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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

          Wednesday, June 24, 2020, Vol. 21, No. 126

                           Headlines



A U S T R I A

AMS AG: S&P Assigns Prelim. BB- Issuer Credit Rating, Outlook Neg.


G E R M A N Y

HT TROPLAST: Moody's Assigns B3 Corp. Family Rating
HT TROPLAST: S&P Assigns Prelim. 'B-' ICR, Outlook Stable
METRO AG: Moody's Confirms Ba1 Corp. Family Rating, Outlook Stable
WIRECARD AG: Ex-Chief Arrested in Germany Over EUR1.9BB Scandal
WIRECARD AG: Moody's Withdraws B3 CFR on Inadequate Information



I R E L A N D

FLUTTER ENTERTAINMENT: Moody's Affirms Ba1 CFR, Outlook Stable
MADISON PARK VIII: Moody's Cuts Class F Notes to Caa1
MAN GLG I: Moody's Confirms B1 Rating on EUR12MM Class F Notes
OAK HILL IV: Moody's Confirms B2 Rating on Class F-R Notes


P O R T U G A L

TAP: Optimistic on EU Restructuring Plan Approval


R U S S I A

SM BANK: Bank of Russia Approves Bankruptcy Measure Amendments


S P A I N

CAIXABANK CONSUMO 5: DBRS Gives Prov. B(low) Rating on B Notes
CAIXABANK CONSUMO 5: Moody's Rates EUR319MM Series B Notes 'B1'


U N I T E D   K I N G D O M

AVON PRODUCTS: Moody's Confirms B1 Corp. Family Rating, Outlook Neg
INTU GROUP: Likely to Fall Into Administration, Sites May Shut
M&D'S IN STRATHCLYDE: Bought Out of Administration, Set to Reopen
MARKS & SPENCER: Moody's Revises Ratings Outlook to Negative
PICSOLVE: Bought Out of Administration, 600 Jobs Saved

SIGNATURE AVIATION: Moody's Lowers CFR to Ba3, Outlook Negative

                           - - - - -


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A U S T R I A
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AMS AG: S&P Assigns Prelim. BB- Issuer Credit Rating, Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' long-term issuer
credit rating to Austria-based sensor solutions provider ams AG and
its preliminary 'BB-' issue rating to the proposed notes.

The combination of ams and Osram will create the third largest
sensor solutions and photonics provider globally. With revenue of
EUR2.7 billion, ams will become the world's No. 3 sensor solutions
and photonics provider, behind Sony Semi and Samsung Electronics,
offering the largest portfolio of sensor and illumination solutions
in the industry. The market remains relatively fragmented, with 17
players generating about EUR24 billion of revenues from optical and
imaging solutions. However, S&P believes that ams will leverage
Osram's complementary product offerings to propose integrated
optical solutions to an enlarged customer and end-market base,
which is likely to support revenue growth.

Osram will diversify ams in terms of the customers and industries
it serves, but the group will remain exposed to customer
concentration and a less predictable consumer segment. The
acquisition of Osram will significantly reduce ams' dependence on
its largest customer to about 20% of revenue from about 60% in
2018. S&P thinks that ams will have to further diversify from this
customer to neutralize the risk of it diversifying its supplier
base. The consolidation of Osram will also reduce ams' exposure to
the consumer market to about 35%-40% from 75%. This market is
characterized by short-term contracts covering only a few quarters.
About 35%-40% of the group's revenue will come from the auto market
and 20%-30% from the industrial and medical markets, thereby
providing more revenue and cash flow visibility because contracts
in these markets typically last four-to-eight years. That said,
these markets are also more susceptible to macroeconomic shocks, as
is evident from Osram's weaker performance during second-quarter
2020 due to the COVID-19 pandemic.

ams' profitability is likely to improve significantly. S&P
forecasts a strong improvement in ams' S&P Global Ratings-adjusted
EBITDA margin to about 27%-28% in 2021, from about 20% in 2020, and
potentially a further improvement in the following years, driven
by:

-- Improving demand and easing supply-chain constraints at Osram
as macroeconomic conditions recover.

-- An improvement of about 500 basis points (bps) from the
portfolio-streamlining and cost-restructuring programs ramping up
at Osram, as well as a performance rebound at Osram as trading
conditions ease from 2021; and

-- A profitability gain of about 300 bps from planned synergies of
about EUR150 million in 2021, after the combination of ams and
Osram. These synergies mainly consist of cost efficiencies from the
consolidation of production capabilities; the optimization of the
Asian manufacturing footprint; the alignment of the corporate and
information technology functions; the optimization of research and
development programs; and some cross-selling opportunities.

ams' well-invested manufacturing footprint should limit future
capital expenditure (capex) and support cash flow generation. S&P
said, "We expect that the capex-to-sales ratio will normalize at
about 10%-11% of the combined group's revenue, supporting an
improvement in free operating cash flow (FOCF). This follows both
ams' and Osram's heavy investments in their manufacturing
footprints in recent years. In 2017 and 2018, Osram invested
heavily to expand its capacity for manufacturing LED chips with the
construction of an LED chip factory in Kulim, Malaysia. Similarly,
in 2018 ams invested heavily to support its customer 3D and optical
sensor plans. We believe that the combined group will leverage its
recent investments to derive synergies because it now has
significant capacity to expand and limited additional capex
needs."

The integration of Osram into ams and management's financial policy
supports the group's deleveraging prospects. S&P said, "We forecast
adjusted debt to EBITDA of 3.0x-3.6x by 2021, and a sharp
improvement in FOCF to about EUR350 million-EUR400 million, given
the profitability gains and normalization of capex we detail above.
We believe that the conclusion of the domination and
profit-and-loss transfer agreement (DPLTA), which we expect by
year-end 2020 or early 2021, will accelerate the integration of
Osram, and we understand that management will focus on reducing
leverage in the short term, including through the sale of noncore
assets in first-half 2021. This focus is supported by management's
maximum tolerance of reported net leverage of 2.0x, which
corresponds to adjusted leverage of about 2.5x. However, in the
longer term, we believe that ams will likely continue its
acquisitive strategy, start paying dividends to its shareholders,
or buy back shares, in adherence with its stated financial policy.
Furthermore, our rating assessment factors in potential volatility
in ams' credit ratios in the absence of a track record of stable
cash flow and credit metrics from ams and Osram over the business
cycle, exacerbated by the ongoing uncertainty and volatility in the
global macroeconomic environment."

S&P said, "The lack of a sale of Osram's digital segment or a delay
in integrating Osram could diminish the group's deleveraging
prospects. Excluding our assumption of the sale of Osram's noncore
digital segment, we expect ams' adjusted debt to EBITDA to slightly
exceed 3.5x by year-end 2021, with FOCF to debt of less than 10%.
In our base case, we consider that ams would need to raise
additional debt to fund its acquisition of up to 100% of Osram's
shares. So far, we acknowledge ams' acquisitive strategy track
record, successful integration of acquired businesses, and use of
their technologies and capabilities to generate additional revenue
streams." However, S&P believes that Osram could be more difficult
to integrate because of its:

-- Large size, as Osram's revenue is more than twice that of ams;

-- Osram's recent difficulties, as inventory buildup affected its
performance in 2018 and 2019. This resulted in a weakening adjusted
EBITDA margin of 8%-13% and negative or breakeven FOCF; and

-- The magnitude of the planned synergies.

S&P said, "We also think that the challenging and volatile
macroeconomic environment owing to the COVID-19 pandemic is
weighing on Osram's performance, with weaker demand and supply
chain constraints mainly affecting its auto and industrial
divisions. We believe this exacerbates risks related to the
turnaround of Osram's performance, which in turn, could slow the
deleveraging we forecast on a consolidated basis.

"The negative outlook reflects our view that we could lower the
rating by one notch if ams does not deleverage as we expect. This
could be the case if ams does not sell some of Osram's noncore
assets, or if the integration of Osram diverges from our base-case
expectations.

"We could lower the rating should ams' adjusted debt to EBITDA
remain above 3.5x and FOCF to debt remain below 10% in 2021. We
believe this could result from management failing to optimize ams'
debt structure through the sale of Osram's noncore digital assets
in first-half 2021, as well as a slower integration and turnaround
of Osram's performance than we expect.

"We could revise the outlook to stable should ams successfully
deleverage, resulting in adjusted debt to EBITDA returning to less
than 3.5x and FOCF to debt exceeding 10% by 2021. This is
achievable through the sale of noncore assets, together with the
successful turnaround of Osram's performance and the
materialization of synergies in line with our base case."




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G E R M A N Y
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HT TROPLAST: Moody's Assigns B3 Corp. Family Rating
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Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to HT Troplast GmbH
(profine), a holding entity on the top of the restricted group of
profine group. Concurrently, Moody's has also assigned B3 rating to
EUR330 million senior secured bond issued by HT Troplast GmbH. The
outlook is stable.

RATINGS RATIONALE

RATIONALE FOR CFR

The B3 CFR of profine, which is solidly positioned, is primarily
supported by the group's (1) leadership position in a fairly
oligopolistic market for PVC window profiles, which has a good
underlying growth potential, supported by increasing focus on
energy efficiency and safety features, and entails some barriers to
entry; (2) well-established brands and ability to innovate; (3)
high share of renovation business, which is less cyclical than new
construction; (4) well diversified customer base with low churn
rates and long standing relationships, and (5) numerous operating
initiatives undertaken over the past years, including a significant
portfolio repositioning, which should support profitability
improvements going forward.

The B3 CFR is primarily constrained by the group's (1) so far
limited track record of positive free cash flow generation and
EBITDA margin above 10% after the product portfolio has been
repositioned; (2) exposure to cyclical end markets, such as
construction and renovation; (3) fairly high leverage (around 7.0x
of Moody's adjusted debt/EBITDA for 12 months to March 2020
pro-forma for the refinancing, not considering management's
adjustments and run rate adjustments) with uncertainties about
sustained deleveraging below 5.5x in a currently challenging
economic environment; (4) relatively small scale and geographic
diversification; and (5) corporate governance considerations
entailing key man risk.

RATIONALE FOR PDR AND INSTRUMEMT RATING

profine's PDR is B3-PD, implying 50% family recovery, which is the
agency's standard assumption for structures with bond and bank
debt. The B3 rating of the bond, in line with CFR, reflects the
fact that bond, together with trade payables, constitutes a
majority of profine's capital structure. This is despite the bond
ranking behind the EUR40 million super senior revolving credit
facility. However, the facility is not sizeable enough to justify
notching of the bond below CFR. The B3 rating of the bond is also
supported by its security package, which contains not only share of
the issuer, but also bank accounts, certain current and fixed
assets, trade receivables and land charge over real property. The
guarantor coverage represents over 80% of EBITDA and 70%% of assets
of the group.

RATIONALE FOR OUTLOOK

The stable outlook reflects the group's good market position and
medium-term profitability improvement and deleveraging potential.
Positive rating pressure could build up provided that profine
delivers on the initiated performance improvement measures
resulting in sustained positive free cash flow generation and
improved credit metrics.

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

An upgrade would require a track record of the group operating with
Moody's adjusted debt/EBITDA below 5.5x, together with the
indication of its ability to continue improving its Moody's
adjusted EBITDA margin further towards mid-teens, combined with a
sustained positive free cash flow generation.

Moody's could downgrade the ratings if profine's Moody's adjusted
/EBITDA deteriorated sustainably above 7.0x or if there was an
indication of a weakening liquidity, for instance through
meaningful negative free cash flow.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Building
Materials published in May 2019.

COMPANY PROFILE

profine is one of the leading producers of PVC window and door
profile systems and solutions for use in residential and commercial
buildings, marketed under brands Kommerling, KBE and Trocal. The
group also sells semi-finished products (13% of sales revenues in
2019), such as PVC sheets for a variety of applications primarily
in the advertising and building sectors, where it is also one of
the leading producers in the market. In 2019 profine generated
around EUR690 million revenues, through workforce of roughly 3,000
employees and 16 manufacturing facilities. The group is privately
owned and its largest shareholder is Dr. Peter Mrosik, with around
95% share, who also acts as the CEO of profine.


HT TROPLAST: S&P Assigns Prelim. 'B-' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' ratings to
profine's intermediate parent company HT Troplast GmbH and to the
proposed EUR330 million senior secured notes due 2025, with a
recovery rating of '4'.

In June 2020, profine intends to refinance its outstanding bank
loans with new senior secured notes.   As part of the transaction,
profine plans to issue EUR330 million of senior secured notes and a
EUR40 million RCF, both due 2025. The RCF is assumed undrawn at
closing. The proceeds will be used to refinance outstanding debt
and meet transaction costs, fees, and expenses. profine's new
capitalization structure will also include about EUR18 million of
local credit facilities, comprising additional liquidity lines in
response to the COVID-19 pandemic, some of which are secured
through national state-aid programs.

Profine has a solid position in the European PVC window and door
profiles market.   Profine is a leading producer of
energy-efficient, premium quality PVC window and door profile
systems and solutions that are sold globally to window
manufacturers. In the European windows market, profine has a solid
share of almost 20%, ranking second behind its main competitor
Veka. S&P understands that the market is somewhat concentrated,
with the top eight players accounting for about 85% of business.

S&P said, "We believe that Profine's focus on energy-efficient
solutions should support growth.   We note that Profine has a
strong commitment to energy-saving products. This is a common trend
in the market, since an increasing number of regulations focus on
addressing climate change and setting new standards to reduce
energy consumption in buildings. At the same time, consumers are
increasingly making environment friendly purchases and some
governments have offered incentives to improve energy efficiency of
residential property. We believe this trend may support demand for
profine's products in the next few years."

Profine's relies substantially on the more resilient renovation
market.   Profine generates most of its sales (70%-75%) in the
renovation market, which S&P sees as more resilient than new
construction business (25-30% of sales). Regulatory building
standards and corresponding government incentives will fuel
renovation projects in Europe, which should support resilient
demand for profine's products in the post-COVID-19 economy.

S&P said, "The company has limited product offering compared with
other rated building materials companies, which constrains our
assessment of business risk.  Most of profine's products relate to
screens, windows, and sliding and classic door systems. We note
that product diversity is limited compared with that of similarly
rated peers, with all of the products intended for the window
manufacturing industry. Moreover, profine does not offer products
made from aluminum or wood, but only window and door profiles made
of PVC. In terms of additional services to customers, we believe
that profine does not differ materially from its competitors,
offering in-house consulting, training centers, architectural
consulting, and similar services."

Profine has a small revenue base compared with other rated building
materials peers, with most of its sales generated in Europe.  
Another rating constraint is the company's small size and
significant dependence on the European economy. Profine reported
revenues of EUR674 million in 2019 versus over EUR1 billion for
other building material players, such as Hestiafloor, Quimper, and
Xella. While S&P acknowledges that profine's geographic
diversification is somewhat better than some peers, such as PGT
Innovations and Corialis, more than three-quarters of its revenues
are generated in European countries, with an additional 10%
stemming from Russia, which has been underperforming in recent
years.

Historically, Profine has shown lower margins than peers, mostly
due to lack of vertical integration and high selling costs.  
Profine buys raw materials and sells its products to windows
manufacturers, operating at a specific point of the supply chain.
With 22% of costs related to personnel and 17% to other operating
expenses, including marketing and advertising, profine has a higher
cost base than peers. In our opinion, these factors explain its
lower profitability, with the EBITDA margin at 10% as of end-2019,
compared with 23% for Corialis and 17% for PGT Innovations.
Mitigating S&P's concern, profine has proven its ability to pass on
raw material price increases to its customers, while retaining
benefits in case of price declines.

S&P said, "We forecast S&P Global Ratings-adjusted EBITDA margins
of 11%-12% in 2020-2021.  We believe that profine's margins will
progressively improve in 2020-2021 versus 2019, despite the
negative impact of the COVID-19 pandemic. Its margins improved over
the past few years, boosted by top-line growth, cost control, and
operating efficiency initiatives. Our forecast for 2020 takes into
account the benefit from some cost-efficiency initiatives
undertaken in 2019-2020. We also believe that in the next 12 months
profine will benefit from a PVC price decline, and lower sales and
marketing expenses due to cancelled major fairs, as well as lower
energy and transportation costs.

"We forecast S&P Global Ratings-adjusted debt to EBITDA of
6.5x-7.0x for profine in 2020.  While we expect gradual
deleveraging, supported by business growth and margin controls, we
estimate adjusted leverage after the refinancing will be 6.5x-7.0x,
and remain above 5.0x over the next two years. Our assessment of
profine's financial risk profile is mainly constrained by the
group's current capital structure, combined with low adjusted cash
flow generation due to capital expenditure (capex) and forecast
increased use of factoring. Our debt adjustments at transaction
closing include about EUR49 million of operational leases, EUR50
million of pension deficits and other adjustments for about EUR23
million. We do not net cash in our adjusted debt calculation since
we regard the company's business risk profile as weak. At the same
time, we believe the new shareholder loan qualifies for equity
treatment under our methodology.

"The final ratings depend on our receipt and satisfactory review of
all final documentation and final terms of the transaction.   The
preliminary ratings should not be construed as evidence of the
final ratings. At this stage, the proposed transaction includes
senior secured notes, an RCF, and a shareholder loan. If we do not
receive the final documentation within a reasonable time, or if the
final documentation and terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise our ratings. Potential changes include but are not limited
to utilization of the proceeds; the maturity, size, and conditions
of the facilities; financial and other covenants; security; and
ranking.

"The stable outlook reflects our belief that profine can maintain
earnings growth in 2020 despite the negative impact of pandemic,
mainly because of one-off expenses in the previous period that will
not reoccur, lower raw material prices, and other cost-saving
initiatives. Under this scenario, the company would continue to
generative positive cash flow in 2020-2021, with leverage at
6.0x–6.5x in 2021.

"We could lower the ratings if profine's operating performance
deteriorates, jeopardizing the sustainability of its capital
structure. This scenario could materialize if demand is lower than
expected in the second half of 2020 and in 2021, due to the effects
of COVID-19, resulting in a much weaker operating performance and
adjusted debt to EBITDA staying above 7.0x. We could also lower the
rating if the company generates negative free operating cash flow
(FOCF) in 2020 and 2021, without prospects for a swift recovery. We
could also lower the rating if the company's liquidity deteriorates
materially.

"We see limited rating upside over the next 12-24 months due to the
current capital structure. In the longer term, we could take a
positive rating action if the company continued to improve topline
growth and its EBITDA margin beyond our base case, so that leverage
reduces sustainably and approaches 5x, while generating material
positive FOCF."


METRO AG: Moody's Confirms Ba1 Corp. Family Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 corporate family
rating and Ba1-PD probability of default rating of METRO AG.
Moody's has also confirmed Metro's Ba1 senior unsecured rating and
its (P)Ba1 senior unsecured medium-term notes program ratings.
METRO AG's NP commercial paper rating has been affirmed and the
(P)NP other short-term ratings of METRO AG and METRO Finance B.V.
have also been affirmed. At the same time, Moody's has confirmed
METRO Finance B.V.'s Ba1 senior unsecured rating and (P)Ba1 senior
unsecured MTN rating. The outlook of both entities has been changed
to stable from ratings under review.

The rating action concludes the review process initiated on March
27, 2020.

"We have confirmed Metro's ratings because we think its credit
profile will improve over time following the disruption caused by
the coronavirus epidemic," says Vincent Gusdorf, a Moody's Vice
President -- Senior Credit Officer and lead analyst for Metro. "Its
stable outlook on Metro assumes that it will use most of the
proceeds from asset disposals to reduce debt," Mr. Gusdorf added.

RATINGS RATIONALE

The coronavirus epidemic has depressed Metro's earnings, but its
credit profile should strengthen in the coming quarters if
confinement and social distancing measures in its key markets
continue to ease. Germany lifted lockdown measures in May and most
European countries followed suit in the subsequent weeks. Assuming
no resurgence of the coronavirus, Moody's forecasts that Metro's
earnings will gradually improve over the next 18 months, although
depressed economic conditions will curb the recovery. Distancing
measures will also depress sales of hotels, restaurants and
caterers, which accounted for 48% of Metro's sales in fiscal 2019
(ended on September 30, 2019).

In April 2020, Metro announced it had successfully completed the
sale of a majority stake in its Chinese operations to local
retailer Wumei Technology for an enterprise value of EUR1.9 billion
[1]. Metro also announced in February 2020 that it had entered into
an agreement to sell its hypermarket division Real to investment
company SCP group for an enterprise value of about EUR1 billion,
although this transaction has not yet closed, contrary to its
initial expectations. The Moody's case assumes that Metro will use
EUR1 billion of cash to repay debt and that its Moody's-adjusted
debt/EBITDA will strengthen to below 4x in fiscal 2021 as a result,
compared to 5x in fiscal 2019. However, Metro has not publicly
stated how it plans to allocate divestment proceeds.

Moody's views Metro's liquidity as adequate, although constrained
by a reliance on short-term debt. As of March 31, 2020, the group
had EUR0.6 billion of cash on its balance sheet and access to
EUR1.1 billion of undrawn credit facilities.

Short-term debt maturities are substantial, with EUR1.8 billion
outstanding as of March 31, 2020, although Metro has a good track
record of refinancing these maturities.

STRUCTURAL CONSIDERATIONS

Moody's rates the senior unsecured notes Ba1, in line with the
corporate family rating despite a degree of structural
subordination arising from the material level of trade payables at
the operating subsidiary's level.

Moody's Loss Given Default analysis is based on an expected family
recovery rate of 50%, which reflects a capital structure comprising
bonds and bank debt.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Metro's
results will gradually recover over the coming quarters following
the disruption caused by the coronavirus epidemic. It also assumes
that the company will use part of the disposal proceeds to reduce
debt.

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

Quantitatively, Moody's would consider a negative rating action if
Metro fails to maintain a Moody's-adjusted (gross) debt/EBITDA
below 4.75x, or if the Moody's-adjusted retained cash flow/net debt
ratio does not significantly exceed 10%. A weakening in liquidity
would also trigger a rating downgrade. A more aggressive financial
policy, as shown for instance by a failure to allocate most of the
disposal proceeds to debt repayment, could also cause a negative
rating action.

Conversely, Moody's could take a positive rating action if Metro
improves its profitability and stabilises its earnings in emerging
markets. Quantitatively, a positive rating action could emerge if
Moody's-adjusted (gross) debt/EBITDA improves sustainably below 4x
and if Moody's-adjusted retained cash flow/net debt ratio
significantly exceeds 15%. Such a scenario could unfold if Metro
allocates all the proceeds from disposals to debt repayment. A
rating upgrade would also require a reduced reliance on short-term
debt enabling Metro to have a good liquidity profile despite
seasonal swings in working capital.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Headquartered in Düsseldorf, Germany, Metro is one of the largest
food wholesalers and retailers in Europe, with revenue of EUR27.1
billion and Moody's-adjusted EBITDA of EUR1.5 billion in fiscal
2019. The group was created by the demerger of the former
Metro-Ceconomy group, whose shareholders agreed in June 2017 to
split the operations between CECONOMY AG, which took over consumer
electronics, and Metro Wholesale & Food Specialist, which gathered
the food wholesale and retail operations. Metro Wholesale & Food
Specialist subsequently changed its name to Metro AG.


WIRECARD AG: Ex-Chief Arrested in Germany Over EUR1.9BB Scandal
---------------------------------------------------------------
BBC News reports that the ex-boss of scandal-hit payments firm
Wirecard has been arrested in Germany.

Markus Braun resigned on June 19 after auditor EY refused to sign
off the firm's 2019 accounts over a missing EUR1.9 billion (GBP1.7
billion), BBC relates.

The money accounts for about a quarter of the firm's total balance
sheet, BBC notes.

Prosecutors accuse Mr. Braun of inflating Wirecard's finances to
make it appear healthier to investors and customers, BBC relays.

Mr. Braun reported himself to Munich prosecutors on June 22 after a
judge issued an arrest warrant against the 50-year old, BBC
discloses.

According to BBC, Wirecard had said the missing EUR1.9 billion was
supposedly held in accounts at two Asian banks and had been set
aside for "risk management".

But EY, as cited by BBC, said after an audit of the business that
banks had been unable to provide the account numbers for where the
money was held.

On June 22, Wirecard admitted the EUR1.9 billion simply may not
exist, BBC states.

The German company also said it was withdrawing its financial
results for 2019 and the first quarter of 2020, BBC notes.


WIRECARD AG: Moody's Withdraws B3 CFR on Inadequate Information
---------------------------------------------------------------
Moody's Investors Service withdrew Wirecard AG's B3 Corporate
Family Rating, B3-PD Probability of Default Rating and the B3
instrument rating on the EUR500 million senior unsecured bond. The
outlook has changed to ratings withdrawn from ratings under
review.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

The withdrawal of the ratings was predicated on insufficient
independently verifiable financial information due to accounting
irregularities which have not been resolved.




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FLUTTER ENTERTAINMENT: Moody's Affirms Ba1 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Flutter
Entertainment plc, an Irish-based gaming operator, including the
Ba1 corporate family rating, the Ba1-PD probability of default
rating and the Ba1 instrument ratings on the Revolving Credit
Facility and Term Loan A. Concurrently, Moody's has withdrawn Stars
Group Inc.'s (The) B2 CFR, B2-PD PDR and SGL-1 Speculative Grade
Liquidity rating. Moody's has upgraded the senior secured bank
credit facilities rating to Ba1 from B1 and the senior unsecured
rating to Ba2 from Caa1, both issued by Stars Group Holdings B.V.
(The). The outlook on all ratings at Flutter and Stars Group
Holdings B.V. (The) is stable.

On June 15, 2020, Flutter and TSG agreed to amend the existing Term
Loan B syndicated facility agreement following a consent
solicitation launched on the June 12. As a result, the TLA and
amended TLB facility agreements will be fully cross guaranteed and
cross collateralized. This represents the last step to achieve a
single consolidated credit group following the completion of the
merger on May 5, 2020 and the amendment of the TSG unsecured bonds
indenture on the May 4, 2020.

Flutter will repay an equivalent GBP1.25 billion portion of Stars
Group Holdings B.V. (The) TLB such that GBP1.8 billion will remain
outstanding. This repayment will be made using proceeds from the
equity raise (GBP812 million), a full drawing of the TLA (GBP425
million) and cash on balance sheet. The debt repayment will
accelerate the company's deleveraging towards its publicly stated
objective of 1-2x reported net leverage. Moody's calculates a
Moody's adjusted leverage of 2.9x as of December 2019, pro forma
the merger and including GBP140 million of cost synergies.

RATINGS RATIONALE

Flutter's Ba1 CFR is supported by: (i) its leading position in the
global online gaming market with podium positions in the largest
online regulated markets; (ii) its focus on the online segment,
which is the main growing segment in the gaming industry; (iii) its
diversified product offering within the gaming market, supported by
leading brands; (iv) the good positioning of its products and
business model relative to peers, which should allow it to capture
the significant growth opportunities in the US, and which is
expected to become the largest market globally in the medium-term;
(v) the strategic rationale for the merger that in addition to the
complementary nature and diversification of the two businesses, it
will also generate cost and capex synergies and the company
anticipates that the combination will facilitate an acceleration in
revenue growth over time; (vi) the company's good free cash flow
generation; and (vii) the publicly stated financial policy, which
is committed to deleveraging and balancing the interests of
creditors and shareholders.

Conversely, the rating is constrained by: (i) the geographical
concentration in the UK online market, although the company will
increasingly grow its exposure in the US; (ii) the regulatory risk
associated with the gaming industry; (iii) its exposure to
unregulated markets; and (iv) the execution risk associated with
the transformational merger with TSG, especially shortly after the
integration of SkyBet by TSG.

Moody's has decided to withdraw TSG's B2 CFR, B2-PD PDR and SGL-1
ratings following the merger of the two separate credit groups into
one consolidated credit group.

LIQUIDITY PROFILE

Moody's considers Flutter's liquidity to be good and supported by:
(i) cash on balance sheet of GBP342 million as of December 2019,
pro forma the debt repayment; (ii) an undrawn GBP450 million RCF;
(iii) negative trade working capital; and (iv) forecasts for strong
free cash flow generation, even during the coronavirus lockdown
period.

The TLA facility agreement contains a maintenance finance covenant
based on consolidated net leverage set at 5.1x and tested
semi-annually. Net leverage was 2.9x on a combined basis as of
December 2019 and Moody's expects that Flutter will maintain ample
headroom under this covenant.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
methodology, Flutter's PDR is Ba1-PD, in line with the CFR,
reflecting its assumption of a 50% recovery rate as is customary
for capital structures including bank debt and notes. The RCF, TLA
and TLB rank pari passu and are rated Ba1, in line with the CFR.
The unsecured bonds are structurally subordinated and are rated
Ba2.

RATING OUTLOOK

The stable outlook reflects Moody's view that the company will
continue to grow at least in line with the online market. Moody's
expects that Flutter's leverage, as measured by Moody's adjusted
debt/EBITDA on a combined basis, will improve to around 2.5x in the
next 12-18 months depending on the company's continued commitment
to repay debt with internally-generated cash flows.

Flutter's CFR is strongly positioned in the Ba1 rating category
given the deleveraging following the equity raise, which was used
to repay debt and evidences the company's proven commitment to debt
reduction. However, this is balanced by integration and regulatory
risks, especially in the UK as regulators' focus is shifting
towards the online segment after its strong growth during the
lockdown period.

In the medium-term, the company's growth and US market position
should help strengthen the company's business profile. However,
Moody's recognizes that it will take a couple of years before the
company generates material EBITDA from the US market.

The outlook assumes that Flutter will not undertake material
debt-funded acquisitions and will remain committed to deleveraging
through debt repayment as per its financial policy.

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

Positive rating pressure could arise if:

  - The company is able to fully benefit from the material growth
opportunities in the US and hereby balance its geographical
exposure and regulatory risk;

  - Moody's adjusted debt/EBITDA declines below 3.0x on a
sustainable basis;

  - Moody's adjusted FCF/debt improves above 15%;

  - The company maintains a financial policy that continues to
balance creditor and shareholder interests, including a proven
commitment to debt reduction.

Negative rating pressure could arise if:

  - Operating performance deteriorates more than Moody's forecasts
in the next 12-18 months on the back of a deeper recession;

  - Regulation has a material impact on the profitability of
Flutter's online activity and the company is unable to mitigate
this;

  - The integration of TSG creates disruptions that negatively
affects Flutter's operating performance or FCF generation;

  - Moody's adjusted debt/EBITDA increases above 4.0x for a
prolonged period.

LIST OF AFFECTED RATINGS

Issuer: Flutter Entertainment plc

Affirmations:

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Secured Bank Credit Facilities, Affirmed Ba1

Outlook Action:

Outlook, Remains Stable

Issuer: Stars Group Holdings B.V. (The)

Upgrades, previously placed on review for upgrade:

Senior Secured Bank Credit Facility, Upgraded to Ba1 from B1

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Caa1

Outlook Actions:

Outlook, Changed to Stable from Ratings Under Review

Issuer: Stars Group Inc. (The)

Withdrawals:

Probability of Default Rating, Withdrawn, previously rated B2-PD
and placed on review for upgrade

Speculative Grade Liquidity Rating, Withdrawn, previously rated
SGL-1

Corporate Family Rating, Withdrawn, previously rated B2 and placed
on review for upgrade

Outlook Action:

Outlook, Changed to Rating Withdrawn from Ratings Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Flutter Entertainment plc, headquartered in Dublin, is the
worldwide leader in the gaming segment following the merger with
The Stars Group. The combined entity operates sports betting,
gaming and poker online, mainly in the UK & Ireland, Australia and
the US. It also operates a retail network in the UK & Ireland. Pro
forma the merger of Flutter and Stars, the company generated
GBP4,146 million of revenue and GBP1,116 million of EBITDA in
2019.


MADISON PARK VIII: Moody's Cuts Class F Notes to Caa1
-----------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following notes issued by Madison Park Euro Funding VIII DAC:

EUR27,600,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Downgraded to A3 (sf); previously on Dec 11, 2019
Definitive Rating Assigned A2 (sf)

EUR29,900,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Downgraded to Ba1 (sf); previously on Apr 20, 2020 Baa3
(sf) Placed Under Review for Possible Downgrade

EUR11,500,000 (Current balance EUR10,959,235.16) Class F Senior
Secured Deferrable Floating Rate Notes due 2032, Downgraded to Caa1
(sf); previously on Apr 20, 2020 B3 (sf) Placed Under Review for
Possible Downgrade

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

EUR287,500,000 Class A Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Dec 11, 2019 Definitive Rating
Assigned Aaa (sf)

EUR48,300,000 Class B Senior Secured Floating Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Dec 11, 2019 Definitive Rating
Assigned Aa2 (sf)

And Moody´s has confirmed the rating on the following notes:

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Ba3 (sf); previously on Apr 20, 2020 Ba3
(sf) Placed Under Review for Possible Downgrade

Madison Park Euro Funding VIII DAC is a cash-flow CLO transaction,
issued in December 2016 and refinanced in December 2019, backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Credit Suisse Asset Management Limited. The
transaction's reinvestment period will end in April 2024.

RATINGS RATIONALE

Its action concludes the rating review on the Classes D, E and F
notes initiated on April 20, 2020 as a result of the deterioration
of the credit quality and/or the reduction of the par amount of the
portfolio following from the coronavirus outbreak.

Stemming from the coronavirus outbreak, the credit quality of the
portfolio has deteriorated as reflected in the increase in Weighted
Average Rating Factor and of the proportion of securities from
issuers with ratings of Caa1 or lower. WARF has worsened by about
19.9% to 3503[1] from 2921[2] in November 2019 and now is
significantly above the reported covenant of 3113[1]. Securities
with default probability ratings of Caa1 or lower have increased to
8.5%[1] from 4.2%[2] in November 2019 triggering the application of
an over-collateralisation haircut to the computation of the OC
tests. Consequently, the OC levels have weakened across the capital
structure. According to the trustee report dated May 2020 the Class
A/B, Class C, Class D and Class E OC ratios are reported at
134.2%[1], 124.0%[1], 114.6%[1] and 108.3%[1] compared to November
2019 levels of 140.6%[2], 129.7%[2], 122.5%[2] and 112.9%[2],
respectively. Moody's notes that none of the OC tests are currently
in breach and the transaction remains in compliance with the
following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread and Weighted Average
Life.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR456.8 million,
defaults of EUR3.8 million, a weighted average default probability
of 30.0% (consistent with a WARF of 3679 over a weighted average
life of 5.7 years), a weighted average recovery rate upon default
of 44.9% for a Aaa liability target rating, a diversity score of 59
and a weighted average spread of 3.7%.

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

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; (2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities; and (3) the additional expected loss
associated with hedging agreements in this transaction which may
also impact the ratings negatively.

Additional uncertainty about performance is due to the following:

  - Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


MAN GLG I: Moody's Confirms B1 Rating on EUR12MM Class F Notes
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by Man GLG Euro CLO I Designated Activity
Company:

EUR22,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030, Confirmed at Baa2 (sf); previously on Apr 20, 2020 Baa2 (sf)
Placed Under Review for Possible Downgrade

EUR22,200,000 Class E Deferrable Junior Floating Rate Notes due
2030, Confirmed at Ba2 (sf); previously on Apr 20, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2030, Confirmed at B1 (sf); previously on Apr 20, 2020 B1 (sf)
Placed Under Review for Possible Downgrade

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

EUR3,000,000 Class X Senior Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Apr 16, 2018 Definitive Rating
Assigned Aaa (sf)

EUR219,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Apr 16, 2018 Definitive
Rating Assigned Aaa (sf)

EUR15,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Apr 16, 2018 Definitive Rating
Assigned Aaa (sf)

EUR42,000,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aa2 (sf); previously on Apr 16, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR13,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Apr 16, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR26,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030, Affirmed A2 (sf); previously on Apr 16, 2018 Definitive
Rating Assigned A2 (sf)

Man GLG Euro CLO I Designated Activity Company, originally issued
in April 2015, refinanced in July 2017 and reset again in April
2018, is a collateralised loan obligation backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by GLG Partners LP. The transaction's reinvestment period
will end in April 15, 2022.

RATINGS RATIONALE

Its action concludes the rating review on the Classes D, E and F
notes initiated on April 20, 2020 as a result of the deterioration
of the credit quality and/or the reduction of the par amount of the
portfolio following from the coronavirus outbreak.

Stemming from the coronavirus outbreak, the credit quality has
deteriorated as reflected in the increase in Weighted Average
Rating Factor, in the defaulted par amount in the portfolio and in
the proportion of obligations from issuers with ratings of Caa1 or
lower.

The trustee reported WARF worsened by about 15.7% to 3548 [1] from
3066 [2] in January 2020 and is now significantly above the
reported covenant of 3142 [1]. The trustee reported default amounts
increased to EUR8.9 million [1] from EUR3.1 million [2] in January
2020.

The trustee reported securities with default probability ratings of
Caa1 or lower have increased to 6.96% [1] from 3.30% [2] in January
2020. An over-collateralisation haircut of EUR5.3 million to the
computation of the OC tests is applied.

In addition, the over-collateralisation levels have weakened across
the capital structure. According to the trustee report dated May
2020 the Class A/B, Class C, Class D, Class E and Class F OC ratios
are reported at 135.3% [1], 124.2% [1], 116.1% [1], 108.9% [1],
105.4% [1] compared to January 2020 levels of 138.3% [2], 126.9%
[2], 118.6% [2], 111.2% [2] and 107.6% [2] , respectively.

Moody's notes that none of the OC tests are currently in breach and
the transaction remains in compliance with the following collateral
quality tests: Diversity Score, Weighted Average Recovery Rate,
Weighted Average Spread (WAS) and Weighted Average Life.

Despite the increase in the WARF and the par erosion, Moody's
concluded that the expected losses on all the rated notes remain
consistent with their current ratings following the analysis of the
CLO's latest portfolio and taking into account the recent trading
activities as well as the full set of structural features of the
transaction. Consequently, Moody's has confirmed the ratings on the
Class D, E and F notes and affirmed the ratings on the Class X, A1,
A2, B1, B2 and C notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR394.5 million,
a defaulted par of EUR8.9 million, a weighted average default
probability of 29.1% (consistent with a WARF of 3547 over a
weighted average life of 5.73 years), a weighted average recovery
rate upon default of 45.1% for a Aaa liability target rating, a
diversity score of 59 and a weighted average spread of 3.72%.

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

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by: (1) the manager's investment strategy and behaviour;
(2) divergence in the legal interpretation of CDO documentation by
different transactional parties because of embedded ambiguities;
and (3) the additional expected loss associated with hedging
agreements in this transaction which may also impact the ratings
negatively.

Additional uncertainty about performance is due to the following:

  - Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


OAK HILL IV: Moody's Confirms B2 Rating on Class F-R Notes
----------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued Oak Hill European Credit Partners IV
Designated Activity Company:

EUR22,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Confirmed at Baa2 (sf); previously on Apr 20, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

EUR25,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Confirmed at Ba2 (sf); previously on Apr 20, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Confirmed at B2 (sf); previously on Apr 20, 2020 B2
(sf) Placed Under Review for Possible Downgrade

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

EUR222,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jan 22, 2018 Definitive
Rating Assigned Aaa (sf)

EUR25,000,000 Class A-2-R Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Jan 22, 2018 Definitive Rating
Assigned Aaa (sf)

EUR30,550,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Jan 22, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR11,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Jan 22, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on Jan 22, 2018
Definitive Rating Assigned A2 (sf)

Oak Hill European Credit Partners IV Designated Activity Company,
issued in December 2015 and refinanced in January 2018, is a
collateralised loan obligation backed by a portfolio of mostly
high-yield senior secured European loans. The portfolio is managed
by Oak Hill Advisors (Europe), LLP. The transaction's reinvestment
period will end in January 2022.

RATINGS RATIONALE

Its actions conclude the rating review on the Class D-R, E-R and
F-R notes initiated on April 20, 2020 as a result of the
deterioration of the credit quality and/or the reduction of the par
amount of the portfolio following from the coronavirus outbreak.

Stemming from the coronavirus outbreak, the credit quality has
deteriorated as reflected in the increase in the Weighted Average
Rating Factor and the proportion of securities from issuers with
ratings of Caa1 or lower. According to the trustee report dated May
2020 [1], the WARF was 3484, compared with 3010 the November 2019
[2]. Securities with ratings of Caa1 or lower currently make up
approximately 6.8% of the underlying portfolio, versus 4.3% in
November 2019.

In addition, the over-collateralisation levels have weakened
marginally across the capital structure. According to the trustee
report dated May 2020 [1] the Class A/B, Class C, and Class D OC
ratios are reported at 136.3%, 125.9% and 117.6% compared to
November 2019 [2] levels of 137.7% , 127.1%, and 118.7%
respectively. Moody's notes none of the OC tests are currently in
breach and the transaction remains in compliance with the following
collateral quality tests: Diversity Score, Weighted Average
Recovery Rate and Weighted Average Life.

Despite the increase in the WARF, Moody's concluded that the
expected losses on all the rated notes remain consistent with their
current ratings following the analysis of CLO's latest portfolio
and taking into account the recent trading activities as well as
the full set of structural features of the transaction.
Consequently, Moody's has confirmed the ratings on the Class D-R,
E-R and F-R notes and affirmed the ratings on the Class A-1-R,
A-2-R, B-1-R, B-2-R, and C-R notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR396.2million, a
weighted average default probability of 30.0% (consistent with a
WARF of 3591 over a weighted average life of 6.0 years), a weighted
average recovery rate upon default of 45.6% for a Aaa liability
target rating, a diversity score of 52 and a weighted average
spread of 3.6%.

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

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2020.

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

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

Additional uncertainty about performance is due to the following:

  - Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

  - Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




===============
P O R T U G A L
===============

TAP: Optimistic on EU Restructuring Plan Approval
-------------------------------------------------
The Irish Times reports that Portugal's flag carrier TAP is
confident the European Commission will approve a restructuring plan
that would allow the airline to avoid repaying a government-backed
loan, its chief executive said on June 23.

In April, TAP asked for help as the company, which usually operates
around 2,500 flights per week, was forced to suspend almost all of
them as demand for travel collapsed in the coronavirus pandemic,
The Irish Times recounts.

Earlier this month, the European Commission approved Portugal's
plan for a EUR1.2 billion (US$1.4 billion) rescue loan for TAP, The
Irish Times relates.

According to The Irish Times, TAP CEO Antonoaldo Neves told a
parliamentary committee, "We believe it is possible to send a
restructuring plan to the European Commission that is accepted
because we believe TAP has a viable business model".

TAP tried to resume some of its international operations last month
as lockdown measures were slowly being lifted but, with little
demand, the company took a step back, The Irish Times discloses.

TAP ended last year with its best ever cash position despite a net
annual loss of EUR106 million, but it has incurred heavy losses in
recent months, The Irish Times relays.




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

SM BANK: Bank of Russia Approves Bankruptcy Measure Amendments
--------------------------------------------------------------
The Bank of Russia's Board of Directors, at a June 19 meeting,
approved amendments to the Plan for the Participation of the State
Corporation Deposit Insurance Agency in the Implementation of
Measures to Prevent the Bankruptcy of SM BANK JSC (Sevastopol) (the
Investor - Russian National Commercial Bank (PJSC)).

These amendments imply that the Agency will allocate financial aid
to SM BANK JSC (hereinafter, the Bank) using the loans granted by
the Bank of Russia.

Funding will be provided as loans totalling RUR740.9 million with a
10-year maturity.  These funds will be used to cover the imbalance
between the fair value of the Bank's assets and liabilities and to
increase the Bank's authorized capital.

The analysis of the Bank's financial standing revealed that this
imbalance amounted to RUR163.2 million.  The size of the imbalance
used to calculate the amount of funding to be allocated takes into
account the debiting of the balances from the accounts of the
persons who were controlling the Bank's operations prior to the
approval of the Plan for the Participation of the Agency in the
Implementation of Measures to Prevent the Bankruptcy of the Bank
(pursuant to Clause 12.1 Article 189.49 of Federal Law No. 127-FZ,
dated 26 October 2002, "On Insolvency (Bankruptcy)"), which reduces
the allocated amount of financial aid by at least 355 million
rubles.

In addition, the plan also provides for the reorganization of the
Bank through its merger into the Investor.




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

CAIXABANK CONSUMO 5: DBRS Gives Prov. B(low) Rating on B Notes
--------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
series of notes to be issued by Caixabank Consumo 5, FT (the
Issuer):

-- Series A Notes at AA (low) (sf)
-- Series B Notes at B (low) (sf)

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in October 2054. The rating on the Series B Notes
addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.

-- The seller's, originator's, and servicer's financial strength
and their capabilities with respect to originations, underwriting,
and servicing.

-- The other parties' financial strength with regard to their
respective roles.

-- DBRS Morningstar's operational risk review of Caixabank S.A.
(Caixabank), which it deemed to be an acceptable servicer.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the seller's portfolio.

-- DBRS Morningstar's current sovereign rating of the Kingdom of
Spain at "A" with a Stable trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology, and the presence of legal opinions that
address the true sale of the assets to the Issuer.

The transaction represents the issuance of Series A Notes and
Series B Notes backed by a portfolio of approximately EUR 3.55
billion of fixed- and floating-rate receivables related to consumer
loans granted by Caixabank (the originator) to private individuals
residing in Spain for the purchase of consumer goods or services.
The originator will also service the portfolio.

The transaction allocates payments on a combined interest and
principal priority of payments basis and benefits from an
amortizing EUR 177.5 million cash reserve funded through a
subordinated loan. The cash reserve can be used to cover senior
costs, interest, and principal on the Series A Notes. Once the
Series A Notes have fully amortized, the cash reserve will cover
interest and principal on the Series B Notes.

The repayment of the notes will be sequential: Series B Notes will
start to amortize once the Series A Notes have amortized in full.
Note repayment will start on the first payment date in January
2021.

Interest and principal payments on the notes will be made quarterly
on the 20th of January, April, July, and October. The Series A
Notes will pay a fixed interest rate of 0.75% and the Series B
Notes will pay a fixed interest rate of 1.00%. The relatively low
interest rate risk arising from the mismatch between the Issuer's
liabilities and the portfolio is not hedged.

Caixabank acts as the account bank for the transaction. Based on
the DBRS Morningstar rating of Caixabank at "A" (Critical
Obligations Rating at AA (low)), the downgrade provisions outlined
in the transaction documents, and structural mitigants inherent in
the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to Caixabank to be consistent with the
rating assigned to the Series A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker, considering the default rates at which the notes did not
return all specified cash flows.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and by its agents as of the date of this
press release. The ratings can be finalized upon review of final
information, data, legal opinions and the executed version of the
governing transaction documents. To the extent that the information
or the documents provided to DBRS Morningstar as of this date
differ from the final information, DBRS Morningstar may assign
different final ratings to the notes.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
arise in the coming months for many ABS transactions, some
meaningfully. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.


CAIXABANK CONSUMO 5: Moody's Rates EUR319MM Series B Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by CAIXABANK CONSUMO 5, FONDO DE
TITULIZACION:

EUR3,230,500,000 Series A Fixed Rate Asset Backed Notes due October
2054, Definitive Rating Assigned Aa3(sf)

EUR319,500,000 Series B Fixed Rate Asset Backed Notes due October
2054, Definitive Rating Assigned B1(sf)

RATINGS RATIONALE

The transaction is a static cash securitisation of unsecured
consumer loans extended to obligors in Spain by CaixaBank, S.A.,
(Baa1 Senior Unsecured/(P)P-2, A3(cr)/P-2(cr), A3 LT bank
deposits). The loans are used for several purposes, such as general
consumer purposes, interior decoration and property improvement and
auto-related loans such as acquisition and maintenance. CaixaBank,
S.A. also acts as asset servicer, collection account bank,
calculation agent and paying agent of the transaction.

The portfolio of underlying assets consists of unsecured consumer
loans originated in Spain, with fixed rates and a total outstanding
balance of approximately EUR3,550 million.

As of 25 May 2020, the pool cut had 650,694 loans with a weighted
average seasoning of 12.6 months. Loans are used for the purpose of
interior decoration and property improvement (28.6%), car
acquisition or repair (18.9%), and other undefined or general
purposes. The transaction benefits from credit strengths such as
the extensive historical data provided, high excess spread, no
interest rate risk and the financial strength and securitisation
experience of the originator.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the Spanish economy as
well as the effects that the announced government measures put in
place to contain the virus, will have on the performance of
consumer assets. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. It is a global health
shock, which makes it extremely difficult to provide an economic
assessment. The degree of uncertainty around its forecasts is
unusually high.

Moreover, Moody's notes that the transaction features some credit
weaknesses such as (i) around 46.7% of the portfolio is composed of
pre-approved loans where the borrower was offered an unsecured
consumer loan up to a maximum amount without initiating an
application process themselves; (ii) the portfolio has 2.07% of
bullet loans; (iii) concentrated portfolio in the region of
Cataluña 31.53%. However, this is the originator's region of
origin, where it has its highest expertise; (iv) high degree of
linkage to CaixaBank, S.A.; and (v) of the loans in the pool, 1.16%
are up to 30 days delinquent and 1.06% more than 30 days
delinquent. However, there will be loans up to 60 days delinquent
at closing. Commingling risk is partly mitigated by the daily
transfer of collections to the issuer account.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on
CaixaBank, S.A's total book and past consumer loan ABS
transactions; (iii) the credit enhancement provided by
subordination, excess spread and the reserve fund; (iv) the static
structure of the transaction; (v) the liquidity support available
in the transaction by way of principal to pay interest; and (vi)
the overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 6.75%, expected recoveries of 15.0% and a portfolio credit
enhancement of 19.0% for the current portfolio of the issuer. The
expected defaults and recoveries capture its expectations of
performance considering the current economic outlook, while the PCE
captures the loss Moody's expects the portfolio to suffer in the
event of a severe recession scenario. Expected defaults and PCE are
parameters used by Moody's to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in its ABSROM cash flow model to
rate consumer ABS transactions.

The portfolio expected mean default rate of 6.75% is in line with
that of Spanish consumer loans and is based on its assessment of
the lifetime expectation for the pool, taking into account (i) the
historical performance of the loan book of the originator, (ii) the
benchmark loan transactions, and (iii) other qualitative
considerations.

Moody's stressed the results from the historical data analysis to
account for (i) the rising trend of defaults on preapproved loans;
(ii) the differences between the historical data provided and the
transaction default definition; (iii) the expected outlook for the
Spanish economy in the medium term; and (iv) the volatile European
economic environment.

Portfolio expected recoveries of 15% are in line with Spanish
consumer loans and are based on (i) the historical recovery
vintages received for this transaction; (ii) the benchmarks from
other Spanish consumer loans; and (iii) other qualitative and
pool-derived aspects.

The PCE of 19.0% is in line with the Spanish consumer loans
average. The PCE has been defined following an analysis of data
variability, as well as by benchmarking this portfolio with past
and similar transactions. Factors that affect the potential
variability of a pool's credit losses are (i) historical data
variability; (ii) quantity, quality and relevance of the historical
performance data; (iii) originator quality; (iv) servicer quality;
(v) certain pool characteristics, such as asset concentration and
loan characteristics; and (vi) certain structural features.

METHODOLOGY

The principal methodology used in these ratings was " Moody's
Approach to Rating Consumer Loan-Backed ABS " published in March
2019.

The ratings address the expected loss posed to investors by the
legal final maturity of the Notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A and Class B Notes
by the legal final maturity date. Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed but may have a significant effect on
yield to investors.

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

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (i) better than expected performance
of the underlying collateral; (ii) significant improvement in the
credit quality of CaixaBank, S.A.; or (iii) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (i) worse than expected performance of the
underlying collateral; (ii) deterioration in the credit quality of
CaixaBank, S.A.; or (iii) an increase in Spain's sovereign risk.




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

AVON PRODUCTS: Moody's Confirms B1 Corp. Family Rating, Outlook Neg
-------------------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating and the B1-PD probability of default rating of Avon
Products, Inc.'s. Concurrently, Moody's has confirmed the B3 rating
on the senior unsecured notes issued by Avon and the Ba1 rating of
the senior secured notes issued by Avon's wholly owned subsidiaries
Avon International Operations, Inc. and Avon International Capital
PLC. The outlook on all ratings was changed to negative from
ratings under review.

The rating action concludes the review process initiated by Moody's
on March 31, 2020.

"The confirmation of the rating reflects its expectation that
Natura, who has a stronger credit profile than Avon on a
stand-alone basis, will support Avon by providing additional
liquidity in case of need as well as refinancing its debt
maturities" says Lorenzo Re, a Moody's Vice President - Senior
Analyst and lead analyst for Avon. "The negative outlook reflects
the execution risk on the turnaround process of Avon", Mr. Re
added.

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 consumer
product sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically for Avon, social distancing measures
have impaired the company's ability to recruit its sales force, as
well as the ability of representatives to meet customers and
collect orders.

As a result, Avon's sales during the first quarter of 2020 declined
by 19% compared to the prior-year and operating profit before
non-recurring costs turned negative at -$14.5 million from $54
million in first quarter 2019. Moody's expects the revenue and
EBITDA contraction to be materially higher in the second quarter,
with a partial recovery in the second half of the year, as lockdown
measures are progressively eased across countries and their
economies reopen. Overall, Moody's estimates that Avon's sales
could drop by 15%-30% in 2020, with Moody's adjusted EBITDA falling
by up to 40%, which would increase the company's Moody's-adjusted
gross leverage to above 10x.

Moody's expects the company's operating performance to recover in
2021, supported by the benefits from the integration with Natura
&Co, including cost synergies and increased utilization of a
digital platform for Avon's representatives. Natura's stronger
track record in managing the direct selling network model should
help Avon to revert the decline in the number of active
representatives, which has been exacerbated by the coronavirus
outbreak and is currently the company's major challenge. The rating
agency forecasts Avon's leverage could return to below 5.5x in
2021, which would be commensurate with the current rating. However,
execution risk on the turnaround process remain very high. In
addition, the impact of macroeconomic recession, reduced consumer
confidence and lower consumer disposable income may hamper sales
and margins.

While Moody's continues to assess Avon's credit profile on a
stand-alone basis, the rating reflects some degree of implicit
support from Avon's parent company, Natura, whose credit profile is
stronger than the one of Avon's. Natura's operating performance has
been much more resilient to the coronavirus because of the group's
strong digital capabilities and on-line presence.

The B1 rating is supported by the strength and equity of Avon's
brands and by the company's leading market position as one of the
largest cosmetic producers in the world. Avon benefits from good
geographic diversification, albeit with a high concentration of
operations in growing but potentially volatile developing markets.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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 Avon of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Environmental considerations are not considered material to Avon's
credit profile. Social risks are a meaningful consideration given
the company's direct sales business model, as changing
demographics, economic and employment conditions can affect the
company's ability to recruit and retain its sales force and can
also influence how consumers shop. The business model can also come
under scrutiny by regulators.

In terms of governance, Avon is now a fully owned subsidiary of
Natura, which adheres to high governance standards and has an
history of prudent financial policy, commitment to specific
leverage targets and a stated dividend policy. However, it is still
unclear how the capital structure and liquidity of Avon will be
managed within the Natura group, and Moody's notes that should
Natura implement aggressive financial policies at Avon's level,
this may hamper Avon's credit profile.

LIQUIDITY

Avon's liquidity is adequate, although it deteriorated following a
cash burn of approximately $300 million in the first quarter of
2020. Liquidity comprises available cash of $294 million as of
March and a $100 million RCF maturing in 2022 provided by Natura's
financing entity. Moody's estimates this liquidity's buffer will be
sufficient to cover the expected $100 million cash burn for the
next 12 months. In addition, the parent company Natura committed to
support Avon with additional liquidity in case of need. Natura's
liquidity is currently stronger, backed by BRL4.6 billion ($890
million) available cash as of March and an ongoing capital increase
of BRL2 billion.

Avon has $900 million of debt maturing in 2022 and Moody's believes
it is likely that these will be refinanced within the Natura group.
However, a prolonged period of business disruption for both Avon
and Natura with weak recovery prospects might impair the group's
ability to refinance these maturities.

STRUCTURAL CONSIDERATIONS

The Ba1 (LGD 2) instrument rating of the senior secured notes
issued by AIO and AIC, reflects the instruments' priority position
in the capital structure. The secured notes benefit from the loss
absorption provided by the significant amount of unsecured debt
ranking below in the waterfall. The security and guarantee
structure of the senior secured notes includes an unconditional
guarantee from Avon, AIC, AIO and their restricted subsidiaries,
representing approximately 85% of consolidated assets. The notes
are secured by first priority liens on, and security interests in,
substantially all of the assets of the AIO, AIC and the subsidiary
guarantors subject to certain exceptions.

The B3 (LGD 5) instrument rating of the senior unsecured notes
issued by the parent, Avon, reflects the effective subordination of
these instruments to the senior secured notes.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the high execution risks on Avon's
turnaround process and the uncertainty on the future financial
policy and capital structure of Avon. Failure to rapidly revert the
decline in the number of representative and to stabilise sales
could hamper the company's ability to reduce the current high
leverage, leading to downward pressure on the rating.

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

Positive pressure on the ratings could develop in case of (1)
evidence of stronger support from Natura, such as the provision of
an explicit guarantee on Avon's debt or if Avon's debt is
refinanced at the parent company level; (2) successful execution of
Avon's turnaround initiatives leading to material operating
performance improvement, with EBIT margin approaching 10%; (3)
Moody's-adjusted gross Debt/EBITDA improving to below 4.5x on a
sustained basis; (4) materially positive free cash flow on a
sustained basis.

The ratings could be lowered in case of (1) failure to restore
operating performance, with stabilization of sales and recovery in
operating margin; (2) Moody's-adjusted gross Debt/EBITDA remaining
above 5.5x on a sustained basis; (3) Natura adopting financial
policies that are detrimental to Avon's creditors, such as large
cash upstreaming.

LIST OF AFFECTED RATINGS

Issuer: Avon Products, Inc.

Confirmations, previously placed on review for downgrade:

Probability of Default Rating, Confirmed at B1-PD

Corporate Family Rating, Confirmed at B1

Senior Unsecured Regular Bond/Debenture, Confirmed at B3

Outlook Action:

Outlook, Changed to Negative from Ratings Under Review

Issuer: Avon International Capital PLC

Confirmation, previously placed on review for downgrade:

Backed Senior Secured Regular Bond/Debenture, Confirmed at Ba1

Outlook Action:

Outlook, Changed to Negative from Ratings Under Review

Issuer: Avon International Operations, Inc.

Confirmation, previously placed on review for downgrade:

Backed Senior Secured Regular Bond/Debenture, Confirmed at Ba1

Outlook Action:

Outlook, Changed to Negative from Ratings Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Avon is a global beauty product company and one of the largest
direct sellers through around five million active representatives.
Avon's products are available in over 70 countries and include
categories such as color cosmetics, skin care, fragrance and
fashion and home. Avon generated about $4.7 billion in revenue and
$280 million in EBITDA (Moody's adjusted) in 2019.


INTU GROUP: Likely to Fall Into Administration, Sites May Shut
--------------------------------------------------------------
BBC News reports that Intu, owner of the Trafford, Braehead and
Lakeside shopping centres, is warning its financial troubles could
see entire sites shut.

It has appointed administrators KPMG as a "contingency" in case
financial restructuring talks with lenders fail, BBC relates.

According to BBC, Intu warns that if that happens it will have to
give KPMG funds for certain services, or see the centres shut.

The company is the biggest shopping centre chain in the UK with 17
UK outlets and three in Spain.

Intu has until Friday, June 26, to sort out a new financial
footing, BBC states.

The company, as cited by BBC, said: "In the event that Intu
properties plc is unable to reach a standstill, it is likely it and
certain other central entities will fall into administration.

"If that happened, the various group companies would have to put
money into the administrator. If the administrator is not
pre-funded then there is a risk that centres may have to close for
a period."

Intu had been struggling before coronavirus to fill outlets within
some centres sites and had heavy debts, BBC relays.  It said in
March it was in talks with lenders about new funding, BBC
recounts.

According to BBC, on June 23, Intu said "notwithstanding the
progress made" it had appointed KPMG to plan for administration.

Since the coronavirus lockdown Intu's centres have been partially
shut, with only essential stores remaining open, BBC relates.

The firm's financial woes include making a loss of GBP2 billion in
2019, failing earlier this year to raise GBP1 billion in new
funding, and having debts of GBP5 billion, BBC discloses.

The collapse and contraction of High Street retailers in the face
of rising costs and the seemingly ever-increasing online shopping
trend had already seen retailers closing outlets, leaving a number
of landlords, such as Intu, struggling to fill empty space, BBC
states.


M&D'S IN STRATHCLYDE: Bought Out of Administration, Set to Reopen
-----------------------------------------------------------------
The Scotsman reports that M&D's in Strathclyde Country Park, a
theme park that closed citing financial difficulties amid the
coronavirus pandemic, is planning to reopen after it was bought out
of administration.

M&D's in Strathclyde Country Park went into administration in
April, with 165 employees made redundant, The Scotsman recounts.

According to The Scotsman, in a statement on its Facebook page on
June 22 the park announced it has been bought out of administration
and has new management in place.

Bosses said that, in line with Scottish Government guidelines, they
are working to reopen the theme park, Devil's Island Adventure Golf
and Amazonia when restrictions have been lifted, The Scotsman
relates.

The park announced in April that Leonard Curtis had been appointed
administrators, The Scotsman notes.

In a statement at the time, bosses, as cited by The Scotsman, said
it had been a "challenging few years" and they had "worked really
hard to try to diversify and keep the business afloat".


MARKS & SPENCER: Moody's Revises Ratings Outlook to Negative
------------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 senior unsecured
long-term ratings of Marks & Spencer p.l.c. and the company's
(P)Ba1 long term MTN Program rating. Concurrently, the rating
agency has confirmed the company's Ba1 corporate family rating and
Ba1-PD probability of default rating. The outlook has been revised
to negative from ratings under review.

Its rating action concludes the review for downgrade initiated on
March 26, 2020.

RATINGS RATIONALE

The late March downgrade of the company's long-term rating to Ba1
from Baa3 reflected the compounding impact of the coronavirus
outbreak on the existing pressure on its credit quality driven by a
multi-year trend of weak underlying sales trends and declining
profitability. The company is exposed to the very competitive UK
retail market and in the months ahead will face uncertain demand
levels, most notably in its Clothing & Home business, as weak
consumer sentiment and a muted macroeconomic environment will
persist.

More positively, the Ba1 rating reflects (1) the company's enduring
strong market positions; (2) the range of initiatives underway
pre-crisis to turn around the negative trends in sales and
profitability; (3) Moody's expectations of continued solid demand
within the M&S Food business; and (4) the additional
diversification of risks the International division provides.

Moody's notes that in common with other listed companies affected
by the coronavirus, M&S withdrew forward guidance for fiscal 2021,
ended March 2021, and instead published details of analysis
undertaken to test the adequacy of available liquidity. The rating
agency believes fiscal 2021 results will likely be better than
implied in the company's Covid-19 scenario, albeit with little
scope for profit before tax and adjusting items in fiscal 2021
being much more than zero, on which basis Moody's-adjusted EBITDA
will be around GBP800 million, or about one-third lower than fiscal
2020.

Thereafter, Moody's base case expectations include C&H and
International revenues recovering somewhat in fiscal 2022 , helped
by gradual improvements in execution, but to remain lower than the
underlying pre-crisis levels. Continued progress for Food, as well
as in respect of cost saving initiatives, and the closure programme
in respect of the tail of weakly performing full-line stores, will
all help support profitability. In its Base Case for fiscal 2022
the rating agency forecasts Moody's-adjusted EBITDA of about GBP1
billion, positive free cash flow of around GBP200 million, and
Moody's-adjusted leverage returning towards 4x. However, there are
various downside risks in respect of both the company's execution
and underlying demand in the event of weaker than expected economic
recovery.

STRUCTURAL CONSIDERATIONS

The company's senior unsecured bonds issued under its long-term
medium-term note program are rated Ba1, in line with the CFR. This
reflects Moody's understanding that core trade payables and rental
agreements are direct obligations of M&S meaning that structural
subordination for financial creditors, which is often the case in
Holdco/Opco capital structures, is not relevant.

LIQUIDITY

Moody's believes the company will be able to sustain its long track
record of good liquidity over the next 12-18 months, supported by a
variety of actions already taken to offset the hit to C&H revenues
during the lockdown period and a potentially slow recovery as
restrictions ease. Lower capital spending, pro-active inventory
management, and the cancellation of dividends supplement savings in
respect of tax, the property rates holiday and from furloughing
staff.

In addition, to ongoing full access to its GBP1.1 billion RCF the
company confirmed that it has been allocated a GBP300 million
issuer limit under the joint HM Treasury and Bank of England Covid
Corporate Financing Facility. In its Covid-19 case M&S combined
RCF/CCFF utilistion would peak in the early Autumn at around GBP600
million with lower requirements in the second half of the fiscal
year.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects risks that profitability and credit
metrics during or beyond fiscal 2022 do not recover in line with
Moody's current expectations.

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

Positive rating pressure is unlikely for at least the next 18
months but in due course would develop if M&S is able to record
sustained positive like-for-like sales growth in both its Food and
C&H divisions and return to pre-2020 levels of profitability, both
in absolute terms and it respect of margins. A positive rating
action of this nature would also require the company to sustain
Moody's-adjusted credit metrics commensurate with the Baa3 rating,
including a ratio of retained cash flow to net debt in the
high-teens and gross debt to EBITDA of sustainably below 3.5x.

Conversely, negative rating pressure would build in the event of a
continued slide in underlying profitability or a deterioration in
credit metrics, such that its Moody's adjusted gross leverage would
remain sustainably above 4.25x, after the effects of the
Coronavirus have ceased being a direct drag. A deterioration in the
company's liquidity would likely result in a downgrade.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. In terms of governance the rating agency positively
recognises the steps taken by M&S to support its liquidity and
credit quality.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

M&S is a leading UK clothing and food retailer with annual sales of
about GBP10 billion. The company is listed on the London Stock
Exchange, with a market capitalisation of approximately GBP2
billion as of the date of this publication.


PICSOLVE: Bought Out of Administration, 600 Jobs Saved
------------------------------------------------------
Business Sale reports that Derby-based digital photography firm
Picsolve has been sold out of administration, saving over 600 jobs.


According to Business Sale, the deal also includes the company's 35
sites across the UK and Europe.

Matt Cowlishaw and Richard Hawes of Deloitte, who were appointed as
joint administrators to the company on May 4, secured the sale of
the company to PomVom UK, Business Sale relates.  The buyer is a
newly-incorporated wholly-owned entity of PomVom Limited, Business
Sale discloses.

In its most recent accounts, to the year ending February 28 2019,
Picsolve registered a GBP3.6 million pre-tax loss, although this
was an improvement on a GBP4.4 million loss in 2018, while its net
current liabilities increased from GBP3.3 million in 20198 to
GBP8.2 million in 2019, Business Sale states.  Its total assets
less liabilities were valued at GBP5.4 million, Business Sale
notes.

Picsolve supplies digital photography and video memorabilia
solutions for tourist attractions such as Alton Towers, Thorpe
Park, the London Eye in the UK as well as venues in the USA and
China.


SIGNATURE AVIATION: Moody's Lowers CFR to Ba3, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of the US leading fixed base operator Signature Aviation plc
to Ba3 from Ba2 and downgraded its probability of default rating to
Ba3-PD from Ba2-PD.

Concurrently Moody's has downgraded the ratings on the $650 million
senior unsecured notes due 2028 and $500 million senior unsecured
notes due 2026 issued by Signature Aviation US Holdings, Inc., a
subsidiary of Signature Aviation plc, to Ba3 from Ba2. The outlook
on both entities remains negative.

Its rating action reflects:

  - Adverse effects of the coronavirus outbreak, resulting in
reduced flight activity in the business and general aviation (B&GA)
market

  - Moody's-adjusted leverage, which was already high for the Ba2
rating, will increase materially and is unlikely to return to 2019
levels for two to three years

  - Signature's good liquidity, flexible cost base and continued
neutral or positive cash generation

RATINGS RATIONALE

Signature's Ba3 CFR reflects: (1) Moody's expectations for
significant reductions in demand in 2020 and 2021 due to the
coronavirus outbreak; (2) expectations of pronounced topline and
earnings headwinds over at least the balance of 2020, that will
translate to a weakening of credit metrics; (3) exposure to the
high cyclicality of the business and general aviation markets,
which are likely to be adversely affected by sustained
macro-economic pressures; and (4) relatively high Moody's-adjusted
leverage of 4.8x, for the 12 months ended December 31, 2019,
including the substantial operating lease commitments, with
Moody's-adjusted leverage expected to increase significantly in
2020, and not return to 2019 levels for two to three years.

The rating also reflects: (1) the company's strong competitive
position as the leading fixed base operator in the US; (2) highly
flexible cost structure, allowing the company to manage periods of
decreased revenue; (3) substantial and profitable real estate
portfolio providing hangarage for parked aircraft; (4) history of
consistent positive organic revenue growth in its core business
since 2010; (5) the company's solid track record through the last
cycle.

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 business and
general aviation market has been significantly affected by
worldwide lockdown measures, leading to very significant reductions
in flight activity although B&GA flying activity has been
recovering from the low point experienced in April.

Signature Aviation has been directly affected by the coronavirus
outbreak from flight activity reduction, which during the month of
April was down 77% year-on-year as customers complied with stay at
home measures. Approximately two-thirds of Signature's revenues
come from fuel services with Signature's largest operating cost,
fuel, naturally flexing with volumes in the market. Simultaneously,
the company has taken actions to reduce labour and other costs in
line with the reduction in flight activity across its FBO network.

The company has demonstrated solid resilience with a substantial
degree of other revenues, principally relating to hangarage, which
are unrelated to flight volumes. In addition, Signature's flight
volumes started to recover in late April and this recovery has
continued through May and June, benefiting from its exposure
largely to the US domestic market, and the lower biosecurity
concerns of private air travel compared to commercial aviation. As
a result, Signature has reported that cash flows during the
coronavirus outbreak have remained neutral or positive.

Signature's Moody's-adjusted leverage was 4.8x as at December 2019,
which was already high for the Ba2 rating category prior to the
coronavirus outbreak. Moody's expects that Signature's
Moody's-adjusted leverage will increase substantially in 2020 to
around 6.5x-7x and will not return to 2019 levels for two to three
years. This is likely to be driven by risks of further travel
restrictions, as well as the effects of weaker macro-economic
conditions on the highly cyclical business and general aviation
market.

LIQUIDITY

Signature's liquidity is good, supported by cash on balance sheet
of $74 million as at April 30, 2020 and a $400 million revolving
credit facility expiring in 2025, of which $49 million was drawn as
at April 30, 2020. There are no near-term debt maturities with the
$500 million senior notes maturing in 2026 and the $650 million
senior notes maturing in 2028.

Moody's does not expect the company to breach its maintenance
leverage and coverage covenants attached to the RCF, unless there
is a more prolonged decline in flight movements.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety, and as detailed above the impact of the crisis on the
company's credit quality has been the key driver of the rating
action.

Governance considerations that Moody's incorporates in Signature's
credit profile include: 1) Signature was in compliance throughout
2019 with all relevant provisions of the UK Corporate Governance
Code; 2) the company maintains a target net reported pre-IFRS16
leverage in the range 2.5x to 3.0x.

STRUCTURAL CONSIDERATIONS

The $500 million senior unsecured notes due 2026 and $650 million
senior unsecured notes due 2028 are rated Ba3, in line with the
CFR. This reflects their pari passu ranking with the company's $400
million revolving credit facility and the all senior unsecured debt
structure. However, the notes do not have guarantees from operating
companies and are therefore structurally subordinated to meaningful
operating company level liabilities including trade payables and
operating leases which leaves the instrument ratings relatively
weakly positioned.

OUTLOOK

The negative outlook reflects Moody's expectations that the
business and general aviation market will remain significantly
reduced over at least the next 12-18 months, with continued high
levels of uncertainty over the timing and extent of a recovery. The
outlook also reflects Moody's expectation that leverage will
increase substantially due to the slowdown in flight activity,
which will create challenges for the company to recover its
financial metrics.

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

The ratings are unlikely to be upgraded in the short term. The
ratings could be stabilised if the coronavirus outbreak is brought
under control and flight volumes return to more normal levels, with
the company demonstrating an ability to substantially improve its
financial metrics within a 1-2-year time horizon.

The ratings could be upgraded if Moody's expects:

  - Moody's-adjusted leverage to reduce sustainably to around 4.5x

  - Moody's-adjusted EBITA / interest to increase sustainably above
2.5x.

An upgrade would also require positive organic revenue growth at or
above the market, and for the company to maintain financial
policies consistent with the above metrics.

Moody's could downgrade Signature if:

  - There are expectations of deeper and longer declines in flight
volumes extending materially into 2021

  - There is a material weakening in the company's liquidity
position

  - Organic revenue growth is materially below market rates

In addition, the ratings could be downgraded if there are clear
expectations that the company will not be able to maintain
financial metrics compatible with a Ba3 rating following the
coronavirus outbreak, in particular if:

  - Moody's-adjusted leverage is expected to be sustainably above
5.5x

  - Moody's-adjusted EBITA / interest reduces consistently below
2x

  - Free cash flow / debt before dividends reduces to low single
digit percentages

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Signature, headquartered in London and with shares listed on the
London Stock Exchange, has around 400 fixed base operator locations
with approximately 200 Signature owned FBOs and approximately 200
EPIC branded but non-owned FBOs providing B&GA flight support
services at airports, with the US being the largest market followed
by Europe. An FBO is a commercial business granted the right by an
airport to operate on the airport and provide aeronautical
services.



                           *********


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
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