/raid1/www/Hosts/bankrupt/TCREUR_Public/180404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, April 4, 2018, Vol. 19, No. 066


                            Headlines


C R O A T I A

HRVATSKA BANKA: S&P Raises ICR to 'BB+', Outlook Stable


E S T O N I A

VERSOBANK AS: Harju County Court Appoints Liquidators


F R A N C E

LOXAM SAS: S&P Alters Outlook to Stable & Affirms 'BB-' ICR


G E O R G I A

GEORGIAN OIL: S&P Affirms 'B+/B' ICRs, Outlook Stable


G E R M A N Y

DEPFA BANK: Moody's Puts ba3 BCA on Review for Upgrade


G R E E C E

HELLENIC TELECOMMUNICATIONS: S&P Raises ICR to 'BB', Outlook Pos.


I C E L A N D

ORKUVEITA REYKJAVIKUR: Moody's Hikes CFR to Ba1, Outlook Stable


I T A L Y

CREDITO VALTELLINESE: Moody's Affirms Ba3 LT Deposit Rating
NAPLES CITY: Moody's Withdraws B1 Senior Unsecured Debt Rating
TWINSET SPA: Moody's Withdraws B2 Corporate Family Rating


K A Z A K H S T A N

BANK RBK: S&P Lifts Issuer Credit Ratings to B-/B, Outlook Stable


N E T H E R L A N D S

CONTEGO CLO III: Moody's Assigns (P)B2 Rating to Cl. F Notes
INTERXION HOLDING: S&P Affirms 'BB-' LT Issuer Credit Rating
TOCARDO INTERNATIONAL: Enters Into Bankruptcy Proceedings


R U S S I A

UMUT LLC: Put on Provisional Administration, License Revoked


S P A I N

ABANCA CORP: Fitch Alters Outlook to Positive, Affirms BB+ IDR
GRUPO COOPERATIVO: Fitch Affirms BB- IDR, Outlook Stable
IBERCAJA BANCO: Fitch Affirms BB+ Long-Term IDR, Outlook Positive
LIBERBANK SA: Fitch Affirms 'BB' LT IDR, Outlook Stable


U K R A I N E

CHORNOMORNAFTOGAZ: Poroshenko Signs Law on Bankruptcy Moratorium


U N I T E D   K I N G D O M

HORNBY: Barclays Agrees to Waive Financial Covenant Test


                            *********



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C R O A T I A
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HRVATSKA BANKA: S&P Raises ICR to 'BB+', Outlook Stable
-------------------------------------------------------
S&P Global Ratings said that it has raised its long-term foreign
and local currency issuer credit ratings on Croatian 100% state-
owned development bank Hrvatska banka za obnovu i razvitak (HBOR)
to 'BB+' from 'BB' and affirmed the short-term foreign and local
currency issuer credit ratings at 'B'. The outlook is stable.

The upgrade reflects the similar action we took on Croatia.

S&P said, "We equalize our ratings on HBOR with our ratings on
Croatia. In our view, the sovereign is almost certain to provide
timely and sufficient extraordinary support to HBOR in the event
of financial distress, and we do not consider this will be
subject to transition risk." S&P bases its assessment of the
likelihood of support on its view of HBOR's:


-- Critical public policy role in implementing the government's
    economic, social, and political policy, namely the
    sustainable development of the Croatian economy and the
    promotion of exports. The bank's role has widened since its
    formation and has evolved alongside the government's
    strategic goals for the country's social and economic
    development. Since 2015, HBOR has officially been in charge
    of coordinating the implementation of the investment plan for
    Europe in cooperation with the European Investment Bank and
    the European Investment Fund; and

-- Integral link with Croatia, demonstrated by the state's 100%
    ownership, regular oversight, and injections of capital. HBOR
    benefits from a public policy mandate and strong government
    support. Croatia guarantees all of HBOR's obligations
    unconditionally, irrevocably, and on first demand, without
    issuing a separate guarantee instrument, as stipulated by the
    HBOR Act. The government is closely involved in defining
    HBOR's strategy. The president of the supervisory board is
    the Minister of Finance, while the Minister of the Economy,
    Entrepreneurship, and Trade serves as the deputy president of
    the board. In addition, the supervisory board includes the
    ministers of regional development and EU funds, agriculture,
    and tourism, as well as other members of parliament and the
    chairman of the Croatian Chamber of Economy. Lastly, the

    government is continuing its capital injections, with the
    stated goal of HBOR reaching total capital of Croatian kuna
    (HRK) 7 billion (roughly EUR930 million) over the next
    several years.

Established in June 1992, HBOR was tasked with financing the
reconstruction and development of the Croatian economy. HBOR
lends to both the public and private sectors, either directly or
through commercial banks. These banks onlend HBOR's funds to the
ultimate borrowers, who benefit from HBOR's lower funding cost.

The stable outlook on HBOR mirrors that on Croatia. Future rating
actions on Croatia will result in a similar action on the bank.

S&P would take a negative rating action on HBOR, regardless of
any sovereign rating action, if it concluded that the bank's
public policy importance for the government or the link with the
government had weakened.


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E S T O N I A
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VERSOBANK AS: Harju County Court Appoints Liquidators
-----------------------------------------------------
The Baltic Times reports that the Harju County Court has
published a court order to appoint liquidators of Versobank.

According to The Baltic Times, an application to the Court for
the appointment of liquidators was presented by Estonian
Financial Services Authority (EFSA), The Baltic Times.

On March 26, 2018, the European Central Bank, upon the
recommendation of the EFSA, withdrew the authorisation of
Versobank AS to operate as a credit institution, The Baltic Times
relates.

Under the court order, the liquidators are Certified Public
Accountant Eero Kaup (Partner at KPMG Baltics Oö), Internal
Auditor Viljar Alnek (Head of Internal Audit Services at KPMG
Baltics OU) and Attorney-at-Law Ksenia Kravtsenko (Law Office
KPMG Law OU), The Baltic Times states.  In their appointment of
the liquidators, EFSA took into consideration their impartiality,
qualifications, and their ability to conduct the liquidation
process of a credit institution, which by its nature is a complex
task demanding top-level competence in various fields, The Baltic
Times discloses.

"The liquidators have started with their tasks and are getting up
to speed on the accounting data of the bank.  We are working in
close cooperation with the Guarantee Fund, so that the Fund can
start with compensations of up to EUR100,000 for deposits by
private and business clients of Versobank on April 5, 2018", The
Baltic Times quotes Eero Kaup as saying in KPMG's announcement.

Mr. Kaup added that, according to the law, the liquidation
process of the credit institution will last at least six months
and liquidators are aiming for clear cooperation with all parties
involved, The Baltic Times notes.


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F R A N C E
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LOXAM SAS: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
-----------------------------------------------------------
S&P Global Ratings said that it revised to stable from negative
its outlook on France-based equipment rental company Loxam SAS.
S&P affirmed the 'BB-' long-term issuer credit rating.

S&P said, "At the same time, we affirmed our 'BB-' issue rating
on Loxam's senior secured debt. The recovery rating is unchanged
at '3', indicating our expectation of meaningful recovery (50%-
70%; rounded estimate: 60%) in the event of a payment default.

"We also affirmed our 'B' rating on the company's subordinated
debt. The recovery rating is unchanged at '6', reflecting our
expectation of negligible recovery (0%-10%) in the event of a
default.

"The outlook revision reflects our expectation that Loxam will
continue to benefit from the favorable market conditions in 2018
leading to moderate deleveraging, with debt to EBITDA of about
4.3x and funds from operations to debt of about 17%-18%. Loxam
has demonstrated consistent growth in all of its core
geographies, underpinned by high construction market activity.
Management is also successfully integrating acquired businesses
(Hune and Lavendon).

"We continue to assess Loxam's financial risk profile as
aggressive. The company has a track record of expanding through
acquisitions. In 2017, Loxam made two notable acquisitions,
Lavendon and Hune. We considered these transactions to be
aggressive, especially in conjunction with share buyback. As a
result, reported debt increased from EUR1.3 million in 2016 to
EUR2.2 million in 2017. Although we do not incorporate any
further sizable acquisitions in our forecast, given Loxam's
recent track record, we cannot fully discount the possibility of
additional acquisitions over the next two to three years. We note
that headroom for similar transactions as performed in 2017 is
limited in the next 12 months. Depending on the size and funding,
these transactions could elevate Loxam's leverage outside of our
base-case assumptions.

"We expect no material improvement in free operating cash flow
(FOCF) generation in 2018 on the back of elevated fleet capital
expenditure (capex) of about EUR380 million-EUR400 million. The
increased capex reflects that the company is seeking to expand
its fleet and take advantage of growth opportunities in the
construction market as well as incorporating capex of the
acquired entities. Nevertheless, we note that Loxam's business
model allows for the flexibility to significantly reduce capex in
a downturn and preserve its free cash flow generation.

"We believe that recent acquisitions have helped the company to
diversify its business away from purely French operations. The
company is the largest player in the European equipment rental
market, with EUR1,279 million revenues (the second largest posts
EUR731 million sales). Pro forma acquisitions, Loxam will rank
No. 3 in the powered access market by fleet size, worldwide. The
company is the No. 1 player in its domestic market of France
ahead of Kiloutou. We think it will be able to sustain this
market position thanks to its long-standing relationships with
the main French contractors and its dense branch network.

"We think that Loxam's business risk profile is constrained by
the cyclical nature of demand from construction and civil
engineering end-markets. However, we believe that the industry
cycle will demonstrate increased activity in the next two to
three years. This will allow the company to expand its scale and
maintain profitability of about 33%-35% on reported basis."
Loxam has a well-maintained fleet of rental equipment. The
company has also demonstrated its ability to reduce fleet
investment significantly when earnings growth subsides, through
active fleet management measures. These factors support our fair
business risk profile assessment.

S&P's base case assumes:

-- The eurozone economy continues to experience a very strong
    cyclical rebound after years of anemic growth. The most
    recent data for the third quarter of 2017 revealed that
    eurozone GDP was up 2.5% year-on-year in real terms. Among
    the best performers, Germany was up 2.8%, and Spain 3.1%. S&P
    expects France's GDP will grow by 1.8% in 2018. Although it
    is currently stable, U.K. economic growth is set to slow to
    1% in 2018 according to its forecast, while uncertainty over
    Brexit dampens investment.

-- The construction sector is showing robust performance, even
    in mature markets such as Europe. This follows many years of
    dwindling growth, especially in Spain (with construction
    output of 3.7% and 2.3% in 2018 and 2019, respectively), and
    France (with construction output of 3.8% and 2.3% in 2018 and
    2019, respectively). These geographies represent more than
    55% of company's sales.

-- Loxam's exposure to the U.K. and Ireland is about 12%. S&P
    believes that some level of uncertainty will affect
    construction output in U.K., where growth will remain subdued
    at about 0.7% in 2018 before improving to 1.9% in 2019. At
    the same time, Ireland will show considerable output rebound
    of about 12.7% in 2018 and 7.9% in 2019.

-- Annual revenue growth of about 6%-7% in 2018 and
    approximately 4%-5% in 2019 following contribution from
    recent acquisitions as well as positive macro trends in the
    equipment rental market.

-- Reported EBITDA margin of about 34%-35% in 2018-2019
    supported by high volumes and offset by lower disposal gains
    due to high utilization.

-- Total capex of about EUR400 million-EUR430 million in 2018,
    2019.

-- Bolt-on acquisitions of up to EUR120 million per year.

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

-- Debt to EBITDA of about 4.3x-4.4x in 2018.
-- FFO to debt of about 17%%-18% in 2018.

S&P said, "The stable outlook reflects our view that Loxam will
achieve and sustain stronger credit metrics, supported by
improving market fundamentals, in the next 12 months. This
assumption would imply FFO to debt above 15% or debt to EBITDA
below 4.5x concurrently. Such scenario does not incorporate any
acquisitions that are larger than anticipated under our base case
(EUR120 million bolt-ons) or shareholder-friendly actions. We
will evaluate any actions in excess of forecast figures
separately.

"We could lower the rating if Loxam breaches both the debt-to-
EBITDA ratio of above 4.5x or FFO to debt of lower than 15%. This
could occur if Loxam deviates from our base case through another
debt-financed acquisition or shareholder-friendly action, leading
to higher leverage. We might consider a negative rating action if
Loxam is unable to balance growth and capex, which could lead to
higher debt levels. The rating could also come under pressure if,
at any time, the company's liquidity is no longer at least
adequate.

"We do not see upside potential in the next 12 months. We might
see ratings upside if Loxam improved its credit metrics to debt
to EBITDA below 3.5x or FFO to debt consistently above 25%. An
upgrade would be contingent on Loxam generating at least neutral
FOCF. Stronger credit metrics could result from substantially
reduced absolute debt, combined with better-than-anticipated
operating performance and a more conservative financial policy."


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G E O R G I A
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GEORGIAN OIL: S&P Affirms 'B+/B' ICRs, Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+/B' long- and
short-term issuer credit ratings on Georgian Oil and Gas Corp.
JSC (GOGC). The outlook is stable.

S&P also affirmed the 'B+' rating on GOGC's $250 million notes
due 2021.

S&P said, "Our rating already factors in significant volatility
of margins and financial metrics, and, after financial measures
improved in 2017, we are expecting a temporary increase in GOGC's
leverage in 2018. This is because the average purchase price of
natural gas is increasing, while we expect the selling price of
social gas to stay flat. As a result, we expect GOGC's gross
debt-to-EBITDA ratio to increase to 3.9x-4.1x in 2018 compared
with about 2.9x in 2017. However, we believe that the higher
leverage will be temporary, and that GOGC will achieve stronger
results in 2019, when it commissions its Gardabani II combined-
cycle power plant, which is currently under construction. We
therefore expect leverage to return to about 3.6x-3.8x in 2019.

"We continue to view GOGC's financial risk profile as aggressive,
which includes our assessment of the group's volatile cash flows
during stress periods. GOGC's margins remain exposed to potential
mismatches in changes of natural gas average purchasing and
selling prices. For example, one of the key reasons we expect
EBITDA to decline in 2018 is the Georgian government's decision
to maintain social gas prices flat, whereas we had expected a
gradual increase in that price." At the same time, the average
purchasing price of gas is expected to increase by up to 8% for
GOGC in 2018 and 5% in 2019, due to its use of a higher share of
more expensive gas. This could significantly compress GOGC's
margins in the gas business for the next one to two years, after
which a meaningful increase in cheaper gas supplies from the Shah
Deniz 2 project is expected, which should improve GOGC's gas
business margins.

The up to 33% decline in revenues from the rent of pipelines
after the government implemented a new tariff methodology, will
additionally hit GOGC's 2018 EBITDA, as will GOGC's potentially
increasing operating costs. As a result, we expect GOGC's EBITDA
to drop from an estimated Georgian lari (GEL) 228 million in 2017
to about GEL160 million-GEL170 million in 2018. Gardabani II
power plant, coming on line in late 2019, should strengthen the
group's EBITDA to about GEL185 million-GEL190 million already
that year, with further improvements in 2020, since the plant
will have been operational for a full year.

S&P said, "Our assessment of GOGC's business risk is constrained
by the regulatory framework in Georgia, exposure to Azerbaijan as
the main source of gas, and by unexpected shifts in the average
purchase gas price as a result of annual renegotiation of the gas
mix from various contracts." GOGC could also be exposed if the
current link with the U.S. dollar of the domestic gas and
electricity prices becomes unsustainable, for example, in case of
material future foreign exchange fluctuations or payment issues
at GOGC's major customers.

Constraining factors also include the track record of unexpected
changes at GOGC, based on the government's strategic decisions
for the company. For example, GOGC abandoned its plans to build
the Namakhvani hydropower plant in favor of the Gardabani power
plant in 2013.

S&P said, "We see the risk that GOGC's funds and assets might be
used to finance other Georgian government-related entities
(GREs). Historically, GOGC has issued loans to other GREs, to the
tune of GEL99 million as of June 30, 2016. We understand that
some of the loans were repaid in 2016 and the remainder was
offset from equity.

"At the same time, GOGC's role as Georgia's national oil company
ensures constant demand for its services." GOGC relies on gas
supplied by a consortium led by BP and State Oil Company of the
Azerbaijan Republic that transports gas from Azerbaijan to Turkey
via Georgia. Under supplemental and optional gas agreements, GOGC
is able to buy significant volumes of gas flowing from Azerbaijan
at a price below the level of the social gas price set in
Georgia. Effectively, this forms GOGC's profits from its gas-
trading business.

The introduction in 2015 of Gardabani I 230 megawatt combined-
cycle thermal power plant, with a stable tariff framework,
created a stable source of cash flows for the company and reduced
the volatility of its cash flows. GOGC is now adding a similar
power plant, Gardabani II, due to begin operating in late 2019.
Subject to the final contractual framework, it should further
improve the stability of GOGC's cash flows by reducing the share
of volatile gas business.

S&P said, "Additionally, we understand that GOGC has decided to
build an underground gas storage facility. The active
construction phase is set to begin after Gardabani II comes
online. This should further increase the group's role in
Georgia's economy by helping it ensure stable gas supplies to the
country. The nature of regulation and tariff mechanism is unclear
to us at this point, however.

"Due to its state ownership through Partnership Fund and its
important function of supplying gas to the economy of Georgia, we
consider GOGC a GRE with a very high likelihood that the
government would provide timely and sufficient extraordinary
support to the company, should it become necessary.

"The stable outlook on GOGC reflects our expectation that GOGC's
debt-to-EBITDA ratio will increase to about 4x on a gross basis
in 2018, but will return to 3.6x-3.8x in 2019. We expect a
temporary increase in leverage due to rising costs and inability
to increase domestic selling prices of gas in 2018 to be
mitigated partly in 2018 by growing sales and the expected start
of operations at Gardabani II toward the end of 2019. We also
expect GOGC to fund the Gardabani II construction fully with its
own cash reserves and internal cash generation. The stable
outlook also assumes there no new sizable development projects,
material negative regulatory changes, or disposals of major
assets.

"We could lower our ratings on GOGC if we were to revise our
assessment of the company's stand-alone credit profile to 'b-'
from the current 'b+'. This could occur if debt to EBITDA is
sustainably and consistently above 4x, combined with significant
deterioration of the group's liquidity. This could happen, for
example, in case of further operational setbacks and continued
compression of margins in light of higher purchasing costs for
gas while domestic selling prices remain stable. At the same
time, depletion of cash buffers due to heavy capex and lower cash
flows could result in a weaker liquidity assessment. Ratings
downside could also stem from a significant unfavorable change in
the existing gas purchase and sale framework, changes to the
operational framework of the Gardabani I power plant, disposal of
key assets, or government pressure to provide significant support
to other GREs.

"We could raise our ratings on GOGC if we were to raise our
ratings on Georgia. An upgrade could also happen if debt to
EBITDA is consistently below 3x, which we don't foresee before
the Gardabani II expansion project is completed and starts to
generate cash flows for GOGC."


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G E R M A N Y
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DEPFA BANK: Moody's Puts ba3 BCA on Review for Upgrade
------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
Baa2 senior unsecured debt ratings of DEPFA BANK plc (DEPFA).
Concurrently, the rating agency placed the Baa2/P-2 deposit
ratings of DEPFA and its wholly owned subsidiary DEPFA ACS BANK
DAC (DEPFA ACS) on review for upgrade. Furthermore, Moody's
placed on review for upgrade the banks' ba3 Baseline Credit
Assessments (BCA) and ba3 Adjusted BCAs, as well as their
Baa2(cr)/P-2(cr) Counterparty Risk Assessments (CR Assessments).
The outlook on the long-term ratings has been changed to Ratings
under Review from Stable.

The rating actions reflect Moody's assessment that DEPFA's and
DEPFA ACS' BCAs are under upward pressure considering improving
capitalisation and reduced asset risk as a result of the
continued successful wind-down of DEPFA group's assets. Given the
faster than anticipated pace and financial implications of the
wind-down, the rating agency does not rule out an upgrade by more
than one notch.

Moody's also upgraded DEPFA Funding III LP's backed hybrid
instrument rating to Caa2(hyb) from Ca(hyb) due to a decline in
its expected loss rate. At the same time, the rating agency
affirmed the backed hybrid instrument ratings of DEPFA Funding II
LP and DEPFA Funding IV LP at Ca(hyb) and Caa2(hyb),
respectively.

RATINGS RATIONALE

KEY DRIVERS OF THE REVIEW FOR UPGRADE

The review for upgrade of DEPFA's debt and deposit ratings, as
well as DEPFA ACS' deposit ratings, reflects upward pressure on
their respective ba3 BCAs. In particular, this reflects a
combination of DEPFA's:

(1) Further significant progress in unwinding the group's balance
sheet and risk-weighted assets, as illustrated by the decrease of
total assets by 35% to EUR24 billion in the 18 months to June
2017, and the 58% decrease of risk-weighted assets during the
same period;

(2) The resulting improvement of DEPFA's regulatory capital
adequacy ratios and leverage. DEPFA reported a fully-loaded
common equity Tier 1 ratio of 51.5% as of June 2017, up 32
percentage points since December 2015, and a leverage ratio
(tangible common equity to Moody's adjusted total assets) of 6.9%
as of June 2017, compared to 3.3% as of December 2015;

(3) Efforts to contain operating losses. During the first half of
2017, DEPFA reduced its operating loss to EUR2 million from EUR54
million in the respective 2016 period.

FOCUS OF THE REVIEW

DEPFA is expected to publish its 2017 Annual Report on March 29,
2018 and Moody's will assess the bank's progress in risk-weighted
asset reduction, in particular in light of a second asset-
liability transaction executed with DEPFA's parent FMS
Wertmanagement in November 2017, which took nominal EUR2 billion
of exposures off DEPFA's balance sheet. This transaction and
further maturities and disposals should have increased
capitalisation ratios further, supported by potential gains on
sale.

Furthermore, the rating agency will assess the bank's cost
containment efforts and overall profitability outlook. While
Moody's expects DEPFA to remain structurally lossmaking over the
next few years, any sustained progress towards break-even would
help the group to continue the unwinding of its balance sheet in
a capital-preserving fashion.

UPGRADE OF ONE HYBRID INSTRUMENT AND AFFIRMATION OF TWO HYBRID
RATINGS

Moody's bases the ratings of the Tier 1 preferred securities
issued by DEPFA's funding vehicles on the assumption that DEPFA
will never pay any coupons on these non-performing, perpetual
instruments. While the rating agency assumed a wind-down period
of 15 years previously, it has now shortened that time span to
eight years, reflecting the faster than expected balance sheet
reduction. Upon dissolution of DEPFA, Moody's expects that the
hybrid bond instruments will be redeemed at par.

The hybrid ratings therefore reflect Moody's approach of
discounting expected coupon losses to calculate the respective
expected total impairment. Taking into account revised coupon
rate assumptions and the shorter wind-down horizon, the rating
agency upgraded the backed rating of DEPFA Funding III LP to
Caa2(hyb) from Ca(hyb). The revised assumptions did not
sufficiently change the expected loss for the instruments issued
by DEPFA Funding II LP and DEPFA Funding IV LP, which led Moody's
to affirm their backed ratings at Ca(hyb) and Caa2(hyb),
respectively.

WHAT COULD CHANGE THE RATING - UP / DOWN

As indicated by the rating review for upgrade, Moody's expects to
upgrade, possibly by more than one notch, DEPFA's ratings. If
DEPFA continued its positive trend during the second half of 2017
of deleveraging, containing operating losses, and preserving its
capitalisation, the ba3 BCAs of DEPFA and DEPFA ACS could be
upgraded by several notches. This would also lead to higher long-
term debt and deposit ratings and potentially higher short-term
deposit ratings, as reflected in the review for upgrade.

Moody's does not expect downward pressure on the banks' ratings
as indicated by the review for upgrade. However, the banks'
ratings could be downgraded if a material fundamental and joint
deterioration of DEPFA's solvency and liquidity profile results
in significant pressure on the banks' BCAs, and/or if Moody's
reduces its government supports assumptions, both of which it
considers highly unlikely at present.

LIST OF AFFECTED RATINGS

Issuer: DEPFA BANK plc

Placed on Review for Upgrade:

-- Adjusted Baseline Credit Assessment, currently ba3

-- Baseline Credit Assessment, currently ba3

-- Long-term Bank Deposits, currently Baa2, outlook changed to
    Rating under Review from Stable

-- Short-term Bank Deposits, currently P-2

-- Long-term Counterparty Risk Assessment, currently Baa2(cr)

-- Short-term Counterparty Risk Assessment, currently P-2(cr)

-- Senior Unsecured Regular Bond/Debenture, currently Baa2,
    outlook changed to Rating under Review from Stable

Outlook Action:

-- Outlook changed to Rating under Review from Stable

Issuer: DEPFA ACS BANK DAC

Placed on Review for Upgrade:

-- Adjusted Baseline Credit Assessment, currently ba3

-- Baseline Credit Assessment, currently ba3

-- Long-term Counterparty Risk Assessment, currently Baa2(cr)

-- Short-term Counterparty Risk Assessment, currently P-2(cr)

-- Long-term Bank Deposits, currently Baa2, outlook changed to
    Rating under Review from Stable

-- Short-term Bank Deposits, currently P-2

Outlook Action:

-- Outlook changed to Rating under Review from Stable

Issuer: DEPFA Funding II LP

Affirmation:

-- Backed Preferred Stock Non-cumulative, affirmed Ca(hyb)

No Outlook assigned

Issuer: DEPFA Funding III LP

Upgrade:

-- Backed Preferred Stock Non-cumulative, upgraded to Caa2(hyb)
    from Ca(hyb)

No Outlook assigned

Issuer: DEPFA Funding IV LP

Affirmation:

-- Backed Preferred Stock Non-cumulative, affirmed Caa2(hyb)

No Outlook assigned

PRINCIPAL METHODOLOGY

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


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HELLENIC TELECOMMUNICATIONS: S&P Raises ICR to 'BB', Outlook Pos.
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Greek integrated telecommunications operator Hellenic
Telecommunications Organization S.A. (OTE) to 'BB' from 'BB-'.
The outlook is positive. S&P affirmed its 'B' short-term issuer
credit rating on OTE.

S&P said, "At the same time, we raised to 'BB' from 'BB-' our
issue ratings on the senior unsecured debt issued by OTE's wholly
owned financing vehicle, OTE PLC. We are assigning a '3' recovery
rating to the senior unsecured debt. The recovery rating is
capped due to the unsecured nature of the debt.

"The upgrade reflects continued improvements in the company's
operating performance and credit metrics alongside our view that
the ties between OTE and its controlling shareholder, Germany-
based telecoms operator Deutsche Telekom AG (DT), are
strengthening. OTE posted good results in 2017, with subscriber
net additions of 124,000 to 1.76 million (from 1.64 million in
2016) in the Greek broadband segment, supporting 1% revenue
growth in domestic fixed line. In Greek mobile, modest subscriber
growth and higher data usage lead to revenue growth of 0.7%. We
think these trends are likely to remain intact, helping OTE
maintain solid free cash flow generation and S&P Global Ratings-
adjusted debt of below 1.5x in the next few years. These
supporting factors, together with the repayment of EUR590 million
of notes due in February 2018, should increase OTE's resilience
to increasingly severe sovereign stress, in our view.

"In addition, we think that DT's announced intentions to increase
its stake in OTE for about EUR280 million to 45% underscores
OTE's strategic importance for DT's long-term strategy as a pan-
European telecom carrier. Therefore, we believe OTE is unlikely
to be sold near-term, and that it could receive support from DT
if needed, including because of stress related to a sovereign
crisis."

After the Greek government did not receive any bids for the 5%
stake of OTE, DT exercised its right of first refusal to buy
these shares. The total stake of both DT and the Greek
government, which have a shareholder agreement in place, remains
at 50%.

S&P said, "Our assessment of OTE's business risk profile remains
constrained by our view that Greece bears very high country risk.
This reflects, among other things, the capital controls that are
still in place, limiting the ability of Greek entities to freely
transfer cash out of Greece. In 2017, the company generated about
73% of its revenues and about 87% of EBITDA in Greece.

"We note that the Greek economy is recovering from a multiyear
recession. We forecast real GDP growth of 2.0% in 2018 and
improving consumer spending. We believe this will support OTE's
operations, as average revenues per user (ARPU) downtrend in the
past has shown a close correlation to households' disposable
income in Greece. Furthermore, OTE's accelerated next generation
network (NGN) investments, which will continue in 2018, will
likely further support the company's solid performance,
particularly in Greek fixed-line operations.

"Our assessment of OTE's financial risk profile primarily
reflects its strong balance sheet position, with an adjusted debt
to EBITDA ratio of 1.4x at year-end 2017, supported by a
conservative financial policy. In February 2018, the company
fully repaid with cash the outstanding EUR590 million of maturing
notes. Our adjusted debt figure excludes cash located in Greece
and in Romania, which we do not consider to be immediately
available for debt repayment.

"We think that OTE's financial risk profile is further supported
by the company's solid free cash flow generation. Based on our
assumption that capital expenditures (capex) will remain high in
2018, due to fixed-line network investments (into fiber), we
forecast free operating cash flow (FOCF) to debt ratio at
slightly above 15% in 2018, then improving to 25%-30%.

"We believe that OTE is unlikely to default in a sovereign stress
scenario. We consider that OTE's solid balance sheet, strong
track record of cost-cutting, and resilient free cash flow
generation would protect the company in the event of a sovereign
default.

"The positive outlook on OTE mirrors our positive outlook on
Greece and reflects that, over the next 12 months, that we could
raise our ratings on the company following an improvement in our
view of the country risk related to operating in Greece.

"We could raise the rating on OTE by one notch if we see the very
high country risk in Greece moderate, including the lifting of
capital controls and brightening economic prospects. If this
scenario materializes, our view of OTE's stand-alone credit
quality will markedly improve.

"Although not likely in our view, we could also raise our rating
on OTE if we think there is further material strengthening of
ties between OTE and DT. This could take the form of a
substantial increase in DT's stake in OTE or other explicit forms
of financial support.

"We could revise the outlook to stable following a similar rating
action on the sovereign.

"Although unlikely, we could consider a downgrade if OTE's
resilience to sovereign stress weakened, limiting its ability to
be rated higher than Greece under a distressed scenario. This
could result from a combination of weaker operating performance
and our view that its strategic importance to DT had weakened,
for example, if OTE appeared likely to be sold over the near
term."


=============
I C E L A N D
=============


ORKUVEITA REYKJAVIKUR: Moody's Hikes CFR to Ba1, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
corporate family rating of Orkuveita Reykjavikur (OR).
Concurrently, the outlook has been changed to stable from
positive.

RATINGS RATIONALE

The upgrade of OR's rating to Ba1 reflects the continuous
progress the company has made with regard to reducing its
financial leverage and improving its liquidity position and
diversifying its funding sources. It also takes into account
Moody's expectation that OR should be able to maintain its
improved financial profile and continue to benefit from the
positive macroeconomic dynamics in Iceland, which should drive
demand growth for utility services.

The standalone credit strength of OR, which is represented by a
ba2 baseline credit assessment (BCA), upgraded from ba3,
positively reflects (1) the company's strong market position and
strategic importance to Reykjavik, and Iceland more broadly, as
the provider of essential utility services to almost 70% of
Iceland's population; (2) the low business risk profile
associated with regulated activities, which account for around
60% of the company's EBITDA and provide a good degree of cash
flow predictability; and (3) its asset base with predictable and
low levels of capital expenditure requirements.

At the same time, the Ba1 rating / ba2 BCA also incorporates OR's
exposure to the unregulated business and long-term power
contracts with aluminium smelters, which exposes OR's revenue to
some degree of volatility of the price of aluminium. Albeit
materially improved from the past, OR continues to have a
significant foreign currency exposure given that the majority of
its revenues are generated in Icelandic krona but more than half
of its debt balance is denominated in foreign currency. Whilst
Moody's does not expect a material depreciation of the Icelandic
krona in the next two years, OR remains exposed to exchange rate
movements, albeit against a background of lower exchange rate
volatility. More positively, Moody's expects that the company
will continue to reduce its foreign currency exposure, as it has
done over the last years, through issuance of bonds in the local
market and refinancing of its debt portfolio.

OR is considered a government-related issuer under Moody's
methodology because of its ownership by municipal authorities,
which include the City of Reykjavik (93.5%), the Town of Akranes
(5.5%) and the Municipality of Borgarbyggd (1%). The owners
provide a guarantee of collection in support of OR, which
currently covers almost 70% of the total outstanding debt. OR's
Ba1 rating incorporates one notch of uplift for potential
extraordinary support to the company's ba2 BCA. This recognises
that despite the very strong incentives of the owners to provide
timely financial support to OR its ability to do so in potential
stress case scenarios may be constrained, given OR's significant
debt burden relative to the financial resources of its
shareholders. Therefore, considering the critical nature of
utility services that OR provides to the City of Reykjavik and
the surrounding communities, Moody's would expect the central
government to try and coordinate with the local governments to
arrange timely intervention, if necessary.

The corporate family rating is an opinion of the OR group's
ability to honour its financial obligations and is assigned to OR
as if it had a single class of debt and a single consolidated
legal structure.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that OR will
continue to prudently manage its liquidity position and its
financial profile will remain aligned with Moody's ratio guidance
for a Ba1 CFR / ba2 BCA, namely the maintenance of an Funds from
operations (FFO)/ Net debt ratio in the mid to high-teens in
percentage terms.

WHAT COULD CHANGE THE RATING UP/ DOWN

Moody's could consider an upgrade of OR's rating if its financial
profile were to continue to improve resulting in FFO / Net debt
sustainably in the low-twenties in percentage terms, provided
that the company does not increase its business risk or exposure
to foreign exchange fluctuations, and it maintains a liquidity
position that will allow it to cover more than twelve months cash
requirements. This would also assume no change to the assumption
of support from the owner incorporated into OR's rating.

Conversely, downward pressure on OR's rating could develop (1) as
a consequence of a weakening of the company's financial profile,
such that FFO/Net debt was expected to remain consistently in the
low teens in percentage terms; or (2) it would appear likely that
the company's liquidity was not sufficient to insulate it from
market risks, particularly in relation to exchange rates,
aluminium prices or interest rates.

CORPORATE PROFILE

Headquartered in Reykjavik, Orkuveita Reykjavikur is the largest
multi-utility in Iceland. The company operates its own power
plants, electricity distribution system, geothermal district
heating system and provides cold water and waste services in 20
communities in the southwest of the country, covering almost 70%
of the Icelandic population. For the fiscal year ending 2017, the
company had revenues of ISK44 billion (c.USD440 million) and
EBITDA of ISK26.7 billion (c.USD267 million).

PRINCIPAL METHODOLOGY

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in June 2017, and Government-Related
Issuers published in August 2017.


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


CREDITO VALTELLINESE: Moody's Affirms Ba3 LT Deposit Rating
-----------------------------------------------------------
Moody's Investors Service affirmed Credito Valtellinese Sp.A.'s
(CreVal) Ba3 long-term deposit rating and (P)B2 long-term senior
unsecured MTN and upgraded the bank's standalone baseline credit
assessment (BCA) and adjusted BCA to b2 from caa1 as well as the
long-term Counterparty Risk Assessment (CR Assessment) to Ba2(cr)
from Ba3(cr). The outlook on the long-term deposit rating was
changed to positive from developing.

The rating action reflects (i) CreVal's recapitalisation and
planned problem loan reduction; (ii) higher loss-given-failure
for the bank's junior deposits and senior unsecured bonds; and
(iii) Moody's view that the likelihood of government support is
now low following the bank's restructuring.

RATINGS RATIONALE

RATIONALE FOR UPGRADING THE BCA

In Moody's view, the share issue and planned problem loan
reduction improve the bank's standalone creditworthiness, leading
to a two-notch upgrade in the BCA to b2. Nevertheless, Moody's
believes that it will be challenging for CreVal to restore an
adequate profitability and this factor is a weakness for the
bank's standalone creditworthiness.

On 20 March, the bank completed a EUR700 million share issue
which, together with ongoing asset disposals, will raise about
EUR800 million of capital. The proceeds will largely be used to
write down and then dispose of EUR2.1 billion of problem loans,
EUR1.6 billion of which under a securitisation with the senior
tranche guaranteed by the government under a scheme known as
GACS, by end-2018.

CreVal expects to report a strengthened fully-loaded Common
Equity Tier 1 ratio (CET1) of 11% by end-2018, compared to its
transitional Tier 1 working minimum requirement of 9.9% for 2018,
and a halving of its gross problem loan ratio to 10.5% by end-
2018 (from 22% at end-2017). This marks a significant improvement
in the bank's solvency, which was previously very weak.

Moody's does not however factor into the BCA the full benefit of
the profitability improvement envisaged under the bank's
restructuring plan, i.e. an 8.2% return on tangible equity in
2020 (compared to a EUR332 million loss at end-2017 and EUR1.2
billion incurred losses since 2012), which assumes a cost of risk
of 64 bp (compared to 215 bp in 2017). The rating agency believes
that, despite lower loan loss provisions and significant
operating cost reductions, a return to adequate profitability
will be more gradual. In particular, achieving a cost-to-income
ratio of 58% in 2020, from a relatively high 66% adjusted in 2017
(excluding losses on problem loan sale), will be challenging.
Although this only requires a compound annual growth rate in
revenue of 2.7%, this target will be difficult to meet while the
bank is changing its business model by reducing its headcount by
9% and branches by 30% compared to 2016.

RATIONALE FOR AFFIRMING THE LONG-TERM RATINGS

The affirmation of the deposit rating at Ba3 and senior unsecured
MTN rating at (P)B2 reflects (i) the upgrade of the BCA to b2;
(ii) the reducing stock of bail-in-able debt, which results in
higher loss-given-failure for the bank's junior deposits and
senior unsecured bonds; and (iii) Moody's revised view of a low
likelihood of government support (from moderate previously),
which no longer provides any uplift to the ratings (previously
one notch).

Moody's said that, using most recent data and the expected
repayment of bonds maturing in Q4 2017 and 2018, its Loss Given
Failure (LGF) analysis indicates that CreVal's rated deposits are
likely to face very low loss-given-failure, from extremely low
previously; this provides two notches of uplift from the b2 BCA,
compared to three notches previously.

Similarly, Moody's LGF analysis indicates that CreVal's senior
unsecured instruments are likely to face moderate loss-given-
failure, from low previously; this provides no uplift from the b2
BCA, from one notch of uplift previously.

Moody's previously considered there to be a moderate probability
of government support for CreVal's deposits and senior debt,
given examples of partial bail-outs in Italy. However, now that
CreVal has successfully raised its own capital, such a rescue is
unlikely in the short term and Moody's believes that in the event
of CreVal needing further capital at a later stage, tighter
conditions on state aid will likely apply. Furthermore, little
senior debt will remain by 2019; given these considerations,
Moody's now considers the probability of government support to be
low.

RATIONALE FOR THE POSITIVE OUTLOOK

Moody's changed the outlook on CreVal's long-term deposit rating
to positive from developing, indicating that the risk of failure
has diminished and the increased likelihood that, following the
share issue, the bank will make progress towards its 2018-2020
business plan targets. This progress, if confirmed, will lead to
lower expected loss for depositors. At the same time, Moody's
believes that the bank still faces considerable challenges in
restoring an adequate level of profitability.

RATIONALE FOR UPGRADING THE CR ASSESSMENT

As part of rating action, Moody's has also upgraded to Ba2(cr)
from Ba3(cr) the long-term CR Assessment of CreVal, three notches
above its adjusted BCA of b2.

The upgrade of the CR Assessment follows the upgrade of the BCA
of CreVal to b2 from caa1. The CR Assessment is driven by the
standalone assessment of CreVal; the amount of bail-in-able debt
and junior deposits remains considerable, shielding operating
liabilities from losses, and accounting for three notches of
uplift relative to the BCA. In common with the senior MTN and
deposit ratings, the CRA does not include any uplift from
government support.

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's said that CreVal's BCA could be upgraded if the bank
makes significant progress towards its business plan targets, in
particular profitability. Also, as the bank's deposit and MTN
ratings are linked to the standalone BCA, any change to the BCA
would likely also affect these ratings. Moody's could also
upgrade CreVal's deposit or MTN ratings if the issuance of senior
or subordinated debt reduces the loss-given-failure for junior
deposits or senior debt.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Conversely, Moody's said CreVal's BCA could be downgraded if the
bank fails to return to adequate profitability, or is unable to
execute the planned sale of loans. As the bank's deposit and MTN
ratings are linked to the standalone BCA, any change to the BCA
would likely also affect these ratings. Creval's ratings could
also be downgraded if reductions in the volume of senior debt
outstanding are not offset by new issuance of senior and/or
subordinated debt to a degree that preserves current loss-given-
failure for these instruments.

LIST OF AFFECTED RATINGS

Issuer: Credito Valtellinese S.p.A.

Upgrades:

-- Adjusted Baseline Credit Assessment, upgraded to b2 from caa1

-- Baseline Credit Assessment, upgraded to b2 from caa1

-- Long-term Counterparty Risk Assessment, upgraded to Ba2(cr)
    from Ba3(cr)

-- Subordinate Medium-Term Note Program, upgraded to (P)B3 from
    (P)Caa2

Affirmations:

-- Short-term Counterparty Risk Assessment, affirmed NP(cr)

-- Long-term Bank Deposits, affirmed Ba3, outlook changed to
    Positive from Developing

-- Short-term Bank Deposits, affirmed NP

-- Senior Unsecured Medium-Term Note Program, affirmed (P)B2

-- Other Short-term, affirmed (P)NP

Outlook Action:

-- Outlook changed to Positive from Developing

PRINCIPAL METHODOLOGY

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


NAPLES CITY: Moody's Withdraws B1 Senior Unsecured Debt Rating
--------------------------------------------------------------
Moody's Public Sector Europe has withdrawn the B1 senior
unsecured debt, the (P)B1 senior unsecured MTN program and the
negative outlook of the City of Naples due to inadequate
information.

RATIONALE FOR THE RATINGS' WITHDRAWN

Moody's has decided to withdraw the ratings because it believes
it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.


TWINSET SPA: Moody's Withdraws B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn the Italian apparel
producer TWINSET S.p.A.'s (TWINSET) B2 corporate family rating
(CFR) and B1-PD probability of default rating. A full list of
affected ratings can be found at the end of this press release.

RATINGS RATIONALE

Following the completion on March 6, 2018 of its refinancing,
TWINSET has no outstanding debt rated by Moody's.

Moody's has decided to withdraw the ratings for its own business
reasons.

LIST OF AFFECTED RATINGS

Issuer: TWINSET S.p.A.

Withdrawals:

-- LT Corporate Family Rating, Withdrawn, previously rated B2

-- Probability of Default Rating, Withdrawn, previously rated
    B1-PD

Outlook Actions:

-- Outlook, Changed To Rating Withdrawn From Stable

Headquartered in Carpi, Italy, TWINSET is an apparel producer
focused on the women's accessible luxury segment. The group sells
apparel and related products (accessories, shoes, bags and
beachwear) mainly under its own brand TWINSET Milano and through
both the wholesale and its own retail network. In the 12 months
to September 30, 2017 TWINSET generated EUR244 million of sales,
with EUR60 million in EBITDA, as adjusted by Moody's.


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


BANK RBK: S&P Lifts Issuer Credit Ratings to B-/B, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long- and short-term issuer credit
ratings on Bank RBK JSC (RBK) to 'B-/B' from 'CCC/C'. The outlook
is stable.

S&P also raised the national scale rating on RBK to 'kzBB-' from
'kzCCC+'.

S&P removed all ratings from CreditWatch with developing
implications, where it had placed them on Dec. 22, 2017.

The upgrade reflects S&P's view of visibly decreased defaults
risks for RBK thanks to the cleaning up of its balance sheet and
strengthened liquidity position as a part of the support program
led by new major beneficiary shareholder and the National Bank of
Kazakhstan (NBK). This plan--agreed upon by all involved parties
(including the government of Kazakhstan) after the bank received
this support--included the establishment of a special purpose
vehicle (SPV) for the transfer of the majority of its legacy
problem loans; capital injections from the new major beneficiary
shareholder; and a large increase in liquid assets from the NBK's
purchase of RBK's subordinated bonds. Specifically:

-- Kazakh tenge (KZT) 243 billion ($740 million) in subordinated
    debt from the NBK;

-- KZT160 billion ($486 million), including a KZT120 billion
    capital injection from KCC Finance LLP, owned by Mr. Vladimir
    Kim, and the conversion of a KZT40 billion deposit from
    Kazakmys--a key asset of Mr. Kim--into equity at RBK; and

-- Transfer of KZT603 billion gross problem loans (KZT335
    billion net loans) without recourse to the SPV, which is
    legally not consolidated with the bank.

These measures restored the bank's Tier 1 and total
capitalization ratios to 22% and 80%, respectively (versus
regulatory minimums 7.5% and 10.0%) and improved the share of
liquid assets to 54% of the balance sheet on March 12, 2018.
Approximately 90% of liquid assets are Kazakh government bonds
(Kazakhstan, BBB-/Stable/A-3), which are of sound credit quality
in the Kazakh context. The bank is allowed to sell only one-third
of the government bonds in 2018, as per the terms of the state
support, and invest the proceeds in loans. S&P expects RBK's
liquid assets will remain between 35% and 45% of the balance
sheet over the next 12 months; the bank plans only a moderate
loan growth and will maintain a high buffer as per the terms of
the state support. Liquid assets fully cover wholesale funding
and customer deposits at the moment. The absence of negative
cumulative gaps in all possible time buckets over the next 12
months further supports the upgrade.

In addition, the bank's asset quality improved markedly after the
transfer without recourse of the majority of problem loans to the
SPV. The loan book has now reduced to about 37% of total assets
on March 12, 2018. The bank's nonperforming loans (NPLs; loans
overdue more than 90 days) amounted to about 17% of the loan book
as of Feb. 15, 2018, versus more than 70% of the loan portfolio
with signs of impairment before the transfer. S&P assumes this
ratio might reach about 19% over the next 12 months, depending on
the quality of new untested underwriting standards. Currently,
and based on unaudited financials, RBK's provisions were around
30% of the loan portfolio, and S&P expects limited deviations
unless the ongoing audit of the bank's financials, under
International Financial Reporting Standards, requires the need
for additional provisions.

Finally, RBK has a new management team, experienced in local
corporate banking (including international financial
institutions), and an updated business plan. S&P said, "We
understand that the new strategy comprises lending to large
corporates and to partners and employees of Kazakhmys. However,
we continue to see some uncertainty on the bank's business
prospects, as the operating environment remains difficult and
competitive. We also note that RBK has yet to overcome
reputational pressure after the default."

The stable outlook reflects the balance between RBK's restored
asset quality and liquidity and the risks stemming from the
implementation of its business plan amid a difficult operating
environment. The outlook also reflects S&P's anticipation that
the bank will maintain a high liquidity cushion over the next 12
months as per the terms of the support agreement with the NBK.

S&P said, "We could consider a negative rating action if we see
signs of deteriorating asset quality far beyond market-average
levels, recurrent liquidity pressures due to funding outflows, or
indications of weakening capitalization. Failure to establish a
stable customer base sufficient to re-establish the business
viability due to reputational pressure could also trigger a
downgrade.

"We could consider a positive rating action if the bank is able
to implement the new strategy, leading to a viable and
sustainable business model. This might be challenging over the
12-month outlook horizon, in our view."


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


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

-- EUR2,000,000 Class X Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR181,500,000 Class A-R Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aaa (sf)

-- EUR7,000,000 Class B-1-R Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR28,160,000 Class B-2-R Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aa2 (sf)

-- EUR18,240,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)A2 (sf)

-- EUR15,900,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR19,950,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR8,250,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Five Arrows
Managers LLP ("Five Arrows") has sufficient experience and
operational capacity and is capable of managing this CLO.

The Issuer will issue the 2018 Notes in connection with the
refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes and Class E Notes all
due 2029 (the "Original Notes"), previously issued on April 26,
2016 (the "Original Closing Date"). On the refinancing date, the
Issuer will use the proceeds from the issuance of the Refinancing
Notes to redeem in full its respective Original Notes. On the
Original Closing Date, the Issuer also issued EUR40.3 million of
Subordinated Notes, which remain outstanding. However, the terms
and conditions of the Subordinated Notes were amended in
accordance with the Refinancing Notes' conditions.

Contego CLO III 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
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 85% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

Five Arrows 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 and three months
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

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

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

Par amount: EUR300,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2935

Weighted Average Spread (WAS): 3.6%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

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 local currency country
risk ceiling ratings of A1 or below cannot exceed 10%, with
exposures to countries local currency country risk ceiling
ratings of Baa1 to Baa3 further limited to 2.5%. As a worst case
scenario, a maximum 7.5% of the pool would be domiciled in
countries with LCC of A3 and 2.5% in countries with LCC of 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 0.375% for the
Class X and A Notes, 0.25% for the Class B Notes, 0.1875% for the
Class C Notes and 0% for Classes D, E and F Notes.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3375 from 2935)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-R Senior Secured Floating Rate Notes: 0

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

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

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

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

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

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3816 from 2935)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

Class B-1-R Senior Secured Fixed Rate Notes: -4

Class B-2-R Senior Secured Floating Rate Notes: -4

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

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

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

Class F Senior Secured Deferrable Floating Rate Notes: -2


INTERXION HOLDING: S&P Affirms 'BB-' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-' long-term
issuer credit rating on Netherlands-based data center operator
Interxion Holding N.V. The outlook is stable.

S&P said, "At the same, we affirmed our 'BBB-' issue ratings on
Interxion's EUR100 million senior secured revolving credit
facility (RCF). The recovery rating is unchanged at '1+',
indicating our expectation of full recovery in the event of
payment default. We also affirmed our 'BB-' issue rating on the
outstanding EUR625 million notes. The recovery rating is '3',
indicating our expectation of meaningful recovery (rounded
estimate: 65%) in the event of default.

"The affirmation reflects our view that an expected increase of
about 0.2x in S&P Global Ratings-adjusted leverage over the next
couple of years is balanced by an improvement in our assessment
of Interxion's business risk profile. This improvement stems from
strong and sustainable long-term growth prospects, solid
execution of Interxion's expansion, and increased scale and
utilization.

We have revised upward our assessment of Interxion's business
risk profile, mainly due to the company's solid growth prospects
and the positive operational developments over the past couple of
years. Interxion currently benefits from strong demand for its
colocation services, with very solid demand coming from cloud
migration and new cloud-based applications (such as Microsoft
Azure), as well as from growth of digital media platforms. Over
the medium term, we expect leading cloud providers and digital
media companies to continue to expand their platforms in
colocated data centers in order to meet the growing data volumes,
providing further growth for players such as Interxion. Our
improved view of the business is also supported by the increasing
utilization rate of Interxion's colocated facilities to 81% from
75% a couple of years ago and the increasing ownership of the
asset base to 38%. We continue to believe that Interxion's
business is supported by its solid market position as one of the
two leading carrier-neutral colocation providers in Europe and
its established customer relationships and deeply connected
communities of interests. These factors support overall customer
loyalty and low customer churn and create a strong barrier to new
entrants in the colocation space.

"Despite our improved assessment of Interxion's business risk
profile, we see its business risk as somewhat weaker than some of
its peers'. This is mainly due to shorter contract periods with
its customers, as well as a lower percentage of ownership of its
asset base compared with peers'.

"The company's adjusted debt to EBITDA increased to about 4.2x in
2017 due to the high capital expenditure (capex) needed to expand
Interxion's facilities and acquire Interxion Science Park in
February 2017. This resulted in negative cash flows and an
increase of EUR97.5 million in debt, partly offset by a 15%
increase in reported EBITDA. We expect significant capex of
EUR360 million-EUR420 million in 2018 and 2019 under our current
base case, as Interxion captures its customers' rising demand for
its colocation services in Europe. We expect the higher
investments to constrain Interxion's medium-term debt-reduction
and result in continued material cash burn. That said, we expect
that the company's credit metrics should remain broadly stable as
revenue and EBITDA growth remain strong, supported by stable
utilization of existing and new centers. Furthermore, we
recognize that the flatter debt reduction trends are mainly a
function of Interxion's attempt to meet growing customer demand,
and that the majority of future capex will be discretionary in
nature, enabling Interxion to quickly adjust its capex and
generate meaningful free cash flows (in excess of EUR100 million)
in case of slower-than-anticipated demand. In addition, we see
limited risk of Interxion making debt-funded acquisitions or
shareholder remuneration under its current financial policy."

In its base case for Interxion, S&P assumes:

-- Revenue growth of 14%-16% in 2018 and 2019, underpinned by
    strong demand and large investments in the opening of new
    data centers.

-- Stable capacity utilization of roughly 80% during S&P's
    forecast horizon, as well as some growth in average revenue
    per unit per square meter.

-- Modest increases in the company's reported EBITDA margin of
    100-150 basis points on the back of operating leverage gains.

-- Total capex of EUR360 million-EUR420 million in 2018 and
    2019.

-- No dividends and no acquisitions.

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

-- Adjusted debt to EBITDA of 4.3x in 2018 and 4.5x in 2019,
    from 4.2x in 2017.

-- Funds from operations (FFO) to debt of about 16%-17% in 2018
    and 2019, from 16.7% in 2017.

-- Negative free operating cash flow (FOCF) of about EUR200
    million in 2018 and 2019.

S&P said, "The stable outlook reflects our expectation that
Interxion will continue to benefit from strong demand for its
services, enabling it to continue to record high utilization in
its data centers and monetize new investments. We also expect
that strong demand will support the maintenance of debt to EBITDA
at about 4.5x and FFO to debt above 15% on an S&P Global Ratings-
adjusted basis, as well as adequate liquidity. The outlook also
reflects our expectation of 14%-16% revenue growth in 2018 and
2019 and S&P Global Ratings-adjusted EBITDA margins of about 50%.

"We could lower our rating if Interxion does not deliver revenue
growth, margin improvement, and cash flow generation in line with
our expectations, leading to weaker-than-anticipated metrics.
These would include adjusted debt to EBITDA above 5x, FFO to debt
of less than 12%, and highly negative FOCF driven by operating
underperformance. This could result from an increase in
competition that negatively affects pricing or capacity
utilization, or if the group increases spending on organic growth
significantly above our expectation. Additionally, we could also
lower the rating if the group more aggressively raises debt to
fund acquisitions, but we see this risk as limited given the
company's financial policy. Finally, we could take a negative
rating action if the company does not successfully refinance its
RCFs over the coming months.

"We could raise the rating if the group continues to increase its
revenues and margins, improving adjusted debt to less than 4.25x
on a sustainable basis. We could also consider raising the rating
if we see further improvement in the business, with a continued
increase in the company's scale and ownership of its asset base,
sustained strong demand for its colocation services in its key
markets, and low customer churn -- further improving our view of
its business risk profile in comparison with peers'. This would
also be subject to maintaining adjusted leverage of about 4.5x."


TOCARDO INTERNATIONAL: Enters Into Bankruptcy Proceedings
---------------------------------------------------------
Tribute Resources Inc. (TRB) ("Tribute"), on March 28 disclosed
that Tocardo International BV ("Tocardo") has entered into
bankruptcy proceedings in the Netherlands.  Tribute is unclear as
to the status of their 46.5% share ownership in Tocardo or as to
the process which will be untaken for the bankruptcy proceedings
at this time.  Tribute has enquired with the receiver but has yet
to receive a response.

Tribute is currently evaluating their options with respect to the
Nova Scotian tidal projects.  Tribute has selected an alternate
technology for these projects and is moving forward with the
project development activities at this time.

                  About Tribute Resources Inc.

Tribute -- http://www.tributeresources.com-- is a Canadian
publicly traded energy company incorporated under the Business
Corporations Act of the Province of Alberta on May 15, 1997.
Tribute's primary focus is on adding value to shareholders by
developing and maintaining a long-term interest in renewable
energy projects.  Tribute's objective is to build a company
capable of delivering and sustaining long-term per share growth
by developing energy projects that will generate stable long-term
cash flow when fully operational.  Tribute's business plan is to
build upon its current asset base to identify, permit, develop,
and construct projects that meet its threshold return criteria.
Tribute creates value by identifying project opportunities,
providing the expertise to develop the projects and maintaining
an interest in the completed assets to build long-term stable
utility quality cash flow from a strong energy related asset
base.

                           About Tocardo

Tocardo is a tidal and free-flow water turbine producer located
in Den Oever, the Netherlands.  Tocardo has been developing and
deploying its tidal turbines in rivers and ocean environments for
over a decade with eight turbines currently deployed and
operating in the Netherlands and a contract for 5 turbines at the
European Marine Energy Centre ("EMEC").  Tocardo has been active
in the design and production of tidal energy turbines and
foundation systems as well as providing installation, operation,
and maintenance services.


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


UMUT LLC: Put on Provisional Administration, License Revoked
------------------------------------------------------------
The Bank of Russia, by Order No. OD-777, dated March 29, 2018,
effective from the same date, revoked the banking license of
Khasavurt-based credit institution Limited Liability Company
Settlement Non-Bank Credit Institution UMUT, further referred to
as the credit institution (Registration No. 2435-K).  According
to its financial statements, as of March 1, 2018, the credit
institution ranked 533thby assets in the Russian banking system.
The credit institution is not a member of the deposit insurance
system.

The credit institution was found to have operated with multiple
violations of law on countering the legalisation (laundering) of
criminally obtained incomes and the financing of terrorism
specifically pertaining to the completeness and accuracy of
information the credit institution submitted to the authorised
body about operations subject to obligatory control.  Moreover,
in 2017 Q4, the credit institution was involved in the conduct of
dubious transit transactions; there arose a real threat to its
creditors' interests.

The Bank of Russia took supervisory actions against the credit
institution on more than one occasion.

The management and owners of the credit institution failed to
take effective measures to normalise its activities.  Under the
circumstances the Bank of Russia took the decision to withdraw
the credit institution UMUT from the banking services market.

The Bank of Russia took this measure because of the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within a year of
requirements stipulated by Article 7 (excluding Clause 3 of
Article 7) 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 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.

The Bank of Russia, by its Order No. OD-778, dated March 29,
2018, appointed a provisional administration to the credit
institution UMUT for the period until the appointment of a
receiver pursuant to the Federal Law "On 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.

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
=========


ABANCA CORP: Fitch Alters Outlook to Positive, Affirms BB+ IDR
--------------------------------------------------------------
Fitch Ratings has revised ABANCA Corporacion Bancaria, S.A.'s
(Abanca) Outlook on to Positive from Stable, while affirming the
bank's Long-Term Issuer Default Rating (IDR) at 'BB+' and
Viability Rating (VR) at 'bb+'.

KEY RATING DRIVERS
IDRS AND VR

The Positive Outlook reflects Fitch's expectation that Abanca's
asset quality and core banking profitability should continue to
improve in the next 18-24 months while capitalisation is kept
within satisfactory buffers above minimum requirements in a
growing business cycle.

The ratings of Abanca are underpinned by its adequate capital
position, improving asset quality, stable funding and liquidity
profile, and sound franchise in its home region. However, they
also reflect its low core banking profitability despite recent
improvements.

Abanca continues to make good progress in reducing its stock of
problem assets. At end-2017, its problem asset ratio, which
includes non-performing loans (NPLs) and foreclosed assets,
declined to 6.5% (9% at end-2016), driven by lower new NPL
entries, improved recoveries and increased foreclosed asset sales
while maintaining adequate coverage levels. Fitch expects problem
assets to decline further supported by a benign Spanish economic
environment.

In Fitch's view, Abanca's earnings profile remains weak and a
shortcoming compared with investment-grade rated peers,
influenced also by a less diversified revenue profile. The bank's
core income generation capacity, which is dominated by net
interest revenue, remains challenged by low interest rates,
large, low-yielding legacy bond portfolio and mortgage lending
book, and expensive fixed-rate mortgage covered bonds. This is
negatively affecting Abanca's weak cost/core income (defined as
net interest income and commission income) of 84% in 2017 as
costs have been kept under control.

However, in the last two years the bank has boosted fee-based
businesses in line with its strategic focus, which is supporting
healthy commission income growth. Fitch expect this trend to
continue and, together with higher margins on new lending,
growing business volumes and contained loan impairment charges,
to improve the bank's core profitability to moderate levels in
the medium-term.

Capitalisation and leverage have improved steadily in recent
years and compare favourably with peers, with Abanca reporting a
fully loaded common equity Tier 1 (CET1) and Fitch Core Capital
(FCC) ratios of 14.3% and 12.7% respectively, and a fully loaded
Basel III leverage ratio of 7.2 % at end-2017. Fitch believe that
the bank's solvency will be maintained at satisfactory levels in
the future, including capital at risk from unreserved problem
assets (which accounted for 34% of FCC at end-2017), although
Fitch expect Abanca to operate with a somewhat lower CET1 capital
ratio, and excess capital to be potentially used to expand
business or paid back to shareholders.

Abanca's main funding source is its stable and granular customer
deposit base (70% of total funding at end-2017), which fully
funded the bank's loan book. Wholesale funding reliance is
moderate and mostly secured. The bank's liquidity position is
ample in light of upcoming maturities.

SUPPORT RATING AND SUPPORT RATING FLOOR

Abanca's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'No Floor' reflect Fitch's belief that senior creditors
of the bank can no longer rely on receiving full extraordinary
support from the sovereign in the event that the bank becomes
non-viable. The EU's Bank Recovery and Resolution Directive
(BRRD) and the Single Resolution Mechanism (SRM) for eurozone
banks provide a framework for resolving banks that is likely to
require senior creditors to participate in losses, instead of or
ahead of a bank receiving sovereign support.

RATING SENSITIVITIES
IDRS AND VR

Abanca's ratings could be upgraded over the next 24 months if the
bank continues to improve its asset quality and sustainably
improves its core banking profitability and operating cost
efficiency while maintaining satisfactory capital buffers.

Conversely, negative rating pressure could arise from a
significant deterioration in asset quality or capital, although
this is not currently expected by Fitch. A significant increase
in risk appetite could also be rating-negative.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support Abanca. While not impossible, this is highly unlikely, in
Fitch's view.

The rating actions are as follows:

Long-Term IDR affirmed at 'BB+'; Outlook revised to Positive from
Stable
Short-Term IDR affirmed at 'B'
Viability Rating of 'bb+'
Support Rating Affirmed at '5'
Support Rating Floor affirmed at 'No Floor'


GRUPO COOPERATIVO: Fitch Affirms BB- IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has revised the Outlook on Grupo Cooperativo
Cajamar's (GCC) Long-Term Issuer Default Rating to Stable from
Positive. Fitch also affirms the Long-Term IDR at 'BB-', Short-
Term IDR at 'B' and Viability Rating (VR) at 'bb-'.

Fitch has also affirmed the IDRs of GCC's central bank, Banco de
Credito Social Cooperativo, S.A. (BCC) and GCC's largest
cooperative bank, Cajamar Caja Rural, Sociedad Cooperativa de
Credito. A full list of rating actions is at the end of this
Rating Action Commentary.

GCC is not a legal entity, but is a cooperative banking group.
Its 19 credit cooperatives and BCC are bound by a mutual support
mechanism under which members mutualise 100% of profits and have
a cross-support mechanism for capital and liquidity. Accordingly,
Fitch assigns the same IDRs to the group members.

KEY RATING DRIVERS
IDRs AND VR

GCC's IDRs and VR reflect the group's weakened capital ratios,
following the adoption of IFRS 9, and decreasing but still-large
stock of problem assets, which result in a high capital
encumbrance to unreserved problem assets and the challenge to
improve its core banking profitability in the low interest rate
environment. The ratings also factor in its adequate franchise
and acceptable funding and liquidity.

The Outlook revision to Stable from Positive reflects Fitch's
view that material improvements in GCC's asset quality metrics
and capital ratios are likely to take longer than Fitch outlook
horizon.

GCC's stock of problem assets (which includes non-performing
loans and foreclosed assets) has been shrinking in the past two
years (down by 12% in 2016 and 15% in 2017), which Fitch consider
to be a relatively good rate of reduction and Fitch expect this
trend to continue in the coming quarters, helped by Spain's sound
economic environment and more-favourable real-estate sector
dynamics. However, Fitch asset-quality assessment remains
undermined by the still-large stock of legacy real-estate problem
assets, which results in a high problem-assets ratio (16% at end-
2017) by national and international standards. Reserve coverage
for problem assets is adequate but at the low end of the domestic
sector average.

The first-time implementation of IFRS 9 on 1 January 2018
increased GCC's reserve coverage ratio to around 46% (from 40% at
end-2017) but dented about 75bp of GCC's fully loaded common
equity Tier 1 (CET 1) and Fitch Core Capital ratios, bringing
both ratios to just above 10%. Fitch expect increased internal
capital generation through retained earnings and regular capital
contributions from cooperative memberships to support significant
improvements in capital ratios but to take longer to materialise
than Fitch outlook horizon. The combination of a reduction in
problem assets and increased capital base should reduce the
bank's vulnerability to unreserved problem assets, which
accounted for a high 150% of pro-forma FCC (adjusted for the
impact of IFRS 9) at end-2017.

GCC's earnings are modest and Fitch believe that core revenue
generation will remain modest. In recent years, non-recurrent
items, mainly capital gains from the sale of government debt
securities, have supported profits. The group intends to increase
lending to the higher-yielding SME and consumer sectors and
enhance fee-income generation; combined with declining impairment
changes and continued cost control, this should support earnings
but Fitch believe this represents a challenge in the low interest
rate environment.

Fitch believe GCC's funding structure is adequate for the group's
business model, with loans mainly funded by a granular retail
deposit base. ECB funding accounts for 13% of total assets and is
used largely to finance the government bonds portfolio. Fitch
consider the bank's liquidity position to be acceptable in the
context of relatively modest upcoming debt maturities.

SUPPORT RATING AND SUPPORT RATING FLOOR

GCC's Support Rating (SR) of '5' and Support Rating Floor (SRF)
of 'No Floor' reflect Fitch's belief that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign if GCC 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 is
likely to require senior creditors to participate in losses,
instead of, or ahead of, a bank receiving sovereign support.

SUBORDINATED DEBT

BCC's subordinated debt is notched down once from the group's VR
for loss severity because of lower recovery expectations relative
to senior unsecured debt. These securities are subordinated to
all senior unsecured creditors.

RATING SENSITIVITIES
IDRS AND VR

Upside rating potential could arise if GCC's core capital metrics
materially improve, including its capital encumbered by
unreserved problem assets. The latter should also inevitably be
achieved through a continued decline in the stock of problem
assets. Improved earnings from its banking business would also be
rating positive. A negative asset-quality shock, lack of further
credible reduction of problem assets or a material weakening of
profitability would be rating negative.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support domestic banks. While not impossible, this is highly
unlikely, in Fitch's view.

SUBORDINATED DEBT

The subordinated notes' rating is sensitive to changes to GCC's
VR. The rating is also sensitive to a widening of notching if
Fitch's view of the probability of non-performance increases
relative to the probability of the group failing, as captured by
its VR.

The rating actions are as follows:

Grupo Cooperativo Cajamar
Long-Term IDR affirmed at 'BB-'; Outlook Revised to Stable from
Positive
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'bb-'
Support Rating Affirmed at '5'
Support Rating Floor affirmed at 'No Floor'

Banco de Credito Social Cooperativo, S.A.
Long-Term IDR affirmed at 'BB-'; Outlook Revised to Stable from
Positive
Short-Term IDR affirmed at 'B'
Support Rating Affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Subordinated debt: affirmed at 'B+'

Cajamar Caja Rural, Sociedad Cooperativa de Credito
Long-Term IDR affirmed at 'BB-'; Outlook Revised to Stable from
Positive
Short-Term IDR affirmed at 'B'


IBERCAJA BANCO: Fitch Affirms BB+ Long-Term IDR, Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed Ibercaja Banco S.A.'s (Ibercaja) Long-
Term Issuer Default Rating (IDR) at 'BB+' and Viability Rating
(VR) at 'bb+'. The Outlook on the Long-Term IDR is Positive.

KEY RATING DRIVERS
IDRS AND VR

The ratings of Ibercaja reflect its just adequate but improving
capitalisation, still weak asset quality indicators despite
reductions of its problem assets in the past three years, and
modest profitability. The ratings also take into account the
bank's strong regional franchise, its more diversified business
model than domestic peers', and its stable funding and liquid
profile.

The Positive Outlook reflects Fitch's expectation that capital
levels will be strengthened through internal capital generation
in the next 18-24 months and this, together with further asset
quality improvements, would result in a lower capital-at-risk
from unreserved problem assets.

In Fitch's opinion Ibercaja's capitalisation is just adequate and
maintained with moderate buffers over minimum regulatory
requirements. At end-2017, its fully loaded CET1 ratio improved
to 11.04% from 10.17% at end-2016, driven by internal capital
generation and lower risk-weighted assets (RWAs) from loan book
deleveraging, but remain lower than most peers' and will be
further reduced by 53bp following the first implementation of
IFRS9. Ibercaja's capital also remains vulnerable to asset-
quality shocks as unreserved problem assets (which include non-
performing loans (NPLs) and foreclosed assets), which despite
reductions, still represented about 89% of the bank's fully-
loaded CET1 at end-2017.

Ibercaja's asset-quality metrics have improved in the last three
years despite consistent loan book deleveraging but remain weak
by international standards. At end-2017, its problem asset ratio
improved to 9.8%, supported by lower NPL entries, increased
recoveries and asset sales. Coverage for NPLs is below many
Spanish peers' but viewed as adequate by Fitch in light of the
loan book's high collateralisation. Fitch expect further asset
quality improvements as the bank benefits from a benign economic
environment in Spain.

Ibercaja's profitability is modest and remains challenged by the
current low interest rate environment. However, the bank benefits
from higher diversification relative to peers, due to its
meaningful insurance and asset management businesses that provide
some revenue stability through the cycle. The bank also has the
potential to improve operating efficiency as it undertakes
further cost-reduction measures and as acquisition synergies feed
through. This, together with lower impairment charges and
improving customer spreads, should support earnings although
Fitch believe profitability will remain modest in 2018.

The bank's funding profile is dominated by a stable and granular
retail deposit base that accounted for about 75% of total funding
at end-2017 and broadly funded the bank's loan book. Wholesale
funding is moderate and mostly secured, while its liquidity
position is comfortable with unencumbered ECB-eligible assets
covering 18% of total assets.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'No Floor' reflect Fitch's belief that Ibercaja's senior
creditors can no longer rely on receiving full extraordinary
support from the sovereign in the event that Ibercaja becomes
non-viable. The EU's Bank Recovery and Resolution Directive
(BRRD) and the Single Resolution Mechanism (SRM) for eurozone
banks provide a framework for resolving banks that is likely to
require senior creditors to participate in losses, instead of or
ahead of a bank receiving sovereign support.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The bank's subordinated debt is notched down one level from the
bank's VR for loss severity because of lower recovery
expectations relative to senior unsecured debt.

The expected rating assigned to the AT1 notes is four notches
below Ibercaja's 'bb+' VR, in accordance with Fitch's criteria
for assigning ratings to hybrid instruments. This notching
comprises two notches for loss severity in light of the notes'
deep subordination, and two notches for additional non-
performance risk relative to the VR given a high write-down
trigger and fully discretionary coupons.

RATING SENSITIVITIES
IDRS AND VR

Rating upside could arise if the bank continues to strengthen its
capitalisation levels and loss-absorbing buffers to a level more
commensurate with investment-grade rated peers in the next 18-24
months. A meaningful reduction in its stock of problem assets,
together with profitability improvements, will also be rating-
positive.

The Outlook could return to Stable if the bank fails to build
additional capital buffers over the next 18-24 months. The
ratings could be downgraded if asset quality deteriorates
sharply. A material weakening of core profitability would also
put pressure on the ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support Ibercaja. While not impossible, this is highly unlikely,
in Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt ratings are sensitive to changes in Ibercaja's
VR and therefore to the same factors that would determine a
change in the VR.

The AT1 notes' expected rating is also sensitive to changes in
their notching from Ibercaja's VR, which could arise if Fitch
changes its assessment of the probability of their non-
performance relative to the risk captured in the VR.

The rating actions are as follows:

Long-Term IDR: affirmed at 'BB+'; Outlook Positive
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Subordinated debt: affirmed at 'BB'
Additional Tier 1 notes: affirmed at 'B(EXP)'


LIBERBANK SA: Fitch Affirms 'BB' LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Liberbank, S.A.'s Long-Term Issuer
Default Rating (IDR) at 'BB' and Viability Rating (VR) at 'bb'.
The Outlook on its Long-Term IDR is Stable. Fitch has also
affirmed subsidiary Banco de Castilla-La Mancha's (Banco CLM)
Long-Term IDR and VR at the same level as its parent.

KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT

Liberbank's ratings reflect its acceptable capital position, weak
albeit improving asset-quality indicators, stable funding profile
and comfortable liquidity position, and sound regional franchise.
The ratings also factor in the bank's modest profitability.

Liberbank's asset-quality indicators have consistently improved
in recent years but remain undermined by a sizeable portfolio of
legacy foreclosed real-estate assets and loans to developers. The
bank made good progress in reducing its stock of problem assets
in 2017 (which include non-performing loans (NPLs) and foreclosed
assets) aided by a EUR500 million capital increase. At end-2017,
the bank's problem asset ratio declined to 13.5% from 20% at end-
2016, but remained at the higher end of its domestic peers.
Coverage levels for NPLs increased to a more adequate 48%. Fitch
expect the bank to continue to actively manage down its problem
asset exposure in the coming years as it benefits from an
improving economic environment in Spain and a recovery of the
property market.

In Fitch's view, Liberbank's capitalisation remains at risk from
unreserved problem assets and is maintained with moderate buffers
over regulatory minimums. At end-2017, the bank's fully loaded
common equity Tier 1 (CET1) ratio had improved to 11.9%,
supported by the capital increase and a reduction in risk-
weighted assets following large problem asset divestments. At the
same time, capital encumbrance from unreserved problem assets
remained high at 114% of end-2017 fully loaded CET1.

Liberbank's profitability is modest compared with domestic peers
and remains under pressure from the low-interest-rate
environment, spotty lending growth and higher than peers' loan
impairment charges. However, Fitch expect that declining loan
impairment charges, further efficiency measures, higher business
volumes originated with higher asset spreads to gradually support
profitability over the medium term.

Liberbank's funding profile is underpinned by a stable and
granular retail deposits base that accounted for about 74% of the
bank's total funding at end-2017 and fully funded its loan book.
Reliance on wholesale funding is moderate and mainly secured. At
the same date, the bank's liquidity position was comfortable,
with unencumbered ECB-eligible assets net of haircuts reaching
18% of total assets.

SUBSIDIARY AND AFFILIATED COMPANY

Banco CLM is a fully owned bank subsidiary of Liberbank and fully
consolidated into the group's accounts. Banco CLM is highly
integrated into the group, including in terms of capital and
liquidity fungibility between the entities, hence Fitch assigns a
common VR. The group's management is centralised at Liberbank,
underlining Fitch's view that individual credit profiles cannot
be meaningfully disentangled. Banco CLM strengthens the group's
franchise in Castile-La Mancha and provides the group with
geographical diversification.

SUPPORT RATING AND SUPPORT RATING FLOOR

Liberbank's and Banco CLM's Support Ratings (SRs) of '5' and
Support Rating Floors (SRFs) of 'No Floor' reflect Fitch's belief
that senior creditors of the banks can no longer rely on
receiving full extraordinary support from the sovereign in the
event that the banks become 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 is
likely to require senior creditors to participate in losses,
instead of, or ahead of, a bank receiving sovereign support.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Liberbank's subordinated Tier 2 debt issue is rated one notch
below its VR to reflect the notes' greater expected loss severity
than senior unsecured debt.


RATING SENSITIVITIES
IDRS, VR AND SENIOR DEBT

A positive rating action would be contingent on Liberbank making
further progress in its problem asset reduction without
undermining its capital position. Improvements in its core
earnings generation capacity resulting in better internal capital
generation would also be rating positive.

Negative rating potential could arise from a material
deterioration in the bank's asset quality increasing the capital
at risk from problem assets. An increase in its risk appetite
profile could also be rating negative.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support Liberbank and its subsidiary Banco CLM. While not
impossible, this is highly unlikely, in Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The rating of Liberbank's subordinated debt is primarily
sensitive to a change in the bank's VR.

SUBSIDIARY AND AFFILIATED COMPANY

Banco CLM's ratings are sensitive to a change in its integration
in the group, which Fitch does not expect.

The rating actions are as follows:

Liberbank
Long-Term IDR: affirmed at 'BB'; Outlook Stable
Short-Term IDR: affirmed at 'B'
VR: affirmed at 'bb'
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Subordinated debt: affirmed at 'BB-'

Banco CLM
Long-Term IDR: affirmed at 'BB'; Outlook Stable
Short-Term IDR: affirmed at 'B'
VR: affirmed at 'bb'
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Senior unsecured debt: affirmed at 'BB'


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


CHORNOMORNAFTOGAZ: Poroshenko Signs Law on Bankruptcy Moratorium
----------------------------------------------------------------
Ukrainian News Agency reports that President Petro Poroshenko has
signed a law, which introduces a moratorium on bankruptcy of the
Chornomornaftogaz State Joint-Stock Company (100% of the company
belongs to the Naftogaz of Ukraine national joint stock company)
until January 1, 2019.

On March 13, 230 Members of Parliament voted for this bill,
Ukrainian News Agency relates.

According to Ukrainian News Agency, the law also provides that
the special permits granted to Chornomornaftogaz for the use of
subsoil in the occupied territory, which expired during the
annexation of Crimea, will be automatically extended for a period
of temporary occupation.

Earlier, in May 2017, the Verkhovna Rada in second reading and in
general supported bill No.5370 "On Amending Certain Legislative
Acts Regarding the Stabilization of Chornomornaftogaz
Activities", Ukrainian News Agency recounts.

233 Members of Parliament voted for the document, however in June
the President vetoed this law, Ukrainian News Agency relays.

Mr. Poroshenko noted that the adopted law cannot be signed, since
it provided for the suspension of executive proceedings and
enforcement of judicial decisions, which contradicts the
provisions of the Constitution of Ukraine, which stipulate the
bindingness of the court decision and the state's enforcement of
the judicial decision in accordance with the procedure
established by law, Ukrainian News Agency notes.

The authorities in the Russia-annexed Crimean nationalized
Chornomornaftogaz's assets on the peninsula and within the limits
of its continental shelf on March 17, 2014, Ukrainian News Agency
recounts.

At present, Chornomornaftogaz is registered in Kyiv and takes
measures to set up economic activities, is engaged in the
restoration of lost documents and the formation of an evidence
base for international courts against the Russian Federation,
Ukrainian News Agency discloses.

In October 2016, Naftogaz and its six affiliated companies --
Chornomornaftogaz, Ukrtransgaz, Likvo, UkrGasVydobuvannya,
Ukrtransnafta and Gas of Ukraine -- brought an arbitrary
proceeding against Russia claiming to reimburse losses caused by
its illegal seizure of the company's assets in Crimea, Ukrainian
News Agency relates.



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


HORNBY: Barclays Agrees to Waive Financial Covenant Test
--------------------------------------------------------
Jack Torrance at The Telegraph reports that Hornby, the
struggling model railway maker, has been forced to appeal to its
main lender, Barclays, for relief on its financial covenants
after its profits plunged and the company scrambled to raise more
debt.

Barclays agreed to waive a financial covenant test on Hornby's
debt, which the hobby products group would have failed after its
profits were hit by delivery problems and a decision to stop
discounting products, The Telegraph relates.

According to The Telegraph, the company said its sales began to
improve in recent weeks as European customers began to receive
their late deliveries but it still expects full-year profits and
revenue to be down as a result of the problems.

That has forced it to ask Barclays to overlook its earnings
before interest, tax, depreciation and amortization for the three
months to March, which will come in below the required target for
it to meet the covenants on its debt, The Telegraph states.

Hornby, as cited by The Telegraph, said on April 3 it was also in
talks with new lenders to raise more debt, which it expected to
be in place by the time it reveals its annual results in June.
At the end of its financial year, Hornby about GBP4 million net
cash, The Telegraph discloses.



                            *********

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

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

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


                            *********


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

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

Copyright 2018.  All rights reserved.  ISSN 1529-2754.

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

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

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


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