TCREUR_Public/170421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, April 21, 2017, Vol. 18, No. 79


                            Headlines


B O S N I A

DITA: Bingo Acquires Business for BAM7.7 Million


C R O A T I A

AGROKOR DD: Submits Extraordinary Administration Proposal


F R A N C E

NEWCO SAB: S&P Assigns 'B+' CCR, Outlook Stable


G E R M A N Y

ALBA GROUP: S&P Affirms 'B+' CCR then Withdraws Rating
RICKMERS HOLDING: Reaches Agreement on Restructuring Term Sheet


G R E E C E

GREECE: May Fail to Meet Financial Targets Next Year, IMF Says


I R E L A N D

ALME LOAN III: Moody's Assigns B2 Rating to Class F Notes
ALME LOAN III: Fitch Assigns B- Rating to Class F-R Notes
CARLYLE GLOBAL 2015-1: Moody's Affirms B2 Rating on Class E Notes


L U X E M B O U R G

GARFUNKELUX HOLDCO: S&P Affirms B+/B Counterparty Credit Ratings


N E T H E R L A N D S

ARES EUROPEAN CLO VI: Moody's Assigns B2 Rating to Cl. F-R Notes
BNPP IP 2015-1: Moody's Affirms B2(sf) Rating on Class F Notes
BNPP IP 2015-1: Fitch Affirms B- Rating on Class F Senior Notes
HALCYON LOAN 2014: Moody's Assigns B2 Rating to Class F-R Notes
JUBILEE CLO 2014-XI: Moody's Assigns B2 Rating to Class F-R Notes


T U R K E Y

EMLAK KONUT: Fitch Assigns BB+ Long-Term Local-Currency IDR
TURKEY: Referendum May Facilitate Economic Reform, Fitch Says


U N I T E D   K I N G D O M

DRAX GROUP: Fitch Assigns 'BB+(EXP)' Issuer Default Rating
MISYS NEWCO 2: S&P Affirms 'B' CCR, Outlook Revised to Negative
NOMAD FOODS: S&P Assigns 'BB-' Rating to Proposed EUR500MM Notes
TATA STEEL: Offers to Make GBP520M Payment Into UK Pension Scheme
THAME AND LONDON: S&P Affirms 'B-' CCR, Revises Outlook to Stable

TRAVELODGE: Moody's Rates Proposed GBP165MM Senior Sec. Notes B3
* Mark Griffiths Joins Kobre & Kim's Bankruptcy Disputes Group


X X X X X X X X

* BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles


                            *********


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B O S N I A
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DITA: Bingo Acquires Business for BAM7.7 Million
------------------------------------------------
SeeNews reports that Bosnia's largest retailer Bingo has
purchased ailing detergent maker Dita for BAM7.7 million (US$4.2
million/EUR3.9 million) via a public settlement at the municipal
court in Tuzla.

Bingo has committed to keep all 75 workers currently employed by
bankrupt Dita and to resume production, SeeNews relays, citing
news portal Faktor.ba.

Dita, once the largest detergent maker in the former Yugoslavia,
used to employ some 700 people, SeeNews discloses.  Following its
privatization in the 90's, the company entered into decline which
ended in bankruptcy in 2015, SeeNews recounts.

To date, seven public calls have been held for Dita, but all to
no avail, SeeNews notes.



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C R O A T I A
=============


AGROKOR DD: Submits Extraordinary Administration Proposal
---------------------------------------------------------
Pursuant to the Law for the Extraordinary Administration for
Companies with Systemic Importance for the Republic of Croatia
(Official Gazette of the Republic of Croatia nr. 32/2017) as of
April 7, 2017, the Management board of AGROKOR Group for company
management, production and trade in agricultural products, a
joint stock company, Zagreb (city of Zagreb), Zagreb, Trg Drazena
Petrovica 3, Tax No. (OIB): 05937759187 (hereafter:
Agrokor/Debtor), has submitted a proposal to initiate the
procedure for extraordinary administration at the Zagreb
Commercial Court.

The Zagreb Commercial Court issued, on April 10, 2017, a decision
to initiate the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.

Ante Ramljak was appointed extraordinary commissioner/trustee for
Agrokor, with rights and obligations of the Debtor, and who
represents the Debtor independently and individually.  The
extraordinary commissioner/receiver independently manages
business operations of the Debtor and carries out all procedural
actions entrusted onto him in accordance with the Law for the
Extraordinary Administration for Companies with Systemic
Importance for the Republic of Croatia.

Zagreb-based Agrokor is the biggest food producer and retailer in
the Balkans, employing almost 60,000 people across the region
with annual revenue of some HRK50 billion (US$7 billion).

                            *   *   *

The Troubled Company Reporter-Europe reported on April 10, 2017,
that S&P Global Ratings said it lowered its long- and short-term
corporate credit ratings on Croatian retailer Agrokor d.d. to
'CC/C' from 'B-/B'.  The outlook is negative.  At the same time,
S&P lowered the issue rating on the senior unsecured notes to
'CC' from 'B-'.

On April 2, 2017, a spokesperson for the Agrokor group said that
the company reached an agreement with its bank creditors to
freeze debt payments.  The creditor group includes Sberbank, VTB,
and Erste Bank, which together account for most of the EUR2.5
billion loan debt for the Agrokor group, as of Sept. 30, 2016.

The TCR-Europe on March 31, 2017, reported that Moody's Investors
Service downgraded the Croatian retailer and food manufacturer
Agrokor D.D.'s corporate family rating (CFR) to Caa1 from B3 and
its probability of default rating (PDR) to Caa1-PD from B3-PD.
Moody's has also downgraded the senior unsecured rating assigned
to the notes issued by Agrokor and due in 2019 and 2020 to Caa1
from B3. The outlook on the company's ratings remains negative.

"Our downgrade of Agrokor's rating reflects Moody's views that
the company is no longer able to sustain its high level of trade
payables, which may constrain its liquidity position," says
Vincent Gusdorf, a Vice President -- Senior Analyst at Moody's.
"This comes at a time when the company has limited means to raise
additional sources of liquidity owing to its restricted access to
credit markets and its reliance on a limited number of banks."


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F R A N C E
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NEWCO SAB: S&P Assigns 'B+' CCR, Outlook Stable
-----------------------------------------------
S&P Global Ratings said that it has assigned its 'B+' long-term
corporate credit rating to NewCo Sab MidCo S.A.S. (NewCo MidCo),
the parent company of France-based biological diagnostics
laboratory operator Cerba Healthcare S.A.S.  The outlook is
stable.

At the same time, S&P assigned its 'B+' issue rating to the
EUR794 million term loan B and EUR175 million revolving credit
facility (RCF) issued by NewCo Sab BidCo S.A.S.(NewCo Bidco).
The recovery rating on these issues, which rank pari passu, is
'4', indicating S&P's expectation of average recovery (30%-50%;
rounded estimate: 45%) in the event of a payment default.

S&P is also assigning its 'B-' issue rating to the subordinated
EUR180 million senior unsecured notes issued by NewCo Midco.  The
recovery rating of '6' indicates S&P's expectation of negligible
(0%-10%) recovery in the event of a payment default.

These ratings are in line with S&P's preliminary ratings assigned
on March 7, 2017.

S&P has withdrawn its ratings on Cerba and Cerberus Nightingale 1
S.a.r.l. following the acquisition.

S&P's rating on NewCo MidCo follows the completion of Partners
Group and PSP Investments' takeover of French biological
diagnostics operator, Cerba.  NewCo MidCo issued EUR794 million
of senior secured debt and EUR180 million of senior subordinated
debt to partly fund the acquisition and refinancing of Cerba.
The issuances will see the group's total debt increase by
approximately EUR116 million, although S&P understands that these
proceeds will also help fund recently agreed bolt-on acquisitions
and increase cash balances.  S&P maintains the view that this
supports the group's ability to deleverage and continue to
generate accretive earnings.

"We continue to assess the group as having a highly leveraged
financial risk profile because we view the group's new owners as
financial sponsors.  Private equity firms generally pursue an
aggressive financial strategy to maximize shareholder returns and
often drive value with debt-funded acquisitions.  This assessment
is supported by our forecast credit metrics for the group,
including S&P Global Ratings-adjusted debt to EBITDA of 6x-7x and
funds from operations (FFO) to debt of less than 10%.  Our
estimates of debt include the new debt instruments totaling
EUR974 million, EUR106 million of bilateral loans and finance
leases, and an additional EUR20 million of operating leases and
pension obligations.  We expect the group's EBITDA will total at
least EUR150 million in 2017 before rising to approximately
EUR170 million in 2018, given its strategic focus on increasing
higher-margin specialty testing and continuous cost optimization.
We forecast that the expanding EBITDA base will be supported by
further bolt-on acquisitions that should help the group's
deleveraging.  We consider that the long-dated maturity profile
of at least seven years limits refinancing risk.  We also project
that the group should comfortably cover its future interest
obligations, given the pricing achieved on the debt tranches,
with FFO to cash interest above 3.0x and fixed-charge coverage
above 2.5x," S&P said.

"We apply a positive comparable rating analysis modifier to
reflect our view of the company's aggregate credit
characteristics.  In particular, we consider that NewCo MidCo's
debt and free operating cash flow (FOCF) generation would provide
additional headroom to manage any unexpected operational or
financing challenges.  We view a ratio of FFO to cash interest at
the upper end of the 2x-4x range, and adjusted debt to EBITDA
close to or below 6x, as strong relative to the 'b' anchor.  Our
base-case forecasts take account of the group's track record of
successfully integrating newly acquired companies, while
realizing planned synergies, gradually improving its EBITDA
margin, and generating positive FOCF.  Margins are already at the
higher end of the range we view as average for healthcare service
providers," S&P noted.

The stable outlook reflects S&P's view that NewCo MidCo will
continue to pursue an acquisition growth strategy to solidify its
leading market positions, increase scale, and successfully expand
its earnings base.  S&P forecasts the group's profit margin will
remain robust at above 20%, reflecting continued efficiency gains
and focus on cost optimization, supplemented by increasing
volumes from the higher-margin specialty tests.  S&P views the
group's ability to generate positive FOCF, despite pressure on
reimbursement tariffs, and comfortably record adjusted FFO cash
interest coverage at the upper end of the 2x-4x range, as
commensurate with the 'B+' rating.

S&P could take a negative rating action if the group's ability to
comfortably cover its fixed-charge costs is reduced, specifically
if adjusted FFO cash interest coverage dropped to the lower end
of the 2x-4x range or if its FOCF cushion was materially reduced.
This would most likely occur if operating margins deteriorated
due to the group's inability to profitably integrate newly
acquired operations; if there were stronger pricing pressure or
lower test volumes (for example, as a result of doctors' strikes
or a loss of key accounts); or if the group undertook a sizable
debt-financed acquisition leading to increased funding costs that
are not offset by earnings.

An upgrade is unlikely over the next 12 months since S&P projects
debt to EBITDA will remain above 5x, S&P's threshold for a highly
leveraged financial risk profile.  This assumption reflects that
the company is operating in a consolidating industry and is
likely to use available cash for acquisitions or other business
investments.

Nevertheless, S&P would likely take a positive rating action if
the group was able to sustain adjusted debt to EBITDA lower than
5x, supported by a financial policy commitment on behalf of the
shareholders.


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


ALBA GROUP: S&P Affirms 'B+' CCR then Withdraws Rating
------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
corporate credit rating on German waste management company ALBA
Group plc & Co. KG.

S&P also affirmed its 'B-' issue-level rating on the company's
EUR203 million senior unsecured notes, for which the company
recently issued a redemption notice and plans to settle the
redemption with proceeds from the disposal transaction and newly
arranged bank loans.  The '6' recovery rating on the notes
remains unchanged, with recovery of zero percent expected.

S&P subsequently withdrew all its ratings on ALBA Group and its
debt at ALBA Group's request.

The outlook was positive at the time of the withdrawal.


RICKMERS HOLDING: Reaches Agreement on Restructuring Term Sheet
---------------------------------------------------------------
Rickmers Holding AG on April 19 reached an understanding on a
term sheet regarding the restructuring of material financial
liabilities of the Rickmers Group, that is still subject to
corporate approvals of the creditors and contingent on
restructuring of the bond 2013/2018 issued by Rickmers Holding
AG ("Rickmers Bond").  The envisaged restructuring is to enable
reorganization of the Rickmers Group on the basis of
contributions of all relevant stakeholders, i.e. in particular
the sole shareholder Bertram R.C. Rickmers, the financing banks
and the bondholders.

As contribution to the restructuring, under the term sheet
Bertram R. C. Rickmers undertakes to make a cash contribution of
EUR10 million, to relieve the Rickmers Group from a shipyard
liability of a further USD10 million, to waive licensing fees up
to the end of Q1 2021 and to procure a back-up loan facility of
up to a further EUR10 million for possible future liquidity
requirements of Rickmers Holding AG.  The sole shareholder
already made a cash contribution of EUR13 million into Rickmers
Holding AG in 2016.  Bertram R. C. Rickmers is also prepared to
reduce his stake in Rickmers Holding AG from 100% to 24.9% in
order to enable key creditors, i.e. HSH Nordbank AG, the
bondholders and possibly one further bank, to acquire a total
stake of 75.1% in Rickmers Holding AG as part of the
restructuring plan.

To this end, a Luxembourg vehicle ("LuxCo") shall assume all
liabilities of Rickmers Holding AG under the Rickmers Bond, such
that the LuxCo shall replace Rickmers Holding AG as the debtor of
the bond.  The LuxCo shall also assume as debtor a partial amount
under a loan from HSH Nordbank AG.  In connection with these
assumptions the LuxCo shall acquire a 75.1% stake in Rickmers
Holding AG.  A joint representative yet to be appointed by the
bondholders shall be authorized to approve a sale of shares in
Rickmers Holding AG held by LuxCo following an investor
solicitation process yet to be conducted and to distribute the
proceeds to HSH Nordbank AG, the bondholders and possibly to one
further bank, according to a defined allocation formula.

Payment of the interest coupon of 8.875% on 11 June 2017 shall be
exempt from the above debt assumption under the Rickmers Bond.
The payment is to be made in full by Rickmers Holding AG on the
condition that a resolution of the bondholders on the appointment
and authorization of a joint representative has been passed by
such time.

Besides the above mentioned contributions by the shareholder and
the consent to the assumptions of debt by LuxCo, the
restructuring concept provides for contributions of other
creditor banks and of one shipyard, inter alia in the form of
deferrals of repayments, release of pledged funds and reduction
of interest margins.

The management board of Rickmers Holding AG has tasked a leading
international auditing firm with providing an expert report on
the possibility of successfully restructuring the Rickmers Group
within the meaning of IDW Standard S6.  In the current draft
restructuring report, which is almost finalized, the auditing
firm concludes that the Rickmers Group can be successfully
restructured if all proposed restructuring measures are
implemented.  The restructuring report was prepared with the
involvement of all relevant stakeholders, including the
bondholders' designated joint representative.  It enables a
solvent continuation of Rickmers Holding AG at terms which,
pursuant to the present liquidation value report, are
considerably more favorable for the bondholders than an
insolvency of

Rickmers Holding AG would be.  Should the corporate bodies of the
creditors and/or the bondholders not approve the proposed
restructuring, the restructuring would likely fail and the going
concern forecast of Rickmers Holding AG would likely no longer
apply.

                    About the Rickmers Group

The Rickmers Group is an international service provider in the
maritime transport sector and a vessel owner, based in Hamburg.
In the Maritime Assets segment the Rickmers Group is active as
Asset Manager for its own vessels and also for those of third
parties.  The Group initiates and coordinates shipping
projects, organizes financing and acquires, charters and sells
ships.  In the Maritime Services business segment the Rickmers
Group provides ship management services for its own vessels as
well as for those owned by third parties; these services comprise
technical and operational management, crewing, newbuild
supervision, consultancy and insurance-related services.


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G R E E C E
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GREECE: May Fail to Meet Financial Targets Next Year, IMF Says
--------------------------------------------------------------
Gemma Tetlow at The Financial Times reports that Greece is likely
to fail to meet one of its most closely watched financial targets
next year, according to the International Monetary Fund, raising
pressure on euro area countries to ease their demands on Athens
if they want the fund to join their bailout program.

According to the FT, the fund says a "largely temporary" boost to
Greek revenues will dissipate and make it difficult for the
country to hit a 2018 target for its primary budget surplus -- a
measure that excludes debt service costs.

Fiscal forecasts published by the IMF on April 19 showed they
expect Greek government income to exceed spending, excluding debt
interest, by 1.8% of national income this year, after a surplus
of 3.3% in 2016, the FT discloses.

But Athens' surplus is then forecast to increase only marginally
to 2% in 2018 -- well short of the 3.5% target that is part of
Greece's bailout program, the FT notes.

The fund's view on Greece's fiscal position is much more downbeat
than the European Commission's, the FT states.

Greece is in the middle of its third bailout program since the
financial crisis, the FT relays.  It is set to receive a total of
EUR86 billion from creditors during this phase, which is due to
end next year.

While the IMF joined the first two rounds of the bailout, it has
so far refused to participate in this stage, the FT says.

According to the FT, progress on getting the IMF on board was
made this month when the Greek government agreed with euro area
countries on a package of reforms to pensions and income tax,
which will be implemented from 2019.

But the fund also wants agreement on a target for Greece's
primary surplus beyond 2018, according to the FT.

The IMF's judgment that Greece will fail to achieve the 3.5%
target set for 2018 could put more pressure on euro area
governments to rein in their demands, the FT says.  Germany has
made clear that it cannot accept further aid being given to
Athens without the IMF's involvement in the bailout, the FT
notes.

The fund also wants euro area governments to say what debt relief
they would be willing to provide to Greece, the FT discloses.


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I R E L A N D
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ALME LOAN III: Moody's Assigns B2 Rating to Class F Notes
---------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
eight classes of notes ("Refinancing Notes") issued by ALME Loan
Funding III Designated Activity Company:

-- EUR 2,000,000 Class X Senior Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR 243,000,000 Class A Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR 27,000,000 Class B-1 Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 20,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 21,000,000 Class C Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR 21,000,000 Class D Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR 26,000,000 Class E Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR 12,000,000 Class F Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders by the legal final maturity of the notes in
2030. The definitive ratings reflect the risks due to defaults on
the underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the collateral
manager, Apollo Management International LLP ("Apollo"), has
sufficient experience and operational capacity and is capable of
managing this CLO.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A-1
Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C
Notes, Class D Notes, Class E Notes and Class F Notes due 2028
(the "Original Notes"), previously issued December 2014 (the
"Original Closing Date"). On the Refinancing Date, the Issuer
will use the proceeds from the issuance of the Refinancing Notes
to redeem in full the Original Notes. On the Original Closing
Date the Issuer also issued Participating Term Certificates,
which will remain outstanding.

ALME Loan Funding III Designated Activity Company is a managed
cash flow CLO with a target portfolio made up of EUR 400,500,000
par value of mainly European corporate leveraged loans. At least
90% of the portfolio must consist of senior secured loans and
senior secured bonds and up to 10% of the portfolio may consist
of unsecured senior loans, second-lien loans, mezzanine
obligations and high yield bonds. The portfolio may also consist
of up to 7% of fixed rate obligations. The portfolio is expected
to be 100% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

Apollo will actively manage the collateral pool of the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, and are subject to certain
restrictions.

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used 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. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: EUR400,500,000

Defaulted par: EUR 0

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.90%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5% and none allowed below Baa3. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class
of notes as further described in the methodology. The portfolio
haircuts are a function of the size of the exposure to countries
with a LCC of A1 or below and the target ratings of the rated
notes, and amount to 0.75% for the Class X and Class A Notes,
0.50% for the Class B-1 and Class B-2 Notes, 0.375% for the Class
C Notes and 0% for Classes D, E and F Notes.

Moody's has also tested the sensitivity of the ratings of the
notes to haircuts to the par amount and the recovery assumption
for current pay obligations within the portfolio (up to 5% in
aggregate). CLOs typically define a current pay security as an
obligation of an entity that is undergoing insolvency
proceedings, that is current on its interest and principal
payments, and that the manager believes will remain current. An
instrument with a facility rating of at least Caa1/Caa2 and a
market value of at least 80%/85% is typically eligible for
current pay status. However, this transaction does not set a
rating requirement for defaulted obligations to qualify as
current pay obligations with full par treatment. Based on the
results of Moody's analysis, Moody's do not expects this feature
to have a material negative impact on the rated notes.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.

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

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

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), assuming that all other factors are
held equal.

Percentage Change in WARF -- increase of 15% (from 2850 to 3278)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes : -2

Class B-2 Senior Secured Fixed Rate Notes : -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 2850 to 3705)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes : -3

Class B-2 Senior Secured Fixed Rate Notes : -3

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Further details regarding Moody's analysis of this transaction
may be found in the related new issue report, published after the
Original Closing Date and available on Moodys.com.


ALME LOAN III: Fitch Assigns B- Rating to Class F-R Notes
---------------------------------------------------------
Fitch Ratings has assigned ALME Loan Funding III Designated
Activity Company refinancing notes final ratings:

Class X: 'AAAsf'; Outlook Stable
Class A-R: 'AAAsf; Outlook Stable
Class B-1-R: 'AAsf'; Outlook Stable
Class B-2-R: 'AAsf'; Outlook Stable
Class C-R: 'Asf'; Outlook Stable
Class D-R: 'BBBsf'; Outlook Stable
Class E-R: 'BBsf'; Outlook Stable
Class F-R: 'B-sf'; Outlook Stable
Participating term certificates: not rated

ALME Loan Funding III Designated Activity Company is a cash flow
collateralised loan obligation (CLO). Net proceeds from the
issuance of the notes were used to refinance the current
outstanding notes of EUR368.3 million. The portfolio of assets is
managed by Apollo Management International LLP.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch considers the average credit quality of obligors to be in
the 'B' category. Fitch has public ratings or credit opinions on
all obligors in the identified portfolio. The weighted average
rating factor of the identified portfolio is 32.6.

High Recovery Expectations
At least 90% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rate of the identified
portfolio is 66.1.

Diversified Asset Portfolio
During the refinancing process the issuer introduced a covenant
that limits the top 10 obligors in the portfolio to 21% of the
portfolio balance. In addition, the maximum industry exposure is
restricted to 17.5% for the largest industry and 40% for the top
three. This ensures that the asset portfolio will not be exposed
to excessive obligor concentration.

Partial Interest Rate Risk
Unhedged fixed-rate assets cannot exceed 7% of the portfolio
while fixed-rate liabilities account for 5% of target par. This
provides a partial hedge against rising interest rates.

Documentation Amendments
The transaction documents may be amended, subject to rating
agency confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If, in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers a confirmation to be
given if Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the obligor default probability could lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates could lead to a downgrade of
up to three notches for the rated notes.

TRANSACTION SUMMARY

The issuer has amended the capital structure and extended the
maturity of the notes. The transaction's reinvestment period has
been extended to 2021, four years after the refinancing.

EUR2 million class X notes ranking pari-passu to the class A
notes have been added to the structure. The principal amount of
the class X notes is scheduled to amortise in equal instalments
during the first four payment dates, using both interest and
principal proceeds. Class X notional is excluded from the over-
collateralisation tests calculation.

DUE DILIGENCE USAGE

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognised
Statistical Rating Organisations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant groups within Fitch and/or other
rating agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

The information below was used in the analysis.
- Loan-by-loan data provided by the collateral administrator as
   at February 3, 2017
- Offering circular provided by the arranger as at March 6, 2017

REPRESENTATIONS AND WARRANTIES

A description of the transaction's representations, warranties
and enforcement mechanisms (RW&Es) that are disclosed in the
offering document and which relate to the underlying asset pool
was not prepared for this transaction. Offering documents for
EMEA CLOs transactions do not typically include RW&Es that are
available to investors and that relate to the asset pool
underlying the security. Therefore, Fitch credit reports for EMEA
CLOs transactions will not typically include descriptions of
RW&Es. For further information, please see Fitch's Special Report
titled "Representations, Warranties and Enforcement Mechanisms in
Global Structured Finance Transactions," dated May 31, 2016.


CARLYLE GLOBAL 2015-1: Moody's Affirms B2 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to six
classes of notes ("Refinancing Notes") issued by Carlyle Global
Market Strategies Euro CLO 2015-1 Designated Activity Company:

-- EUR 273,500,000 Class A-1A-R Senior Secured Floating Rate
    Notes due 2029, Definitive Rating Assigned Aaa (sf)

-- EUR 5,000,000 Class A-1B-R Senior Secured Fixed Rate Notes
    due 2029, Definitive Rating Assigned Aaa (sf)

-- EUR 53,900,000 Class A-2A-R Senior Secured Floating Rate
    Notes due 2029, Definitive Rating Assigned Aa1 (sf)

-- EUR 12,000,000 Class A-2B-R Senior Secured Fixed Rate Notes
    due 2029, Definitive Rating Assigned Aa1 (sf)

-- EUR 28,600,000 Class B-R Senior Secured Deferrable Floating
    Rate Notes due 2029, Definitive Rating Assigned A2 (sf)

-- EUR 27,600,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2029, Definitive Rating Assigned Baa2 (sf)

Additionally, Moody's has affirmed the ratings on the existing
following notes issued by the Issuer:

-- EUR 28,600,000 Class D Senior Secured Deferrable Floating
    Rate Notes due 2029, Affirmed Ba2 (sf); previously on Mar 12,
    2015 Definitive Rating Assigned Ba2 (sf)

-- EUR 16,800,000 Class E Senior Secured Deferrable Floating
    Rate Notes due 2029, Affirmed B2 (sf); previously on Mar 12,
    2015 Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's ratings of the notes address the expected loss posed to
noteholders. The ratings reflect the risks due to defaults on the
underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of Original Notes: Class
A-1A Notes, Class A-1B Notes, Class A-2A Notes, Class A-2B Notes,
Class B Notes and Class C Notes due 2029 (the "Original Notes"),
previously issued on March 12, 2015 (the "Original Closing
Date"). On the refinancing date, the Issuer will use the proceeds
from the issuance of the Refinancing Notes to redeem in full its
respective Original Notes that will be refinanced. On the
Original Closing Date the Issuer also issued the Class D Notes
and the Class E Notes as well as one class of subordinated notes,
which will remain outstanding.

Carlyle Global Market Strategies Euro CLO 2015-1 Designated
Activity Company is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to
10% of the portfolio may consist of senior unsecured loans,
second-lien loans, mezzanine obligations, high yield bonds and
senior unsecured bonds. The underlying portfolio is 100% ramped
as of the refinancing date.

CELF Advisors LLP (the "Manager") manages the CLO. It directs the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's reinvestment
period. After the reinvestment period, which ends in April 2019,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations, and are subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR54M of subordinated notes.

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used 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. For modeling
purposes, Moody's used the following base-case assumptions:

Par amount: EUR 482,300,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3384

Weighted Average Spread (WAS): 4.8%

Weighted Average Coupon (WAC): 5%

Weighted Average Recovery Rate (WARR): 44.7%

Weighted Average Life (WAL): 6.2 years.

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond rating of A1 or below. According to the portfolio
constraints, the eligibility criteria and the current sovereign
ratings of eligible countries, the total exposure to countries
with an equivalent local currency country risk bond ceiling
("LCC") below Aa3 may not exceed 10% of the total portfolio and
there are no obligors domiciled in a country with an equivalent
LCC below A3. The remainder of the pool will be domiciled in
countries which currently have a LCC of Aa3 and above. Given this
portfolio composition, the model was run without the need to
apply portfolio haircuts as further described in the methodology.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional ratings
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3887 from 3384)

Ratings Impact in Rating Notches:

Class A-1A-R Senior Secured Floating Rate Notes: 0

Class A-1B-R Senior Secured Fixed Rate Notes: 0

Class A-2A-R Senior Secured Floating Rate Notes: -2

Class A-2B-R Senior Secured Fixed Rate Notes: -2

Class B-R Senior Secured Deferrable Floating Rate Notes: -1

Class C-R Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 4394 from 3384)

Ratings Impact in Rating Notches:

Class A-1A-R Senior Secured Floating Rate Notes: 0

Class A-1B-R Senior Secured Fixed Rate Notes: 0

Class A-2A-R Senior Secured Floating Rate Notes: -3

Class A-2B-R Senior Secured Fixed Rate Notes: -3

Class B-R Senior Secured Deferrable Floating Rate Notes: -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


===================
L U X E M B O U R G
===================


GARFUNKELUX HOLDCO: S&P Affirms B+/B Counterparty Credit Ratings
----------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Luxembourg-based debt
collection company Garfunkelux Holdco 2 S.A. (GH2).  The outlook
is negative.

At the same time, S&P affirmed its 'B+' issue rating and recovery
rating of '3' on the senior secured floating rate notes subject
to the tap, issued by Garfunkelux Holdco 3 S.A. (GH3), indicating
S&P's expectation of meaningful recovery (50%-70%; rounded
estimate: 50%) in the event of payment default.  The rating on
the proposed tap is subject to S&P's review of the notes' final
documentation.

S&P also affirmed the 'B+' issue rating and recovery rating of
'3' on the existing EUR365 million and รบ565 million senior
secured notes, indicating S&P's expectation of meaningful
recovery (50%-70%; rounded estimate: 50%).  S&P affirmed the 'BB'
issue rating and recovery rating of '1' on the EUR200 million
revolving credit facility (RCF) co-issued by Garfunkel Holding
GmbH and Simon Bidco Ltd., indicating S&P's expectation of very
high recovery (90%-100%; rounded estimate: 95%).

S&P also affirmed the 'B-' issue rating and recovery rating of
'6' on the GBP230 million senior unsecured notes issued by GH2,
indicating negligible recovery (0%-10%; rounded estimate: 0%).
All of S&P's rounded estimates on the various debt instruments
reflect recovery expectations in the event of payment default.

The rating actions reflect S&P's view that the proposed tap of
GH3's existing EUR230 million senior secured floating rate notes
does not materially affect S&P's existing rating and outlook on
the group or S&P's existing forward looking view of its financial
risk profile.

S&P's forecast of GH2's financial risk profile incorporates an
incremental weakening of GH2's credit metrics at the point of
transaction closing.  The weakening of its credit metrics is
similar to the position that S&P highlighted following its debt-
financed acquisition of Tesch in September 2016.  S&P notes that
in the two quarters that followed this acquisition, GH2 had begun
to deleverage and that the proposed tap represents a divergence
from this trend.  However, S&P expects the impact to be
temporary, and that the cash generative nature of GH2's
activities and its increasing earnings capacity will allow the
company to operate with credit metrics in line with S&P's
existing expectations over the 12-month outlook horizon.  S&P
projects these:

   -- Gross debt to S&P Global Ratings-adjusted EBITDA of 4x-5x
      (adjusted EBITDA is gross of portfolio amortization);

   -- Funds from operations (FFO) to total debt of 12%-20%; and

   -- Adjusted EBITDA coverage of interest expense of 2x-3x.

S&P's forward-looking analysis of the company's financial risk
profile applies a 20% weight to year-end 2016 and 40% weights to
year-end projections for both 2017 and 2018.  S&P's forecast also
includes the assumption that earnings generation from collections
on purchased portfolios will lag the initial capital outlay.  S&P
therefore expects temporary and seasonal spikes in leverage when
debt is issued, but that the subsequent customer engagement and
cash flow generation over the following 12 months will begin to
compensate for the initial increase in debt.

S&P's base-case scenario assumes a deleveraging trend.  However,
S&P continues to believe that the acquisition of Tesch shortly
after a transformational merger between Lowell and GFKL
represents a potential increase in the group's overall risk
appetite.  This, when combined with the proposed debt issuance,
could lead to an extended weakening of credit metrics,
particularly if increased operational risks lead to slower cash
flow generation than S&P's base-case scenario assumes.  The
negative outlook therefore signals a one-in-three chance that S&P
could lower the ratings if the group's growth in total
collections and third-party fee income is insufficient to reduce
the group's leverage over the next 12 months.  S&P could also
lower the ratings if GH2 raises additional debt to finance brisk
growth or merger and acquisition (M&A) activity, which further
delays improvements in the group's credit metrics.

S&P's 'b+' group credit profile (GCP) for the combined entity
already incorporates a one-notch downward adjustment under S&P's
negative comparable rating analysis modifier.  While S&P
considers the group's deleveraging plan as achievable, and the
ongoing integration of Tesch to be manageable, S&P believes that
the downward adjustment remains relevant at this time.  This
reflects the group's growth ambitions, which to date have been
funded primarily through raising debt, and its recent debt-
financed acquisition shortly after the transformational merger.
S&P also believes that the industry will likely continue its
phase of consolidation, which may lead to further debt-financed
acquisitions.

S&P's business risk profile assessment remains constrained by the
regulatory and operational risks that GH2 faces, and S&P's view
that the overall execution of the group's strategy is relatively
immature given its recent formation.  However, S&P continues to
view the group as one of the largest credit management businesses
operating across two of the large European markets.  S&P believes
that the group benefits from its scale and diversification,
particularly its presence across a number of asset classes, and
its increasing proportion of revenue from third-party servicing
income. Given Tesch's modest size, its ongoing integration is
complementary to the group's business risk profile, in S&P's
view, as opposed to transformational.

The negative outlook indicates that S&P could downgrade GH2 if,
after the recent debt issuance and acquisition, growth in total
collections and third-party servicing income is insufficient to
improve its post-transaction leverage profile over the next 12
months.  S&P currently considers the group's headroom under its
financial risk profile to be limited as a result of recent
activity.

S&P could lower the ratings if it no longer expects that the
group will improve its credit metrics over the next 12 months.
S&P could revise its forward-looking financial risk profile
assessment downward if it expects:

   -- Gross debt to adjusted EBITDA above 5x;
   -- FFO to gross debt below 12%; or
   -- Adjusted EBITDA to interest expense below 3x.

Such a scenario could unfold if integration risks lead to a
material unanticipated rise in costs or a lowering of the group's
earnings capacity below S&P's current expectations.  It could
also occur if S&P saw further signs of an aggressive financial
policy, for example the group raising additional debt to fund
brisk growth or another material acquisition.

S&P could revise the outlook back to stable if it saw evidence of
an improving post-transaction leverage profile in line with S&P's
expectations, providing more clarity on the group's financial
policy.  This would occur if S&P believed the following ratios
would remain firmly and sustainably within the given ranges:

   -- Gross debt to adjusted EBITDA of 4x-5x;
   -- FFO to gross debt of 12%-20%; and
   -- Adjusted EBITDA to interest expense of 3x-6x.

A stable outlook would also be supported by diminishing
integration risks associated with the recent M&A activity and
evidence that Permira's strategy as a financial sponsor will not
hinder GH2's debt-servicing capabilities.


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


ARES EUROPEAN CLO VI: Moody's Assigns B2 Rating to Cl. F-R Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes ("Refinanced Notes") issued
by Ares European CLO VI B.V., following a restructuring of the
transaction which closed on September 2013:

-- EUR 208,150,000 Class A-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR 39,250,000 Class B-1-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 5,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 21,700,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR 17,300,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR 20,400,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR 4,700,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's ratings of the rated notes address the expected loss
posed to noteholders by the legal final maturity of the notes in
2030. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Ares European Loan
Management LLP ("Ares"), has sufficient experience and
operational capacity and is capable of managing this CLO.

The Issuer has issued the Refinanced Notes in connection with the
refinancing of the following classes of notes: Class A notes,
Class B notes, Class C notes, Class D notes and Class E notes due
2025 (the "Original Notes"), previously issued on September 3,
2013 (the "Original Issue Date"). On the Refinancing Date, the
Issuer will use the proceeds from the issuance of the Refinanced
Notes to redeem in full its respective Original Notes. On the
Original Issue Date, the Issuer also issued one class of
subordinated notes, which will remain outstanding.

Ares VI is a managed cash flow CLO. At least 96% of the portfolio
must consist of senior secured loans and senior secured bonds and
up to 4% of the portfolio may consist of unsecured loans, second-
lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 63% ramped up as of the
refinancing closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR 347,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2895

Weighted Average Spread (WAS): 3.75%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years.

Weighted Average Coupon (WAC): 6.00%

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with A3 local currency country ceiling. The remainder
of the pool will be domiciled in countries which currently have a
local or foreign currency country ceiling of Aaa or Aa1 to Aa3.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the ratings assigned to the rated notes.
This sensitivity analysis includes increased default probability
relative to the base case. Below is a summary of the impact of an
increase in default probability (expressed in terms of WARF
level) on each of the rated notes (shown in terms of the number
of notch difference versus the current model output, whereby a
negative difference corresponds to higher expected losses),
holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3329 from 2895)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: 0

Class B-1-R Senior Secured Floating Rate Notes: -2

Class B-2-R Senior Secured Fixed Rate Notes: -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF + 30% (to 3764 from 2895)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: -1

Class B-1-R Senior Secured Floating Rate Notes: -3

Class B-2-R Senior Secured Fixed Rate Notes: -3

Class C-R Senior Secured Deferrable Floating Rate Notes: -4

Class D-R Senior Secured Deferrable Floating Rate Notes: -3

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction
may be found in the upcoming New Issue report, available soon on
Moodys.com.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


BNPP IP 2015-1: Moody's Affirms B2(sf) Rating on Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to six
classes of notes ("Refinancing Notes") issued by BNPP IP EURO CLO
2015-1 B.V.:

-- EUR176,236,000 Class A-1-R Senior Secured Floating Rate Notes
    due 2028, Definitive Rating Assigned Aaa (sf)

-- EUR5,264,000 Class A-2-R Senior Secured Fixed Rate Notes due
    2028, Definitive Rating Assigned Aaa (sf)

-- EUR20,868,000 Class B-1-R Senior Secured Floating Rate Notes
    due 2028, Definitive Rating Assigned Aa1 (sf)

-- EUR12,632,000 Class B-2-R Senior Secured Fixed Rate Notes due
    2028, Definitive Rating Assigned Aa1 (sf)

-- EUR17,500,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2028, Definitive Rating Assigned A1 (sf)

-- EUR15,000,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2028, Definitive Rating Assigned Baa1 (sf)

Additionally, Moody's has upgraded and affirmed the ratings on
the existing following notes issued by BNPP IP:

-- EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2028, Upgraded to Ba1 (sf); previously on Apr 16,
    2015 Definitive Rating Assigned Ba2 (sf)

-- EUR8,000,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2028, Affirmed B2 (sf); previously on Apr 16, 2015
    Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's ratings of the notes address the expected loss posed to
noteholders. The ratings reflect the risks due to defaults on the
underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of original notes: Class
A-1 Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes,
Class C Notes and Class D Notes due 2028 (the "Original Notes"),
previously issued on April 15, 2015 (the "Original Closing
Date"). On the refinancing date, the Issuer will use the proceeds
from the issuance of the Refinancing Notes to redeem in full its
respective Original Notes that will be refinanced. On the
Original Closing Date the Issuer also issued the Class E Notes
and the Class F Notes as well as one class of subordinated notes,
which will remain outstanding.

The rating action on the Class E is primarily a result of the
increase in the excess spread available to the transaction
resulting from refinancing of Class A, Class B, Class C and Class
D.

BNPP IP is a managed cash flow CLO. The issued notes are
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 95% of the portfolio must
consist of senior secured loans and eligible investments, and up
to 5% of the portfolio may consist of second lien loans and
unsecured loans. The underlying portfolio is 100% ramped as of
the refinancing date.

BNP Paribas Asset Management SAS (the "Manager") manages the CLO.
It directs the selection, acquisition, and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's reinvestment period. After the reinvestment period,
which ends in April 2019, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit risk
obligations and credit improved obligations, subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR 32m of subordinated notes.

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used 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. For modeling
purposes, Moody's used the following base-case assumptions:

Par amount: EUR300,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 3106

Weighted Average Spread (WAS): 4.25%

Weighted Average Coupon (WAC): n/a

Weighted Average Recovery Rate (WARR): 45.27%

Weighted Average Life (WAL): 6.00 years.

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the eligibility criteria, the total
exposure to countries with a local currency country risk bond
ceiling ("LCC") between A1 and A3 may not exceed 10% of the total
portfolio and only obligation for which the obligor is domiciled
in a country with a LCC of at least A3 can be purchased. The
remainder of the pool will be domiciled in countries which
currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run without the need to apply
portfolio haircuts as further described in the methodology.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3572 from 3106)

Ratings Impact in Rating Notches:

Class A-1-R Senior Secured Floating Rate Notes: 0

Class A-2-R Senior Secured Fixed Rate Notes: 0

Class B-1-R Senior Secured Floating Rate Notes: -2

Class B-2-R Senior Secured Fixed Rate Notes: -2

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 4038 from 3106)

Ratings Impact in Rating Notches:

Class A-1-R Senior Secured Floating Rate Notes: 0

Class A-2-R Senior Secured Fixed Rate Notes: 0

Class B-1-R Senior Secured Floating Rate Notes: -3

Class B-2-R Senior Secured Fixed Rate Notes: -3

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -3

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -2

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

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


BNPP IP 2015-1: Fitch Affirms B- Rating on Class F Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned BNPP IP EURO CLO 2015-1 B.V.'s
refinancing notes final ratings and affirmed the others:

Class A-1 senior secured floating rate notes due 2028: assigned
'AAAsf', Outlook Stable

Class A-2 senior secured fixed rate notes due 2028: assigned
'AAAsf', Outlook Stable

Class B-1 senior secured floating rate notes due 2028: assigned
'AAsf', Outlook Stable

Class B-2 senior secured fixed rate notes due 2028: assigned
'AAsf', Outlook Stable

Class C senior secured deferrable floating rate notes due 2028:
assigned 'A+sf', Outlook Stable

Class D senior secured deferrable floating rate notes due 2028:
assigned 'BBBsf', Outlook Stable

Class E senior secured deferrable floating rate notes due 2028:
affirmed at 'BBsf', Outlook Stable

Class F senior secured deferrable floating rate notes due 2028:
affirmed at 'B-sf', Outlook Stable

The transaction is a cash flow collateralised loan obligations
securitising portfolios of mainly European leveraged loans. The
transaction is not allowed to invest in bonds. The portfolio is
managed by BNP Paribas Asset Management SAS.

KEY RATING DRIVERS
Transaction Summary
The issuer has issued new notes to refinance part of the original
liabilities.

The refinancing notes bear interest at a lower margin over
EURIBOR or lower fixed rate coupon than the notes being
refinanced. The remaining terms and conditions of the refinancing
notes (including seniority) are the same as the refinanced notes.
The refinancing notes cannot be refinanced in part in a future
date. However, all rated notes can be refinanced after the date
one year prior to end of the reinvestment period in April 2019.
The issuer has also amended the Fitch Tests Matrix.

Average Portfolio Credit Quality
Fitch assesses the average credit quality of obligors as being in
the 'B' category. Fitch has credit opinions on all obligors in
the underlying portfolio. The weighted average rating factor
(WARF) of the underlying portfolio is 32.1, below the maximum
WARF of 33.25.

Average Recoveries
At least 95% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rate of the current
portfolio is 68.0%, above the minimum of 66.1%.

RATING SENSITIVITIES
As the loss rates for the current portfolio are below those
modelled for the stress portfolio, the sensitivities shown in the
new issue report still apply.


HALCYON LOAN 2014: Moody's Assigns B2 Rating to Class F-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to six classes of notes (the
"Refinancing Notes") issued by Halcyon Loan Advisors European
Funding 2014 B.V.:

-- EUR 179,800,000 Class A-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR 39,700,000 Class B-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 20,900,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR 15,400,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR 17,750,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR 9,300,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

Moody's had assigned provisional ratings to the Refinancing Notes
in this transaction on March 29, 2017.

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders. The ratings reflect the risks due to
defaults on the underlying portfolio of assets, the transaction's
legal structure, and the characteristics of the underlying
assets.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes, Class E Notes and
Class F Notes due 2027 (the "Original Notes"), previously issued
on December 17, 2014 (the "Original Closing Date"). On the
Refinancing Date, the Issuer will use the proceeds from the
issuance of the Refinancing Notes to redeem in full its
respective Original Notes. On the Original Closing Date, the
Issuer also issued one class of Subordinated Notes, which will
remain outstanding.

Halcyon CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds; up to 10% of the portfolio may consist of unsecured senior
obligations, second-lien loans, high yield bonds and mezzanine
obligations. The underlying portfolio is 100% ramped as of the
second refinancing closing date.

Halcyon Loan Advisors (UK) LLP (the "Manager") manages the CLO.
It directs the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's four-year reinvestment period. After the
reinvestment period, which ends in April 2021, the Manager may
reinvest unscheduled principal payments and sale proceeds from
credit risk and credit improved obligations, subject to certain
restrictions.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR 31,000,000 of Subordinated Notes. Moody's
has not assigned ratings to this class of notes.

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche.

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

Par Amount: EUR304,500,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.00%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling ratings of A1 or below cannot exceed 10%, with
exposures to countries local currency country risk ceiling
ratings of Baa1 to Baa3 further limited to 5%. Following the
refinancing date, and given these portfolio constraints and the
current sovereign ratings of eligible countries, the total
exposure to countries with a LCC of A1 or below may not exceed
10% of the total portfolio. As a worst case scenario, a maximum
5% of the pool would be domiciled in countries with LCC of A3 and
5% in countries with LCC of Baa3. The remainder of the pool will
be domiciled in countries which currently have a LCC of Aa3 and
above. Given this portfolio composition, the model was run with
different target par amounts depending on the target rating of
each class of notes as further described in the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the Class A Notes, 0.50% for the Class B
Notes, 0.375% for the Class C Notes and 0% for Classes D, E and F
Notes.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the definitive ratings
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: 0

Class B-R Senior Secured Floating Rate Notes: -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: 0

Class F-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: -1

Class B-R Senior Secured Floating Rate Notes: -3

Class C-R Senior Secured Deferrable Floating Rate Notes: -4

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: -1

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Halcyon Loan Advisors (UK)
LLP's investment decisions and management of the transaction will
also affect the notes' performance.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


JUBILEE CLO 2014-XI: Moody's Assigns B2 Rating to Class F-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that is has assigned the
following definitive ratings to refinancing notes ("Refinancing
Notes") issued by Jubilee CLO 2014-XI B.V.:

-- EUR 2,000,000 Class X Senior Secured Floating Rate Notes due
    2030, Assigned Aaa (sf)

-- EUR 235,000,000 Class A-R Senior Secured Floating Rate Notes
    due 2030, Assigned Aaa (sf)

-- EUR 46,500,000 Class B-R Senior Secured Floating Rate Notes
    due 2030, Assigned Aa2 (sf)

-- EUR 36,500,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned A2 (sf)

-- EUR 23,000,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned Baa2 (sf)

-- EUR 18,600,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned Ba2 (sf)

-- EUR 11,800,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders by the legal final maturity of the notes in
2030. The definitive ratings reflect the risks due to defaults on
the underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the collateral
manager, Alcentra Limited ("Alcentra"), has sufficient experience
and operational capacity and is capable of managing this CLO.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes, Class E Notes and
Class F Notes due 2027 (the "Original Notes"), previously issued
February 2014 (the "Original Closing Date"). On the Refinancing
Date, the Issuer will use the proceeds from the issuance of the
Refinancing Notes to redeem in full the Original Notes. On the
Original Closing Date the Issuer also issued Subordinated Notes,
which will remain outstanding.

Jubilee CLO 2014--XI B.V. is a managed cash flow CLO with a
target portfolio made up of EUR 400,000,000 par value of mainly
European corporate leveraged loans. At least 90% of the portfolio
must consist of senior secured loans and senior secured bonds and
up to 10% of the portfolio may consist of unsecured senior loans,
second-lien loans, mezzanine obligations and high yield bonds.
The portfolio may also consist of up to 10% of fixed rate
obligations. The portfolio is expected to be 100% ramped up as of
the closing date and to be comprised predominantly of corporate
loans to obligors domiciled in Western Europe.

Alcentra will actively manage the collateral pool of the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, and are subject to certain
restrictions.

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016. The
cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used 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. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: EUR400,000,000

Defaulted par: EUR 0

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.90%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5% and none allowed below Baa3. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class
of notes as further described in the methodology. The portfolio
haircuts are a function of the size of the exposure to countries
with a LCC of A1 or below and the target ratings of the rated
notes, and amount to 0.75% for the Class X and Class A-R Notes,
0.50% for the Class B-R Notes, 0.375% for the Class C-R Notes and
0% for Classes D-R, E-R and F-R.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on the notes (shown in terms of the number of
notch difference versus the current model output, whereby a
negative difference corresponds to higher expected losses),
assuming that all other factors are held equal.

Percentage Change in WARF -- increase of 15% (from 2800 to 3220)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-R Senior Secured Floating Rate Notes: 0

Class B-R Senior Secured Floating Rate Notes : -1

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: 0

Class F-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 2850 to 3640)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-R Senior Secured Floating Rate Notes: -1

Class B-R Senior Secured Floating Rate Notes : -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -3

Class D-R Senior Secured Deferrable Floating Rate Notes: -3

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: 0

Further details regarding Moody's analysis of this transaction
may be found in the related new issue report, published after the
Original Closing Date and available on Moodys.com.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


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


EMLAK KONUT: Fitch Assigns BB+ Long-Term Local-Currency IDR
-----------------------------------------------------------
Fitch Ratings assigned a Long-Term Local-Currency Issuer Default
Rating (IDR) of 'BB+' and National Rating of 'AA(tur)' to Turkish
residential developer Emlak Konut Gayrimenkul Yatirim Ortakligi
A.S. (Emlak Konut). The Outlooks are Stable.

Fitch had assigned Emlak Konut a Long-Term Foreign-Currency IDR
of 'BB+' on April 3, 2017.

The ratings reflect Emlak Konut's unique revenue sharing model
(RSM), which generates guaranteed income and a share of upside
gains, and passes nearly all design, building, financing and
marketing risks to developers. Emlak holds a competitive
advantage owing to its privileged position with its controlling
shareholder, Turkey's Housing Development Administration (TOKI).
Other credit strengths include a significant land bank, largely
in Istanbul, as well as sound financials.

The ratings also reflect the company's exposure to potential
volatile housing demand and prices, as well as regulatory and
political risks. The risk of contractor failure is also mitigated
by a number of protections.

The Stable Outlooks reflect Fitch expectations that Emlak Konut
will be able to maintain its operating margins and financial
metrics, despite a downturn in the economy and probable
volatility in the housing market.

KEY RATING DRIVERS
Revenue-Sharing Model Secures Revenue: Emlak Konut primarily uses
a low-risk revenue-sharing model (RSM) to develop most projects
which provides strong revenue visibility and protects the company
from short-term market volatility. This is unique among its peer
group. Under the RSM, Emlak Konut passes operational risk through
to contractors.

Contractors must guarantee Emlak Konut's minimum revenue, as well
as a share of any upside gains. Emlak Konut supervises the
project and collects and distributes all project cash flows
including the contractor's revenue share at defined milestones.

Self-Development Limited: Ninety-two percent of Emlak Konut's
revenues were driven by the RSM in 2016. It generally self-
develops projects outside Istanbul. In this case, the company
passes only building risk to contractors. The company can also
use this approach to increase interest in developing areas, which
will allow the use of the RSM for future projects.

Competitive Advantage: Emlak Konut's exclusive priority agreement
with the Housing Development Administration (TOKI) enables it to
buy land from TOKI at independently appraised values without a
tendering process. The company's quick access to large,
attractive parcels of land provides a significant advantage over
other developers, particularly in Istanbul where housing demand
is high.

Mutually Beneficial Relationship: Any deterioration in relations
with TOKI would affect Emlak Konut's operations, but this risk
appears low as the arrangement is mutually beneficial: Emlak
Konut's access to valuable land sustains its own business model;
the resulting dividends help TOKI fund its development programme.

Significant Land Bank: Emlak Konut has a 10 million square metre
land bank valued at nearly TRY5.2 billion, largely in key or
developing areas of Istanbul where demand is high. This is in
spite of completing or still developing more than 70 projects.
The land bank ensures the company will continue to have the
ability to develop projects, which it must do to sustain its
operations, and the good locations mean contractors, as well as
consumers, are like to be attracted to its projects.

Exposure to Contractor Performance: Under the RSM, contractors
are responsible for virtually all development risks. Emlak Konut
is substantially exposed to contractor failure. It has a two-
stage mechanism in place to ensure only financially strong
companies are contracted. Participants must first submit
financial and technical requirements before moving to the second
stage if they meet the requirements.

In the second stage, bidders must propose estimated project
values and revenue sharing. The preferred bidder is obliged to
provide a down payment of generally about 10% of the minimum
revenue, as well as a letter of guarantee equating to 6% of the
estimated total project value.

Strong Fundamentals: Turkish house values have risen steeply in
recent years, driven by strong economic growth and a housing
shortage. Fundamentals including a young and growing population,
improvements in the housing stock, requirements to meet
earthquake-proof building regulations, steadily increasing
mortgage take-up as well an increase in foreign buyers all
support continued demand.

Revenue Protected: Guaranteed revenue under the RSM would protect
the company in the near term if house prices fall. In addition,
the government has demonstrated a willingness to support the
sector through various incentives and tax relief. A steep fall in
the housing values could depress long-term returns and affect the
company's ability to attract contractors to their projects.

Financial Strength: Emlak Konut has healthy financials,
generating sound EBITDA margins and steadily expanding the value
multiplier under the RSM business. Its total returns on completed
RSM projects have steadily increased, averaging 2x the appraised
value of the land since 2012. Emlak Konut's strong cash
generation means the company has large cash holdings with little
debt, helping it manage volatile working capital, but also to
react quickly to new land opportunities.

RATING DERIVATION

Emlak Konut's operational model carries lower risk than most
peers' and includes guaranteed minimum revenue irrespective of a
project's success. By passing nearly all project risks to
contractors, the company is able to develop multiple projects
simultaneously with lower operating costs than developments of
comparable size. This means margins and profits are higher than
peers', reflecting the level of risk. Emlak Konut has a
competitive advantage compared to other developers, owing to its
preferential position with TOKI. This also exposes Emlak Konut to
potential political or regulatory risks that do not affect other
peers. Like all developers, a decline in the housing market will
affect operations, but the guaranteed revenue stream would
cushion the impact in the short to medium term.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Emlak Konut
include:

- healthy EBITDA margin averaging 38% supported by the revenue
   sharing model;
- significant growth in 2016 revenues supported by two large
   projects;
- significant cash outflow in 2017 exceeding TRY4 billion with
   some recovery in 2019 FCF;
- flexible dividend policy up to 40% of net income for the next
   four years.

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

- Consistently strong economic and GDP growth, along with
   political stabilisation.

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

- Gross debt to work-in-progress (WIP) ratio consistently above
   50%
- Any material change in the relationship with TOKI causing
   deterioration in the financial profile and financial
   flexibility of Emlak
- Deterioration in liquidity profile over a sustained period of
   time
- Order backlog to WIP ratio below 150% over a sustained period
   of time
- EBITDA margin below 30% for a sustained period

LIQUIDITY
Healthy Liquidity: Emlak Konut has low debt with upcoming
scheduled payments only in 2018, which the company will service
by readily available cash. It reported TRY2.5 billion of cash at
year end 2016, of which Fitch views TRY1.5 billion as being
restricted. Restricted cash mainly constitutes TRY368 million of
deposits related to contractor's portion of the residential unit
sales, as per the RSM agreement, and TRY1.1 billion relating to
the cost of land purchased by Emlak Konut, held in its accounts
on behalf of TOKI, until the payment is dispersed

Our forecasts for cash balances, which are adjusted for working
capital swings and land purchases, amount to TRY2 billion pa. for
2016-2020. The company has undrawn, available facilities
totalling TRY4.8 billion, but these are all not formally
committed and have no commitment fees.


TURKEY: Referendum May Facilitate Economic Reform, Fitch Says
-------------------------------------------------------------
Turkey's constitutional referendum is part of a political shift
that has been negative for the country's sovereign credit
profile, but may facilitate a revival of credit-positive economic
reforms, Fitch Ratings says.

The 16 April referendum approved, by a narrow margin (51.4%), 18
constitutional amendments that will increase the executive powers
of the presidency. The opposition CHP said it will demand a
partial recount and has criticised the "unfair conditions" in
which the vote was held.

Earlier this year, Fitch downgraded Turkey's sovereign rating to
BB+/Stable reflecting, among other things, the erosion of checks
and balances and institutional independence in Turkey in recent
years. At the time of the downgrade, Fitch assumed the
constitutional amendments would be approved.

The referendum may complete an extended political cycle now that
President Recep Tayyip Erdogan has accomplished a key long-
standing political goal of increasing presidential powers. New
presidential and parliamentary elections are not required until
late 2019. This timeframe should allow the economy to move back
up the ruling AKP's policy agenda.

Turkey's volatile political and security environment damaged
economic performance in 2016. A better-than-expected 4Q16 and
revisions to 9M16 outturns mean growth was stronger than Fitch
forecast, but it still halved to 2.9%. The AKP has a developed
economic reform programme, but little has been implemented in
recent years due to the fluid political backdrop, and structural
weaknesses (including high net external debt and external
financing requirements and poor composition of growth) have
become more pronounced.

Deputy Prime Minister Mehmet Simsek said before the referendum
that the removal of political uncertainty would enable the
government to "accelerate reforms starting [in] May 2017" to
improve Turkey's investment environment and the tax system.
Successful economic reform was a feature of the first half of
Erdogan's rule.

The government may also loosen fiscal policy to lift growth. The
political commitment to fiscal prudence has been strong
(additional revenue raising measures were introduced last year to
keep the deficit within its target, for example), and Turkey has
some fiscal headroom. Its general government debt/revenue ratio
is under half the 'BB' category median due to primary surpluses
and a broader revenue base. Nevertheless, use of off-balance-
sheet stimulus picked up ahead of the referendum, most notably
through credit guarantees that are increasing the sovereign's
contingent liabilities, albeit from a low base.

The relative weight given to different policy options and their
success in promoting stable and sustainable growth will be an
important part of Fitch sovereign rating assessment.
Implementation of reforms that address structural deficiencies
and reduce external vulnerabilities is a positive rating
sensitivity. A weakening of public and external finances
reflected in a deterioration of the government debt/GDP ratio or
heightened external financing vulnerabilities are negative rating
sensitivities.

Fitch's next scheduled review of Turkey's sovereign rating is due
on July 21, 2017.


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


DRAX GROUP: Fitch Assigns 'BB+(EXP)' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has assigned a 'BB+(EXP)' Expected Issuer Default
Rating (IDR) to Drax Group Holdings Ltd. The Outlook on the IDR
is Stable. Fitch also assigned a 'BB+(EXP)' expected rating to
the upcoming GBP500 million senior secured notes due 2022 and a
'BBB-(EXP)' expected rating to the GBP350 million super senior
secured revolving credit facility (RCF). The assignment of the
final rating is subject to receipt of final loan and note
documentation being substantially on the terms as presented to
Fitch.
The new notes issued by Drax Group Holdings Ltd will be used to
refinance its GBP200 million drawn from its acquisition bridge
facility and around GBP300 million of loans and private
placements. The new notes will be contractually subordinated to
the RCF and will benefit from security over the assets and shares
of Drax Group Holdings Ltd and its material subsidiaries.

KEY RATING DRIVERS

Regulatory Support: Drax benefits from regulatory support for
biomass power generation, through the Renewables Obligation (RO)
and contracts for difference (CfD). This support accounts for
around 55% of EBITDA. The schemes provide Drax with earnings
stability and predictability until 2027 when both support
mechanisms end. However, the government's current energy policy
excludes biomass from bidding at capacity market auctions and
from CfD auctions in 2017.

Increasingly Volatile Coal-fired Generation: Fitch views Drax's
coal generation as significantly more volatile in terms of
volumes and spreads than baseload energy production. Drax's coal
generation provides power on an increasingly intermittent basis
supporting periods of peak power demand. Coal capacity also
allows grid support service contracts with National Grid as an
additional revenue stream. However, under current government
policy all coal generation must shut down by 2025.

The capping of the increase in the carbon price floor supports
the competitiveness of coal capacity, but this was offset by the
removal of the LECs (exemption from climate change levy) for
renewables, lowering full year EBITDA by GBP60 million in 2015.
Capacity market and ancillary services contribute up to 15% to
group EBITDA.

Hedging Limits Power Price Exposure: Fitch estimates that around
30% of 2017 generation revenues are exposed to wholesale
commodity price risk, potentially leading to price volatility
with a significant impact on cash flows. However, Drax hedges
forward biomass output up to 18 months ahead, but coal is largely
unhedged and EBITDA should benefit from the recent recovery in UK
power prices. However, Fitch expects low power prices, as Fitch
believes UK baseloads continue to be affected by a structurally
oversupplied gas market.

Acquisitions to Increase Security of Supply: At 16% of renewables
output in the UK, Drax's biomass conversion of 1.8GW capacity is
a ground-breaking achievement in a relatively new market. There
is no meaningful spot market for wood pellets and uninterrupted
availability of high-quality fuel supplies is key to maintaining
generation output and cash flow. Procurement is on a long-term
fixed cost basis, with the longest dated contracts expiring in
2027.

Plans to increase self-supply from around 10% to at least 30% by
organic and external growth will reduce risk in its supply chain.
Most biomass is sourced in the US. This entails hedging shipping
and bunker-fuel costs and above all currency to protect margins.
Drax has limited ability to pass through cost increases in
biomass fuel costs.

Supply Offers Diversification, Cash-Flow Benefits: The
acquisition of SME power supplier Opus in February 2017 partly
diversifies earnings away from generation and enables the company
to improve its working-capital position by selling Renewable
Obligation Certificates (ROCs) more quickly. Fitch expects supply
to contribute about 10%-15% of EBITDA longer term. Fitch expects
UK supply margins to be under pressure from the increasingly
competitive environment.

Manageable Execution Risk: There is execution risk in integrating
the acquisition of Opus Energy, but the risk is spread across
various IT billing systems partners and over a relatively long
time. The acquisition of Open Cycle Gas Turbine (OCGT)
development projects for the capacity market may also further
diversify generation away from coal, however its development is
contingent upon being awarded capacity market contracts and is
not included in Fitch ratings case.

Dividend Policy Under Review: Following the recent approval of
the CfD on one of its biomass units, Drax is reviewing its
dividend payout, currently at 50% of underlying earnings. Fitch
understanding is that the company will probably retain a certain
level of cash to fund future growth opportunities, with a net
debt/ EBITDA target for end 2017 of 2x. Fitch believes there may
be potential political obstacles to an aggressive dividend
policy. Fitch currently expect funds from operations (FFO)
adjusted net leverage to be around 2.7x in 2017.

Declining Capex: Fitch expects FFO adjusted net leverage to fall
from 2.7x in 2017 on steady free cash-flow generation to possibly
well below 1.5x by 2020, notwithstanding acquisitions of GBP432
million and a peak in capex (including acquisitions accounted as
capex) of GBP185 million in 2017 (but falling thereafter to
around GBP65 million a year). However, this currently excludes
any further acquisitions, growth capex (OCGT) and or any change
in dividend policy.

DERIVATION SUMMARY

Fitch views Drax's business profile as comparable to peers like
Melton Renewable Energy UK PLC (IDR 'BB', Stable) and Viesgo
Generacion (IDR 'BB', Stable), which reflects its focus on
generation activity. Biomass generation has regulatory support
until 2027. Drax's growth in retail offers some diversification,
but supply in the UK remains competitive, pressuring margins.
Fitch expects Drax's FFO adjusted net leverage to be between 2x
and 3x during 2017 and 2018, and later below the negative rating
sensitivity at 2.5x, potentially to a significant extent. Fitch
considers that the capital expenditure requirements of the group
are minimal and expect Drax to generate significant free cash
flows. However, potential changes to dividend policy or leverage
targets may limit deleveraging below the level Fitch expects for
the next two years.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- power prices between GBP40-45/MWh between 2017-20;

- ROC recycle price to remain at around GBP2/MWh;

- UK RPI to remain slightly above 3%;

- cost of new debt around 5%;

- coal generation volumes to decline, based on the challenging
   outlook for dark green spreads;

- EBITDA margins improving to around 9% by 2019 based on a
   positive price effect from the CfD, integration of the Opus
   acquisition and further growth of the supply business;

- unchanged dividend policy (payout ratio 50% of underlying
   earnings);

- capex kept at around GBP65 million per year;

- Drax will reduce its utilisation under its factoring
   programmes ver the forecast period to around GBP90 million in
   2019;

- no allowance is made for OCGT capex or EBITDA contribution.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action:

   - Increased wholesale electricity prices or output above
Fitch's expectations leading to FFO net adjusted leverage
sustainably below 1.5x, against 1.9x in the financial year to
December 2016, supported by a strong commitment to strengthened
capital structure, along with no adverse regulatory change.

Future developments that may, individually or collectively, lead
to negative rating action:

   - lower wholesale electricity prices or output below Fitch's
expectations leading to FFO adjusted net leverage sustainably
above 2.5x and FFO fixed charge cover below 5x;

   - changes to the regulatory framework with a material negative
impact on profitability and cash flow.

LIQUIDITY

Adequate Liquidity: Drax Holdings Limited will refinance its
existing debt with GBP500 million of senior secured notes, a new
GBP350 million super senior RCF of which GBP35 million is a drawn
term loan. All debt is secured against the assets of and shares
in Drax Group Holdings Limited and its material subsidiaries.

Based on the draft documentation, the RCF has a limit of GBP200
million for drawings not used to cash collateralise letters of
credit and other hedging transactions. Therefore Fitch only use
GBP200 million in liquidity calculations as this represents the
amount available for repaying debt and interest.

The RCF, senior secured bonds and private placement will all be
party to a new intercreditor agreement and covenant package. The
draft document events of default include pro forma fixed-charge
cover of 2x and springing covenant with EBITDA requirement above
GBP170 million if the RCF is 25% drawn which do not significantly
support the rating, in Fitch views.

FULL LIST OF RATING ACTIONS

Drax Group Holdings Limited
-- Expected Long-Term IDR 'BB+(EXP)' assigned, Stable Outlook
-- Super Senior secured revolving credit facility 'BBB-(EXP)'
    assigned
-- Senior secured notes 'BB+(EXP)' assigned


MISYS NEWCO 2: S&P Affirms 'B' CCR, Outlook Revised to Negative
---------------------------------------------------------------
S&P Global Ratings said it has revised its outlook on U.K.-based
software company Misys Newco 2 S.a.r.l to negative from stable.
At the same time, S&P affirmed its 'B' long-term corporate credit
rating on Misys.

S&P assigned its 'B' long-term corporate credit rating to Tahoe
Subco 1 Ltd., a new holding company for the group.  The outlook
is negative.

S&P also assigned its 'B' issue-level rating to the proposed
$4.2 billion-equivalent senior first-lien term loan and $400
million revolving credit facility (RCF) expected to be issued by
Almonde Inc., Tahoe Canada Bidco Inc., and Misys Europe SA.  The
recovery rating on these facilities is '3' (rounded estimate:
60%).

S&P also assigned its 'CCC+' issue-level rating to the proposed
$1.150 billion-equivalent second-lien term loan available to the
same borrower group.  The recovery rating is '6' (rounded
estimate: 0%).

S&P expects to withdraw the corporate rating on Misys and the
ratings on the existing debt instruments after the merger with
D+H is completed.  The issue ratings on the proposed debt
instruments are subject to S&P's satisfactory review of the final
documentation.

The affirmation reflects S&P's view that if execution of the
merger between Misys and D+H goes as planned, S&P anticipates:

   -- Short-term deleveraging over the first 12-24 months
      following the closing after an initial meaningful increase
      in leverage;

   -- Relatively solid free cash flow generation for the combined
      company in excess of $200 million in financial 2018 (ending
      on May 31), growing to more than $300 million in financial
      2019 despite expected integration costs and higher cash
      interest expenses; and

   -- Cash interest coverage of more than 2x.

This is also supported by a continued trend of outsourcing by
financial institutions, as banks continue to be under pressure to
cut costs and increase compliance.  S&P expects that this will
support continued demand for Misys' and D+H's core products.

Nevertheless, S&P views the proposed transaction financing as
aggressive, resulting in an increase in the pro forma adjusted
debt to EBITDA to about 8.6x for the combined group (excluding
debt outside the restricted group) from about 5.9x expected for
stand-alone Misys in financial 2017.  S&P also sees significant
execution risks stemming from the integration process, as Misys
is merging with a company with a larger revenue base and is
planning to achieve significant cost efficiencies and synergies.
Misys has a track record of successfully integrating companies
while creating meaningful efficiencies.  Nevertheless, S&P
believes that such a large-scale transaction still involves a
large degree of risk, including employee retention risks and
potential commercial issues while the company is focused on the
integration process.

S&P adjusts the company's EBITDA for capitalized development
costs, which S&P assumes to be $85 million-$100 million for the
combined group.  In addition, S&P has included payment-in-kind
preferred equity certificates (PECs) and an unsecured loan (both
of which will be issued outside the restricted group) to the
company's adjusted debt.  S&P includes the PECs as they will be
callable after two years.

On March 13, 2017, Misys announced the acquisition of D+H for
C$25.50/share in cash by its owner Vista Equity Partners.  This
constitutes a total enterprise value of $3.6 billion.  Vista
plans to merge Misys with D+H and fund the transaction with
$5.35 billion in secured term loans (a $4.2 billion first-lien
term loan and $1.15 billion second-lien term loan), as well as
the PECs and unsecured loan outside the restricted group.

D+H is a fintech company that sells software solutions--mainly
linked to lending and core banking--to banks and financial
institutions.  D+H operates globally, but its key market is North
America.  In S&P's view, the addition of D+H adds meaningful
scale and solid positions in North America, where there is the
most demand for new capabilities and products.  However, D+H also
brings in some more transactional revenues, which could be
subject to volatility during stressed periods (compared with
stand-alone Misys, which operates under fixed contracts),
especially in lending solutions like car loans.  In addition,
D+H's check printing business could experience accelerated
declines as payment alternatives grow, though S&P expects this
part of the business to contribute below 10% of the combined
group revenues going forward.

S&P's base-case assumptions include:

   -- A 2%-3% revenue decline for Misys in the financial year
      ending May 2017 following a slower sales cycle in the
      second quarter;

   -- Flat pro forma revenue growth for the combined group in
      financial 2018, as S&P assumes that some pick-up from the
      previous year's sales will be offset by slower sales at D+H
      following the integration process and continued declines
      from the legacy check printing business;

   -- A decline in the adjusted EBITDA margin to about 30% in
      financial 2018 following the combination of D+H and
      meaningful integration costs, improving to 38%-39% in
      financial 2019 due to the benefit of synergies and lower
      integration and restructuring costs; and

   -- Annual capital expenditure of about 1.5% of revenues,
      excluding capitalized development costs.

Based on these assumptions, S&P arrives at these credit measures:

   -- Debt to EBITDA of about 8.6x in financial 2018 and 6.5x in
      financial 2019, excluding the PECs and unsecured loan,
      corresponding to total leverage of about 10.6x and 8.0x,
      respectively;

   -- Adjusted FOCF to debt of about 3% in financial 2018,
      increasing to about 5% in 2019; and

   -- EBITDA cash interest coverage of about 2x in financial
      2018, increasing to about 2.5x financial 2019.

The negative outlook reflects the potential for a downgrade over
the 12 months after the closing of the acquisition, if S&P no
longer expects the combined group to reduce adjusted leverage
toward 7x at the restricted group level (about 8.5x total
leverage based on financial 2019 adjusted EBITDA), generate solid
cash flows in line with S&P's base-case FOCF to debt of about 3%
in 2018 and 5% in 2019, and maintain cash interest coverage of at
least 2x.

S&P could lower the rating if the group deviates significantly
from S&P's base-case expectations after the transaction's
closing. This could occur, for example, from weaker-than-expected
margins due to execution risks resulting in higher-than-expected
and prolonged integration costs.  It could also stem from a
reduced pace of synergy realization, coupled with consistently
declining revenues due to increasing competition and lower-than-
expected cross-selling and upselling opportunities.

S&P could revise the outlook to stable if the group successfully
maintains good FOCF generation and focuses on debt reduction.
Signs of continued revenue growth during the integration and
synergies being realized in line with plans could also support a
stable outlook.


NOMAD FOODS: S&P Assigns 'BB-' Rating to Proposed EUR500MM Notes
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB-' issue
rating and '3' recovery rating to the proposed EUR500 million
senior secured notes to be issued by Nomad Foods BondCo PLC and
guaranteed on a senior basis by Nomad Foods Ltd (BB-/Stable/--),
a U.K.-headquartered branded frozen food manufacturer.

S&P understands that the proceeds from the new notes -- along
with a recently issued EUR970 million secured term loan, the
EUR80 million secured revolving credit facility, and cash on
Hand -- will be used to complete the refinancing of the previous
capital structure (including amounts outstanding under Nomad
Foods' senior credit facilities agreement) and redeem in full the
existing notes.

                        RECOVERY ANALYSIS

The issue rating of 'BB-' is in line with the corporate credit
rating on Nomad Foods Ltd. and the recovery rating of '3'
indicates S&P's expectation of meaningful (50%-70%; rounded
estimate 50%) recovery in the event of a payment default.  The
issue and recovery ratings on the proposed senior notes are
supported by a fairly comprehensive security package, including
certain fixed assets and intellectual property rights, but are
constrained by the significant amount of senior secured debt in
the capital structure.

The documentation for the notes is standard for this type of debt
issuance, with a limited number of conditions and restrictions.
S&P highlights that the notes' documentation permits additional
debt and, given that recovery prospects are borderline (rounded
estimate 50%), any additional debt incurrence could result in a
deterioration of S&P's recovery estimate.

S&P's hypothetical default scenario envisages increased
competitive pressures from large retailers and private labels, as
well as adverse macroeconomic developments in the U.K.  S&P
values the company as a going concern, given its leading market
positions in Western Europe and well-known brands.  S&P has
valued the business using an EBITDA multiple approach, as it do
for peers.

Simulated Default Assumptions

   -- Year of default: 2021
   -- Jurisdiction: U.K.

Simplified Waterfall

   -- Emergence EBITDA: EUR153 million
   -- Capex represents 2% of average sales
   -- No cyclicality adjustment
   -- Operational adjustment of 35% to reflect that the lower
      EBITDA at emergence is due to lower interest expenses,
      while S&P's base-case indicates stable EBITDA
   -- Multiple: 6.0x
   -- Gross recovery value: EUR915 million
   -- Net recovery value for waterfall after unfunded pension
      liabilities and admin expenses (5%): EUR793 million
   -- Estimated first-lien debt claims: EUR1,584 million
   -- Recovery range: 50%-70% (rounded estimate 50%)
   -- Recovery rating: 3


TATA STEEL: Offers to Make GBP520M Payment Into UK Pension Scheme
-----------------------------------------------------------------
Josephine Cumbo and Michael Pooler at The Financial Times report
that Tata Steel has offered to make a one-off payment of GBP520
million into its UK pension scheme, in its latest effort to make
a clean break from its large British retirement liabilities.

The Indian steelmaker has put the offer to the trustees of the UK
scheme -- called British Steel Pension Scheme -- as part of moves
by Tata to try to hive off the retirement fund, the FT notes.

According to the FT, the proposed GBP520 million payment into the
BSPS is intended to release a guarantee the scheme holds over
some of Tata's Dutch assets.  This charge is a significant
barrier to efforts by Tata and ThyssenKrupp, its German rival, to
combine their European steelmaking operations, including the
Indian group's UK assets, the FT states.

Tata has been holding talks with ThyssenKrupp over merging their
European assets after deciding to drop previous plans to sell its
UK business, which is centered on Port Talbot in south Wales.
The unit has struggled for years with weak earnings, the FT
relays.

The BSPS is one of the largest private sector defined benefit
pension schemes in the UK, with 130,000 members, and Tata regards
it as a significant financial drag on the British business, the
FT says.

In January, the BSPS trustees warned the deficit in the scheme
could increase to between GBP1 billion and GBP2 billion if it
could not secure more cash from Tata, the FT recounts.

Tata Steel is the UK's biggest steel company.


THAME AND LONDON: S&P Affirms 'B-' CCR, Revises Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on U.K.-based Thame
and London Ltd. (Travelodge) to stable from positive and affirmed
its 'B-' corporate credit rating on the company.

At the same time, S&P assigned an issue rating of 'B-' and a
recovery rating of '3' to the proposed GBP165 million senior
secured notes due to mature in May 2023 to be issued by TVL
Finance PLC, a finance vehicle fully owned by Travelodge.  The
recovery rating of '3' indicates our expectation of meaningful
recovery prospects (50%-70%, rounded estimate 65%) in case of
default.  S&P has affirmed the 'B-' issue rating on Travelodge's
existing senior secured notes.  The '3' recovery rating on these
notes is unchanged.

S&P also affirmed the issue rating of 'B+' on the existing
GBP50 million super senior revolving credit facility (RCF) issued
by TVL Finance PLC.  The recovery rating is unchanged at '1'.

The outlook revision follows slower-than-expected deleveraging at
the company, due to slower operating improvements.  In S&P's
view, the hotel industry is facing a more uncertain future due to
Brexit, which could slow growth in the U.K. economy.  There are
also cost pressures associated with the U.K.'s National Living
Wage and business rates.

Travelodge's performance during 2016 was sound, with like-for-
like revenue per available room (RevPAR) up 2.5%.  The company's
revenues improved by 6.8% during 2016, and its EBITDA rose by
4.8% over the year.  This performance shows the success of the
strategy the company has implemented in recent years.  It has
modernized its hotel portfolio, reducing the differential between
it and market leader Premier Inn; relaunched the brand; and
implemented dedicated revenue management and cost-control
initiatives. Travelodge's operating margins, at about 17%, remain
modest, however, reflecting high rental payments.

Travelodge has found it difficult to meaningfully reduce its
financial leverage.  At year-end 2016, S&P calculated that S&P
Global Ratings-adjusted debt to EBITDA was approximately 8.6x and
adjusted EBITDA interest coverage was about 1.6x (4.0x and 1.9x,
respectively, on a reported basis).  These ratios reflect the
company's high operating lease payment obligations.  Almost all
its hotels are on large, long-term operating leases lasting 25 to
35 years.  Travelodge has also a policy of making dividend
distributions -- it distributed GBP20 million on account of
2015's net profit, and expects to pay up to GBP35 million on
account of 2016's net profit.  Encouragingly, the company
generated neutral (GBP4 million) free operating cash flow in
2016.

Travelodge's business risk profile continues to reflect its
position as the second-largest operator in the U.K. budget hotel
industry, the success of its refurbishment program, and
significant capacity coming onstream (19 hotels opened during
2016).  These factors are tempered by the company's exposure to
the highly competitive and cyclical lodging industry, which is
correlated to GDP growth and is exposed to consumer discretionary
spending, and by its concentration in the budget hotel segment in
the U.K.  Travelodge is owned by Golden Tree, Avenue Capital, and
GS Funds.

S&P's base case assumes:

   -- Annual revenue growth of 6% in 2017-2018, with slightly
      lower RevPAR given Brexit uncertainties, but supported by
      rising room numbers, particularly in 2018.  Uncertainty
      will spike in 2019, when the U.K. actually leaves the EU.

   -- Reported EBITDA margins of about 16%-17% over the same
      period, including the increase in wages and cost pressures.
      The growth in the average room rate (ARR) is expected to
      slow as the refurbishment of the room interiors is now
      complete.  Capital expenditure (capex) of about
      GBP55 million in 2017, as the company invests in its
      information technology infrastructure and refitting in line
      with the normal seven-year refurbishment cycle, following
      completion of the modernization program.

   -- Up to GBP35 million dividend payments to shareholders.

   -- Operating leases rising in line with inflation.

   -- Investor loan of GBP138.1 million meets S&P's criteria for
      equity treatment.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt-to-EBITDA of about 8.8x in 2017 and 2018,
      including the leases on new hotels opened.

   -- Adjusted EBITDA interest cover of about 1.8x in 2017 and
      2018.

The stable outlook reflects S&P's assumption that market
conditions for Travelodge will remain supportive in the next 12
months, such that RevPAR and reported EBITDA will continue to
rise.  S&P now anticipates a slower rate of increase than it
previously expected, caused by the slowing U.K. lodging market
and cost pressures that include the increased National Living
Wage and higher business rates.  S&P's base case forecasts that
adjusted EBITDA interest cover will be about 1.8x in the next two
years, and that adjusted debt to EBITDA will remain slightly
below 9.0x.

S&P would consider a downgrade if market conditions were to
weaken, for example, if Brexit caused GDP to decline, or if debt
was to materially increase, such that adjusted EBITDA interest
cover fell clearly below 1.5x for a sustained period.  S&P could
also consider a downgrade if Travelodge's liquidity significantly
weakened, for example, as a result of significantly negative free
operating cash flow.

Although S&P considers an upgrade less likely, given the slowing
pace of EBITDA growth, S&P would consider it if the U.K. lodging
market demonstrated renewed momentum, with rising RevPAR and
occupancy rates.  Coupled with strong cost management by
Travelodge, this could result in adjusted EBITDA interest cover
rising comfortably above 2.0x on a sustainable basis.  Any
upgrade would be contingent on Travelodge maintaining at least
adequate liquidity and material positive free cash flow
generation.


TRAVELODGE: Moody's Rates Proposed GBP165MM Senior Sec. Notes B3
----------------------------------------------------------------
Moody's Investors Service assigned B3 rating to the proposed
GBP165 million senior secured floating rate notes due 2023 to be
issued by TVL Finance plc, a wholly-owned, indirect subsidiary of
Thame and London Limited (Travelodge). Travelodge's corporate
family rating (CFR) of B3 and Probability of Default Rating (PDR)
of B3-PD are unchanged. Also unchanged is the Ba3 rating of the
Super Senior Revolving Credit Facility and Letter of Credit
Facility issued by Full Moon Holdco 7 Limited, a wholly-owned,
indirect subsidiary of Thame and London Limited. The outlook is
stable.

Travelodge plans to use the proceeds from the proposed issuance
to refinance its outstanding GBP100 million floating rate notes
and partially refinance its existing GBP290 million fixed rate
notes as well as a portion (up to GBP35 million) of the
shareholder loan which Moody's views as equity.

RATINGS RATIONALE

The assignment of a B3 rating to Travelodge's proposed senior
secured notes due 2023, which is in line with the company's B3
CFR, reflects the asset light nature of the business and the fact
that together, the floating and fixed rate notes, which are pari
passu with each other, comprise the majority of funded debt.

Travelodge's B3 CFR also continues to reflect (1) the company's
leading position in the UK budget hotel industry; (2) the success
of the refit programme which has delivered four years of positive
results.

The rating also takes into account (3) the company's exposure to
cyclical demand drivers and material operating leverage; and (4)
Travelodge's weak but improving financial metrics which include
high leverage and low interest coverage ratios.

In 2016, Travelodge continued successfully growing its like-for-
like RevPAR (2.5%) and outperforming its market segment (1.2%
versus STR Midscale and Economy according to the company). This
growth in fundamentals helped Travelodge achieve a 6.8% increase
in revenues and 4.8% rise in EBITDA as reported by the company.
The results were helped by weak sterling attracting tourists to
London but counterbalanced by the negative pressure from the
National Living Wage; additional pressure from business rates
increase is expected in 2017. Also, from December 2013, the end
of the first full year of the post-CVA restructuring plan, to
March 2017, Travelodge grew its development pipeline by 69% with
50% of the sites secure (contracts exchanged and planning in
process).

Notwithstanding Travelodge's good performance, the company's
leverage remains material owing to both GBP390 million of funded
debt as well as to the material lease adjustment Moody's makes to
Travelodge's financials reflecting the fact that its portfolio is
leased. Pro forma for the transaction, Travelodge's debt/EBITDA
will remain at approximately 8.0x (including Moody's standard
adjustments). Moody's expects the company to deleverage as its
EBITDA continues to grow; however, this will be offset by the
increasing lease adjustment as the company pursues its expansion
by signing additional lease contracts.

Travelodge is a hotel company that operates almost all of its
properties in the UK and as such its operations are sensitive to
the UK economic cycles as well as other significant events
affecting the UK, such as Brexit. The fall in the sterling
following the Brexit vote was a positive for the company's London
portfolio because it attracted tourists; however, should the
labour market be negatively affected as a result of the Brexit
negotiations, Travelodge could be adversely impacted along with
other hospitality businesses. In addition, a sharp growth in the
number of new competitive hotel rooms would be a concern.

Travelodge's intention to repay up to GBP35 million of the
shareholder loan is a testament to a shareholder-friendly posture
particularly given the overall high leverage. This could become a
challenge down the line should the positive operating trajectory
slow down or reverse.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that
Travelodge will sustain its improved operations while maintaining
sufficient liquidity.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure could result from further operational
improvements driven by continued outperformance and successful
execution of the development strategy such that Moody's adjusted
leverage declines toward 6.5x and free cash flow remains positive
on a sustained basis. Adequate liquidity would also be important.

Negative rating pressure could arise from operational setbacks
such that Moody's adjusted leverage fails to decline from the
current level of approximately 8.0x and free cash flow becomes
negative on a sustained basis. Any liquidity challenges would
also be viewed negatively, as would any additional shareholder
distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Travelodge is a top two independent budget hotel chain in the UK
operating over 540 hotels and 40,000 rooms across the UK, Ireland
and Spain. In 2016, Travelodge reported revenues of GBP598
million and EBITDA of GBP110 million.


* Mark Griffiths Joins Kobre & Kim's Bankruptcy Disputes Group
--------------------------------------------------------------
Global disputes and investigations firm Kobre & Kim has
strengthened its multijurisdictional insolvency disputes
capabilities with the addition of senior lateral hire Mark
Griffiths in London.

Mr. Griffiths, an English solicitor, brings deep experience in
conducting cross-border insolvency investigations and related
asset recovery.

"Bringing Mark on board is key to our strategy for serving as the
premier disputes and investigations team for cross-border
insolvency cases," said firm co-founder Michael S. Kim.  "Mark is
a seasoned and well-respected professional in this area, and
brings useful expertise in dealing with English insolvency
matters."

The firm's Bankruptcy & Debtor-Creditor Disputes group often
serves as special litigation counsel and international asset
recovery counsel in insolvencies originating from various
jurisdictions, including Brazil, the Cayman Islands, Delaware,
England, Hong Kong, New York, and Spain.  The team's
representations include clawback actions, priority contests,
intercreditor disputes, and investigating and recovering assets
of insolvent entities, often in simultaneous legal proceedings in
multiple countries.

"Having witnessed and admired Kobre & Kim's expansion in the
insolvency litigation realm from afar, I am thrilled to now be
part of that growth," Mr. Griffiths said.  "I look forward to
bringing my ability to handle insolvencies and related
investigations, as well as my experience practicing in the UK and
the Caribbean, to bolster the firm's global insolvency
offerings."

                        About Kobre & Kim

Kobre & Kim -- http://www.kobrekim.com/-- is a global law firm
that focuses on disputes and investigations, often involving
fraud and misconduct.  The firm's insolvency disputes team has
experience litigating in courts around the world and includes
U.S. litigators (including former U.S. government lawyers);
offshore lawyers qualified in key jurisdictions, including the
Cayman Islands, the British Virgin Islands, Turks and Caicos
Islands, St. Vincent and the Grenadines, the Bahamas, and
Bermuda; Hong Kong solicitors; and English barristers and
solicitors (including three English Queen's Counsel).  Often
working with other law firms as special counsel, it has extensive
experience litigating in contentious, multijurisdictional
insolvency matters that involve competing stakeholders.


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


* BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-----------------------------------------------------------
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95

Review by Henry Berry
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her
subject of the wide and engrossing field of health and illness
the perspective, as well as the special sympathies and
sensitivities, of a registered nurse. She is an exceptionally
skilled writer. Again and again, her descriptions of ill
individuals and images of illnesses such as cancer and meningitis
make a lasting impression. Tisdale accomplishes the tricky
business of bringing the reader to an understanding of what
persons experience when they are ill; and in doing this, to
understand more about the nature of illness as well. Her style
and aim as a writer are like that of a medical or science
journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable
style is added the probing interest and concern of the
philosopher trying to shed some light on one of the central and
most unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other
healthcare professionals are like sorcerer's trying to work magic
on them. They hope to bring improvement, but can never be sure
what they do will bring it about. Tisdale's intent is not to
debunk modern medicine, belittle its resources and ways, or
suggest that the medical profession holds out false hopes. Her
intent is to report on the mystery of serious illness as she has
witnessed it and from this, imagined what it is like in her
varied work as a registered nurse. She also writes from her own
experiences in being chronically ill when she was younger and the
pain and surgery going with this.

She writes, "I want to get at the reasons for the strange state
of amnesia we in the health professions find ourselves in. I want
to find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state
of mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness,
to save lives, to make sick people feel better. Doctors,
surgeons, nurses, and other health-care professionals become
primarily technicians applying the wonders of modern medicine.
Because of the volume of patients, they do not get to spend much
time with any one or a few of them. It's all they can do to apply
the prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this
problemsolving outlook, can-do, perfectionist mentality by opting
to spend most of her time in nursing homes, where she would be
among old persons she would see regularly, away from the high-
charged atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states."
This is not the lesson nearly all other health-care workers come
away with. For them, sick persons are like something that has to
be "fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.
Simply in describing what she observes, Tisdale leads those in
the medical profession as well as other interested readers to see
what they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel
and cuts -- the top of the hip to a third of the way down the
thigh -- and cuts again through the globular yellow fat, and
deeper. The resident follows with a cautery, holding tiny
spraying blood vessels and burning them shut with an electric
current. One small, throbbing arteriole escapes, and his glasses
and cheek are splattered." One learns more about what is actually
going on in an operation from this and following passages than
from seeing one of those glimpses of operations commonly shown on
TV. The author explains the illness of meningitis, "The brain
becomes swollen with blood and tissue fluid, its entire surface
layered with pus . . . The pressure in the skull increases until
the winding convolutions of the brain are flattened out...The
spreading infection and pressure from the growing turbulent ocean
sitting on top of the brain cause permanent weakness and
paralysis, blindness, deafness . . . ." This dramatic depiction
of meningitis brings together medical facts, symptoms, and
effects on the patient. Tisdale does this repeatedly to present
illness and the persons whose lives revolve around it from
patients and relatives to doctors and nurses in a light readers
could never imagine, even those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds
readers that the mystery of illness does, and always will, elude
the miracle of medical technology, drugs, and practices. Part of
the mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies
are essentially entropic." This is what many persons, both among
the public and medical professionals, tend to forget. "The
Sorcerer's Apprentice" serves as a reminder that the faith and
hope placed in modern medicine need to be balanced with an
awareness of the mystery of illness which will always be a part
of human life.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *