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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

          Thursday, December 3, 2020, Vol. 21, No. 242

                           Headlines



F R A N C E

INOVIE GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


G E R M A N Y

CERAMTEC BONDCO: S&P Affirms 'B' Long-Term ICR, Outlook Stable
SC GERMANY 2018-1: DBRS Confirms BB (high) Rating on Class D Notes


I R E L A N D

SOUND POINT IV: S&P Assigns B- (sf) Rating on Class F Notes


I T A L Y

ASSET-BACKED EUROPEAN: DBRS Confirms B (high) Class E Notes Rating
WEBUILD SPA: S&P Assigns BB- Rating to EUR500MM Sr. Unsec. Notes
[*] ITALY: Forza Italia Won't Back Eurozone Bailout Fund Reform


K A Z A K H S T A N

NOMAD INSURANCE: S&P Affirms 'BB-' ICR, Outlook Stable


R U S S I A

NATIONAL BANK: Bank of Russia Okays Bankruptcy Measure Amendments
TEMBR-BANK JSC: Bank of Russia Ends Provisional Administration


S P A I N

GRUPO COOPERATIVO: DBRS Confirms BB (high) Long-Term Issuer Rating
[*] SPAIN: Up to 18.7% of Cos. to Become Insolvent by End of Year


U N I T E D   K I N G D O M

BIFAB: Scottish Gov't Refuses to Give Guarantee Under State Aid
BONMARCHE: Enters Administration, 1,500+ Jobs at Risk
BRITISH LAND: Egan-Jones Lowers Senior Unsecured Ratings to BB+
DEBENHAMS PLC: UK Government Ready to Support Employees
LIBERTY GLOBAL: Egan-Jones Lowers Senior Unsecured Ratings to B

MARK & SPENCER: Egan-Jones Lowers Senior Unsecured Ratings to CCC+

                           - - - - -


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F R A N C E
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INOVIE GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Inovie
Group and 'B' issue rating to the proposed EUR910 million term loan
B.

The stable outlook indicates that Inovie will likely maintain S&P
Global Ratings-adjusted debt to EBITDA around 6x through its
investment cycle, resilient free operating cash flow (FOCF) of at
least EUR50 million per year, and fixed charge coverage ratio above
2.2x.

S&P said, "The rating is based on our expectation that Inovie is
committed to maintaining leverage, measured as adjusted debt to
EBITDA, at around 6x through its investment cycle.  Since Inovie is
likely to take an active part in the consolidation of the
laboratories industry, maintaining leverage at this level will
depend on it consistently generating FOCF of EUR50 million-EUR75
million per year to self-fund bolt-on acquisitions. The company
will also need to be able to smoothly integrate acquisition and
achieve synergies.

"We understand from its management and financial sponsors that if
it were to take on larger acquisitions, these would not be solely
debt-financed." The group would adopt diverse acquisition
structures, including a combination of cash and shares' exchanges,
which would reduce external funding needs. According to management,
the company would continue to build on its collaborative model by
attracting selling biologists and allowing them to invest at the
level of the holding company level.

The French diagnostic market has been consolidating rapidly. The
top five players--Biogroup, Cerba, Inovie, Synlab, and
Eurofins--had an estimated combined market share of more than 60%
in 2019, up from less than 30% in 2014 (source: Bain & Co.)

Inovie is an established group of diagnostic laboratories that
operates in an industry that has solid demand dynamics.  Management
estimates that it had a market share of 11% in 2019. Inovie also
benefits from its established position in a market where volumes
are growing. Demand for its services is supported by demographic
factors and the prevalence of chronic diseases that require regular
diagnostics and monitoring. The market for prevention diagnostics
is also growing.

S&P sid, "We view demand as stable, given the limited competitive
risk. Indeed, despite the presence of large groups as well as small
independent laboratories, we understand that once a laboratory is
established locally, it is unlikely that a competitor would capture
its patients' base because customers are typically very loyal. We
also note that disruption risk is limited due to relatively limited
innovation in the industry."

Inovie's competitive position is limited by its small size and
exposure to single payor risk.  Inovie generates all its revenue in
France and more than 75% of the group's revenue stems from the
French statutory health insurance. Exposure to single payor risk
increases the susceptibility of its earnings and profits to pricing
cuts, which are built into the French laboratory industry. The
three-year agreement negotiated with the health care authorities
caps the annual increase in the covered amount: if the volume of
tests grows such that spending exceeds the limit set by the defined
envelope, the price will fall to compensate.

The 2019 payment to the industry was EUR3,751 million and the
current three-year agreement started in 2020 allows for increases
capped at 0.4% in 2020, 0.5% in 2021, and 0.6% in 2022. Therefore,
organic growth prospects are very limited. Because of the lockdown
in 2020, spending under this agreement was about 8% less in 2020
than it had been in 2019, as of end-September 2020. Consequently,
there will be no price cut in 2020, which is exceptional.

The three-year agreement excludes reimbursement for COVID-19
testing. Inovie provides both antibodies testing and PCR tests
(polymerase chain reaction tests that identify the presence of the
virus, and thus, which patients are infectious).

S&P said, "We assume that profitability will improve substantially
once the new capital structure has been implemented.  Inovie's
EBITDA margin, as adjusted by S&P Global Ratings, was 18.7% in
2019, which is lower than peers in the industry. This was due to
the pre-existing governance structure, under which the owner
biologists paid themselves very high salaries. As these salaries
normalize and the number of full-time equivalent (FTE) biologists
reduces, we anticipate that EBITDA margins should improve to a
sustainable 23%-26%. The staffing changes were part of the
contractual agreement embedded in the buy-out transaction. Although
there is integration risk related to reducing the number of FTEs.
The current number of FTEs per site is above the regulatory
requirement to have at least one biologist per site; we understand
that laboratories can operate efficiently at a lower ratio."

The need for COVID-19 testing presented an opportunity, which
Inovie seized.  Inovie has been actively supporting the work to
diagnose and identify COVID-19 patients in France. This is expected
to contribute about EUR170 million to revenue in 2020, and to make
a substantial EBITDA contribution. The PCR tests are fully
reimbursed by the statutory health insurance and do not require a
medical subscription. S&P views this as positive, but it believes
the price of these tests could reduce and volumes are
unpredictable, and it assumes they will markedly decrease when the
pandemic is over.

S&P said, "The stable outlook indicates that we expect Inovie to
maintain adjusted leverage of around 6x throughout its investment
cycle. This will depend on the group's ability to demonstrate
profitable growth while sustaining a prudent external growth
strategy.

"Over the next 12 months, we forecast organic growth will be
boosted by the demand for COVID-19 testing, and that the number of
routine and specialized tests performed by the group will recover.

"Our base case assumes that profitability will improve substantial
as the salaries of the partner biologists normalize and the number
of FTEs reduces. We understand this is part of the contract
governing the buy-out transaction. Sound profitable growth should
translate into comfortable FOCF of at least EUR50 million per year
and a fixed-charge coverage ratio well above 2.2x."

S&P could lower the ratings if the group's credit metrics weaken,
including one or more of the following factors:

-- Financial policy becomes more aggressive, causing adjusted debt
to EBITDA to rise persistently close to 7x;

-- The group failed to improve profitability due to an unexpected
operating setback that caused FOCF to materially deteriorate; or

-- Deterioration of the fixed charge coverage below 2.2x.

S&P said, "We could raise the rating if the group ensured
profitability and FOCF above our base case and used the internally
generated cash to reduce adjusted debt to EBITDA sustainably below
5x. We believe this is unlikely, given that the industry is
consolidating."




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

CERAMTEC BONDCO: S&P Affirms 'B' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
issue ratings on German industrial ceramics group CeramTec BondCo
GmbH. S&P recovery rating of '3' (indicating 50%-70% recovery;
rounded estimate: 50%) on CeramTec's debt is unchanged.

S&P said, "The stable outlook reflects our view that the group will
use the add-on proceeds to pursue growth opportunities enabling
faster deleveraging, including debt to EBITDA potentially moving
below 7.0x in 2021, with stable margins, positive FOCF generation,
and FFO cash interest coverage staying above 2.5x at the same
time.

"Additional debt will keep CeramTec's leverage elevated but we
expect good growth prospects in the medium term that should speed
up leverage reduction.  CeramTec expects to issue a EUR175 million
add-on to its term loan B and extend maturities by November 2025.
We expect the company's S&P Global Ratings-adjusted debt to EBITDA
will rise to more than 8.6x in 2020, compared with 6.8x in 2019.
Reduction in leverage will depend on COVID-19-related uncertainties
for CeramTec's end markets being resolved. We now expect debt to
EBITDA to fall toward 8.0x in 2021. We also expect that Ceramtec
will use proceeds from the new debt issue to expand the business
through EBITDA accretive bolt-ons as well as new customer
acquisitions, resulting in additional pockets of growth and
potentially faster deleveraging than we currently anticipate, to
below 7.0x in 2021."

S&P Global Ratings believes CeramTec's revenue, profitability, and
credit metrics will weaken in 2020 due to fallout from COVID-19.
The pandemic has resulted in softer demand in CeramTec's end
markets, pressuring the group's financial results. S&P said, "We
expect CeramTec's revenue will drop by 11% at year-end 2020 to
EUR552 million, compared with EUR620 million in 2019. In addition,
we forecast the group's margins will come under slight pressure as
it adapts its cost base. Accordingly, we expect S&P Global
Ratings-adjusted EBITDA margins will drop to about 34.6% in 2020
compared with 36.1% in 2019. CeramTec will also post positive
reported FOCF of about EUR85 million in 2020, despite the
challenging operating environment."

S&P believes that CeramTec's medical business will recover
robustly, while the industrial segment will rebound slower due to
more cyclical end markets.  Revenue volumes for CeramTec's
industrial segment depend on demand from auto suppliers.
Instability was seen in the auto market even before the pandemic,
since second-half 2019, and has now increased, meaning industrial
segment volumes are expected to be hit in 2020. CeramTec's position
as a third-tier supplier results in limited pricing power. As a
result, any adverse competitive scenario would weigh on its
performance.

On the other hand, the company's medical segment is generally less
cyclical and more profitable than the industrial segment. Demand
for health care equipment and components is not affected by
economic cycles. Nevertheless, the COVID-19 crisis has led to
surgery being postponed as hospitals had to prioritize COVID-19
patients reducing the number of surgeries. S&P said, "In the coming
years, we forecast that CeramTec's medical segment will expand as
demand for ceramic hip transplants increases globally, driven by
organic growth but also by the initiation of surgeries that were
postponed in 2020. We expect positive contributions from the
medical segment to neutralize slower recovery in the industrial
segment's operating performance in 2021."

S&P said, "The stable outlook reflects our view that the group will
use proceeds of the add-on to pursue growth opportunities enabling
faster deleveraging, including debt to EBITDA moving below 7.0x,
and FFO cash interest coverage remaining above 2.5x. The stable
outlook also incorporates our view that the group will maintain
stable margins and generate positive FOCF.

"We could lower the rating if the group's adjusted FFO to cash
interest coverage dropped to less than 2.5x, or if, in our view,
the group were not able to deleverage below 7x or generate positive
FOCF. This could occur if the group's operating performance
deteriorated or if it increased leverage through acquisitions or
shareholder remuneration.

"We are unlikely to upgrade CeramTec given the current highly
leveraged capital structure. We could raise the rating if the group
sustainably reduced adjusted debt to EBITDA below 5x and increased
adjusted FFO to debt above 12%."


SC GERMANY 2018-1: DBRS Confirms BB (high) Rating on Class D Notes
------------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by SC Germany Consumer 2018-1 UG (haftungsbeschränkt) (the
Issuer):

-- Class A Notes upgraded to AA (sf) from AA (low) (sf)
-- Class B Notes upgraded to A (high) (sf) from A (sf)
-- Class C Notes confirmed at BBB (sf)
-- Class D Notes confirmed at BB (high) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and ultimate repayment of principal by the legal final
maturity date in December 2031. The ratings on the Class B, Class
C, and Class D Notes address the ultimate payment of interest and
principal by the legal final maturity date.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the November 2020 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels;

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The Issuer is a securitization of unsecured consumer loans granted
to individuals residing in Germany, originated and serviced by
Santander Consumer Bank AG (SCB), a subsidiary of Santander
Consumer Finance SA (SCF). The transaction closed in December 2018
with an initial portfolio of EUR 1.6 billion and had a 12-month
revolving period, which ended on the December 2019 payment date.

PORTFOLIO PERFORMANCE

As of the November 2020 payment date, loans 0 to 30 days, 30 to 60
days, and 60 to 90 days delinquent represented 0.7%, 0.6%, and 0.4%
of the outstanding portfolio balance, respectively. Loans more than
90 days delinquent amounted to 0.3% of the outstanding principal
balance. Gross cumulative defaults stood at 1.1% of the aggregated
original portfolio balance, 4.2% of which has been recovered to
date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at 6.2% and 80.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes. As of the November 2020
payment date, credit enhancement to the Class A Notes increased to
29.1% from 17.9% at the time of the last annual review in December
2019; credit enhancement to the Class B Notes increased to 21.8%
from 13.7%; credit enhancement to the Class C Notes increased to
15.3% from 9.9%; and credit enhancement to the Class D Notes
increased to 13.1% from 8.6%. The increase in credit enhancement is
a result of the end of the revolving period in December 2019 and
the amortization of the notes since then.

The transaction benefits from a liquidity reserve available upon
the occurrence of a servicer termination event to cover senior
expenses and interest due on the Class A Notes. The liquidity
reserve is amortizing with a target balance equal to 0.5% of the
outstanding Class A Notes balance, subject to a floor of EUR 1.0
million. As of the November 2020 payment date, the reserve was at
its target balance of EUR 3.3 million.

The transaction is exposed to potential commingling and set-off
risks as debtors may open accounts with the originator and
collections are swept to the account bank on each monthly payment
date. As a mitigant, SCB in its capacity as servicer and originator
will fund separate commingling and set-off reserves if the DBRS
Morningstar rating of SCB's parent company – SCF – falls below
specific thresholds or certain ownership thresholds are breached,
as defined in the transaction documentation. These reserves
continue to be unfunded as neither trigger has been breached to
date.

HSBC Bank plc acts as the account bank for the transaction. Based
on the DBRS Morningstar private rating of HSBC Bank plc, the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the ratings assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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
increase in the coming months for many ABS transactions, some
meaningfully. The ratings are based on additional analysis and,
where appropriate, additional stresses to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. For this transaction, DBRS Morningstar conducted
additional sensitivity analysis to determine that the transaction
benefits from sufficient liquidity support to withstand high levels
of payment holidays in the portfolio.

Notes: All figures are in Euros unless otherwise noted.




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

SOUND POINT IV: S&P Assigns B- (sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Sound Point Euro
CLO IV Funding DAC's class X, A, B-1, B-2, C, D, E, and F notes.
The issuer also issued unrated subordinated notes.

Sound Point Euro CLO IV Funding DAC is a European cash flow CLO
transaction, securitizing a portfolio of primarily senior secured
leveraged loans and bonds. The transaction is managed by Sound
Point CLO C-MOA, LLC.

The ratings assigned to Sound Point IV's notes reflect our
assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.
The portfolio's reinvestment period ends approximately three and a
half years after closing, and the portfolio's maximum average
maturity date will be 7.62 years after closing.

  Portfolio Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor 2,661.64
  Default rate dispersion                               609.63
  Weighted-average life (years)                          5.482
  Obligor diversity measure                             97.384
  Industry diversity measure                            18.190
  Regional diversity measure                             1.328

  Transaction Key Metrics
                                                       Current
  Total par amount (mil. EUR)                            325.0
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            123
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                         0.00
  'AAA' weighted-average recovery (%)                    37.44
  Covenanted weighted-average spread (%)                  3.80
  Reference weighted-average coupon (%)                   5.00

S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations. As such, we have not applied any
additional scenario and sensitivity analysis when assigning ratings
to any classes of notes in this transaction.

"In our cash flow analysis, we used the EUR325 million target par
amount, the covenanted weighted-average spread (3.80%), the
reference weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category. Our
credit and cash flow analysis indicates that the available credit
enhancement for the class B-1 to F notes could withstand stresses
commensurate with higher rating levels than those we have assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes."

Workout obligations

The issuer may purchase workout obligations using:

-- Interest proceeds;
-- Principal proceeds; and/or
-- Amounts standing to the credit of the supplemental reserve
account.

The issuer may only purchase workout obligations if the following
conditions are satisfied:

-- The transaction documents limit the CLO's exposure to workout
obligations quarterly, and on a cumulative basis may not exceed 10%
of target par if purchased with principal proceeds, and otherwise
10% of target par if purchased with principal and/or interest
proceeds.

-- Except for calculation of the par value test numerator, the
principal balance of any workout obligation in all other tests must
be zero.

-- Workout obligations may only be purchased in connection with an
existing collateral obligation held by the issuer.

-- Where principal proceeds are used, the obligation ranks pari
passu or senior to the collateral obligation held by the issuer.

-- At any time a workout obligation satisfies the CLO's
eligibility criteria, it will be considered as a collateral
obligation.

Use of interest proceeds

At any time, the issuer may purchase workout obligations using
interest proceeds. As a result, the issuer must ensure that after
taking into account the purchase of any workout obligation the
coverage tests are satisfied, and that it has determined there are
sufficient interest proceeds to pay interest on all notes on the
upcoming payment date.

At the point of purchase, the issuer may determine whether or not
each workout obligation is a principal proceeds (PP) workout
obligation. If it is, then all distributions received from workout
obligations up to carry value in the coverage tests will
irrevocably form part of the issuer's principal account proceeds.

In all other cases, zero credit will be attributed to any workout
obligation. That is, any distributions received from workout
obligations in this instance will flow directly back to the
interest proceeds account.

Solely with respect to PP workout obligations that satisfy most of
the eligibility criteria will a defaulted treatment be afforded in
the CLO's par value tests. Where the issuer makes no determination
in the second scenario above, then it will consider the workout
obligation to be a PP workout obligation.

Use of supplemental reserve amounts

At any time, the issuer may purchase workout obligations using
amounts standing to the credit of the supplemental reserve
account.

Similar to using interest proceeds above, at the point of purchase,
the issuer may determine whether or not each workout obligation is
a PP workout obligation. If it is a PP workout obligation, then all
distributions received from workout obligations will irrevocably
form part of the issuer's principal account proceeds. In all other
cases, zero credit will be attributed to any workout obligation.
That is, any distributions received from workout obligations in
this instance will flow directly back to the supplemental reserve
account.

Only with respect to PP workout obligations that are debt
obligations that are current on interest and principal payments at
point of purchase and going forward, will a defaulted treatment be
afforded in the CLO's par value tests.

Where the issuer makes no determination in the second scenario
above, then it will consider the workout obligation to be a PP
workout obligation.

Use of principal proceeds

At any time, the issuer may use principal proceeds to purchase
workout obligations, subject to the following conditions being
satisfied:

-- Any obligation purchased is a debt obligation;
-- The obligation ranks pari passu or senior to the collateral
obligation held by the issuer;
-- Each par value test is satisfied; and
-- The par value of each workout obligation exceeds or equates to
the purchase price of the applicable obligation.

Any distributions received from workout obligations in these
instances--including interest proceeds--will form and always remain
as part of the issuer's principal account proceeds. As with the
scenarios highlighted above, where the workout obligation satisfies
most of the eligibility criteria, a defaulted treatment will be
afforded to these obligations in the CLO's par value tests. In all
other cases, zero credit will be afforded at all times.

S&P said, "Under our structured finance ratings above the sovereign
criteria, we consider that the transaction's exposure to country
risk is sufficiently mitigated at the assigned rating levels.

"Until the end of the reinvestment period on July 15, 2024, the
collateral manager is allowed to substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by Sound Point CLO C-MOA,
LLC.

  Ratings
  Class   Rating   Balance   Subordination (%)   Interest rate
                  (mil. EUR)  
   X     AAA (sf)   1.625        N/A       Three/six-month EURIBOR

                                                 plus 0.50%

   A     AAA (sf)   201.50      38.00      Three/six-month EURIBOR

                                                 plus 1.10%

  B-1     AA (sf)    18.75      29.00      Three/six-month EURIBOR

                                                 plus 1.80%

  B-2     AA (sf)    10.50      29.00      2.05%

  C        A (sf)    26.00      21.00      Three/six-month EURIBOR

                                                 plus 2.90%

  D     BBB- (sf)    19.925     14.87      Three/six-month EURIBOR

                                                 plus 4.50%

  E      BB- (sf)     15.85      9.99      Three/six-month EURIBOR

                                                 plus 6.80%

  F       B- (sf)      8.95      7.24      Three/six-month EURIBOR

                                                 plus 8.51%

  Z           NR       8.48       N/A               N/A
  
  Sub notes   NR      26.50       N/A               N/A

  NR--Not rated.
  N/A--Not applicable.
  EURIBOR--Euro Interbank Offered Rate.




=========
I T A L Y
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ASSET-BACKED EUROPEAN: DBRS Confirms B (high) Class E Notes Rating
------------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the notes issued by
Asset-Backed European Securitization Transaction Seventeen S.r.l.
(the Issuer) as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at AA (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at B (high) (sf)

The rating of the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in April 2032. The ratings of the Class B
Notes, Class C Notes, Class D Notes, and Class E Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date while junior to other outstanding classes of
notes, but the timely payment of interest when they are the
senior-most tranche.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the November 2020 payment date.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

-- No revolving termination events have occurred.

The transaction represents the issuance of Class A, Class B, Class
C, Class D, Class E (collectively, the Rated Notes), and Class M
Notes (together with the Rated Notes, the Notes) backed by a EUR
900 million pool of receivables related to loans for new and used
motor vehicles granted and serviced by FCA Bank S.p.A (FCAB), which
is owned by FCA Italy S.p.A. and Credit Agricole Consumer Finance.
The loans were granted to individuals residing in Italy and
enterprises with their registered office in Italy.

The transaction is in its 14-month revolving period, during which
time the Issuer uses principal collections to purchase new
receivables that FCAB may offer, subject to certain conditions set
out in the transaction documents to mitigate the potential
portfolio performance deterioration, which have all been passing to
date. The revolving period is scheduled to end after the payment
date falling in December 2020.

For six payment dates after the revolving period ends, the
principal repayment of the Notes will be sequential. On the payment
date falling seven months from the end of the revolving period
(i.e., July 2021), principal available funds will be allocated on a
pro rata basis to pay down the Notes unless events, such as a
breach of performance triggers, insolvency of the originator, or
termination of the servicer, occur. Under these circumstances, the
principal repayment of the Notes becomes sequential and the switch
is nonreversible.

PORTFOLIO PERFORMANCE

As of November 2020, loans two to three months in arrears
represented 0.1% of the outstanding portfolio balance and the 90+
delinquency ratio was 0.1%, both up from 0.0% since closing. Gross
cumulative defaults amounted to 0.1% of the aggregate initial and
additional portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted an analysis of the pool of receivables
and maintained its base case PD and LGD assumptions at 2.1% and
85.0%, respectively. The PD and LGD assumptions continue to be
based on the worst-case portfolio composition given the transaction
is still in its revolving period.

CREDIT ENHANCEMENT

As of the November 2020 payment date, credit enhancement to the
Class A, Class B, Class C, Class D, and Class E Notes was 10.0%,
7.0%, 5.0%, 2.4%, and 1.3%, respectively, stable since closing
because of the transaction's revolving period ending in December
2020 (included).

The transaction benefits from a nonamortizing cash reserve, funded
to EUR 12.6 million at closing by applying part of the proceeds
derived from the issuance of the Class M Notes. The cash reserve
provides liquidity support to the Rated Notes, available to cover
the shortfalls in senior costs (expenses and senior fees), swap
payments, and interest on the Rated Notes. The cash reserve is
currently funded to its target amount of EUR 12.6 million.

BNP Paribas Securities Services, Milan Branch acts as the account
bank for the transaction. Based on the DBRS Morningstar private
rating of BNP Paribas Securities Services, Milan Branch, the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the rating assigned to the
Class A Notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.

FCA Bank S.p.A. acts as the swap counterparty for the transaction
and UniCredit Bank AG and Crédit Agricole Corporate & Investment
Bank S.A. (CA CIB) are the joint standby swap counterparties. The
DBRS Morningstar private rating of FCA Bank is below the first
rating threshold given the rating assigned to the senior notes as
described in DBRS Morningstar's "Derivative Criteria for European
Structured Finance Transactions" methodology. The swap counterparty
risk is mitigated through the existence of the standby swap
counterparties.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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
increase in the coming months for many ABS transactions, some
meaningfully. The ratings are based on additional analysis and,
where appropriate, adjustments to expected performance as a result
of the global efforts to contain the spread of the coronavirus. For
this transaction, DBRS Morningstar conducted additional sensitivity
analysis to determine that the transaction benefits from sufficient
liquidity support to withstand high levels of payment holidays in
the portfolio. As of the November 2020 payment date, around 0.2% of
the outstanding portfolio was in a payment holiday.

Notes: All figures are in Euros unless otherwise noted.



WEBUILD SPA: S&P Assigns BB- Rating to EUR500MM Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the senior
unsecured notes of up to EUR500 million, due in 2025, to be issued
by Italian construction company Webuild S.p.A. (BB-/Watch Neg/--).

The '4' recovery rating reflects the proposed notes' unsecured and
unguaranteed nature, as well as their structural subordination to
prior-ranking claims. S&P estimates recovery prospects at 35%. Most
of Webuild's bank lines and revolving credit facilities rank
pari-passu with this proposed issuance.

The issue and recovery ratings on the proposed notes are based on
preliminary information and subject to their successful issuance
and our satisfactory review of the final documentation.

Webuild intends to use the proceeds to refinance its existing
EUR479 million unsecured notes, maturing in June 2021, and general
corporate purposes. The new capital structure would have an average
maturity of about four years.

S&P said, "We expect the documentation for the proposed new bond
will be broadly in line with that for the existing notes, except
for three new additional covenants. We understand the documentation
includes one incurrence covenant stipulating a minimum consolidated
interest coverage ratio of 2.5x, which limits the company's ability
to incur additional debt, and permitting debt at the issuer or
material subsidiaries of up to 15% of consolidated assets." There
is also a restricted-payment covenant as well as limitation on sale
of certain assets and limitation on transactions with Affiliates.
Moreover, the documentation will come with a EUR50 million
cross-default threshold provision.

S&P said, "In our hypothetical default scenario, we assume a
prolonged economic downturn affects the construction sector. We
also consider a delay in collecting payments for projects that
would result in severe margin contractions and negative operating
cash flow. In our view, this would weaken Webuild's ability to meet
its debt obligations, triggering a payment default in 2024.

"We value Webuild as a going concern, based on its strong brand
value, market position, and global presence."

Simulated default assumptions:

-- Year of default: 2024
-- Jurisdiction: Italy
-- Emergence EBITDA (after recovery adjustments): EUR251 million
-- Multiple: 5x in line with the standard assumption for the
construction sector.

Simplified recovery waterfall:

-- Gross recovery value: EUR1.3 billion
-- Net recovery value for waterfall after administration expenses
(7%): EUR1.2 billion
-- Estimated priority claims: EUR195 million*
-- Unsecured debt claims: about EUR2.5 billion
-- Recovery prospects: 35%
    --Recovery rating: 4

  *All debt amounts include six months of prepetition interest.


[*] ITALY: Forza Italia Won't Back Eurozone Bailout Fund Reform
---------------------------------------------------------------
Angelo Amante and Giuseppe Fonte at Reuters report that Italian
former prime minister Silvio Berlusconi said on Dec. 1 his Forza
Italia opposition party would not back a reform of the euro zone
bailout fund, a move that puts the government in difficulty ahead
of a crucial parliamentary vote.

Reform of the fund, known as the European Stability Mechanism
(ESM), has lacerated the ruling majority, Reuters states.

According to Reuters, the 5-Star Movement -- the biggest party in
parliament -- says it would increas the risk of a public debt
restructuring.  Its Democratic Party allies not only back the
reform but also want Italy to use ESM funds to help its
coronavirus-battered health system, Reuters discloses.

5-Star leader Vito Crimi said on Nov. 30 his party would
reluctantly back the reform, but some of its lawmakers are expected
to defy party orders and vote against it, alongside rightist
opposition parties, Reuters recounts.

According to Reuters, Mr. Berlusconi's gambit means the government
could lose the vote, which would put Prime Minister Giuseppe Conte
in the awkward position of having to either ignore parliament or
block the reform at EU level.

On Dec. 9, Mr. Conte will address parliament on the issue ahead of
an EU summit that is due to approve the reform, Reuters discloses.
The ESM helped to keep heavily indebted countries afloat in the
euro zone debt crisis from 2009 onwards, and is separate from the
EU's pandemic recovery fund, due to be signed off at the summit,
Reuters states.

Mr. Berlusconi said the reform gave too much power to euro zone
governments in deciding the use of ESM funds, bypassing the
European Parliament and the Commission, Reuters notes.




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

NOMAD INSURANCE: S&P Affirms 'BB-' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' insurer financial strength
and long-term issuer credit ratings and its 'kzA' national scale
rating on Nomad Insurance Co. (Nomad). The outlook is stable.

S&P said, "We affirmed our ratings because Nomad holds a leading
position in Kazakhstan's property/casualty (P/C) insurance market,
and has shown good and resilient operating performance in recent
years. At the same time, the ratings are constrained by the
company's modest capitalization compared with peers', as per our
capital-adequacy model."

With a 7% market share based on gross premium written (GPW), Nomad
was the third-largest player in the Kazakhstan P/C insurance sector
in the first 10 months of 2020. It benefits from a solid and
long-standing market position, a well-known brand name, and a
well-established distribution network. S&P said, "In our forecast
we expect that Nomad's growth prospects will be muted in 2020 due
to the current macroeconomic environment. However we expect the
company will resume GWP growth of about 5% and 15% in 2021 and 2022
respectively." This will come primarily in the motor insurance
sector, as the economy recovers from the contraction in 2020 caused
by COVID-19 quarantine measures and low oil prices.

Rapid GPW growth of close to 20% in 2019 did not compromise Nomad's
profitability, which has been positive over the past three years.
The company reported positive underwriting performance, with a net
combined (loss and expense) ratio of 81% for the first 10 months of
2020, which is stronger than its five-year average. In addition,
Nomad reported high net profits of Kazakhstani tenge (KZT) 4.9
billion in the first 10 months of 2020 relative to its five-year
average, benefiting from stronger technical performance, investment
returns, and some foreign-exchange gains. S&P said, "In our
base-case scenario, we estimate the insurer will report a net P/C
combined ratio lower than 90% in 2020-2021, which is better than
the peer average, on the back of lower premium growth, better loss
experience due to lower frequency of motor claims, and further
cost-optimization measures. In 2020-2021, we expect a return on
equity of around 30% and annual net profit in line with 2019
figures. We also expect that the company will manage its cost base
and underwriting profitability going forward."

S&P said, "Our view of the company's capital adequacy balances its
relatively small absolute size in an international context (close
to $29 million as of Nov. 1, 2020)--although this is sufficient
taking into account Nomad's business volume and stable operating
performance. We expect the company will consolidate its capital at
satisfactory levels over 2020-2021, partly retaining its future
earnings while making still-high dividend payments. We positively
view that the shareholder is committed to Nomad's future business
growth and has moderated its dividend policy in the past two years.
We expect that the company's regulatory margin will not fall below
170% in 2020 (minimum of 100%) and could reach more than 200% in
2021-2022.

"In our view, Nomad is gradually strengthening the credit quality
of its assets, but we think they still average in the 'BB' range.
Investments in fixed-income instruments rated 'BB' or lower
comprised about 55% of total invested assets as of Nov. 1, 2020,
compared with 60% a year earlier. The company has some
foreign-exchange risk exposure to U.S. dollars, at close to 20% of
invested assets as of the same date. We note that this is a common
feature of Kazakhstan's insurance market and overall Nomad tries to
fully match its insurance liabilities with assets in the same
currency.

"Furthermore, we acknowledge that Nomad benefits from a
long-standing and professional management team, established risk
management practices, and sufficient liquidity buffers to meet its
obligations.

"The stable outlook reflects our expectation that Nomad will
maintain its well-established market position in the Kazakhstan P/C
insurance market in the next 12 months while maintaining good
profitability metrics compared with peers. At the same time, we
expect Nomad's capital adequacy will gradually improve, but remain
at least at the current satisfactory level in the next 12 months,
according to our model, thanks to its retained earnings and
adjustable dividend policy.

"We could take a positive rating action in the next 12 months if
Nomad sustainably strengthens its capital adequacy on the back of
its competitive standing and profitability. Furthermore, if we
think the credit quality of the company's invested assets is
improving to the 'BBB' category, we could also consider a positive
rating action.

"We could lower the ratings in the next 12 months if Nomad
increases its exposure to lower-quality instruments. We could also
downgrade Nomad if its capital position weakens due to
worse-than-expected operating performance, investment losses, or
considerably higher dividend payouts than we currently
anticipate."




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

NATIONAL BANK: Bank of Russia Okays Bankruptcy Measure Amendments
-----------------------------------------------------------------
The Bank of Russia has approved amendments to the Plan for the Bank
of Russia's Participation in the Implementation of Measures Aimed
at Preventing National Bank TRUST's Bankruptcy (Registration No.
3279) (hereinafter, the non-core asset bank, NAB).  These measures
imply the acquisition by the NAB of a range of non-core assets of
Public Joint-Stock Company "Bank Otkritie Financial Corporation"
(hereinafter, Bank Otkritie Financial Corporation), including the
shares of VTB Bank (PJSC).

The shares of VTB Bank (PJSC) are a non-core asset of Bank Otkritie
Financial Corporation and are transferred to the NAB in order to
eliminate a situation where a systemically important bank holds
more than 9% of the shares of a competing systemically important
bank having another controlling shareholder.

The acquisition of these assets by the NAB is needed to remove the
non-core assets from the balance sheet of Bank Otkritie Financial
Corporation within its preparation for selling and was recommended
by investment consultants.

The acquisition of the assets will be funded from 1) the NAB's
available liquidity formed as a result of operations with non-core
assets, and 2) the Bank of Russia's deposit.

The Bank of Russia will determine the amount of funding it will
provide based on the value of assets to be defined by the organized
securities market the day before the transaction, but will not
exceed RUR79.8 billion.


TEMBR-BANK JSC: Bank of Russia Ends Provisional Administration
--------------------------------------------------------------
The Bank of Russia on Nov. 30 terminated the activity of the
provisional administration appointed to manage TEMBR-BANK (JSC)
(hereinafter, the Bank).

No signs of the Bank's insolvency (bankruptcy) have been
established as a result of the provisional administration-conducted
inspection of its financial standing.

On November 16, 2020, the Arbitration Court of the city of Moscow
issued a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as a
receiver.

Further information on the results of the activity of the
provisional administration is available on the Bank of Russia
website.

The provisional administration was appointed by Bank of Russia
Order No. OD-1584, dated October 2, 2020, following the revocation
of the banking license from the Bank.



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

GRUPO COOPERATIVO: DBRS Confirms BB (high) Long-Term Issuer Rating
------------------------------------------------------------------
DBRS Ratings GmbH assigned new ratings to Grupo Cooperativo Cajamar
(GCC or the Group), Cajamar Caja Rural, Sociedad Cooperativa de
Credito (Cajamar), and Banco de Credito Social Cooperativo S.A.
(BCC). The assigned ratings include Long-Term Issuer Ratings of BB
(high) and Short-Term Issuer Ratings of R-3. The Trend on all
ratings is Negative. The Group's Intrinsic Assessment (IA) is BB
(high) and the Support Assessment is SA3. Cajamar's and BCC's
Support Assessment is SA1.

KEY RATING CONSIDERATIONS

The BB (high) IA reflects the Group's sound cooperative franchise
in Spain, particularly in the agriculture sector in its home
markets of Almeria and Valencia, and provides the Group with a
stable customer deposit base. The ratings also consider the Group's
high levels of Non-Performing Loans (NPLs) and Non-Performing
assets (NPAs), which remain a burden to the Group's low
profitability, although the Group has made progress in reducing
them since 2013. GCC's ratings also take into account the Group's
modest capitalization, which albeit improved, provides only modest
capital cushions over its minimum capital requirements.

The Negative Trend reflects DBRS Morningstar's view that the wide
and evolving scale of economic and market disruption resulting from
the coronavirus (COVID-19) pandemic will continue to negatively
impact the operating environment for banks in Spain, including GCC.
DBRS Morningstar expects the Group's risk profile to deteriorate,
despite the various measures taken by the Spanish government and
the European authorities to mitigate the negative economic impact
of the pandemic. DBRS Morningstar also notes that the Group has a
relatively high exposure to SMEs which may be severely affected in
this environment, however a large part of these are related to the
agriculture sector that may be less negatively impacted in the
current environment.

The support assessment for GCC is SA3, implying no uplift to the
Long-Term Issuer Rating from systemic support. Cajamar and BCC both
have SA1 support assessments to reflect that both entities benefit
from the internal support structures, including the management of
funding, liquidity and solvency, and the mutualisation of results
across the Group. It also reflects the shared strategy of both
entities, set up by BCC, and the same management reporting,
treasury management and risk management.

RATING DRIVERS

An upgrade of the Long-Term Issuer Rating is unlikely in the
short-term given the negative trend and the economic implications
from the global pandemic. An improvement in profitability and
efficiency, combined with continued progress in asset quality and a
strengthening of the capital position, would lead to an upgrade of
GCC's Long-Term Issuer Rating. The trend could return to Stable if
the Group is able to manage through the current challenging
environment with only a limited asset quality and capital impact.

A downgrade of the Long-Term Issuer Rating would result from a
deterioration in the loan portfolio, a prolonged and substantial
fall in profitability, or a weakening of the Group's capital
cushions.

BCC's and Cajamar's ratings are equalized with the ratings of GCC.
As a result, any positive or negative actions on GCC's ratings
would be mirrored in the ratings of BCC and Cajamar.

RATING RATIONALE

GCC's IA of BB (high) is underpinned by the Group's sound franchise
position as the largest cooperative bank in Spain, as measured by
total assets. The Group enjoys significant market shares for
agriculture loans in Spain of around 14.5% and has meaningful
regional market shares in the regions of Almeria (around 45%) and
Valencia (around 10%). However, the Group's national market shares
are more modest at around 2.9% for loans and 2.3% for customer
deposits at end-2019.

GCC's profitability has been affected by the COVID-19 crisis in
2020, however, core revenues have been resilient, showing a
reduction of only 0.6% YoY in 9M 2020. Net fees were down 7.4% YoY,
but this was compensated by higher Net Interest Income (NII) which
increased by 2.2% YoY. In 9M 2020 GCC booked EUR 245 million of
loan loss provisions (LLPs), a cost of risk of 107 bps, down
slightly on 112 bps recorded in 9M 2019 (as calculated by DBRS
Morningstar). The reduction in LLPs compared to 9M 2019 reflects
the high level of provisions taken in 2019 as part of the
continuation of the balance sheet clean-up. Nevertheless, net
attributable profit was down 82% YoY as results from financial
operations were significantly lower than during 9M 2019. DBRS
Morningstar considers that profitability will continue to be
pressured in coming quarters due to the interest rate environment,
and the likelihood that the cost of risk will remain high, given
the expected challenging environment in Spain in 2021.

GCC's weak asset quality and high level of NPAs is a key
consideration for the ratings, however despite COVID-19, the
Group's asset quality has not experienced a material deterioration
in 9M 2020. Non-Performing Loans (NPLs) decreased at end-Q3 2020 by
10% Year-to-Date (YTD) as the Group continued to be make good
progress in cleaning-up its balance-sheet, in line with the trend
seen in the last few years. Nevertheless, GCC continues to have a
substantial level of legacy NPAs from the previous crisis, as shown
by the NPA ratio of 12.3% at end-Q3 2020 (vs. 14.6% at end-Q3 2019,
as calculated by DBRS Morningstar). The high level of NPAs places
the Group at a weaker starting point than many domestic peers to
cope with future asset quality deterioration. The NPL ratio was
5.3% at end-Q3 2020 (as calculated by DBRS Morningstar), improved
from 6.8% the year before, largely helped by organic NPL
recoveries. The Group has reinforced NPL coverage levels during
recent years and at end-Q3 2020 these stood at 56% (as calculated
by DBRS Morningstar), in line with the levels seen at domestic
peers.

DBRS Morningstar understands the unprecedented support measures
announced by the Spanish government, as well as several other
international authorities and central banks, including the
implementation of the debt moratoriums and state-guaranteed loans
have been a key factor in the Group being able to limit the impact
on asset quality. However, we consider asset quality will
inevitably deteriorate due to the economic restrictions triggered
by the COVID-19 pandemic, and once the moratoria measures are
lifted from Q4 2020. As of end-Q2 2020 the Group has granted EUR
1.1 billion of loans with state guarantees, which represents around
3.6% of the total loan book. In addition, a total of EUR 775
million of applications for loan moratoria had been granted by
end-Q2 2020 and as of this date around 2.5% of its total loan book
was under moratoria.

DBRS Morningstar views GCC's funding and liquidity position as
being underpinned by the solid and stable customer deposit base
generated through its cooperative business model. At end-Q3 2020,
the net loan to deposits ratio was 92% (as calculated by DBRS
Morningstar). The Group also has a solid liquidity position
supported by a large pool of liquid assets totaling EUR 8.7
billion, or 17% of end-Q3 2020 total assets. At end-Q3 2020 the
Group also has the capacity to issue EUR 3 billion of covered
bonds. GCC reported a Liquidity Coverage Ratio (LCR) of 211% and a
Net Stable Funding Ratio (NSFR) of 127% at end-Q3 2020. Funding
from the European Central Bank (ECB) stood at around EUR 9.5
billion at end-Q3 2020, accounting for around 19% of total funding,
a significantly higher proportion than at end-2019 as the Group
took advantage of TLTRO III to support profitability.

At end-Q3 2020 the Group's CET1 ratio (phased-in) was 13.06% and
its total capital ratio (phased-in) was 14.74%. This compares to a
minimum SREP Capital Requirement (OCR) for total capital of 13.0%
for 2020. As a result, the minimum capital cushion over the
requirements was 174 bps, lower than the average of Spanish peers.
The cooperative credit institutions within the Group (including
Cajamar) are owned by its members who contribute to the capital.
Capital contributions from its members was substantial during the
previous crisis and in 2019 reached EUR 171 million, representing
73 bps of the Group's CET1 ratio (phased-in). This is viewed
positively as the Group's ability to increase capital through
retained profits or capital markets is limited.

Notes: All figures are in EUR unless otherwise noted.


[*] SPAIN: Up to 18.7% of Cos. to Become Insolvent by End of Year
-----------------------------------------------------------------
Belen Carreno at Reuters reports that up to 18.7% of Spanish
companies could be insolvent by the end of the year because of the
economic impact from the COVID-19 pandemic, with one in 10 of them
unviable "zombies", according to a worst-case scenario published by
the Bank of Spain on Dec. 1.

Even in the central bank's most optimistic scenario, the number of
insolvent companies would still rise to 14.5% from 10.5% last year,
Reuters discloses.

Spanish companies have been among the most active in Europe in
applying for state-backed credit and liquidity lines, but as in
other European countries the focus has now been switching to
solvency, Reuters says.

According to Reuters, the central bank said businesses in the
hospitality sector are particularly hard hit, with possibly as many
as a third considered insolvent.  It said small businesses and
motor vehicle companies are also under extreme financial pressure,
Reuters relays.

The Bank of Spain, as cited by Reuters, said unviable companies --
those expected to have negative results in the long term and
therefore unable to meet debt payments -- account for just under 5%
of total company debt, with a similar weight in total employment.

The Bank of Spain's chief economist Oscar Arce said but their
fragility "is expected to have an impact on their creditors,
logically including the financial sector", Reuters notes.

The government last month approved an extension, until March, of
restrictions on forced bankruptcies of companies affected by the
pandemic to avoid the so-called cliff effect from the withdrawal of
some support measures, Reuters relates.




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

BIFAB: Scottish Gov't Refuses to Give Guarantee Under State Aid
---------------------------------------------------------------
Allan Crow at Fife Today reports that BiFab has been left to
"wither on the vine" according to a Fife MSP.

Alex Rowley's criticism came as the company's owners took the
Scottish Government to task over criticism of its financial
support, Fife Today relays.

Trades union leaders have also said the handling of the stricken
yards -- there are two in Fife and one on the Isle of Lewis -- was
"a growing scandal", Fife Today notes.

According to Fife Today, the troubled engineering firm faces a
bleak future after failing to land contracts for offshore wind
farms.

On Dec. 1, the Scottish Government said it could not give a GBP30
million contract guarantee under existing state aid regulations,
sparking a furious reaction from unions and politicians, Fife Today
relates.

On Nov. 27, BiFab's Canadian owners, JVDriver, hit back, and said
it had offered to transfer its shares to Scottish ministers at no
cost -- but got no response, Fife Today notes.

It said the offer remained open, Fife Today discloses.

The growing political row engulfing BiFab continued with a strong
attack from Mr. Rowley, Labour MSP for mid-Scotland and Fife, and a
former leader of Fife Council, Fife Today relates.

According to Fife Today, he said: "This statement from BiFab
management makes it clear that the SNP and Tories have decided to
allow BiFab to wither on the vine without exploring all options
open to the company.

"It confirms that the SNP Government's pleas of 'no alternative'
are simply weasel words from a party with no political will to
secure skilled jobs in Scotland for the renewables sector.


BONMARCHE: Enters Administration, 1,500+ Jobs at Risk
-----------------------------------------------------
Robert Plummer at BBC News reports that women's fashion chain
Bonmarche has fallen into administration, putting more than 1,500
jobs at risk.

Bonmarche, which has 225 stores around the country, was owned by
retail tycoon Philip Day.

According to BBC, administrators said the stores would continue to
trade while options for the business were explored.

Damian Webb and Gordon Thomson of RSM Restructuring Advisory have
been appointed as joint administrators of the firm, known as BM
Retail Limited, BBC relates.

Yorkshire-based Bonmarch specializes in clothing for the over-50s.

It has been in and out of administration before, most recently in
October last year, but it was rescued a month later, BBC recounts.

This is the third time Bonmarche's been in administration, BBC
notes.  It had a 3,800-strong workforce back in 2012 before it
collapsed and was then bought by a private equity firm, BBC
discloses.  A total of 160 stores closed and 1,400 job losses
followed, BBC relays.

The chain was floated on the stock exchange in 2013, BBC recounts.
But in recent years it's continued to struggle, according to BBC.
Philip Day built up a stake last year and then went on to buy the
rest of it in a GBP5.7 million deal, only for it to fall into
administration a few months later, BBC notes.

He then went on to buy it back in what's known as a pre-pack deal,
BBC discloses. That allowed him to cut costs and reduce the number
of stores, BBC states.  It also left suppliers out of pocket,
according to BBC.

Don't expect Philip to ride to the rescue again this time, one
source said, BBC reports.

BRITISH LAND: Egan-Jones Lowers Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on November 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The British Land Company PLC to BB+ from BBB-.

Headquartered in London, United Kingdom, British Land Company PLC
invests, both directly and through joint ventures, in
income-producing and freehold commercial properties in order to
maximize their growth and potential.


DEBENHAMS PLC: UK Government Ready to Support Employees
-------------------------------------------------------
Elizabeth Piper at Reuters reports that Britain's government stands
ready to support those employees affected by the decision to wind
down British department store group Debenhams, a spokesman for
Prime Minister Boris Johnson said on Dec. 1.

"We obviously understand it's a deeply worrying time for Debenhams'
staff . . . we stand ready to support them and we remain committed
to supporting the retail sector and are working closely with
industry during these very challenging times," Reuters quotes Mr.
Johnson as saying.


LIBERTY GLOBAL: Egan-Jones Lowers Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on November 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Liberty Global plc to B from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Headquartered in London, United Kingdom, Liberty Global plc owns
interests in broadband, distribution, and content companies
operating outside the continental United States, principally in
Europe.


MARK & SPENCER: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
------------------------------------------------------------------
Egan-Jones Ratings Company, on November 24, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Marks & Spencer Group to CCC+ from B-.

Headquartered in London, United Kingdom, Marks & Spencer Group Plc
is a holding company.



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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-
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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.

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