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

                           E U R O P E

          Thursday, November 2, 2017, Vol. 18, No. 218


                            Headlines


B U L G A R I A

EUROHOLD BULGARIA: Fitch Assigns 'B' LT Issuer Default Rating


D E N M A R K

WELLTEC A/S: S&P Cuts CCR to B- on Slow Recovery, Outlook Stable
WELLTEC A/S: Moody's Affirms B2 CFR, Outlook Negative


F I N L A N D

NOKIA: Sufficient Cash Flow Key to Positive Rating, Fitch Says


F R A N C E

FAURECIA SA: Moody's Revises Outlook to Pos., Affirms Ba2 CFR
TECHNICOLOR SA: S&P Affirms 'BB-/B' CCR, Outlook Negative


G E R M A N Y

AIR BERLIN: German Court Opens Insolvency Proceedings
CERAMTEC SERVICE: S&P Places 'B' CCR on CreditWatch Negative
K+S AG: Moody's Revises Outlook to Negative, Affirms Ba1 CFR
TECHEM GMBH: S&P Alters Outlook to Positive on Solid Performance


I R E L A N D

HARVEST CLO IV: Fitch Affirms B+ Rating on Class E-2 Notes


I T A L Y

ALBA 9: Moody's Assigns Ba2(sf) Rating to Class C Notes
BORMIOLI PHARMA: Moody's Assigns B2 CFR, Outlook Stable
BORMIOLI PHARMA: S&P Assigns Prelim 'B' CCR, Outlook Stable
MOSSI GHISOLFI: Chemicals Unit File for U.S. Bankruptcy


K A Z A K H S T A N

KAZAKHTELECOM JSC: S&P Raises CCR to 'BB+', Outlook Stable


M A C E D O N I A

FENI INDUSTRIES: Creditors File Bankruptcy Motion in Veles Court


N E T H E R L A N D S

JUBILEE CLO 2017-XIX: Moody's Assigns (P)B2 Rating to Cl. F Notes


N O R W A Y

NORSKE SKOG: S&P Cuts 2021/2023 Notes Rating to 'D'
RENONORDEN ASA: Bankruptcy Opened, Shares to Be Delisted Today


R U S S I A

ACRON PJSC: Fitch Corrects October 25 Rating Release
MOBILE TELESYSTEMS: Fitch Keeps BB+ IDR on Rating Watch Negative
SISTEMA PUBLIC: Fitch Keeps BB- IDR on Rating Watch Negative


S P A I N

LSFX FLAVUM: S&P Assigns 'B' CCR, Outlook Stable


T U R K E Y

GLOBAL LIMAN: Fitch Affirms BB- Rating on US$250-Mil. Sr. Notes


U N I T E D   K I N G D O M

BUY AS YOU VIEW: Administrators in Talks with Potential Buyers
HONOURS PLC: Fitch Lowers Rating on Class B Notes to 'BB-sf'
IRON MOUNTAIN: S&P Rates New GBP400MM Sr. Unsecured Notes 'BB-'
MONARCH AIRLINES: Owner Has Moral Obligation Over Passenger Costs


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B U L G A R I A
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EUROHOLD BULGARIA: Fitch Assigns 'B' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned Euroins Romania Asigurare Reasigurare
SA (Euroins Romania) an Insurer Financial Strength (IFS) rating
of 'BB-', and Eurohold Bulgaria AD (Eurohold) a Long-Term Issuer
Default Rating (IDR) of 'B'. The Outlooks are Stable. The agency
has simultaneously assigned Eurohold's EUR200 million euro medium
term note (EMTN) programme ratings of 'B'/'RR4'.

KEY RATING DRIVERS
The IDR reflects Fitch's assessment of Eurohold's capitalisation,
leverage and debt servicing capabilities as weak. This is partly
offset by the group's improving financial performance, which
Fitch assess as moderately weak.

Eurohold's consolidated financial leverage ratio (FLR) improved
to 90% as at end-1H17 from 94% at end-2016. Fitch expects the FLR
to fall below 70% by end-2017, mainly due to Eurohold's intended
BGN52 million capital injection in 4Q17. Fitch FLR calculation
excludes goodwill created through internal restructurings as well
as goodwill related to the group's non-insurance related
operations.

Fitch's assessment of Eurohold's consolidated capitalisation at
end-2016, as measured by Fitch Prism Factor Based Model ('Prism
FBM'), is 'Weak'. The Solvency II (S2) ratio of Euroins Insurance
Group (EIG), Eurohold's insurance business, was 143% at end-1H17.
The S2 ratios of the main insurance operating entities Euroins
Romania, and Insurance Company Euroins AD were below this level.

Eurohold's fixed charge cover (FCC) ratio, excluding realised and
unrealised gains, improved to 0.9x at end-2016 from -5.7x at end-
2015. However, levels below 1x indicate that debt servicing costs
still exceed pre-tax operating earnings. Fitch expect FCC to
improve as interest expenses fall mainly as a result of the
group's deleveraging plans.

Eurohold's profitability has been volatile in the past five
years, exacerbated by a BGN87.6 million one-off reserve
strengthening in 2015. However, earnings stabilised in 2016 with
all business segments posting positive EBITDA. EIG's consolidated
combined ratio improved to 99% (2015: 137%), driven by a strong
performance at Euroins Romania, which benefited from strong
premium increases, disciplined underwriting and improved claims
management efficiency.

Fitch assesses Eurohold's business profile as good. EIG holds
strong market positions in its core Romanian and Bulgarian non-
life insurance markets, especially in the motor third-party
liability segment. These strengths are offset by the group's
small size and limited diversification by business line.

EIG strengthened its insurance reserves in 2015, following a
series of regulatory balance sheet reviews, which were
subsequently reviewed by independent actuarial experts. However,
Fitch assessment of reserving is moderately weak, owing to a
limited track record of the group's improved reserving practices.

Fitch applied a tailored recovery analysis for the group, which
resulted in a bespoke Recovery Rating to replace the baseline
recovery assumption for debt obligations of the issuer. The
recovery analysis, based on a going concern approach, resulted in
a Recovery Rating of 'RR4' for senior unsecured debt issued under
Eurohold's EMTN programme. As a result Eurohold's EMTN debt
programme rating is aligned to the group's IDR.

It should be noted that debt ratings are assigned to the
programme and not to the notes issued under the programme. There
is no assurance that notes issued under the programme will be
assigned a rating, or that the rating assigned to a specific
issue under the programme will have the same rating as the rating
assigned to the programme.

RATING SENSITIVITIES
Eurohold's IDR could be downgraded if the group fails to maintain
profitability on a net income basis, or if its FCC ratio falls
below zero.

The rating could also be downgraded if one of the S2 ratios at
the group's main insurance operating subsidiaries falls below
100%, or if the FLR fails to remain below 70%.

The rating could be upgraded if Fitch assessment of capital
strength, as measured by Prism FBM, improves to 'Somewhat Weak',
and if the FCC ratio improves to above 1.5x for a sustained
period.


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D E N M A R K
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WELLTEC A/S: S&P Cuts CCR to B- on Slow Recovery, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Denmark-based oil and gas well technology provider Welltec A/S
to 'B-' from 'B'. The outlook is stable.

S&P said, "We also lowered to 'B-' from 'B' our issue rating on
Welltec's $325 million senior secured notes due February 2019.
The recovery rating on the notes remains '3', indicating
expectations for meaningful recovery (50%-70%; rounded estimate:
50%) in the event of payment default.

"The downgrade reflects a slower-than-expected recovery in
Welltec's business after the stabilization of oil prices at
around $50 per barrel. While we see positive momentum in the
number of contracts the company has signed since the beginning of
the year, it has yet to reach the number of jobs it saw in 2013
and 2014, and it is feeling pressure on margins.

"Under our base-case scenario, we expect adjusted EBITDA of about
$52 million (equivalent to reported EBITDA of $55 million) in
2017, compared with our previous expectation of about $60
million. In 2018, we expect adjusted EBITDA to improve to about
$65 million. In addition, we now forecast slightly negative free
operating cash flow (FOCF) in 2017, reaching breakeven in 2018.
At the same time, we take into account that FOCF reflects the
company's decision to maintain a high level of capital
expenditure (capex)."

Welltec operates mainly in the well intervention space, where
robotic intervention is a niche sector in the oil-field services
industry. The company offers robotic technology to replace
conventional services, offering reduced costs and new solutions.
Welltec has two divisions: Well Intervention Services, today
representing about 90% of revenues, and Well Completion
Solutions(10%). S&P said, "While we haven't changed our view on
the company's medium- and long-term growth prospects, we believe
that demand for the services and the impact of cost-cutting
pressure in the oil and gas industry will be felt by Welltec. We
understand that Welltec competes with some of the industry
majors, such as Schlumberger Ltd. and Baker Hughes, who offer a
wider spectrum of services. In our view, the technological edge
of Welltec's products, as well as some geographic
diversification, should translate into more sound growth rates,
and somewhat more immunity to the cyclicality of the industry
compared with peers."

In order to deal with the uncertainty in the market, the company
has taken two decisions:

-- Automation of its production lines, leading to a reduction of
    staff by 50%. This important change allows the company to
    maintain the option to increase production as the market
    picks-up, with limited additional costs.

-- Further investment in development of new features. S&P
    understands that the company intends to invest about $30
    million in the coming years, well above its maintenance
    levels.

S&P said, "The stable outlook reflects our expectation for a
gradual improvement in market conditions, leading to improved
results in 2018.

"Under our base-case scenario, we expect the company to report
adjusted EBITDA of at least $65 million (equivalent to a reported
EBITDA of $70 million) in 2018 and neutral FOCF."

Moreover, the outlook assumes Welltec will proactively address
its debt maturities and maintain
adequate liquidity.

In S&P's view, a downgrade could occur if it was to classify the
company's capital structure as unsustainable or if it saw
pressure on liquidity. At this stage, the following scenario
could translate into a lower rating: A failure to complete the
refinancing of the $325 million senior notes due February 2019 in
the coming months. Slower demand than currently expected for the
company's services, leading to negative FOCF and to an increase
in the debt position.

Over the medium term, a reassessment of the company's business
risk profile could also lead to pressure on the rating. This
could happen if the company wasn't able to increase its market
share and if competitors made progress in closing the
technological gap.

An upgrade could be driven by an improvement in the market
conditions, leading to a material pick-up in demand for the
company's services. In such a scenario, S&P would expect adjusted
debt to EBITDA improving to 5.0x, accompanied by materially
positive FOCFs and adequate liquidity.


WELLTEC A/S: Moody's Affirms B2 CFR, Outlook Negative
-----------------------------------------------------
Moody's Investors Service has affirmed the B2 Corporate Family
Rating (CFR) and B2-PD the Probability of Default Rating of
Welltec A/S. At the same time, Moody's affirmed the company's
senior secured notes due 2019 at B2. The outlook on all ratings
is negative.

RATINGS RATIONALE

"The affirmation of the CFR at B2 reflects Moody's view that
Welltec should return to growing its EBITDA and begin to reduce
leverage within the next 12-18 months, despite recent challenges
resulting from the severe downturn of the oil field services
industry", says Hubert Allemani, a Moody's Vice President --
Senior Analyst and lead analyst for Welltec. "This should allow
the company to show a deleveraging towards 5.5x next year from
6.1x expected for this year, which would be more in line with
what is expected for a B2 rating" added Mr Allemani.

While Moody's expects the oil field services industry to remain
challenging next year, the rating agency believes that Welltec
will be able to capitalize on its technologically advanced well
management product offering to capture additional market share
and grow its Moody's adjusted EBITDA. Moody's estimates that
Welltec's EBITDA will slightly grow in 2018 towards $65 million
from around $60 million this year, benefitting from improved
market sentiment with a more stable oil price.

Welltec's Moody's adjusted EBITDA declined sharply over the last
two years to $65 million in 2016 from the high of $141 million in
2014. While EBITDA on an absolute value has declined, the
company's EBITDA margin did not fall as much and remained high at
around 34% at the end of 2016, compared to 41% in 2014 before the
downturn in the industry. The resilience of Welltec's margin is
due to a combination of high technological product mix that
attracts oil companies as they can extract more value out of
existing wells while keeping their cost base low, and cost
reductions measures implemented since 2015.

Welltec's rating remains constrained by its high Moody's adjusted
leverage that the rating agency expects to be at 6.1x at the end
of this year compared to 5.4x at the end of 2016. While the
amount of gross debt is stable year on year, the decline in
Moody's adjusted EBITDA results in this high leverage ratio,
which Moody's believes is likely to have reached a peak this year
before improving in 2018 towards 5.5x.

Moody's expects Welltec to be approximately $10 million free-cash
flow (FCF) negative this year before benefitting from the
improved EBITDA and return to positive FCF in 2018 at around $10
million. Welltec's cash generation remains limited, constraining
the build up of cash and deleveraging on a net debt basis. This
creates vulnerability around the rating.

Welltec's B2 CFR primarily reflects: (1) the company's leading
technological advantage in robotics for well intervention
resulting in leading market share in that segment; (2) strong
geographical diversification with revenues from both on shore and
offshore markets; (3) long lasting relationship with its
customers who are well spread between international oil
companies, national oil companies and independent E&Ps; and (4)
high EBITDA margin for the sector, which compares favourably
versus peers.

The CFR rating is constrained by: (1) limited scale particularly
when compare to competition from larger oilfield services
specialists; (2) exposed to current low expenditure levels from
the oil companies, particularly with persistent low prices; (3)
declining revenues and profitability since 2015 with limited
visibility of a meaningful recovery; and (4) high leverage of
6.1x expected for this year.

LIQUIDITY

Moody's views Welltec's liquidity as adequate supported by cash
on balance sheet of approximately EUR44 million at the end of
June 2017. The company's liquidity is further supported by the
EUR40 million revolving credit facility (RCF), undrawn at the end
of June 2017.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the challenging operating
environment with expectations of prolonged low oil prices until
at least 2018/2019. The sector remains exposed to high
competition level for new contracts and pressure from customers
to keep prices low.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the still challenging industry conditions and limited
revenue visibility, Moody's considers any upgrade unlikely in the
short term. However, the rating could be upgraded if (1)
Welltec's EBITDA restart to exhibit sustained growth; (2) Moody's
adjusted debt to EBITDA falls below 4.0x; (3) company's liquidity
remains adequate and supported by positive free cash flow.

Downward ratings pressure could occur if (1) Moody's adjusted
debt to EBITDA remains above 5.5x on a sustained basis; (2)
liquidity position of the company becomes weak, notably with the
company being free cash flow negative.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Headquartered in Denmark, Welltec A/S is a leading provider of
robotic well intervention services and is an innovator in various
well completion products and solutions for the oil, gas and
geothermal energy industries. Its ultimate owners are Mr. Joergen
Hallundbaek and two private family investment funds, Exor and 7
Industries. For the twelve months ended September 30, 2017,
Welltec had revenues and EBITDA of approximately $174 million and
$60 million, respectively.


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F I N L A N D
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NOKIA: Sufficient Cash Flow Key to Positive Rating, Fitch Says
--------------------------------------------------------------
Nokia's weak near-term outlook for its networks business reflects
a downturn in telecom sector spending already factored into
Fitch's rating case for the company. The future path of its
'BB+'/Positive rating is most likely to be determined by whether
it can generate sufficient free cash flow through the cycle,
achieve its restructuring cost savings targets, and maintain a
solid cash position while managing multiple technology
transitions.

Nokia's non-IFRS revenue fell 4% in the first nine months of
2017, in line with Fitch expectation for a 4% full-year decline
when Fitch affirmed the rating in August. The company said it
expects its primary addressable market to decline by 2% to 5%
next year. But Fitch expect an improving performance from its
intellectual property (IP) business to partially offset this, as
very high-margin, run-rate revenues in the division will reach
EUR1.1 billion-1.2 billion in 2017, roughly double the 2014 level
of EUR578 million. Non-IFRS revenue in 2018 is therefore likely
to be slightly worse than Fitch base case of a 2% decline if
Nokia's addressable market shrinks towards the higher end of its
guidance.

The telecoms equipment market is volatile and performance is
driven by the investment cycle of major telecom companies. Demand
has weakened recently as telecom companies' spending on 4G
equipment in developed markets has fallen and as they have also
slowed the roll-out of fibre networks. Fitch base-case scenario
envisages Nokia's revenue stabilising over the next two to three
years as declines in its traditional business are offset by
growth in new customer segments and software-based products and
applications.

But a return to growth will take longer, as it is likely to
require at least three to five years for mobile network operators
to start making significant investments in next-generation 5G
technologies and for Nokia to shift its product mix so that it is
less affected by its declining traditional business. Nokia
expects commercial 5G rollouts to start in 2019.

Nokia's recurring cash flow margin position when the contraction
in its primary addressable market halts will be key to its
rating. If Nokia is able to maintain positive free cash flow
helped by restructuring cost savings, its market position, strong
cash balance, stable IP revenues and strategy for managing
changes in the network sector would all be compatible with a low
investment-grade rating.

Fitch believes there is a good probability of this happening,
resulting in the Positive Outlook on the rating. But the
restructuring and market contraction create uncertainty and Fitch
will need to see further evidence that it is on track before
considering an upgrade.

The restructuring follows the acquisition of Alcatel Lucent,
which expanded Nokia's mobile networks business to include fixed-
line network equipment. Fitch believe this expanded portfolio
means Nokia is now much better positioned in relation to the
trend of greater convergence between fixed and mobile networks
and IP and cloud services.

These trends also mean that telecom networks will become as
reliant on software as they are on hardware to achieve optimal
performance. This will open the sector up to greater competition
from software companies, but Fitch believes its hardware
background will give Nokia an advantage as it makes this
transition.


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F R A N C E
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FAURECIA SA: Moody's Revises Outlook to Pos., Affirms Ba2 CFR
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Faurecia SA (Faurecia) to positive from stable. Concurrently,
Moody's affirmed the Ba2 corporate family rating (CFR), the Ba2-
PD probability of default rating and the Ba3 senior unsecured
instrument ratings.

"The change of Faurecia's outlook to positive reflects the
company's continued improvements in its operating performance
over the last two years, which has resulted in profitability and
leverage metrics at the level of Moody's triggers that need to be
sustainably achieved for a rating upgrade. Moreover, Moody's
expect that the company will be able to achieve credit metrics
commensurate with Moody's requirements for an upgrade within the
next 6-12 months," says Matthias Heck, a Moody's Vice
President -- Senior Analyst and Lead Analyst for Faurecia.

List of affected ratings:

Affirmations:

Issuer: Faurecia SA

-- Corporate Family Rating, Affirmed Ba2

-- Probability of Default Rating, Affirmed Ba2-PD

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

Issuer: Faurecia SA

-- Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Faurecia's Ba2 Corporate Family Rating (CFR) reflects as
positives: (a) the large size of the group, which positions it as
one of the 10 largest global automotive suppliers; (b) its strong
market position with a leading market share in seating, emission
control technologies and interiors; (c) long-standing
relationships across a diversified number of original equipment
manufacturers (OEMs); and (d) positive exposure to key industry
themes (emissions reduction, light weighting and autonomous
driving) that supports revenue growth above light vehicle
production.

The rating also balances offsetting negative considerations,
including: (a) significant exposure to OEM production which is
highly cyclical and subjects the company to the manufacturers
bargaining power; (b) limited exposure to aftermarket activities,
which are typically more stable and at higher margin; (c) weak,
albeit improving profitability (EBITA margin for LTM ended
06/2017 was 4.6% (5.3% excluding monoliths according to Moody's
calculation) compared with 3.8% in 2015 (4.4% excluding
monoliths); (d) limited free cash flow (FCF) generation.

Overall, Faurecia's rating is strongly positioned in its rating
category. Leverage (2.8x at LTM June 2017as measured by debt /
EBITDA) and EBITA margins improved to the level of Moody's
guidance for an upgrade. This is, however, partially offset by
the group's weak FCF generation (3.1% FCF / debt at LTM ended
06/2017). Nevertheless, Moody's expect FCF to further improve
during H2 2017.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook incorporates Moody's expectation that
Faurecia will continue to improve its profitability, further
strengthen its leverage and build on the solid improvements the
group has shown over the last two years. Moody's anticipates a
continued strengthening of Faurecia's credit quality and buildup
of some headroom for bolt-on acquisitions to support growth in
strategic areas.

WHAT COULD CHANGE THE RATINGS DOWN/UP

Moody's would consider a positive rating action should Faurecia
sustainably achieve EBITA margins well above 5% (4.9% in 2016 and
5.3% in LTM 06/2017 both excluding monoliths), if it further
improves FCF generation (EUR118 million in LTM 06/2017),
indicated by FCF/debt of around mid-single digits (3.1% during
LTM 06/2017) through the cycle and if the company can manage its
leverage ratio to a level materially below 3.0x debt/EBITDA on a
sustainable basis (2.8x in LTM 06/2017). An upgrade would also
require Faurecia to maintain at least its adequate liquidity
profile.

The rating incorporates the expectation that profitability can be
further strengthened and FCF generation will remain positive.
However, any indication, that this cannot be achieved, indicated
for instance by EBITA margin approaching 3% or recurring negative
free cash flow, would put downward pressure on the ratings.
Moody's would also consider downgrading Faurecia's ratings if its
leverage ratio increases to a level of sustainably above 3.5x
debt/EBITDA. Likewise, a weakening liquidity profile or a
tightening of covenant headroom could result in a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Headquartered in Paris, France, Faurecia SA is one of the world's
largest automotive suppliers for seats, exhaust systems and
interiors. In 2016, value added sales (excluding monoliths)
amounted to EUR15.6 billion.

Faurecia is listed on the Paris stock exchange and the largest
shareholder is Peugeot S.A. (PSA), which holds 46.3% of the
capital and 63.1% of the voting rights (data as of 30 June 2017).
The remaining shares of Faurecia are in free float.


TECHNICOLOR SA: S&P Affirms 'BB-/B' CCR, Outlook Negative
---------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB-/B' long- and
short-term corporate credit ratings on France-based technology
company Technicolor S.A. The outlook is negative.

S&P said, "The affirmation follows our review of the ratings, in
which we also reversed the hybrid debt adjustment we applied on
April 24, 2017, related to Technicolor's EUR500 million perpetual
subordinated notes. When the company restructured its debt in
2011, the notes lost their debt-like characteristics because the
instrument could no longer absorb any losses. From that time,
therefore, the notes were no longer hybrid instruments and we
should have treated them fully as equity. We are today correcting
this error by retroactively removing the hybrid debt adjustment
that we introduced on April 24, 2017, to reflect the 15% group
adjusted capitalization ceiling as per our hybrid criteria.

"This correction has no impact on our ratings on Technicolor.
However, it reduces our adjusted debt figure by about EUR250
million annually, leading to stronger forecast credit metrics
than in our previous base case. We now anticipate that our
adjusted ratio of debt to EBITDA will increase temporarily to
3.2x in 2017 (previously 3.7x), before improving toward 2.5x in
2018. Moreover, we forecast free operating cash flow (FOCF) to
debt will strengthen toward 20% in 2018 from about 13% this year.
We have maintained our negative outlook because of the expected
weakening of credit metrics as of year-end 2017. What's more, we
factor in continued uncertainty regarding the cost of memory
chips used in Technicolor's Connected Home segment, and
customers' likely spending on set-top boxes.

"We affirmed our 'BB-' rating because we forecast that
Technicolor's operations and credit metrics will rebound in 2018
from a trough in 2017. This is because we expect the Connected
Home segment's profitability will recover in 2018, leveraging on
Technicolor's No. 2 position worldwide, its main customers' dual-
vendor approach, and the record number of new contracts in 2016,
which will start contributing to revenues in 2018. In addition,
we continue to believe that the group will benefit from an
increase in licensing agreements based on its strong patent
portfolio. We also expect that continued sound performance of the
group's visual-effect and post-production activities, and a
better product mix favoring higher-margin Blu-ray, will offset
the gradual and structural decline of the DVD business.

"The negative outlook reflects that we could downgrade
Technicolor by one notch in the next 12 months if its EBITDA
deteriorates further in 2018. This could follow additional price
increases for memory chips, order cancellations in the Connected
Home segment, or weaker demand in other segments. EBITDA
deterioration could also result from materially lower cost
synergies or higher-than-expected restructuring costs, among
other factors.

"We could lower the rating if we anticipated revenue decline or
further pressure on the EBITDA margin, such that we expect
adjusted debt to EBITDA and FOCF to debt will remain consistently
above 3x and below 15%, respectively.

"We could revise our outlook to stable if adjusted debt to EBITDA
was in the 2x-3x range and FOCF to debt was sustainably above
15%, while the liquidity position remained at least adequate.
This could occur if memory chip prices stabilized and Technicolor
was able to sign contracts with its customers based on revised
prices, somewhat mitigating the increase in costs."


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G E R M A N Y
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AIR BERLIN: German Court Opens Insolvency Proceedings
-----------------------------------------------------
Air Berlin PLC disclosed that the local district court of
Berlin-Charlottenburg on Nov. 1 opened insolvency proceedings
over the assets of Air Berlin PLC as well as the assets of Air
Berlin PLC & Co. Luftverkehrs KG and airberlin technik GmbH and
ordered debtor-in-possession proceedings in all of the three
proceedings.

                        About Air Berlin

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

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

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

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

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


CERAMTEC SERVICE: S&P Places 'B' CCR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings said that it placed its 'B' long-term
corporate credit on CeramTec Service GmbH on CreditWatch with
negative implications.

S&P said, "We affirmed the issue rating on the senior secured
debt at 'B' and the recovery rating of '3' is unchanged,
indicating our expectations for meaningful recovery prospects
(50%-70%, rounded estimate 65%) in the event of a payment
default. We also affirmed our 'CCC+' issue ratings on the senior
unsecured notes and the '6' recovery rating is unchanged,
reflecting the subordinated position of the debt in the capital
structure."

The issue and recovery ratings will be subsequently refinanced
and withdrawn when the transaction is executed.

The CreditWatch placement follows the announcement that private
equity sponsor Cinven entered into an agreement with BC Partners
to sell CeramTec for EUR2.6 billion. S&P said, "We do not
currently have detailed information on the planned transaction
and future financial policy. We assume that the current capital
structure will be replaced and that the new capital structure
will carry higher financial debt. This could lead to a debt to
EBITDA ratio of more than 8x -- including S&P Global Ratings'
adjustments, such as operating leases and post-retirement benefit
obligations. At the same time, we believe that liquidity will
remain adequate under the new capital structure.

"Our base case assumes that CeramTec will continue to deliver
about 3%-5% of sales in 2017 and 2018 due to stronger volume
growth in the medical segment, recovery momentum in the
industrial division, and the acquisition of the Morgan Electro
Ceramics business completed in 2017. In the health care equipment
sub-sector we expect moderate top-line industry growth to be
supported by favorable demographic trends -- increasing emerging
market penetration -- and a steady pace of technological
innovation. We see this as offset by some pricing constraints
stemming from margin pressure at CeramTec's hospital customers; a
continued shift from volume to value; and initiatives to
accelerate the pace of regulatory approvals, which incrementally
increases competition. CeramTec has consistently delivered
relatively stable reported EBITDA margins of around 30%, which,
on average, is in line with the peers in the health care
equipment industry. We expect the company to maintain its
reported EBITDA margin above 30% as operational efficiency
measures and the transferral of the product mix toward the faster
expanding medical division, offset continued pricing pressure.

"We do not anticipate that the buyout will have any impact on our
assessment of CeramTec's business risk profile. We recognize the
company's leading market position in the niche ceramic hip
implant components market; its presence in diversified industrial
markets; and its track record of solid profitability, which is
supported by CeramTec's flexible cost structure and focus on cost
management. We anticipate that pricing in the U.S. and European
health care markets will remain challenging, mainly because of
public funding pressure. The group's sensitivity to macroeconomic
weakness is further exacerbated by the fact that the auto
sector -- characterized by its cyclicality and price pressure on
component suppliers -- dominates CeramTec's industrial segment
end-markets.

"The negative CreditWatch placement reflects the uncertainty
regarding CeramTec's new capital structure under BC Partners' new
ownership. If the capital structure carried notably more debt,
this would lead to weaker credit metrics below levels that we see
as commensurate with a 'B' rating. We previously defined funds
from operations cash interest remaining constantly above 2.0x as
commensurate with this rating level. Depending on the new capital
structure and financial policy, we might define different credit
ratios and levels.

"We aim to resolve the CreditWatch within the next three months
after the buyout is complete and once we have reviewed the final
capital structure and financial policy. We could lower our rating
on CeramTec by one notch following the transaction completion."


K+S AG: Moody's Revises Outlook to Negative, Affirms Ba1 CFR
------------------------------------------------------------
Moody's Investors Service changed the outlook on all ratings of
K+S AG (K+S) to negative from stable. Concurrently, Moody's
affirmed the company's Ba1 corporate family rating (CFR), Ba1-PD
probability of default rating (PDR) and Ba1 rating assigned to
its EUR500 million senior unsecured bond maturing in June 2022.

RATINGS RATIONALE

The change of outlook to negative is prompted by the updated
guidance provided by management during the recent presentation of
its new "Shaping 2030" strategy, which foresees that K+S will not
return to positive free cash flow until 2019. Moody's notes that
the inability of the German potash and salt producer to reduce
debt in the near term, will prevent any meaningful balance sheet
deleveraging and delay the recovery in financial metrics that is
required to underpin its Ba1 rating.

In 2016-17, K+S's operating results significantly weakened at a
time when it incurred further substantial capital spending to
complete the Bethune plant (formerly Legacy Project) in Canada,
which started commercial production in June 2017. This led to a
significant increase in debt leverage including Moody's adjusted
total debt to EBITDA rising to 5.9x at the end of Q2 2017, and
left K+S's financial metrics weakly positioned relative to
Moody's guidance for the rating.

In the past eighteen months, K+S's results have been affected by
the low pricing environment prevailing in the global potash
markets, as its realised selling price averaged EUR253 per tonne
compared to EUR291 in 2014-15. In addition, K+S experienced
unexpected production outages due to restrictions on the disposal
of saline wastewater at its integrated Werra site, which accounts
for around 45% of its annual production capacity located in
Germany. This particularly impacted the high-margin specialties
business and overall, contributed to depress EBITDA by
approximately EUR240 million in total during FY 2016 and Q1 2017.
Also, start-up costs related to the new Bethune plant further
weighed on profitability, while K+S's salt unit was affected by
mild winters in North America and Europe.

As a result, K+S reported substantially lower EBITDA of EUR463
million in the last twelve months (LTM) to June 2017 compared to
an average of approximately EUR1.0 billion p.a. in the five-year
period 2011-15. Despite a much reduced cash dividend pay-out of
EUR57 million (v. EUR220 million in 2016), this translated into
weaker retained cash flow, which combined with sustained capex of
EUR1.1 billion resulted in negative free cash flow (FCF) of
EUR671 million in the same period.

Looking ahead, the agreement concluded by the major potash
suppliers with Chinese and Indian customers in July on new
contract prices for potassium chloride including freight of $230
and $240 per tonne, respectively (equivalent to increases of $11
and $13 against the previous year) should provide some market
stability and support the assumption of slightly higher year-on-
year average realised prices built into K+S's public guidance for
FY 2017. Significant increases in volumes in the European de-
icing salt business and continuous expansion in the non de-icing
sector should also mitigate the effect of high de-icing salt
inventories in the US. All in all, Moody's believes that K+S
should be able to meet its guidance of FY 2017 EBITDA of between
EUR560-660 million, albeit more likely the bottom half of the
range.

However, Moody's expects that annual capex of around EUR900
million combined with some working capital build-up related to
the new Bethune operations will lead K+S to report further
substantial negative FCF in FY 2017. This will result in some
further increase in debt in H2 2017, and incremental pressure on
its leverage metrics. At year-end 2017, Moody's projects total
debt to EBITDA to be close to 5.4x.

Expecting capacity additions to outgrow demand growth, Moody's
does not forecast any meaningful recovery in global potash prices
in 2018-19, and cautions that renewed downward pressure may arise
in the absence of some suppliers' discipline. Nevertheless, K+S's
future operating profitability and cash flow should get a fillip
from Bethune's incremental production, while annual capex is
projected to fall back to a normalised level of around EUR600
million.

While a slower than initially expected production ramp-up at
Bethune combined with the recent weakening in the US dollar are
likely to keep K+S negative FCF in FY 2018, a rebound in
operating profitability (with EBITDA back above EUR800 million
according to Moody's estimate) should result in some modest
recovery in leverage metrics from the 2017 levels; Moody's
projects total debt to EBITDA to be just around 4.2x at year-end
2018.

However, the stabilisation of the outlook will require a
sustained improvement in the group's operating profitability over
the next 12-18 months. Combined with declining capex, this should
allow K+S to return to positive FCF after dividends in FY 2019,
start reducing debt and bring its financial metrics back in line
with the Ba1 rating, including Moody's adjusted total debt to
EBITDA below 4.0x.

WHAT COULD MOVE THE RATING UP OR DOWN

The Ba1 rating could be downgraded should renewed downward
pressure on potash prices and/or lower than expected production -
due to the Werra environmental issues and/or further delays in
Bethune ramp-up - prevent K+S from returning to positive free
cash flow and starting reducing debt in 2019, so that Moody's
adjusted total debt to EBITDA falls back below 4.0x and retained
cash flow (RCF) to total debt rises into the teens in percentage
terms.

Although unlikely in the near term considering the negative
outlook, significant strengthening in K+S's operating profit and
cash flow in the context of the successful execution of its
"Shaping 2030" strategy, which would result in some permanent
debt reduction and sustained improvement in financial metrics
(including RCF to total debt above 25% and total debt to EBITDA
below 3.0x), could lead to a rating upgrade.

PRINCIPAL METHODOLOGY

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

Headquartered in Kassel, Germany, K+S AG is one of the world's
leading potash fertiliser producers and the world's largest salt
producer. The company operates six potash mines in Germany and
the recently commissioned Bethune plant in Saskatchewan, Canada,
as well as numerous salt mines in Europe, North and South
America. In the LTM to June 2017, K+S reported revenues from
continuing operations of EUR3.5 billion and EBITDA of EUR463
million.


TECHEM GMBH: S&P Alters Outlook to Positive on Solid Performance
----------------------------------------------------------------
S&P Global Ratings said it has revised its outlook to positive
from stable on Techem Energy Metering Service GmbH & Co. KG
(Techem) and its subsidiary Techem GmbH.

S&P said, "At the same time, we affirmed our 'BB-/B' long- and
short-term corporate credit ratings on both entities.

"We also affirmed our 'BB-' issue rating on the EUR150 million
revolving credit facility (RCF) and the EUR1.6 billion term loan
B. The recovery rating is '3', indicating our expectation of
meaningful recovery prospects (50%-70%; rounded estimate: 50%) in
the event of a payment default."

The outlook revision reflects Techem's continued solid operating
performance with the group's EBITDA margin reaching close to 40%
in 2017. S&P said, "It further comprises our expectation that the
positive trend in operating performance will be maintained owing
to continued organic growth and benefits realized from past
process optimization and efficiency improvement initiatives.
Exceptional expenses, such as business process optimization and
restructuring, continued to hamper fiscal 2017 results, but we
expect those expenses to gradually decrease over the forecast
period, supporting further deleveraging potential."

In early October, Techem closed the refinancing it had announced
in July. S&P said, "We note that the transaction included a
repayment of Techem's about EUR1.4 billion debt facilities with a
EUR1.6 billion facility. The refinancing has simplified the
group's capital structure and is forecast to lead to a material
reduction in interest costs in the future, improving the group's
potential to generate free operating cash flows (FOCF). Under our
base case, we see significant room for continued high shareholder
remunerations while metrics should remain commensurate with the
current rating. We note that the transaction was largely leverage
neutral in S&P Global Ratings' adjusted terms as the group's
proposed shareholder remuneration for financial year ending March
31, 2018 is expected to largely come in the form of a shareholder
loan repayment, an instrument that we treat as debt."

Techem's financial risk profile has gradually improved over the
past few years. More specifically, debt to EBITDA reached 5x for
financial 2017 (down from 6.5x in 2014) and funds from operations
(FFO) to debt was 11% (compared with about 6% in 2014). S&P said,
"Under our base case, we now see core metrics moving firmly into
the aggressive category, with debt to EBITDA gradually moving
toward 4.5x and FFO to debt toward 15%, but only in financial
2020. We do, however, see a credible alternative case under which
Techem could deleverage more quickly than we currently forecast
under our base case."

S&P said, "Under our base case, we factor in relatively high
dividend distributions of more than EUR150 million per year in
2018 and 2019, which limits the potential for an upgrade. We
would assume that the company's controlling shareholder,
Macquarie European Infrastructure Fund II (MEIFII), will maintain
relatively sizable dividend distributions. Pro forma the
refinancing in October 2017, Techem's net leverage (as defined by
the company) stood at about 4.5x, which is in line with the
company's stated financial policy. This could suggest that the
group's shareholders may adjust toward a more aggressive payout
ratio for the coming years if operating profits and cash flow
generated exceeded expectations and led to further deleveraging.

"We also take into account our view of Techem's debt to EBITDA
and FFO to debt as still being somewhat weaker than peers with
similar business and financial risk profiles.

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

-- Revenue growth of 3%-4% in fiscals 2018 and 2019 (following
    5% reported for fiscal 2017), supported by solid demand in
    its core submetering business and ancillary services, such as
    smoke detectors and drinking water analysis, as well as
    revenue growth in Techem's international operations.

-- EBITDA margins of about 39%-41% in fiscals 2018 and 2019
    (after about 39% in 2017), supported by improvements in
    Techem's domestic revenue mix, process optimization,
    efficiency improvement measures in Germany, and scale effects
    in Techem's international business. S&P anticipates
    reorganization charges to decrease to about EUR15 million,
    following about EUR35 million in 2017 and 2016.

-- Capital expenditure (capex) of EUR130 million-EUR140 million
    in fiscals 2018 and 2019, (about EUR130 million in fiscal
    2017) driven by strong demand in Techem's smoke detector
    business.

-- About EUR20 million of cash outflows for working capital
    investments in fiscals 2018 and 2019.

-- Shareholder distributions as part of the refinancing
    transaction that will come through as a repayment of a
    portion of the shareholder loan. S&P forecasts dividends at a
    similar level in 2019, with a moderate reduction thereafter.

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

-- Debt to EBITDA of 4.7x-4.9x in fiscal 2018, followed by 4.5x-
    4.7x in fiscal 2019 (5.0x in fiscal 2017).

-- FFO to debt of 12%-14% in fiscal 2018 and 15%-17% in fiscal
    2019.

-- FFO cash interest coverage of more than 3.5x in fiscal 2018,
    following 2.9x in 2017, demonstrating the significant
    reductions in interest payments following the refinancing.

-- Adjusted FOCF to debt of about 3%-5% in fiscal 2018,
    subsequently improving to more than 5% in fiscal 2019.

S&P said, "Under our alternative case, we see potentially faster
deleveraging, achieved through higher-than-currently expected
EBITDA generation (with an EBITDA margin higher than 42% and
slightly more dynamic growth), which could allow the group to
demonstrate significantly improved FOCF generation. Under this
alternative case, we see upside potential over the coming 12
months, if shareholders decided not to maximize shareholder
return to the extent that it would releverage its net debt to
EBITDA back to 4.5x, but rather stick to dividend payouts broadly
in line with FOCF generation. The deleveraging would then come
through continued improvements in profitability.

"Our positive outlook reflects that Techem could demonstrate more
rapid deleveraging than we currently envisage toward 4.5x debt to
EBITDA. The company could achieve this over the next 12-18 months
if it was successful in managing continued organic growth of
between 3%-5% and moderate margin expansion. This would also
likely require Techem's shareholders refraining from making
material shareholder distributions significantly in excess of the
group's FOCF generation.

"We could raise the ratings if Techem strengthened its credit
metrics more meaningfully than we currently expect, for example,
through stronger-than-expected revenue or EBITDA growth. This
would need to be combined with sustained shareholder
distributions, at a level that would allow moderate deleveraging,
resulting in adjusted debt to EBITDA sustainably below 4.5x and
FFO to debt sustainably above 15%.

"We could revise the outlook back to stable if Techem saw a
renewed increase in leverage, for example, due to lower-than-
expected revenues from supplementary services or expansion
outside Germany, high exceptional expenses, difficulties with
realizing efficiency gains in its operations, or cash- or debt-
funded shareholder remunerations. Specifically, a negative rating
action could occur if our adjusted FFO cash interest coverage
ratio for Techem deteriorated to less than 3.0x on a sustained
basis, or if we observed material deviations from the company's
anticipated leverage reduction path, undermining prospects for
adjusted debt to EBITDA reaching about 4.5x in the near term."


=============
I R E L A N D
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HARVEST CLO IV: Fitch Affirms B+ Rating on Class E-2 Notes
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Harvest CLO IV Plc:

EUR17,568,543 Class B-1: affirmed at 'AAAsf' ; Outlook Stable
EUR1,415,780 Class B-2: affirmed at 'AAAsf' ; Outlook Stable
EUR29,000,000 Class C: affirmed at BBB+sf ; Outlook revised to
Stable from Positive
EUR11,100,000 Class D-1: affirmed at 'BB+sf' ; Outlook Stable
EUR8,900,000 Class D-2: affirmed at 'BB+sf' ; Outlook Stable
EUR15,400,000 Class E-1: affirmed at 'B+sf' ; Outlook Stable
EUR1,600,000 Class E-2: affirmed a 'B+sf' ; Outlook Stable
EUR47,000,000 Class F: not rated

Harvest CLO IV Plc. is a securitisation of senior secured loans
managed by Investcorp Credit Management, which closed in 2006.
The final legal maturity is July 2021.

KEY RATING DRIVERS
Over the past 12 months the class A-1B, and A-2 notes have been
repaid in full, the class B-1 notes have paid down to EUR17.6
million from EUR54.6 million and the class B-2 notes to EUR1.4
million from EUR4.4 million. Credit enhancement on the remaining
class B notes has increased to 98.79% from 44.34%, on the class C
notes to 63.26% from 28.48%, on the class D notes to 38.75% from
17.55% and on the class E notes to 17.92% from 8.25%.

Despite the increase in credit enhancement Fitch has affirmed the
notes due to an increase in obligor concentration. The portfolio
now only includes 13 performing obligors. The largest obligor
represents 18.26% and the largest 10 obligors represent 90.64% of
the portfolio notional.

As per criteria Fitch would not upgrade a note beyond 'BBB+sf'
due to excessive obligor concentration, if the agency expects the
note to remain outstanding when there are fewer than 10
performing obligors rated in the 'B' category. This would apply
to the class C notes only. The class B notes are expected to be
repaid before the portfolio reaches the above concentration
level. Therefore the class C notes are effectively capped at
'BBB+sf'.

The weighted average rating factor (WARF) as calculated by Fitch
and which indicates the credit quality of the portfolio, has
slightly improved to 33.5 from 34.4 from over the last 12 months
as lower-rated assets have repaid, defaulted or been sold. The
weighted average recovery rate (WARR) has increased to 73.36%
from 69.3%.

As of the September investor report the transaction was passing
all its overcollateralisation and interest coverage tests but was
failing one collateral quality test and five portfolio profile
tests. The transaction ended its reinvestment period in July 2013
and with the failure of these tests the reinvestment of
unscheduled principal proceeds and the sales proceeds from
credit-improved or credit-impaired assets is not permitted.

RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would not affect the notes' ratings.

A 150% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would not affect the notes' ratings.

A 25% reduction in recovery rates would not affect the notes'
ratings.

A 50% reduction in recovery rates would lead to a downgrade of
two notches for the class E notes.

A combined stress of default multiplier of 125% and recovery rate
multiplier of 75% would lead to a downgrade of one notch for the
class E notes.


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


ALBA 9: Moody's Assigns Ba2(sf) Rating to Class C Notes
-------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debts issued by Alba 9 SPV S.r.l. (the "Issuer"):

-- EUR478,600,000 Class A1 Asset-Backed Floating Rate Notes due
    March 2038, Definitive Rating Assigned Aa2 (sf)

-- EUR233,800,000 Class A2 Asset-Backed Floating Rate Notes due
    March 2038, Definitive Rating Assigned Aa2 (sf)

-- EUR145,800,000 Class B Asset-Backed Floating Rate Notes due
    March 2038, Definitive Rating Assigned A2 (sf)

-- EUR100,200,000 Class C Asset-Backed Floating Rate Notes due
    March 2038, Definitive Rating Assigned Ba2 (sf)

Moody's has not assigned a rating to the EUR164,300,000 Class J
Asset-Backed Floating Rate Notes due March 2038 which are issued
at closing.

Alba 9 SPV S.r.l. is a cash securitisation of lease receivables
originated by Alba Leasing S.p.A.(NR) and granted to individual
entrepreneurs and small and medium-sized enterprises (SME)
domiciled in Italy mainly in the regions of Lombardia and Emilia
Romagna.

RATINGS RATIONALE

The ratings of the notes are primarily based on the analysis of
the credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external
counterparties and the protection provided by credit enhancement.

Moody's notes as credit strengths of the transaction its static
nature as well as the structure's efficiency, which provides for
the application of all cash collections to repay the Class A and
B notes should the portfolio performance deteriorate beyond
certain limits (i.e. Class C interest subordination event). Other
credit strengths include (i) the granular portfolio composition
as reflected by low single lessee concentration (with the top
lessee and top 5 lessees group exposure being 0.78% and 2.94%
respectively), (ii) limited industry sector concentration (i.e.
lessees from top 2 sectors represent not more than 30.07% of the
pool with 15.80% in the building and real estate industry
according to Moody's classification) and (iii) no potential
losses resulting from set-off risk as obligors do not have
deposits and did not enter into a derivative contract with Alba
Leasing S.p.A. However, the transaction has several challenging
features, such as: (i) the impact on recoveries upon originator's
default (in Italian leasing securitisations future receivables
not yet arisen, such as recoveries, might not be enforceable
against the insolvency of the originator); and (ii) the potential
losses resulting from commingling risk that are not structurally
mitigated but are reflected in the credit enhancement levels of
the transaction. Moody's valued positively the appointment of
Securitisation Services S.p.A. as back up servicer on the closing
date. Finally, Moody's considered a limited exposure to fixed-
floating interest rate risk (2.93% of the pool reference a fixed
interest rate) as well as basis risk given the discrepancy
between the interest rates paid on the leasing contracts compared
to the rate payable on the notes and no hedging arrangement being
in place for the structure.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 9.1%
over a weighted average life of 3 years (equivalent to a Ba3/B1
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on: (1) the available historical vintage
data, (2) the performance of the previous transactions originated
by Alba Leasing S.p.A. (including the still outstanding Alba 7
SPV S.r.l. and Alba 8 SPV S.r.l.) and (3) the characteristics of
the loan-by-loan portfolio information. Moody's took also into
account the current economic environment and its potential impact
on the portfolio's future performance, as well as industry
outlooks or past observed cyclicality of sector-specific
delinquency and default rates.

Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained above) of 50%, as a result of the analysis
of the portfolio concentrations in terms of single obligors and
industry sectors.

Recovery rate: Moody's assumed stochastic recoveries with a mean
recovery rate of 35%, a standard deviation of 20%, and a 10.5%
recovery rate mean upon insolvency of the originator. The mean
recovery assumption is primarily based on the characteristics of
the collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 20.6%, that takes
into account the Italian current local currency country risk
ceiling (LCC) of Aa2 .

As of the valuation date (September 22, 2017), the portfolio
principal balance amounted to EUR1,113,066,278.92. The portfolio
is composed of 16,075 leasing contracts granted to 10,736
lessees, mainly small and medium-sized companies. The leasing
contracts were originated between 2010 and 2017, with a weighted
average seasoning of 0.97 years and a weighted average remaining
life of approximately 5.67 years. The interest rate is floating
for 97% of the pool while the remaining part of the pool bears a
fixed interest rate. The weighted average spread on the floating
portion is 2.73%, while the weighted average interest on the
fixed portion is 2.32%.

Assets are represented by receivables belonging to different sub-
pools: real estate (18.20%), equipment (54.50%) and auto
transport assets (25.84%). A small portion (1.46%) of the pools
is represented by lease receivables whose underlying asset is an
aircraft, a ship or a train. The securitized portfolio does not
include the so-called "residual value instalment", i.e. the final
instalment amount to be paid by the lessee (if option is chosen)
to acquire full ownership of the leased asset. The residual value
instalments are not financed - i.e. it is not accounted for in
the portfolio purchase price - and is returned back to the
originator when and if paid by the borrowers.

Key transaction structure features :

Reserve fund: The transaction benefits from EUR9,600,000 reserve
fund, equivalent to 1% of the original balance of the rated
notes. The reserve will amortise to a floor of 0.5% in line with
the rated notes.

Counterparty risk analysis:

Alba Leasing S.p.A. acts as servicer of the receivables on behalf
of the Issuer, while Securitisation Services S.p.A. is the back-
up servicer and the calculation agent of the transaction.

All of the payments under the assets in the securitised pool are
paid into the servicer account and then transferred on a daily
basis into the collection account in the name of the Issuer. The
collection account is held at Citibank, N.A. (A1 long term debt
rating), acting through its Milan Branch with a transfer
requirement if the rating of the account bank falls below Baa2.
Moody's has taken into account the commingling risk within its
cash flow modelling.

Stress Scenarios:

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. At the time the rating was assigned, the
model output indicated that the Class A would have achieved Aa3
(sf) if the mean default rate was as high as 11.1% with a
recovery rate assumption of 30% (all other factors unchanged).
Additionally Moody's observes that under the same stressed
assumptions Class B and Class C would have achieved respectively
a Baa2 (sf) and a B1 (sf) rating. For more details, please refer
to the full Parameter Sensitivity analysis included in the New
Issue Report of this transaction.

Principal Methodology:

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.

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

The notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The evolution of the
associated counterparties risk, the level of credit enhancement
and the Italy's country risk could also impact the notes'
ratings.

The 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 notes by the legal final
maturity. Moody's ratings address only 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.


BORMIOLI PHARMA: 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
the Italian plastic and glass pharmaceutical packaging company
Bormioli Pharma Bidco S.p.A. Concurrently, Moody's has assigned
(P)B2 rating to the EUR275 million senior secured floating rate
notes due 2024 to be issued by Bormioli Pharma. The outlook on
all ratings is stable.

The proceeds from the notes together with approximately EUR120
million of cash equity will be used to support the acquisition of
the pharmaceutical business unit of Bormioli Rocco S.p.A. by
private equity firm Triton Partners ("Triton") and to pay the
transaction fees. The capital structure also includes an unrated
EUR40 million super senior revolving credit facility (RCF),
expected to be undrawn at close, and EUR30 million of non-
recourse factoring arrangements, drawn at close.

This is the first time that Moody's has assigned a rating to
Bormioli Pharma. Moody's issues provisional ratings in advance of
the final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, including any
possible changes during the syndication process, Moody's will
endeavor to assign a definitive rating to the facilities. A
definitive rating may differ from a provisional rating.

RATINGS RATIONALE

The assignment of the B2 CFR to Bormioli Phama reflects (1) its
small scale relatively to other packaging rated peers and to its
global competitors in the context of the highly competitive
pharmaceutical packaging industry with ongoing pricing pressure;
(2) a degree of geographic concentration in mature markets such
as Italy and Western Europe accounting for 81% of FY2016
revenues; (3) the exposure to fluctuations in raw material
prices, in particular energy and resin, albeit a part of it is
passed through to customers but with a lag; (4) the high
financial leverage expected at close of 5.8x and Moody's
expectation for slow deleveraging; (5) the capital intensity of
furnace maintenance and working capital needs which will continue
to absorb majority of the cash flow going forward; and (6) the
risk that the separation from Bormioli Rocco S.p.A. and the set-
up of the stand-alone structure could be more costly than what
the management envisages.

Conversely, Bormioli Pharma's B2 CFR is positively supported by
(1) the company's established leading market positions in Italy
and Western Europe in the niche segments of borosilicate and soda
glass as well as in products like child proof closures and eye-
drops; (2) a moderately diversified customer base of 900
customers with 10 largest accounting for 25% of sales in 2016 and
long-standing customer relationships; (3) some switching costs
and barriers to entry from products that require validation
processes and regulatory approval; and (4) a resilient and
growing pharmaceutical packaging industry with positive
fundamentals.

Moody's considers Bormioli Pharma's liquidity position to be
adequate for its near-term needs. This is supported by (1) EUR10
million of balance sheet cash at close; (2) EUR40 million of the
undrawn RCF; (3) the presence of factoring arrangements which are
expected to be renewed on an ongoing basis; (4) Moody's
expectation of marginally positive free cash flow despite
expected increased capital expenditures for the refurbishment of
a furnace at Bergantino plant in FY2018-2019; and (5) no debt
amortisation until 2024. The super senior RCF has one springing
financial covenant (net leverage ratio), set with large headroom
at 7.9x, to be tested on quarterly basis when the RCF is drawn by
more than 35%. The non-compliance with the leverage test will not
constitute an event of default but a draw-stop.

Using Moody's Loss Given Default methodology, the B2-PD PDR is in
line with the CFR. This is based on a 50% recovery rate, as is
typical for transactions with bank debt and bonds. The 2024
notes, will be issued by Bormioli Pharma, the entity at the top
of the restricted group. They will not be guaranteed at close but
they will be at the level of the main operating company Pharma
Newco once the merger between Pharma Newco with the issuing
entity Bormioli Pharma Bidco S.p.A. completes, while remaining
structurally subordinated to the liabilities of Bormioli France
and the other operating subsidiaries. The notes, will be secured,
post-merger, from pledges over the shares and certain operating
bank accounts of the merged entity. The notes rank junior to the
super senior RCF upon enforcement under the provisions of the
intercreditor agreement.

RATIONALE FOR THE STABLE OUTLOOK

Bormioli Pharma is weakly positioned in the B2 rating category.
The stable outlook reflects Moody's view that will continue to
benefit from a benign trading environment over the next 12 to 18
months and slowly deleveraging. The stable outlook also assumes
that the company will not lose any material customer and it will
not engage in material debt-funded acquisitions or shareholder
distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the ratings is unlikely in the near term but
could arise over time if (1) the company improves scale; (2)
Moody's adjusted Debt/EBITDA falls below 4.5x on a sustainable
basis; and (3) Free Cash Flow to Debt trends above 5%.

Conversely, downward ratings pressure could be considered if (1)
Moody's adjusted Debt/EBITDA rises above 6.0x; (2) the free cash
flow turns negative; or (3) if liquidity concerns arise.

LIST OF ASSIGNED RATINGS

Assignments:

Issuer: Bormioli Pharma Bidco S.p.A.

-- Corporate Family Rating, Assigned B2

-- Probability of Default Rating, Assigned B2-PD

-- Senior Secured Floating Rate Notes, Assigned (P)B2

Outlook Actions:

Issuer: Bormioli Pharma Bidco S.p.A.

Outlook, Assigned Stable

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

Headquartered in Italy, Bormioli Pharma is an European producer
of plastic and glass pharmaceutical packaging serving
approximately 900 customers in 90 countries. Bormioli has five
manufacturing facilities, four in Italy and one in France and had
985 full time employees as at June 2017. For the last twelve
months to June 30, 2017, Bormioli Pharma generated EUR221 million
of revenues and EUR53 million of pro-forma adjusted EBITDA.

The company, which is the former pharma business unit of Bormioli
Rocco S.p.A., is being acquired by the private equity firm
Triton.


BORMIOLI PHARMA: S&P Assigns Prelim 'B' CCR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit rating to Italy-based Bormioli Pharma Bidco SpA.
The outlook is stable.

S&P said, "We also assigned our preliminary 'B+' issue rating and
'2' recovery rating to the EUR40 million super senior secured
revolving credit facility (RCF). The recovery rating indicates
our expectation of substantial (70%-90%; rounded estimate 85%)
recovery of principal in the event of payment default.

"Concurrently, we assigned our preliminary 'B' issue rating and
'4' recovery rating to the EUR275 million senior secured notes.
The recovery rating indicates our expectation of average (30%-
50%; rounded estimate 30%) recovery of principal in the event of
payment default.

"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.

"Our preliminary ratings on Bormioli Pharma primarily reflect its
leading position as a provider of glass and plastic pharma
packaging products. The rating is based on the new capital
structure of the business, which is being acquired by Triton."

Bormioli Pharma's business risk profile is underpinned by its
leading niche position, technical knowhow, relatively strong
EBIDTA margins, long standing customer relations, and high
customer retention rates. S&P assesss the group's business risk
profile as fair.

It has particularly strong niche positions in Italy, where it
generates 40% of its sales and where most of its manufacturing
plants are based. The group's plastic packaging product range
includes child proof closures, tamper evident closures, inhalers,
and bottles. Its glass product portfolio includes borosilicate,
soda, and tubular glass.

Customers include leading global pharmaceutical companies (58% of
revenues), contract manufacturing organizations (26%), and
wholesalers (16%). The company's end-markets are stable as the
purchase of pharmaceutical products is non-discretionary and
underpinned by an aging Western European population, expanding
emerging markets and regulatory requirements.

The company is able to manufacture products that comply with the
stringent requirements of the pharmaceutical industry (resistance
to heat, sunlight, chemicals, reactivity with content, etc.). It
has a successful track record of complying with lengthy and
rigorous regulatory approval and customer validation processes,
which act as barriers to entry. It is one of the few companies
able to offer pharmaceutical companies with both glass and
plastic packaging products.

S&P's assessment also reflects the group's small size, modest
geographic diversification (both in terms of revenues and
manufacturing footprint), high operational gearing, and exposure
to volatile raw material and energy prices.

The group's five production plants are primarily located in
Italy, with one in France. Bormioli Pharma generates most of its
revenues in Italy (40%), followed by Europe (41%) and the rest of
world (19%).

The glass packaging business is very capital intensive. Glass
furnaces require regular refurbishments, which cause production
stoppages and require a build-up of inventory levels in advance
to ensure the continuous supply to customers.

The company is also exposed to volatile energy and plastic resin
prices. It has historically been able to pass most of these
through to customers via contractual clauses or annual contract
renegotiations.

S&P said, "We assess Bormioli Pharma's financial risk profile as
highly leveraged, reflecting our view that it will maintain
leverage over 5x in the near term. Our assessment reflects S&P
Global Ratings' adjusted leverage of around 5.8x in 2017 and our
expectation that the company will generate positive free cash
flows each year. In 2017, we expect that free operating cash flow
(FOCF) to debt to remain below 5% and interest coverage will
remain strong around 4.0x."

S&P's base case assumes:

-- Ongoing economic recovery in Italy with real GDP growth of
    0.9% in 2017, and 1.0%-1.2% over 2018-2020. S&P expects this
    growth to be supported by stabilizing domestic demand, a
    gradual improvement in the labor market, and favorable
    financial conditions.

-- S&P also expects positive real GDP growth in France (1.4% in
    2017 and 2018), Germany (average nominal GDP growth of 3.1%
    between 2017 and 2020), and the U.S. (nominal GDP growth of
    2.3% in 2017 and similar growth rates for 2018-2019).

-- Revenue growth of about 2.0%-2.5%, based on additional sales
    of higher margin products in both the plastic and glass
    division. S&P expects this to be supported by a more
    aggressive sales strategy under the new ownership and
    management team.

-- Adjusted EBITDA margins of around 24.3%. S&P views this level
    as sustainable, and reflective of the recent furnace
    refurbishments and operating efficiency improvements.

-- Capital expenditure of approximately EUR16.8 million in the
    FYE December 2017. Capex for FYE December 2018 is expected to
    be slightly higher at EUR22.8 million as it will also include
    the refurbishment of a glass furnace at a plant in
    Bergantino.

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

-- Adjusted debt to EBITDA of 5.8x at FYE December 2017 and 5.7x
    at FYE December 2018.

-- Cash interest coverage about 4.0x at FYE December 2017 and
    2018.

-- Forecast adjusted funds from operations (FFO) to debt of
    around 12.4% in 2017 and 10.4% in 2018.

S&P said, "We assess Bormioli Pharma's liquidity position as
adequate, and calculate that sources should exceed uses by more
than 1.2x over the next 12 months. Our assessment of the
company's liquidity position is supported by the group's
availability under the EUR40 million RCF, lack of scheduled debt
repayments in the medium term, and positive cash flow
generation."

S&P estimates Bormioli Pharma's principal liquidity sources over
the next 12 months will include:

-- EUR40 million available under the RCF.
-- EUR26.8 million FFO.
-- Working capital inflows of EUR1.5 million.

S&P estimates the company's principal liquidity uses over the
next 12 months (to September 2018) will include:

-- EUR21.3 million capex.
-- Seasonal working capital outflows of EUR5 million.

The documentation of the RCF only includes a springing leverage
covenant. A breach of that covenant in two consecutive quarters
would not allow lenders to invoke an event of default.
Unless it is equity cured, it would hit liquidity by allowing
lenders to call for a drawstop. The covenant caps leverage at
7.9x and only applies if the RCF is drawn at 35%.

S&P expects the company to have ample headroom under this
covenant over the forecasted period.

S&P said, "The stable outlook reflects our expectation that
Bormioli Pharma will continue to capitalize on its solid client
relationships and leading niche position in its main markets.
This should support annual sales growth of about 2.0%-2.5%. As
the company benefits from its recent furnace refurbishments and
cost reductions, profit growth should support Bormioli Pharma in
maintaining positive FOCF over time, and S&P Global Ratings-
adjusted leverage of around 5.75x over the next 12 months.

"We could raise the rating if Bormioli Pharma showed a track
record of steady earnings growth and ability to consistently meet
its budget, including the top-line growth and profit margins. A
positive rating action would also need to be supported by
Bormioli Pharma retaining robust credit measures with leverage
declining sustainably below 5.0x, while maintaining positive
operating cash flows. An upgrade would be contingent on the
company's and owner's commitment to maintaining a conservative
financial policy that would support such improved ratios.

"We could lower the rating if Bormioli Pharma experienced
unexpected customer losses or operating setbacks due to furnace
shutdowns, or raw material price increases. We believe that this
could undermine the company's liquidity position in the medium
term. We could also lower the rating if the company's financial
policy became more aggressive (that is, if the company made a
large payment to shareholders or a large debt funded
acquisition), preventing any material deleveraging or if cash
flows turned negative."


MOSSI GHISOLFI: Chemicals Unit File for U.S. Bankruptcy
-------------------------------------------------------
Tom Hals at Reuters reports that the chemicals business of
Italian plastics multinational Mossi Ghisolfi filed for U.S.
bankruptcy on Oct. 30 due to a cash crunch caused by overruns at
an unfinished Texas factory for making resins used in drink
bottles.

The bankruptcy by M&G Chemicals S.A. of Luxembourg and 11
affiliates will allow it to borrow US$100 million to use as
working capital and to fund the sale of the facility in Corpus
Christi, Texas, Reuters relays, citing filings in the U.S.
Bankruptcy Court in Delaware.

Indorama Ventures of Thailand, Reliance Industries of India and
Alpek SAB de CV of Mexico are interested in Mossi Ghisolfi's U.S.
assets, Reuters discloses.

By filing for bankruptcy, the company was able to pledge its
assets to secure US$100 million in debtor-in-possession or DIP
financing from a unit of Mexican lender Banco Inbursa S.A.,
Reuters notes.

The court filings said the DIP loan sets a roughly three-month
deadline for gathering bids for the Corpus Christi facility,
Reuters relates.

According to Reuters, M&G Chemical said it had US$1.7 billion in
financial debt, much of it used for construction of the Corpus
Christi plant,

As reported by The Troubled Company Reporter on Oct. 20, 2017,
ICIS News related that Italian-based polyethylene terephthalate
(PET) producer Mossi Ghisolfi Group filed for an in-court
settlement with its creditors.  The firm filed for "concordato
preventivo" with the Tribunal of Alessandria, in accordance with
article 161 sixth paragraph of the Bankruptcy Law, in order to
ensure equal treatment of creditors, ICIS News disclosed.  This
filing will affect its Mossi & Ghisolfi (M&G), M&G Finanziaria,
Biochemtex, Beta Renewables, Italian Bio Products, IBP Energia,
M&G Polimeri and Acetati Immobiliare companies, ICIS News noted.

Mossi Ghisolfi, founded by the Ghisolfi family in 1953, is famous
for introducing PET, a plastic used for soft drink bottles, in
Italy and across Europe.



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


KAZAKHTELECOM JSC: S&P Raises CCR to 'BB+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long-term foreign- and local-
currency corporate credit ratings on Kazakhstan-based
telecommunications operator Kazakhtelecom JSC to 'BB+' from 'BB'.
The outlook is stable.

S&P said, "At the same time, we raised our Kazakhstan national-
scale rating on the company to 'kzAA-' from 'kzA+'.

"In addition, we withdrew our issue-level rating on
Kazakhtelecom's Kazakhstani tenge (KZT) 45.5 billion (about $136
million) senior unsecured bond due to its full early redemption
in October 2017.

"The upgrade reflects Kazakhtelecom's stronger-than-expected
operating performance so far in 2017. In addition, we expect that
the company will maintain a conservative balance sheet, with an
S&P Global Ratings-adjusted debt-to-EBITDA ratio below 1.5x in
2017-2019, even after executing a call/put option for a 49%
economic stake in its joint venture (JV) with Tele2. We also take
into account our expectation of overall stable operating
prospects in 2018-2019 and that Kazakhtelecom will likely
maintain a solid balance sheet. As of Sept. 30, 2017,
Kazakhtelecom reported cash and equivalents of about KZT37.4
billion and short-term and long-term deposits of approximately
KZT65 billion compared with about KZT67 billion of gross debt.
This translates to adjusted leverage of less than 0.5x, taking
into account our 50% haircut on cash and deposits, which factors
in the general weakness of Kazakh banking system.

"At the same time, we take into account that the structure of
Kazakhtelecom's cash and deposits is well-diversified, and the
company has a track record of easily accessing cash. In addition,
a very significant part of deposits is held at state-controlled
Halyk Savings Bank of Kazakhstan (BB/Negative/B), the credit
quality of which is materially stronger than that of the other
banks where Kazakhtelecom has deposited cash.

"Our assessment of Kazakhtelecom's business risk profile remains
constrained by the group's exposure to Kazakhstan's country risk,
which we assess as high. All of the group's assets are located
there. We also factor in its exposure to fixed-line voice
business, which is declining due to fixed-to-mobile substitution.
Kazakhtelecom's business risk profile is also affected by its
public policy role, which sometimes requires it to invest in
projects with low profitability or long payback periods.

"At the same time, we consider the group's dominant incumbent
position in the fixed-line telephony market in Kazakhstan. In
many areas of the country, it remains the sole provider of fixed-
line telecom services. Compared with the very competitive mobile
segment, this market has low competition, which enables
Kazakhtelecom to derive growth from increasing broadband
penetration and compensate for the declining usage of fixed-line
voice services. We also assume that Kazakhtelecom's market
position will benefit from getting control of the mobile JV.

"Nevertheless, there is some uncertainty around the performance
of the mobile JV, which Kazakhtelecom will consolidate in 2019-
2020. This is because the three-player Kazakh mobile market is
very competitive and has experienced material price pressure. We
take into account that with 6.8 million mobile subscribers by end
of the first half of 2017, the JV has already gained a market
share of around 26%, compared with 25.3% in 2016 and 23.4% at
inception in 2015. This compares with market leader Kcell's
approximately 39% market share and VEON's Kazakhstani
subsidiary's 35%-36% share in 2016 (calculated by number of
subscribers). In addition, we understand that the JV has the
largest LTE coverage in Kazakhstan (69% of the population) as a
result of previous years' investments.

"The stable outlook reflects our view that Kazakhtelecom's
adjusted debt to EBITDA will remain below 1.5x, even after
executing the call/put option and consolidating the JV with Tele2
in 2019-2020. The outlook also factors in our expectation that
Kazakhtelecom's stand-alone revenues will modestly increase and
that its EBITDA, though slightly weaker than in 2016, will
support stand-alone adjusted leverage (without the mobile JV)
below or close to 0.5x. In addition, we expect that the JV's
operating performance will improve further.

"We could consider lowering the rating if Kazakhtelecom's
leverage were to increase above 1.5x due to higher-than-expected
dividend distributions prior to the acquisition of the mobile JV,
coupled with declining revenues and margins due to stronger
competition. Although not expected, we could also lower the
rating if company's corporate governance were to deteriorate."

Although unlikely in the next 12 to 24 months, another upgrade
would hinge on a significant improvement of consolidated
profitability (including the JV), with adjusted EBITDA
sustainably above 40%, coupled with about a 33% market share in
the mobile segment. An upgrade would also have to be supported by
consistent revenue and EBITDA growth, adjusted leverage of below
1.5x, a solid liquidity position, and a prudent financial policy.



=================
M A C E D O N I A
=================


FENI INDUSTRIES: Creditors File Bankruptcy Motion in Veles Court
----------------------------------------------------------------
Macedonia Information Agency reports that Komercijalna Bank AD
Skopje, Stopanska Banka AD Skopje and Silk Road Bank AD Skopje,
the largest creditors of Kavadarci-based ferronickel plant Feni
Industries filed on Oct. 30 a motion to a Veles court for its
restructuring through opening of bankruptcy proceedings.

According to MIA, the banks say Enekod has not covered the
undertaken debts to employees and has not reached an agreement on
regulating the plant's outstanding liabilities, although it
claims to be the owner.

Feni Industries has about 1,000 employees.


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


JUBILEE CLO 2017-XIX: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Jubilee
CLO 2017-XIX B.V.:

-- EUR2,250,000 Class X Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR231,000,000 Class A-1 Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aaa (sf)

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

-- EUR66,375,000 Class B Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR28,125,000 Class C Deferrable Mezzanine Floating Rate
    Notes due 2030, Assigned (P)A2 (sf)

-- EUR21,375,000 Class D Deferrable Mezzanine Floating Rate
    Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR28,125,000 Class E Deferrable Junior Floating Rate Notes
    due 2030, Assigned (P)Ba2 (sf)

-- EUR13,500,000 Class F Deferrable Junior Floating Rate Notes
    due 2030, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

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

Jubilee CLO 2017-XIX B.V. is a managed cash flow CLO. At least
90% of the portfolio must consist of senior secured loans and
senior secured bonds and up to 10% of the portfolio may consist
of unsecured obligations, second-lien loans, mezzanine loans and
high yield bonds. The bond bucket gives the flexibility to
Jubilee CLO 2017-XIX B.V. to hold bonds if Volcker Rule is
changed. The portfolio is expected to be approximately 75% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR42.8m of subordinated notes, which will not
be rated.

The Class X Notes will be redeemed in four equal instalments
starting on the second payment date. Payments to the Class X
notes will be made on a pari-passu and pro rata basis with the
interest payments to the Class A-1 and Class A-2 Notes.

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

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

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Alcentra's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR450,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8.5 years

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class B Senior Secured Floating Rate Notes: -2

Class C Deferrable Mezzanine Floating Rate Notes: -2

Class D Deferrable Mezzanine Floating Rate Notes.-2

Class E Deferrable Junior Floating Rate Notes: 0

Class F Deferrable Junior Floating Rate Notes: 0

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

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

Class B Senior Secured Floating Rate Notes: -3

Class C Deferrable Mezzanine Floating Rate Notes: -4

Class D Deferrable Mezzanine Floating Rate Notes.-2

Class E Deferrable Junior Floating Rate Notes: -1

Class F Deferrable Junior Floating Rate Notes: -1

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.


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


NORSKE SKOG: S&P Cuts 2021/2023 Notes Rating to 'D'
---------------------------------------------------
S&P Global Ratings lowered to 'D' (default) from 'C' the rating
on the unsecured notes due in 2021 and 2023 issued by Norwegian
paper producer Norske Skog Holding AS. S&P said, "At the same
time, we removed the ratings from CreditWatch with negative
implications, where we had placed them on June 6, 2017. The 'C'
rating on the unsecured notes due 2033 issued by Norske Skog
Holding remains on CreditWatch negative. The recovery rating on
these notes is unchanged at '6', reflecting our expectation of
negligible (0%-10%) recovery in the event of a conventional
default."

S&P said, "We also affirmed our 'D' ratings on the senior secured
notes due in 2019 and the unsecured notes due in 2026, and our
'SD/SD' long- and short-term corporate credit ratings on Norske
Skogindustrier ASA (Norske Skog).

The downgrade follows the nonpayment of the cash coupon due on
Norske Skog's unsecured notes due in 2021 and 2023 before the
expiry of the grace period on Sept. 23, 2017.

S&P said, "The 'D' ratings on the secured notes due 2019 and the
unsecured notes due in 2021, 2023, and 2026 reflect the
nonpayment of interest payments beyond any contractual grace
periods, which we consider a default. The 'C' rating on the 2033
unsecured notes is unaffected by the latest announcements, but
remains on CreditWatch negative as it is subject to the exchange
offer that is currently being negotiated. We aim to resolve the
CreditWatch placement on completion of the debt exchange.

S&P said, "The corporate credit ratings will remain at 'SD' for
as long as the standstill period is upheld. We expect this to
last until the group's debt exchange offer is accepted or
rejected, which will be on Oct. 31, if it is not extended
further.

"If the offer is completed as planned, we would maintain the
long- and short-term ratings on Norske Skog at 'SD' as a result
of the distressed exchange offer, and lower the issue ratings on
the 2033 unsecured notes to 'D'.

"If Norske Skog does not complete the offer, or fails to receive
the minimum consents required, we will reassess the company's
creditworthiness, primarily based on our view of the likelihood
of a further distressed exchange offer."


RENONORDEN ASA: Bankruptcy Opened, Shares to Be Delisted Today
--------------------------------------------------------------
Oslo Boers on Oct. 31 disclosed that bankruptcy has been opened
in RenoNorden ASA.

Pursuant to Continuing Obligations section 15.1 (1) cf. Stock
Exchange Act section 25 (1), Oslo Boers on Oct. 31 passed the
following resolution:

"The shares of RenoNorden ASA will be delisted from Oslo Boers
from November 2, 2017."

RenoNorden is a private waste collection and transportation
company, providing services to over five million people across
four countries.


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


ACRON PJSC: Fitch Corrects October 25 Rating Release
----------------------------------------------------
This announcement corrects the version published on Oct. 25, 2017
to remove the rating action on the National Rating and replace
local currency senior unsecured rating with senior unsecured
rating in the list of rating actions.

Fitch Ratings has revised Russian fertiliser group PJSC Acron's
Outlook to Stable from Positive while affirming the Long-Term
Issuer Default Rating (IDR) at 'BB-'.

The Outlook change reflects weaker-than-expected fertiliser
prices and intensifying capex from 2018, particularly into
enhancing the phosphate-based and nitrogen-based fertiliser
product portfolio as well as expansion into phosphates and
potash. Acron's demonstrated capex flexibility during 2016-1H17
was offset by an increased dividend payout, thus preventing
leverage from falling below Fitch's positive rating guidelines.

Conversely, Acron's leverage is also unlikely to sustainably
exceed the negative guideline level as capex remains highly
flexible, while scope remains for dividend cut and the potential
divestment of a minority stake in Grupa Azoty.

KEY RATING DRIVERS
Investment Appetite Returns: Fitch expect Acron to intensify its
annual investments up to around RUB16 billion in 2018-2019, from
RUB12 billion in 2016, with a focus on extending its phosphate-
based and complex fertiliser portfolio by 2022, due to the
company's expected spare ammonia and phosphate concentrate
production. This capex also incorporates the development of
underground phosphate mining but excludes the potash project,
which Fitch assume will be financed with a limited recourse to
Acron. Coupled with price pressure and a dividend payout of 40%,
Fitch expect higher capex to drive marginally negative free cash
flow (FCF) until 2020 when capex-driven enhancement of funds from
operations (FFO) and lower capex will drive deleveraging.

Leverage Comfortable for Rating: Acron's FFO-adjusted net
leverage reached 2.3x at end-2016 from 1.3x at end-2015 as
nitrogen and complex fertilisers prices faced stronger-than-
expected pressure, particularly during 2H16, coupled with record
dividend payment of RUB13 billion, despite a weaker rouble and
capex moderation. Fitch expect dividends to moderate as capex
increases, which coupled with continued medium-term price
pressure, should translate into net leverage of around 2.4x
during 2018-2019, which is comfortably below Fitch current 3x
negative rating guideline.

Financial Investments Significant: Acron owns almost a 20% stake
in Polish nitrogen fertiliser Grupa Azoty, having divested almost
40% of its potash project. Significant changes in these stakes
may affect Acron's leverage profile. For instance, Acron's
divestment of Grupa Azoty close to its end-1H17 market value
could bring its leverage down by around 1x while Acron's re-
consolidation of the divested 40% stake in the potash project
could drive its leverage higher by a comparable amount. Fitch
believe that both options are unlikely to materialise over the
next two years and that Acron could still compensate the negative
effect of potash re-consolidation by divesting Grupa Azoty's
stake.

Limited Recourse Financing for Potash: Fitch assume Acron will
succeed in arranging the limited recourse debt financing for its
potash project after 2017, which means that Verkhnekamsk Potash
Company's (VPC) debt, cash and equity are deconsolidated from
Acron's accounts. Based on the above Fitch forecast Acron to
contribute a further RUB6 billion (equivalent to USD100 million)
in cash, while the rest of potash capex by 2020 will be funded by
other equity holders and through limited recourse funding. Fitch
treatment of potential limited recourse funding is based on
current expectations and might be revised once the final project
financing documentation is assessed for the level of exposure and
recourse it creates to Acron.

Pricing to Bottom out in 2018: For 2018 Fitch conservatively
forecast prices across Acron's key fertiliser products to decline
from 3Q17 highs. Fitch expect nitrogen fertilisers to remain
moderately above 2016 lows while complex fertilisers to reset
more than 10% below 2016 levels, as their price premium to the
commodity fertiliser basket moderates to almost 20% from the 30%-
40% highs in 2016. Beyond 2018, Fitch expect mid-single digit
price recovery in nitrogen fertilisers and low-single digit price
recovery in complex fertilisers, as EMEA and global capacity
additions settle down after the 2017-2018 peak and Chinese
government's efforts to optimise nitrogen and phosphate
capacities take effect.

DERIVATION SUMMARY
Acron is broadly on a par with its Russian fertiliser peers PJSC
PhosAgro (BB+/Positive), EuroChem Group AG (BB/Negative) and PJSC
Uralkali (BB-/Negative) in global cost position, backward
integration, and significant presence in at least two regions but
falls behind in terms of operational scale and diversification.
Acron's financial profile remains far stronger than that of most
peers except PhosAgro, although the leverage gap will narrow, but
not disappear, as capex-driven leverage is expected to rise while
peers deleverage.

No Country Ceiling or parent/subsidiary aspects affect the
ratings. The operating environment aspect is incorporated into
the two-notch corporate governance discount applied to most
Russian corporates with concentrated ownership and exposure to
Russia's business, regulatory and legal environment..

KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Nitrogen fertilisers 2018 pricing to stay moderately above
   2016 lows with mid single-digit growth thereafter;
- Complex fertilisers 2018 pricing to stay more than 10% below
   2016 levels with low single-digit growth thereafter;
- Fertiliser output to demonstrate incremental growth until
   2020;
- USD/RUB rebased at 58 from 2018 onwards;
- Capital intensity up to 17%-18% in 2018-2019 on further
   nitrogen and phosphate-based fertiliser expansion;
- Dividend payout moderating towards 40% of net IFRS income from
   2018;
- VPC's limited recourse funding in 2018 leads to Acron's
   restricted cash at VPC level approaching RUB6 billion by 2020;
   and
- No material M&A activities over the next three years.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- An enhanced operational profile as a result of larger scale
   and/or product diversification.
- FFO adjusted net leverage below 2x and continued prudent
   financial investments.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Aggressive capex or dividends resulting in leverage being
   sustained above 3x.
- Sustained materially negative FCF (excluding funding of the
   potash project).
- Sharp deterioration in market conditions or cost position
   driving EBITDA margin sustainably below 20% (2016: 30%).

LIQUIDITY
Liquidity Improved in 1H17: Acron's USD580 million (around RUB38
billion) pre-export facility raised in 2Q17 led to material
improvement in liquidity and sharply reduced the company's short-
term debt to RUB4 billion at end-1H17 from RUB40 billion at end-
2016. This RUB4 billion short-term debt and marginally negative
FCF is covered by a RUB14 billion cash buffer at end-1H17. Over
RUB20 billion in committed credit lines add comfort to Acron's
liquidity.

The minority stake in Grupa Azoty, valued at around RUB20
billion-value, could provide a further buffer if divested;
however, Fitch exclude this amount from the liquidity
calculation.

FULL LIST OF RATING ACTIONS
PJSC Acron
-- Long-Term Local and Foreign Currency IDRs affirmed at 'BB-';
    Outlook revised to Stable from Positive
-- Short-Term Foreign Currency IDR affirmed at 'B'
-- Senior unsecured rating affirmed at 'BB-'


MOBILE TELESYSTEMS: Fitch Keeps BB+ IDR on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has maintained PJSC Mobile Telesystems' (MTS)
ratings, including the Long-Term Issuer Default Rating (IDR) of
'BB+', on Rating Watch Negative (RWN) on uncertainty over the
litigation against controlling shareholder Sistema Public Joint
Stock Financial Corporation (Sistema, BB-/RWN) in relation to
claims filed by Rosneft.

MTS is a leading Russian and CIS mobile operator with moderate
leverage and sustainable positive pre-dividend free cash flow
(FCF) generation. It is the largest operator in Russia and the
second-largest in Ukraine by subscriber and revenue.

KEY RATING DRIVERS

Litigation Impact: Fitch placed MTS's ratings on RWN in June 2017
following a Russian court injunction to freeze significant
Sistema assets including its 31.76% stake in MTS in relation to
claims filed by Rosneft against Sistema. In August the court
ruled that Sistema should pay RUB136 billion of damages to
Rosneft for alleged abuse of Sistema's shareholding rights in
PJSOC Bashneft (Bashneft) (BBB-/Stable). Sistema strongly
believes that Rosneft's claims are without merit and filed the
appeal against the ruling. The watch is likely to be resolved
when Fitch receives more clarity on the financial consequences of
the litigation, and their implications for both Sistema and MTS.

Mobile Market Stabilised: The competitive intensity on the
Russian mobile market eased in 4Q16-2Q17 after the challenger
operator LLC T2 RTK Holding (B+/Negative) completed the active
stage of expansion into Moscow market and other regions. Mobile
operators have demonstrated low single-digit revenue growth yoy
in the last three quarters and Fitch expects the positive trend
to persist in the near term. However, the Russian market is
mature and saturated, making revenue growth in the medium term a
challenge.

Stabilisation of Retail: Mobile operators have realised that the
existing number of retail stores is excessive and announced
optimisation/cuts of their distribution networks in 4Q16. This
trend should be supportive of all operators due to reduction of
rental costs, improvement of retail margins due to removal of
heavy discounts on handsets and a potential reduction of churn in
the long run. The active development of retail network,
accompanied with handset price war, was a defensive move by MTS
in 1H15 when the company needed to replace distribution channels
following a conflict with independent retailers.

Robust Pre-Dividend FCF Generation: Fitch projects that MTS's
pre-dividend FCF margin will be maintained in the low double-
digit territory, supported by strong EBITDA generation and stable
capex at below 20% of revenue over the next four years. EBITDA
margin is likely to be at around 40% in 2017 and slightly decline
in 2018-2020, mostly on the back of inflationary pressures and
limited ability of telecom companies to increase prices.

FCF to Fund Shareholder Distribution: Fitch expects that MTS will
continue to spend its FCF on shareholders remuneration in the
form of dividends and share buybacks. The company announced a new
round of share buybacks in September 2017 targeting RUB20 billion
worth of own shares for repurchase by April 2019, after having
spent RUB10 billion for that purpose in 4Q16-1Q17. The repurchase
plan implies a mechanism of a proportionate buyback of shares
from Sistema and other shareholders so that the share of Sistema
remains unchanged upon the completion of the buyback. Fitch
projections on dividend payments remain unchanged at RUB52
billion per year in 2017-2020.

Turkmenistan Negotiations Ongoing: MTS was forced to suspend its
services in Turkmenistan in September 2017 after the state-owned
telecom company Turkmentelekom cut it from its network as local
regulators have not extended certain agreements necessary for
providing services. MTS is continuing to negotiate with the
regulatory authorities. The cessation of operation in
Turkmenistan would have a marginal impact on MTS's credit profile
as the subsidiary contributed only 1% to 2016 group's EBITDA.

Fundamentals Weighed Down by Shareholding: On a standalone basis
MTS's credit profile is commensurate with a low investment-grade
rating. Its ratings are notched down for the potential risks of
negative influence of Sistema. Under Fitch's methodology, a
subsidiary can generally be rated a maximum of two notches higher
than the consolidated profile of its parent in the presence of
weak parent/subsidiary links.

DERIVATION SUMMARY

MTS is well-positioned in its rating category as the leading
mobile operator in Russia both by revenue and subscriber. On a
standalone basis MTS corresponds to mid-'BBB' category and its
profile is close to leading western European operators with a
strong focus on their domestic markets, such as Telefonica
Deutschland Holding AG (BBB/Positive) and Royal KPN N.V.
(BBB/Stable). Fitch applies a two-notch discount for corporate
governance and Russia-related risk, in line with the majority of
other Russian corporates. MTS is rated at the same level as its
Russian peers PJSC MegaFon and VEON Ltd (both BB+/Stable). The
operator's ratings are supported by low leverage, stable market
positions and operating performance and strong pre-dividend FCF
generation.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for include:
- Low single-digit revenue growth per year in Russia in 2017-
   2020;
- A sharp decline in revenue in CIS markets in 2017 before
   gradually stabilising in 2018-2019;
- Group's EBITDA margin under modest pressure in 2017-2020 at
   around 38%-40%;
- Capital intensity at 18% of revenue in 2017-2020;
- RUB52 billion of dividend payments per year; and
- Around RUB20 billion spending on share buybacks in 2018-2019.

RATING SENSITIVITIES

Positive: Future developments that may individually or
collectively lead to positive rating action
- An upgrade of Sistema's rating provided that MTS continues
   to adhere to high corporate governance standards.

Negative: Future developments that may individually or
collectively lead to negative rating action
- Weaker corporate governance but also excessive shareholder
   remuneration and other developments that lead to a sustained
   rise in funds from operations adjusted net leverage to above
   3.0x (2016: 2.0x).
- Competitive weaknesses and market share erosion, leading to
   significant deterioration in pre-dividend FCF generation.
- A downgrade of Sistema if it remains the dominant shareholder.

LIQUIDITY

Strong Liquidity: The company's debt maturity profile is evenly
spread, with annual principal payments of below RUB75 billion per
year. Cash, liquid investments and bank deposits as of end-2Q17
cover upcoming debt maturities until end-2018. In addition, the
company has RUB38 billion of unused credit facilities from
various banks. Its strong liquidity profile is supported by
expected robust cash flow generation in 2017-2020.

FULL LIST OF RATING ACTIONS

PJSC Mobile Telesystems' (MTS)
Long-Term Foreign and Local Currency IDRs: 'BB+'; maintained on
RWN
Short-Term Foreign and Local Currency IDRs: 'B'; maintained on
RWN
Senior unsecured debt: 'BB+'; maintained on RWN

MTS International Funding Ltd
Loan participation notes guaranteed by MTS: 'BB+'; maintained on
RWN


SISTEMA PUBLIC: Fitch Keeps BB- IDR on Rating Watch Negative
------------------------------------------------------------
Fitch Ratings has maintained Sistema Public Joint Stock Financial
Corporation's (Sistema) ratings, including the Long-Term Issuer
Default Rating (IDR) of 'BB-', on Rating Watch Negative (RWN) on
uncertainty over the litigation with Rosneft.

Rosneft filed claims against Sistema seeking RUB170.6 billion of
damages for alleged abuse of Sistema's shareholding rights in
PJSOC Bashneft (Bashneft) (BBB-/Stable), a medium-sized Russian
oil company with legal registration in Russian Republic of
Bashkortostan (BBB-/Stable), during the period when Sistema was
the majority owner of Bashneft. The government of Bashkortstan, a
shareholder in Bashneft, was accepted as the co-plaintiff.
Bashneft is now a majority-controlled subsidiary of Rosneft,

KEY RATING DRIVERS

Litigation impact: Fitch placed Sistema's ratings on RWN in June
2017 following a Russian court injunction to freeze significant
assets in relation to claims filed by Rosneft against Sistema.
These include 31.76% equity interest in PJSC Mobile TeleSystems
(MTS) (BB+/RWN), 100% equity stake in Medsi and 90.47% equity
interest in Bashkirian Power Grid Company. In addition, bailiffs
imposed additional restrictive measures prohibiting Sistema to
receive any income on the frozen shares, including dividends.
In August the court ruled that Sistema should pay RUB136 billion
of damages to Rosneft for alleged abuse of Sistema's shareholding
rights in Bashneft. Sistema strongly believes that Rosneft's
claims are without merit and filed the appeal against the ruling.
The total amount of claims is significant and equal to more than
4.5x dividends received by Sistema in 2016 from its operating
subsidiaries. If satisfied in full, the impact on the company's
leverage and its ratings is likely to be negative. The RWN is
likely to be resolved when Fitch gains more clarity on the
financial consequences of the litigation with Rosneft, and their
implications for both Sistema and MTS.

DERIVATION SUMMARY

Sistema's credit profile is primarily shaped by the company's
ability to control cash flows and upstream dividends from MTS.
This is overlaid by a significant debt burden at the holdco
level, including exposure to off-balance-sheet liabilities.
Efforts to diversify dividend inflows are likely to take time
before providing a sustainable contribution.

KEY ASSUMPTIONS

The RWN is driven by the assumption that Sistema may incur losses
from the litigation initiated by Rosneft.

RATING SENSITIVITIES

Positive: Future developments that may individually or
collectively lead to positive rating action
- Sustained deleveraging at the holdco level to net debt
   including off-balance-sheet liabilities-to-normalised
   dividends received from Sistema's operating subsidiaries of
   under 2.5x (2016: 3.4x).
Negative: Future developments that may individually or
collectively lead to negative rating action
- A protracted rise in net debt including off-balance-sheet
   liabilities-to-normalised dividends to above 4.5x.
- A portfolio reshuffle increasing the share of subsidiaries
   with weak credit profiles.

LIQUIDITY

Comfortable Liquidity Challenged: Fitch view Sistema's liquidity
as comfortable. Cash on the balance sheet at the holding company
level (RUB36.2 billion at end-2Q17), combined with available
long-term credit lines cover scheduled 2017-2018 debt maturities,
including off-balance liabilities related to Sistema Shyam
TeleServices. The court's decision on assets freeze, if
sustained, limits Sistema's ability to control a sizeable portion
of its assets, and may reduce the flow of dividends to the
holding company.

FULL LIST OF RATING ACTIONS

Sistema Joint Stock Financial Corp
Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs): 'BB-'; maintained on RWN
Senior unsecured debt: 'BB-'; maintained on RWN
Sistema International Funding S.A.
Loan participation notes guaranteed by Sistema: 'BB-'; maintained
on RWN


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


LSFX FLAVUM: S&P Assigns 'B' CCR, Outlook Stable
------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to LSFX Flavum Bidco S.A., which has issued new debt for
the Esmalglass group, a Spanish ceramics-product maker. The
outlook is stable.

S&P said, "We assigned our 'B' issue rating to the new facilities
issued by LSFX Flavum Bidco, which include a new EUR60 million
revolving credit facility (RCF) and a new EUR375 million term
loan B. The recovery rating on these instruments is '4',
indicating our expectation of average recovery (30%-50%; rounded
estimate 45%) in case of default.

"At the same time, we withdrew our 'B+' long-term corporate
credit rating on Pigments II B.V., the previous parent company of
Esmalglass-Itaca.

"We also withdrew our 'B+' issue rating and '3' recovery rating
on the group's previous facilities, now fully repaid."

Private equity firm Lone Star Funds has acquired Esmalglass-Itaca
and refinanced its debt. S&P said, "We expect the new owner to
display an increased tolerance for higher leverage and a less-
conservative financial policy, increasing the potential for
higher shareholder returns in the future. Now that the
refinancing is complete, we expect the group's credit metrics to
be commensurate with a highly leveraged financial risk profile.
Specifically, the S&P Global Ratings-adjusted debt to EBITDA will
likely be more than 5x at the end of 2017."

Esmalglass-Itaca is a leading producer of intermediate products
that are sold directly to ceramic tile manufacturers worldwide.
The company's product portfolio includes glazing products (frits
and glazes), as well as body stains to color the body of the
tiles and surface products (glaze stains and inkjet inks). The
company is a niche player whose portfolio of products is applied
to a wide range of tiles. The company benefits from strong market
positions in the countries in which it operates and has good
geographic and client diversity.

That said, Esmalglass-Itaca is exposed to particularly cyclical
and volatile construction end markets. The company generates
sales in some moderately high-risk countries, such as Brazil and
China, which have recently experienced economic slowdowns,
exposing the company to difficult market conditions, lower-than-
expected volumes, and tough pricing conditions. Although careful
cost-base management has enabled Esmalglass-Itaca to protect its
margins when markets are choppy, the company's absolute EBITDA
has exhibited high volatility in the recent past and could do so
again in the future, especially if management's efforts to expand
the business meet a sudden sharp drop in demand.

The company has historically reported capital expenditure (capex)
of 5%-8% of revenues, which reflects the asset-intensity of the
business. Management can flex capex down to protect cash flows
and preserve liquidity, but we consider it unlikely that the
company would reduce capex below 5% of revenues for longer than
12-18 months. When calculating recovery prospects, S&P assumes
capex of about 3% of revenues; the lower figure reflects
Esmalglass-Itaca likely capex at the point of a hypothetical
default caused by a period of operational and financial stress.

In S&P's base-case scenario for the financial year ending Dec.
31, 2017, it assumes:

-- Challenging fundamentals in some of the company's end
    markets, with consolidated revenues forecast to increase to
    more than EUR400 million;

-- Frits and glazes in Brazil will continue to experience volume
    and price competition, offset by growth in the same product
    suite in the rest of the world;

-- Inkjet volumes in China will continue to contract, but be
    offset by more-robust demand outside of this market;

-- EBITDA margins gradually rising to more than 19%, supported
    by continued efforts by management to reduce the company's
    cost base;

-- Capex of up to EUR26 million; and

-- No major acquisitions, divestitures, or dividends.

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

-- Adjusted debt to EBITDA of about 5.3x; Adjusted funds from
    operations (FFO) to debt of about 11%; and

-- Adjusted cash interest coverage of more than 3x over the 12-
    month rating horizon.

S&P said, "The stable outlook reflects our expectation that
Esmalglass-Itaca will exhibit positive revenue growth and
gradually improve its margins to above 19%. That said, weaker
demand and tough pricing conditions in markets such as China and
Brazil will also continue to weigh on the group's results. We
anticipate that the company's adjusted debt to EBITDA will be
about 5.3x in 2017, with good cash interest coverage of
significantly more than 3.0x.

"In our view, the probability of an upgrade over our 12-month
rating horizon is limited. This reflects the group's high
leverage and limited prospects for deleveraging over this
timeframe. Passing to a new private equity owner has increased
uncertainties regarding the possibility of shareholder returns,
and could trigger changes to the group's capex, acquisition, and
disposal strategy.

"We could lower the ratings if the group experienced severe price
or margin pressure, or poorer cash flows, leading to weaker
credit metrics -- specifically, if FFO cash interest coverage
fell below 2x. This could occur if the group suffered from
persistent detrimental foreign-exchange movements or if it failed
to curtail its capex in time to reduce debt, before a potential
drop in earnings. A downgrade could also stem from debt-funded
acquisitions or increased shareholder returns."


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


GLOBAL LIMAN: Fitch Affirms BB- Rating on US$250-Mil. Sr. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Global Liman Isletmeleri A.S.'s
(Global Ports Holding, or GPH) US$250 million senior unsecured
notes due 2021 at 'BB-' with Negative Outlook.

Global Ports operates 14 ports in eight countries. The rating
analysis focuses only on two of its three Turkish ports (Akdeniz
and Ege Port/Kusadasi), which are designated as guarantors
(recourse perimeter) of the rated bond. Subsidiaries that are
outside the two Turkish guarantor ports are accounted for in
Fitch analysis for their contribution only through dividend
distributions.

KEY RATING DRIVERS
The Negative Outlook reflects Fitch view that continued security
risks in Turkey could have a material impact on the tourist
sector with a related knock-on effect on GPH's Turkish cruise
segment and relevant projected metrics. Fitch expects net
leverage to be 3.1x in 2019. Unless financial performance
improves, Fitch could consider a negative rating action given the
company's refinance risk in 2021.

GPH's 'BB-' rating reflects structural exposure to two volatile
business segments within the Turkish ports: the commercial
segment (about 82% of 2016 EBITDA of the two guarantor ports),
and the cruise business (about 18% of the two guarantor ports).
Fitch views both sectors as being sensitive to business cycles.
The rating is also constrained by GPH's historical acquisitive
corporate profile and unsecured bullet debt structure, with
material exposure to refinancing risk.

Concentration Risk, Volatile Business - Revenue Risk (Volume):
Weaker
Akdeniz is an export-driven port with exposure to containerised
marble exports to China. In 2016 78% of revenue was export-
driven. The main drivers of revenue are marble exports to China,
which in 2016 accounted for 69% of full container volume, and
cement exports, which accounted for 86% of total general and bulk
cargo exports. Container revenue represents about 65% of total
revenue whereas cement represents about 14%. The cruise sector is
entirely driven by tourism, a sector which is sensitive to
business cycles and has proved to experience high volatility.
Concentration risk of commercial revenue and exposure to more
volatile cruise and commercial segments suggest a Weaker
assessment for revenue risk.

Full Flexibility, Low Visibility - Revenue Risk (Price): Midrange
In both the commercial and cruise segments, GPH's Turkish ports
benefit from full pricing flexibility. For the two Turkish
guarantor ports, the Turkish competition law and authorities only
prevent 'excessive and discriminatory pricing', for which there
is no history of enforcement. GPH management typically favours
short-term contracts with its customers, including incentives at
times. Pricing flexibility is balanced by the lack of long-term
visibility and results in a Midrange assessment.

Sufficient Capacity - Infrastructure Development and Renewal:
Stronger
None of the Turkish ports within GPH's portfolio has a regulatory
requirement to increase capacity, and all have sufficient
capacity headroom to deliver the expected throughput. Capex works
outside the two Turkish guarantor ports are funded by non-
recourse debt at the subsidiary level. This results in a Stronger
assessment.

Bullet Debt, Refinance Risk - Debt Structure: Weaker
Rated debt consists of USD250 million senior unsecured corporate-
style bond issued by GPH and maturing in 2021. GPH's concentrated
and back-ended repayment maturity profile creates refinance risk.
Furthermore, this bullet bond does not benefit from significant
covenant protection, apart from the restrictions imposed on the
raising of additional indebtedness if gross debt/EBITDA exceeds
5x and customary limitation of distributions at 50% of cumulated
net income. There are no current limitations on acquisitions but
the September 2015 primary equity investment of approximately 11%
of GPH by the EBRD (after May 2017 IPO reduced to 5.03%) is
viewed as providing additional oversight, corporate governance,
and due diligence. for any new acquisitions. All attributes lead
to a Weaker assessment.

Financial Profile
Under the revised Fitch rating case, the agency expects GPH's
adjusted leverage to reach 4.2x at end-2017 and to progressively
decline thereafter. Fitch's rating case is prudent in its
assumptions and as a result uses moderate assumptions on volume,
tariffs and dividends received from joint ventures in comparison
to management. As a result, Fitch expects leverage to average at
3.2x over a five-year period.

PEER GROUP
Fitch compared GPH with a series of the agency-rated single site
ports and larger ports groups with varying levels of structural
protection for creditors.

Mersin International Port (MIP; BBB-/Stable) is a Turkish peer,
with a stronger debt structure and lower leverage (maximum 2x).
MIP also has a more diversified business profile, a strong
operational sponsor (PSA) and less acquisitive profile.

DP World (BBB+/Stable) compares similarly in leverage (average
net debt/EBITDAR of 3.7x), negative structural features and a
lack of business restrictions. However, DP World benefits from
far greater scale and diversification.

Global Ports International (GPI; BB/Negative): Similar to GPH,
GPI has loose covenants although it has a midrange debt structure
with less concentration but slightly higher leverage. GPI also
has a dominant position in the region, which is more comparable
to MIP than to GPH.

LLC DeloPorts (BB-/Stable) is also a close peer as it also has a
Weaker volume risk assessment, but GPH has arguably more volume
concentration than DeloPorts. Also, GPH is more leveraged than
DeloPorts. DeloPorts is exposed to market risk and, as with GPH,
has concentrated exposure to one commodity (grain).

RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:
- Given high refinancing risk in 2021 and the then short
   remaining tail before concessions' maturities, negative rating
   action may be triggered by the issuer not deleveraging to less
   than 3.0x net debt/EBITDA by 2019 under the Fitch rating case.

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:
- A positive rating action may be triggered by the issuer
   extending the maturity date of its current debt and
   deleveraging to 2.0x net debt / EBITDA under the Fitch rating
   case.

The Outlook may be revised to Stable upon a diversification of
the business leading to greater stability of cash flow without
compromising GPH's financial performance and better-than-expected
performance in cruise passenger and commercial volumes.


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


BUY AS YOU VIEW: Administrators in Talks with Potential Buyers
--------------------------------------------------------------
Sion Barry at WalesOnline reports that staff at rent-to-buy
television to furniture business Buy As You View, will continue
to be paid into next year as administrators confirm they are in
talks with two potential buyers of the business.

Buy As You View, which has some 40,000 customers, was put into
administration last month with the immediate loss of 41 jobs,
WalesOnline recounts.  The current workforce is around 220, of
which 150 are based at the HQ in Bridgend, in south Wales,
WalesOnline discloses.

One of the parties is understood to be the existing management
team of the business, who are focused on maintaining as many jobs
in Bridgend as possible if they strike a deal with administrators
EY, who are acting for the creditors, WalesOnline relates.

However, EY, as cited by WalesOnline, said it "remains a distinct
possibility" that a sale will not be possible.  In that event EY
has told creditors and employees that they would look to continue
to trade the business for the sole purpose of running down the
loan book of Buy As You View -- for which there is regulatory
approval to do so from the Financial Conduct Authority until
February 2019, WalesOnline states.

According to WalesOnline, in a letter to all remaining staff
joint administrator for the company behind the Buy As You View
trading name, Dunraven Finance, Dan Hurd of EY, said: "I would
like to outline that the administrators are now in active
discussions with two interested parties with regards to a
potential sale of the business and assets of the company.

"At this stage it is difficult to give a timescale as to how long
these discussions will take to conclude and further work will be
required by both the administrators and the interested parties to
assess whether it is possible to conclude a transaction.

"Whilst these discussions have been encouraging, it still remains
a distinct possibility that a sale will not be possible. As
previously highlighted, under such circumstances, the
administrators will continue to trade the business to run-off the
loan book.

"Whilst we continue exploring the sale of business and given our
outlook for the business I can confirm that all employees will
receive their basic salary for a minimum period to January 31,
2018."

The business is owned by Hayfin which as the firm's main lender
took over control of Buy As You View from private equity firm
Rutland Partners last year.  Hayfin, a secured creditor, had a
total debt position at the time of the administration of GBP14.6
million, WalesOnline notes.

The Bridgend-based firm has been facing problems following the
introduction of stricter lending controls by the Financial
Conduct Authority, WalesOnline relays.


HONOURS PLC: Fitch Lowers Rating on Class B Notes to 'BB-sf'
------------------------------------------------------------
Fitch Ratings has downgraded and maintained on Rating Watch
Negative (RWN) Honours Plc's class A and B notes and affirmed
class C and D:

Class A1 notes: downgraded to 'A+sf' from 'AAsf'; maintained on
RWN
Class A2 notes: downgraded to 'A+sf' from 'AAsf'; maintained on
RWN
Class B notes: downgraded to 'BB-sf' from 'BB+sf'; maintained on
RWN
Class C notes: affirmed to 'CCCsf'; RE 35%
Class D notes: affirmed to 'CCsf'; RE 0%

This transaction is a refinancing of the previous Honours Plc
transaction that closed in 1999, a securitisation of student
loans originated in the UK by the Student Loans Company Limited.

The notes were first placed on RWN in September 2016 after the
issuer in February notified noteholders that prior to the issuer
entering into the link administration agreement, Capita (the
former servicer) informed that particular arrears notices sent to
certain borrowers may not have been in compliance with the
consumer credit legislation. Later in October 2016, the issuer
provided an estimate of GBP22.5 million for interests and charges
that had been charged to affected accounts.

The transaction was reviewed in November 2016 and further in May
2017, with downgrades of the class B to D notes, while
maintaining the class A and B notes on RWN.

KEY RATING DRIVERS

Remediation Plan Still Uncertain
Fitch's estimated liability has been kept unchanged at
GBP12.5million, to which GBP7.5 million has been added to account
for external additional costs, including legal.

Fitch has not received further information regarding the
evolution of the issuer's discussions with Financial Conduct
Authority: given that the final liability amount is still
uncertain, Fitch has kept the class A and B notes on RWN.

Increasing Delinquencies Attract Higher Stresses
Current overdue loans represent 7.3% of the qualifying loans
balance, higher than its historical average (5.9% in 2010-2016).
Overdue loans are stressed depending on their delinquency bucket.
Loans deferred with arrears have been steadily increasing since
end-2015 to 2.6% of the qualifying loans balance. Fitch applies a
100% stress to loans deferred with arrears, as they are not
eligible for government cancellation payments.

Revised Asset Assumptions
Fitch assumes a remaining life default base case of 10.9%, up
from the previous estimate of 9.9%, and a base recovery rate of
25%.

The portfolio of loans in deferment status is assumed to exit
deferment (or "restate") at an annual rate of 4%, decreasing by
0.2% each year. Fitch has estimated excess spread for the
remaining life for the transaction of 6.9%, down from the
previous estimate of 7.4%. Fitch have stressed default and
recovery assumptions applying a 'AAAsf' default rate multiples of
4x and recovery haircut of 40%. In addition, Fitch have
incorporated a GBP2.2 million principal deficiency ledger and an
additional loss of GBP20 million into the model to reflect the
non-compliance liability.

Rating Cap
The transaction is strongly reliant on the UK government making
cancellation payments on deferred loans as well as interest
subsidy on the qualifying loan balance, hence capping the rating
of the notes at that of the UK government (AA/Negative).
RATING SENSITIVITIES

Increase in the liability by GBP 2.5 million
Class A: 'A+sf'
Class B: below 'Bsf', Recovery estimate (RE) 100%
Class C: below 'Bsf', RE 16%
Class D: below 'Bsf', RE 0%

Increase in the liability by GBP5 million
Class A: 'Asf'
Class B: below 'Bsf', RE 98%
Class C: below 'Bsf', RE 0%
Class D: below 'Bsf', RE 0%


IRON MOUNTAIN: S&P Rates New GBP400MM Sr. Unsecured Notes 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Iron Mountain (UK) PLC's proposed GBP400
million senior unsecured notes due 2025. The '3' recovery rating
indicates S&P's expectation for meaningful recovery (50%-70%;
rounded estimate: 65%) of principal in the event of a payment
default. The issue-level rating is at the same level as S&P's
corporate credit rating on Iron Mountain Inc. (Iron Mountain),
the parent company.

Iron Mountain will use the proceeds from the notes to repay Iron
Mountain Europe PLC's 6.125% senior unsecured notes due 2022. Pro
forma for the debt offering, Iron Mountain's adjusted leverage
remains unchanged at approximately 6x as of Sept. 30, 2017.

S&P said, "Our corporate credit rating and stable rating outlook
on Iron Mountain are unchanged. The rating reflects the company's
position as the global market leader in the records management
business, and its high leverage, acquisitive growth strategy,
above-average capital intensity for a business services company,
and shareholder-favoring dividend policies. The company benefits
from low customer attrition, high switching costs, favorable
EBITDA margins, and long-term storage contracts that provide
stable and recurring revenue. These strengths are somewhat offset
by the increasing secular trend toward digital storage that could
negatively affect the company long term. The stable outlook
reflects our expectation that Iron Mountain will continue to
experience mid- to low-single-digit percentage revenue growth and
improve its operating margins through efficiency initiatives over
the next 12 months. We also expect lease-adjusted leverage to
moderate to the low-5x area and free operating cash flow to debt
to remain above 5% through 2018."

RATINGS LIST

  Iron Mountain Inc.
   Corporate Credit Rating        BB-/Stable/--

  New Ratings
  Iron Mountain (UK) PLC
   Senior Unsecured
   GBP400 million notes due 2025  BB-
   Recovery Rating                3(65%)


MONARCH AIRLINES: Owner Has Moral Obligation Over Passenger Costs
-----------------------------------------------------------------
Harriet Line at Press Association reports that the private equity
owner of failed airline Monarch has agreed it has a "moral
obligation" to help defray the cost of repatriating customers.

Greybull Capital said it had affirmed in a letter to the chairman
of the Transport Select Committee that any stakeholder who finds
themselves in-pocket after the administration process should
contribute to others, Press Association elates.

It comes after Transport Secretary Chris Grayling said Greybull
should pay if it profited from the firm going into
administration, Press Association notes.

In a statement, a Greybull spokesman, as cited by Press
Association, said: "We concur wholeheartedly with the Secretary
of State's recent statement that any stakeholder who finds
themselves in-pocket at the end of the administration process
would be under a moral obligation to contribute to other
stakeholders.

"This would include helping to defray the costs incurred by the
Department for Transport in repatriating Monarch customers.

"This was first discussed in principle with the Secretary of
State and his department several weeks ago.

"We also agree with the Secretary of State that it is premature
to pre-judge the outcome of the administration."

The Civil Aviation Authority (CAA) put on 567 flights which
brought nearly 84,000 passengers back to the UK after the travel
company went into administration on Oct. 2, Press Association
recounts.

According to Press Association, the spokesman also said the
letter confirmed that Greybull's investors had not "taken out
dividends, loan repayments or interest payments" since its first
investment in Monarch in October 2014.

Monarch Airlines, also known as and trading as Monarch, was a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.



                            *********

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

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

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


                            *********


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

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

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

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

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

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


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