TCREUR_Public/171006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, October 6, 2017, Vol. 18, No. 199


                            Headlines


C R O A T I A

AGROKOR DD: Main Companies Incur HRK3.2-Bil. Net Loss in 2016
ZAGREBACKA BANKA: S&P Alters Outlook to Pos., Affirms 'BB' CCR


F R A N C E

3AB OPTIQUE: Fitch Rates EUR425MM Sr. Secured Notes 'B+(EXP)'
3AB OPTIQUE: S&P Assigns 'B' Rating to EUR425MM Sr. Sec. Notes


G E R M A N Y

DEUTSCHE BANK: Fitch Amends September 28 Rating Release
TECHEM GMBH: Fitch Assigns 'BB' Rating to EUR1.6-Bil. Term Loan B


L A T V I A

KVV LIEPAJAS: Latvia Expects to Name New Investor by Month-End


N E T H E R L A N D S

NEWDAY PARTNERSHIP 2017-1: Fitch Rates Series F Notes 'B+(EXP)'


P O L A N D

VISTAL GDYNIA: Files for Bankruptcy, In Rescue Talks


R U S S I A

B&N BANK: To Write Off Subordinated Debt of US$226.56 Million
VSK INSURANCE: Fitch Affirms BB- IFS Rating, Outlook Stable


S E R B I A

IMK 14: CSG Plans to Acquire Business Out of Insolvency


S P A I N

ABENGOA SA: Brazil Cancels Power Transmission Licenses


S W I T Z E R L A N D

UNILABS SUBHOLDING: Moody's Assigns B2 CFR, Outlook Stable


U K R A I N E

KHARKOV CITY: Fitch Affirms B- Long-Term IDR, Outlook Stable


U N I T E D   K I N G D O M

CAPRI ACQUISITIONS: S&P Assigns Prelim 'B-' Corp Credit Rating
DECO 9: Fitch Cuts to D Then Withdraws Dsf Ratings on 7 Tranches
JAGUAR LAND ROVER: S&P Affirms BB+ Long-Term CCR, Outlook Stable
MANSARD MORTGAGES 2007-2: Fitch Affirms 'CCC' Cl. B2a Debt Rating
ROYAL BANK: Fitch Affirms BB- Convertible Capital Notes Rating

TOWER BRIDGE 1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
ULSTER BANK: Moody's Affirms ba1 BCA, Revises Outlook to Positive


X X X X X X X X

* BOOK REVIEW: Landmarks in Medicine - Laity Lectures


                            *********



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C R O A T I A
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AGROKOR DD: Main Companies Incur HRK3.2-Bil. Net Loss in 2016
-------------------------------------------------------------
Igor Ilic at Reuters reports that the main nine companies within
crisis-hit Croatian food group Agrokor racked up a combined net
loss of HRK3.2 billion (US$500 million) last year, according to
an audit ordered by the company's state-appointed management
team.

The new management engaged PricewaterhouseCoopers to revise 2016
results, considering the previously released results unreliable,
Reuters relates.  According to those previous results, Agrokor
made a HRK397.1 million net profit in the first nine months of
2016 and had HRK45.2 billion of debt, Reuters relays.

The highest net loss in 2016 was at Agrokor's Konzum retail
chain, amounting to HRK1.9 billion, Reuters discloses.  In 2015,
the chain also made a net loss of HRK1.4 billion instead of the
earlier published net profit of HRK235 million, Reuters notes.

According to Reuters, analysts expect the settlement will lead to
the sale of Agrokor's food production and retail operations, and
that creditors will take writedowns on some debt.

Agrokor has yet to make public the overall amount of claims
against the company, Reuters states.  The creditors include
suppliers, bondholders and banks, with the biggest portion of
debt held by Russia's Sberbank, Reuters discloses.

                         About Agrokor DD

Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.


ZAGREBACKA BANKA: S&P Alters Outlook to Pos., Affirms 'BB' CCR
--------------------------------------------------------------
S&P Global Ratings said it has revised the outlook on Zagrebacka
Banka dd (Zagrebacka) to positive from stable.

S&P said, "At the same time, we affirmed our 'BB' long-term
counterparty credit rating on the bank.

"The outlook revision mirrors the rating action recently taken on
the Republic of Croatia (see "Republic Of Croatia Outlook Revised
To Positive On Stronger Growth And Public Finances; 'BB/B'
Ratings Affirmed," published on Sept. 22, 2017, on
RatingsDirect). We could raise our 'BB' long-term rating on
Zagrebacka by one notch following an upgrade of the sovereign.
This is because our current assessment of Zagrebacka's stand-
alone credit profile (SACP) is 'bb+' and we cap the rating on
Zagrebacka at the sovereign rating level. We generally don't rate
banks above the sovereign as we consider it highly likely that a
domestically focused bank would fail a stress test associated
with a sovereign foreign currency default.

"We expect that a more favorable economic environment will
continue to support domestic banks' asset quality improvement,
counterbalancing potential additional losses on their exposure to
Agrokor d.d.; Croatia's largest retail conglomerate which is
currently under extraordinary administration. In our base-case
scenario, we expect an orderly wind down of the troubled
corporate and that Agrokor's related losses will remain
manageable to the banking industry generally and to Zagrebacka
specifically."

So far, Croatian banks have been required by the regulator to
apply at least a 50% haircut to Agrokor's old debt, and a 25%
haircut to the exposure to Agrokor-related suppliers. No haircut
is currently required for the tranche of fresh loans disbursed
within the new financing agreement, signed on June 8, 2017.

S&P said, "We also think that an active secondary market of
nonperforming assets (NPAs) -- with recorded transactions of
about Croatian kuna (HRK) 9.4 billion in the past 18 months --
along with a more favorable tax environment for write-offs, will
help Croatian banks to accelerate the NPA stock work-out. This
should contribute to closing the gap with banking systems based
in other Central and Eastern European countries such as Romania
and Hungary, which are currently more advanced in this process.

"Our outlook on Zagrebacka is positive, mirroring that on the
Republic of Croatia. The ratings are constrained by the long-term
sovereign credit rating on Croatia and we would therefore expect
any positive or negative rating action on Croatia to trigger a
similar action on the bank, all else being equal, in the next 12
months.

"As such, we may raise our 'BB' long-term rating on Zagrebacka
over the next 12 months, following a similar action on the
sovereign rating, all else being equal.

"On the other hand, we may revise the outlook on Zagrebacka back
to stable over the same period to reflect a similar action on
Croatia.

"We could also consider a revision of the outlook to stable if we
thought that Agrokor's restructuring process was not taking place
in an orderly manner, resulting in disruptive consequences for
the banking system generally or Zagrebacka specifically and, at
the same time, we concluded that support from the UniCredit group
would not be sufficient to offset the expected negative impact
from an adverse scenario related to Agrokor's failure."



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3AB OPTIQUE: Fitch Rates EUR425MM Sr. Secured Notes 'B+(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned 3AB Optique Developpement's S.A.S.
(3AB) planned EUR425 million senior secured notes due 2023 an
expected senior secured rating of 'B+(EXP)' with a Recovery
Rating of 'RR3'. 3AB is a financing vehicle of French-based
healthcare group Lion/Seneca France 2 S.A.S's (Afflelou).

Proceeds from the notes will be used to redeem EUR365 million
5.625% senior secured notes issued by 3AB and EUR75 million
7.875% senior notes issued by Afflelou, both due in 2019. The
planned notes will be guaranteed on a senior secured basis by
Afflelou's entities representing at least 80% of consolidated
EBITDA or gross assets, and will rank equally with all existing
and future secured indebtedness that is not subordinated to the
notes. However, the notes will rank behind Afflelou's super
senior revolving credit facility (RCF) and certain hedging
facilities in the event of enforcement.

The refinancing will marginally enhance Afflelou's financial
profile by reducing funds from operations (FFO) adjusted gross
leverage by 0.3x, and improve the company's financial flexibility
by reducing annual debt service to around EUR21 million from
EUR27million and extending the maturity profile.

The final rating of the notes is contingent upon receipt of final
documents conforming to the information already received by Fitch
and confirmation of the final amount and tenor of the notes.

Upon completion of this transaction, Fitch expects to affirm
Afflelou's IDR at 'B' with a Stable Outlook. Fitch also expects
to withdraw the EUR 365 million senior secured notes' rating of
'BB-' issued by 3AB and the EUR 75 million senior notes rating of
''CCC+' issued by Afflelou upon repayment of the notes.

KEY RATING DRIVERS

Lower Recoveries for Senior Secured Creditors: Fitch projects the
new senior secured notes will see lower recoveries equivalent to
'RR3' compared with 'RR2' in the current structure primarily
given a higher expected quantum of senior secured debt post
refinancing relative to the existing debt structure.

Transaction Improves Financial Profile: The planned refinancing
will lead to a reduction in gross debt to EUR425 million
(excluding RCF of EUR30 million, which is expected to remain
unchanged) from EUR440 million and will provide increased
leverage and financial flexibility headroom at the current
ratings. Fitch expects to see some deleveraging as a result of
continued growth in profits and project that FFO adjusted gross
leverage will reduce to 6.2x for the financial year to July 2018
(from 6.7x at FYE17) following a successful completion and fall
towards 6.0x thereafter. The new capital structure should result
in lower interest costs leading to improved coverage metrics with
FFO fixed charge coverage trending towards 2.4x by FY20 from 1.9x
at FY17.

Stable Operating Performance: Afflelou's healthy results
continued in FY17, with network sales, group revenue and EBITDA
all exceeding Fitch previous expectations. This was driven by
growth in all regions, with strong like-for-like (lfl) increase
in France. Cooperation with major care networks is continuing to
bear fruit, which is reflected in higher network activity and
increased earnings. Such operating developments reflect a
successful implementation of Afflelou's business strategy and
adaptation of the company to an evolving trading environment.

Strong Cash Flow Generation: Fitch projects Afflelou will
generate consistently positive free cash flows (FCF) with mid-to-
high single-digit FCF margins. Moreover, Afflelou's cash
conversion as measured by FCF/EBITDA (as defined by Fitch) is
fairly strong relative to the medians for European leveraged
retail peers in the 'B' rating category. This assumption is
supported by steadily expanding EBITDA, which is driven by higher
network activity, coupled with lower cash interest expenses
following the refinancing.

In addition, Afflelou's efforts to reduce the number of directly-
owned stores through sale or closure should improve cash flows
and credit metrics, underpinning the asset-light nature of
Afflelou's business model as a franchisor model. Small-scale
acquisitions are embedded in the current ratings, and they can be
comfortably funded by internal cash.

DOS Reduction Viewed Positively: Management's efforts to reduce
the group's portfolio of directly owned stores (DOS) in the
medium term could provide some upside to the current ratings if
successfully implemented as it would result in lower rental
expenses and capital expenditure and have an immediate positive
impact on EBITDA, FCF generation and adjusted credit metrics.
Fitch does not include a material reduction in DOS in Fitch
current ratings case given the execution risks associated with
disposing the shops as well as the group's recent track record of
trying to reduce the estate. However, should management
successfully implement this plan, it would be positive for the
ratings.

DERIVATION SUMMARY

Afflelou's Long-Term IDR of 'B'/Stable reflects a symbiotic
business model with healthcare and retail components.

The business benefits from a favourable reimbursement policy for
eye-care in France. This provides for greater operational
stability compared with conventional retailers, who face less
predictable consumer behaviour, and as a result, are exposed to
higher sales and earnings uncertainties.

Consequently, Afflelou's operational resilience tolerates
slightly higher financial risk compared with pure retail peers
such as Mobilux 2 SAS (B/Stable), New Look Retail Group Ltd (CCC)
and Financiere IKKS S.A.S. (CCC). Compared with healthcare peers
Synlab Unsecured Bondco PLC (B/Stable) and Cerberus Nightingale 1
S.A., Afflelou is rated at the same level despite a slightly
lower leverage, as its business model contains higher risk due to
its retail element.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue growth of 3% in FY18 decelerating gradually
   thereafter, marking the ongoing transition to closer
   cooperation with care networks;
- Adjusted EBITDA margin improving towards 21.4% by FY20 from
   20.6% in FY17;
- Trade working capital outflow of EUR6 million per annum;
- One-off payment of EUR6 million to management included in
   FY18;
- Capex remaining stable at EUR11 million per annum;
- Small bolt-on acquisitions annually offset by some asset or
   store disposals;

RECOVERY ASSUMPTIONS

Fitch uses the going-concern approach in Fitch recovery analysis
given Afflelou's asset-light business model. Fitch has increased
the EBITDA discount to 20% from previously 15% to reflect
improved operating performance and lower post-operating costs
(debt service and maintenance capex) and applied it to FY17
adjusted EBITDA of EUR77 million, resulting in a post
restructuring EBITDA of around EUR60 million. At this level of
EBITDA Afflelou's annual cash flow generation would be negative,
while the capital structure with 8.0x on FFO adjusted basis would
move closer to being unsustainable.

Fitch assumes that the company will retain access to capital
leases, the cost of which is estimated at EUR0.25 million, which
Fitch has deducted from the distressed EBITDA and consequently
excluded from the creditor mass. Using a distressed enterprise
value (EV)/EBITDA multiple of 5.5x Fitch arrives at the post-
restructuring EV of EUR336 million.

After distributing 10% of this value for administrative claims,
the new super senior RCF, which Fitch assumes will be fully drawn
in a distress scenario, is estimated to recover up to 90%. Fitch
estimates senior secured note holders will recover 64% (RR3),
implying a one notch uplift above the IDR, or 'B+'/RR3.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Consistently improving EBITDA as a result of increased network
   activity and no negative impact from regulatory changes;
- FCF margin of at least 5% on a sustained basis;
- FFO gross adjusted leverage moving sustainably towards 5.5x;
   and
- FFO fixed charge cover improving towards 2.5x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Deterioration of EBITDA and FCF margins as a result of
   continued weak network activity, impact of regulatory changes,
   adverse supplier mix changes or further material increase of
   the DOS segment;
- FFO adjusted gross leverage above 7.0x with no evidence of
   deleveraging, for example because of operating
   underperformance or ongoing acquisition activity;
- Unsuccessful integration of new acquisitions; and
- FFO fixed charge cover of 1.8x or below.

LIQUIDITY

Comfortable Liquidity Position: Fitch projects Afflelou will
generate comfortable FCF of about EUR26 million in FY18 followed
by about EUR40 million per year thereafter, supported by strong
network performance and the impact of the national care networks.
This strong internal liquidity should comfortably accommodate
small scale business additions. It also has a new committed RCF
of EUR30 million available until April 2023, which Fitch projects
will remain undrawn until maturity.


3AB OPTIQUE: S&P Assigns 'B' Rating to EUR425MM Sr. Sec. Notes
--------------------------------------------------------------
S&P Global Ratings assigned ratings to the following instruments
issued by 3AB Optique Developpement, a subsidiary of France-based
Lion / Seneca France 2 SAS, which operates as optical designer
and retailer Afflelou (B/Stable/--):

-- Its 'BB' issue rating and '1+' recovery rating to the
    proposed EUR30 million super senior revolving credit facility
   (RCF). The '1+' recovery rating indicates S&P's expectation of
   full recovery (100%) prospects in the event of default.

-- Its 'B' issue rating and '4' recovery rating to the proposed
    EUR425 million senior secured fixed and floating rate notes m
    maturing in 2023. The '4' recovery rating indicates S&P's
    expectation of meaningful (30%-50%) recovery prospects
   (rounded estimate: 40%) in the event of a default.

The 'B' long-term corporate credit rating on Afflelou was
affirmed, along with the ratings on the existing debt facilities.
The outlook on the corporate credit rating remains stable.

3AB Optique Developpement will use the net proceeds to repay
borrowings under its senior secured notes and senior notes, which
have EUR440 million outstanding and mature in 2019. The draft
documentation of both the super senior RCF and the senior secured
notes mirror that of the existing facilities (super senior RCF
and senior secured notes maturing 2019) which will be repaid
following the refinancing.

Via this refinancing, Afflelou will decrease its cost of
financing, lengthen its debt maturity profile, and enjoy more
financial flexibility in the event of early debt repayment
because the floating rate tranche will carry favorable early
redemption terms.

S&P said, "However, despite our expectation of a lower interest
burden following the refinancing, we do not expect any leverage
improvement on an adjusted basis over the coming years, due to
fast accruing payment-in-kind interest instruments. We do not
expect the transaction to affect the company's key credit
metrics, including adjusted leverage, which was close to 13x as
of June 30, 2017, or 6x-7x excluding convertible bonds and
preferred equity certificates.

"Our current 'B' rating on the group continues to reflect our
view that Afflelou's franchisor business model is still
resilient, despite a still-tough consumption environment in the
France and Spain markets where the group does the majority of its
business."

The stable outlook on Afflelou reflects the group's ability to
generate profitable growth despite quite challenging market
conditions stemming from gloomy economic conditions coupled with
a deflationist price environment from an aggressive pricing
policy implemented by health care networks in the group's
domestic market.

S&P said, "The stable outlook also reflects our expectation that
the group's FFO cash interest coverage will be above 2.5x in
fiscal 2017 and at 4.8x on a three-year weighted-average basis
(2014-2018), which we continue to view as commensurate with the
'B' rating, and that it will maintain adequate liquidity."

Given Afflelou's high debt-to-EBITDA ratio and financial-sponsor
ownership, we view an upgrade as remote at this stage. A positive
rating action would be linked to debt to EBITDA decreasing
sustainably below 5x on a fully adjusted basis.

S&P said, "We could envisage a downward if Afflelou's FFO cash
interest coverage ratio falls below the 2.5x threshold we
consider necessary for the current rating or if the group's cash
flow generation became more heavily affected by DOS' burdensome
cost structure."

ISSUE RATINGS: RECOVERY ANALYSIS

KEY ANALYTICAL FACTORS

The proposed super senior RCF (EUR30 million maturing in 2023) is
rated 'BB', three notches above the corporate credit rating (CCR)
on the Afflelou group, reflecting its super senior status in the
proposed capital structure. The '1+' recovery rating is based our
expectation of 100% recovery in the event of a default.

The EUR425 million proposed senior secured notes -- comprising an
anticipated EUR250 million tranche of senior secured fixed-rate
notes and a EUR175 million tranche of senior secured floating-
rate notes both maturing in 2023 -- are rated 'B', in line with
the CCR. The issue rating is supported by the limited amount of
prior-ranking debt, but constrained by the weak security package,
primarily comprising share pledges. The '4' recovery rating is
based on our expectation of 40% recovery for noteholders in the
event of a payment default. The draft documentation of both
instruments (the proposed super senior RCF and the senior secured
notes) mirrors the terms of the similar existing facilities
maturing in 2019.

S&P said, "In our hypothetical default scenario, we expect a
default in 2020, in line with three-year guideline for 'B' rated
companies. Our hypothetical default scenario assumes tighter
reimbursement policies by French health insurers, heightened
competition and the potential conversion of franchisee-operated
stores into directly-owned stores following the underperformance
of some franchisee-operated stores.

"We value the company as a going concern given its well-known
brand and franchisor model, and the business' relatively low
cyclicality."

SIMULATED DEFAULT ASSUMPTIONS

-- Year of default: 2020
-- EBITDA at emergence: EUR35.4 million
-- Implied enterprise value multiple: 6x
-- Jurisdiction: France
-- Capex represents 3.5% of three-year annual average sales
    Cyclicality adjustment is 0%, in line with the specific
    industry subsegment.
-- No operational adjustments.

SIMPLIFIED WATERFALL

-- Gross recovery value: EUR212.4 million
-- Net recovery value for waterfall after administrative
    expenses (5%): EUR201.8 million
-- Estimated first lien debt claims: EUR26.1 million*
-- Remaining recovery value: EUR200.3 million
-- Recovery expectations: 100%
-- Recovery rating: 1+ Estimated second lien debt claims:
    EUR375.3 million*
-- Remaining recovery value: EUR175.7 million
-- Recovery expectations: 30%-50% (Rounded estimate: 40%)
    Recovery rating: 4

*All debt amounts include six months of prepetition interest.



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DEUTSCHE BANK: Fitch Amends September 28 Rating Release
-------------------------------------------------------
This is a reissue of the commentary published on September 28,
2017 to update select bonds in the Dodd-Frank Rating Information
Disclosure Form (RIDF). Content in the Rating Action Commentary
remains unchanged and unaffected.

Fitch Ratings has downgraded Deutsche Bank AG's (Deutsche Bank)
Long-Term Issuer Default Rating (IDR) to 'BBB+' from 'A-' and
Short-Term IDR to 'F2' from 'F1'. The Outlook on the Long-Term
IDR is Stable. At the same time, Fitch has downgraded the bank's
Viability Rating (VR) to 'bbb+' from 'a-'. All debt and deposit
ratings have also been downgraded by one notch.

The rating actions have been taken in conjunction with Fitch's
periodic review of the Global Trading and Universal Banks (GTUB),
which comprises 12 large and globally active banking groups.

KEY RATING DRIVERS
IDRS, VR, DCR, DEPOSIT AND SENIOR DEBT RATINGS
DEUTSCHE BANK

The downgrades reflect continued pressure on Deutsche Bank's
earnings, combined with prolonged implementation of its strategy.
We no longer expect revenue to demonstrate any clear signs of
franchise recovery this year and we expect necessary further
restructuring costs to continue to erode net income. Deutsche
Bank's strategic restructuring came later than those of most of
its GTUB peers'. In addition, the scale and scope of what it has
to do plus strategic revisions earlier this year mean that
Deutsche Bank has further to go to complete its business
restructuring than any of the other GTUBs.

Consequently, we expect it to take some time before the bank will
be able to deliver on earnings targets, including a post-tax
return on tangible equity (RoTE) of around 10% in a more
supportive interest rate environment.

Revenue is suffering from low capital market volatility combined
with persistently low interest rates, particularly in Europe,
where the bank is strongest. Franchise erosion in capital
markets, notably in prime services, in 4Q16 has been reversed to
some extent, but it will take time for client demand to return
fully in light of intense competition and due to subdued client
trading activity given low market volatility. We expect
additional restructuring costs from the integration of Deutsche
Postbank AG (Postbank) and from further necessary expenses on IT
systems.

Positively for the ratings, capitalisation was boosted by the
bank's rights issue in April, and the planned IPO of a minority
stake in its asset management division together with further
asset disposals during the next 12-18 months gives it flexibility
to add a further EUR2 billion to common equity. Deutsche Bank's
end-June 2017 fully loaded Common Equity Tier 1 (CET1) ratio was
14.1%, and the bank's leverage ratio was 3.8%, with management
targeting to maintain the CET1 ratio "comfortably above" 13% and
achieve a leverage ratio of 4.5%.

The strategic reorientation announced in March towards a more
balanced universal banking business model should improve earnings
stability, but Fitch will look for evidence that that it can
achieve healthy profitability out of its large domestic deposit
base, and that it can draw on its franchise strengths of a solid
German private and corporate customer base extended to global
corporate banking and debt capital markets solutions.

Despite notable widening of spreads on unsecured market funding
in 2016 and some institutional deposit outflows in 4Q16, we
believe that Deutsche Bank retains strong, well-diversified
funding by geography, product and customer, and maintains ample
liquidity. It reported liquidity reserves of EUR285 billion as at
end-June 2017, a large proportion of which were in cash or
deposits with major central banks.

The downgrades of Deutsche Bank's Short-Term IDR and short-term
debt ratings to 'F2' reflect mapping to a 'BBB+' Long-Term IDR on
our rating scales.

Deutsche Bank's Derivative Counterparty Rating (DCR) and long-
term deposit and preferred senior debt ratings are one notch
above the IDR because derivatives, deposits and structured notes
have preferential status over the bank's large buffer of
qualifying junior debt and statutorily subordinated senior debt.
The short-term deposit and preferred senior debt ratings have
been downgraded to 'F2' to match the downgrade of the long-term
ratings to 'A-', which is the lower of the two short-term ratings
as there are no clear liquidity enhancements at instrument level.

IDRs, SUPPORT RATINGS, DCRs, DEPOSIT AND SENIOR DEBT RATINGS
DEUTSCHE BANK AG, LONDON BRANCH AND SUBSIDIARIES

The IDRs and debt ratings of Deutsche Bank AG, London branch, of
Postbank and of Deutsche Bank's subsidiaries in the US and
Australia are equalised with Deutsche Bank's to reflect their
core roles within the group, especially Deutsche Bank's capital
markets activities, and their high integration with the parent
bank or their role as issuing vehicles. The downgrades of the
subsidiaries' Support Ratings (SR) to '2' from '1' reflect our
view of the reduced ability of the parent to support its
subsidiaries signalled by the downgrade of its IDRs.

Deutsche Bank AG, London branch's DCR and long-term deposit and
preferred senior debt ratings benefit from the same one-notch
uplift above the IDR given to equivalent ratings at Deutsche
Bank, as we believe that the insolvency hierarchy is most likely
to follow the incorporation of the legal entity rather than where
the branch is located. In contrast, we have not given uplift to
Deutsche Bank Securities' DCR, which is at the same level as the
entity's Long-Term IDR.

Postbank's long-term deposit rating is equalised with the
issuer's Long-Term IDR because Postbank does not have a
sufficient qualifying subordinated and non-preferred senior debt
buffer at entity level to provide a buffer above these in
resolution. It has been placed on Rating Watch Positive to
reflect our view that once it is merged with Deutsche Bank's
retail banking subsidiary, we believe that the large buffer of
qualifying junior debt and statutorily subordinated senior debt
at Deutsche Bank would be available to protect depositors in its
core domestic retail bank subsidiary in a resolution scenario.

The rating of the guaranteed notes issued by the former DSL Bank
(which was merged into Postbank) reflects their grandfathered
deficiency guarantee from Germany (AAA/Stable). The notes are
rated two notches below the guarantor's Long-Term IDR as Fitch
sees some uncertainty around the timeliness of payments under the
guarantee given its deficiency language, but the uncertainty is
small due to the high reputational risk Germany would face if
debtholders incurred losses.

SUPPORT RATINGS AND SUPPORT RATING FLOOR
DEUTSCHE BANK

Deutsche Bank's SR of '5' and Support Rating Floor (SRF) of 'No
Floor' reflect our view that senior creditors cannot rely on
receiving full extraordinary support from the sovereign in the
event that it becomes non-viable.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
DEUTSCHE BANK AND SUBSIDIARIES

Subordinated debt and other hybrid capital instruments issued by
Deutsche Bank and its subsidiaries are all notched down from
Deutsche Bank's VR in accordance with our assessment of each
instrument's respective non-performance and relative loss
severity risk profiles, and have been downgraded by one notch
accordingly.

Legacy Tier 1 securities issued by Deutsche Bank Contingent
Capital Trust II, III, IV and V and by Deutsche Postbank Funding
Trust I, II and III are rated four notches below Deutsche Bank's
VR, reflecting higher-than-average loss severity (two notches),
as well as high risk of non-performance (an additional two
notches) given partial discretionary coupon omission.

High and low trigger contingent additional Tier 1 (AT1) capital
instruments are rated five notches below the VR. The issues are
notched down twice for loss severity, reflecting poor recoveries
as the instruments can be converted to equity or written down
well ahead of resolution. In addition, they are notched down
three times for high non-performance risk, reflecting fully
discretionary coupon omission.

Available distributable items (ADIs) referenced for AT1
securities are calculated annually under German GAAP for the
parent bank and reference primarily cumulative retained earnings.
Despite earnings weaknesses, we do not expect cumulative retained
earnings to fall below a sufficient level to pay AT1 securities
in the foreseeable future. The bank has remained current on
payment of AT1 coupons to date. Non-payment of AT1 coupon would
also be triggered by any breach of the bank's maximum
distributable amount (MDA) requirement, which stands at 9.52% for
2017, combining CET1 and the Pillar 2 add-on requirement
resulting from the ECB's Supervisory Review and Evaluation
Process (SREP). Deutsche Bank has a substantial buffer above this
threshold (its end-June 2017 phased-in CET1 ratio was 14.86%).

RATING SENSITIVITIES
IDRs, VR, DCR, DEPOSIT AND SENIOR DEBT RATINGS
DEUTSCHE BANK

Successful completion of Deutsche Bank's restructuring together
with sustainable improvement in earnings could result in an
upgrade of the ratings provided risk appetite does not increase
or the bank's liquidity profile does not weaken significantly to
achieve this. This would demonstrate franchise improvement and
would likely require higher market share in targeted markets.

Given the rating level, we do not expect a further downgrade of
the ratings unless implementation of the strategic plan meets
notable setbacks, particularly around the integration of
Postbank. New, substantial litigation or restructuring costs that
prevent the bank from retaining capitalisation on target would
also be negative for the ratings.

Deutsche Bank's DCRs, deposit and debt ratings are primarily
sensitive to changes in the Long-Term IDR. In addition, Deutsche
Bank's DCRs, deposit rating and senior preferred debt ratings are
sensitive to the amount of subordinated and non-preferred senior
debt buffers relative to the recapitalisation amount likely to be
needed to restore viability and prevent default on more senior
derivative obligations, deposits and structured notes.

IDRs, SUPPORT RATINGS, DCRs, DEPOSIT AND SENIOR DEBT RATINGS
DEUTSCHE BANK AG, LONDON BRANCH AND SUBSIDIARIES

Deutsche Bank subsidiaries' ratings reflect the parent bank's and
the ratings would move in line with Deutsche Bank's. They are
further sensitive to changes in our assumptions around the
propensity of Deutsche Bank to provide timely support. Assuming
no change in the propensity to provide support, an upgrade of
Deutsche Bank would result in an upgrade of its subsidiaries'
SRs.

We expect to upgrade the long-term deposit rating of Postbank's
successor legal entity to 'A-' following its merger.

The rating of the guaranteed notes issued by the former DSL Bank
is primarily sensitive to a downgrade of Germany's Long-Term IDR.

SR AND SRF
DEUTSCHE BANK

An upgrade of Deutsche Bank's SR and upward revision of the SRF
would be contingent on a positive change in the sovereign's
propensity to support banks' senior creditors in full. While not
impossible, this is highly unlikely, in our view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
DEUTSCHE BANK AND SUBSIDIARIES

Subordinated debt and other hybrid securities are primarily
sensitive to a change in Deutsche Bank's VR. The securities'
ratings are also sensitive to a change in their notching, which
could arise if Fitch changes its assessment of the probability of
their non-performance relative to the risk captured in the
respective issuers' VRs. This may reflect a change in capital
management in the group or an unexpected shift in regulatory
buffer requirements, for example.

For AT1 instruments, non-performance risk could increase and the
instruments notched further from the VR if ADI reduce
significantly or if the MDA buffer tightens considerably as a
result of a heightened Pillar 2 binding requirement or CET1
erosion from losses.

The rating actions are:

Deutsche Bank AG
Long-Term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
Short-Term IDR downgraded to 'F2' from 'F1'
Viability Rating downgraded to 'bbb+' from 'a-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Derivative Counterparty Rating downgraded to 'A-(dcr)' from
'A(dcr)'
Deposit ratings: downgraded to 'A-'/'F2' from 'A'/'F1'
Senior preferred debt ratings downgraded to 'A-' from 'A'
Senior non-preferred debt and senior unsecured programme ratings
downgraded to 'BBB+'/'F2' from 'A-'/'F1'
Senior market-linked securities downgraded to 'A-(emr)' from
'A(emr)'
Subordinated lower Tier II debt downgraded to 'BBB' from 'BBB+'
Additional Tier 1 notes downgraded to 'BB-' from 'BB'

Deutsche Bank AG, London Branch
Long-Term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
Short-Term IDR downgraded to 'F2' from 'F1'
Derivative Counterparty Rating downgraded to 'A-(dcr)' from
'A(dcr)'
Deposit ratings downgraded to 'A-'/'F2' from 'A'/'F1'
Senior preferred debt ratings downgraded to 'A-' from 'A'
Senior non-preferred debt ratings and commercial paper downgraded
to 'BBB+'/'F2' from 'A-'/'F1'
Senior market-linked securities: downgraded to 'A-(emr)' from
'A(emr)'
Subordinated market-linked securities: downgraded to 'BBB(emr)'
from 'BBB+(emr)'

Deutsche Postbank AG
Long-Term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
Short-Term IDR downgraded to 'F2' from 'F1'
Support Rating downgraded to '2' from '1'
Long-term deposit rating downgraded to 'BBB+' from 'A-', placed
on Rating Watch Positive
Short-term deposit rating downgraded to 'F2' from 'F1'
Senior debt issuance programme ratings, including ECP, downgraded
to 'BBB+'/'F2' from 'A-'/'F1'
Guaranteed senior unsecured bonds issued by the former DSL Bank
affirmed at 'AA'

Deutsche Bank Securities, Inc.
Long-Term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
Short-Term IDR downgraded to 'F2' from 'F1'
Support Rating downgraded to '2' from '1'
Derivative Counterparty Rating downgraded to 'BBB+(dcr)' from 'A-
(dcr)'

Deutsche Bank Trust Company Americas
Long-Term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
Short-Term IDR downgraded to 'F2' from 'F1'
Support Rating downgraded to '2' from '1'
Senior debt ratings downgraded to 'F2' from 'F1'

Deutsche Bank Trust Corporation
Long-Term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
Short-Term IDR downgraded to 'F2' from 'F1'
Support Rating downgraded to '2' from '1'
Senior programme ratings downgraded to 'BBB+'/'F2' from 'A-'/'F1'

Deutsche Bank Australia Ltd.
Commercial paper short-term rating downgraded to 'F2' from 'F1'

Deutsche Bank Contingent Capital Trust II, III, IV and V
Preferred securities ratings downgraded to 'BB' from 'BB+'

Deutsche Postbank Funding Trust I, II and III
Preferred securities ratings downgraded to 'BB' from 'BB+'


TECHEM GMBH: Fitch Assigns 'BB' Rating to EUR1.6-Bil. Term Loan B
-----------------------------------------------------------------
Fitch Ratings has assigned Techem GmbH's (Techem) EUR1.60 billion
senior secured Term Loan B a final rating of 'BB', which is
issued as part of a refinancing. Fitch has also affirmed Techem
GmbH's Long-Term Issuer Default Rating (IDR) at 'BB-' with Stable
Outlook following the refinancing.

Simultaneously Fitch has withdrawn the 'BB' ratings on Techem's
EUR410 million senior secured notes and the senior secured loans
following their full redemption at refinancing. Fitch has also
withdrawn the 'B' rating of EUR325 million senior subordinated
notes issued by Techem Energy Metering Services GmbH & Co. KG
following their full redemption.

The affirmation of Techem's IDR reflects a stable operating
profile with non-cyclical and largely predictable cash flows,
embedded in a benign legislative framework. The assignment of the
final senior secured debt rating follows a review that the senior
facilities agreement (SFA) conforms to the preliminary terms
presented to Fitch in July 2017. The company's financial risk
will remain unchanged post refinancing, within Fitch's negative
rating guidance.

KEY RATING DRIVERS

Senior Secured Debt above IDR: The new senior secured loans are
rated one notch above the IDR at 'BB' despite higher committed
first lien debt quantum. The instrument rating spread is
warranted by high recovery expectations given Techem's
intrinsically strong pre-dividend free cash flows (FCF).

Dilution of Creditors' Protection: Compared with the previous SFA
creditor protection is reduced as expressed in a smaller
collateral base consisting now only of share pledges, bank
accounts and intercompany receivables, marginally lower guarantor
coverage of 80% and an absence of financial maintenance covenants
with a springing net leverage covenant for the RCF if drawn by
35% or more.

Legislation Driving Long-Term Demand: Techem's credit risk is
underpinned by the Energy Efficiency Directive in the EU driving
the long-term demand for services around energy and water
consumption. Services around smoke detectors and water testing
also benefit from supportive national legislation in Germany.

Rising Regulatory Risks in Germany: A recently conducted inquiry
by the German Federal Cartel Office on sub-metering of heating
and water costs could bear medium-term risks for Techem, which
has been identified as one of the leading national players in the
sector. Potential introduction of new regulation aimed at
stimulating competition, market transparency, inter-operability
and standardisation of calibration for metering devices may in
the long term materially impact Techem's operating profitability
and require additional investments in product hardware and
software. However, at this stage it is not possible to quantify
such impact on the company in the absence of measurable proposals
from the regulator.

No Immediate Regulatory Changes Expected: The uncertain post
general election environment in Germany with likely protracted
coalition negotiations and unclear agenda of the next federal
government means issues such as cost of sub-metering rarely
dominate the political agenda at the beginning of a legislative
period. Fitch therefore expects no immediate regulatory changes.

Strong EBITDA and Operating Cashflows: Techem's continued
investments into optimising business processes and operational
excellence will have a lasting positive effect on profitability
and operating cash flows. Fitch therefore projects EBITDA margins
to remain at or above 40% in the medium term. This, in
combination with lower cost of new debt reducing cash debt
service to below EUR60 million per year from EUR90 million, will
lift the funds from operations (FFO) margin from around 25% in
FYE Mar-17 to 30% from FY18.

Full Distribution of Free Cash Flows: Fitch projects pre-dividend
free cash flows (FCF) to be fully distributed to the sponsor,
subject to permitted payment baskets under the SFA, ranging
between EUR100 million and EUR130 million per year. This will not
impact the rating given Techem's mature cash-generative
properties and assuming dividend payouts will not compromise
Techem's strategic development and future growth.

Leverage Aggressive, but Within Guidance: Stronger projected
operating cash flow will adequately support higher levels of debt
upon refinancing, resulting in gross leverage ratios remaining at
or below 5.5.x on FFO-adjusted basis in FY18, trending towards
5.0x in the medium-term. This is within Fitch negative guidance
of 6.0x.

DERIVATION SUMMARY

Techem's IDR of 'BB-' reflects the company's utility-like
business profile positioned between high non-investment and low
investment grade (BB+/BBB-) categories and with 'B' financial
risk. Proximity to utility peers such as Viridian Group
Investments Limited (B+/Stable) and Melton Renewable Energy UK
PLC (BB/Stable) is evident in a benign regulatory environment and
a high share of contracted revenue with a large share of the
company's earnings derived from medium-term contracts with high
renewal rates leading to stable recurring cash flows.

The ratings are constrained by Techem's aggressive financial
profile, to which Fitch ascribe high importance in Fitch
analytical considerations. However, Fitch projects headroom in
leverage and stronger interest coverage following the
refinancing. Moreover, Techem's commitment to maintaining net
debt/EBITDA at or below 4.5x at financial year-end should ensure
a balanced approach towards debt-raising and shareholder
distributions.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Techem
include:
- Low single-digit revenue growth allowing EBITDA margin to
   remain at 40-41%;
- Capex at 16%-18% of sales;
- Special dividend payable in FY18 upon refinancing, in addition
   to annual shareholder distributions of EUR130 million, subject
   to financial policy target of net debt /EBITDA of less than
   4.5x being met and new SFA limitations on dividends; and
- One-off charges of EUR10 million-EUR15 million in FY18-FY19
   due to business optimisation and operational improvement
   measures.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Further improvement in operating profitability leading to a
   steady expansion of operating cash flow.
- Reduction in FFO-adjusted gross leverage to below 4.5x (FY17:
   5.2x) on a sustained basis, together with FFO interest
   coverage remaining above 3.0x (FY17: 3.0x), supported by
   ongoing commitment to financial policy.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO-adjusted gross leverage at or above 6.0x or FFO interest
   coverage below 2.0x for two or more consecutive years.
- Contracting revenue and EBITDA margin erosion to below 30%
   (FY17: around 40%) leading to pre-dividend FCF margin
   declining to below 5%.

LIQUIDITY

Sufficient Liquidity: Strong operating performance and lower cost
of debt will lead to continued increases in pre-dividend FCF,
from which Techem can make regular shareholder distributions of
EUR130 million per annum, effectively absorbing all its organic
cash flow. Nevertheless Fitch projects Techem will maintain a
stable and sufficient year-end cash balance of around EUR140
million, in line with freely available cash balances in FY16 and
FY17. Fitch expects the new RCF of EUR150 million to be undrawn
over the next three years.


===========
L A T V I A
===========


KVV LIEPAJAS: Latvia Expects to Name New Investor by Month-End
--------------------------------------------------------------
Xinhua reports that Vladimirs Loginovs, chairman of the Latvian
Privatization Agency, said on public radio on Oct. 4 the Latvian
government is expected to name the new investor of ailing steel
company KVV Liepajas Metalurgs by the end of October.

According to Xinhua, citing unconfirmed reports, LETA news agency
informed earlier that the steelworks in Latvia's southwestern
city of Liepaja might be sold off to Igor Shamis, a millionaire
from Russia, whose United Group sought to acquire Liepajas
Metalurgs already in 2014 but was outbid by Ukraine's KVV Group.

Last week, Mr. Shamis registered a new company in Latvia,
apparently for the acquisition deal, Xinhua relates.

The head of the privatization agency indicated, however, that the
steel company's insolvency administrator, Guntars Koris, was
still holding talks with several potential investors, Xinhua
notes.

"He continues to communicate with the investors on the terms of
the deal and the contract.  After that, he will approach us as
one of the secured creditors.  Then all the secured creditors
will take a decision," Mr. Loginovs, as cited by Xinhua, said,
adding that the Latvian government might decide on the sell-off
deal in late October.

Ukraine's KVV Group acquired Liepajas Metalurgs in 2014,
promising to pay EUR107 million (US126 million) in several
installments for the insolvent metallurgy company, Xinhua
recounts.

The Ukrainian investor never paid the full price for the
acquisition and the company ended up in the Latvian government's
control again, Xinhua states.

After struggling with financial troubles for months, KVV Liepajas
Metalurgs halted production in March 2016 and laid off some 300
workers, Xinhua discloses.

In September 2016, the Liepaja city court ruled Liepajas
Metalurgs insolvent, Xinhua relays.



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


NEWDAY PARTNERSHIP 2017-1: Fitch Rates Series F Notes 'B+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned NewDay Partnership Funding 2017-1
Plc's notes expected ratings:

Series 2017-1 A: 'AAA(EXP)sf'; Outlook Stable
Series 2017-1 B: 'AA(EXP)sf'; Outlook Stable
Series 2017-1 C: 'A-(EXP)sf'; Outlook Stable
Series 2017-1 D: 'BBB(EXP)sf'; Outlook Stable
Series 2017-1 E: 'BB(EXP)sf'; Outlook Stable
Series 2017-1 F: 'B+(EXP)sf'; Outlook Stable

The final ratings are contingent on the receipt of final
documentation conforming to information already reviewed,
including the issue amounts.

The transaction is a securitisation of UK credit card, store card
and instalment loan receivables originated by NewDay Ltd. The
receivables arise under a number of retail agreements, but active
origination currently takes place for all co-branded credit cards
under agreements with Debenhams, the Arcadia Group, House of
Fraser and Laura Ashley. NewDay acquired the portfolio and the
related servicing platform in 2013 from Santander UK plc.

KEY RATING DRIVERS

Good Asset Performance
The charge-off, delinquency and payment rate performance of the
combined pool has historically been in line with prime UK credit
cards. Active origination is only taking place under four retail
agreements at present, making the key performance indicators for
the whole pool subject to run-out effects of various closed
books. Fitch defined a charge-off steady state assumption of 8%,
while the monthly payment rate (MPR) steady state has been
revised to 20% from 19%.

Shift in Portfolio Composition
The originations under the four active retailer agreements
(Debenhams, House of Fraser, Arcadia Group and Laura Ashley) have
come to dominate trust performance. Receivables originated under
new retail agreements may also be added to the trust within the
life of the transaction. Adding receivables linked to a new
retailer is subject to rating confirmation.

In Fitch's opinion, the customer demographic of a given retailer
will be the key performance driver of the related receivables;
while clearly outlined and implemented credit guidelines,
combined with a state-of-the-art scoring model, minimise this
risk, in Fitch's view, it cannot be entirely mitigated.
Furthermore, fully levelling the performance between retailers is
unlikely to be in the commercial interests of the originator.
Therefore, Fitch derived its steady-state assumptions on the
basis of a changing retailer mix.

Variable Funding Notes (VFN)
In addition to Series 2014-VFN providing the funding flexibility
that is typical and necessary for credit card trusts, the
structure employs a separate "originator VFN" purchased and held
by NewDay Partnership Transferor Plc. It will serve three main
purposes: to provide credit enhancement to the rated notes; to
add protection against dilution by way of a separate functional
transferor interest; and to serve the minimum risk retention
requirements.

Unrated Originator and Servicer
The NewDay group will act in a number of capacities through its
various entities, most prominently as originator and servicer,
but also as cash manager with a strong credit profile. The degree
of reliance in this transaction is mitigated by the
transferability of operations, agreements with established card
service providers, a back-up cash management agreement and a
series-specific amortising liquidity reserve.

Retail Partners Drive Risk
In addition to a changing portfolio composition, the transaction
faces the risk of retailer concentration. Independently of
cardholders' credit characteristics, card utility and as a
result, receivables performance, is substantially linked to the
continued use of the card. This applies more to store cards than
credit cards. In setting its assumptions, Fitch considered this
potentially higher stress on the portfolio.

Steady Asset Outlook
Fitch expects increases in unemployment and negative real wage
growth to reduce the repayment ability of borrowers over the
coming years. This will have a negative impact on trust
performance, as upticks in charge-offs and reduced payment rates
are likely. Fitch maintains its stable outlook on the sector, as
performance deterioration implied by slightly softening macro
expectations remains fully consistent with the steady-state
assumptions for UK credit card trusts.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate
Increase charge-off rate base case by 25% / 50% / 75%
Series 2017-1 A: 'AA+sf' / 'AA+sf' / 'AAsf'
Series 2017-1 B: 'A+sf' / 'Asf' / 'A-sf'
Series 2017-1 C: 'BBBsf' / 'BBB-sf' / 'BB+sf'
Series 2017-1 D: 'BB+sf' / 'BBsf' / 'BB-sf'
Series 2017-1 E: 'BB-sf' / 'B+sf' / NA
Series 2017-1 F: 'Bsf' /NA/NA

Rating sensitivity to reduced MPR
Reduce MPR base case by 15% / 25% / 35%

Series 2017-1 A: 'AA+sf' / 'AA+sf' / 'AA-sf'
Series 2017-1 B: 'A+sf' / 'Asf' / 'A-sf'
Series 2017-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2017-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'
Series 2017-1 E: 'BB-sf' / 'BB-sf' / 'B+sf'
Series 2017-1 F: 'Bsf' / 'Bsf' / 'Bsf'

Rating sensitivity to reduced purchase rate (ie aggregate new
purchases divided by aggregate principal repayments in a given
month)
Reduce purchase rate base case by 50% / 75%/ 100%

Series 2017-1 A: 'AAAsf' / 'AAAsf' / 'AAAsf'
Series 2017-1 B: 'AA-sf' / 'AA-sf' / 'A+sf'
Series 2017-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2017-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'
Series 2017-1 E: 'BBsf' / 'BB-sf' / 'B+sf'
Series 2017-1 F: 'Bsf' / 'Bsf''/ NA


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


VISTAL GDYNIA: Files for Bankruptcy, In Rescue Talks
----------------------------------------------------
Reuters reports that Vistal Gdynia SA has filed for bankruptcy.

According to Reuters, the company says it is in talks with
business partners to solve the difficult situation of its group.

It says as it had earlier filed a motion to open rehabilitation
proceedings, and this motion will be considered, Reuters relates.

Vistal Gdynia SA is based in Poland.


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


B&N BANK: To Write Off Subordinated Debt of US$226.56 Million
-------------------------------------------------------------
Elena Fabrichnaya, Yelena Orekhova and Sujata Rao at Reuters
report that Russia's B&N Bank, which is being rescued by the
central bank, said on Oct. 4 it will write off subordinated debt
worth US$226.56 million owed to its shareholders.

According to Reuters, B&N -- the second bank to be rescued by the
central bank in less than a month after Otkritie -- does not have
publicly traded subordinated debt in issue, unlike Otkritie where
some of the junior debt will be written off during the bail out.

B&N said in a statement on Oct. 4 the write-off procedure was
initiated by a drop in the lender's base capital adequacy ratio,
Reuters relates.  It said this ratio stood below 5.125% of assets
for more than six days, which triggered the writing off of
subordinated debt that the bank had and which was provided by the
bank's own shareholders, Reuters notes.

B&N suffered the decline in the capital ratio between Sept. 19
and Sept. 24, Reuters relays, citing the central bank.

PJSC B&N Bank was established on March 6, 1991; it is an
important credit institution ranked 8th by assets.  The Bank
includes 12 branches, 1 representative office and over 400
structural divisions.


VSK INSURANCE: Fitch Affirms BB- IFS Rating, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Russia-based VSK Insurance Joint Stock
Company's (VSK) Insurer Financial Strength (IFS) Rating at 'BB-',
Issuer Default Rating (IDR) at 'BB-' and senior unsecured debt at
'BB-'. The Outlooks are Stable.

KEY RATING DRIVERS

The ratings reflect VSK's strong operating profitability,
supported by investment returns and the adequate quality of the
insurer's investment portfolio. The ratings are negatively
impacted by VSK's weak risk-adjusted capital position, its high
exposure to a single line with a deteriorating loss ratio (motor
third-party liability insurance; MTPL) and somewhat weak
liquidity position.

The Central Bank of Russia has announced that it will rescue B&N
bank, an asset of the Safmar group, which also has a 49% stake in
VSK. Fitch expects that the state rescue of B&N bank will have a
limited impact on VSK's business.

VSK does not have strong links to B&N bank. The company has a
deposit of RUB500 million placed with B&N bank, which at end-6M17
was less than 1% of VSK's investment portfolio and less than 3%
of total shareholders' funds. B&N bank is one of VSK's
distribution partners, and the insurer expects 12% of gross
written premiums to be sold via B&N bank branches in 12M17,
primarily life insurance business.

VSK has ambitious plans to grow life insurance sales via its
subsidiary company, Plc Insurance Company VSK Life Line (VSK Life
Line), which became part of VSK group in July 2017. B&N bank
branches are planned to be one of the main distribution channels,
with the majority of VSK Life Line's total premiums sold via B&N
banks in 6M17. Fitch believes that further rapid growth in the
life insurance business might be more difficult following the
rescue of the bank. However, given VSK's large existing non-life
business, the implications for VSK's rating are limited.

VSK reported strong interim financial results in 6M17, with net
profits of RUB2.5 billion and an annualised net income return on
equity of 31% (12M16: 29%). VSK's underwriting performance
remained positive, with a combined ratio of 96% in 6M17 (12M16:
94%). The loss ratio was 54% in 6M17, slightly improved from 58%
in 12M16.

Compulsory motor-third party liability (MTPL) remains a
significant proportion of VSK's business, with a 36% share of
VSK's net written premiums in 6M17 (12M16: 40%). This line of
business reported a worsened loss ratio of 91% in 6M17 (12M16:
80%). However, this was offset by strong results under motor
damage line and corporate lines. Fitch believes there are risks
around the company's ability to further mitigate MTPL's negative
results given its high exposure to the line.

The company's capital position remains weak, as measured by
Fitch's Prism factor-based model. Due to a change in legislation
around the calculation of the regulatory solvency margin
following the transfer to unified industry-wide insurance
standards since 1 January 2017, the company's reported regulatory
solvency ratio as at end-2016 has decreased to 152% from 197%.
This remains comfortably above statutory minimum levels, and the
company expects the solvency margin to be around 140% at end-
2017.

VSK's liquidity position remains weak. The average credit quality
of VSK's investment portfolio is strong for the ratings. Fitch
views the company's financial flexibility as adequate for the
ratings.

RATING SENSITIVITIES

The ratings could be downgraded if the combined ratio
deteriorates to above 105% on a sustained basis, or if VSK's
capital strength, as assessed by Fitch, weakens significantly. A
downgrade could also result from material deterioration in
investment or liquidity risks.

The ratings could be upgraded if VSK achieves a profitable
diversification of the insurance portfolio, or if VSK's capital
strengthens significantly.


===========
S E R B I A
===========


IMK 14: CSG Plans to Acquire Business Out of Insolvency
-------------------------------------------------------
SeeNews reports that Czech industrial group CSG has said it plans
to acquire Serbian insolvent construction and agricultural
machinery manufacturer IMK 14. Oktobar for an undisclosed sum.

The creditors' committee of IMK 14. Oktobar approved the sale of
the company to MSM Group, the Slovak subsidiary of CSG, SeeNews
relates.

The contract for the sale of IMK 14. Oktobar was signed by the
Serbian Bankruptcy Supervision Agency on Oct. 4, SeeNews relays,
citing Serbian news agency Tanjug.

According to SeeNews, CSG said the company plans to restore the
production activities of IMK 14. Oktobar, which was declared
insolvent two years ago, in the near future.

IMK 14. Oktobar, based in Krusevac, employed approximately 8,000
people in 2007, SeeNews discloses.  CSB said currently, only 150
employees work at the company, with 75% of its current turnover
being made for the defence industry, SeeNews notes.



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


ABENGOA SA: Brazil Cancels Power Transmission Licenses
------------------------------------------------------
Reuters reports that Brazil's Mines and Energy Ministry has
canceled nine licenses to build transmission lines that had been
granted to Spain's Abengoa SA after the company abandoned
construction works in 2015, a senior official said.

The decision formalizing cancellation of the licenses was
published in the edition of the official gazette, according to
Reuters.  The cancellation will not exempt the company from
paying legal fines related to projects, according to the
decision, the report relays.

The company did not have an immediate comment on the cancellation
of the licenses.

Abengoa SA halted construction of the transmission lines amid a
financial crisis at its headquarters in Spain which was followed
by a bankruptcy filing of its unit in Brazil, the report notes.

Electricity regulator Aneel had been trying since to revoke the
licenses granted to Abengoa and offer the project to another
investor, the report relays.

But Abengoa won court rulings allowing it to keep the assets and
sell them as its Brazilian unit tries to emerge from bankruptcy
protection, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 23, 2017, Moody's Investors Service has withdrawn all the
ratings of Abengoa S.A., including the company's Ca Corporate
Family Rating (CFR), Ca-PD Probability of Default Rating ("PDR"),
and the senior unsecured Ca ratings at Abengoa Finance, S.A.U.,
and Abengoa Greenfield, S.A. At the time of withdrawal, the
ratings carried negative outlooks.


=====================
S W I T Z E R L A N D
=====================


UNILABS SUBHOLDING: Moody's Assigns B2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and a B2-PD probability of default rating (PDR) to
Unilabs Subholding AB, a European clinical laboratory and medical
diagnostic imaging services network.

The rating agency has concurrently withdrawn the B3 corporate
family rating (CFR) and the B3-PD probability of default rating
(PDR) of Unilabs Midholding AB, effectively moving the CFR one
corporate level below Unilabs Midholding AB to Unilabs Subholding
AB, the top entity of the senior notes restricted group.

Moody's has also upgraded to B1 from B2 the ratings on the EUR940
million senior secured term loan due 2024 (to be increased to
EUR1,080 million at closing of the recently announced financing)
and the EUR175 million senior secured revolving credit facility
due 2023 (to be increased to EUR200 million) borrowed by Unilabs
Diagnostics AB, and to Caa1 from Caa2 the rating of the EUR250
million senior unsecured notes due 2025 (to be increased to
EUR380 million) issued by Unilabs Subholding AB. The rating
outlook on all Unilabs' ratings changed to stable from positive.

The rating action, which is an effective upgrade of Unilabs' CFR
to B2 from B3, reflects the following interrelated drivers:

-- Pro forma for the recently announced acquisitions, including
Base (unrated), a leading operator of clinical laboratory and
imagining services in Portugal, Unilabs will notably increase its
scale in terms of revenue, which will enhance its negotiating
power with manufacturers of diagnostic reagents and instruments,
and improve its geographical diversification across different
regulatory regimes, thereby reducing its relative exposure to
adverse changes in one particular regime;

-- Unilabs has demonstrated good operational performance with 12
consecutive quarters of organic EBITDA growth driven by continued
cost efficiencies and focus on core performance; as a result,
Unilabs' leverage, as measured by Moody's-adjusted debt/EBITDA,
has reduced to 6.3x (pro forma for the recently announced
financing) from 6.5x as of 31 December 2016;

-- Moody's expects that Unilabs' leverage will further reduce
towards 6.0x by the end of 2018 on the back of further cost
efficiencies, synergies from acquisitions, and organic revenue
growth in the low-single-digit percent range.

RATINGS RATIONALE

"Moody's upgraded Unilabs' CFR to B2 to reflect the company's
increased scale and geographical diversification, and
continuously improving operational performance. The recently
announced acquisition of Base will make Unilabs the leading
diagnostics provider in Portugal in terms of imagining and
clinical diagnostics with good synergies expected because of the
companies' overlap of activities in Portugal." say Andrey
Bekasov, AVP and Moody's lead analyst for Unilabs.

Unilabs' B2 corporate family rating (CFR) reflects: (1) the
company's good geographical diversification across different
regulatory regimes, which limits its exposure to adverse changes
in one particular regime; (2) leading positions in several of its
key markets with good underlying fundamental trends that support
volumes of clinical laboratory tests; (3) good execution track
record in terms of delivering cost efficiencies; and (4) good
volumes expected in the Nordics' imaging business.

Conversely, the CFR reflects (1) the company's high leverage, as
measured by Moody's-adjusted debt/EBITDA, of around 6.3x at
closing of the recently announced financing based on the last
twelve months ending June 30, 2017; (2) Moody's expectation that
Unilabs will continue to acquire companies in the clinical
laboratory services industry, which may slow down deleveraging;
(3) remaining risk of potential tariff cuts in key markets, in
common with peers, which drives the need to grow externally to
achieve economies of scale.

LIQUIDITY

After the proposed additional debt Unilabs' liquidity will be
good, supported by: 1) positive free cash flows (before
acquisitions); 2) sizable EUR200 million revolving credit
facility (RCF); and 3) cash of around EUR30 million. Nonetheless,
Unilabs will likely use its free cash flows and additional debt
for acquisitions. The company has one maintenance covenant (net
senior secured leverage) for the benefit of the RCF lenders only,
tested when the RCF is drawn by more than 40%. Moody's expects
that Unilabs will have good headroom under this covenant if it is
tested.

STRUCTURAL CONSIDERATIONS

The B1 ratings of the EUR940 million senior secured term loan (to
be increased to EUR1,080 million) and the EUR175 million RCF (to
be increased to EUR200 million) are one notch above the B2 CFR.
This reflects the loss absorption cushion to be provided by the
EUR250 million senior unsecured notes rated Caa1 (to be upsized
to EUR380 million). The B2-PD probability of default rating (PDR)
in line with the B2 CFR reflects Moody's 50% corporate family
recovery rate, which is typical for a debt structure that
combines notes and bank debts. The shareholder loans borrowed by
Unilabs Holding AB (two levels above Unilabs Subholding AB) are
outside of the senior notes restricted group and therefore not
included in Moody's leverage calculations.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Unilabs'
leverage, as measured by Moody's-adjusted debt/EBITDA, will trend
towards 6.0x over the next 12-18 months. The outlook does not
incorporate significant debt-financed acquisitions or
distributions to shareholders.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive rating pressure could develop if:

- Unilabs' leverage, as measured by Moody's-adjusted
   debt/EBITDA, were to decrease sustainably below 5.5x, and

- The company were to maintain good liquidity.

Negative rating pressure could develop if:

- Unilabs' leverage, as measured by Moody's-adjusted
   debt/EBITDA, were to go above 6.5x; or

- The company's cash flow or liquidity profile were to
   deteriorate.

RATING METHODOLOGY

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

COMPANY PROFILE

Unilabs, headquartered in Geneva, Switzerland, is a European
clinical laboratory services and medical diagnostic imaging
services network. Unilabs' revenue is around EUR890 million for
the last twelve months to June 30, 2017 pro forma for the recent
acquisitions. The company is majority owned by funds advised by
Apax Partners LLP.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Unilabs Subholding AB

-- Corporate Family Rating, Assigned B2

-- Probability of Default Rating, Assigned B2-PD

Upgrades:

Issuer: Unilabs Diagnostics AB

-- Backed Senior Secured Bank Credit Facility, Upgraded to B1
    from B2

Issuer: Unilabs Subholding AB

-- Backed Senior Unsecured Regular Bond/Debenture, Upgraded to
    Caa1 from Caa2

Withdrawals:

Issuer: Unilabs Midholding AB

-- Corporate Family Rating, Rating Withdrawn, Previously Rated
    at B3

-- Probability of Default Rating, Rating Withdrawn, Previously
    Rated at B3-PD

Outlook Actions:

Issuer: Unilabs Subholding AB

-- Outlook, Changed To Stable From Positive

Issuer: Unilabs Diagnostics AB

-- Outlook, Changed To Stable From Positive

Issuer: Unilabs Midholding AB

-- Outlook, Changed To Rating Withdrawn From Positive

A conflict would have a high credit impact on Korea (Aa2 stable).
Aside from Korea, Japan (A1 stable) and Vietnam (B1 positive) are
the most exposed sovereigns.


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


KHARKOV CITY: Fitch Affirms B- Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Ukrainian City of Kharkov's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'B-' with Stable Outlooks and Short-Term Foreign-Currency IDR at
'B'. The city's National Long-Term Rating has been affirmed at
'AA-(ukr)' with Stable Outlook.

The affirmation reflects Fitch's unchanged expectations for the
city's satisfactory budgetary performance and zero direct debt
over the medium term as well as uncertainty of future growth
prospect due to unpredictable fiscal changes and the overall
weakness of sovereign public finances in Ukraine.

KEY RATING DRIVERS

Fitch continues to view the city's ratings as constrained by
Ukraine's sovereign ratings (B-/Stable/B) and the weak
institutional framework governing Ukrainian local and regional
governments. The framework is characterised by political risks
and challenging reform agenda implied by the Ukraine's IMF
programme to secure additional external funding. This has
resulted in frequent changes in both the allocation of revenue
sources and the assignment of expenditure responsibilities, which
limits forecasting ability and hinders strategic planning of
local and regional governments in Ukraine.

Fitch expects Kharkov's financial performance to remain
satisfactory albeit fragile over the medium term due to continued
reform of financial decentralisation resulting in numerous
amendments of budget and tax regulations in Ukraine. Fitch
projects the city's operating margin will remain close to 20% in
2017-2019 (2016: 24%) supported by increased transfers from the
national budget and expansion of the tax base on the back of the
recovering economy.

In 8M17, Kharkov had collected 69% of its full-year budgeted
revenue and incurred 62% of its full-year budgeted expenses,
which resulted in an intra-year surplus of UAH454 million. Fitch
expects some acceleration of expenditure in 4Q17 and projects an
annual deficit of around 2% of total revenue in 2017 after a
minor surplus of 1.5% in 2016.

Fitch expects the city will finance its expected deficit before
debt from its cash balance. The city's liquidity position further
improved during 2017 with accumulated cash reserves at UAH1.4
billion as of 1 September compared with UAH0.9 billion at the
start of the year. We expect the city will remain free from
direct debt in 2017-2019 after it repaid its outstanding bank
loan in 2015.

Kharkov is exposed to material contingent risk. The city's
broader public sector mainly consists of utilities and
transportation companies. The majority of its public sector
entities (PSEs) are loss-makers due to historically low tariffs,
which do not cover prime costs of the services. To compensate for
this, the city regularly provides financial support to its PSEs,
which according to updated data, amounted to UAH1.25 billion in
2016, or 12% of operating revenue (2015: 8%) putting pressure on
the city's budget. Positively, in March 2017 the city's
administration made a decision on sizeable tariff increases for
the city's electric transport (metro, trams and trolley buses),
which could improve the profitability of the transportation
companies and provide some relief to the city's budget in terms
of the scale of support.

PSEs' debt remained material at UAH0.5 billion in 2016 (excluding
guaranteed amount) and is partially exposed to forex risk. The
city has guaranteed the debt of one of its PSEs - the water
utility company - for modernisation of the city's water utility
system. The debt, which is USD-denominated, has an amortising
structure, and as of January 1, 2017 the outstanding guaranteed
amount was UAH108 million. The company has never claimed the
guarantee to date although the city makes provision in its budget
annually in case the company fails to meet its obligation (in
2016: UAH5.4 million).

Kharkov is the capital of the fourth-largest region in the
country, which contributed 6.3% in the Ukraine's GDP in 2015.
Kharkov is one of the country's key scientific, industrial and
cultural centres. Its economy is diversified across manufacturing
and services, and supported by a large number of companies. In
2016 Ukraine's economy demonstrated mild restoration, with GDP
growth of 2.2% following a 9.9% contraction in 2015. Fitch
expects Ukraine's GDP to grow by 2.0%-3.0% in 2017-2018, which
should positively impact the city's economic prospects.

RATING SENSITIVITIES

The city's ratings are constrained by the sovereign. Any rating
action on Ukraine's sovereign IDRs would lead to a corresponding
action on the city's ratings.


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


CAPRI ACQUISITIONS: S&P Assigns Prelim 'B-' Corp Credit Rating
--------------------------------------------------------------
S&P Global Ratings said that it assigned its preliminary 'B-'
long-term corporate credit rating to Jersey-based Capri
Acquisitions Bidco Ltd. (Capri). The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B-'
issue-level rating and '3' recovery rating to its proposed
GBP860 million (sterling equivalent) secured term loan (which
consists of an US$830 million facility and a EUR250 million
facility) and  GBP80 million secured revolving credit facility
(RCF). The '3' recovery rating reflects our expectation of
meaningful recovery prospects in the event of a payment default
(50%-70%; rounded estimate 60%).

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the loans, financial and other covenants,
security, and ranking."

Capri is the acquisition entity for CPA Global (CPA), which has
received an offer to be acquired by financial sponsors led by
Leonard Green & Partners and Partners Group. To fund the
acquisition, it plans to issue GBP860 million (sterling
equivalent) of senior secured term loans and  GBP380 million of
unrated senior unsecured floating-rate notes. The company also
plans to put an GBP80 million secured revolving credit facility
(RCF) in place, which we expect to be undrawn when the
acquisition closes.

S&P said, "We view Capri's business risk profile as fair. CPA is
the market leader in the niche sector of outsourced patent and
trademark renewal services and related software, a market which
we view as being stable, with a high degree of revenue
predictability given the annuity nature of the business.
Furthermore, given the high cost of failure and CPA's good track
record, the company benefits from high client retention rates,
which creates reasonably high barriers to entry for prospective
market entrants. That said, the company's service offering is
somewhat limited relative to other outsourced service providers,
with CPA relaying on its core renewals business for about 70% of
total revenues. In addition, we view growth in the market as
being largely driven by corporate research and development,
which, when coupled with high retention rates, makes it difficult
for companies such as CPA to drive revenue and EBITDA growth in
the core renewals business.

"We view Capri's financial risk profile as highly leveraged,
reflecting the company's aggressive financial policy, weak credit
protection measure, and high adjusted debt burden of about
GBP1.3 billion upon closing the transaction, consisting of about
GBP1.24 billion of new secured and unsecured debt from the
transaction, and about  GBP30 million of future commitments under
operating leases. This results in very high leverage metrics,
with debt-to-EBITDA of greater than 9x and funds from operations
(FFO) cash interest coverage of close to 2x in financial 2018 and
2019 (ending July 31). As a result, we apply our comparable
ratings analysis modifier to reduce our anchor score by one notch
to reflect Capri's elevated leverage levels compared with other
rated issuers in the business services sector.

"Capri's ownership by financial sponsors and its very high
leverage after closing causes us to assess its financial policy
as FS-6. We expect its leverage to remain elevated over the
forecast horizon.  We forecast steady earnings growth over the
next 12-24 months and expect leverage ratios to improve, but
remain well within the highly leveraged range (debt to EBITDA of
greater than 5x). We forecast that the company will continue to
generate relatively good free operating cash flow and maintain
adequate liquidity while balancing investments supporting its
growth objectives."

Assumptions

-- Continued real GDP growth of 2.2% in 2017 and 2.3% in 2018 in
    the U.S., and 2.0% in 2017 and 1.7% in 2018 in the eurozone
    due to increasing employment, alongside growth of 1.3% in
    2017 and 1.1% in 2018 in Japan.

-- Total revenue growth of about 4% in financial 2018 (ending
    31, July) and 2019 as growth in intellectual property
    software and related services exceed that of the core
    renewals business, which S&P forecasts to broadly follow GDP
    growth.

-- Adjusted EBITDA margins (excluding exceptionals) to remain
    broadly flat in financial 2018 (declining to below 9%
    including the impact of transaction fees, compared with S&P's
    expectations of 9.0%-9.5% in financial 2017), with modest
    growth in financial 2019.

-- Capital expenditure (capex) of about  GBP25 million per year
    and working capital outflows of about  GBP5 million in
    financial 2018 and 2019.

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

-- Debt-to-EBITDA of 10.2x-10.7x and 9.2x-9.7x in financial 2018
    and 2019, respectively.

-- FFO to debt of 4%-5% in financial 2018 and 2019.

-- FFO cash interest coverage of 1.7x-2.0x in financial 2018 and
    2019.

-- Free operating cash flow of greater than  GBP40 million in
    financial 2018 and 2019.

S&P said, "The stable outlook reflects our opinion that Capri
will maintain FFO cash interest cover of greater than 2x, while
retaining its leading position in the intellectual property
renewals market with healthy revenue growth and stable operating
margins, and relatively good free operating cash flow generation.

"We could take a negative rating action if a failure to realize
revenue growth and improved adjusted EBITDA margins resulted in
Capri reducing its free operating cash flow generation.
Specifically, we could take a negative rating action if free
operating cash flow became negative.

"We could take a positive rating action if Capri increased its
revenues and EBITDA and made voluntary debt prepayments in-line
with management's plan. Specifically, we could consider taking a
positive rating action if debt to EBITDA fell below 8x and FFO
cash interest coverage improved to greater than 3x on a sustained
basis."


DECO 9: Fitch Cuts to D Then Withdraws Dsf Ratings on 7 Tranches
----------------------------------------------------------------
Fitch Ratings has downgraded DECO 9 Pan Europe 3 plc's notes and
withdrawn all ratings as follows:

EUR37.6 million class C (XS0262562753) downgraded to 'Dsf' from
'CCsf'; Recovery Estimate (RE) revised to 50%, withdrawn
EUR15.2 million class D (XS0262563215) downgraded to 'Dsf' from
'Csf'; RE 0%, withdrawn
EUR21.5 million class E (XS0262563728) downgraded to 'Dsf' from
'Csf'; RE 0%, withdrawn
EUR34.2 million class F (XS0262564452) downgraded to 'Dsf' from
'Csf'; RE 0%, withdrawn
EUR6.7 million class G (XS0262565004) downgraded to 'Dsf' from
'Csf'; RE 0%, withdrawn
EUR10 million class H (XS0262565939) downgraded to 'Dsf' from
'Csf'; RE 0%, withdrawn
EUR4.8 million class J (XS0262566234) downgraded to 'Dsf' from
'Csf'; RE 0%, withdrawn

The transaction closed in August 2006 and was originally the
securitisation of 11 commercial real estate loans secured on
collateral located in Germany (eight loans) and Switzerland. In
July 2017, only one loan remained.

KEY RATING DRIVERS

The notes remained outstanding at their legal final maturity in
July 2017. One loan remains to support the notes, secured by a
four properties. Of these, three properties were notarised in
2Q17 while the sub-special servicer has agreed to the sale of the
fourth property (Boeblingen), with notarisation expected after
all of the incumbent tenants have vacated or agreed to vacate.

Fitch expects ultimate proceeds to be around EUR17 million
leading to a revised Recovery Estimate of 50% for the class C
notes. Fitch has withdrawn the ratings on all notes following the
issuer's default.

RATING SENSITIVITIES

Not applicable.


JAGUAR LAND ROVER: S&P Affirms BB+ Long-Term CCR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on U.K.-based auto manufacturer Jaguar Land Rover
Automotive PLC (JLR). The outlook remains stable.

S&P said, "We also affirmed our 'BB+' issue rating on JLR's
senior unsecured notes. The recovery rating remains capped at '3'
due to the unsecured nature of the debt.

"JLR's stand-alone credit profile (SACP) is unchanged, in our
view, even given softer-than-anticipated volumes in the first
five months of fiscal 2018 (year ending March 31, 2018). This is
on the back of JLR's continuously prudent dividend policy and low
debt over fiscal 2018-2020, despite sharply increasing capital
expenditures (capex). As such, we continue to assess JLR's SACP
at 'bbb-' and take into consideration our view that the group's
creditworthiness is constrained by the rating on its 100%
shareholder, Tata Motors Ltd., since JLR represents a material
share of Tata Motor's earnings.

JLR reported a 16% year-on-year volume increase in fiscal 2017.
The introduction of JLR's new models -- most recently the F-PACE,
New Discovery, and Velar -- have supported the group's
performance, in our opinion. S&P said, "Nevertheless, we think
that the group's revenues remain exposed to potential headwinds
in volumes in some of its key markets, particularly in the U.K.,
given that JLR's volumes have increased by just 3.5% in the first
quarter of fiscal 2018. Although we expect volumes to pick up in
the remainder of fiscal 2018 and into 2019 on the back of the
group's model pipeline, we anticipate that increasing competition
from premium carmakers such as BMW, Audi, and Daimler could
result in stronger price pressure in some of JLR's mature
markets. Overall, we expect average pricing to remain steady
since the price uptick on new models will be fully offset by
pricing pressure. Furthermore, we believe that sales in China
will remain healthy (+30% in first-quarter fiscal 2018),
underscored by JLR's joint venture with Chinese carmaker Chery,
which we believe will contribute to the group's earnings with a
steadily increasing dividend flow after fiscal 2019."

S&P said, "We believe that rising research and development (R&D)
costs, mainly linked to complying with emission goals by 2021 and
to pursue the electrification of its powertrains, will continue
to squeeze JLR's margins.

"Furthermore, investment in the new plant in Slovakia and rising
R&D costs will increase the group's capex to more than  GBP4
million from  GBP3 billion in fiscal 2017. Despite the
constraints on the group's cash flow generation, we consider the
increasing international footprint of JLR's manufacturing
capacity to be an effective strategy in light of unpredictable
Brexit-related developments.

"The stable outlook continues to reflect our view that JLR will
maintain credit metrics in line with our 'BB+' rating, on the
back of Tata Motors' consolidated FFO to debt recovering to about
40% over the next two years after a weak performance in fiscal
2018.

"We may lower the rating on JLR if we lower the rating on Tata
Motors. This could occur if Tata Motors' FFO to debt stays below
30%, owing to lower-than-expected revenue growth and more
challenging Brexit-related developments.

"We may raise our rating on JLR if we raise the rating on Tata
Motors. This could occur if Tata Motors achieves and sustains FFO
to debt of 45% or higher, thanks to strong operating performance
of new models and a disciplined capex approach."


MANSARD MORTGAGES 2007-2: Fitch Affirms 'CCC' Cl. B2a Debt Rating
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 15 tranches of
Mansard Mortgages 2006-1 PLC (MAN061), Mansard Mortgages 2007-1
PLC (MAN071) and Mansard Mortgages 2007-2 PLC (MAN072), as
follows

MAN061
Class A2a (ISIN XS0272297358) affirmed at 'AAAsf'; Outlook Stable
Class M1a (ISIN XS0272298752) affirmed at 'AAAsf'; Outlook Stable
Class M2a (ISIN XS0272299057) affirmed at 'Asf'; Outlook Stable
Class B1a (ISIN XS0272304311) affirmed at 'BBBsf'; Outlook Stable
Class B2a (ISIN XS0272303693) affirmed at 'Bsf'; Outlook Stable

MAN071
Class A2a (ISIN XS0293438965) affirmed at 'AAAsf'; Outlook Stable
Class M1a (ISIN XS0293458054) affirmed at 'AA-sf'; Outlook Stable
Class M2a (ISIN XS0293460381) affirmed at 'BBB+sf'; Outlook
Stable
Class B1a (ISIN XS0293442215) affirmed at 'BBsf'; Outlook Stable
Class B2a (ISIN XS0293446711) upgraded to 'Bsf' from 'CCCsf';
Outlook Stable

MAN072
Class A1a (ISIN XS0333305299) affirmed at 'AAsf'; Outlook Stable
Class A2a (ISIN XS0333306933) affirmed at 'AAsf'; Outlook Stable
Class M1a (ISIN XS0333308475) affirmed at 'Asf'; Outlook Stable
Class M2a (ISIN XS0333311693) affirmed at 'BBB-sf'; Outlook
Stable
Class B1a (ISIN XS0333313988) affirmed at 'B+sf'; Outlook Stable
Class B2a (ISIN XS0333340361) affirmed at 'CCCsf'; Recovery
Estimate 80%

The transactions are backed by residential mortgages originated
by Rooftop Mortgages, a non-conforming mortgage lender.

KEY RATING DRIVERS

Sufficient Credit Enhancement (CE)
With the support of both its surveillance model and cash flow
model, Fitch's analysis showed the CE available to protect
against expected losses was sufficient to withstand the rating
stresses, leading to the upgrade and affirmations.

MAN061 and MAN071 are currently paying on a pro rata basis.
MAN072 is currently paying on a sequential basis, but Fitch
expects the transaction to switch to pro-rata payments by early
2019, providing the class A1a notes continue to amortise at the
observed historical rate and the other documented triggers
continue to be satisfied. As such, CE build up for the three
transactions may be limited, at least up until the outstanding
note balances reach 10% of the original balance, when a switch to
sequential pay is envisaged.

The cash reserves are non-amortising across all three
transactions due to irreversible trigger breaches. Consequently,
the reserves are expected to continue providing credit support
for the remaining life of each transaction and credit support
will grow, all else being equal, as the notes amortise.

Stable Asset Performance
The prolonged low interest rate environment combined with a
stable economy in the UK, has supported borrower affordability in
the UK non-confirming sector.

As of July 2017, three months-plus arrears relative to the
current pool balance were around 6.5% for MAN061 and around 5.3%
for MAN071. For MAN072 three months-plus arrears stood at 3.4% as
of June 2017. The current stock of repossessions is low as a
percentage of the current pool balances at 0.94%, 0.00% and 0.11%
for MAN061, MAN071 and MAN072, respectively. Fitch does not
expect these measures to change materially in the near future.

Interest Only (IO) Concentration
The transactions have a material concentration of IO loans
maturing within a three-year period during the lifetime of the
transactions. For MAN061, around 54.2% mature between 2029 and
2031; for MAN071, around 53.6% mature between 2030 and 2032; for
MAN072, around 45.0% mature between 2030 and 2032. As per its
criteria, Fitch tested additional foreclosure frequency
assumptions for the IO loans with maturities concentrated in a
three-year period. The results of the additional foreclosure
frequency assumption testing have not constrained the notes'
ratings.

RATING SENSITIVITIES

Fitch believes that the prolonged low interest rate environment
has supported borrower affordability and asset performance. An
increase in interest rates causing a payment shock, could lead to
a worsening of asset performance beyond Fitch's expectations
potentially leading to a downgrade.


ROYAL BANK: Fitch Affirms BB- Convertible Capital Notes Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-Term Issuer
Default Ratings (IDRs) of The Royal Bank of Scotland Group plc
(RBSG) at 'BBB+'/'F2'. The Rating Outlook is Stable. At the same
time, Fitch has assigned Adam and Company PLC (Adam & Co) an
expected Long-Term IDR of 'A-(EXP)', an expected Short-Term IDR
of 'F2(EXP)' and an expected VR of 'bbb+(EXP)'. The Rating
Outlook on the expected Long-Term IDR is Stable.

At the same time, Fitch has placed National Westminster Bank
plc's (NatWest) 'BBB+' Long-Term IDR on Rating Watch Positive
(RWP) and affirmed its Viability Rating (VR) at 'bbb+'. As part
of the review, Fitch affirmed the ratings of RBSG's other main
operating subsidiaries.

The rating action on NatWest and Adam & Co, which will become
RBSG's two main UK-based ring-fenced banks from mid-2018,
reflects Fitch's expectation that the two operating banks' Long-
Term IDRs will be rated one notch above their VRs from mid-2018,
when both banks should have sufficient debt buffers that rank
junior to protect the banks' senior creditors from losses after a
resolution of the group. Adam & Co's expected Long-Term IDR
already reflects the one-notch uplift because Fitch assigns
expected ratings at the level expected following the conclusion
of the group's reorganisation. NatWest's Long-Term IDR has been
placed on RWP because we expect to upgrade it by one notch on
completion of the group's reorganisation, when we expect senior
holdco debt will be downstreamed into NatWest in a manner that
will effectively protect NatWest's external senior creditors.

The affirmation of The Royal Bank of Scotland plc (RBS), which
will be renamed NatWest Markets Plc and become RBSG's main non-
ring-fenced bank, and the Stable Outlook reflects Fitch's
expectation that the bank's IDR will not be affected by the
changes to the group's structure in connection with complying
with UK ring-fencing rules by 2019.

The group has set up a new intermediate holding company, NatWest
Holdings Limited (NWH), which will house a large majority of
RBSG's operations inside its ring-fenced group. Adam & Co is
currently a subsidiary of RBS, through NWH. In mid-2018, RBSG
plans to transfer most of RBS's retail and commercial customers
to Adam & Co, which will be renamed RBS. At the same time, RBS
will be renamed NatWest Markets Plc and together with The Royal
Bank of Scotland International Limited (RBSIL) will be the non-
ring-fenced banks.

KEY RATING DRIVERS
IDRS, VRs, DERIVATIVE COUNTERPARTY RATING (DCR) AND SENIOR DEBT -
RBSG, RBS, NATWEST AND ADAM & CO
RBSG's VR and IDRs are equalised with the ratings of its main
operating banks and are based on the group's consolidated
financial profile, which is primarily driven by the group's
retail and corporate banking operations. The ratings also reflect
RBSG's role as a holding company, and take into account the
absence of holding company double leverage.

RBS's and NatWest's IDRs, senior debt rating and RBS's DCR are
driven by their VRs. Fitch assigns common VRs to these two
operating banks as they are managed as a group and are highly
integrated. Adam & Co's expected VR is based on Fitch's
expectation that Adam & Co and NatWest will be assigned common
VRs when the group restructuring has been finalised. Adam & Co's
expected Long-Term IDR is rated one notch above its expected VR
because Fitch expects that the buffer of qualifying junior debt
(QJD) and debt issued to the holding company will be sufficient
to protect the bank's external senior creditors from losses after
a resolution by the time Fitch will assign final ratings to the
entity, most likely in mid-2018. This expectation of sufficient
debt buffers also drives the RWP on NatWest's Long-Term IDR and
senior debt long-term rating. The Stable Outlook on RBS, which
will become NatWest Markets and will be outside the ring-fence,
reflects Fitch's expectation that its Long-Term IDR will not
benefit from any debt buffer.

The VRs primarily reflect further improvements in the group's
risk profile and Fitch's view that capitalisation provides a
sizeable buffer for the remaining expected conduct charges and
other non-operating costs. The ratings also reflect the remaining
challenges the group faces. These challenges include uncertainty
over the timing and size of potential fine for legacy U.S. RMBS
activities and the ongoing restructuring of the group. RBSG has
resolved a number of outstanding issues during 2017. This
included a GBP4.2 billion settlement with the U.S. Federal
Housing Finance Agency (FHFA) in July 2017 and the approval from
the European Commission under EU State aid rules that RBS no
longer needs to divest Williams & Glyn.

RBSG's capitalisation has a high influence on the VRs. The
group's end-1H17 common equity Tier 1 (CET1) ratio improved to
14.8% (end-2016: 13.4%). The increase was driven by GBP939m
attributable profit and RWA reductions in core businesses. The
group's CET1 ratio still remains above its medium-term target of
13% and provides a cushion for the expected conduct and
litigations charges, notably further U.S. RMBS-related fines.

In Fitch's opinion, profitability is a key weakness and remains
under significant pressure from high conduct and restructuring
costs. The latter are mainly related to the restructuring of the
corporate and investment banking business, expenses incurred to
meet UK ring-fencing requirements, and the implementation of the
group's transformation and simplification programme. Excluding
these costs, we believe that the group's underlying business is
profitable. However, depending on the timing and size of RMBS-
related fines, Fitch expects the group to report losses in 2017
and possibly in 2018.

In the longer term, we expect RBSG to generate less volatile and
stronger profits if it manages to successfully execute its turn-
around strategy. The group is set to benefit from a strong UK
franchise where it has leading market shares within the SME,
retail and medium-sized corporate segments. For now, the
continuing restructuring of the group weighs on our overall
assessment of the group's company profile, management and
strategy relative to UK peers, all of which constrain the
ratings.

The proportion of impaired loans on its balance sheet is still
higher than its UK peers, to a large extent because of weak asset
quality in its Ireland-based operations, but the results of the
2016 Bank of England stress testing indicated that the asset
quality of RBSG's core domestic portfolio would be resilient to a
severe stress. At end-1H17, the group reported a 2.8% gross
impaired loan ratio (end-2016: 3.15%) with the improvement
primarily reflecting further disposals in Capital Resolution. A
large portion of its problem assets are in Ireland, where
residential mortgage loans remain part of its core activities but
are significantly underperforming in terms of delinquencies and
profitability.

Fitch considers the group's funding balanced, with an improved
match between the maturities of its assets and liabilities, and
only moderate reliance on wholesale markets, and a large, high-
quality liquidity buffer.

The minimum requirement for own funds and eligible liabilities
set by the Bank of England, equivalent to 23.5% of the group's
RWAs by 2022, suggests that the group will be an active issuer of
eligible debt, including senior debt issued by RBSG, over the
next few years.

RBS's DCR is at the same level as the Long-Term IDR because
derivative counterparties to have preferential status over other
senior obligations in a resolution scenario.

SUPPORT RATING AND SUPPORT RATING FLOOR - RBSG, RBS, NATWEST AND
ADAM & CO

Support Ratings (SR) and Support Rating Floors (SRF) reflect
Fitch's view that senior creditors cannot rely on extraordinary
support from the sovereign in the event they become non-viable.
In our opinion, the UK has implemented legislation and
regulations to provide a framework that is likely to require
senior creditors participating in losses for resolving even large
banking groups.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of all subordinated debt and hybrid securities issued
by RBSG companies are notched down from the common VR assigned to
individual group companies, reflecting Fitch's assessment of
their incremental non-performance risk relative to their VRs (up
to three notches) and assumptions around loss severity (one or
two notches).

These features vary considerably by instrument. Subordinated debt
with no coupon flexibility is notched down once from the VR for
incremental loss severity. Legacy Upper Tier 2 subordinated debt
is notched down three times (once for loss severity and twice for
incremental non-performance risk). Legacy Tier 1 and preferred
stock is notched down either four or five times, dependent on
incremental non-performance risk (twice for loss severity and
either two or three times for incremental non-performance risk).
Additional Tier 1 instruments (contingent convertible capital
notes) are notched five times (twice for loss severity and three
times for incremental non-performance risk) given their fully
discretionary coupon payment.

SUBSIDIARY - RBS NV, RBSIL, RBSSI AND UBL

The IDRs, DCR and SR of RBS Securities Inc. (RBSSI), the group's
U.S. broker-dealer, are based on institutional support from the
parent and the IDRs are equalised with RBSG's IDRs, reflecting
Fitch's view that RBSSI's activities are core to the group's
strategy, and that the ability to support RBSSI, relative to
RBSG's financial resources, is easily manageable. No explicit
guarantees or cross default provisions are present, but we
believe that a default of RBSSI would cause serious reputational
damage to RBSG's global franchise and operations. RBSSI's DCR is
equalised with its Long-Term IDR.

RBSIL's IDRs are equalised with RBSG's, reflecting Fitch's view
of a high probability that RBSG would support it, if needed,
mainly because we consider it core to the group. It is a fairly
small, but wholly-owned and integrated deposit-gathering
subsidiary of the group, whose default would have serious
reputational implications for the wider group, in our opinion.

Royal Bank of Scotland N.V.'s (RBS NV)'s IDRs and debt ratings
are equalised with RBSG's, reflecting Fitch's view of a high
probability that RBSG would support it, if needed. It is a fairly
small, but wholly owned, integrated subsidiary of the group, akin
to a division, whose default would in our opinion have serious
reputational implications for the wider group.

Ulster Bank Ltd's (UBL) IDRs are equalised with RBSG's,
reflecting Fitch's view of a high probability that RBSG would
support it, if needed. It is a fairly small, but wholly owned and
integrated subsidiary of the group and a part of RBSG's UK
personal and business banking division. The RWP on UBL's Long-
Term IDR reflects Fitch's expectation that the IDR will benefit
from a one-notch uplift when the group is reorganised as UBL will
be a direct subsidiary of NatWest and remain within the ring-
fenced group.

RATING SENSITIVITIES
IDRS, VRs, DCR AND SENIOR DEBT - RBSG, RBS, NATWEST AND ADAM & CO

RBSG's ratings remain constrained by uncertainty over the size
and timing of the conduct fines it faces and by still material
execution risk from restructuring the group. In Fitch's opinion,
the group's IDRs and VRs could be upgraded only after these
uncertainties are removed, if the group maintains good
capitalisation and reaches sound recurring profitability. RBSG's
ratings could be downgraded if conduct costs erode capitalisation
without plans to restore it swiftly, or if litigation or
reputation risk proves particularly disruptive to the group's
franchise and business model.

RBSG's VRs and IDRs, and those of its subsidiaries, including
Adam & Co's expected ratings, are also sensitive to a material
worsening of underlying earnings and asset quality if the
economic environment deteriorates substantially in the UK.

We expect to rate NatWest's and Adam & Co's Long-Term IDR one
notch above their common VRs when the group's reorganisation has
been completed (Adam & Co will be renamed Royal Bank of Scotland
at that point) and expect to upgrade NatWest's Long-Term IDR to
one notch above the VR at that time.

Fitch estimates that RBSG's consolidated QJD buffer was equal to
about 8.7% of risk-weighted assets (RWA) at end-June 2017. At the
same date, holdco senior debt was equal to about 3.8% of RWA.
Fitch expects this debt to be downstreamed to the opcos,
including the two ring-fenced banks, in a manner that protects
these opcos' senior creditors in case of a resolution. Based on
Fitch's expectation of a regulatory intervention point and post-
resolution capital needs, we believe that a qualifying debt
buffer, including QJD and senior holdco debt, of above 9% of RWA
could be required to restore viability after a resolution, and
the two ring-fenced banks' Long-Term IDR would benefit from a
one-notch uplift above the VR if the qualifying debt buffer is
maintained at above this level, which Fitch expects.

Fitch expects to affirm RBS's IDRs when the group's restructuring
has been completed and when RBS will change name to NatWest
Markets. Fitch expects to withdraw the bank's VR at that point
because it does not expect that NatWest Markets will have a
meaningful standalone franchise that could exist without the
membership of the parent. NatWest Markets' IDRs will likely be
driven by institutional support from its parent, RBSG, and will
likely be equalised with its parent's to reflect the subsidiary's
core and integral role in the group. NatWest Markets' ratings
will primarily be sensitive to changes in the parent's IDR, with
which they are equalised. They will also be sensitive to changes
in the parent's propensity to provide support, which could arise
if its role in the group changes, which Fitch does not expect.
NatWest Markets' IDRs will also be sensitive to a weakening of
the parent's ability to provide support, which could be caused by
a sharp increase in the size of the subsidiary or in the size of
its potential liquidity to cover any increase in collateral
requirements.

RBSG's IDR would be downgraded if there was a material increase
in double leverage at the holding company, which we do not
expect.

RBS's DCR is primarily sensitive to changes in RBS's Long-Term
IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR - RBSG, RBS, NATWEST AND
ADAM & CO
Any upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support its banks. While not impossible, in Fitch's opinion this
is highly unlikely.

The RWP on RBS's SR reflects Fitch's expectation that the SR will
be upgraded to '2' when the group restructuring has been
completed and when the SR will be based on institutional support
rather than sovereign support. At that stage, the SRF will be
withdrawn.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital ratings are primarily
sensitive to changes in the VRs of the issuers or their parents.
The securities' ratings are also sensitive to a change in their
notching, which could arise if Fitch changes its assessment of
the probability of their non-performance relative to the risk
captured in the issuers' VRs. This may reflect a change in
capital management in the group or an unexpected shift in
regulatory buffer requirements, for example. The ratings are also
sensitive to a change in Fitch's assessment of each instrument's
loss severity, which could reflect a change in the expected
treatment of liability classes during a resolution.

SUBSIDIARY - RBS NV, RBSIL, RBSSI AND UBL

RBS NV, RBSIL, RBSSI and UBL's ratings are primarily sensitive to
a change in Fitch's assessment of RBSG's propensity to support
them, which we do not expect, or to a change in RBSG's IDRs.

Fitch expects to upgrade UBL's Long-Term IDR when the group
reorganisation has been finalised because we believe that UBL's
close integration within the ring-fenced group means that its IDR
should remain equalised with its parent's, NatWest, which we
expect to upgrade to reflect the available debt buffers.


The rating actions are:

The Royal Bank of Scotland Group plc
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior unsecured debt affirmed at 'BBB+'/'F2'
Subordinated debt affirmed at 'BBB'
Subordinated debt (US780097AM39) affirmed at 'BBB-'
Innovative, Non-innovative Tier 1 and Preferred stock
(US780097AH44; XS0121856859; US780097AE13) affirmed at 'BB'
Innovative, Non-innovative Tier 1 and Preferred stock affirmed at
'BB-'
Contingent Convertible Capital Notes affirmed at 'BB-'

The Royal Bank of Scotland plc
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating '5'; placed on Rating Watch Positive
Support Rating Floor affirmed at 'No Floor'
Derivative Counterparty Rating: affirmed at 'BBB+(dcr)'
Senior unsecured debt affirmed at 'BBB+'/'F2'
Senior unsecured market linked securities affirmed at 'BBB+emr'
Subordinated Lower Tier 2 debt affirmed at 'BBB'
Subordinated Upper Tier 2 debt affirmed at 'BB+'

National Westminster Bank plc
Long-Term IDR 'BBB+'; placed on Rating Watch Positive
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Long-term senior unsecured debt 'BBB+'; placed on Rating Watch
Positive
Short-term senior unsecured debt affirmed at 'F2'
Subordinated Lower Tier 2 debt affirmed at 'BBB'
Subordinated Upper Tier 2 debt affirmed at 'BB+'

Adam and Company Plc
Expected Long-Term IDR assigned at 'A-(EXP)'; Stable Outlook
Expected Short-Term IDR assigned at 'F2(EXP)'
Expected Viability Rating assigned at 'bbb+(EXP)'
Expected Support Rating assigned at '5(EXP)'
Expected Support Rating Floor assigned at 'No Floor(EXP)'

Royal Bank of Scotland NV
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Support Rating affirmed at '2'
Senior unsecured debt affirmed at 'BBB+'
Senior unsecured market linked securities affirmed at 'BBB+emr'
Subordinated debt affirmed at 'BBB'

Royal Bank of Scotland International Ltd
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Support Rating affirmed at '2'

RBS Securities Inc. (rated under Fitch's Global Non-Bank
Financial Institutions Rating Criteria)
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Support Rating affirmed at '2'
Derivative Counterparty Rating: assigned at 'BBB+(dcr)'

Ulster Bank Limited
Long-Term IDR 'BBB+' placed on Rating Watch Positive
Short-Term IDR affirmed at 'F2'
Support Rating '2'; placed on Rating Watch Positive


TOWER BRIDGE 1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to the following classes of notes to be issued by
Tower Bridge Funding No.1 plc:

-- GBP [*] million Class A Mortgage Backed Floating Rate Notes
    due March 2056, Assigned (P)Aaa (sf)

-- GBP [*] million Class B Mortgage Backed Floating Rate Notes
    due March 2056, Assigned (P)Aa2 (sf)

-- GBP [*] million Class C Mortgage Backed Floating Rate Notes
    due March 2056, Assigned (P)A1 (sf)

-- GBP [*] million Class D Mortgage Backed Floating Rate Notes
    due March 2056, Assigned (P)Baa2 (sf)

-- GBP [*] million Class E Mortgage Backed Floating Rate Notes
    due March 2056, Assigned (P)Ba2 (sf)

Moody's has not assigned ratings to the GBP [*] million Class X
Mortgage Backed Floating Rate Notes due March 2056, nor to the
GBP [*] million Class Z1 Fixed Rate Notes due March 2056 and the
GBP [*] million Class Z2 Fixed Rate Notes due March 2056.

This transaction represents the first securitisation transaction
that is backed by buy-to-let mortgage loans and non-conforming
loans originated by Belmont Green Finance Limited ("Belmont
Green", not rated). The portfolio consists of [996] loans,
secured by first ranking mortgages on properties located in the
UK, of which [66.9]% are buy to let and [33.1]% are owner
occupied. The current pool balance was approximately GBP [201.5]
million as of the end August 2017 cut-off date.

RATINGS RATIONALE

The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement and the portfolio expected loss, as well
as the transaction structure and legal considerations. The
expected portfolio loss of [5.0]% and the MILAN required credit
enhancement of [20.0]% serve as input parameters for Moody's cash
flow model and tranching model.

The expected loss is [5.0]%, which is higher than the expected
loss for other UK RMBS transactions owing to: (i) the newness of
the originator and lack of historical performance data; (ii) the
weighted average (WA) LTV of around [69.5]%; (iii) benchmarking
against comparable transactions, (iv) the current macroeconomic
environment in the UK, and (v) the performance of comparable
transactions in this sector.

MILAN CE for this pool is [20.0]%, which is higher than the MILAN
CE for other UK RMBS transactions, owing to: (i) the lack of
historical data and newness of the originator; (ii) a number of
borrowers with bad credit history in the pool ([14.0]% have had a
CCJ, [0.85]% are in arrears although none are more than two
months in arrears); (iii) weighted average current LTV for the
pool of [69.5]%, which is in line with comparable transactions,
(iv) the percentage of self-employed borrowers in the pool of
circa [41.4]%, which is in line with the average of the sector,
(v) the lack of historical information and (vi) benchmarking with
similar UK RMBS transactions.

The structure allows for additional loans to be added to the pool
between the closing date and before the first interest payment
date March 20, 2018. Prefunding in the deal may equal up to
[15.0]% of the principal amount of the notes to be issued.

The risk of pool deterioration is mitigated by concentration
limits in relation to the added loans; including a [70.5]%
average original LTV limit; and [25.0]% limit on loans with CCJs;
as well as other concentration limits for example geographical.
The structure also benefits from a prefunding revenue reserve,
which mitigates potential negative carry up until the end of the
prefunding period. Additionally, the purchase by the issuer of
such prefunded loans is conditional upon Moody's providing a
rating agency confirmation. Should the prefunding not take place
in full, remaining funds in the prefunding principal reserve not
used will be released to the principal redemption waterfall.

At closing the non-amortising general reserve fund is [2.5]% of
the closing principal balance of the principal backed notes i.e.
GBP[*] million. The general reserve fund will be replenished
after the PDL cure of the Class E notes and can be used to pay
senior fees and costs, interest and PDLs on the Class A - E
notes. The liquidity reserve fund target is [1.5]% of the
outstanding Class A and B notes and is funded by the diversion of
principal receipts until the target is met. The liquidity reserve
fund is available to cover senior fees, costs and Class A and B
interest only. Amounts released from the liquidity reserve will
flow down the principal priority of payments. Classes A and B, or
if neither are outstanding, the most senior note outstanding at
that time further benefit from a principal to pay interest
mechanism.

Operational Risk Analysis: Although Belmont Green is the servicer
in the transaction it delegates all the servicing to Homeloan
Management Limited, "HML" (not rated), who also acts as the
standby servicer. Elavon Financial Services DAC (Aa2), acting
through its UK Branch will be the cash manager. In order to
mitigate the operational risk, Intertrust Management Limited (not
rated) will act as back-up servicer facilitator. To ensure
payment continuity over the transaction's lifetime the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent monthly servicer
reports to determine the cash allocation in case no servicer
report is available. The transaction also benefits from the
equivalent of at least [5] months liquidity through the general
and liquidity reserves.

Interest Rate Risk Analysis: [90.1%] of the loans in the pool are
fixed rate loans reverting explicitly or indirectly to three
months Libor. To mitigate the fixed floating mismatch there will
be a fixed floating swap provided by The Royal Bank of Scotland
plc (A3/P-1/A2(cr)/P-1(cr)).

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Other non-credit risks have
not been addressed, but may have a significant effect on yield to
investors.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Significantly different loss assumptions compared with
expectations at close due to either a change in economic
conditions from the central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from greater unemployment,
worsening household affordability and a weaker housing market
could result in a downgrade of the ratings. Deleveraging of the
capital structure or conversely a deterioration in the notes
available credit enhancement could result in an upgrade or a
downgrade of the rating, respectively.

Stress Scenarios:

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [5.0]% to [8.75]% and the MILAN CE was
increased from [20]% to [32]%, the model output indicates that
the Class A notes would achieve Aa2(sf) assuming that all other
factors remained equal. Moody's Parameter Sensitivities quantify
the potential rating impact on a structured finance security from
changing certain input parameters used in the initial rating. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might change over time,
but instead what the initial rating of the security might have
been under different key rating inputs.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes. In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the Class A, Class
B, Class C, Class D and Class E Notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


ULSTER BANK: Moody's Affirms ba1 BCA, Revises Outlook to Positive
-----------------------------------------------------------------
Moody's Investor Service has affirmed Ulster Bank Limited's (UBL)
long-term deposit ratings at A2 and its long-term issuer rating
at A3. The outlook on these ratings was changed to positive from
stable. The bank's short-term deposit ratings were affirmed at
Prime-1. Moody also affirmed the bank's standalone baseline
credit assessment (BCA) and its adjusted BCA at baa3. The bank's
long-term Counterparty Risk Assessment (CRA) was affirmed at
A2(cr), and its short-term CRA was affirmed at Prime-1(cr).

Additionally, Moody's affirmed Ulster Bank Ireland DAC's (UBID)
long-term deposit ratings at Baa2, its long-term issuer rating at
Baa3, and changed the outlooks on both to positive from stable.
UBID's short-term deposit ratings were affirmed at Prime-2 and
its short-term issuer rating was affirmed at Prime-3. The bank's
long-term CRA was affirmed at A3(cr) and its short-term CRA was
affirmed at Prime-2(cr).

This rating action follows the September 27, 2017 rating action
on The Royal Bank of Scotland plc (RBS, Deposits A2 negative,
Senior Unsecured debt A3 negative, BCA baa3), reflecting Moody's
view on the likely direction of the group's subsidiaries'
ratings, following the implementation of forthcoming ring-fencing
regulations. "Ring-fencing" will come into effect on 1 January
2019 and Moody's expects RBS will complete its material
restructuring by the end of 2018.

RBS will transfer most of its Personal & Business Banking and
Commercial & Private Banking operations to a ring-fenced banking
subgroup (under an intermediate holding company, NatWest Holdings
Ltd, expected to become a direct subsidiary of The Royal Bank of
Scotland Group plc (RBSG) in mid-2018), which will account for
around 80% of group risk-weighted assets. The ring-fenced bank
sub-group will include National Westminster Bank PLC (NatWest
Bank), UBID, UBL and Adam & Company PLC and Coutts & Company.

RATINGS RATIONALE

Ulster Bank Limited

The change of outlook on UBL's ratings was driven by the positive
outlook assigned to the ratings of its immediate parent, NatWest
Bank. UBL's standalone assessment is currently fully aligned with
the BCA of NatWest Bank.

Moody's alignment of the bank's BCA with that of its parent's
standalone assessment remains driven by its high degree of
integration with its parent. Indeed, UBL is managed as a unit of
the larger UK retail division of RBS, devoted entirely to banking
activities in Northern Ireland with its treasury, risk management
and some middle and back offices shared with those of RBS. As a
result, Moody's does not believe that UBL's standalone financial
metrics provide meaningful indicators of creditworthiness, and
considers it to be highly integrated and harmonized with NatWest
Bank. Moody's expects UBL to be similarly highly integrated
within the ring-fenced banking subgroup going forward.

UBL's A2 long-term deposit ratings and A3 long-term issuer
ratings are also aligned with those of NatWest Bank. Moody's
believes that UBL, as a domestic subsidiary of a UK banking
group, would be resolved together with NatWest Bank in the event
of their failure. This means that, like those of NatWest Bank,
UBL's deposits are likely to face extremely low loss-given-
failure according to the agency's Advanced Loss Given Failure
(Advanced LGF) analysis, resulting in a three-notch uplift in its
deposit ratings relative to its adjusted BCA of baa3. Similarly,
UBL's issuer rating reflects the likely loss-given-failure of
NatWest Bank's senior unsecured debt, resulting in a two-notch
uplift from the bank's adjusted BCA. In the same way, given RBS's
systemic importance, Moody's expects a moderate probability of
support from the UK government for both UBL's deposits and senior
unsecured debt. This results in a further one-notch uplift above
the adjusted BCA for both instrument ratings, resulting in
ratings of A2 and A3 respectively.

Given the high level of integration between UBL and its parent,
an upgrade or downgrade of NatWest's ratings and/or BCA would
likely trigger an upgrade or downgrade of the bank's ratings
and/or BCA. UBL's ratings could also be downgraded in the event
of a lower degree of integration with NatWest Bank.

Ulster Bank Ireland DAC

The change in outlook on the ratings of UBID, which is
incorporated in the Republic of Ireland, was driven by Moody's
expectation that UBID will remain an integral part of the ring-
fenced banking subgroup, which will have a stronger credit
profile as it will retain mostly retail and SME activities, and
have a more deposit-based funding profile.

UBID's adjusted BCA of baa3 is currently based on Moody's
assessment of a very high probability of affiliate support coming
from its parent, RBS, and resulting in a one notch of uplift from
the ba1 BCA. As a reference point for the creditworthiness of RBS
to arrive to UBID's adjusted BCA, Moody's currently uses RBS's
BCA of baa3. The positive pressures on UBID's adjusted BCA stem
from (i) Moody's expectation that RBSG will continue to maintain
a high level of commitment toward UBID under the ring-fenced
structure, given RBSG has reiterated its commitment to position
UBID as a challenger bank to the domestic pillar banks in
Ireland, and (ii) Moody's expectation that the creditworthiness
of the ring-fenced sub-group will be higher than that of UBID's
current support provider.

UBID's Baa2 long-term deposit ratings incorporate a one-notch
uplift from the baa3 adjusted BCA, reflecting Moody's assessment
that UBID's deposits are likely to face low loss-given-failure
under the Advanced LGF analysis. The bank's issuer rating of Baa3
reflects the rating agency's expectation of moderate loss-given-
failure for senior unsecured debt, resulting in an issuer rating
in line with the adjusted BCA. RBSG has determined with its
regulator that it would apply a so-called "Single Point of Entry"
resolution strategy. Nevertheless, Moody's considers that, in the
event of a failure of UBID, the risk to the bank's liabilities
would likely be determined by its own balance sheet
characteristics, rather than being fungible with those of the UK
subsidiaries of RBSG. The agency therefore performs its Advanced
LGF analysis on the basis of UBID's own at failure balance sheet.

UBID's BCA could be upgraded if the bank continues to strengthen
its credit fundamentals, reduces the amount of legacy and non-
performing assets on its balance sheet and improves its pre-
provision profitability. UBID's deposit and issuer ratings could
be upgraded if its parent's own creditworthiness were to improve
further resulting in an upgrade of its Adjusted BCA.

UBID's BCA could be downgraded due to a decline in its capital
levels beyond that already factored into Moody's assessment; a
significant increase in the use of market funding; or a
deterioration in the bank's liquidity position. A downgrade of
its parent's creditworthiness could result in a reduced capacity
to support UBID and therefore downgrades to all of UBID's
instrument ratings.

LIST OF AFFECTED RATINGS

Issuer: Ulster Bank Ireland DAC

Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed A3(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-2(cr)

-- Long-term Bank Deposits, affirmed Baa2, outlook changed to
    Positive from Stable

-- Short-term Bank Deposits, affirmed P-2

-- Long-term Issuer Rating, affirmed Baa3, outlook changed to
    Positive from Stable

-- Short-term Issuer Rating, affirmed P-3

-- Adjusted Baseline Credit Assessment, affirmed baa3

-- Baseline Credit Assessment, affirmed ba1

Outlook Action:

-- Outlook changed to Positive from Stable

Issuer: Ulster Bank Limited

Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed A2(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Long-term Bank Deposits, affirmed A2, outlook changed to
    Positive from Stable

-- Short-term Bank Deposits, affirmed P-1

-- Long-term Issuer Rating, affirmed A3, outlook changed to
    Positive from Stable

-- Adjusted Baseline Credit Assessment, affirmed baa3

-- Baseline Credit Assessment, affirmed baa3

Outlook Action:

-- Outlook changed to Positive from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.


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


* BOOK REVIEW: Landmarks in Medicine - Laity Lectures
-----------------------------------------------------
Introduction by James Alexander Miller, M.D.
Publisher: Beard Books
Softcover: 355 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy today at http://bit.ly/1sTKOm6

As the subtitle points out, the seven lectures reproduced in this
collection are meant especially for general readers with an
interest in medicine, including its history and the cultural
context it works within. James Miller, president of the New York
Academy of Medicine which sponsored the lectures, states in his
brief "Introduction" that this leading medical organization "has
long recognized as an obligation the interpretation of the
progress of medical knowledge to the public." The lectures
collected here succeed admirably in fulfilling this obligation.
The authors are all doctors, most specialists in different areas
of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within
the Memory of Man," is a consulting roentgenologist at New York's
Fifth Avenue Hospital. Harrison Stanford Martland is a professor
of forensic medicine at New York University College of Medicine.
Many readers will undoubtedly find his lecture titled "Dr. Watson
and Mr. Sherlock Holmes" the most engrossing one. Other
doctorauthors are more involved in academic areas of medicine and
teaching. Reginald Burbank is the chairman of the Section of
Historical and Cultural Medicine at the New York Academy of
Medicine. He lectured on "Medicine and the Progress of
Civilization." Raymond Pearl, whose selection is "The Search for
Longevity," is a professor of biology at Johns Hopkins
University.

The authors' high professional standing and involvement in
specialized areas do not get in the way of their aim to speak to
a general audience. They are all skilled writers and effective
communicators. As the titles of some of the lectures noted in the
previous paragraph indicate, the seven selections of "Landmarks
in Medicine" focus on the human-interest side of medicine rather
than the scientific or technological. Even the two with titles
which seem to suggest concern with technical aspects of medicine
show when read to take up the human-interest nature of these
topics.

"The Meaning of Medical Research", by Dr. Alfred E. Cohn of the
Rockefeller Institute for Medical Research, is not so much about
methods, techniques, and equipment of medical research, but is
mostly about the interinvolvement of medical research, the
perennial concern of individuals with keeping and recovering good
health, and social concerns and pressures of the day. "The
meaning of medical research must regard these various social and
personal aspects," Cohn writes. In this essay, the doctor does
answer the questions of what is studied in medical research and
how it is studied. And he answers the related question of who
does the research. But his discussion of these questions leads to
the final and most significant question "for what reason does the
study take place?" His answer is "to understand the mechanisms at
play and to be concerned with their alleviation and cure." By
"mechanisms," Cohn means the natural -- i. e., biological --
causes of disease and illness. The lay person may take it for
granted that medical research is always principally concerned
with finding cures for medical problems. But as Cohn goes into in
part of his lecture, competition for government grants or
professional or public notoriety, the lure of novel
experimentation, or research mainly to justify a university or
government agency can, and often do, distract medical researchers
and their associates from what Cohn specifies should be the
constant purpose of medical research. Such purpose gives medicine
meaning to humankind.

The second lecture with a title sounding as if it might be about
a technical feature of medicine, "X-ray Within the Memory of
Man," is a historical perspective on the beginnings of the use of
x-ray in medicine. Its author Lewis Cole was a pioneer in the
development of x-rays in the late 1800s and early1900s. He mostly
talks about the development of x-ray within his memory. In doing
so, he also covers the work of other pioneers, notably William
Konrad Roentgen and Thomas Edison. Roentgen was a "pure
scientist" who discovered x-rays almost by accident and at first
resented the application of his discovery to practical uses such
as medical diagnosis. Edison, the prodigious inventor who was
interested only in the practical application of scientific
discoveries, and his co-worker Clarence Dally enthusiastically
investigated the practical possibilities of the discoveries in
the new field of radiation. Dally became so committed to his work
in this field that he shortly developed an illness and died. At
the time, no one knew about the dangers of prolonged exposure to
x-rays. But sensing some connection between his co-worker's
untimely death and his work with x-rays, Edison stopped his own
investigations.

Cole himself became involved in work with x-rays during his
internship at Roosevelt Hospital in New York City in 1898 and
1899. His contribution to this important field was in the area of
interpretation of what were at the time primitive x-rays and
diagnosis of ailments such as tuberculosis and kidney stones.
Cole writes in such a way that the reader feels she or he is
right with him in the steps he makes in improving the use of x-
rays. He adds drama and human interest to the origins of this
important medical technology. The lecture "Dr. Watson and Mr.
Sherlock Holmes" uses the popular mystery stories of Arthur Conan
Doyle to explore the role of medicine in solving crimes,
particularly murder. In some cases, medical tests are required to
figure out if a crime was even committed. This lecture in
particular demonstrates the fundamental role played by medicine
in nearly all major areas of society throughout history. The
seven collected lectures have broad appeal. All of them are
informative and educational in an engaging way. Each is on an
always interesting topic taken up by a professional in the field
of medicine obviously skilled in communicating to the general
reader. The authors seem almost mind readers in picking out the
most fascinating aspects of their subjects which will appeal to
the lay readers who are their intended audience. While meant
mainly for lay persons, the lectures will appeal as well to
doctors, nurses, and other professionals in the field of medicine
for putting their work in a broader social context and bringing
more clearly to mind the interests, as well as the stake, of the
public in medicine.



                            *********

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
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Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
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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
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                            *********


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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                 * * * End of Transmission * * *