TCREUR_Public/170831.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

          Thursday, August 31, 2017, Vol. 18, No. 173


                            Headlines


B U L G A R I A

PLOVDIV CITY: S&P Affirms 'BB+' LT Issuer Credit Rating


C Y P R U S

RCB BANK: Moody's Hikes Long-Term Deposit Ratings to B1


G E R M A N Y

AIR BERLIN: Legal Challenge Won't Halt Government Bridging Loan
E.ON SE: Egan-Jones Lowers Senior Unsecured Ratings to BB
HEIDELBERGER DRUCKMASCHINEN: S&P Affirms 'B' CCR, Outlook Stable


G R E E C E

DRYSHIPS INC: Egan-Jones Withdraws 'D' Sr. Unsecured Ratings
SKW STAHL-METALLURGIE: Reaches Restructuring Deal with Speyside


I R E L A N D

GRIFFITH PARK CLO: S&P Affirms B-(sf) Rating on Class E Notes
IRELAND: Egan-Jones Assigns 'B' FC Sr. Unsecured Debt Rating


L U X E M B O U R G

ALTISOURCE SOLUTIONS: Moody's Affirms B3 CFR, Outlook Stable
ARCELORMITTAL: Egan-Jones Hikes Sr. Unsecured Ratings to BB+


N E T H E R L A N D S

CNH INDUSTRIAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
RENOIR CDO: S&P Raises Ratings on Two Note Classes to BB+


N O R W A Y

NORWEGIAN AIR: Egan-Jones Hikes Commercial Paper Rating to B


R U S S I A

DALNYAYA STEP: Sept. 7 Hearing in Browder Tax, Bankruptcy Case
OTKRITIE: Russia's Central Bank to Intervene in Rescue


S P A I N

ATLANTIC YIELD: Egan-Jones Cuts Commercial Paper Rating to C
BANCO POPULAR ESPANOL: Investors File 51 Suits Over Rescue
REPSOL SA: Egan-Jones Hikes Senior Unsecured Ratings to BB
TDA IBERCAJA 1: S&P Affirms B(sf) Rating on Class D RMBS Notes


T U R K E Y

* TURKEY: Rescue Fund Needed for Ailing Corporate Bond Market


U K R A I N E

FERREXPO PLC: Moody's Raises Corporate Family Rating to Caa1


U N I T E D   K I N G D O M

SEADRILL LTD: Egan-Jones Cuts Sr. Unsecured Ratings to CCC+


                            *********



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B U L G A R I A
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PLOVDIV CITY: S&P Affirms 'BB+' LT Issuer Credit Rating
-------------------------------------------------------
S&P Global Ratings, on Aug. 25 , 2017, affirmed its 'BB+' long-
term issuer credit rating on the Bulgarian City of Plovdiv. The
outlook remains positive.

OUTLOOK

The positive outlook reflects S&P's outlook on the Republic of
Bulgaria.

Upside Scenario

Any rating action S&P takes on the sovereign in the next 12
months would likely be followed by a similar action on Plovdiv.
This scenario assumes no changes in Plovdiv's credit
characteristics.

Downside Scenario

S&P said, "We would revise the outlook to stable following a
similar action on Bulgaria. We view a downside scenario based on
Plovdiv's stand-alone credit profile (SACP) as unlikely, since
the SACP is higher than the long-term rating on the city. We
would revise our assessment of Plovdiv's SACP downward if we saw
a significant worsening of the city's operating performance that
would widen capital account deficits above 5%, in turn depleting
cash levels or resulting in a structural increase in debt."

RATIONALE

S&P said, "Our rating on Plovdiv reflects our belief that the
city's financial management will use its cash and proceeds from
future debt issuance to fund its deficits after capital accounts,
which we expect to widen due to the increased expenses for the
ECoC event in 2019. The rating on the city remains constrained by
the evolving and unbalanced institutional framework and the
city's weak economy.

"Our assessment of Plovdiv's SACP is 'bbb-'. In accordance with
our criteria for rating non-U.S. local and regional governments
(LRGs), we generally cap the long-term rating on an LRG at the
same level as its respective sovereign. We believe the
institutional and financial framework of Bulgarian LRGs limits
their ability to meet the conditions specified in our criteria in
order to be rated above their related sovereign. In particular,
we view their autonomy to be limited by the still-high dependency
on central government grants, subjecting local budgets to
volatility stemming from intergovernmental relations. The system
is also still relatively centralized, with low predictability on
the outcome of reforms.

"The institutional framework, the economy, and financial
management limit the creditworthiness of Plovdiv
The Bulgarian political environment continues to limit the
predictability of Plovdiv's finances, given the important role
the central government plays in the intergovernmental system. In
light of the ongoing decentralization process, we don't rule out
the possibility of unexpected changes in the distribution of
revenues and government-mandated spending."

Plovdiv's GDP per capita is relatively low compared with
international peers, with average GDP over the past three years
of about $7,400. On the upside, the structure of the economy has
been improving, which is why we expect this figure to grow more
or less in line with the national average. With approximately one
third of the labor force still working in the manufacturing
sector, the city is striving to move away from a low-skilled/low-
tech structure to one requiring, and creating, higher-skilled
jobs. S&P also expects tourism to pick up, especially given the
city's role as the ECoC in 2019.

The ECoC event has also allowed management to renew its efforts
to tackle a backlog of key projects. In general, S&P assesses
that the city's financial team is hampered by limited long-term
planning and a lack of liquidity management policies, with no
established internal guidelines aside from those set in the
national legislation.

Budgetary surpluses will remain positive but capital account
deficits will widen

S&P said, "We understand that the transfers provided to the city
to fund state-delegated tasks -- principally maintenance and
wages expenses -- are calculated on a per-capita basis.
Therefore, we have revised our approach to examining all
Bulgarian entities and we now include both local and state-
delegated revenues and expenditures, roughly doubling Plovdiv's
financials. As flows on both sides are similar, this change had
no major effect on individual rating factors, but some of our
ratios have changed, as detailed below.

"We believe that, like in the past, Plovdiv will maintain solid
operating surpluses, averaging 5% over 2017-2019. This represents
a slight decrease compared with the 2015-2016 results, based on
the increasing expenses related to the 2019 ECoC event. Funding
for the event should come mostly from the municipal budget,
although we expect external parties will also contribute. We
expect the central government to contribute to finance capital
projects over the next few years. This will enable the city to
tackle some of the backlog in its capital program, which is why
we believe capital expenses will remain at high levels over our
forecasting period. Based on volatile results on the execution of
budgets in the past, as well as the fact some of these revenue
sources are not yet secured, we believe the actual financial
results may be subject to volatility, which we continue to
incorporate in our assessment.

"The city's total capital plan currently includes renovation of
major boulevards, a water treatment facility, and renovation of
the city's river bank. While we acknowledge the possibility that
the capital program might be scaled down if the city does not
secure funding from the EU or other external sources, we believe
the city sees most projects as almost mandatory and hence is not
likely to postpone them further. The continued pickup in capital
expenditures drives our forecast of deficits after capital
accounts widening to an average of 2.7% of total revenues over
2017-2019.

"Because of the important nature of some of the infrastructure
projects, we think that Plovdiv will finance any funding
shortfalls by issuing debt. We expect some debt absorption
through an already contracted loan with the European Bank for
Reconstruction and Development, and more debt will probably be
contracted at a later stage through local banks or the Bulgarian
Fund for Local Authorities and Governments, as the city has done
in the past. Despite this expected debt increase, the inclusion
of state-delegated activities in our calculations and the
amortizing debt profile support our expectation that the debt
burden will now remain well below 30% of operating revenues.

"We further expect that despite increasing expenses, the
liquidity coverage ratio will remain solid in the next 12 months.
Adjusted for our base case of budget execution in the next 12
months, free cash will continue to cover more than 5x the debt
falling due over that period. However, we think that management's
financial policy remains relatively unpredictable, which
constrains our liquidity assessment, especially in light of the
fact that the city is capitalizing on the ECoC in 2019 to push
through some key projects that have large expected funding needs.

"Furthermore, similar to other Bulgarian cities we rate,
Plovdiv's access to external liquidity is limited, based on
Bulgaria's weak domestic banking sector. This is reflected in our
review of the country's banking industry (see "Banking Industry
Country Risk Assessment: Bulgaria," published Dec. 30, 2016).

"We further note that Plovdiv's flexibility over its budget is
now weaker than we had previously forecast. We note that about
half of the budget comprises local revenues, which we see as
adjustable within certain brackets set by the central government.
However, we consider the city's ability to fully utilize this
flexibility in practice as limited, due to taxpayers'
unwillingness and inability to pay higher taxes. Furthermore, we
believe that the headroom to cut expenditures remains limited due
to the persistent infrastructure needs and service-related
expenses that are necessary for the proper functioning of the
city, and preparation for the ECoC event.

"Exposure from contingent liabilities arises primarily from
payables of health care companies and outstanding litigation
cases, but the volume is low compared with consolidated revenues.
Although we understand that the city has no plans to financially
support its municipal companies, we do not completely disregard
the risk of the city stepping in if the municipal companies are
in need or under financial distress.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable." At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the debt burden had improved, and that
budgetary flexibility had deteriorated. All other key rating
factors were unchanged. Key rating factors are reflected in the
Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

                                Rating           Rating
                                To               From
  Plovdiv (City of)
   Issuer Credit Rating
    Foreign and Local Currency  BB+/Positive/--  BB+/Positive/--
   Senior Unsecured
    Foreign Currency            BB+              BB+



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C Y P R U S
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RCB BANK: Moody's Hikes Long-Term Deposit Ratings to B1
-------------------------------------------------------
Moody's Investors Service has upgraded RCB Bank's long term
local- and foreign-currency deposit ratings to B1 from B3 and its
baseline credit assessment to b2 from b3. The rating action
concludes the review initiated on May 19, 2017 and reflects (1)
RCB Bank's strong solvency as well as Moody's expectation that
the bank will continue to grow its standalone business and
strengthen its franchise and (2) Moody's expectation that RCB
Bank will maintain its strong links with Bank VTB, JSC (Bank VTB)
(long-term local currency deposits: Ba1 stable, BCA: b1) one of
its main shareholders with 46.3% stake, which has led the agency
to incorporate one notch of rating uplift in RCB Bank's deposit
ratings to capture a moderate probability of support from Bank
VTB in case of need.

The outlook on the long-term deposit ratings was changed to
stable reflecting Moody's expectation that the bank's financial
fundamentals will remain broadly unchanged over the next 12-18
months.

RATINGS RATIONALE

THE UPGRADE OF THE STANDALONE BCA TO B2

The upgrade of the BCA to b2 from b3 reflects RCB Bank's strong
solvency, reflected in high capital and low levels of problem
loans as well as Moody's expectation that the bank will continue
to grow its standalone business and strengthen its franchise.

Although currently most of RCB Bank business stems from its links
with Bank VTB, with more than 60% of RCB Bank's loans guaranteed
by Bank VTB, RCB Bank has been strengthening its stand-alone
franchise over the last few years. Moody's expects the bank to
gradually grow further its standalone operations both with
foreign customers based in Cyprus and to a lesser extent with
Cypriot customers.

RCB Bank maintains a strong solvency position. As of December
2016, the ratio of the bank's shareholder's equity to total
assets improved to 5.8% from 4.6% the year before, while its Tier
1 capital ratio was a high 20.79%. At the same time, RCB Bank's
ratio of non-performing loans (NPLs) to gross loans stood at a
low 0.83%. The bank is further buffered by its high coverage of
problem loans, with the ratio of loan loss reserves to NPLs
increasing to 90.3% in December 2016 from 82.1% in December 2015,
and its high profitability, with a 1.0% return on assets as of
December 2016.

DEPOSIT UPLIFT DUE TO AFFILIATE SUPPORT

RCB Bank's deposit ratings now incorporate one notch of uplift
reflecting Moody's view of a moderate likelihood of support from
Bank VTB in case of need. Although in 2014 VTB Bank's ownership
in RCB Bank declined to 46.3% from 60% previously, RCB continues
to have strong ties with Bank VTB which were tested during the
financial crisis in Cyprus. Bank VTB continues to fund and
guarantee most of RCB Bank's loans and Moody's expects RCB Bank
to maintain these links while it continues to develop its
standalone franchise in parallel, and this view underlies the
decision too incorporate uplift from affiliate support into RCB
Bank's deposit ratings.

MOODY'S LOSS GIVEN FAILURE ANALYSIS

In its application of its Loss Given Failure analysis for RCB
Bank, Moody's continue to incorporate a high, 62%, proportion of
corporate deposits in the bank's liability structure which is in
line with its mainly corporate business focus. Moody's now also
assumes a 25% outflow of corporate deposits prior to failure, an
assumption applied to all European banks. The revised LGF
assumptions do not have an impact on RCB Bank's ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

RCB Bank's ratings could be upgraded following a material
strengthening in its standalone franchise leading to reduced
concentration and lower reliance on wholesale funding, while
maintaining its current strong capital buffers and low levels of
problem loans. An improvement in the credit risk profile of Bank
VTB and/or an increased likelihood of support in Moody's view,
could also lead to an upgrade of RCB Bank's ratings.

RCB Bank's ratings could be downgraded following a sharp rise in
problem loans which would erode its profitability and weaken its
capital buffers, or a material decline in capital due to high
growth. A reduced capacity or willingness by Bank VTB to support
RCB Bank in case of need could also result in a downgrade

List of Affected Ratings

Upgrades:

-- LT Bank Deposits, Upgraded to B1 Stable from B3 Rating under
    Review

-- Adjusted Baseline Credit Assessment, Upgraded to b1 from b3

-- Baseline Credit Assessment, Upgraded to b2 from b3

-- LT Counterparty Risk Assessment, Upgraded to Ba2(cr) from
    B1(cr)

Affirmations:

-- ST Bank Deposits, Affirmed NP

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

-- Outlook, Changed To Stable From Rating Under Review

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



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G E R M A N Y
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AIR BERLIN: Legal Challenge Won't Halt Government Bridging Loan
---------------------------------------------------------------
Gernot Heller at Reuters reports that the German government said
on Aug. 29 a legal challenge against Berlin's decision to grant a
state bridging loan for insolvent airline Air Berlin won't stop
dispersal of the funds.

"The submission of the application . . . has no suspensory
effect," Reuters quotes the economy ministry as saying in a
statement, adding that Berlin expected the European Commission to
approve the loan.

Rival German airline Germania on Aug. 29 asked a Berlin court to
block the bridge loan until the European Commission has given its
go-ahead for such state aid, Reuters relates.

The government has agreed to a EUR150-million loan to ensure that
flights continue for a period of three months and to secure the
positions of the airline's 8,000 employees in Germany, Reuters
recounts.

                        About Air Berlin

In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.

In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers.  Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers.  It employs
approximately 8,481 employees.  Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.

Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.

On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding.  On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.

To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017.  The Hon. Michael E. Wiles is the
case judge.  Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition.  Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.


E.ON SE: Egan-Jones Lowers Senior Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on July 7, 2017, downgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by E.On SE to BB from BB+.

E.ON SE is a European holding company based in Essen, North
Rhine-Westphalia, Germany.


HEIDELBERGER DRUCKMASCHINEN: S&P Affirms 'B' CCR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Germany-based printing equipment manufacturer
Heidelberger Druckmaschinen (HDM). The outlook is stable.

S&P said, "At the same time, we affirmed our 'CCC+' issue rating
on the group's senior unsecured notes. The recovery rating on the
notes is '6', indicating our expectation of negligible recovery
prospects (0%-10%) in the event of a payment default.

"The rating affirmation reflects our expectation that the
operating performance of HDM will be stable over the next 12
months and that the group will achieve credit metrics according
to our expectations for the rating, meaning adjusted debt to
EBITDA of around 5.5x in fiscal 2018 (year ending March 30,
2018), improving toward 5.0x in fiscal 2019, and funds from
operations (FFO) to debt higher than 10.5%.

"HDM aims to become a digital products- and services-driven
business and is in the process of changing its business model in
order to achieve this long-term goal. The group has been able to
largely finalize its operational restructuring program, although
we expect some further restructuring costs as a result of the
ongoing portfolio shift toward services and digital products."

With more than a 40% market share, HDM is the largest global
player and a technological leader in the sheetfed printing
presses industry. However, the segment overall suffers from
structural overcapacity due to the rise in electronic publishing
and digital press. This shift in recent years has caused a
decline in capacity utilization of printing shops, especially in
developed economies. Furthermore, the commercial printing
business is highly dependent on volatile advertising budgets,
which increases end market volatility, whereas packaging-segment
demand is more stable over the cycle.

Some of these risks are mitigated by the strong market position
in the services segment and focus on growth business units like
consumables (around a 5% market share) and digital (less than a
5% market share). HDM has also been able to cut production
capacity and reduce overhead costs. Although the adjusted EBITDA
margin declined slightly year on year during fiscal 2017 (to
6.3%, versus 7.1% in fiscal 2016), S&P expects a slight margin
improvement over the coming years, owing to modest sales growth,
lower restructuring charges, and containment of the cost base.

After extensive refinancing activities in previous years, HDM
plans to further diversify financial sources and to reduce
interest expenses. The group managed to decrease its debt and
interest costs by around EUR5 million with the conversion of
almost 95% of its EUR60 million convertible bond into equity on
June, 30, 2017. In addition, in June 2016, it repaid in full its
2011 corporate bonds maturing in 2018 and S&P expects the group
to further reduce the level of its financial debt over the coming
years. The group has also diversified its financing sources, with
a EUR100 million European Investment Bank loan and a EUR42
million KfW loan to finance its capital expenditure and its
investments in digitalized products. Additionally, the group
bought back its global logistics center, which it financed with a
bilateral EUR30 million long-term loan. Overall, S&P expects
HDM's key credit metrics to gradually improve over the coming
years as a result of stabilization of the business and reduced
finance expenses and leverage.

S&P said, "Our stable outlook incorporates our expectation that
HDM's underlying operating and financial performance will improve
slightly over the next 12 months as a result of the unfolding
benefits of cost-saving initiatives and reduced financing costs,
which we expect to improve free cash flow generation. In our
view, rating-commensurate credit measures include EBITDA interest
coverage comfortably above 2x and no significantly negative free
operating cash flow (FOCF) over the next 12 months.

"We might consider a negative rating action on HDM in the case of
weaker-than-expected market conditions, resulting in depressed
operating results due to a considerable decline in sales. Rating
pressure could also occur if the group is not able to improve its
FOCF sustainably. A decline in the company's liquidity situation,
arising either from weak financial performance or tightening
covenant headroom, could also cause ratings pressure. A downgrade
could also result from the company's inability to maintain its
EBITDA interest coverage ratio comfortably above 2x.

"We do not envisage raising the ratings on HDM during the next
year. Rating upside would require a sustainable improvement in
operating performance, supported by positive print equipment
market developments, continued demonstration of a prudent
financial policy, and substantial deleveraging, resulting in our
adjusted ratios of debt to EBITDA of comfortably less than 5x and
FFO to debt higher than 15% on a sustained basis. We view this as
unlikely in the near term."



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DRYSHIPS INC: Egan-Jones Withdraws 'D' Sr. Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on July 25, 2017, withdrew the 'D'
local currency and foreign currency senior unsecured ratings on
debt issued by DryShips Inc.

DryShips Inc is a dry bulk shipping company based in Athens,
Greece. It is a Marshall Islands corporation, formed in 2004.
The Company transports commodities such as major bulks, which
include iron ore, coal, and grain, and minor bulks such as
bauxite, phosphate and steel products. DryShips also owns Ultra
Deep Water Rigs.


SKW STAHL-METALLURGIE: Reaches Restructuring Deal with Speyside
---------------------------------------------------------------
The management board of SKW Metallurgy agreed with the sector
experienced financial investor Speyside Equity on a concept for
the necessary and sustainable financial restructuring after
intensive negotiations.

End of July 2017, Speyside Equity negotiated a cornerstone
agreement with SKW's lenders on the conditions, under which the
private equity company plans to take over the receivables of the
syndicated loan agreement dated January 23, 2015 in the amount of
EUR74 million.  The banks have made significant concessions in a
double digit million Euro range.  The loan agreement has a
maturity date of January 31, 2018.

"The outcome of the negotiations proves that Speyside Equity
believes in the prospects and the strategic positioning of our
company that operationally has recovered but still suffers from
am overgeared balance sheet.  We appreciate Speyside Equity's
willingness to materially invest into SKW's future setting the
course for its further sustainable development", states
Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG.

"Our efforts in the year of steel crises 2016 resulting in an
operationally superior performance compared to many competitors
are paying off."

Several incidents in the past lead to the fact, that the SKW
group shoulders a too high debt burden and is massively
undercapitalized.  A refinancing of the company has no prospect
of success. The initiation of a financial restructuring has been
unavoidable and crucial.

Speyside Equity plans to provide EUR45 million of the EUR74
million syndicated loan agreement as non-cash contribution to the
SKW group.  The remaining loan is planned to be refinanced in the
course of the transaction.  "With this step, the equity basis
would be sustainably strengthened, the risk of insolvency
eliminated and thus the strategic development of the company
ensured", adds Michel.

Capital reduction unavoidable for restructuring

On the annual general meeting on October 10, 2017, the
shareholders need to decide on SKW's future, since restructuring
contributions are expected in the form of a capital reduction.
This creates the basic capital structure, which allows for the
capital increase in kind by Speyside Equity.

As a second step, Speyside Equity can then contribute its
receivables in the form of a contribution in kind, in case the
general meeting approves a contribution in kind, that by nature
excludes the subscription right of the existing shareholders.
Speyside Equity owns the respective receivables against SKW
Metallurgy exclusively that are the subject of the contribution.
The capital measure would result in a dilution to 5% of the
existing shareholders.  Speyside Equity has announced that they
intend to file a request as of Sec. 327a AktG (Squeeze out)
shortly after the capital measure will have been executed.

An expert report of a renown consulting firm will be provided to
the shareholders describing the company-value and the adequacy of
the contribution in kind confirming the assessment of the
company.  A rejection of this restructuring measure poses the
threat of total loss for the shareholders, because the
continuation prognosis under insolvency law would be void and the
company's existence would be at threat.  Supervisory board and
management board are appealing to the shareholders to agree to
this incisive step, which the lenders have already gone through.

"This is a hard request to the existing shareholders, which is
nevertheless without alternative.  Only by these means the future
of the long-standing traditional company can be secured,"
emphasizes the chairman of the supervisory board of SKW Volker
Stegmann.

Insights of the investment process

Management board and supervisory board of the SKW Stahl-
Metallurgie Holding AG carried out a structured investment
process since February 2017 to facilitate the financial
restructuring of SKW.  The global market approach of a renowned
investment bank in an early stage lead to the conclusion, that
the outstanding financial restructuring in the view of potential
investors can only be pursued in conjunction with a capital
decrease.

Alternative offers compared with Speyside Equity's offer were
less attractive and they were not providing strategic
opportunities.  One single interested party was generally ready
to make an offer, that would under certain conditions support a
cash capital increase with subscription rights for the
shareholders.  Nevertheless, this interested party could not find
an agreement with the lenders. Furthermore, the management board
and the supervisory board regarded the presented conditions
neither credible nor legally and economically justifiable.

Finally, the providers of the syndicated loan decided against the
originally planned repayment of a part of the syndicated loan via
cash capital increase with subscription rights for the
shareholders and preferred the sale of the receivables to
Speyside Equity with a significant discount.  Management board
and supervisory board of SKW support the negotiated solution,
because it secures besides the inevitable financial restructuring
also the refinancing and opens substantial strategic potentials
especially in the North American key-market.  It ensures the
continuation of the SKW group subsequent to a comprehensive
operational restructuring and allows the company to enlarge its
competitive position in the world-market and to actively
participate in the consolidation of the industry.

                  About SKW Stahl-Metallurgie

The SKW Metallurgie Group -- http://www.skw-steel.com-- is a
global market leader for chemical additives for hot metal
desulphurization and for cored wire and other products for
secondary metallurgy.  The Group's products enable steel-makers
to efficiently manufacture high-quality steel products.  Clients
include the world's leading companies in the steel industry.  The
SKW Metallurgie Group has more than 50 years of metallurgical
know how, and currently operates in more than 40 countries.  What
is more, the Group is a leading supplier of Quab specialty
chemicals, which are mainly used in the global production of
industrial starch for the paper industry.  The SKW Metallurgie
Group is headquartered in Germany with production facilities in
France, the US, Canada, Mexico, Brazil, South Korea, Russia, the
Peoples' Republic of China and India (joint venture).



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GRIFFITH PARK CLO: S&P Affirms B-(sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Griffith Park
CLO DAC's class A-1, A-2A, A-2B, B, C, D, and E notes.

S&P said, "The affirmations follow our analysis of the
transaction's performance and the application of our relevant
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 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-2A, A-2B, B, C, D, and E notes.

"As the transaction allows the manager to have a few years to
reinvest and change the credit risk profile, we have not
considered upgrades to the rated tranches, in accordance with
paragraph 92 of our corporate CDO criteria."

Griffith Park CLO is a cash flow corporate loan collateralized
debt obligation (CLO) transaction, which securitizes a revolving
pool of mainly senior secured loans granted to broadly syndicated
corporate borrowers. Blackstone/GSO Debt Funds Management Europe
Ltd. manages the transaction. The deal closed in September 2016
and its reinvestment period lasts until October 2020.

RATINGS LIST

  Griffith Park CLO Designated Activity Company
  EUR453.6 mil senior secured and subordinated notes
                                     Rating
  Class        Identifier            To                From
  A-1          XS1464949780          AAA (sf)          AAA (sf)
  A-2A         XS1464950366          AA (sf)           AA (sf)
  A-2B         XS1464950879          AA (sf)           AA (sf)
  B            XS1464952651          A (sf)            A (sf)
  C            XS1464951760          BBB (sf)          BBB (sf)
  D            XS1464952909          BB (sf)           BB (sf)
  E            XS1464952065          B- (sf)           B- (sf)


IRELAND: Egan-Jones Assigns 'B' FC Sr. Unsecured Debt Rating
------------------------------------------------------------
Egan-Jones Ratings Company, on July 3, 2017, assigned 'B' foreign
currency senior unsecured rating on debt issued by the Republic
of Ireland.  EJR also lowered its local currency senior unsecured
debt rating on Ireland.



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


ALTISOURCE SOLUTIONS: Moody's Affirms B3 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has confirmed Altisource Solutions
S.a.r.l.'s (Altisource) B3 Corporate Family Rating and Senior
Secured Bank Credit Facility Rating. The outlook is stable. This
concludes a review for downgrade Moody's initially assigned to
ratings of both Altisource and Ocwen Financial Corporation (Caa1,
negative) on April 21, 2017.

RATINGS RATIONALE

The rating action reflects Altisource's 8-year cooperative
brokerage agreement with New Residential Investment Corp. (B1,
stable) finalized August 28. The cooperative brokerage agreement
secures Altisource's role as the exclusive provider of marketing
and listing services for real estate owned (REO) properties in
approximately $110 billion in unpaid principal balance (UPB) of
mortgage loans for which New Residential has acquired, or will
acquire, the mortgage servicing rights (MSRs), even if those
portfolios are transferred away from Ocwen.

The rating action also reflects Altisource's continued reliance
for a large percentage of its revenues on the portfolio of
approximately $81 billion of UPB of servicing rights owned by
Ocwen, the ratings of which Moody's downgraded on 16 June due to
the increased risk that the Consumer Financial Protection
Bureau's (CFPB) lawsuit and cease and desist orders from 30
states posed to Ocwen's financial strength and credit profile.
Despite modest steps Altisource has taken to diversify its
businesses, its financial position is highly reliant on its Ocwen
and New Residential relationships from which Altisource continues
to derive about 75% of its revenues either directly or
indirectly.

The stable outlook reflects the expectation that Altisource and
New Residential will, in the next 60 days, sign a definitive
services agreement under which Altisource would be the exclusive
provider of certain fee-based services with respect to Ocwen's
servicing portfolio, for which the companies signed a letter of
intent and continue to negotiate.

Altisource's ratings could be downgraded in the event of a
material reduction in net income or increase in leverage. In
addition, a ratings downgrade could result if the volume of non-
GSE loans for which Ocwen owns the MSRs and services declines
significantly.

Altisource's ratings could be upgraded if Altisource's financial
profile strengthens through a significant increase in income from
the company's non-Ocwen businesses, or significant deleveraging.

The principal methodology used in these ratings was Finance
Companies published in December 2016.


ARCELORMITTAL: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on June 28, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by ArcelorMittal to BB+ from BB.

ArcelorMittal S.A. is a Luxembourg-based multinational steel
manufacturing corporation headquartered in Boulevard d'Avranches,
Luxembourg. It was formed in 2006 from the takeover and merger of
Arcelor by Mittal Steel.



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


CNH INDUSTRIAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on June 23, 2017 lowered the local
currency and foreign currency senior unsecured ratings on debt
issued by CNH Industrial NV to BB- from BB+. EJR also lowered the
ratings on commercial paper issued by the Company to B from A2.

CNH Industrial NV through its brands, designs, produces and sells
trucks, commercial vehicles, buses, special vehicles,
agricultural and construction equipment, in addition to engines
and transmissions for those vehicles and engines for marine
applications. The company also provides equipment financing
services.  It is based in London, the United Kingdom.


RENOIR CDO: S&P Raises Ratings on Two Note Classes to BB+
---------------------------------------------------------
S&P Global Ratings raised its credit ratings on Renoir CDO B.V.'s
class B, C, D1, and D2 notes. At the same time, S&P has affirmed
its 'A+ (sf)' rating on the class A notes.

S&P said, "The rating actions follow our review of the
transaction's performance, using data from the June 27, 2017
report, and the application of our relevant criteria.

"Since our previous review on Aug. 3, 2016, the weighted-average
spread earned on the collateral pool has decreased to 1.37% from
1.44% and the transaction's weighted-average life has increased
to 9.6 years from 6.37 years (see "Ratings Raised In Cash Flow
CDO Transaction Renoir CDO Following Portfolio Amortization And
Growth In Credit Enhancement"). The movements in portfolio
statistics have been the result of portfolio maturation and
amortization as the manager has been restricted from reinvesting
any proceeds except prepayments. A lower weighted-average spread
would generally result in lower break-even default rates (BDRs)
while a higher weighted-average life would generally result in
higher scenario default rates (SDRs). The BDR is the maximum
default rate that a tranche can withstand while the SDR measures
the expected default rate.

"We have also observed that despite the notional value of assets
that we consider to be rated in the 'CCC' category ('CCC+',
'CCC', and 'CCC-') decreasing from EUR8.1 million to EUR5.1
million, the proportion of these assets has increased to 9.5%
from 9.2% of the performing portfolio. Assets that we consider to
be defaulted (i.e., debt obligations of obligors rated 'CC', 'SD'
[selective default], or 'D') have increased both in notional
value and percentage terms following the default of an asset with
a par balance of EUR1.15 million.

"As a result of portfolio amortization, the class A notes have
repaid by EUR32.0 million since our August 2016 review and now
have an outstanding balance of EUR3.3 million. Due to the
repayment of the class A notes, available credit enhancement has
increased significantly for all classes of notes. In our
analysis, we also considered that the transaction is in its post-
reinvestment period, as it has been since April 2010. The class D
par value test, which was in breach at our previous review, is
now passing following the diversion of interest proceeds on
previous payment dates. Despite the class D par value test now
passing, the class D notes deferred interest at the previous
payment date in July 2017, due to a shortfall of interest
proceeds. In our opinion, the class D notes remain vulnerable to
interest deferral at future payment dates, due to the high cost
of these liabilities when compared to the yield generated by the
assets. In our analysis, in order to pass a cash flow scenario,
the capitalised interest on the class D notes must be repaid by
principal proceeds once the class D notes becomes the controlling
class.

"We subjected the capital structure to our cash flow analysis, by
applying our corporate cash flow collateralized debt obligation
(CDO) criteria, to determine the BDR at each rating level (see
"Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs," published on Aug. 8, 2016). We used the reported
portfolio balance that we considered to be performing, the
principal cash balance, the weighted-average spread, and the
weighted-average recovery rates that we considered to be
appropriate.

"We incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios. To help assess the collateral pool's credit
risk, we used CDO Evaluator 7.2 to generate SDRs at each rating
level. We then compared these SDRs with their respective BDRs.

"Taking into account our observations outlined above, we consider
the available credit enhancement for the class B, C, D1, and D2
notes to be commensurate with higher ratings than those currently
assigned. We have therefore raised our ratings on these classes
of notes.

"Our rating on the class A notes is capped at the 'A+' rating
level, under our current counterparty criteria, due to the
replacement language in the account bank agreement, which is not
in line with our current counterparty criteria (see "Counterparty
Risk Framework Methodology And Assumptions," published on June
25, 2013). We have therefore affirmed our 'A+ (sf)' rating on the
class A notes.

"Based on our counterparty risk analysis, we have concluded that
the transaction documents for the credit default swap and repo
counterparty (BNP Paribas Fortis SA/NV) are not in line with our
current counterparty criteria. As such, we have conducted our
cash flow analysis assuming that the transaction does not benefit
from support from a derivative counterparty in rating scenarios
that are one notch above the rating of the counterparty--issuer
credit rating (ICR) plus one notch. We use the ICR plus one notch
as the downgrade provisions are in line with our previous
counterparty criteria. Above these rating levels, we considered
in our analysis that these counterparty agreements do not exist
and that the assets are exposed to currency risk.

"The portion of performing assets not rated by S&P Global Ratings
is 11.7%. In this case, we apply our mapping criteria to map
notched ratings from another ratings agency and to infer our
rating input for the purpose of inclusion in CDO Evaluator (see
"Mapping A Third Party's Internal Credit Scoring System To
Standard & Poor's Global Rating Scale," published on May 8,
2014). In performing this mapping, we generally apply a three-
notch downward adjustment for structured finance assets that are
rated by one rating agency and a two-notch downward adjustment if
the asset is rated by two rating agencies.

"We have applied our supplemental tests to address event and
model risk, in line with our corporate CDO criteria. As the
transaction employs excess spread, we have applied this test by
running our cash flows using the forward interest rate curve."

Renoir CDO is a cash flow CDO transaction that securitizes
structured finance assets.

RATINGS LIST

  Class              Rating
              To                From

  Renoir CDO B.V.
  EUR280 Million Fixed- And Floating-Rate Notes

  Ratings Raised

  B           A+ (sf)           A (sf)
  C           A- (sf)           BBB (sf)
  D1          BB+ (sf)          B+ (sf)
  D2          BB+ (sf)          B+ (sf)

  Rating Affirmed

  A           A+ (sf)



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


NORWEGIAN AIR: Egan-Jones Hikes Commercial Paper Rating to B
------------------------------------------------------------
Egan-Jones Ratings Company, on July 5, 2017, upgraded the local
currency and foreign currency ratings on commercial paper issued
by Norwegian Air Shuttle ASA to B from C.

Norwegian Air Shuttle ASA, trading as Norwegian, is a Norwegian
low-cost airline that is the third largest low-cost carrier in
Europe, the largest airline in Scandinavia, and the ninth-largest
airline in Europe in terms of passenger number.



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


DALNYAYA STEP: Sept. 7 Hearing in Browder Tax, Bankruptcy Case
--------------------------------------------------------------
Sputnik reports that the case of the Hermitage Capital Management
investment fund founder William Browder on the tax evasion was
transferred to Moscow's Tverskoy District Court, Mr. Browder's
lawyer Alexander Antipov said on Aug. 25, adding that the
defendant himself would not be taking part in the trial.

Mr. Browder is charged with the organization of tax evasion,
organization of deliberate bankruptcy and an attempt to breach
the duties of a tax agent, Mr. Antipov said, adding that the
accusations include episodes of bankruptcy of the Dalnyaya Step
company and the illegal transfer of Gazprom shares abroad,
Sputnik relates.  The investigators estimated the total damage
from the actions of Mr. Browder and his business partner
Ivan Cherkasov in the case of deliberate bankruptcy and tax
crimes at RUR3.5 billion (US$59 million), Sputnik discloses.

Mr. Antipov pointed out that a duty lawyer was appointed by the
court, according to Article 51 of the Criminal Procedure Code,
Sputnik relays.

According to court files, the next hearing on the case is
scheduled for Sept. 7, Sputnik notes.


OTKRITIE: Russia's Central Bank to Intervene in Rescue
------------------------------------------------------
Max Seddon at The Financial Times reports that Russia's central
bank said on Aug. 29 it would intervene to save Otkritie, the
country's largest privately held lender, from collapse.

According to the FT, the central bank in a statement said it
planned to become Otkritie's "main investor" with public funds.
Otkritie would continue to function normally without resorting to
the bail-in measures the fund was originally created for.

Otkritie's well-connected shareholders -- who include founder
Vadim Belyaev, oil giant Lukoil, state-run bank VTB, and the
oligarchs Alexander Nesis and Alexander Mamut -- and current
management, will cooperate with regulators to "ensure it
continues to function on the banking services market without
interruption and enact every measure hereon to ensure the
continued growth of the Bank," the central bank, as cited by the
FT, said.

Otkritie lost RUR611 billion in deposits -- 20% of its balance
sheet -- in June and July, including from the personal accounts
of its then-CEO, as fears grew over its stability, the FT
discloses.  Three senior state bankers told the FT that Otkritie
had a balance sheet hole comparable to the one found at the Bank
of Moscow in 2011, which required a EUR$14 billion bailout.



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


ATLANTIC YIELD: Egan-Jones Cuts Commercial Paper Rating to C
------------------------------------------------------------
Egan-Jones Ratings Company, on July 17, 2017, lowered ratings on
commercial paper issued by Atlantica Yield plc to C from B.

Based in Madrid, Spain, Repsol S.A., through subsidiaries,
explores for and produces crude oil and natural gas, refines
petroleum, and transports petroleum products and liquefied
petroleum gas (LPG).  The Company retails gasoline and other
products through its chain of gasoline filling stations.


BANCO POPULAR ESPANOL: Investors File 51 Suits Over Rescue
----------------------------------------------------------
Francesco Guarascio at Reuters reports that disgruntled investors
have filed 51 lawsuits against European Union regulators for
shutting Spain's Banco Popular Espanol, marking one of the
largest legal challenges yet to the EU and a fresh attack on the
bloc's rules on bank rescues.

The deluge of cases, filed with the European Union's General
Court, are the first legal test of how the EU applies new bank
rules aimed at forcing investors to bear the costs of rescuing a
failing lender before taxpayer money is used, Reuters notes.

In June, European authorities intervened following a run on the
bank and a sale was hastily organized after the European Central
Bank determined that the lender was likely to fail, Reuters
relates.

Banco Popular's shareholders and junior bondholders lost around
EUR4 billion (US$4.82 billion) after an EU agency forced the sale
of the lender, then the sixth largest in Spain, to bigger rival
Santander for the nominal price of one euro, Reuters discloses.

Spanish taxpayers were spared from footing a bill and the bank's
savers and activities were not affected, as Santander took over
the ailing rival, Reuters notes.

But the rescue, decided overnight on June 7 by the EU's bank
disposal agency -- the Single Resolution Board (SRB) -- and the
European Union's executive Commission, hit some of the bank's
bond and stock investors hard, Reuters relays.  They are now
trying to hit back, Reuters states.

According to Reuters, a court official said the 51 lawsuits that
have been lodged with the EU General Court before the August 17
deadline against the SRB, and in some cases also against the
Commission, are among the highest number of legal actions against
a single EU decision ever filed before the General Court.

The General Court hears cases against EU institutions, Reuters
discloses.  Its decisions can be appealed on points of law to the
European Court of Justice, Reuters says.

The plaintiffs include big international investment funds, such
as Algebris and Anchorage Capital, Spanish pension funds,
consumers groups, Italian cooperative banks and Mexican
investors, Reuters relays, citing information shown on the
website of the EU court.

                      About Banco Popular

Banco Popular Espanol SA is a Spain-based commercial bank.  The
Bank divides its business into four segments: Commercial Banking,
Corporate and Markets; Insurance Activity, and Asset Management.
The Bank's services and products include saving and current
accounts, fixed-term deposits, investment funds, commercial and
consumer loans, mortgages, cash management, financial assessment
and other banking operations aimed at individuals and small and
medium enterprises (SMEs).  The Bank is a parent company of Grupo
Banco Popular, a group which comprises a number of controlled
entities, such as Targobank SA, GAT FTGENCAT 2005 FTA, Inverlur
Aguilas I SL, Platja Amplaries SL, and Targoinmuebles SA, among
others.  In January 2014, the Company sold its entire 4.6% stake
in Inmobiliaria Colonial SA during a restructuring of the
property firm's capital.

As reported in the Troubled Company Reporter-Europe on June 15,
2017, S&P Global Ratings said that it raised its long- and short-
term  counterparty credit ratings on Banco Popular Espanol S.A.
to 'BBB+/A-2' from 'B/B'.  The outlook is positive.

In addition, S&P lowered its issue-level ratings on Banco
Popular's outstanding preference shares and subordinated debt to
'D' from 'CC' and 'CCC-', respectively, and S&P subsequently
withdrew them.

The rating actions follow the Single Resolution Board's
announcement on June 7, 2017, that it had taken a resolution
action in respect of Banco Popular.  This resulted from the ECB's
conclusion that the bank was failing or likely to fail as a
result of a significant deterioration in its liquidity position.
The resolution entailed the sale of Banco Popular to Banco
Santander S.A. (A-/Stable/A-2) for EUR1, after absorption of
losses by Banco Popular's shareholders and holders of Tier 1 and
Tier 2 capital instruments.


REPSOL SA: Egan-Jones Hikes Senior Unsecured Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company, on July 18, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by Repsol SA to BB from BB-.

Based in Madrid, Spain, Repsol S.A., through subsidiaries,
explores for and produces crude oil and natural gas, refines
petroleum, and transports petroleum products and liquefied
petroleum gas (LPG).  The Company retails gasoline and other
products through its chain of gasoline filling stations.


TDA IBERCAJA 1: S&P Affirms B(sf) Rating on Class D RMBS Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on TDA Ibercaja 1
Fondo de Titulizacion de Activos' class A, B, C, and D notes.

S&P said, "T[he] affirmations follow the application of our
relevant criteria and our credit and cash flow analysis of the
most recent transaction information that we have received, and
reflect the transaction's current structural features.

Long-term delinquencies (defined in this transaction as loans in
arrears for more than 90 days, excluding defaults) have been very
low and stable for the life of the transaction. They have
decreased to 0.22% from 0.35% since our previous full review on
Oct. 31, 2014 (see "Various Rating Actions Taken On TDA Ibercaja
1 And TDA Ibercaja 2's Spanish RMBS Notes Following Criteria
Updates").

S&P said, "In our opinion, the outlook for the Spanish
residential mortgage and real estate market is not benign and we
have therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our European
residential loans criteria, to reflect this view."

  S&P's Credit Analysis Results
  Rating level     WAFF (%)    WALS (%)
  AAA                 18.04       11.15
  AA                  13.39       10.02
  A                    10.97        6.44
  BBB                  7.94        6.75
  BB                   5.02        5.46
  B                    4.18        4.34

The reserve fund is at the required level and is currently at its
floor value of EUR4.2 million, which represents 0.7% of the
current notes' balance. Available credit enhancement for all
classes of notes has increased since s&P's previous review, as a
consequence of the amortization of the all classes of notes and
the reserve fund being at its floor level. The notes have been
amortizing pro rata since October 2008. There are interest
deferral triggers for the subordinated notes in this transaction,
based on the level of 90+ days delinquencies (excluding defaults)
over the current balance of the non-defaulted assets, which as of
today is 0.22%. Given that the lowest interest deferral trigger
(class D trigger) is set at 10%, and based on the pool's
historical favorable performance, S&P doesn't expect the triggers
to be breached.

S&P said, "Ibercaja Banco S.A. has a standardized, integrated,
and centralized servicing platform. It is a servicer for a large
number of Spanish residential mortgage-backed securities (RMBS)
transactions, and the historical performance of the Ibercaja
Banco transactions has outperformed our Spanish RMBS index (see
"Spanish RMBS Index Report Q1 2017," published on June 1, 2017).
We believe that these factors should contribute to the likely
lower cost of replacing the servicer, and have therefore applied
a lower floor to the stressed servicing fee, at 35 basis points
(bps) instead of 50 bps in our cash flow analysis, in line with
table 74 of our European residential loans criteria."

The bank account provider in this transaction is Societe Generale
S.A. (Madrid Branch), which has downgrade language commensurate
with a 'AAA' rating level. The swap counterparty is Banco
Santander S.A. (A-/Stable/A-2). Considering the remedial actions
defined in the swap counterparty agreement, that the swap
counterparty is not currently posting collateral, and its current
issuer credit rating (ICR), under S&P's current counterparty
criteria the maximum rating the notes in this transaction can
achieve is 'AA'.

S&P said, "The cost of replacement, if the bank account is
substituted because of a downgrade below the documented minimum
required rating, will not be borne by the downgraded
counterparty, which is not in line with our current counterparty
criteria. Therefore, we have assumed remedy costs in our analysis
at rating levels above 'A'. Consequently, our ratings on the
class B, C, and D notes are linked to our long-term ICR on the
account provider.

"Following the application of our structured finance ratings
above the sovereign (RAS) criteria, counterparty, and European
residential loans criteria, we have determined that our assigned
rating on the class A notes in this transaction should be the
lower of (i) the rating as capped by our RAS criteria, (ii) the
rating as capped by our current counterparty criteria, and (iii)
the rating that the class of notes can attain under our European
residential loans criteria (see "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published on
Aug. 8, 2016).

"Taking into account the results of our application of our
European residential loans criteria, the class A notes are able
to pass our 'AA' rating level stresses. However, in this
transaction the application of our RAS criteria caps our rating
on the class A notes at four notches above our 'BBB+' foreign
currency long-term sovereign rating on the Kingdom of Spain,
i.e., 'AA-'. Accordingly, we have affirmed our 'AA- (sf)' rating
on the class A notes.

"Applying our European residential loans criteria, we believe
that the current available credit enhancement for the class B, C,
and D notes is commensurate with their currently assigned
ratings. We have therefore affirmed our 'BBB+ (sf)', 'BB+ (sf)',
and 'B (sf)' ratings on the class B, C, and D notes,
respectively. Our ratings on the class C and D notes are linked
to our long-term ICR on the servicer, Ibercaja Banco
(BB+/Positive/B), as the available credit enhancement for these
tranches is commensurate with the stresses we apply at these
rating levels, excluding the application of a commingling loss."

TDA Ibercaja 1 is a Spanish RMBS transaction that closed in
October 2003. The transaction securitizes residential loans
originated by Ibercaja Banco, which were granted to individuals
for the acquisition of their first residence, mainly concentrated
in Madrid and Aragon, Ibercaja Banco's main markets.

RATINGS LIST

  TDA Ibercaja 1 Fondo de Titulizacion de Activos
  EUR600 Million Mortgage-Backed Floating-Rate Notes

  Class        Rating

  Ratings Affirmed

  A            AA- (sf)
  B            BBB+ (sf)
  C            BB+ (sf)
  D            B (sf)



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


* TURKEY: Rescue Fund Needed for Ailing Corporate Bond Market
-------------------------------------------------------------
Asli Kandemir and Constantine Courcoulas at Bloomberg News report
that the Turkish lira corporate bond market is in the doldrums
and the nation's largest independent fund manager says the
government needs to step in to get it going again.

A string of defaults and restructurings has dampened investor
appetite for the TRY18 billion (US$5.2 billion) market in
corporate debt, issuance has slowed, and a borrowing binge by the
Treasury has increased competition for a limited savings pool,
Bloomberg relates.  According to Bloomberg, the general manager
of Italy's Azimut Holding Spa's local unit says the government
should mandate the sector to establish a rescue fund to help
troubled firms and restore investor confidence.

He proposes the industry put aside half a percent of the value of
each new lira issue for a rainy day, Bloomberg relays.  The fund
would make investors whole again if companies run into repayment
troubles and thus help revive appetite for Turkey's nascent
market for company debt, Bloomberg states.  He likens it to the
TRY250 billion government credit backstop for Turkey's commercial
lenders that revived lending and resuscitated the economy
following last year's coup attempt, Bloomberg notes.

"If the government also contributes to this fund, it'll open the
way for the market," Murat Salar, general manager of Azimut
Portfoy, as cited by Bloomberg, said in an interview in Istanbul
on Aug. 23.  Because if investors perceive these instruments as
risky permanently, "we'll lose this market," Bloomberg quotes
Mr. Salar as saying.  "It shouldn't be tainted."



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


FERREXPO PLC: Moody's Raises Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investors Service has upgraded to Caa1 from Caa2 the
corporate family ratings (CFRs) and to Caa1-PD from Caa2-PD the
probability of default ratings (PDRs) of three companies
operating in Ukraine: Ferrexpo Plc, Metinvest B.V. and MHP SE.
Concurrently, Moody's has upgraded the national scale corporate
family ratings (NSRs) of Metinvest and MHP to Baa3.ua from B1.ua
and the senior unsecured ratings of notes issued by Ferrexpo
Finance plc to Caa1 from Caa2. The outlook on the ratings of
Metinvest and MHP has been changed to positive from stable. The
outlook on the ratings of Ferrexpo Plc and Ferrexpo Finance plc
remains stable.

The rating action follows Moody's upgrade of Ukraine's government
bond rating to Caa2 from Caa3, with a positive outlook, and
raising of the foreign-currency bond country ceiling to Caa1 from
Caa2 on August 25, 2017.

RATINGS RATIONALE

The rating action primarily reflects the upgrade of Ukraine's
government bond rating to Caa2 from Caa3 and raising of the
foreign-currency bond country ceiling, which remains the key
constraint for the companies' ratings, to Caa1 from Caa2.

The upgrade of Ukraine's government bond rating is based on the
following key drivers: (1) the cumulative impact of structural
public finance and anti-corruption reforms that, if sustained,
will improve government debt dynamics absent a large depreciation
of the hryvnia; and (2) a strengthened external position and
likely market access sufficient to reduce the risk of default and
loss given default.

The business profile and financial metrics of Metinvest and MHP
are strong for a Caa1 rating. However, the companies are directly
exposed to Ukraine's political, legal, fiscal and regulatory
environment, despite significant share of export revenues, given
that most or all of their assets are located within the country.

The same applies to Ferrexpo as the business profile and
financial profile are strong for a Caa1 rating, while all of its
assets are located in Ukraine. However, Ferrexpo faces material
refinancing risk for its debt maturities in 2018 and 2019 of $298
million (out of which $173 million matures in April 2018) and
$187 million respectively, assuming an iron ore price of
$50/tonne. The upgrade of Ferrexpo's ratings with stable outlook
assumes the company will likely be able to successfully address
this risk given its strong financial profile. Moody's understands
that the company is currently in discussion with the banks.

RATIONALE FOR FERREXPO'S STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Ferrexpo
will sustain strong operating and financial performance for its
current rating level despite high event risks. The outlook also
reflects its refinancing risk for the 2018-19 debt maturities,
which Moody's believes the company will likely be able to
address. Once the refinancing risk is resolved, a positive
outlook can be considered.

RATIONALE FOR POSITIVE OUTLOOK FOR METINVEST AND MHP

The positive outlook on the ratings of Metinvest and MHP is in
line with the positive outlook on Ukraine's sovereign rating, and
reflects the fact that the companies' ratings could be upgraded
if Moody's were to upgrade the sovereign rating and raise
Ukraine's foreign-currency bond country ceiling.

The positive outlook also reflects Moody's expectations that
these companies will sustain strong operating and financial
performance for their current rating level despite high event
risks, and maintain adequate liquidity.

WHAT COULD CHANGE FERREXPO'S RATINGS UP/DOWN

Ferrexpo's ratings are not currently constrained by the foreign-
currency bond country ceiling. An upgrade would require the
company to resolve its refinancing risk for the debt maturities
in 2018 and 2019. Once the refinancing risk is resolved, the
ratings could become constrained by the country ceiling and
Moody's could upgrade the rating if Moody's was to upgrade
Ukraine's sovereign rating and/or raise the foreign-currency bond
country ceiling, provided there is no material deterioration in
the company-specific factors, including its operating and
financial performance, market position and liquidity.

Moody's could downgrade the rating if Moody's was to downgrade
Ukraine's sovereign rating and/or lower the foreign-currency bond
country ceiling, or the company's operating and financial
performance or market position were to deteriorate materially. A
downgrade could also take place if Ferrexpo's liquidity position
weakens and the refinancing risk for the 2018-19 debt maturities
is not addressed in time.

WHAT COULD CHANGE METINVEST AND MHP's RATINGS UP/DOWN

Moody's could upgrade the ratings of Metinvest and MHP if it were
to upgrade Ukraine's sovereign rating and/or raise the foreign-
currency bond country ceiling, provided there is no material
deterioration in the company-specific factors, including their
operating and financial performance, market position and
liquidity.

Moody's could downgrade the ratings if it were to downgrade
Ukraine's sovereign rating and/or lower the foreign-currency bond
country ceiling, or the companies' operating and financial
performance, market position or liquidity were to deteriorate
materially.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating MHP SE was Global
Protein and Agriculture Industry published in June 2017.

The principal methodology used in rating Ferrexpo Plc and
Ferrexpo Finance plc was Global Mining Industry published in
August 2014.

The principal methodology used in rating Metinvest B.V. was
Global Steel Industry published in October 2012.

Ferrexpo Plc, headquartered in Switzerland and incorporated in
the UK, is a mid-sized iron ore pellet producer with mining and
processing assets located in Ukraine. The group has total Joint
Ore Reserves Committee Code (JORC) classified resources of 6.7
billion tonnes, around 1.4 billion tonnes of which are proved and
probable reserves. The average grade of Ferrexpo's ore is
approximately 31% Fe. In 2016, the group achieved a pellet
production of 11.2 million tonnes and generated revenues of $986
million. Ferrexpo is listed on the London Stock Exchange and
50.3% of its shares are held by Fevamotinico S.a.r.l, a
Luxembourg based holding company owned by Kostyantin Zhevago, CEO
of Ferrexpo Plc. and the remaining is free float.

Metinvest B.V., registered in the Netherlands, is the parent
company of a vertically integrated group, Metinvest, which is one
of the largest steelmakers and iron ore producers in the
Commonwealth of Independent States. The company produces finished
flat and long steel products, semi-finished steel products (slabs
and billets), pig iron and coke products, iron ore and coking
coal concentrate, and iron ore pellets. In 2016, Metinvest
reported revenue of $6.2 billion (2015: $6.8 billion) and its
Moody's-adjusted EBITDA amounted to $896 million (2015: $377
million). Metinvest's major shareholders are System Capital
Management (71.24% share in Metinvest) and SMART group (23.76%).

MHP SE is one of Ukraine's leading agro-industrial groups. The
company's operations include the production of poultry and
sunflower oil, as well as the production and sale of convenience
foods. MHP is vertically integrated into grain and fodder
production, and operates one of the largest land banks in
Ukraine. For the 12 months ended June 2017, the company's total
revenue and adjusted EBITDA amounted to around $1.25 billion and
$453 million, respectively. MHP's controlling beneficiary
shareholder (with a stake of approximately 60%) is Mr. Yuriy
Kosyuk, the founder and CEO of the company. MHP has traded on the
London Stock Exchange since its May 2008 initial public offering.



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SEADRILL LTD: Egan-Jones Cuts Sr. Unsecured Ratings to CCC+
-----------------------------------------------------------
Egan-Jones Ratings, on July 26, 2017, lowered the local
currency and foreign currency senior unsecured ratings on debt
issued by Seadrill Ltd. to CCC+ from B.

Seadrill is a deepwater drilling contractor, which provides
drilling services to the oil and gas industry. It is incorporated
in Bermuda and managed from London.



                            *********

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.
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
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Information contained herein is obtained from sources believed to
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