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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

         Wednesday, February 21, 2018, Vol. 19, No. 037


                            Headlines


A Z E R B A I J A N

AZERENERJI: S&P Affirms 'BB/B' ICRs, Outlook Remains Negative


C R O A T I A

TEHNIKA: Zagorje-Tehnobeton Seeks Bankruptcy Over Debt Claims


G E R M A N Y

GHD VERWALTUNG: S&P Alters Outlook to Neg. on Underperformance


I R E L A N D

BLACKROCK EUROPEAN I: Moody's Assigns (P)B2 Rating to F-R Notes
CELF LOAN IV: Moody's Hikes Class E Notes Rating From Ba1(sf)
TORO EUROPEAN 5: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes


L U X E M B O U R G

PENTA CLO 1: Moody's Affirms Ba1 Rating on Class E Notes


N E T H E R L A N D S

ARES EUROPEAN IX: Moody's Assigns (P)B2 Rating to Cl. F Notes
SIGMA HOLDCO: Moody's Assigns B1 CFR, Outlook Stable


R U S S I A

PETROPAVLOVSK: S&P Alters Outlook to Negative & Affirms 'B' CCR
SIGMA HOLDCO: S&P Assigns Prelim 'B+' ICR, Outlook Stable


S E R B I A

MAGNOHROM: Asset Auction Scheduled for March 21


S P A I N

FLUIDRA SA: Moody's Assigns First Time Ba3 CFR, Outlook Stable
FLUIDRA SA: S&P Assigns Prelim. 'BB' Rating Amid Zodiac Merger


S W E D E N

SSAB AB: S&P Revises Outlook to Positive on Strong Credit Metrics


U N I T E D   K I N G D O M

BALMORAL KNITWEAR: Shuts Down Business, 42 Jobs Affected
CARILLION PLC: Regulator Ignored Requests to Plug Pension Deficit
COGNITA BONDCO: Moody's Affirms B3 CFR Following Bond Tap
COGNITA BONDCO: S&P Cuts CCR to 'B-' on Tap Issuance
LAGAN CONSTRUCTION: Four Companies to Go Into Administration

RUSSELL HUME: FSA's Investigation Prompts Collapse


                            *********



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A Z E R B A I J A N
===================


AZERENERJI: S&P Affirms 'BB/B' ICRs, Outlook Remains Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' long- and short-term issuer
credit ratings on Azerbaijan-based electricity utility Azerenerji.
The outlook remains negative.

S&P said, "The affirmation reflects our view that the likelihood
that Azerenerji will receive government support, if needed,
continues to be almost certain. At the same time, we see high
uncertainty about the funding of Azerenerji's enlarged investment
program, sustainability of cash collection from distribution grids
operator Azerishiq, and general government's tolerance to
relatively high debt at Azerenerji. Any indications of weakening
ongoing and extraordinary government support could make us
reassess the uplift we currently incorporate in our rating on
Azerenerji and potentially lead to a multi-notch downgrade.

"We observe the government so far has been able and willing to
cover Azerenerji's liquidity shortages, including the maturing
debt and interest payments. Under our base case, we expect this to
continue. The government guarantees most of the company's debt as
of the end of 2017 and, in line with the Cabinet of Ministers'
decision, will provide equity injections to Azerenerji to support
repayments of foreign currency loans over 2018-2025. We understand
that the government has budgeted sufficient financial injections
to cover the company's debt and interest payments due in 2018, if
needed.

"We believe that the Ministry of Finance closely monitors
Azerenerji's debt payments and that Azerenerji, similar to other
government-related entities (GREs) in the country, cannot incur
any new borrowings without the government's approval.
We also understand that the government helped Azerenerji to
achieve almost full cash collection from Azerishiq, which was
previously problematic. Azerishiq is a GRE which, following
unbundling, operates Azerbaijan's distribution grids and provides
more than 95% of Azerenerji's revenues. The higher collection rate
was a result of enhanced monitoring of certain GREs, including
Azerenerji. All the company's revenues are now collected on a
special account and all cash outflows should be approved by the
government.

"We continue to believe that, without ongoing and extraordinary
state support, Azerenerji would face difficulties in servicing its
debt because of high leverage and enlarged investment needs of
about Azerbaijani new manat (AZN) 1 billion ($600 million) in the
next three years. We understand that, in line with the
government's roadmap for the energy sector, Azerenerji plans large
capital expenditures (capex) to improve the quality of its assets
following several years of historical underinvestments. At the
same time, we see that Azerenerji's cost structure has improved
after unbundling, and, under our base case for 2018, we assume the
entity will generate stable funds from operations (FFO) compared
with 2017, at a level almost 2x higher than 2015 (before the
unbundling). Thus, we now assess Azerenerji's stand-alone credit
profile (SACP) at 'b-', including the ongoing state support (such
as monitoring of full payments by Azerishiq).

"Still, we continue to see uncertainty about the government's
commitment to the company in the longer term. Although the
government provides financial support to cover the company's
ongoing debt payments and monitors cash collection, it still
tolerates high debt at Azerenerji, and funding of enlarged capex
remains uncertain. We don't rule out that eventually the
government could reduce monitoring of stand-alone performance and
liquidity, if the SACP further improves.

"Therefore, we do not equalize the ratings on Azerenerji with
those on Azerbaijan (BB+/Stable/B). Instead, we continue to apply
a one-notch downward adjustment from the sovereign rating to
arrive at our issuer credit rating on Azerenerji. Our reassessment
of the likelihood of extraordinary government support could lead
to a multi-notch downgrade of Azerenerji."

S&P's current assessment of an almost certain likelihood of
government support is based on its view of Azerenerji's:

-- Critical role for the government as the sole transmission
    system operator and the state's largest electric utility.
    It's also a government arm for implementing strategies in the
    electricity sector. Furthermore, the state's economic
    development and social mandates ensure reliable and
    affordable electricity provision, in S&P's view; and

-- Integral link with the government, given its 100% ownership
    and S&P's expectation that this will not change in the next
    three years. According to the company's information, the
    state guarantees almost all of the company's debt. The
    Azerbaijani government has also closely overseen Azerenerji's
    operations and strategies and the utility understands that a
    default would put the sovereign's reputation at risk.
    Azerenerji's president is appointed by the president of
    Azerbaijan. Approval from the latter is also required for
    Azerenerji's new state-guaranteed borrowings. S&P also
    understands that, during 2017, the government supported
    Azerenerji's debt repayments and it expects this will
    continue in 2018.

From December 2016, the Tariff Council increased Azerenerji's
tariffs by about 33% in order to compensate for the 50% increase
in prices of gas and 2.4x increase in prices of fuel oil purchased
from the sole supplier, Azerbaijan's state oil company, SOCAR. S&P
said, "We do not anticipate new tariff revisions, at least in the
next two years, given the economic and social sensitivity of such
moves. We expect the company to report positive results from
operating activities, but we forecast discretionary cash flow will
turn negative in 2018 if heavy capex is not supported by the
state."

S&P said, "We continue to view high risks related to the current
capital structure, since about 85% of the debt portfolio is
denominated in foreign currencies and the company remains exposed
to the risk of fluctuations of exchange rates. There are no
substantial cash flows in foreign currencies to mitigate this
risk.

"In this report, we disclose limited financial information due to
confidentiality of such numbers. The company made the latest
audited financial statements and management's projections
available to us for review."

The negative outlook on Azerenerji reflects continuing uncertainty
about the government's long-term strategy to provide ongoing and
extraordinary support to Azerenerji. In particular, S&P will focus
on the funding of the enlarged investment program, sustainability
of cash collection from Azerishiq, and tariffs that provide cost
pass-through, as well as general government's tolerance to
relatively high debt.

Any new debt issued without guarantees would in our view signal
weakening government support. Also, any weakening in the
government's mechanisms to monitor the company's liquidity
position and provide financial support to cover liquidity
shortages may also put pressure on the rating.

S&P said, "In our base case, we expect the company's structure and
current asset composition will remain unchanged in the near term
and stand-alone credit quality will remain weak, with a
significant debt portfolio and material investment program at
least in the next two to three years.

"We could downgrade Azerenerji if we considered that the
government's willingness and ability to support the company in
cases of financial stress had weakened. For example, Azerenerji's
failure to make maturing debt payments from its own sources, and a
lack of government commitment to cover such payments, or issuance
of new debt without state guarantees, may indicate a weakening of
the likelihood of extraordinary government support and could lead
to a multi-notch downgrade.

"In addition, indications of negative government intervention or
lack of ongoing support, leading to deterioration in Azerenerji's
SACP could lead us to lower our ratings on the company. For
instance, if the government did not timely fund the significant
investment program enforced by the state or did not control timely
cash payments from the major counterparty Azerishiq, it would
negatively impact the company's stand-alone credit quality, in our
view, and signal a lack of ongoing state support.

"If we were to lower the long-term sovereign rating on Azerbaijan
by one notch, this would likely result in a similar rating action
on Azerenerji, all else being equal. However, this scenario is
unlikely, considering our stable outlook on our rating on
Azerbaijan.

"We would likely revise our outlook on Azerenerji to stable if we
observed substantial government steps supporting the company. In
particular, a stable outlook would require the new capex program
to be funded with equity or government-guaranteed debt, continuing
government support to cover any liquidity shortages, and
sustainable stand-alone performance, with tariffs covering any
cost increases and robust cash collection pattern."



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


TEHNIKA: Zagorje-Tehnobeton Seeks Bankruptcy Over Debt Claims
-------------------------------------------------------------
SeeNews reports that Croatian construction company Tehnika said on
Feb. 19 its peer Zagorje-Tehnobeton is seeking its bankruptcy over
"unfounded" debt claims.

"The request for bankruptcy proceedings is unfounded," SeeNews
quotes Tehnika as saying in a statement.

Tehnika explained that Zagorje-Tehnobeton is not a creditor of the
company and that its claims towards Tehnika have not been
determined yet, SeeNews relates.

"The case at the first-instance court is still in progress to
determine the amount of mutual claims and counterclaims between
Tehnika and Zagorje-Tehnobeton," Tehnika, as cited by SeeNews,
said.

It said it expects the bankruptcy request to be denied due to
"lack of legal reasons".

Last week, Tehnika said it suffered a consolidated net loss of
HRK141.8 million  (US$23.8 million/EUR19.1 million) in 2017,
compared to a profit of HRK926,300  a year earlier, partially due
to the crisis in Croatia's ailing Agrokor concern, SeeNews
recounts.

According to SeeNews, Tehnika said the loss was mostly due to the
write-off of Tehnika's claims it held towards companies of
Agrokor.



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


GHD VERWALTUNG: S&P Alters Outlook to Neg. on Underperformance
--------------------------------------------------------------
S&P Global Ratings revised to negative from stable its outlook on
GHD Verwaltung GesundHeits GmbH Deutschland GmbH (GHD), a Germany-
based distributor of medicine and medical products. At the same
time, S&P affirmed its 'B' issuer credit rating on the company.

S&P said, "We also affirmed our 'B' issue ratings on GHD's senior
secured debt, comprising a EUR360 million term loan B and a EUR45
million revolving credit facility (RCF). The recovery rating is
unchanged at '4', indicating our expectation of average recovery
prospects (30%-50%; rounded estimate: 40%) in the event of a
payment default.

"The negative outlook reflects our view that, faced with highly
competitive and working-capital-intensive conditions in the
wholesale and distribution industry, GHD might not be able to
achieve a sufficient increase in EBITDA and reduction in working
capital to be able to generate meaningful free operating cash flow
(FOCF), enabling it to partially repay drawings under its RCF and
reduce leverage.

2017 was a challenging year for GHD as it had to adapt to adverse
regulatory changes. On March 9, 2017, the German Bundestag passed
the "Bill to Strengthen the Supply of Medicines" ("Gesetz zur
StÑrkung der Arzneimittelversorgung"). This eliminates the
possibility of health insurance funds closing contracts through
tendering in the area of cytostatics supply. Contracts concluded
through tenders and serviced since May were invalidated in August
2017, three months after the commencement of the Act. GHD, via its
Profusio division, was producing and supplying bespoke patient
individual infusion bags for oncological treatments. The unit
generated about EUR113 million in revenue in 2016 and 2017 but its
growth prospects appeared limited. With decreasing volumes, its
profitability started to suffer and GHD decided to exit the
business, selling its operations in Berlin in September 2017,
followed by those in Leipzig, Haan, and Munich in December. The
proceeds will be used to repay drawings under the RCF.

The company entered into a tender contract with Techniker
Krankenkasse (a statutory health insurance entity) in March 2017
for the supply of draining incontinence products, increasing the
number of patients served by GHD by more than 20,000. Although
this contract adds to the company's top line, it is margin-
dilutive and has increased GHD's accounts receivable. We
understand that the company has managed to negotiate faster
invoicing in August, which should have a positive impact on its
working capital.

Based on preliminary results, the company generated revenues of
about EUR658 million and reported EBITDA of about EUR51 million in
2017. After deducting financing charges of about EUR12 million,
working capital of EUR22 million, capital expenditure (capex) of
EUR18 million, and tax outflow of EUR13.7 million (including a
one-off payment of EUR8.8 million), GHD generated negative FOCF of
EUR13 million. This is below our expectations of marginally
negative FOCF. We estimate that the company's S&P Global Ratings-
adjusted debt-to-EBITDA ratio will be about 11x in 2017.

S&P said, "For 2018, we estimate EBITDA of about EUR50 million-
EUR60 million, reflecting the disposal of the Profusio division,
partially offset by the acquisition of Verosana and the new
incontinence contract, with the underlying business growing by a
low single-digit percentage. The low margin under the tender for
incontinence products hampers profitability, but this is balanced
by the disposal of Profusio, which weighed on profitability due to
low utilization. As the company is working on improving its
invoicing, and will not incur tax payments similar to 2017 levels
(which included a one-off charge of about EUR8 million), it could
return to marginally positive FOCF in 2018. However, we estimate
that adjusted debt to EBITDA will remain high at about 11x because
of lower EBITDA and EUR15 million drawn under the RCF, adding to
EUR360 million outstanding under the term loan B and about EUR220
million under a shareholder loan. We do not deduct cash from our
leverage calculation."

GHD manufactures, purchases, and distributes health care products
for stoma, incontinence, and wound care to health care
professionals, institutions, and to patient-at-home care,
accompanied by ancillary services. S&P sees as GHD's main
weaknesses its relatively small size, focus on Germany, and
exposure to regulatory changes. S&P views the market as
challenging due to continuing pricing pressure and inherent
working capital intensity.

S&P's base case assumes:

-- Low-single-digit revenue growth in 2018 and 2019, helped by
    the integration of newly acquired business, although from a
    lower level than in 2017 due to the disposal of Profusio.

-- Operating margins of about 8.6%, with a mixed impact from
    low-margin incontinence products partially mitigated by GHD
    making use of broader coverage and the disposal of Profusio,
    which suffered from low utilization.

-- Reduced tax expenses after the one-off payment recorded in
    2017, supported by reduced working capital outflow.

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

-- Debt to EBITDA of about 11x.
-- FFO cash interest coverage of about 3x.
-- FOCF of about EUR5 million.

S&P said, "The negative outlook reflects our view that, as GHD
operates in a highly competitive and working-capital-intensive
wholesale and distribution industry, it could face some execution
risks in its efforts to improve EBITDA. The measures the company
is attempting include increasing volumes and improving
profitability by using its distribution network to sell higher-
margin products, and to reduce its working capital outflows to
return to positive FOCF.

"We could lower the ratings if we see evidence that the company
might not be able sufficiently to improve its EBITDA and working
capital and generate meaningfully positive FOCF. In our view, this
would lead to GHD's liquidity deteriorating with further cash
absorption and a reduction in available cash and headroom under
covenants.

"We could revise the outlook to stable if the company manages to
successfully implement its business plan, ultimately resulting in
increased profitability levels and meaningfully positive cash flow
generation, resulting in improved cash balances and liquidity."



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


BLACKROCK EUROPEAN I: Moody's Assigns (P)B2 Rating to F-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by BlackRock
European CLO I Designated Activity Company:

-- EUR266,000,000 Class A-R Senior Secured Floating Rate Notes
    due 2031, Assigned (P)Aaa (sf)

-- EUR39,680,000 Class B-1-R Senior Secured Floating Rate Notes
    due 2031, Assigned (P)Aa2 (sf)

-- EUR26,320,000 Class B-2-R Senior Secured Fixed Rate Notes due
    2031, Assigned (P)Aa2 (sf)

-- EUR32,000,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Assigned (P)A2 (sf)

-- EUR24,000,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Assigned (P)Baa2 (sf)

-- EUR25,500,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Assigned (P)Ba2 (sf)

-- EUR10,500,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the notes address the expected loss
posed to noteholders. The provisional ratings reflect the risks
due to defaults on the underlying portfolio of assets, the
transaction's legal structure, and the characteristics of the
underlying assets.

The Issuer will issue the Refinancing Notes in connection with the
refinancing of the following classes of notes: Class A-1 Notes,
Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C Notes,
Class D Notes, Class E Notes due 2029 (the "Original Notes"),
previously issued on February 25, 2016 (the "Original Closing
Date"). On the Refinancing Date, the Issuer will use the proceeds
from the issuance of the Refinancing Notes to redeem in full its
respective Original Notes. On the Original Closing Date, the
Issuer also issued EUR50 million of Subordinated Notes, which will
remain outstanding. However, the terms and conditions of the
Subordinated Notes will be amended in accordance with the
Refinancing Notes' conditions.

As part of this reset, the Issuer has increased the target par
amount by EUR60 million to EUR460 million, has set the
reinvestment period to 4.25 years and the weighted average life to
8.75 years. In addition, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment
of the definitive ratings.

BlackRock European I is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior loans or senior
secured bonds and up to 10% of the portfolio may consist of
unsecured senior loans, second-lien loans, high yield bonds and
mezzanine loans. The underlying portfolio is 87% ramped as of the
pricing date.

BlackRock Investment Management (UK) Limited ("BlackRock IM") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's 4.25 years reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, and are subject to certain
restrictions.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution assumed
for the portfolio default rate. In each default scenario, the
corresponding loss for each class of notes is calculated given the
incoming cash flows from the assets and the outgoing payments to
third parties and noteholders.

Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par Amount: EUR460,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.75 years

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3301 from 2870)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: 0

Class B-1-R Senior Secured Floating Rate Notes: -2

Class B-2-R Senior Secured Fixed Rate Notes: -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: 0

Class F-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3731 from 2870)

Ratings Impact in Rating Notches:

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

Class B-1-R Senior Secured Floating Rate Notes: -3

Class B-2-R Senior Secured Fixed Rate Notes: -3

Class C-R Senior Secured Deferrable Floating Rate Notes: -4

Class D-R Senior Secured Deferrable Floating Rate Notes: -3

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: 0


CELF LOAN IV: Moody's Hikes Class E Notes Rating From Ba1(sf)
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by CELF Loan Partners IV plc:

-- EUR33 million (Current Outstanding amount EUR20M) Class D
    Senior Secured Deferrable Floating Rate Note due 2023,
    Upgraded to Aaa (sf); previously on Sep 15, 2017 Upgraded to
    Aa2 (sf)

-- EUR25.5 million (Current Outstanding amount EUR20.1M) Class E
    Senior Secured Deferrable Floating Rate Notes due 2023,
    Upgraded to A2 (sf); previously on Sep 15, 2017 Upgraded to
    Ba1 (sf)

CELF Loan Partners IV plc, issued in May 2007, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European and US loans. The portfolio is managed by
CELF Advisors LLP. The transaction's reinvestment period ended in
May 2014.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
significant deleveraging of the Classes B, C and D notes following
amortisation of the underlying portfolio since the last rating
action in September 2017.

The Classes B and C notes have been redeemed in full and the Class
D notes have paid down by approximately EUR13 million (39% of
closing balance) since the last rating action in September 2017.
As a result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report dated December 2017 the Class D and Class E OC ratios are
reported at 295.19% and 147.42% compared to July 2017 levels of
145.66% and 118.77%, respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR52.2 million and principal proceeds balance
of EUR9.9 million, no defaulted assets, a weighted average default
probability of 28.03% (consistent with a WARF of 4331 over a
weighted average life of 3.56 years), a weighted average recovery
rate upon default of 43.80% for a Aaa liability target rating, a
diversity score of 8 and a weighted average spread of 4.72%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Moody's notes that the January 2018 trustee report was published
at the time it was completing its analysis of the December 2017
data. Key portfolio metrics such as WARF, diversity score,
weighted average spread and life, and OC ratios exhibit little or
no change between these dates.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated output was
unchanged for Class D and within two notches of the base-case
results for Class E.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
starting with the notes having the highest prepayment priority.

* Lack of portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors with low non-investment-grade ratings, especially when
they default. Because of the deal's lack of granularity, Moody's
substituted its typical Binomial Expansion Technique analysis with
a simulated default distribution using Moody's CDOROM(TM) software
and an individual scenario analysis.

* Foreign currency exposure: The deal has an exposure to non-EUR
denominated assets. Volatility in foreign exchange rates will have
a direct impact on interest and principal proceeds available to
the transaction, which can affect the expected loss of rated
tranches.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


TORO EUROPEAN 5: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Toro
European CLO 5 DAC's class X, A, B-1, B-2, C-1, C-2, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

Toro European CLO 5 is a European cash flow collateralized loan
obligation (CLO), securitizing a portfolio of primarily senior
secured leveraged loans and bonds. The transaction will be managed
by Chenavari Credit Partners LLP.

The preliminary ratings assigned to the notes reflect our
assessment of:

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

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

-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which we expect to be
    bankruptcy remote.

Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment. The portfolio's reinvestment period will end
approximately four years after closing.

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average 'B' rating. We consider that the portfolio at
closing will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
reference weighted-average coupon (4.55%), and the target minimum
weighted-average recovery rate at the 'AAA' rating level as
indicated by the collateral manager. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category."

The Bank of New York Mellon, London Branch is the bank account
provider and custodian. At closing, S&P anticipates that the
documented downgrade remedies will be in line with its current
counterparty criteria.

S&P said, "Under our structured finance ratings above the
sovereign criteria, we consider that the transaction's exposure to
country risk is sufficiently mitigated at the assigned preliminary
rating levels.

"At closing, we consider that the issuer will be bankruptcy
remote, in accordance with our legal criteria.

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

RATINGS LIST

Preliminary Ratings Assigned

  Toro European CLO 5 DAC
  EUR414.37 Million Senior Secured Fixed- And Floating-Rate Notes
  (Including EUR41.25 Million Unrated Subordinated Notes)

  Class          Prelim.          Prelim.
                 rating            amount
                                 (mil. EUR)

  X              AAA (sf)            2.25
  A              AAA (sf)          232.50
  B-1            AA (sf)            34.00
  B-2            AA (sf)            22.85
  C-1            A (sf)             14.50
  C-2            A (sf)             10.00
  D              BBB (sf)           21.72
  E              BB (sf)            23.45
  F              B- (sf)            11.85
  Sub            NR                 41.25

  NR--Not rated.
  Sub--Subordinated.



===================
L U X E M B O U R G
===================


PENTA CLO 1: Moody's Affirms Ba1 Rating on Class E Notes
--------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Penta CLO 1 S.A.:

-- EUR21,000,000 Class C Senior Subordinated Deferrable Floating
    Rate Notes due 2024, Upgraded to Aaa (sf); previously on Nov
    28, 2016 Upgraded to Aa1 (sf)

-- EUR15,000,000 Class D Senior Subordinated Deferrable Floating
    Rate Notes due 2024, Upgraded to Aa3 (sf); previously on Nov
    28, 2016 Upgraded to A3 (sf)

-- EUR5,500,000 Class Q Combination Notes due 2024, Upgraded to
    Aaa (sf); previously on Nov 28, 2016 Upgraded to Aa1 (sf)

-- EUR5,000,000 Class R Combination Notes due 2024, Upgraded to
    Aaa (sf); previously on Nov 28, 2016 Upgraded to Aa1 (sf)

Moody's also affirmed the ratings of the following tranches of
Penta CLO 1 S.A.:

-- EUR48,000,000 (Current Outstanding amount 31,830,574) Class B
    Senior Deferrable Floating Rate Notes due 2024, Affirmed Aaa
    (sf); previously on Nov 28, 2016 Affirmed Aaa (sf)

-- EUR13,000,000 Class E Senior Subordinated Deferrable Floating
    Rate Notes due 2024, Affirmed Ba1 (sf); previously on Nov 28,
    2016 Upgraded to Ba1 (sf)

Penta CLO 1 S.A. issued in April 2007, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Penta
Management Limited. The transaction's reinvestment period ended in
April 2014.

RATINGS RATIONALE

The rating action on the notes is primarily a result of
deleveraging of the senior notes over the last 2 payment dates.
The Class B notes have paid down by approximately EUR16.2 million
(33.7%) in the last 12 months. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated December 2017 the
Class B, Class C, Class D and Class E OC ratios are reported at
321.17%, 193.51%, 150.71% and 126.47% compared to July 2017 levels
of 185.29%, 148.30%, 129.79% and 117.12%, respectively.

The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the Class
Q and Class R notes, the rated balance at any time is equal to the
principal amount of the combination note on the issue date minus
the sum of all payments made from the issue date to such date, of
either interest or principal. The rated balance will not
necessarily correspond to the outstanding notional amount reported
by the trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR112.55
million, defaulted par of EUR3.78 million, a weighted average
default probability of 25.98% (consistent with a WARF of 3890 over
the WAL of 3.78 years), a weighted average recovery rate upon
default of 46.25% for a Aaa liability target rating, a diversity
score of 10 and a weighted average spread of 3.95%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs that were
unchanged for Classes D and C and were within 1 and 2 notches of
the base-case results for Classes D and E accordingly.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by: the liquidation
agent/the collateral manager or be delayed by an increase in loan
amend-and-extend restructurings. Fast amortisation would usually
benefit the ratings of the notes beginning with the notes having
the highest prepayment priority.

* Around 6.3% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates in
Rated Transactions," published in October 2009 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices.

* Lack of portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors with low non-investment-grade ratings, especially when
they default.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



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


ARES EUROPEAN IX: Moody's Assigns (P)B2 Rating to Cl. F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Ares
European CLO IX B.V. (the "Issuer" or "Ares IX"):

-- EUR228,000,000 Class A Senior Secured Floating Rate Notes due
    2031, Assigned (P)Aaa (sf)

-- EUR29,800,000 Class B-1 Senior Secured Floating Rate Notes
    due 2031, Assigned (P)Aa2 (sf)

-- EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2031, Assigned (P)Aa2 (sf)

-- EUR26,800,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)A2 (sf)

-- EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)Baa2 (sf)

-- EUR23,100,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)Ba2 (sf)

-- EUR11,100,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's is
of the opinion that the collateral manager, Ares European Loan
Management LLP ("Ares"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Ares IX is a managed cash flow CLO. At least 96% of the portfolio
must consist of senior secured loans and senior secured bonds and
up to 4% of the portfolio may consist of unsecured senior loans,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 70% ramped up as of the
closing date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR42.5m of subordinated notes, which will not
be rated.

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's encompasses the assessment of
stressed scenarios.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Par amount: EUR400,000,000

Diversity Score: 41

Weighted Average Rating Factor (WARF): 2720

Weighted Average Spread (WAS): 3.42%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years

Weighted Average Coupon (WAC): 4.50%

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3128 from 2720)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -1

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF + 30% (to 3536 from 2720)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0


SIGMA HOLDCO: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) to Sigma Holdco BV, the new indirect parent company
of Unilever's global Spreads business, Flora Food Group ("FFG");
and a Probability of Default Rating (PDR) of B1-PD. Concurrently,
Moody's has assigned a B1 instrument rating to the first lien
senior secured term loans of EUR3.9 billion issued by Sigma Bidco
BV and Sigma US Corp; and a B1 instrument rating to the EUR700
million senior secured revolving credit facility ("RCF"). The
outlook on all ratings is stable.

This is the first time that Moody's rates Sigma Holdco, which has
been incorporated by KKR as a financial vehicle, which will fully
own the shares of FFG.

The Group will use the EUR3.9 billion term loans to acquire FFG,
from Unilever N.V. (A1 stable) for EUR6.8 billion on a cash-free,
debt-free basis. The rest of the acquisition will be funded by a
EUR1 billion senior unsecured bridge facility and KKR's equity
injection of approximately EUR2 billion. The transaction should
complete by mid-2018 and is subject to certain regulatory
approvals.

"The B1 CFR reflects the Group's significant scale and leading
global market positions" says Ernesto Bisagno, a Moody's Vice
President -- Senior Credit Officer and lead analyst for Sigma
Holdco. "However, the rating also factors in the highly leveraged
capital structure partially mitigated by FFG's strong cash flow
generation", adds Mr. Bisagno.

RATINGS RATIONALE

The B1 rating reflects the Group's (1) significant scale and
relevance within the Butter & Margarine (B&M) industry, and strong
portfolio of brands; (2) leading global market position with a
c.18% global market share; (3) extensive geographical
diversification with operations in 69 markets and; (4) high
profitability (current EBIT margin around 20%) and cash flow
generation. The rating also reflects Moody's expectations that
operating performance will improve driven by the implementation of
the new strategy and the more efficient cost structure as a result
of the carve-out from Unilever.

However, the rating is constrained by (1) highly leveraged capital
structure with 2018 Moody's pro forma leverage (adjusted gross
debt to EBITDA) of 7.0x; (2) very limited segmental
diversification, being concentrated in a single product category,
with around 86% of FFG's revenue coming from margarine; (3)
exposure to a mature industry with ongoing volumes pressure in
developed markets; (4) decline in historical reported profits; (5)
execution risk from the separation from Unilever.

Execution risk is mitigated by transitional service agreements
("TSAs") with Unilever which will stay in place for a period of up
to 18 months after closing. Under the TSAs, Unilever will continue
to provide support to a number of areas, including IT, shared
services, office space and facilities.

Despite the ongoing pressure on margarine volumes, Moody's notes
some improvement in FFG's trading performance through 2017 in
developed markets on the back of the initiatives implemented by
the new management put in place at the time of the partial carve
out of FFG from Unilever in 2015.

Moody's expects the positive momentum to continue under KKR's
ownership. In addition, Moody's expects earnings to benefit from a
leaner cost structure reflecting the removal of the shared
services charges from Unilever's cost allocations; and factors an
additional positive contribution of at least EUR140 million from
cost savings over 2018-22. As a result, Moody's expects FFG's
underlying EBITDA to increase each year in the low-to-mid single
digit range.

However, the rating agency expects the 2018-19 cash flow to be
negatively impacted by the significant IT implementation costs, as
well as the additional marketing spending supporting the brands
equity. As a result, free cash flow will be around EUR200 million
each year in 2018-19 and would increase to EUR300-350 million in
2020 driven by a steady earnings improvement and the completion of
the IT investments.

Based on that, Moody's expects leverage to decline below 7.0x by
2020; and interest cover (Moody's EBIT / interest expense) to
improve towards 3.0x. However, Moody's anticipates 2019 leverage
to increase temporarily above 7.0x due to the negative impact on
earnings from the product and market investments.

LIQUIDITY

Pro-forma for the transaction, Moody's expects the Group to
maintain good liquidity driven by (1) positive free cash flow
generation of minimum EUR200 million each year; (2) large EUR700
million RCF and; (3) a long debt maturity profile with no
significant maturities until 2025. Moody's notes that as part of
the transaction, there will be an additional outflow for working
capital which will be mostly covered by a RCF drawdown; and
expects the outflow to unwind quickly into cash by the end of
2018.

The RCF will be subject to a senior leverage covenant at 8.5x,
tested quarterly (taking into account the past 12 months on the
relevant test date) if more than 40% of the facilities are drawn.

STRUCTURAL CONSIDERATIONS

Both the EUR3.9 billion term loans and the EUR700 million RCF are
1st lien with no structural subordination due the guarantee
structure. However, the security package only covers material
assets in the UK and the US and share pledges, intercompany
receivables and some bank accounts in other jurisdictions. Moody's
assigned an instrument rating of B1 and a probability of default
(PD) B1 to all the tranches. The EUR1 billion bridge facility
(unrated) is unsecured and therefore legally subordinated.

RATIONALE FOR THE STABLE OUTLOOK

Sigma Holdco will be weakly positioned in its rating category at
the closing of the acquisition as a result of a high pro-forma
opening leverage of 7.0x at 2018 and expectation that it could
increase further in 2019 as a result of the significant one off
marketing investments. The stable outlook assigned to the ratings
reflects Moody's expectation that leverage will decline below 7.0x
by 2020 supported by stronger underlying operating performance in
as well as by the execution of cost reduction measures.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the rating in the short term is unlikely but
could materialize as a combination of (1) stronger free cash flow
used for debt repayment and (2) adjusted gross debt/EBITDA to
trend towards 5.5x on a sustainable basis.

Conversely, negative pressure on the rating could materialize if
(1) free cash flow generation deteriorates materially below EUR200
million; (2) the Group fails to successfully execute its cost
cutting programme with no evidence of improved underlying
earnings; and (3) adjusted gross/EBITDA remains above 7.0x by
2020, or Moody's adjusted EBIT/interest expense below 3.0x.

With reported pro forma revenue of EUR3 billion and reported pro
forma EBITDA of EUR767 million for 2017, FFG is a global
manufacturer of food spreads, primarily producing margarine, which
accounts for around 86% of turnover. The Group also produces other
products including creams, vegetable cooking oils and other
spreadable products. FFG is geographically diversified across both
developed (representing around 80% of turnover) and emerging
markets, with no material concentration risk to any one market.
Its largest markets are the US, Germany, UK, Netherlands and
Canada.

LIST OF ASSIGNED RATINGS

Issuer: Sigma Holdco BV

-- Corporate Family Rating , Assigned B1

-- Probability of Default Rating , Assigned B1-PD

-- Outlook, Stable

Issuer: Sigma Bidco BV

-- Backed Senior Secured Bank Credit Facilities, Assigned B1

-- Outlook, Stable

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.



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


PETROPAVLOVSK: S&P Alters Outlook to Negative & Affirms 'B' CCR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based gold
exploration and production company Petropavlovsk PLC to negative
from stable. S&P affirmed its 'B' long-term issuer credit rating
on the company.

S&P also affirmed its 'B' issue ratings on the $500 million senior
unsecured Eurobond due 2022, issued by Petropavlovsk 2016 Ltd., a
finance vehicle wholly owned by Petropavlovsk PLC.

S&P said, "The outlook revision reflects our opinion that
Petropavlovsk will deleverage slower than we had previously
forecast for 2018, because of the upward revision of our operating
cost expectations. This reflects the recent appreciation of the
Russian ruble and changes in the company's production plan that
involve higher volume of mass moved and increased haulage
distances, with lower average grades than previously expected. We
expect Petropavlovsk will likely achieve a total cash costs (TCC)
reduction to $650 per ounce (/oz) in 2019 and $600/oz in 2020 from
$700/oz-750/oz in 2018. The pressure oxidation facility (POX hub)
-- planned to ramp up in 2019 -- will incur higher costs, since
the processing method of refractory ore is more costly. However,
we expect that operating gearing will allow for a reduction in
costs per ounce extracted, due to the rapid increase in the
facility's production, which we expect will contribute about one-
third of group production in 2019. We also expect a positive
impact on costs from the shut-down of the smaller Pokrovski mine,
which operated with TCC of $1,286/oz in the first half of 2017,
compared with an average $675/oz for the group. Although the
company highlighted some delays last year at its two underground
projects, mines Pioneer (underground water) and Malomir
(development delays), we understand the issues have been resolved,
and the company expects the impact to be limited going forward.
Therefore, we assume that the partial transition to underground
production will go as planned and will achieve ramp-up to higher
grades in line with the company's expectations. Any further delays
on the underground project would lead us to reassess our cost
assumptions.

"The highlights of the company's 2017 results showed production
numbers broadly in line with our expectations: 440,000 oz, in the
middle of the 420,000 oz-460,000 oz guided range, compares with
our estimate of 450,000 oz, and 416,000 oz reported in 2016.
Production guidance for 2018 is 420,000 oz-460,000 oz, and we have
revised down our projections by 5 thousand ounces (koz) to 430
koz. We anticipate that production in 2019 will remain highly
sensitive to the delivery of the POX facility and underground
operations, which we assume will cumulatively contribute around
one-half of production that year.

"In addition, we continue to assume a 2018 gold price assumption
of $1,250/oz. Gold was among the least volatile of metals and
mining commodities last year, trading between $1,200/oz and
$1,300/oz, in line with our expectations (current spot price is
$1,350/oz). As at Dec. 31, 2017, Petropavlovsk had hedges
outstanding for 400,000 oz--with delivery in 2018 and 2019--at an
average gold price of $1,252/oz, which we have considered in our
forecast."

The 'B' rating continues to reflect Petropavlovsk's position as a
relatively small gold producer with strong asset concentration and
relatively short proved reserve life of less than two years based
on last year's production. About one-half of the company's
reserves and resources come from refractory ore--rock that is
resistant to recovery by standard cyanidation and carbon
absorption methods and therefore has not yet been exploited by the
company. The POX hub is scheduled for commissioning from fourth-
quarter 2018 and will likely enable Petropavlovsk to unlock this
50% of its existing reserve base. The company expects that about
one-third of its production will come from refractory ore in 2019,
supporting an increase in production to 550,000 oz-600,000 oz in
2019-2021 from 440,000 oz in 2017.

Although construction on the POX plant is 75% complete, the
project remains exposed to execution risks related to cost
overruns or delays in ramping up. There are uncertainties around
future production costs, which is typical for this kind of
project. Additional execution risks are associated with the
current development of underground mining at Pioneer and Malomir,
where last year's unexpected delays led to increased operating
costs.

S&P said, "We think that Petropavlovsk's business risk profile,
which we assess as weak, is constrained by the inherent volatility
of the gold mining industry and our view that operating in Russia
implies high country risk. We also note the increasing trajectory
of TCC, from a low $600/oz in 2016, thanks to the ruble
depreciation and cost-cutting measures, to $700/oz in 2017 and
$700/oz-$750/oz guided for 2018.

"Our assessment of the company's highly leveraged financial risk
profile balances our expectation of improving leverage metrics in
2019 against high capital expenditure (capex) outlays that are
largely related to the completion of the POX plant, resulting in
limited free operating cash flow. We also take into account the
inherent volatility of cash flows, which is only partly offset by
the company's hedging of about 40% of production over 2018-2019.

"The negative outlook reflects a one-in-three likelihood that we
will downgrade Petropavlovsk in the next 6-12 months, unless we
see progress in deleveraging toward the 2019 target of FFO to debt
of above 20%. Debt reduction in 2018 will depend on industry and
macroeconomic developments, notably the ruble exchange rate and
gold price, as well cost inflation and delivery of the production
plan. We currently do not factor in any dividends or material
event risk related to mergers and acquisitions (M&A) that would
lead to increased leverage.

"We could lower the rating if the company is unable to make
substantial progress in the next 6-12 months toward deleveraging.
This could happen if the ruble continues appreciating beyond our
revised expectations or TCCs are above the $750/oz high end of the
guidance for 2018. Operational setbacks in the commissioning and
ramp-up of the POX facility or in the underground partial
transition could also weigh on leverage metrics and consequently
the rating.

"A negative rating action could also occur if we see further
weakening of Petropavlovsk's liquidity, or if the company embarks
on material dividends payments or M&A that substantially lifts
leverage.

"We could consider revising the outlook to stable if we see
meaningful progress in 2018 on deleveraging toward the 2019 target
of FFO to debt above 20%. We would also need to see developments
at the POX facility advance on time and within budget.
Furthermore, Petropavlovsk's liquidity would need to remain at
least at its current level of less than adequate."


SIGMA HOLDCO: S&P Assigns Prelim 'B+' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to Sigma HoldCo BV (Flora Food Group [FFG]), a
Netherlands-based manufacturer of margarine and other plant-based
nutrition products. The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B+'
issue rating to the proposed EUR3,900 million equivalent floating-
rate senior secured term loan maturing in 2025, as well as to the
proposed EUR700 million revolving credit facility (RCF) maturing
in 2024. The recovery rating is '4', indicating our expectations
of 30%-50% recovery (rounded estimate: 45%) in the event of
payment default. The subsidiaries Sigma Bidco BV and Sigma US
Corp. will issue the loan, which Sigma HoldCo BV and certain
subsidiaries will guarantee.

"We also assigned a preliminary 'B-' issue rating to the EUR1,050
million senior unsecured notes maturing in 2026. The recovery
rating on the unsecured debt is '6', indicating our expectation of
0% recovery prospects, reflecting the subordinated nature of the
notes.

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

"Our preliminary ratings on FFG reflect our view of the company's
creditworthiness following Unilever's disposal of its spreads
division to KKR

"Our assessment of FFG's business risk profile is based on the
group's leading position in the margarine market with its various
well-known international brands (Becel, Rama, Flora, Stork, and
Pro Activ, among others), and an estimated 18% market share of
value of the butter and margarine retail market. This translates
into sound profitability, above the market average, with an
adjusted EBITDA margin of 24%-25% on average over the next two
years.

"However, our assessment is constrained by the group's relatively
low product and distribution channel diversity compared with other
food companies. FFG generated 86% of its EUR3 billion 2016
revenues in the margarine market. The grocery distribution channel
represented 91% of total sales in 2016. FFG's limited product
diversity means it risks being affected by changing consumer
tastes."

The margarine market is experiencing an ongoing decline in
developed markets (-4.4% compound annual growth rate in 2013-2016
by retail volume), primarily because of changing lifestyle and
dietary habits, with consumers preferring products perceived as
more natural, such as butter and alternatives to dairy
spreadables.

FFG aims to revitalize its core portfolio by reframing the health
and natural components of margarine, move into adjacent product
categories, such as dairy-free milks and dairy cream alternatives,
develop the food service segment, and enter the private label
segment. S&P said, "We believe that these initiatives will play an
important role in repositioning the company's products, making
them more appealing in a declining market. We understand that
Unilever did not consider the spreads business a high strategic
priority, likely causing a slow-down in investments that FFG will
have to recover.

"We also believe that geographic diversification will partially
mitigate the negative trends observed in developed markets. In
particular, in emerging markets (20% of global sales in 2016), FFG
has generated a positive perception of its brands through strong
messaging regarding benefits for children's nutrition, influencing
schools and government health departments, as well as consumers.

"In our view, emerging markets still offer significant development
opportunities. They show significantly lower consumption per
capita of butter and margarine compared with developed markets,
with margarine the preferred choice due to its lower price and
butter's supply and storage constraints in certain countries.
We understand that the group expects to undertake various cost-
saving initiatives. For example, better management of raw
materials costs, a deep review of marketing spending, supply
chain, and distribution and logistics, and better use of capacity.
Moreover, the group could leverage the existing spare capacity of
its production plants, supporting expansion into adjacent product
categories (dairy cream alternatives, free-from products, as well
as vegetable and fruit jam) in the food service, and in the
private label channel, with limited need for expansionary capital
expenditure (capex).

"In our opinion, these initiatives will allow higher absorption of
fixed costs (20% of total costs in 2017 as per our estimates),
supporting an S&P Global Ratings-adjusted EBITDA margin of 24%-25%
over 2018-2019 on average. It will also allow a very healthy free
operating cash flow (FOCF) above EUR200 million in 2018-2019,
despite incurring significant carve-out costs.

"We see some risks associated with the company's separation from
Unilever. This could result in lower bargaining power against
retailers, due to FFG's narrow product offering. Additional risks
could be observed on route to market, mainly in the emerging
markets where Unilever has historically supported FFG's
relationship with the fragmented distributor base (mainly the
traditional trade channel).

"The major risks that we see in the carve-out process are related
to the separation of IT activities, which are currently fully
integrated with Unilever. We believe the total cost of separating
the IT infrastructure from Unilever will be about EUR150 million
to be expensed over 2018-2019.

"Our financial risk profile assessment on FFG reflects its
ownership by KKR, which we view as a financial sponsor, as well as
S&P Global Ratings-adjusted debt to EBITDA close to 7.0x over the
next two years (excluding the shareholder loan issued above the
restricted group, which we treat as equity).

"According to our forecast, despite the highly leveraged nature of
the transaction (about EUR5.0 billion to be raised), the group
will post healthy S&P Global Ratings-adjusted EBITDA interest
coverage of about 3.1x.

"Our assessment also takes into consideration our expectation of
very healthy FOCF, above EUR200 million, despite significant and
nonrecurring expenses strictly related to the carve-out (mainly IT
expenses).

"The rating stands one notch above the 'b' anchor. This reflects
our view that the company should be able to translate its firm
position in the margarine market into solid cash conversion,
supporting debt repayment over time.

"The stable outlook on FFG reflects our expectation that the group
will be able to cope with the structural decline of demand in
mature markets by taking advantage of growth opportunities offered
by emerging markets, and from specific actions to revitalize
revenues in the developed ones. In our base case we assume that,
notwithstanding the expected decrease in revenues in the next two
years, the group will maintain an adjusted EBITDA margin of 24%-
25% on average. This is because of initiatives on new products,
tight management of costs, and the expected effects of cost-saving
initiatives. Our base case indicates that, in 2018, adjusted debt
to EBITDA should be at about 7.0x, adjusted EBITDA interest
coverage about 3.0x, and FOCF above EUR200 million.

"We could lower the rating if the decrease in revenues is
significantly more pronounced than expected, due to a lack of
success of the initiatives on products, or to a greater decline in
demand for margarine than anticipated in mature markets. We could
also consider a negative rating action if the costs associated
with the carve-out are higher than we currently forecast, or if
there are unexpected problems during the process. In all these
cases, we expect the operating profit to shrink, damaging the
group's ability to generate cash. We could lower the rating if the
company's EBITDA interest coverage ratio deteriorates below 2.0x,
and FOCF reduces significantly."

A positive rating action would likely be contingent on FFG
establishing a positive track record in revenue growth in emerging
markets, in the launch of new products in mature markets, and in
new initiatives that support healthy cash generation and an
improvement in credit ratios. S&P could consider an upgrade if
adjusted debt to EBITDA is below 5x on a permanent basis, interest
coverage is maintained above 3x, and if the financial sponsor
makes a commitment not to re-leverage the company.



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


MAGNOHROM: Asset Auction Scheduled for March 21
-----------------------------------------------
SeeNews reports that Serbia's Bankruptcy Supervision Agency said
it is selling the production facilities of insolvent state-
controlled producer of fire-resistant materials Magnohrom.

According to SeeNews, the Bankruptcy Supervision Agency said in a
statement on Feb. 19 the auction will take place on March 21 at a
starting price of RSD275 million (US$2.9 million/EUR2.3 million).

The list of assets put up for sale includes a factory for
production of fire-resistant materials, chrome, magnesite and
dolomite mines in Gornji Milanovac and Zlatibor, as well as plots
of land in Kraljevo, Cacak, Cajetina and Gornji Milanovac, SeeNews
discloses.

A deposit of RSD110 million is required to participate in the
tender, SeeNews states.

Kraljevo commercial court declared Magnohrom insolvent in
September 2016, when the company's liabilities amounted to RSD4.1
billion, SeeNews recounts.



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


FLUIDRA SA: Moody's Assigns First Time Ba3 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service assigned a first time Ba3 Corporate
Family Rating (CFR) and Ba3-PD Probability of Default Rating to
Fluidra, S.A., a Spanish-listed multinational group serving the
residential and commercial pool and wellness sector. Moody's also
assigned a Ba3 (LGD 3) rating to the company's proposed EUR850
million equivalent senior secured term loan and EUR130 million
Revolving Credit Facility (RCF). The outlook on the ratings is
stable.

Fluidra is in the process of merging with Piscine Luxembourg
Holdings 2 S.Ö r.l., a parent company of Zodiac Pool Solutions LLC
(Zodiac, B3 positive), a global manufacturer of residential pool
equipment and connected pool solutions. The proposed senior
secured term loan and RCF, together with a USD230 million Asset-
Based Lending (ABL) facility, are aimed at refinancing the debt
structure of the integrated entity.

RATINGS RATIONALE

Fluidra's Ba3 Corporate Family Rating reflects the expected
improvement in the company's business profile as a result of the
pending merger with Zodiac. In particular, the rating reflects
Fluidra's (1) leading market positioning in the residential pool
equipment sector, as following the integration with Zodiac, the
company will be among the top three players in each of the most
relevant markets including North America and Europe; (2) good
geographical diversification; (3) healthy profitability and cash
flow generation; and (4) good liquidity.

Less positively, the rating also factors in Fluidra's narrow
business focus as well as the high cyclicality of the end market,
owing to the discretionary nature of spending for new swimming
pool construction. This cyclicality is however mitigated by the
large share of sales, approximately 64%, derived from the
aftermarket segment that is more resilient during economic
downturns. The rating also reflects some execution risks related
to the merger with Zodiac and the planned cost synergies.

The Ba3 rating reflects the company's moderate leverage, with an
expected Moody's adjusted gross debt/EBITDA at 4.1x pro forma for
the merger and the proposed refinancing, and Moody's expectations
that leverage will progressively decline towards 3.5x in the next
18-24 months. Moody's expects Fluidra's cash flow to remain solid
in the next two years, with reported annual Funds From Operations
(FFO) between EUR145 million and EUR155 million.

Pro forma for the transaction, Fluidra's liquidity comprises EUR60
million of cash on the balance sheet, a EUR130 million 6-year RCF,
and a USD230 million (EUR190 million) ABL. The RCF and ABL are
intended for working capital financing purposes. These liquidity
sources, together with the expected FFO, should comfortably cover
major cash needs, which Moody's expects to include (1) annual
capex of around EUR50 million, (2) large working capital swings of
up to EUR75 million, owing to the high seasonality of the
business; and (3) the payment of some contingent liabilities
related to previous acquisitions, estimated at approximately
EUR15-20 million in the next 24 months.

STRUCTURAL CONSIDERATION

The Ba3 rating assigned to the proposed EUR850 million equivalent
senior secured term loan and RCF is in line with the group's CFR,
reflecting the fact that these facilities will rank pari passu
among them and both will constitute the vast majority of the
group's debt. The term loan and RCF will enjoy a first-priority
pledge over substantially all of the group's tangible and
intangible assets, other than receivables, inventory and cash,
over which the ABL will have a first-priority pledge and the term
loan and RCF will have a second-priority pledge.

Each of the term loan, the RCF and the ABL will be guaranteed by
Fluidra and each of its material restricted subsidiaries. The RCF
is subject to a springing financial covenant based on net leverage
tested only if the RCF is drawn for more than 40%, for which
Moody's expect the company will retain ample headroom. Moody's
used a standard 50% recovery rate, because there are no
maintenance financial covenants in the term loan and only
springing covenants in the ABL and RCF.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Fluidra's
merger with Zodiac will position the company solidly in the global
residential swimming pool market and that risks related to the
merger are manageable. The stable outlook factors in a gradual
reduction in leverage with Moody's adjusted gross debt/EBITDA
trending towards 3.5x by 2019.

WHAT COULD CHANGE THE RATING UP

Ratings could be upgraded if the integration with Zodiac is
completed successfully with evidence of improving performance as
the combined entity reaps the benefits of enhanced scale and
merger synergies with EBITDA margin (as adjusted by Moody's)
trending towards 20% and adjusted gross debt/EBITDA reducing below
3.0x.

WHAT COULD CHANGE THE RATING DOWN

Ratings could be downgraded if the company' operating performance
deteriorates as a result of difficulties integrating Zodiac and/or
changes in demand dynamics, with Moody's adjusted gross
debt/EBITDA increasing above 4.25x on a sustained basis, or if the
company fails to maintain a good liquidity profile.

LIST OF ASSIGNED RATINGS

Issuer: Fluidra S.A.

Assignments:

-- LT Corporate Family Rating, Assigned Ba3

-- Probability of Default Rating, Assigned Ba3-PD

-- BACKED Senior Secured Bank Credit Facilities, Assigned Ba3

Outlook Action:

-- Outlook Assigned Stable

PRINCIPAL METHODOLOGY

Fluidra is a Spanish listed multinational group devoted to the
pool and wellness sector, with a focus on developing leading
products and applications for the commercial and residential pool
markets. Fluidra is in the process of merging with Zodiac, a
global manufacturer of residential pool equipment and connected
pool solutions. The combined entity will keep Fluidra's name and
public listing on the Spanish stock exchange, employ a workforce
of 5,500 pool industry professionals and operate a global
footprint stretching across more than 45 countries. For the last
twelve months ended June 2017, the combined entity had pro forma
sales and EBITDA of EUR1.3 billion and EUR210 million,
respectively. Pro forma for the merger, the company's largest
shareholders will be affiliates of Rhìne Capital (42%) and
Fluidra's founding families (29%).


FLUIDRA SA: S&P Assigns Prelim. 'BB' Rating Amid Zodiac Merger
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its preliminary 'BB'
long-term issuer credit rating to Fluidra S.A., a Spain-based
multinational group serving the residential and commercial pool
and wellness sector. The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'BB'
issue ratings to the proposed euro-equivalent EUR850 million
floating-rate first-lien term loan maturing in 2025. The
preliminary recovery rating on this facility is '3', indicating
our expectations of 50%-70% recovery (rounded estimate: 55%) in
the event of payment default. The term loan will be issued by the
subsidiaries Fluidra Finco, S.L.U. (euro tranche) and Zodiac Pool
Solutions LLC (U.S. dollar tranche) and guaranteed by Fluidra and
some of its subsidiaries. We are not assigning our ratings to the
revolving credit facility (RCF) and to the asset-based loan (ABL).

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

The new group will combine the operations of two existing players
in the pool equipment industry: Fluidra and Zodiac Pool Solutions.
S&P said, "We forecast the new Fluidra group will generate sales
of EUR1.3 billion and adjusted EBITDA of about EUR220 million in
2018. Overall we see limited integration risks between the two
companies, given their similar size, focus of operations, and lack
of geographic overlap. That said, we believe there will be some
costs associated with aligning manufacturing and logistics for the
whole group."

S&P said, "We understand that the merger will be cash neutral for
the group, as it will be funded through the issuance of new
Fluidra shares to Zodiac's existing shareholders. We believe the
refinancing of its debt structure should support the group's debt
maturity profile."

The new shareholder structure will include affiliates of private
equity firm Rhìne Capital (42%), representing the former majority
owner of Zodiac, Fluidra's historical four founding families
(29%), and free float on the Spanish stock exchange (29%). A
formal agreement between the major shareholders supports the
business strategy and the financial policy, as well as the
composition of the board of directors and the management
structure. These factors are positive for the group's deleveraging
profile.

S&P said, "In our view, the new combined group's business
strengths include its position among the top three players
globally (alongside Hayward Industries and Pentair) in the
consolidating residential pool equipment industry. The new group
will have a strong presence in the largest pool markets, such as
the U.S. (30% of pro forma sales) and Europe (48%). Moreover, it
has a relatively good scale of operations for the industry, with
EUR1.3 billion of sales, as well as wide product distribution in
150 countries and a well-spread manufacturing footprint. Its
portfolio of well-recognized brands (for example, AstralPool and
the Jandy Pro Series) cover most product categories (filters,
pumps, heating/cooling, and cleaning systems), supporting solid
profitability, which we forecast will result in a 16%-17% adjusted
EBITDA for 2018-2019. We believe maintaining high product quality
and innovation should remain key with professional customers (pool
builders, maintenance services, remodelers, and dealers) in the
U.S. and Europe."

Another business positive is that about 64% of pro forma sales in
2017 were derived from the aftermarket pool segment (replacement
of older pool equipment). This segment is generally viewed as more
resilient and less cyclical than sales driven by the new pool
construction segment (36% of sales), which S&P views as more
discretionary in nature and more correlated to the volatile
residential new-build cycles.

S&P said, "Business challenges, in our view, include that the
combined group is operating only in one, relatively niche, and
discretionary category compared with consumer durables categories
like home appliances. The products have a long replacement cycle
of eight to 10 years and are big-ticket items. The group faces
strong competition in its main markets, against other established
players such as Hayward and Pentair, which have better market
positions in such core product categories as chlorinators and
pumps.

"We also view the business as exposed to a high degree of
seasonality. The bulk of sales is generated in the second quarter
of the year in anticipation of the summer season in Europe and in
North America. This leads the company to see large seasonal
working capital movements of EUR160 million-EUR180 million, which
will be mostly funded by an RCF and the ABL. Still, there are some
mitigants to this seasonality, such as sales generated in the
Southern Hemisphere (about 15% of pro forma sales) and the "early
buy program," allowing distributors and dealers to pre-buy
inventories for the following season at favorable prices and
conditions.

"Supporting the financial profile is our forecast that the group
will likely generate significant free operating cash flow (FOCF)
of about EUR100 million. Despite the large working capital
movements, the business model continues to display low capital
expenditure intensity. This is notably due to Zodiac's business
model, which relies on a significant part of using outsourced
manufacturing partners. We also note the group has some excess
capacity to accommodate volume growth.

"We forecast that the group's debt leverage--measured by our
adjusted debt-to-EBITDA ratio--will gradually decrease over the
next two years, supported by solid free cash flows and factoring
in our understanding that the group will prioritize debt
deleveraging in that period. We believe that discretionary
spending on debt-financed acquisitions is likely to be constrained
by the limited number of suitable acquisition targets in the
industry, with no indication that Fluidra could move to an
adjacent category. We also understand that shareholder
remuneration will be modulated in conjunction with a stable debt
leverage.

"Our base-case scenario of gradual debt deleveraging in 2018-2019
in the range of 3.5x-4.0x is also supported by our view that the
existing shareholder agreement between Fluidra's historical
shareholders and affiliates of private equity firm Rhìne Capital
should not lead to a sizable level of shareholder remuneration
that could constrain credit metrics. We think that the composition
of the board of directors and the fact that affiliates of Rhìne
Capital have less than a majority stake, as well as our
expectation that Rhìne Capital will exit its investment in the
medium term, support our view that the group will maintain a
consistent financial policy.

"The stable outlook on Fluidra reflects our view that the new
Fluidra group should benefit from strong regional market positions
in Europe and the U.S. in its industry. We believe that the
group's portfolio of strong brands and the long-term relationships
with professional customers will support an S&P Global Ratings-
adjusted EBITDA margin of 16%-17% and FOCF of about EUR100 million
annually in 2018-2019.

"For the rating category, we believe Fluidra should maintain S&P
Global Ratings-adjusted debt to EBITDA of 3.0x-4.0x over the next
12-18 months, supported by a consistent financial policy on
discretionary spending.

"We could lower the ratings if we see S&P Global Ratings-adjusted
debt to EBITDA increasing to above 4.0x on a recurring basis. This
could result from a sharp drop in sales in the combined group's
new-build business, while its aftermarket business could suffer
from pool owners delaying renovation works. We could also see
lower profitability coming from an inability to pass on higher raw
material costs in the context of stronger price pressure between
competitors.

"A negative rating action could also occur if we were to observe
the group deviating to a more aggressive financial policy, which
would negatively affect debt leverage. This could arise from a
large debt-funded acquisition in an adjacent category or much
larger dividend payments than expected in 2018-2019.

"We could raise the rating if Fluidra is able to deleverage,
reaching a S&P Global Ratings-adjusted leverage ratio of 2.0x-
3.0x, thanks to continued strong FOCF and a consistently prudent
financial policy toward discretionary spending."

From an operational standpoint, this is contingent on a successful
merger of Fluidra and Zodiac, sustained by strong organic sales
growth leading to global leadership in the industry, market share
gains in all key product segments and geographic markets, as well
as further business diversity.



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


SSAB AB: S&P Revises Outlook to Positive on Strong Credit Metrics
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Swedish steelmaker SSAB
AB to positive from stable. We affirmed the 'BB-' long-term and
'B' short-term issuer credit ratings on the company.

S&P said, "We also affirmed our issue ratings on SSAB's senior
unsecured debt at 'BB-'. The recovery rating on this debt is
unchanged at '3', indicating our expectation of meaningful
recovery (50%-70%; rounded estimate: 65%) in the event of a
payment default.

The outlook revision follows SSAB's report of its strong results
for full-year 2017 and reflects our view that SSAB has made good
progress in debt and cost reduction amid improved steel market
conditions in Europe and the U.S. following the introduction of
import duties, notably on steel from China.

The positive outlook also points to SSAB having exceeded its net
debt reduction target of Swedish krone (SEK) 10 billion (about
EUR1 billion) by achieving a SEK12.2 billion reduction at end-
2017. S&P expects SSAB will repay at least another SEK2 billion of
debt maturing in 2018 with existing cash and short-term deposits.
SSAB achieved full-year EBITDA of SEK7.8 billion (versus SEK5.2
billion in 2016), driven primarily by higher prices and growth in
high-strength steel in the automotive segment within SSAB Europe.

S&P continues to view favorably SSAB's 35% net debt-to-equity
target, compared with the reported ratio of 22% on Dec. 30, 2017,
and understand that the company is pursuing lower leverage than
this target under current favorable market conditions. The company
has generated positive discretionary cash flow over the past three
years, helped in 2016 and 2017 by positive working capital
movements and no dividends. In 2017, positive discretionary cash
flow more than doubled (compared with 2016), supported by higher
earnings, a SEK300 million cash inflow from working capital,
continued low capital expenditures (capex), and no dividends.

SSAB operates in the highly cyclical steel industry, with end
markets such as heavy transportation, construction, machinery, and
mining. Metal prices typically move in line with demand and supply
over the long term, and can be volatile in the short term, as
happened in the second half of 2015.

SSAB's key strength is its strong market position in special-grade
steel products. For example, it has a global market share of about
40% in quenched and tempered steels, along with about 5% in some
advanced high strength steels, and around 25% market share in
heavy plates in North America, according to its own estimates.
Following the merger with Rautaruukki, it also commands a 40%-50%
share in the flat carbon steels and tubes market in the Nordic
region.

In S&P's opinion, the main challenges for SSAB are the risk of new
specialty-grade steel capacity from competitors and the pace of
take-up of special-grade steel products by equipment
manufacturers.

S&P said, "The positive outlook reflects our expectation that SSAB
will have strong credit metrics in the next two years thanks to a
supportive industry environment. We expect SSAB to maintain debt
to EBITDA in the 2x-3x range (2.3x in 2017) and FFO to debt in the
30%-45% range (34% in 2017) through the cycle, although we could
see the company posting stronger metrics if conditions remain
supportive beyond 2018.

"We could lower the rating if SSAB's credit ratios fail to remain
in the aforementioned ranges, under mid-cycle market conditions,
or leverage above 4x and FFO to debt below 20% at a cyclical low.
This could be the result of operational setbacks, combined with
weaker market conditions, or a more aggressive financial policy,
including debt-financed acquisitions.

"We could consider a higher rating through the revision of SSAB's
competitive position assessment, if SSAB demonstrates margin
stability over the cycle, or under weaker market conditions than
we see today. In addition, we would expect margins to remain in
the peer group average. An upgrade could also stem from a positive
reassessment of the company's financial risk profile, if credit
metrics were to strengthen further such that debt to EBITDA
remains sustainably below 2x and FFO to debt above 45% over the
cycle. We will likely review the rating on the company over the
coming 12 months."



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


BALMORAL KNITWEAR: Shuts Down Business, 42 Jobs Affected
--------------------------------------------------------
BBC News reports that Balmoral Knitwear, an Ayrshire textiles
firm, has been forced to close down, with the loss of 42 jobs.

Galston-based Balmoral Knitwear, which specialized in uniforms for
work and school, saw turnover in recent years reach GBP2 million,
BBC discloses.

The provisional liquidator, RSM, said the firm was hit in part by
the rising cost of imported materials, following the recent
strengthening of sterling, BBC relates.

According to BBC, in a statement, RSM said: "It is with profound
regret that employees of this historic business have been made
redundant with immediate effect.

"The need for organizations to reduce costs and seek the lowest
possible price for goods, often from overseas, has led to another
blow for the Scottish knitwear industry.

"The Balmoral name is well known in the sector and we would ask
any parties with an interest in acquiring the business to get in
touch with us as soon as possible."


CARILLION PLC: Regulator Ignored Requests to Plug Pension Deficit
-----------------------------------------------------------------
Reuters reports that lawmakers said on Feb. 20 Britain's pensions
regulator twice ignored requests from trustees of collapsed
outsourcing firm Carillion plc to force the company to plug its
pension deficit.

The Pensions Regulator has come under fire for taking insufficient
steps to protect pension scheme members of troubled companies,
following the collapse of department store chain BHS in 2016,
Reuters discloses.

Carillion collapsed on Jan. 15, with only GBP29 million (US$41
million) of cash left, Reuters recounts.  It had pension
liabilities of around GBP2.5 billion, Reuters relays, citing two
parliamentary committees examining Carillion's collapse.

According to Reuters, the lawmakers said in a statement the
Pensions Regulator did not use any formal powers regarding
Carillion while the company was solvent even though trustees urged
it to do so in 2010 and then again in 2013.

The regulator opened a formal investigation into Carillion on Jan.
18, three days after its collapse, Reuters discloses.

"With characteristic alacrity, the Pensions Regulator started its
arduous process of chasing money down from Carillion a few days
after it was formally announced there was no money left," Reuters
quotes Frank Field, chair of parliament's Work and Pensions
Committee, as saying.

The Pensions Regulator, as cited by Reuters, said in a statement
that while it did not use its formal powers before Carillion's
collapse, its threat to use them in 2013 had a positive impact.

Carillion's pension scheme is in the process of transferring to
the Pension Protection Fund, a lifeboat for pension funds of
failed companies, which will likely mean a loss of benefits for
the majority of the 27,500 scheme members, Reuters states.

Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company.  The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle East
construction services and Construction services (excluding the
Middle East).


COGNITA BONDCO: Moody's Affirms B3 CFR Following Bond Tap
---------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) of
Cognita Bondco Parent Limited (Cognita, company), a UK-based
schools group. Concurrently, Moody's has also affirmed the B3
instrument rating for the upsized GBP435 million senior secured
notes due 2021, borrowed by Cognita Financing plc. The outlook on
all ratings remains stable.

The rating affirmations follow Cognita's announcement that it has
signed a sale and purchase agreement for American British School,
a Chilean school for children aged 3 to 18, for ca. GBP26 million
and Cognita's intention to fund the purchase price and additional
liquidity through a GBP60 million upsizing of the existing GBP375
million senior secured notes. This follows taps of GBP50 million
in May 2017 and GBP45 million in September 2016. While the company
will retain part of the tap as additional liquidity, Moody's
believes the company could use these funds for further
acquisitions.

RATINGS RATIONALE

The rating affirmations reflect Moody's expectation that following
the tap and pro-forma for the contribution of EBITDA from the new
acquisition, Moody's-adjusted debt/EBITDA will remain above 8.0x
for August 2018. The current tap underpins Cognita's track record
of an aggressive growth strategy, through debt-funded acquisitions
and investments in capacity, and the resulting lack of
deleveraging and free cash flow in recent years, notwithstanding
the company's good organic growth particularly in Asia and Latin
America. Moody's expects free cash flow (after capex, interest) to
remain negative in FY2018. The new school will contribute to
EBITDA and provides growth opportunities, for example from the
deployment of Cognita's existing bi-lingual program which has been
quite successful in the region. However, Moody's also expects
limited synergies particularly in the current year.

Moody's positively notes that the company has now successfully
completed construction of its early learning village in Singapore
and the Stamford American School in Hong Kong, amongst others,
which carried some execution and construction risk given the
substantial undertaking (ie GBP112 million investment for the
Early Learning Village). Moody's understands that a key task
remains to ramp up utilization of these facilities and other
investments in Vietnam, Spain and Brazil, particularly in FY2018-
19 (August), to support continued good EBITDA growth. This
continues to carry some risk from Moody's perspective. For the
first quarter to November 2017, the company continued to report
good growth with 3.9% student growth compared to the prior year
period, 11% revenue growth and 12% company-adjusted EBITDA growth.

The B3 CFR additionally continues to reflect the company's
reliance on its academic reputation and brand quality in a highly
regulated environment and exposure to changes in the political,
legal and economic environment in emerging markets.

However, the CFR also reflects the company's (i) position as a
larger player in a fragmented market, with a geographically
diversified portfolio of 68 schools on three continents, (ii)
established track-record of achieving revenue growth and
benefiting from operational leverage through organic and
acquisitive student growth and tuition fee increases above cost
inflation, (iii) protection by barriers to entry through
regulation, brand reputation and purpose built real-estate
portfolio and (iv) strong revenue visibility from committed
student enrolments.

Moody's considers Cognita's near-term liquidity position to be
adequate, but factors in that the company may use some of the
funds for future acquisitions. As of November 2017 and pro-forma
for the transaction, the company had a cash balance of around
GBP140 million and GBP50 million availability under the committed
GBP100 million super senior revolving credit facility due 2021.
Moody's notes that the company has substantial local debt, mostly
comprising a separate HK$60 million Asian local working capital
facility, HK$295 million Asian capex facility, HK$365 facility to
acquire the building and additional debt in Chile. These
facilities expire in 2021 or later. Moody's also understands the
company continues to explore ground rent and leaseback
transactions for UK properties for additional liquidity. Cognita
expects to complete a transaction in February 2018, generating
approximately GBP10 million (included in pro-forma cash).

Rating Outlook

The stable rating outlook reflects Moody's expectation that the
company will continue to visibly grow EBITDA from both increased
student numbers and tuition fee growth. In addition, Moody's
expects the company to continue to invest and pursue debt-funded
acquisitions.

What Could Change the Rating Up/Down

Upward pressure on the ratings could develop over time if adjusted
debt-to-EBITDA falls below 7.0x on a sustainable basis, while
maintaining an adequate liquidity profile. Conversely, downward
pressure on the ratings could be triggered by an inability to
visibly grow student numbers, particularly for its new Singapore
and Hong Kong campuses, if EBITDA or liquidity weakens or if the
company undertakes larger-scale acquisitions, such that Moody's
adjusted debt-to-EBITDA increases from current levels.

Headquartered in the UK, Cognita Schools is an international
independent schools group offering primary and secondary private
education in 68 schools across eight countries in Europe, Asia and
Latin America (including Hong Kong). Founded in 2004, the group
acquired schools in the United Kingdom, Spain, Brazil, Chile,
Singapore, Hong Kong, Thailand and Vietnam, and teaches around 36
thousand K-12 private-pay students.

Cognita is owned by Bregal Capital and KKR Private Equity, who
equally hold 50% of Cognita's share capital. Both firms have
invested equity in the business to support Cognita's growth
through capacity extensions and acquisitions. For August 2017,
pro-forma for the February 2018 acquisition, the company reported
GBP393 million of revenue.

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


COGNITA BONDCO: S&P Cuts CCR to 'B-' on Tap Issuance
----------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on U.K.-incorporated global private school operator
Cognita Bondco Parent Ltd. to 'B-' from 'B'. The outlook is
stable.

S&P said, "At the same time, we lowered our issue rating on the
group's GBP435 million senior secured notes, including the
proposed tap issuance of GBP60 million, to 'B-' from 'B'. The
recovery rating on this debt remains unchanged at '4', reflecting
our expectation of average recovery prospects (30-50%; rounded
estimate: 30%) in the event of a default.

"In addition, we lowered our issue rating on the group's super
senior GBP100 million revolving credit facility (RCF) to 'B+' from
'BB-'. The recovery rating on this debt remains unchanged at '1',
reflecting our expectation of very high recovery prospects (90-
100%; rounded estimate: 95%) in the event of a default.

"The downgrade reflects our view that Cognita's financial policy
is more aggressive than we previously anticipated, leading to
higher debt leverage and slower deleveraging. This stems from the
group's intention to tap the existing GBP375 million senior
secured notes due 2021 for a principal amount of GBP60 million and
raise additional local bank debt (secured against local assets,
not rated) to fund an acquisition in Chile and provide liquidity
for general corporate purposes.

"Following the transactions, we expect Cognita's S&P Global
Ratings-adjusted debt to EBITDA to reach 8.5x-9.0x in fiscal year
2018 (ending Aug. 31, 2018), compared with our previous estimate
of 7.5x-8.0x. We believe this increased leverage will prevent
Cognita from deleveraging below 7.0x by 2019, as we had previously
anticipated.

"As such, our base-case expectation is that Cognita's credit
metrics will remain highly leveraged over the next couple of
years, with adjusted debt to EBITDA above 7.0x for an extended
period, while free operating cash flow (FOCF) should break even in
2019, absent any other expansion projects or material
acquisitions."

Cognita is in a high growth phase, aiming to become a truly global
school operator by expanding its presence in high-growth and high-
margin markets, namely Asia and Latin America.

As the group has completed, on time and on budget, its large
expansion projects in Singapore and Hong Kong for total capital
expenditures (capex) of GBP120 million, it now intends to acquire
a school in Chile, financed by debt. S&P said, "In addition, we
anticipate that Cognita will take part in the industry's
consolidation as it continues to evaluate potential opportunities
for mergers and acquisitions. We believe this will increase
pressure on the highly leveraged capital structure leaving the
company with limited financial flexibility to absorb unexpected
events or economic shocks."

In addition, the ongoing and rapid business growth will cause the
group to continue to incur additional costs (such as exploration
costs, acquisition costs, and integration costs) and impact its
EBITDA margin in 2018. This will delay S&P's expectation of the
group's deleveraging to a more sustainable capital structure by
2019.

Furthermore, the GBP100 million RCF and GBP435 million senior
secured notes mature in 2021. Given the amount at stake and the
timing, S&P sees further credit risk for Cognita in the medium
term, in particular because it views limited headroom for
underperformance or unforeseen events under the current capital
structure, notwithstanding Cognita's record of organic growth and
external growth integration over the last several years.

S&P said, "Finally, we view the group's recent growth projects and
acquisitions in Asia and Latin America as positive for the rating.
These will further strengthen Cognita's position as a global
player in the private education market. Diversification away from
the mature and highly competitive U.K. market supports our view of
the group's business profile, especially in light of uncertainty
about the effects of Brexit, even if the group doesn't foresee any
impact at the moment. In addition, we believe the Asia and Latin
America regions have supportive growth fundamentals for private
education and benefit from higher margins, which will positively
contribute to Cognita's consolidated EBITDA margin.

"The stable outlook reflects our view that Cognita will sustain
revenue growth, fueled by organic growth and acquisitions, in the
next 12 months. We expect Cognita's EBITDA margin will gradually
improve, thanks to diversification into higher-margin markets and
an anticipated reduction of exceptional costs following the
completion of the group's capacity expansion in Asia and recently
announced acquisitions. We believe that the company will
deleverage gradually once its new capacity comes on stream, absent
any material debt-financed acquisitions or shareholder returns. In
addition, we expect that Cognita will maintain adequate liquidity
during the growth phase.

"We view a downgrade as remote over the next 12 months. However,
we could lower the rating on Cognita if its operating performance
was significantly weaker than our projections. This could result
from the group's inability to increase its capacity utilization or
increase fees at least in line with its costs, while the same
resulted in lower predictability of revenues than we currently
incorporate in our projections. Operating underperformance and
high level of indebtedness could lead to our view that the group's
capital structure was unsustainable, which would lead to a
downgrade. In addition, we could lower the rating if the group's
liquidity weakened, including if the group did not address the
refinancing of its 2021 bond well ahead of its maturity. Finally,
a negative rating action could arise if capex overruns lead to
negative FOCF beyond 2019, or if the group exhibits a more
aggressive financial policy, for example, as a result of another
round of large debt-funded acquisitions or shareholder returns.

"We could upgrade Cognita if its performance exceeded our base-
case assumptions and it deleveraged to a sustained level of S&P
Global Ratings' adjusted debt-to-EBITDA ratio of close to 7.5x or
lower, while EBITDA interest coverage improved to close to 2x. An
upgrade would also hinge on our view that the group would be able
to generate and sustain sizable positive FOCF, while addressing
the refinancing of its 2021 bond well ahead of its maturity."


LAGAN CONSTRUCTION: Four Companies to Go Into Administration
------------------------------------------------------------
BBC News reports that up to 200 jobs are at risk after four
companies within a leading construction business are set to go
into administration.

Staff at Lagan Construction Group were made aware of developments
on Feb. 20, BBC relates.

A memo, seen by the BBC, said the business had been "significantly
impacted" by delays and disputes involving several of its
projects.

The four companies impacted by the move are -- Lagan Construction
Group Holdings Limited, Lagan Construction Group Limited, Lagan
Building Contractors Limited and Lagan Water Limited, BBC
discloses.

It is understood that all other companies within the Construction
Group are continuing to trade as normal, BBC notes.

According to BBC, the group's boss, Michael Lagan, said in the
memo to staff: "The difficulties which have arisen within the
Civils and Building divisions has meant that the directors of the
affected four companies have no option but to immediately serve
notice on the court to appoint an administrator."


RUSSELL HUME: FSA's Investigation Prompts Collapse
--------------------------------------------------
Ben Woods at Press Association reports that meat supplier Russell
Hume has blamed the company's collapse on the Food Standards
Agency (FSA), claiming "impossible trading conditions" created by
the watchdog triggered the loss of 300 jobs.

The Derbyshire-based firm crashed into administration on Feb. 19
after being starved of cash in the wake of the FSA's decision to
halt production following an alleged breach of hygiene
regulations, Press Association relates.

The British Airways and Greene King supplier has been engulfed in
scandal since the FSA launched an investigation last month, which
sparked product recalls and forced customers JD Wetherspoon and
Jamie's Italian to call time on their contracts, Press Association
discloses.

According to Press Association, administrators KPMG said 266 jobs
would be made redundant, with 36 staff remaining to help wind down
the company.

It is expected that all 302 jobs will be lost, Press Association
notes.

The company directors issued a broadside against the FSA, saying
the watchdog's actions had been "out of all proportion", Press
Association relays.

Russell Hume operated six production sites in Liverpool,
Birmingham, London, Boroughbridge, Exeter and Fife, Press
Association states.

The FSA revealed in January that it had become aware of hygiene
issues at the company following an unannounced inspection of its
Birmingham site, Press Association recounts.

The directors, as cited by Press Association, said the firm had an
"unblemished record" before the probe and knew of a number of
businesses which had experienced "issues" with the watchdog's
investigations.

They claimed there is a "lack of clarity" throughout the industry
concerning current FSA guidelines, Press Association notes.

The FSA said it had taken "proportionate action based on serious
and widespread problems", Press Association relays.

It said the investigation into the company was continuing,
according to Press Association.

Chris Pole, KPMG joint administrator, said the product recall and
the pause in production had caused "significant customer attrition
and trading difficulties" at Russell Hume, Press Association
relates.




                            *********

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
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *