TCREUR_Public/170804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, August 4, 2017, Vol. 18, No. 154


                            Headlines


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Company Bankruptcies Down by 136 in July 2017


D E N M A R K

SCANDFERRIES APS: Moody's Withdraws Ba3 Corporate Family Rating


F R A N C E

AREVA: S&P Places 'B+' Long-Term CCR on CreditWatch Negative
NEW CO: S&P Raises Corp. Credit Rating to 'BB', Outlook Positive


G E R M A N Y

COHERENT HOLDING: Moody's Raises CFR to Ba1, Outlook Stable


G R E E C E

HELLENIC TELECOMMUNICATIONS: S&P Affirms 'B+' CCR, Outlook Pos.
OPAP SA: S&P Affirms 'B' LT CCR, Revises Outlook to Positive


H U N G A R Y

FHB MORTGAGE: Moody's Hikes Long-Term Deposit Ratings to B1


I R E L A N D

GLG EURO CLO I: Fitch Corrects July 17 Rating Release
HOUSE OF EUROPE IV: Fitch Affirms 'Csf' Ratings on 4 Tranches


I T A L Y

LIMACORPORATE SPA: Moody's Assigns B2 CFR, Outlook Stable
LIMACORPORATE SPA: S&P Assigns 'B' Long-Term CCR, Outlook Stable


K A Z A K H S T A N

CENTRAL-ASIAN ELECTRIC-POWER: Fitch Affirms B+ Long-Term IDR
PAVLODARENERGO JSC: Fitch Affirms B+ IDR, Outlook Stable


N E T H E R L A N D S

EURO-GALAXY IV: Moody's Assigns B2(sf) Rating to Cl. F-R Notes
EURO-GALAXY IV: S&P Assigns B- (sf) Rating to Class F-R Notes


N O R W A Y

NORWEGIAN AIR 2016-1: Moody's Cuts Rating on Cl. A Notes to Ba1


P O R T U G A L

NOVO BANCO: DBRS Extends Review on CCC LT Deposits Rating


R O M A N I A

* ROMANIA: Insolvent Firms Can't Escape Tax Agency Debt Recovery


R U S S I A

SERGEY POYMANOV: Court Recognizes Russian Insolvency Proceeding
SEVKAZENERGO JSC: Fitch Affirms B+ Long-Term IDR, Outlook Stable


S L O V E N I A

NOVA LJUBLJANSKA: S&P Affirms 'BB/B' Counterparty Credit Ratings


S P A I N

CAIXABANK CONSUMO: DBRS Finalizes CC Rating on Series B Debt


U K R A I N E

UKRAINE: Ten Banks at Risk of Insolvency, Deposit Fund Warns


U N I T E D   K I N G D O M

HARVEYS DRY: Bought Out of Liquidation by JHR Norfolk
JOHNSTON PRESS: Appeals to Pension Trustees to Back Rescue Deal
ROYAL BANK: Credit Profile Improving, Moody's Says


X X X X X X X X

* BOOK REVIEW: Risk, Uncertainty and Profit


                            *********



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C Z E C H   R E P U B L I C
===========================


* CZECH REPUBLIC: Company Bankruptcies Down by 136 in July 2017
---------------------------------------------------------------
Daniela Lazarova at Radio Praha, citing data released by the
Czech Credit Bureau, reports that the month of July has seen a
significant fall in the number of bankruptcies.

Altogether 45 companies faced bankruptcy proceedings in July,
which is the lowest number since 2008, Radio Praha discloses.

According to Radio Praha, year-on-year the number of bankruptcies
is down by 136.

The most bankruptcies were registered among companies involved in
business and trade, the construction industry and services, Radio
Praha notes.


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D E N M A R K
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SCANDFERRIES APS: Moody's Withdraws Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings on
Scandferries ApS, including its Ba3 corporate family rating (CFR)
and B1-PD probability of default rating (PRD) following the
repayment of the company's rated debt. Concurrently, Moody's has
also withdrawn the Ba3 instrument ratings of the EUR875 million
bank credit facilities of Scandlines ApS following their
redemption. All outlooks have been withdrawn.

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: Scandferries ApS

-- LT Corporate Family Rating, Withdrawn, previously rated Ba3

-- Probability of Default Rating, Withdrawn, previously rated
    B1-PD

Outlook Action:

-- Outlook, Changed To Rating Withdrawn From Stable

Issuer: Scandlines ApS

-- Senior Secured Bank Credit Facility, Withdrawn, previously
    rated Ba3

Outlook Action:

-- Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has withdrawn Scandlines' instrument ratings following
the early repayment of the company's bank credit facilities and
the completion of a full debt refinancing.

Moody's has withdrawn Scandferries ApS' CFR and PDR for its own
business reasons. Please refer to the Moody's Investors Service's
Policy for Withdrawal of Credit Ratings, available on its
website, www.moodys.com.

Headquartered in Copenhagen, Scandferries ApS is the holding
company of the Scandlines group. The Scandlines group is one of
the main Baltic ferry operators. In 2016, Scandlines generated
consolidated revenues of EUR470 million.


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


AREVA: S&P Places 'B+' Long-Term CCR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term corporate credit
rating on France-based nuclear services group AREVA and 'B+'
rating on AREVA's EUR1.25 billion revolving credit facility (RCF)
on CreditWatch with negative implications.

S&P said, "The recovery rating on the RCF is unchanged at '3',
indicating our expectation of meaningful recovery (50%-70%;
rounded estimate 60%) in the event of a default.

"The CreditWatch placement mainly reflects our view of increased
risk of material litigation payments following the unfavorable
partial ruling of the International Chamber of Commerce Tribunal
pertaining to ongoing litigation with Finnish electricity utility
Teollisuuden Voima Oyj (TVO). We understand that this ruling
relates to the preparation, review, submittal, and approval of
design and licensing documents on the Olkiluoto 3 nuclear power
plant (OL3) project.

"It is unclear at this stage if there will be financial
implications for AREVA, and if so, how much this would turn out
to be and under which timing this would need to be paid, but we
see significant risk for the company's liquidity and capital
structure. The CreditWatch placement also reflects our limited
visibility as to how the company may finance these potential
additional obligations. Finally, we will need to evaluate whether
and by what means the French government could provide additional
support to the company. We understand that the EU's legal
framework regarding state aid prevents France from providing
further equity to AREVA at least until 2029.

"At the same time, we note AREVA's successful execution of a
EUR2.0 billion capital increase, which took place on July 12, in
line with our expectations. Our base case is that the
restructuring will be completed by the end of 2017, when
ElectricitÇ de France (EDF) and its partners are to acquire at
least 85% of NEW NP's activities. The price for 100% of NEW NP is
about EUR2.5 billion, excluding possible price adjustments and
supplements and without debt assumption. We note, however, that
some important approvals and processes are needed over the coming
months, in particular, a favorable review from the nuclear
watchdog on delinquencies related to the factory in Le Creusot.

"Although it's currently not our base case, we understand that if
the sale of NEW NP's activities were unsuccessful, it would
entail major costs, New Co and the French state would have to
discuss the features of the capital increase with the European
Commission. Furthermore, a delay in the completion of the
disposal would require the refinancing of the EUR1.25 billion
syndicated line maturing in January 2018.

"We continue to assess AREVA's stand-alone credit quality at
'ccc+', based on weak liquidity as well as significant debt that
could increase in case of litigation payments. At the same time,
AREVA no longer owns the majority of shares of New Co since the
capital increase from the French state on July 27 -- Areva now
owns 44% of New Co's shares. Its stake is currently valued at
approximately EUR2 billion. Moreover, New Co and AREVA now have
separate, independent management in place, as well as distinct
strategies and financial policies. We therefore no longer
consider New Co as a subsidiary of AREVA but rather a non-
controlled equity investment."

The activities of subsidiary NEW NP are expected to be sold by
year-end 2017. AREVA aims to focus mainly on the finalization of
the OL3 project, which is expected to generate negative free
operating cash flow (FOCF). Finalization of the project should be
covered by current cash on the balance sheet, as well as the NEW
NP disposal proceeds remaining after the repayment of the EUR1.25
billion syndicated loan.

S&P said, "We currently add three notches to our assessment of
AREVA's stand-alone credit profile to account for our view of
high likelihood that it would receive extraordinary government
support, given the importance of the OL3 project for the French
nuclear industry, the company's near 100% state ownership, and
the state's close supervision of company's activities. We will
need to evaluate, however, the probability and potential form of
the extraordinary government support in case of significant
litigation payments.

"The negative CreditWatch placement mainly reflects our view of
increased risk of material litigation payments and limited
visibility at this stage as to AREVA's contingency plan for such
potential additional obligations. We will also need to evaluate
the probability and potential form extraordinary government
support would take in such a case. We will continue to monitor
the timing and evolution of the sale process of NEW NP's
activities.

"We could lower our ratings on AREVA by one or more notches in
the next couple of months if we do not obtain sufficient clarity
regarding AREVA's contingency plans for paying the potential
additional obligations and if the risks mentioned above are not
mitigated."


NEW CO: S&P Raises Corp. Credit Rating to 'BB', Outlook Positive
----------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on New Co, formerly a subsidiary of France-based nuclear services
group AREVA, to 'BB' from 'B+'. The outlook is positive.

S&P said, "We also raised our ratings on New Co's various senior
unsecured bonds to 'BB' from 'BB-'. The recovery rating is now
'3' (revised from '2'). Although we expect substantial recovery
(70%-90%; rounded estimate 85%), in the event of a default, the
recovery rating is capped at '3' by our methodology for unsecured
financial instruments.

"The upgrade is mainly driven by the execution of the EUR2.5
billion capital increase from the French state that took place on
July 26. This is in line with our expectation and we believe this
is credit enhancing for New Co because it materially improves its
liquidity position and capital structure and importantly because
it is no longer controlled by AREVA S.A., which has become a
minority shareholder as a result of this transaction, with 44.4%
of the capital held. We believe that New Co's credit quality may
no longer be affected by potential credit stress at its former
parent and therefore the credit rating on AREVA no longer
constrains that on New Co.

"In addition, two Japanese shareholders (JNFL and MHI) have
committed to contribute an additional EUR500 million of new
equity, which is currently held in a trust account. We
understand, however, that the EUR500 million in proceeds will be
fully available to New Co only once the sale of NEW NP's
activities is effective (which is expected toward year-end 2017)
and most likely at the beginning of 2018. Although it's currently
not our base case, we understand that if the sale of NEW NP's
activities were unsuccessful New Co and the French state would
have to discuss the features of the capital increase with the
European Commission."

New Co is the entity that was originally created by France-
headquartered nuclear services provider AREVA to focus on the key
nuclear cycle activities, encompassing AREVA's former mining,
uranium conversion and enrichment, and back-end activities (such
as recycling, dismantling, logistics, and other downstream
services). At year-end 2016, revenues for New Co were EUR4.4
billion and S&P Global Ratings-adjusted EBITDA was EUR1.3
billion, supported by cost-saving initiatives. S&P said, "We view
these activities as providing stable cash flows, backed by long-
term contracts, which supports our view of New Co's satisfactory
business risk profile.

"We also take into account strong global market positions, a
fully invested asset base with high-quality mining sites and
reserves, and asset and geographic diversification. We believe
that the sector's high capital intensity, long-term customer
relationships, technological know-how, and security and safety
considerations create important barriers to entry. The main
constraints are the difficult low-price conditions in the nuclear
industry and challenging operating environment, which we think
will persist since utility clients remain under pressure to
contain capital and operating expenditures, with new builds being
delayed and sometimes becoming less likely as governments decide
to reduce the nuclear part in their energy mix."

New Co's highly leveraged financial risk profile reflects its
high adjusted debt, which largely comprises bonds. We anticipate
adjusted debt to EBITDA of 5x-6x in 2017 and potentially above 6x
in 2018, when EBITDA may be affected by higher operating costs
related to the transition to its Comurhex II uranium conversion
plant. In S&P's debt calculation, it takes into account about
EUR2 billion of debt adjustments related to pension-related
liabilities and asset-retirement obligations.

In S&P's base case it assumes:

-- EBITDA range (before our adjustments) of about EUR800
    million-EUR950 million on average over 2017-2019. S&P expects
    limited EBITDA upside over the medium term, due to persisting
    difficult industry conditions in the nuclear industry as
    utility clients remain under pressure to contain capital
    expenditures (capex) and operating expenditures, new builds
    are being delayed, and industry prices are under pressure.
-- Significant restructuring expenses in 2017 and 2018 tied to
    the company's cost-cutting plan, which aims to reduce costs
    by EUR500 million by year-end 2018 compared with 2014. We
    include these expenses in our EBITDA and funds from
    operations calculations.
-- High recurring capex requirements of about EUR700 million per
    year on average.
-- Positive working capital inflows in 2018-2019.
-- Completion of the remaining EUR500 million capital increase
    by early 2018.

S&P said, "New Co currently has a limited track record as a
stand-alone entity, which is reflected in our negative comparable
rating analysis score. We note, however, that the company's
management has strong industry expertise and experience.

"The positive outlook reflects the possibility that we might
raise the rating by one notch in the next six to 12 months as the
company builds a track record of operating as a stand-alone
entity and depending on its future strategy and financial policy.

"We could raise the rating by one notch if we forecast that our
adjusted debt to EBITDA will be 5.0x-5.5x on average in 2017-2019
with a likely weaker level in 2018 when EBITDA may be impacted by
the transition to its Comurhex II plant. An upgrade would also
hinge on our anticipation that New Co's FOCF would be neutral to
positive from 2018 and the successful sale of NEW NP's
activities.

"We could revise the outlook to stable if debt to EBITDA
increased to above 6x without the near-term prospect of reduction
or if the company failed to improve EBITDA margins nearer to 20%
on average. This could be the case if the current weak market
environment affects New Co's performance more than we currently
expect, despite its long-term contract structure. Although we see
the risk as remote, a cancellation of the NEW NP sale would also
be a credit-negative development."


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


COHERENT HOLDING: Moody's Raises CFR to Ba1, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded Coherent Holding GmbH's
Corporate Family Rating ("CFR") to Ba1 from Ba2 and Probability
of Default Rating ("PDR") to Ba1-PD from Ba2-PD. Moody's also
upgraded the company's senior secured bank facility to Ba1 from
Ba2 and upgraded the Speculative Grade Liquidity ("SGL") rating
to SGL-1 from SGL-2. The rating upgrades were driven by continued
improvement in Coherent GmbH's operating performance and Moody's
expectation for further reductions in debt leverage as the
company continues to capitalize on growing demand for its
products, particularly from the Flat Panel Display ("FPD") sector
which is in the early stages of a product cycle transition from
LCD to OLED displays. The outlook remains stable.

Moody's upgraded the following ratings:

Corporate Family Rating, Upgraded to Ba1 from Ba2

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

Senior Secured Bank Credit Facility, Upgraded to Ba1 (LGD4) from
Ba2 (LGD4)

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Outlook is Stable

RATINGS RATIONALE

Coherent GmbH's Ba1 CFR is supported by the company's
longstanding client relationships and strong market position as a
global provider of lasers and laser-based technology for
customers in the FPD, semiconductor capital equipment,
industrial, and scientific end markets. The rating is also
supported by the company's moderate LTM debt leverage of
approximately 2x (Moody's adjusted for pensions and operating
leases), healthy cash flow generation, and very good liquidity.
However, Coherent GmbH's rating is constrained by the company's
significant exposure to cyclical end markets and concentration
risk with over 40% of sales targeting the FPD sector. The ratings
are also constrained by a degree of integration risk relating to
the company's sizable acquisition of Rofin-Sinar Technologies,
Inc. ("Rofin"), completed in November 2016.

Moody's believes Coherent GmbH's liquidity will be very good over
the next year, as indicated by the SGL-1 speculative grade
liquidity rating. Liquidity will be supported by $433 million of
unrestricted cash on the parent company's balance sheet as of
April 1, 2017, nearly 90 million Euro of revolver availability,
and Moody's expectation of free cash flow ("FCF") in excess of
$300 million over the next year. The term loan is not subject to
any financial maintenance covenants while Coherent's revolving
credit facility has a financial covenant based on a 3.5x maximum
senior secured net leverage ratio test that is not expected to be
breached over the next 12-18 months given sizeable cushion from
current leverage metrics.

The stable outlook reflects Moody's projection for a significant
increase in pro forma annual revenue and EBITDA in the next 12
months with more moderate high single digit percentage gains in
the following year. Moody's expects adjusted debt/EBITDA to
approach 1.5x over the next 12-18 months.

What Could Change the Rating -- Up

The ratings could be upgraded if Coherent increases scale and
profit margins while diversifying its product portfolio, customer
base, and end market exposure and concurrently maintains
conservative credit metrics and disciplined financial policies.

What Could Change the Rating -- Down

The ratings could face downward pressure if Coherent's revenue
contracts from current levels, the company experiences material
business disruptions arising from the Rofin integration, leverage
exceeds 2.5x on a sustained basis, liquidity meaningfully
deteriorates, or if the company adopts more aggressive financial
policies.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Coherent GmbH is an operating subsidiary of the parent company,
Coherent, Inc.. Coherent designs, manufactures, services, and
markets lasers and related accessories for customers in the FPD,
semiconductor capital equipment, industrial, and scientific end
markets.


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G R E E C E
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HELLENIC TELECOMMUNICATIONS: S&P Affirms 'B+' CCR, Outlook Pos.
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Greek integrated
telecommunications operator Hellenic Telecommunications
Organization S.A. (OTE) to positive from stable. S&P said, "At
the same time, we affirmed our 'B+' long-term and 'B' short-term
corporate credit rating on the company.

"We also affirmed our 'B+' issue ratings on the senior unsecured
debt issued by OTE's wholly owned financing vehicle, OTE PLC.

"The outlook revision follows our similar action on Greece on
July 21, 2017. Our outlook revision on Greece primarily reflects
our view that Greece's general government debt and debt servicing
costs will gradually decline, supported by economic recovery,
legislated fiscal measures through 2020, and a commitment from
Greece's creditors, specifically from the Eurogroup, to further
improve the sustainability of its sovereign debt burden."

The Eurogroup agreed to facilitate Greece's access to markets by
creating a cash buffer via disbursements over and above the
amount needed for the Greek government to meet debt servicing
obligations and pay down domestic arrears.

S&P said, "We believe that implementation challenges of further
fiscal measures and other potentially unpopular reforms remain
significant. However, we anticipate broad compliance with the
current program's targets until it ends in August 2018 as
incentives for the government to comply with the program remain
considerable. For more details, see "Outlook On Greece Ratings
Revised To Positive; 'B-' Long-Term Ratings Affirmed," published
on RatingsDirect.

"In our opinion, these political developments provide a better
economic environment for OTE and its operations.

"Our assessment of OTE's business risk profile remains
constrained by our view that Greece bears very high country risk.
The company generates about 74% of its revenues and more than 85%
of EBITDA in Greece. However, OTE continued to post resilient
top-line performance in the first quarter of 2017 with stable
revenues, including 3.5% revenue growth in Greek fixed line.
OTE's Greek fixed-line operations, supported by the company's
very-high-bit-rate digital subscriber line (VDSL) network and
exclusive content in Cosmote TV offering, as well as Greece's low
broadband penetration of about 77%, continue to fuel the
company's solid operating performance.

"In addition, OTE has completed a financing package with the
European Investment Bank (EIB) and a syndicated loan with
European Bank for Reconstruction and Development (EBRD) totaling
EUR300 million. We understand it will use the proceeds for its
accelerated next generation network (NGN) investments, which
should support the uptrend in its fixed-line operations in
Greece.

In our opinion, the financing package could represent an initial
positive signal of OTE's ability to once again access the market
in the event of further refinancing needs.

"Our assessment of OTE's financial risk profile primarily
reflects the company's solid free cash flow generation and strong
credit metrics, supported by a conservative financial policy. We
therefore anticipate that OTE will continue to use its free cash
flow to pay down debt and maintain a robust balance sheet.

"Our view of Greece's very high country risk and capital controls
still in place that limit OTE's ability to move cash held in
Greece not related to business transactions continue to constrain
our ratings on the company.

"The positive outlook on OTE mirrors our positive outlook on
Greece and reflects that, over the next 12 months, there is at
least a one-in-three probability that we could raise our ratings
on the company.

"We would raise our rating on OTE to 'BB-' if we raise our rating
on Greece to 'B'.

"Additionally, we could raise the rating by one notch if we see
that the very high country risk in Greece moderates, including
the lifting of capital controls and brightening economic
prospects.

We could also raise our rating if we observed that the commitment
of OTE's 40% owner, Deutsche Telekom (DT), had strengthened.
Stronger support could take the form of a substantial increase in
DT's stake in OTE or other explicit forms of financial support.

"We could revise the outlook to stable following a similar rating
action on the sovereign rating."


OPAP SA: S&P Affirms 'B' LT CCR, Revises Outlook to Positive
------------------------------------------------------------
S&P Global Ratings said that it revised its outlook on Greece-
based gaming company OPAP S.A. to positive from stable. At the
same time, S&P affirmed its 'B' long-term corporate credit rating
on OPAP.

S&P said, "The outlook revision mirrors the action taken on
Greece on July 21, 2017. If Greece's sovereign creditworthiness
strengthens and OPAP's stand-alone credit profile remains at the
current level then we could raise the long-term rating on OPAP as
it would no longer be constrained by our assessment of Greece's
creditworthiness. We note that OPAP's 2016 performance and first
quarter 2017 performance have been broadly in line with our
forecast and the company is successfully implementing the new
video lottery terminals (VLTs).

"Our assessment of OPAP's business risk remains constrained by
the very high country risk in Greece, where the company generates
about 95% of its revenues. We believe that the company's
operating margins and free cash flow generation would likely be
affected if the economic situation in Greece were to deteriorate
again. In particular, we still see regulatory risk as high
because a cash-strapped Greek government could tap OPAP for
money, as it did in 2016 when it increased the gross gaming
revenue tax to 35% from 30%. Consequently, OPAP's EBITDA margin
decreased from 27.0% to 22.5%. We believe that further regulatory
changes could follow, and would directly affect OPAP's
profitability, however, in our base case we assume no further
gaming tax increases for OPAP for the next two to three years.

"Positively, we continue acknowledging the company's strong
brand, its exclusive licenses to distribute its gaming products,
the further boost we expect from the implementation of the new
VLTs, and the company's track record of high profit margins.

"Our assessment of OPAP's financial risk profile remains
unchanged and reflects our base-case forecast that S&P Global
Ratings-adjusted debt to EBITDA should remain at 1.5x-2.0x. We
anticipate that the free operating cash flow (FOCF) to debt ratio
will remain slightly weaker, at close to 20%, for at least the
next 12 months. These ratios are stronger than most of OPAP's
peers' given the company's relatively low reported debt and
minimal operating lease and pension liabilities. We also
understand that OPAP does not plan to acquire additional gaming
licenses over the next two years, and we therefore expect the
company to generate healthy FOCF.

"We apply a one-notch downward adjustment to the 'bb-' anchor to
arrive at the 'b+' stand-alone credit profile given OPAP's aim to
further increase debt if higher capital expenditure (capex) or
new license acquisitions are needed, as well as in order to
maintain high dividend payout. We believe that this would also
depend on the better economic conditions in Greece.

"We still believe that OPAP's credit metrics, liquidity, and free
cash flow generation would likely be impaired by a scenario in
which Greece faces renewed financial stress, defaults, or leaves
the EU (Grexit). However, we think that OPAP's moderately
leveraged balance sheet and free cash flow generation should
allow the company to stem some of these pressures to some degree.
For all these reasons we rate OPAP at 'B', one notch above the
sovereign rating, reflecting the company's current risks and
strengths."

S&P's base case assumes:

-- Revenue growth of 5%-7% in 2017 and 8%-10% in 2018, mainly
    from the deployment of 10,000 VLTs that S&P expects to be
    fully operational by the end of 2017, and a further 25,500
    VLTSs operational by May 2018.
-- Adjusted EBITDA margin to decline in 2017 to around 21%-23%
    due to one-off agents' strikes and operating expenses linked
    to the new project's implementation. The margin to increase
    to 22%-24% 2018.
-- Capex of about EUR70 million in 2017, and about EUR40 million
    in 2018.
-- Dividends of around EUR250 million for 2017 and 2018
    considering the company's historical dividend distribution
    and its expectation to continue the same high dividend
    payout.

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

-- Adjusted debt to EBITDA of 1.2x in 2016, 1.8x in 2017, and
    1.5x in 2018.
-- Adjusted FOCF to debt of 21% in 2016 and 2017, increasing to
    34% by 2018.

S&P said, "The positive outlook reflects the possibility that we
could upgrade OPAP over the next 12 months if Greece is upgraded.

"We could raise the rating on OPAP if the sovereign rating on
Greece is raised. An upgrade of OPAP would also be contingent on
the company showing good operating performance, a continued
adjusted debt-to-EBITDA ratio below 2.0x, and adequate liquidity
in line with our base case. We could also consider a positive
rating action if our assessment of Greece's very high country
risk moderated, including the lifting of capital controls and
improved economic prospects.

"We could revise the outlook back to stable if we revised the
outlook on Greece to stable from positive. Additionally, we could
see negative pressure on OPAP if the likelihood of a Grexit
increased again to above one-in-three or if we lowered the
sovereign rating.

"Negative pressure could also arise if materially weaker economic
conditions in Greece significantly impaired OPAP's liquidity from
our base case, if S&P Global Ratings-adjusted debt to EBITDA
ratio increased above 2.0x, or the FOCF-to-debt ratio declined
sustainably below 25%."


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


FHB MORTGAGE: Moody's Hikes Long-Term Deposit Ratings to B1
-----------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the long-
term local and foreign-currency deposit ratings of FHB Mortgage
Bank Co. Plc. (FHB). Concurrently, the bank's baseline credit
assessment (BCA) was upgraded to b3 from caa1, its adjusted BCA
was upgraded to b2 from b3 and its long-term Counterparty Risk
Assessment (CRA) was upgraded to Ba2(cr) from Ba3(cr). The
outlook on the bank's long-term deposit ratings is stable. FHB's
short-term Not Prime deposit ratings and Not Prime(cr) CRA are
unaffected.

This rating action concludes the review for upgrade initiated on
8 May 2017. The review was prompted by the rating agency's
expectation for further gradual improvements in FHB's standalone
financial metrics, which together with higher assumption of
affiliate support from the Integration Organization of Hungary's
Saving Cooperatives (SZHISZ or Integration Organization; unrated)
would significantly improve the bank's credit profile.

RATINGS RATIONALE

The upgrade of FHB's long-term deposit ratings to B1 from B2 was
driven by: (1) the upgrade of the bank's BCA to b3 from caa1; (2)
maintaining the current one-notch rating uplift for affiliate
support from the Integration Organization based on Moody's
assumption of full support (high support previously); (3) no
rating uplift for deposit ratings from Moody's Advanced Loss
Given Failure (LGF) analysis (one notch previously); and (4)
introducing moderate government support assumption for FHB as an
integral part of the Integration Organization, which provides one
notch of rating uplift.

STANDALONE CREDIT PROFILE -- BCA UPGRADED TO b3 FROM caa1

The upgrade of FHB's BCA reflects the improvements in the bank's
asset quality and profitability, as well as stabilisation of
capital adequacy.

In Q1 2017 the bank reported a net income of HUF279 million after
three years of consecutive quarterly losses, which translated to
an annualised return on average assets of 0.19% from negative
0.7% in Q1 2016. FHB's results reflect sizable reductions in
loan-loss provisions from improving asset quality and rising fee
income.

FHB's non-performing loans (NPL) ratio declined to 10.6% as of
year-end 2016 from 14.7% as of year-end 2015, whereas the NPL
coverage ratio improved materially during the same period to
70.4% from 57.4%. FHB's recovering profitability and lower
exposure to problem loans considerably reduce risks to the bank's
solvency and will help stabilise its Tier1 ratio at around 13.71%
reported as of year-end 2016. The National Bank has exempted FHB
from compliance to the regulatory capital adequacy requirements
on a standalone basis since January 2017. Instead, the
Integration Organization as a whole is responsible for the
solvency of its individual members and is required to comply with
regulatory capital requirements.

FHB as a mortgage bank has been relying significantly on market
funding to finance its operations. As of March 2017, the share of
market funds, including interbank financing, in the bank's non-
equity funding stood at 42%. As of the same date, liquid assets
accounted for a strong 36% of the total assets, largely
mitigating refinancing risks.

AFFILIATE SUPPORT FROM INTEGRATION ORGANIZATION LEADS TO b2
ADJUSTED BCA

Moody's incorporates a full support assumption in FHB's ratings
from the Integration Organization, which results in a 1-notch of
rating uplift to a b2 adjusted BCA from the bank's b3 standalone
BCA. This assessment is based on the progressive closer
integration of FHB into the saving cooperatives sector as well as
the statutory sector support scheme which Moody's considers to
provide for robust sector cohesion, benefitting FHB. Although
Moody's has increased its affiliate support assumption from high
to full support, this has not led to a larger notching uplift due
to FHB's higher BCA.

In September 2015 FHB became a member of SZHISZ with Takarekbank
Zrt. (unrated) as their central institution being in charge of
managing liquidity and solvency of all sector members and
consolidating them in its financial statements. According to the
law of the Integration Organization it should provide for support
to member institutions that experience capital pressures through
temporary capital injections. According to Takarekbank Zrt.'s
financial statements the Integration Organization had total
assets of HUF2,093 billion (EUR6.8 billion), total capital of
HUF278 billion (EUR900 million) and a capital adequacy ratio of
26% as of year-end 2016. Following the recent purchase of FHB's
shares by Takarekbank Zrt., the combined stake of members of the
Integration Organization increased to 68% of FHB's total voting
shares. Takarekbank Zrt. and 22 cooperative credit institutions
have made a public takeover bid for FHB's remaining shares, which
will likely result in a significantly higher level of control of
FHB by the Integration Organization.

NO UPLIFT FOR DEPOSIT RATINGS FROM ADVANCED LGF ANALYSIS

FHB's deposit ratings receive no rating uplift (one notch
previously) from Moody's Advanced LGF analysis. This is driven by
the rating agency's shift in application of the LGF analysis to
the Integration Organization as a whole as opposed to FHB on a
standalone basis previously. According to the Hungarian
Resolution Act FHB together with other members of the cooperative
sector is subject to a joint resolution with the Integration
Organisation acting as the resolution entity. The largely retail
and SME deposit-based liability structure of the members of the
Integration Organization result in Moody's assumption of a
moderate amount of junior deposits, leading to no rating uplift
for FHB's deposit ratings.

INTRODUCTION OF MODERATE GOVERNMENT SUPPORT ASSUMPTION

The Integration Organization accounted for 13.4% market share in
Hungary's household deposits as of year-end 2016. Given the
aforementioned significant market share and FHB's progressive
closer integration into the Hungarian savings cooperatives sector
Moody's has introduced a moderate probability of government
support from Hungary (Baa3 stable), which has led to a one-notch
of rating uplift for the bank's deposit ratings.

STABLE OUTLOOK ON DEPOSIT RATINGS

The stable outlook on FHB's B1 long-term deposit ratings reflects
Moody's expectation of no material changes in the bank's credit
profile over the next 12-18 months.

-- WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of FHB's deposit ratings could be prompted by (a) an
upgrade of its adjusted BCA due to improvements in the financial
profile of the Integration Organization, and/or (b) an increase
in uplift resulting from Moody's LGF analysis. Upward pressure on
FHB's standalone BCA could develop in the event of a further
material improvement in asset quality, capitalisation and
profitability.

A downgrade of FHB's deposit ratings could be triggered by (a) a
downgrade of its adjusted BCA due to either a weakening of the
Integration Organization's financial profile or a lower level of
affiliate support, and/or (b) a removal of rating uplift from
government support. FHB's BCA could be downgraded in case of a
material erosion of the bank's capital from high loan loss
provisions and/or declining revenues.

LIST OF AFFECTED RATINGS

Issuer: FHB Mortgage Bank Co. Plc.

Upgrades:

-- LT Bank Deposits (Local & Foreign Currency), Upgraded to B1
    from B2, Outlook Changed To Stable From Rating Under Review

-- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3

-- Baseline Credit Assessment, Upgraded to b3 from caa1

-- LT Counterparty Risk Assessment, Upgraded to Ba2(cr) from
    Ba3(cr)

Outlook Actions:

-- Outlook, Changed To Stable From Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in January 2016.


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I R E L A N D
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GLG EURO CLO I: Fitch Corrects July 17 Rating Release
-----------------------------------------------------
This commentary corrects the version published on July 17, 2017
to include more information on data adequacy.

Fitch Ratings has assigned GLG Euro CLO I DAC's refinancing notes
final ratings and affirmed others:

EUR181 million Class A1-R: 'AAAsf'; Outlook Stable
EUR5 million Class A2-R: 'AAAsf'; Outlook Stable
EUR18.1 million Class B1-R: 'AAsf'; Outlook Stable
EUR12 million Class B2-R: 'AAsf'; Outlook Stable
EUR19 million Class C-R: 'Asf'; Outlook Stable
EUR14.8 million Class D-R: 'BBBsf'; Outlook Stable
EUR19.2 million Class E: Affirmed at 'BBsf'; Outlook Stable
EUR7 million Class F: Affirmed at 'B-sf'; Outlook Stable

GLG Euro CLO I DAC is a cash flow collateralised loan obligation
securitising a portfolio of mainly European leveraged loans and
bonds. The transaction closed in April 2015 and is still in its
reinvestment period, which is set to expire in April 2019. The
portfolio is managed by GLG Partners LLP.

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 6.75 years (rounded to the nearest quarter)
from 5.75 years and update the Fitch test matrix. 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 currently assigned to the non-refinanced notes will
not be impacted by this amendment and have therefore been
affirmed.

KEY RATING DRIVERS

Reduced Weighted Average Life
While the current portfolio WAL is 5.40 years, the maximum WAL
test has been extended to 6.75 years compared to the WAL covenant
of 8 years set at closing, thus resulting in lower Fitch's
default assumptions at all rating stresses. In combination with
the key rating drivers discussed 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.

'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 (WARF) of the current portfolio is
34.2, below the maximum covenant of 34.

High Recovery Expectations
The portfolio comprises a minimum 90% senior secured obligations.
The WARR of the current portfolio is 66.2% above the current WARR
covenant of 65.4%.

Limited Interest Rate Risk
Interest rate risk is naturally hedged for most of the portfolio,
as fixed-rate liabilities and assets represent 5.5% and between
0% and 10% of the target par amount, respectively.

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.


HOUSE OF EUROPE IV: Fitch Affirms 'Csf' Ratings on 4 Tranches
-------------------------------------------------------------
Fitch Ratings has upgraded House of Europe Funding IV PLC's
senior class A-1 notes and affirmed others:

EUR43.2 million Class A1 notes (ISIN XS0228470588): upgraded to
'Asf' from 'BBsf', Outlook Stable
EUR130 million Class A2 notes (ISIN XS0228472873): affirmed at
'CCsf'
EUR62.5 million Class B notes (ISIN XS0228474572): affirmed at
'Csf'
EUR5 million Class C notes (ISIN XS022847572): affirmed at 'Csf'
EUR49 million Class D notes (ISIN XS0228476197): affirmed at
'Csf'
EUR7.6 million Class E notes (ISIN XS0228477161): affirmed at
'Csf'

House of Europe Funding IV plc is a managed cash arbitrage
securitisation of structured finance assets, primarily RMBS and
CMBS. The portfolio is managed by Collineo Asset Management GmbH.
The reinvestment period ended in December 2010.

KEY RATING DRIVERS

The upgrade of the class A1 notes follows significant
deleveraging of the transaction with EUR48 million of principal
repaid to the senior notes in the one year period. Credit
enhancement (CE) for the notes has as a result increased to 67.8%
from 48.6%.

The credit quality of the portfolio has deteriorated slightly;
however, this follows large principal repayments of investment-
grade assets rather than negative migration of the pool. Over the
last 12 months 10 assets were upgraded, which represents 43.6% of
the current performing balance. As a result the proportion of
investment-grade assets has clustered towards the 'AA'/'A' rating
category and remains high at 76% of the performing balance.

Fitch's cash flow modelled the transaction based on the pre-
enforcement priority of payments. The class A1, A2, B and C notes
require interest on a timely basis; however, only the senior
class A1 notes are collateralised, which means there is only a
portfolio total of EUR136.6 million supporting interest on a
rated noted balance of EUR240 million. The reported weighted
average spread is 1.8%, which is currently sufficient to cover
the weighted average cost of funding on timely liabilities
(0.35%).

In a scenario where interest rates rise, however, the transaction
is exposed to an interest mismatch and diverts principal to cover
interest payments. The analysis shows that this scenario would
trigger a missed interest payment for at least the class C notes,
which would lead to an event of default under the transaction
definitions and possibly trigger a switch to the post enforcement
payment waterfall.

Fitch has considered the switch to the post enforcement waterfall
in its analysis and the deferral of the class A2, B and C
interest results in a best pass rating significantly higher than
the class A1 notes current rating of 'Asf'. It is not possible to
predict the timing of the event of default as it will depend on
the default timing of the collateral, prepayment rates and the
rate of an interest rate increase. In a rising interest rate
scenario the longer the event of default is delayed the more
principal is diverted to cover interest due on the notes and so
the benefit of the post enforcement waterfall is eroded. As
principal is diverted credit enhancement for the senior
notes begins to fall. Due to this uncertainty Fitch has limited
the upgrade on the senior A1 notes to 'Asf'.

The class A2 notes have been affirmed at 'CCsf' despite being
significantly under-collateralised as the total portfolio balance
of EUR194.4 million (performing plus defaulted) remains above the
A1 and A2 combined note balance of EUR173.3 million and so the
class A2 notes can repay in full if sufficient recovery is
received from the current EUR59.9 million defaulted balance. The
junior class B, C, D and E notes have been affirmed at 'Csf' as
they cannot pay in full even after assuming 100% recovery on
defaults.

VARIATIONS FROM CRITERIA

For this transaction Fitch has applied its Structured Finance
CDOs Surveillance Rating Criteria. The class A1 notes pass
Fitch's quantitative model at 'AAAsf' when considering the post-
enforcement waterfall in a rising interest rate scenario. The
criteria imply that in this case the tranche would be upgraded to
'AAAsf' but the uncertainty surrounding the timing of the event
of default and the possible erosion of the benefit as a result of
the switch limited the upgrade to 'Asf'. This constitutes a
variation from the Structured Finance CDOs Surveillance Rating
Criteria

RATING SENSITIVITIES

Neither a 25% increase in the obligor default probability or a
25% reduction in expected recovery rates would impact the ratings
of the notes.


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


LIMACORPORATE SPA: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a first time B2 corporate
family rating (CFR) and B2-PD probability of default rating (PDR)
to Limacorporate S.p.A.. Concurrently, Moody's has assigned a B2
instrument rating to the new EUR275 million Senior Secured
Floating Rate Notes (FRNs) due 2022 to be issued by Lima. The
outlook on all ratings is stable.

The rating action was prompted by the issuance of the new FRNs,
whose proceeds, together with EUR9m equity, EUR10m Revolving
Credit Facility (RCF) expected drawdown and EUR3m cash on balance
sheet, will be used to refinance the existing indebtedness
together with accrued interest and pay fees.

RATINGS RATIONALE

The B2 Corporate Family Rating (CFR) is supported by: 1)
notwithstanding its limited overall scale, Lima benefits from
attractive niche positions and differentiated products, with
positions that appear defensible in the short to medium term; 2)
the Company has a strong track record of successful R&D
investment, product innovation and manufacturing automation,
which have supported market share gains, high margins that are
comparable with the largest players in the industry and a strong
long term through the cycle track record of growth; 3) Lima's
technical advantage in the shoulder market, which is a less
commoditized, more fragmented and higher growth and margin
segment, which, together with a degree of market disruption that
continues to exist, supports early year growth forecasts; 4) the
Company has also developed its geographic and product diversity,
in part by strengthening its position in the knee market through
the acquisition of certain product lines from Zimmer Biomet and
also through investment in direct routes to market; and 5) volume
growth in the orthopaedics industry is underpinned by long-term
attractive demand drivers, primarily associated with demographic
trends.

Conversely, the rating is constrained by: 1) Lima's significantly
weaker global position and less diverse product range than much
larger peers, which, in Moody's views, reduces the potential
capacity to drive cost efficiencies (absent material volume
growth) and the ability to bundle products in response to growing
buyer pressure to reduce overall healthcare expenses; 2) the
potential for competitors to bridge Lima's technical advantage in
shoulder products, which explains a possibly limited window
available for the Company to build share and improve scale in the
US market; 3) at 5.9x on a Moody's adjusted (gross) basis,
leverage proforma for the transaction is high, such that early
year deleveraging is important, as the Company takes advantage of
its ability to grow at above market rates (and build market
share); 4) meaningful free cash flow generation is expected to be
delayed until 2018 as the Company invests in rapid growth,
although Lima has a good fundamental ability to generate cash
driven by normalised modest capex requirements; 5) while much
less pronounced in the shoulder sector currently, the
orthopaedics industry is characterised by persistent pricing
pressure, which necessitates ongoing industry-wide R&D led
product innovation and cost efficiency improvements; and 6)
product liability, regulatory and patent litigation risks exist,
albeit that Moody's considers these are limited compared to other
industries (e.g. the pharmaceuticals industry).

Moody's expects Lima's liquidity profile to remain adequate over
a 12-18 month time horizon. In addition to closing cash balances
of c. EUR11.6 million as of March 31, 2017 proforma for the
transaction, there is a EUR60 million RCF, out of which EUR10m
will be drawn at closing. EUR25 million of RCF is available for
general corporate and working capital purposes and the remaining
EUR35 million -- to fund acquisitions, capex and joint ventures.
There is a springing financial covenant under RCF facility tested
if at least 35% of the RCF is drawn down.

Free cash flow generation was negative in FY2016 and is expected
by Moody's to improve but to continue to remain weak in 2017 as
Lima invests in instrument sets and increased production capacity
and to support top line revenue growth. The cash flows are
expected to benefit during the second half of the year from the
inflow from working capital, predominately as a result of better
inventory management.

Using Moody's Loss Given Default for Speculative-Grade Companies
Methodology, the PDR is B2-PD, in line with the CFR, reflecting
Moody's assumptions of a 50% recovery rate as is customary for
capital structures including notes and bank debt. The FRNs are
rated B2 in line with the CFR due to a limited amount of super-
senior RCF in the structure. Both the notes and RCF benefit from
a senior ranking security package incorporating guarantees from
all material group entities and some assets security. Moody's
notes that the shareholder funding in the restricted group is in
the form of equity. Additionally, there is a EUR85 million PIK
note issued outside of the restricted group which is not
considered for the purpose of the rating.

RATIONALE FOR THE STABLE OUTLOOK

Moody's adjusted leverage of 5.9x is considered to be high given
the absolute scale of the Company and the threats posed by
expected increased levels of competition in the shoulder market
over time. Nonetheless, the stable outlook reflects Moody's
expectations that Lima will take advantage of the window of
opportunity that is available to build market share in the US,
its strengthened position in the knee market, particularly in
Europe, and ongoing market disruption to deliver above market
rates of growth that will allow comparatively rapid deleveraging
towards 4.5x (on a Moody's adjusted basis) over an 18 month
period. While Moody's anticipates that Lima will continue to make
bolt-on acquisitions, Moody's considers that the need to take
advantage of high early growth rates to deleverage will be a
limiting factor. The outlook therefore also assumes that: 1) the
management team will not embark on any material or
transformational debt funded acquisitions; and 2) shareholder
distributions outside those defined as permitted payments, which
require significant deleveraging, will not be made.

WHAT COULD CHANGE THE RATING UP/DOWN

Given high Moody's adjusted leverage, upward pressure on the
rating is unlikely currently, however could be exerted if: 1)
revenues increase significantly; 2) Moody's adjusted debt /
EBITDA reduces to below 4.5x; and 3) Moody's adjusted free cash
flow / debt improves to above 5.0%.

Conversely, downward ratings pressure could develop if: 1)
Moody's adjusted debt/ EBITDA does not decline below 5.5x within
6-12 months; 2) margin performance deteriorates; 3) free cash
flow generation does not turn positive; and / or 4) the liquidity
profile weakens materially.

The principal methodology used in these ratings was Medical
Product and Device Industry published in June 2017.

Headquartered in San Daniele del Friuli, Italy, Limacorporate
S.p.A. is a global orthopaedic medical device company with
subsidiaries in 23 countries and sales across 47 countries. The
Company manufactures and markets innovative joint replacement and
repair solutions through four business areas, which include hips
(37.2% of LTM March 2017 sales), extremities (predominately
shoulder products -- 37.4%), knees (19.0%) and general fixation &
other (6.4%). The Company is majority owned by EQT Partners AB.


LIMACORPORATE SPA: S&P Assigns 'B' Long-Term CCR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term
corporate credit rating to Lima Corporate SpA, an Italy-based
manufacturer of orthopedic devices. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating to
the proposed EUR275 million senior notes maturing in August 2022,
with a recovery rating of '3', indicating our expectations of
50%-70% recovery prospects (rounded estimate: 50%) in the event
of a payment default.

"We also assigned an issue rating of 'BB-' to the EUR60 million
super senior facilities maturing in February 2022, comprising a
EUR25 million revolving credit facility (RCF) and EUR35 million
capital expenditure (capex) facility. The recovery rating on the
super senior debt is '2', indicating our expectation of 70%-90%
recovery prospects (rounded estimate: 85%) in the event of a
payment default.

"The rating will depend on our receipt and satisfactory review of
all final transaction documentation.

"The rating on Lima Corporate reflects our view that its market
share is generally stable within its addressable market for hip,
knee, and shoulder implants. The group mainly focuses on the
European market, where it derives about 60% of sales, with Asia-
Pacific and the U.S. accounting for 20% and 16% of total 2016
sales respectively. However, the group operates in a niche
segment of a highly consolidated market, with the top four
players accounting for about 75%-80% of the global market."

The Lima Corporate group is limited in size and geographic
diversification, with reported EBITDA of less than EUR50 million
at year-end 2016. Product diversification is also narrower than
market peers, given its focus on just three main product
categories: hip, knee, and shoulder implants.

In addition, the industry as a whole is experiencing some
pressure on prices stemming from stiffer competition and general
health care spending review processes. This low-single-digit
pricing pressure is one of the main constraints to growth in the
industry, where volumes are currently the main growth engine.
However, in S&P's view, the health care equipment industry has
higher barriers to entry -- mainly coming from technology, patent
protection, regulation, and relationships with surgeons--compared
with other sectors.

Historically, the group has shown healthy growth in sales thanks
to product innovation, and good ongoing growth in the U.S.
market. It has also gained a relatively stable market share in
some niche and local markets, in Italy for example. The group
also has low customer concentration risk, with the top 10 clients
representing about 10% of total sales.

S&P said, "We assess Lima Corporate as having average
profitability within the industry. Under our base-case scenario,
we expect that the its S&P Global Ratings-adjusted EBITDA margin
will improve and stabilize at around 27%, mainly thanks to a
better product mix that will offset the negative industry trend
of price pressure for orthopedic products.

"The company has decided to refinance its financial debt with a
new proposed capital structure, which includes EUR275 million
senior secured floating rates notes, EUR25 million super senior
RCF, and EUR35 million super senior capex facility. The proposed
transaction includes also new EUR85 million payment-in-kind (PIK)
instruments to be issued by Emil NewCo S.Ö.r.l. (an entity
outside the restricted group). We adjust Lima Corporate's debt in
order to account for this PIK instrument, which will principally
be used to distribute a dividend to the shareholders.

"The existing debt repayment of EUR296.6 million (including
accrued interest and fees) will be funded with proceeds from the
EUR275 million proposed senior notes, EUR10 million partially
drawn under the RCF facility, EUR9 million of equity contribution
(coming from part of the PIK instrument's proceeds), and using
cash available on the balance sheet for the remaining part of
about EUR2.6 million. We assume that the capex facility will
remain undrawn, as per company guidance.

"Our assessment of Lima Corporate's financial risk profile
reflects its financial-sponsor ownership and our estimate of
adjusted debt to EBITDA above 6.5x over the next 18-24 months
(post-refinancing and including the PIK instrument), moving from
about 6.0x at year end 2016.

"Under our base case, we forecast a gradual deleveraging trend,
mainly owing to the strengthening in EBITDA, even if we do not
expect the adjusted debt-to-EBITDA ratio to slip below 6x over
the medium term (including the PIK instrument in our calculation
of adjusted debt).

"Due to our expectation of moderate earning improvements and more
cautious capex, we assume the company will be able to generate
neutral free operating cash flow (after capex and working capital
movements) for the full year 2017 and slightly positive cash flow
generation starting from 2018. We estimate Lima Corporate's funds
from operations (FFO) cash interest coverage ratio will remain
sustainably above 3x over the short-to-medium term.

"Moreover, based on the group's financial sponsor ownership by
EQT, we assess the financial risk profile in line with our view
of its financial policy, which reflects a tolerance for high
leverage."

In S&P's base case, it assume:

-- High-single-digit revenue growth for fiscal year 2017 mainly
    derived from higher penetration in the U.S. market coupled
    with modest growth in mature European economies (such as
    Italy).
-- Stable profitability, with reported EBITDA margins of 25%-
    26%, assuming that the general pressure on prices within the
    whole industry will be offset by a better product mix and
    ongoing integration with business divisions that Lima
    acquired in 2015.
-- Capital expenditure (capex) of about EUR25 million, mainly
    related to the instrument sets in order to support the
    company's organic expansion plan.

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

-- Adjusted debt to EBITDA of 6.5x-6.8x over the next two years,
    including the EUR85 million PIK debt (5.1x-5.5x excluding the
    PIK debt).
-- Adjusted FFO cash interest coverage sustainable above 3x over
    2017-2018.

S&P said, "The stable outlook reflects our view that Lima
Corporate's operational performance should be resilient and the
company will be able to generate a stable reported EBITDA margin
of about 26% during the next 12 months. In our view, the
company's EBITDA margin should be supported by a more favorable
product mix offsetting some price pressures in the industry.
Under our base-case scenario, we assume that the company will
have a weighted-average adjusted debt-to-EBITDA ratio of about
6.5x over 2017-2019.

"We could consider lowering the ratings if the company's ability
to generate positive cash flow became significantly weaker than
we currently anticipate and the FFO cash interest coverage ratio
fell below 3x. This scenario could result from a worsening
operating environment in the relevant markets, for example owing
to a failure to penetrate the U.S. market, or higher price
competition.

"We could consider raising the ratings if the company is able to
significantly enlarge its market share and its geographical and
product diversification. In addition, we would take a positive
view of the company demonstrating its ability to generate
substantial positive net cash flow generation while maintaining
debt to EBITDA sustainably below 5x, and with a financial policy
commitment to a permanently less leveraged capital structure."


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


CENTRAL-ASIAN ELECTRIC-POWER: Fitch Affirms B+ Long-Term IDR
------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Joint Stock Company
Central-Asian Electric-Power Corporation's (CAEPCo) Long-Term
Issuer Default Rating at 'B+'. The Outlook is Stable.

The affirmation reflects Fitch expectations that CAEPCo's
consolidated funds from operations (FFO) adjusted gross leverage
will remain close to 3.0x and FFO interest coverage at around
4.0x over 2017-2020.

The ratings also reflect an unfavourable regulatory environment
in the generation segment, the weak liquidity profile and
significant capex needs of CAEPCo, which Fitch expects to be
partially debt-funded. Positively, the ratings factor in a solid
consolidated business profile, strong 1H17 financial results,
vertical integration, and a stable regional market position
despite its overall small size. The ratings further take into
account a currently fairly benign regulatory regime in the
distribution sector.

Fitch assess CAEPCo, and 100% subsidiaries -- Pavlodarenergo JSC
and Sevkazenergo JSC -- on a consolidated basis, given the
absence of ring-fencing, a centrally managed treasury, and that
debt is located at both holdco and opco levels.

KEY RATING DRIVERS

Moderate Deleveraging Expected: Fitch expects CAEPCo will
demonstrate moderate deleveraging, with FFO adjusted gross
leverage remaining around 3x over 2017-2018 before declining
towards 2.5x in 2019-2020. FFO adjusted gross leverage improved
to 2.8x in 2016 from 3.8x in 2015, due to stronger financial
performance, partial repayment of FX debt and mild tenge
appreciation. However, FFO interest coverage will remain weaker
than that of its Russian and other CIS peers at around 4x over
2017-2020, due to expected high interest rates for new loans of
around 13%. The company is exposed to interest rate risk since
about half of its outstanding loans are drawn under floating
interest rates.

FX Risks Still High: CAEPCo remains significantly exposed to
foreign currency fluctuations as 47% of its total debt as at 30
June 2017 was denominated in US dollars, although this share
decreased from 49% at end-2016 and 54% at end-2015. This exposure
might further weaken CAEPCo's credit profile due to currency
mismatch between the company's debt and revenue and the absence
of hedging. However, CAEPCo maintains a portion of cash in US
dollars (21% of cash and deposits as at June 30, 2017).

Heavy Capex: Capex is expected to remain significant, on average,
at KZT22 billion annually for 2017-2020 compared with KZT26
billion for 2013-2016. This is despite the completion of a
mandatory investment programme for generation assets. Around 40%
of the capex programme for 2017-2020 is discretionary and KZT7.8
billion of it will be financed by government subsidies, which
Fitch views positively.

Negative FCF in 2017: Fitch expects CAEPCo to continue generating
solid consolidated cash flow from operations (CFO), on average,
of KZT23 billion over 2017-2020. However, after accounting for
capex and 15% dividend payout free cash flow (FCF) is expected to
remain negative at around KZT5 billion in 2017 before turning
positive in 2019-2020. Fitch expects CAEPCo to rely on new
borrowings to finance cash shortfalls.

Sound Business Profile: CAEPCo is one of the largest privately-
owned electricity generators in the highly fragmented Kazakh
market, responsible for around 7.5% of electricity generation in
2016. Consequently, it operates on a much smaller scale than
Russian peers but is similar to its Kazakh peers. It is
vertically integrated across electricity generation, supply and
distribution, which gives the company access to markets for its
energy output and limits customer concentration. Electricity and
heat generation services dominate CAEPCo's EBITDA, accounting for
about 80% in 2016.

Strong 1H17 Results: CAEPCo demonstrated strong operational and
financial results in 2016 and 1H17. The company commissioned new
turbines ahead of schedule and the share of modernised capacity
reached 55% in 2016, up from 27% in 2014. Fitch expects the
company's profitability to remain strong with an average EBITDA
margin of about 23% over 2017-2020 compared with 22% in 2013-
2016, which will support CAEPCo's ratings.

Regulatory Environment: Following the postponement of the
capacity market launch in Kazakhstan until 2019, the regulator
decided to freeze generation tariffs and set them at 2015 levels
for 2016-2018. However, in electricity distribution five-year
tariffs were approved using the "cost plus allowable margin"
methodology instead of the "benchmarking" that was previously
used. In the heat segment the "cost plus allowable margin"
methodology continues to be applied with tariffs also approved
for a period of five years. The heat distribution business
continues to be loss-making due to large heat losses and
regulated end-user tariffs, which Fitch assumes are kept low for
social reasons (heat generation is reported within overall
generation).

No Parent Uplift or Constraint: CAEPCo is privately owned. The
company is run as a standalone enterprise and as such Fitch does
not assume any credit linkages with the 59.7% controlling parent,
Kazakhstan-based Central-Asian Power-Energy Company JSC (CAPEC).
The remaining shares are held by three institutional
shareholders. The ratings reflect CAEPCo's standalone credit
profile.

DERIVATION SUMMARY

CAEPCo's closest peers are Kazakhstan-based regional players
Ekibastuz GRES-1 LLP (EGRES-1, BB+/Stable) and Limited Liability
Partnership Kazakhstan Utility Systems (KUS, BB-/Stable). CAEPCo,
EGRES-1 and KUS have similar business profiles in terms of scale
of operations and their EBITDA is dominated by the electricity
generation segment. However, CAEPCo's financial profile is much
weaker than that of KUS and EGRES-1 due to lower margins, higher
leverage and higher debt exposure to FX. CAEPCo and KUS are rated
on a standalone basis, while EGRES-1's ratings include one-notch
uplift for parental support.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Electricity volume growth above Fitch's GDP growth forecast in
   2017 (4% and 10% for Pavlodarenergo and Sevkazenergo,
   respectively) and slightly below Fitch's GDP growth forecast
   of 3% after 2017;
- Tariff growth as approved by the regulator for the
   distribution segment at 2%-6% CAGR over 2017-2020 and 0% for
   the generation segment for 2017-2018;
- Capex in line with the company's guidance;
- Inflation-driven cost increase;
- Average KZT/USD rate of 330 in 2017 and thereafter;
- Dividend payments of 15% of IFRS net income over 2017-2021.

KEY RECOVERY RATING ASSUMPTIONS:

- The recovery analysis assumes that CAEPCo would be a going-
   concern in bankruptcy and that the company would be
   reorganised rather than liquidated.
- Fitch has assumed a 10% administrative claim.

Going-Concern Approach
- The going-concern EBITDA estimate reflects Fitch's view of a
   sustainable, post-reorganisation EBITDA level upon which Fitch
   base the valuation of the company.
- The going-concern EBITDA is 35% below 2016 EBITDA to reflect
   the potential pressure on tariffs following the completion of
   heavy investment cycle in the generation and distribution
   segments as well as company's significant exposure to FX risk.
- The discount to EBITDA also reflects the limited track record
   of the company's ability to sustain EBITDA at the higher
   levels achieved in 2016 on the back of new customers and
   higher distribution tariffs. CAEPCo operates in Northern
   Kazakhstan and competes for customers with Ekibastuz GRES-1
   and a number of other Samruk-Energy subsidiaries. Competitive
   dynamics could lead to reduction in customer retention rates.
- An enterprise value (EV) multiple of 4.5x is used to calculate
   a post-reorganisation valuation for CAEPCo.
- The EV multiple applied reflects average EV/EBITDA multiple
   for electric utility companies in Russia, Kazakhstan's closest
   peer market, of 4.7x.
- Unsecured loans/ bonds at opcos level -- Sevkazenergo and
   Pavlodarenergo -- are assumed to have prior ranking to
   unsecured claims at CAEPCo. Capital leases are not considered
   in the recovery waterfall.
- The waterfall results in a 26% recovery corresponding to a
   Recovery Rating 'RR5' for the senior unsecured debt at CAEPCo
   level.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A stronger financial profile than forecast by Fitch supporting
   FFO adjusted gross leverage below 3x and FFO interest coverage
   above 4.5x (2016: 4.9x) on a sustained basis.
- Liquidity ratio above one time on a consistent basis
- Sustained material reduction of FX exposure.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained slowdown of the Kazakh economy, further tenge
   devaluation, increase in coal prices that is substantially
   above inflation or tariffs materially lower than Fitch
   forecasts, leading to FFO-adjusted gross leverage persistently
   higher than 4x and FFO interest coverage below 3.5x.
- Committing to capex without sufficient available funding, and
   worsening overall liquidity.

LIQUIDITY

Tight But Manageable Liquidity: CAEPCo's liquidity is reliant on
bank refinancing as at end-1H17 cash of KZT4.2 billion and unused
credit facilities of KZT11.1 billion (as of July 24, 2017) were
insufficient to cover short-term debt of KZT19.9 billion and
negative 12-month FCF of KZT2.8 billion. But Fitch understand
from management that the subsidies from the state for capex
financing will provide additional liquidity sources. As of July
24, 2017 the company has refinanced its KZT8 billion local bond
at Pavlodarenergo level with a seven-year bank loan.

Fitch continues to treat the deposits of KZT10.3 billion in a
related party Eximbank (B-/RWN) as other financial assets rather
than cash, but at the same time Fitch no longer rely on them in
Fitch liquidity analysis due to the deteriorated financial
position of the bank.

Senior Unsecured Notched Down: Fitch rates CAEPCo's local bonds
one notch below the company's Long-Term Local Currency IDR of
'B+' given the Recovery Rating of 'RR5'. In addition, the notes
are issued at the holding company level (CAEPCo) and have no
benefit from upstream guarantees from operating subsidiaries, no
security over operating assets and no cross defaults with other
facilities.

FULL LIST OF RATING ACTIONS

Long-Term Foreign and Local Currency IDRs: affirmed at 'B+';
Outlook Stable
National Long-Term Rating: affirmed at 'BBB(kaz)'; Outlook Stable
Short-Term Foreign Currency IDR: affirmed at 'B'
Local currency senior unsecured rating: affirmed at 'B'; Recovery
Rating 'RR5'
National senior unsecured rating: affirmed at 'BB+(kaz)'


PAVLODARENERGO JSC: Fitch Affirms B+ IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Joint Stock Company
Pavlodarenergo's Long-Term Issuer Default Rating (IDR) at 'B+'.
The Outlook is Stable.

The affirmation follows the same rating action on
Pavlodarenergo's sole shareholder, Joint Stock Company Central-
Asian Electric-Power Corporation (CAEPCo, B+/Stable; see 'Fitch
Affirms CAEPCo at 'B+'; Outlook Stable'). Sevkazenergo's ratings
are aligned with CAEPCo's, reflecting the company's position as
one of two key operating subsidiaries within the CAEPCo group,
contributing 51% of group EBITDA.

The ratings also reflect Pavlodarenergo's high exposure to
foreign currency fluctuation risks, as well as vertical
integration, a stable regional market share and a benign
regulatory regime in the distribution segment. The rating is
constrained by an unfavourable regulatory environment in the
generation segment and significant capex needs, which are
expected to be partially debt-funded.

Fitch assess CAEPCo, Pavlodarenergo and another 100% subsidiary,
Joint Stock Company Sevkazenergo, on a consolidated basis, given
the absence of ring-fencing, a centrally managed treasury and
that debt is located at both holdco and opco levels.

KEY RATING DRIVERS

FX Risks Still High: Pavlodarenergo remains significantly exposed
to foreign currency fluctuations as 47% of its total debt at end-
1H17 was denominated in foreign currencies, mainly in US dollars.
This exposure might further weaken Pavlodarenergo's credit
profile due to currency mismatch between the company's debt and
revenue and the absence of hedging to reduce the company's
foreign exchange exposure. However, Pavlodarenergo maintains a
portion of cash in US dollars (41% of cash and deposits at end-
2016).


Heavy Capex: Capex is expected to remain significant, on average,
at KZT11.1 billion annually for 2017-2020 compared with KZT12.2
billion annually for 2013-2016. This is despite the completion of
a mandatory investment programme for generation assets. Around
50% of the capex programme for 2017-2020 is discretionary and
part of the investments will be financed by government subsidies,
which Fitch views positively.

Negative FCF Expected: Fitch expects Pavlodarenergo to continue
generating solid consolidated cash flow from operations (CFO), on
average, of KZT13.1 billion over 2017-2020. However, after
accounting for capex and 50% dividend payout free cash flow (FCF)
is expected to remain negative at around KZT1.3 billion annually
in 2017-2020. Fitch expects Pavlodarenergo to rely on new
borrowings to finance cash shortfalls.

Strong 1H17 Results: Pavlodarenergo demonstrated strong financial
results in 2016 and 1H17. Revenue and EBITDA increased by 11% and
17% respectively in 2016, and by a further 11% and 16%
respectively in 1H17. Fitch forecasts the company's profitability
to remain strong, with an average EBITDA margin of about 33% over
2017-2020 compared with 32% in 2013-2016, which will support its
ratings. This is based on Fitch assumptions of approved tariff
growth for the distribution segment and zero tariff growth for
the generation segment for 2016-2018.

Generation Dominates despite Integration: Pavlodarenergo is one
of CAEPCo's key operating subsidiaries. The company is self-
sufficient with the exception of fuel production and
transmission, which gives the company access to markets for its
energy output and limits customer concentration. Pavlodarenergo
covers electricity and heat generation, distribution and supply
in the Pavlodar region and was responsible for 4.1% of
electricity generation in Kazakhstan in 2016. Despite
integration, Pavlodarenergo's EBITDA is dominated by generation
services.

Regulatory Environment: Following the postponement of the
capacity market launch in Kazakhstan until 2019, the regulator
decided to freeze generation tariffs and set them at 2015 levels
for 2016-2018. However, in electricity distribution five-year
tariffs were approved using the "cost plus allowable margin"
methodology instead of the "benchmarking" that was previously
used. In the heat segment the "cost plus allowable margin"
methodology continues to be applied with tariffs also approved
for a period of five years. The heat distribution business
continues to be loss-making due to large heat losses and
regulated end-user tariffs, which Fitch assumes are kept low for
social reasons (heat generation is reported within overall
generation).

DERIVATION SUMMARY

The ratings of Pavlodarenergo are aligned with CAEPCo's,
reflecting its position as one of two key operating subsidiaries
within the CAEPCo group, contributing 51% of group EBITDA.
Pavlodarenergo's closest peer is another CAEPCo subsidiary
Sevkazenergo and several Kazakhstan-based regional players as
Ekibastuz GRES-1 LLP (EGRES-1, BB+/Stable) and Limited Liability
Partnership Kazakhstan Utility Systems (KUS, BB-/Stable).
Pavlodarenergo has a weaker business profile than EGRES-1 and KUS
due to the smaller scale of its operations; however, similar to
peers its EBITDA is dominated by the electricity generation
segment. Pavlodarenergo's financial profile is weaker than that
of KUS and EGRES-1 due to lower margins, higher leverage and
higher debt exposure to FX.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Electricity volume growth above Fitch's GDP growth forecast in
   2017 (4% and 10% for Pavlodarenergo and Sevkazenergo,
   respectively) and slightly below Fitch's GDP growth forecast
   of 3% after 2017;
- Tariff growth as approved by the regulator for the
   distribution segment at 2%-6% CAGR over 2017-2020 and 0% for
   the generation segment for 2017-2018;
- Capex in line with the company's guidance;
- Inflation-driven cost increase;
- Average KZT/USD rate of 330 in 2017 and thereafter;
- Dividend payments of 50%.

KEY RECOVERY RATING ASSUMPTIONS:
- The recovery analysis assumes that Pavlodarenergo would be
   considered a going-concern in bankruptcy and that the company
   would be reorganised rather than liquidated.
- Fitch has assumed a 10% administrative claim.

Going-Concern Approach
- The going-concern EBITDA estimate reflects Fitch's view of a
   sustainable, post-reorganisation EBITDA level upon which Fitch
   base the valuation of the company.
- The going-concern EBITDA is 35% below 2016 EBITDA to reflect
   the potential pressure on tariffs following the completion of
   heavy investment cycle in the generation and distribution
   segments as well as the company's significant exposure to FX
   risk.
- The discount to EBITDA also reflects the limited track record
   of the company's ability to sustain EBITDA at the higher
   levels achieved in 2016 on the back of new customers and
   higher distribution tariffs. Pavlodarenergo competes for
   customers with Ekibastuz GRES-1 and a number of other Samruk-
   Energy subsidiaries. Competitive dynamics could lead to
   reduction in customer retention rates.
- An enterprise value (EV) multiple of 4.0 is used to calculate
   a post-reorganisation valuation for Pavlodarenergo.
- The EV multiple applied is lower than the multiple of 4.5x
   applied for CAEPCo, due to Pavlodarenergo's smaller business
   scale.
- Secured debt has higher priority than unsecured claims.
   Capital leases are not considered in the recovery waterfall.
- The waterfall results in a 96% recovery. However, the Recovery
   Rating is capped at 'RR4' for the senior unsecured instruments
   at Pavlodarenergo in accordance with Fitch's Country-Specific
   Treatment of Recovery Ratings.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Positive rating action on CAEPCo as Pavlodarenergo's ratings
   are aligned with the parent IDR.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Negative rating action on CAEPCo.

The sensitivities may change if the links with CAEPCo weaken. For
the rating of CAEPCo, Pavlodarenergo's ultimate parent, Fitch
outlined the sensitivities in its rating action commentary of 31
July 2017:

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A stronger financial profile than forecast by Fitch supporting
   FFO adjusted gross leverage below 3x and FFO interest coverage
   above 4.5x (2016: 4.9x) on a sustained basis.
- Liquidity ratio above one time on a consistent basis
- Sustained material reduction of FX exposure.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained slowdown of the Kazakh economy, further tenge
   devaluation, increase in coal prices that is substantially
   above inflation or tariffs materially lower than Fitch
   forecasts, leading to FFO-adjusted gross leverage persistently
   higher than 4x and FFO interest coverage below 3.5x.
- Committing to capex without sufficient available funding, and
   worsening overall liquidity.

LIQUIDITY

Satisfactory Liquidity: Fitch views Pavlodarenergo's liquidity as
satisfactory, assuming the availability of external funding.
According to management, CAEPCo group's treasury is managed
centrally for the parent company and the subsidiaries. At end-
1H17, Pavlodarenergo's cash and cash equivalents totalled KZT2.1
billion. This, and unused credit facilities of KZT11.1 billion as
of 24 July 2017 at the CAEPCo group level, were not sufficient to
cover Pavlodarenergo's short-term debt maturities of KZT12.4
billion and negative 12-month FCF of KZT1.5 billion. However, as
of 24 July 2017 the company refinanced its KZT8 billion local
bond with a seven-year maturing bank loan. Fitch understand from
management that the subsidies from the state for capex financing
will provide additional liquidity sources.

Senior Unsecured Rating Aligned With IDR: Pavlodarenergo's local
senior unsecured bond is rated 'B+', in line with its Long-term
Local Currency IDR given the Recovery Rating of 'RR4'.

FULL LIST OF RATING ACTIONS

Long-Term Foreign and Local Currency IDRs: affirmed at 'B+',
Outlook Stable
National Long-Term Rating: affirmed at 'BBB(kaz)', Outlook Stable
Local currency senior unsecured rating: affirmed at 'B+';
Recovery Rating 'RR4'


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


EURO-GALAXY IV: Moody's Assigns B2(sf) Rating to Cl. F-R Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Euro-Galaxy IV
CLO B.V.:

-- EUR1,500,000 Class X-R Senior Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR189,100,000 Class A-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR40,600,000 Class B-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR22,100,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR15,700,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR19,000,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR9,600,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of 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 Lead Collateral Manager, PineBridge
Investments Europe Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.

The Issuer has issued the Refinancing Class X-R Notes, the
Refinancing Class A-R Notes, the Refinancing Class B-R Notes, the
Refinancing Class C-R Notes, the Refinancing Class D-R Notes, the
Refinancing Class E-R Notes and the Refinancing Class F-R Notes
(the "Refinancing Notes") in connection with the refinancing of
the Class A-1D Senior Secured Delayed Draw Floating Rate Notes
due 2028, Class A-1 Senior Secured Floating Rate Notes due 2028,
the Class A-2 Senior Secured Floating Rate Notes due 2028, the
Class B-1 Senior Secured Fixed Rate Notes due 2028, the Class B-2
Senior Secured Floating Rate Notes due 2028, the Class C Senior
Secured Deferrable Floating Rate Notes due 2028, the Class D
Senior Secured Deferrable Floating Rate Notes due 2028, the Class
E Senior Secured Deferrable Floating Rate Notes due 2028 and the
Class F Senior Secured Deferrable Floating Rate Notes due 2028
("the Refinanced Notes") respectively, previously issued on June
30, 2015 (the "Original Closing Date"). The Issuer will use the
proceeds from the issuance of the Refinancing Notes to redeem in
full the Original Notes that will be refinanced. On the Original
Closing Date, the Issuer also issued EUR38,400,000 of unrated
Subordinated Notes, which will remain outstanding.

Euro-Galaxy IV CLO B.V. is a managed cash flow CLO. At least 90%
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.

PineBridge Investments Europe Limited ("PineBridge") will manage
the CLO and CrÇdit Industriel et Commercial SA will act as Co-
Collateral Manager (together, the "Collateral Managers"). The
Collateral Managers 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: EUR320,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8 years

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

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class X-R Senior Secured Floating Rate Notes: 0

Class A-R Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

Ratings Impact in Rating Notches:

Class X-R Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

Methodology Underlying the Rating Action:

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


EURO-GALAXY IV: S&P Assigns B- (sf) Rating to Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Euro-Galaxy IV
CLO B.V.'s class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. The
unrated subordinated notes initially issued were not redeemed and
remain outstanding with an extended maturity to match the newly
issued notes.

The ratings assigned to Euro-Galaxy IV's reset notes reflect our
assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality
    tests.
-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
    remote.

S&P said, "In our view, 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).

"Under our structured finance ratings above the sovereign
criteria, the transaction's exposure to country risk is limited
at the assigned preliminary rating levels, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"We consider that the transaction's legal structure is 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 our ratings are
commensurate with the available credit enhancement for each class
of notes."

Euro-Galaxy IV CLO is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, primarily comprising euro-denominated senior
secured loans and bonds issued mainly by European borrowers.
PineBridge Investments Europe Ltd. is the lead collateral manager
and Credit Industriel et Commercial S.A. is the co-collateral
manager. The transaction is a reset of an existing transaction,
which closed in 2015.

RATINGS LIST

  Euro-Galaxy IV CLO B.V.
  EUR616.95 mil, ú15.7 mil senior secured floating-rate notes



  Class        Rating      Amount
                          (mil, EUR)
  X-R          AAA (sf)       1.5
  A-R          AAA (sf)     189.1
  B-R          AA (sf)       40.6
  C-R          A (sf)        22.1
  D-R          BBB (sf)      15.7
  E-R          BB (sf)       19.0
  F-R          B- (sf)        9.6


===========
N O R W A Y
===========


NORWEGIAN AIR 2016-1: Moody's Cuts Rating on Cl. A Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service downgraded its ratings assigned to
Norwegian Air Shuttle ASA's ("NAS") Enhanced Pass Through
Certificates, Series 2016-1 ("EETCs"): Class A with a legal final
maturity date of November 10, 2029 to Ba1 from Baa3, Class B with
a legal final maturity date of November 10, 2025 to B1 from Ba3.
The scheduled maturity dates precede the respective legal final
maturity dates by 18 months. The rating outlook on the EETCs is
stable.

RATINGS RATIONALE

The downgrades reflect weaker operating results at NAS than
anticipated at the time of the initial assignment in 2016.
Increasing competition, particularly in the European market while
NAS invests substantially to grow its fleet has resulted in a
weaker financial profile marked by higher leverage, lower
interest coverage and reduced liquidity reserves relative to
upcoming debt maturities and capex commitments. Falling yields
and some operational issues in the long-haul network, exacerbated
by reliability issues with the Rolls-Royce Trent 1000 engines on
the company's Boeing B787 aircraft, contributed to inferior
operating performance in the first half of 2017. The company's
position as Europe's third-largest low-cost carrier, with a
particularly strong position in the Scandinavian market and its
competitive cost structure owing to its modern fleet and non-
union labor force help to offset further ratings pressure.

The Pass-Through Certificate ratings reflect the importance of
the B737-800 to the core European operations of NAS, and the
expectation that there will be a significant number of B737-800s
in the NAS fleet that are older than the 2016-vintage aircraft in
this transaction over the 12-year term that would more likely be
rejected under a default scenario. Moody's estimates the current
equity cushions at about 38% and 20%, respectively, (before
priority claims) in line with its original projections. The
ratings also reflect the support of separate 18-month liquidity
facilities. The ratings consider the applicability of the Cape
Town Convention and Aircraft Protocol as implemented in Irish
insolvency law to the operating leases and equipment notes, the
terms of the various instruments that comprise the transaction
that support the EETC Trustee's right to repossess the aircraft
following payment default on the leases or on the equipment
notes. Moody's believes that it is unlikely that the lessee,
NAIL, could retain the aircraft for an extended period and not
make the contractual rent payments. Moody's believes that
following a payment default, the EETC Trustee would be able to
repossess the aircraft with sufficient time to monetize the
aircraft before the then committed amounts of the liquidity
facilities are consumed.

The operating leases and equipment notes are registered
international interests in the (Cape Town) International
Registry. Ireland has elected a 60-Day Alternative A Waiting
Period under Article XI of the Aircraft Protocol. Alternative A
became force of law in Ireland in May 2017.

During Examination under Irish law, there is the potential for a
missed payment on the leases if the Examiner chooses to not make
a rent payment that falls due on one or more of the aircraft it
deems not essential. Under such a circumstance, the liquidity
facilities would cover the scheduled interest payment on the
Certificates. However, Irish insolvency law requires Examiners to
make payments on needed assets and equipment during an
Examination. Moody's anticipates that since Alternative A has
been implemented, the Trustee would be stayed for only the 60
day-waiting period implemented by Ireland. Cape Town is
relatively new law in Ireland, with no known precedents of
application. Nevertheless, Moody's believes that the importance
of aviation, particularly aircraft leasing, to the Irish economy
and to Ireland's credibility in the global aviation market will
promote timely repossessions of aircraft following payment
defaults. When the aircraft are situated outside of Ireland
during a lease default, the Trustee would seek repossession
pursuant to the terms of the leases, typically with a court order
from the jurisdiction where it expects to take possession.

The stable outlook reflects Moody's expectations that NAS will
continue to grow its European network, limiting the need to
downsize its narrow-body fleet, notwithstanding the current
pressures on earnings and cash flows. Moody's would consider
changing the ratings in the event of any combination of future
changes in the underlying credit quality of NAS, changes in NAS'
network strategy that lead to a downsizing of the narrow-body
fleet, materially larger than expected declines in the market
value of B737-800 aircraft or indications that Irish insolvency
law would be ineffective such that timely repossession of the
aircraft collateral was no longer expected.

Norwegian is currently the third largest low-cost carrier in
Europe, measured by seat kilometers, and has a growing network of
low-cost long-haul destinations. Since its transformation into a
low-cost airline operator in 2002, Norwegian has evolved from a
six-aircraft domestic carrier in Norway, to a major international
airline that, at December 31, 2016, operated 118 aircraft on 472
routes to 130 destinations over four continents.

The principal methodology used in these ratings was Enhanced
Equipment Trust and Equipment Trust Certificates published in
December 2015.


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


NOVO BANCO: DBRS Extends Review on CCC LT Deposits Rating
---------------------------------------------------------
DBRS Ratings Limited extended the review on Novo Banco, S.A.'s
(NB or the Bank) Long-Term Issuer, Long-Term Senior Debt and
Long-Term Deposits rating of CCC (high), and the Short-Term
Issuer, Short-Term Debt and Short-Term Deposit ratings at R-5.
These ratings remain Under Review with Negative Implications
(URN). The review on the ratings was originally initiated on
April 13, 2017, when the Bank announced a Liability Management
Exercise (LME) to the bondholders of senior debt with the aim to
generate EUR 500 million of capital. This is a key requirement to
achieve the sale of 75% stake of the Bank to Lone Star. At the
same time, DBRS has confirmed the Critical Obligations Ratings
(COR) at BB (low) / R-4, with Stable Trend. Please see full
ratings table at the end of this press release.

The extension of the review follows the announcement by NB of
further information on the conditions of the LME on July 25,
2017. DBRS expects to conclude the review upon completion of the
LME, which is expected to be completed by October 4, 2017 at the
latest.

DBRS anticipates that upon completion, the LME will be viewed as
a distressed exchange. This reflects that DBRS considers that
bondholders are being compelled to consent to the exchange
because failure to do so would likely lead to the withdrawal of
the acquisition offer by Lone Star. In DBRS's view, this could
potentially have negative implications for the Bank and senior
bondholders, as it could lead to the application of resolution
measures to NB.

As a result, the Bank's Long-Term Senior Debt rating will likely
be downgraded to "D" upon completion of the transaction. The
Long-Term Issuer rating will likely be considered as Selective
Default "SD". The latter reflects that as per DBRS's default
definition, DBRS would consider that the issuer has failed to
satisfy an obligation on a debt issue but views this as being
"Selective" if the issuer is expected to continue to meet
obligations in a timely manner on other securities and/or classes
of securities. If the tender offer is not successful, DBRS
anticipates that the Issuer and Senior Debt ratings could also be
downgraded to reflect the increased risk of losses for holders of
the Long-term Senior debt as one of the means to support the
capital position of the Bank.

On March 31st, 2017 the Portuguese government, in representation
of the sole shareholder of NB, the Resolution Fund (RF),
announced an agreement to sell a 75% stake in the bank to an
American fund, Lone Star. The transaction is subject to the LME
raising over EUR500 million to reinforce NB's capital position,
prior to Lone Star injecting the further capital required. Under
the conditions of the LME, as announced earlier this week, NB's
senior bondholders are being offered cash, as well as the
possibility to deposit that cash in a 3-5 years fixed-term
deposit. The senior debt involved in the LME has been issued by
the London and Luxembourg branches of the Bank as well as NB
Finance.

The confirmation of the BB (low) / R-4 Critical Obligations
Ratings reflects DBRS' expectation that, in the event of a
resolution of the Bank, certain liabilities related to critical
activities (such as payment and collection services, obligations
under covered bond program, payment and collection services,
etc.) have a greater probability of avoiding being bailed-in and
being included in a going-concern entity.

RATING DRIVERS

The ratings are currently Under Review with Negative
Implications. Given the ongoing LME and the uncertainty
surrounding its impact any upside pressure is unlikely in the
short term.


=============
R O M A N I A
=============


* ROMANIA: Insolvent Firms Can't Escape Tax Agency Debt Recovery
----------------------------------------------------------------
Romania Insider reports that insolvent firms will no longer
automatically escape the debt recovery procedure initiated by
Romania's Tax Agency (ANAF) for public debts if a court decision
on criminal matters has been handed down, according to a proposal
ANAF sent to the Finance Ministry.

The proposal could lead to a change in the Fiscal Procedure Code,
Romania Insider says.

The current law provides that all enforcement measures, including
those initiated by ANAF, are suspended once the insolvency
proceedings start, Romania Insider notes.

The Finance Ministry said that it has received ANAF's proposals
and that it will analyze them, Romania Insider relays, citing
Profit.ro.


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


SERGEY POYMANOV: Court Recognizes Russian Insolvency Proceeding
---------------------------------------------------------------
Aleksey Vladimirovich Bazarnov, the financial administrator
appointed by the Commercial (Arbitrazh) Court of the Moscow
Region in the proceeding of Sergey Petrovich Poymanov pending in
Russia seeks recognition of the Russian Insolvency Proceeding as
a foreign main proceeding pursuant to Chapter 15 of the
Bankruptcy Code and a declaration as to the application of the
automatic stay upon recognition. PPF Management LLC opposes the
relief sought in the Verified Petition.

Judge May Kay Vyskocil of the U.S. Bankruptcy Court for the
Southern District of New York ruled that the Russian Insolvency
Proceeding is entitled to recognition as a foreign main
proceeding pursuant to Bankruptcy Code sections 1502(4) and
1517(b)(1). Judge Vyskocil also rules that the automatic stay
applies with respect to property of Poymanov within the
territorial jurisdiction of the U.S.

Under section 109(a), only a person who resides or has a
domicile, a place of business, or property in the U.S, or a
municipality, may be a debtor under the Bankruptcy Code. The
eligibility requirements of section 109(a) apply in Chapter 15
cases. Thus, since Poymanov is a Russian citizen residing in
Russia, the Court may not grant the relief requested in the
Verified Petition unless Poymanov has a domicile, a place of
business, or property in the U.S. The Petitioner asserts that
Poymanov has property in the U.S. in the form of (a) funds that
the Petitioner transferred to a client trust account in New York
that are held in trust as a retainer by the Petitioner's counsel
and (b) the SDNY Claims. PPF argues that the Petitioner has not
provided evidence that the funds held in the Retainer Account are
Poymanov's property and that Poymanov and his wife assigned the
SDNY Claims to PPF prior to the commencement of this Chapter 15
case, and therefore, the SDNY Claims are not property of the
Debtor.

Regarding the retainer account, the Court finds that the
Petitioner has provided sufficient evidence to demonstrate that
the Retainer Account is property in the U.S. belonging to
Poymanov, and PPF has not rebutted that evidence. Accordingly,
the Court concludes that the Petitioner has satisfied the
eligibility requirements of section 109(a).

The Petitioner also asserts that the SDNY Claims constitute
property of the debtor in the U.S. Because the Court finds that
the Retainer Account satisfies the eligibility requirements of
section 109(a), the Court need not consider whether the SDNY
Claims are an additional basis for satisfying the section 109(a)
eligibility requirements.

Considering all the evidence and arguments presented, the Court
concludes that the automatic stay applies with respect to
property of Poymanov within the territorial jurisdiction of the
United States. The Court finds that the extent to which the SDNY
Claims are property of Poymanov to be administered in the Russian
Insolvency Proceeding, and, as such, subject to the automatic
stay, is subject to a non-frivolous suit that is pending before
the Russian Court. If the Russian Court issues an order in favor
of the Petitioner on the Assignment Applications, the Petitioner
may then seek to enforce the automatic stay in this Court with
respect to the SDNY Action. In the event that PPF proceeds with
the SDNY Action while the Assignment Applications are pending in
Russia, it does so at its peril, and the Petitioner has recourse
under section 362(k) for any damages he may sustain in the event
it is proven that PPF willfully violated the automatic stay.

For these reasons, the Court finds and concludes that:

   (1) this case was properly commenced in compliance with and
pursuant to Bankruptcy Code sections 1504 and 1515;

   (2) the Verified Petition satisfies the requirements of
Bankruptcy Code section 1515;

   (3) the Petitioner qualifies as a foreign representative
within the meaning of Bankruptcy Code section 101(24);

   (4) the Russian Insolvency Proceeding is a foreign proceeding
within the meaning of Bankruptcy Code section 101(23);

   (5) Russia is the center of Poymanov's main interests;

   (6) the Russian Insolvency Proceeding is entitled to
recognition as a foreign main proceeding pursuant to Bankruptcy
Code sections 1502(4) and 1517(b)(1);

   (7) recognition of the Russian Insolvency Proceeding as a
foreign main proceeding is not contrary, much less manifestly
contrary, to the public policy of the U.S.; and

   (8) pursuant to Bankruptcy Code section 1520, sections 361 and
362 of the Bankruptcy Code apply with respect to Poymanov and the
property of Poymanov that is within the territorial jurisdiction
of the U.S.

A full-text copy of Judge Vyskocil's Decision and Order dated
July 31, 2017, is available at:

     http://bankrupt.com/misc/nysb17-10516-70.pdf

Counsel for Aleksey Vladimirovich Bazarnov, as Petitioner:

     Owen C. Pell, Esq.
     Laura J. Garr, Esq.
     Alice Tsier Esq.
     WHITE & CASE LLP
     1221 Avenue of the Americas
     New York, New York 10020
     opell@whitecase.com
     lgarr@whitecase.com
     atsier@whitecase.com

            -and-

     Richard S. Kebrdle, Esq.
     Jason Zakia, Esq.
     Matthew A. Goldberger, Esq.
     Southeast Financial Center, Suite 4900
     200 South Biscayne Blvd.
     Miami, Florida 33131
     rkebrdle@whitecase.com
     jzakia@whitecase.com
     mgoldberger@whitecase.com

Counsel for PPF Management LLC:

     Alan J. Brody, Esq.
     Caroline J. Heller, Esq.
     GREENBERG TRAURIG, LLP
     Met Life Building
     200 Park Avenue
     New York, New York 10166
     brodya@gtlaw.com
     hellerc@gtlaw.com

            -and-

     Sanford M. Saunders Jr., Esq.
     Nicoleta Timofti, Esq.
     2101 L. Street, N.W.
     Suite 1000
     Washington, D.C. 20037
     saunderss@gtlaw.com
     timoftin@gtlaw.com

Headquartered in Moscow, Russia, Sergey Petrovich Poymanov and
Aleksey Vladimirovich Bazarnov filed a petition for recognition
of a foreign proceeding (Bankr S.D.N.Y. Case No. 17-10516) on
March 3, 2017.  Owen C. Pell, Esq., at White & Case LLP serves as
the Debtors' counsel.


SEVKAZENERGO JSC: Fitch Affirms B+ Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Joint Stock Company
Sevkazenergo's Long-Term Issuer Default Rating (IDR) at 'B+'. The
Outlook is Stable.

The affirmation follows the same rating action on Sevkazenergo's
sole shareholder, Joint Stock Company Central-Asian Electric-
Power Corporation (CAEPCo, B+/Stable; see 'Fitch Affirms CAEPCo
at 'B+'; Outlook Stable'). Sevkazenergo's ratings are aligned
with CAEPCo's, reflecting the company's position as one of two
key operating subsidiaries within the CAEPCo group, contributing
42% of group EBITDA.

The ratings also reflect Sevkazenergo's high exposure to foreign
currency fluctuation risks, as well as vertical integration, a
stable regional market share and a benign regulatory regime in
the distribution segment. However, the rating is constrained by
an unfavourable regulatory environment in the generation segment
and significant capex needs, which are expected to be partially
debt-funded.

Fitch assess CAEPCo, Sevkazenergo and another 100% subsidiary,
Joint Stock Company Pavlodarenergo, on a consolidated basis,
given the absence of ring-fencing, a centrally managed treasury
and that debt is located at both holdco and opco levels.

KEY RATING DRIVERS

FX Risks Still High: Sevkazenergo remains significantly exposed
to foreign currency fluctuations as 36% of its total debt at end-
1H2017 was denominated in foreign currencies, mainly in US
dollars. This exposure might further weaken Sevkazenergo's credit
profile due to currency mismatch between the company's debt and
revenue and the absence of hedging. Sevkazenergo holds all its
cash in tenge.

Significant Capex: Capex is expected to remain significant, on
average, at KZT8.3 billion annually for 2017-2020 compared with
KZT10.4 billion annually for 2013-2016. This is despite the
completion of a mandatory investment programme for generation
assets. Around 50% of the capex programme for 2017-2020 is
discretionary and part of the investments will be financed by
government subsidies, which Fitch views positively.

Negative FCF Expected: Fitch expects Sevkazenergo to continue
generating solid consolidated cash flow from operations (CFO), on
average, of KZT10 billion over 2017-2020. However, after
accounting for capex and 50% dividend payout free cash flow (FCF)
is expected to remain negative at around KZT0.4 billion annually
in 2017-2020. Fitch expects Sevkazenergo to rely on new
borrowings to finance cash shortfalls.

Strong 1H17 Results: Sevkazenergo demonstrated strong operational
and financial results in 2016 and 1H17. Electricity production
rose 14% yoy in 2016 compared with 4% in Kazakhstan and continued
to increase 13% yoy in 1H17 versus 11% in Kazakhstan. Fitch
forecast the company's profitability to remain strong, with an
average EBITDA margin of about 36% over 2017-2020 compared with
37% in 2013-2016, which will support its ratings. This is based
on Fitch assumptions of approved tariff growth for the
distribution segment and zero tariff growth for the generation
segment for 2016-2018.

Generation Dominates Despite Integration: Sevkazenergo is one of
CAEPCo's key operating subsidiaries. The company is self-
sufficient with the exception of fuel production and
transmission, which gives the company access to markets for its
energy output and limits customer concentration. Sevkazenergo
covers electricity and heat generation, distribution and supply
in the Petropavlovsk region and was responsible for 3.4% of
electricity generation in Kazakhstan in 2016. Despite
integration, Sevkazenergo's EBITDA is dominated by generation
services.

Regulatory Environment: Following the postponement of the
capacity market launch in Kazakhstan until 2019, the regulator
decided to freeze generation tariffs and set them at 2015 levels
for 2016-2018. However, in electricity distribution five-year
tariffs were approved using the "cost plus allowable margin"
methodology instead of the "benchmarking" that was previously
used. In the heat segment the "cost plus allowable margin"
methodology continues to be applied with tariffs also approved
for a period of five years. The heat distribution business
continues to be loss-making due to large heat losses and
regulated end-user tariffs, which Fitch assumes are kept low for
social reasons (heat generation is reported within overall
generation).

DERIVATION SUMMARY

The ratings of Sevkazenergo are aligned with CAEPCo's, reflecting
its position as one of two key operating subsidiaries within the
CAEPCo group, contributing 42% of group EBITDA. Sevkazenergo's
closest peer is another CAEPCo's subsidiary Pavlodarenergo and
several Kazakhstan-based regional players as Ekibastuz GRES-1 LLP
(EGRES-1, BB+/Stable) and Limited Liability Partnership
Kazakhstan Utility Systems (KUS, BB-/Stable). Sevkazenergo has a
weaker business profile than EGRES-1 and KUS due to the smaller
scale of its operations; however, similar to peers its EBITDA is
dominated by the electricity generation segment. Sevkazenergo's
financial profile is weaker than that of KUS and EGRES-1 due to
higher leverage and higher debt exposure to FX.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Electricity volume growth above Fitch's GDP growth forecast in
   2017 (4% and 10% for Pavlodarenergo and Sevkazenergo,
   respectively) and slightly below Fitch's GDP growth forecast
   of 3% after 2017;
- Tariff growth as approved by the regulator for the
   distribution segment at 2%-6% CAGR over 2017-2020 and 0% for
   the generation segment for 2017-2018;
- Capex in line with the company's guidance;
- Inflation-driven cost increase;
- Average KZT/USD rate of 330 in 2017 and thereafter;
- Dividend payments of 50%.

KEY RECOVERY RATING ASSUMPTIONS:
- The recovery analysis assumes that Sevkazenergo would be
   considered a going-concern in bankruptcy and that the company
   would be reorganised rather than liquidated.
- Fitch has assumed a 10% administrative claim.
   Going-Concern Approach
- The going-concern EBITDA estimate reflects Fitch's view of a
   sustainable, post-reorganisation EBITDA level upon which Fitch
   base the valuation of the company.
- The going-concern EBITDA is 35% below 2016 EBITDA to reflect
   the potential pressure on tariffs following the completion of
   heavy investment cycle in the generation and distribution
   segments as well as company's significant exposure to FX risk.
- The discount to EBITDA also reflects a limited track record of
   the company's ability to sustain EBITDA at the higher level
   achieved in 2016 on the back of new customers and higher
   distribution tariffs. Sevkazenergo operates in Northern
   Kazakhstan and competes for clients with Ekibastuz GRES-1 and
   a number of other Samruk-Energy subsidiaries. Competitive
   dynamics could lead to reduction in customer retention rates.
- An enterprise value (EV) multiple of 4.0x is used to calculate
   a post-reorganisation valuation for Sevkazenergo.
- The EV multiple applied is lower than that of CAEPCo (4.5x),
   due to the smaller business scale.
- Secured debt has higher priority than unsecured claims.
   Capital leases are not considered in the recovery waterfall.
- The waterfall results in 100% recovery. However, the Recovery
   Rating is capped at 'RR4' for the senior unsecured instruments
   at Sevkazenergo in accordance with Fitch's Country-Specific
   Treatment of Recovery Ratings.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Positive rating action on CAEPCo as Sevkazenergo's ratings are
   aligned with the parent IDR.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Negative rating action on CAEPCo.

The sensitivities may change if the links with CAEPCo weaken. For
the rating of CAEPCo, Sevkazenergo's ultimate parent, Fitch
outlined the sensitivities in its rating action commentary of 31
July 2017:

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A stronger financial profile than forecast by Fitch supporting
   FFO adjusted gross leverage below 3x and FFO interest coverage
   above 4.5x (2016: 4.9x) on a sustained basis.
- Liquidity ratio above one time on a consistent basis
- Sustained material reduction of FX exposure.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained slowdown of the Kazakh economy, further tenge
   devaluation, increase in coal prices that is substantially
   above inflation or tariffs materially lower than Fitch
   forecasts, leading to FFO-adjusted gross leverage persistently
   higher than 4x and FFO interest coverage below 3.5x.
- Committing to capex without sufficient available funding, and
   worsening overall liquidity.

LIQUIDITY

Satisfactory Liquidity: Fitch views Sevkazenergo's liquidity as
satisfactory, assuming the availability of external funding.
According to management, CAEPCo group's treasury is managed
centrally for the parent company and the subsidiaries. At end-
1H17, Sevkazenergo's cash and cash equivalents of KZT1.1 billion
and unused credit facilities of KZT11.1 billion at the CAEPCo
group level (as of 24 July 2017) are sufficient to cover
Sevkazenergo's short-term debt maturities of KZT3.6 billion and
expected negative 12-month FCF of KZT1.8 billion. Fitch also
understand from management that the subsidies from the state for
capex financing will provide additional liquidity sources.

Senior Unsecured Rating Aligned With IDR: Sevkazenergo's KZT9
billion local senior unsecured bond is rated 'B+', in line with
its Long-term local currency IDR given the Recovery Rating of
'RR4'.

FULL LIST OF RATING ACTIONS

Long-Term Foreign and Local Currency IDRs: affirmed at 'B+',
Outlook Stable
National Long-term Rating: affirmed at 'BBB (kaz)', Outlook
Stable
Local currency senior unsecured rating: affirmed at 'B+';
Recovery Rating 'RR4'


===============
S L O V E N I A
===============


NOVA LJUBLJANSKA: S&P Affirms 'BB/B' Counterparty Credit Ratings
----------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB' long-term
counterparty credit rating on Slovenia-based Nova Ljubljanska
Banka D.D. (NLB). The outlook remains positive. S&P said, "At the
same time, we affirmed our 'B' short-term counterparty credit
rating on the bank.

"Furthermore, we removed the long-term rating from under criteria
observation (UCO), where we placed it on July 28, 2017.

"The rating action follows the completion of our review of our
ratings on NLB under our revised risk-adjusted capital (RAC)
framework methodology. We have changed the anchor that starts our
long-term rating on NLB to 'bb' from 'bb+' because of downward
revisions to some of our Banking Industry And Country Risk
Assessment scores for countries in southeastern Europe (SEE). As
of first-quarter 2017, 35% of NLB's exposure was to SEE
countries, all of which have a weaker economic environment than
Slovenia, in our view. NLB's largest foreign markets are Bosnia
and Herzegovina and Macedonia, which account for a combined 20%
of its loan book.

"At the same time, following the change of the anchor, we now
compare NLB with a different peer group of banks. In our opinion,
NLB's risk metrics are in line with those of these new
international peers operating with a similar product mix and
economic risk environment. NLB's risk profile compares well with
the average of peers in Bulgaria, Croatia, Hungary, Italy, and
Portugal in terms of asset quality and risk standards. The bank's
nonperforming loans (NPL) ratio, according to the European
Banking Authority's definition, was at 9.3% as of March 31, 2017,
which is broadly in line with the average for the peer group. At
the same time, the bank's NPL coverage ratio of over 70% was
higher than that of some peers. NLB's risk management and lending
and governance standards have improved considerably since the
government bailout in 2013 and now compare well with
international peers'.

"Overall, we consider that NLB's quantitative and qualitative
risk factors are now on par with the peer average. As a result,
we now consider NLB's risk position to be adequate and therefore
neutral to the rating. Consequently, combined, the revision of
the anchor and our reassessment of NLB's risk position has no
impact on our ratings on NLB.

"The positive outlook on NLB reflects our continued positive view
of economic prospects in Slovenia that could support further
improvement of NLB's asset quality and internal capital
generation capacity over the next year, contributing to the
strengthening of the bank's credit profile. There is at least a
one-in-three likelihood that we could upgrade NLB over the next
12 months.

We anticipate that further derisking of the corporate sector in
Slovenia will enhance NLB's overall asset quality and income
generation from its loan business. We expect a further decrease
in NLB's NPLs and noncore assets that enables new capacity for
lending and profit generation.

"We could take a positive rating action if economic risks in
Slovenia diminish further, supporting a healthy operating
environment, and in turn, NLB's business position. A faster-than-
expected increase of NLB's capitalization or a significant drop
in nonperforming assets that translated into a sustainable
increase in the RAC ratio beyond 10% could also lead to an
upgrade.

"We note, however, that a positive rating action would hinge on
NLB's ability to contain risks in its foreign operations.

"We could revise the outlook to stable within the next 12 months
if we saw a deterioration of the operating environment in
Slovenia or in NLB's main foreign markets, which would hamper
NLB's earnings performance and heighten risks of a renewed
buildup of problem loans. We could also revise the outlook to
stable if NLB were to expand aggressively into riskier SEE
countries."


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


CAIXABANK CONSUMO: DBRS Finalizes CC Rating on Series B Debt
------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
notes issued by CAIXABANK CONSUMO 3 FT (the Issuer) as follows:

-- EUR 2,278,500,000 Series A at A (high) (sf).
-- EUR 171,500,000 Series B at CC (sf).

The Issuer is a static securitisation of unsecured consumer loans
and mortgage consumer loans originated by CaixaBank S.A.
(CaixaBank). The mortgage consumer loans include standard loans
and current drawdowns of a revolving mortgage credit line called
Credito Abierto. Mortgage consumer loans are secured by first-
and second-lien mortgages on properties located in Spain. At the
closing of the transaction, the Issuer will use the proceeds of
the Series A and Series B notes to fund the purchase of the
unsecured consumer loans and the mortgage consumer loans from the
Seller, CaixaBank. CaixaBank will also be the servicer of the
portfolio. In addition, CaixaBank will provide separate
subordinated loans to fund the initial expenses and the Reserve
Fund. The securitisation will take place in the form of a fund in
accordance with Spanish Securitisation Law.


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


UKRAINE: Ten Banks at Risk of Insolvency, Deposit Fund Warns
------------------------------------------------------------
UNIAN reports that Deputy Managing Director of the Deposit
Guarantee Fund (DGF) in Ukraine Svitlana Rekrut says that there
are about ten banks in Ukraine that may be designated as problem
ones.

"There are about ten institutions with problem bank status.
However, we cannot disclose their names," UNIAN quotes Ms. Rekrut
as saying in an interview with the Minfin financial news portal.

She also refused to forecast how many banks could be found
insolvent due to their failure to meet the requirement of raising
their charter capital to UAH200 million, or US$7.7 million, UNIAN
relates.

In May 2017, the NBU said it had questions to 11 out of the 34
banks that require an increase in capital to UAH200 million,
UNIAN discloses.


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


HARVEYS DRY: Bought Out of Liquidation by JHR Norfolk
-----------------------------------------------------
Doug Faulkner at Norwich Evening News reports that a chain of dry
cleaners has been saved after the company and its assets were
bought out of liquidation.

Harveys Dry Cleaners, which has sites in Eaton, Wymondham,
Attleborough and Sheringham, has been bought by JHR Norfolk
Limited -- a firm owned by the family of the company's previous
director, Norwich Evening News relates.

It is understood the thirteen staff have had their jobs saved and
the firm continued to operate during the liquidation process,
Norwich Evening News notes.

According to Norwich Evening News, administrator Jamie Playford
-- jamie.playford@leading.uk.com -- of Leading Corporate
Recovery, said the deal was a better one for creditors than a
previous agreement with JHR made by a different liquidator.

Administrators were called in towards the end of 2015 and the
firm was restructured, with two site closures and nine
redundancies, and a company voluntary arrangement (CVA) to pay
back GBP80,000 of tax liabilities was put in place, Norwich
Evening News recounts.

However, the company fell behind on payments and entered
liquidation in May this year, Norwich Evening News relays.

The company had appointed a voluntary liquidator, who had
originally arranged a sale to JHR, prior to Mr. Playford's
appointment by the court due to the breach of the CVA, Norwich
Evening News discloses.


JOHNSTON PRESS: Appeals to Pension Trustees to Back Rescue Deal
---------------------------------------------------------------
Christopher Williams at The Telegraph reports that the newspaper
publisher Johnston Press is appealing to the trustees of its
GBP600 million pension fund to join in a radical restructuring of
the company to prevent its collapse under heavy debts.

As it revealed half year results showing sustained pressure on
the scores of local newspapers that form the core of its
business, Johnston Press said it had opened discussions with its
pension trustees around a potential debt for equity swap with its
bondholders, The Telegraph relates.

According to The Telegraph, the company owes GBP220 million to
lenders in bonds that are due for to be repaid in less than two
years.

Johnston Press admitted the decline of its local circulation and
advertising revenues means it is unlikely to be able to refinance
the bonds and that "could have a material impact on the group's
operations and its ability to continue as a going concern", The
Telegraph relays.

Chief executive Ashley Highfield, who is attempting to engineer a
deal with bondholders that could see them write off some of the
debt in exchange for shares, as cited by The Telegraph, said he
is focused on securing the approval of pension trustees.
Johnston Press has defined benefit liabilities of more than
GBP600 million and a funding deficit of GBP53 million, The
Telegraph discloses.

Johnston Press could seek to persuade trustees to accept equity
in a new financial structure, for instance, to provide
reassurance pensions will be paid, The Telegraph states.  Such a
deal could require the approval of the pensions regulator, The
Telegraph notes.


ROYAL BANK: Credit Profile Improving, Moody's Says
--------------------------------------------------
The Royal Bank of Scotland Group plc's (RBS, LT senior unsecured
debt Baa3 stable) credit profile is improving as it continues to
simplify and enhance its business mix, reduce its non-core
assets, cuts its exposure to capital markets, bolsters its
capital and improve operational efficiency, says Moody's
Investors Service.

Moody's upgraded its long-term ratings on the bank to Baa3 from
Ba1 on June 15, 2017 and assigned a stable outlook to the
ratings, on the assumption that the bank will continue to
successfully implement its restructuring plan.

The report, "The Royal Bank of Scotland Group plc - reduced asset
risk, strengthened capital and better profitability prospects
improve credit profile," is now available on www.moodys.com.
Moody's subscribers can access this report via the link at the
end of this press release. The research is an update to the
markets and does not constitute a rating action.

"RBS's overall asset risk has declined rapidly as a result of the
accelerated sale of legacy assets at Capital Resolution, the
group's internal 'bad bank'," said Alessandro Roccati, a Senior
Vice President at Moody's. "This reduction has been achieved
across different asset classes, including non-performing loans,
which had previously been heavily provisioned."

The banks' capital markets revenue has declined as it has re-
focused on its main UK market and exited product lines that no
longer complement its core commercial banking business.

RBS's strong capital and reserves should absorb the cost of
pending residential mortgage-backed securities litigation with
the US Department of Justice without detriment to its solvency.

Moody's estimates that the cost to RBS of settling the case is
between $3.5 billion (a median settlement) and $8.8 billion (a
high-end settlement), based on its 9.8% share of the RMBS market
from 2004-07 and peer settlement cost per basis point of market
share as calculated by Moody's. RBS would be able to fully cover
the median scenario settlement from existing reserves, while the
high-end scenario would decrease the bank's Common Equity Tier 1
by around 190 basis points.


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


* BOOK REVIEW: Risk, Uncertainty and Profit
-------------------------------------------
Author: Frank H. Knight
Publisher: Beard Books
Softcover: 381 pages
List Price: $34.95
Review by Gail Owens Hoelscher
Order your personal copy today at

http://www.amazon.com/exec/obidos/ASIN/1587981262/internetbankrup
t

The tenets Frank H. Knight sets out in this, his first book,
have become an integral part of modern economic theory. Still
readable today, it was included as a classic in the 1998 Forbes
reading list. The book grew out of Knight's 1917 Cornell
University doctoral thesis, which took second prize in an essay
contest that year sponsored by Hart, Schaffner and Marx. In it,
he examined the relationship between knowledge on the part of
entrepreneurs and changes in the economy. He, quite famously,
distinguished between two types of change, risk and uncertainty,
defining risk as randomness with knowable probabilities and
uncertainty as randomness with unknowable probabilities. Risk,
he said, arises from repeated changes for which probabilities
can be calculated and insured against, such as the risk of fire.
Uncertainty arises from unpredictable changes in an economy,
such as resources, preferences, and knowledge, changes that
cannot be insured against. Uncertainty, he said "is one of the
fundamental facts of life."

One of the larger issues of Knight's time was how the
entrepreneur, the central figure in a free enterprise system,
earns profits in the face of competition. It was thought that
competition would reduce profits to zero across a sector because
any profits would attract more entrepreneurs into the sector and
increase supply, which would drive prices down, resulting in
competitive equilibrium and zero profit.

Knight argued that uncertainty itself may allow some
entrepreneurs to earn profits despite this equilibrium.
Entrepreneurs, he said, are forced to guess at their expected
total receipts. They cannot foresee the number of products they
will sell because of the unpredictability of consumer
preferences. Still, they must purchase product inputs, so they
base these purchases on the number of products they guess they
will sell. Finally, they have to guess the price at which their
products will sell. These factors are all uncertain and
impossible to know. Profits are earned when uncertainty yields
higher total receipts than forecasted total receipts. Thus,
Knight postulated, profits are merely due to luck. Such
entrepreneurs who "get lucky" will try to reproduce their
success, but will be unable to because their luck
will eventually turn.

At the time, some theorists were saying that when this luck runs
out, entrepreneurs will then rely on and substitute improved
decision making and management for their original
entrepreneurship, and the profits will return. Knight saw
entrepreneurs as poor managers, however, who will in time fail
against new and lucky entrepreneurs. He concluded that economic
change is a result of this constant interplay between new
entrepreneurial action and existing businesses hedging against
uncertainty by improving their internal organization.
Frank H. Knight has been called "among the most broad-ranging
and influential economists of the twentieth century" and "one of
the most eclectic economists and perhaps the deepest thinker and
scholar American economics has produced." He stands among the
giants of American economists that include Schumpeter and Viner.
His students included Nobel Laureates Milton Friedman, George
Stigler and James Buchanan, as well as Paul Samuelson. At the
University of Chicago, Knight specialized in the history of
economic thought. He revolutionized the economics department
there, becoming one the leaders of what has become known as the
Chicago School of Economics. Under his tutelage and guidance,
the University of Chicago became the bulwark against the more
interventionist and anti-market approaches followed elsewhere in
American economic thought. He died in 1972.



                            *********

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

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

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


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


                 * * * End of Transmission * * *