/raid1/www/Hosts/bankrupt/TCREUR_Public/171108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 8, 2017, Vol. 18, No. 222


                            Headlines


B O S N I A

KONJUH: Asset Auction Scheduled for December 4


C R O A T I A

AGROKOR DD: Founder Arrested Amid Embezzlement Allegations


F R A N C E

REXEL SA: Moody's Rates EUR500MM Senior Unsecured Notes Ba3
REXEL SA: Fitch Rates New EUR500MM Sr. Unsecured Notes BB(EXP)
SMCP GROUP: S&P Raises CCR to 'B+' on Stronger Credit Metrics


G R E E C E

NAVIOS MARITIME: Moody's Hikes Corporate Family Rating to Caa1


I R E L A N D

CAMBER 4: S&P Lowers Ratings on Two Note Classes D (sf)
OCP EURO 2017-2: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes


I T A L Y

CMC DI RAVENNA: S&P Rates EUR325-Mil. Senior Unsecured Notes 'B'


K A Z A K H S T A N

ATFBANK JSC: S&P Affirms 'B' LT ICR, Outlook Negative


R O M A N I A

* ROMANIA: Number of Insolvent Firms Up 7.5% in 9mos. Ended Sept.


R U S S I A

PROMSVYAZBANK PJSC: S&P Lowers LT Issuer Credit Rating to 'B+'
VOZROZHDENIE BANK: S&P Cuts Long-Term Issuer Credit Rating to B+


S P A I N

BANCO POPULAR: Bondholders Want Different Firm for Valuation
CATALUNYA: Independence Credit Negative for Structured Finance
EUSKALTEL SA: S&P Assigns BB- Rating to New EUR835MM Term Loan B4
FERROVIAL SA: Fitch Assigns 'BB+(EXP)' Hybrid Securities Rating
FONCAIXA FTGENCAT: S&P Affirms D (sf) Rating on Class D Notes

HAYA REAL: Moody's Assigns B3 Corp. Family Rating, Outlook Stable


T U R K E Y

TURKEY: S&P Affirms 'BB/B' FC Sovereign Credit Ratings


U K R A I N E

UKRINBANK: Court Upholds Lawfulness of Bank's Removal From Market


U N I T E D   K I N G D O M

CAPRI ACQUISITIONS: Moody's Assigns B3 CFR, Outlook Stable
DONCASTERS: S&P Lowers CCR to 'B-' on Weaker Credit Metrics
HAMPSHIRE CAPITAL: High Court Winds Up Binary Option Scam Firms
LADBROKES CORAL: S&P Places BB Long-Term CCR on Watch Negative
MARTON COUNTRY CLUB: In Liquidation; 45 Jobs Axed

MONARCH AIRLINES: London Judges Hear Dispute Over Runway Slots
SEADRILL LTD: Bondholders Submit Rival Restructuring Plan
WILLIAM HILL: S&P Places BB+ Long- Term CCR on Watch Negative
XEFRO TRADE: High Court Enters Winds Up Order


                            *********



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B O S N I A
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KONJUH: Asset Auction Scheduled for December 4
----------------------------------------------
SeeNews reports that the bankruptcy trustee of Bosnia's furniture
maker Konjuh has announced the sale of the company's assets, with
a total value of BAM52.2 million (US$30.9 million/EUR26.7
million), via an auction on Dec. 4.

Konjuh's assets are split into three lots, the first of which is
the largest and consists of production-business facilities,
including equipment and small inventory, valued at a minimum
BAM47.5 million, SeeNews relays, citing news portal eKapija.

The other two lots include the company's vehicles and a chair
factory, SeeNews notes.

Konjuh entered bankruptcy in September last year, SeeNews
recounts.

Prior to the launch of bankruptcy proceedings, the furniture
maker, located in Zivinice, had halted production several times
due to financial problems, SeeNews discloses.



=============
C R O A T I A
=============


AGROKOR DD: Founder Arrested Amid Embezzlement Allegations
----------------------------------------------------------
The Associated Press reports that Croatian businessman
Ivica Todoric was arrested on Nov. 7 in Britain amid allegations
he embezzled millions from his retail company, leading it into a
massive bankruptcy that is now an issue of national concern in
Croatia.

London police said that 66-year-old Ivica Todoric, the founder of
Croatia's biggest private food and retail company, Agrokor, was
set to appear in Westminster Magistrates' Court later that day,
the AP relates.

Mr. Todoric was put on Europol's list of the continent's most
wanted fugitives for suspected corruption, forgery of
administrative documents and fraud, the AP discloses.

He and his former aides are being investigated over the company's
financial downfall, the AP relays.  Mr. Todoric, who denies
wrongdoing, has been accused of embezzling tens of millions of
euros of Agrokor's funds for personal gain, the AP states.

Agrokor, which began as a flower-growing operation in the former
Yugoslavia in the 1970s, underwent a rapid expansion over the
past decades that saw it run up debts of about EUR6 billion (US$7
billion), the AP recounts.  The company is so large it now
accounts for about 15% of Croatia's gross domestic product and
the debt is too large for the government to rescue it without
endangering the state's financial stability, the AP notes.

Although Mr. Todoric still formally owns 95% of Agrokor, the
Croatian government has taken over management of the company and
is now trying to keep it alive through restructuring and
negotiations with major creditors, which include Russia's state-
run Sberbank, the AP says.

According to the AP, Croatian Prime Minister Andrej Plenkovic
said he was not surprised by Mr. Todoric's surrender to the
London police and that he would not comment on when he will be
handed over to Croatian authorities.

"Now we face the usual (extradition) procedure," the AP quotes
Mr. Plenkovic as saying.  "As a suspect, Todoric has his rights
that I believe he will use."

                       About Agrokor DD

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

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

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

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

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

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


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


REXEL SA: Moody's Rates EUR500MM Senior Unsecured Notes Ba3
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Rexel SA's
(Rexel) EUR500 million senior unsecured notes due 2025. Rexel's
existing ratings, comprising of Ba2 corporate family rating
(CFR), Ba2-PD probability of default rating (PDR), Ba3 ratings on
the company's existing senior unsecured notes and the NP short-
term rating of the company's EUR500 million commercial paper
programme, remain unaffected. The outlook on all ratings is
stable.

Moody's understands that the proceeds from the new senior
unsecured notes, together with available cash, will be used to
redeem in full the EUR500 million 3.25% senior notes due 2022 and
related transaction expenses.

Moody's will withdraw the Ba3 rating on EUR500 million 3.25%
senior notes due 2022 upon their redemption.

RATINGS RATIONALE

The Ba3 rating assigned to the EUR500 million senior unsecured
notes due 2025 reflects their pari passu ranking with all other
unsecured indebtedness issued by Rexel and their unmitigated
structural subordination to non-financial liabilities at the
operating companies. Similar to Rexel's existing senior unsecured
notes issued in 2015, 2016 and 2017 the new notes will have a
light covenant package, i.e. exclude clauses for limitation on:
restricted payments; sales of assets and subsidiary stock; and
restrictions on distributions.

Rexel demonstrated a return to top-line growth during the first
nine months of 2017 supported by improved macroeconomic
conditions in Europe and North America and despite weak
performance in Southeast Asia. Reported revenue increased by 2.1%
year-on-year (or 2.9% on a constant currency and same-day basis).
The company's reported EBITA margin during the period improved
year-on-year to 4.4% from 4.0% and Moody's adjusted leverage
declined to 4.8x from 5.2x at the end of 2016 (excluding costs
incurred in Q2 2017 to shut down oil and gas businesses in
Thailand and Singapore).

Moody's expect to see a continuation of top-line growth and
further deleveraging from its current level driven by the
improvement in profitability.

Rexel's Ba2 CFR is supported by (1) the company's large scale and
geographic diversification; (2) strong market positions with
either number one or two market rankings in most Western European
countries and North American states; and (3) prudent financial
policy balancing year-end net leverage target of 3.0x (or 2.5x
starting from year-end 2018) with M&A and dividend payments.

Rexel's Ba2 rating is constrained by: (1) the company's weak
credit metrics over the last few years; (2) the uncertainty about
the pace at which credit metrics might improve on an organic
basis given the slow macroeconomic recovery in Europe and the
late-cycle nature of the industry; (3) deleveraging largely
dependent on future acquisitions and macroeconomic recovery.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Rexel will
continue to demonstrate resilient performance in current
macroeconomic climate with sales growth and profitability level
improving from current levels. The stable outlook also assumes no
adverse change in the company's current financial policy in
relation to dividends and acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

While unlikely at this stage, upward pressure on the ratings
could materialise over the medium term if Rexel demonstrates a
prudent financial policy as well as successfully achieving its
target for improving its profitability, leading to a leverage
ratio (gross debt/EBITDA, as adjusted by Moody's) trending
towards 3.5x and a Retained Cash Flow/debt (as adjusted by
Moody's) above 15%.

The ratings could be downgraded if as a result of continued
volume pressure and a decline in Rexel's margins its leverage
(gross debt/EBITDA, as adjusted by Moody's) rises materially
above 5.0x or if its Retained Cash Flow/ debt (as adjusted by
Moody's) falls substantially below 10%.

Methodology

The principal methodology used in this rating was Distribution &
Supply Chain Services Industry published in December 2015.

Corporate Profile

Headquartered in Paris, France, Rexel SA (Rexel) is a global
leader in the low and ultra-low voltage electrical distribution
market. Rexel addresses three main markets: commercial,
industrial and residential. The company's distribution network is
comprised of around 2,000 branches in 32 countries employing more
than 27,000 employees as at December 31, 2016. For the financial
year ended December 31, 2016 Rexel reported total sales and
Adjusted EBITA of EUR13.2 billion and EUR550 million respectively
representing 4.2% of 2016 sales. Rexel is a public company listed
on Euronext Paris.


REXEL SA: Fitch Rates New EUR500MM Sr. Unsecured Notes BB(EXP)
--------------------------------------------------------------
Fitch Ratings has assigned Rexel SA's planned EUR500 million
senior unsecured notes issue due in 2025 an expected senior
unsecured rating of 'BB (EXP)'. The final rating is contingent
upon the receipt of final documents to information already
received by Fitch.

Proceeds are likely to be used for early redemption of the
company's 3.25% notes due in 2022 on or about 15 December, 2017.
The planned notes will be unguaranteed, ranking pari-passu to all
existing and future unsecured indebtedness of the issuer that is
not subordinated to the notes, including that under senior credit
facilities. Although under each of Rexel's bonds and the senior
credit facilities creditors only have a claim to the parent
company, there is cross-default with additional group debt above
a minimum threshold of EUR100 million. Fitch expect average
recovery prospects for unsecured bond holders in the event of
default resulting in a 'BB (EXP)' rating for the planned bond.

KEY RATING DRIVERS

Organic Sales Recovery: Fitch's rating case for Rexel includes a
return to organic growth in sales from 2017, albeit only
improving to about 2% by end-December 2019. The group's sales
fell 1.9% in 2016 on a constant and same-day basis after several
quarters of larger declines. However, Rexel has returned to
growth in the last four quarters of trading, reflecting good
growth in Europe and North America and improvements in Asia
Pacific. Fitch assumes management's refocusing on core
geographies and market segments will have a positive effect,
together with stronger markets in Europe and the US this year and
return to growth in other regions from 2019.

EBITDA Margin Improvement: In 2016 Rexel's EBITDA margin remained
just below Fitch negative sensitivity guidance of 5% for the
second consecutive year, at 4.8%. Fitch expect this will improve
to 5.1% in 2017 and then towards 5.6% by 2019. This steady uplift
mainly reflects Fitch view that organic sales growth will return
from this year, and that the group will benefit from some narrow
positive operating leverage. The latter should also be
compensated for by further optimisation of the group's operating
structure and gross margin, as well some growth from bolt-on
acquisitions from 2018 onwards.

Fitch also assumes the successful achievement of management's new
disposal programme over 2017-2018, which should take out invested
capital from non-core, less profitable assets.

Acquisition Programme Suspended: Following recent management
changes and the decision to concentrate on existing geographies,
Rexel has decided to focus on optimising the existing business,
and broadly suspended the acquisition programme in 2017, barring
the possibility of small in-fill acquisitions. With the group
likely to generate improved FCF margins from 2017, this should
allow some moderate de-leveraging in 2018 and 2019, bringing
adjusted net leverage down below 5.0x by end 2019 and within
Fitch rating sensitivity.

Resilient FCF: Rexel has a good record of converting EBITDA into
FCF given the asset-light nature of the business and active
working capital control by management. Maintaining good FCF is
critical for the rating given high leverage. FCF remained
positive in 2016, although weaker than prior years, with a pre-
dividend FCF margin at 1.6% of sales and FCF margin of 0.7%.
Fitch expect annual FCF to return to over EUR200 million by FY19,
with FCF margins improving back to about 1% (pre-dividend FCF
above 2%) this year due to improved profitability and a further
decrease in cash interest due to active debt management, and to
move towards 1.6% by FY19.

Adequate Financial Flexibility: Reduced acquisition activity
should allow the group's financial flexibility to remain adequate
for its rating, despite some weakness in FCF generation in 2016.
Financial flexibility is also underpinned by the group's healthy
FFO fixed-charge cover. Fitch expect this to be in the 2.5x-3.0x
range (2016: 2.2x) over the next three years, driven by reduced
cash interest payments due to increased refinancing of high
coupon debt. Critical additional rating support is management's
strict financial discipline, which Fitch expect to be maintained
through limited year-on-year increases in dividend payments.

Leverage Headroom to Improve: Rexel's FFO adjusted net leverage
reached 6.3x in 2016, exceeding Fitch's guideline of 5.0x for a
'BB' rating driven by past acquisition spending and a challenging
trading environment. The Stable Outlook assumes continued FCF
generation and low acquisition activity which should permit some
deleveraging over the next three years.

Financial Discipline Critical: The Stable Outlook reflects
Rexel's position in the cycle and its reviewed financial policy.
The sustainability of Rexel's leverage headroom under the 'BB'
rating will be contingent on maintaining rigorous financial
discipline. Fitch's 2018-2019 rating case incorporates limited
increases in capex and dividends, moderate bolt-on acquisitions
from 2018 and management achieving its asset disposal plan.

Taking into account clearly improving market conditions in its
major markets and assuming management comply with its more
stringent financial policy, including a stricter long-term
leverage target, Rexel should regain its rating headroom with FFO
adjusted net leverage falling back below 5.0x in 2019.

DERIVATION SUMMARY

Electrical distribution group Rexel has both weak operating
profitability measured as EBITDA and EBITDAR margins and high net
leverage metrics for the 'BB' rating category (FFO adjusted net
leverage median of about 3.5x versus an estimated 5.5x for Rexel
at FY17). Leverage is also high by sector standards compared with
other distributors and retailers such as Wolseley Plc, Wesco
International Inc. and Kingfisher Plc (BBB/Stable).

However, these factors are balanced by its high cash conversion
ratio throughout the cycle (post-dividend FCF margin average of
1.5% p.a. of sales in the last four years), resulting in
resilient FCF and adequate financial flexibility relative to
cyclical industrial manufacturers or building materials producers
in the 'BB' category. The group also displays strong geographical
diversification relative to close peers, with operations in 32
countries across Europe, North America and Asia.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Positive organic growth in sales from 2017, strengthening
   towards 2.0% in 2019
- Steadily improving EBITDA margin, back to above 5% in 2017 and
   towards 5.6% in 2019
- Working capital outflows along with sales growth, higher in
   FY17 due to increasing inventories in North American business
- Stable annual capex at 0.9%-1.0% of sales
- Limited annual increase in dividend distributions
- Annual growth in FCF, rising to over EUR200 million by FY19
- Annual bolt-on acquisition spending growing along with
   improving operating performance, ranging from EUR50 million
   in 2017 up to EUR250 million in 2019
- Asset disposals (approximately EUR800 million of revenues)
   over 2017-2018 with some positive effect on group EBITDA
   margin

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- EBITDA margin sustained at above 6%, reflecting better product
   mix, successful cost restructuring or higher resilience
   throughout the economic cycle;
- FFO adjusted net leverage below 4.0x on a sustained basis;
- Continued strong cash flow generation, measured as pre-
   dividend FCF margin comfortably above 2% (2016: 1.6%).

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- EBITDA margin consistently below 5%;
- A contraction of pre-dividend FCF margin to below 2% as a
   result of weaker EBITDA margin and/or a less tightly managed
   working capital;
- Inability to achieve de-leveraging consistent with FFO lease
   adjusted net leverage falling below 5.5x by end 2018 and below
   5.0x by end 2019;
- A more aggressive dividend distribution policy leading to an
   erosion of FCF margin to below 1%.

LIQUIDITY

Adequate Liquidity: Liquidity was healthy as of 31 December 2016
with EUR619 million of cash on balance sheet, of which Fitch
considers EUR419 million readily available for debt repayment (as
EUR200m is excluded to account for working capital requirements
during the year). Following repayment of the 2022 notes, there
will be no major debt maturities prior to June 2023. Liquidity is
further underpinned by undrawn committed bank facilities (about
EUR1 billion maturing in November 2021). Rexel also has access to
various receivable securitisation programmes totalling EUR1.4
billion and a EUR500 million commercial paper programme to help
finance structural and rather large working capital requirements.


SMCP GROUP: S&P Raises CCR to 'B+' on Stronger Credit Metrics
-------------------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on SMCP Group to 'B+' from 'B'. The outlook is
stable.

S&P said, "We have also raised to 'B+' from 'B' our issue rating
on SMCP Group's remaining EUR200 million senior secured notes due
2023. We revised down our recovery rating on this instrument to
'4' from '3' previously, reflecting our expectation of average
recovery (30%-50%, rounded estimate: 45% [revised from 50%]) in
the event of default.

"The ratings were removed from CreditWatch positive, where we
placed them on Oct. 11, 2017."

The rating on the group's EUR70 million super senior revolving
credit facility (RCF) was withdrawn, given the successful
refinancing of this instrument with an upsized EUR250 million
RCF.

The upgrade follows SMCP Group's successful IPO and subsequent
debt reduction. The rating action also takes into account our
assumption that SMCP Group will continue to grow its earnings and
cash flows in line with the trend reflected in the strong results
achieved in 2016 and the first half of 2017.

S&P said, "Additionally, with SMCP Group now publicly listed, the
upgrade also reflects our view that, given the current
relationship between SMCP Group and its controlling parent,
Shandong Ruyi (B/Stable/--), our rating on SMCP Group cannot
exceed the rating on Shandong Ruyi by more than one notch."

The company received net proceeds of EUR123 million from the IPO,
which allowed it to reduce its drawn financial debt to about
EUR336 million from EUR471 million on Dec. 31, 2016. This will in
turn allow the company to reduce its annual cash interest expense
by about EUR11 million on a full-year basis, excluding all
exceptional financial costs related to the early redemption. In
addition, SMCP Group's shareholders converted EUR300 million of
their debt-like instruments to equity, which we previously
treated as debt.

Alongside continuing improvement in the operating performance,
this supports our expectation that SMCP Group will post an S&P
Global Ratings-adjusted debt-to-EBITDA ratio of about 3.0x in
2017, and funds from operations (FFO) to debt of about 25%,
compared with 5.5x and 16% in 2016, respectively.

S&P considers the following features of SMCP Group's operating
model as supportive for the rating. Its brand and geographic
diversity, allowing the company to cope with the fashion risk and
volatile consumer demand inherent to the apparel retail industry.
The group's strategy to rely on its own retail network, with over
90% of revenues generated via directly operated stores. This
provides SMCP Group with greater control over its brand image,
pricing, and responsiveness to market trends. The group's track
record of organic growth and successful expansion in new markets,
in particular in China, as well as its efficient supply chain,
are also key supporting factors.

However, the fragmented and competitive nature of the accessible
luxury sector is among the constraints to the rating, notably
because of increased online competition leading to greater
choice, price transparency, and timing of promotional activities
resulting in pressure on margins. S&P also believes that
substantial rent expenses related to SMCP Group's important
retail network lead to a high level of fixed costs that leaves
the group with a limited buffer in case of unexpectedly weak
demand or merchandising missteps. Lastly, concentration in the
saturated womenswear segment of the apparel market limits SMCP
Group's resilience to demand volatility compared with retailers
that participate in the high-growth menswear segment and the
less-cyclical childrenswear segment.

In addition, S&P considers that the group's smaller scale
compared with such large diversified apparel retailers as GAP or
Ralph Lauren, for example, limits its ability to absorb
unexpected setbacks in operating performance. These setbacks stem
from the inherent volatility of apparel retail and a challenging
competitive landscape amid soft general economic conditions
expected in the medium term in SMCP Group's main markets.

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

-- Macroeconomic conditions in France, the group's main market
    (43% of revenues), will remain soft with GDP growth of 1.7%
    in 2017 and 2018; while S&P expects consumer confidence to
    remain broadly stable.

-- In China, where the group experiences its strongest growth,
    S&P expects GDP growth to be at about 6.8% in 2017 and
    decrease to 6.5% in 2018.

-- Revenue growth of 12%-14% annually, mainly driven by SMCP
    Group's international operations, via both like-for-like
    growth and store expansion. S&P anticipates that the group
    will post revenues of about EUR900 million in 2017, as
    evidenced by year-to-date trading;

-- While S&P expects the gross margin to improve further by
    about 100 basis points (bps) in 2017, it believes it will
    broadly remain stable thereafter. Combined with tight cost
    control in spite of the expansion strategy, this could result
    in a broadly stable adjusted EBITDA margin in 2017 from the
    28.2% reported in 2016, and moderately decreasing by about
    30bps in fiscal 2018;

-- S&P expects a slight EUR5 million-EUR10 million working
    capital outflow related to the current expansion plan and the
    growth-oriented strategy, though this will be largely
    mitigated by the group's efforts to optimize inventory
    levels.

-- Capital expenditures (capex) of about EUR50 million-EUR55
    million in 2017, gradually increasing throughout the period
    and representing about 5% of sales, of which about 50% are
    growth related.

Based on these assumptions, and taking into account the post-IPO
refinancing, S&P arrives at the following credit measures for
2017 and 2018:

-- FFO to debt of about 24%-27% in 2017 and 2018;

-- Adjusted debt to EBITDA of 3.0x in 2017, improving toward
    2.5x-2.7x in 2018;

-- Unadjusted EBITDAR cash interest plus rent coverage of about
    2.0x; and

-- S&P's expectation of reported free operating cash flow (FOCF)
    of about EUR40 million per year in 2017-2019.

Following SMCP Group's IPO, which resulted in a free float of 33%
of its shares, S&P considers that the insulation between SMCP
Group's financing and operating activities and its controlling
parent Shandong Ruyi (which currently owns an approximately 60%
stake in SMCP Group) is sufficient for a one-notch uplift of the
rating on SMCP Group above our 'B' rating on Shandong Ruyi. This
is thanks to a combination of SMCP Group's stronger credit
metrics and liquidity position on a stand-alone basis, as well as
the impact of the following factors:

-- Shandong Ruyi is interested in preserving SMCP Group's credit
    quality because SMCP Group plays an important role in
    Shandong Ruyi's international growth strategy and contributes
    a large share of its consolidated EBITDA.

-- Any material decisions concerning financial policy and
    corporate governance are subject to the oversight of the
    board of directors, which represents the significant
    interests of minority shareholders and employs four
    independent directors out of 12 directors in total.

-- S&P believes that even in a hypothetical scenario in which
    Shandong Ruyi defaults, there would be no cross-default with
    SMCP Group. This is because: SMCP Group does not depend on
    Shandong Ruyi to pay its liabilities; the two companies
    maintain distinctly separate capital structures with no
    material overlap between their lenders; and there are no
    guarantees or cross-default provisions between their
    respective debt instruments.

S&P said, "The stable outlook reflects our view that over the
next 12 months, SMCP Group will continue to successfully execute
its store expansion strategy, which will be supported by positive
like-for-like sales growth across its main markets. This should
translate into continued earnings growth and substantial positive
FOCF generation, enabling it to achieve adjusted EBITDA interest
coverage of above 4x and FFO to debt of 22%-25%. It also reflects
our view that SMCP Group will continue to operate independently
from Shandong Ruyi and maintain a separately financed capital
structure.

"We could lower the ratings if SMCP Group's revenue growth,
profitability, or cash generation were to weaken materially,
resulting in EBITDA to interest coverage approaching 3x, FFO to
debt approaching 20%, or reported annual FOCF falling short of
the EUR40 million that we anticipate in our base case. This could
happen if, for example, the group's store expansion strategy were
to falter, particularly into new regions, or like-for-like sales
growth failed to materialize in its existing markets as a result
of soft trading conditions or fashion-risk-driven loss of market
share to competitors.

"Although unlikely in the near term, we could lower the rating if
the group's financial policy were to become more aggressive, such
that leverage increased, for example, driven by large shareholder
remunerations or acquisitions beyond our base-case assumptions."

Given the influence of the parent, a negative rating action on
Shandong Ruyi could also trigger a similar rating action on SMCP
Group.

S&P said, "We view the potential for a positive rating action as
remote in the near term, because of our rating on Shandong Ruyi
and because we already include in our base-case scenario the
improvement in earnings and cash flow underpinning our stand-
alone credit profile assessment on SMCP Group."


===========
G R E E C E
===========


NAVIOS MARITIME: Moody's Hikes Corporate Family Rating to Caa1
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Navios Maritime Holdings, Inc. (Navios Holdings) to Caa1 from
Caa3 and the probability of default rating to Caa1-PD from Caa3-
PD. Moody's simultaneously upgraded the rating of Navios
Holdings' USD650 million senior secured ship mortgage notes due
2022 to B3 from Caa2 and the rating of the USD291 million senior
unsecured notes due 2019 to Caa3 from Ca. Further, Moody's placed
all existing ratings of Navios Holdings on review for upgrade and
assigned a rating of (P)Caa2 to Navios Holdings' proposed USD300
million senior secured notes due 2022. Moody's expects to upgrade
the existing ratings of Navios Holdings by one notch (corporate
family rating to B3) upon successful issuance of the proposed
notes and tender for the senior unsecured notes due 2019.

"Our decision to upgrade Navios Holdings' rating reflects a
strong recovery in the dry bulk market where the time charter
rates almost doubled over the last twelve months," says Maria
Maslovsky, a Moody's Vice President -- Senior Analyst and the
lead analyst for Navios. "In addition, the proposed bond offering
would significantly improve Navios Holdings' debt maturity
profile and warrant a further rating upgrade is executed" adds
Maslovsky.

The rating assigned to the proposed senior secured notes is
notched down from Navios Holdings' corporate family rating to
reflect the notes' junior-most ranking behind significant bank
debt and ship mortgage notes. The new notes will be secured by
pledges of Navios Holdings' ownership interests in Navios
Maritime Partners L.P., (B3 stable), Navios Maritime Acquisition
Corporation (B2 negative) and Navios South American Logistics
Inc. (B3 stable). They will also benefit from covenants that
limit the group's ability to incur debt and make certain
restricted payments.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings represent only Moody's
preliminary opinion on the transaction. Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign a definitive rating to the securities.

RATINGS RATIONALE

The rating action reflects the improvements in the dry bulk
market, where Navios Holdings' fleet is deployed, underpinned by
rising time charter rates. The upgrade further reflects Moody's
expectation that Navios Holdings' performance in the coming
quarters will strengthen as a result of market recovery. Moody's
anticipates that Navios Holdings' leverage measured as
debt/EBITDA will decline toward 10x by year-end 2017 and further
reduce toward 6x by year-end 2018 from 12.6x for the twelve
months ending 30 June 2017. Further, the review for upgrade
reflects Moody's view that a successful refinancing will
strengthen the company's liquidity, if executed as outlined.

Navios Holdings' fleet of 38 owned and 26 chartered-in dry bulk
vessels has a limited number of longer term charters with the
majority of vessels fixed on twelve month indexed contracts. In a
rising market environment, Moody's expects Navios Holdings to
realize a strong upside potential of such chartering
arrangements; however, the agency notes that lack of longer term
contracts at fixed prices could pose a risk in a weak market
environment as was the case in 2016.

The dry bulk market has been on a positive trajectory since the
BDI, the main reference index, reached a historic low of 290 in
February 2016. While remaining volatile, the market has improved
dramatically with the BDI at over 1,400 in October 2017.
Similarly, the time charter rates for capesize vessels almost
doubled to USD16,200 per day in September 2017 from USD8,800 per
day a year earlier.

In addition to the improvements in Navios Holdings' core dry bulk
market, another positive for Navios Holdings is the commencement
of a 20-year contract with Vale S.A. (Ba1 stable) related to an
iron ore port facility pursuant to which Navios Logistics is
expected to generate approximately USD35 million per annum
minimum EBITDA. The contract is expected to generate over USD1.0
billion EBITDA over its life and contributes significantly to
Navios Logistics' performance. Navios Holdings owns approximately
64% of Navios Logistics and consolidates this entity for
financial reporting purposes.

Navios Holdings' Caa1 corporate family rating reflects (1) the
company's large and diverse dry bulk fleet that is slightly
younger than the industry average; (2) some indirect
diversification in a logistics business through Navios South
American Logistics (NSAL) and stakes in various affiliated
companies present in the tanker and container shipping segments;
(3) efficient operations as a result of the economies of scale
owing to the overall size of the Navios Group incorporating close
to 200 vessels; (4) experienced management team; and 5) material,
although improving leverage.

The proposed USD300 million senior secured notes will improve
Navios Holdings' debt maturity profile by addressing its largest
upcoming obligation of USD291 million senior unsecured notes due
2019. The company's overall liquidity is adequate with USD130
million of unrestricted cash at June 30, 2017, expected positive
free cash flow (after capex and dividends) and minimal capex.

Moody's anticipates upgrading Navios Holdings' ratings with
corporate family rating at B3 and senior secured rating at B2
upon successful execution of the proposed bond issuance and
refinancing of the senior unsecured notes due 2019 as outlined.
With respect to the proposed senior secured notes, Moody's
expects to assign a definitive rating at Caa2 if the transaction
is executed as outlined.

The rating outlook would likely revert to stable should Navios
Holdings fail to execute on the refinancing transactions upon
expected terms.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Navios Holdings, which is listed on the New York Stock Exchange,
is a global shipping and logistics company. In addition to its
own operations in the transport of dry bulk commodities, Navios
Holdings owns a 63.8% stake in the logistics company NSAL and
various minority stakes, including (1) a 20.8% stake in the dry
bulk and container shipping company Navios Partners; (2) a 46.2%
economic interest in the tanker company Navios Acquisition and
(3) an indirect economic interest of 27.2% in Navios Maritime
Midstream Partners LP. In 2016, Navios Holdings generated
revenues of USD420 million as reported by the company.


=============
I R E L A N D
=============


CAMBER 4: S&P Lowers Ratings on Two Note Classes D (sf)
-------------------------------------------------------
S&P Global Ratings lowered its credit ratings on CAMBER 4 PLC's
class A2, A3, and C notes. At the same time, S&P has affirmed its
ratings on the class A1-A and B notes.

S&P said, "The rating actions follow our review of the
transaction and the application of our temporary interest
shortfalls criteria (see "Structured Finance Temporary Interest
Shortfall Methodology," published on Dec. 15, 2015).

"Since our previous review in April 2015, the par coverage of the
rated notes has further deteriorated (see "Ratings Affirmed In
U.S. Structured Finance Cash Flow CDO Transaction CAMBER 4
Following Review," published on April 29, 2015). We estimate the
total collateral in the transaction to be approximately
$17.74 million. This is insufficient to cover the principal
outstanding of the most senior class of notes ($217.12 million).
The class A2, A3, B, and C notes are currently deferring
interest.

"As our ratings on the class A2, A3, and B notes address timely
payment of interest, we have lowered to 'D (sf)' from 'CC (sf)'
our ratings on the class A2 and A3 notes, and affirmed our 'D
(sf)' rating on the class B notes.

"Following the application of our temporary interest shortfalls
criteria, we have lowered to 'D (sf)' from 'CC (sf)' our rating
on the class C notes, as repayment will not occur by the maturity
date, in our opinion.

"At the same time, we have affirmed our 'CC (sf)' rating on the
class A-1A notes as they are still paying full and timely
interest.

CAMBER 4 is a cash flow collateralized debt obligation (CDO)
managed by Cairn Capital Ltd. A portfolio of U.S. residential
mortgage-backed securities (RMBS), CDOs, asset-backed securities
(ABS), and commercial mortgage-backed securities (CMBS) backs the
transaction. CAMBER 4 closed in December 2004 and its
reinvestment period ended in November 2010.

RATINGS LIST

  CAMBER 4 PLC
  US$1.004 bil asset-backed floating-rate notes
                                           Rating
  Class      Identifier             To                  From
  A1-A       13189MAB3              CC (sf)             CC (sf)
  A2         13189MAA5              D (sf)              CC (sf)
  A3         13189MAC1              D (sf)              CC (sf)
  B          13189MAD9              D (sf)              D (sf)
  C          13189MAE7


OCP EURO 2017-2: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to OCP
EURO CLO 2017-2 DAC's class A, B, C, D, E, and F notes.
The preliminary ratings assigned to OCP EURO CLO 2017-2's notes
reflect our assessment of:

-- The diversified collateral pool, which primarily comprises
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality and
    portfolio profile tests.

-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which S&P expects to be
    bankruptcy remote.

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

S&P said, "At closing, we consider that the issuer will be
bankruptcy remote according to our legal criteria (see
"Structured Finance: Asset Isolation And Special-Purpose Entity
Methodology," published on March 29, 2017).

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."

OCP EURO CLO 2017-2 is a European cash flow collateralized loan
obligation securitization of a portfolio primarily comprising
senior secured euro-denominated leveraged loans and bonds issued
by European borrowers. Onex Credit Partners LLC is the collateral
manager.

RATINGS LIST

  OCP Euro CLO 2017-2 DAC
  EUR437.2 mil secured floating-rate notes
                                           Prelim Amount
  Class                 Prelim Rating        (mil, EUR)
  A                     AAA (sf)              245.4
  B                     AA (sf)               59.2
  C                     A (sf)                26.2
  D                     BBB (sf)              22.3
  E                     BB (sf)               24.1
  F                     B- (sf)               13.2
  Sub                   NR                    46.8
  NR--Not rated


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


CMC DI RAVENNA: S&P Rates EUR325-Mil. Senior Unsecured Notes 'B'
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B' issue rating
and '4' recovery rating to the proposed EUR325 million senior
unsecured notes due in 2023 that Italy-based CMC di Ravenna plans
to issue.

The recovery ratings reflect the notes unsecured and unguaranteed
nature, as well as their structural subordination to a
significant amount of prior-ranking claims. We estimate recovery
prospects at 45%. The proposed new notes will rank pari passu
with the existing notes and with most of the bank lines drawn at
parent level.

CMC di Ravenna intends to use the proceeds of the proposed notes
to redeem the outstanding EUR300 million of unsecured notes
maturing in 2021, which will be called simultaneously with the
launch of the new notes. CMC di Ravenna will pay a call premium
of around EUR18.9 million, including accrued interest.

The documentation for the proposed new notes is broadly similar
to that for the outstanding EUR250 million senior unsecured bond
issued in July 2017. Within the bond documentation, the
incurrence of additional debt is subject to a fixed-charge
coverage ratio of at least 2.0x, while priority debt incurrence
is capped by a maximum priority net leverage ratio of 1.0x.
Furthermore, the documentation contains restrictions to
guarantees provided to unrestricted subsidiaries, which must not
exceed the greater of EUR50 million and 25% of consolidated net
tangible fixed assets at any time.

The proposed issuance will have no impact on CMC di Ravenna's
liquidity since the company will use the proceeds of the EUR325
million notes to redeem the outstanding EUR300 million notes and
pay a call premium, accrued interest, and transaction fees. The
proposed refinancing will have the effect of shifting the
company's debt maturities to 2023, leading to an increase of the
weighted average remaining term on debt to five years from four.
The issue and recovery ratings on the proposed notes are based on
preliminary information. As such, they are subject to the notes'
successful issuance and S&P's satisfactory review of the final
documentation.

S&P said, "Our hypothetical default scenario assumes a weaker
operating performance, owing to delays in the completion of
projects, which would lead to a reduction in margins and cash
inflows, for example as a result of late payments from clients.
"We value CMC di Ravenna as a going concern, given the company's
proven technological expertise and good track record of
delivering on projects, coupled with its sound contract backlog
that covers about 3.0x of annual revenues."

SIMULATED DEFAULT ASSUMPTIONS

-- Year of default: 2020

-- Jurisdiction: Italy

-- Emergence EBITDA (after recovery adjustments): EUR119.2
    million

-- Minimum capital expenditure: 5.0%, in line with company's
    expectations

-- Cyclicality adjustment: +5%, in line with the specific
    industry subsegment
-- No further operational adjustment to calculate the enterprise
    value at default.

-- Multiple: 4.5x, lower than the standard assumption for the
    construction sector to reflect CMC di Ravenna's smaller size
    and more concentrated order backlog than its peers'

SIMPLIFIED RECOVERY WATERFALL

-- Gross recovery value: EUR536.5 million
-- Net recovery value after admin. expenses (5%): EUR509.7
    million
-- Estimated priority claims: EUR155.2 million
-- Unsecured debt claims: about EUR769.6 million
-- Recovery expectations: 45%
-- Recovery rating: 4


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


ATFBANK JSC: S&P Affirms 'B' LT ICR, Outlook Negative
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term and 'B' short-term
issuer credit ratings on Kazakhstan-based ATFBank JSC. The
outlook is negative. S&P also affirmed its 'kzBB' Kazakhstan
national scale ratings on the band.

S&P removed these ratings from CreditWatch, where they were
placed with negative implications on Aug. 7, 2017.

S&P said, "The rating actions reflect the National Bank of
Kazakhstan's (NBK's) inclusion of ATFBank in its support program,
which we had previously viewed as uncertain. We believe that this
government support will help ATFBank to alleviate some of the
pressure on its financial profile in the coming months. In
particular, we believe the bank will be able to increase its
capital buffers and improve the coverage of its nonperforming
loans by loan-loss provisions."

On Oct. 18, 2017, as a part of the program, ATFBank raised Kazakh
tenge (KZT) 100 billion (around US$300 million) through the
placement of 15-year subordinated bonds with NBK at an annual
coupon rate of 4%, and the bank simultaneously invested the
proceeds in NBK notes with an annualized rate of return of about
8.72%. S&P said, "We estimate the related capital gain to be
about KZT58 billion. In addition, the bank's main shareholder
committed to increase its capital by KZT50 billion by 2022, which
we expect to be mainly through earning capitalization (no
dividend distributions). We understand that the bank needs to
create KZT40 billion of additional provisions by the end of 2017
and improve the quality of its assets in line with the new
regulatory guidelines on loan-loss provisioning in 2018-2022."

S&P said, "On the back of government support, we now forecast
that ATFBank's risk-adjusted capital (RAC) ratio will be 4.5%-
5.0% in the next 12-18 months versus our projection of 3.3%-3.5%
in our previous review three months ago.

"Through write-offs and recoveries, ATFBank's share of
nonperforming assets (NPAs), including loans overdue more than 90
days and problem assets held for sale, to total loans has
decreased to 22.2% as of Oct. 1, 2017, from 28.8% at mid-year
2017. We expect that the bank's NPAs coverage by loan-loss
provisions will increase to about 75% by the end of 2017 from
approximately 47% at mid-year 2017.

"However, given the current difficult operating environment in
Kazakhstan, we believe achieving additional improvements in
asset-quality indicators will be challenging. Furthermore, we
continue to view the high single-name and sector concentrations
in ATFBank's portfolio as a source of risk. The bank's top-20
borrowers accounted for about 40% of its gross total loans and
3.8x total-adjusted capital as of mid-2017. Moreover, the bank's
exposure to the construction and real estate sector was 27% of
total loans as of the same date."

ATFBank enjoys adequate liquidity and funding profiles. The
bank's funding is dominated by customer deposits, and we expect
them to remain sticky in the next 12-18 months. The bank has a
sizable liquidity cushion, with liquid assets accounting for
about 22% of total assets as of Oct. 1, 2017.

S&P said, "We continue to incorporate one notch of extraordinary
government support into the rating on ATFBank because we consider
that the bank has moderate systemic importance in Kazakhstan. We
also factor in our assessment of the Kazakh government as
supportive toward the banking sector.

"The negative outlook reflects our expectation that, despite
government support, the bank's asset quality and profitability
will remain under pressure over the next 12-18 months.

"We could lower the ratings in the next 12-18 months if the
bank's asset quality indicators were to deteriorate
significantly, wiping out the positive effects of the recent
government support. We could also consider a downgrade if the
bank's capitalization--as measured by our RAC ratio--were to fall
below 3% due to high credit costs or other unexpected losses that
the capital injections do not fully compensate for.

"We could revise the outlook to stable in the next 12-18 months
if the bank's asset quality improved sustainably to levels
comparable with those of peers."


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


* ROMANIA: Number of Insolvent Firms Up 7.5% in 9mos. Ended Sept.
-----------------------------------------------------------------
Romania Insider reports that the number of companies that entered
insolvency reached 6,441 in the first nine months of this year,
up 7.5% year-on-year, according to the Trade Registry's Office
(ONRC). In September, 683 local firms became insolvent, the
report states.

Bucharest, for example, recorded 1,393 insolvencies between
January and September, up 15% year-on-year, Romania Insider
discloses. It was the highest number of insolvencies in Romania
during this period. It was followed by Iasi, with 385 insolvent
companies in the first nine months of this year, up 8.7% year-on-
year. Bihor recorded 351 insolvent firms, down 16% year-on-year.

Romania Insider relates that the public administration and
defense sector saw no insolvencies between January and September.
In the healthcare and social assistance sector, the number of
insolvencies grew by 21% to 23 firms. In the energy production
sector, the number of insolvent firms rose by 36% to 41
companies.

Most insolvencies were recorded in trade, with 1,933 firms,
between January and September, Romania Insider says.


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


PROMSVYAZBANK PJSC: S&P Lowers LT Issuer Credit Rating to 'B+'
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Russia-based Promsvyazbank PJSC to 'B+' from 'BB-' and placed it
on CreditWatch with negative implications. At the same time, S&P
affirmed its 'B' short-term issuer credit rating on the bank.
S&P said, "The downgrade reflects our view that the prolonged
period of negative publicity around the bank, regulatory
pressures, strategic uncertainties, and the departure of a number
of top managers in recent months make it more difficult for the
bank to preserve its business franchise. In addition, pressure on
capital adequacy could force Promsvyazbank to deleverage by
selling some profitable assets in the coming months.
Promsvyazbank reported a base capital regulatory ratio (N1.1) of
only 6.49% as of Oct. 1, 2017. Although the required minimum
level for systemically important banks is currently 6.1%, we
expect that it will increase to 7.025% as of Jan. 1, 2018. We
also note the recent announcement that Promsvyazbank and
Vozrozhdenie Bank have postponed their merger.

"We currently assess Promsvyazbank's funding as average and its
liquidity as adequate. Promsvyazbank's client funds have showed
moderate volatility since June 2017, when regulatory intervention
into a number of large privately owned financial institutions
caused turbulence in the Russian banking sector. If we observe
that client funds outflows lead to greater pressure on
Promsvyazbank's liquidity profile, we could revise our assessment
of its liquidity to moderate. Promsvyazbank's liquid assets --
including cash, money market instruments, and non-pledged liquid
securities -- accounted for 23% of total assets as of Oct. 1,
2017, and covered 49% of short-term customer deposits.

"We consider Promsvyazbank to be a moderately systemically
important bank in Russia and therefore incorporate a one-notch
uplift into the long-term rating, which is therefore higher than
our 'b' assessment of the bank's stand-alone credit profile, to
reflect the moderate likelihood of government support.
"In our base-case scenario, we continue to assume that the merger
of Promsvazbank and Vozrozhdenie Bank is likely to happen over
the next 12-18 months.

"We aim to resolve the CreditWatch placement within the next
three months, when we get better clarity on the bank's ability to
sustain its business franchise, regulatory solvency, and
maintenance of adequate liquidity cushions.

"We could lower the rating again within the next three months if
we believe Promsvazbank is unable to sustain adequate liquidity
cushions due to material client funds outflows. We could also
consider a downgrade if Promsvyazbank were unable to meet the
increased regulatory capital requirements that take effect on
Jan. 1, 2018. A downgrade could also stem from the capitalization
of the bank deteriorating materially, with the risk-adjusted
capital ratio falling below 3% due to increased credit costs or
other losses that we do not account for in our base-case
scenario.

"We could affirm our ratings on the bank if we observed that it
demonstrated the sustainability of its business franchise despite
the challenging operating environment, with no significant
outflows of client funds. This would need to be alongside
sustained levels of capitalization."


VOZROZHDENIE BANK: S&P Cuts Long-Term Issuer Credit Rating to B+
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Russia-based Vozrozhdenie Bank to 'B+' from 'BB-' and placed it
on CreditWatch with negative implications. At the same time, S&P
affirmed its 'B' short-term issuer credit rating on the bank.

S&P said, "The downgrade of Vozrozhdenie Bank reflects our view
that the prolonged period of negative publicity around
Promsvyazbank, regulatory pressures, strategic uncertainties, and
the departure of a number of top managers in recent months make
it more difficult for Promsvyaz Capital group to preserve its
business franchise. We also note the recent announcement that
Promsvyazbank and Vozrozhdenie Bank have postponed their merger.
We have therefore revised our assessment of the group's business
position to moderate from adequate and revised down our
assessment of the group credit profile to 'b' from 'b+'. We view
Vozrozhdenie Bank as a highly strategic subsidiary of Promsvyaz
Capital group and consider that the pressure on the group credit
profile constrains the bank's creditworthiness.

"That said, we continue to view Vozrozhdenie Bank's business
position as adequate, benefiting from its established customer
franchise in the wealthy Moscow region. Therefore, we have not
reassessed the bank's stand-alone credit profile (SACP), which
remains at 'b+'. Ultimately, however, the wider group credit
profile overshadows Vozrozhdenie Bank's SACP, because we consider
that the bank is not immune to the pressure on the group credit
standing. As such, our downward revision of our assessment of the
group's creditworthiness is what led us to downgrade Vozrozhdenie
Bank.

"In our base-case scenario, we continue to assume that the merger
of the banks is likely to happen in the coming 12-18 months. In
such a scenario, we believe Vozrozhdenie Bank's creditors will
benefit from extraordinary government support for the merged
entity, as we expect will be the case for Promsvyazbank.
"We aim to resolve the CreditWatch placement within the next
three months, when we get better clarity on the group's ability
to sustain its business franchise, regulatory solvency, and
maintenance of adequate liquidity cushions.

"We could lower the rating on Vozrozhdnie Bank again within the
next three months if we believe that Promsvyaz Capital group is
unable to sustain adequate liquidity cushions due to material
client funds outflows. We could also consider a downgrade of
Vozrozhdnie Bank if its sister Promsvyazbank were unable to meet
the increased regulatory capital requirements that take effect on
Jan. 1, 2018. A downgrade could also stem from the capitalization
of the group deteriorating materially, with the risk-adjusted
capital ratio falling below 3% due to increased credit costs or
other losses that we do not account for in our base-case
scenario.

"We could affirm the ratings if we observed that the bank
demonstrated the sustainability of its business franchise despite
the challenging operating environment, with no significant
outflows of client funds, alongside sustained levels of
capitalization."


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


BANCO POPULAR: Bondholders Want Different Firm for Valuation
------------------------------------------------------------
Tom Beardsworth at Bloomberg News reports that Banco Popular
Espanol SA bondholders asked regulators to get someone other than
Deloitte to provide a final valuation for the lender as they
seek compensation for losses.

The Single Resolution Board should hire a different adviser
because of Deloitte's earlier work on a preliminary
assessment, lawyers acting on behalf of junior noteholders said
in a letter to the regulator that was released to Bloomberg
News.

Deloitte's initial figure resulted in Popular's junior creditors
and shareholders being wiped out in a forced sale in June, while
senior bondholders suffered no losses, Bloomberg states.

According to Bloomberg, Quinn Emanuel Urquhart & Sullivan said in
the Nov. 6 letter the preliminary Deloitte valuation
"conveniently matched" the EUR2 billion (US$2.3 billion) total of
the junior bonds that were written off and the figure should be
reviewed by someone else.  Deloitte has been appointed to provide
the final valuation, Bloomberg relays, citing Spanish
newspaper La Informacion.

Deloitte generated its preliminary valuation as regulators rushed
through the sale of Popular to Banco Santander SA for EUR1,
Bloomberg discloses.  Under European Union rules, a final
valuation has to be carried out if there is insufficient time to
complete a full appraisal before a bank resolution, according to
Bloomberg.

The law firm also asked the Brussels-based SRB to publish in full
a report that explains why regulators decided to step in at Banco
Popular, Bloomberg notes.

                        About Banco Popular

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

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

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

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


CATALUNYA: Independence Credit Negative for Structured Finance
--------------------------------------------------------------
In the unlikely scenario of Catalunya's independence from Spain,
there would be negative consequences for existing structured
finance transactions, says Moody's Investors Service in a report.
Moody's central view is that Catalunya (Generalitat de Catalunya,
Ba3 negative) will remain part of Spain (Government of Spain,
Baa2 stable).

Moody's report, "Structured finance - Spain: Catalan independence
would be credit negative for structured finance transactions," is
available on www.moodys.com.

"Catalunya would lose the extraordinary support it receives from
the Spanish central government if it were to become independent,
and any change in sovereign risk would adversely affect the
credit quality of structured finance transactions," says Antonio
Tena, Vice President and Senior Analyst at Moody's. "Catalan
households and small- and medium-sized enterprises (SMEs) might
face hurdles in keeping current on their loan payments under a
scenario of independence."

Political instability in the event of independence and its effect
on the region's economy would also negatively affect structured
finance asset classes.

"With more than 1,900 companies leaving Catalunya since 1 October
2017, an economic downturn in key Catalan industries would have
negative credit implications for SME ABS," explains Angel
Jimenez, Analyst at Moody's. "A deterioration in the credit
profiles of these SMEs is likely in the event of independence,
given the importance of sales to other regions in Spain, despite
growing exports".

For residential mortgage-backed securities (RMBS), a decrease in
house prices, as a result of lower demand and oversupply, would
increase loss given default.

Furthermore, Catalan borrowers might find it more difficult to
keep paying their debt payments in the unlikely scenario of
independence, weakening the performance of the Catalunya-
domiciled assets that back Spanish securitisations, with higher
default rates and higher loss given default. This is especially
the case for securitisations sponsored by banks originally
domiciled in Catalunya, with average portfolio exposures to loans
in Catalunya ranging from 20% up to 45%.

While these issues would affect all borrowers, Catalan SME are
more affected than households owing to the more limited capacity
of SMEs to react to sudden economic shocks. This is due to their
short-term financing needs and the dependency of consumption-
related economic sectors such as tourism, which might be affected
by political uncertainties.

Securitisations would also be subject to redenomination risk if
an independent Catalunya were to adopt a new currency, and
transactions would incur higher legal risk owing to uncertainties
over what legal framework would be in force.

Finally, counterparty risk in transactions could increase, with
the risks stemming mainly from the roles of banks in
securitisations. Although two of the main banks originally
domiciled in Catalunya -- CaixaBank, S.A. and Banco Sabadell,
S.A. -- have already relocated outside Catalunya, there could be
negative implications for institutions with exposure to the
region.


EUSKALTEL SA: S&P Assigns BB- Rating to New EUR835MM Term Loan B4
-----------------------------------------------------------------
S&P Global Ratings said that it has assigned a 'BB-' issue rating
to the proposed EUR835 million term loan B4 of Euskaltel S.A.
(BB-/Stable/--). The company intends to use the proceeds to
refinance its outstanding EUR235 million term loan A1, EUR300
million term loan B2, and EUR300 million term loan B3.

The recovery rating on the proposed debt is '3', incorporating
the proposed refinancing, indicating our expectation of
meaningful recovery (50%-70%; rounded estimate: 55%) in the event
of default.

S&P said, "Our recovery analysis reflects our valuation of the
company as a going concern and some, although declining,
amortization of the term loans after the proposed refinancing.

However, recovery prospects are constrained by (1) our view of
the security package as weak, given that it only comprises share
pledges and does not include tangible assets; and (2) the
relatively loose covenants that apply to the facilities
agreement. The facilities agreement includes only one financial
maintenance covenant: a net leverage ratio test set at 4.5x.
However, the agreement allows the company to increase its net
leverage to up to 5.5x during the 18 months after a material
acquisition.

"Our hypothetical default scenario envisages unsustainable
leverage following operating underperformance in the context of
fiercer competition in the market. We value Euskaltel as a going
concern because we anticipate that lenders will recover more
value in a going-concern scenario, given the quality of the
company's network in Spain's Basque Country."

Simulated default assumptions:

-- Year of default: 2021
-- Jurisdiction: Spain

Simplified waterfall:

-- Emergence EBITDA: EUR169 million. Capital expenditure (capex)
    set at about 5% of combined group sales, higher than our
    standard minimum capex-to-sales ratio, to reflect our
    expectations of minimum capex at emergence from default in
    the capex-intense telecommunications industry.

-- Cyclicality adjustment is 0%, in line with the specific
     industry subsegment.

-- Revolving credit facility usage assumption: EUR270 million.

-- Multiple: 5.5x, adjusted by -0.5x to reflect the company's
    limited scale and highly competitive service area.

-- Gross recovery value: EUR930 million

-- Net recovery value for waterfall after admin. expenses (5%):
    EUR883 million

-- Estimated first-lien claim: about EUR1,581 million*

-- Value available for first-lien claim: EUR883 million

    --Recovery range: 50%-70% (rounded estimate: 55%)

-- Recovery rating: 3

*All debt amounts include six months of prepetition interest.


FERROVIAL SA: Fitch Assigns 'BB+(EXP)' Hybrid Securities Rating
---------------------------------------------------------------
Fitch Ratings has assigned Spanish construction, services and
concessions operator Ferrovial SA's (BBB/Stable) proposed euro
perpetual subordinated securities an expected rating of
'BB+(EXP)'. The securities will be issued by Ferrovial
Netherlands B.V. and guaranteed on a subordinated basis by
Ferrovial SA. The final rating is contingent on the receipt of
final documents conforming materially to the preliminary
documentation.

Fitch views the proposed hybrid securities as being deeply
subordinated, ranking senior only to Ferrovial's share capital,
while coupon payments can be deferred at the discretion of the
issuer. As a result of these features, the 'BB+(EXP)' rating is
two notches below Ferrovial's Long-term Issuer Default Rating
(IDR), which reflects the securities' increased loss severity and
heightened risk of non-performance relative to senior
obligations. This approach is in accordance with Fitch's
criteria, "Non-financial Corporates Hybrids Treatment and
Notching Criteria" dated 27 April 2017, available at
www.fitchratings.com.

The proposed securities qualify for 50% equity credit as they
meet Fitch's criteria with regard to subordination, effective
maturity of at least five years, full discretion to defer coupons
for at least five years and limited events of default, as well as
the absence of material covenants and look-back provisions.

The proposed securities will be issued in euros and have no
formal maturity date. The issuer has a call option to redeem the
notes on the first call date, which will be no earlier than five
years, and every interest payment date thereafter.

There will be a coupon step-up of 25bp in 5.5 years and an
additional step-up of 75bp after 20 years. According to Fitch's
criteria, the first call date and the coupon step-up date are not
treated as effective maturity dates due to the cumulative amount
of the step-ups being lower or equal to 1% throughout the life of
the instruments.

There is no look-back provision in the securities' documentation,
which gives the issuer full discretion to unilaterally defer
coupon payments. Deferrals of coupon payments are cumulative and
the company will be obliged to make mandatory cash settlement of
deferred interest payments under certain circumstances, including
a declaration or payment of a dividend.

Following the issue of the securities, Fitch expects both
Ferrovial's net cash position and the net leverage to improve.
The gross debt quantum is set to increase only by 50% of the size
of the hybrid. Consequently, Fitch-adjusted funds from operations
(FFO) gross leverage for Ferrovial is expected to slightly
increase at end-2017 compared with Fitch previous forecast.
However, Fitch expects Ferrovial to repay its EUR500 million bond
maturing in 2018 with available cash, reducing its gross debt
quantum and improving its gross debt ratios.

KEY RATING DRIVERS

Leverage Ratios Peaked: The acquisition of Broadspectrum in 2016
and the issuance of two bonds totaling EUR1 billion since
September 2016 increased gross debt, reversing a Fitch-adjusted
net cash position to net indebtedness. Ferrovial, however,
expects to repay EUR500 million of debt maturing in 2018, which,
in the absence of any large M&A transactions, will decrease Fitch
FFO adjusted gross leverage to under Fitch negative guidance
within the next two years.

Mixed Operating Environment: Margins in the construction and
services divisions are under pressure. Construction margins have
been shrinking owing to a number of projects being in preliminary
stages, fewer high-margin toll-road concession contracts, as well
as a limited number of loss-making projects in Colombia and the
UK. At the same time, cuts in public-sector expenditure and
uncertainty in the UK are affecting the overall profitability of
the services business. Fitch expects the challenging market
conditions to continue through the second half of the year and
potentially beyond.

Toll-road and airport operations remain healthy. Ferrovial's two
main assets -- ETR 407 and Heathrow -- continue to deliver
predictable, stable cash flows and to outperform expectations.

Working-Capital Management: Ferrovial effectively manages working
capital, particularly compared with its domestic engineering and
construction (E&C) peers. Recourse working capital (excluding
concessions) has remained below EUR1 billion for several years
and fell below EUR700 million in 2016. Fitch expects recourse
working capital to remain steady with no substantial increases
over the next three years.

Further M&A Detrimental: Although beneficial for the group's
business profile, additional large investments or large equity
injections into concessions at a time when Ferrovial's leverage
exceeds Fitch negative sensitivities would put pressure on the
company's ratings. Ferrovial, however, does not forecast any
substantial new investments over the next three years and is
planning to fund its I66 road project in the US mostly with
equity investments.

DERIVATION SUMMARY

Ferrovial is among the top Fitch-rated E&C companies. Solid
construction and services operations paired with significant
geographic diversification are key elements to the company's
investment-grade ratings - among the few in the industry. Similar
to Vinci S.A.(A-/Stable), contribution from solid, mature infra-
assets is a credit strength for Ferrovial. Financial discipline
and conservative balance-sheet management have prevented the
company from falling into speculative-grade territory.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Decline in construction margins in 2017, before partially
   recovering in 2018;
- Stable and recurring dividends inflow from toll roads and
   airports;
- Annual dividends outflow similar to previous years; and
- No further large acquisitions.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Increase in diversification and quality of dividend streams;
- Positive free cash flow on a sustained basis; and
- Fitch FFO adjusted gross leverage below 1.5x (end-2016: 3.3x)
   on a sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Significant decrease in order backlog or loss of cash flow
   visibility;
- Evidence that the recourse group is providing material
   financial support or guarantees to under-performing non-
   recourse projects;
- Fitch FFO adjusted gross leverage above 3.0x on a sustained
   basis; and
- Material debt-funded M&A.

LIQUIDITY

Ample Liquidity: Ferrovial has a strong liquidity profile,
comprising EUR3.5 billion of reported cash and EUR1.3 billion of
undrawn committed lines at end-June 2017. This more than covers
recourse debt maturing over the next 12 months of EUR509 million.
Fitch restricts EUR1 billion of cash, including cash held at
local subsidiaries or required to cover potentially adverse
working-capital.


FONCAIXA FTGENCAT: S&P Affirms D (sf) Rating on Class D Notes
-------------------------------------------------------------
S&P Global Ratings raised its credit rating on Foncaixa FTGENCAT
6, Fondo de Titulizacion de Activos' class AG notes. At the same
time, we have affirmed our ratings on the class B, C, and D
notes.

S&P said, "We have used data from the May 2017 investor report
and September 2017 payment date report to perform our credit and
cash flow analysis and have applied our European small and
midsize enterprise (SME) collateralized loan obligation (CLO)
criteria and our current counterparty criteria (see "European SME
CLO Methodology And Assumptions," published on Jan. 10, 2013, and
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013)."

CREDIT ANALYSIS

Foncaixa FTGENCAT 6 is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans originated by
Fundacion Bancaria Caja de Ahorros y Pensiones de Barcelona
(formerly Caja de Ahorros y Pensiones de Barcelona) in Spain. The
transaction closed in July 2008.  S&P said, "We have applied our
European SME CLO criteria to determine the scenario default rate
(SDR)--the minimum level of portfolio defaults that we expect
each tranche to be able to withstand at a specific rating level
using CDO Evaluator.

"To determine the SDR, we adjusted the archetypical European SME
average 'b+' credit quality to reflect two factors (country and
originator and portfolio selection adjustments).

"We ranked the originator into the moderate category (see tables
1, 2, and 3 in our European SME CLO criteria). Taking into
account Spain's Banking Industry Country Risk Assessment (BICRA)
score of 5 and the originator's average annual observed default
frequency, we have applied a downward adjustment of one notch to
the 'b+' archetypical average credit quality (see "Banking
Industry Country Risk Assessment Update: October 2017," published
on Oct. 4, 2017). To address differences in the creditworthiness
of the securitized portfolio compared with the originator's
entire loan book, we further adjusted the average credit quality
by three notches (see table 4 in our European SME CLO criteria).
"As a result of these adjustments, our average credit quality
assessment of the portfolio was 'ccc', which we used to generate
our 'AAA' SDR of 87.92%.

"We have calculated the 'B' SDR, based primarily on our analysis
of historical SME performance data and our projections of the
transaction's future performance. We have reviewed the
originator's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness. As a result of this analysis, our 'B' SDR is
15.75%.

"We interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with our European SME CLO criteria.

RECOVERY RATE ANALYSIS

S&P applied a weighted-average recovery rate (WARR) at each
liability rating level by considering the asset type and its
seniority, the country recovery grouping, and the observed
historical recoveries in this transaction (see table 7 in its
European SME CLO criteria).

CASH FLOW ANALYSIS

S&P said, "We used the reported portfolio balance that we
considered to be performing, the principal cash balance, the
current weighted-average spread, and the WARRs that we considered
to be appropriate. We subjected the capital structure to various
cash flow stress scenarios, incorporating different default
patterns and timings and interest rate curves, to determine the
rating level, based on the available credit enhancement for each
class of notes under our European SME CLO criteria.
"The class AG notes have amortized by EUR81.28 million since our
previous review on June 18, 2015 (see "S&P Affirms Its Ratings In
Spanish SME CLO Transaction Foncaixa FTGENCAT 6 Following
Performance Review"). In our view, this has increased the
available credit enhancement for all rated classes of notes.
Defaults have also increased over the same period.

"As the rating levels for the class AG, B, C, and D notes are
lower than our long-term rating on the sovereign, we have not
applied our structured finance ratings above the sovereign
criteria (see "Ratings Above The Sovereign - Structured Finance:
Methodology And Assumptions," published on Aug. 8, 2016).

"As the transaction employs excess spread, we applied our
supplemental tests by running our cash flow modeling using the
forward interest rate curve, including the highest of the losses
from the largest obligor default test net of their respective
recoveries. We deem the test to have passed if cash flows show
that the tranche that is subject to the test receives timely
interest (or full interest, if the tranche is deferrable) and
ultimate principal payments.

"Based on our credit and cash flow analysis and the application
of our current counterparty criteria, we consider the available
credit enhancement for the class AG notes to be commensurate with
a higher rating level than that currently assigned. We have
therefore raised to 'BBB+ (sf)' from 'BB (sf)' our rating on the
class AG notes.

"We consider the available credit enhancement for the class B, C,
and D notes to be commensurate with their currently assigned
ratings. We have therefore affirmed our 'CCC+ (sf)', 'CCC (sf)',
'D (sf)' ratings on the class B, C, and D notes, respectively."

  RATINGS LIST

  Class                    Rating
                 To                From

  Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos
  EUR768.8 Million Floating-Rate Notes

  Rating Raised
  AG                       BBB+ (sf)         BB (sf)

  Ratings Affirmed
  B          CCC+ (sf)
  C          CCC (sf)
  D          D (sf)


HAYA REAL: Moody's Assigns B3 Corp. Family Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) of B3 and probability of default rating (PDR)
of B3-PD to Haya Real Estate S.L.U., a servicer of real estate
loans and assets in Spain. Concurrently, Moody's has assigned a
provisional (P)B3 rating to the EUR450 million Senior Secured
Notes due 2022 to be issued by Haya Finance 2017 S.A., Haya's
subsidiary. The outlook on all ratings is stable.

The rating action reflects Haya's contract renewal risk and
customer concentration partially offset by modest financial
leverage at closing and strong cash flow generation.

The rating action follows the launch of the refinancing
transaction by Haya. The proceeds from the notes issuance
together with some cash on balance sheet will be used to (1)
refinance its existing debt facilities, (2) make shareholder
distribution in the form of dividends and repayment of
shareholder loans, (3) make the upfront payment for the
acquisition of the Liberbank contract, and (4) pay transaction
fees.

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, Moody's will endeavour to
assign a definitive rating to the notes. A definitive rating may
differ from a provisional rating.

RATINGS RATIONALE

Haya's ratings reflect the company's: 1) highly concentrated
customer base with revenues derived from four major contracts,
out of which the largest one comes for renewal as early as in
December 2019, 2 years before the notes maturity, exposing the
company to contract renewal risk; 2) limited growth potential for
the Real Estate Developer (RED) loans and Real Estate Owned (REO)
assets servicing market due to the high penetration of
outsourcing among Spanish financial institutions and structurally
declining assets under management (AuM) in an improving Spanish
economy; 3) geographical concentration of revenues in Spain
exposing the company to regulatory risk and macro-economic
developments of a single country; 4) limited revenue visibility
as a large proportion of revenue is derived from one-off sales
commissions with the ultimate sale decision lying with its bank
clients.

Positively, the ratings reflect Haya's: 1) relative scale,
expertise of its own staff and status of leading bank-independent
servicer in Spain (according to the company); 2) the expected
recovery of the Spanish economy which should boost assets sales
revenues from existing contracts over the next two years and
thereby improve the company's profitability through a more
favorable fee revenue mix; 3) moderate closing leverage at c.
3.2x (gross Moody's adjusted); 4) strong cash flow generation
supported by high EBITDA margin of close to 60%, low capex needs
and further cost efficiency gains expected over the medium-term.

Haya is the largest bank-independent third-party servicer of REDs
(Real Estate Development loans) and REOs (Real Estate Owned
assets) which differentiates Haya from most of its bank-owned
competitors. As the Spanish economy is projected to experience
recovery, Moody's expect Haya's revenue to benefit in the next
two years from growth in the sale of REDs, conversion of REDs
into REOs and sale of REOs, fees from which currently generate c.
60% of total Haya's revenue.

However, over the longer term Moody's expect Haya's existing
perimeter sales to gradually decline in line with the volume of
non-performing AuM in the context of an improving economy
affecting both the fees derived from management activities
(currently at 40% of total revenue) and also those related to the
volume of sales and conversions. Moreover, in December 2019, the
company's contract with Sareb (unrated) expires leading to
uncertainty around renewal and scope due to re-insourcing risk.

Haya's customer concentration and risk of contract renewal in
2019 is the company's key credit risk, despite the long-term
exclusive nature of such contracts. Moody's believes that the
winning of new outsourcing contracts is all the more important to
ensure the sustainability of its revenues over the longer term.
Moody's also sees limited growth potential for the RED and REO
servicing market due to the high penetration of outsourcing among
Spanish financial institutions, currently standing at c. 85%.

Haya's strong cash generation, with free cash flow to debt ratio
of c. 24% during the first three projected years (and declining
thereafter towards 12%) partially mitigates some of its business
risks. Although remaining positive, cash generation may be
volatile due to 1) contract renewal risk; 2) cyclicality of
property market; 3) the fact that the decision regarding the sale
of REDs and REOs ultimately lies with bank clients while 60% of
the company's revenue come from sales fees; and 4) working
capital fluctuations due to delays in customer collections.

Moody's adjusted gross leverage is expected to be modest at
around 3.2x by the end of 2017 and decline gradually over the
next two years. However the leverage will rise in 2020 due to the
reduced scope of Sareb's contract and declining AuM base assumed
by Moody's. In a scenario of non-renewal of the Sareb contract,
Moody's projects that net leverage will continue to remain below
4.0x after 2020, alleviating part of the refinancing risk due to
the expected accumulation of cash over the life of the bond,
assuming no or limited distribution to shareholders.

The company's liquidity is good, supported by EUR10 million cash
at closing, EUR15 million undrawn revolving credit facility (RCF)
and strong cash flow generation. The RCF agreement terms include
a single springing covenant, applicable if 40% or more of the RCF
is drawn and is expected to be set at 40% headroom.

The (P)B3 rating on the Senior Secured Notes is in line with the
CFR reflecting a 50% family recovery rate typical for transaction
with a mix of bank debt and bonds. The notes and RCF share
security and guarantees, however the RCF is super senior in an
enforcement scenario under the provisions of the intercreditor
agreement.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will experience a continued growth in revenues driven by
favourable fee mix under the existing contracts and will secure
new contracts which will partially mitigate any potential
reduction in scope under the Sareb contract in 2020 and negative
long-term impact from a declining asset base. The assessment does
not include any significant dividend payments.

WHAT COULD CHANGE THE RATINGS UP

Positive ratings pressure could arise if Haya (1) demonstrates a
track record of winning new contracts at a pace higher than
currently anticipated by Moody's and removes the uncertainty
about Sareb contract renewal and scope; (2) Moody's gross
leverage remains at or below 3.5x either through operating
performance or early debt repayments; (3) the FCF-to-debt ratio
improves to over 20%; (4) while maintaining a solid liquidity
position.

WHAT COULD CHANGE THE RATINGS DOWN

The ratings could be downgraded if Haya fails to renew Sareb's
contract combined with inability to secure new contracts to
mitigate some of the revenue loss or in case of an excessive
distribution to shareholders leading to concerns about either its
liquidity or the sustainability of its capital structure.

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

Headquartered in Madrid, Spain, Haya Real Estate S.L.U. (Haya) is
the leading independent servicer for bank customers of non-
performing REDs and REOs in Spain. The company manages RED and
REO assets for its customers with a gross book value of around
EUR37 billion as of June 2017. The company is 100% owned by
Cerberus Capital Management, L.P.


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


TURKEY: S&P Affirms 'BB/B' FC Sovereign Credit Ratings
------------------------------------------------------
On Nov. 3, 2017, S&P Global Ratings affirmed its unsolicited
'BB/B' foreign currency long- and short-term sovereign credit
ratings and its unsolicited 'BB+/B' local currency long- and
short-term sovereign credit ratings on the Republic of Turkey.
The outlook remains negative.

At the same time, S&P affirmed its unsolicited Turkey national
scale 'trAA+/trA-1' long- and short-term ratings.

OUTLOOK

The negative outlook reflects risks that Turkey's government will
increasingly rely on budgetary measures, including credit
guarantees, to support the economy in the absence of restored
confidence in the private sector following the failed military
coup in July 2016. Moreover, ratings downside could arise should
monetary policy prove inadequate to curb inflation and currency
pressures, which could intensify due to Turkey's reliance on
volatile portfolio inflows to finance its sizable current account
deficit. Currency weakness could, in S&P's view, lead to a
deterioration of asset quality in Turkey's financial sector,
given the substantial share of foreign currency claims on
residents by Turkish banks.

S&P said, "In our view, Turkey may find it hard to meet its high
external financing needs under these scenarios. We expect to
assess these risks over the next 12 months.

"We could revise the outlook to stable if Turkey's fiscal
position remained in line with a moderating government debt-to-
GDP ratio and if inflationary pressures abate, likely reflecting
a stabilization in the Turkish lira exchange rate and a gradually
improving and more balanced external and domestic growth
scenario."

RATIONALE

S&P said, "Our ratings on Turkey are supported by the
government's moderate debt burden and our base-case projection of
an only modest accumulation of further liabilities on the
government's balance sheet, relative to GDP.

"We expect Turkey's flexible exchange rate regime will enable the
economy to adjust to external shocks, although high
dollarization, especially in the corporate sector, limits the
benefits of a weaker lira to the economy as a whole. Turkey's
persistent current account deficit and its high external
financing needs constrain its creditworthiness, because they make
economic growth vulnerable to external refinancing risks. We also
consider Turkey's institutional settings to be weak. In our view,
this is characterized by increasingly centralized decision-making
processes with dwindling checks and balances and impaired
transparency, owing to significant interference by political
institutions in the free dissemination of information."

Institutional and Economic Profile: State of emergency rule
continues, but the economy appears to be unaffected

-- In October 2017, the Turkish government extended the state of
    emergency rule by another three months, until January 2018,
    for the fifth consecutive time.

-- Supported by a material fiscal stimulus and low-cost credit,
    the economy has grown strongly in 2017, despite lingering
    political uncertainties.

-- Although tourist arrivals have picked up somewhat from the
    lows in 2016, revenues remain 36% below the highs reported in
    2014.

The Turkish government's recent move to extend the state of
emergency rule for a fifth consecutive time points to a still-
challenging political environment in the wake of the failed
military coup in July 2016. Under the 16-month-long emergency
rule, more than 50,000 people have been arrested and about
150,000 were suspended or released from their jobs. This has
debilitated an already-fragile business environment and consumer
confidence, as confirmed by sluggish private investments. S&P
said, "At the same time, preparations for the move toward a
presidential system are progressing ahead of the next
presidential election in November 2019, at which time we expect
the transition to an executive presidency will occur. We
anticipate that the constitutional reform will limit
parliamentary -- and potentially judicial -- oversight of
government decisions. Furthermore, Turkey's international
relations with key allies in the economic or military sphere,
such as Germany or the U.S., have deteriorated over 2017. In
addition, there is increasing talk about potentially suspending
Turkey's accession to the EU as a result of concerns over the
rule of law in Turkey. We assume that many of these domestic and
international political uncertainties will prevail over our
forecast horizon."

Nevertheless, headline economic growth figures suggest that
lingering political uncertainties and deteriorating international
relations have yet to impact the economy. However, S&P thinks
that the uncertainties have been masked by an expansionary fiscal
stance and ample support for credit growth through the Credit
Guarantee Fund. Following revisions of national accounts data in
December 2016, the slowdown of the economy appears much shallower
than initially stated, despite drastic declines in tourism
numbers and heighted uncertainty following the failed military
coup. Data for the first half of 2017 also suggests that
investments are increasing rapidly. However, much of this
investment comes from public-sector construction, since the
revised national accounts data also includes, in particular,
public-private partnership (PPP) projects in the construction
sector. One bright spot in the Turkish economy is exports, which
are recovering strongly across almost all categories, leading to
a positive contribution of net exports to GDP in the first half
of the year. Exports in terms of volume rose by over 10% in the
first half of 2017 with exporters benefiting from the weak
Turkish lira, more specifically a weak Turkish real effective
exchange rate that remains at its lowest since 2003. Moreover,
exports are supported by a nascent recovery in tourism. S&P said,
"As a result, we expect real economic growth of 5% in 2017. Our
growth forecast is lower than the government's forecast of 5.5%
on average through 2020, as stated in its updated medium-term
program. We think that the Turkish government's projection is
optimistic, given declining fiscal space, an already externally
leveraged banking system, high dependency on capital inflows, and
the recent reversal of business conditions that has also affected
property rights." Positively, the government's efforts to
increase women's participation in the workforce have been
successful and should benefit growth.

S&P's forecast that growth will weaken next year also factors in
the following:

Fiscal: The government has used its fiscal space to support the
economy this year, for instance, by reducing the 6.7% special
consumption tax on white goods to zero and lowering the 18%
value-added tax on furniture to 8% until year-end 2017. We expect
budgetary constraints will not allow the government to pursue
such stimulating measures sustainably over the coming years,
though we acknowledge that, given the centralization of decision-
making, our base-case projections that the fiscal stance
will begin to tighten early next year could be overshadowed by
political considerations.

Credit: Part of the strong economic performance was driven by the
government providing low-cost credit to the economy through the
Credit Guarantee Fund, which has almost been fully utilized by
now. While the fund still has some buffers that could increase
through repayment of loans, we do not expect that the government
will be able to provide support of a similar magnitude on an
ongoing basis without creating significant risks for contingent
liabilities in case of a downturn in asset quality. The Credit
Guarantee Fund amounts to 8.4% of GDP.

Tourism: While tourist arrivals and overnight stays have
increased by 8% and 15%, respectively, in the first half of 2017,
tourism revenues are still 3% lower than last year and 36% lower
than in 2014. Anecdotal evidence suggests that the tepid recovery
in the tourism sector was mostly driven by package tourism from
Russia and other countries in the Commonwealth of Independent
States. Given remaining bilateral tensions, S&P does not expect a
strong recovery of Western European or American tourists next
year.

That said, S&P expects the Turkish economy will grow by 3.7% on
average through 2020. Turkey's economy benefits from a young and
growing working-age population. Moreover, relatively cheap labor
costs and improving infrastructure provide attractive backdrops
for foreign direct investment, which is currently overshadowed by
Turkey's political environment. External demand could also
continue to spur economic growth, but tighter global liquidity
conditions could prove challenging for Turkey's external profile.

Flexibility and Performance Profile: Although fiscal buffers have
helped support the economy, external risks are increasing

-- Tax cuts, for instance on white goods, and a strong increase
    in capital expenditures are causing an uptick in the fiscal
    deficit in 2017.

-- Turkey's current account deficit is widening and increasingly
    financed by portfolio inflows while foreign direct
    investments have yet to recover.

-- Bank credit is growing strongly, thanks to the support of the
    Credit Guarantee Fund, increasing potential contingent
    liabilities for the Turkish government in the future.

-- Inflation remains stubbornly high while Turkey's central bank
    has yet to more aggressively raise interest rates to fight
    inflation decisively.

S&P said, "In 2017, we expect further deterioration of Turkey's
general government deficit to 2.4% of GDP from 1.5% in 2016. As
mentioned before, the Turkish government has heavily used its own
balance sheet to support the economy so far this year. Besides
tax cuts on white goods and furniture, the government launched
the national employment campaign, in which the government
subsidizes employment costs of new hires by 30% in the first
year. We expect Turkey's fiscal stance will remain accommodative,
considering the heavy election calendar in 2019, when
presidential, general and location elections should take place.
As a result, we forecast that Turkey's general government deficit
will average 2.4% of GDP over our forecast horizon through 2020.

"With the government focused on the move to an executive
presidency, implementation of important structural reforms --
including labor, educational, severance pay, and energy
reforms -- could face further delays. Should some of the
structural constraints, especially Turkey's reliance on foreign
capital inflows, lead to a slowdown of economic growth and
leveling off of Turkey's relatively high unemployment rate, we
expect the government would continue using its balance sheet to
support the economy, leading to a potentially sharper
deterioration of Turkey's fiscal position than we currently
project.

"That said, government debt remains low, in part thanks to strong
nominal GDP growth. We forecast that general government debt will
peak at almost 29% of GDP in 2018, one of the lowest ratios among
emerging market issuers after resource-rich Russia and Saudi
Arabia (for more information on comparisons of sovereigns' key
indicators, please see www.spartings.com/sri). However, we see
an increasing trend of using off-balance-sheet vehicles to
support the economy without adversely affecting Turkey's general
government debt ratio. For instance, the government has
underwritten loans for about Turkish lira (TRY) 219 billion
(US$58 billion), or 7.5% of GDP, through the Credit Guarantee
Fund, which has a total capacity of TRY250 billion (8.5% of GDP).
In addition, the Turkish government is involved in over 200 PPP
projects while debt assumption commitments worth 1.0% of GDP were
provided to three large-scale projects. Lastly, Turkey's
sovereign wealth fund, which reportedly is seeking up to US$5
billion (0.6% of GDP) in external funding, may increasingly be
used to finance large-scale public investment projects outside
the government's own balance sheet.

"Nevertheless, Turkey's main credit weakness remains external.
Because of strong domestic demand and rising import prices,
including energy, and weak service exports, we forecast a current
account deficit of 4.5% of GDP in 2017. Over our forecast horizon
through 2020, we expect the current account will remain elevated
at an average of 4.4% of GDP, though it may start declining
toward the end of our forecast horizon. Domestic demand,
especially due to potentially higher imports of machinery and
equipment, and continuously rising import prices, especially oil
prices, will keep the current account deficit elevated,
notwithstanding potentially increasing tourism inflows, should
the political situation stabilize. We anticipate that oil prices
will gradually rise to US$55 per barrel by 2019 (see "S&P Global
Ratings Raises Its Oil And Natural Gas Prices Assumptions For
2017," published Dec. 14, 2016, on RatingsDirect). However, the
Turkish government is trying to reduce the country's reliance on
energy from abroad by diversifying its own production of
renewable energy. In the near term, though, we note that Turkey's
growing current account deficit is increasingly financed with
less stable funding sources, primarily portfolio inflows into the
government bond market. With the expectation of higher interest
rates in the U.S. and continued bouts of volatility for the
Turkish lira, these portfolio flows could reverse easily,
underlining the risk of a marked deterioration in the
availability of external financing. In addition, foreign direct
investment inflows, traditionally an important current account
financing item in the financial account, remain 36% below their
2015 peak of US$17.5 billion in nominal terms.

"As a result, we forecast Turkey's external debt ratios will
continue deteriorating and remain weak over our forecast horizon.
Turkey's net foreign exchange reserves -- which we estimate at
US$41 billion in 2017 -- provide coverage for about two months of
current account payments, suggesting relatively limited buffers
to offset external pressures. We estimate Turkey's gross external
financing requirement will average 168% of current account
receipts (CARs) plus usable reserves for 2017-2020. We expect the
country's external debt will exceed liquid external assets held
by the public and banking sectors by about 141% of CARs, on
average over 2017-2020. The large net open foreign currency
position of corporate borrowers (26% of GDP) indirectly exposes
banking system asset quality to risks related to a steep
depreciation of the lira. Although the banking sector hedges
against foreign currency risk, its foreign currency funding could
represent a risk for banks if their hedges do not hold, due to
counterparty risk."

Turkey's weak external profile could be exacerbated by
potentially mounting risks in the country's banking sector -- the
largest intermediators of the country's external deficit.
Turkey's rapid credit expansion, which lately has been further
fueled through the government's Credit Guarantee Fund, could
eventually lead to a hard landing with deteriorating asset
quality, external refinancing pressures, and ultimately fiscal
cost for the Turkish government. S&P notes that, over the past 10
years, the loan-to-deposit ratio in the Turkish banking sector
has grown by 47 percentage points to 118% in August 2017 and
remains on an upward trajectory.

That said, near-term risks are somewhat mitigated because
Turkey's domestic banks remain well regulated and amply
capitalized. S&P said, "Our Banking Industry Country Risk
Assessment for Turkey is '6', with '10' being the lowest
assessment on our 1-10 scale, although we see negative trends for
both economic and industry risk. We note the size of state-owned
banks is relatively large, representing about one-third of total
banking system assets.

Still, we expect banks' asset quality will gradually deteriorate.
Their stock of outstanding nonperforming loans (NPLs) is at about
3.3%. We expect the sharp decline in tourism receipts in 2016 and
the lira's depreciation will result in higher NPLs for the banks.
We understand that systemwide NPLs could be about two percentage
points higher, when including large Turkish banks' sales of NPLs
and large restructurings of closely monitored credits that are
not included in NPLs.

"We expect inflation will moderate over 2017-2020. But given the
lira's volatility, risks remain that the Turkish central bank's
monetary policy response may prove insufficient to anchor its
inflation-targeting regime, particularly if domestic or
geopolitical instability were to flare up in the coming months.
Inflation was 11.2% in September 2017, well above the Central
Bank of the Republic of Turkey's inflation target of 5%. A large
contributor to Turkey's elevated inflation data is the relatively
high pass-through impact of the exchange rate, which could amount
to 15% according to central bank Estimates."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And Research'). At
the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action (see 'Related Criteria And Research').

RATINGS LIST
                                Rating
                                To                 From
Turkey (Republic of)
  Sovereign Credit Rating
   Foreign Currency|U~          BB/Negative/B      BB/Negative/B
   Local Currency|U~            BB+/Negative/B     BB+/Negative/B
   Turkey National Scale|U~     trAA+/--/trA-1     trAA+/--/trA-1
  Transfer & Convertibility
   Assessment|U~                BBB-               BBB-

|U~ Unsolicited ratings with no issuer participation and/or no
access to internal documents.


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


UKRINBANK: Court Upholds Lawfulness of Bank's Removal From Market
-----------------------------------------------------------------
Interfax-Ukraine reports that the Supreme Court of Ukraine on
October 24, 2017 upheld the lawfulness of removal of insolvent
bank Capital and Ukrinbank from the market, the National Bank of
Ukraine (NBU) said.

Interfax-Ukraine relates that NBU said the court annulled all
court rulings of lower instances and issued new rulings, which
did not satisfy the claims of the banks' shareholders.

At present, 21 similar cases are being heard in courts of lower
instances, Interfax-Ukraine says.

The NBU placed bank Capital to the list of insolvent banks on
July 20, 2015 and Ukrinbank on December 24, 2015, Interfax-
Ukraine notes.  According to the report, the regulator made the
decision regarding the bank Capital, as the quality of its assets
was unsatisfactory and there was a liquidity risk, as most of the
bank's assets and some operating facilities were lest on the
temporarily occupied territory of Ukraine. Interfax-Ukraine says
the decision to declare Ukrinbank insolvent is linked to the fact
that the bank was not able to meet the claims of creditors on
time, and its operations was not in line with the requirements of
the banking legislation and NBU's legal acts.

Ukrinbank was founded in 1989.  Ukrinbank ranked 27th among 123
operating banks in the country on October 1, 2015 by total assets
(UAH5.832 billion), according to the NBU.


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


CAPRI ACQUISITIONS: Moody's Assigns B3 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family
rating (CFR) and a B3-PD probability of default (PDR) to Capri
Acquisitions BidCo Limited, parent and holding company of Redtop
Acquisitions Limited ("CPA Global"), a global Intellectual
Property outsourcing provider. Moody's has also assigned
definitive B1 instrument ratings to the USD830 million senior
secured first lien term loan A due 2024, the EUR250 million
senior secured first lien term loan B due 2024 and the GBP80
million equivalent senior secured revolving credit facility (RCF)
due 2023 which are issued by Capri Acquisitions BidCo Limited.

Concurrently, Moody's has withdrawn the B1 CFR and B1-PD PDR on
Redtop Acquisitions Limited (under review for downgrade), former
parent of CPA Group, concluding the review of the ratings.
Moody's has also withdrawn the instrument ratings of the
facilities issued by Redtop Acquisitions Limited, following full
repayment.

The action was prompted by the completion of the acquisition of
CPA Global by Leonard Green & Partners ("LG&P") and Partners
Group AG ("PG") on November 1, 2017.

The final capital structure also includes EUR410 million senior
unsecured floating rate notes due 2025 (unrated).

RATINGS RATIONALE

To reflect the new corporate and financing structure, Moody's has
moved CPA Group's CFR to Capri Acquisitions BidCo Limited from
Redtop Acquisitions Limited and downgraded the CFR to B3 from B1.
The downgrade was driven by the material increase in Moody's
adjusted leverage to 8.0x from 5.1x as at LTM July 2017 and pro-
forma for FX spot rates.

The ratings reflect CPA Group's 1) global leading market position
in the patent renewal niche market; (2) good revenue visibility,
on a 12 months basis, supported by the resilient patent renewal
business, which represents about 70% of the company's gross
income; (3) historical low customer churn of less than 5%; and
(4) good customer diversification with its main client
representing 4% of the company's gross income (top 10 clients
19%).

This is partially offset by the company's (1) very high opening
financial leverage post-LBO; (2) the high level of operating
leverage which is partially mitigated by the good track record of
managing its fixed cost base; (3) the potential EBITDA margin
dilution as the company diversifies its revenue stream away from
its renewal business and into Software and Services; and (4) the
dependence on certain law firms in accessing a high number of
small clients partially offset by the presence of long-term
agreements and dedicated services.

At closing of the transaction, the company has a cash balance of
approximately GBP15 million and access to an undrawn GBP80
million revolving credit facility. The RCF has one springing
covenant (first lien net leverage -- as calculated by the
management) that is tested when the facility is drawn by more
than 40%. The first lien net leverage covenant level is set at
9.20x.

The USD first lien term loan amortizes at 1% per annum. In
addition the debt documentation includes a cash sweep mechanism
for excess cash above GBP7.5 million. The next debt maturity will
be the revolving credit facility in 2023.

Structural Considerations

The B1 rating on the first-lien term loans and RCF, all ranking
pari passu and issued by Capri Acquisitions Bidco Limited, two
notches above the B3 CFR, reflects the seniority of these
facilities ahead of the unsecured floating rate notes and the
unsecured lease rejection claims. The company's facilities
benefit from a security package which includes subsidiaries'
shares, bank accounts, material IP and intercompany receivables,
they also benefit from guarantees from a number of guarantors
which together represent no less than 80% of CPA's consolidated
adjusted EBITDA.

RATING OUTLOOK

The stable outlook reflects the expectation that the company will
deleverage towards 7.5x in next 12-18 months driven by positive
EBITDA growth as a result of moderate volume growth in its
renewal business as well as additional focus on cross-selling of
products and services. The stable outlook assumes no debt-funded
acquisitions and that the company will maintain a good liquidity
profile.

WHAT COULD CHANGE THE RATING UP

Upward pressure on the rating could materialize if the company
delivers positive organic growth through resilient operating
performance in its renewal business supported by expansion of its
IP software and services offering and (1) adjusted debt/EBITDA
moves sustainably below 6.5x; (2) it generates positive free
cash-flow; and (3) it maintains good liquidity profile.

WHAT COULD CHANGE THE RATING DOWN

Downward pressure on the rating would develop if the company
fails to maintain the current momentum in its operational
performance such that (1) Moody's adjusted debt/EBITDA is
sustainably above 8.0x; or (2) its liquidity profile weakens
materially.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in Jersey, CPA, formerly known as Computer Patent
Annuities, is a leading global provider of intellectual property
(IP) management services and software. The company has three main
business areas (1) IP Transaction Processing, which mainly
includes the renewals business, (accounting for 79% of the
company's gross income in the financial year ended July 2017),
(2) IP Software, which focuses on IP management, data and
analytics and innovation management, (13% of gross income) and
(3) IP Services, which delivers dedicated solutions to the US
Patent Office and other IP professionals, (8% of gross income).
For the fiscal year ending July 31, 2017, CPA generated pro-forma
revenue of GBP1,307 million.


DONCASTERS: S&P Lowers CCR to 'B-' on Weaker Credit Metrics
-----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on U.K.-based engineering group Doncasters to 'B-' from 'B'. The
outlook is stable.

S&P said, "We also lowered our issue-level rating on the
company's first-lien secured term loan to 'B-' from 'B'. The
recovery rating is unchanged at '4', indicating our expectation
for average (30%-50%; rounded estimate 35%) recovery in a default
scenario.

"We lowered our issue rating on the second-lien secured term loan
to 'CCC' from 'CCC+'. The recovery rating is unchanged at '6',
indicating our view of negligible recovery in a default scenario.
"The downgrade reflects our view that Doncasters' credit metrics
have worsened and will likely remain weak relative to those of
similarly rated peers. We expect the group's debt leverage to be
above 10x and funds from operations (FFO) cash interest cover to
be below 2.5x in 2017-2018."

Doncasters' EBITDA margin has continued to weaken in the first
half of 2017. EBITDA margin contracted to 12.8% compared to 14.3%
in first-half 2016. Moreover, Doncasters continues to experience
delays to the new product it is introducing in its power systems
domain, as well as various restructuring projects. S&P said, "We
estimate that 2017 EBITDA margins will remain at the lower end of
our average range (11%-18%) for capital goods companies. We
expect its margin expansion in the next 12 months will be limited
by: costs related to the product introduction in the Turbine
Airfoils business; industry pressures stemming from original
equipment manufacturer (OEM) customers putting pressure on
pricing; and industry cyclicality."

That said, Doncasters' business shows early signs of recovery.
The order book increased by 16% in first-half 2017 compared to
year-end 2016, to GBP585 million. At the same time, revenues grew
by 17% driven by all the divisions. S&P said, "We anticipate that
the group will be able to achieve the same sales level for full-
year 2017 and continue to recover in 2018, when revenues will
grow 3%-5%. This will result from the ramp-up in volumes and
timely execution of the order backlog. We also expect Doncasters
to review its commercial pricing but this process will likely be
gradual over the next two years.

"We now view the group's business risk profile as weak, from fair
previously. Historically, we have viewed the group's key strength
as its track record of EBITDA margin improvement despite flat or
negative top-line growth, leading to stable profits. Considering
recent performance, the group has shown what we assess as a
limited ability to control costs and has experienced further
setbacks due to the aforementioned product delays. These factors
weigh on the group's profitability, while additional investment
needs constrain cash flow generation."

Doncasters is relatively small and its scope is narrow. It sells
highly engineered components in fragmented markets to a more
concentrated group of customers than many capital goods peers.
S&P said, "However, we still view Doncasters' position in its
niche markets as strong due to the group's specialized
manufacturing capabilities and the performance-critical nature of
its products, which increase the importance of product quality
and create switching costs for its customers. The company has had
long-term relationships with its blue-chip client base -- which
includes Rolls Royce, GE, Siemens, and Caterpillar. Its long-term
agreements provide price lock-in for up to five years.

"We continue to view Doncasters' capital structure as highly
leveraged, marked by high debt levels and limited cash flow
protection measures from its high interest charge burden.
Furthermore, we believe that private equity ownership generally
leads to an aggressive financial policy, which also constrains
our view of Doncasters' financial risk. The company's capital
structure includes GBP536 million (measured at nominal value) of
unsecured subordinated shareholder loan notes, which we treat as
debt in our analysis. That said, we recognize that the notes'
subordination and the absence of any cash interest provide the
company with financial flexibility. Excluding the debt-like
shareholder loan notes, we would nonetheless still consider
Doncasters' financial risk profile as highly leveraged. Without
the shareholder loan notes, at the end of first-half 2017 its
rolling 12-month adjusted debt to EBITDA was about 9.0x (8.5x in
2015 and 6.3x in 2014)."

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

-- GDP growth of about 2.0% annually in Western Europe, 35.5% in
    Asia Pacific, and 2.3% in the U.S.

-- Revenue growth of 15%-18% to about GBP740 million in 2017,
    supported by the execution of a strong order book. Moderate
    recovery in 2018 of 3%-5% in line with global growth.

-- Adjusted EBITDA margins of 12.0%-12.3% in 2017, in line with
    first-half 2017, and moderate improvement in 2018 to 12.5%-
    13.0%. This reflects the expected recovery in volumes and
    continued focus on productivity improvements. We expect that
    Doncasters will be able to pass on most raw material
    (primarily metal) cost inflation to the customer, although
    there could be a time lag between the cost increase and price
    increase, which could temporarily dampen the recovery of
    margins.

-- No dividends are allowed under the company's bank
    documentation.

-- No acquisitions.

Based on these assumptions, S&P's forecast assumes the following
credit metrics in 2017 and 2018:

-- Debt to EBITDA of above 10x; and

-- FFO cash interest cover of 2.2x-2.3x.

S&P said, "The stable outlook on Doncasters reflects our view
that the group will be able to stabilize its margins on the back
of increasing volumes. We also expect Doncasters to maintain
adequate liquidity.

"We could lower the ratings to 'CCC+' if the company's operating
issues continue or worsen and EBITDA margins fall below 11%. We
could also consider a downgrade if we came to believe the group
was not able to generate free cash flows for multiple quarters
such that its liquidity substantially weakened.

"While unlikely, we could raise our ratings on Doncasters over
the next 12 months if its debt to EBITDA falls well below 7x and
its FFO cash interest coverage increases above 2.5x on a
sustained basis."


HAMPSHIRE CAPITAL: High Court Winds Up Binary Option Scam Firms
---------------------------------------------------------------
Hampshire Capital Ventures Limited, and its successor, Solaris
Vision Ltd, a Bulgarian registered company, registration number
204122391, were wound up by the High Court on Oct. 18, 2017.
Hampshire Capital, followed by Solaris Vision Ltd, operated using
the trading styles Magnum Options and Magnum Options EU, via a
trading platform, using the websites www.magnumoptions.eu and
latterly www.magnumoptions.com.

There were 41 complaints made to the police against Magnum
Options in the period February 2016 to March 2017, with customers
reporting losses of over GBP750,000.

Those websites offered members of the public the opportunity to
conduct binary options trading, which is a form of fixed-odds
betting on movements in financial markets. The websites made
numerous claims as to possible investment returns, with an 81%
return rate per trade used as a headline throughout the websites.

Solaris Vision Ltd was placed into provisional liquidation by the
High Court in London on Aug. 8, 2017, on the application of the
Insolvency Service, due to its concerns that the companies were
posing an ongoing risk to the public by operation of its
fraudulent trading platform. The websites have not been
accessible since Sept. 25, 2017.

The investigation into both companies found that they had
attracted customers through viral internet marketing, offering
guaranteed fixed returns as set out throughout the above
websites. Customers were not made aware of terms and conditions
at the point of sale. Those terms and conditions were deemed to
be onerous and unfair on customers, requiring them to trade 30 or
40 times their account balances in order to make withdrawals.
Even when some customers did do so, no pay-outs were made.
Customers who sought withdrawals or repayments of their deposits
were mainly met with silence from the companies, who were only
contactable by email after the time customers signed up for
trading.

In other instances, the companies had made unauthorised
withdrawals from customers credit or debit cards, a point which
Registrar Jones stressed was of serious concern during the
winding up hearing on Oct. 18, 2017.

Neither company cooperated with the investigation.

The companies targeted customers worldwide, all the while giving
the impression that they operated out of the UK, by referring to
UK trading addresses on the websites. Those addresses turned out
to be accommodation addresses, for which neither company were
authorised to use.

Hampshire Capital has previously come to the attention of public
authorities in other countries, as follows: On May 13, 2016, the
British Columbia Securities Commission published a notice,
referring to 'Magnum Options, operated by Hampshire Capital
Ventures Ltd' and advising residents to exercise caution when
dealing with "firms that are not registered to trade or advise in
BC".

On Dec. 14, 2016, the Director of the Securities Division of the
Financial and Consumer Affairs Authority of Saskatchewan made a
temporary order restraining Hampshire from carrying out certain
activities.

On Jan. 16, 2017, the Australian Securities & Investments
Commission published a notice advising that Hampshire "could be
involved in a scam" and warning: "Do not deal with this business
as it is unlicensed in Australia".

Hampshire Capital Ventures Limited - company registration number
09883248 - was incorporated on Nov. 23, 20115. Its registered
office is that of a company formations and accommodation services
provider, Company Formations, at Fernhills House, Todd Street,
Bury, BL9 5BJ. Solaris Vision Ltd was incorporated in Bulgaria on
15.06.15, registration number 204122391. The company's registered
office address is Zh.K, Mladost 4, Bl. 428, Entr. 1, 1st/3rd
Floor, Sofia 1715, Bulgaria. The company's sole director is a
Hristo Stilianov Dobrev.

The petition to wind up the companies were presented in the High
Court on Aug. 7, 2017, under the provisions of section 124A of
the Insolvency Act 1986 following confidential enquiries by
Company Investigations under section 447 of the Companies Act
1985, as amended.


LADBROKES CORAL: S&P Places BB Long-Term CCR on Watch Negative
---------------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term corporate credit
rating on U.K.-based sports betting and gaming operator Ladbrokes
PLC, on CreditWatch with negative implications.

S&P said, "At the same time, we placed on CreditWatch negative
our 'BB' issue rating on the company's GBP400 million senior
unsecured notes due 2023 and GBP100 million unsecured retail bond
due 2022."

The CreditWatch follows the U.K. government's Oct. 31
announcement about a potential change in regulation for the
gaming industry and specifically for B2 gaming machines.

On Oct. 24, 2016, the government launched a review of gaming
machines and social responsibility measures (the triennial
review). The aim is to find the right balance between sector
growth and ensuring the companies are socially responsible and
doing all they should to protect consumers. The review was
delayed when the June 2017 elections were called, and the results
were only published this week. The government is now proposing to
reduce the maximum stakes on the B2 machines to either GBP50,
GBP30, GBP20, or GBP2, from its current GBP100 limit.

The government is asking the public for its view on these
proposals. The 12-week consultation will wrap up on Jan. 23,
2018.

S&P said, "In our view, each of the four suggested options will
have a different effect on the company's earnings. We expect the
GBP50 and GBP30 maximum stakes would have only a marginal effect
on EBITDA, and the existing rating. Under the GBP20 scenario, we
believe that some negative pressure on earnings would arise,
although it could be manageable if the company takes steps to
reduce costs. We believe the GBP2 scenario would trigger a large
drop in revenues and EBITDA and therefore likely increase
leverage, thereby building significant rating pressure.

"Since a final decision is still pending, and consumer behavior
following the changes remains to be seen, it is currently
difficult to assess the effects of any such changes to stakes. We
acknowledge that changes would likely only come into effect
starting 2019 and understand that the company can partially
mitigate effects by reducing various costs. Once the government
takes a final decision, and we have better clarity on the maximum
amount of the cut, we will analyze the full effect of the
company's cost reduction plans and future EBITDA, and reassess
the rating based on our updated base case.

"We aim to resolve the CreditWatch placement once the outcome of
the triennial review is finalized and the government sets the new
maximum betting amount on B2 machines, or announces any other
material change in regulation. We expect this announcement
shortly after the consultation period ends on Jan. 23, 2018.
Therefore, we expect to resolve the CreditWatch within three-to-
six months.

"We could lower our rating on Ladbrokes if the government decides
to reduce the maximum stake on B2 gaming machines to GBP2 or
anywhere near that number (the government has stated four
options, but we understand there could be some deviations from
specific amount in the final outcome). Under the GBP2 scenario,
we would expect revenues from Ladbrokes' retail-based activity to
decrease significantly in 2019, creating an increase in leverage,
while bringing credit measures outside the range for the current
rating level. A significant decrease in EBITDA starting 2019
could also put pressure on covenant headroom, although we expect
the company to work well in advance to resolve this issue once it
rises. A GBP20 scenario could also put some pressure on the
rating, but we envisage the company could maintain its current
rating if it reduced costs because the impact would be more
moderate and the company has some headroom under our current
rating.

"We could affirm the rating if the government chooses one of the
higher-stake scenarios, creating lower volatility in earnings and
only a small decline in EBITDA. We could also affirm the rating
if we believe that the company was able to mitigate the effect of
the reduction in stakes, keeping credit measures in line with our
expectations for the current rating level. Mitigating steps could
include widespread shop closures, reduction of variable costs,
and cutting personnel costs. An affirmation would need to be
accompanied by at least adequate liquidity and enough headroom
under the current covenants."


MARTON COUNTRY CLUB: In Liquidation; 45 Jobs Axed
-------------------------------------------------
ITV reports that Marton Country Club shut its doors on October 19
with the loss of 45 jobs. The directors have blamed an increase
in competition and said it was no longer viable to support the
business with their own money, the report says.

Anyone who has pre-paid should contact Gaines Robson Insolvency,
which is handling the voluntary liquidation, ITV relates.

ITV quotes a Marton Country Club Spokesperson as saying: "It is
with much regret that the directors of Marton Country Club Ltd
have to announce that the company is to close with immediate
effect (October 19).

"After many years of supporting the company with personal funds
the directors can no longer invest in a business that is not
financially viable.

"The number of national and international hotels and restaurants,
as well as a decrease in demand for the more traditional style of
hotel has seen a huge drop in trade.

"This has resulted in significant losses being made on a monthly
basis, leaving the company in a position where it is no longer
able to meet its liabilities," he added.

Marton Country Club originally opened in 1964.


MONARCH AIRLINES: London Judges Hear Dispute Over Runway Slots
--------------------------------------------------------------
Cathy Gordon at Press Association reports that a High Court
battle has taken off over failed airline Monarch's "valuable"
runway slots.

Two judges in London are hearing a judicial review action by the
ill-fated carrier, which went into administration on October 2,
2017, Press Association relates.

According to Press Association, Lord Justice Gross and Mr Justice
Lewis heard on Nov. 6 that the application by claimant Monarch
Airlines Ltd (MAL - in administration) against Airport
Coordination Ltd concerned MAL's entitlement to receive certain
slots.

Bankim Thanki QC, for the airline's administrators, explained
that if received "MAL's portfolio of slots would represent MAL's
most valuable asset", Press Association relays.

He added: "MAL would therefore seek to exchange those slots with
other air carriers in order to realise value for its creditors."

At the heart of the action is a decision by Airport Coordination
Ltd (ACL) not to allocate certain take-off and landing slots to
the airline for the summer 2018 season, Press Association notes.

Mr. Thanki told the court that it was accepted by ACL that
"Monarch would have been entitled to receive the slots in issue
but for going into administration", Press Association discloses.

He argued that the approach taken by ACL in relation to what
should happen to the slots was "unlawful", Press Association
notes.

According to Press Association, the QC told the judges: "ACL has
no lawful power to refuse to allocate these slots or to 'reserve'
them pending determination of proposals to revoke or suspend
MAL's operating licence."

It was of no relevance, he said, that MAL's purpose in seeking
the slots "is to exchange them with another airline for valuable
consideration", Press Association recounts.

The judges heard that the risk of loss of value "increases the
longer allocation is delayed" and after Nov. 20 "there is a risk
of a significant loss of value", Press Association discloses.

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.


SEADRILL LTD: Bondholders Submit Rival Restructuring Plan
---------------------------------------------------------
Mikael Holter at Bloomberg News reports that a group of
disgruntled Seadrill Ltd. bondholders including Nine Masts
Capital Ltd. submitted a restructuring plan that could rival a
proposal by the offshore driller's billionaire chairman, John
Fredriksen.

The company said in court documents filed on Nov. 3 the plan
submitted by the so-called Ad Hoc Group of Unsecured Noteholders,
a 37-member group holding more than US$600 million in bonds, is
one of two new non-binding proposals, Bloomberg relates.  The
other suggestion was submitted by a single unidentified
bondholder, Bloomberg notes.

Once the crown jewel of Mr. Fredriksen's business empire,
Seadrill was forced to file for bankruptcy protection in
September after crude's collapse left it unable to cope with
about US$13 billion of liabilities, including the industry's
biggest debt load, Bloomberg recounts.  The driller reached a
restructuring agreement that would see Mr. Fredriksen and hedge
fund Centerbridge Partners LP take the lead in investing more
than US$1 billion of new capital, Bloomberg relays.

Seadrill also contacted about 80 investors after starting
Chapter 11 proceedings to see whether other offers would be made;
the two ideas submitted were the only ones to emerge, Bloomberg
discloses.

According to Bloomberg, the company said the bondholders involved
now have until Nov. 27 to present final offers, following which
Seadrill will "evaluate any alternative proposals and determine
whether any are higher or otherwise better than the terms" in
Mr. Fredriksen's plan.

That plan, which postpones bank payments by years, is backed by
97% of secured lenders but only about 40 percent of bondholders,
who stand to suffer significant losses, Bloomberg states.

Some of the remaining bondholders formed the Ad Hoc Group to
oppose the plan, Bloomberg notes.  Its biggest members are: Nine
Masts, with investment of about US$68 million in principal amount
of Seadrill's 2017 bonds and US$17 million in 2019 notes from
subsidiary North Atlantic Drilling Ltd., Bloomberg relays, citing
a previous filing.

                    About Seadrill Limited

Seadrill Limited is a deepwater drilling contractor, providing
drilling services to the oil and gas industry. It is incorporated
in Bermuda and managed from London. Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of
the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate
functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of
total operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, Seadrill Limited and 85
affiliated debtors each filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 17-60079) on Sept. 12, 2017.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings in Bermuda to appoint
jointprovisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement. Simon Edel, Alan Bloom and Roy Bailey of
Ernst & Young serve as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor. Willkie Farr &
Gallagher LLP, serves as special counsel to the Debtors.
Slaughter and May has been engaged as corporate counsel, and
Morgan Stanley serves as co-financial advisor during the
negotiation of the restructuring agreement. Advokatfirmaet
Thommessen AS serves as Norwegian counsel. Conyers Dill & Pearman
serves as Bermuda counsel. PricewaterhouseCoopers LLP UK, serves
as the Debtors' independent auditor; and Prime Clerk is their
claims and noticing agent.

On September 22, 2017, the U.S. Trustee for the Southern District
of Texas appointed the official committee of unsecured creditors.
The Committee hired Kramer Levin Naftalis & Frankel LLP, as
counsel, Cole Schotz P.C., as local and conflict counsel, Zuill &
Co, as Bermuda counsel, Quinn Emanuel Urquhart & Sullivan, UK
LLP, as English counsel, Advokatfirmaet Selmer DA, as Norwegian
counsel, Perella Weinberg Partners LP, as investment banker.


WILLIAM HILL: S&P Places BB+ Long- Term CCR on Watch Negative
-------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term corporate credit
rating on U.K.-based sports betting and gaming operator William
Hill PLC on CreditWatch with negative implications.

S&P said, "At the same time, we placed on CreditWatch negative
our 'BB+' issue rating on the company's GBP375 million senior
unsecured notes due 2020 and GBP350 million senior unsecured
notes due 2023."

The CreditWatch follows the U.K. government's Oct. 31
announcement about a potential change in regulation for the
gaming industry and specifically for B2 gaming machines.

On Oct. 24, 2016, the government launched a review of gaming
machines and social responsibility measures (the triennial
review). The aim is to find the right balance between sector
growth and ensuring the companies are socially responsible and
doing all they should to protect consumers. The review was
delayed when the June 2017 elections were called, and the results
were only published this week. The government is now proposing to
reduce the maximum stakes on the B2 machines to either GBP50,
GBP30, GBP20, or GBP2, from its current GBP100 limit.

The government is asking the public for its view on these
proposals. The 12-week consultation will wrap up on Jan. 23,
2018. S&P said, "In our view, each of the four suggested options
will have a different effect on the company's earnings. We expect
the GBP50 and GBP30 maximum stakes would have only a marginal
effect on EBITDA, and the existing rating. Under the GBP20
scenario, we believe that some negative pressure on earnings
would arise, although it could be manageable if the company takes
steps to reduce costs. We believe the GBP2 scenario would trigger
a large drop in revenues and EBITDA and therefore likely increase
leverage, thereby building significant rating pressure."

Since a final decision is still pending, and consumer behavior
following the changes remains to be seen, it is currently
difficult to assess the effects of any such changes to stakes.
S&P said, "We acknowledge that changes would likely only come
into effect in 2019 and understand that the company can partially
mitigate effects via reducing various costs. Once the government
takes a final decision, and we have better clarity on the maximum
amount of the cut, we will analyze the full effect of the
company's cost reduction plans and future EBITDA, and reassess
the rating based on our updated base case."

S&P said, "We aim to resolve the CreditWatch once the outcome of
the triennial review is finalized and the government sets the new
maximum betting amount on B2 machines, or announces any other
material change in regulation. We expect this announcement
shortly after the consultation period ends on Jan. 23, 2018.
Therefore, we expect to resolve the CreditWatch within three-to-
six months.

"We could lower our rating on William Hill if the government
decides to reduce the maximum stake on B2 gaming machines to GBP2
or anywhere near that number (the government has stated four
options, but we understand there could be some deviations from
the specific amount in the final outcome). Under the GBP2
scenario, we expect revenues from William Hill's retail-based
activity to decrease significantly in 2019, creating an increase
in leverage, while bringing credit measures outside the range for
the current rating level. A significant decrease in EBITDA
starting 2019 could also put pressure on covenant headroom,
although we expect the company to work well in advance to resolve
this issue, once it arises. A GBP20 scenario could also put some
pressure on the rating, but we could see the company maintaining
its current rating under this scenario provided it reduced its
costs, as the impact would be moderate and the company has some
headroom under our current rating.

"We could affirm the rating if the government chooses one of the
higher-stake scenarios, creating lower volatility in earnings and
only a small decline in EBITDA. We could also affirm the rating
if we believe that the company was able to mitigate the effect of
the reduction in stakes, keeping credit measures in line with our
expectations for the current rating level. Mitigating steps could
include widespread shop closures, reduction of variable costs,
and cutting personnel costs. An affirmation would need to be
accompanied by at least adequate liquidity and enough headroom
under the current covenants."


XEFRO TRADE: High Court Enters Winds Up Order
---------------------------------------------
Xefro Trade Ltd sold its products on the basis of
misrepresentations made in promotional material and an
investigation by the Insolvency Service found the company misled
the public and failed to install systems safely. The company was
wound up on Oct. 17, 2017.

The heating system itself was not fit for sale and was described
as a "defective and dangerous" product. In some cases he company
failed to deliver systems at all despite receiving advance
payments.

Potential customers were given comparisons between their current
heating systems and the potential savings, suggesting that the
Xefro graphene coated radiators could reduce the cost of heating
a house by 75% and save 2.05 tonnes of carbon per system per
year.

The company falsely stated that these claims had been verified by
independent tests but in fact, the cost of operating the Xefro
system was more than double and produced almost twice the amount
of CO2 emissions of a conventional heating system over a 24 hour
period.

The enquiry showed that a number of the company's customers paid
deposits of between GBP100 and GBP4,000 for the Xefro heaters but
that they were either not delivered or, if delivered, were never
installed.

Many of those customers who did receive their systems complained
about poor workmanship, failure to comply with promised delivery
dates or to install the system correctly once delivered. They
then found that the 20 year performance guarantee was worthless
as they were unable to contact the company and the guarantees
were not underwritten by an insurance company.

Alex Deane, Chief Investigator, in Companies Investigations of
the Insolvency Service said:

Companies that don't deliver on their promises and make
misleading claims should be aware that the Insolvency Service can
and will investigate and, if necessary, apply to Court to close
them down.

Xefro Trade Ltd was incorporated on Jan. 30, 2015, registration
number 09413716. Its registered office is at The Quadrant, Green
Lane, Heywood, Manchester OL10 1NG. The company's directors were
Martin Benson, Michael Drogan (until June 30, 2016) and Peter
Nabridnyj (until June 25, 2015).

The winding-up order was pronounced by Deputy District Judge
Watkin on Oct. 17, 2017 in the High Court, with Lucy Wilson-
Barnes appearing for the Secretary of State and no representation
for the company.

The petition to Wind-up the company was presented to the High
Court on Aug. 2, 2017, under the provisions of Section 124A of
the Insolvency Act 1986 following confidential enquiries by
Company Investigation under Section 447 Companies Act 1985, as
amended. The winding-up order was made on Oct. 17, 2017, Company
Investigations, part of the Insolvency Service, uses powers under
the Companies Act 1985 to conduct confidential fact-finding
investigations into the activities of live limited companies in
the UK on behalf of the Secretary of State for Business, Energy &
Industrial Strategy (BEIS).



                            *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *