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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

           Friday, February 2, 2018, Vol. 19, No. 024


                            Headlines


F R A N C E

ALBEA BEAUTY: S&P Affirms 'B' CCR on Sale to PAI Partners
INFOPRO DIGITAL: S&P Affirms 'B' Long-term CCR, Outlook Stable


I R E L A N D

MCWILLIAM PARK: Sold for EUR9 Million Following Examinership
PEMBROKE DYNAMIC: Owes EUR3.8 Million to Client Charities
ST. PAUL'S CLO III-R: Fitch Corrects January 25 Rating Release


N E T H E R L A N D S

PEER HOLDING: Moody's Rates EUR2,285MM Sr. Secured Term Loan 'B1'
PEER HOLDING: S&P Affirms 'B+' CCR on Dividend Recapitalization


N O R W A Y

SHELF DRILLING: Moody's Rates Proposed $550MM Sr. Unsec. Notes B2
SHELF DRILLING: S&P Affirms B- Corp Credit Rating, Outlook Stable


P O L A N D

GETBACK SA: Fitch Assigns B+ Long-Term IDR, Outlook Stable


R U S S I A

INNOVATION COMMERCIAL: Fitch Affirms 'B' IDR, Outlook Stable
PROMSVYAZBANK PJSC: S&P Outlook on 'B+' LT ICR on Watch Positive
SBERBANK: Moody's Alters Outlook on FC Sr. Debt Rating to Pos.
VTB24: Moody's Affirms Ba1 Senior Sec. Bond Ratings on 8 Tranches


S E R B I A

AGRI EUROPE: S&P Assigns Preliminary 'BB-' CCR, Outlook Stable


S W E D E N

ALIGERA HOLDING: Declared Bankrupt by Boras Court
CORRAL PETROLEUM: S&P Alters Outlook to Pos., Affirms 'B+' CCR


S W I T Z E R L A N D

UBS GROUP: S&P Cuts Issue Ratings on Tier 1 Cap. Notes to 'BB'


U N I T E D   K I N G D O M

CARILLION PLC: Aspire Provides Update on Impact of Liquidation
FINSBURY SQUARE 2018-1: Moody's Assigns B1 Rating to Cl. X Notes
MALLINCKRODT INT'L: S&P Rates $500MM Sr. Secured Term Loan 'BB+'
MONREAL PLC: CVA Completion Certificate Filed
SEAFOOD SHACK: To Reopen Under New Mgmt. Following Liquidation


X X X X X X X X

[*] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings


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F R A N C E
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ALBEA BEAUTY: S&P Affirms 'B' CCR on Sale to PAI Partners
---------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on France-based cosmetics packaging manufacturer Albea
Beauty Holdings S.A. (Albea). At the same time, we assigned our
'B' long-term corporate credit rating to Albea's newly
established Luxembourg-incorporated holding company Hercule
Debtco S.a.r.l. The outlook on Albea and Hercule Debtco is
stable.

S&P said, "We are also assigning our 'CCC+' issue rating to the
proposed EUR150 million pay-if-you-can (PIYC) notes due in 2024,
to be issued by Hercule Debtco. The issue rating is two notches
below the corporate credit rating on Albea, reflecting our
recovery rating of '6' and our expectation of negligible recovery
(0%-10%; rounded estimate: 0%) for the holders of the new
subordinated PIYC notes in the event of a payment default.

"Finally, we are affirming the 'B' issue rating on the existing
term B loan ($408 million and EUR385 million) issued by Albea, in
line with the corporate credit rating. Our '4' recovery rating
remains unchanged, reflecting our expectation of average (30%-
50%; rounded estimate: 40%) recovery in the event of a payment
default."

The affirmation follows Albea's announcement that PAI Partners
has agreed to buy Albea from former owner Sun Capital Inc. for
about $1.5 billion. As a part of this transaction, PAI Partners
will contribute about $470 million of equity--mostly in the form
of preferred equity certificates (PECs), with the rest being
common equity--and will issue new PIYC notes of EUR150 million
due in 2024 via the new holding company Hercule Debtco. The new
notes will be secured by shares of the new holding companies that
PAI Partners has established for the purpose of acquiring Albea,
but will be subordinated to the company's secured debt.

Albea will retain its senior secured loans of $408 million and
EUR385 million due in 2024, which it issued in 2017, and its
current sources of liquidity, including the $105 million
revolving credit and factoring facilities.

S&P said, "We view the transaction as aggressive as it leads to a
further increase in leverage at Albea less than a year after it
upsized its debt in April 2017 and paid a debt-financed dividend
to its former shareholder. However, we believe that the company
has some capacity to carry the additional debt. We calculate that
pro forma the transaction, Albea's reported debt will increase by
about $175 million and its S&P Global Ratings-adjusted leverage
will be about 7x in 2018, up from our previous expectation of
6.0x-6.3x. We exclude the PECs of about $400 million from PAI
Partners from our leverage ratio calculations because we believe
that they qualify for our equity treatment."

The new proposed notes have an option either for Albea to pay the
respective interest in cash or for the interest to accrue under
certain conditions (mainly linked to a liquidity test). S&P said,
"In our base case, we assume that Albea will pay the interest on
the notes in cash, and we take some comfort from the new
sponsor's plan to pre-fund the first year of interest payments
and from the fact that the first payment from Albea's cash flow
is not due until mid-2019. We expect Albea's EBITDA interest
coverage ratio to remain at 3x."

S&P said, "Crucial in supporting Albea's ability to reduce
leverage in our forecasts are its continued focus on working
capital management and strategic capital expenditure (capex) and
our assumption of positive momentum in organic EBITDA growth. We
estimate that leverage will decrease slowly over time as Albea
focuses on cash conversion, retains a good grasp over its working
capital, and continues on a balanced growth path. We think that
restructuring costs will decrease over the short-to-medium term,
resulting in gradually improving profitability. We also believe
that under the new sponsor's ownership, Albea will make earnings-
accretive bolt-on acquisitions, but only if they do not represent
a potential drain on cash (in the form of restructuring or
integration costs).

"As a business, Albea remains exposed to what we view as more
cyclical underlying end-markets (such as higher-end cosmetics
groups, or potentially fragrance product groups). In these
markets, spending is more discretionary than in some of the
markets that Albea's rated peers in the packaging industry cater
to, for example, pharmaceuticals or food and beverages. Our
assessment of Albea's business risk profile as fair takes into
account Albea's relatively high customer concentration compared
with other packaging companies, with its top-10 customers
accounting for more than half its revenues. It also takes into
account what we view as below-industry-average profitability,
with recent reported EBITDA margins close to 13%, albeit on an
improving trend."

On the other hand, Albea benefits from longstanding relationships
with "blue chip" customers such as L'OrÇal, EstÇe Lauder, LVMH,
and Procter & Gamble, and a high customer retention rate. Beauty
packaging remains an integral part of cosmetics producers' end
products, especially high-end products where Albea has
established expertise, and is a key part of the customer
purchasing decision and therefore Albea's marketing efforts.
However, this can only partially compensate for the pricing power
of Albea's big key customers. Further supporting the ratings is
Albea's ability to pass on volatile raw material costs to
customers--about 60% of its sales are covered by raw materials
variation clauses--paired with its presence in a market with
higher barriers to entry than some other packaging sub-sectors,
namely, the market for dispensing packaging such as lotion and
foam pumps.

In S&P's base case for 2018, it assumes:

-- Low-single-digit revenue growth in 2018, with modest growth
    in all regions, potentially offset in part by adverse
    foreign-currency movements;

-- Profitability improvement, resulting in the reported EBITDA
    margin remaining around 13% (compared with about 13% for
    2017);

-- Capex of about $75 million per year as the company retains
    its cautious approach to growth investments; and

-- No major acquisitions or further shareholder distributions.

Based on these assumptions, we arrive at the following credit
measures:

-- Funds from operations (FFO) to debt of about 8% (compared
    with S&P's previous expectation of about 10%); and

-- EBITDA interest coverage of about 3x (largely unchanged from
    S&P's previous forecasts).

S&P said, "The stable outlook on Albea and Hercule Debtco
reflects our expectation that Albea's improving operating
performance and financial policies will allow it to maintain
credit metrics commensurate with our 'B' rating in the near term,
while liquidity remains adequate. We anticipate that Albea's
leverage ratio will stabilize at about 7x in the next 12 months,
before gradually decreasing over the medium term, with FFO
remaining around 8% over the next 12 months and the company
continuing to focus on free cash flow generation.

"We could lower the ratings if Albea's operating performance
weakened materially due to significant input-cost inflation or
weak volume growth, resulting in weakening credit metrics such as
FFO cash interest coverage of below 2x. We could also consider a
negative rating action if liquidity becomes tighter than we
anticipate. This could result from integration cost overruns or
unexpected working capital constraints. A substantial return to
shareholders or substantial acquisitions could also trigger a
downgrade.

"A positive rating action would likely depend on a sustainable
improvement in Albea's financial performance above our
expectations for the current ratings, such as an adjusted FFO-to-
debt ratio of about 12% and adjusted debt to EBITDA of about 5x.
These ratios, in conjunction with a financial policy that
sustains them at the aforementioned levels, could trigger an
upgrade. However, we consider such a scenario remote at this
stage due to the company's ownership by a private equity firm."


INFOPRO DIGITAL: S&P Affirms 'B' Long-term CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its long-term corporate credit rating
on Infopro Digital at 'B'. The outlook is stable.

S&P said, "At the same time, we affirmed our 'B' issue rating on
the group's EUR650 million senior secured notes, including
existing issuance of EUR325 million of senior secured fixed-rate
notes, EUR175 million of senior secured floating-rate notes, and
proposed new issuance of EUR150 million of senior secured fixed-
rate notes. The recovery rating is '4', indicating our
expectation of average recovery prospects (30%-50%; rounded
estimate 40%) in the event of a payment default.

"We also affirmed our 'BB-' issue rating on the group's EUR70
million super senior secured revolving credit facility (RCF). The
recovery rating is '1', indicating our expectation of very high
recovery prospects (90%-100%; rounded estimate 95%) in the event
of a payment default.

"Our rating on Infopro Digital primarily reflects the group's
relatively small (but growing) scale of operations, which is
somewhat offset by the revenue predictability of its
subscription-based business model. The rating also factors in the
group's high leverage and financial sponsor ownership.

Infopro Digital is a French business-to-business information
provider, with a multimedia offering and growing European
operations, in particular in the DACH region and the U.K. Its
management-reported pro forma last-12-months revenue was EUR355
million as of Sept. 30, 2017 (including pro forma adjustments for
full period impact of Insight Group and Beauteam, excluding
DOCUgroup and Companeo acquisitions). It provides databases,
leads, and industry-specific content delivered digitally and via
magazines, and organizes events and trade shows for
professionals.

In first-quarter 2018, Infopro has announced the acquisition of
Companeo and DOCUgroup. S&P understands that the Companeo
acquisition has already closed and that DOCUgroup is expected to
close in February. Companeo, a predominantly France-based B2B
lead-generation business is a relatively small addition to the
group's earnings and is to be funded from existing company
resources. DOCUgroup provides business information to the DACH
construction sector, with a largely subscription- and high-
renewal-rate-based model and a leading position in the German
market. S&P views DOCUgroup's market position as a positive, as
it does its apparent barriers-to-entry characteristics and it
thinks it will be margin-accretive for Infopro over time.

In 2017, the group acquired the digital information and research
services provider Insight, which operates in the risk, insurance,
and financial technology industries. This expanded Infopro
Digital's scale of operations to last-12-months EBITDA of EUR94
million at Sept. 30, 2017, on a management-reported pro forma
basis. Adjusted for capitalized development and restructuring
costs, its S&P Global Ratings-adjusted EBITDA forecast for
financial year 2017 (FY2017) is about EUR80 million, which S&P
believes is still relatively small, particularly given the
acquisition pro forma adjustments. It leaves the company
vulnerable to any changes in the competitive and technological
landscape. S&P said, "We still regard business diversification as
narrow and also await further reported actual financial results
to ascertain the business' track record. Advertising continues to
make up about 20% of total revenue generation, which we believe
leaves the company exposed to economic cycles."

However, with the businesses acquired over the last 12 months--
most notably Insight and DOCUgroup (contracted)--the group is
expanding its scale and diversification. Pro forma for the
DOCUgroup and Companeo acquisitions, on a FY2016 basis, 64% of
revenues was generated from France (down from 76%, which was pro
forma for Insight).

S&P said, "We forecast that margins (including capitalized
development costs) will improve to more than 20% in 2017 and
2018, pro forma for acquisitions. Additionally, we forecast that
Infopro Digital's credit metrics will remain highly leveraged
over the next two years, with debt to EBITDA of between 6.0x and
6.5x in 2017 and around 7.0x in 2018. We exclude the shareholder
loan, provided by controlling shareholder Towerbrook and
management, from our debt adjustments. We treat this instrument
as equity, based on our view that the terms and conditions meet
our noncommon equity treatment criteria.

"The 'B' rating reflects our forecast that funds from operations
(FFO) to cash interest will remain sustainably above 2.5x, with
positive free operating cash flow (FOCF) generation of above
EUR30 million in 2017."

The following assumptions underpin our base-case scenario for
Infopro Digital:

-- GDP growth in France of 1.8% in 2017 and 2018 and eurozone
    growth of 2.3% and 2.0% in FY17 and FY18.

-- The exhibition business will typically grow faster than GDP,
    while the software, data, and leads businesses are somewhat
    delinked from GDP and depend more on increasing use of data
    and analytics to evaluate and predict risk and improve
    operational efficiencies, as well as on Infopro Digital's
    technological expertise.

-- Revenue growth of 15%-20% in 2017, predominantly due to the
    Insight acquisition, and between 25% and 30% in 2018 due
    primarily to the acquisition of DOCUgroup as well as smaller
    contributions from other bolt-ons and organic growth. In both
    instances growth is calculated on a pro forma basis,
    annualized for full-year impact of acquisitions.

-- Adjusted EBITDA of around EUR80 million in FY17 including
    capitalized development costs of around EUR9 million and
    restructuring costs of about EUR4 million. S&P forecasts
    adjusted EBITDA will increase toward EUR90 million in 2018 on
    a pro forma basis.

-- Neutral working capital movement in FY17 and FY18.

-- Reported capital expenditures (capex) of EUR15 million-EUR17
    million in 2017 and EUR20 million-EUR25 million in 2018.

-- No shareholder remunerations or additional material
    acquisitions forecast in 2018.

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

-- S&P forecasts its adjusted leverage will be between 6.0x-6.5x
    in 2017 and around 7.0x in 2018.

-- Adjusted FFO cash interest coverage above 2.5x in 2017 and
    2018.

-- Both credit measures above are pro forma, with FY18 being pro
    forma for the DOCUgroup acquisition and new capital
    structure, including proposed debt financing, from Jan. 1,
    2018.

S&P said, "The stable outlook reflects our view that Infopro
Digital will achieve adjusted EBITDA, pro forma, of about EUR80
million in FY17, supported by acquired earnings and high renewal
rates in the data, information, and trade shows segments. In
addition, we expect ongoing successful integration of Insight and
planned integration of Companeo and DOCUgroup.

"Due to higher debt after refinancing, we could lower the ratings
if management's growth plan does not translate into sufficient
earnings growth, resulting in FFO cash interest coverage
declining toward 2x, material deterioration in FOCF, or liquidity
weakening. Any further material debt-funded acquisition or
shareholder returns could also weigh on our ratings.

"We currently consider an upgrade to be remote over the next 12
months due to the company's very high leverage and small (albeit
growing) reported EBITDA base. We note that our base case
forecast already factors in material growth, including pro forma
for acquisitions. We could raise the ratings if the group
significantly improved its reported earnings and diversification,
and deleverages such that adjusted debt to EBITDA falls below
5.0x on a sustainable basis. Any upgrade would hinge on the
shareholders' commitment to a more conservative financial
policy."


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I R E L A N D
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MCWILLIAM PARK: Sold for EUR9 Million Following Examinership
------------------------------------------------------------
The Irish Times reports that the four-star McWilliam Park Hotel,
developed in Claremorris, Co Mayo, in 2006 at a cost of more than
EUR20 million, has been sold for EUR9 million.

Agent JLL handled the sale of the 103-bedroom hotel, which was
the subject of an examinership in 2016, The Irish Times
discloses.

According to The Irish Times, the hotel was built by Claremorris
Tourism and MOPB Developments, the owners and operators led by
local accountant Damian Prendergast and backed by Seamus Ross of
Menolly Homes, Garrett Kelleher of Shelbourne Developments, and
David Andrews and Michael Tunney of Lioncourt Capital, among
others.


PEMBROKE DYNAMIC: Owes EUR3.8 Million to Client Charities
---------------------------------------------------------
Breda Heffernan at Independent.ie reports that an Irish
businessman whose company runs an online fundraising platform for
charities around the world has "gone to ground" with EUR3.8
million owed to client charities.

Among the international charities owed money by Peter Conlon's
firm are the UNHCR, the Red Cross and Save the Children,
Independent.ie discloses.

Mr. Conlon's current whereabouts are unknown, however there has
been a suggestion he may be in custody in Switzerland,
Independent.ie states.

The High Court heard on Jan. 30 there are also Irish charities
that have not received money owed to them by Pembroke Dynamic
Internet Services Ltd, of which Mr. Conlon is managing director,
Independent.ie relates.

It was alleged that "this misappropriation happened under the
direction and control" of Mr. Conlon, Independent.ie notes.

Myles Kirby, who was appointed liquidator to the firm, on Jan. 29
brought an ex-parte application before the High Court seeking a
freezing of Mr. Conlon's assets, Independent.ie discloses.

The Revenue petitioned to have Pembroke, which previously traded
as Ammado Internet Services, wound up last September,
Independent.ie recounts.  Pembroke sought the appointment of an
examiner and this was granted but the examinership bid was
ultimately unsuccessful and Mr. Kirby was appointed liquidator on
Jan. 22, Independent.ie relays.

The High Court heard on Jan. 30 that the company provided an
online donation and fundraising platform through which people
could donate money to various charities -- with the company
taking 5pc of the monies raised, Independent.ie discloses.

Rossa Fanning, SC for the liquidator, said in Mr. Kirby had
discovered there was a EUR3.8 million deficit in funds that ought
to have been remitted to the charities, Independent.ie recounts.
According to Independent.ie, the court heard there is currently
just EUR357,000 in the company's bank account.

He added that Mr. Conlon had "gone to ground" and has been
uncontactable, Independent.ie states.

"There is a suggestion from Mr. Conlon's brother that Mr. Conlon
may be in custody in Switzerland arising out of an investigation
by Swiss authorities," Independent.ie quotes Mr. Fanning as
saying.  The Swiss investigation is believed to be in relation to
Pembroke's parent company, Ammado AG, Independent.ie says.

The court was told that Mr. Kirby's concerns were "particularly
heightened" as the parties owed EUR3.8 million include charities,
according to Independent.ie.


ST. PAUL'S CLO III-R: Fitch Corrects January 25 Rating Release
--------------------------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
St. Paul's CLO III-R DAC published on Jan. 25, 2018, to correct
the rating of the class C-R notes.

Fitch Ratings has assigned St. Paul's CLO III-R DAC refinancing
notes expected ratings, as follows:

Class A-R: 'AAA(EXP)sf'; Outlook Stable
Class B-1-R: 'AA(EXP)sf'; Outlook Stable
Class B-2-R: 'AA(EXP)sf'; Outlook Stable
Class C-R: 'A(EXP)sf'; Outlook Stable
Class D-R: 'BBB(EXP)sf'; Outlook Stable
Class E-R: 'BB(EXP)sf'; Outlook Stable
Class F-R: 'B-(EXP)sf'; Outlook Stable
Subordinated-R notes: not rated

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

St. Paul III-R DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. This transaction will be a
reissue of St. Paul III DAC where the old notes will be repaid
using the new notes and the original portfolio will be
transferred (transfer to legal title) to a new SPV SP III-R. A
total note issuance of EUR562.6 million will be used to fund a
portfolio with a target par of EUR550 million. The portfolio will
be actively managed by Intermediate Capital Group PLC (ICG). The
transaction will feature a four-year reinvestment period, which
is scheduled to end in 2022.

KEY RATING DRIVERS

B' Portfolio Credit Quality
Fitch views the average credit quality of obligors to be in the
'B' range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 33.52, below the indicative maximum covenant
of 34 for assigning the expected ratings.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 67.6%, above the minimum covenant of 61.5% for
assigning the expected ratings.

Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while there are 3.34% fixed-rate liabilities. Fitch modelled both
0% and 10% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each
scenario.

Diversified Asset Portfolio
The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 21% of the portfolio balance.
This covenant ensures that the asset portfolio will not be
exposed to excessive obligor concentration.

VARIATIONS FROM CRITERIA

The "Fitch Ratings Definitions" was amended so that assets that
are not rated by Fitch but rated privately by the other agency
rating the liabilities, can be assumed to be of 'B-' credit
quality for up to 10% of the aggregated portfolio notional. This
is a variation from Fitch's criteria, which requires all assets
unrated by Fitch and without public ratings to be treated as
'CCC'. The change was motivated by Fitch's policy change of no
longer providing credit opinions for EMEA companies over a
certain size. Instead Fitch expects to provide private ratings
that would remove the need for the manager to treat assets under
this leg of the "Fitch Rating Definition".

The amendment has only a small impact on the ratings. Fitch has
modelled the transaction at the pricing point with 10% of the 'B-
' assets with a 'CCC' rating instead, which resulted in a two-
notch downgrade at the 'A' rating level and one-notch downgrade
at all other rating levels.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to four notches at the 'BB' rating level and two
notches for all other rating levels.


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N E T H E R L A N D S
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PEER HOLDING: Moody's Rates EUR2,285MM Sr. Secured Term Loan 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
increased EUR2,285 million senior secured term loan B tranche and
EUR125 million revolving credit facility, maturing in 2025 and
2024 respectively, proposed under the existing credit facilities
agreement of the Dutch non-food discount retailer Peer Holding
III B.V. (Action). Concurrently, Moody's affirmed the B1
corporate family rating (CFR) and the B1-PD probability of
default rating (PDR). The outlook on the ratings is stable.

The EUR685 million proceeds from the increase to the outstanding
term loan of EUR1,600 million will be used alongside
approximately EUR90 million of cash to pay a dividend of
approximately EUR760 million to Action's shareholders and related
transaction costs. The transaction represents the fifth dividend
recapitalisation since the company was acquired by 3i Group plc
(3i, Baa1 stable) and funds advised by 3i in 2011.

RATINGS RATIONALE

Action's B1 Corporate Family Rating (CFR) recognises its (1)
established scale in Benelux markets and growing presence and
profitability in France and Germany; (2) business model
underpinning strong like-for-like sales development and earnings
growth as well as high returns on investment associated with new
store openings; (3) strong underlying cash generation dynamics
and good liquidity position; and (4) the positive market share
momentum being experienced by discount players.

However, the B1 rating also reflects the company's (1) high
leverage for the rating category pro-forma for the
recapitalisation; (2) limited, but increasing geographic
diversity, with approaching 60% of store EBITDA in 2017 being
generated outside of the Netherlands; (2) exposure to the
competitive and fragmented discount retail segment; (3) sizeable
number of new store openings, leading to execution risk,
particularly in terms of site selection and logistics.

Since the last dividend recap was agreed in late 2016, Action has
continued along the established path of significant growth in
store numbers, revenues and profitability. Like-for-like sales
growth has remained strong across each of the countries in which
it operates, most notably in France. This has underpinned the
revenue progression linked to the rapidly expanding store estate.
Meanwhile, the company's profit margins remain stable.

Pro-forma for the recapitalisation Moody's-adjusted gross
leverage is 5.8x which the rating agency considers is high for a
B1 rating. However, Moody's expects deleveraging towards 5.0x
within the next year or so and this would see the company well
positioned in the rating category.

The company's underlying cash generation is strong, although past
experience leads Moody's to expect the company to continue to
invest a significant proportion of earnings in new stores roll-
out, which will therefore result in moderate net cash flow.
Nevertheless, Moody's views Action's liquidity profile as good.
The company's cash balance of EUR138 million at the end of 2017,
pro-forma for the recap, is expected to be sufficient to cover
working capital and investment needs in the near to medium-term.
Moody's expects the upsized EUR125 million revolving credit
facility (RCF) to remain undrawn.

The stable rating outlook reflects Moody's view that Action's
product offering and positioning will continue to resonate with
consumers. The rating agency expects the company will continue to
appropriately control its expenses and store roll-out plan. In
the circumstances, Action's credit metrics will improve over the
next 12 -18 months, with Moody's adjusted debt/EBITDA trending
towards 5.0x in this period.

Positive ratings pressure could arise if Action continues to
improve its operating performance and credit metrics, as well as
pursue a more conservative financial policy resulting in lower
distributions to shareholders. Quantitatively, Moody's could
upgrade the rating if debt/EBITDA was sustained below 4.0x and
EBIT/interest expense exceeded 3.0x.

Conversely, Moody's could downgrade the ratings if Action's
operating performance declines (as a result of negative like-for-
likes or material decrease in profit margins). Similarly, Moody's
could also downgrade the ratings if Action were unable to
maintain adequate liquidity or its financial policy became more
aggressive, with free cash flow turning negative, such that
adjusted debt/EBITDA remained above 5.5x or adjusted
EBIT/interest expense fell below 2.0x.

Action's B1 senior secured instrument ratings are in line with
the CFR. The company's probability of default rating (PDR) of B1-
PD, is in line with the CFR. The PDR reflects the use of a 50%
family recovery rate resulting from a lightly-covenanted debt
package and a security package that comprises only share pledges
and a cap on the value of guarantee security provided by Action
Holding B.V. and its subsidiaries at the level of EUR905 million.
Only the RCF has a maintenance covenant; this is only tested if
utilization of the RCF exceeds 40% and in any event Moody's
expects material headroom to be maintained.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Action, established in the Netherlands in 1993, is a non-food
discount retailer with approximately EUR2.7 billion in revenues
and reported EBITDA of EUR310 million for the fiscal year ending
January 1, 2017 (FY2016). In October 2017, Action opened its
1000th store, and now operates about 360 stores in the
Netherlands, more than 300 in France, with the balance
predominantly in Germany and Belgium. The company has been owned
by 3i and funds advised by 3i since 2011.


PEER HOLDING: S&P Affirms 'B+' CCR on Dividend Recapitalization
---------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' long-term
corporate credit rating on Peer Holding III B.V., the parent of
Netherlands-based value retailer Action. The outlook is stable.

S&P said, "At the same time, we assigned our 'B+' issue rating
and '4' recovery rating to the new EUR2,285 million senior
secured term loan B, due in 2025 and EUR125 million senior
secured revolving credit facility (RCF). The '4' recovery rating
indicates our expectation of average (30%-50%; rounded estimate:
45%) recovery prospects in the event of default.

"We also affirmed our 'B+' issue ratings on the existing EUR1,600
million senior secured term loan and EUR75 million senior secured
RCF. The recovery rating on these instruments is unchanged at
'3', reflecting our expectation of meaningful (50%-70%; rounded
estimate 60%) recovery prospects in the event of default. We
expect to withdraw these ratings when the proposed transaction
closes and the facilities are repaid.

"The ratings on the proposed instruments are subject to the
successful completion of the transaction, and our review of the
final documentation. If S&P Global Ratings does not receive the
final documentation within a reasonable time frame, or if the
final documentation departs from the materials we have already
reviewed, we reserve the right to withdraw or revise our ratings.

"The affirmation reflects our view that Action's continued
execution of its profitable expansion strategy should allow the
group to generate sufficient earnings and cash flows to sustain
the increased debt amount after the transaction." Action benefits
from its strong market position as the leading discounter in its
home market, the Netherlands; its geographical diversification;
robust profitability, underpinned by strong like-for-like growth;
and healthy conversion of EBITDA to operating cash flows.

At the same time, the rating remains constrained by the financial
policy of Action's financial sponsor owner, 3i; Action's
relatively modest -- albeit improving -- scale compared with
higher rated peers; and the tough price competition in all of its
main markets. This, combined with Action's predominantly indirect
sourcing model, constrains meaningful gross profit margin
expansion.

This transaction represents the fifth major dividend
recapitalization since 3i acquired Action in 2011, and while the
group has often rapidly reduced leverage off the back of strong
earnings growth and cash flow generation, S&P expects future
deleveraging to be limited by prospective future debt-funded
shareholder returns.

S&P said, "Nevertheless, we recognize that some of Action's
adjusted credit metrics appear stronger than some similarly rated
peers. We expect the short payback on new store investment to
help mitigate the additional cash flow burden of the group's
ongoing expansion and higher interest expenses, such that
Action's EBITDAR cash interest coverage (defined as reported
EBITDA before deducting rent over cash interest plus expected
rent) will remain above 2.3x."

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

-- Generally supportive macroeconomic conditions in Action's
    main markets, with real GDP growth of 1%-3% per year in both
    2017 and 2018, along with similar levels of consumer price
    inflation.

-- Strong revenue growth of above 20% in 2017 and above 10% in
    2018, well in excess of real GDP growth for Action's key
    markets. This is due to new store openings--of which S&P
    expects 240 in 2017, and around 100 per year thereafter--and
    mid-single-digit positive like-for-like revenue growth from
    existing stores.

-- Moderate contraction in reported EBITDA margins owing to the
    dilutive effect of lower store contribution margins in France
    and Germany, where store costs are somewhat higher.

-- Working capital will release around EUR20 million of cash in
    2017, and a further EUR15 million in 2018. This reflects
    Action's structurally negative cash conversion cycle and
    increases in sourcing from China, where trade creditor terms
    are more favorable.

-- Capital expenditure (capex) of about EUR190 million in 2017,
    reflecting the investment required to open more than 200 new
    stores.

-- S&P expects this to drop in 2018 to around EUR150 million as
    the pace of store roll-outs slows.

-- S&P expects financial policy to limit future deleveraging
    prospects and therefore include provision for future --
    largely debt-funded -- shareholder returns.

-- S&P does not deduct any surplus cash from debt.

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

-- Adjusted EBITDA of EUR460 million-EUR480 million in 2017 and
    EUR520 million-EUR540 million in 2018, compared with the
    EUR398 million generated in the financial year ending
    Dec. 31, 2016 (FY2016).

-- Adjusted debt to EBITDA of 4.3x in 2017, increasing in 2018
    to 5.4x following the proposed transaction.

-- Adjusted funds from operations (FFO) to debt of 15%-17% in
    2017, falling to 11%-13% in 2018.

-- EBITDAR cash interest coverage of about 2.2x-2.5x.

-- Material reported free operating cash flow (FOCF) of up to
    EUR80 million in 2017, climbing to around EUR90 million-
    EUR100 million in 2018 as store expansion and associated
    distribution center capex declines relative to the peak of
    2017.

S&P said, "The stable outlook reflects our opinion that Action
will continue to successfully implement its expansion strategy,
resulting in sales and profit growth. At the same time, we expect
this expansion strategy to somewhat constrain operating margins,
and together with the higher interest costs post-transaction,
constrain Action's EBITDAR coverage to 2.2x-2.5x. We expect
Action to continue generating material reported FOCF and reduce
its S&P Global Ratings-adjusted leverage from the 5.4x we expect
at closing, to around 5.0x by end-FY2018.

"We consider most downside rating scenarios to be accompanied by
further aggressive financial policy on behalf of the financial
sponsor, 3i, toward shareholder remuneration, which could lead to
sustained weakening of the group's credit metrics. We could also
lower the rating if expansionary capex were not met by sufficient
corresponding earnings growth. In particular, we could lower the
rating if -- due to increased capex, lower EBITDA, or higher debt
service requirements -- Action's adjusted leverage approached 6x,
its EBITDAR coverage ratio weakened to materially below 2.2x, or
reported FOCF generation approached zero.

"Likewise, we could lower the rating if Action were unable to
execute its growth strategy or experienced operating setbacks,
unexpected loss of market share, or considerable revenue or
profit decline in its major markets, leading to weakening
profitability.

"We consider potential rating upside as remote at this stage,
despite expecting Action to continue to deleverage over the next
12 months. This is due to the financial sponsor's track record of
regular debt-funded shareholder returns that render such
improvements in leverage temporary.

"However, we may consider raising the ratings if the group
continues to generate increasingly substantial reported FOCF and
commits to a more conservative financial policy, such that
adjusted leverage remained well below 5x, and EBITDAR coverage
remained comfortably above 2.2x on a sustainable basis. In such a
scenario, a positive rating action would be contingent on us
considering the risk of further releveraging to be low."


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


SHELF DRILLING: Moody's Rates Proposed $550MM Sr. Unsec. Notes B2
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the proposed $550 million senior unsecured notes due 2025 of
Shelf Drilling Holdings, Ltd. (Shelf Drilling). Concurrently, the
rating agency affirmed the B2 corporate family rating (CFR) and
B2-PD probability of default rating of Shelf Drilling. The
outlook on all ratings is stable.

Shelf Drilling will use the proceeds from the proposed issuance
to (1) repay its existing $30 million outstanding and $503
million senior secured notes respectively maturing in November
2018 and 2020, and (2) pay fees, costs and expenses incurred in
connection with the refinancing transaction.

"The affirmation of the B2 CFR reflects the improved maturity
profile of the company as a result of the transaction, which will
enable it to see through the downturn in the shallow-water rig
market" says Thomas Le Guay, a Moody's Analyst and local market
analyst for Shelf Drilling.

RATINGS RATIONALE

The affirmation of Shelf Drilling's CFR at B2 reflects the
improved maturity profile of the company as a result of the
proposed refinancing transaction. Shelf Drilling will have more
time to adjust to the current oversupply situation that
characterises the shallow-water drilling markets worldwide as it
pushes its most significant debt maturity to a 7 year horizon.
However, Moody's continues to have limited visibility on the
company's earnings beyond 2018, and that new contracts will
likely be at reduced dayrates compared to prior contracts. The
current marketed utilization stands at about 60% for 2018, and
39% for 2019 and Moody's expects contract coverage will improve
in time as Shelf Drilling contracts some of its available or
expiring rigs.

Shelf Drilling's B2 CFR continues to reflect the company's (1)
exposure to diversified shallow-water oil basins where production
and rig counts have not decreased in the last couple of years;
(2) track record of signing and renewing contracts in a
competitive environment; (3) lower operating costs than those of
its peers; (4) long-standing relationships with blue-chip
companies; (5) non-speculative acquisition strategy, with recent
newbuilds backed by five-year contracts; and (6) Moody's
expectation of no common equity dividend distribution in 2018,
reflecting the shareholders' willingness to preserve liquidity in
light of the challenging operating environment.

The B2 CFR remains constrained by (1) the low fleet utilization
and dayrates, as well as increased competition in the shallow-
water drilling market owing to the continued stress in the global
offshore drilling market; (2) the company's single exposure to
the shallow-water segment; (3) limited contract coverage beyond
2018; (4) relatively old fleet, which will require additional
capital spending or even need to be replaced over time; and (5)
the operational complexity inherent in the management of a large
international company that has a presence in multiple
jurisdictions with varying degrees of legal, environmental and
tax requirements.

STRUCTURAL CONSIDERATIONS

Shelf Drilling's capital structure will primarily consist of the
contemplated $550 million senior unsecured notes and a $160
million senior secured revolving credit facility (RCF) due in
2020. Moody's assigned a B2 rating to the senior unsecured notes,
in line with the CFR, with a loss given default assessment of 4
(LGD4), under the assumption that the RCF will remain undrawn in
the future. Under the terms of the borrowing agreement, the new
notes rank below the RCF and any future senior secured
indebtedness of the company. The notes are unsecured and benefit
from a guarantee from guarantors representing approximately 70%
of total assets. The PDR of B2-PD reflects the use of a 50%
family recovery assumption, reflecting a capital structure
including bank debt and loose covenants, with RCF lenders relying
only on one springing net leverage financial covenant.

RATIONALE FOR OUTLOOK

The stable outlook reflects Moody's expectation that Shelf
Drilling will maintain its ability to sign new contracts in a
challenging operating environment, although at lower dayrates.

WHAT COULD CHANGE THE RATINGS DOWN/UP

Moody's could upgrade the ratings if Shelf Drilling is able to
re-contract rigs as they roll off and find new contracts for its
available rigs such that adjusted (gross) debt/EBITDA decreases
below 4.0x on a sustained basis.

Conversely, Moody's could downgrade the ratings if Shelf
Drilling's operating performance deviates from Moody's current
expectations. Quantitatively, failure to bring adjusted (gross)
debt/EBITDA below 5.0x could trigger a downgrade. A weakening in
the company's liquidity profile or any loss of contracts or
extension of existing contracts at much lower rates could also
lead to a downgrade of Shelf Drilling's ratings.

PRINCIPAL METHODOLOGY

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

The Local Market analyst for these ratings is Thomas Le Guay,
+971 (423) 795-45.

Shelf Drilling Holdings, Ltd. (Shelf Drilling) is a Cayman
Islands-incorporated holding company that owns 38 independent-leg
cantilever jackup rigs and one swamp barge rig, and conducts
drilling operations through various subsidiaries in the Southeast
Asian, Middle Eastern, Indian, West African and North
African/Mediterranean markets. Shelf Drilling generated revenues
of $583 million and EBITDA of $175 million in the 12 months ended
September 31, 2017 (after Moody's adjustments). The company has a
33.8% free float on the Norwegian OTC, while three private equity
sponsors -- Lime Rock Partners, CHAMP Private Equity and Castle
Harlan Inc. -- hold a 20.7% stake each, and the remaining 4.1%
being held by management.


SHELF DRILLING: S&P Affirms B- Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on Dubai-headquartered oilfield services company Shelf
Drilling Holdings Ltd. (SDHL). The outlook is stable.

S&P said, "In addition, we affirmed our 'B-' issue rating on
SDHL's outstanding $30.4 million second-lien secured notes due
2018 and on the $503 million second-lien secured notes due 2020.
The recovery rating remains '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of a payment default.

"Moreover, we affirmed our 'B' rating on SDHL's $160 million
first-lien secured revolving credit facility (RCF) due 2020. The
recovery rating on the RCF remains '2', indicating our
expectation of substantial recovery (70%-90%; rounded estimate:
85%) in the event of a payment default.

"At the same time, we assigned a 'B-' issue rating to the
company's proposed $550 million senior unsecured notes due 2025.
The recovery rating of the notes is '3', indicating our
expectation of meaningful recovery (50%-70%; rounded estimate:
55%) in the event of a payment default.

The ratings on the proposed instruments are subject to the
successful completion of the transaction, including receipt of
the final documentation. If the refinancing transaction does not
complete, or the scope of the transaction departs materially from
the current plan, S&P reserves the right to withdraw or revise
its ratings.

S&P said, "On completion of the refinancing and repayment, we
will withdraw the issue ratings on the $503 million senior
secured notes due 2020, and on the $30.4 million senior secured
notes due 2018.

"The affirmation reflects our view that SDHL's current order
backlog supports positive FOCF in 2018 and adequate liquidity,
which will further improve after the refinancing transaction. In
our view, the recent improvement in oil prices is unlikely to
have an immediate impact on demand for the company's drilling
services. We believe that, upon completion of the refinancing,
the company will be better positioned to overcome the tough
market conditions, with negligible debt maturities in the coming
years.

"Although overall sentiment in the industry is improving
slightly, and the bottom of the cycle has passed, we project
weaker-than-anticipated results for SDHL for 2017. This is due to
the expiry of a large number of rig contracts and tangible
downward pressure on day rates. We do not expect these rates will
improve in 2018. However, the company is likely to benefit fully
from the five new rigs that joined the fleet, one in the second
half of 2016 and the others in 2017 (two chartered on a long-term
contract to Chevron, and three recently acquired from Seadrill).
As of Sept. 30, 2017, the company's backlog totaled $1.4 billion,
covering about 80% of projected revenues in 2018 under our base
case.

"We therefore project SDHL's adjusted debt to EBITDA (including
the amortization of deferred costs and excluding excess cash that
the proposed transaction could generate) at 6.0x?6.5x for 2018
and 2019, compared with about 6x in 2017. Excluding amortization
costs and after netting excess cash, we forecast the debt-to-
EBITDA ratio at 3.5x-4.5x in 2018 and 2019. In our view, given
the company's absolute adjusted debt (about $1.1 billion as of
Sept. 30, 2017), any improvement in credit metrics would stem
from improvement in the utilization rate and day rates.

"Under our base-case scenario, we project adjusted EBITDA at $150
million-$160 million in 2018 (or $230 million-$240 million
excluding the amortization of deferred costs). This compares with
adjusted EBITDA of $220 million recorded by the company at year-
end 2016.

"We believe that the company will continue to balance growth and
moderate strengthening of its balance sheet. In 2017, the company
acquired three rigs from Seadrill for $225 million, financing the
acquisition with an equity injection. However, with no leverage
target, and more than $100 million of cash on the balance sheet
as of Sept. 30, 2017, we cannot rule out further opportunistic
acquisitions. The cash balance could increase further after the
refinancing and through 2018. We believe that the shareholders
could consider an IPO of the company. The current rating doesn't
reflect potential upside upon completion of an IPO.

"We continue to assess the company's management and governance as
weak, after the decision to upstream a lumpsum dividend to
shareholders, followed by a distressed debt exchange offer. We
believe that the introduction of new minority shareholders as
part of the recent $225 million equity injection and the
potential IPO may improve the company's governance, leading to a
clearer financial policy.

"The stable outlook reflects our view that SDHL will generate
positive FOCF in 2018 and maintain adequate liquidity. Despite
the slight improvement of overall sentiment in the oil and gas
industry following the recent increase in oil prices, we believe
the company's profitability is likely to remain volatile.
However, positive FOCF and adequate liquidity should provide SDHL
breathing space until the jack-up drilling rig market recovers.
In this context, we believe adjusted debt to EBITDA of about 6x
(corresponding with reported net debt to EBITDA of 4x) is
commensurate with the current rating. However, if FOCF turned
negative, adjusted debt to EBITDA would need to be at 4x-5x for
the current rating.

"Negative rating pressure could arise if we believe that a
recovery in the industry would take more time than we currently
factor into our base case, leading to negative FOCF in 2018 and a
less-sustainable capital structure."

Sizable debt-funded acquisitions or distributions to shareholders
could also put some pressure on the rating.

An upgrade would follow improvement and stabilization in market
conditions, leading to SDHL's ability to expand its base of long-
term contracts in its key markets, and improved EBITDA coverage.
This would boost SDHL's ability to generate positive FOCF and
allow it to keep debt to EBITDA below 5x.

Moreover, S&P could take a positive rating action if SDHL's
planned IPO were to materialize.


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


GETBACK SA: Fitch Assigns B+ Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned GetBack S.A. (GetBack) a Long-Term
Issuer Default Rating (IDR) of 'B+'. The Outlook on the Long-Term
IDR is Stable.

GetBack, established in 2012, has rapidly grown into Poland's
second-largest debt purchaser by nominal value of acquired and
managed debt portfolios. Similar to domestic peers, activities
are split into portfolio acquisitions using the company's own
balance sheet (120 months of estimated remaining collections
(ERC) of PLN3.7 billion at end-1H17) and acquisitions made on
behalf of third-parties (third-party business; PLN1.4 billion ERC
at end-1H17).

While GetBack has to date remained overwhelmingly domestic,
management is acquisitive and intends to strengthen GetBack's
foreign operations (in addition to its small existing Romanian
franchise). Following a partial IPO on the Warsaw Stock Exchange
in mid-2017, GetBack remains majority-owned by a number of
private equity funds.

KEY RATING DRIVERS
IDR

GetBack's Long-Term IDR primarily reflects a solid domestic
franchise, scalable business model, the company's adequate risk
controls, wide EBITDA margins and acceptable cash flow leverage.
However, the rating also takes into account considerable revenue
and risk concentrations (both geographically and by business
line), rapid recent organic growth (which has increased leverage
from a low base) and management's ambitious growth plans, which
highlight the importance of maintaining a robust risk control
framework.

GetBack's debt purchasing franchise has grown rapidly in recent
years but remains fairly narrow with overwhelming credit exposure
and revenue relating to the company's sound Polish business (a
small proportion relates to its Romanian business). While it is
the second-largest debt purchaser in Poland, its franchise is
more modest than those of some of its European peers.

The company's business model is well-established and scalable.
Revenue is concentrated by asset type (largely unsecured consumer
debt) and portfolio sellers (predominately large Polish banks).
While its strong domestic franchise gives the company pricing
power, the absence of meaningful geographical diversification
also means that it is sensitive to material negative developments
in the Polish non-performing loan (NPL) and secondary loan
markets. This affects Fitch business model assessment.

GetBack's underwriting standards, in particular pricing
discipline concerning portfolio acquisitions, are in line with
domestic and international peers'. Risk controls are adequate for
the company's business model but have to be seen in light of
considerable recent growth in business volumes as well as
GetBack's appetite for inorganic growth. Fitch's assessment of
GetBack's risk appetite has a high importance for the company's
rating.

Fitch's leverage assessment reflects both GetBack's acceptable
cash flow leverage (gross debt/EBITDA of 3.2x at end-1H17 as per
the agency's calculation; EBITDA including portfolio
amortisation) and a rapid increase in (and management's appetite
for) leverage in recent periods. While Fitch's leverage
assessment is primarily based on gross leverage (gross
debt/EBTIDA is Fitch's core leverage ratio for balance sheet-
light finance companies), proceeds from a partial IPO in July
2017 led to a material reduction in GetBack's net cash flow
leverage, which Fitch views positively.

GetBack's credit profile benefits from a wide EBITDA margin and
from increases in pre-tax profitability that are broadly in line
with the company's purchased portfolios. Operating expenses are
well-controlled, considering GetBack's rapid growth. Compared
with peers, revenue relies more on debt purchasing activities (as
opposed to debt servicing activities). GetBack's third-party
funds business (offered largely for local tax reasons) is less
profitable for GetBack itself than its "own funds" business but
still supports its overall profitability while not requiring any
internal funding.

While GetBack's funding profile is comparable to other debt
purchasers (largely relying on long-dated bond and bank funding),
the company's interest cover (EBITDA/interest expense) has fallen
considerably since 2015, largely due to material portfolio
acquisitions, but remains comfortably above covenanted levels.

RATING SENSITIVITIES
IDR

A stabilisation or reduction in GetBack's cash flow leverage
could, in combination with a more mature and diversified
franchise, lead to an upgrade of the Long-Term IDR in the medium
term. In particular, a sustained reduction in its gross
debt/EBITDA ratio below 2.5x and a more diversified domestic (or
more international) franchise could support a rating upgrade.

Downside risk to GetBack's rating is currently limited but
unabated rapid growth if accompanied by more aggressive portfolio
pricing could put pressure on the IDR. Faster-than-expected
business expansion outside its Polish home market -- if not
accompanied by adequate investments in corresponding risk
controls -- could also be rating-negative.

Cash flow leverage materially exceeding 4x on a sustained basis
could lead to a downgrade as could materially tighter interest
coverage (EBITDA/interest expense materially below 2.5x on a
sustained basis).


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


INNOVATION COMMERCIAL: Fitch Affirms 'B' IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Joint-Stock Innovation Commercial Bank Ipak Yuli (IY)
and PJSC Trustbank (TB) at 'B', and JSC Universal Bank (UB) at
'B-'. The Outlooks are Stable.

KEY RATING DRIVERS

The IDRs of the three banks are driven by their intrinsic
strength, as reflected in their Viability Ratings (VRs). The
affirmation of the banks' ratings factor in the banks' reasonable
performance and stable asset quality metrics (somewhat weaker at
UB), partly owing to state support for export-oriented entities
and those involved in import replacement, reasonable liquidity
and capitalisation. The ratings also reflect structural
weaknesses in the Uzbekistan's economy and the banks' modest and
concentrated franchises in the state-dominated banking sector.

The Stable Outlooks reflect Fitch's expectations that the banks'
credit profiles are unlikely to deteriorate significantly in the
medium term, supported by continuing economic growth in
Uzbekistan (Fitch forecasts 6% GDP growth per year in 2018 and
2019) and generally reasonable pre-impairment profit buffers.

Asset quality remains adequate at all three banks with non-
performing loans (NPLs; loans overdue more than 90 days)
remaining in low single digits at end-3Q17 (IY: 0.2% of loans;
TB: 0.4%; UB: 3.1%). However, the ratios should be viewed in line
with the banks' recent rapid growth (40%-53% in 2017) and
limitations in the local GAAP disclosures in the case of TB and
UB, whose latest IFRS reports are for 2016. Reserves fully
covered NPLs at all three banks at end-3Q17. NPL write-offs were
negligible at all three banks in 2016-9M17, while reported levels
of restructured exposures were also low (below 1% of loans at
end-3Q17).

Foreign currency loans were negligible in TB and UB but made up a
significant 43% of total loans in IY at end-3Q17. However, IY
lends in foreign currency mainly to exporters or other companies
with foreign currency revenue, and therefore the sharp Soum
depreciation in September 2017 affected only few of IY's
borrowers (1% of total loans), whose loans were later
restructured.

Borrower concentration levels are moderate at IY (the top 25
borrowers accounted for 26% of loans at end-3Q17), but remained
high in TB and UB (53% and 54%, respectively). Fitch assesses
IY's and TB's major exposures as moderate risk (mainly working-
capital lines to trade and manufacturing companies), while those
of UB could be higher-risk due to weaker underwriting standards
and limited access to better-quality borrowers.

Pre-impairment profitability was healthy in 2017 (estimated at
10% of average loans at IY and TB, 7% at UB; local GAAP),
supported by sound net interest margins of 10%-14%, solid
commission income and foreign currency revaluation gains.
Impairment charges were about 1% of average loans for all three
banks resulting in a reasonable return on average equity (ROAE)
of about 30% for IY and TB, and a lower 15% for UB due to higher
operating costs.

Capital buffers were reasonable at all three banks with the Fitch
Core Capital (FCC) to risk-weighted assets ratios estimated at
12% for IY at end-3Q17 and 19% for UB at end-2016 and with a FCC-
to-total assets ratio of 11% at TB at end-2016. Regulatory
capital ratios were tighter at IY and TB with the Tier 1 capital
ratios at 9.9% and 10.7% at end-2017, respectively (9.5%
minimum), while UB's Tier 1 ratio was higher at 12.8%. Fitch
estimates all three banks' Tier 1 ratios should improve by 370bps
(IY), 440bps (TB) and 270bps (UB) after 2017's profit auditing.
Moreover, IY's and UB's shareholders are considering new equity
injections in 2018.

TB and UB are almost fully funded by customer accounts at 97% and
87% of total liabilities, respectively. This share is lower at
60% at IY as about 30% of its liabilities is funding from
international financial institutions; the latter's maturity
schedule is comfortable and linked to loan repayments. Depositor
concentrations are high at TB (the largest 20 deposits accounted
for 56% of total customer funding at end-3Q17) while IY's and
UB's deposits are more granular (28% and 21% respectively).

Liquidity is reasonable, as banks keep solid buffers of liquid
assets (cash and equivalents and short-term interbank
placements), which equalled to 30%-40% of customer accounts net
of near-term debt repayments at end-3Q17. Liquidity in local
currency was somewhat tighter, as the banks prefer to maintain
long open currency positions and record gains on Soum
depreciation. However, banks can attract short-term Soum funding
from the Central Bank of Uzbekistan (collateralised with deposits
in foreign currency).


SUPPORT RATING AND SUPPORT RATING FLOOR
The banks' Support Rating Floors of 'No Floor' and '5' Support
Ratings reflect the banks' limited systemic importance and
Fitch's view that extraordinary support from the Uzbek
authorities is therefore unlikely. The ability of the banks'
shareholders to provide support cannot be reliably assessed and
therefore this support is not factored into the ratings.

RATING SENSITIVITIES

Upside for the banks' ratings is currently limited, but could
arise in case of an overall improvement in the operating
environment. UB's ratings may also be upgraded if the bank
diversifies its franchise significantly alongside a tightening of
risk policies.

The banks' ratings could be downgraded in case of significant
deterioration in the operating environment or a weakening of
asset quality and capital metrics.

Fitch does not anticipate changes to the Support Ratings and SRFs
given the banks' limited systemic importance.

The rating actions are as follows:

Ipak Yuli Bank
Long-Term Foreign and Local Currency IDRs affirmed at 'B';
Outlook Stable
Short-Term Foreign and Local Currency IDRs affirmed at 'B'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No floor'
Viability Rating affirmed at 'b'

PJSC Trustbank
Long-Term Foreign and Local Currency IDRs affirmed at 'B';
Outlook Stable
Short-Term Foreign and Local currency IDRs affirmed at 'B'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No floor'
Viability Rating affirmed at 'b'

Universal Bank
Long-Term Foreign and Local Currency IDRs affirmed at 'B-';
Outlook Stable
Short-Term Foreign and Local currency IDRs affirmed at 'B'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No floor'
Viability Rating affirmed at 'b-'


PROMSVYAZBANK PJSC: S&P Outlook on 'B+' LT ICR on Watch Positive
----------------------------------------------------------------
S&P Global Ratings revised the CreditWatch implications on its
'B+' long-term issuer credit rating on Russia-based Promsvyazbank
PJSC to positive from negative. At the same time, S&P affirmed
its 'B' short-term issuer credit rating on the bank.

S&P initially placed the rating on CreditWatch with negative
implications on Nov. 3, 2017, and maintained it there on Dec. 19,
2017, after the Central Bank of Russia (CBR) placed the bank
under temporary administration.

The revised CreditWatch implications reflect the Russian
government's announced plans to turn Promsvyazbank into its
financial arm to serve the defense sector.

S&P said, "We consider Promsyvazbank as a government-related
entity with a moderate likelihood of government support, if
needed, since the CBR's intervention at the bank in December
2017. We base our assessment of the likelihood of support on the
bank's strong link with and limited public policy role for the
government. Our view is in line with our treatment of other
private banks that the CBR has recently placed under its control.
We expect that the CBR or the government will become the owner of
Promsvyazbank after the first stage of its financial
rehabilitation is complete.

"We assess Promsvyazbank's stand-alone credit profile (SACP) at
'b', factoring in short-term government support to its capital
and earnings, risk position, and liquidity. In the absence of
further government support in the near term, in the form of new
capital injections or other funding, we could revise down our
SACP assessment to the 'ccc' category. This is because we
consider that the bank could be vulnerable to nonpayment without
such government support.

"We aim to resolve the CreditWatch placement within the next
three months, when we get more clarity regarding Promsvyazbank's
new role in Russia's defense sector and its financial
rehabilitation plan, future strategy, governance, and ownership.

"We could upgrade Promsvyazbank if we considered that it would
play a more important public policy role or have a stronger link
with the Russian government, as the government's designated
financial institution to serve the defense sector. This upside
scenario would imply a higher likelihood of government support to
the bank, which could enhance its credit quality. Under this
scenario, we anticipate that the government support would be
sufficient for the bank to restore its stand-alone
creditworthiness and carry out its new functions.

"We could affirm our rating if Promsvyazbank continued to operate
as a commercial bank without assuming any special functions from
the government but restored customer confidence, liquidity, and
the stability of its funding base thanks to the CBR's measures.

"Although highly unlikely, in the event of absence of or
insufficient short-term support that we currently incorporate
into SACP, the rating could come under pressure. In turn, any
restrictions to make orderly payments to senior creditors could
also trigger a downgrade of Promsvyazbank."


SBERBANK: Moody's Alters Outlook on FC Sr. Debt Rating to Pos.
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings, baseline credit
assessments (BCAs), adjusted BCAs, standalone credit profile and
counterparty risk assessments (CRAs) of nine financial
institutions domiciled in Russia and changed the outlook on the
local and foreign-currency long term issuer and senior unsecured
debt ratings, and local-currency deposit ratings to positive from
stable. The rating action follows Moody's change of outlook on
Russia's Ba1 sovereign debt rating to positive from stable on
January 25, 2018.

Concurrently, Moody's upgraded DeltaCredit Bank's backed senior
secured local currency bond rating to Baa2 from Baa3 with stable
outlook following the revision of Russia's local currency bond
ceiling to Baa2 from Baa3.

The agency's Macro Profile for Russia remains Weak(+) following
the affirmation of the Ba1 sovereign rating.

RATINGS RATIONALE

LOCAL CURRENCY BANK DEPOSIT, DEBT, ISSUER AND CORPORATE FAMILY
RATINGS

The change in the outlook on Russia's Ba1 government bond rating
to positive from stable led to corresponding changes in the
outlooks on the local currency deposit, debt, issuer and
corporate family ratings of eight Russian financial institutions
whose ratings benefit from potential support from the Russian
government; namely, Sberbank, Bank VTB JSC, Vnesheconombank,
Eximbank of Russia, Agency for Housing Mortgage Lending JSC,
Russian Agricultural Bank, Gazprombank and State Transport
Leasing Company PJSC. Moody's believes that the capacity and
willingness of the Russian government to assist these financial
institutions remains substantially unchanged.

DeltaCredit Bank's backed senior secured local currency bond
rating was upgraded to Baa2 from Baa3 following the revision of
Russia's local currency bond ceiling to Baa2 from Baa3. This
brings DeltaCredit Bank's rating in line with the baa2 baseline
credit assessment (BCA) of its guarantor, Societe Generale, and
carries a stable outlook, in line with the outlook on Societe
Generale's senior unsecured debt ratings.

FOREIGN CURRENCY DEBT AND ISSUER RATINGS

Moody's changed the outlooks on the foreign currency senior
unsecured debt ratings of four Russian banks -- namely, Sberbank,
Bank VTB JSC, Russian Agricultural Bank and Gazprombank -- to
positive from stable following the change in outlook on Russia's
Ba1 government bond rating.

The change in outlook on Russia's Ba1 government bond rating to
positive also led the rating agency to change the outlooks to
positive from stable on the Ba1 foreign currency issuer ratings
of Vnesheconombank and Agency for Housing Mortgage Lending JSC,
and on the Ba3 foreign currency backed senior unsecured debt
rating of GTLK Europe DAC.

WHAT COULD MOVE RATINGS UP OR DOWN

For the majority of the affected financial institutions, their
deposit, debt, issuer and corporate family ratings are at the
Russian sovereign rating level or constrained by the country
ceiling. Therefore positive rating action(s) on these financial
institution ratings would be driven by a higher sovereign rating
or/and country ceiling.

The rating outlooks could be changed to stable if the outlook on
Russia's sovereign debt rating were to be revised to stable. The
affected entities' ratings may be downgraded if the Russian
government's capacity or propensity to render support to
financial institutions were to diminish (which is not currently
anticipated).

LIST OF AFFECTED ENTITIES

The overall outlooks on the following entities' ratings have been
changed to positive from stable:

Sberbank

Bank VTB, JSC

Vnesheconombank

Eximbank of Russia

Agency for Housing Mortgage Lending JSC

Russian Agricultural Bank

Gazprombank

State Transport Leasing Company PJSC

GTLK Europe DAC

DeltaCredit Bank's backed senior secured local currency bond
rating was upgraded to Baa2 from Baa3 with stable outlook.

A list of the Affected Ratings is available at:

                        http://bit.ly/2BDUzxH


VTB24: Moody's Affirms Ba1 Senior Sec. Bond Ratings on 8 Tranches
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 ratings on certain
senior secured bonds issued by VTB24 and changed the outlooks on
those ratings to positive from stable. The rating action follows
Moody's change of outlook on Russia's Ba1 sovereign debt rating
to positive from stable on January 25, 2018.

Concurrently, the agency has withdrawn VTB24's long-term local-
currency deposit rating of Ba1, long-term foreign-currency
deposit rating of Ba2, short-term deposit ratings of Not Prime,
as well as the long and short-term CR Assessments of Ba1(cr)/Not
Prime(cr) respectively, baseline credit assessment (BCA) of b1
and adjusted BCA of b1 following completion of the legal merger
between Bank VTB JSC and VTB24.

RATINGS RATIONALE

As a result of a reorganization, VTB24 has ceased to exist as a
banking entity and Bank VTB JSC assumed all of its assets and
liabilities on January 1, 2018. This is in line with the process
previously announced by VTB group.

The change in the outlook on Russia's Ba1 government bond rating
to positive from stable led to a corresponding change in the
outlook on the senior secured debt ratings of VTB24. The ratings
for these mortgage-secured bonds are based on the fundamental
credit quality of VTB24's successor, Bank VTB JSC, and do not
consider the quality of the underlying collateral. As a result,
the Ba1 ratings with a positive outlook on these bonds are in
line with Bank VTB JSC's senior unsecured local-currency debt
rating of Ba1 with a positive outlook.

LIST OF AFFECTED DEBT SECURITIES AND RATINGS

Issuer: VTB24

Affirmations:

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JRSW5,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JTXP5,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JUCJ0,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JSZF3,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JTXQ3,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JRSX3,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JSZG1,
    Affirmed Ba1, Outlook changed To Positive From Stable

-- Senior Secured Regular Bond/Debenture, ISN:RU000A0JUCH4,
    Affirmed Ba1, Outlook changed To Positive From Stable

Assignment to Definitive from Provisional:

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JUPS3,
    Assigned Ba1 Positive from (P)Ba1

-- Senior Secured Regular Bond/Debenture, ISIN:RU000A0JUPT1,
    Assigned Ba1 Positive from (P)Ba1

Withdrawals:

-- LT Bank Deposits (Local Currency), previously rated Ba1,
    Outlook changed To RWR From Stable

-- LT Bank Deposits (Foreign Currency), previously rated Ba2,
    Outlook changed To RWR From Stable

-- ST Bank Deposits, previously rated NP

-- Adjusted Baseline Credit Assessment, previously rated b1

-- Baseline Credit Assessment, previously rated b1

-- LT Counterparty Risk Assessment, previously rated Ba1(cr)

-- ST Counterparty Risk Assessment, previously rated NP(cr)

Outlook Actions:

-- Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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


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


AGRI EUROPE: S&P Assigns Preliminary 'BB-' CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' long-term
corporate credit ratings to Serbia-based agribusiness group AEC
Agrinvestment Limited (Agri Europe). The outlook is stable.

S&P said, "The final rating will be subject to our receipt and
satisfactory review of the final transaction and debt structure.
Accordingly, the preliminary rating should not be construed as
evidence of the final rating. If the terms and conditions of the
final transaction and debt structure depart from the one we have
already reviewed, or if the transaction does not close within
what we consider to be a reasonable time frame, we reserve the
right to withdraw or revise the rating."

Agri Europe is an agribusiness group, part of a wider diversified
group that operates in banking (AIK Banka in Serbia) and owns a
small portfolio of hotels in the region. S&P's preliminary rating
on Agri Europe is based on its assessment of the credit quality
of the agribusiness activities as well as of the wider group,
including banking and hotels.

The agribusiness activities derive about 60% of their EBITDA from
sugar production and about 25% from crop production (corn, wheat,
sunflower, soybeans, and sugarbeet). The group also operates silo
storage services and distributes fertilizers, seeds, and
equipment. It also does meat processing. Its main geographical
markets are its domestic market of Serbia, and neighboring
countries in the South Balkan region, including Romania.

A key business strength is the group's strong market position in
Serbia, which has barriers to entry, as its largest sugar
producer and one of the main local exporters of agricultural
commodities. Production facilities are well located in a key
growing area of Serbia where it has well-established
relationships with local farmers and industrial customers and is
well located to export to neighboring countries. S&P said, "We
view positively its efforts to invest in new technology to
modernize its production and distribution facilities. We note the
group operates with lower production costs than larger peers in
Europe, such as Tereos and Suedzucker. Its strategy to develop
vertical integration to secure supplies is also a positive, and
we note the high profitability of its sugar operations compared
to large European peers."

S&P said, "That said, we see business challenges in the fact that
the group's Agri Europe asset base should remain relatively small
after the planned acquisitions in 2018, and highly geographically
concentrated. The production and distribution footprint is modest
compared to large European peers, which we think limits economies
of scale and the ability to reach global customers. We see the
high geographical concentration of cultivation and processing in
one region of Serbia as exposing the group to potential supply
disruption due to weather risks (as seen in 2017 in farming)."

The group is predominantly a producer and processor of
agricultural commodities (sugar and crops mostly) with limited
value-added products, which exposes it to wide fluctuations in
regional and global commodity markets. S&P said, "We observe that
this has previously translated into highly volatile EBITDA
margins in sugar and farming. We think volatility will remain
part of the business model in the short-to-medium term, although
we see benefits from continued investments in the supply chain
and production (chromatography in sugar) and a deeper vertical
integration."

S&P said, "We understand that Agri Europe intends to raise new
debt in 2018, the proceeds of which will be mostly used to
acquire agribusiness companies in the South Central and Eastern
Europe (CEE) region. We therefore forecast debt levels under our
S&P Global Ratings base-case scenario to increase to about EUR600
million at end-2018 (versus EUR465 million in 2017). We
understand that the planned transaction will likely involve some
debt refinancing, which will be beneficial to the group's
liquidity position and debt maturity profile.

"A key rating support is Agri Europe's ability to generate solid
positive free cash flows (we forecast around EUR60 million-EUR80
million annually in 2018-2019)." This supports a strong
deleveraging profile over the 12 months after the planned
acquisitions close. The group's free cash flow capacity is
notably supported by its low operating cost structure and ability
to control capex despite high volatility in agricultural
commodity prices, which will continue to affect sugar and crop
sales.

S&P's base case for 2018-2019 assumes:

-- Revenues of about EUR940 million in 2018 based on S&P's
    assumption of 10% organic growth (mostly from growth in sales
    in sugar volumes and higher crop sales) and about EUR300
    million of annualized additional revenues from acquisitions.

-- Revenues of about EUR1 billion in 2019 driven by S&P's
    assumption of a 5% organic growth (mostly from higher sugar
    exports) and high single-digit revenue growth from
    acquisitions.

-- S&P Global Ratings-adjusted EBITDA margin of 15%-16%, based
    on S&P's assumption of lower profitability in sugar due to
    low regional market prices, offset by improving profitability
    in farming and at newly acquired companies.

-- Positive FOCF of about EUR60 million-EUR80 million annually,
    assuming a growing EBITDA base, relatively flat working
    capital movements (assuming notably persistent low market
    sugar prices), and annual capex of EUR30 million-EUR40
    million. S&P assumes an average cost of debt of around 5%-6%
    in 2018-2019.

-- S&P Global Ratings-adjusted debt of EUR600 million in 2018
    and about EUR550 million in 2019, assuming EUR260 million of
    debt-financed acquisitions, no dividends in 2018, and EUR40
    million of dividends in 2019. S&P does not net out debt with
    cash balances in line with its criteria due the assigned
    business risk category.

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

-- Adjusted debt to EBITDA of about 4.5x in 2018 (annualized)
    and 3.5x in 2019

-- EBITDA interest coverage of about 5.0x (annualized)

-- Funds from operations (FFO) cash interest of about 4.5x-6.0x
    (annualized)

The stable outlook reflects Agri Europe's dominant position in
its domestic market, the large share of export sales in euros,
and the competitiveness of its manufacturing and distribution
facilities, which should support cash flow generation in 2018.
S&P said, "We believe the group has the capacity to strongly
deleverage after the planned debt-financed acquisitions this
year, and keep capex under control, despite the high volatility
of commodity prices for sugar and grains and swings in working
capital."

S&P said, "At the current rating level, we believe that Agri
Europe should maintain an EBITDA interest coverage ratio strongly
above 3.0x and a S&P Global Ratings-adjusted debt-to-EBITDA ratio
of 4.0x-4.5x in the next 12 months after transaction closing.

"We could lower the rating in particular if we see a sharp
decline in earnings from sugar activities, leading to a large and
prolonged drop in free cash flow generation. We believe this
could arise from a loss of market share to competitors in large
export markets like Romania combined with persistent low market
prices due to oversupply, notably from EU producers.

"We would also view negatively the group's inability to manage
the large working capital seasonal needs, control expansion
capex, and integrate its planned acquisitions. We could also
lower the rating if we assess that the credit quality of the
banking operations has materially deteriorated.

"We would take a negative rating action if we saw EBITDA interest
coverage moving closer to 3.0x, negative free operating cash
flow, and S&P Global Ratings-adjusted debt to EBITDA above 4.5x
over the next 12 months after transaction closing.

"We could raise the rating if we saw sustained strong growth in
sales and earnings combined with lower volatility of
profitability in the sugar and farming activities. This would
lead to stronger free cash flow generation than our base case
with a sharper deleveraging profile in 2018.

"We believe this could arise from a successful expansion of
exports in the CEE region and other markets like Russia and
China, from a wider vertical integration capabilities and
continued changes in the product mix toward higher value
agricultural products like meat processing or food and beverages.

"We could also raise the rating if we assess that the credit
quality of the banking operations has materially improved.

"For an upgrade, we would notably need to see S&P Global Ratings-
adjusted debt to EBITDA decreasing to below 3.0x on a sustained
basis together with strong free cash flow generation compared to
our base-case projections.

"The rating on Agri Europe is based on our view that the credit
quality of the wider diversified group to which it belongs is not
weaker than the stand-alone agribusiness activities. The wider
group (consolidated under topco Agri Europe Cyprus Limited)
includes Agribusiness (about two-thirds of group earnings),
Banking (about one-third of group earnings), and Hotels and we
assess its credit profile as 'bb-'. It is fully owned by the
group's founder Mr Kostic.

"In our analysis of the wider group we have performed an
assessment of the banking operations (AIK Banka in Serbia) and
believe that the credit risk of the banking activities is
currently not significantly weaker than the agribusiness
activities. We have notably factored the bank's aggressive growth
strategy--entailing the completed acquisition of domestic bank
Jubanca and the targeted acquisition of Slovenian Bank Gorenjska
Banka--along with the challenges coming from the incorporation of
these entities."

The hotels activity consists of a small portfolio of hotels
located in Serbia and in the south CEE region. They account for
about 5% of group earnings and are externally managed by
professional chains. S&P does not view material credit risks
currently in these operations.


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


ALIGERA HOLDING: Declared Bankrupt by Boras Court
-------------------------------------------------
Aligera AB's (publ) indirectly wholly owned subsidiary, Aligera
Holding AB (publ) ("Aligera Holding"), was declared bankrupt by
the district court of Boras (Sw. Boras tingsratt) on Jan. 29.
Lars Wiking, advokat at Advokatfirma DLA Piper Sweden KB,
Stockholm has been appointed as bankruptcy administrator.
Aligera Holding is the issuer of the SEK500,000,000 senior
secured bonds with ISIN SE0005933231.

Aligera AB's (publ) directly wholly owned subsidiary and the
direct parent company of Aligera Holding, Aligera Vind AB
("Aligera Vind"), on Jan. 29 submitted a bankruptcy application
to the district court of Stockholm (Sw. Stockholms tingsratt).
Aligera Vind has informed the district court of the bankruptcy of
its parent company and has suggested that Lars Wiking be
appointed as bankruptcy administrator also for the bankruptcy of
Aligera Vind.

Aligera Vind was expected be declared bankrupt on Jan. 30 and
that Lars Wiking would be appointed as bankruptcy administrator
in the bankruptcy of Aligera Vind.

As previously communicated, Aligera AB (publ) is evaluating its
position and will communicate its decision as to whether it also
will need to file for bankruptcy before the end of this week.


CORRAL PETROLEUM: S&P Alters Outlook to Pos., Affirms 'B+' CCR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable on
Sweden-based oil refining company Corral Petroleum Holdings AB
(publ), the parent company of Preem AB (publ). The 'B+' long-term
corporate credit rating was affirmed.

S&P said, "At the same time, we raised our issue rating to 'B+'
from 'B' on the senior payment-in-kind (PIK) toggle notes
consisting of a EUR570 million (about $650 million) tranche, and
a Swedish krona (SEK) 500 million (about $60 million) tranche.
The recovery rating is '4', indicating our expectation of average
recovery prospects (rounded estimate: 40%) in the event of a
payment default.

"The outlook revision follows Preem's solid operating performance
in supportive market conditions in 2017. We could upgrade Corral
Petroleum if such conditions continue in 2018 or if the company's
investments in its refineries translate into sustainably stronger
profitability through the cycle. We currently assume a weakening
of refining margins over the next two years, but for 2018, there
is a likelihood that strong margins will continue. However, this
is only if economic growth and demand for oil products is higher
than we currently anticipate, and oil prices do not increase from
current levels. This scenario is not reflected in our base case,
but is still reasonably likely and could result in higher
operating cash flows for Preem. If such cash flows were used to
reduce debt, then we see a possibility for an upgrade in the next
year.

However, refining margins are difficult to predict, and as a
refiner, Preem suffers from highly volatile profitability and
depends on the development of product crack spreads (the price
differential between crude oil and the refined product), which
are reinforced by the fluctuating supply-demand balance in the
industry. Spreads can quickly fluctuate by a wide margin.
Furthermore, Preem is small by global standards. It has two
refineries producing 345,000 barrels per day, and moderate-to-low
diversification. One refinery contributes the majority of profits
(about 65% of its daily capacity and higher profits per barrel).
However, Preem has a strong position in Sweden (about 80% of the
country's refining capacity) and is able to process a relatively
large share of heavy sour crude oil, which is normally cheaper
than Brent crude oil. For example, in 2017, oil from the Urals
cost about $1.5 less per barrel than Brent oil. Preem's
flexibility in sourcing crude allows it to seize opportunities in
terms of pricing and reduce feedstock costs.

These factors constrain S&P's assessment of the business risk
profile, which we assess as weak overall, despite the
achievements and strong performance in 2015-2017.

Preem's financial risk profile reflects our expectation of debt
to EBITDA of 3.0x-3.5x and positive free cash flow generation. It
is primarily constrained by significant volatility in profits.
Thus, credit metrics and free operating cash flow (FOCF)
generation depend on volatile industry conditions. The industry
is capital intensive, given the need to constantly maintain and
keep assets competitive. As a result of these factors, FOCF can
fluctuate widely; it was negative by more than SEK700 million in
2012, but positive by over SEK2.5 billion in 2015. In S&P's base
case, it assumes the company will generate positive FOCF in 2018-
2019, supporting a better financial risk profile in the future.
This will, however, also depend on the company's strategy with
regards to capital expenditure (capex).

The capital structure contains a shareholder loan and shareholder
subordinated notes, both maturing in 2021. S&P treats these as
equity under its methodology, given their deep subordination and
sufficient provisions, which prevent these instruments from
becoming due and payable until any senior current and future debt
has been fully repaid.

S&P said, "The positive outlook indicates that we could raise the
rating on Corral Petroleum in the coming 12 months if market
conditions remain supportive. Additionally, investments at the
company's refineries could improve profitability and enable
deleveraging of the balance sheet. We anticipate adjusted debt to
EBITDA will be 3.0x-3.5x on average in 2018-2019. While we view
those ratios as commensurate with the 'B+' rating, we believe
that current market conditions, namely refining margins, could
support slightly better credit metrics over the next few years
and could result in an upgrade in the next 12 months. This would
also depend on more clarity regarding the owner's situation and
any potential impact it may have.

An upgrade would depend on Corral Petroleum achieving debt to
EBITDA sustainably below 3x, as well as further reduction of
absolute debt. This will greatly depend on refining margins, but
also on the company's approach to capital spending beyond what is
already currently planned. This is not S&P's base case, but could
materialize given the current robust market conditions. In
addition, the company is making investments that could reduce
costs and boost profitability.

In addition, over the medium term, upside rating potential could
stem from further improvements in Corral's business position,
such as better profitability or a larger marketing network that
diversifies its sources of revenue.

S&P said, "We could revise the outlook to stable if market
conditions deteriorated as a result of weaker demand for refined
products, stemming from weaker economic growth; or if the company
increased capital spending rather than reducing debt. Any
negative impact on Corral Petroleum as a result of actions
against its owner could result in ratings downside, although we
do not expect this in our base case."


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


UBS GROUP: S&P Cuts Issue Ratings on Tier 1 Cap. Notes to 'BB'
--------------------------------------------------------------
S&P Global Ratings lowered to 'BB' from 'BB+' its issue ratings
on four high-trigger Tier 1 capital notes issued by UBS Group AG.

S&P said, "At the same time, we assigned our 'BB' issue ratings
to the proposed $2 billion perpetual non-call 2023 high-trigger
permanent write down additional tier-1 (AT1) capital notes, to be
issued by UBS Group Funding (Switzerland) AG and guaranteed on a
subordinated basis by UBS Group.

"The rating actions indicate that we now project that UBS Group's
consolidated phased-in risk-weighted common equity tier 1 (CET1)
ratio will decline to about 13% over the next 12-24 months, due
to phase-in effects and increases in risk-weighted assets under
Basel III capital regulation. We previously projected that a 3.5%
minimum CET1 leverage ratio requirement by 2020 as a binding
capital constraint would keep UBS Group's risk-weighted ratio
above 14%. Our updated projection of UBS Group's phased-in risk-
weighted CET1 ratio, at about 13%, will be less than 700 basis
points (bps) above the 7% mandatory going-concern write-down
trigger stipulated in the capital notes' terms and conditions. We
deduct notches in our issue ratings on such instruments when we
expect the regulatory ratio to be within 700bps of the trigger,
to reflect higher default risk."

Under Swiss regulation, the group's phased-in CET1 ratio was
14.9% at year-end 2017, versus a fully-applied ratio of 13.8%.
However, most of the phase-in capital deductions have taken
effect as of Jan. 1, 2018, meaning the phased-in ratio at March
31, 2018, would likely be only marginally above the 13.8% fully-
applied ratio, all else being equal. Furthermore, UBS Group
expects regulatory and accounting-related increases in risk-
weighted assets of about Swiss franc (CHF) 20 billion by 2020,
with about CHF15 billion materializing in 2018. S&P said, "We
expect that this will not be offset by corresponding capital
build-up, given that the group's fully-applied CET1 leverage
ratio of 3.7% at year-end 2017 was above its 2020 requirement and
is much less affected by regulatory and accounting-related
increases than its risk-weighted ratio. Therefore, we now
projects that its relevant risk-weighted phased-in CET1 ratio
will hover around its stated fully-applied guidance for 2018-2020
of about 13%."

The 'BB' ratings on the notes reflect S&P's analysis of the
instruments, including UBS Group's guarantee of UBS Group Funding
(Switzerland)'s proposed issuance, and its 'a' assessment of UBS
Group's unsupported group credit profile (GCP). The issue ratings
stand six notches below the unsupported GCP due to the following
deductions:

-- One notch because the notes are contractually subordinated;

-- Two notches reflecting the notes' discretionary coupon
    payments and regulatory Tier 1 capital status;

-- One notch because the notes contain a contractual write-down
    clause;

-- One notch because we now project that its CET1 ratio will
    settle sustainably at 301bps-700bps above the 7% mandatory
    conversion trigger level; and

-- One notch because the notes are issued (or guaranteed) by a
    nonoperating holding company (NOHC)--UBS Group Funding
    (Switzerland)--and we assume that under Switzerland's bank
    resolution framework and single point of entry approach,
    hybrids issued (or guaranteed) by an NOHC have a higher
    likelihood of regulatory intervention leading to nonpayment,
    principal write-down, or conversion to equity than
    instruments issued by the operating bank.

S&P notes that Swiss banking regulation has not introduced the
concept of maximum distributable amounts like the ones in the EU,
which requires regulators to automatically restrict earnings
distribution if a bank's total capital falls below certain
requirements defined by legislation.

  RATINGS LIST

Downgraded
                              To               From
  UBS Group AG
   US$1.25 bil 7.125% 7%-trigger AT1 hybrid callable perpetual
   US$1.575 bil var/fixed rate perpetual hybrid
   US$1.5 bil 6.875% USD-denominated hybrid perpetual
   US$1.1 bil 7.125% perpetual AT1 - callable
                              BB               BB+

  New Rating

  UBS Group Funding (Switzerland) AG
   US$2 bil 5% 7%-trigger AT1 hybrid callable perpetual*
                              BB

  *Guaranteed by UBS Group AG


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


CARILLION PLC: Aspire Provides Update on Impact of Liquidation
--------------------------------------------------------------
Aspire Defence Finance plc (the "Company"), the Issuer for
Project Allenby/Connaught ("the Project"), wishes to update its
Series A and Series B Bondholders further to its announcement of
January 17, 2018, concerning the impact of the compulsory
liquidation of Carillion plc ("Carillion") on the Project.

The Project continues to deliver services and the construction of
the Army Basing Programme Works as normal.

As noted in the Issuer's announcement dated January 17, 2018, it
has and will continue to manage the consequences of Carillion's
insolvency, including considering carefully the terms of the
finance documents.

Consequently, the Issuer announces it has notified the monoline
insurers of the Series A and Series B Bonds, Ambac Assurance UK
Limited and Assured Guaranty (UK) plc, and Citicorp Trustee
Company Limited, the Security Trustee and Bond Trustees, that a
potential event of default has occurred by virtue of Carillion
plc's role as guarantor of the liabilities of one of the
unincorporated joint ventures acting as sub-contractor to Aspire
Defence Limited ("ADL"), the special purpose vehicle for the
Project, known as Aspire Defence Services ("ADS"), and by virtue
of Carillion's role as guarantor of the liabilities of Aspire
Defence Services Limited, a supplier to ADS.  A potential event
of default is any event which would, with the passage of time,
the giving of notice or the making of a determination if not
remedied, cured or waived, become an event of default as such
term is defined in the Project's financing documents.

The Company is taking the steps outlined in the financing
documents to remedy the potential event of default within the
specified time periods by working in conjunction with all
stakeholders on acceptable remedial plans.

The Company will provide further updates as appropriate.

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.


FINSBURY SQUARE 2018-1: Moody's Assigns B1 Rating to Cl. X Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term
credit ratings to the Notes issued by Finsbury Square 2018-1 plc:

-- GBP 522.75M Class A Mortgage Backed Floating Rate Notes due
    September 2065, Definitive Rating Assigned Aaa (sf)

-- GBP 30.75M Class B Mortgage Backed Floating Rate Notes due
    September 2065, Definitive Rating Assigned Aa1 (sf)

-- GBP 30.75M Class C Mortgage Backed Floating Rate Notes due
    September 2065, Definitive Rating Assigned Aa2 (sf)

-- GBP 12.3M Class D Mortgage Backed Floating Rate Notes due
    September 2065, Definitive Rating Assigned A2 (sf)

-- GBP 18.45M Class E Mortgage Backed Floating Rate Notes due
    September 2065, Definitive Rating Assigned B2 (sf)

-- GBP 9.23M Class X Floating Rate Notes due September 2065,
    Definitive Rating Assigned B1 (sf)

Moody's has not assigned rating to the GBP 12.3M Class Z Notes
due September 2065, which were also 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 sells the
portfolio to Finsbury Square 2018-1 plc. Approximately 98.8% of
the 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 30.7% of the final collateral pool
equivalent to GBP 188.8 million.

   -- 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
0.32 years, (iv) the proportion of interest-only loans (24.8%);
(v) the proportion of buy-to-let loans (22.5%); (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 30.7% of the final collateral pool equivalent
to GBP 188.8 million.

   -- Transaction structure

At closing the mortgage pool balance consists of GBP 426.2
million of loans. On closing, the Reserve Fund is 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 is 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 is 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) is 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 is 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 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 closing
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 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
Aa2(sf), even if MILAN CE was increased to 15.6% 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 A2(sf), if the expected loss remained at 2.0% assuming
MILAN CE increased to 20.8% and all other factors remained the
same. The Class E Note would have achieved B3(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 still
achieve B1(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 definitive 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.


MALLINCKRODT INT'L: S&P Rates $500MM Sr. Secured Term Loan 'BB+'
----------------------------------------------------------------
S&P Global Ratings Services assigned its 'BB+' issue-level rating
to the proposed $500 million senior secured term loan co-issued
by Mallinckrodt International Finance S.A. and Mallinckrodt CB
LLC and guaranteed by parent Mallinckrodt PLC. Proceeds will be
used to partly fund parent Mallinckrodt PLC's purchase of Sucampo
Pharmaceuticals Inc. The recovery rating on the term loan is '1',
reflecting our expectation of very high (90%-100%; rounded
estimate: 95%) recovery in the event of payment default.

S&P said, "The issue-level ratings and recovery ratings on
Mallinckrodt's senior unsecured debt are unchanged at 'BB-'and
'4', respectively. The recovery rating of '4' reflects our
expectation of average (30%-50%; rounded estimate: 30%) recovery
in the event of payment default.

"Additionally, the issue-level rating and recovery ratings on
Mallinckrodt's structurally subordinated debt are unchanged at
'B' and '6', respectively. The recovery rating of '6' reflects
our expectation of negligible (0%-10%; rounded estimate: 0%)
recovery in the event of payment default.

"Our corporate credit rating on Mallinckrodt is 'BB-' and the
outlook is negative. The 'BB-' corporate credit rating reflects
our expectation that, after the initial spike to 5x following the
Sucampo acquisition, the company's leverage ratio will improve to
below 5x in the first half of 2019. This is consistent with our
expectation that Mallinckrodt's long-term leverage will generally
remain in the 4x-5x range and its cash flow generation will
remain solid with the annual free operating cash flow exceeding
$500 million."

The rating also reflects Mallinckrodt's moderate product
diversity, good profitability, improving late-stage pipeline, and
meaningful barriers to entry, including the exclusivity of the
company's specialty-branded drugs. These strengths are partially
offset by the limited scale of the company's marketed products,
some revenue concentration in the company's top three drugs, and
ongoing pricing pressure for pharmaceutical generics.

S&P said, "The negative outlook reflects credit measures that are
initially weak for the rating, pro forma for the Sucampo
acquisition. It also reflects the risk that reimbursement
headwinds for H.P. Acthar Gel or potential competition for either
Acthar Gel or Inomax could lead to revenue and profitability
declines materially beyond our current projections, with leverage
remaining above 5x for materially more than a year."

RECOVERY ANALYSIS

Key analytical factors

S&P said, "We have updated our recovery analysis on
Mallinckrodt's debt. Our simulated default scenario contemplates
a default in 2022 stemming from increased competition, pricing
pressure, an unexpected reduction in demand for key products, or
weaker operating performance.

"We have valued the company on a going-concern basis using a 6.5x
multiple of our projected emergence EBITDA.

"Mallinckrodt's 6.5x recovery multiple reflects its diverse
pharma portfolio, which is mostly focused on specialty branded
products but includes a generic segment. While we believe
Mallinckrodt's specialty branded portfolio has solid market
exclusivity, the generics portfolio would likely carry a lower
valuation in default because of the lack of patent protection. In
our view, these factors limit Mallinckrodt's recovery multiple to
6.5x."

Simplified waterfall

-- Simulated year of default: 2022
-- EBITDA at emergence: $669 mil.
-- EBITDA multiple: 6.5x
-- Gross enterprise value (EV): $4.346 bil.
-- Net EV (after 5% administrative costs): $4.128 bil.
-- Valuation split in % (obligors/non-obligors): 90%/0%
-- Estimated priority claims: $152 mil.
-- Collateral value available to first-lien debt: $3.563 bil.
-- Secured first-lien debt: $2.889 bil.
    --Recovery expectations: 90%-100%; rounded estimate: 95%
-- Total value available to unsecured claims: $1.087 bil.
-- Unsecured debt claims: $3.111 bil.
    --Recovery expectations: 30%-50%; rounded estimate: 30%
-- Total value available to claims on structurally subordinated
    debt: 0
-- Claims on structurally subordinated debt: $540 million (S&P
    does not assume the $300 million senior notes maturing in
    April 2018 will be refinanced, and so the structurally
    subordinated claims balance expected in 2022 does not include
    this issue.)
    --Recovery expectations: 0%-10%; rounded estimate: 0%

RATINGS LIST

Mallinckrodt PLC
Corporate Credit Rating             BB-/Negative/--

New Rating

Mallinckrodt International Finance S.A.
Mallinckrodt CB LLC
$500 Mil. Senior Secured
  Term Loan Due 2025*                BB+
   Recovery Rating                   1 (95%)

*Guaranteed by Mallinckrodt PLC.


MONREAL PLC: CVA Completion Certificate Filed
---------------------------------------------
Monreal plc on Jan. 30 noted that the Supervisor has filed the
certificate of completion in respect of the company voluntary
arrangement which became effective following approval by
creditors held on October 24, 2017.

Monreal PLC, formerly Cogenpower PLC, is a shell company. The
Company is focused on acquisition, which constitute a reverse
takeover.


SEAFOOD SHACK: To Reopen Under New Mgmt. Following Liquidation
--------------------------------------------------------------
Jenny Johnson at BBC News reports that plans to relaunch Seafood
Shack, a restaurant accused of trading while insolvent, have been
thrown into doubt following a dispute between the proprietors and
landlord.

Seafood Shack, on Cardiff's High Street, went into liquidation
earlier last month with debts of more than GBP750,000, BBC
relates.

The business closed in December blaming a "malicious internal"
cyber attack and the loss of its alcohol license, BBC recounts.

Majority shareholder Darryl Kavanagh has denied trading while
insolvent, BBC notes.

Mr. Kavanagh, formerly bankrupt with six liquidated businesses
and a restriction on holding directorships in Ireland, said he
felt the company could have dealt with creditors and traded its
way out of debt, BBC relays.

The restaurant opened in June 2017 and BBC Wales has established
that it consulted insolvency practitioners as early as October,
BBC discloses.

It was announced on social media earlier last week that the
Seafood Shack would reopen under new management, BBC states.

The announcement of the reopening coincided with a meeting of
creditors of the company, who BBC Wales understands are owed
about GBP800,000.

Mr. Kavanagh, as cited by BBC, said he was not involved in
reopening the restaurant.  He reiterated that he was opposed to
the company going into liquidation, according to BBC.

A spokesman for Cardiff Council confirmed an application had been
received to transfer the Seafood Shack's alcohol license to
another company, Muldoon's Bar and Restaurant Cardiff Limited,
BBC relays.


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


[*] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings
------------------------------------------------------------
Author: Robert Sobel
Publisher: Beard Books
Softcover: 240 pages
List Price: $34.95
Review by David Henderson
Order your personal copy today at http://is.gd/1GZnJk

The marvelous thing about capitalism is that you, too, can be a
Master of the Universe. If you are of a certain age, you will
recall that is the name commandeered by Wall Street bond traders
in their Glory Days. Being one is a lot like surfing: you have to
catch the crest of the wave just right or you get slammed into
the drink, and even the ride never lasts forever. There are no
Endless Summers in the market.

This book is the behind-the-scenes story of the financial wizards
and bare-knuckled businessmen who created the conglomerates, the
glamorous multi-form companies that marked the high noon of
postWorld War II American capitalism. Covering the period from
the end of the war to 1983, the author explains why and how the
conglomerate movement originated, how it mushroomed, and what
caused its startling and rapid decline. Business historian Robert
Sobel chronicles the rise and fall of the first Masters of the
Universe in the U.S. and describes how the era gave rise to a
cadre of imaginative, bold, and often ruthless entrepreneurs who
took advantage of a buoyant stock market to create giant
enterprises, often through the exchange of overvalued paper for
real assets. He covers the likes of Royal Little (Textron), Text
Thornton (Litton Industries), James Ling (Ling-Temco-Vought),
Charles Bludhorn (Gulf & Western) and Harold Geneen (ITT). This
is a good read to put the recent boom and bust in a better
perspective.

While these men had vastly different personalities and processes,
they had a few things in common: ambition, the ability to seize
opportunities that others were too risk-averse to take, willing
bankers, and the expansive markets of the 1960s. There is
something about an expansive market that attracts and creates
Masters of the Universe. The Greek called it hubris.

The author tells a good joke to illustrate the successes and
failures of the period. It seems the young son of a
Conglomerateur brings home a stray mongrel dog. His father asks,
"How much do you think it's worth?" To which the boy replies, "At
least $30,000." The father gently tries to explain the market for
mongrel dogs, but the boy is undeterred and the next afternoon
proudly announces that he has sold the dog for $50,000. The
father is proudly flabbergasted, "You mean you found some fool
with that much money who paid you for that dog?" "Not exactly,"
the son replies, "I traded it for two $25,000 cats."
While it lasted, the conglomerate struggles were a great slugfest
to watch: the heads of giant corporations battling each other for
control of other corporations, and all of it free from the rubric
of "synergy." Nobody could pretend there was any synergy between
U.S. Steel and Marathon Oil. This was raw capitalist power at
work, not a bunch of fluffy dot.commies pretending to defy market
gravity.

History repeats itself, endlessly, because so few people study
history. The stagflation of the 1970s devalued the stock of
conglomerates and made it useless a currency to keep the schemes
afloat. The wave crashed and waiting on the horizon for the next
big wave: the LBO Masters of the 1980s.
Robert Sobel was born in 1931 and died in 1999. He was a prolific
chronicler of American business life, writing or editing more
than 50 books and hundreds of articles and corporate profiles. He
was a professor of business history at Hofstra University for 43
years and he a Ph.D. from NYU.



                            *********

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.


                 * * * End of Transmission * * *