated to have been over 15% at end-2019, has remained stable
with adequate buffers over minimum requirements, but internal
capital generation will remain low because of modest internal
capital generation.

ICBG's funding structure is adequate for the group's business
model, as loans are mainly funded by granular retail deposits.
Wholesale funding channels are only partially utilised, through IB,
while ICBG plans to tap the secured funding market and utilise its
large portfolio of residential mortgages. ICBG has a large stock of
liquid assets, which is ample to cover wholesale funding
maturities.

SUPPORT RATING AND SUPPORT RATING FLOOR

ICBG's Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'No Floor' reflect Fitch's view that although external support is
possible it cannot be relied upon. Senior creditors can no longer
expect to receive full extraordinary support from the sovereign in
the event that the bank becomes non-viable. The EU's Bank Recovery
and Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for the resolution of banks that
requires senior creditors to participate in losses, if necessary,
instead of, or ahead of, a bank receiving sovereign support.

Fitch has affirmed IB's SR and SRF at '5'/'NF' as Fitch believes
that external support to ICGB (from example from the Deposit
Guarantee Scheme) is likely to be channelled through IB as the
group's central institution.

SUBORDINATED DEBT

IB's subordinated debt is notched down twice from the group's VR
for loss severity because of lower recovery expectations relative
to senior unsecured debt. These securities are subordinated to all
senior unsecured creditors.

DEPOSIT RATINGS

The Long-Term Deposit Ratings of IB and IBI reflect the protection
they will accrue from more junior bank resolution debt and equity
buffers based on its expectation that ICBG will soon receive its
MREL (Minimum Requirement for own funds and Eligible Liabilities)
requirement, which it will have to meet.

Fitch has also assigned 'B' Short-Term Deposit Ratings to IB and
IBI, which map to their 'BB+' Long-Term Deposit Ratings.

RATING SENSITIVITIES

IDRS, VRS AND SENIOR DEBT

ICBG's ratings could be upgraded if the group successfully delivers
its plans to further reduce the stock of impaired loans despite a
more challenging operating environment, resulting in lower capital
vulnerability to unreserved impaired loans. This would have to be
accompanied by maintaining sound capital ratios and improving
operating profitability.

The ratings remain sensitive to any meaningful deterioration of the
operating environment in Italy, which could for example result from
an economic fallout from COVD-19, and which could impact the
already weak profitability of ICBG and jeopardise its asset-quality
reduction targets.

SR AND SRF

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support the banks. In Fitch's view this is highly unlikely,
although not impossible.

SUBORDINATED DEBT

The rating on IB's subordinated debt is sensitive to changes in
ICBG's VR.

DEPOSIT RATING

The Deposit Ratings are primarily sensitive to changes in ICBG's
Long-Tem IDR. The Long-Term Deposit Rating is also sensitive to the
bank meeting its MREL targets.

ESG CONSIDERATIONS

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




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

AGRARIAN CREDIT: Moody's Alters Outlook on Ba1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed the entity outlook on
Kazakhstan's Agrarian Credit Corporation JSC to negative from
stable. At the same time, Moody's affirmed ACC's global scale and
the national scale ratings.

RATINGS RATIONALE

The change in outlook to negative from stable reflects worsening
asset quality which exerts higher pressure on the company's
solvency and liquidity.

Despite rapid loan portfolio growth (which masks asset quality
deterioration) the problem loans (defined as Stage 3 loans under
IFRS 9) reached 40% of the loan book (including exposures to banks
which on-lend resources to agriculture producers) at end-2019 (38%
at end-2018 and 29% in 2017). As the loan book growth decelerates
and the portfolio seasons, Moody's anticipates the problem loans
ratio to increase further. In addition, at end-2019, problem loans
were only 29% covered by reserves. As a result, the loss absorption
capacity weakened considerably as reflected in a Texas ratio
(problem loans to tangible common equity (TCE) and loan loss
reserves) reaching a high 81% at end-2019 compared to 67% a year
earlier. Further, lower quality of assets lead to worsening
liquidity profile as ACC's ability to generate cashflows is
impaired.

The affirmation of ACC's Ba1 Corporate Family Rating (CFR)
reflects: 1) very high support from its immediate parent KazAgro
National Management Holding JSC (KazAgro, Ba1 positive), which is
100% owned by the Government of Kazakhstan (Baa3 positive), 2) high
capitalization still provides loss absorption capacity, 3) good
profitability which are balanced against weak asset quality and
modest liquidity.

ACC's b2 standalone assessment remains constrained by a number of
weaknesses in its risk governance structure and environmental
risks. ACC is exposed to considerable environmental risks owing to
its concentrated lending to the agricultural sector, where
borrowers' performance tends to be volatile and vulnerable to
adverse weather conditions. The company's rapid growth in this very
high-risk area of lending reflects its elevated risk appetite and
makes its financial metrics potentially volatile. This is reflected
in the continued application of a negative notch for corporate
behavior and risk management within the overall b2 standalone
credit assessment.

ACC's Ba1 CFR continues to reflect very high support from its
immediate parent KazAgro. As a result, Moody's incorporates four
notches of rating uplift based on its parental support assumptions,
from ACC's standalone assessment of b2. Moody's believes the parent
would provide financial support to ACC, if it were necessary, to
avoid significant reputational damage, reduced access to market
funding for its subsidiaries or impairment or disruption in the
implementation of important government programmes.

ACC's Ba1 issuer ratings (which are at the same level as its CFR)
reflect the relative positioning of unsecured obligations under its
Loss Given Default (LGD) model for speculative-grade companies.

WHAT COULD MOVE THE RATINGS UP/DOWN

Stabilisation of asset quality trends or higher capital could lead
to stabilization of the outlook. A continued deterioration in ACC's
asset quality and solvency will lead to negative rating pressure.
Any indication of a weakening in the parent's willingness or
ability to provide support to ACC could hurt its CFR. ACC's Ba1
issuer ratings could be downgraded because of any unfavorable
change to its debt capital structure, which would lower the
recovery rate for senior unsecured debt classes.

LIST OF AFFECTED RATINGS

Issuer: Agrarian Credit Corporation JSC

Affirmations:

Long-term Corporate Family Rating, affirmed Ba1

Long-term Issuer Ratings, affirmed Ba1

NSR Long-term Issuer Rating, affirmed Aa3.kz

Short-term Issuer Ratings, affirmed NP

Outlook Action:

Outlook changed to Negative from Stable

PRINCIPAL METHODOLOGY

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




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

AVAST HOLDING: S&P Withdraws 'BB' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings withdrew its 'BB' issuer credit rating on Avast
Holding and its 'BB' issue rating on Avast's outstanding debt, at
the company's request. The outlook at the time of the withdrawal
was stable.





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S P A I N
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BBVA RMBS 3: Moody's Affirms B3 Rating on EUR27.2NN Cl. A3d Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two Notes in BBVA
RMBS 3, FTA. The rating action reflects the increased levels of
credit enhancement for the affected Notes.

EUR1200.0M Class A1 Notes, Upgraded to Baa1 (sf); previously on Apr
17, 2019 Upgraded to Baa3 (sf)

EUR595.5M Class A2 Notes, Upgraded to Baa1 (sf); previously on Apr
17, 2019 Upgraded to Baa3 (sf)

EUR681.0M Class A3a Notes, Affirmed Aa1 (sf); previously on Apr 17,
2019 Affirmed Aa1 (sf)

EUR136.2M Class A3b Notes, Affirmed A1 (sf); previously on Apr 17,
2019 Affirmed A1 (sf)

EUR63.6M Class A3c Notes, Affirmed Ba2 (sf); previously on Apr 17,
2019 Affirmed Ba2 (sf)

EUR27.2M Class A3d Notes, Affirmed B3 (sf); previously on Apr 17,
2019 Upgraded to B3 (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

The slow but consistent reduction in the unpaid principal
deficiency for the transaction was the main driver of the increase
in available credit enhancement for the affected Notes.

Namely, the credit enhancement for the aggregated Class A Notes
(Class A1, Class A2, Class A3a, Class A3b, Class A3c and Class A3d,
hence including Notes affected by today's rating action) increased
to 6.43% from 5.40% since the last rating action.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.

GRUPO COOPERATIVO: Fitch Raises LT IDR to BB, Outlook Stable
------------------------------------------------------------
Fitch Ratings upgraded Grupo Cooperativo Cajamar's Long-Term Issuer
Default Rating to 'BB' from 'BB-' and Viability Rating to 'bb' from
'bb-'. The Outlook on the Long-Term IDR is Stable.

At the same time, Fitch has upgraded GCC's central bank, Banco de
Credito Social Cooperativo, S.A.'s and GCC's largest cooperative
bank, Cajamar Caja Rural, Sociedad Cooperativa de Credito's
(Cajamar Caja Rural) Long-Term IDRs to 'BB'.

BCC's subordinated debt has been affirmed at 'B+' and removed from
'Under Criteria Observation' to reflect the switch to a baseline
notching of two notches for loss severity from the anchor rating
under Fitch new bank rating criteria published on February 28,
2020.

The upgrade of the ratings reflects the group's success in reducing
problem assets (impaired loans and net foreclosed assets) in the
past few years, which at the same time has substantially reduced
the group's capital at risk from unreserved problem assets.

GCC is not a legal entity, but a cooperative banking group. Its 18
credit cooperatives and BCC are bound by a mutual support
mechanism, under which members mutualise 100% of their profits and
have a cross-support mechanism for capital and liquidity. Fitch
assigns group ratings in accordance with Annex 4 of its Bank Rating
Criteria and the same IDRs for GCC, BCC and Cajamar Caja Rural.

KEY RATING DRIVERS

IDRs AND VR

The ratings of GCC reflect its sustained and accelerated reduction
of problem assets in the past three years, which has also
contributed to an improvement in its capitalisation, both in its
risk-weighted capital ratios and capital encumbered to unreserved
problem assets. GCC's ratings continue to reflect weaker asset
quality metrics than domestic peers'. The ratings also factor in
its adequate retail franchise as the largest cooperative bank in
Spain, modest profitability and stable and granular deposit base.

In the past three years, impaired loans have been reduced by over
20% yearly, helped by recoveries, write-offs and foreclosures
largely outpacing new entries. The decrease in net foreclosed
assets has been more moderate, but accelerating to 10% in 2019 from
3% in 2017, driven by GCC's strategy to largely focus on retail
sales rather than large portfolio sales to institutional investors
as seen at some of the group's peers. This partly explains its
higher problem-asset ratio than peers of 10.9% at end-2019 (down
from 12.8% at end-2018). Reserve coverage for impaired loans also
improved to 49% at end-2019 from 43% one year before and is now
closer to the domestic sector average.

GCC's capital ratios are maintained with moderate buffers above
minimum requirements. At end-2019 the bank's regulatory phased-in
common equity Tier 1 (CET 1) ratio stood at 13% (12.3% fully
loaded), while the total capital ratio was 14.7% (14% fully
loaded). Both were above the 2020 Supervisory Review and Evaluation
Process (SREP) requirement of 9.5% and 13%, respectively. GGC's
recent improvement in capitalisation has been supported by regular
capital contributions from cooperative memberships and retained
earnings. While reduced, GCC's capital remains sensitive to
unreserved problem assets, which amounted to just below 90% of
fully-loaded CET 1 capital at end-2019.

GCC's earnings are modest and weighed down by low interest rates
and higher loan impairment charges to help in the clean-up of its
balance sheet. Earnings have been supported by revenues generated
from a large government securities portfolio, which Fitch expects
to remain in place in the medium term and in its view are not
representative of the bank's core banking profitability. Fitch
believes  that improving core profitability in the current
persistently low-interest-rate environment and slowing domestic
economy represents a challenge given the bank's less diversified
revenue sources.

Fitch believes  GCC's funding structure is adequate for the group's
business model, with loans mainly funded by a granular stable
retail deposit base. Wholesale funding is limited, while ECB
funding is above peers' at 11% of total assets at end-2019 and is
used largely to finance the group's government bond portfolio.
Fitch assesses its liquidity position as adequate in the context of
upcoming debt maturities.

SUPPORT RATING AND SUPPORT RATING FLOOR

GCC's Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'No Floor' reflect Fitch's belief that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign if GCC becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that is
likely to require senior creditors to participate in losses,
instead of, or ahead of, a bank receiving sovereign support.

SUBORDINATED DEBT

BCC's subordinated debt is notched down twice from the group's VR
for loss severity because of lower recovery expectations relative
to senior unsecured debt. These securities are subordinated to all
senior unsecured creditors.

RATING SENSITIVITIES

IDRs AND VR

Rating upside over the long term may result from sustained
reduction of problem assets seen so far without deteriorating
risk-weighted capital ratios, which will all contribute to reducing
capital encumbered to unreserved problem assets towards 50%.
Improved banking profitability would also be rating-positive.

Downside may arise if asset quality metrics deteriorate, signalling
an increased risk appetite or if capitalisation weakens, which
Fitch does not expect. Increased reliance on less recurring or
non-core banking-related items to support profitability would be
rating-negative.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support domestic banks. While not impossible, this is highly
unlikely, in Fitch's view.

SUBORDINATED DEBT

The rating on BCC's subordinated notes is sensitive to changes to
GCC's VR.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).

HIPOCAT 11: Fitch Affirms Csf Rating on Class D Debt
----------------------------------------------------
Fitch Ratings has placed one tranche of Hipocat 7, FTA, on Rating
Watch Negative (RWN) and taken rating actions on Hipocat 10, FTA,
Hipocat 11, FTA, and Hipocat 9, FTA.

The RWN reflects the potential effects of the recently enacted
Catalonian Decree Law 17/2019 on securitised residential mortgage
portfolios.

RATING ACTIONS

Hipocat 7, FTA;

Class A2 ES0345783015; LT AAAsf Affirmed;      previously AAAsf

Class B ES0345783023;  LT AAAsf Rating Watch;  previously AAAsf

Class C ES0345783031;  LT A+sf Rating Watch;   previously A+sf

Class D ES0345783049;  LT BBB+sf Rating Watch; previously BBB+sf

Hipocat 11, FTA;

Class A2 ES0345672010; LT BBB+sf Upgrade; previously at Bsf

Class A3 ES0345672028; LT BBB+sf Upgrade; previously at Bsf

Class B ES0345672036;  LT CCsf Affirmed;  previously at CCsf

Class C ES0345672044;  LT CCsf Affirmed;  previously at CCsf

Class D ES0345672051;  LT Csf Affirmed;   previously at Csf

Hipocat 9, FTA;

Class A2a ES0345721015; LT A+sf Affirmed;    previously at A+sf

Class A2b ES0345721023; LT A+sf Affirmed;    previously at A+sf

Class B ES0345721031;   LT A+sf Affirmed;    previously at A+sf

Class C ES0345721049;   LT Asf Rating Watch; previously at Asf

Class D ES0345721056;   LT CCCsf Affirmed;   previously at CCCsf

Class E ES0345721064;   LT Csf Affirmed;     previously at Csf

Hipocat 10, FTA;

Class A2 ES0345671012; LT A+sf Affirmed; previously at A+sf

Class A3 ES0345671020; LT A+sf Affirmed; previously at A+sf

Class B ES0345671046;  LT BB+sf Upgrade; previously at BB-sf

Class C ES0345671053;  LT CCsf Affirmed; previously at CCsf

Class D ES0345671061;  LT Csf Affirmed;  previously at Csf

TRANSACTION SUMMARY

The transactions consist of mortgages originated in Spain by
Catalunya Banc S.A. (now part of Banco Bilbao Vizcaya Argentaria,
S.A., BBVA; A-/Stable/F2), which previously traded as Caixa
Catalunya. The loans are serviced by BBVA Group.

KEY RATING DRIVERS

Mandatory Residential Lease for SPVs

Fitch considers that the ratings of Hipocat 7's class B, C and D
notes may be sensitive to the possible adverse effects that the
recently enacted Catalonian Decree Law 17/2019 could have on some
existing and future residential mortgage defaults within the
securitised portfolios (see Fitch Places 18 Tranches of 9 Spanish
RMBS on RWN; Affirms Others). This led to the class C notes being
placed on RWN and the class B and D notes being maintained on RWN.

Stable or Improving Credit Enhancement

Fitch expects structural CE to remain largely stable over the short
to medium term in Hipocat 7 as the transaction is currently
amortising on a pro-rata basis. Fitch expects Hipocat 9 to start
amortising pro-rata in the next six to 12 months as the reserve
fund (RF) is close to its target. Once this happens, CE ratios will
decrease slightly as the RF will be allowed to amortise to its
floor, which drives the maintained RWN on the class C notes.

For the rest of the transactions Fitch expects CE ratios to
continue to increase as the notes are expected to keep amortising
sequentially. For Hipocat 10 and 11, the rise in CE is the main
driver of the upgrades of the notes. Fitch views these CE trends as
sufficient to withstand the rating stresses, leading to the
upgrades and affirmations. However, the still very low and even
negative CE for some tranches is a driver of the 'Csf' to 'CCCsf'
ratings.

Geographical Concentration to Catalonia

The securitised portfolios are exposed to the region of Catalonia
with a concentration that ranges from 63% for Hipocat 7 to 69% in
Hipocat 10. Within Fitch's credit analysis, and to address regional
concentration risk, higher rating multiples are applied to the base
foreclosure frequency assumption to the portion of the portfolios
that exceeds 2.5x the population within this region, in line with
Fitch's European RMBS rating criteria.

Payment Interruption Risk

Fitch views Hipocat 9, Hipocat 10 and 11 as being exposed to
payment interruption risk in the event of a servicer disruption, as
in scenarios of economic stress Fitch expects the available RFs
(partially funded for Hipocat 9 and fully depleted for Hipocat 10
and Hipocat 11) to be insufficient to cover senior fees, net swap
payments and senior notes' interest during the minimum three months
needed to implement alternative servicing arrangements. The notes'
maximum achievable ratings are commensurate with the 'Asf'
category, in line with Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria.

Asset Performance Possibly Volatile

Fitch believes the behaviour of some distressed mortgage debtors in
Catalonia could deteriorate as a consequence of the Decree Law. For
example, a distressed borrower with a high loan-to-value (LTV)
mortgage could be motivated to stop paying the mortgage and get
access to a much cheaper lease for as long as 14 years.

As of the latest reporting dates of the transactions, the balance
of arrears by three months or more (excluding defaults) remain
below 1.0% relative to current portfolio balances, while gross
cumulative defaults range between 3.9% (Hipocat 7) and 25.0%
(Hipocat 11) relative to the initial portfolio balances with signs
of flattening during the past two years.

ESG Factors

Hipocat 9 and 10 have an ESG Relevance Score of 5 for "Transaction
& Collateral Structure" due to payment interruption risk, which has
a negative impact on the credit profile, and is highly relevant to
the rating, resulting in a change to the ratings.

Hipocat 11 has an ESG Relevance Score of 4 for "Transaction &
Collateral Structure" due to payment interruption risk, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

RATING SENSITIVITIES

Fitch's analysis will factor in the transaction-specific feedback
expected to be received from the trustees, particularly with
respect to the servicing strategy to be implemented in cases where
mandatory social rent is applied to existing or future defaults.
Moreover, the analysis will address any additional recurrent
expenses that SPVs will have to pay linked to the maintenance of
rented property during the entire period, and any contingent
liabilities in their new role as landlords.


INTERNATIONAL AIRPORT: Fitch Affirms B Rating to $400MM Sec. Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the long-term rating assigned to
International Airport Finance S.A.'s USD400 million senior secured
notes at 'B'. The Rating Outlook is Stable. The issuance was made
in connection with Corporacion Quiport S.A. (Quiport), the
concessionaire of Quito's Mariscal Sucre International Airport.

RATING RATIONALE

The rating reflects Quiport's strategic but somewhat modest traffic
base, comprising mostly origin and destination (O&D) and
leisure-oriented passenger traffic; a history of moderate
volatility; and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
It also reflects a tariff setting mechanism that allows for
adjustments for U.S. and Ecuadorian consumer prices. The rated debt
has no refinancing risk and includes additional liquidity in the
form of offshore Debt Service Reserve Account (DSRA) and/or
Stand-by Letter of Credit (SBLC) enough to cover 12-month of debt
service.

Quiport's ability to service its debt can withstand domestic
economic shocks, supported by the participation of international
traffic-related revenues of over 50% of total revenue and the
proven resiliency of the concession framework to adverse political
environments. Break-even analysis shows that the airport is able to
withstand annual passengers' decrease of 4.3%.

Average rating case debt service coverage ratio (DSCR) is 1.4x,
while minimum DSCR is 1.3x in year 2031. The difference in rating
case DSCRs with respect to last year's average and minimum of 1.7x
and 1.4x, respectively, mostly reflects the exclusion of the
outlier years of 2019 and 2033 in the calculation as slightly
downward revised volume assumptions as well as the exclusion from
cash flow available for debt service of movements to and from the
Income Tax Reserve Account and Earnings per Share Reserve account,
for consistency purposes. Rating case maximum leverage, measured as
net debt to cash flow available for debt service (CFADS) in 2020
increases to 5.8x from last year's 5.0, due to higher capex. Credit
metrics are commensurate with higher ratings according to Fitch's
applicable criteria. An additional layer of comfort is provided by
the eight-year tail before the concession's maturity. However, the
rating is constrained by Ecuador's sovereign risk. The presence of
a 12-month DSRA and/or SBLC provide sufficient liquidity to
preserve debt service should short lived capital controls be
imposed, supporting a rating of 'B' with a Stable Outlook, one
notch above Ecuador's Country Ceiling (B-).

KEY RATING DRIVERS

O&D, Leisure-Oriented Airport [Revenue Risk: Volume - Midrange]:

The airport is located in Quito's metropolitan region, which
accounts for 16% of the country's population (2.7 million people),
and has an enplanement base of 2.5 million paying passengers (pax)
in 2019. The airport's traffic base is mostly O&D, with
leisure-oriented traffic exceeding business traffic. Total traffic
volatility is moderate with the largest historic peak to trough of
12.9% occurring between 2014 and 2016, with traffic yet to recover.
Carrier concentration in terms of revenue is low. There is some
competition from Ecuador's second largest airport, Guayaquil's Jose
Joaquin de Olmedo International Airport.

Dual Till Regulation [Revenue Risk: Price - Midrange]:

Regulated revenue tariffs are readjusted according to inflation in
Ecuador and the U.S., and commercial revenues have no
tariff-setting restrictions. The framework does not include a price
recovery model or an adjustment mechanism for declines in pax.

Modern Infrastructure [Infrastructure Development &Renewal:
Stronger]:

The airport is modern and well-maintained and has detailed short-
and long-term expansion plans. Future expansions are to be funded
with internal cash flow generation, while the associated
expenditures are smoothed through a rolling capex reserve. The
concession framework does not provide a recovery of expenditures
via rate adjustment. The debt structure also includes an offshore
capex reserve account or SBLC covering staggered percentages of the
next 18 months of capex needs.

Fully Amortizing Debt Structure [Debt Structure: Stronger]:

Senior secured debt composed of a single U.S. Dollar-denominated
tranche with a fully amortizing repayment profile. Structural
features include offshore debt service, O&M, maintenance and capex
reserve accounts, as well as robust debt incurrence and dividend
distribution tests.

Financial Summary

Rating case financial metrics are consistent with higher ratings,
according to applicable criteria for airports with midrange
attributes for volume and price risks. Leverage, measured as net
debt to CFADS, is 5.8x at its maximum in year 2020 and decreasing
to below 4.0x after 2023. Coverage, measured as average DSCR for
2020-2032, is at 1.4x, while minimum DSCR is at 1.3x in 2031.

PEER GROUP

Quiport's closest peer is ACI Airports SudAmerica, S.A. (ACI;
BBB-/Stable), the indirect sponsor of Puerta del Sur S.A., who
holds the concession for Montevideo's Carrasco International
Airport in Uruguay. Both airports are the main international
gateways to their countries and present the same average DSCR
(1.4x). However, Quiport's rating is capped at one notch above
Ecuador's country ceiling (B-).

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
Positive rating action:

  -- A positive rating action on Ecuador's sovereign rating.

Developments that may, individually or collectively, lead to
Negative rating action:

  -- A negative rating action on Ecuador's sovereign rating;

  -- Severe and prolonged pax negative growth.

CREDIT UPDATE

After a strong growth in the number of passengers in 2018, there
was a decrease of 3.1% in the number of passengers in 2019. This
decrease was mainly explained by the weak performance of domestic
passengers and by the social unrest in the country in October 2019.
Following the signing of the IMF program, Ecuador decreased fuel
subsidies to the population, which triggered generalized riots in
the country. In October 2019, the authorities backtracked on fuel
subsidy cuts after fierce social backlash.

EBITDA increased by 8.6% in 2019 (USD120.6 million) when compared
with 2018, despite the decrease in the volume of passengers, mostly
because of the increase in the non-regulated revenues and lower
costs, mainly related to legal and extraordinary fees.

FINANCIAL ANALYSIS

Both Base and Rating cases from Fitch consider annual Ecuadorian
inflation of 0.5% between 2020 and 2022 and 2.0% from 2023 onwards,
while U.S. inflation is 2.3% in 2020, 2.5% in 2021 and 2.0% from
2022 onwards.

Fitch's Base Case considers 2.5% traffic decrease in 2020 and a
3.0% CAGR in the 2019 to 2033 period. A 3.0% increase over
management costs and investments has been considered and no
additional litigation costs were considered. Under this scenario,
DSCRs average from 2020 to 2032 is 1.7x with a minimum of 1.5x (in
2032), and peak net debt/CFADS is 4.4x in 2020.

Fitch's Rating Case considers a 10% traffic decrease in 2020 and in
2029. Traffic CAGR in the 2019-2033 period is 1.3%. A 5.0% increase
in management costs and investments and USD100 million in
litigation settlements have been considered, the latter amortized
over 10 yearly payments of USD10 million from 2020 onwards. Under
this scenario, DSCRs average between 2020 and 2032 is 1.4x with a
minimum of 1.3x (in 2031), and peak net debt/CFADS is 5.8x in
2020.

Peak leverage in Fitch's rating case, measured by Net Debt to
CFADS, increased to 5.8x from 5.0x, both in 2020, mainly because of
the inclusion of additional investments in 2020 and by lower
passengers expected volume.

Fitch also ran a breakeven scenario, and the project could
potentially withstand a negative 4.3% CAGR growth and still pay
scheduled debt payments, considering the use of DSRA's and SBLC's
total amounts once.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity, either due to their nature or the way in which they
are being managed by the entity.


TELEFONICA S.A.: Egan-Jones Lowers Commercial Paper Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 3, 2020, downgraded the
foreign commercial paper and local commercial paper ratings on debt
issued by Telefonica, S.A. to B from A3.

Telefonica, S.A. is a Spanish multinational telecommunications
company headquartered in Madrid, Spain. It is one of the largest
telephone operators and mobile network providers in the world. It
provides fixed and mobile telephony, broadband and subscription
television, operating in Europe and the Americas.




===========
T U R K E Y
===========

KOC HOLDING: S&P Affirms BB- Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its rating on Koc Holding A.S. at
'BB-'.

S&P said, "Koc has maintained a defensive net cash position and a
highly liquid portfolio for a prolonged period.  Koc benefits from
a conservative financial policy, and we believe will maintain a
loan-to-value (LTV) ratio below 20% under any circumstances, as
demonstrated during the 2018 Turkish currency crisis. Moreover, it
has ample financial flexibility sustained by its net cash positon,
which allows for potential new investments that would improve its
portfolio diversity without jeopardizing its SACP. Offsetting this,
Koc's highly liquid portfolio comprises assets of average credit
quality. Most are in the 'B' category and our ratings on many of
them are constrained by our T&C assessment for Turkey. Despite
Koc's strengths, we consider that in a hypothetical default
scenario for Turkey, Koc could face obstacles to paying foreign
currency debt. Therefore, we cap our rating on Koc at 'BB-', in
line with our T&C assessment on Turkey. Koc's stand-alone credit
profile is 'bbb-'.

"Koc's very prudent financial policy and strong balance sheet
underpin the ratings.  We expect Koc to remain committed to its
financial policy. We understand that management has limited
tolerance for net debt at the parent level, and the loan-to-value
(LTV) ratio has been negative over the past six years. Despite the
inherent volatility in the investment portfolio's value, and
current equity market conditions in light of COVID-19, we believe
the LTV ratio will remain well below 20% at all times. Furthermore,
we expect cash flow adequacy to remain strong in 2020-2023, which
we attribute to stable dividend income from its investee companies.
These positives are tempered by volatility in asset values. The
recent depreciation of the Turkish lira against the U.S. dollar has
materially reduced Koc's investment portfolio in dollar terms. We
estimate the portfolio was worth about $8.8 billion as of Dec. 31,
2019 (TRY52.3 billion), at an exchange rate of TRY5.94/$1, despite
moderate increases in domestic share prices in 2019. We exclude net
cash when calculating portfolio value and include Koc's Additional
Tier 1 (AT1) securities investments in Yapi Kredi Bank." This
compares with a valuation of about $13 billion at year-end 2017, at
an exchange rate of TRY3.77/$1. Koc receives all of its material
dividends within Turkey, although it derives most of its dividend
income from companies with foreign exchange or foreign
exchange-linked revenue.

Koc's investment position is supported by its diversity by sector
and high proportion of listed assets.  However, Koc's portfolio
suffers from a degree of concentration in its three largest
investments and is further constrained by the relatively low asset
quality of its investee companies. Approximately 87% of Koc's
assets by value are listed and are actively traded on the Borsa
Istanbul. Additionally, Koc has invested in a wide range of
sectors, including financial institutions, auto manufacturing,
retail, consumer durables, and oil refining.

Koc's three largest assets -- Tupras, Ford Otosan, and Yapi Kredi
Bank -- constitute about 55% of the portfolio.  Following the
downgrade of Yapi--in which Koc Group now has a 49.99% stake--to
'B+' earlier in 2018, and in view of the effect of the lower
sovereign rating on some of Koc's other investee companies, S&P
assesses the weighted credit quality of Koc's investment portfolio
as being in the 'b+' category. This is weaker than that of other
investment holding companies, such as EXOR, Industrivarden, and
Wendel.

S&P said, "We view management as conservative and expect the
company to maintain strong liquidity.  Three Eurobonds totaling
Turkish lira (TRY) 13.4 billion ($2.25 billion) are outstanding at
the parent level. This compares with year-end 2019 cash of TRY16
billion, 77% of which is denominated in hard currency. In March
2019, Koc issued $750 million notes to prefinance an upcoming
maturity in April 2020, which indicates prudent cash management on
the company's part. Even if Koc had been unable to tap the
Euromarket, we expect it would have met the April 2020 debt
maturity because it keeps 77% of its TRY16 billion cash ($2.7
billion) in hard currency deposits (as of Dec. 31, 2019)."

The stable outlook is in line with that on the Turkish sovereign,
given the dependency on the T&C assessment.

S&P said, "If we were to downgrade Turkey further, to below 'B+',
or if Turkey were to impose capital controls causing us to lower
our T&C assessment, we would likely lower our ratings on Koc.

"Although we consider it unlikely, we could also lower our ratings
on Koc if it failed to pass our sovereign stress test. This could
happen if its debt maturity profile were to shorten and, at the
same time, Koc held materially less cash in hard currencies.
Because it passes the sovereign stress test at present, our rating
on it may be up to two notches above that on the sovereign, capped
at the T&C level.

"In our view, the ratings on Koc cannot be higher than our T&C
assessment on Turkey (currently 'BB-') because the majority of
investee companies, and therefore dividends, derive from Turkey. We
could, therefore, upgrade Koc if we raised our rating and T&C
assessment on Turkey."




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

UKRAINE: Egan-Jones Hikes Senior Unsecured Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings Company, on March 5, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Ukraine to BB+ from BB.

Ukraine is a large country in Eastern Europe known for its Orthodox
churches, Black Sea coastline and forested mountains. Its capital,
Kiev, features the gold-domed St. Sophia's Cathedral, with
11th-century mosaics and frescoes. Overlooking the Dnieper River is
the Kiev Pechersk Lavra monastery complex, a Christian pilgrimage
site housing Scythian tomb relics and catacombs containing
mummified Orthodox monks.




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

BRIGHTHOUSE LTD: Near Insolvency, Sky News Reports
--------------------------------------------------
Bloomberg News reports that BrightHouse Ltd., has put Grant
Thornton on standby to handle its possible administration, Sky News
said, without saying how it obtained the information.

Sky cited a source close to BrightHouse's shareholders as saying
insolvency wasn't inevitable, but that it had become more likely in
recent weeks, Bloomberg relays. BrightHouse's possible collapse
puts 2,400 jobs at risk in the U.K. The company has about 240
stores.

According to Bloomberg, other advisers have been working with
BrightHouse to explore its options in recent months.

BrightHouse Ltd is the U.K.'s biggest rent-to-own retailer.


CANADA SQUARE 2020-1: S&P Assigns B(sf) Rating on Cl. X-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Canada Square Funding 2020-1 PLC's (CSF 2020-1's) class A notes and
class B-Dfrd to X-Dfrd interest deferrable notes.

CSF 2020-1 is a static RMBS transaction that securitizes a
portfolio of £261.1 million buy-to-let (BTL) mortgage loans
secured on properties located in the U.K. The loans in the pool
were originated by Fleet Mortgages Ltd. (51.0%), Landbay (31.3%),
and Zephyr Homeloans (17.7%) between 2018 and 2020.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all of its assets in favor of
the security trustee.

Citibank, N.A., London Branch, will retain an economic interest in
the transaction in the form of a vertical risk retention (VRR) loan
note accounting for 5% of the pool balance at closing. The
remaining 95% of the pool will be funded through the proceeds of
the mortgage-backed rated notes.

S&P considers the collateral to be prime, based on the overall
historical performance of Fleet Mortgages, Landbay Partners' and
Zephyr Homeloans' respective BTL residential mortgage books as of
January 2020, the originators' conservative lending criteria, and
the absence of loans in arrears in the securitized pool.

Credit enhancement for the rated notes will consist of
subordination from the closing date and overcollateralization
following the step-up date, which will result from the release of
the liquidity reserve excess amount to the principal priority of
payment.

The class A notes will benefit from liquidity support in the form
of a liquidity reserve, and the class A and B-Dfrd through E-Dfrd
notes will benefit from the ability of principal to be used to pay
interest, provided that, in the case of the class B-Dfrd to E-Dfrd
notes, the respective tranche's PDL does not exceed 10% unless they
are the most senior class outstanding.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Ratings List

  Class       Preliminary rating*    Class size (%)*
  A                AAA (sf)                86.0
  B-Dfrd           AA- (sf)                 8.5
  C-Dfrd           A- (sf)                  3.0
  D-Dfrd           BBB (sf)                 1.5
  E-Dfrd           BBB- (sf)                1.0
  X-Dfrd           B (sf)                   3.5
  VRR loan notes   NR                       5.0
  S1 certificates  NR                       N/A
  S2 certificates  NR                       N/A
  Y certificates   NR                       N/A

*As percentage of 95% of the pool for the class A to X-Dfrd notes.

NR--Not rated.
N/A-Not applicable.


COUNTRYWIDE PLC: Sale of Real Estate Consultancy Business Delayed
-----------------------------------------------------------------
Samantha Machado at Reuters reports that UK's Countrywide said on
March 11 a deal to sell its commercial real estate consultancy
business has been delayed, sending the debt-laden company's shares
lower.

According to Reuters, the sale of Lambert Smith Hampton, which was
agreed with Monaco-based entrepreneur John Bengt Moeller in
November, would have fetched the British real estate agent GBP38
million.

Countrywide, as cited by Reuters, said Mr. Moeller had failed to
complete the deal by a March 1 deadline, adding that it was looking
at legal options to claim costs from him for the delay and for the
damages caused.

"The delay is a result of several regulatory compliance challenges,
which are outside our control," Reuters quotes Moeller, the founder
of private commercial real estate investment firm Great Global
Holdings, as saying, adding that he still wished to complete the
deal.

However, Countrywide, which had net debt of GBP194.3 million at
June 30 or about twice the size of its market value, said it was in
talks with another potential buyer for LSH, Reuters notes.

"They've got a bit of debt so I think it was quite an important
disposal for them . . . they would be a little bit disappointed," a
London-based trader, as cited by Reuters, said.

The sale had already been delayed in February, with Countrywide
saying that Mr. Moeller had been "indisposed" during January and
also citing "logistical difficulties" relating to the transfer of
funds to complete the deal, Reuters discloses.

The company, which vies for market share with Foxtons, has been
trying to recover from a botched 2015 restructuring that led to
four profit warnings and a deeply discounted share issue, Reuters
notes.


DEBENHAMS PLC: Mike Ashley's Legal Challenge Over CVA Fails
-----------------------------------------------------------
Sarah Butler at The Guardian reports that Debenhams plc is
searching for a new chief executive as it presses ahead with plans
to cut its debts after a legal challenge backed by Mike Ashley's
Sports Direct drew to a close.

According to The Guardian, the financial restructuring will result
in at least GBP100 million of the ailing department store chain's
GBP600 million-plus of debt being converted to equity.

"This is great news for Debenhams. We can put the distraction of
this litigation behind us and proceed with our plans to turn the
business around.  With committed investors, a strengthened board
and a restructured balance sheet, we have the platform from which
to rebuild a sustainable business," The Guardian quotes Stefaan
Vansteenkiste, the chief executive, as saying.

As part of its battle for survival, the group has closed 22 stores,
19 of which shut in January, resulting in more than 700 job losses,
The Guardian discloses.  Another 28 of its remaining 141 stores are
expected to close next year, The Guardian notes.

Debenhams has appointed headhunters Spencer Stuart to find a
replacement for Vansteenkiste, who joined from the turnaround firm
Alvarez & Marsal and took on the chief executive role in August
last year, The Guardian relates.

Debenhams was taken over last year by a group of its financial
backers, including the US hedge funds Silver Point and GoldenTree,
after falling into administration, The Guardian recounts.  It then
used an insolvency process known as a company voluntary arrangement
(CVA) to cull unprofitable sites and cut rents, The Guardian notes.
The company is attempting to negotiate further rent cuts as it
fights for survival in an increasingly tough market, The Guardian
states.

The CVA plan was subject to a legal challenge amid pressure from
Ashley, whose Sports Direct group's investment of GBP150 million
was wiped out when Debenhams went into administration, The Guardian
relays.

Sports Direct, which was recently renamed Frasers Group, backed the
legal challenge to the group's CVA by a private Salford-based
landlord owned by the family of the property investor
Aubrey Weis, which owned six Debenhams properties, according to The
Guardian.  Mr. Ashley's retail group was blocked from taking legal
action, The Guardian discloses.


EI GROUP: Moody's Withdraws B1 CFR After Sec. Notes Repayment
-------------------------------------------------------------
Moody's Investors Service withdrew the ratings of Ei Group Plc
including its outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings after the recent repayment of its
Moody's rated senior secured notes following the acquisition of the
company by Stonegate Pub Company Limited (B2, developing outlook).

LIST OF AFFECTED RATINGS.

Withdrawals:

Issuer: Ei Group Plc

   LT Corporate Family Rating, Withdrawn, previously rated B1
   placed on review for downgrade

   Senior Secured Regular Bond/Debenture, Withdrawn, previously
   rated B1 placed on review for downgrade

Outlook Actions:

Issuer: Ei Group Plc

   Outlook, Changed To Rating Withdrawn From Rating Under Review


HOP SKIP & JUMP: Respite Centre Enters Insolvency
-------------------------------------------------
ITV News reports that a charity which operates a respite centre for
autistic and disabled children has been declared insolvent.

ITV News says the Cotswold's Hop Skip & Jump branch near Cheltenham
was saved from closure last September.  Now, it and four other
branches including Bristol and Swindon are under threat.

Parents told ITV News they are 'devastated' after working so hard
to keep the centre open.

The charity, which was founded in 1982, entered administration
after 'failing to recover from an unfortunate financial year of
2018/19,' ITV News discloses.

Hop Skip & Jump Foundation employees 50 members of staff at sites
in Bristol, the Cotswolds, Liverpool, Swindon and Wigan.  All
centres are equipped with sensory rooms, soft play facilities and
art rooms to help support services and carers.



INTU GROUP: May Go Bust If Efforts to Raise Extra Funds Fails
-------------------------------------------------------------
BBC News reports that the owner of some of the UK's biggest
shopping centres, Intu Group, has said there are doubts that it can
survive unless it raises extra funds.

The comments came as the firm -- which owns Manchester's Trafford
Centre and the Lakeside complex in Essex -- reported a GBP2 billion
loss in 2019, BBC notes.

According to BBC, the weakness in the retail sector meant Intu
wrote down the value of its shopping centre sites by nearly GBP2
billion.

Intu, BBC says, will try to raise extra cash after an earlier plan
to raise GBP1 billion failed.

The collapse and contraction of High Street retailers has left
landlords such as Intu struggling to fill vacant space, BBC states.
At the same time, Intu has run up debts of nearly GBP5 billion,
BBC discloses.

In January, the firm approached its shareholders to ask for more
money amid the downturn in the retail sector, BBC recounts.

But last week, Intu, as cited by BBC, said it was at risk of
breaching debt covenants after it was forced to abandon the
fundraising attempt.  It said "extreme market conditions" deterred
investors from giving fresh cash, according to BBC.

To help it keep going, the firm said it would try to engage with
investors, or it might have to sell more of its assets, BBC
relays.

The company has already been selling shopping centres to raise
cash, BBC states.

Intu said it could also try to seek waivers on its debt commitments
to lenders and spend less in the short term, BBC notes.


LLANGOLLEN RAILWAY: Gets Donations, Won't Push Through with CVA
---------------------------------------------------------------
Arron Evans at The Free Press reports that a number of cash
donations has helped Llangollen Railway avoid a financial crisis.

Last month, directors appealed to shareholders for a sum of
GBP125,000 to support Llangollen Railway Trust and Llangollen
Railway plc, The Free Press recounts.

The board considered entering into a Company Voluntary Arrangement
with creditors after falling into a "difficult financial position"
which saw them lose GBP330,000 in 2018, The Free Press discloses.

This was mainly attributed to under-quoting on two major projects,
which does not include Corwen station, The Free Press notes.

According to The Free Press, Llangollen Railway general manager Liz
McGuinness said: "We have had a number of donations which helped
over the winter period when we do not run trains.  We will run
trains as normal this year, they will not be affected and Corwen
will open at some stage in 2020 -- depending on the weather and
volunteer labour.

"The railway was never going to close, but we did consider a
Company Voluntary arrangement.  However, we did not need to go
ahead with this.

"We had several issues with underestimating on large contracts
inlcuding Morayshire.  We have a new chief mechanical engineer in
post who is turning the engineering around.

"We have now raised the money required from the very kind donations
of our shareholders and members.  We are paying our creditors too
so this is not an issue."


S&T UK: Goes Into Administration Amid Financial Woes
----------------------------------------------------
Aaron Morby at Construction Enquirer reports that hotel fit-out
specialist S&T (UK) has been placed into administration.

According to Construction Enquirer, the firm, which turned over
GBP100 million in last published accounts for 2017 but made a loss
of over GBP4 million, faced several winding-up petitions.

At its peak, it employed over 100 staff focusing on contracts
valued at GBP15 million-GBP25 million, Construction Enquirer
discloses.

Ketul Patel -- ketul.patel@re10.co.uk -- of RE10 Restructuring and
Advisory has been appointed as administrator, Construction Enquirer
relates.


SALUTATION HOTEL: Placed in Creditors' Voluntary Liquidation
------------------------------------------------------------
Botique Hotelier reports that the hotel made famous by former
Gogglebox stars Steph and Dom Parker has gone into insolvency.

According to Botique Hotelier, the Salutation in Kent closed its
doors in January and has now entered into Creditors' Voluntary
Liquidation with all bookings at the 17-bedroom hotel and
restaurant cancelled.

The business was being run by John Fothergill who has a five-year
lease with owners Steph and Dom Parker, stars of the popular
Channel 4 show, the report relates.

Mr. Fothergill has been running it with his wife Dorothy since
2016, Botique Hotelier says.

Soon after acquisition, Mr. Fothergill embarked on a refurbishment
project, redesigning the bedrooms in the main house, and the
reconfiguration of the ground floor into a new space for dining,
drinks and afternoon tea.

The kitchen was also relocated to the north wing under a glass
atrium.

The Restaurant, Tasting Room, the Parlour, the Drawing Room and Bar
and the Faint Room were then all launched under the supervision of
head chef Shane Hughes.

Dom Parker told KentOnline: "We are sorry to confirm that The
Salutation Hotel Ltd, which has been managing The Salutation has
indeed become insolvent.

"We are in discussions with other interested parties and we aim to
have the hotel back up and running very soon, under new
management.

"Our thoughts are with the staff who have been affected by this."

Botique Hotelier adds that a statement on the hotel's website read:
"Following the Company's closure in January 2020, The Salutation
Hotel Limited has instructed Augusta Kent Limited, Licensed
Insolvency Practitioners, to assist in placing the Company into a
formal insolvency process called."




===============
X X X X X X X X
===============

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95

Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.



                           *********


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

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

Copyright 2020.  All rights reserved.  ISSN 1529-2754.

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

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

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


                * * * End of Transmission * * *