/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/180402.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, April 2, 2018, Vol. 19, No. 064 Headlines A U S T R I A OSTREGION INVESTMENTGESELLSCHAFT: S&P Affirms B+ LT Issue Rating B E L A R U S BPS-SBERBANK: Moody's Hikes Long-Term LC Deposit Rating to B2 F R A N C E PEUGEOT SA: Fitch Revises Outlook to Positive, Affirms BB+ IDR G E O R G I A GEORGIA: Credit Profile Balances High Growth, Moody's Says GEORGIA: Fitch Corrects March 16 Rating Release G E R M A N Y BRF GMBH: S&P Affirms 'BB+' Senior Unsecured Debt Rating I R E L A N D BLUEMOUNTAIN 2016-1: S&P Assigns Prelim B- Rating to F-R Notes MANLEY: Unsecured Creditors to Share EUR225,000 in Rescue Deal VOYA EURO I DAC: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes I T A L Y CREDITO VALTELLINESE: Fitch Hikes LT IDR to BB-, Outlook Positive UBI BANCA: S&P Assigns 'BB+' Rating to Senior Nonpreferred Notes N E T H E R L A N D S CAIRN CLO IX: Moody's Assigns B2 Rating to Class F Sr. Notes CAIRN CLO IX: Fitch Puts Final 'B-sf' Rating to Class F Notes DUTCH MORTGAGE XII: Fitch Raises Rating on Class B Notes From BB+ R U S S I A ACTIVECAPITAL BANK: Put on Provisional Administration S P A I N CARRERA CAPITAL: Moody's Withdraws Caa3 Ratings on 3 Tranches S W E D E N ARISE AB: Egan-Jones Hikes Commercial Paper Ratings to 'B' S W I T Z E R L A N D SELECTA GROUP: Moody's Hikes CFR to B3, Outlook Stable U K R A I N E KHARKOV CITY: Fitch Affirms B- Long-Term IDR, Outlook Stable KYIV CITY: Fitch Affirms B- Long-Term IDR, Outlook Stable U N I T E D K I N G D O M CARPETRIGHT PLC: Mulls CVA, Lord Harris Bids to Buy 100 Stores CONVIVIALITY: To File for Administration, 2,500 Jobs at Risk SEADRILL PARTNERS: S&P Affirms 'CCC+/C' ICRs, Outlook Stable TOYS R US: Sports Direct Among Bidders for Certain U.K. Stores X X X X X X X X * BOND PRICING: For the Week March 26 to March 30, 2018 ********* ============= A U S T R I A ============= OSTREGION INVESTMENTGESELLSCHAFT: S&P Affirms B+ LT Issue Rating ---------------------------------------------------------------- S&P Global Ratings revised to positive from stable its outlook on the senior secured debt issued by Austria-based special-purpose vehicle Ostregion Investmentgesellschaft Nr. 1 S.A. At the same time, we affirmed our 'B+' long-term issue rating on the debt and assigned a recovery rating of '4', indicating our expectation of an average (30%-50%; rounded estimate: 45%) recovery of principal in the case of a payment default. The debt comprises EUR425 million floating rate senior secured bonds due March 31, 2039 and a EUR350 million floating rate senior secured loan from the European Investment Bank due March 30, 2038. The debt was issued by Ostregion Investmentgesellschaft Nr. 1 S.A. (Issuer) in 2007 and lent to Bonaventura Strassenerrichtungs GmbH (Bonaventura or ProjectCo) to fund the design and construction of a 51 kilometer (km) motorway in the north of the City of Vienna in Austria. ProjectCo operates under a 33-year public private partnership (PPP) availability-based concession with the Austrian Roads Agency, Autobahnen- und Schnellstrassen-Finanzierungs-Aktiengesellschaft (ASFiNAG; AA+/Stable/A-1+). Both debt tranches benefit from an unconditional and irrevocable guarantee of scheduled interest and principal provided by Ambac Assurance U.K. Ltd. According to our criteria, the issue rating on debt guaranteed by a monoline insurer is the higher of the rating on the insurer and the S&P underlying rating (SPUR). S&P does not rate Ambac and therefore the rating on the issues reflects the SPUR. The assignment of a recovery rating to the debt is possible following S&P's ranking of Austria's jurisdiction in September 2017. The outlook revision reflects the positive developments that could lead us to consider an upgrade in the next 12 months. Due to lower-than-expected traffic levels on the motorway since financial close, the asset is reported to be in good condition and may consequently require delayed and less intensive major maintenance than initially forecast. ProjectCo will undertake a full and independent revision on the lifecycle in the coming 12 months, which aims to re-time the long-term capital expenditure (capex) budget and may result in a stronger financial debt service coverage ratio (DSCR) profile. In addition, an extension to the neighboring A5 motorway from Schrick to Poysbrunn to the north of the concession was completed in December 2017. The new road provides a faster route for traffic from Vienna to the Czech boarder and may result in more traffic on the concession road. That said, the extent of additional traffic is uncertain at this stage and the revenue upside will be limited by the banding mechanism. S&P's 'B+' rating continues to reflect its view of the project's stable performance; it carries relatively low operational risk, in its opinion, in light of simple operational and maintenance tasks. Operational complexity is limited to the project's exposure to three tunnels totaling seven kilometers, and periodic adverse winter weather conditions. The project has minimal market risk exposure, given that 70% of revenue is based on availability-based payments, leaving only 30% exposed to traffic volumes. Additionally, traffic-based revenues are determined using a five- tier banding mechanism that limits the project's exposure to traffic decline. However, this banding mechanism also limits the ProjectCo's ability to benefit from traffic increases. Due to traffic levels being well below the forecasted levels at financial closure, revenues are currently in the lower tiers of the banding mechanism. Consequently, the ProjectCo's metrics reflect weak capacity cash generation. In S&P's base case, it forecasts a minimum DSCR of 0.99x and an average DSCR of 1.03x over the life of the debt. This reflects that the project will produce sufficient cash to operate and maintain the project, and to repay senior debt, albeit with limited cushion. The positive outlook on the issue ratings reflects that S&P could raise the rating by one notch if the financial performance of the project improves over the next 12 months with the forecasted DSCR above 1.00x on a sustainable basis. The financial improvement could arise from a revision of the long-term lifecycle budget reflecting the road's lower-than-expected traffic volumes and resulting good asset condition, provided the budget is deemed to be adequate and sustainable to ensure the quality of the asset over the long term. Additional financial improvement may also occur if the recent opening of the neighboring A5 motorway extension leads to a material traffic improvement above S&P's forecast expectations. S&P could revise the outlook to stable if the capex review does not result in a material change to the capex budget such that the minimum ratio remains at or below 1.0x under its base case, or if the proposed budget is not sufficient to maintain the quality of the asset at the required levels over the life of the concession. ============= B E L A R U S ============= BPS-SBERBANK: Moody's Hikes Long-Term LC Deposit Rating to B2 ------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of four Belarusian banks, following the upgrade of Government of Belarus' rating to B3 from Caa1 on 16 March 2018. Moody's has upgraded the long-term local-currency (LC) deposit ratings to B3 from Caa1 of the following three banks: Belarusbank, Belagroprombank JSC and Belinvestbank, and to B2 from B3 for BPS-Sberbank. At the same time, Moody's upgraded the Baseline Credit Assessments (BCAs) of two banks: Belarusbank and BPS-Sberbank to b3 from caa1, while affirming the BCAs for the other two banks at caa1. The rating agency has upgraded the long-term foreign-currency (FC) deposit ratings of all four banks to Caa1 from Caa2 following the change in the country's FC deposit ceiling. The FC deposit ratings of the banks continue to be constrained by the country's FC bank deposit ceiling. Concurrently, all the long- term bank deposit ratings carry a stable outlook. RATINGS RATIONALE OPERATING ENVIRONMENT The rating actions on the Belarus banks were driven by improved operating environment, reflected in the sovereign ratings and ceilings upgrade, as well as by the agency's revision of Belarus banking system's Macro Profile to "Very Weak+" from "Very Weak". The positive change in Belarus' Macro Profile was driven by improvements in Belarus' economic strength due to the initiation of fiscal and structural reforms, which have led to lower inflation, economic recovery, gradual phasing out of directed lending and better external liquidity position. After two years of recession, Belarus' economy expanded by 2.4% in 2017, according to the preliminary estimates from Belstat, the national statistics agency. Economic growth has resumed thanks to the resumption of oil imports from Russia and the associated increase in Belarus' refined oil production and exports. The upturn in the Russian economy -- Belarus' main trading partner - positively impacts the Belarusian economy. Moody's expects average economy growth rates of around 2% over the next several years and also anticipates real wages growth. Combination of better economic conditions and falling interest rates will help to stimulate credit demand and improve the repayment capacity of the borrowers. -- BANK-SPECIFIC FACTORS BELARUSBANK The upgrade of state-owned Belarusbank's long-term LC deposit rating to B3 from Caa1 and FC deposit rating to Caa1 from Caa2 are driven by the upgrade of its standalone BCA to b3 from caa1 and the upgrade of the Belarus sovereign ratings. The rating action reflects Belarusbank's (1) benefits from being the largest state-owned bank in the country with a dominant market share of 42% in assets as of end-2017, (2) better asset quality indicators than rated peers, (3) adequate capitalization with a regulatory total capital adequacy ratio (CAR) of 16.8% as of 1 Feb 2018, (4) good cost efficiency, and (5) granular funding structure with access to state deposits and the wholesale market. At the same time, the bank's ratings remain constrained by (1) the strong interlink between the bank's credit profile and the sovereign's creditworthiness, given direct sovereign exposure and lending to systemically important state-owned enterprises; (2) high credit risk concentrations in the bank's corporate loan book, and (3) the bank's very high reliance on foreign-currency deposits. Belarusbank's deposit ratings incorporates Moody's assessment of very high probability of government support, given the bank's majority state ownership and dominant domestic market position. However, given that the B3 sovereign rating is equal to the bank's b3 BCA, the deposit ratings do not benefit from any government support uplift. BELAGROPROMBANK JSC The upgrade of state-owned Belagroprombank's long-term LC deposit rating to B3 from Caa1 and FC deposit rating to Caa1 from Caa2 are driven by the upgrade of the Belarus sovereign ratings. At the same time, Moody's affirmed bank's current BCA at caa1. The bank's caa1 BCA is constrained by its (1) weak asset quality with very high level of problem loans owing to the government- directed lending, predominantly in the agricultural sector (2) weak loss absorption capacity given low reserves coverage of problem loans, (3) high funding dollarisation and limited foreign-exchange cash buffers, which constrain its liquidity profile. These challenges are partially mitigated by (1) the regular government support in the form of direct capital injections with the most recent one conducted in May 2017, which underpinned the bank's regulatory total CAR at 21.5% as of 1 February 2018, (2) ongoing transfer of problem loans to the Distressed Asset Fund created by the state to ease pressure on banks, and (3) other state aid from the government to the bank and its problematic borrowers, along with the regulatory forbearance to help maintain its capitalization at the required level. Belagroprombank's LC deposit ratings benefit from one notch of uplift above its caa1 BCA given Moody's assessment of a very high probability of government support. This is based on (1) the bank's ownership by the Belarusian government; (2) its policy mandate in lending to the strategically important agricultural sector; (3) the bank's strong position in the market, with a 16% market share, and (4) track record of government support. BPS-SBERBANK The upgrade of BPS-Sberbank long-term LC deposit rating to B2 from B3 and FC deposit rating to Caa1 from Caa2 are driven by the upgrade of its standalone BCA to b3 from caa1 and adjusted BCA to b2 from b3, and the upgrade of the Belarus sovereign ratings and deposit ceilings. The BCA upgrade is supported by the bank's (1) gradually decreasing problem loans and good reserves coverage, (2) reasonable capital buffer, which benefits from the recent deleveraging and financial aid from the Russian parent, (3) sound profitability with annualized return on assets of 2.2% as of Q32017 underpinned by healthy net interest margin of 7%, and (4) good access to stable funding sources and the parent's liquidity in case of need. At the same time, bank's ratings remain constrained by direct exposure to Belarus sovereign debt and lending to state-owned companies. BPS-Sberbank's b2 adjusted BCA and B2 LC deposit ratings incorporate Moody's assessment of a very high probability of affiliate support from Russia's Sberbank, driven by the parent's strategic commitment and majority stake in the banks, and the bank's strong strategic fit with the parent. BELINVESTBANK The upgrade of state-owned Belinvestbank's long-term LC deposit rating to B3 from Caa1 and FC deposit rating to Caa1 from Caa2 are driven by the upgrade of the Belarus sovereign ratings. At the same time, Moody's affirmed the bank's current BCA at caa1. Belinvestbank's caa1 BCA reflects its weak solvency metrics, characterized by weak asset quality with high share of problem loans and thin reserves coverage, break-even profitability constrained by high credit costs and modest capital buffer. The BCA is supported by the bank's ample liquidity buffers and the ongoing financial aid from the government that is helping it address solvency issues. Moody's revised government support assumptions for Belinvestbank to high from current very high probability of support given plans for its privatization and lower market share of 6% compared to other two largest state-owned banks. The bank's LC deposit ratings benefit from one notch support uplift above its caa1 BCA. STABLE OUTLOOK The stable outlook on the banks' long-term deposit ratings reflects the stabilization of the operating environment for Belarusian banks, as well as the stable outlook on the sovereign rating. WHAT COULD MOVE THE RATINGS UP/DOWN Moody's considers that banks' ratings could be upgraded following further improvement of the country's macro-economic environment, combined with an improvement in banks' standalone credit profiles and/or positive rating action(s) on the sovereign ratings/ceilings. In turn, the banks could be downgraded following a deterioration in the creditworthiness of Belarus. Downgrades could also be triggered by a deterioration of the banks' solvency metrics, e.g. weaker asset quality, lower capital adequacy and/or loss-making performance. LIST OF AFFECTED RATINGS Issuer: BPS-Sberbank Upgrades: -- LT Bank Deposits (Local Currency), Upgraded to B2 from B3, Outlook remains Stable -- LT Bank Deposits (Foreign Currency), Upgraded to Caa1 from Caa2, Outlook remains Stable -- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3 -- Baseline Credit Assessment, Upgraded to b3 from caa1 Affirmations: -- ST Bank Deposits, Affirmed NP Outlook Actions: -- Outlook, Remains Stable Issuer: Belagroprombank JSC Upgrades: -- LT Bank Deposits (Local Currency), Upgraded to B3 from Caa1, Outlook remains Stable -- LT Bank Deposits (Foreign Currency), Upgraded to Caa1 from Caa2, Outlook remains Stable Affirmations: -- ST Bank Deposits, Affirmed NP -- Adjusted Baseline Credit Assessment, Affirmed caa1 -- Baseline Credit Assessment, Affirmed caa1 -- LT Counterparty Risk Assessment, Affirmed B3(cr) -- ST Counterparty Risk Assessment, Affirmed NP(cr) Outlook Actions: -- Outlook, Remains Stable Issuer: Belarusbank Upgrades: -- LT Bank Deposits (Local Currency), Upgraded to B3 from Caa1, Outlook remains Stable -- LT Bank Deposits (Foreign Currency), Upgraded to Caa1 from Caa2, Outlook remains Stable -- Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1 -- Baseline Credit Assessment, Upgraded to b3 from caa1 Affirmations: -- ST Bank Deposits, Affirmed NP Outlook Actions: -- Outlook, Remains Stable Issuer: Belinvestbank Upgrades: -- LT Bank Deposits (Local Currency), Upgraded to B3 from Caa1, Outlook remains Stable -- LT Bank Deposits (Foreign Currency), Upgraded to Caa1 from Caa2, Outlook remains Stable Affirmations: -- ST Bank Deposits, Affirmed NP -- Adjusted Baseline Credit Assessment, Affirmed caa1 -- Baseline Credit Assessment, Affirmed caa1 -- LT Counterparty Risk Assessment, Affirmed B3(cr) -- ST Counterparty Risk Assessment, Affirmed NP(cr) Outlook Actions: -- Outlook, Remains Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in September 2017. =========== F R A N C E =========== PEUGEOT SA: Fitch Revises Outlook to Positive, Affirms BB+ IDR -------------------------------------------------------------- Fitch Ratings has revised Peugeot S.A.'s (PSA) and GIE PSA Tresorerie's Outlooks to Positive from Stable, while affirming the companies' Long-Term Issuer Default Ratings (IDR) at 'BB+'. PSA's and GIE PSA Tresorerie's senior unsecured rating have also been affirmed at 'BB+'. The Positive Outlook reflects the strong and better-than-expected 2017 results, including the consolidation of loss-making Opel, and Fitch projections that credit metrics will remain broadly commensurate with a low investment-grade rating in the medium- term. PSA's business profile is somewhat weaker than investment- grade peers' but this is mitigated by the continuous strengthening of the group's financial profile since 2014. Robust credit metrics over the period include funds from operations (FFO) adjusted net leverage at around zero, an EBIT margin above 5% and a free cash flow (FCF) margin above 1.5%. Fitch believes that PSA has fundamentally improved its cost structure and is now in a more solid position to face the next cyclical slowdown in its main European market. In particular, the group has demonstrated in 2017 its ability to further increase its core automotive profitability despite facing challenging conditions in some markets. In addition, PSA has a solid track record of effective restructuring and earnings improvement and Fitch expect the group to return Opel to a profitable division within the next two to three years. Increased confidence in the next 12-18 months that PSA can successfully manage the Opel integration without sustainably and materially hurting its profitability and FCF generation could lead to an upgrade. In particular, Fitch will closely review the cost structure of PSA and its ability to sustain a downturn without impairing its capacity to maintain an EBIT margin above 4% and whether its FCF margin can sustainably recover above 1.5% by 2020. KEY RATING DRIVERS Successful Restructuring: The ratings reflect stronger results in the past three years and Fitch expectation that the improvement in key credit metrics is sustainable. Measures to streamline the product portfolio, improve pricing power and profitably expand global operations, as well as cash-preservation and cost- reduction actions have reduced the breakeven point and will further support profitability. PSA's automotive operating margin declined moderately to 5.8% in 2017 from 6% in 2016 as the group consolidated Opel's loss-making business (negative 2.5% in 2017). However, PSA's core automotive reported margin, excluding Opel, increased further to a strong 7.3% in the same period. Fitch projects a modest erosion of automotive operating margin to just more than 5% in 2018 before recovering to more than 5.5% in 2019-2020. This is based on Fitch expectations that synergies and cost savings from the Opel restructuring and integration will accrue only gradually and as Fitch believe that the group could face a softening European market, unfavourable raw materials price developments and increased competitive pressure. Opel Acquisition Moderately Beneficial: Fitch views the Opel acquisition as moderately positive for PSA in the medium term. It further reinforces PSA's strong positions in Europe but also increases the group's geographical concentration in this market. The combined group also remains focused on the small-to-medium mass-market segments where competition and pricing pressure are the fiercest. However, the addition of the Opel brand will bring about opportunities in new markets and segments where its image is stronger than PSA's core brands. Fitch also expect PSA's excellent track record in restructuring and product management to be successfully used as a blueprint to enhance Opel's profitability and global sales. Positive FCF: The group's core FCF margin, excluding Opel, has remained positive since 2014, supported by the strengthening of underlying FFO, better working capital management, including Fitch's adjustments for factoring, and contained capex. FCF became slightly negative in 2017 (-0.2%) because of the Opel integration, an increase in investments, and the resumption of dividend payments. However, Fitch expect a cash flow recovery in 2018-2019 from a release of working capital at Opel, more than offsetting cash outflows related to the Opel restructuring. Fitch project the FCF margin to rebound around 1% in 2018 and increase further towards 2% by 2020. Low Leverage: Since 2013, indebtedness has been sharply reduced due to positive FCF, the creation of JVs with Santander releasing cash from Banque PSA Finance, and in turn, dividends paid to PSA, and the issue of warrants. In addition, the Opel acquisition was structured in such a way that it does not have a material negative impact on the group's financial structure, notably leverage. Fitch expect FFO adjusted net leverage to remain at around zero through 2020. Modest Sales Recovery: The strategy by PSA of preserving its pricing power has been successful in the past two years and Fitch now expects a more aggressive product-offensive to boost revenue growth and further support operating profit in the next two to three years. Fitch also expect the recovery of a few emerging markets, notably in Latin America and Africa/Middle East to bolster volumes and offset some continuous weakness in China and a potential softening of the European market. Fitch projections for increasing Opel sales, including a gradual international expansion and a rejuvenation of the European product range, should also boost total sales. Reliance on Europe: PSA's sales remain biased toward the European market and the mass-market small and medium car segments in spite of consistent sales increases in other markets. PSA's mismanagement of the group's Chinese business in the past two-to- three years have led to lower sales and sharply decreasing profit from China. Fitch believe that the group is addressing the issue with corrective actions but a full recovery will take several years, notably as competition is intensifying sharply in the country. Capital Increase: The French State and Dongfeng Motor have become majority shareholders in PSA, in line with the Peugeot family, each with a stake of 12.2% at end-2017. The capital increase has benefited the financial profile but the new shareholding structure may present some challenges in coordinating the potentially divergent interests of the various shareholders. DERIVATION SUMMARY PSA's financial credit profile has improved materially over the past three years, with key credit metrics now in line with investment grade-rated Renault SA (BBB/Stable). Leverage remains, however, moderately higher than other global mass market manufacturers rated at the mid- to high-end of the 'BBB' category such as General Motors Company (BBB/Stable) and Ford Motor Company (BBB/Stable). PSA's profitability has also increased significantly and compares favourably with global peers' in the 'BBB' category. However, Fitch expect the consolidation of Opel to dilute operating margins and restructuring costs to weigh on FCF in 2018-2019. The group's competitive position is weaker than global investment-grade peers such as Ford, General Motors, Hyundai Motor Company (BBB+/Stable) and Nissan Motor Co., Ltd. (BBB+/Stable). PSA's sales remain biased toward the European market and its scale is lower than large peers to enable better diversification. Nonetheless, the addition of Opel provides increased scale to better compare with investment-grade peers. Using its Parent/Subsidiary Linkages methodology Fitch views GIE PSA Tresorerie's IDR as the same as Peugeot S.A.'s. No Country Ceiling or operating environment aspects impact the ratings. KEY ASSUMPTIONS Fitch's key assumptions within Fitch rating case for the issuer include: -PSA's core automotive operations' revenue growing in mid-single digits on average through 2020. Consolidation of Opel leads to total industrial revenue growing by about 20% in 2018; -PSA's core automotive margins maintained at 7%-7.5% through to 2020. Opel's operating margin negative in 2018 before recovering towards 2.5% by 2020, and diluting industrial operating margins towards 5%-5.5% in 2018-2020; -Capex to remain around 6.5% of revenue; -Large working capital inflow of about EUR1 billion cumulative in 2018-2019; -Decrease in dividends received from JVs in China; and -Dividend payout ratio to PSA shareholders of about 25%. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - Greater diversification in sales at the expense of European sales declining towards 60% of total sales - Operating margin sustainably above 4% - FCF margin sustainably above 1.5% - FFO adjusted net leverage sustainably below 0.5x Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Operating margin sustainably below 2% - FCF margin sustainably below 1% - FFO adjusted net leverage sustainably above 1.5x - Cash flow from operations/adjusted debt sustainably below 30% LIQUIDITY Sound Liquidity: Liquidity remains healthy, including EUR11.7 billion of readily available cash and marketable securities for its industrial operations at end-2017, including Fitch's adjustments of EUR1.6 billion for not readily available cash. In addition, PSA has direct access to an undrawn and committed revolving credit line of EUR3 billion maturing in November 2020. Liquidity is further supported by Fitch expectation of positive FCF generation over the foreseeable future. In 2017, issuance included a EUR600 million bond maturing in March 2024 and a tap of EUR100 million with the same maturity. In addition, the European Investment Bank granted a seven-year loan of EUR250 million to PSA Automobiles SA for the financing of R&D investments on future emission requirements. In March 2018, the group issued a EUR650 million seven-year 2% bond maturing in March 2025 to repay its EUR559 million 7.375% bond. ============= G E O R G I A ============= GEORGIA: Credit Profile Balances High Growth, Moody's Says ---------------------------------------------------------- Moody's Investors Service says that the government of Georgia's (Ba2 stable) credit profile reflects the country's high potential growth, strong and improving institutions, and a moderate debt burden, but also low income levels, a small economy, external vulnerability from the economy's reliance on foreign-currency denominated funding, and latent geopolitical risks. Moody's conclusions are contained in its credit analysis on Georgia, and which examines the sovereign in four categories: economic strength, which is assessed as "low (+)"; institutional strength "high (-)"; fiscal strength "moderate"; and susceptibility to event risk "moderate". The report constitutes an annual update to investors and is not a rating action. On Georgia's strong and improving institutional framework, Moody's report says this framework is anchored by the country's close engagement with the European Union (Aaa stable) and International Monetary Fund. In addition, Georgia is seeing growing access to a diverse set of markets -- through various trade agreements -- which will allow foreign direct investment inflows to remain close to 10% of GDP and likely raise exports and economic growth in the medium term. By contrast, credit challenges stem from low domestic savings that imply that a large share of investment is financed by external debt, making the economy and sovereign vulnerable to a tightening in external financing conditions. The economy's small scale and preponderance of very small companies also pose constraints to growth potential. Upward pressure on Georgia's rating could develop, if institutional and economic reforms lead to higher domestic savings, lower external vulnerability, greater diversification, and robust productivity growth. Measures to bolster the resilience of the banking system would also reduce credit risk and place upward pressure on the rating. Downward pressure on the rating could develop from higher external vulnerability risks or a heightening of geopolitical tensions. A deterioration in Georgia's fiscal metrics could also pressure the rating. GEORGIA: Fitch Corrects March 16 Rating Release ----------------------------------------------- Fitch Ratings has issued a correction to the ratings release on Georgia published on March 16, 2018, which incorrectly stated estimated net external debt to GDP for 2017 and gross external financing requirements as a share of international reserves. The revised release is: Fitch Ratings has revised the Outlook on Georgia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at 'BB-'. KEY RATING DRIVERS The revision of the Outlook to Positive reflects the following key rating drivers and their relative weights: Medium Georgia's growth prospects compare favourably with the 'BB' rated peer group, where median five-year average growth is estimated to be 3.5%. Georgia's economy grew an estimated 4.8% in 2017, after 2.8% in 2016, and under Fitch's latest projections looks set to achieve real GDP growth of 4.6% and 4.9% in 2018 and 2019, respectively. Composition of growth is expected to be broad- based, supported by a favourable external environment supporting growth in exports and remittances, as well as higher domestic demand driven by an increasing government drive towards higher capital spending. Georgia's headline fiscal deficit (estimated at 3.4% of GDP, 2017) is currently above the median 3.0% deficit of its 'BB' rated peers, but Fitch forecasts a gradual convergence towards 3.0% of GDP by 2019. The narrowing of the deficit reflects the government's priority of reducing current expenditure in order to meet capital spending needs, while a positive economic outlook will help support stable growth of tax revenues. At the same time, Fitch believes a degree of fiscal discipline will be maintained through the IMF programme, which sets ceilings for government spending and on-lending activities. Fitch's projections for the budget deficit and growth performance are consistent with a gradual decline in government debt. Fitch sees a stabilisation in the government debt ratio, estimated at 44.5% of GDP in 2017, which is just below the median debt ratio (47.4%) of 'BB' category peers, and forecast by the agency to gradually decline towards 43.4% of GDP by 2019. Georgia's government debt structure has a high level of concessional and multilateral debt (84% of total debt), but 76% is foreign currency-denominated, exposing it to exchange rate volatility. The redemption profile is manageable. For 2018-2019, Fitch estimates upcoming government debt maturities averaging 4.7% of GDP and interest payments equivalent to 3.0% of revenues. Georgia's current account deficit (CAD) to GDP ratio improved significantly in 2017, with preliminary estimates by Fitch showing a CAD of 8.7% of GDP, compared with 12.8% of GDP in 2016. Fitch estimate that the current account including net FDI inflows was broadly in balance in 2017. For 2018-2019, Fitch forecasts an average CAD of around 10% of GDP, with FDI inflows averaging 7.6% of GDP. Upside risks to Fitch's forecast could potentially come from stronger exports, particularly in the tourism sector, which had a very positive year in 2017. Georgia's 'BB-' IDRs also reflect the following key rating drivers: Georgia's ratings balance favourable governance and business environment indicators compared with rated peers and resilience to recent macroeconomic shocks with weak external finances, including large current account deficits, high net external debt and low external liquidity. Georgia has made good progress remaining on track with performance and structural benchmarks set out under its three- year extended fund facility (EFF) agreement with the IMF; completing its first review in December 2017. Continued progress in meeting benchmarks aimed at strengthening of its financial sector, external and fiscal finances (including the implementation of pension reform), will help contribute towards further improvement of structural indicators, stimulating investment and savings. Despite the improvement in the CAD, Georgia's external finances are weaker than the majority of its 'BB' category peers. Georgia's CAD is substantially wider than the 'BB' peer median of 3.4% of GDP. Wide CADs reflect the country's low level of domestic savings, as well as narrow export base and high import dependency. Vulnerabilities in external finances are also reflected by Georgia's net external debt to GDP (estimated at 60.8% for 2017) which is more than four times higher than the median 'BB' peer ratio (13.4% of GDP). Gross external financing requirements as a share of international reserves is high at 99.7% (estimated 2017). Level of gross international reserves increased 10% in 2017 from 2016 levels, but coverage of months of current account receipts is low (3.2 months). Steady government progress towards meeting net international reserve floors set by the IMF, together with its own medium-term 'Larisation' plan will help mitigate vulnerabilities in external finances. The overall soundness of the banking sector mitigates the risks stemming from widespread dollarisation. At end-2017, the share of total deposits in foreign currency was 66%, down from 71% at end- 2016, while the share of total loans in foreign currency fell to 57% from 65% in the same period. Georgia scores 2* on Fitch's Macro-Prudential Indicator, indicating moderate vulnerability from strong credit growth. Annual credit growth is high at 15.7% (Feb 2018), but has eased from 22.4% in December 2017. The average capital adequacy ratio in the Georgian banking sector is high at 19.1% (2017) up from 15.1% in 2016, while the share of non-performing loans is low at 2.8% (2017). SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Georgia a score equivalent to a rating of 'BB' on the Long-Term FC IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final Long-Term IDR by applying its QO, relative to rated peers: - External finances: -1 notch, to reflect that Georgia relative to its peer group has higher net external debt, structurally larger current account deficits, and a large negative net international investment position. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within Fitch criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The main factors that could, individually or collectively, could lead to an upgrade are: - Strong and sustainable GDP growth consistent with macroeconomic stability - A reduction in external vulnerability - Shrinkage in budget deficits and public sector indebtedness The Rating Outlook is Positive. Consequently, Fitch's sensitivity analysis does not currently anticipate developments with a high likelihood of leading to a negative rating change. However, future developments that could individually, or collectively, result in the Outlook being revised to Stable include: - An increase in external vulnerability, for example a widening of the current account deficit not financed by FDI - Worsening of the budget deficit, leading to further rise in public indebtedness - Deterioration in either the domestic or regional political environment that affects economics policymaking or regional growth and stability KEY ASSUMPTIONS The global economy performs in line with Fitch's Global Economic Outlook. Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook revised to Positive from Stable Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook revised to Positive from Stable Short-Term Foreign-Currency IDR affirmed at 'B' Short-Term Local-Currency IDR affirmed at 'B' Country Ceiling affirmed at 'BB' Issue ratings on long-term senior-unsecured foreign-currency bonds affirmed at 'BB-' Issue ratings on long-term senior-unsecured local-currency bonds affirmed at 'BB-' Issue ratings on short-term senior-unsecured local-currency bonds affirmed at 'B' ============= G E R M A N Y ============= BRF GMBH: S&P Affirms 'BB+' Senior Unsecured Debt Rating -------------------------------------------------------- S&P Global Ratings affirmed its issue-level ratings on BRF S.A., BRF GmbH, and BFF International at 'BB+'. S&P also assigned a recovery rating of '3' (rounded 65%) to BRF GmbH's unsecured notes and a recovery rating of '3' (rounded 60%) to BRF S.A.'s and BFF International's senior unsecured notes. S&P said, "We have downgraded BRF S.A. to 'BB+' from 'BBB-' on March 16, 2018. Therefore, we're now assigning the recovery rating to BRF's bonds, which indicates our expected recovery prospect to the debt holders of the company's senior unsecured notes under a hypothetical default scenario. "We're affirming our senior unsecured debt rating on BRF S.A. at 'BB+', reflecting the corporate credit rating on the company, given our expectation of meaningful recovery prospect of 50%- 70%." BRF's debt is mainly composed of rural loans, export and working capital lines, agricultural receivables certificates, and unsecured notes. In addition, it has an available committed revolving credit line of $1 billion (about R$3.3 billion), 85% of which S&P expects the company to draw in a default scenario. S&P said, "Our simulated year of default is 2023 stemming from prolonged period of elevated grain prices, a severe recession depressing demand in Brazil, and lower export prices amid a tighter access to credit markets. This scenario would impair the company's cash flow generation and liquidity position. Also, it could stem from current fraud investigations against BRF underscoring a structural issue for the company. Such as scenario would hike reputational damages, eroding its profitability and access to refinancing, and depleting the company's liquidity and capital structure. "We have valued the company on a going-concern basis, generating higher value to creditors, compared with a liquidation course. We value the company using a 5.5x multiple applied to our projected emergence-level EBITDA of R$2.6 billion, arriving at a stressed enterprise value of R$14.4 billion. The multiple is somewhat lower than applied to other consumer companies, because BRF is not a pure branded player, with significant exposure to commodity products. "BRF GmbH controls most of the group's asset in Europe and Asia. Therefore, we view its debt as having priority over BRF S.A.'s unsecured debts due to the structural subordination, leading to a higher recovery prospect. Hence, we have assigned the recovery rating of '3' for all of the group's senior unsecured debt, but with a recovery prospect of 65% (rounded estimate) for BRF GmbH's unsecured notes and of 60% (round estimate) to BRF S.A.'s and BFF International's unsecured notes. The parent company, BRF S.A., guarantees all the issuances." Simulated default assumptions -- Simulated year of default: 2023 -- EBITDA at emergence: R$2.6 billion -- Implied enterprise value multiple: 5.5x -- Estimated gross enterprise value at emergence: R$14.4 billion Simplified waterfall -- Net enterprise value after 5% administrative costs: R$13.7 billion -- Priority claims and priority debt at subsidiaries: R$3.7 billion -- Priority claims and secured debt: R$850 million -- Senior unsecured debt: R$15.1 billion -- Recovery expectations for BRF GmbH: 50-70% (rounded estimate: 65%) -- Recovery expectations for BRF S.A. and BFF International: 50- 70% (rounded estimate: 60%) RATINGS LIST Ratings Affirmed BRF S.A. BFF International LTD BRF GmbH Senior Unsecured BB+ Recovery Ratings Assigned BRF S.A. BFF International LTD Senior Unsecured Recovery Rating 3(60%) BRF GmbH Senior Unsecured Recovery Rating 3(65%) ============= I R E L A N D ============= BLUEMOUNTAIN 2016-1: S&P Assigns Prelim B- Rating to F-R Notes -------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to BlueMountain EUR CLO 2016-1 DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. BlueMountain EUR CLO 2016-1 is a EUR400.00 million cash flow collateralized debt obligation (CLO) managed by BlueMountain Fuji Management LLC. The original class A1, A2, B1, B2, C, D, E, and F notes are expected to be fully redeemed with the proceeds from the issuance of the replacement notes on the April 25, 2018 refinancing date. The unrated subordinated notes initially issued will not be redeemed at closing and remain outstanding, with an extended maturity to match the newly issued notes. On the closing date, S&P anticipates withdrawing the ratings on the original notes and assigning ratings to the new notes. The preliminary ratings assigned to BlueMountain EUR CLO 2016-1's EUR400 million floating-rate notes reflect S&P's assessment of: -- The diversified collateral pool, which comprises primarily broadly syndicated speculative-grade senior secured term loans and senior secured bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which S&P expects to be bankruptcy remote. -- The transaction's counterparty risk, which we expect to be in compliance with our criteria. Under the transaction documents, the rated notes pay quarterly interest unless a frequency switch event occurs. Following this, the notes permanently switch to semiannual payments. The portfolio's reinvestment period ends approximately four years after closing. S&P said, "Our preliminary ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted- average 'B' rating. We consider that the portfolio is well- diversified, primarily comprising broadly syndicated speculative- grade senior secured term loans and senior secured bonds. We have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow collateralized debt obligations. "Under our structured finance ratings above the sovereign criteria, the transaction's exposure to country risk is limited at the assigned preliminary rating levels, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "We consider that the transaction's documented counterparty replacement and remedy mechanisms will adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "We expect the transaction's legal structure to be bankruptcy remote, in line with our legal criteria (see "Asset Isolation And Special-Purpose Entity Methodology," published on March 29, 2017). "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our preliminary ratings are commensurate with the available credit enhancement for each class of notes." RATINGS LIST BlueMountain CLO 2016-1 DAC EUR415.30 Million Senior Secured And Deferrable Floating-Rate Notes (Including Subordinated Notes) Class Prelim. Amount rating (mil. EUR) X-R AAA (sf) 1.50 A-R AAA (sf) 235.20 B-R AA (sf) 50.00 C-R A (sf) 26.40 D-R BBB (sf) 21.80 E-R BB (sf) 25.00 F-R B- (sf) 11.20 Sub. notes NR 44.20 NR--Not rated. MANLEY: Unsecured Creditors to Share EUR225,000 in Rescue Deal -------------------------------------------------------------- Gavin Daly at The Sunday Times reports that building subcontractors and trade creditors who are owed over EUR4.5 million by Manley Construction, a Co Meath company, will share just EUR225,000 in an examinership rescue of the business. According to The Sunday Times, the unsecured creditors are being paid 5c for each EUR1 they are owed under the deal approved by the High Court last month. The National Asset Management Agency, a secured creditor of Manley, is being repaid EUR2.7 million in full and a debt to Revenue is also being fully paid, The Sunday Times discloses. The directors of Manley had loaned EUR3.4 million to the company, which is being converted to equity in the rescue scheme assembled by examiner Michael McAteer of Grant Thornton, The Sunday Times notes. It sought examinership last November after running into difficulties, The Sunday Times recounts. Manley was set up in 1987 and operates in Ireland and the UK. VOYA EURO I DAC: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to Voya Euro CLO I DAC's (Voya) class A, B-1, B-2, C, D, E, and F notes. At closing, Voya also issued unrated subordinated notes. Voya is a cash flow collateralized loan obligation (CLO) transaction, securitizing a portfolio of primarily senior secured loans granted to speculative-grade corporates. Voya Alternative Asset Management LLC manages the transaction. Under the transaction documents, the rated notes pay quarterly interest unless a frequency switch event occurs. Following such an event, the notes will permanently switch to semiannual interest payments. The portfolio's reinvestment period will end 4.06 years after closing, and the portfolio's maximum average maturity date is 8.6 years after closing. S&P said, "On the effective date, we understand that the portfolio will represent a well-diversified pool of corporate credits, with fairly uniform exposure to all of the credits. 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 have modelled a portfolio target par amount of EUR350 million, including 5% of assets paying a fixed rate of interest, a weighted-average spread of 3.50%, a weighted-average coupon of 5.50%, and the covenanted weighted- average recovery rates at each rating level as provided to us." The participants' downgrade remedies are in line with S&P's current counterparty criteria. At closing, S&P expects the issuer to be in line with S&P's bankruptcy remoteness criteria. Following S&P's analysis of the credit, cash flow, counterparty, operational, and legal risks, S&P believes its preliminary ratings are commensurate with the available credit enhancement for each class of notes. RATINGS LIST Voya Euro CLO I DAC EUR356.3 mil secured fixed- and floating-rate notes (including EUR31.5 mil subordinated notes) Prelim Amount Class Prelim Rating (mil, EUR) A AAA (sf) 203.0 B-1 AA (sf) 36.0 B-2 AA (sf) 15.0 C A (sf) 23.0 D BBB (sf) 18.5 E BB- (sf) 19.5 F B- (sf) 9.8 Sub NR 31.5 NR--Not rated ========= I T A L Y ========= CREDITO VALTELLINESE: Fitch Hikes LT IDR to BB-, Outlook Positive ----------------------------------------------------------------- Fitch Ratings has upgraded Credito Valtellinese's (Creval) Long- Term Issuer Default Rating (IDR) to 'BB-' from 'B-' and removed it from Rating Watch Evolving (RWE). The Outlook is Positive. Creval's Viability Rating (VR) has been upgraded to 'bb-' from 'b-'. The upgrade follows the successful completion of a EUR700 million capital increase, which paves the way for an acceleration of non- performing loan (NPL) disposal totalling gross EUR2.1 billion during 2018. The Positive Outlook reflects Fitch's expectation that the bank's overall financial profile will benefit from the planned NPL disposal and a return to moderate profitability. KEY RATING DRIVERS IDRS, VR AND SENIOR DEBT The upgrade primarily reflects the successful completion of the capital increase and Fitch's expectation that the bank will dispose of EUR2.1 billion impaired loans through two transactions, which are already in progress, during 2018. The deconsolidation of nearly 54% of total impaired loans will materially reduce pressure on capital from unreserved impaired loans. The planned disposal should reduce the bank's gross impaired loans ratio to just above 10%, from a high 21.1% reported at end- 2017. The impact on regulatory capital of these de-risking actions will be managed in the context of IFRS9 first-time adoption, which will provide the bank with some flexibility to dilute the negative impact of nearly EUR600 million of additional provisioning over the next five years. Despite the successful capital increase and the planned NPL disposals materially strengthening the group's capitalisation, in Fitch's opinion capital levels remain not fully commensurate with risk as unreserved impaired loans will continue to weigh, albeit materially less, on capital. Fitch estimate that net impaired loans will represent below 70% of Fitch Core Capital, down from nearly 150% at end-2017, but still high compared internationally. Fitch expects operating profitability to improve gradually, mainly as a result of lower loan impairment charges (LICs), following the sizeable loan book clean-up. The bank's 2018-2020 business plan envisages a gradual recovery in profitability as a result of revenue increases, significant cost reductions and lower LICs. In Fitch's view, management expectations of net interest income and net commissions growing 3% per year are ambitious in the current economic environment. Planned cost savings will depend on the restructuring plan of branch network (-20%) and personnel (-7%), while the reduction in LICs, which the bank expects at 64 bps of gross loans in 2020 from 271 bps at end-9M17, could be achievable. Our assessment of funding and liquidity has improved as a result of the completion of the capital increase which should reduce funding vulnerability to depositor sentiment now that the bank's solvency has improved. SUPPORT RATING AND SUPPORT RATING FLOOR The bank's Support Ratings and the Support Rating Floors reflect Fitch's view that senior creditors cannot rely on receiving full extraordinary support from the sovereign if the bank becomes non- viable. The EU's Bank Recovery and Resolution Directive and the Single Resolution Mechanism for eurozone banks provide a framework for resolving banks that requires senior creditors to participate in losses, if necessary, instead or ahead of, a bank receiving sovereign support. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Creval's subordinated debt rating remains one notch below the bank's VR, reflecting Fitch assessment of loss severity relative to senior unsecured creditors. RATING SENSITIVITIES IDRS, VR AND SENIOR DEBT The ratings could be upgraded if the planned NPL sale is successful, and profitability recovers to acceptable and sustainable levels, while maintaining adequate capitalisation and good control over new NPL generation. The Outlook could be revised back to Stable if the NPL disposals do not go through or profitability remains weak. If the NPL sale does not take place and asset quality and capitalisation weaken from their current levels, then the ratings could come under downward pressure. SUPPORT RATING AND SUPPORT RATING FLOOR An upgrade of the Support Rating and upward revision of the Support Rating Floor would be contingent on a positive change in the sovereign's propensity to support Creval. While not impossible, this is highly unlikely, in Fitch's view. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The rating of the notes is sensitive to a change in the bank's VR. The rating is also sensitive to a change in the notes' notching, which could arise if Fitch changes its assessment of their loss severity or their non-performance risk relative to the risk captured in the VR. The rating actions are as follows: Long-Term IDR: upgraded to 'BB-' from 'B-'; off RWE, Outlook Positive Short-Term IDR: affirmed at 'B'; off Rating Watch Negative Viability Rating: upgraded to 'bb-' from 'b-'; off RWE Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' EMTN long-term rating: upgraded to 'BB-' from 'B-'; off RWE EMTN short-term Rating: affirmed at 'B'; off RWN Subordinated notes: upgraded to 'B+' from 'CCC'/RR5; off RWE UBI BANCA: S&P Assigns 'BB+' Rating to Senior Nonpreferred Notes ---------------------------------------------------------------- S&P Global Ratings said that it has assigned its 'BB+' issue rating to the senior nonpreferred notes, which may be issued by Italy-based UBI Banca SpA under its recently updated EUR15 billion debt issuance program, according to the current terms and conditions. The notes will fall in the new categories of liabilities called "strumenti di debito chirografario di secondo livello" (second- level unsecured debt instruments). The newly created liabilities will rank junior to other senior obligations, including senior preferred notes, but ahead of any other subordinated debt. As such, S&P is rating the instruments 'BB+', one notch below UBI's stand-alone credit profile (SACP), consistent with its approach to other rated senior nonpreferred notes, including the January 2018 UniCredit issue. The rating on UBI's future notes reflects S&P's view that: -- They will convert into equity or be written off in a resolution scenario and not before the bank reaches the point of nonviability. -- The resolution authority will have the power to convert or write down the proposed notes only after subordinated liabilities and shareholders' equity have absorbed losses in full. -- Unlike regulatory capital instruments, the proposed notes would be excluded from burden-sharing under EU state-aid rules, in S&P's view. -- The write-down or conversion of the notes in resolution would not be an event of default and would not cause the default of the bank or more senior instruments. -- The senior nonpreferred notes do not carry additional default risk relative to the SACP, rather than the subordination in resolution and liquidation to other senior notes. S&P said, "As a result of the above-mentioned features and our view that Italy has an effective resolution regime, once issued, we will consider the notes to be eligible for inclusion in our calculation of UBI's additional loss-absorbing capacity (ALAC). At the moment, the long-term issuer credit rating on UBI does not benefit from any uplift under our ALAC criteria. This is because we believe UBI's ALAC ratio would remain below our 5.0% threshold until 2020. We will continue to monitor UBI's funding plan to assess the amount of its ALAC-eligible instruments to be considered in our ratings." ===================== N E T H E R L A N D S ===================== CAIRN CLO IX: Moody's Assigns B2 Rating to Class F Sr. Notes ------------------------------------------------------------ Moody's Investors Service announced that it has assigned the following definitive ratings to notes issued by Cairn CLO IX B.V. (the "Issuer"): -- EUR247,500,000 Class A Senior Secured Floating Rate Notes due 2032, Definitive Rating Assigned Aaa (sf) -- EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes due 2032, Definitive Rating Assigned Aa2 (sf) -- EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032, Definitive Rating Assigned Aa2 (sf) -- EUR23,500,000 Class C Senior Secured Deferrable Floating Rate Notes due 2032, Definitive Rating Assigned A2 (sf) -- EUR23,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2032, Definitive Rating Assigned Baa2 (sf) -- EUR24,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032, Definitive Rating Assigned Ba2 (sf) -- EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032, Definitive Rating Assigned B2 (sf) RATINGS RATIONALE Moody's definitive rating of the rated notes addresses the expected loss posed to noteholders by the legal final maturity of the notes in 2032. The definitive 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, Cairn Loan Investments LLP ("Cairn Loan Investments"), has sufficient experience and operational capacity and is capable of managing this CLO. Cairn CLO IX B.V. is a managed cash flow CLO. At least 90% of the portfolio must consist of senior secured loans and senior secured bonds and up to 10% of the portfolio may consist of unsecured obligations, second-lien loans, mezzanine loans and high yield bonds. The portfolio is approximately 70% ramped as of the closing date and it is predominantly comprised of corporate loans to obligors domiciled in Western Europe. Cairn Loan Investments will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk and credit improved obligations, and are subject to certain restrictions. In addition to the seven classes of notes rated by Moody's, the Issuer will issue EUR20.2m of subordinated M-1 notes and EUR18.8m of subordinated M-2 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. 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. Cairn Loan Investments' investment decisions and management of the transaction will also affect the notes' performance. Loss and Cash Flow Analysis: Moody's modeled the transaction using CDOEdge, a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in August 2017. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario and (ii) the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's encompasses the assessment of stressed scenarios. Moody's used the following base-case modeling assumptions: Par amount: EUR400,000,000 Diversity Score: 36 Weighted Average Rating Factor (WARF): 2790 Weighted Average Spread (WAS): 3.40% Weighted Average Recovery Rate (WARR): 43.0% Weighted Average Life (WAL): 8.5 years. Moody's has analysed the potential impact associated with sovereign related risk of peripheral European countries. As part of the base case, Moody's has addressed the potential exposure to obligors domiciled in countries with local currency country risk ceiling (LCC) of A1 or below. As per the portfolio constraints, exposures to countries with a LCC of A1 or below cannot exceed 10%, with exposures to countries with a LCC of below A3 further limited to 5%. Given the current composition of qualifying countries, Moody's has assumed a maximum 5% of the pool would be domiciled in countries with LCC of Baa1 to Baa3. The remainder of the pool will be domiciled in countries which currently have a LCC of Aa3 and above. Given this portfolio composition, the model was run with different target par amounts depending on the target rating of each class of notes as further described in the methodology. The portfolio haircuts are a function of the exposure size to peripheral countries and the target ratings of the rated notes and amount to 0.75% for the Class A notes, 0.50% for the Class B notes, 0.375% for the Class C notes and 0% for Classes D, E and F. Stress Scenarios: Together with the set of modeling assumptions above, Moody's conducted additional sensitivity analysis, which was an important component in determining the definitive 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 3209 from 2790) Ratings Impact in Rating Notches: Class A Senior Secured Floating Rate Notes: -1 Class B-1 Senior Secured Floating Rate Notes: -2 Class B-2 Senior Secured Fixed Rate Notes: -2 Class C Senior Secured Deferrable Floating Rate Notes:-2 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 3627 from 2790) Ratings Impact in Rating Notches: Class A Senior Secured Floating Rate Notes: -1 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:-4 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: -1 CAIRN CLO IX: Fitch Puts Final 'B-sf' Rating to Class F Notes ------------------------------------------------------------- Fitch Ratings has assigned Cairn CLO IX B.V. final ratings: Class A: 'AAAsf'; Outlook Stable Class B-1: 'AAsf'; Outlook Stable Class B-2: 'AAsf'; Outlook Stable Class C: 'Asf'; Outlook Stable Class D: 'BBB-sf'; Outlook Stable Class E: 'BBsf'; Outlook Stable Class F: 'B-sf'; Outlook Stable M-1 notes: not rated M-2 notes: not rated Cairn CLO IX B.V. is a securitisation of mainly senior secured loans (at least 90%) with a component of senior unsecured, mezzanine, and second-lien loans. A total note issuance of EUR411million was used to fund a portfolio with a target par of EUR400 million. The portfolio will be actively managed by Cairn Loan Investments LLP. KEY RATING DRIVERS 'B' Portfolio Credit Quality Fitch views the average credit quality of obligors to be in the 'B' range. The Fitch-weighted average rating factor (WARF) of the identified portfolio is 31.7, below the indicative maximum covenant of 34 for assigning the ratings. High Recovery Expectations At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-weighted average recovery rate of the identified portfolio is 66.25%, above the minimum covenant of 61.9% for assigning the ratings. Limited Interest Rate Exposure Up to 5% of the portfolio can be invested in fixed-rate assets, while there are 2.5% fixed-rate liabilities. Fitch modelled both 0% and 5% fixed-rate buckets and found that the rated notes can withstand the interest rate mismatch associated with each scenario. Fitch Test Matrices The transaction features two Fitch test matrices with different exposures to the largest 10 obligors (maximum 18% and no top 10 limit). The manager can interpolate between these two matrices. The no top 10 limit matrix is being applied for assigning final ratings. RATING SENSITIVITIES A 125% default multiplier applied to the portfolio's mean default rate, and with this increase added to all rating default levels, would lead to a downgrade of up to two notches for the rated notes. A 25% reduction in recovery rates would lead to a downgrade of up to two notches for all other rating levels. DUTCH MORTGAGE XII: Fitch Raises Rating on Class B Notes From BB+ ----------------------------------------------------------------- Fitch Ratings has upgraded one tranche of Dutch Mortgage Portfolio Loans XII B.V. (DMPL XII) and affirmed one other. Fitch has also affirmed Dutch Residential Mortgage Portfolio I B.V. (DRMP I) as follows: DMPL XII Class A2 (NL0010773875) affirmed at 'AAAsf'; removed from Rating Watch Evolving (RWE); Outlook Stable Class B (NL0010773883) upgraded to 'BBB+sf' from 'BB+sf'; removed from RWE; Outlook Stable DRMP I Class A2 (NL0011220058): affirmed at 'AAAsf'; removed from RWE; Outlook Stable Class A3 (NL0011220066): affirmed at 'AAAsf'; removed from RWE; Outlook Stable The two transactions are collateralised by prime mortgage loans originated by Achmea Bank N.V (A/Stable/F1). The rating actions follow the application of Fitch's European RMBS Rating Criteria. KEY RATING DRIVERS European RMBS Rating Criteria Fitch applied its updated European RMBS Rating criteria in the analysis of the portfolio, leading to reduced expected losses for the two portfolios and the upgrade of the class B notes of DMPL XII. Sound Asset Performance Late stage arrears (loans in arrears by more than three months) as a proportion of the outstanding portfolio balance have decreased since last review for DRMP I and DMPL XII to 7bp and 16bp (December and October 2017) from 18bp and 24bp (December 2016 and February 2017), respectively. Total delinquencies are stable and amount to 1.5% and 1.3% of the portfolio current balance for DRMP I and DMPL XII, respectively. To date the number of foreclosures has remained limited at only three for DRMP I and two for DMPL XII, therefore the total loss suffered from the sale of the underlying properties has been minimal. Fitch expects performance to remain stable given the good credit quality and the high seasoning (135 months for DRMP I and 151 months for DMPL XII) of the portfolios. Credit Enhancement (CE) Trends As note amortisation is fully sequential, CE available to the class A notes in both transactions has marginally increased since Fitch's last review to 18.3% from 16.4% for DRMP I and to 15.4% from 13.4% for DMPL XII. CE for DMPL XII's class B notes is provided by the non-amortising reserve fund (RF; 1.5% of the total notes' balance at the November 2017 interest payment date). According to Fitch's proprietary cash flow model, with this credit support the class B notes can withstand higher rating stresses. However, according to the transaction documentation, after the first optional redemption date (FORD) the class B notes can be called at a value net of any outstanding class B PDL. Fitch's analysis shows that in higher rating scenarios the RF is fully utilised and unavailable to clear outstanding PDLs, in other words in case of the call being exercised the class B notes would be redeemed below par. As Fitch rates to legal final maturity and the first dollar of loss, the rating of the class B notes is different to that implied by Fitch's proprietary cash flow model and at a level where the RF is not expected to be fully utilised after the FORD. Partially Unhedged Transactions An interest rate cap is in place for DRMP I notes' reference rate up to the FORD in April 2020 (at a strike rate of 3.5%). After the FORD, the transaction is hedged via an implicit cap on the class A notes' interest: when Euribor exceeds 5%, amounts due in excess of 5% plus the notes' relevant margin (excluded step-up margin) will be classified as excess consideration and will rank junior to the replenishment of the reserve fund in the revenue priority of payments. Payment of any excess consideration is beyond the scope of the rating and, according to the transaction documentation, failure to meet such payments will not constitute an event of default. Within the boundaries defined by this structural cap, a potentially greater mismatch between predominantly fixed-rate assets and primarily floating-rate liabilities can arise than would be the case in a balance-guaranteed hedging structure. For instance, fixed rate assets can reset just before a sharp interest rate rise, thus greatly reducing the resulting excess spread. For this reason, Fitch assumed reset margins over Euribor and reset interest rates in line with the assumptions described in its European RMBS Criteria, and tested different interest rate curves to assess the impact of this additional risk. For DMPL XII, the fixed rate class B notes are not hedged. However, the portfolio is predominantly fixed-rate (87% of current balance) and the coupon on this class is very low at 5bps. Fitch has tested scenarios of margin compression and low portfolio interest rate resets, and concluded that the lack of hedging was not detrimental for the class B notes' rating. VARIATIONS FROM CRITERIA The pool includes a relatively high proportion of mortgages for which the underlying borrower is employed by an operational entity within the Achmea group (7.4% for DRMP I; 8.3% for DMPL XII). As the borrowers are employees of a separate legal entity to the original lender, Fitch considers the risk of set-off in case of lender default to be minimal and has not included it in the analysis. Nonetheless, financial distress of the entity could affect all the related borrowers at the same time. The European RMBS Criteria do not define a specific foreclosure frequency (FF) adjustment for employees of the originator. However, given the unusually high presence of borrowers employed by the originator in the two transactions, the FF of these obligors was increased by 90%, in line with the adjustments typically applied for 'unemployed' borrowers. This adjustment captures the risk of these borrowers being simultaneously unemployed, especially at the rating scenarios above the Long- Term Issuer Default Rating of the originator. RATING SENSITIVITIES Adverse macroeconomic factors may affect asset performance. An increase in foreclosures and losses beyond Fitch's stresses may erode credit enhancement leading to negative rating action. =========== R U S S I A =========== ACTIVECAPITAL BANK: Put on Provisional Administration ----------------------------------------------------- The Bank of Russia, by its Order No. OD-773, dated March 29,2018, revoked the banking license of Samara-based credit institution Joint Stock Company ActiveCapital Bank, or JSC AC Bank (Registration No. 3006), further referred to as the credit institution. Some of the credit institution's transactions this March were intended to siphon off a substantial amount of assets, resulting in sharply deteriorated financial standing, the emergence of severe liquidity strain and the credit institution's inability to meet its obligations to customers in time. The specifics of the credit institution's operations therefore necessitated action to prevent its insolvency (bankruptcy); there arose a real threat to its creditors' and depositors' interests. Also, the credit institution's operations were found to be non-compliant on multiple counts with the law and Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism with regard to the accuracy of information the credit institution submitted to the authorised body about operations subject to obligatory control. The Bank of Russia repeatedly applied supervisory measures against the credit institution, including the imposition of restrictions on household deposit taking. The management and owners of the credit institution failed to take effective measures to normalise its activities. Moreover, their behaviour was unscrupulous: they withdrew assets to the detriment of creditors' interests. The Bank of Russia submitted the information about these facts bearing signs of a criminal offence to law enforcement agencies. Under the circumstances, the Bank of Russia took the decision to withdraw Joint Stock Company ActiveCapital Bank from the banking services market. The Bank of Russia took this measure in connection with the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, its repeated violations, within a year, of the Federal Law "On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism", as well as Bank of Russia regulations issued in accordance with the said law, and the application of the measures stipulated by the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", taking into account a real threat to the interests of creditors and depositors. The Bank of Russia, by its Order No. OD-774, dated March 29, 2018, appointed a provisional administration to JSC AC Bank for the period until the appointment of a receiver pursuant to the Federal Law "On the Insolvency (Bankruptcy)' or a liquidator under Article 23.1 of the Federal Law "On Banks and Banking Activities". In accordance with federal laws, the powers of the credit institution's executive bodies have been suspended. JSC AC Bank is a member of the deposit insurance system. The revocation of the banking license is an insured event as stipulated by Federal Law No. 177-FZ "On the Insurance of Household Deposits with Russian Banks" in respect of the bank's retail deposit obligations, as defined by law. The said Federal Law provides for the payment of indemnities to the bank's depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but no more than a total of RUR1.4 million per depositor. According to its financial statements, as of March 1, 2018, the credit institution ranked 117th by assets in the Russian banking system. The current development of the bank's status has been detailed in a press statement released by the Bank of Russia. ========= S P A I N ========= CARRERA CAPITAL: Moody's Withdraws Caa3 Ratings on 3 Tranches ------------------------------------------------------------- Moody's Investors Service has withdrawn the ratings of Carrera Capital Finance Ltd. and Carrera Capital Finance LLC (Carrera Capital), a structured investment vehicle ("SIV"): -- US Commercial Paper Program (co-issued with Carrera Capital Finance Ltd.) CP Program, Withdrawn (sf); previously on Jul 2, 2015 Confirmed at P-3 (sf) -- USD20000M Senior Term Note Programme MTN Program, Withdrawn (sf); previously on Jul 2, 2015 Confirmed at P-3 (sf) -- USD20000M Senior Term Note Programme MTN Program, Withdrawn (sf); previously on Jul 2, 2015 Confirmed at Baa3 (sf) -- USD20000M Senior Term Note Programme (co-issued with Carrera Capital Finance Ltd.) MTN Program, Withdrawn (sf); previously on Jul 2, 2015 Confirmed at P-3 (sf) -- USD20000M Senior Term Note Programme (co-issued with Carrera Capital Finance Ltd.) MTN Program, Withdrawn (sf); previously on Jul 2, 2015 Confirmed at Baa3 (sf) -- USD2000M Capital Note Programme MTN Program, Withdrawn (sf); previously on Mar 25, 2009 Downgraded to Caa3 (sf) -- USD2000M Capital Note Programme (co-issued with Carrera Capital Finance Ltd.) MTN Program, Withdrawn (sf); previously on Mar 25, 2009 Downgraded to Caa3 (sf) -- Euro Commercial Paper Programme CP Program, Withdrawn (sf); previously on Jul 2, 2015 Confirmed at P-3 (sf) -- USD10M Ser. 2007-1 Tr. 1 Bond, Withdrawn (sf); previously on Mar 25, 2009 Downgraded to Caa3 (sf) RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. =========== S W E D E N =========== ARISE AB: Egan-Jones Hikes Commercial Paper Ratings to 'B' ---------------------------------------------------------- Egan-Jones Ratings Company, on March 19, 2018, upgraded the foreign commercial paper and local commercial paper on debt issued by Arise AB to B from C. Arise AB (publ) was founded in 2006 and is headquartered in Halmstad, Sweden. The company was formerly known as Arise Windpower AB (publ) and changed its name to Arise AB (publ) in June 2013. ===================== S W I T Z E R L A N D ===================== SELECTA GROUP: Moody's Hikes CFR to B3, Outlook Stable ------------------------------------------------------ Moody's Investors Service has upgraded the corporate family rating (CFR) of Switzerland-based vending machine operator Selecta Group B.V. (Selecta or the company) to B3 from Caa1. The action concludes the review initiated on 15 January 2018 and reflects: - the refinancing of Selecta's capital structure in February 2018 - deleveraging following the refinancing of the company's Intercompany PIK Proceeds Loan, which was classified as debt, with new instruments meeting Moody's criteria for equity treatment - improved liquidity and extended maturity of the company's financing - the closing of the acquisition of Gruppo Argenta S.p.A. (Argenta) - a review of final documentation in relation to the refinancing Concurrently Moody's has upgraded Selecta's probability of default rating to B3-PD from Caa1-PD. It has also assigned definitive ratings of B3 to the company's EUR765 million senior secured notes, EUR325 million senior secured floating rate notes and CHF250 million senior secured notes, all due 2024, and a definitive rating of B1 to the company's EUR150 million super senior secured revolving credit facility (SSRCF) due 2023. Moody's definitive ratings for the new senior secured notes, senior secured floating rate notes and SSRCF are in line with the provisional ratings assigned on 15 January 2018. The final terms of the instruments were substantially in line with the drafts reviewed for the provisional instrument rating assignments. RATINGS RATIONALE The ratings reflect the company's: (1) leading market position as a pan-European vending operator; (2) high renewal rates and contracted installed base; (3) recent revenue and EBITDA growth and new contract wins in Selecta's standalone business; and (4) potential upside in EBITDA and capital expenditure from synergy savings and operational improvements. The ratings also take into account the: (1) execution risks in the integration of Pelican Rouge; (2) turnaround actions ongoing within certain Selecta and Pelican Rouge regions; (3) the fragmented and competitive market; (4) continuing decline in same site sales; and (5) high leverage, significant levels of machine capital expenditure and exceptional costs, and limited cash flow generation. As part of the refinancing and acquisition transactions in completed in February 2018, the company repaid its existing Intercompany PIK Proceeds Loan of approximately EUR300 million, using proceeds from a new Intercompany PIK Proceeds Loan issued by Selecta Midco S.a r.l., Selecta's parent company. The existing Intercompany PIK Proceeds Loan was classified within the company's debt for rating purposes, whereas the new Intercompany PIK Proceeds Loan qualifies for equity treatment under Moody's hybrid debt methodology. This significantly reduces Moody's- adjusted leverage by approximately 1x EBITDA. Structural Considerations Selecta's debt structure comprises a EUR150 million SSRCF and approximately EUR1.3 billion (euro equivalent) senior secured notes (SSN), all issued by Selecta Group B.V. The SSRCF is rated at B1, two notches higher than the SSN, at B3, reflecting its priority ranking. Both the SSRCF and SSN are guaranteed by group companies representing at least 80% of consolidated EBITDA and are secured principally by share pledges over the guarantors, in each case subject to legal limitations. The probability of default rating (PDR) is in line with the CFR, based on a 50% recovery rate, as is typical for transactions with senior secured debt. Rating Outlook The stable outlook reflects Moody's expectation that free cash flows will become positive and that liquidity will remain adequate. It assumes that the market will remain relatively stable with limited declines in same site sales. It also reflects the balance of high synergy potential with execution risks in integrating and turning around the two businesses. WHAT COULD CHANGE THE RATING -- UP Upward pressure on the current ratings could occur if Selecta successfully integrates Pelican Rouge and Argenta and demonstrates a sustained period of revenue and EBITDA growth with stable or growing same site sales. Quantitatively the rating could be upgraded if Moody's-adjusted debt/EBITDA falls sustainably below 4.5x, with free cash flow / debt increasing towards 5% and adequate liquidity. WHAT COULD CHANGE THE RATING - DOWN The ratings could be downgraded if Moody's-adjusted debt/EBITDA increases sustainably above 5.5x, if free cash flow / debt remains negative for a sustained period or if liquidity concerns arise. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Corporate Profile Selecta is the leading operator of vending machines in Europe by revenue, with operations in 16 countries (pro forma for the acquisitions of Pelican Rouge and Argenta). It operates a network of snack and beverage vending machines on behalf of a broad and diverse client base. For the last 12 months ended September 2017 and pro forma for the acquisitions, the company reported sales of EUR1.5 billion and Moody's adjusted EBITDA of EUR335 million. Selecta is ultimately owned by KKR, who acquired the company from Allianz Capital Partners in December 2015. ============= U K R A I N E ============= KHARKOV CITY: Fitch Affirms B- Long-Term IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the Ukrainian City of Kharkov's Long- Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B-' with Stable Outlooks and Short-Term Foreign-Currency IDR at 'B'. The city's National Long-Term Rating has been affirmed at 'AA-(ukr)' with Stable Outlook. KEY RATING DRIVERS Fitch continues to view the city's ratings as constrained by Ukraine's sovereign ratings (B-/Stable/B) and the weak institutional framework governing Ukrainian local and regional governments. The affirmation reflects the city's sound operating metrics and debt-free status although increasing debt at the companies in the broader public sector remains a risk. Institutional Framework Assessed as Weakness Ukraine's institutional framework lacks clarity and sophistication, hindering long-term development and budget planning of Ukrainian subnationals. The national government is pressurised by the challenging reform agenda implied by the IMF to secure external funding as repayments on external debt will resume in 2019 after the break following the 2015 restructuring. Political risks, which stem from powerful vested interests and fragmented political forces, are rising ahead of presidential and parliamentary elections in 2019. High inflation and continuously rising interest rates make debt and investment policy challenging. Fiscal Performance Assessed as Neutral Fitch expects Kharkov's financial performance will remain sound, albeit fragile over the medium term due to the continued reform of financial decentralisation resulting in numerous legal amendments. Fitch projects the operating margin will be around 20% in 2018 supported by growth of taxes following the economic recovery and steady inflow of current transfers from the central government. In 2017 the operating margin accounted for 20.2%, slightly below the average 24.5% in 2015-2016, as the city needed to fund some state-guaranteed benefits. Fitch expects the city will continue to have a close-to-balance budget over the medium term, which, in case of a minor deficit, could be funded by accumulated cash. After the surplus budget in 2015-2016, Kharkov recorded deficit before debt at 4.75% of total revenue in 2017, which was driven by increased capex. The deficit was funded by accumulated cash, so the city remained free of direct debt. Debt and Other Long-Term Liabilities Assessed as Neutral Fitch expects that the city will retain its debt-free position at least in 2018 as access to the capital market remains limited after the sovereign default in 2015 while interest rates are high (the National Bank of Ukraine increased the key police rate to 17% on 2 March 2018). Kharkov remains exposed to material contingent risk. The net financial result of the municipal companies remains negative, forcing the city to provide support either in the form of operating subsidies or capital injections. The scale of support is increasing year to year and reached UAH2.2 billion in 2017 (16% of total revenue), which is 1.7x higher than UAH1.3 billion in 2016 (13% of total revenue). Most of the funding goes to utility and transport companies due to historically low tariffs, which do not cover the prime cost of services provided. The debt of municipal companies has almost doubled since 2012 and amounted to UAH0.9 billion in 2017, or 6% of current revenue. The major debt came from three PSEs: Kharkov's Water Utility company, Heating company and Central park of Culture. The city has guaranteed the debt of one of the municipal companies - the water utility company - for modernisation of the city's water utility system. The debt, which is USD-denominated, has an amortising structure, and as of 1 January 2018 the outstanding guaranteed amount was UAH101.3 million. The company has never claimed the guarantee to date although the city makes adequate provision in its budget annually in case the company fails to meet its obligation. Economy Assessed as Weakness Kharkov is the capital of the fourth-largest region in the country, which contributed 6.3% to Ukraine's GDP in 2015 and about 6.3% of the total population in 2016. Kharkov's economy is well-positioned among its domestic peers, but significantly lags its international peers. Its GRP per capita is much below the EU average, which justifies Fitch assessment of the economy as a weakness. Kharkov is one of the country's key scientific, industrial and cultural centres. Its economy is diversified across manufacturing and services, and supported by a large number of companies. In 2017 Ukraine's economy continued its mild restoration with estimated GDP growth of 2.0%. Fitch expects Ukraine's GDP to grow 3.2%-3.7% in 2018-2019, which should positively impact the city's economic prospects. Management and Administration Assessed as Neutral The city's management follows a prudent approach in its budgetary policy. It usually draws a social-oriented budget and supports close-to-balance budgetary performance. The planning horizon is limited to one year, which hinders management's forecasting ability and makes strategic planning more difficult. Overall, management operates under the frequently changing legal framework, which requires quick and adequate response on the potential developments. One of management's priorities is development of the city's infrastructure, i.e. expansion of the metro lines, renewal of the stock of the city's transport and roads construction. The administration closely works in cooperation with international financial institutions, i.e. EBRD, to attract investments and implement infrastructure projects. RATING SENSITIVITIES The city's ratings are constrained by the sovereign. Any rating action on Ukraine's sovereign IDRs would lead to a corresponding action on the city's ratings. KYIV CITY: Fitch Affirms B- Long-Term IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed the Ukrainian City of Kyiv's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B-' and National Long-Term Rating at 'A-(ukr)'. The Outlooks are Stable. KEY RATING DRIVERS The ratings reflect a weak institutional framework for subnationals in Ukraine (B-/Stable), still material foreign currency-denominated contingent liabilities and unsettled liabilities on the non-restructured part of Kyiv's Eurobond. The affirmation reflects the city's moderate debt and consolidated fiscal performance with a sound operating balance driven by growing tax revenue on the back of an economic recovery. Fiscal Performance Assessed as Neutral Fitch expects Kyiv's financial performance will remain satisfactory over the medium-term with an operating margin moderately declining to 22%-24% after an exceptionally strong performance in 2015-2017. Performance will be supported by the economic recovery and steady inflow of current transfers from the central government. However, it remains fragile due to the overall weakness of sovereign public finances and unpredictable fiscal changes amid continued uncertainty over the pace of macroeconomic stabilisation. In 2017 the operating margin was 31.4%, slightly below an average of 38.8% in 2015-2016, as operating expenditure grew rapidly to compensate for the delay in inflation indexation in previous years. Fitch expects the city will continue to have a close-to-balanced budget over the medium-term. After a budget surplus in 2015-2016, Kyiv recorded a moderate deficit before debt at 1.55% of total revenue in 2017, which was funded by accumulated cash, so the city did not incur new debt. Debt and other Long-Term Liabilities Assessed as Neutral Following material fiscal surpluses and rapid revenue growth over the last three years Kyiv's direct risk has been declining to a moderate 26.1% of current revenue in 2017 from a peak of 67% in 2014. However, the debt is fully USD-denominated, exposing the city to FX risk. At end-2017, direct risk included USD101.15 million of the non-restructured part of Kyiv's USD250 million Eurobond and USD351.1 million obligations to Ukraine's Ministry of Finance (MoF). Fitch assesses the prospects of non- restructured debt settlement as uncertain over the medium-term, given the slow pace of Kyiv's negotiations with bondholders and the moratorium that was imposed by central government. The liabilities to the MoF arose as a result of the exchange of Kyiv's Eurobonds into Ukraine sovereign debt in December 2015. According to the terms of debt exchange Kyiv makes semi-annual payments to compensate the coupon payment related to this debt servicing and should repay the principal in two equal instalments in 2019 and 2020. This exposes the city to refinancing needs of USD351.1 million (equivalent to UAH9.85 billion at end-2017). However, following negotiations with the Ukrainian government the principal amount at due date will be reduced by UAH1.9 billion (equivalent to Kyiv's repayment of domestic bonds series G in November 2016), and by the amount of Kyiv's capex on bridge and metropolitan construction (about UAH1.1 billion in 2017 and up to UAH3.9 billion in 2018). Fitch expects the city will continue negotiations with the central government in offsetting the remaining liabilities. Other obligations of Kyiv are UAH3.7 billion of interest-free treasury loans contracted prior to 2014. As these loans were granted to the city to finance mandates delegated by the central government and will be written off by the State in the near future Fitch does not include this treasury loan in its calculation of direct risk. Kyiv remains exposed to contingent risk stemming from public sector companies. The city had several outstanding guarantees totaling about UAH1.8 billion as of end-2017 to support projects in public transportation, infrastructure and energy-saving. Most of the guaranteed loans are euro-denominated and relate to two city-owned companies, Kyivpastrans and Kyivmetropoliten. The guarantees expire in 2018-2021 and Fitch is of the view that the companies will service their debt by themselves. Economy Assessed as Weakness Kyiv benefits from its status as Ukraine's capital and remains the largest and wealthiest city in the country, historically accounting for more than 20% of the country's GDP. Its economy is diversified across manufacturing and services, and supported by a large number of major national and international companies. However, Kyiv's economy still significantly lags from the international peers, which justifies Fitch assessment of the economy as weakness. In 2017 the Ukrainian economy continued its mild recovery with an estimated GDP growth of 2%. Fitch expects Ukraine's GDP to grow 3.2%-3.7% in 2018-2019, which should positively impact Kyiv's economic prospects. Management and Administration Assessed as Weakness Ukraine's long-term financial planning is still in early development, while Kyiv's debt management lacks sophistication and the city still faces unsettled overdue liabilities. The city adminstration's planning horizon is limited to one year, which hinders the forecasting ability of administration and makes the strategic planning difficult. Overall, the Kyiv's administration operates under a frequently changing legal framework, which requires swift response to potential new developments. Institutional Framework Assessed as Weakness Ukraine's institutional framework lacks clarity and sophistication, hindering long-term development and budget planning of subnationals. The national government is under pressure from a challenging reform agenda imposed by IMF to secure external funding. Political risks, which stem from powerful vested interests and fragmented political parties, are growing ahead of presidential and parliamentary elections in 2019. High, albeit declining, inflation and interest rates make debt and investment policies challenging. CRITERIA VARIATION Fitch has adjusted the application of its "International Local and Regional Governments Rating Criteria - Outside the United States" to address the non-participation of a small minority of bondholders (hold-outs) in the debt exchange. Fitch believes the existence of these hold-outs should not prevent it from considering the exchange completed, since Kyiv (and more broadly, the national government, which piloted the exchange) achieved the expected result, with a vast majority of bondholders participating and normalising relations with the international financial community despite outstanding non-performing securities. RATING SENSITIVITIES Kyiv's ratings are constrained by the sovereign IDRs and could be positively affected by a sovereign upgrade, providing the city maintains its current sound fiscal performance. Negative rating action on Ukraine would be mirrored by the city's ratings. A material increase of the city's indebtedness, combined with deterioration of its financial flexibility, would lead to a downgrade. =========================== U N I T E D K I N G D O M =========================== CARPETRIGHT PLC: Mulls CVA, Lord Harris Bids to Buy 100 Stores -------------------------------------------------------------- Neil Craven, writing for The Mail on Sunday, reports that flooring tycoon Lord Harris of Peckham, known as the Carpet King, has launched an audacious swoop on Carpetright -- the chain he founded 30 years ago -- trying to buy almost 100 of its stores. If he succeeds in snapping up the shops from his now struggling creation, that would double the size of his new company, Tapi, which also sells carpets, The Mail on Sunday states. Mr. Harris's bold move comes as Carpetright, which has 400 stores, fights for survival, The Mail on Sunday notes. According to The Mail on Sunday, the directors are considering a restructuring plan that could include plunging the chain into a form of insolvency to shed unprofitable stores. Mr. Harris and his son Martin want to acquire a chunk of Carpetright stores to beef up Tapi, The Mail on Sunday says. Retail sources suggest they have offered around GBP25 million, almost as much as Carpetright is worth itself today after news of its troubles seeped out, The Mail on Sunday relays. However, sources told The Mail on Sunday that neither Carpetright nor their adviser Deloitte had so far responded to the approach despite the company's dire straits. Mr. Harris set up Carpetright in 1988 but left four years ago and sold all his shares, The Mail on Sunday recounts. But a Carpetright spokesman, as cited by The Mail on Sunday, said: "We absolutely refute this version of events. To suggest that we would somehow bless the foundation of a direct competitor by the Harris family is both wholly untrue and desperate. "As is the notion that we would entertain offers for our stores from a competing business whose most recent accounts showed that it lost GBP10 million on GBP30 million turnover." The spokesman added that Carpetright is continuing to evaluate a voluntary arrangement "to address the legacy of onerous leases signed almost exclusively under the previous leadership", The Mail on Sunday relates. Carpetright is the UK's largest retailer of carpets, flooring and beds. CONVIVIALITY: To File for Administration, 2,500 Jobs at Risk ------------------------------------------------------------ BBC News reports that Conviviality, the owner of Bargain Booze, has announced plans to file for administration within two weeks. Earlier this month, it shocked investors with a profit warning and news of an unpaid GBP30 million tax bill, BBC relates. It attempted to raise GBP125 million to rescue the business, but said that effort had failed, BBC notes. Conviviality employs about 2,500 staff and their jobs are now in jeopardy, BBC states. According to BBC, despite reassurance from Conviviality that it will continue to trade, the British Beer and Pub Association said the situation is "causing concern" for pubs as Conviviality is such a significant supplier. In its latest update, the company, as cited by BBC, said: "Unless circumstances change, and in accordance with statutory requirements, the Board intends to appoint administrators within 10 business days. "The secured creditors can, however, appoint administrators without the requirement for notice." Conviviality said it was exploring "a number of inbound enquiries regarding a potential sale of all or parts of the business", BBC relays. Brewers and food retailers might be among those interested in buying all, or part of Conviviality, BBC discloses. Potential buyers might be impressed by some of the big firms supplied by Conviviality, according to BBC. SEADRILL PARTNERS: S&P Affirms 'CCC+/C' ICRs, Outlook Stable ------------------------------------------------------------ S&P Global Ratings revised its outlook on U.K.-domiciled offshore driller Seadrill Partners LLC to stable from negative. S&P affirmed its 'CCC+' long-term and 'C' short-term issuer credit ratings on the company. S&P said, "We also affirmed the issue rating on Seadrill Partners' super senior revolving credit facility (RCF) at 'B'. The recovery rating is '1', indicating our expectation of very high (90%-100%; rounded estimate 95%) recovery in the event of a payment default. We affirmed our 'CCC+' rating on the company's term loan B. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate 50%). "The outlook revision primarily reflects our view that Seadrill Partners is now exposed to lower liquidity risks over the coming year. First, the company waived covenants under its $2.9 billion term loan B until maturity in 2021. Second, although main shareholder Seadrill Ltd. filed for Chapter 11 bankruptcy, Seadrill Partners -- and the group's other nonconsolidated affiliates -- is insulated from the group's debt restructuring. Finally, we anticipate that market conditions for the offshore ultra-deep-water drilling segment should stabilize in the next 12 months, with more activity, albeit limited upside, on day rates. "We recognize, however, that Seadrill Partners still has high debt, and its capital structure is unsustainable in the long term because operating cash flow generation is highly dependent on signing more contracts and for greater value. We believe this is currently difficult to achieve because oil and gas companies' investments in deep- and ultra-deep-water projects do not satisfy the supply of drill ships and semi-submersibles. Consequently, we do not anticipate that the recent increases in activity and shorter contracts awarded to Seadrill Partners will translate to S&P Global Ratings-adjusted debt to EBITDA below 5x in the coming 12-18 months. We also note that a jump in day rates to well above $200,000 would support stronger leverage. But this would hinge on substantially higher demand that could happen only if exploration and production companies believed that oil prices would remain higher than currently in the long term. "The outlook is stable, reflecting our view that the current significant cash balance provides protection over the coming 12 months against underperformance and liquidity risk. Still, we continue to believe that Seadrill Partners' profitability will weaken during 2018 and that discretionary cash flows will be neutral. We anticipate debt to EBITDA will stabilize at 8x over the next two years. "We could lower the rating in the next 12 months if the cash balances reduce markedly, such that available liquidity is at least halved. This would likely occur through growth initiatives or shareholder distributions, rather than weaker-than-expected operating performance. However, we could lower the rating if the company were to face high-impact contract cancellations or any other significant adverse event that increased liquidity risk and distressed exchange risk. "We could raise the rating in the coming 12 months if the company substantially improved its contract backlog, leading to debt to EBITDA closer to 5x. This scenario is, however, unlikely, since we anticipate current market supply will keep competition fierce and day rates relatively low. An upgrade could also hinge on a revised view of Seadrill Ltd.'s capital structure following its restructuring and the shareholder's potential to provide extraordinary support." TOYS R US: Sports Direct Among Bidders for Certain U.K. Stores -------------------------------------------------------------- Alastair Marsh at Bloomberg News reports that retail billionaire Mike Ashley's Sports Direct International Plc is among bidders for certain Toys "R" Us Inc. stores in the U.K. According to Bloomberg, a person familiar with the matter said the group has submitted an offer for some properties backing a 2013 securitization known as Debussy DTC. The person, as cited by Bloomberg, said private equity firm TPG is also competing for some assets backing the Debussy debt, while Hayfin Capital Management LLP plans to submit a bid or provide financing to potential buyers. The GBP263 million (US$370 million) Debussy bonds, which are backed by a loan financing 31 properties in the U.K., came under stress late last year as the toy seller tried to restructure its British operations after filing for bankruptcy protection in the U.S., Bloomberg recounts. The securitized loan is now in the hands of administrators, and noteholders have appointed real estate firm Morgan Williams to sell the properties to recover money for the bonds, Bloomberg states. Toys "R" Us said earlier this month it's going out of business after a rescue effort failed, Bloomberg relates. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 26 to March 30, 2018 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Steinhoff Europe AG 1.88 1/24/2025 EUR 62.26 Steinhoff Finance Holding Gm 1.25 8/11/2022 EUR 63.08 Steinhoff Finance Holding Gm 1.25 10/21/2023 EUR 55.43 New Look Secured Issuer PLC 6.50 7/1/2022 GBP 45.75 Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 43.40 Astaldi SpA 4.88 6/21/2024 EUR 70.09 Intelsat Luxembourg SA 7.75 6/1/2021 USD 44.62 Portugal Telecom Internation 4.63 5/8/2020 EUR 43.50 Intelsat Luxembourg SA 8.13 6/1/2023 USD 42.01 New Look Secured Issuer PLC 4.50 7/1/2022 EUR 44.87 Agrokor dd 9.88 5/1/2019 EUR 30.04 Ageasfinlux SA 1.02 EUR 70.83 Portugal Telecom Internation 5.00 11/4/2019 EUR 40.00 Air Berlin PLC 8.25 4/19/2018 EUR 1.07 New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.01 Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 96.75 Vallourec SA 4.13 10/4/2022 EUR 7.89 Portugal Telecom Internation 4.50 6/16/2025 EUR 43.81 CGG SA 5.88 5/15/2020 EUR 53.02 Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.06 Portugal Telecom Internation 5.88 4/17/2018 EUR 44.13 EA Partners I BV 6.88 9/28/2020 USD 74.77 Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.45 Korian SA 2.50 EUR 41.74 Banco Espirito Santo SA 4.75 1/15/2018 EUR 31.27 CGG SA 1.75 1/1/2020 EUR 1.78 Air Berlin PLC 6.75 5/9/2019 EUR 0.92 Portugal Telecom Internation 6.25 7/26/2016 EUR 41.41 Neopost SA 3.38 EUR 55.94 Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13 Maisons du Monde SA 0.13 12/6/2023 EUR 53.50 Privatbank CJSC Via UK SPV C 10.25 1/23/2018 USD 29.67 Immigon Portfolioabbau AG 10.00 EUR 16.38 Genfit 3.50 10/16/2022 EUR 31.38 Pierre & Vacances SA 2.00 4/1/2023 EUR 58.72 Agrokor dd 8.88 2/1/2020 USD 28.84 Avangardco Investments Publi 10.00 10/29/2018 USD 18.33 Agrokor dd 9.13 2/1/2020 EUR 29.07 OAS Investments GmbH 8.25 10/19/2019 USD 7.00 Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.50 UkrLandFarming PLC 10.88 3/26/2018 USD 22.47 Rickmers Holding AG 8.88 6/11/2018 EUR 2.42 Pacific Drilling SA 5.38 6/1/2020 USD 45.25 publity AG 3.50 11/17/2020 EUR 77.00 BIM SAS 2.50 11/13/2020 EUR 25.19 Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50 Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.28 EA Partners II BV 6.75 6/1/2021 USD 71.47 Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.75 Mitsubishi UFJ Investor Serv 3.92 12/30/2099 EUR 5.54 CGG SA 6.50 6/1/2021 USD 53.41 WPE International Cooperatie 10.38 9/30/2020 USD 18.90 Transcapitalbank JSC Via Tra 10.00 9/18/2020 USD 70.25 Banco Espirito Santo SA 2.63 5/8/2017 EUR 30.27 Promsvyazbank OJSC Via PSB F 10.50 7/30/2021 USD 5.01 CGG SA 1.25 1/1/2019 EUR 21.38 Scholz Holding Gmbh 8.50 12/31/2019 EUR 8.00 FIGEAC-AERO 1.13 10/18/2022 EUR 25.14 Air Berlin PLC 5.63 5/9/2019 CHF 1.16 Santhera Pharmaceuticals Hol 5.00 2/17/2022 CHF 73.97 Credito Valtellinese SpA 4.70 8/4/2021 EUR 70.33 Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50 Capital Raising GmbH 7.50 EUR 53.04 Barclays Bank PLC 2.23 7/31/2034 USD 63.00 Bilt Paper BV 9.64 USD 20.33 Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.38 ADLER Real Estate AG 2.50 7/19/2021 EUR 15.56 Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 73.09 Alno AG 8.50 5/14/2018 EUR 3.65 CGG SA 6.88 1/15/2022 USD 54.75 Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.51 Hybrid Raising GmbH 6.63 EUR 53.11 Nexity SA 0.13 1/1/2023 EUR 69.51 Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64 Mobylife Holding A/S 7.25 5/23/2020 SEK 8.00 Nexans SA 2.50 1/1/2019 EUR 74.87 Promsvyazbank OJSC Via PSB F 8.75 USD 5.00 Banca Carige SpA 7.32 12/20/2020 EUR 65.20 3W Power SA 10.00 8/29/2019 EUR 3.10 Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40 Orient Express Bank PJSC Via 10.00 USD 56.00 Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21 Elli Investments Ltd 12.25 6/15/2020 GBP 65.00 Yuksel Insaat AS 9.50 11/10/2015 USD 20.88 OGX Austria GmbH 8.50 6/1/2018 USD 0.00 Alitalia-Societa' Aerea Ital 5.25 7/30/2020 EUR 5.83 Privatbank CJSC Via UK SPV C 11.00 2/9/2021 USD 13.34 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.32 Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.50 Aligera Holding AB publ 5.00 5/7/2019 SEK 29.63 Lloyds Bank PLC 0.12 1/31/2033 USD 54.95 Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.03 Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 34.97 Stichting Afwikkeling Onderh 11.25 EUR 0.58 Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10 Stichting Afwikkeling Onderh 6.25 10/26/2020 EUR 3.86 Beate Uhse AG 7.75 7/9/2019 EUR 9.88 Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 1.07 Afren PLC 6.63 12/9/2020 USD 0.04 Veneto 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16.88 Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50 Kaupthing ehf 5.75 10/4/2011 USD 0.25 Barclays Bank PLC 1.35 9/30/2031 USD 62.85 GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 18.31 Steilmann SE 7.00 9/23/2018 EUR 1.56 Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50 Deutsche Bank AG/London 2.56 10/31/2034 USD 65.75 Cirio Del Monte NV 7.75 3/14/2005 EUR 1.25 Manchester Building Society 6.75 GBP 15.00 Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.41 Kaupthing ehf 7.63 2/28/2015 USD 0.25 Corporate Commercial Bank AD 8.25 8/8/2014 USD 1.40 Banca Carige SpA 8.34 EUR 28.00 Lehman Brothers UK Capital F 6.90 USD 1.51 Pierre & Vacances SA 3.50 10/1/2019 EUR 42.32 Pescanova SA 8.75 2/17/2019 EUR 2.33 Societe Centrale des Bois et 2.50 5/15/2023 EUR 7.80 New Look Secured Issuer PLC 6.50 7/1/2022 GBP 46.13 Espirito Santo Financial Gro 3.13 12/2/2018 EUR 0.28 BLT Finance BV 7.50 5/15/2014 USD 2.04 Agrokor dd Via Aquarius + In 4.92 8/8/2017 EUR 24.88 New World Resources NV 8.00 4/7/2020 EUR 3.56 Aralco Finance SA 10.13 5/7/2020 USD 4.98 Lloyds Bank PLC 1.11 11/27/2033 USD 64.75 Sazka AS 9.00 7/12/2021 EUR 0.50 Afren PLC 11.50 2/1/2016 USD 0.05 Alno AG 8.00 3/21/2019 EUR 3.85 Lehman Brothers UK Capital F 5.75 EUR 1.47 Accentro Real Estate AG 6.25 3/27/2019 EUR 7.80 Royal Bank of Scotland PLC/T 0.95 11/16/2030 USD 65.63 HSBC France SA 1.03 EUR 70.00 CGG SA 6.50 6/1/2021 USD 55.35 Promsvyazbank PJSC 12.25 2/1/2018 RUB 50.00 German Pellets GmbH 7.25 11/27/2019 EUR 1.79 Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.54 German Pellets GmbH 7.25 7/9/2018 EUR 1.90 EFG International AG 1.14 EUR 64.53 Norske Skog Holding AS 8.00 2/24/2023 USD 2.31 ESFIL-Espirito Santo Financi 5.25 6/12/2015 EUR 0.07 Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75 Deutsche Bank AG/London 0.21 6/30/2034 USD 61.50 Smart Solutions GmbH 8.00 12/3/2018 EUR 9.50 Touax SA 6.00 7/10/2020 EUR 17.89 Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 4.81 Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75 Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.50 Eniro AB 6.00 4/14/2020 SEK 4.30 PNE Wind AG 3.75 10/10/2019 EUR 3.50 Barclays Bank PLC 0.61 11/29/2030 USD 63.35 Deutsche Bank AG/London 0.81 9/30/2029 USD 70.00 Praktiker AG 5.88 2/10/2016 EUR 0.08 Breeze Finance SA 6.71 4/19/2027 EUR 29.05 Portigon AG 7.46 12/31/2019 EUR 31.00 Barclays Bank PLC 1.42 2/25/2031 USD 62.50 Manchester Building Society 8.00 GBP 25.00 Agrokor dd 8.88 2/1/2020 USD 29.13 Del Monte Finance Luxembourg 6.63 5/24/2006 EUR 5.38 Espirito Santo Financial Gro 9.75 12/19/2025 EUR 0.51 Banca Carige SpA 2.77 6/19/2018 EUR 68.64 Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 33.38 Barclays Bank PLC 0.46 3/21/2033 USD 58.65 Lehman Brothers UK Capital F 3.88 EUR 1.91 New Look Secured Issuer PLC 4.50 7/1/2022 EUR 45.00 Uppfinnaren 1 AB 10.00 SEK 61.33 CBo Territoria 6.00 1/1/2020 EUR 4.08 Portugal Telecom Internation 5.24 11/6/2017 EUR 41.25 KPNQwest NV 8.88 2/1/2008 EUR 0.06 Lloyds Bank PLC 1.30 7/26/2033 USD 65.63 Lloyds Bank PLC 1.04 4/25/2034 USD 62.50 Etablissements Maurel et Pro 1.63 7/1/2019 EUR 16.24 Havila Shipping ASA 5.39 11/7/2020 NOK 67.63 Vneshprombank Ltd Via VPB Fu 9.00 11/14/2016 USD 0.32 IT Holding Finance SA 9.88 11/15/2012 EUR 0.76 Cooperatieve Rabobank UA 0.50 2/26/2029 HUF 64.74 KPNQwest NV 7.13 6/1/2009 EUR 0.07 Bank Nadra Via NDR Finance P 8.25 7/31/2018 USD 0.80 Hamburgische Landesbank-Giro 0.05 1/22/2041 EUR 63.15 Home Money LLC 18.00 4/19/2022 RUB 68.77 Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18 Sairgroup Finance BV 4.38 6/8/2006 EUR 9.25 Golden Gate AG 6.50 10/11/2014 EUR 50.60 Frey 6.00 11/15/2022 EUR 21.50 Havila Shipping ASA 4.61 11/7/2020 NOK 54.00 Alpha Bank AE 2.50 6/20/2022 EUR 89.53 Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 2.37 Afren PLC 6.63 12/9/2020 USD 0.04 Deutsche Bank AG/London 3.00 2/23/2035 EUR 72.50 Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 7.50 Petrol AD 5.50 1/26/2022 EUR 30.00 Atari SA 5.50 10/30/2022 EUR 0.56 Steilmann SE 6.75 6/27/2017 EUR 3.50 Waste Italia SpA 10.50 11/15/2019 EUR 2.00 Etablissements Maurel et Pro 2.75 7/1/2021 EUR 10.50 Windreich GmbH 6.50 7/15/2016 EUR 13.38 Deutsche Bank AG/London 0.50 8/28/2034 USD 61.50 Stichting Afwikkeling Onderh 2.42 EUR 0.58 UniCredit Bank Austria AG 0.17 12/31/2031 EUR 71.38 Rena GmbH 8.25 7/11/2018 EUR 2.00 Kommunalbanken AS 0.50 5/27/2022 ZAR 70.57 International Industrial Ban 9.00 7/6/2011 EUR 0.30 Barclays Bank PLC 0.30 3/28/2033 USD 59.70 Stroika Finance Ltd Via Emer 9.90 6/25/2019 RUB 10.00 Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 7.50 Barclays Bank PLC 1.10 6/17/2033 USD 58.60 Vseukrainsky Aktsinerny Bank 10.90 6/14/2019 USD 0.89 PA Resources AB 13.50 3/3/2016 SEK 0.12 Rem Offshore ASA 5.00 12/8/2024 NOK 42.94 Enterprise Holdings LTD 7.00 3/30/2020 EUR 4.31 Northland Resources AB 4.00 10/15/2020 USD 0.15 MS Deutschland Beteiligungsg 6.88 12/18/2017 EUR 4.11 Koninklijke Luchtvaart Maats 0.75 CHF 38.00 Norske Skog Holding AS 8.00 2/24/2023 USD 2.31 Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52 Air Berlin Finance BV 6.00 3/6/2019 EUR 1.14 Ideal Standard International 11.75 5/1/2018 EUR 4.89 Pescanova SA 6.75 3/5/2015 EUR 2.09 Barclays Bank PLC 0.34 9/29/2034 USD 65.72 Sequa Petroleum NV 5.00 4/29/2020 USD 68.75 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39 Finmek International SA 7.00 12/3/2004 EUR 6.13 DEMIRE Deutsche Mittelstand 6.00 12/30/2018 EUR 4.00 Barclays Bank PLC 1.46 5/30/2034 USD 65.50 Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.38 Windreich GmbH 6.50 3/1/2015 EUR 13.50 Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.11 Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21 Lloyds Bank PLC 0.09 4/26/2033 USD 57.50 Banco Pinto & Sotto Mayor 1.13 EUR 39.50 Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.61 Depfa Funding III LP 0.87 EUR 56.69 Pacific Drilling SA 5.38 6/1/2020 USD 38.00 Orient Express Bank PJSC 13.60 8/9/2018 RUB 65.00 International Industrial Ban 11.00 2/19/2013 USD 0.17 Governo Portugues Consolidad 3.00 EUR 70.00 OGX Austria 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Paribas Emissions- und H 15.00 9/27/2018 EUR 67.17 BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 73.22 UniCredit Bank AG 11.00 6/22/2018 EUR 19.64 UniCredit Bank AG 12.10 9/28/2018 EUR 22.60 Commerzbank AG 21.25 4/27/2018 EUR 79.29 HSBC Trinkaus & Burkhardt AG 7.20 12/28/2018 EUR 69.50 HSBC Trinkaus & Burkhardt AG 5.80 12/28/2018 EUR 72.97 DZ Bank AG Deutsche Zentral- 6.60 3/23/2018 EUR 12.23 Deutsche Bank AG 4.20 6/19/2018 EUR 73.20 EFG International Finance Gu 11.00 10/25/2018 CHF 69.79 HSBC Trinkaus & Burkhardt AG 6.50 1/29/2018 EUR 52.97 UniCredit Bank AG 5.30 6/22/2018 EUR 20.25 UniCredit Bank AG 14.30 6/22/2018 EUR 71.29 Commerzbank AG 9.75 9/28/2018 EUR 71.55 UniCredit Bank AG 12.50 6/22/2018 EUR 71.08 Commerzbank AG 16.75 4/27/2018 EUR 79.42 Commerzbank AG 18.75 4/27/2018 EUR 78.00 HSBC Trinkaus & Burkhardt AG 8.00 12/28/2018 EUR 65.38 HSBC Trinkaus & Burkhardt AG 12.10 6/22/2018 EUR 66.70 Bank Julius Baer & Co Ltd/Gu 8.35 9/24/2018 USD 71.10 HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 54.84 Deutsche Bank AG 6.20 6/19/2018 EUR 73.74 DZ Bank AG Deutsche Zentral- 6.80 6/22/2018 EUR 72.00 DZ Bank AG Deutsche Zentral- 8.00 6/22/2018 EUR 68.10 HSBC Trinkaus & Burkhardt AG 12.30 9/28/2018 EUR 66.99 HSBC Trinkaus & Burkhardt AG 8.80 9/28/2018 EUR 73.43 HSBC Trinkaus & Burkhardt AG 11.10 4/27/2018 EUR 68.76 HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 71.97 HSBC Trinkaus & Burkhardt AG 9.20 6/22/2018 EUR 71.76 Deutsche Bank AG 4.20 9/25/2018 EUR 74.20 Deutsche Bank AG 4.20 12/27/2018 EUR 75.00 UniCredit Bank AG 12.10 6/22/2018 EUR 72.45 Araratbank OJSC 7.25 6/27/2018 USD 25.43 UniCredit Bank AG 12.00 3/23/2018 EUR 73.33 HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 68.92 UniCredit Bank AG 10.50 3/23/2018 EUR 71.24 Vontobel Financial Products 8.00 9/28/2018 EUR 72.38 UniCredit Bank AG 12.20 6/22/2018 EUR 71.36 SG Issuer SA 0.80 10/21/2020 SEK 68.03 Commerzbank AG 17.75 5/25/2018 EUR 78.72 HSBC Trinkaus & Burkhardt AG 8.00 9/28/2018 EUR 72.29 HSBC Trinkaus & Burkhardt AG 7.10 9/28/2018 EUR 71.66 HSBC Trinkaus & Burkhardt AG 9.40 12/28/2018 EUR 68.89 HSBC Trinkaus & Burkhardt AG 11.30 3/23/2018 EUR 57.23 HSBC Trinkaus & Burkhardt AG 7.80 3/23/2018 EUR 69.49 Polski Bank Spoldzielczy w C 5.31 9/14/2027 PLN 50.01 HSBC Trinkaus & Burkhardt AG 8.00 6/22/2018 EUR 62.64 HSBC Trinkaus & Burkhardt AG 11.70 6/22/2018 EUR 55.65 Deutsche Bank AG 6.20 6/19/2018 EUR 73.74 DZ Bank AG Deutsche Zentral- 8.40 3/23/2018 EUR 70.46 UBS AG/London 12.50 4/5/2018 USD 61.00 UBS AG/London 10.00 4/5/2018 USD 54.40 BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 68.12 BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 64.99 BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 59.64 Vontobel Financial Products 10.00 3/23/2018 EUR 75.37 Commerzbank AG 13.50 4/26/2018 EUR 64.70 Vontobel Financial Products 10.50 7/27/2018 EUR 71.52 Deutsche Bank AG 6.20 3/20/2018 EUR 71.10 Bank Julius Baer & Co Ltd/Gu 5.25 3/14/2018 CHF 69.35 DZ Bank AG Deutsche Zentral- 6.75 3/23/2018 EUR 11.40 Commerzbank AG 16.00 5/24/2018 EUR 67.67 UBS AG/London 8.30 6/22/2018 EUR 54.25 UBS AG/London 9.00 2/22/2018 EUR 51.60 DZ Bank AG Deutsche Zentral- 6.25 4/27/2018 EUR 73.73 HSBC Trinkaus & Burkhardt AG 5.70 6/22/2018 EUR 69.39 HSBC Trinkaus & Burkhardt AG 10.10 4/27/2018 EUR 58.14 BNP Paribas Emissions- und H 4.50 6/21/2018 EUR 73.43 Goldman Sachs & Co Wertpapie 25.00 3/21/2018 EUR 74.68 BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 53.06 BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 61.07 Vontobel Financial Products 9.50 1/2/2019 EUR 70.03 Vontobel Financial Products 11.50 1/2/2019 EUR 69.38 Commerzbank AG 9.50 4/26/2018 EUR 71.84 HSBC Trinkaus & Burkhardt AG 13.10 3/23/2018 EUR 52.82 HSBC Trinkaus & Burkhardt AG 10.50 6/22/2018 EUR 57.33 Vontobel Financial Products 8.95 3/9/2018 EUR 71.97 DZ Bank AG Deutsche Zentral- 8.25 6/22/2018 EUR 74.27 Vontobel Financial Products 12.00 9/28/2018 EUR 70.58 Commerzbank AG 15.50 4/26/2018 EUR 61.98 HSBC Trinkaus & Burkhardt AG 5.20 6/22/2018 EUR 73.46 HSBC Trinkaus & Burkhardt AG 6.10 3/23/2018 EUR 68.92 DZ Bank AG Deutsche Zentral- 5.40 6/22/2018 EUR 74.28 DZ Bank AG Deutsche Zentral- 8.20 6/22/2018 EUR 69.70 DZ Bank AG Deutsche Zentral- 5.30 6/22/2018 EUR 71.71 DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 65.56 DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 71.23 Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 7.50 Lehman Brothers Treasury Co 5.50 6/22/2010 USD 7.50 Lehman Brothers Treasury Co 3.82 10/20/2009 USD 1.90 Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 7.50 Lehman Brothers Treasury Co 6.70 4/21/2011 USD 1.90 Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 1.90 Lehman Brothers Treasury Co 4.00 6/5/2011 USD 1.90 Lehman Brothers Treasury Co 14.10 11/12/2008 USD 1.90 Lehman Brothers Treasury Co 4.00 8/11/2010 USD 7.50 Lehman Brothers Treasury Co 9.25 6/20/2012 USD 1.90 Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 1.90 Societe Generale SA 0.50 4/4/2024 MXN 58.74 Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 1.90 Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 1.90 Societe Generale SA 0.50 4/30/2023 RUB 71.21 Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90 Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90 Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 1.90 Lehman Brothers Treasury Co 13.15 10/30/2008 USD 1.90 Lehman Brothers Treasury Co 16.80 8/21/2009 USD 1.90 Lehman Brothers Treasury Co 2.30 6/6/2013 USD 1.90 Lehman Brothers Treasury Co 4.30 6/4/2012 USD 1.90 Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 1.90 Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 1.90 Lehman Brothers Treasury Co 4.10 5/20/2009 USD 1.90 Heta Asset Resolution AG 4.88 12/31/2023 EUR 34.63 Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 1.90 Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 1.90 Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.90 Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.90 Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 1.90 Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.90 Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.90 Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 1.90 Digital Invest OOO 10.48 4/7/2021 RUB 0.81 Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 1.90 Lehman Brothers Treasury Co 3.85 4/24/2009 USD 1.90 Lehman Brothers Treasury Co 4.00 4/24/2009 USD 1.90 Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.90 Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90 Lehman Brothers Treasury Co 9.00 6/13/2009 USD 1.90 Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 1.90 Lehman Brothers Treasury Co 10.00 3/27/2009 USD 1.90 Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 1.90 Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 1.90 Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 1.90 Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 1.90 Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 1.90 Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 1.90 Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 1.90 Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 1.90 Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.90 Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.90 Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 1.90 Lehman Brothers Treasury Co 2.30 6/27/2013 USD 1.90 Lehman Brothers Treasury Co 2.37 7/15/2013 USD 1.90 Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 1.90 Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 1.90 Kaupthing ehf 7.50 12/5/2014 ISK 0.25 Kaupthing ehf 6.50 10/8/2010 ISK 0.25 Lehman Brothers Treasury Co 9.75 6/22/2018 USD 1.90 Heta Asset Resolution AG 5.27 12/31/2023 EUR 34.63 Lehman Brothers Treasury Co 10.00 10/23/2008 USD 1.90 Lehman Brothers Treasury Co 10.00 10/22/2008 USD 1.90 Lehman Brothers Treasury Co 16.00 11/9/2008 USD 1.90 Lehman Brothers Treasury Co 16.20 5/14/2009 USD 1.90 Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 1.90 Lehman Brothers Treasury Co 10.00 5/22/2009 USD 1.90 Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 1.90 Lehman Brothers Treasury Co 3.45 5/23/2013 USD 1.90 Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 1.90 Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90 Credit Suisse AG/London 3.00 11/15/2025 ZAR 68.90 Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90 Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 1.90 Lehman Brothers Treasury Co 5.38 2/4/2014 USD 1.90 Lehman Brothers Treasury Co 4.00 1/4/2011 USD 1.90 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 7.50 Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 1.90 Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.90 Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 1.90 Lehman Brothers Treasury Co 8.00 12/31/2010 USD 1.90 Araratbank OJSC 8.00 6/10/2018 USD 25.58 Transgazservice LLP 10.50 11/8/2019 RUB 5.02 Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00 UNGP-Finance OOO 10.00 12/16/2020 RUB 0.10 BNP Paribas Emissions- und H 3.00 10/12/2018 EUR 74.11 Landesbank Baden-Wuerttember 2.60 8/23/2019 EUR 73.23 National Developing Co PAO 12.00 7/19/2018 RUB 1.11 Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 1.90 Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 1.90 Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 1.90 Lehman Brothers Treasury Co 4.50 8/2/2009 USD 1.90 Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 7.50 Societe Generale SA 0.50 5/22/2024 MXN 57.99 HSBC Bank PLC 0.50 12/8/2026 AUD 72.94 Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 1.90 Kaupthing ehf 3.75 2/15/2024 ISK 0.25 Lehman Brothers Treasury Co 7.50 6/15/2017 USD 1.90 Lehman Brothers Treasury Co 8.00 10/23/2008 USD 1.90 Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 1.90 Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.90 Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 1.90 Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 1.90 Lehman Brothers Treasury Co 4.00 10/12/2010 USD 1.90 Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 1.90 Lehman Brothers Treasury Co 18.25 10/2/2008 USD 1.90 Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 1.90 Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.90 Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 1.90 Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 1.90 Lehman Brothers Treasury Co 4.10 8/23/2010 USD 1.90 Societe Generale SA 0.50 6/12/2023 RUB 70.60 Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 1.90 Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 1.90 Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90 Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 1.90 Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 1.90 Lehman Brothers Treasury Co 13.00 12/14/2012 USD 1.90 Kaupthing ehf 5.00 1/4/2027 SKK 0.25 Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 1.90 Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 1.90 Credit Suisse AG/London 0.50 1/8/2026 BRL 44.50 Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 1.90 Lehman Brothers Treasury Co 3.50 10/24/2011 USD 1.90 Lehman Brothers Treasury Co 13.50 11/28/2008 USD 1.90 Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 1.90 Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 1.90 Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 1.90 Lehman Brothers Treasury Co 9.00 5/15/2022 USD 1.90 Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 1.90 Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 1.90 Lehman Brothers Treasury Co 7.39 5/4/2017 USD 1.90 Lehman Brothers Treasury Co 2.25 5/12/2009 USD 1.90 Lehman Brothers Treasury Co 4.00 5/17/2010 USD 1.90 Escher Marwick PLC 3.50 10/14/2031 USD 56.24 Digital Invest OOO 11.00 3/8/2021 RUB 0.74 Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 1.90 Lehman Brothers Treasury Co 4.00 5/30/2010 USD 1.90 Lehman Brothers Treasury Co 2.48 5/12/2009 USD 1.90 Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 1.90 Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.90 Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 7.50 Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 1.90 Lehman Brothers Treasury Co 8.00 8/3/2009 USD 1.90 UNGP-Finance OOO 10.00 4/20/2021 RUB 0.10 HSBC Bank PLC 0.50 6/9/2023 MXN 63.22 Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 1.90 Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.90 Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 1.90 Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 1.90 Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.90 TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.08 TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.07 Societe Generale SA 0.50 7/6/2021 BRL 72.91 Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.90 Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 1.90 Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.90 Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 1.90 Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.90 Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 7.50 Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.90 Lehman Brothers Treasury Co 4.50 12/30/2010 USD 1.90 Kommunekredit 0.50 5/11/2029 CAD 71.95 Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 1.90 Lehman Brothers Treasury Co 6.00 12/6/2016 USD 1.90 Lehman Brothers Treasury Co 7.25 6/20/2010 USD 1.90 Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 1.90 Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 1.90 Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 1.90 Lehman Brothers Treasury Co 23.30 9/16/2008 USD 1.90 Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 1.90 Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 1.90 Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 1.90 Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 1.90 Lehman Brothers Treasury Co 7.60 5/21/2013 USD 1.90 Bashneft PJSC 12.00 5/9/2025 RUB 60.00 Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 1.90 Lehman Brothers Treasury Co 8.00 3/19/2012 USD 1.90 Lehman Brothers Treasury Co 3.60 3/19/2018 JPY 1.90 Lehman Brothers Treasury Co 6.00 3/4/2015 USD 1.90 Lehman Brothers Treasury Co 1.00 2/26/2010 USD 1.90 Lehman Brothers Treasury Co 11.00 7/4/2011 USD 1.90 Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 1.90 Societe Generale SA 0.50 4/3/2023 RUB 71.79 Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 1.90 Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 1.90 Lehman Brothers Treasury Co 16.00 10/28/2008 USD 1.90 Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90 Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 1.90 Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 1.90 Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 1.90 Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 1.90 HSBC Bank PLC 0.50 12/22/2025 BRL 43.60 Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.90 Lehman Brothers Treasury Co 9.50 4/1/2018 USD 1.90 Digital Invest OOO 10.48 4/8/2021 RUB 0.57 Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 7.50 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90 Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.90 Lehman Brothers Treasury Co 7.15 3/21/2013 USD 1.90 Digital Invest OOO 10.48 4/9/2021 RUB 0.57 Digital Invest OOO 10.48 4/9/2021 RUB 0.57 Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 1.90 Lehman Brothers Treasury Co 8.00 3/21/2018 USD 1.90 Heta Asset Resolution AG 0.38 12/31/2023 EUR 34.63 Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90 Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 1.90 Kommunalbanken AS 0.50 12/16/2020 TRY 70.54 Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 1.90 Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 1.90 Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.90 Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.90 Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 1.90 Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 1.90 Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 1.90 Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 1.90 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90 Lehman Brothers Treasury Co 3.50 12/20/2027 USD 1.90 Lloyds Bank PLC 0.50 7/26/2021 BRL 72.50 Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 1.90 Digital Invest OOO 10.22 11/3/2020 RUB 0.67 HSBC Bank PLC 0.50 11/25/2025 BRL 43.94 Lehman Brothers Treasury Co 16.00 12/26/2008 USD 1.90 Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 1.90 HSBC Bank PLC 0.50 4/11/2023 MXN 64.15 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2018. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *