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

                           E U R O P E

           Tuesday, April 17, 2018, Vol. 19, No. 075


                            Headlines


F R A N C E

CONSTANTIN INVESTISSEMENT: Moody's Affirms B2 CFR, Outlook Stable
LA FINANCIERE: Moody's Puts B1 CFR Under Review for Downgrade


I R E L A N D

AVOCA CLO XVIII: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
CLICK.IE: Enters Liquidation Following Examinership Exit
MAN GLG EURO: Fitch Assigns 'B-(EXP)' Rating to Class F-R Notes
PROVIDUS CLO I: Moody's Assigns B2 Rating to Class F Sr. Notes


L U X E M B O U R G

AURIS LUXEMBOURG: Moody's Rates EUR200MM Incremental Facility B1
ORION ENGINEERED: Moody's Affirms Ba3 CFR, Alters Outlook to Pos.


N E T H E R L A N D S

FORNAX ECLIPSE 2006-2: Fitch Corrects March 28 Rating Release


P O R T U G A L

BANCO COMERCIAL: Fitch Lowers Preference Shares Rating to 'CCC-'


R U S S I A

ANTALYA: Fitch Affirms BB+ Long-Term IDR, Outlook Negative
KARELIA: Fitch Affirms B+ Long-Term IDR, Outlook Stable
MOSCOW: Fitch Raises Long-Term IDR from BB+, Outlook Stable
UC RUSAL: Creditors at Risk of Having Investments Frozen by U.S.
UC RUSAL: Moody's Withdraws Ba3 Corporate Family Rating

UFC BANK: Put on Provisional Administration, License Revoked


S P A I N

IBERCAJA BANCO: Fitch Assigns Final 'B' Rating to AT1 Notes
SANTANDER CONSUMER 2014-1: Fitch Affirms CC Rating on Cl. E Notes


S W I T Z E R L A N D

UBS AG: Moody's Reviews EUR1.83MM Term Notes' Ba3 Rating


T U R K E Y

AKBANK TAS: Fitch Affirms 'BB' Rating on Debt Issues


U N I T E D   K I N G D O M

KLEENEZE LTD: Tough Trading Condition Prompts Administration
SEADRILL LTD: DNB Praises John Fredriksen's Effort to Broker Deal


                            *********



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F R A N C E
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CONSTANTIN INVESTISSEMENT: Moody's Affirms B2 CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) of Constantin Investissement 3 S.A.S. (Cerba), a
provider of clinical laboratory testing services in Europe
(mainly in France). The rating agency has concurrently affirmed
the B2-PD probability of default rating (PDR), the B1 ratings of
the senior secured credit facilities, including the term loan of
EUR794 million and the EUR175 million revolving credit facility
(RCF), and the Caa1 rating of the EUR180 million senior unsecured
notes. The outlook on all ratings is stable.

Cerba plans to raise a term loan of EUR408 million (in addition
to the outstanding term loan), a senior unsecured debt of EUR60
million, an additional common equity of EUR115 million, and use
cash of EUR1.5 million to finance the acquisition of Bio 7 (a
provider clinical laboratory testing services in France) and
acquisitions of several smaller companies. The company plans to
complete the acquisition of Bio 7 in the second quarter of 2018
subject to customary regulatory approvals.

The rating action reflects the following drivers:

   -- Cerba's leverage, as measured by Moody's-adjusted
debt/EBITDA, remains unchanged and high at 6.6x based on the last
twelve months ended December 31, 2017 pro forma for the
acquisition of Bio 7 (including synergies), and the acquisitions
of several smaller companies

   -- Moody's expects that the company will reduce leverage to
below 6.5x within the next 12-18 months on the back of modest
organic growth rates and a recovery in its central lab division

  -- The acquisition of Bio 7 will enhance Cerba's scale and
leadership position in France and make the company the leading
clinical laboratory services provider both for routine and
specialty tests

RATINGS RATIONALE

"The acquisition of Bio 7 will be the largest acquisition
performed by Cerba to date. It is an expensive acquisition, but
it comes with a meaningful equity contribution from the sponsors
and it will provide sizable opportunities for synergies for the
combined company. Cerba has a good track record in integrating
large companies, as evidenced by the acquisition of Novescia in
2015 when the company exceeded its plan for synergies by around
25%. Although the company's leverage is high, its market position
and business will notably strengthen after the acquisition of Bio
7. In terms of geographical diversification, Cerba will remain
highly exposed to France, but this market has a relatively
favourable and predictable regulatory regime", says Andrey
Bekasov, AVP and Moody's lead analyst for Cerba.

Cerba's B2 corporate family rating (CFR) reflects the company's:
(1) vertical integration within clinical laboratory services,
allowing for synergies across its operating segments; (2) high
profitability, as measured by Moody's-adjusted EBITA margin of
around 20%, which is above rated peers; and (3) good underlying
fundamental trends that support demand for clinical laboratory
services.

Conversely, the rating reflects the company's: (1) high leverage
of 6.6x, as measured by Moody's-adjusted debt/EBITDA, based on
the last twelve months ended December 31, 2017 pro forma for the
acquisition of Bio 7 (including synergies) and other smaller
companies; (2) remaining risk of potential tariff cuts in key
markets, which drives the need to grow externally to achieve
economies of scale; (3) high concentration of revenue in France.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Cerba's
leverage, as measured by Moody's-adjusted debt/EBITDA, will trend
to below 6.5x within the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE

The upgrade is unlikely in the next 12-18 months because leverage
is high, however, a positive rating pressure could arise if:

Cerba's leverage, as measured by Moody's-adjusted debt/EBITDA,
were to reduce towards 5.0x; and

The company were to maintain solid liquidity and generate
positive free cash flow.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Conversely, a negative rating pressure could arise if:

Cerba's leverage, as measured by Moody's-adjusted debt/EBITDA,
were to fail to reduce to below 6.5x over the next 12-18 months;

Liquidity were to weaken; or

A significant debt-financed acquisition were to put negative
pressure on credit metrics.

LIQUIDITY ANALYSIS

Pro forma for the acquisition of Bio 7, Cerba's liquidity is
adequate and supported by expected free cash flows of around
EUR40 million in 2018 (before acquisitions, but after capex of 6%
of revenue); cash of EUR37.4 million; and undrawn EUR175 million
revolving credit facility (RCF). Cerba will maintain good
headroom under its single financial maintenance covenant if it is
tested (net senior secured leverage covenant for the benefit of
the RCF lenders only, tested only when it is drawn by or more
than 35%).

STRUCTURAL CONSIDERATIONS

The B1 ratings of the EUR794 million senior secured term loan (to
be increased to EUR1,202 million) and the EUR175 million
revolving credit facility one notch above the B2 CFR reflect the
loss absorption cushion from the EUR180 million senior unsecured
notes rated Caa1 and the additional unsecured debt of EUR60
million. The B2-PD probability of default rating (PDR) in line
with the B2 CFR reflects Moody's 50% corporate family recovery
assumption.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cerba, headquartered in Paris, France, is a provider of clinical
laboratory testing services in Europe with revenue of around
EUR837.4 million based on 2017 pro forma for the announced
acquisitions. The company is majority owned by funds managed and
advised by Partners Group and PSP Investments.

LIST OF AFFECTED RATINGS

Affirmations:

-- Issuer: Constantin Investissement 3 S.A.S.

-- Corporate Family Rating, Affirmed B2

-- Probability of Default Rating, Affirmed B2-PD

-- Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

-- Issuer: Constantin Investissement 4 S.A.S.

-- Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

-- Issuer: Constantin Investissement 3 S.A.S.

-- Outlook, Remains Stable

-- Issuer: Constantin Investissement 4 S.A.S.

-- Outlook, Remains Stable


LA FINANCIERE: Moody's Puts B1 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed all ratings of France-based
provider of cleaning and facility management services La
Financiere ATALIAN S.A.S. under review for downgrade, including
the corporate family rating (CFR) of B1, the probability of
default rating (PDR) of B1-PD, and the B2 rating on the existing
EUR625 million senior unsecured notes due 2024.

The rating action follows Atalian's announcement on April 6, 2018
that it will acquire Servest Limited (Servest) including its
28.8% minority interest in Getronics as well as two companies
currently being acquired by Servest for total considerations of
GBP540 million. The transaction will mainly be debt-funded,
increasing the Moody's-adjusted debt/EBITDA to around 6.5x pro-
forma from 5.2x as of year-end 2017 and excluding the pre-
financing of CICE receivables (to around 7.2x from 6.1x including
the pre-financing of CICE receivables). Cost synergies may
support deleveraging over time but this will be assessed as part
of Moody's review due to the limited disclosure at this stage.

The review is expected to be completed in the near term. Moody's
does not expect any downgrade of the CFR to be more than one
notch.

RATINGS RATIONALE

Moody's review will focus on the business profile and financial
profile of Atalian following the acquisition of Servest, a UK-
based provider of cleaning and facility management services.
Moody's will consider the benefits of the higher scale and wider
geographic footprint against an increase in the Moody's-adjusted
debt/EBITDA that Moody's estimates at around 6.5x pro-forma for
the acquisition from 5.2x as of year-end 2017 and excluding the
pre-financing of CICE receivables. Including the pre-financing of
CICE receivables, the pro-forma leverage stands at around 7.2x
compared to 6.1x on a stand-alone basis. Moody's expects the CICE
liability to substantially decrease from 2019 onwards because
CICE tax credit will be replaced by a reduction in social charges
and the CICE receivables from the French state are higher than
Atalian's pre-financed CICE receivables. Moody's computation of
the company's stand-alone leverage also includes the full-year
contribution of acquisitions completed in 2017 and operating
provisions as well as pension liabilities, operating leases, and
off-balance sheet factoring.

The review will also consider (1) Atalian's good track record in
integrating acquired businesses, (2) Atalian's integration plan
including anticipated synergies and deleveraging trajectory, and
(3) the combined group's liquidity profile and financial policy
going forward. The acquisition will push the company's reported
net leverage to between 5.25x and 5.5x. The company expects the
net reported leverage to decrease to around 4.5x in the short to
medium term.

Total considerations of GBP540 million (GBP457 million of
enterprise value for Servest and GBP83 million for Servest's
28.8% equity investment in Getronics) will be financed by a
bridge facility expected to be replaced with long-term debt in
the next 12 months. Servest's management will also inject EUR37
million of new equity in Atalian. Closing of the acquisition is
expected during the second quarter of 2018, subject to customary
closing conditions.

Servest is a UK-based facility management company providing
integrated outsourcing solutions throughout the UK including
cleaning, building services, catering and security. Servest
generated revenues of GBP457 million in the twelve months ended
30 September 2017. Atalian has had a commercial partnership with
Servest through a joint-venture since April 2016.

PRINCIPAL METHODOLOGY

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

Headquartered in France, Atalian is a leading provider of
cleaning and facility management services. The company operates
throughout 31 countries and had revenues of approximately EUR2
billion in 2017.


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

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

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
    bankruptcy remote.

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

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.40%), the
reference weighted-average coupon (4.50%), and the target minimum
weighted-average recovery rate at the 'AAA' rating level as
indicated by the collateral manager. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for
each liability rating category."

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

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

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

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

RATINGS LIST

Preliminary Ratings Assigned

  Avoca CLO XVIII DAC
  EUR413.85 Million Senior Secured Fixed- And Floating-Rate Notes
  (Including EUR43.05 Million Unrated Subordinated Notes)

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

  A              AAA (sf)          236.00
  B-1            AA (sf)            36.00
  B-2            AA (sf)            20.00
  C              A (sf)             24.80
  D              BBB (sf)           20.00
  E              BB (sf)            22.40
  F              B- (sf)            11.60
  Sub            NR                 43.05

  NR--Not rated.
  Sub--Subordinated.


CLICK.IE: Enters Liquidation Following Examinership Exit
--------------------------------------------------------
Gavin McLoughlin at the Sunday Independent reports that tech
retailer Click.ie is to enter liquidation.

The company behind the business, Cantec Office Solutions, has
asked insolvency practitioners PJ Lynch & Co to act as liquidator
as the company is wound up, the Sunday Independent relates.

Some 20 people are set to lose their jobs on foot of the
liquidation, the Sunday Independent discloses.

The company has previously come through an examinership process,
the Sunday Independent notes.

In a statement to the Sunday Independent, Cantec Office Solutions
confirmed that PJ Lynch & Co had been asked to come on board as
liquidator.

The company, as cited by the Sunday Independent, said: "The
history of the company over the last two years has been fraught
with setbacks and negative trading."

In February 2017, JW Accountants were appointed examiner to the
company and managed to attract investors and put in place a
proposal for a scheme of arrangement, the Sunday Independent
recounts.

A scheme was approved in March 2017 and the company exited
examinership under new ownership and with a new management team
in place, the Sunday Independent relays.

"The new owners immediately put new processes and management in
place," the Sunday Independent quotes the company as saying.

"In the highly competitive market of used mobile phones, tablets
and laptops, we found ourselves struggling to keep pricing and
margins competitive.

"Losses and negative trading continued and while we tried every
avenue of raising funding and attracting new investors.

"Unfortunately we were not able to secure sufficient working
capital to continue running the company.  We unreservedly
apologise to all customers, employees, suppliers and partners for
this."

Navan-based Click.ie has eight stores at locations including
Ashbourne, Cavan, Navan and franchise stores in NUI Galway and
Trinity College Dublin.


MAN GLG EURO: Fitch Assigns 'B-(EXP)' Rating to Class F-R Notes
---------------------------------------------------------------
Fitch Ratings has assigned Man GLG Euro CLO I DAC expected
ratings:

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

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

Man GLG Euro CLO I DAC, formerly known as GLG Euro CLO I DAC, is
a securitisation of mainly senior secured loans (at least 90%)
with a component of senior unsecured, mezzanine, and second-lien
loans. The transaction is a reissue of GLG Euro CLO I DAC and the
proceeds of this issuance are being used to redeem the existing
notes, with a new identified portfolio comprising the existing
portfolio, as modified by sales and purchases conducted by the
manager. The portfolio is managed by GLG Partners LP. The
refinanced CLO envisages a further four-year reinvestment period
and an 8.5 year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 34.23.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 66.03%.

Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while there are 3% fixed-rate liabilities. Fitch modelled both 0%
and 10% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each
scenario.

Diversified Asset Portfolio
The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance.
This covenant ensures that the asset portfolio will not be
exposed to excessive obligor concentration.

RATING SENSITIVITIES

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


PROVIDUS CLO I: Moody's Assigns B2 Rating to Class F Sr. Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Providus CLO I
Designated Activity Company:

-- EUR203,000,000 Class A Senior Secured Floating Rate Notes due
    2031, Definitive Rating Assigned Aaa (sf)

-- EUR18,500,000 Class B-1 Senior Secured Floating Rate Notes
    due 2031, Definitive Rating Assigned Aa2 (sf)

-- EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2031, Definitive Rating Assigned Aa2 (sf)

-- EUR17,750,000 Class B-3 Senior Secured Floating Rate Notes
    due 2031, Definitive Rating Assigned Aa2 (sf)

-- EUR12,250,000 Class C-1 Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR10,000,000 Class C-2 Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR19,000,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned Baa2 (sf)

-- EUR18,750,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned Ba2 (sf)

-- EUR9,500,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Providus CLO I Designated Activity Company is a managed cash flow
CLO. At least 90% of the portfolio must consist of senior secured
loans and up to 10% of the portfolio may consist of unsecured
obligations, second-lien loans, mezzanine loans and/or high yield
bonds. The portfolio is expected to be approximately at least
78.7% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

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

In addition to the nine classes of notes rated by Moody's, the
Issuer has issued EUR38.75m of subordinated notes which will not
be rated.

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

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. Permira's investment decisions
and management of the transaction will also affect the notes'
performance.

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR350,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2715

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with a local currency country ceiling of A3. The
remainder of the pool will be domiciled in countries which
currently have a local or foreign currency country ceiling of Aaa
or Aa1 to Aa3.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the 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 3122 from 2715)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -2

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

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3530 from 2715)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -4

Class C-2 Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0


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L U X E M B O U R G
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AURIS LUXEMBOURG: Moody's Rates EUR200MM Incremental Facility B1
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Auris
Luxembourg II S.A., the holding company for Sivantos and its
subsidiaries, a global manufacturer of hearing aid devices and
related products, as follows:

- corporate family rating (CFR) at B1

- probability of default rating (PDR) at B1-PD

- the instrument rating of EUR275 Senior Unsecured Notes issued
   at Auris Luxembourg II S.A. at B3

Concurrently, Moody's has downgraded the instrument rating of
Senior Secured Facilities which are borrowed at Auris Luxembourg
III S.a.r.l. to B1 from Ba3 and assigned B1 rating to the new
EUR200 million incremental facility, which is to be merged into
the existing Senior Secured Term Loan B. The outlook is stable.

The proceeds from the proposed incremental facility, together
with EUR30 million of cash and EUR64 million of drawing under
revolving credit facility (RCF) will be used to finance the
acquisition of TruHearing, a US-based hearing aids provider.

RATINGS RATIONALE

Sivantos's ratings are supported by: 1) its leading market
position in the global hearing aid devices market, which is
dominated by six leading companies and is therefore oligopolistic
in character; 2) achieving successful transitioning away from the
"Siemens" name to its new "Signia" brand and maintaining strong
brand awareness; 3) continued positive momentum in financial and
operating performance in line with Moody's expectations; and 4)
low cyclicality of the industry and continued strong growth
driven by ageing populations in developed countries and,
potentially, increased penetration in emerging markets.

Conversely the rating is constrained by: 1) the Company's
comparatively narrow product range leaving it relatively exposed
both to market perception of its products and potential
technological changes; partially offset by Sivantos's new product
launches and focus on R&D investment; 2) price pressure in the
industry, driven mainly by consolidation within retail
distribution channels and restraints on public sector health
spending; 3) high Moody's adjusted leverage of 5.8x as at the
September 2017 financial year end (fiscal 2017) pro forma for
TruHearing acquisition, albeit offset by strong cash flow
generation; and 4) an element of customer and supplier
concentration, although Moody's see this as an industry wide
feature.

TruHearing's acquisition will strengthen Sivantos's position in
the US hearing aids market by providing further access to the
fast-growing US managed care market via TruHearing's relationship
with over 60 health plans and to TruHearing's contracts with over
5,000 hearing care provider locations. The Company expects to
benefit from significant synergies from 1) switching to
Sivantos's products in its private label business; 2) integrating
existing Sivantos's HUSA stores into TruHearing's provider
network and migrating contracts to TruHearing's systems driving
higher utilisation of stores and capacity under health plans; 3)
increasing share of Sivantos's product in TruHearing's branded
portfolio (currently not present); 4) procurement and other
savings.

Following the acquisition Moody's adjusted leverage LTM September
2017 will increase from 4.8x to 6.1x pro forma for new capital
structure, or 5.8x including twelve months of TruHearing's
EBITDA. Moody's expects leverage to decline towards 5.0x within
18-24 months as full synergies come through. Moody's notes that
most of synergies are expected to occur in fiscal 2019 and fiscal
2020, are primarily related to revenue synergies and are subject
to execution risks, such as continued ability of TruHearing to
attract large health plans and capacity to expand Sivantos's
network.

The downgrade of the existing senior facilities to B1 from Ba3 is
due to an increase in senior debt amount to be borrowed by Auris
Luxembourg III S.Ö r.l. leading to a reduced cushion provided by
structurally and contractually subordinated senior notes, as well
as weakening CFR due to issuance of sizeable debt to finance the
acquisition. Additional EUR200 million facility is rated at B1,
in line with the existing facilities.

LIQUIDITY

Sivantos' liquidity is good, supported by EUR56 million cash on
balance sheet and EUR11 million availability under EUR75 million
RCF. The Company exhibits minimal seasonality in demand and has
generated cash flows well in excess of capital spending,
including one-off restructuring charges, since its acquisition by
EQT. The RCF matures in 2021 and contains one springing financial
covenant for net leverage not to exceed 9.10:1.00x, which is
tested only if the RCF is more than 30% drawn. The Company's
near-term debt maturity obligations are minimal, consisting of 1%
per annum debt amortisation of the Term Loan, which matures in
2022. The Senior Unsecured Notes mature in 2023.

OUTLOOK

The stable outlook reflects Moody's expectation of continued
steady growth in earnings and free cash flow generation, driven
primarily by the benefits of recent and ongoing product
development and the delivery of further cost efficiencies. The
outlook also assumes that: 1) the management team will not embark
on any material or transformational debt funded acquisitions; and
2) no material shareholder distributions will be made.

WHAT COULD CHANGE THE RATING UP

Positive rating pressure could be exerted if Moody's adjusted
gross debt / EBITDA were to fall below 4.0x and free cash
flow/debt (as adjusted by Moody's) were to improve towards 10%.

WHAT COULD CHANGE THE RATING DOWN

Negative pressure on the ratings could develop if gross debt /
EBITDA (Moody's adjusted) does not decline below 5.5x by the end
of fiscal 2019 and/or if there were a substantial deterioration
in free cash flow generation from its current level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical
Product and Device Industry published in June 2017.

Headquartered in Singapore, Sivantos is one of the leading global
manufacturers of hearing aid devices and related products, with
around 80% of revenues being derived from the sale of devices and
the remainder stemming from the retail sale of accessories,
services and repairs. While the broader market in which the
Company operates includes hearing instruments and implants,
Sivantos operates solely in the instruments market. In fiscal
2017, the Company reported revenues and adjusted EBITDA of
c.EUR967 million and EUR238 million, respectively.


ORION ENGINEERED: Moody's Affirms Ba3 CFR, Alters Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) of Orion Engineered Carbons S.A. ("OEC SA", and
together with its subsidiaries, "Orion"). Concurrently Moody's
affirmed Orion Ba3-PD probability of default rating (PDR) and the
Ba3 ratings of the outstanding approximately EUR560 million
equivalent senior secured term loan facilities and of the EUR175
million multicurrency senior secured revolving credit facility
('RCF') borrowed by Orion Engineered Carbons GmbH and OEC Finance
US LLC, two indirect subsidiaries of OEC SA. The outlook on all
ratings has been changed to positive from stable.

RATINGS RATIONALE

The positive outlook reflects Moody's expectations that Orion's
operational performance will remain solid this year, supported by
favourable market conditions and continuous improvement of its
product mix towards more technical products. The company should
maintain its solid profitability by effectively managing the
volatility of its feedstock and the cyclicality of its end-user
markets with further penetration of the specialty carbon black
market. The positive outlook also considers that Orion will
maintain its conservative financial policy and strong liquidity
profile.

The affirmation of Orion's CFR to Ba3 acknowledges the positive
track record of the company over the last three years with solid
financial metrics and liquidity profile. In addition, the company
is now fully floated on the New York Stock Exchange and has
announced a conservative financial policy with a net debt
leverage target ratio of between 2x and 2.5x.

While revenues over the last three years have fluctuated between
EUR1 billion and EUR1.2 billion as a result of fluctuations on
the price of oil, the company has improved its Moody's adjusted
EBITDA to EUR224 million in 2017 from EUR205 million in 2015
maintaining its Moody's EBITDA margins in the high teens. The
EBITDA improvement mostly results from the improved cost base,
the effective raw material increase passed through to customers
and the improved product mix. The higher EBITDA in combination
with debt repayment led to a decrease of the Moody's adjusted
leverage to 2.9x at the end of 2017 from 3.2x at the end of 2016.
Moody's believes that the company will be able to maintain its
solid profitability over the next 12-18 months, keeping its
Moody's adjusted leverage under 3x.

The CFR continues to be supported by Orion's (1) strong market
position as the global leader in the specialty carbon black
segment and as the third largest global producer of rubber carbon
blacks; (2) long-standing relationships with blue-chip customers;
(3) well maintained and flexible manufacturing asset base spread
across the key regions of North and Latin America, Europe and
Asia; (4) continued progress with regard to the percentage of
customer contracts containing indexed pricing formulas and raw
material price surcharge mechanisms to enable a timely and
efficient cost-pass through; and (5) solid operating
profitability, with an adjusted EBITDA margin in the high teens.

Moody's expects that the company will be able to maintain its
strong operating profitability with Moody's adjusted EBITDA of
around EUR215 million to EUR230 million in 2018, which should
translate into solid operating cash flows, with Moody's adjusted
funds from operations (FFO) anticipated within a EUR160 million
to EUR170 million range.

The CFR however reflects (1) Orion fairly modest scale, with
revenues of approximately EUR1.2 billion in 2017; (2) the
cyclicality of its revenue given a concentrated exposure to the
cyclical automotive market; (3) a high level of customer
concentration in the rubber carbon black business, given that the
top five customers are global tire manufacturers which accounted
for approximately 48% of 2017 rubber carbon black sales volumes;
and (4) the carbon black production's dependency on continued
availability of a range of feedstocks (carbon black oil, crude
coal tar and coal tar distillate), by-product of refineries and
coking plants, whose prices can be volatile but typically passed
through to customers via contractual agreement and which accounts
for over 70% of the company's total annual manufacturing costs.

Moody's notes that Orion's Moody's adjusted free cash flow (FCF)
is expected to be negative in 2018 at around EUR10 million due to
the working capital requirements related to the expected growth
and higher Moody's adjusted capital expenditure of around EUR90
million because of the consolidation of the South Korean plant
and environmental clean-up in the US. FCF is also adversely
impacted by the payment of the EUR40 million dividend. However,
this is expected to be compensated by the net proceeds of the
land sale in South Korea which will entirely cover the investment
costs associated with the consolidation of the two Korean plants.
Moody's does not expect the company to remain FCF negative in
2019 because of expectations of more modest working capital
requirements of around EUR10 million and capital expenditure of
around EUR80 million as South Korean expenditure should reduce.

STRUCTURAL CONSIDERATIONS

The Ba3 rating on the senior secured bank facilities (term loan
facility and RCF) is in line with the CFR, and reflects the
dominant position of these debt instruments in the current
capital structure of Orion.

What Could Change the Rating Up

An upgrade could be considered in case of a continued improvement
in the company's credit metrics, including (1) Moody's adjusted
debt/EBITDA ratio falling below 3x on a sustainable basis; (2)
retained cash flow (RCF)/debt ratio above 20%; and (3) the
company maintaining a sustained positive free cash flow. An
upgrade will also require good liquidity to be maintained and a
sustained track record of conservative financial policy.

What Could Change the Rating Down

Moody's would consider downgrading the rating if credit metrics
deteriorate substantially, including Moody's adjusted debt/EBITDA
ratio above 4x on a sustained basis and RCF/debt ratio below 10%.
Furthermore, free cash flow turning negative and any
deterioration in the company's liquidity position could
contribute towards a rating downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in January 2018.

Orion, whose Luxembourg based parent company is publicly listed
on the NY Stock Exchange (ticker 'OEC'), is the third-largest
global producer of rubber carbon black by capacity and the
largest global producer of specialty carbon black by both volumes
and revenue. In 2017 the company reported revenue of EUR1.17
billion and an EBITDA as adjusted by the company of EUR228
million. The company has 14 plants (including joint ventures)
across Europe, North and South America, South Africa and Asia,
including a plant in China acquired from Evonik Industries AG
('Evonik', Baa1 stable).

Orion was formed on July 29, 2011, following the leveraged buyout
of the carbon black operations from Evonik. Since December 2017
the company is fully floated on the NYSE and its market
capitalization was of around $1.6 billion at the end of March
2017.


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


FORNAX ECLIPSE 2006-2: Fitch Corrects March 28 Rating Release
-------------------------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
Fornax (Eclipse 2006-2) B.V. published on March 28, 2018, which
incorrectly stated the Recovery Estimate for the class E notes.

The revised release is:

Fitch Ratings has downgraded Fornax (Eclipse 2006-2) B.V.'s class
E and F notes and affirmed the class G notes:

EUR22.2 million class E (XS0267555570) downgraded to 'Dsf' from
'Csf'; Recovery Estimate (RE) revised to 90% from 95%
EUR16.8 million class F (XS0267555737) downgraded to 'Dsf' from
'Csf'; RE 0%
EUR6.7 million class G (XS0267556032) affirmed at 'Dsf'; RE 0%

The transaction is a securitisation of initially 19 CRE loans
originated by Barclays Bank PLC. The two loans remaining (both
defaulted) are the EUR203,000 Cassina Plaza loan and the EUR6.1
million ATU loan. The issuer also holds some funds on account.

KEY RATING DRIVERS

The downgrades reflect a non-payment of interest on the class E
notes, the most senior notes outstanding. As per the notice
published on the 23 August 2017, an inability to pay senior
creditors led Fornax to apply to the District Court of Amsterdam
for a suspension of payments. An 'indefinite' suspension of
payments was granted on 15 August 2017 and as a result, no
interest or principal note payments have been made since this
date, with funds being held on account.

An extraordinary resolution allowing a restructuring of the
current priority of payments that places payments to third-party
creditors (up to a maximum amount of EUR250,000) ahead of
payments to the holders of class E notes was passed by the class
E noteholders. Fitch expects Fornax will now file a request to
revoke the payment suspension. Should the court agree to revoke
the suspension of payments, Fornax will be able to resume making
payments to its creditors. Any remaining funds are unlikely to be
sufficient to repay the class E notes in full.

The RE for the class E notes has been reduced as a result of
lower-than-expected recoveries from the Cassina Plaza loan, with
EUR28.2 million of debt being written off, as well as an
estimated EUR1 million of outstanding senior creditor fees that
are likely to be paid ahead of the class E notes. The ATU loan is
expected to fully repay from sale proceeds by legal maturity.

RATING SENSITIVITIES

The ratings will be withdrawn within 11 months.


===============
P O R T U G A L
===============


BANCO COMERCIAL: Fitch Lowers Preference Shares Rating to 'CCC-'
----------------------------------------------------------------
Fitch Ratings has downgraded Banco Comercial Portugues, S.A.'s
(Millennium bcp) preference shares to 'CCC-' from 'CCC' and
removed them from Rating Watch Negative.

The rating action follows the publication of the agency's updated
bank rating criteria, which introduced + and -- modifiers at the
'CCC'/'ccc' level for Long-Term IDRs, long-term international
debt and deposit ratings, Derivative Counterparty Ratings and
Viability Ratings.

KEY RATING DRIVERS

The ratings on subordinated debt and other hybrid capital issued
by Millennium bcp are notched down from its Viability Rating (VR)
in accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risk
profiles, which vary considerably.

Millenium bcp's preference shares are rated 'CCC-' because Fitch
believes that economic losses are likely to be moderate before
coupon payment resumes, which Fitch estimates will occur at the
next coupon date after the approval of 2017 accounts.

RATING SENSITIVITIES

The ratings on subordinated debt and other hybrid capital issued
by Millennium bcp are primarily sensitive to a change in the
bank's VR. The rating of the preference shares is also sensitive
to Fitch changing its assessment of the probability of the notes
returning to performing status.


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


ANTALYA: Fitch Affirms BB+ Long-Term IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed the Metropolitan Municipality of
Antalya's (Antalya) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'BB+' and Short-Term Foreign and Local
Currency IDRs at 'B'. Fitch has also affirmed Antalya's National
Long-Term Rating at 'AA+(tur)'. The Outlooks on the Long-Term
Ratings are Negative.

The affirmation of the ratings reflects Antalya's improved
operating performance despite a sluggish recovery of the local
economy. Tight operating spending control, together with an
increase in tax revenue, enabled the operating balance to remain
robust and to cover on a sustainable basis the city's high direct
risk and additional costs stemming from the city's unhedged FX
exposure.

The Negative Outlook reflects Antalya's weak, albeit improved,
current balance, which Fitch expect to cover on average less than
50% of the city's capex in 2018-2020, therefore pressuring the
city's already volatile budgetary performance.

KEY RATING DRIVERS

Improved Operating Balance
Fiscal Performance (Neutral / Negative): Fitch has a more
conservative rating case than the administration's and expects
Antalya's operating margin in percentage terms on average to be
in the mid-20s (2017: 31.7%) due to the sluggish recovery of the
local economy. This will be driven by a nominal increase of
shared tax revenue of 17% on average in 2018-2020 and opex
control. Fitch expect operating revenue to grow 19% yoy and opex
growth to remain on average at 14% yoy for the same period.

At end-2017 shared tax revenue increased 15.7% yoy, exceeding
Fitch and the administration's expectations of 8% and 6.6%
respectively, which helped lift operating revenue 21% yoy. The
administration has recommitted to opex control, by reducing staff
costs by 6% yoy, resulting in an operating margin of 31.7% in
2017. Although the current balance improved to TRY365.5 million
in 2017 from a TRY221.8 million in 2016, higher-than-expected
capex at 72.4% of the budgeted amount resulted in a large deficit
before debt variation at 26.6% of total revenue at end-2017
(2016: 22.6% deficit).

We adjusted the deficit before debt variation of 43.9% at end-
2017 by TRY234.2 million, a non-cash item related to the second
stage light railway system Antalya has taken over from the
central government.

Overall Antalya posted a small deficit of 6.2% of total revenue
or TRY83.8 million in 2017, which was fully covered by cash.

Coverage of capex by current balance, while improved, is still
projected to remain below 50%, in line with Fitch previous
estimate (2017: 43%) due to expected large capex realisation.
This would pressure budgetary performance by widening the deficit
before financing to the high double-digits. In its 2018-2020
multi-annual budget, the city envisages to cover 50% of its capex
by capital revenue (2016: 65%), through a large asset sale in the
Kepezalti district. To date, the real estate tender has not been
completed, due to weak market conditions. Nevertheless, as house
sales and house price index are forecast to grow at a slower
pace, Fitch expects that Antalya will cover only about 30% of its
capex by capital revenue in 2018-2020.

In Fitch's view, the continuation of strict opex control and
moderate capex realisation at less than 50% of the budget,
coupled with moderate operating revenue growth, would help shrink
the deficit before financing to 5% of total revenue over the
medium term.

Local Economy Rebounding
Economy (Neutral / Stable): Fitch changed the economic growth
trend to Stable from Negative as Antalya's economy is rebounding,
albeit at a slower rate in comparison to its peers, from
recession of 2016. Annual tourist arrivals for Antalya increased
24.6% almost to 9.5 million tourists (10Y average: 9.36 million
tourists) at end-2017, after a sharp decrease of 21.7% to 5.9
million in 2016. Annual tourist arrivals nationwide continued
their upswing, growing 4.8% on the month in January 2018.

Increased economic activity drove the collection rate of accrued
shared tax revenue higher to 15.2% in 2M18 versus 13.6% in 2017.
On an annual basis, the collection rate of accrued shared tax
revenue collected by the central government improved to 49.2% in
2017 from 47.8% in 2016 but remained lower than 2015's 55.1%.
Nevertheless, Fitch expect collection rates for 2018 to further
recover to pre-recession levels.

On average, Antalya hosts 30% of the nation's tourist arrivals.
Antalya is the nation's seventh-largest per capita GDP
contributor and fifth-largest city by population; however, the
concentration of its local economy on tourism and agriculture
makes the city less resilient to adverse shocks. Therefore, the
city's revenue generation capacity and labour market depend
largely on the tourism sector.

Increase in Debt Payback but Still Strong
Debt & Liquidity (Neutral / Stable): Fitch expects direct debt to
increase to about 80% of current revenue over the medium term
(2016: 65.2%), contrary to Fitch previous expectations at 60%
This is due to expected ambitious capex and Fitch conservative
estimate of the local economy's slow recovery. The increase will
be solely driven by significantly higher capex ahead of upcoming
local elections.

We expect Antalya's direct debt payback ratio - a measure of debt
sustainability - to increase on average to about three years in
2018-2020 (2017: 2.2 years), which is commensurate with 'BB'
category peers.

In 2017, Antalya's direct debt increased 72% to TRY802.6 million
(2016: TRY466.4 million). Of that increase, 59% was due to new
borrowing mainly in domestic currency and 12.9% due to the
depreciation of Turkish lira against euro. New funding rose
sharply (TRY356.3 million equivalent), due to the higher-than-
expected capex realisation and low coverage of capex by capital
revenue at 14.2%.

Of the new borrowing, TRY98.83 million equivalent is an euro-
denominated loan provided by Islamic Finance Bank via IL Bank
(Turkish Municipal Bank) with a maturity of 19 years for the
purchase of wagons and related additional construction of the
light railway system. Nevertheless Antalya's improved current
balance helped keep the city's debt payback ratio at under three
years.

At end-2017, Antalya's FX liabilities accounted for 60.6% or
TRY486.7 million equivalent of total debt stock. Fitch expect
currency volatility to increase pressure on debt servicing costs
of the city's unhedged FX liabilities. However, the lengthy
weighted average maturity of the city's external debt of about
seven years, the city's amortising debt structure, predictable
monthly cash flows and Treasury repayment guarantee on the city's
debt, mitigate immediate refinancing risk.

Cost Discipline Improving
Management (Neutral / Stable): Antalya has a track record of
volatile budgetary performance, with opex growth mostly exceeding
operating revenue growth. The administration's commitment to opex
control was weakened by the nationwide recession in 2016, but
2017 results showed that Antalya was able to exercise cost
restraint, mainly on staff expenditure, thereby improving its
operating performance. Among its national peers, Antalya has one
of the highest staff costs on average at more than 25% of opex.

The administration has an ambitious capex programme as Antalya's
basic infrastructure network, such as the public transport
network, has not been keeping pace with population growth but
also due to additional responsibilities after the enlargement of
the boundaries of the metropolitan area in 2014 increasing capex
needs. The city's plan to increase capex to consistently close to
50% of total expenditure could add pressure to budgetary
performance given the city's capex self-funding capacity of below
50% over the last five years. Significant increases in capex
realisation ahead of local elections will drive debt funding
higher, which will, however, be covered by an expected improved
operating balance.

Evolving Institutional Framework
Institutional Framework (Weakness /Stable): Antalya's credit
profile is constrained by a weak institutional framework for
Turkish subnationals, reflecting a short track record of a stable
inter-governmental relationship between the central and local
governments on the allocation of revenue and responsibilities, a
weak financial equalisation system and evolving debt management
in comparison with their international peers.

RATING SENSITIVITIES

A sharp increase in local and external debt, with a debt-to-
current balance above four years as a result of larger-than-
budgeted opex and capex realisation, could prompt a downgrade. A
downgrade of the sovereign (BB+/BBB-'Stable) could also put
Antalya's ratings under pressure.

Continuation of stable operating performance for at least two
consecutive years, a current balance sufficient to cover at least
above 50% of capex, opex being in line with the city's budget and
a sustainable debt/current balance of below four years, could
lead to a change in the Outlooks to Positive.

Fitch has made a number of adjustments to the official accounts
to make local and regional governments comparable internationally
for analysis purposes. For Antalya, these adjustments include:

   -- Capex for 2017 were adjusted by the amount of TRY234.2
million, as this is a non cash item and recognised in Antalya's
balance sheet.
   -- 2017 year-end cash included the amount of 2017 overall
deficit of TRY83.8 million, as the closure of the fiscal year was
extended to the beginning of the next year.


KARELIA: Fitch Affirms B+ Long-Term IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed the Russian Republic of Karelia's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'B+'. The agency has also affirmed the republic's
Short-Term Foreign-Currency IDR at 'B'. The Outlook on the Long-
Term IDRs is Stable. Karelia's outstanding senior unsecured debt
ratings have been affirmed at 'B+'.

The affirmation reflects Karelia's relatively high debt burden
compared with national peers, and signs of fiscal performance
restoration after a prolonged period of high deficit and weak
operating margin. The ratings also factor in the evolving
institutional framework for Russian subnationals, leading to
limited budget flexibility and exposure to the volatile tax
revenue of the regional budget.

KEY RATING DRIVERS

Fiscal Performance Assessed as Weakness
Karelia recorded a notable improvement in its operating
performance in 2017, with a positive 5.5% operating margin after
a negative margin in 2013-2016. This was driven by higher current
transfers from the federal budget due to a new formula for
grants' calculation launched in 2017. Current transfers increased
by 26% in 2017, which led to 10% growth of operating revenue,
while operating expenditure (opex) growth accounted for a low
2.6%, due to strict control by management.

Fitch projects Karelia will consolidate its budgetary performance
in the medium term. This will be driven by moderate growth of tax
revenues and higher transfers from the federal government, while
opex should remain under control. Fitch expect both operating and
current balance remain in low positive values, so the operating
margin will hover at about 5%. However, the current balance will
remain fragile, balancing close to zero, reflecting prolonged
structural imbalances of the region's budget. Fitch expects the
deficit before debt variation will narrow to 2%-4% of total
revenue in 2018-2020 (2017: 6.8%).

Debt and Liquidity Assessed as Weakness
The republic's direct risk accounted for 77.3% of current revenue
at end-2017, almost unchanged compared with the 2014-2016
average. Fitch forecasts direct risk will moderately decrease to
73%-75% in the medium term following a narrowing deficit. Karelia
is exposed to refinancing risk, which leads to high dependence on
access to capital market to service its debt. The debt maturity
profile is stretched to 2034, but the bulk of risk is
concentrated in 2018-2020.

Karelia participates in the budget loans restructuring programme
initiated by the federal government at the end of 2017, which
eases refinancing pressure. According to the programme, the
maturity of RUB11.2 billion budget loans granted to the region
has been prolonged until 2024. This results in a weighted average
life of its debt doubled to about four years, which is still
short compared with international peers.

Management and Administration Assessed as Neutral
Like most Russian local and regional governments (LRGs), regional
budgetary policy is strongly dependent on the decisions of the
federal authorities. The region receives a steady flow of
subsidised budget loans and earmarked transfers from the federal
budget for capital and current expenditure. The administration
has a socially-oriented fiscal policy and aims to fulfil all
social obligations.

The administration focused its budgetary policy on restoration of
fiscal performance by optimisation of expenditure and
stabilisation of debt level. Karelia aims to reach a balanced
budget in 2018 and surplus in 2019-2020, which should lead to
absolute debt reduction. However, the region's forecasting
ability is limited by the unstable institutional framework.

Institutional Framework Assessed as Weakness
The republic's credit profile remains constrained by the weak
institutional framework for Russian LRGs, which has a shorter
record of stable development than many of its international
peers. Weak institutions lead to lower predictability of Russian
LRGs' budgetary policies, which are subject to the federal
government's continuous reallocation of revenue and expenditure
responsibilities within government tiers.

Economy Assessed as Neutral
Karelia has close to national median wealth metrics. However, the
economy is concentrated in several industrial sectors, which
exposes the region to market price fluctuations and potential
changes in fiscal regulation. Fitch projects Russia's economy
will continue recovering and its GDP will grow 2% per year in
2018-2019 (2017: 1.5%) and the republic will likely follow this
mild trend.

RATING SENSITIVITIES

Growth of direct risk above 85% of current revenue, together with
a negative operating balance for two years in a row, would lead
to negative rating action.

Positive rating action could result from consolidation of fiscal
performance with operating balance comfortably covering interest
costs.


MOSCOW: Fitch Raises Long-Term IDR from BB+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded Russian Moscow Region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to
'BBB-' from 'BB+' and Short-Term Foreign-Currency IDR to 'F3'
from 'B'. The Outlook on the Long-Term Ratings is Stable.

The region's senior unsecured debt ratings have been upgraded to
'BBB-' from 'BB+'.

The upgrade reflects consolidation of the region's healthy
budgetary performance supported by a broad tax base, strong self-
financing capacity and sound debt metrics.

KEY RATING DRIVERS

The upgrade reflects the following key rating drivers and their
relative weights:

HIGH

Fiscal Performance Assessed as Strength
Moscow region's fiscal performance is strong, which is evident
from its average 13.3% operating margin and an almost balanced
budget over 2015-2017. The region benefits from a developed and
well-diversified tax base, which is growing, supported by the
expanding economy. Taxes are the major source of revenue and
contribute more than 90% of the region's operating revenue,
supporting the region's high fiscal capacity.

In its rating case scenario, Fitch projects that the region will
maintain a sound operating balance at about 12%-13% of operating
revenue over the medium term (2017: 11%) supported by steady
growth of tax revenue. The current balance will also remain
strong at about 11%-12% of current revenue as the region's net
interest payments are low. Fitch forecast a capex-driven deficit
before debt at about 2%-4% of total revenue (2017: 3.6%).

Moscow region undertakes material investments, mostly in social
infrastructure and roads construction. On average, capital
spending amounted to 15.7% of total expenditure in 2015-2017 and
will likely remain close to this level over the medium term.
Moscow region's self-financing capacity remains strong. Fitch
projects that the region's current balance and capital revenue
will cover 80%-90% of capex in 2018-2020 (2017: 79%). Hence,
recourse to new borrowing is likely to be limited.

Debt and Other Long-Term Liabilities Assessed as Strength
Fitch expects that Moscow region's debt metrics will remain
strong over the medium term. Fitch project that direct risk will
not exceed 30% of current revenue in 2018-2020 and net overall
risk will remain below 20%. The low debt level and sound current
balance will support a direct risk payback ratio (direct risk to
current balance) at about two years. This is below the region's
average life of debt, which Fitch estimated at close to four
years at end-2017.

The region's direct risk has been gradually reducing since 2014
in both absolute and relative terms. At end-2017 direct risk
amounted to RUB97.3 billion (2016: RUB98.1 billion), which
corresponded to 22% of current revenue. The region maintains a
diversified debt structure, which is dominated by bond issues
(39% of direct risk at end-2017), followed by bank loans (37%)
and budget loans (24%). The region has accumulated high liquidity
of RUB52.1 billion on its accounts by end-2017, which covered
more than half of its direct risk.

The region's refinancing risk remains moderate due to a low debt
burden compared with the region's budget size and a sound cash
balance. At the same time, refinancing needs are concentrated
with about 43% of direct risk (mostly bank loans) is due in 2020.
The region plans to refinance bank loans by new RUB37.5 billion
bond issues in 2018. This should smooth the debt repayment
schedule and reduce annual debt servicing needs due to the
amortising structure of the bonds and reducing cost of borrowing
on the domestic market.

MEDIUM

Economy Assessed as Neutral
Moscow region is among the largest Russian regions by GRP and
population. It has a well-diversified economy, which is based on
services and processing industries. The region's proximity to the
City of Moscow (BBB-/Positive/F3) supports its wealth and
economic indicators, which are strong in the national context.
Moscow region's GRP per capita lags the EU average, which leads
us to assess Economy as Neutral.

The region's economy demonstrated a good track record even amid
negative macroeconomic trend. Its GRP grew 2.6%-2.9% per year in
2015-2016 when the Russian economy contracted and increased 3.9%
in 2017 outpacing national growth of 1.5%. The region's
government estimates that GRP will increase 3.0%-3.5% annually in
2018-2020. This is above the expected Russia's GDP growth, which
Fitch forecasts at 2% per year in 2018-2019.

The region's ratings also reflect the following key rating
drivers:

Management and Administration Assessed as Neutral
Management follows a prudent fiscal policy with a three-year
budget, which is aimed at maintaining moderate debt. The region
is quite conservative in its budgetary forecast and usually
records a lower level of deficit than expected. Management is
focused on regional development and investment in infrastructure
making the region more attractive to its residents in order to
reduce migration to the nearby City of Moscow. Fitch assume that
no significant changes will be made to the region's budgetary
practice over the medium term.

Institutional Framework Assessed as Weakness
The region's credit profile remains constrained by the weak
institutional framework for Russian local and regional
governments (LRGs), which has a shorter record of stable
development than many of its international peers. Weak
institutions lead to lower predictability of Russian LRGs'
budgetary policies, which are subject to the federal government's
continuous reallocation of revenue and expenditure
responsibilities within government tiers.

RATING SENSITIVITIES

Positive rating action could result from a sustained operating
margin above 15% accompanied by maintaining of sound debt metrics
provided that the sovereign is upgraded (Russia: BBB-/Positive).

A sharp deterioration of budgetary performance leading to a debt
payback above 10 years or a sovereign downgrade would lead to
negative rating action.


UC RUSAL: Creditors at Risk of Having Investments Frozen by U.S.
----------------------------------------------------------------
Tom Beardsworth and Luca Casiraghi at Bloomberg News report that
shareholders in billionaire Oleg Deripaska's aluminum group have
lost more than half their money exiting positions since the U.S.
imposed sanctions.

The company's bondholders have until May 7 to sell US$1.6
billion of dollar-denominated securities, but haven't been able
to because the two biggest intermediaries won't facilitate
trades, Bloomberg relays, citing people familiar with the matter.

That leaves those creditors of United Company Rusal at risk of
having their investments frozen by the U.S. Treasury Department
and being forced to write off the debt, Bloomberg notes.

According to Bloomberg, the people said Euroclear and Clearstream
are blocking transactions because Rusal's bonds were issued by a
subsidiary that isn't explicitly authorized by the Treasury's
Office of Foreign Assets Control.

UC Rusal is a Russian aluminium company.


UC RUSAL: Moody's Withdraws Ba3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of United
Company RUSAL Plc (RUSAL). At the time of withdrawal the ratings
were: corporate family rating of Ba3 and probability of default
rating of Ba3-PD. At the time of withdrawal these ratings had a
positive outlook.

Concurrently, Moody's has withdrawn the B1 backed senior
unsecured ratings assigned to the notes issued by Rusal Capital
D.A.C., a wholly owned subsidiary of RUSAL. At the time of
withdrawal the outlook was positive.

RATINGS RATIONALE

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


UFC BANK: Put on Provisional Administration, License Revoked
------------------------------------------------------------
The Bank of Russia, by its Order No. OD-953, dated April 16,
2018, effective from the same date, revoked the banking license
of Moscow-based credit institution Public Joint-stock Company
United Financial Capital Bank, or UFC Bank PJSC (Registration No.
2270), further referred to as the credit institution.  According
to the financial statements, as of April 1, 2018, the credit
institution ranked 127th by assets in the Russian banking system.

Problems in the credit institution's operations owe their origin
to the use of a risky business model focused on loans to
production and distribution companies of the alcohol industry.
The credit institution provided financing to related companies
within the sector through a variety of schemes intended to create
the appearance of formal compliance with Bank of Russia
prudential regulations.  The Deposit Insurance Agency State
Corporation, entrusted in accordance with a Bank of Russia order
with the duties of a provisional administration to manage the
credit institution, conducted an assessment of the bank's
financial position, which established a complete loss of capital
by the credit institution.

Furthermore, the operations of the credit institution were found
multiple times to be non-compliant with the law and Bank of
Russia regulations on countering the legalization (laundering) of
criminally obtained incomes and the financing of terrorism as
long as the credit institution failed to comply with the
obligation of detecting operations subject to obligatory control
and failed to provide to the authorized body reliable information
in time.

The Bank of Russia repeatedly applied supervisory measures
against the credit institution, including two impositions of
restrictions on household deposit taking.

The credit institution's management and owners failed to take any
effective measures to normalize its activities.  More so, the
credit institution's financial instability occurred in part on
the back of a shareholder conflict, resulting in its major
borrowers' failure or inability to serve their liabilities to the
credit institution.

According to the Deposit Insurance Agency State Corporation
findings, it is not feasible to apply to the credit institution a
financial resolution procedure in view of extremely low quality
of its assets, a significant disbalance between the value of
assets and liabilities as well as due to the credit institution's
inability to meet its creditors' claims at any time thereafter.

Under these circumstances, the Bank of Russia performed its duty
of revoking a banking license from the credit institution in
accordance with Article 20 of the Federal Law 'On Banks and
Banking Activities'.

The Bank of Russia took this decision because of the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within one year
of the requirements stipulated by Articles 6 and 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" and Bank of Russia regulatory
requirements issued in accordance with the said law, all equity
capital adequacy ratios being below two per cent, decrease in
bank equity capital below the minimum value of the authorized
capital established as of the date of the state registration of
the credit institution, due to repeated application within a year
of measures envisaged by the Federal Law "On the Central Bank of
the Russian Federation (Bank of Russia)".

Following this banking license revocation, the credit
institution's professional securities market participant license
was cancelled.  Furthermore, in accordance with Bank of Russia
Order No. OD-954, dated April 16, 2018, the activities of the
provisional administration to manage the credit institution were
terminated (the provisional administration was appointed in
accordance with Bank of Russia Order No. OD-693, dated March 21,
2018).

The Bank of Russia, by its Order No. OD-955, dated April 16,
2018, appointed a provisional administration to the credit
institution 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.

UFC Bank PJSC is a member of the deposit insurance system.  An
insured event shall be deemed as occurring starting from the date
of the moratorium on meeting the claims of the credit
institution's creditors (March 21, 2018), which shall also be the
date used for calculation of insurance indemnity for the bank's
liabilities in foreign currency.

The revocation of the banking license, put in force before the
moratorium on meeting creditor claims expires, shall not cancel
the obligation of the Deposit Insurance Agency State Corporation
to pay out insurance indemnity.

The Agency will continue to pay out insurance indemnity for
deposits (deposit accounts) with the credit institution in
accordance with Clause 2 of Part 1 of Article 8 of the Federal
Law "On the Insurance of Household Deposits with Russian Banks"
-- imposition by the Bank of Russia of the moratorium on meeting
creditor claims -- until the completion of bankruptcy
proceedings.

Information on the agent banks authorized to pay an insurance
indemnity can be found on the official website of the Deposit
Insurance Agency State Corporation (www.asv.org.ru).

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
=========


IBERCAJA BANCO: Fitch Assigns Final 'B' Rating to AT1 Notes
-----------------------------------------------------------
Fitch Ratings has assigned Ibercaja Banco's (Ibercaja,
BB+/Positive/bb+) issue of EUR350 million perpetual non-
cumulative additional Tier 1 (AT1) capital notes a final rating
of 'B'.

The final rating is in line with the expected rating Fitch
assigned to the notes on March 19, 2018.

KEY RATING DRIVERS

The notes are CRD IV-compliant perpetual, deeply subordinated,
fixed-rate resettable AT1 debt securities. The notes have fully
discretionary non-cumulative interest payments and are subject to
partial or full write-down if the group's common equity Tier 1
(CET1) ratio falls below 5.125%. The principal write-down can be
reversed and written up at full discretion of the issuer if a
positive consolidated net income is recorded.

The rating assigned to the securities is four notches below
Ibercaja's 'bb+' Viability Rating (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.

Fitch expects the non-payment of interest on this instrument will
occur before the bank breaches the notes' 5.125% CET1 trigger,
most probably when Ibercaja's capital ratio approaches the bank's
supervisory review and evaluation process requirement set at
8.125% for 2018. Ibercaja's consolidated phased-in CET1 ratio was
11.72% at end-2017, providing the bank with a buffer from the
equity conversion trigger. Given this, and Fitch's expectations
for the bank's capital ratios, Fitch have limited the notching
for non-performance to two notches.

RATING SENSITIVITIES

The AT1 notes' rating is primarily sensitive to changes in
Ibercaja's VR. The 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. This may reflect a
change in capital management in the group or an unexpected shift
in regulatory buffer requirements, for example.

Under Fitch's criteria, a one-notch upgrade of the AT1 instrument
would be conditional upon a two-notch upgrade of Ibercaja's VR.


SANTANDER CONSUMER 2014-1: Fitch Affirms CC Rating on Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded eight tranches of the Santander
Consumer Spain Auto (SCSA) series and affirmed two tranches:

SCSA 2014-1
Class A notes: upgraded to 'A+sf' from 'Asf'; Outlook Stable
Class B notes: upgraded to 'A-sf' from 'BBBsf'; Outlook Positive
Class C notes: upgraded to 'BBBsf' from 'BB+sf'; Outlook Positive
Class D notes: upgraded to 'BBB-sf' from 'BBsf'; Outlook Positive
Class E notes: affirmed at 'CCsf'; Recovery Estimate Increased to
65% from 50%

SCSA 2016-2
Class A notes: upgraded to 'AA+sf' from 'AAsf'; Outlook Stable
Class B notes: upgraded to 'AA-sf' from 'A+sf'; Outlook Stable
Class C notes: upgraded to 'BBB+sf' from 'BBBsf'; Outlook Stable
Class D notes: upgraded to 'BBB-sf' from 'BB+sf'; Outlook Stable
Class E notes: affirmed at 'BB-sf'; Outlook Stable

The transactions are securitisations of four-year revolving pools
of auto loans originated by Santander Consumer, E.F.C., S.A. The
upgrades reflect Fitch's upgrade of Spain in early 2018. The
upgrades of the 2014-1 transaction also reflect Fitch's lower
stressed loss assumptions. The Positive Outlooks on the class B,
C and D notes in SCSA 2014-1 are driven by Fitch's expectation
that lower rating stresses may be appropriate once the revolving
period ends in December 2018.

KEY RATING DRIVERS

Sovereign Upgrade
The upgrade of Spain's Long-Term Issuer Default Rating to 'A-
'/Stable from 'BBB+'/Positive in January 2018 means that 'AAAsf'
ratings are again achievable for Spanish structured finance
transactions. Fitch applies its 'AAAsf' default multiples and
recovery haircuts at the rating level of the sovereign cap, as
per its Structured Finance and Covered Bonds Country Risk Rating
Criteria. Following the upgrade of the Spanish sovereign, rating
stresses previously applied at 'AA+sf' are now applied at
'AAAsf', resulting in lower stresses at each rating level.

Stable Asset Performance
The 30+ delinquency rates stood at 1.6% and 1.3% for SCSA 2014-1
and 2016-2, respectively, at the transactions' latest payment
dates. The slightly higher delinquency rate for SCSA 2014-1
reflects the higher seasoning. Cumulative defaults stand at 0.4%
and 0.04% for SCSA 2014-1 and 2016-2, respectively. The low level
of defaults in SCSA 2016-2 so far is in line with Fitch
expectations given the 12-month default definition.

Aligned Base Case Assumptions
Fitch has reduced its base case default and increased its base
case recovery assumptions for SCSA 2014-1, aligning them with
Fitch assumptions for the 2016-2 transaction. The base case
losses assumed in the initial analysis for SCSA 2016-2 were lower
than those assumed for the 2014-1 transaction, reflecting the
stronger performance of more recent vintages. The alignment of
the base cases across the two transactions reflects the fact that
both are securitisations of auto loans with the same originator
and underwriting standards. It also reflects the strong asset
performance of the 2014-1 transaction since closing.

Reduced Default Multiple for SCSA 2014-1
Fitch has also lowered its default multiple for SCSA 2014-1 to
5.75x from 6.0x. This reflects the forthcoming end to the four-
year revolving period in December 2018. The residual risk
stemming from potential deteriorations in underwriting standards
or macroeconomic conditions are lower now than they were closing.
This is because the remaining length of the revolving period is
shorter. Fitch has maintained its 6.0x default multiple for SCSA
2016-2.

Counterparty Caps
Both transactions are subject to rating caps due to direct
counterparty exposure. Santander Consumer Finance S.A. (A-
/Stable/F2) serves as the account bank for both deals. For SCSA
2014-1, the transaction documents stipulate that the account bank
becomes an ineligible institution if it is downgraded below
'BBB+' or 'F2'. These triggers are set at 'A-' or 'F1' for the
2016-2 transaction. The maximum achievable ratings are therefore
'A+sf' and 'AA+sf' for SCSA 2014-1 and 2016-2 respectively.

RATING SENSITIVITIES

SCSA 2014-1
Class A, B, C and D note sensitivities to default and recovery
rates:
Current ratings: 'A+sf'/'A-sf'/'BBBsf'/'BBB-sf'
Increase default rate base case by 10%:
'A+sf'/'BBB+sf'/'BBBsf'/'BB+sf'
Increase default rate base case by 25%: 'Asf'/'BBBsf'/'BBB-
sf'/'BBsf'
Reduce recovery rate base case by 25%:
'A+sf'/'BBB+sf'/'BBBsf'/'BB+sf'

SCSA 2016-2
Class A, B, C, D and E note sensitivities to default and recovery
rates:
Current ratings: 'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BB+sf'
Increase default rate base case by 10%:
'AAsf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'
Increase default rate base case by 25%: 'AA-
sf'/'Asf'/'BBBsf'/'BBsf'/'B+sf'
Reduce recovery rate base case by 25%:
'AAsf'/'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'


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


UBS AG: Moody's Reviews EUR1.83MM Term Notes' Ba3 Rating
--------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the following notes issued by UBS AG:

Ser 857, EUR1.83m FIX Credit-Linked Zero Cpn Euro Medium Term
Notes, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Jan 14, 2016 Confirmed at Ba3 (sf)

RATINGS RATIONALE

Moody's explained that the rating action taken is the result of a
rating action on the senior unsecured rating of UBS AG (the
"Issuer"), which was placed on review for upgrade in April 2018.

The transaction is a credit linked note issued by UBS AG
referencing the subordinate debt of Banco Bilbao Vizcaya
Argentaria, S.A. (the "Reference Entity") (Subordinate: Baa3).

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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

Given the repack nature of the structure, noteholders are mainly
exposed to the credit risk of the Issuer and the Reference
Entity. A downgrade or upgrade of either the Issuer or the
Reference Entity could trigger a downgrade or upgrade on the
notes.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy, and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.

Loss and Cash Flow Analysis:

Our quantitative analysis focuses on the risks relating to the
credit quality of the assets backing the repack and of the
counterparties. Moody's generally determine the expected loss
posed to securities holders by adding together the severities for
loss scenarios arising from either underlying asset default, and
if applicable, hedge counterparty risk, each weighted according
to its respective probability. Moody's then translate the
expected loss to a rating using Moody's idealised loss rates.


===========
T U R K E Y
===========


AKBANK TAS: Fitch Affirms 'BB' Rating on Debt Issues
----------------------------------------------------
Fitch Ratings has affirmed the ratings on three issues of Akbank
T.A.S. (Akbank; ISIN: XS1574750292); Turkiye Garanti Bankasi A.S.
(Garanti; ISIN: XS1576037284); and Yapi ve Kredi Bankasi A.S.
(YKB; ISIN: XS1571399754), which for technical reasons were
missed from the publication of the rating action commentary on
the banks' ratings in June 2017 although the debt classes were
affirmed at the time of publication. The above debt issues of
Akbank have been affirmed at 'BB' and of Garanti and YKB at
'BBB-'.

The commentary in June 2017 affirmed the ratings of Akbank,
Garanti and YKB. The Outlooks on all three banks are Stable.

KEY RATING DRIVERS

Senior Debt Ratings of Garanti and YKB
YKB's and Garanti's senior debt is rated in line with their
respective issuers' Long-Term 'BBB-' IDRs, which are driven by
potential support from UniCredit S.p.A., (BBB/Stable), and Banco
Bilbao Vizcaya Argentaria (A-/Stable), respectively. Unicredit
owns a 50% stake in YKB's holding company (which in turn holds an
82% stake in YKB). BBVA holds a 49.85% stake in Garanti but has
full management control, a majority of seats on the board of
directors and Garanti is fully consolidated into its financial
statements.

Fitch views Garanti and YKB as strategically important
subsidiaries for their respective parent banks, as reflected in
their '2' Support Ratings. Garanti's Long-Term Foreign Currency
IDR is constrained by Turkey's 'BBB-' Country Ceiling.

Subordinated Debt of Akbank
The 'BB' subordinated notes rating of Akbank is notched down once
from its Viability Rating (BB+). The notching includes one notch
for loss severity and zero notches for non-performance risk.

RATING SENSITIVITIES

Senior Debt of Garanti and YKB
Garanti's and YKB's senior debt ratings are sensitive to changes
in respective banks' Long-Term IDR

Subordinated Debt of Akbank
The note rating is primarily sensitive to changes in its anchor
rating, namely the VR of Akbank. The rating is also sensitive to
a change in respective notching due to a revision in Fitch's
assessment of the probability of the notes' non-performance risk
or in its assessment of loss severity in case of non-performance.


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


KLEENEZE LTD: Tough Trading Condition Prompts Administration
------------------------------------------------------------
Eilis Jordan at Business Sale Report that Kleeneze Limited has
announced it has entered administration after 95 years in
operation.

The firm, which employs 140 people and distributes via a network
of 5,000 independent sales distributors, revealed that tough
trading conditions were responsible for the decision, which was
announced by the administrators during the week, Business Sale
Report relates.

David Acland -- david.acland@frpadvisory.com -- Joint
Administrator from appointed firm FRP Advisory, has suggested
that a buyer will now be sought to prevent the loss of jobs and
ensure the future of the company, Business Sale Report discloses.

According to Business Sale Report, the administrators said a
decision is yet to be made about the future of the company's
network of self-employed distributors, who operate by delivering
catalogues around the UK and Ireland and earning rewards for each
sale they make.


SEADRILL LTD: DNB Praises John Fredriksen's Effort to Broker Deal
-----------------------------------------------------------------
Mikael Holter at Bloomberg News reports that DNB ASA praised
billionaire John Fredriksen for his efforts to broker a deal that
opens a path out of bankruptcy protection for Seadrill Ltd.

According to Bloomberg, Mr. Fredriksen, Seadrill's chairman and
biggest shareholder, agreed to reduce his stake in a new
investment in the company to make room for bondholders who had
rebelled against an initial restructuring proposal.

While Mr. Fredriksen has chosen to forgo hundreds of millions of
dollars in potential profits, the sacrifice helped secure crucial
support for a new plan and increased its chances of being
approved by a bankruptcy court, Bloomberg states.

Seadrill was forced to file for bankruptcy protection in
September after the deepest oil-industry slump in a generation
left it unable to handle the offshore drilling industry's
heaviest debt load, Bloomberg recounts.  The process has been one
of the most complicated Chapter 11 cases in the business,
involving more than 40 banks and spanning over several
jurisdictions, Bloomberg notes.

The amended restructuring plan, agreed in February, will provide
Seadrill with US$1.08 billion in new capital and defer all
secured credit facilities by about five years, Bloomberg
discloses.  By accepting to reduce their stake, investors
Fredriksen and Centerbridge Partners LP are likely to relinquish
almost US$500 million of potential profits, Bloomberg relays,
citing Bloomberg Intelligence analyst Philip Brendel.

The confirmation hearing in the Houston-based U.S. Bankruptcy
Court for the Southern District of Texas is scheduled today,
April 17, Bloomberg says.

                      About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employed 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate
functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of
total operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, Seadrill Limited and 85
affiliated debtors each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 17-60079) on Sept. 12, 2017.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings in Bermuda to appoint
joint provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey
of Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel. Prime Clerk serves as claims agent.

The United States Trustee for Region 7 formed an official
committee of unsecured creditors with seven members: (i)
Computershare Trust Company, N.A.; (ii) Daewoo Shipbuilding &
Marine Engineering Co., Ltd.; (iii) Deutsche Bank Trust Company
Americas; (iv) Louisiana Machinery Co., LLC; (v) Nordic Trustee
AS; (vi) Pentagon Freight Services, Inc.; and (vii) Samsung Heavy
Industries Co., Ltd.

Kramer Levin Naftalis & Frankel LLP is serving as lead counsel to
the Committee.  Cole Schotz P.C. is local and conflicts counsel
to the Committee.  Zuill & Co (in exclusive association with
Harney Westwood & Riegels) is serving as Bermuda counsel.
London-based Quinn Emanuel Urquhart & Sullivan, UK LLP, is
serving as English counsel.  Parella Weinberg Partners LLP is the
investment banker to the Committee.  FTI Consulting Inc. is the
financial advisor.



                            *********

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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