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

                           E U R O P E

           Thursday, July 20, 2017, Vol. 18, No. 143


                            Headlines


A Z E R B A I J A N

INT'L BANK: Begins Preparations for Sale to Private Investors


D E N M A R K

ROY MIDCO: Moody's Assigns B3 CFR, Outlook Stable


F R A N C E

GM&S: PSA Group Resists French Government Bailout Demands
INFOPRO DIGITAL: S&P Assigns Prelim. 'B' Corporate Credit Rating


G E R M A N Y

DEMIRE DEUTSCHE: S&P Assigns 'BB' CCR, Outlook Stable


H U N G A R Y

NITROGENMUVEK ZRT: S&P Affirms 'B+' CCR, Revises Outlook to Neg.


I R E L A N D

AWAS AVIATION: S&P Retains 'BB' CCR on CreditWatch Developing
TORO EUROPEAN 4: Fitch Assigns B- Rating to Class F-R Notes


I T A L Y

BANCA CARIGE: Moody's Affirms Ba1 Mortgage Covered Bonds Rating


K A Z A K H S T A N

FOOD CONTRACT: Moody's Affirms Ba3 CFR, Outlook Stable


N E T H E R L A N D S

ARES CLO VII: Moody's Assigns (P)B2 Rating to Class E-R Notes
ARES CLO VII: S&P Assigns 'B- (sf)' Rating to Class E-R Notes
FAXTOR ABS 2005-1: Fitch Raises Rating on Class A-3 Notes to 'BB'
JUBILEE CLO 2014-XIV: Fitch Affirms B- Rating to Class F Notes
NORTH WESTERLEY CLO IV: S&P Assigns BB Rating to Class E-R Notes

NORTH WESTERLY CLO IV: Fitch Assigns BB Rating to Class E-R Notes


P O L A N D

ALMA MARKET: Seeks Court Approval of Asset Sale to E.Leclerc
VERTE SA: Files Bid for Accelerated Arrangement Proceedings


R U S S I A

REGION INVESTMENT: S&P Affirms 'B-/B' Counterparty Credit Ratings


T U R K E Y

ODEA BANK: Moody's Assigns (P)B2 LT Subordinated Debt Rating
ODEA BANK: Fitch Rates Basel III-Compliant Tier 2 Notes 'B+(EXP)'


U N I T E D   K I N G D O M

ALBA 2006-2: S&P Affirms B- Credit Rating on Class F Notes
COILCOLOR: Enters Administration, 50 Jobs Affected
CORIALIS GROUP: S&P Assigns 'B' Long-Term CCR, Outlook Stable
INTEGRATED DENTAL: S&P Cuts CCR to 'B-' on Weaker Earnings Growth
PREMIER OIL: Court of Session Okays Debt Restructuring Plans

WORLDPLAY GROUP: S&P Places 'BB' CCR on CreditWatch Positive


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A Z E R B A I J A N
===================


INT'L BANK: Begins Preparations for Sale to Private Investors
-------------------------------------------------------------
Henry Foy at The Financial Times reports that the International
Bank of Azerbaijan has begun preparations to be sold to private
investors next year after completing a US$3.3 billion debt
restructuring.

The state-owned bank had angered creditors such as Fidelity and
Allianz by defaulting on its debt in May and launching a
restructuring process, after the collapse in the oil price
pitched the lender into trouble, the FT relates.

Some international funds accused the bank of inflicting long-term
damage to the Central Asian economy's reputation by imposing
haircuts, repayment delays and a forced exchange of bonds for
sovereign paper, instead of tapping its national reserves, the FT
discloses.

However, the bank said creditors representing 93.9% of the debt
in question voted to approve the restructuring at a meeting in
Baku on July 18, the FT notes.

"The fact that the plan was supported by a huge number of
creditors is a clear indication that they consider it to be fair
and that it considered their interests in the best possible way,"
the FT quotes Khalid Ahadov, the lender's chairman, as saying.
"To this end I don't believe it will have a negative impact on
the image of the country."

Mr. Ahadov, as cited by the FT, said the bank is already in talks
with financial institutions regarding its sale to private
investors.

"We will be working with advisers on the new strategy of the
bank ? . ?. ?.?and to prepare the bank for the privatization
process," the FT quotes Mr. Ahadov as saying.  "The preparations
for the privatization will take up to one year from now, and it
will be possible in 2018."

Following the restructuring, which will exchange existing debt
for Azerbaijani sovereign paper or new IBA bonds, the bank will
transfer around US$2.9 billion worth of bad debts to another
state-owned financial entity to shore up its balance sheet, the
FT states.

The International Bank of Azerbaijan is Azerbaijan's biggest
bank.

                            *   *   *

The Troubled Company Reporter-Europe reported on June 1, 2017,
that Moody's Investors Service said the foreign-currency senior
unsecured debt rating of International Bank of Azerbaijan (IBA)
is unaffected at Caa3, under review for downgrade.  The rating
agency downgraded the bank's long-term foreign- and local-
currency deposit ratings to Caa2 from B1 and changed the review
to direction uncertain from review for downgrade.  IBA's baseline
credit assessment (BCA) of ca was has also been placed on review
with direction uncertain. In addition, Moody's downgraded IBA's
long-term counterparty risk assessment (CRA) to Caa1(cr) from
Ba3(cr) and changed the review to direction uncertain from review
for downgrade.  IBA's Not Prime short-term foreign- and local-
currency deposit ratings and Not Prime(cr) short-term CRA were
affirmed.  IBA's foreign-currency debt rating of Caa3 reflects
the likely loss for creditors as a result of a proposed debt
restructuring.  Based on the terms of this restructuring
announced on May 23, which proposes several options to investors
including a proposed exchange ratio of 0.8 in sovereign bonds
against existing claims, Moody's estimates the loss to be at
about 20%, which is consistent with the current Caa3 debt rating.
The rating agency maintains the review for possible downgrade on
the bank's debt ratings, which was opened on May 15. In Moody's
view, given the significant weight of Azerbaijani government-
related entities amongst the creditors, coupled with the threat
of a liquidation of the bank should the proposal be rejected,
there is little prospect for creditor losses to be less than the
agency now assumes.  However, there remains a possibility of
higher losses, should the proposal fail and the authorities
proceed to liquidate the bank.

As reported by the Troubled Company Reporter-Europe on May 29,
2017, Fitch Ratings downgraded International Bank of Azerbaijan's
(IBA) Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted
Default) from 'CCC' and removed it from Rating Watch Evolving
(RWE).  The downgrade of IBA's IDRs to 'RD' follows the
announcement of the bank's restructuring plan, presented on
May 23, 2017.  The proposed restructuring will represent a
distressed debt exchange (DDE) according to Fitch's criteria as
it will impose a material reduction in terms on certain senior,
third-party creditors through a combination of write-downs, tenor
extensions and interest rate reductions.


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D E N M A R K
=============


ROY MIDCO: Moody's Assigns B3 CFR, Outlook Stable
-------------------------------------------------
Moody's Investors Service has assigned a first time B3 corporate
family rating (CFR) and B3-PD probability of default rating (PDR)
to Roy Midco ApS the ultimate parent of Faerch Plast Group A/S
(Faerch or The Company), a leading player in the manufacture of
rigid plastic packaging which it supplies into certain high-
growth niche food end markets across a limited number of Western
European countries.

The rating action takes into account the following factors:

* The high opening Moody's-adjusted leverage with gradual
deleveraging prospects

* High ongoing levels of capex weighing on free cashflow

* The company's leading position in niche high growth food
packaging markets

* Faerch's long term customer relationships and demonstrated
ability to pass through raw material price increases

Concurrently, Moody's assigned a first-time B2 instrument rating
to the DKK2,231 million (EUR denominated) first lien secured term
loan B1 due 2024, the DKK818 million (GBP denominated) first lien
secured term loan B2 due 2024 and the EUR65 million
(multicurrency) first lien secured revolving credit facility
(RCF) due 2023, borrowed at Roy Bidco ApS.

Proceeds from the term loan will be used to partially finance the
acquisition of Faerch by Advent International, repay existing
debt facilities and transaction costs as well as provide a DKK100
million cash overfund.

The outlook on all ratings is stable.

RATINGS RATIONALE

Moody's views the rating as strongly positioned in the B3
category, reflecting: (i) the focused product portfolio supplying
into high-growth, high-priced segments of the defensive food end
market where demand is low-cyclical; (ii) high switching costs
for customers given products are often bespoke; (iii) long-term
customer relationships and proven ability to pass-through resin
price increases; and (iv) the well invested asset base with a
high degree of automation resulting in favourable margins
compared to peers.

The rating also reflects: (i) the very high Moody's-adjusted
opening leverage of around 7.3x for year-end 2016 proforma for
the transaction, which Moody's believes will remain elevated for
the next 12-18 months reducing to around 6.4x by the end of 2018;
(ii) the high level of projected capex which weighs on cash
flows; (iii) the high customer concentration level, which is
partially mitigated by the long term nature of customer
relationships as well as Faerch's proven ability to grow revenues
with its main customers; and (iv) the fragmented and competitive
market environment in which Faerch operates against a number of
significantly larger players.

Faerch is a rigid plastic packaging manufacturer with strong
niche market positions in certain Western European countries with
a high exposure to the UK and Ireland. The market for rigid
plastic packaging is highly fragmented and exhibits strong
pricing pressure and fierce competition due to its relatively
high growth rate. At higher than GDP rates, rigid plastic
packaging is the fastest growing food packaging material.
According to the company, between 2010 and 2015 the market in
Europe grew at around 4% per annum and is expected to maintain
similar growth rates over the next 3-5 years. This forecast is in
line with Moody's own projections.

Faerch generates 44% of revenues from European Ready Meals end
markets, 31% from the Food-To-Go market and 25% from the European
Fresh Meat market segment each of which demonstrated resilience
during the last economic downturn.

While Faerch has relatively small scale as measured by revenues
relative to rated peers, the company is one of the largest
players in its respective markets. Faerch benefits from a well-
invested asset base with a high degree of automation, which
positions the company as a cost leader in this sector. Faerch's
asset base benefits from a sustained high level of capital
investment, including into acquired companies, relative to its
peers and this is reflected in its relatively high EBITDA margin
in 2016.

Faerch has demonstrated a track record of growth. From 2013-16
the company reported organic revenue growth of 5.6% CAGR while
growing its EBITDA margin, reflecting its focus on disciplined
growth (vs. chasing volumes) and reducing the company's fixed
cost base.

Moody's expects deleveraging will be gradual, coming from the
company's ability to grow EBITDA at slightly higher than end
market growth rates due to its investment in new products,
generating operating efficiencies by lowering conversion costs
through continuing investment in automation. In addition, Moody's
believes EBITDA growth may be generated from modest acquisitions
aimed at geographic expansion and based on Faerch's track record
of growing its share of wallet with existing customers.

LIQUIDITY PROFILE

Moody's considers Faerch's liquidity, pro forma for the
transaction, to be adequate. At closing, the company will have an
opening cash balance of DKK100 million (equivalent to EUR13
million) and liquidity is also supported by a DKK483 million
(EUR65 million) revolving credit facility which Moody's expects
will be sufficient to cover capex and seasonal working capital
needs.

The company's high capex spend, which is partly linked to the
integration of two acquisitions completed in 2015 of between 8.5%
p.a. and 12.7% p.a. of revenues in the last few years weighs on
cash flow although maintenance capex amounts to around 2% of
revenues with the remainder linked to growth and efficiency
projects. Working capital requirements are typically slightly
higher in Q3 and Q4 due to inventory build-up, but Moody's does
not expect this to have a significant impact on cash flow
generation.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Faerch's
leverage, as measured by Moody's-adjusted debt/EBITDA, will
decrease to around 6.5x within the next 12-18 months and that
management will not embark on any material debt-funded
acquisitions, or dividend recapitalisations.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the rating could come from continued EBITDA
growth so that Moody's adjusted debt/EBITDA falls below 6.0x,
combined with free cash flow/debt in the mid-single-digits.

The rating could come under negative pressure if operating
performance deteriorates, Moody's adjusted leverage increases to
above 7x, free cash flow turns negative, or due to weakening
liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
September 2015.

CORPORATE PROFILE

Headquartered in Holstebro, Denmark, Faerch is a leading rigid
plastic packaging manufacturer supplying into the European food
industry, with more than 1,000 employees across six manufacturing
facilities, and regional sales offices covering all of Europe as
well as selected non-European countries. Faerch focuses on the
production of plastic trays and its main customers are food
producers (80% of 2016 revenue), distributors (16%) and retailers
(4%). The company is majority owned by private equity firm Advent
International following its acquisition of EQT's 92.7% stake.


===========
F R A N C E
===========


GM&S: PSA Group Resists French Government Bailout Demands
---------------------------------------------------------
Laurence Frost at Reuters reports that French carmaker PSA Group
is resisting government demands that it raise a bailout offer to
struggling supplier GM&S, ahead of a July 19 bankruptcy hearing
that may decide its fate.

The threat to GM&S and its 277 jobs is in the political
spotlight, as a first industrial policy test for new President
Emmanuel Macron's government, Reuters notes.

According to Reuters, Finance Minister Bruno Le Maire, who took
office in May, is pushing for up-front grants of EUR5 million
(US$5.8 million) from PSA as well as rival Renault, with a
matching contribution from the French state.

Renault has agreed to contribute EUR5 million and commit to
another EUR50 million in parts orders over five years, raising
the pressure on PSA, the maker of Peugeot, Citroen and DS cars,
Reuters relates.

"PSA has confirmed to the minister that it did not wish to
participate in this financing," Reuters quotes Mr. Le Maire's
office as saying in a statement on July 17.

The stand-off deepened on July 18 as PSA reiterated that it would
not go beyond its current offer of a EUR60 million order
commitment over the same five-year period, Reuters relays.  The
Paris-based manufacturer also plans to invest EUR4 million in its
own tooling for the GM&S plant, Reuters states.

"We have already made an enormous effort to advance this rescue
plan," a PSA spokesman, as cited by Reuters, said.  "GM&S is in
this situation today because of other clients who cut their
orders."

The Poitiers commercial court was due to rule on the rescue plan
for the company on July 19, Reuters discloses.


INFOPRO DIGITAL: S&P Assigns Prelim. 'B' Corporate Credit Rating
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit rating to France-based Infopro Digital Group
B.V. The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to the proposed EUR500 million senior secured notes.
The recovery rating is '4', indicating our expectation of average
recovery prospects (30%-50%; rounded estimate 45%) in the event
of a payment default.

"We also assigned our 'B' preliminary issue rating to the
proposed EUR70 super senior secured RCF. The recovery rating is
'1', indicating our expectation of meaningful recovery prospects
(90%-100%; rounded estimate 95%) in the event of a payment
default.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. Accordingly, the preliminary ratings should not be
construed as evidence of final ratings. If S&P Global Ratings
does not receive final documentation within a reasonable time
frame, or if final documentation and final terms of the
transaction depart from materials and terms reviewed, it reserves
the right to withdraw or revise the ratings.

"Our rating on Infopro Digital primarily reflects the group's
small operations, somewhat offset by the predictability of
revenues thanks to the subscription-based business model, as well
as the group's high leverage, and financial sponsor ownership."


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


DEMIRE DEUTSCHE: S&P Assigns 'BB' CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term corporate credit
rating to Germany-based real estate company DEMIRE Deutsche
Mittelstand Real Estate AG. The outlook is stable.

S&P said, "At the same time, we assigned our 'BB+' issue rating
to DEMIRE's EUR270 million senior unsecured notes. The recovery
rating on the notes is '2', indicating our expectation of
substantial recovery (70%-90%; rounded estimate 85%) in the event
of a payment default.

"These ratings are in line with the preliminary ratings we
assigned on July 10, 2017.

"Our rating on DEMIRE reflects our view of the company's
relatively small scale and portfolio size compared with those of
other rated peers in the commercial real estate segment, with
exposure to one single economy, Germany." As of March 31, 2017,
the company's property portfolio consists of 98 buildings with a
gross asset value of EUR994 million, including 16 assets held for
sale amounting to EUR35.7 million. DEMIRE's strategy is to focus
on midsize secondary locations in Germany, bordering metropolitan
areas. Its portfolio comprises mainly office premises (68% of
total gross rental income as of March 31, 2017), retail assets
(24%), one logistics property (5%), and other real estate assets
(3%).

DEMIRE has relatively high leverage, with the S&P Global Ratings-
adjusted ratio of debt to debt plus equity higher than 60%, and
EBITDA interest coverage is weak at below 2x. S&P said, "We
consider DEMIRE's debt leverage to be relatively high compared
with industry standards, and project that the company's credit
metrics will improve over the next 12 months, thanks to the
recent bond issuance and related refinancing plans. We estimate
that leverage will decrease to below 60% and EBITDA interest
coverage will increase beyond 2x by the end of 2018."

DEMIRE is committed to deleveraging, and its financial policy
stipulates a maximum net loan-to-value ratio of 50% in the medium
term.

S&P said, "We anticipate like-for-like rental income growth of
5%-6%, stemming mainly from improved occupancy of DEMIRE's
existing portfolio, higher rents from some new leases, and
favorable supply-and-demand conditions in the German commercial
market. We continue to forecast a debt-to-debt plus equity ratio
of about 60%-63%% in 2017 and close to 58% in 2018, given the
company's deleveraging plans. We also anticipate that the EBITDA
interest coverage ratio will be just below 2x in 2017 and well
above 2x in 2018.

"The stable outlook reflects our view that DEMIRE's property
portfolio should generate stable cash flows over the next 12
months. This is because the majority of DEMIRE's properties in
secondary locations are near metropolitan areas across Germany,
where demand trends are favorable, and occupancy should improve
further in line with the company's strategy.

"In addition, we expect that the company will successfully access
the bond capital markets in the next few months to refinance some
of its maturing debt. We forecast EBITDA interest coverage will
improve close to 2x in the next 12 months, and debt to debt plus
equity will decrease to approximately 58% by the end of 2018.

"We could raise the rating if DEMIRE increased its EBITDA
interest coverage to 3x or higher on a sustainable basis while
reducing leverage, with the ratio of debt to debt plus equity
falling to about 50%. This could occur due to unexpectedly high
rental growth, significant reduction in portfolio vacancies, or
debt repayment."

In addition, an upgrade would depend on the scale and scope of
DEMIRE's portfolio improving toward that of rated peers in the
investment-grade category, with vacancy levels well below 10%,
including newly acquired assets, and locations with solid
underlying macroeconomic fundamentals.

S&P said, "We could lower the rating if the company fails to
achieve a debt-to-debt-plus-equity ratio below 60% and EBITDA
interest coverage close to 2x by the end of 2018. This situation
could materialize if DEMIRE were to alter its current publicly
announced policy to reduce leverage, undertook additional debt-
financed acquisitions, or was unable to refinance outstanding
debt with the bond's proceeds.

"We could also lower the rating if the company's business
strategy did not materialize, resulting in a decline in the
overall portfolio size to well below EUR1 billion or investment
in less favorable secondary locations away from metropolitan
hubs. Ratings downside could also develop if the vacancy rate
remained above 10%, due for example to weak demand or the
acquisition of highly vacant premises."


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H U N G A R Y
=============


NITROGENMUVEK ZRT: S&P Affirms 'B+' CCR, Revises Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Hungary-based
fertilizer producer Nitrogenmuvek Zrt. to negative from stable.
S&P said, "At the same time, we affirmed the 'B+' long-term
corporate credit rating on the company and the 'B+' issue rating
on its $200 million bond. In addition, we assigned our 'B+'
rating to the company's proposed EUR20EUR0 million, seven-year
bond."

The outlook revision follows Nitrogenmuvek's weaker-than-expected
performance in 2016. Its ratio of adjusted funds from operations
(FFO) to debt deteriorated to 7% by year-end 2016 due to peak
spending under its large and ambitious capital-expansion program,
a series of unplanned production outages related to the
engineering and construction work on its single site in Hungary,
and continued depressed fertilizer prices. S&P said, "Our
forecast is for this ratio to recover to about 12% in 2017,
mainly supported by anticipated higher sales volumes and
materially lower capital expenditures (capex). Nevertheless,
we've factored in a one-in-three likelihood that the deleveraging
could be delayed and that adjusted FFO to debt could remain below
the 12%-15% range we consider commensurate for the rating.

With the commissioning of several new and expanded facilities in
2017, Nitrogenmuvek is about to complete an ambitious, multi-year
investment program, with total capex of Hungarian forint (HUF) 98
billion forint since 2013. Key components of this initiative are
an expansion of its ammonia facility's capacity by 200 tons per
day (tpd), the construction of a new nitric acid plant with an
1,100-tpd capacity, and the completion of a new CAN (calcium
ammonium nitrate) granulation plant. As a result of these
efforts, Nitrogenmuvek is expecting significantly improved
production stability, complemented by steep decreases in
maintenance costs and energy consumption. Another benefit is that
a larger share of its products -- about 80% -- is now produced in
granulated form, which offers higher margins.

S&P said, "With Nitrogenmuvek's investment program now
substantially complete, our revised base-case scenario
anticipates that the company will continue to operate its plant
at near-full capacity for the next couple of years. We estimate
that its adjusted EBITDA margin will recover to about 17%-19% in
2017 (compared with 15% in 2016 and 23% in 2015) despite our
expectation of continued fertilizer pricing pressure. We also
assume that there will be no significant capacity additions in
Nitrogenmuvek's main markets and that, as in the past few years,
increasing demand from farmers will absorb most of its
production."

Nitrogenmuvek's business risk profile continues to reflect the
company's relatively small scale compared to that of peers,
concentrated asset base (it is reliant on one site in Hungary),
limited product and geographic diversification, and exposure to
the cyclical fertilizer industry. Partly offsetting these
constraints are Nitrogenmuvek's strong domestic market position
and good cost position as a result of its efficient plant, low
transportation costs, and domestic distribution network.
Historically, this has resulted in above-average, though very
volatile, profitability.

S&P said, "The company's proposed refinancing addresses some of
the issues we had raised regarding its capital structure. On top
of the extended maturity profile, the proposed EUR200 million
bond, which the company intends to use to refinance the existing
$200 million bond due 2020, significantly reduces the mismatch
between the company's debt (currently mostly denominated in U.S.
dollars) and its revenues (more than 40% of sales were
denominated in euros in 2016, and the remainder was in forint).

"The negative outlook reflects a one-in-three likelihood that we
could lower the rating in the next 12 months if anticipated
deleveraging were to be delayed, leading to adjusted FFO to debt
remaining below 12%. This could happen due to, for example,
lower-than anticipated fertilizer prices, a fall in production,
or a material depreciation of the forint against the euro, the
U.S. dollar, or both. We could also consider lowering the rating
if Nitrogenmuvek were to adopt financial policies that we
consider less prudent, which we don't anticipate.

"We would revise the outlook to stable within the next 12 months
if the company realizes the anticipated higher production and
sales volumes during 2017 and fertilizer prices don't fall
further."


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I R E L A N D
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AWAS AVIATION: S&P Retains 'BB' CCR on CreditWatch Developing
-------------------------------------------------------------
S&P Global Ratings said that all of its ratings on AWAS Aviation
Capital Ltd., including its 'BB' corporate credit rating, remain
on CreditWatch, where S&P placed them with developing
implications on April 25, 2017.

The CreditWatch placement reflects Dubai Aerospace Enterprise
Ltd.'s (DAE) proposed acquisition of AWAS Aviation Capital Ltd.
S&P said, "Based on our assessment that AWAS will be a core
subsidiary of DAE following the completion of this acquisition,
we expect to affirm all of our ratings on AWAS and remove them
from CreditWatch. We also expect to assign a positive outlook to
AWAS to reflect our positive outlook on DAE. The transaction,
which is expected to close in the third quarter of 2017, is
subject to customary regulatory approvals.

"We plan to resolve the CreditWatch placement when the
acquisition closes. Assuming there are no material changes to the
proposed capital structure, we expect to affirm our ratings on
AWAS and its secured debt, remove the ratings from CreditWatch,
and assign a positive outlook."


TORO EUROPEAN 4: Fitch Assigns B- Rating to Class F-R Notes
-----------------------------------------------------------
Fitch Ratings has assigned Toro European CLO 4 DAC's (previously
known as Toro European CLO 1 DAC) refinancing notes final ratings
as follows:

EUR1.75 million class X notes: assigned 'AAAsf'; Outlook Stable
EUR240 million class A-R notes: assigned 'AAAsf'; Outlook Stable
EUR19.5 million class B-1-R notes: assigned 'AAsf'; Outlook
Stable
EUR13 million class B-2-R notes: assigned 'AAsf'; Outlook Stable
EUR15 million class B-3-R notes: assigned 'AAsf'; Outlook Stable
EUR25 million class C-R: assigned 'Asf'; Outlook Stable
EUR20.75 million class D-R: assigned 'BBBsf'; Outlook Stable
EUR26.5 million class E-R: assigned 'BBsf'; Outlook Stable
EUR10.5 million class F-R: assigned at 'B-sf'; Outlook Stable

Toro European CLO 4 DAC is a cash flow collateralised loan
obligation securitising a portfolio of mainly European leveraged
loans and bonds. Net proceeds from the issue of the notes are
being used to refinance the current outstanding notes. The
portfolio is managed by Chenavari Credit Partners LLP.

KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors to be in
the 'B' category. The Fitch weighted average rating factor (WARF)
of the current portfolio is 32.5, below the maximum covenanted
WARF of 34.5.

High Recovery Expectation
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 (WARR) of the current
portfolio is 69.3%, above the minimum covenanted WARR of 67.75%.

Payment Frequency Switch
The notes pay quarterly, while the portfolio assets can be reset
to semi-annual from quarterly or monthly. The transaction has an
interest-smoothing account but no liquidity facility. Liquidity
stress for the non-deferrable classes A-R and B-R notes, stemming
from a large proportion of assets potentially resetting to semi-
annual in any one quarter, is addressed by switching the payment
frequency of the notes to semi-annual in such a scenario, subject
to certain conditions.

Limited Interest Rate Risk
Up to 10% of the portfolio can be invested in fixed-rate assets,
while 3.2% liabilities pay a fixed-rate coupon. Fitch modelled
both 0% and 10% fixed-rate buckets and found that the rated notes
can withstand the interest rate mismatch associated with each
scenario.

Limited FX Risk
Perfect asset swaps are used to mitigate any currency risk on
assets not denominated in euro. The transaction is permitted to
invest up to 30% of the portfolio in assets denominated in a
currency other than euro, provided suitable asset swaps can be
entered into.

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.

TRANSACTION SUMMARY
The issuer has amended the capital structure, increased the
target par balance to EUR400 million and extended the maturity of
the notes as well as the reinvestment period. The transaction
features a four-year reinvestment period, which is scheduled to
end in July 2021. The maturity has been extended by two years to
July 2030.

The issuer has introduced the new class X notes, ranking pari
passu and pro-rata to the class A-R notes. Principal on these
notes is scheduled to amortise in equal instalments during the
first eight quarterly payment dates. Class X notional is excluded
from the over-collateralisation tests calculation, but a breach
of this test will divert interest and principal proceeds to the
repayment of the class X notes.

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 five notches for the rated notes.


=========
I T A L Y
=========


BANCA CARIGE: Moody's Affirms Ba1 Mortgage Covered Bonds Rating
---------------------------------------------------------------
Moody's Investors Service has taken the following rating actions:

- Banca Carige S.p.A. - Mortgage Covered Bonds (commercial)
   issued by Banca Carige S.p.A. upgraded to Baa2 from Baa3

- Banca Carige S.p.A. Mortgage Covered Bond Programme 3 (CPT)
   issued by Banca Carige S.p.A. upgrade to A3 from Baa1

- Banca Carige S.p.A. - Mortgage Covered Bonds (residential)
   issued by Banca Carige S.p.A. affirmed at Ba1

RATINGS RATIONALE

The rating action is prompted by Moody's upgrade on July 14, 2017
of Banca Carige's Counterparty Risk Assessment to B3 (cr) from
Caa1 (cr).

The Timely Payment Indicator (TPI) assigned to these transactions
is

- Probable for Banca Carige S.p.A. - Mortgage Covered Bonds
   (residential)

- Probable High for Banca Carige S.p.A. - Mortgage Covered Bonds
   (commercial)

- Very High for Banca Carige S.p.A. Mortgage Covered Bond
   Programme 3 (CPT)

Moody's TPI framework does constrain the rating of these covered
bonds at their current levels.

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor); and (2) the stressed losses on the cover
pool assets should the issuer cease making payments under the
covered bonds (i.e., a CB anchor event).

The CB anchor for these programmes is CR assessment plus 1 notch.
Moody's may use a CB anchor of CR assessment plus one notch in
the European Union or otherwise where an operational resolution
regime is particularly likely to ensure continuity of covered
bond payments.

The cover pool losses are an estimate of the losses Moody's
currently models following a CB anchor event. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk is derived
from the collateral score, which measures losses resulting
directly from the cover pool assets' credit quality.

Banca Carige S.p.A. - Mortgage Covered Bonds (residential)

The CB anchor for Banca Carige S.p.A. - Mortgage Covered Bonds
(residential) is the CR assessment plus 1 notch. Moody's may use
a CB anchor of CR assessment plus one notch in the European Union
or otherwise where an operational resolution regime is
particularly likely to ensure continuity of covered bond
payments.

The cover pool losses of Banca Carige S.p.A. - Mortgage Covered
Bonds (residential) are 18.2%, with market risk of 12.8% and
collateral risk of 5.4%. The collateral score for this programme
is currently 8.0%. The over-collateralisation in this cover pool
is 41.9%, of which Banca Carige S.p.A provides 22% on
a"committed"basis. The minimum OC level that is consistent with
the Ba1 rating is 0.0%. These numbers show that Moody's is not
relying on "uncommitted" OC in its expected loss analysis.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programmes rated by Moody's please refer to "Moody's Global
Covered Bonds Monitoring Overview", published quarterly. All
numbers in this section are based on Moody's most recent
modelling (based on data, as of 31/12/2016).

Banca Carige S.p.A. - Mortgage Covered Bonds (commercial)

The CB anchor for Banca Carige S.p.A. - Mortgage Covered Bonds
(commercial) is the CR assessment plus 1 notch. Moody's may use a
CB anchor of CR assessment plus one notch in the European Union
or otherwise where an operational resolution regime is
particularly likely to ensure continuity of covered bond
payments.

The cover pool losses of Banca Carige S.p.A. - Mortgage Covered
Bonds (commercial) are 33.5%, with market risk of 12.7% and
collateral risk of 20.8%. The collateral score for this programme
is currently 31.0%. The over-collateralisation in this cover pool
is 114.3%, of which Banca Carige S.p.A provides 32% on
a"committed"basis. The minimum OC level that is consistent with
the Baa2 rating is 25.0%. These numbers show that Moody's is not
relying on "uncommitted" OC in its expected loss analysis.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programmes rated by Moody's please refer to "Moody's Global
Covered Bonds Monitoring Overview", published quarterly. All
numbers in this section are based on Moody's most recent
modelling (based on data, as of 31/12/2016).

Banca Carige S.p.A. Mortgage Covered Bond Programme 3 (CPT)

The CB anchor for Banca Carige S.p.A. Mortgage Covered Bond
Programme 3 (CPT) is the CR assessment plus 1 notch. Moody's may
use a CB anchor of CR assessment plus one notch in the European
Union or otherwise where an operational resolution regime is
particularly likely to ensure continuity of covered bond
payments.

The cover pool losses of Banca Carige S.p.A. Mortgage Covered
Bond Programme 3 (CPT) are 15.2%, with market risk of 10.2% and
collateral risk of 5.0%. The collateral score for this programme
is currently 7.5%. The over-collateralisation in this cover pool
is 40.5%, of which Banca Carige S.p.A provides 20.5% on a
committed basis. The minimum OC level that is consistent with the
A3 rating is 9.5%. These numbers show that Moody's is not relying
on "uncommitted" OC in its expected loss analysis.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.

The TPI assigned to these transactions is

- Probable for Banca Carige S.p.A. - Mortgage Covered Bonds
   (residential)

- Probable High for Banca Carige S.p.A. - Mortgage Covered Bonds
   (commercial)

- Very High for Banca Carige S.p.A. Mortgage Covered Bond
   Programme 3 (CPT)

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

The CB anchor is the main determinant of a covered bond
programme's rating robustness. A change in the level of the CB
anchor could lead to an upgrade or downgrade of the covered
bonds. The TPI Leeway measures the number of notches by which
Moody's might lower the CB anchor before the rating agency
downgrades the covered bonds because of TPI framework
constraints.

The TPI Leeway for these programmes is limited or none, and thus
any reduction of the CB anchor may lead to a downgrade of the
covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in December 2016.


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


FOOD CONTRACT: Moody's Affirms Ba3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR), Ba3-PD probability of default rating (PDR), and Ba3
(LGD4) senior unsecured rating of the outstanding notes of
National Company Food Contract Corporation JSC's (FCC). The
outlook on the ratings remains stable.

RATINGS RATIONALE

To determine FCC's CFR, Moody's applies its Government-Related
Issuers (GRI) rating methodology, according to which the CFR is
driven by the combination of (1) the company's Baseline Credit
Assessment (BCA) of b3, which is a measure of its underlying
fundamental credit strength, excluding any extraordinary
government support; (2) the Baa3 local-currency issuer rating of
the Government of Kazakhstan; (3) the high default dependence
between the company and the government; and (4) the probability
of strong support from the government.

Moody's affirmed the strong probability of the state support
despite the recent market liberalization efforts by the state,
under which FCC lost its official mandate to maintain the state
grain reserves and regulate domestic grain prices. The
government's strong support is predicated on the preserved role
of the company as an important state tool in (1) regulating and
supporting the domestic grain market, (2) guaranteeing national
food security, and (3) developing strategic export operations of
agricultural products as the national agricultural export centre.
The importance of FCC for the government was also illustrated by
the exclusion of the company from a privatization plan in 2016.

FCC's BCA of b3 remains constrained by the company's small scale
and heavy dependence on the Kazakh grain sector, which exacerbate
its exposure to the inherent cyclicality of the agricultural
industry and the volatility of commodity prices. This exposure
results in lack of visibility and significant swings in the
company's earnings and cash flow, and, hence, its financial
metrics. Although FCC has shifted to more profit-oriented
operations since 2016, the company remains an important tool for
the government to support the agricultural sector, which may
still involve substantial non-commercial market interventions.
The BCA also reflects major uncertainties related to the ongoing
transition of FCC's business model, which envisages the
transformation of the company into the national agricultural
export center.

At the same time, FCC's BCA benefits from the company's status as
the state grain trader, with a long track record of operations in
domestic and international markets, and its established
relationships with farmers, grain storage companies, key grain
importers and foreign banks. Moody's also factor in the state
support that FCC receives on an ongoing basis to perform its
market-support functions.

RATIONALE FOR STABLE OUTLOOK

The outlook on FCC's rating is stable, reflecting Moody's
expectations that despite uncertainties related to the current
transformation of the company's business model, it will maintain
its credit metrics within Moody's guidance. Additionally, Moody's
expects banks and the Kazakh government to remain supportive of
FCC in meeting its future financial commitments in a timely
manner.

WHAT COULD CHANGE THE RATING DOWN/UP

The rating could be upgraded if the company demonstrates a
consistent track record of improving financial and operating
performance under its new business model, with greater stability
in earnings and cash flow.

The rating could be downgraded if support from the Kazakh
government fails to materialize in a timely manner, when needed.
In addition, a downgrade of the sovereign rating could
potentially have an effect on FCC's corporate family rating.
Increased gearing (adjusted debt/book capitalization) above 70%
on a sustained basis and a material deterioration of liquidity
could exert strain on the company's BCA and, in turn, on the
rating.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Trading Companies
published in June 2016, and Government-Related Issuers published
in October 2014.

National Company Food Contract Corporation JSC (FCC) is the
Kazakh state grain trader fully owned by the state of Kazakhstan
through JSC National Holding Company KazAgro. Apart from its
commercial operations, the company retains its regulatory
functions for the domestic grain market to (1) ensure the food
security of the country by maintaining sufficient grain reserves;
(2) guarantee the stability of the country's grain market; and
(3) support domestic agricultural producers. Under the recent
agricultural reform, the company is also assuming the new role of
the national agricultural export center, which implies developing
exports operations for other agricultural products.


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


ARES CLO VII: Moody's Assigns (P)B2 Rating to Class E-R Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Ares
European CLO VII B.V.:

-- EUR265,000,000 Class A-1-R Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aaa (sf)

-- EUR32,000,000 Class A-2A-R Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aa2 (sf)

-- EUR30,000,000 Class A-2B-R Senior Secured Fixed Rate Notes
    due 2030, Assigned (P)Aa2 (sf)

-- EUR29,000,000 Class B-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)A2 (sf)

-- EUR20,000,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR29,000,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR12,500,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The provisional 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, 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: Original Class
A Notes, Original Class B Notes, Original Class C Notes, Original
Class D Notes and Original Class E Notes due 2028 (the
"Refinanced Notes"), previously issued on September 3, 2014 (the
"Original Issue Date"). On the refinancing date, the Issuer will
use the proceeds from the issuance of the Refinancing Notes to
redeem in full its respective Refinanced Notes. On the Original
Issue Date, the Issuer also issued one class of subordinated
notes, which will remain outstanding.

Ares Euro VII is a managed cash flow CLO. At least 96% of the
portfolio must consist of senior secured loans and senior secured
bonds. The portfolio is expected to be fully ramped up as of the
Issue Date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe.

The Collateral Manager 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 improved and
credit risk 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. The Collateral Managers'
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: EUR450,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.65%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8 years

As part of the base case, Moody's has looked at 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 a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 0%. Given these portfolio constraints
and the current sovereign ratings of eligible countries, no
additional stress runs were performed as further described in the
methodology.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted 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: + 15% (from 2750 to 3163)

Ratings Impact in Rating Notches:

Class A-1-R Senior Secured Floating 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

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

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

Percentage Change in WARF: +30% (from 2750 to 3575)

Ratings Impact in Rating Notches:

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

Class A-2A-R Senior Secured Floating Rate Notes: -4

Class A-2B-R Senior Secured Fixed Rate Notes: -4

Class B-R Senior Secured Deferrable Floating Rate Notes: -5

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

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

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

Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale 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.


ARES CLO VII: S&P Assigns 'B- (sf)' Rating to Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Ares European CLO VII B.V.'s class A-1-R, A-2A-R, A-2B-R, B-R, C-
R, D-R, and E-R notes. At closing, the issuer will also issue
unrated subordinated notes.

The transaction is a reset of an existing transaction, which
closed in 2014.

The proceeds from the issuance of these notes will be used to
redeem the existing rated notes. In addition to the redemption of
the existing notes, the issuer will use the remaining funds to
purchase additional collateral and to cover fees and expenses
incurred in connection with the reset. The portfolio's
reinvestment period will end approximately 4.2 years after the
rest closing, and the portfolio's maximum average maturity date
will be eight years after the reset closing.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality
    tests.
-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is expected to be
    bankruptcy remote.
-- S&P considers that the transaction's documented counterparty
    replacement and remedy mechanisms adequately mitigate its
    exposure to counterparty risk under our current counterparty
    criteria (see "Counterparty Risk Framework Methodology And
    Assumptions," published on June 25, 2013).

S&P said, "Following the application of our structured finance
ratings above the sovereign criteria, we consider the
transaction's exposure to country risk to be limited at the
assigned preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in our criteria (see "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published on
Aug. 8, 2016).

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria (see
"Structured Finance: Asset Isolation And Special-Purpose Entity
Methodology," published on March 29, 2017).

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

Ares European CLO VII is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers. Ares
European Loan Management LLP is the collateral manager.

RATINGS LIST

Ares European CLO VII B.V.
EUR417.5 Million Floating- And Fixed-Rate Notes And EUR55.6
Million Subordinated
Notes

Class                  Prelim.          Prelim.
                        rating            amount
                                        (mil. EUR)
A-1-R                  AAA (sf)          265.00
A-2A-R                 AA (sf)            32.00
A-2B-R                 AA (sf)            30.00
B-R                    A (sf)             29.00
C-R                    BBB (sf)           20.00
D-R                    BB (sf)            29.00
E-R                    B- (sf)            12.50
Subordinated           NR                 55.60

NR--Not rated.


FAXTOR ABS 2005-1: Fitch Raises Rating on Class A-3 Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded three senior tranches of Faxtor ABS
2005-1 B.V. and affirmed the others as follows:

Class A-2E floating-rate notes (XS0235144358): upgraded to 'Asf'
from 'BBBsf'; Outlook Stable
Class A-2F fixed-rate notes (XS0235144945): upgraded to 'Asf'
from 'BBBsf'; Outlook Stable
Class A-3 fixed-rate notes (XS0235146056): upgraded to 'BBsf'
from 'BB-sf'; Outlook Stable
Class A-4 floating-rate notes (XS0235146569): affirmed at 'CCCsf'
Class B floating-rate notes (XS0235147617): affirmed at 'CCsf'

Faxtor ABS 2005-1 B.V. is a securitisation of European structured
finance assets of mainly mezzanine quality.

KEY RATING DRIVERS
The upgrade of the A-2 and A-3 notes reflects increased credit
enhancement and stable portfolio performance over the past 12
months. During that period the senior class A-1 notes have paid
in full and the class A-2 notes have each paid down to EUR3
million outstanding principal from an initial outstanding balance
of EUR10 million. This has caused credit enhancement to rise
89.5% from 70.9% for the class A-2 notes, to 62.8% from 50.5% for
the class A-3 notes, to 62.8% from 50.5% for the class A-4 notes
and to 23.6% from 20.9% for the class B notes.

The transaction is concentrated with 34 performing assets (down
from 40 a year ago) from 30 obligors remaining. The largest 10
issuers comprise 54.6% of the performing portfolio with the
largest issuer representing 7.5%. Portfolio concentration was
further stressed as part of Fitch's sensitivity analysis whereby
the largest asset was assumed to default with no recovery.

Portfolio distribution and performance has remained largely
unchanged over the last 12 months with peripheral exposure to
Spain at 21.4%, Italy 7% and Portugal 1.2%. The largest asset
class in the performing portfolio remains RMBS at 69.5%.

RATING SENSITIVITIES

To further stress portfolio concentration Fitch modelled the
portfolio with the largest asset in default and assumed no
recovery. This resulted in no changes to the model implied-
ratings for the class A-2 notes and a one-notch downgrade for the
class A-3 notes.


JUBILEE CLO 2014-XIV: Fitch Affirms B- Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2014-XIV B.V.'s
refinancing notes final ratings and affirmed the others, as
follows:

EUR319.5 million Class A1-R: assigned 'AAAsf'; Outlook Stable
EUR5.0 million Class A2-R: assigned 'AAAsf'; Outlook Stable
EUR51.2 million Class B1-R: assigned 'AAsf'; Outlook Stable
EUR12.8 million Class B2-R: assigned 'AAsf'; Outlook Stable
EUR34.4 million Class C-R: assigned 'Asf'; Outlook Stable
EUR28.4 million Class D-R: assigned 'BBBsf'; Outlook Stable
EUR38.5 million Class E: affirmed at 'BBsf'; Outlook Stable
EUR18.9 million Class F: affirmed at 'B-sf'; Outlook Stable

Jubilee CLO 2014-XIV is a cash flow collateralised loan
obligation securitising a portfolio of mainly European leveraged
loans and bonds. The transaction closed in October 2014 and is
still in its reinvestment period, which is set to expire in
January 2019. The portfolio is managed by Alcentra Ltd.

The issuer has issued new notes to refinance part of the original
liabilities. The refinancing notes bear interest at a lower
margin over EURIBOR than the notes being refinanced. The original
notes have been redeemed in full as a consequence of the
refinancing.

In addition, the issuer will extend the weighted average life
(WAL) covenant to 6.25 years (rounded to the nearest quarter)
from 5.25 years and update the Fitch test matrices. The remaining
terms and conditions of the refinancing notes, including
seniority, will be the same as the refinanced notes. Fitch has
analysed the transaction in line with the new WAL covenant and
the ratings assigned to the non-refinanced notes will not be
impacted by this amendment.

KEY RATING DRIVERS

Reduced Weighted Average Life
The maximum weighted average life of the portfolio is now 6.25
years compared with the WAL covenant of eight years assumed at
closing and as a result Fitch's default assumptions, at each
rating stress, have fallen. In combination with the key rating
drivers below this has led to lower breakeven recovery rates in
the Fitch Test Matrix.

Reduced Cost of Funding
The lower liability spreads have resulted in a lower weighted
average cost of funding and as a result the transaction benefits
from higher excess spread.

Significant Par Building
Based on the most recent June trustee report received by Fitch,
the transaction is EUR3.3 million above target par and so the
agency has given benefit to the positive par building since
closing.

'B'/'B-' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the
underlying portfolio to be in the 'B'/'B-' range. The Fitch
weighted average rating factor of the current portfolio is 33.97,
below the maximum covenant of 34.

High Recovery Expectations
At least 90% of the portfolio comprises senior secured loans and
senior secured bonds. Recovery prospects for these assets are
typically more favourable than for second-lien, unsecured, and
mezzanine assets. Fitch weighted average recovery rate (WARR) of
the current portfolio is 65%, above the revised minimum WARR
covenant of 53.1%.

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 five notches for the rated notes.


NORTH WESTERLEY CLO IV: S&P Assigns BB Rating to Class E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to North Westerly
CLO IV 2013 B.V.'s class A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R,
and E-R notes. At the same time, S&P has withdrawn its ratings on
the class A-1, A-2, B-1, B-2, C, D, and E notes.

The repricing was achieved via supplemental trust deeds and
offering circulars. In addition to the repricing, certain changes
to the eligibility criteria, reinvestment criteria, and portfolio
profile tests were incorporated, having been approved via an
extraordinary resolution. S&P has taken these changes into
account in its analysis.

The refinancing achieved a lower spread over Euro Interbank
Offered Rate (EURIBOR) or a lower fixed rate on the notes. The
cash flow analysis demonstrates, in S&P's view, that the notes
have adequate credit enhancement available to support higher
ratings than those assigned to the original notes.

The transaction has experienced overall stable performance since
it closed in December 2013. The transaction's reinvestment period
will end in January 2018, and all coverage ratios are well above
the minimum triggers.

S&P said, "Based on the assumed pricing levels, the post-
refinance structure has improved our cash flow results. We note
that due to improved scenario default rates (SDRs), the
transaction benefits from improved results, even without taking
into account the transaction's refinancing, for all classes of
notes except the class E notes, where the results had in fact
deteriorated. We believe this deterioration was due primarily to
the default of one large asset (Creatrade Holding), combined with
a high cost of funds relative to the spread on the assets, which
had squeezed the available excess spread. The effect of this for
the class E notes was a marginal failure at the current rating
level. Post repricing, the tranche has more than sufficient
cushion to achieve its assigned rating level.

"Our rating analysis incorporates the final pricing achieved on
the notes and our analysis of any changes to the transaction's
supporting documentation. The tables below show the transaction's
improved performance, which is in part attributable to the lower
cost of funding."

CASH FLOW ANALYSIS RESULTS

After refinancing

Class       Amount     Interest        BDR     SDR    Cushion
         (mil. EUR)     rate (%)        (%)     (%)        (%)
A-1-R       161.00     6ME + 0.88      72.72   63.73     8.99
A-2-R        16.00     1.25            72.72   63.73     8.99
B-1-R        27.00     6ME + 1.70      64.64   55.75     8.89
B-2-R        10.00     1.95            64.64   55.75     8.89
C-R          17.50     6ME + 2.25      60.80   49.37    11.43
D-R          16.00     6ME + 3.10      54.82   43.36    11.46
E-R          21.00     6ME + 5.25      41.22   36.26     4.96

Before refinancing

Class       Amount     Interest        BDR     SDR    Cushion
         (mil. EUR)     rate (%)        (%)     (%)        (%)
A-1         161.00     6ME + 1.45      70.32   63.73     6.59
A-2          16.00     2.80            70.32   63.73     6.59
B-1          27.00     6ME + 2.10      62.53   55.75     6.78
B-2          10.00     3.65            62.53   55.75     6.78
C            17.50     6ME + 3.25      57.73   49.37     8.36
D            16.00     6ME + 4.25      50.91   43.36     7.55
E            21.00     6ME + 6.00      36.04   36.26    (0.22)

3ME--Three-month EURIBOR.
BDR--Break-even default rate. SDR--Scenario default rate.

On refinancing, the proceeds from the issuance of the replacement
notes redeemed the original notes. S&P has therefore assigned
ratings to the replacement notes and withdrawn our ratings on the
original notes.

North Westerly CLO IV 2013 is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans granted to
primarily speculative-grade corporate firms. The transaction
closed in 2013 and the reinvestment period
will end on Jan. 15, 2018.

RATINGS LIST

North Westerly CLO IV 2013 B.V.
EUR306 Million Senior Secured Floating- And Fixed-Rate Notes
(Including  Unrated Notes)

Ratings Assigned

Replacement
class          Rating

A-1-R          AAA (sf)
A-2-R          AAA (sf)
B-1-R          AA (sf)
B-2-R          AA (sf)
C-R            A (sf)
D-R            BBB (sf)
E-R            BB (sf)

Ratings Withdrawn

Class              Rating
                To         From

A-1            NR         AAA (sf)
A-2            NR         AAA (sf)
B-1            NR         AA (sf)
B-2            NR         AA (sf)
C              NR         A (sf)
D              NR         BBB (sf)
E              NR         BB (sf)

NR--Not rated.


NORTH WESTERLY CLO IV: Fitch Assigns BB Rating to Class E-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned North Westerly CLO IV 2013 B.V.'s
refinancing notes ratings as follows:

EUR161.0 million class A-1-R notes: assigned 'AAAsf'; Outlook
Stable
EUR16.0 million class A-2-R notes: assigned 'AAAsf'; Outlook
Stable
EUR27.0 million class B-1-R notes: assigned 'AAsf'; Outlook
Stable
EUR10.0 million class B-2-R notes: assigned 'AAsf'; Outlook
Stable
EUR17.5 million class C-R notes: assigned 'Asf'; Outlook Stable
EUR16.0 million class D-R notes: assigned 'BBBsf'; Outlook Stable
EUR21.0 million class E-R notes: assigned 'BBsf'; Outlook Stable

North Westerly CLO IV 2013 B.V. is a cash flow collateralised
loan obligation securitising a portfolio of mainly European
leveraged loans and bonds. Net proceeds from the issue of the
notes will be used to refinance the current outstanding notes.
The portfolio is managed by NIBC Bank N.V.

KEY RATING DRIVERS

Lower Liability Cost
The refinancing notes bear interest at a lower margin over
Euribor (or a lower fixed rate for the class A-2-R and B-2-R
notes) than the refinanced notes.

Increased Weighted Average Life
The remaining weighted average life (WAL) has been extended by 12
months, from the current WAL, resulting in a WAL from the
refinancing date of 5.4 years.

Matrix Amendment
The asset manager has chosen to amend the Fitch test matrix
concurrently with the refinancing. The weighted average recovery
rate thresholds in the amended matrix are lower than in the
original matrix. This is offset by the transaction's reduced risk
horizon. The maximum remaining portfolio weighted average life on
the refinancing date is 5.4 years, compared with eight years at
closing.

Fitch has tested all points in the amended matrix for the
assignment of ratings to the refinancing notes.

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.

TRANSACTION SUMMARY

North Westerly CLO IV 2013 B.V. closed in December 2013 and is
still in in its reinvestment period, which is set to expire in
January 2018. The issuer is now issuing new notes to refinance
the original liabilities. The refinanced class A-1, A-2, B-1, B-
2, C, D and E notes will be redeemed in full as a consequence of
the refinancing.

The refinancing notes bear interest at a lower margin over
Euribor than the notes being refinanced.

In addition to the lower margin, the WAL covenant will be
extended to 5.4 years from the refinancing date. The remaining
terms and conditions of the refinancing notes (including
seniority) are the same as the refinanced notes.

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.


===========
P O L A N D
===========


ALMA MARKET: Seeks Court Approval of Asset Sale to E.Leclerc
------------------------------------------------------------
Konrad Krasuski at Bloomberg News reports that Alma Market said
it seeks court approval for the sale of its selected assets to
Immomok, a Polish unit of French supermarket chain E.Leclerc, for
a net PLN94 million.

According to Bloomberg, Urszula Frackiewicz-El Ghaouati, a
spokeswoman for E.Leclerc in the country, said in an e-mail
Jean-Phillipe Magre, CEO of E.Leclerc Polska, "confirms" that the
decision to acquire Alma Market's assets was made to boost
E.Leclerc's presence in Poland.

Alma said the sale of the assets will help pay back creditors and
shorten liquidation procedure, while also allowing it to save
jobs and the value of Alma chain, Bloomberg relates.

In February, the Polish retailer decided to file for liquidation
after the failure of its remedial bankruptcy proceedings,
Bloomberg recounts.


VERTE SA: Files Bid for Accelerated Arrangement Proceedings
-----------------------------------------------------------
Reuters reports that Verte SA on July 17 said that it filed a
motion for accelerated arrangement proceedings to the court in
Warsaw.


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


REGION INVESTMENT: S&P Affirms 'B-/B' Counterparty Credit Ratings
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term
counterparty credit ratings on REGION Investment Co. (REGION) and
its core subsidiary REGION Broker. The outlook is stable.

S&P said, "We believe that REGION's business profile remained
relatively stable in 2016-2017. The asset management division had
robust results; fees and commissions for 2016 stood at 0.54% of
average assets under management. This was enough to offset
relatively weaker results in underwriting stemming from increased
competition and somewhat lower gains from proprietary operations.
Far Eastern Bank also somewhat enhanced the diversification of
the group's revenues by providing a new business line.

"We note that the capitalization of the group remained weak as
REGION performed a series of large reverse REPO transactions in
2016, which led to leverage ratio declining below 3%. It further
increased this volume in 2017 using corporate and sovereign bonds
as collateral. We expect capitalization, as measured by our risk-
adjusted capital (RAC) ratio, to moderately increase from year-
end 2016 levels but still stay below 5% because the above-
mentioned reverse REPO deals are likely to be rolled over and
stay on the balance sheet for the next few years. We do not
factor in any potential additional large transactions booked on
the group's balance sheet on behalf of its largest clients.

"We no longer consider Far Eastern Bank to be an equity
investment of REGION, despite its operating separately from the
rest of the group both geographically and business-wise. That is
largely due to the fact that the group no longer considers this
to be a short-term investment, but rather a three-to-five year
business project. We note, however, that we still consider
transfer of capital between the group and the bank to be
constrained by the ownership structure of the latter (via a
close-end mutual fund).

"The stable outlook reflects our expectation that REGION will
maintain its robust business position as one of the key
participants in Russia's fixed-income market with adequate
quality of risk exposures over the next 12-18 months. We also
expect the group to maintain at least weak capitalization with
the RAC ratio remaining above 3.5%.

"We could lower the ratings if we see REGION Investment Co.'s
capitalization falling to a level we would consider as very weak,
with the RAC ratio falling below 3%. Such an event could arise
from the group's excessive involvement in large client-tailored
deals. We could also take a negative rating action if we saw an
excessive reliance on short-term wholesale funding."

A positive rating action could follow the group boosting its
capitalization, with the RAC ratio improving to sustainably
exceed 5%.


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


ODEA BANK: Moody's Assigns (P)B2 LT Subordinated Debt Rating
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2(hyb)
long-term foreign-currency subordinated debt rating to Odea Bank
A.S.'s (Odeabank -- long term foreign-currency deposit rating of
Ba3 with a negative outlook, short term foreign-currency deposit
rating of NP and BCA of ba3) planned US dollar-denominated
contractual non-viability Tier 2 bond issuance.

RATINGS RATIONALE

The provisional rating assigned to the subordinated debt
obligations of Odeabank is positioned two notches below the
bank's adjusted baseline credit assessment (BCA) of ba3, in line
with Moody's standard notching guidance for subordinated debt
with loss triggered at the point of non-viability, on a
contractual basis. The provisional rating does not incorporate
any uplift from government support.

The planned subordinated debt issuance is expected to be Basel
III-compliant and eligible for Tier 2 capital treatment under
Turkish law. The positioning of Odeabank's provisional rating two
notches below the bank's adjusted BCA reflects the potential for
greater uncertainty associated with the timing of a principal
write-down when compared to any "plain vanilla" subordinated
debt. In this respect, Moody's highlights that - as a way for the
bank to avoid a bank-wide resolution - the notes may be forced to
absorb losses ahead of "plain vanilla" subordinated debt, if any.

Moody's issues provisional ratings in advance of the final sale
of the securities. The ratings, however, only represent Moody's
preliminary credit opinion. Upon conclusive review of all
transaction and associated documents, Moody's will endeavour to
assign definitive ratings to the notes. A definitive rating may
differ from a provisional rating if the terms and conditions of
the issuance are materially different from those of the
preliminary prospectus reviewed.

WHAT COULD CHANGE THE RATING UP/DOWN

The assigned rating is notched from the adjusted BCA of Odeabank
and further movements will be contingent on the changes in this
reference point.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in January 2016.


ODEA BANK: Fitch Rates Basel III-Compliant Tier 2 Notes 'B+(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Odea Bank A.S.'s (BB-/Stable/bb-)
planned issue of Basel III-compliant Tier 2 capital notes an
expected rating of 'B+(EXP)'. The size of the issue is not yet
determined.

The final rating is subject to the receipt of the final
documentation conforming to information already received by
Fitch.

The notes qualify as Basel III-compliant Tier 2 instruments and
contain contractual loss absorption features, which will be
triggered at the point of non-viability of the bank. According to
the draft terms, the notes are subject to permanent partial or
full write-down upon the occurrence of a non-viability event
(NVE). There are no equity conversion provisions in the terms.

An NVE is defined as occurring when the bank has incurred losses
and has become, or is likely to become, non-viable as determined
by the local regulator, the Banking and Regulatory Supervision
Authority (BRSA). The bank will be deemed non-viable when it
reaches the point at which either the BRSA determines that its
operating licence is to be revoked and the bank liquidated, or
the rights of Odea's shareholders (except to dividends), and the
management and supervision of the bank, should be transferred to
the Savings Deposit Insurance Fund on the condition that losses
are deducted from the capital of existing shareholders.

The notes have an expected 10-year maturity (July 2027) and a
call option after five years.

KEY RATING DRIVERS
The notes are rated one notch below Odea's Viability Rating (VR)
of 'bb-' in accordance with Fitch's "Global Bank Rating
Criteria". The notching includes zero notches for incremental
non-performance risk relative to the VR and one notch for loss
severity.


Fitch has applied zero notches for incremental non-performance
risk, as the agency believes that write-down of the notes will
only occur once the point of non-viability is reached and there
is no coupon flexibility prior to non-viability.

The one notch for loss severity reflects Fitch's view of below-
average recovery prospects for the notes in case of an NVE. Fitch
has applied one notch, rather than two, for loss severity, as
partial, and not solely full, write-down of the notes is
possible. In Fitch's view, there is some uncertainty about the
extent of losses the notes would face in case of an NVE, given
that this would be dependent on the size of the operating losses
incurred by the bank and any measures taken by the authorities to
help restore the bank's viability.

RATING SENSITIVITIES

As the notes are notched down from Odea's VR, their rating is
sensitive to a change in this rating. The notes' rating is also
sensitive to a change in notching due to a revision in Fitch's
assessment of the probability of the notes' non-performance risk
relative to the risk captured in Odea's VR, or in its assessment
of loss severity in case of non-performance.

Odea's ratings are listed below:

Long-Term Foreign- and Local-Currency IDRs: 'BB-'; Stable Outlook
Short-Term Foreign- and Local-Currency IDRs: 'B'
National Long-Term Rating: 'A+(tur)'; Stable Outlook
Viability Rating: 'bb-'
Support Rating: '5'
Support Rating Floor: 'No Floor'
Basel III-compliant Tier 2 notes: 'B+(EXP)'


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


ALBA 2006-2: S&P Affirms B- Credit Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings raised its credit ratings on ALBA 2006 - 2
PLC's class A3a, A3b, B, and C notes. At the same time, S&P
affirmed its ratings on the class D, E, and F notes.

S&P said, "Today's rating actions follow our credit and cash flow
analysis of the transaction and the application of our European
residential loans criteria and our current counterparty criteria
(see "Methodology And Assumptions: Assessing Pools Of European
Residential Loans," published on Dec. 23, 2016, and "Counterparty
Risk Framework Methodology And Assumptions," published on June
25, 2013).

"The portfolio's collateral performance has been stable and in
line with our expectations since our previous review (see
"Various Rating Actions Taken In U.K. RMBS Transactions ALBA
2005-1, 2006-1, 2006-2, And 2007-1," published on June 30, 2015).
Total arrears in the pool have decreased to 10.37% from 13.53% at
our previous review and are below our U.K. residential mortgage-
backed securities (RMBS) index level of 14.8% (see "U.K. RMBS
Index Report Q1 2017," published on June 1, 2017).

"After applying our European residential loans criteria to this
transaction, our credit analysis results show that due to
increase in the pool seasoning and reduction in total arrears,
the weighted-average foreclosure frequency (WAFF) has decreased
at all rating levels since our previous review. Over the same
period, our weighted-average loss severity (WALS) calculations
have increased at the 'AAA' level and decreased at all other
rating levels. Although the transaction has benefitted from the
decreases in the weighted-average current loan-to-value (LTV)
ratio, this has been offset by an increase in our repossession
market value decline assumptions, which are greatest at the 'AAA'
level."

Rating level    WAFF (%)       WALS (%)
AAA                36.76          44.36
AA                 31.11          36.08
A                  26.36          23.73
BBB                22.21          16.53
BB                 17.99          11.65
B                  16.31           8.27


The overall effect is a decrease in the required credit coverage
for all rating levels.

S&P said, "Available credit enhancement in this transaction has
slightly increased since our previous review, due to a
nonamortizing reserve fund. The transaction is currently paying
both principal and interest pro rata because all of the pro rata
conditions in the transaction documents have been met.

"We do not consider the guaranteed investment contract (GIC)
documentation to be in line with our current counterparty
criteria. Consequently, the highest rating that these classes of
notes can achieve is equal to our long-term issuer credit rating
(ICR) on the GIC provider. Danske Bank A/S, London Branch
replaced Barclays Bank PLC as the GIC provider in June 2016.
However, due to an error, our ratings did not consider this
replacement and were previously capped at our long-term ICR on
Barclays Bank (A-/Negative/A-2) instead of our long-term ICR on
Danske Bank (A/Stable/A-1)

"Under our revised credit and cash flow stresses, the class A3a,
A3b, B, and C notes are able to support ratings higher than those
currently assigned. Therefore, taking into consideration Danske
Bank A/S, London Branch as the GIC provider, we have raised our
ratings on these classes to 'A (sf)' from 'A- (sf)'.

"We consider the available credit enhancement for the class D and
E notes to be commensurate with our currently assigned ratings.
We have therefore affirmed our 'BBB (sf)', 'BB- (sf)'ratings on
the notes, respectively.

"The class F notes do not pass our 'B' stressed rating level
scenario based on our cash flow assumptions under our European
residential loans criteria. However, credit enhancement continues
to increase and currently stands at 1.98%. This compares
favorably with our expected losses of 1.35% at the 'B' rating
level. The reserve fund is also fully funded. The asset
performance is stable with a benign economic environment
including low interest rates, affordable mortgage payments, and
low unemployment. Therefore, we have
affirmed our 'B- (sf)' rating on the class F notes. We have not
lowered our rating on these notes to a 'CCC' rating level given
our expectation of future stable performance and ongoing timely
payment of interest.

"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for one- and three-year horizons under moderate stress conditions
is in line with our credit stability criteria (see "Methodology:
Credit Stability Criteria," published on May 3, 2010)."


ALBA 2006-2 is backed by mortgage pool of nonconforming first-
ranking residential mortgages in England, Wales, Scotland, and
Northern Ireland.

RATINGS LIST

Class                    Rating
                 To                    From
ALBA 2006 - 2 PLC
EUR110 Million, GBP466.641 Million Mortgage-Backed Floating-Rate
  Notes

Ratings Raised

A3a             A (sf)              A- (sf)
A3b             A (sf)              A- (sf)
B               A (sf)              A- (sf)
C               A (sf)              A- (sf)


Ratings Affirmed

D               BBB (sf)
E               BB- (sf)
F               B- (sf)


COILCOLOR: Enters Administration, 50 Jobs Affected
--------------------------------------------------
BBC News reports that Coilcolor, a company that supplies Ikea and
Easyjet, is going into administration, with 50 people being made
redundant.

Managing director of Coilcolor in Newport, Dean Proctor, said an
administrator was to be appointed July 18, BBC relates.

According to BBC, Mr. Proctor said flooding at the factory in
November cost GBP3.7 million in machinery and lost work.

He said it would be "a difficult day" for staff, but was looking
for a buyer for the site, BBC relays.

Mr. Proctor, as cited by BBC, said the bank reduced Coilcolor's
overdraft a few weeks ago and the firm was left struggling to pay
the bills.


CORIALIS GROUP: S&P Assigns 'B' Long-Term CCR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Corialis Group Ltd. (formerly Feather Bidco), the
parent company of aluminum profile manufacturer Corialis group
and issuer of its first- and second-lien debt. The outlook is
stable.

S&P said, "We assigned our 'B' issue rating to the group's first-
and second-lien senior secured facilities, issued by Corialis
Group Ltd. These include a EUR125 million revolving credit
facility (RCF) and a EUR505 million term loan B. The recovery
rating on these instruments is '3'.

"At the same time, we assigned our 'CCC+' rating to the group's
EUR130 million second-lien loan facility, issued by Corialis
group Ltd. The recovery rating on this instrument is '6'.

"Finally, we withdrew our long-term corporate credit ratings on
Alu Holdco 1 Ltd. and Alu Holdco 2 Ltd. and also withdrew our
issue and recovery ratings on the group's previous (now fully
repaid) debt, including a EUR318 million term loan B, EUR25
million RCF, EUR35 million capex facility, and EUR105 million
second-lien loan."

Corialis is a leading aluminum profile manufacturer in its core
markets of the U.K., France, Belgium, and Poland. It also has a
growing presence in the rest of Europe. Demand in Corialis' main
markets remains robust, supported by good pricing conditions. S&P
anticipates that overall sales will grow by about 8% to 9% in the
financial year ending Dec. 31, 2017.

Corialis differentiates itself from peers through its vertically
integrated, well-invested asset base, which has enabled it to
service core markets using an under-one-roof hub-and-spoke model.
The group continues to experience significant demand for its
products from the repair, remodel, and improve market, which
exhibits less cyclicality than the new-build construction market.

Tempering these strengths is Corialis' partial exposure to
cyclical new-build construction end-markets, where demand for the
group's products can be more volatile. Corialis' absolute EBITDA
has previously exhibited some volatility and could do so again,
especially if the group's efforts to expand the business meet a
sudden sharp drop in demand. S&P said, "We forecast that the
group's S&P Global Ratings-adjusted EBITDA margin will be about
22%-23% for FY2017.

"Except for a few large competitors, we consider the group's
competitive landscape to be highly fragmented, with medium
barriers to entry. It would be relatively easy for a new
competitor to enter the market for one specific product or
service offering (for example, profile painting), but replicating
one of Corialis' fully vertical hub-and-spoke production
facilities would be far tougher and would be costly and time
consuming.

"Corialis also generates more revenue in countries we view as
high risk, such as Poland. We define country risk as the broad
range of economic, institutional, financial market, and legal
risks that arise from doing business with or in a specific
country and that can affect a nonsovereign entity's credit
quality. Foreign exchange translation and temporarily subdued
export volumes are currently hindering progress at the group's
hub in Poland, but prospects for Corialis' business there remain
bright.

"Corialis has recently undertaken sizable capital expenditure
(capex) to invest in its U.K. and Polish hubs, resulting in weak
free operating cash flows during these years. We expect capex to
remain flat for the next one to two years."

S&P's base case for fiscal 2017 assumes:

-- Revenue growth of 8%-9% to more than EUR460 million;
-- A continued, gradual improvement in the group's EBITDA margin
    to 22% to 23%;
-- Capex of up to EUR25 million in 2017; and
-- No major acquisitions or divestitures.

A continued macroeconomic recovery and rise in demand for
Corialis' products in its core markets is crucial to the volumes
S&P assumes in its base case.

Based on these assumptions, and with supportive market
conditions, S&P arrives at the following credit measures:

-- Debt to EBITDA of about 6x;
-- Funds from operations (FFO) to debt of about 9%-11%; and
-- Cash interest coverage of more than 3x over the 12-month
    rating horizon.

S&P said, "The stable outlook reflects our expectation that the
slow growth environment that currently benefits the industry
should continue through 2017, and we expect Corialis will be able
to increase revenues and slightly improve its margins over the
12-month rating horizon.

"We consider an upgrade to be unlikely at this stage because of
Corialis' tolerance for high leverage and the limited prospects
for the group to strengthen its credit metrics to a level
commensurate with an aggressive financial risk profile within our
rating horizon. We note that private equity sponsor ownership
brings an element of uncertainty with regard to the potential for
future releveraging, shareholder returns, and changes to the
group's acquisition or disposal strategy.

"We could lower the ratings if Corialis were to experience severe
margin pressure or weaker cash flows, constraining credit
metrics. This could occur if the company did not curtail its
capex in time to reduce debt before a potential drop in earnings.
We could also consider lowering the ratings if Corialis undertook
material debt-funded acquisitions or shareholder returns, or if
its cash interest coverage were to fall to below 2x."


INTEGRATED DENTAL: S&P Cuts CCR to 'B-' on Weaker Earnings Growth
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Turnstone Bidco 1 Ltd. (Integrated Dental Holdings; IDH) to
'B-' from 'B'. The outlook is stable.

S&P said, "At the same time, we lowered to 'B-' our issue rating
on the GBP425 million senior secured notes issued by IDH Finance
PLC. The recovery rating remains unchanged at '4', reflecting our
expectation of average recovery (30%-50%; rounded estimate 35%)
in the event of a payment default.

"We also lowered our issue rating on Turnstone Bidco's GBP100
million super senior revolving credit facility (RCF) to 'B+' from
'BB-'. The '1' recovery rating reflects our expectations of very
high recovery in the event of default and captures the priority
ranking in the capital structure.

"The downgrade reflects our revised forecasts for earnings growth
and free operating cash flow (FOCF) generation following the
group's recent challenges in meeting Units of Dental Activity
(UDA) target volumes. Greater scrutiny of National Health Service
(NHS) claims and performance benchmarks have resulted in a
significant decline in committed UDA volumes from dental
clinicians while also reducing productivity levels. This has
further exacerbated the systemic shortage of qualified dentists
in the U.K. and the group now faces the formidable task of
recruiting additional clinicians to satisfy UDA targets.

"We also continue to see a shift in the composition of UDA
activity across the set NHS bands. Band 3 treatment types
(crowns, bridges, and dentures), which enjoy higher UDAs,
continue to decline. The number of exempt patients for these
procedures has also reduced, which has seen a fall in volumes
under NHS contracts in recent years and lower UDA delivery.

"We do not foresee these factors as diminishing in the near
future and expect the effort to increase UDAs -- via a successful
recruitment drive or higher committed activity from existing
clinicians -- will be a prolonged and difficult process. We now
forecast adjusted debt-to EBITDA to remain above 8.0x in
financial years (ending March) 2018 and 2019, with fixed charge
coverage of about 1.5x and FOCF not exceeding GBP10 million. This
performance is notably weaker compared to our previous
expectations for profitability, cash flow generation, and
interest coverage, and is the main driver for the downgrade.

"Our business risk profile assessment encapsulates IDH's position
as the largest privately-owned dental chain in the U.K., with
facilities dispersed across the country offering a variety of
treatment services to dental patients. The group has managed to
develop a recognizable trademark with its "mydentist" branded
sites. The complementary Dental Directory business supplies
dental and other medical materials to practitioners across the
U.K., and has now established itself as a prominent market
player."

The industry remains fragmented. IDH accounts for 7% of market
share in 2017 with reported revenue of GBP586 million.
Substantial exposure to political uncertainty in the U.K. limits
our assessment of IDH's business risk profile, given that 66% of
reported revenue is attributable to NHS contracts. The proportion
has declined in recent years due to the aforementioned challenges
with UDA delivery, however overall earnings growth has been
augmented by the growth of private dentistry services. S&P said,
"That said, we believe that a stagnant or deteriorating
macroeconomic environment in the U.K. could result in consumers
delaying spending on dental health care and therefore dampen
earnings growth for private operators. We also note that recent
fiscal austerity measures and efficiency initiatives have
resulted in a lower rate of uplift in contract tariffs (from 1.6%
in FY2015 to 0.7% in FY2017) and we expect any increases will be
modest amid a slowing economy related to Brexit uncertainties and
exchange-rate volatility.

"Although the majority of IDH's NHS-contracted revenue is viewed
as "evergreen" (no fixed term), its inability to meet the
contracted UDA volumes makes earnings generation less
predictable; we believe the group may experience higher-than-
expected temporary or permanent NHS contract hand-backs
(contracts updated) in the short term. Management, however, is
taking mitigating steps such as carefully managing the use of
locum employees, centralizing operational processes where
possible, and driving productivity initiatives. The group's
concentrated industry focus, relatively small size, limited
operational flexibility, and contracting profitability constrains
our view of the business risk strength at this time to the lower
end of the fair category.

"We continue to assess the group as having a highly leveraged
financial risk profile because we view the owners, Carlyle Group
and Palamon Capital, as financial sponsors. This assessment is
supported by our weighted-average forecast credit metrics for the
group, including S&P Global Ratings-adjusted debt to EBITDA of
8x-9x and funds from operations (FFO) to debt of less than 10%.
Our estimates of debt include senior secured debt totalling
GBP425 million and the GBP130 million second lien notes with
adjustments for operating leases and unamortized borrowing costs
of over GBP100 million. We expect the group to record a modest
improvement in S&P Global Ratings-adjusted EBITDA of about
GBP76.5 million-GBP79.5 million in FY2018 up from GBP76 million
in 2017. The EBITDA base should continue this modest growth in
FY2019 to about GBP80 million as productivity measures and
recruitment plans begin to reap benefits. The slower evolution of
earnings growth results in slower deleveraging than we had
previously estimated but the long-dated maturity profile of up to
2023 currently limits refinancing risk. We also project that the
group should cover its future interest obligations, supported by
a modest improvement in volumes and tariffs, such that it records
EBITDA interest coverage of about 1.6x-2.0x and fixed-charge
coverage of about 1.5x over the next three years.

"We apply a negative comparable rating analysis (CRA) modifier to
reflect our view of the issuer's credit characteristics in
aggregate. This primarily reflects our view that the debt burden
and free operating cash flow generation that would leave IDH with
limited headroom to manage any unexpected operational or
financing challenges. In particular, we view the very marginal
FOCF base over the next three years, combined with the fixed-
charge coverage ratio of about 1.5x, as relatively weak for the
'b' anchor. The group's declining profitability in recent years,
in which adjusted EBITDA margins have fallen below 15%, and our
forecast margins of 12.5%-13.5% lead us to view the group as
below average compared to other category health care service
providers."

S&P's base case assumes:

-- U.K. GDP growth of 1.4% in 2017 falling to 0.9% and 1.3% in
    2018 and 2019. We also expect government spending to taper
    steadily over the period, growing by just 1.1%, 0.6%, and
    0.4% in successive years. This indicates the state's
    willingness to pay for health care, as well as a possible
    uplift in tariffs that may benefit dental care providers.
-- Revenue growth of around 3.5%-4.5% driven by private
    dentistry and practice services (Dental Directory). Low
    contribution of NHS revenues in FY2018 (up to 1%) reflecting
    reduced delivery of UDA's (units of dental activity).
    Thereafter, an improvement in the contribution of NHS
    revenues (2%-3%) driven by high recruitment and increased
    productivity of clinicians and increase in UDA delivery.
    Private dentistry services are expected to deliver mid-single
    digit growth with top-line growth augmented by the marketing
    initiatives of the growing Dental Directory division.
-- Adjusted EBITDA margin of around 12.5-13.5% over FYs
    2018-2019 reflecting increased dentist productivity, an
    improved payer mix, and operating efficiency initiatives to
    resuscitate UDA performance in its NHS contracts.
-- Modest working capital outflow of GBP1 million-GBP4 million
    in FY2018 and FY2019 reflecting steady improvement in UDA
    delivery on NHS contracts offsetting repayments to NHS.
-- Annual capital expenditures (capex) of GBP18 million-GBP21
    million reflecting approximately 3% of revenue.
-- No acquisition activity in the medium term as management
    focuses on improving the operating performance of the
existing
    portfolio.

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

-- Adjusted debt-to-EBITDA ratio of about 8x-9x over the next
    three years.
-- Adjusted EBITDA interest coverage of 1.6x-2.0x in FY2018 and
    FY2019.
-- Fixed charge coverage of about 1.5x.
-- Free operating cash flow generation not exceeding GBP10
    million over the next three years.

S&P said, "The stable outlook reflects our view that Turnstone
BidCo 1 Ltd. (IDH's parent) will continue to leverage its strong
market position and geographic presence to steadily increase its
profitability metrics over the next 12 months. We expect the
group will focus on its cost management and productivity
initiatives to generate sufficient earnings to cover its interest
obligations. We view the modest FOCF cushion and fixed-charge
coverage of around 1.5x as sustainable in the short term given
the long-dated maturity profile. We expect the group's
profitability and performance will improve in the medium term as
it returns to its UDA target delivery.

"We could take a negative rating action if the group's liquidity
position weakens such that refinancing risk is heightened. This
could be driven by the group's inability to improve operating
performance such that EBITDA interest coverage and fixed-charge
coverage approaches 1.0x. This would most likely occur if
operating margins deteriorate further due to the group's
inability to manage its cost base or if tariff increases are not
commensurate with inflation such that forecasted cash flow
generation was negative for a sustained period. We would likely
revise our liquidity assessment under these circumstances."

A rating upgrade would be dependent on the strengthening of the
debt protection metrics such that EBITDA interest coverage and
fixed charge was comfortably above 2.0x and 1.5x respectively and
supported by modest positive FOCF. This would most likely occur
if the group's recruitment and productivity plans are
successfully executed such that it is able to enhance the
earnings base.


PREMIER OIL: Court of Session Okays Debt Restructuring Plans
------------------------------------------------------------
Energy Voice reports that the Court of Session in Scotland has
approved North Sea operator Premier Oil's debt restructuring
plans.

According to Energy Voice, the company said the court had given
final sanction for the schemes of arrangement.

The refinancing is expected to become effective on July 28,
Energy Voice notes.

London-listed Premier Oil announced details of the restructuring
earlier this year, Energy Voice recounts.

The proposals involved an extension of the bonds' maturity date
to the end of May 2022, with the interest rate remaining flat at
2.5% and no further charges, Energy Voice discloses.

As of the end of last year, Premier's net debt stood at GBP2.3
billion, nearly GBP500 million more than a year earlier but down
from a peak in the third quarter of last year, Energy Voice
relays.

Premier Oil is a London-based oil and gas explorer.


WORLDPLAY GROUP: S&P Places 'BB' CCR on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings said that it has placed its 'BB' corporate
credit rating on U.K.-based payments processor Worldpay Group PLC
on CreditWatch with positive implications.

S&P said, "At the same time we placed our 'BB' issue rating on
Worldpay's senior unsecured notes on CreditWatch with positive
implications."

The CreditWatch assignment follows Worldpay's recent announcement
that its board of directors has reached an agreement on the key
terms of a potential merger with U.S.-based payments processor
Vantiv (the acquirer) for $10 billion. Based on the initial
offer, the transaction is set to be primarily funded with Vantiv
shares and only about $1.55 billion with cash (including
dividends to Worldpay's existing shareholders). Based on this
proposed funding, and assuming that the cash portion will be
funded with debt, we estimate the pro forma initial adjusted debt
to EBITDA for this transaction will be in the range of 4.5x-5x,
but will drop to about 4x by year-end 2017 and well below 4x in
2018. S&P said, "We forecast short-term deleveraging to be
delivered by continued solid organic growth prospects as well as
continued reduction in Worldpay's exceptional costs as they
finish migrating customers into their new clearing platform, and
solid free cash flow generation for the combined group.

"Additionally, we think the group's cost base may benefit from
the combination of platforms, notably in the U.S. For the time
being, however, we have not factored in any of the potential
synergies, and assess that in the short term these may be more
than offset by integration and transaction related costs.

"The CreditWatch placement reflects the potential for an upgrade
of Worldpay depending on our assessment of the combined group's
business risk and financial policy, integration and execution
risks related to the merger, expected merger-related synergies,
and the transaction's final funding.

"We could affirm the rating on Worldpay if the debt funding is
significantly higher than currently indicated, or if this
transaction doesn't complete."



                            *********

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,
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Peter A. Chapman, Editors.

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

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