TCREUR_Public/170808.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

           Tuesday, August 8, 2017, Vol. 18, No. 156


                            Headlines


A R M E N I A

ARMENIA: Robust Economic Management Supports Moody's B1 Rating


B E L G I U M

SOLVAY SA: Moody's Affirms Baa2 Sr. Unsec. Ratings


G E O R G I A

CARTU BANK: S&P Assigns 'B/B' ST Counterparty Credit Ratings


G E R M A N Y

TRIONISTA TOPCO: Moody's Puts B1 CFR on Review for Upgrade


I R E L A N D

BLACKROCK EUROPEAN CLO I: S&P Affirms BB Class E Notes Rating
CARLYLE EURO CLO 2017-2: Moody's Assigns B2 Rating to Cl. E Notes
CARLYLE EURO CLO 2017-2: S&P Rates Class E Notes B- (sf)
OZLME II: Moody's Assigns (P)B2 Rating to Cl. F Senior Sec. Notes
PERMANENT TSB PLC: S&P Affirms 'BB/B' Counterparty Credit Ratings


I T A L Y

ASTALDI SPA: S&P Cuts Corp. Credit Rating to 'B-', Outlook Stable
GIUSSANO: Asset Sale Scheduled for September 18


L U X E M B O U R G

DEUTSCHE BANK LUXEMBOURG: S&P Withdraws 'D' Class A4 Notes Rating


P O R T U G A L

ESTALEIROS NAVAIS: Sept. 29 Steel Bid Submission Deadline Set


S P A I N

GRUPO ALDESA: Fitch Affirms B Long-Term IDR, Outlook Stable


U N I T E D   K I N G D O M

DEBT CONNECT: Directors Face Disqualification Following Collapse
EUROSAIL-UK 2007-3BL: S&P Affirms CCC Ratings on 2 Note Classes
GEMINI ECLIPSE 2006-3: S&P Withdraws 'D' Ratings on Various Notes
JOHNSTON PRESS: Losses Narrow in First Half of 2017
LIMITED RISK: Director Faces 18-Month Imprisonment

LONMIN PLC: Seeks Ways to Raise Cash Following Restructuring

* UK: Company Insolvencies in England & Wales Hit 17-Year Low


                            *********



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A R M E N I A
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ARMENIA: Robust Economic Management Supports Moody's B1 Rating
--------------------------------------------------------------
Moody's Investors Service says that Armenia's B1 issuer rating is
supported by the country's track record of robust economic and
financial management through effective fiscal and monetary
policies, and high debt affordability.

The economy is recovering solidly in 2017, on the back of an
accommodative monetary policy and strengthening external demand.
And, fiscal consolidation is in train to arrest a build-up in
debt, following a period of expansionary fiscal policy.

Moreover, credit-positive commitments to pension and tax reform,
trade liberalisation and increasing infrastructure investment aim
to boost the economy's productive capacity and address the
country's low savings levels.

However, external risks remain prominent, given Armenia's high
economic exposure to Russia (Ba1 stable), generally low economic
resilience, and reliance on external funding. In addition,
geopolitical tensions with neighbouring Azerbaijan (Ba1 rating
under review) remain prominent.

Moreover, Armenia's fiscal strength has weakened when compared
with a few years ago.

Moody's conclusions were contained in its just-released credit
analysis titled "Government of Armenia - Annual credit analysis -
B1 stable" and which examines the sovereign in four categories:
economic strength, which is assessed as "low"; institutional
strength "moderate (-)"; fiscal strength "low"; and
susceptibility to event risk "moderate (+)".

The report constitutes an annual update to investors and is not a
rating action.

The stable outlook on Armenia's B1 rating reflects a balance of
risks. Upward pressure on credit quality could stem from a
sustained strengthening in foreign direct investment inflows,
export earnings or remittance inflows, which would lead to an
increase in economic strength and lower external vulnerability
risk.

Moreover, a sustained decline in the government's debt burden
would be credit positive. And, a material decrease in
geopolitical risks would improve creditworthiness, as would
significant strengthening in Armenia's institutional framework.

On the other hand, downward pressure on the rating could stem
from a worse-than-expected economic situation in Russia, which
would have lasting adverse effects on trade, remittances,
investment inflows and Armenia's foreign exchange reserves.

If measurements of debt deteriorate significantly, and if there
are diminished prospects for stabilisation in debt over the
medium term, such a situation would be credit negative. A rise in
geopolitical risks related to the unresolved conflict with
Azerbaijan over the disputed Nagorno-Karabakh territory could
also lead to credit deterioration.


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B E L G I U M
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SOLVAY SA: Moody's Affirms Baa2 Sr. Unsec. Ratings
--------------------------------------------------
Moody's Investors Service affirmed the Baa2 senior unsecured
ratings assigned to Solvay SA (Solvay) and its guaranteed
subsidiaries Solvay Finance (America), LLC and Cytec Industries
Inc., and the (P)Baa2 MTN program ratings assigned to Solvay,
Solvay Finance and Solvay Finance (America), LLC. In addition,
Moody's affirmed the Prime-2 ratings assigned to the CP
programmes of Solvay and Solvay Finance (America), LLC guaranteed
by Solvay, as well as the Ba1 ratings assigned to the hybrid
notes issued by Solvay Finance guaranteed by Solvay, while it
withdrew the Prime-2 rating assigned to Solvay CICC SA, which is
no longer an issuer under Solvay's EUR1 billion Belgian Multi-
currency Treasury Notes Programme. Concurrently, Moody's changed
the outlook on all ratings to stable from negative.

RATINGS RATIONALE

The affirmation of Solvay's ratings and stabilisation of the
outlook reflect Moody's expectation that the group will be able
to sustain the improvement in operating profitability and cash
flow generation it has reported in the past eighteen months, and
further consolidate its financial profile amid potential further
adjustments to its business portfolio.

Moody's considers that the strategic portfolio realignment
undertaken by Solvay in recent years has enhanced its credit
profile. The group's exposure has shifted away from more cyclical
and mature commodity markets towards higher growth and higher
returns activities driven by technological expertise, product
innovation and close customer relationships. Combined with a
strong focus on operating and capital efficiency, this has
contributed to some improvement in underlying earnings and cash
flow generation.

Despite the significant headwinds affecting some of Solvay's key
end-markets such as aircraft composites and the oil and gas
sector during 2016, the group's underlying operating performance
continued to improve. Solvay benefited from volume growth in
other business activities and the ongoing execution of its
Excellence programme, which underpinned its pricing power and
helped deliver further fixed cost reductions. Also, the cost
synergies from the Cytec merger reached an annual run-rate of
EUR100 million at the end of 2016, ahead of management's 2018
initial target.

Improving operating cash flow and net proceeds of around EUR1.1
billion raised from disposals have supported the initial recovery
in Solvay's credit ratios. Pro-forma the EUR964 million in
divestment proceeds (netted with post-closing payments on the
Inovyn, Indupa, Cytec, and Chemlogics transactions) that were not
yet cashed in at year-end, Solvay's total debt to EBITDA (as
adjusted by Moody's) declined to 4.2x in 2016 compared to 4.9x
(pro-forma for the Cytec acquisition) in 2015.

In the first half of 2017, Solvay reported a year-on-year
increase of 12% in underlying EBITDA to EUR1.3 billion (excluding
the EUR38 million one-time synergy related to Cytec's post-
retirement obligations), as volumes grew 8% year-on-year across
business segments. Cytec's aeronautics composite sales resumed
growth for the first time since 2015, while Novecare benefited
from the gradual recovery in the North American oil & gas market.
Solvay expects underlying EBITDA to increase at a high single-
digit rate in full year 2017, which Moody's views as achievable.

Combined with a planned reduction in capex of 14% to around
EUR800 million, as various growth projects near completion, this
should enable Solvay's credit metrics to extend their recovery,
with total debt to EBITDA trending towards 3.5x (3.0x on a net
debt basis) and retained cash flow (RCF) to net debt rising above
17% at year-end 2017.

Although conditions in soda ash markets are likely to become more
challenging going into 2018, as new low cost capacity comes on
stream in Turkey, Moody's believes that this should be mitigated
by the continuing recovery in composites, smart devices and oil
and gas markets. Also, Solvay's EBITDA should get a fillip from
the start-up of several growth projects, while further benefits
are due to accrue from ongoing Excellence initiatives.

Overall, Solvay appears well on track to meet its target of
annual mid-to-high single-digit EBITDA growth over the period
2016-18. Free cash flow should also benefit from capex falling
back to depreciation level in 2018. Finally, as Solvay further
progresses the strategic transformation of its portfolio, it is
likely to make additional divestments, which should further
support its deleveraging efforts and help strengthen the
positioning of its credit metrics relative to the Baa2 rating.

The stable outlook reflects Moody's expectation that Solvay's
future operating performance, combined with further potential
portfolio adjustments, will support the continuing recovery in
credit metrics, including total debt to EBITDA falling back
towards 3 times and RCF to net debt rising into the high teens
during 2018.

WHAT COULD MOVE THE RATING UP OR DOWN

Moody's could upgrade the rating should a material and sustained
improvement in profitability result in EBITDA margins stabilising
around 20%; and a reduction in leverage lead to total debt to
EBITDA permanently falling below 2.5 times and RCF to net debt
rising above 25%

Conversely, negative rating pressure could be exerted on the
ratings should the group's future operating performance deviate
from Moody's current expectations and/or Solvay fail to extend
the recent recovery in its credit metrics so that total debt to
EBITDA falls below 3 times and RCF to net debt keeps within the
high teens/ low twenties in percentage terms.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Based in Brussels, Solvay SA is one of the leading European
chemicals groups. In the fiscal year ended December 31, 2016,
Solvay reported consolidated sales of EUR10.9 billion and
underlying EBITDA of EUR2.3 billion from continuing operations.


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G E O R G I A
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CARTU BANK: S&P Assigns 'B/B' ST Counterparty Credit Ratings
------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B/B' long- and
short-term counterparty credit ratings to Georgia-based Cartu
Bank JSC. The outlook is stable.

S&P said, "The ratings reflect our 'bb-' anchor for banks
operating solely in Georgia which we derive from our banking
industry country risk assessment economic risk score of '8' and
industry risk score of '7'.

The '8' economic risk score for Georgia reflects the country's
narrow economic base, low GDP per capita, and persistent external
vulnerabilities. While the banking system managed to get through
the contraction phase relatively unscathed and we expect credit
costs to stabilize in 2017-2018 at around 1.7% compared with peak
levels of 2.9% in 2015, imbalances and general level of risks in
the economy continue to build. For instance, while overall levels
of banking penetration remained moderate at around 57% of GDP at
year-end 2016, household sector indebtedness was fairly high at
over 200% of disposable income on the same date. Moreover,
despite measures to reduce dollarization, most of the loan
portfolios remain denominated in foreign currency, increasing
currency risk for banks and credit risk in the economy.

The '7' industry risk score for Georgia balances efficient
banking regulation that is broadly in line with international
standards, sound corporate governance, and good transparency,
against the high risk appetite of Georgian banks, reflected in
the rapid growth of their assets by more than 20% per year over
the past several years, and high reliance on external funding
compared with peer banking systems. S&P said, "We note, however,
that fairly robust regulation has so far has achieved only
limited progress in addressing dollarization on the banking
balance sheet and resulting in mounting household leverage.

"We consider Cartu Bank's business position to be moderate, as
the bank is a smaller institution in a market dominated by a
duopoly. With assets of Georgian lari (GEL) 1.18 billion (about
$484 million) as of March 2017, a market share of about 4%, and a
focus on corporate lending, the bank is somewhat less diversified
than its domestic and international peers. However, the support
in the form of long-term funding coming from the related group
controlled by Mr. Bidzina Ivanishvili, the former prime minister
of Georgia, partially offsets this weakness and allows the bank
to gradually rebuild the positions it lost in 2011-2012 on the
back of political struggle in the country.

"We consider Cartu Bank's capital and earnings to be strong, as
evidenced by our projected risk-adjusted capital (RAC) ratio of
over 10%. Our forecast factors in a slow growth in corporate
lending in GEL terms (including a decline in 2017 owing to
appreciation of the GEL) and margins generally flat compared with
2016. We also expect that Cartu Bank's cost of risk will stay
elevated for several years -- at around 2.4% of the loan book
over the next two years -- so that the provisioning rates on the
nonperforming loans (NPLs; loans past 90 days overdue and
restructured loans) reach market-average. We also note that Cartu
Bank has a significant amount of Tier 2 convertible subordinated
debt, which we currently do not consider having loss-absorption
capacity because the residual life of these instruments remains
below 10 years in most cases and there are no replacement clauses
in the documentation.

"We regard Cartu Bank's risk position as weak. We think that the
bank historically has been more exposed to project and
acquisition finance than its domestic and regional peers and was
consequently more affected by the foreign currency volatility in
Georgia and the economic slowdown. Concentrations are high with
higher-risk commercial and residential construction accounting
for 24% of the loan book at year-end 2016, which is significantly
above the sector average of about 10%. We also note that the bank
has high individual loan concentrations, with the top-20
exposures constituting around 50% of gross loans on March 31,
2017, although this risk is somewhat offset by the bank's high
level of capitalization.

"Involvement in construction projects and acquisition finance,
along with the high level of dollarization of the balance sheet,
resulted in a relatively worse asset quality than that of peers.
For instance, NPLs stood at 13.6% of the loan book as of year-end
2016 and were covered by around 65% by provisions. In our view
these are somewhat worse metrics than peers'.

"We assess Cartu Bank's funding as average and its liquidity as
adequate. The bank exhibits a stable funding ratio of over 100%,
and the loans-to-deposits ratio stood at 114% as of Dec. 31,
2016--primarily due to funding provided by the shareholders in
form of long-term borrowing. Customer funding is highly
concentrated because the 20 largest deposits comprised 74% of
total deposits, which is, however, typical for midsize Georgian
banks."

The bank maintains an adequate liquidity cushion, with cash and
money market instruments comprising about 30% of total assets as
of Dec. 31, 2016. Broad liquid assets accounted for 21.62% of
short term customer deposits as of the same date.

S&P said, "The stable outlook reflects our opinion that the bank
will maintain its strong capitalization over the next 12-18
months while gradually developing its lending activities in
Georgia.

"A negative rating action may follow if we see that the bank is
failing to maintain its franchise in Georgia or if we see its
capitalization dropping to the levels we would no longer consider
to be strong, with the RAC ratio declining to below 10%. This may
result from faster-than-expected growth in exposures. A reduction
in customer's confidence resulting in a withdrawal of funding may
also trigger a negative rating action.

"A positive rating action could follow if we see that Cartu Bank
has reduced its risk appetite for highly leveraged acquisition
finance and at the same time managed to resolve a large amount of
problematic loans on its balance sheet, reducing it to about the
same level as domestic peers while maintain strong
capitalization."


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G E R M A N Y
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TRIONISTA TOPCO: Moody's Puts B1 CFR on Review for Upgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B1
corporate family rating (CFR) and the B1-PD probability of
default rating (PDR) of Trionista TopCo GmbH, the intermediate
holding company of Germany based sub-metering provider ista
International GmbH. Concurrently, Moody's has placed on review
for upgrade the B3 rating of the EUR525 million of senior
subordinated notes (due 2021) issued by Trionista TopCo GmbH, as
well as the Ba3 ratings of the EUR1.4 billion equivalent senior
secured credit facilities and EUR350 million senior secured notes
(due 2020) issued by Trionista HoldCo GmbH.

The action reflects ista's proposed acquisition by Cheung Kong
Property Holdings Limited ("CKP", A2 stable). CKP has entered
into a joint venture formation agreement with CK Infrastructure
Holdings Limited ("CKI", majority-owned subsidiary of CK
Hutchison Holdings Limited, A3 stable), pursuant to which the
purchasing entity will become a 65/35 joint venture of CKP and
CKI.

RATINGS RATIONALE

"The review was prompted by the announcement that ista's
shareholder CVC Capital Partners agreed to sell its majority
stake to CKP. The review for upgrade on ista's ratings reflects
the potential strengthening of the group's credit profile once
the transaction becomes effective, assuming that ista will be
fully integrated into the substantially larger and financially
stronger CKP group, likely in form of a joint venture of CKP and
CKI", says Matthias Heck, Moody's lead analyst for ista.

Moody's expects to conclude the review upon closing of the
transaction, which is expected to occur by the end of 2017. The
acquisition remains subject to customary regulatory and anti-
trust approvals.

Moody's also expects to withdraw the ratings on ista's debt
instruments upon closing of the transaction, as the rating agency
expects that these will be repaid.

WHAT COULD CHANGE THE RATING UP/DOWN

ista's rating could be upgraded once the acquisition by CKP has
been successfully completed, assuming the group will be fully
integrated into the new parent. If the transaction were not to
conclude, Moody's might raise the rating if the group was able to
(1) reduce its leverage to below 5x Moody's-adjusted debt/EBITDA
on a sustained basis, (2) improve its interest coverage to at
least 2.5x Moody's-adjusted EBITA/interest expense, and (3)
maintain a conservative financial policy, shown by free cash flow
generation being predominantly used for debt reduction.

Moody's might consider a rating downgrade if the proposed
acquisition were not to conclude and (1) Moody's-adjusted
debt/EBITDA increased above 6x, (2) Moody's-adjusted
EBITA/interest expense fell below 2x, and (3) free cash flows
deteriorated materially as a result of weakening profitability or
a more aggressive financial policy.

PRINCIPAL METHODOLOGY

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

Headquartered in Essen (Germany), ista is a leading global
provider of energy services relating to sub-metering of heat and
water consumption for multi-dwelling housing units, energy cost
allocation and billing services. The group also offers adjacent
services such as smoke detector installation and maintenance and
legionella analysis in drinking water. In the 12 months ended 31
March 2017, ista reported revenues of EUR879 million of which
over 58% were generated in Germany. ista is owned by funds
managed by private equity firm CVC Capital Partners Ltd., which
acquired the group in 2013 after owning a minority stake since
2007.


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I R E L A N D
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BLACKROCK EUROPEAN CLO I: S&P Affirms BB Class E Notes Rating
-------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on BlackRock
European CLO I DAC's class A-1, A-2, B-1, B-2, C, D, and E, notes
following review.

S&P said, "Today's affirmations follow our analysis of the
transaction's performance and the application of our relevant
criteria (see "Related Criteria").

"We subjected the capital structure to our cash flow analysis to
determine the break-even default rate (BDR) for each class of
notes at each rating level. The BDRs represent our estimate of
the level of asset defaults that the notes can withstand and
still fully pay interest and principal to the noteholders.

"We have estimated future defaults in the portfolio in each
rating scenario by applying our updated corporate collateralized
debt obligation (CDO) criteria (see "Global Methodologies And
Assumptions For Corporate Cash Flow And Synthetic CDOs,"
published on Aug. 8, 2016).

"Our analysis indicates that the available credit enhancement for
all of the rated classes of notes is still commensurate with the
currently assigned ratings. Therefore, we have affirmed our
ratings on the class A-1, A-2, B-1, B-2, C, D, and E notes.'

BlackRock European CLO I is a European cash flow corporate loan
collateralized debt obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
granted to broadly syndicated corporate borrowers.

RATINGS LIST

  Class       Rating

  Blackrock European CLO I DAC
  EUR410.238 Million Senior Secured Floating- And Fixed-Rate
  Notes And Subordinated Notes

  Ratings Affirmed

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


CARLYLE EURO CLO 2017-2: Moody's Assigns B2 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
seven classes of debts issued by Carlyle Euro CLO 2017-2 DAC (the
"Issuer"):

-- EUR266,000,000 Class A-1 Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR40,000,000 Class A-2-A Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR20,000,000 Class A-2-B Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR31,000,000 Class B Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR13,000,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Carlyle Euro CLO 2017-2 DAC is a managed cash flow CLO. At least
96% of the portfolio must consist of senior secured loans and
senior secured bonds and up to 4% of the portfolio may consist of
unsecured senior loans, second-lien loans, mezzanine obligations
and high yield bonds. The portfolio is expected to be at least
80% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR46,100,000 of subordinated notes which will not
be rated.

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. CELF Advisors' investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modelled 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
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 modelling assumptions:

Par Amount: EUR450,000,000

Diversity Score: 39

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8 years

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes due 2030: 0

Class A-2-A Senior Secured Floating Rate Notes due 2030: -2

Class A-2-B Senior Secured Floating Rate Notes due 2030: -2

Class B Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Class C Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Class D Senior Secured Deferrable Floating Rate Notes due 2030: -
1

Class E Senior Secured Deferrable Floating Rate Notes due 2030: -
0

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

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes due 2030: -0

Class A-2-A Senior Secured Floating Rate Notes due 2030: -4

Class A-2-B Senior Secured Floating Rate Notes due 2030: -4

Class B Senior Secured Deferrable Floating Rate Notes due 2030: -
4

Class C Senior Secured Deferrable Floating Rate Notes due 2030: -
3

Class D Senior Secured Deferrable Floating Rate Notes due 2030: -
1

Class E Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Further details regarding Moody's analysis of this transaction
may be found in the pre-sale report, available on Moodys.com.

Methodology Underlying the Rating Action:

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


CARLYLE EURO CLO 2017-2: S&P Rates Class E Notes B- (sf)
--------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Carlyle Euro
CLO 2017-2 DAC's floating-rate class A-1, A-2-A, A-2-B, B, C, D,
and E notes. At closing, Carlyle Euro CLO 2017-2 also issued an
unrated subordinated class of notes.

Carlyle Euro CLO 2017-2 is a European cash flow collateralized
loan obligation (CLO) transaction, securitizing a portfolio of
primarily senior secured euro-denominated leveraged loans and
bonds issued by European borrowers. CELF Advisors LLP is the
collateral manager.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following such
an event, the notes permanently switch to semiannual payment. The
portfolio's reinvestment period ends approximately four years
after closing.

S&p said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans
and senior secured bonds. Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate
cash flow collateralized debt obligations (see "Global
Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs," published on Aug. 8, 2016).

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (4.75%), the target minimum
weighted-average recovery rates at the 'AAA' level, and the
actual weighted-average recovery rates for all other rating
levels. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating
category. Elavon Financial Services DAC, U.K. Branch is the bank
account provider and custodian. The documented downgrade remedies
are in line with our current counterparty criteria (see
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).

"Following the application of our structured finance ratings
above the sovereign criteria, we consider that the transaction's
exposure to country risk is sufficiently mitigated at the
assigned rating levels (see "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published Aug.
8, 2016)."

The issuer is bankruptcy remote, in accordance with our legal
criteria (see "Structured Finance: Asset Isolation And Special-
Purpose Entity Methodology," published on March 29, 2017).

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

Ratings Assigned

  Carlyle Euro CLO 2017-2 DAC
  EUR464.1 Million Senior Secured Floating-Rate Notes (Including
  EUR46.1 Million Unrated Notes)

  Class                 Rating           Amount
                                       (mil. EUR)

  A-1                   AAA (sf)          266.0
  A-2-A                 AA (sf)            40.0
  A-2-B                 AA (sf)            20.0
  B                     A (sf)             31.0
  C                     BBB (sf)           21.0
  D                     BB (sf)            27.0
  E                     B- (sf)            13.0
  Sub                   NR                 46.1

  Sub--Subordinated loan.
  NR--Not rated.


OZLME II: Moody's Assigns (P)B2 Rating to Cl. F Senior Sec. Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by OZLME II
Designated Activity Company:

-- EUR225,000,000 Class A-1 Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aaa (sf)

-- EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR35,500,000 Class B-1 Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aa2 (sf)

-- EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR24,500,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)A2 (sf)

-- EUR20,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR23,300,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR11,800,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

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

OZLME II is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 65% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR44.65M of subordinated notes which will not
be rated.

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

Loss and Cash Flow Analysis:

Moody's modelled 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.

Par amount: EUR400,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8 years

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

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

Ratings Impact in Rating Notches:

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

Class A-2 Senior Secured Fixed Rate Notes: -1

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F 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.

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. Och-Ziff's investment
decisions and management of the transaction will also affect the
notes' performance.


PERMANENT TSB PLC: S&P Affirms 'BB/B' Counterparty Credit Ratings
-----------------------------------------------------------------
S&P Global Ratings said that it revised the outlook on Ireland-
based Permanent TSB Group Holdings PLC and its main operating
company, Permanent TSB PLC (collectively referred to as PTSB), to
positive from stable. S&P said, "We affirmed the long- and short-
term counterparty credit ratings on Permanent TSB Group Holdings
PLC at 'B+/B' and the long- and short-term counterparty credit
ratings on Permanent TSB PLC at 'BB/B'.

"The outlook revision reflects our expectation that the bank's
enhanced focus on reducing the high stock of NPAs, aided by a
supportive economic environment in Ireland but potentially
including asset sales, will result in a gradually improving
credit profile with stronger balance sheet metrics. In our view,
PTSB reached an inflection point in 2016 with the EUR2.9 billion
sale of its noncore U.K. and Isle of Man portfolios, marking the
end of PTSB's prolonged restructuring. In our view, the absence
of restructuring charges linked to noncore assets should result
in a more predictable earnings profile and support a gradual
recovery in its earnings capacity."

PTSB has achieved a substantial rebalancing and improvement in
its funding and liquidity profile over the past financial year.
This has been supported by lower funding needs due to
deleveraging, as redemptions continue to exceed new lending, and
the sale of noncore assets. Moreover, reliance on European
Central Bank (ECB) funding has materially reduced, while current
accounts and deposit balances have remained stable. S&P has
therefore revised its assessment of its funding and liquidity
profile to average and adequate, from below average and moderate.

Reported ECB borrowings stood at EUR1.4 billion at end-2016, down
70% from EUR4.7 billion at end-2015. ECB funding reduced further
to EUR230 million at end-June 2017, representing 1% of total
funding compared to 18% at end-2015. S&P said, "We note that the
share of deposits increased to 94% of the funding base, and that
retail deposits (including current accounts) comprised 68% of
total funding.

"As a result of these actions, PTSB's loan-to-deposit ratio
improved to 110% at end-June 2017 (130% at end-June 2016), and
our measure of PTSB's stable funding ratio increased to 104% at
end-2016 (86% at end-2015). Our base-case expectation is that
there will be further improvement in these two ratios over the
coming 12-18 months due to lower funding needs, as net loan
balances continue to reduce on the back of redemptions, while
deposit balances remain stable. Our measure of broad liquid
assets to short-term wholesale funding improved to 1.5x at end-
2016 (0.7x at end-2015) following the significant reduction in
ECB funding, which has also reduced the bank's asset encumbrance.
In light of further reductions in ECB funding in the first half
of 2017, we believe there is scope for further improvement in
this ratio by end-2017. We note that over 99% of PTSB's liquidity
buffer consists of government bonds, and it no longer has large
or unusual liquidity needs.

"That said, we still see challenges to PTSB's business model.
This is because the bank's stock of NPAs is high both relative to
its capital base and compared with domestic and international
peers operating in economic environments facing similar risks as
Ireland. Our measure of NPAs -- which includes impaired loans,
loans 90 days past due, and performing renegotiated loans --
stood at 33.5% of average customer loans as of end-June 2017.
Excluding performing renegotiated loans, PTSB's NPA ratio remains
elevated at 23.6%, and we calculate a high Texas ratio of 162%,
which we consider to be higher than that of peers. Moreover, we
consider that asset quality improvements have been slower than
those of domestic peers Allied Irish Banks (AIB) and Bank of
Ireland (BOI).

"Against this backdrop, we have revised our assessment of PTSB's
risk position to weak from moderate. We believe that resources
will be tied up in reducing the large stock of NPAs and mortgage
arrears, which will likely result in muted new lending volumes,
but we expect the bank to make good progress on this over the
coming 12-18 months in light of its NPA strategy review and an
increased focus from regulators and Irish banks in this area.

"Our 'bb' group credit profile on PTSB also reflects its
meaningful franchise in Irish retail banking, offset by our view
that its business position is weaker than market-leading peers
AIB and BOI due to its lack of business diversity and franchise
depth. Moreover, PTSB has a narrow reliance on retail banking in
the relatively small Irish market, with challenges in restoring
its market position and generating meaningful returns in a low
interest rate environment. We consider that PTSB has strong
capitalization, reflecting a risk-adjusted capital ratio of 11.8%
at end-December 2016 (on a pro forma basis, incorporating the
recent improvement in our view of Irish economic risk). We note
that this ratio was barely affected by the recent update to our
capital criteria (see Related Criteria, below). We project this
ratio to be 12.0%-12.5% over the coming 12-18 months. PTSB is
currently not eligible for rating uplift under our additional
loss-absorbing capacity (ALAC) criteria; our calculation of its
ALAC ratio of about 2.2% as of end-2016 remains below the 5%
threshold for one notch of uplift."

OUTLOOK

Permanent TSB Group Holdings PLC

S&P said, "The positive outlook reflects our view that PTSB's
enhanced focus on reducing NPAs will support a gradual
improvement in its asset quality profile, operating performance,
and earnings capacity over the coming 12 months.

"We could raise the ratings over the coming 12 months if we
observed that NPAs and mortgage arrears converged toward levels
more in line with those of its domestic and international peers
while capitalization remained at a level commensurate with a
strong assessment.

"We could revise the outlook back to stable if we observed that
the economic risks faced by Irish banks had increased, or if the
bank's ability to reduce NPAs as well as its path to earnings
recovery and business growth ambitions proceed more slowly than
we currently assume."

Permanent TSB PLC

S&P said, "The positive outlook on Permanent TSB PLC, the primary
operating company of the group, mirrors that on Permanent TSB
Group Holdings PLC, the nonoperating holding company (NOHC). We
could lower or raise the ratings if we revised the group credit
profile downward or upward, as explained above.

"While less likely in the short-term, we could also raise the
ratings if we perceived a clear path to the group building a
sufficiently large ALAC buffer, subject to evidence of issuance.
This would only benefit the ratings on the operating company,
Permanent TSB PLC, because we do not include notches for ALAC
support in the ratings on NOHCs. This is because we do not
believe that their senior obligations would continue to receive
full and timely payment in a resolution scenario."


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


ASTALDI SPA: S&P Cuts Corp. Credit Rating to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on civil engineering and construction company Astaldi SpA to 'B-'
from 'B'. The outlook is stable.

S&P said, "At the same time, we lowered our issue rating on
Astaldi's EUR750 million senior unsecured notes to 'B-' from 'B',
in line with the long-term corporate credit rating. The recovery
rating on this debt remains unchanged at '4', indicating our
expectation of average recovery prospects (30%-50%, rounded
estimate 35%) in the event of a payment default.

"The downgrade reflects our view that in 2017-2018, Astaldi's
credit metrics will improve more slowly than we had previously
anticipated, and therefore its capital structure will remain
highly leveraged. This is due to weak free operating cash flow
(FOCF) generation in the period and still-high gross debt,
including higher utilization of factoring lines than in 2015-
2016.

"We now forecast adjusted debt to EBITDA of marginally below 6x
and funds from operations (FFO) to debt of about 6%-7% in 2017-
2018, compared with about 5x and 8%, respectively, in our
previous scenario. We now expect Astaldi's credit metrics to be
weaker than peers' and not commensurate with a 'B' rating. We
also take into account the intrinsic high volatility and
seasonality of cash flow generation in the construction industry.

"We understand Astaldi's top management is committed to repay
debt and reduce leverage in line with the medium-term business
plan, mainly through the proceeds from asset sales. At the same
time, we believe that the company is exposed to significant
execution risks, particularly regarding its ability to sell
assets located in Turkey in 2018-2019.

"In our view, Astaldi's liquidity profile remains less than
adequate due to weak free cash flow generation, still significant
reliance on short-term debt, and potential fluctuations in net
working capital that could lead to cash outflows. As of June 30,
2017, Astaldi's liquidity sources over uses improved marginally
and stood at around 1.1x, compared with just below 1.0x in
November 2016. Most of the improvement is from Astaldi
negotiating with banks a new EUR120 million committed backup
credit line with a maturity of 24 months, which somewhat reduces
short-term liquidity pressure. We anticipate this new backup
credit line will be signed imminently. At the same time, Astaldi
still needs to refinance a significant part of its financial debt
that will expire in the next couple of years, including its
committed EUR500 million revolving credit facility (RCF) due in
2019. Therefore, in our view, in 2017-2018, the group's liquidity
position will remain vulnerable to potential delays in cash
collection or any unexpected cash outflows relating to current
projects, as well as to funding conditions. We also note that the
group will have fairly limited headroom under its financial
covenants at the next testing at the end of 2017.

"In the first half of 2017, Astaldi's operating performance was
in line with the group's medium-term business plan. The group
continued delivering projects on schedule and winning new
tenders. It was also on track with the planned asset sales and
received a total EUR117 million of cash proceeds from disposal of
its stakes in the concessions on West Metropolitan Hospital and
Chacayes hydroelectric power plant in Chile, and Milan Metro Line
5 in Italy. In 2018-2019, Astaldi plans to continue disposing of
concession assets in Turkey and Italy, which it estimates to be
above EUR500 million. We currently do not factor these amounts
into our base-case scenario because the exact timing and values
are uncertain.

"The rating continues to reflect Astaldi's moderately high
business risks, which we see as inherent to the cyclical
engineering and construction industry; the company's moderate
size by global standards; and its exposure to country risks in
emerging markets. Moreover, the company is subject to operating
and contract risks and potential execution issues stemming from
large projects within its portfolio, as well as from the
relatively high proportion of fixed-price contracts in its
construction business. These account for about half of total
contracts and reduce financial flexibility. Nevertheless, Astaldi
benefits from its solid market position in the transportation
infrastructure industry and its proven ability to deliver large
and technically complex projects.

S&P's base-case scenario assumes:

-- Revenues to increase by about 4%-6% in 2017-2019, based on
    the June 2017 EUR12.2 billion backlog in execution and new
    order intake;
-- Adjusted EBITDA margins of about 9.5%-10.0%. In our view,
    those margins are lower than for 2014-2016 due to the group's
    transition to pure construction projects, which generally
    offer lower returns than concession business;
-- Stable net working capital position in 2017 versus 2016 and
    only limited nonseasonal outflows of about EUR20 million-
    EUR50 million from 2018;
-- Capital expenditure (capex) and investments in concessions of
    about EUR100 million-EUR150 million per year;
-- Dividends of about EUR20 million per year; and
-- About EUR50 million proceeds from asset sales to be cashed in
    the second half of 2017.

Based on these assumptions, S&P forecasts:

-- Weighted average adjusted FFO of about 6%-7% in 2017-2018;
    and
-- Weighted-average adjusted debt to EBITDA of marginally below
    6x in 2017-2018.

S&P said, "Our credit metrics are based on our adjusted debt
calculation. As of Dec. 31, 2016, adjusted debt was about EUR1.9
billion, including: EUR750 million senior unsecured notes; EUR130
million equity linked notes; EUR390 million drawn under the RCF;
About EUR735 million of other short- and long-term bank loans and
financial leasing; Approximately EUR290 million trade receivables
factoring; Around EUR70 million financial guarantees; About EUR23
million operating leases; and EUR3.5 million of pension
liabilities. At the same time, we deduct about EUR480 million of
surplus cash from gross debt.

"The stable outlook reflects our view that in 2017-2018,
Astaldi's adjusted EBITDA margins will remain at about 9.5%-10.0%
and that its FOCF, net of concession assets investments, will be
roughly neutral. The stable outlook assumes adjusted debt to
EBITDA improving to marginally below 6x and adjusted FFO to debt
to about 6%-7%. Additionally, we factor in that Astaldi's
liquidity sources will remain broadly sufficient to cover uses
and that the company will stay compliant with financial covenants
in 2017, albeit with a limited headroom.

"We could lower the rating over the next 12 months if we
anticipate that Astaldi would face a material deficit of
liquidity sources over uses, for example, due to delays in
collecting advance and other contract payments or in selling
assets, a negative FOCF, or if it fails to refinance its
financial debt as planned. If we observe a risk of the group
breaching its financial covenants we could also lower the
ratings.

"We could raise the rating over the next 12 months if
deleveraging progresses more quickly than we currently forecast,
for example, due to the successful sale of concession assets in
Turkey, proceeds from which we assume will be used for debt
reduction, leading to adjusted debt to EBITDA declining to 5x. An
upgrade would also require that the group successfully completes
its refinancing plan. We see such a scenario as unlikely over the
next nine to 12 months."


GIUSSANO: Asset Sale Scheduled for September 18
-----------------------------------------------
Dott. Mario Carlo Novara, the court-appointed liquidator of
Giussano (MB) Via Superstrada Valassina snc, has put up for sale
the following assets:

   -- "Salvarini" trademark, "Germal", "Firon", "Long Line"
      trademarks;
   -- patents;
   -- industrial machinery and equipment, license for trademark
      use in Australia, furnishings and office machines; and
   -- warehouse.

The sale without auction will be held on September 18, 2017 at
3:40 p.m.

The starting price is set at EUR2,700,000.00

The liquidator can be reached at 0362231411.

Further details are available at www.tribunale.monza.giustizia.it
and www.astelegale.net


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


DEUTSCHE BANK LUXEMBOURG: S&P Withdraws 'D' Class A4 Notes Rating
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'D (sf)' credit rating on
Deutsche Bank Luxembourg S.A. (DBL) series 50's class A4 notes.
At the same time, we have withdrawn our rating on this class of
notes.

DBL's series 50 is a retranching of GEMINI (ECLIPSE 2006-3) PLC's
class A notes. At closing, the seller--Deutsche Bank AG--sold to
DBL GBP175.84 million of GEMINI (ECLIPSE 2006-3)'s class A
commercial mortgage-backed securities (CMBS) floating-rate notes.
The issuance of the notes funded the purchase of this portion of
GEMINI (ECLIPSE 2006-3)'s class A notes.

On the July 2017 interest payment date, no interest or principal
payments were made to the class A4. All properties securing the
underlying security, Gemini Eclipse 2006-3, have been sold and no
further distribution of interest or payment of principal to
noteholders are expected.

S&P has therefore affirmed its 'D (sf)' rating on the class A4
notes, in line with its criteria (see "Timeliness Of Payments:
Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings,"
published on Oct. 24, 2013). At the same time, S&P has withdrawn
its rating on this class of notes as it no longer rates the
underlying security, Gemini Eclipse 2006-3.

RATINGS LIST

  Deutsche Bank Luxembourg S.A. RE Series 50
  GBP175.84 mil Fiduciary Notes Series 50
                                            Rating
  Class          Identifier            To             From
  A4             XS0570458413          D              D

  Ratings Subsequently Withdrawn

  Deutsche Bank Luxembourg S.A. RE Series 50
  GBP175.84 mil Fiduciary Notes Series 50
                                            Rating
  Class          Identifier            To             From
  A4             XS0570458413          NR             D

  NR--Not rated


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


ESTALEIROS NAVAIS: Sept. 29 Steel Bid Submission Deadline Set
-------------------------------------------------------------
Eduardo Carvalho, Chairman of Estaleiros Navais de Viana do
Castelo, S.A.'s Liquidation Committee, announced that the
company, located in Viana do Castelo, Portugal, intends to sell
31 batches of naval industry steel, comprising approximately
15,700 tonnes.  The steel is made up of plates (30 batches,
approximately 13,600 tonnes) and bulb flats (1 batch
approximately 2,100 tonnes) of various types and sizes, acquired
in 2013 for use in the naval industry and parked in the open air
at ENVC's premises, since it was unloaded.

In order to procure the sale, ENVC is carrying out a public
tender.

Interested aprties may access the Terms of Reference containing
the rules of the tender and the subsequent purchase agreements at
www.evnc.pt, which includedes Portugues and English language
versions.

The bid prices, which may be formulated for the entire set of
batches or only for some or even one batch, must be submitted by
5:00 p.m. on September 29, 2017 (Lisbon time).  The bids may be
drafted in Portuguese or English and must be submitted by email.

The award criterion is the highest price offered and bids with
prices lesser than the minimum prices set for each of the batches
shall not be considered.

Following the awarding of the tender, all bidders shall be
further invited to present prices for any batches that remain
available.

Expenses with the removal and transport of steel shall be borne
by the respective tenderers.

Any clarifications on the publich tender may be requested via the
following contacts:

Email: navais@envc.pt
Telephone: +351 258 840 100/105


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


GRUPO ALDESA: Fitch Affirms B Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Spain-based engineering and
construction group Grupo Aldesa S.A.'s Long-Term Issuer Default
Rating (IDR) at 'B' and has revised the Outlook on the IDR to
Stable from Negative. At the same time, Fitch has affirmed wholly
owned subsidiary Aldesa Financial Services S.A.'s senior secured
rating at 'B'/'RR4'/'50%'.

The Stable Outlook reflects Fitch expectations that Aldesa will
reach more conservative leverage metrics ahead of the next
material debt maturity in 2021. It also reflects manageable
leverage, owing to sound liquidity, positive expected free cash
flow (FCF), and an absence of material short-term debt. Fitch
believes Aldesa's business profile is in line with Fitch
expectations for a 'B' rating, but the financial profile remains
weak for the category.

KEY RATING DRIVERS

Adequate Business Profile: Aldesa's ratings reflect a business
profile, which is commensurate with a 'B' rating. The company has
effectively used its recognised technical capabilities in sub-
segments of the infrastructure construction industry, such as
tunnelling, to enter new markets and build solid positions
outside Spain, notably in Mexico. Geographic and customer
concentrations are satisfactory for a 'B' rated issuer, although
this risk remains material. A solid record of risk management and
the group's long relationships with major customers partly
mitigate concerns over concentration. Aldesa's relatively small
size, with sales of less than EUR1.0 billion, remains a negative
factor.

Gradual Improvement Expected: Fitch forecasts Aldesa will
progressively improve EBITDA and FFO generation. Fitch expects
Aldesa to continue to leverage its technical skills and strong
positions in its main markets to increase its level of activity
in profitable segments of the construction industry. However, the
operating environment is not forecast to sustain a recovery
towards the previous peak of profitability (in 2012). The
precarious fiscal position of Spain and Mexico will continue to
hold back higher-margin civil work projects, while fiercer
competition in Aldesa's key markets will also limit the potential
for improvements.

Multiple Headwinds in End-Markets: Fitch expects the construction
sectors in Aldesa's key countries to face multiple headwinds. A
brightening economic outlook in Spain, the implementation of pro-
business policies in Mexico and strong macroeconomic fundamentals
in Poland are expected to support higher infrastructure and
building investments, mostly through the private sector.
Nonetheless, weak fiscal positions and political uncertainties in
Spain and Mexico will continue to weigh on public-sector
projects. Similar to Spain, the Polish construction industry is
significantly reliant on EU funding. Therefore, mounting tension
between the Polish national government and the EU poses downside
risks to Fitch ratings scenario.

Unwinding of Net Working Capital: The Fitch calculated negative
net working-capital (NWC) position was partially reduced in 2016.
Fitch expects a more gradual reduction of the current negative
NWC position. A risk of material unwinding remains due to the
current high level of advance payments and days payable. Fitch,
nevertheless, deems the company's liquidity sufficient to
withstand the expected reabsorption of the negative NWC position.

Weak Financial Structure: Aldesa's leverage is high for the
current rating with FFO-adjusted net leverage of 6.0x at end-
2016, up from 4.9x at end-2015, but modestly down from 6.8x in
2014. This leaves Aldesa with a limited safety margin to prevent
a potential default in a weak economic environment. In Fitch
views, however, sound liquidity, expected positive FCF
generation, a long-dated bullet maturity profile and mostly fixed
debt mean Aldesa should be able to manage its currently high
leverage.

In addition, although deleveraging will be slow, Fitch expects
leverage metrics to reach more conservative levels ahead of the
maturity of the 2021 bonds. Nevertheless, Aldesa will need
favourable credit market conditions to successfully refinance the
bonds.

Robust Backlog: The total backlog increased only 1% in 2016 to
EUR1.4bn, of which EUR1.0bn relates to construction projects. For
the time being, the slow development of the order book is not a
negative rating factor, as Fitch expects new contracts to
generate higher margins. The deterioration since end-2014 remains
limited and has been driven by strong execution of works, rather
than declining order intake. The resulting backlog-to-revenue
coverage ratio of 1.8x in 2016, down from 2.4x in 2014, is viewed
as more sustainable and is adequate to allow for growth.

Project concentration remains high, but commensurate with the
current rating level. Prudent project management and the
geographical diversification of the backlog, mostly in high
investment-grade countries, partly mitigate this risk.

Sound Contract Risk Management: Aldesa has robust risk management
policies in place. The company has no large loss-making
contracts, a record of good execution and no evidence of material
disputes. Management has taken a number of strategic steps to
avoid the restructurings, or even bankruptcies, that have
affected competitors during the Spanish construction crisis.
Fitch is confident in Aldesa's prudent approach to project
management and sound bidding processes. The company notably has a
track record of favouring margins over growth and focusing on
projects aligned with its specialties and size.

DERIVATION SUMMARY

Aldesa has used its strong technical skills in niche sub-segments
of the construction industry, such as tunnelling, to build solid
market positions in its two main markets, Mexico and Spain. While
Aldesa's business profile is well within Fitch expectations for a
'B' rated engineering and construction company, the group remains
in a weaker competitive position than global peers, such as
Salini Impregilo S.p.a. (BB/Positive) and Astaldi S.p.A
(B+/Stable). Aldesa has greater geographic concentration compared
to these peers, given its reliance on operations in Spain and
Mexico. Its operations are also relatively small with sales of
less than EUR1.0 billion in 2016, while its next largest rated
peer, Astaldi, generates around EUR3.0 billion of sales.

With an EBITDA margin around 5%, profitability is lower than
Astaldi's (10%), but above Obrascon Huarte Lain's (3%,
B+/Negative). Aldesa also has high leverage metrics, although in
line with OHL and Astaldi. No parent/subsidiary linkage, country
ceiling and operating environment influence have an effect on
these ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- revenue growth of around 4.0% in 2017-2020;
-- annual recourse EBITDA reaching EUR60 million by 2020;
-- gradual reversal of the current negative net working-capital
    position;
-- no dividends from non-recourse subsidiaries;
-- no dividends paid to common shareholder;
-- no material asset disposals.

RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- FFO adjusted net leverage around 4.5x and FFO fixed charge
    cover around 2.0x on a sustained basis
-- Significant improvement in the operating risk profile driven
    by increased scale (sales sustainably in excess of EUR1.0
    billion) and internationalisation, reduced concentration risk
    and funding diversification
-- A material increase in steady income upstreamed from the
    concession business without a releveraging of assets

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- FFO adjusted net leverage failing to significantly improve to
    5.5x and FFO fixed charge cover failing to improve to 1.5x by
    end-2019
-- Negative FCF on a sustained basis
-- Evidence of supporting weakening non-recourse activities or a
    material increase in new concessions leading to equity
    contributions from the recourse business


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


DEBT CONNECT: Directors Face Disqualification Following Collapse
----------------------------------------------------------------
CCH Daily reports that a third director of Manchester-based debt
management company Debt Connect (UK) Ltd has been disqualified as
a result of an Insolvency Service investigation following the
company's collapse into liquidation owing some GBP150,000 to
creditors

Rahul Sharma has been banned from being a company director for
nine years, after the Insolvency Service found he had caused
funds totalling GBP42,920 to be transferred to the company's
current account, of which at least GBP25,929 was paid to another
company controlled by Rahul Sharma, and individuals connected to
him, CCH Daily relates.

Debt Connect was supposed to look after the interests of clients
who were in financial difficulties, CCH Daily states.  However,
investigators found that during the time when Rahul Sharma was
directing the company, it did not make all payments due to
clients' creditors, including printed cheques not posted out
totalling GBP32,465 which were in a box delivered up to the
liquidators, nor did it pay refunds due to clients of at least
GBP9,267, CCH Daily notes.

In addition, Debt Connect had lost its Consumer Credit Licence
and been instructed by a tribunal to return payments received
from clients which would not be distributed to their creditors,
CCH Daily relays.

The latest disqualification follows on from earlier legal action
last year, which saw Rajiv Sharma sign an eleven-year
disqualification in which he did not dispute that he acted as a
director of Debt Connect between at least October 2013 and
October 2014 whilst he was already subject to disqualification,
CCH Daily states.

He was disqualified from acting as a director or being concerned
in the promotion, formation or management of a company for six
years from 13 March 2012, CCH Daily recounts.

In addition, Stephen Bradbury signed a four-year disqualification
undertaking, according to CCH Daily.

When Debt Connect went into liquidation in October 2014, the
company disclosed assets estimated to realise GBP1,000, and
liabilities to creditors of GBP157,842, CCH Daily discloses.


EUROSAIL-UK 2007-3BL: S&P Affirms CCC Ratings on 2 Note Classes
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurosail-UK 2007-
3BL PLC's class A3a, and A3c notes. S&P said, "At the same time,
we have affirmed our ratings on the class B1a, B1c, C1a, C1c,
D1a, and E1c notes.

"We have conducted our credit and cash flow analysis using loan-
level information and investor reports as of May 2017. Our
analysis includes the application of our European residential
loans criteria (see "Criteria - Structured Finance - General:
Methodology And Assumptions: Assessing Pools Of European
Residential Loans," published on Dec. 23, 2016)."

The servicer (Acenden Ltd.) reports arrears that include amounts
outstanding, delinquencies, and other amounts owed. Other amounts
owed include arrears of fees, charges, costs, ground rent, and
insurance, among other items. Delinquencies include principal and
interest arrears on the mortgage loans, based on the borrowers'
monthly installments. Amounts outstanding are principal and
interest arrears, after the servicer first allocates borrower
payments to other amounts owed.

For the transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest and principal
amounts. For borrowers, the servicer first allocates any arrears
payments to interest and principal amounts, and then to other
amounts owed. This difference in the servicer's allocation of
payments for the transaction and the borrower results in amounts
outstanding being greater than delinquencies. We have applied an
additional stress to the weighted-average loss severity (WALS) to
mitigate this risk.

In terms of 90+ day delinquencies, the transaction underperforms
our U.K. nonconforming residential mortgage-backed securities
(RMBS) index (see "U.K. RMBS Index Report Q1 2017," published on
June 1, 2017). Delinquencies in Eurosail-UK 2007-3BL decreased to
14.81% from 16.75% over this period.

S&P said, "Our weighted-average foreclosure frequency (WAFF)
assumptions, take into consideration our projection of additional
delinquencies, while our WALS assumptions reflect the increase in
house prices since our previous review (see "Various Rating
Actions Taken In U.K. Nonconforming RMBS Transaction Eurosail-UK
2007-3BL Following Restructure," published on May 31, 2016)."

            WAFF (%)     WALS (%)      Expected
                                       credit
                                       loss (%)
  AAA       39.56        63.24         25.02
  AA        34.30        54.07         18.55
  A         29.45        42.00         12.37
  BBB       25.12        34.74         8.73
  BB        20.68        29.43         6.09
  B         18.74        25.86         4.85

S&P said, "Following our credit and cash flow analysis and the
repayment of the class A2 notes, we consider the available credit
enhancement for the class A3a and A3c notes to be commensurate
with higher ratings. We have therefore raised to 'BBB+ (sf)' from
'BB+ (sf)' our ratings on these classes of notes.

"Our analysis shows that the class B1a, B1c, C1a, and C1c notes
were not able to pass our cash flow stresses at rating scenarios
higher than those at their current ratings. Therefore, we have
affirmed our 'B- (sf)' ratings on the class B and C notes.

"We have affirmed our 'CCC (sf)' ratings on the class D1a and E1c
notes based on our assessment of the level of credit enhancement
and expected collateral performance, in line with our criteria
for 'CCC' category ratings (see "General Criteria: Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published on
Oct. 1, 2012). In addition we would not expect these notes to
default in the short term.

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

Eurosail-UK 2007-3BL is a U.K. nonconforming RMBS transaction,
which Southern Pacific Mortgage Ltd., Preferred Mortgage Ltd.,
London Mortgage Company, Alliance & Leicester PLC, and Amber
Homeloans Ltd. originated.

RATINGS LIST

  Class      Rating
            To                 From

  Eurosail-UK 2007-3BL PLC
  GBP493.57 Million Mortgage-Backed Floating-Rate Notes

  Ratings Raised

  A3a       BBB+ (sf)          BB+ (sf)
  A3c       BBB+ (sf)          BB+ (sf)

  Ratings Affirmed

  B1a       B- (sf)
  B1c       B- (sf)
  C1a       B- (sf)
  C1c       B- (sf)
  D1a       CCC (sf)
  E1c       CCC (sf)


GEMINI ECLIPSE 2006-3: S&P Withdraws 'D' Ratings on Various Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'D (sf)' credit ratings on the
class A, B, C, D, and E notes in GEMINI(ECLIPSE 2006-3) PLC. At
the same time, S&P has withdrawn its ratings on these classes of
notes at the issuer's request.

On the July 2017 interest payment date, no interest or principal
payments were made to any classes of notes. All properties have
been sold and no further distribution of interest or payment of
principal to noteholders are expected.

S&P said, "We have therefore affirmed our 'D (sf)' ratings on the
class A, B, C, D, and E notes, in line with our criteria (see
"Timeliness Of Payments: Grace Periods, Guarantees, And Use Of
'D' And 'SD' Ratings," published on Oct. 24, 2013). At the same
time, we have withdrawn our ratings on these classes of notes at
the issuer's request."

GEMINI (ECLIPSE 2006-3) is a single-borrower secured-loan
transaction originally backed by 34 properties in England,
Scotland, and Wales.

RATINGS LIST

  GEMINI (ECLIPSE 2006-3) PLC
  GBP918.862 mil commercial mortgage-backed floating-rate notes
                                           Rating
  Class          Identifier            To              From
  A              XS0273576107          D (sf)          D (sf)
  B              XS0273576289          D (sf)          D (sf)
  C              XS0273576446          D (sf)          D (sf)
  D              XS0273576792          D (sf)          D (sf)
  E              XS0273576958          D (sf)          D (sf)

  Ratings Subsequently Withdrawn

  GEMINI (ECLIPSE 2006-3) PLC
  GBP918.862 mil commercial mortgage-backed floating-rate notes
                                           Rating
  Class         Identifier            To               From
  A             XS0273576107          NR               D (sf)
  B             XS0273576289          NR               D (sf)
  C             XS0273576446          NR               D (sf)
  D             XS0273576792          NR               D (sf)
  E             XS0273576958          NR               D (sf)

  NR--Not rated


JOHNSTON PRESS: Losses Narrow in First Half of 2017
---------------------------------------------------
David Bond at The Financial Times reports that UK newspaper group
Johnston Press said it was turning the corner after a period of
"painful changes" as it reported a significant reduction in
losses in the first half of 2017.

The owner of the i newspaper and 200 local titles including The
Scotsman and the Yorkshire Post posted a 3% decline in revenues
to GBP103 million in the six months to the start of July but said
operating losses had been reduced to GBP5 million, down from
GBP212 million for the same period in 2016, the FT relates.

UK newspaper groups are being squeezed by sharp falls in print
advertising revenues as advertisers and readers switch to online
platforms such as Google and Facebook, the FT discloses.

Chief executive Ashley Highfield, who was facing calls from
investors to be sacked in February, said a combination of
stronger digital revenues and an increased focus on the group's
biggest newspapers, was starting to pay off, according to the FT.

But the big question for investors in Johnston Press is how it
will refinance a GBP220 million bond due for repayment in April
2019, the FT says.

The company is working with advisers Rothschild on a strategic
review ahead of that deadline, the FT relays.  Mr. Highfield told
the FT he would like to announce a refinancing plan by early
2018.

On Aug. 2, Johnston Press, as cited by the FT, said that after
initial discussions with all stakeholders in the company, it
would be prioritizing pension trustees.

According to the FT, Alex DeGroote, an analyst with Cenkos, said
that while the company was showing encouraging signs of
improvement, particularly with the i, investors were almost
entirely focused on how it tackled its debt.


LIMITED RISK: Director Faces 18-Month Imprisonment
--------------------------------------------------
The Insolvency Service on Aug. 4 disclosed that Michael Graham
Quinton, a bankrupt and disqualified director, has been sentenced
to 18 months' imprisonment, after pleading guilty to two counts
of acting in the management of two companies following a hearing
at Kingston Crown Court.  Mr. Quinton's sentence, suspended for
two years, relates to his involvement with Limited Risk Limited
and Defensa International LLC.

He was also disqualified from being a director for 10 years and
ordered to pay costs of GBP13,818.47.  Mr. Quinton's conviction
follows a criminal investigation and prosecution by the Criminal
Enforcement Team of the Insolvency Service.

While subject to a disqualification undertaking dated
October 7, 2009, Michael Graham Quinton acted in the management
of both Limited Risk Limited and Defensa International LLC,
contrary to section 13 of the Company Directors Disqualification
Act 1986.

The Security Industry Authority (SIA) investigated Quinton and
the Criminal Enforcement Team, was itself already investigating
Quinton.  As a result of information shared between the SIA and
the Insolvency Service Criminal Enforcement Team, a number of
investigative leads were pursued.

Mr. Quinton, aged 46, was the CEO of Defensa International LLC, a
company which was incorporated in the United States, but carried
on its business and had an office in the UK.

He was also the controlling mind of Limited Risk Limited, but in
an attempt to avoid the consequences of his disqualification
undertaking he used the names of others as directors of the
company.

Case lawyer Ian Hatcher from the Insolvency Service said:
"This case shows that the Criminal Enforcement Team of Insolvency
Service will take action against those individuals who act as
directors or are involved in the management of companies when
they are not permitted to do so."

"Here, a disqualified director attempted to circumvent his ban by
incorporating a company abroad and by using the names of others
as directors of his British company."

"The Criminal Enforcement Team of Insolvency Service was alive to
this, and took firm action."

Kevin Young, SIA Partnerships and Investigations Manager, said:
"Our investigation of Quinton's business practices relating to
the supply of security staff to the 2014 Commonwealth Games in
Scotland, and other major sporting events, revealed a pattern of
behaviour."

"Our investigators at the SIA actively seek to work with partners
and the conviction of Michael Quinton shows the value of joint
working and sharing of information between the Insolvency Service
and Hampshire Police."


LONMIN PLC: Seeks Ways to Raise Cash Following Restructuring
------------------------------------------------------------
Jon Yeomans at The Telegraph reports that mining group Lonmin is
looking for ways to raise cash and cut costs as it struggles to
cope with the flatlining price of platinum, its key product.

The South Africa-based miner has announced a scheme to save US$37
million (GBP28 million) by September 2018 that could see the axe
fall on mainly back office roles, The Telegraph relates.

According to The Telegraph, the London-listed group will also
look to sell space in its processing plant, which is estimated to
be running at about 60pc capacity, to other platinum producers.

It is also seeking partners to help finance a pair of capital
projects to extend the life of two of its mines, The Telegraph
discloses.  A failure to find a partner for these projects could
put 5,000 jobs at risk, The Telegraph states.

Lonmin did not put a figure on how much it is hoping to raise
from these latest measures, The Telegraph notes.

Lonmin boss Ben Magara has said he wants the company to be "cash
neutral" by the end of the year as it looks to stop its outgoings
from exceeding its income, The Telegraph relays.

The steps outlined on Aug.7 follow a lengthy restructuring that
has resulted in Lonmin closing high-cost mining shafts in favor
of lower-cost production, The Telegraph states.  The miner cut
more than 6,000 jobs at the end of 2015 but still has around
33,000 staff on payroll, according to The Telegraph.

Lonmin Plc -- http://www.lonmin.com-- is a United Kingdom-based
producer of Platinum Group Metals. Lonmin mines, refines and
markets platinum group metals (PGMS) -- platinum, palladium,
rhodium, iridium, ruthenium and gold.  The Company has productive
operations in South Africa and Canada.  The Company's resources
and operations include: Marikana operations, the Company's
flagship operation; Pandora operations, a joint venture in which
it has a 42.5% interest; Marikana Smelters and Base Metal
Refinery and Brakpan Precious Metal Refinery which has capacity
to process and refine production, offering the potential to smelt
and refine third party and recycling material; Limpopo project,
formerly an operational mine; Akanani project; Canadian projects,
joint ventures with Vale and Wallbridge exploring PGM
mineralisation in the Sudbury Basin in Ontario, and Northern
Ireland project which is an early stage exploration opportunity.


* UK: Company Insolvencies in England & Wales Hit 17-Year Low
-------------------------------------------------------------
Sky News, citing the Insolvency Service's latest figures, reports
that the underlying number of businesses entering insolvency in
England and Wales has hit a 17-year low.

The number of company insolvencies between April and June was
4,547 -- a 12.6% rise compared to the first quarter,
Sky News discloses.

But the Insolvency Service said this was caused by a one-off
event whereby 1,131 connected personal service companies -- or
PSCs -- went into creditors' voluntary liquidation (CVL) on the
same day and in response to claimable expense rules, Sky News
notes.

If this number is taken out of the insolvency figures, they show
a drop of 15.4% over the period to the lowest since records began
in 2000, Sky News states.

Overall, 4,547 businesses entered insolvency between April and
June -- 3,454 CVLs, 672 compulsory liquidations and 421 other
insolvencies, Sky News relays.

According to Sky News, Adrian Hyde, president of insolvency and
restructuring body R3, said the figures were "pretty surprising"
because those working in the industry had been reporting "a
tougher time for businesses" this year.

"The unexpected drop in inflation last month is one hint that
things may have eased up for businesses since the end of 2016,
and while the Bank of England has been warning about rising
consumer debts, businesses will still be benefiting from debt-
fuelled spending in the short-term at least."


                            *********

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 * * *