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

                           E U R O P E

          Tuesday, January 9, 2018, Vol. 19, No. 006


                            Headlines


F I N L A N D

FINNAIR OYJ: Egan-Jones Hikes LC Sr. Unsecured Debt Rating to BB+


F R A N C E

AIR FRANCE-KLM: Egan-Jones Hikes Sr. Unsecured Ratings to B+
MAUREL & PROM: Egan-Jones Lowers Sr. Unsecured Ratings to B


G E R M A N Y

AIR BERLIN: KEOS Appointed Add'l. Member of Creditors' Committee
E.ON SE: Egan-Jones Hikes FC Sr. Unsecured Debt Rating to BB+
RWE AG: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
THYSSENKRUPP AG: Egan-Jones Hikes Sr. Unsecured Ratings to BB


I T A L Y

BANCA MONTE: Fitch Rates Planned Tier 2 Notes Issue 'CCC+(EXP)'


N E T H E R L A N D S

TOCARDO INTERNATIONAL: Files Protection from Creditors


S W E D E N

ARISE AB: Egan-Jones Lowers Sr. Unsecured Debt Ratings to C


U K R A I N E

UKRAINE: Egan-Jones Assigns 'B-' FC Sr. Unsecured Debt Rating


U N I T E D   K I N G D O M

ANGLO AMERICAN: Egan-Jones Cuts FC Sr. Unsecured Ratings to BB+
BUTTON FARM: Still in Talks to Sell Parts of Business
CARILLION PLC: To Reveal New Business Plan to Avert Collapse
ENSCO PLC: Egan-Jones Cuts FC Sr. Unsecured Debt Ratings to B+
FINSBURY SQUARE 2018-1: Fitch Rates Class E Notes 'CCC (EXP)'

FINSBURY SQUARE: Moody's Assigns (P)B3 Ratings to 2 Note Classes
HUELIN-RENOUF: Has Been Liquidated, Creditors Recover GBP674,330
NOBLE CORP: Egan-Jones Lowers FC Sr. Unsec. Debt Rating to BB-


                            *********



=============
F I N L A N D
=============


FINNAIR OYJ: Egan-Jones Hikes LC Sr. Unsecured Debt Rating to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on Nov. 17, 2017, raised the local
currency senior unsecured rating on debt issued by Finnair OYJ to
BB+ from BB.

Previously, on Sept. 22, 2017, EJR raised the local currency
senior unsecured ratings on debt issued by the Company to BB from
BB-.

Finnair Oyj provides passenger and cargo airline services to
various destinations in Finland, Europa, Asia, and North America.
The company also provides travel agency services. The company
operates a fleet of 49 aircraft. Finnair Oyj was founded in 1923
and is headquartered in Vantaa, Finland.


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


AIR FRANCE-KLM: Egan-Jones Hikes Sr. Unsecured Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 19, 2017, raised the foreign
currency and local currency senior unsecured ratings on debt
issued by Air France-KLM to B+ from B.

Air France-KLM is a Franco-Dutch airline holding company
incorporated under French law with its headquarters at Charles de
Gaulle Airport in Tremblay-en-France, near Paris.


MAUREL & PROM: Egan-Jones Lowers Sr. Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 19, 2017, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Etablissements Maurel et Prom to B from A3.

Etablissements Maurel & Prom S.A., is an independent oil and gas
company, engages in the extraction and production of hydrocarbons
primarily in Gabon and Tanzania, as well as Nigeria. The company
was founded in 1813 and is headquartered in Paris, France.


=============
G E R M A N Y
=============


AIR BERLIN: KEOS Appointed Add'l. Member of Creditors' Committee
----------------------------------------------------------------
KEOS GbR ("KEOS"), as joint representative of the bondholders of
the EUR225 million, 2011/2018, 8.250% bond issued by Air Berlin
plc, was appointed as additional member of the preliminary
creditors' committee of Air Berlin plc by resolution of the local
court Berlin-Charlottenburg, dated December 27, 2017.  As
representative of the largest group of creditors, KEOS is
represented by its attorney at law Dr. Bernd Meyer-Loewy.

KEOS will keep registered bondholders informed about the further
developments and is available for questions via email at
airberlin@onesquareadvisors.com

Bondholders of the Bond who have not yet registered are asked to
register via email or on the homepage at
www.onesquareadvisors.com under the heading "Bonds" /"Air
Berlin".

                       About Air Berlin

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

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

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

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

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


E.ON SE: Egan-Jones Hikes FC Sr. Unsecured Debt Rating to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 18, 2017, upgraded the
foreign currency senior unsecured rating on debt issued by E.ON
SE to BB+ from BB.

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


RWE AG: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 14, 2017, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by RWE AG to BB+ from BBB-.

RWE AG, until 1990: Rheinisch-Westfalisches Elektrizitatswerk AG,
is a German electric utilities company based in Essen, North
Rhine-Westphalia.


THYSSENKRUPP AG: Egan-Jones Hikes Sr. Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 13, 2017, raised the foreign
currency and local currency senior unsecured ratings on debt
issued by thyssenkrupp AG to BB from BB-.

thyssenkrupp AG is a German multinational conglomerate, based in
Duisburg and Essen and divided into 670 subsidiaries worldwide.
It is one of the world's largest steel producers.


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


BANCA MONTE: Fitch Rates Planned Tier 2 Notes Issue 'CCC+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Banca Monte dei Paschi di Siena
S.p.A.'s (MPS; B/Stable/b/B) planned subordinated debt issue an
expected long-term rating of 'CCC+(EXP)' and a Recovery Rating of
'RR6'.

The notes will be issued under MPS's EUR50 billion debt issuance
programme and will qualify as Basel III-compliant Tier 2 debt.
The final rating is contingent upon final documents conforming to
the information already received.

KEY RATING DRIVERS

The notes are rated two notches below MPS's 'b' Viability Rating
(VR) to reflect Fitch expectations of poor recovery prospects for
the notes in case of a non-viability event. Fitch believe that
should the bank fail MPS is at risk of being placed into outright
resolution and that an intermediary solution prior to resolution
(such as a debt restructuring with distressed debt exchange (DDE)
or a second precautionary recapitalisation similar to the one
received in August 2017) is less likely.

Our view is supported by the thin layers of junior non-equity
capital currently present at the bank (MPS is just beginning to
rebuild its subordinated debt buffers) relative to the risks
faced (specifically the still high non-performing loan levels
after the disposal of EUR28.6 billion of sofferenze planned for
2018). The prospects of poor recoveries for subordinated
bondholders in a resolution scenario are reflected in the 'RR6'
Recovery Rating assigned to the notes.

Fitch do not notch the notes for non-performance risk as no
coupon flexibility is included in their terms.

RATING SENSITIVITIES

The notes' rating is sensitive to a change in the bank's VR, from
which it is notched. The notes' rating is also sensitive to a
change in notching should Fitch change its assessment of loss
severity (for example the notching could narrow if the quantum of
outstanding junior debt buffers in relation to the risks faced
reduces) or relative non-performance risk.

All else being equal, the notes' rating is also subject to change
should Fitch's final Bank Rating Criteria deviate from the
Exposure Draft: Bank Rating Criteria (see "Fitch Publishes Bank
Rating Criteria Exposure Draft" dated 12 December 2017) under
which the notes are rated.


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


TOCARDO INTERNATIONAL: Files Protection from Creditors
------------------------------------------------------
Gregory B. Poindexter at HydroWorld reports that Tocardo
International BV, the tidal turbine developer located in
Den Oever, North Holland province, the Netherlands, has filed for
protection from creditors.

Tocardo, owned and operated by Johan W. van Breugel, filed its
request with the court on Jan. 2, the same day Canadian-based
Tribute Resources Inc. released a statement saying it would not
complete a planned share swap with Torcardo, HydroWorld relates.

According to HydroWorld, the District Court of Alkmaar, located
in North Holland province, said "Temporary suspension of payment
has been granted to Tocardo International BV in Den Oever, North
Holland province, the Netherlands."

In its statement, Tribute said the Term Sheet executed on
July 31, 2017 between Tribute and Tocardo has now expired,
HydroWorld notes.

"Tribute and Tocardo have been unable to reach agreement on the
final definitive agreements required to facilitate the share
swap," Tribute, as cited by HydroWorld, said, "and therefore as
at this time the share swap with Tocardo will not be proceeding.


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S W E D E N
===========


ARISE AB: Egan-Jones Lowers Sr. Unsecured Debt Ratings to C
-----------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 20, 2017, downgraded the
foreign currency and local currency senior unsecured ratings on
deb issued by Arise AB to C from B.

Arise AB, formerly Arise Windpower AB, is a Sweden-based company
active in the renewable energy sector. The Company is engaged in
the marketing of electricity generated using its own wind
turbines.


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


UKRAINE: Egan-Jones Assigns 'B-' FC Sr. Unsecured Debt Rating
-------------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 20, 2017, assigned a B-
foreign currency senior unsecured rating on debt issued by
Ukraine and lowered the local currency senior unsecured rating on
the country's debt to B- from BB.

On the same date, EJR also assigned a B foreign currency
commercial paper rating on the country and lowered the local
currency commercial paper rating on the country to B from A1.

Ukraine is a sovereign state in Eastern Europe, bordered by
Russia to the east and northeast; Belarus to the northwest;
Poland, Hungary, and Slovakia to the west; Romania and Moldova to
the southwest.


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


ANGLO AMERICAN: Egan-Jones Cuts FC Sr. Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 10, 2017, lowered the foreign
currency senior unsecured ratings on debt issued by Anglo
American PLC to BB+ from BBB-.

Anglo American plc is a multinational mining company based in
Johannesburg, South Africa and London, United Kingdom.


BUTTON FARM: Still in Talks to Sell Parts of Business
-----------------------------------------------------
Margaret Canning at Belfast Telegraph reports that administrators
of Button Farm Mushrooms Ltd. which went bust owing over GBP1
million still hope to sell parts of the business.

The company, which had been founded by David and Johnny McKew in
Collone near Markethill, went bust in October with the loss of
nearly 40 jobs, Belfast Telegraph recounts.

According to Belfast Telegraph, PwC last week said they were
still in discussions about the sale of equipment and machinery
and premises but that progress had been "slow".

An administrators' report filed by PwC revealed that a
combination of poor-quality compost and the loss of a key
customer had contributed to the firm's failure, Belfast Telegraph
relates.

Stephen Cave and Toby Scott Underwood from PwC were appointed
administrators on Oct. 18, Belfast Telegraph discloses.

At the start of October, the directors could not pay wages and
trade creditors took the decision to place the firm into
administration, Belfast Telegraph states.

The directors and administrators found that continuing to trade
the business was not a viable option and instead began a process
of selling the business and premises, Belfast Telegraph relates.

The administrators' report said around 12 parties have expressed
an interest in the business, Belfast Telegraph says.  The report
added Bank of Ireland had agreed to support the administrators by
providing funding to cover the costs of securing, holding and
realising the assets, Belfast Telegraph notes.


CARILLION PLC: To Reveal New Business Plan to Avert Collapse
------------------------------------------------------------
BBC News report that Carillion, the troubled services and
construction group, will reveal a new business plan this week in
a bid to avoid collapse.

The HS2 contractor said it was in discussions about ways of
reducing debt and obtaining new funding, BBC relates.

According to BBC, a spokesperson said business plan due to be
presented to creditors and other stakeholders on Wednesday will
form the basis of a "proposal to restore Carillion's balance
sheet".

Analysts estimate Carillion has debts including pensions of about
GBP1.5 billion, while its market capitalization is just GBP81
million, BBC discloses.

However, the company's banks, which include Santander UK, HSBC
and Barclays, are understood to be reluctant to lend it any more
cash, BBC notes.

Carillion plc employs about 43,000 people worldwide and provides
services to half the UK's prisons, as well as hundreds of
hospitals and schools.


ENSCO PLC: Egan-Jones Cuts FC Sr. Unsecured Debt Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 8, 2017, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ensco plc to B+ from BB-.

Ensco plc is an offshore drilling contractor headquartered in
London, United Kingdom.


FINSBURY SQUARE 2018-1: Fitch Rates Class E Notes 'CCC (EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned Finsbury Square 2018-1 plc's notes
expected ratings as follows:

Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB+(EXP)sf'; Outlook Stable
Class E: 'CCC(EXP)sf'; Outlook Stable
Class X: 'B(EXP)sf'; Outlook Stable
Class Z: Not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already received.

The transaction is a securitisation of owner-occupied and buy-to-
let (BTL) mortgages originated in the UK by Kensington Mortgage
Company Limited.

KEY RATING DRIVERS

Near Prime Mortgages
Fitch believes Kensington's underwriting practices are robust and
that the lending criteria do not allow for any adverse credit 24
months before application. Kensington has a manual approach to
underwriting, focusing on borrowers with some form of adverse
credit or complex income. Historical book-level performance data
displays robust performance, although data is limited, especially
for BTL originations. Fitch assigned default probabilities using
its prime default matrix, while applying an upward lender
adjustment.

BTL Loans
This transaction is the second to feature loans originated under
Kensington's New Street Brand, which offers exclusively BTL
products. The concentration of BTL loans in this pool is 22.8%.
Fitch has increased the foreclosure frequency of BTL loans by 25%
in line with its published criteria.

Prefunding Mechanism
The transaction contains a prefunding mechanism through which
further loans may be sold to the issuer with proceeds from over-
issuance of notes at closing standing to the credit of the pre-
funding reserves.

Fitch has made a number of assumptions regarding the additional
loans that the seller intends to be used as further collateral
under the prefunding mechanism. Where the characteristics of the
additional loans are constrained by clauses in the transaction
documents Fitch has assumed that the pool will evolve to the
maximum extent permitted by these constraints.

Product Switches Permitted
Borrowers are permitted to make one product switch during the
mortgage term without the seller being required to repurchase the
loan. Despite restrictions around the type and volume of product
switches permissible, these loans may earn a lower margin than
the reversionary interest rates under their original terms. Fitch
has analysed the effect of product switches by assuming the
weakest pool available under the product switch restrictions
within the transaction documents.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base case expectations may result in negative rating action on
the notes. Fitch's analysis showed that a 30% increase in the
weighted average foreclosure frequency, along with a 30% decrease
in the weighted average recovery rate, would imply a downgrade of
the class A notes to 'AA-sf' from 'AAAsf'.


FINSBURY SQUARE: Moody's Assigns (P)B3 Ratings to 2 Note Classes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to the Notes to be issued by Finsbury Square 2018-
1 plc:

-- GBP [*] M Class A Mortgage Backed Floating Rate Notes due
    September 2065, Assigned (P)Aaa (sf)

-- GBP [*] M Class B Mortgage Backed Floating Rate Notes due
    September 2065, Assigned (P)Aa1 (sf)

-- GBP [*] M Class C Mortgage Backed Floating Rate Notes due
    September 2065, Assigned (P)Aa3 (sf)

-- GBP [*] M Class D Mortgage Backed Floating Rate Notes due
    September 2065, Assigned (P)A3 (sf)

-- GBP [*] M Class E Mortgage Backed Floating Rate Notes due
    September 2065, Assigned (P)B3 (sf)

-- GBP [*] M Class X Floating Rate Notes due September 2065,
    Assigned (P)B3 (sf)

Moody's has not assigned rating to the GBP [*] M Class Z Notes
due September 2065, which will also be issued at closing of the
transaction.

The portfolio backing this transaction consists of UK prime
residential loans originated by Kensington Mortgage Company
Limited ("KMC", not rated). The loans were sold by KMC to Koala
Warehouse Limited (the "Seller", not rated) at the time of each
loan origination date. On the closing date the Seller will sell
the portfolio to Finsbury Square 2018-1 plc. Approximately
[98.9]% of the provisional pool have been originated during 2017.

RATINGS RATIONALE

The ratings of the notes take into account, among other factors:
(1) the performance of the previous transactions launched by KMC;
(2) the credit quality of the underlying mortgage loan pool, (3)
legal considerations,(4) the initial credit enhancement provided
to the senior notes by the junior notes and the reserve fund and
(5) the ability to add new loans to the collateral pool during
the prefunding period before the first interest payment date
which could account for up to [30]% of the final collateral pool.

-- Expected Loss and MILAN CE Analysis

Moody's determined the MILAN credit enhancement (MILAN CE) and
the portfolio's expected loss (EL) based on the pool's credit
quality. The MILAN CE reflects the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.
The expected portfolio loss of [2.0]% and the MILAN CE of [13.0]%
serve as input parameters for Moody's cash flow model and
tranching model, which is based on a probabilistic lognormal
distribution.

Portfolio expected loss of [2.0]%: this is higher than the UK
Prime RMBS sector average of ca. 1.1% and was evaluated by
assessing the originator's limited historical performance data
and benchmarking with other UK Prime RMBS transactions. It also
takes into account Moody's stable UK Prime RMBS outlook and the
UK economic environment.

MILAN CE of [13.0]%: this is higher than the UK Prime RMBS sector
average of ca. 8.7% and follows Moody's assessment of the loan-
by-loan information taking into account the historical
performance available and the following key drivers: (i) although
Moody's have classified the loans as prime, it believes that
borrowers in the portfolio often have characteristics which could
lead to them being declined from a high street lender; (ii) the
weighted average CLTV of [73.9]%, (iii) the very low seasoning of
[0.23] years, (iv) the proportion of interest-only loans
([25.0]%); (v) the proportion of buy-to-let loans ([22.8 ]%);
(vi) the absence of any right-to-buy, shared equity, fast track
or self-certified loans and (vii) the possibility for new loans
to be added to the collateral pool by the first interest payment
date which could account for up to [30]% of the final collateral
pool.

-- Transaction structure

At closing the mortgage pool balance will consist of GBP [*]
million of loans. On closing, the Reserve Fund will be equal to
[2.1]% of the principal amount outstanding of Class A to E notes
and will be reduced to [2.0]% of the original balance of Class A
to E notes on the first interest payment date. This amount will
only be available to pay senior expenses, Class A, Class B, Class
C and Class D notes interest and to cover losses. The Reserve
Fund will not be amortising as long as the Class D notes are
outstanding. After Class D has been fully amortised, the Reserve
Fund will be equal to [0.0]%. The Reserve Fund will be released
to the revenue waterfall on the final legal maturity or after the
full repayment of Class D notes. If the Reserve Fund is less than
[1.5]% of the principal outstanding of Class A to E, a liquidity
reserve fund will be funded with principal proceeds up to an
amount equal to [2.0]% of the Classes A and B.

-- Operational risk analysis

KMC will be acting as servicer and cash manager of the pool from
the closing date and will sub-delegate certain primary servicing
obligations to Acenden (not rated). In order to mitigate the
operational risk, there will be a back-up servicer facilitator
(Intertrust Management Limited, not rated, also acting as
corporate services provider), and Wells Fargo Bank International
Unlimited Company (not rated) will be acting as a back-up cash
manager from close.

All of the payments under the loans in the securitised pool will
be paid into the collection account in the name of KMC at
Barclays Bank PLC ("Barclays", A1/P-1 and A1(cr)/P-1(cr)). There
is a daily sweep of the funds held in the collection account into
the issuer account. In the event Barclays rating falls below Baa3
the collection account will be transferred to an entity rated at
least Baa3. There will be a declaration of trust over the
collection account held with Barclays in favour of the Issuer.
The issuer account is held in the name of the Issuer at Citibank
N.A., London Branch (A1/(P)P-1 and A1(cr)/P-1(cr)) with a
transfer requirement if the rating of the account bank falls
below A3.

To ensure payment continuity over the transaction's lifetime the
transaction documents including the swap agreement incorporate
estimation language whereby the cash manager can use the three
most recent servicer reports to determine the cash allocation in
case no servicer report is available. The transaction also
benefits from principal to pay interest for Class A to D notes,
subject to certain conditions being met.

-- Interest rate risk analysis

[99.9]% of the loans in the provisional pool are fixed-rate
mortgages, which will revert to three-month sterling LIBOR plus
margin between March 2018 and December 2022. [0.1]% of the loans
in the provisional pool are floating-rate mortgages linked to
three-month sterling LIBOR. The note coupons are linked to three-
month sterling LIBOR, which leads to a fixed-floating rate
mismatch in the transaction. To mitigate the fixed-floating rate
mismatch the structure benefits from a fixed-floating swap. The
swap will mature the earlier of the date on which floating rating
notes have redeemed in full or the date on which the swap
notional is reduced to zero. BNP Paribas (Aa3/P-1 and Aa3(cr)/P-
1(cr)) acting through its London Branch, is expected to act as
the swap counterparty for the fixed-floating swap in the
transaction.

After the fixed rate loans revert to floating rate, there is a
basis risk mismatch in the transaction, which results from the
mismatch between the reset dates of the three-month LIBOR of the
loans in the pool and the three-month LIBOR used to calculate the
interest payments on the notes. Moody's has taken into
consideration the absence of basis swap in its cash flow
modelling.

-- Stress Scenarios

Moody's Parameter Sensitivities: At the time the ratings were
assigned, the model output indicates that the Class A Notes would
still achieve Aaa(sf), even if the portfolio expected loss was
increased from [2.0]% to [6.0]% and the MILAN CE was increased
from [13.0]% to [18.2]%, assuming that all other factors remained
the same. The Class B Notes would have achieved Aa1(sf), even if
MILAN CE was increased to [15.6]% from [13.0]% and the portfolio
expected loss was increased to [6.0]% from [2.0]% and all other
factors remained the same. The Class C Notes would have achieved
Aa3(sf), even if MILAN CE was increased to [18.2]% from [13.0]%
and the portfolio expected loss was left unchanged at [2.0]% and
all other factors remained the same. The Class D Notes would have
achieved A3(sf), if the expected loss remained at [2.0]% assuming
MILAN CE increased to [18.2]% and all other factors remained the
same. The Class E Note would have achieved Caa1(sf) if the
expected loss remained at [2.0]% and MILAN CE increased to
[20.8]% and all other factors remained the same. The Class X
Notes would have achieved Caa2(sf) if the expected loss remained
at [2.0]% assuming MILAN CE increased to [20.8]% and all other
factors remained the same.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

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

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

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

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

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

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk. Moody's will monitor this transaction on an ongoing
basis.


HUELIN-RENOUF: Has Been Liquidated, Creditors Recover GBP674,330
----------------------------------------------------------------
Jersey Evening Post reports that Huelin-Renouf, a company which
operated freight services between the Channel Islands and the UK
for nearly 80 years, has been liquidated.

Huelin-Renouf, made up of separate Guernsey, Jersey and UK
entities, collapsed in 2013 leaving 90 employees redundant and a
large amount of cargo bound for Jersey businesses stranded in
Southampton, Jersey Evening Post relates.

Following the penultimate liquidation hearing in Guernsey's Royal
Court, a total of GBP674,330 will be returned to creditors,
Jersey Evening Post discloses.

Final closure of the case was scheduled for Jan. 8 when
commissioner Jurat Terry Ferbrache, would examine and verify the
company's financial statements, creditors' claims and
preferences, and review the joint liquidators' final report,
Jersey Evening Post states.

The director of Grant Thornton Channel Islands, Jamie Toynton,
whose company was appointed as liquidators, said that the process
was now complete, Jersey Evening Post notes.

"A dividend of 8.13p per GBP1 of claim was paid to all unsecured
creditors with a total amount of GBP674,330 being returned to
creditors," Jersey Evening Post quotes Mr. Toynton as saying.

The final Guernsey Royal Court hearing was due to take place on
Jan. 8 at 2:30 p.m. at the Royal Court House, Jersey Evening Post
relays.

The final distribution of the company's assets to unsecured
creditors sanctioned by Jersey's Royal Court on Sept. 1 last year
was also due to be reviewed during the hearing, according to
Jersey Evening Post.


NOBLE CORP: Egan-Jones Lowers FC Sr. Unsec. Debt Rating to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 7, 2017, lowered the foreign
currency senior unsecured rating on debt issued by Noble Corp plc
to BB- from BB.

Noble Corporation plc is an offshore drilling contractor based in
London, United Kingdom. It is the corporate successor of Noble
Drilling Corporation.



                            *********

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 2018.  All rights reserved.  ISSN 1529-2754.

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

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

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


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