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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

           Thursday, May 10, 2018, Vol. 19, No. 092


                            Headlines


C R O A T I A

AGROKOR DD: Croatia Constitutional Court Upholds "lex Agrokor"


C Y P R U S

BANK OF CYPRUS: Fitch Puts Covered Bonds Rating on Watch Positive


D E N M A R K

ALPHA: Files for Bankruptcy, Terminates Existing Policies


G E R M A N Y

HSH NORDBANK: Moody's Cuts Hybrid Instrument Ratings to C(hyb)


I T A L Y

SAIPEM SPA: Moody's Affirms Ba1 CFR, Outlook Remains Stable
WIND TRE: Moody's Changes Outlook to Stable & Affirms B1 CFR


N E T H E R L A N D S

OCI NV: Fitch Assigns First-Time Final IDR 'BB', Outlook Stable


N O R W A Y

B2HOLDING ASA: Moody's Assigns Ba3 CFR, Outlook Stable


P O L A N D

GETBACK SA: Proposes Accelerated Debt Restructuring Plan


R U S S I A

SOVCOMBANK PJSC: S&P Affirms 'BB-/B' Issuer Credit Ratings


S P A I N

ABENGOA SA: Faces Risk of Default; Seeks Waiver from Creditors
CIRSA GAMING: Moody's Places B1 CFR on Review for Downgrade
IM PRESTAMOS: Moody's Upgrades Rating on Class C Notes to Ba1


S W E D E N

VOLVO CAR: Moody's Upgrades CFR to Ba1, Outlook Stable


T U R K E Y

RONESANS GAYRIMENKUL: Fitch Assigns BB+ Final IDR, Outlook Stable
TURK HAVA: S&P Puts BB- ICR on Watch Neg. on Sovereign Downgrade
TURKIYE SISE: S&P Lowers Long-Term ICR to 'BB-', Outlook Stable
YILDIZ HOLDING: Reaches Agreement to Refinance US$5.5BB Debt


U N I T E D   K I N G D O M

PI UK: Moody's Affirms B2 CFR Following iPayment Acquisition
RESIDENTIAL MORTGAGE: Moody's Affirms Ba2 Rating on Class E Notes


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C R O A T I A
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AGROKOR DD: Croatia Constitutional Court Upholds "lex Agrokor"
--------------------------------------------------------------
Xinhua News Agency reports that the Constitutional Court of
Croatia announced on May 8 "lex Agrokor", a law on the basis of
which the Croatian government tackled the financial crisis in the
largest Croatian private company Agrokor, is in accordance with
the Constitution.

Among 13 judges of the Constitutional Court, three gave a
different opinion, because they felt that there was no need to
adopt a special law on Agrokor, Xinhua discloses.

The Croatian Parliament adopted the Law on Extraordinary
Administration Procedure in Companies of Systemic Importance for
Croatia, known as "lex Agrokor" on April 6 last year, after it
was found that Agrokor owned by Ivica Todoric was facing
bankruptcy, Xinhua recounts.

According to Xinhua, the Constitutional Court said the purpose of
the law is to reach a settlement among creditors so that Agrokor
could continue working and that the law-making process was not in
contravention of the provisions of the Croatian Constitution.

The dispute settlement procedure is under way and should be
completed by July 10, Xinhua states.

Russian banks Sberbank and VTB should take between 30% and 46% of
Agrokor, the American capital Knighthead Capital 10%, Croatian
banks also 10%, and suppliers 8%, Xinhua notes.

                      Todoric Extradition

Former Agrokor owner Ivica Todoric left Croatia in October 2017
for London after an investigation was launched against him,
Xinhua discloses.  Croatian authorities suspect Todoric of
corruption, forgery of administrative documents and fraud, Xinhua
relays.

Judge Emma Arbuthnot at the Westminster Magistrates Court in
London issued a decision on April 23 that there was no obstacle
to extraditing Ivica Todoric to Croatia, after which Mr. Todoric
complained and the proceedings were pending, according to Xinhua.

                        About Agrokor DD

Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period.  It also factors in
Moody's understanding that the company is not paying interest on
any of the debt in place prior to Agrokor's decision in April
2017 to file for restructuring under Croatia's law for the
Extraordinary Administration for Companies with Systemic
Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April.  In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit.  The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.



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C Y P R U S
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BANK OF CYPRUS: Fitch Puts Covered Bonds Rating on Watch Positive
-----------------------------------------------------------------
Fitch Ratings has placed Bank of Cyprus Public Limited Company's
(BoC, B-/Stable/B) conditional pass-through (CPT) mortgage
covered bonds' 'BBB' rating on Rating Watch Positive (RWP).

The rating action reflects the upgrade of the Cyprus's Country
Ceiling by one notch to 'BBB+' following the upgrade of the
country's Issuer Default Rating (IDR) to 'BB+'. The upward
revision of the Country Ceiling triggers the revision of the Bank
of Cyprus Residential Mortgage Bespoke Rating Criteria, which
Fitch applies in the analysis of BoC's cover pool.

KEY RATING DRIVERS

The RWP on BoC's covered bonds reflects the possibility that
Fitch could either affirm or upgrade the rating upon the
publication of the residential mortgage bespoke assumptions up to
the revised 'BBB+' Country Ceiling.

The 'BBB' rating on the mortgage covered bonds is based on BoC's
IDR of 'B-', an IDR uplift of two notches, a payment continuity
uplift (PCU) of eight notches, a recovery uplift of three notches
and the 47% overcollateralisation (OC) committed by the issuer
and relied upon by Fitch in its analysis. This provides more
protection than the programme's unchanged 'BBB' 36% breakeven OC.

The 47% OC is sufficient to support timely payments at the 'BB'
tested rating on a probability of default (PD) basis and offsets
the 'BBB' stressed cover pool credit loss, corresponding to a
three-notch recovery uplift above the tested rating on a PD
basis. The breakeven OC components are unchanged and are as
follows: asset disposal loss OC component of 14.6%, credit loss
OC component of 11% and cash flow valuation OC component of
10.5%.

All the uplift factors remain unchanged. The two-notch IDR uplift
reflects covered bonds exemption from bail-in and the low risk of
under-collateralisation in a resolution scenario. The latter is
based on Fitch's assessment of the strength of the Cypriot
covered bond legal, supervisory and regulatory framework. The
bank's Long-Term IDR is driven by its Viability Rating. The PCU
reflects the CPT feature as well as the principal coverage and
six-month interest provision required by law.

RATING SENSITIVITIES

The resolution of the RWP on the 'BBB' rating of the covered
bonds issued by Bank of Cyprus Public Company Ltd (BoC) will
occur upon publication of the residential mortgage bespoke
assumptions up to the revised 'BBB+' Country Ceiling, when a full
review of the programme will be undertaken.

All else being equal, the 'BBB' rating of the covered bonds
issued by BoC would be downgraded if there was a decrease in the
programme overcollateralisation (OC) below Fitch's 36% breakeven
OC.

The Fitch breakeven OC for the covered bond rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuance. Therefore the
breakeven OC to maintain the covered bond rating cannot be
assumed to remain stable over time.


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D E N M A R K
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ALPHA: Files for Bankruptcy, Terminates Existing Policies
---------------------------------------------------------
James Booth at City A.M. reports that London cab drivers are
scrambling to reinsure their cars after Danish insurance company
Alpha went bust on May 8, invalidating their policies.

Alpha, which insured numerous taxi drivers through brands such as
Cover My Cab and Protector, filed for bankruptcy on May 8,
immediately terminating all existing policies, City A.M. relates.

According to City A.M., cab drivers reported receiving text
messages on May 9 telling them that their insurance had been
cancelled and to seek alternative insurance as a matter of
urgency.

A statement from the Danish Financial Supervisory Authority
explained that policyholders insurance had been terminated as of
May 8, City A.M. notes.

It said that policyholders with a compulsory insurance policy
must write a new insurance policy with another insurance company
as fast as possible to obtain their compulsory insurance cover,
City A.M. relays.


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G E R M A N Y
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HSH NORDBANK: Moody's Cuts Hybrid Instrument Ratings to C(hyb)
--------------------------------------------------------------
Moody's Investors Service has downgraded to C(hyb) from Ca(hyb)
the hybrid instrument ratings of HSH Nordbank AG (HSH, deposits
Baa3 review for upgrade/senior unsecured Baa3 review for upgrade,
Baseline Credit Assessment b3 review for upgrade), issued as non-
cumulative preference shares through its funding vehicles
RESPARCS Funding Limited Partnership I, RESPARCS Funding II
Limited Partnership and HSH N Funding I and as junior subordinate
bonds through HSH N Funding II. The downgrade concludes the
rating review for downgrade for these instruments initiated on 28
February 2018. All other ratings of HSH were unaffected and
remain on review for upgrade.

The rating actions on HSH's hybrid instruments were triggered by
the bank's announcement on 26 April 2018 that it will write down
further to 39.7% the principal of these instruments, on which the
bank does not expect to resume coupon payments before 2024. The
additional writedown of the hybrid instruments reflects their
participation in HSH's 2017 balance sheet loss under
unconsolidated local GAAP accounts.

RATINGS RATIONALE

DOWNGRADE OF HSH'S HYBRID RATINGS REFLECTS HIGHER LOSS
EXPECTATION

The downgrade of HSH's hybrid ratings reflects Moody's
expectation that the present value of the economic loss to
investors in these instruments will exceed 65% of their par value
and fall in the range of losses that would be commensurate with a
C(hyb) rating, compared with a Ca(hyb) and 35%-65% loss
expectation previously.

Prior to loss participation of its hybrid instruments, HSH
reported a EUR1.0 billion balance sheet loss under its 2017
unconsolidated local GAAP accounts. Thereof, EUR285 million had
to be absorbed by the bank's silent participations and hybrid
instruments, which resulted in a writedown of their principal to
39.7% from 52.4%. For 2018, HSH stated that it expects its
consolidated IFRS result to be a loss of approximately EUR100
million which will also burden the bank's 2018 local GAAP balance
sheet result. Consequently, the rating agency considers further
writedowns a plausible scenario.

At issuance, HSH's four rated hybrid instruments were eligible as
regulatory additional tier 1 capital components. Because of
subsequently introduced Basel III capital rules none of the
instruments has retained permanent regulatory eligibility,
granting HSH a call right with two years' notice. Moody's
believes HSH is incentivized to exert its call right resulting
from regulatory change on the silent participations, which could
result in a repayment of principal at the future book value that
may remain lower than par at that point in time.

Moody's calculated economic loss exceeds 65%. For the securities'
loss severity the rating agency's expected book value at a future
call date takes into account the current 39.7% principal value,
the rating agency's expectation of likely further writedowns, as
well as the non-payment of coupons until the call repayment.

WHAT COULD CHANGE THE RATING - UP

An upgrade of the hybrid ratings could be triggered by at least
some partial write-backs of the principal of the bonds based on
positive future local GAAP balance sheet results.

WHAT COULD CHANGE THE RATING - DOWN

The C(hyb) ratings are already at the lowest possible rating
level.

LIST OF AFFECTED RATINGS

The following ratings were downgraded:

Issuer: HSH N Funding I

Backed Pref. Stock Non-Cumulative, downgraded to C(hyb) from
Ca(hyb)

Issuer: HSH N Funding II

Junior Subordinate, downgraded to C(hyb) from Ca(hyb)

Issuer: RESPARCS Funding Limited Partnership I

Backed Pref. Stock Non-Cumulative, downgraded to C(hyb) from
Ca(hyb)

Issuer: RESPARCS Funding II Limited Partnership

Backed Pref. Stock Non-Cumulative, downgraded to C(hyb) from
Ca(hyb)

Outlook Actions:

Issuer: HSH N Funding I

Outlook, Changed to No Outlook from Rating under Review

Issuer: HSH N Funding II

Outlook, Changed to No Outlook from Rating under Review

Issuer: RESPARCS Funding Limited Partnership I

Outlook, Changed to No Outlook from Rating under Review

Issuer: RESPARCS Funding II Limited Partnership

Outlook, Changed to No Outlook from Rating under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in April 2018.


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I T A L Y
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SAIPEM SPA: Moody's Affirms Ba1 CFR, Outlook Remains Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating (CFR), the Ba1-PD probability of default rating (PDR), and
(P)Ba1 senior unsecured MTN program rating of Saipem S.p.A.
(Saipem) and the Ba1/(P)Ba1 senior unsecured notes and program
ratings of Saipem Finance International B.V. The outlook on all
ratings remains stable.

RATINGS RATIONALE

The rating action reflects Moody's expectation that adjusted
leverage will remain below 4.0x and FFO/debt at around 20% for
the next 12 - 18 months despite the company's guidance of further
falling EBITDA in 2018. The offshore drilling market has been
very weak for a number of years, which has impacted Saipem's
operating performance materially. Saipem's Moody's adjusted
EBITDA fell from EUR2.6 billion in 2014 to EUR1.4 billion in
2017. However, the company performed largely in line with Moody's
expectations when the rating agency downgraded the rating to Ba1
in May 2016.

Saipem was able to offset some of the pressure from falling
profitability by carefully managing capital investments and
working capital requirements. As a result, the company was able
to generate positive free cash flow (FCF) of more than EUR1
billion over 2016-17 which was partially applied to debt
reduction. Lower adjusted debt levels enabled Saipem to preserve
a financial profile, which Moody's considers commensurate for a
Ba1 rating. The company's Moody's gross adjusted leverage stood
at 3.7x and the FFO/debt metric was 20% in 2017.

While Moody's expects EBITDA to decline further by around 10% in
2018, the rating agency believes that the market environment
should gradually improve from 2019 onwards. Saipem's order
backlog declined substantially to EUR11.5 billion in Q1 2018 from
EUR15.8 billion in 2015 but the book-to-bill ratio has started to
improve recently, which could signal a bottoming out of the
market. Moody's expects that higher oil prices and a gradual
recovery of the capital investment levels of the large oil and
gas majors will lead to a more supportive market environment for
Saipem. The company will continue to preserve its cash flow
generation over the next 12 - 18 months by keeping capital
investments low (even though it recently announced the
acquisition of a vessel for $275 million). As a result, Moody's
gross adjusted leverage for FY2018-19 is expected to remain below
4.0x.

The Ba1 CFR reflects Saipem's (1) large scale and geographically
well diversified operations; (2) strong market position as one of
the top engineering and construction (E&C) companies providing
offshore and onshore construction predominantly for the oil and
gas industry, with leading engineering capabilities providing
barriers to entry; (3) long-term customer relationships with
major national oil companies (NOCs) such as Saudi Aramco
(unrated) and large integrated oil companies such as ENI S.p.A.
(A3 negative) and TOTAL S.A. (Aa3 positive); (4) significant
EUR11.5 billion contracted revenue backlog providing some
visibility into 2020 mainly for the E&C businesses; and (5)
demonstration of a conservative financial policy following an
equity raise of EUR3.5 billion in February 2016 to repay debt and
the cancellation of the dividend since 2015.

At the same time, the CFR also reflects (1) the large exposure to
lump sum turnkey E&C contracts, where Saipem has a track record
of execution challenges; (2) exposure to the highly cyclical oil
and gas end market, where low oil and gas prices between 2014 and
2016 have led to pricing pressure and a lack of new awards in
both the E&C and drilling space; (3) the relatively high adjusted
gross leverage of 3.7x; and (4) Saipem's outstanding and ongoing
legal proceedings.

Moody's does not currently expect that the current dispute with
the Italian financial regulator, Consob, will result in a
material fine or further legal challenges by investors. However,
Moody's could lower the Saipem's ratings if this expectation
changes.

LIQUIDITY

Moody's considers Saipem's liquidity to be good despite
significant working capital swings over the last few years. At
the end of Q1 2018, it had EUR1.3 billion of unrestricted cash on
balance sheet, and access to a fully undrawn EUR1.5 billion
revolving credit facility maturing in December 2020 as well as
EUR286 million available under export credit facilities
guaranteed by Garantiinstituttet for Eksportkreditt (GIEK) and
the Dutch export credit agency Atradius N.V.. Moody's expects the
company to have negative free cash flow of around EUR0.2 billion
in 2018 but does not expect Saipem to pay any dividends. The
company's debt maturing profile is well managed with EUR85
million maturing in the last nine months of 2018 and EUR439
million in 2019, which can be funded with the undrawn committed
credit facilities. In addition, Moody's expects the company to
have ample headroom on the 3x net leverage covenant.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that (1) Saipem's
operating performance will stabilize over the next 12 -- 18
months indicated by an order book-to-bill ratio of close to 1x in
2018; (2) the company maintains Moody's adjusted gross
debt/EBITDA in a range of 3.5x-4.0x; and (3) the current dispute
with the Italian regulator Consob will not have a material
negative impact on Saipem's financial profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Over the next 12 - 18 months, an upgrade of Saipem's ratings is
unlikely given the weak market environment and the ongoing
dispute with Consob. However, the ratings could be upgraded if
the company strengthens its backlog and if conditions improve in
the oil and gas services markets leading to it sustaining: (1)
FFO/debt above 30%, and (2) Moody's adjusted gross debt/EBITDA
below 3.0x, while maintaining good liquidity and the company
builds a good execution track record.

Conversely, Saipem's rating could be downgraded, if (1) Moody's
adjusted gross debt/EBITDA would increase above 4.0x, (2)
FFO/debt falls below 20% or (3) if liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published in March 2017.

Saipem, based in Milan, Italy is a leading engineering,
construction and drilling company focussing on the oil and gas
industry and specialising in remote areas and deepwater. It has a
large offshore fleet of 29 construction vessels, 12 drilling rigs
and around 50 remotely operated vehicles (ROVs), capable of
executing technologically difficult projects, as well as 9 main
fabrication yards and 87 onshore rigs, including 3 owned by third
parties. In 2017, the company generated revenue of approximately
EUR9 billion with a broad regional diversity across the world.


WIND TRE: Moody's Changes Outlook to Stable & Affirms B1 CFR
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Wind Tre S.p.A. (Wind Tre), to stable from positive.
Concurrently, Moody's has affirmed the company's B1 corporate
family rating (CFR), the B1-PD probability of default rating
(PDR), and the B1 rating on the senior secured notes and Term
Loan A.

"The decision to change the outlook on Wind Tre's ratings to
stable from positive reflects the deterioration in revenues and
EBITDA over the second half of 2017 driven by pricing pressures
ahead of the upcoming entry of Iliad. These pricing pressures, if
sustained overtime, could more than offset the benefit from the
additional revenues from the roaming agreement with Iliad and
from the cost savings from the merger of WIND and H3G," says
Laura PÇrez, Vice President-Senior Credit Officer and lead
analyst for Wind Tre.

RATINGS RATIONALE

The change in outlook to stable from positive reflects the
increasing competitive pressures in Italy ahead of Iliad's entry,
which have led to a deterioration in Wind Tre's revenues and
EBITDA over the second half of 2017.

Wind Tre's market share has declined at the expense of market
share gains from Telecom Italia S.p.A. (Ba1 stable) and Mobile
Virtual Network Operators ("MVNOs"). This has contributed to Wind
Tre's revenue decline of 7% in the fourth quarter of 2017, well
below the flat revenue growth reported in the first half of 2017.
Moody's believes the upcoming entry of Iliad will add further
pressure to Wind Tre's market share and revenues, and, as a
result, the rating agency forecasts a steady annual decline in
EBITDA of around 5% to 7% over the next two years.

This fall in EBITDA will weaken the company's adjusted
debt/EBITDA ratio (as per Moody's definition) to 4.5x-4.7x over
the next two years, up from 4.2x in FYE 2017. Despite this
expected deterioration, the company's leverage remains within the
ratio guidance for the B1 rating category, of between 4.0x and
5.0x, supporting the stable outlook on the rating.

Furthermore, Moody's expects capital expenditure to remain
elevated at an estimated 20%-22% of revenues, as the company
invests to improve its network quality, which together with
spectrum investments in 2018-2019, will continue to weigh on the
company's free cash flow generation.

Moody's believes that Wind Tre's market share will be more
impacted by the entry of Iliad than other Italian peers given its
challenger position and weaker network quality. However, Wind Tre
benefits from meaningful buffers to partly mitigate pressures on
its profitability, including synergies from the integration with
H3G and the roaming agreement with Iliad.

Wind Tre has an adequate liquidity profile, supported by Moody's
expectation of positive free cash flow generation in the next 18
months and an extended debt maturity profile following the
November 2017 refinancing. Moody's expects Wind Tre to maintain
adequate headroom under the maintenance covenant of the term
loan, although this is likely to narrow, given the expected
deterioration in leverage and the tightening of the covenant to
4.75x in January 2020, down from the current 5.5x.

Wind Tre's B1 CFR reflects (1) Moody's expectation that Wind Tre
will remain one of the largest mobile players in Italy; (2) its
integrated product offering; (3) its weaker network quality than
peers, although the company's investment plan would reduce the
gap over time; (4) the company's conservative financial policy,
with a long-term net leverage ratio target below 3.0x,
benefitting from the ownership of CK Hutchison Holdings Limited
(CK Hutchison, A2 stable) and VEON Ltd. (Ba2 stable); (5) the
expectation of modest, but positive free cash flow generation
over the next 24 months; and (6) an adequate liquidity profile
over the next 12-24 months.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the ratings reflects the fact that while
Moody's expects operating performance to weaken in the next two
years, leverage will remain within the ratio guidance for the B1
rating of between 4.0x to 5.0x. Moody's also expects the company
to maintain adequate liquidity, supported by positive free cash
flow generation and a long-dated debt maturity profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure could develop if the company improves its
operating performance trends, including key performance
indicators (churn, ARPU), such that (1) its adjusted debt to
EBITDA ratio (as adjusted by Moody's) declines sustainably below
4.0x, (2) its Moody's adjusted RCF/ Gross Debt ratio is
sustainably above 15%, and (3) its free cash flow generation is
modestly positive and growing over time.

Downward ratings pressure could arise if Wind Tre's operating
performance, including KPIs, significantly weakens such that
debt/EBITDA (as adjusted by Moody's) is higher than 5.0x and
RCF/debt (as adjusted by Moody's) is below 10% on a sustained
basis.

LIST OF AFFECTED RATINGS

Issuer: Wind Tre S.p.A.

Affirmations:

Long-term Corporate Family Rating, affirmed B1

Probability of Default, affirmed B1-PD

Senior Secured Bank Credit Facility, affirmed B1

Senior Secured Regular Bond/Debenture, affirmed B1

Outlook Action:

Outlook changed to Stable from Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Wind Tre is the largest mobile operator in the Italian market
with over 29 million subscribers following the merger between
WIND Telecomunicazioni and H3G. The company also provides
services to 2.7 million customers in the fixed business where it
operates through the brand Infostrada. Wind Tre is ultimately
owned by VIP-CKH Luxembourg SÖrl, which is a 50/50 joint venture
owned by CK Hutchison Holdings Limited and VEON Ltd. (former
VimpelCom Ltd). Wind Tre reported revenues and EBITDA of EUR6.2
billion and 2.2 billion (before EUR266 million of integration
costs) respectively at year-end 2017.


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OCI NV: Fitch Assigns First-Time Final IDR 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned OCI N.V. a first-time final Long-Term
Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. Fitch
has also assigned the Dutch chemicals group's recently issued
USD650 million 6.625% 2023 notes and EUR400 million 5% 2023 notes
a final senior secured rating of 'BB-' with a Recovery Rating
'RR5/21%'.

OCI's 'BB' rating incorporates an overall business profile
commensurate with a 'BBB' category rating and Fitch's expectation
that the currently weak 'B' category financial profile will
improve in 2018. The group's lease-adjusted funds from operations
(FFO) net leverage was 9.1x at end-2017, reflecting a large debt-
funded expansion programme and production issues in North Africa.
Fitch's rating case forecasts a reduction in net leverage to
around 5x at end-2018 on the back of new capacity ramp-ups and a
return to historical utilisation rates in North Africa where
production issues would have been sustainably resolved.

The Stable Outlook reflects Fitch's view that the execution risk
on the capacity ramp-up is low and that volume growth, neutral-to
slightly positive pricing trends and normalised capex levels will
aid OCI's ability to de-leverage to FFO adjusted net leverage of
4.5x by 2020 and maintain an overall credit profile commensurate
with a 'BB' rated entity.

The senior secured bond rating of 'BB-' reflects Fitch's
assessment of the structure and security of the bonds in relation
to existing debt within the OCI consolidated group. The notes are
structurally subordinated to around USD2.7 billion of secured
debt owed by operating subsidiaries of OCI.

KEY RATING DRIVERS

Methanol and Nitrogen Fertiliser Producer: OCI is a diversified
chemical group with a portfolio of products split 50%/50% between
fertilisers (i.e. ammonia, urea, UAN, CAN) and industrial
chemicals (i.e. methanol, melamine, diesel exhaust fuel). OCI is
a top five player in nitrogen fertilisers globally, as well as
methanol going forward. The business profile is supported by the
vicinity of its assets to cost-effective supply sources of
natural gas and end- customers, allowing the group to produce and
distribute at a competitive cost versus other global peers. This
translates into Fitch forecast EBITDA margins of over 30% over
the next three to five years.

Complex Group Structure: Fitch evaluates the group on a
consolidated basis, which reflects the view that OCI has strong
legal, operational and strategic ties with its operating
entities. This partly mitigates OCI's complex structure, with
consolidated earnings derived from fully and partially owned
operating companies in various geographies, and funding
historically raised on a secured basis at both holdco and opco
levels. This entails structural subordination risks for debt
holders at OCI level (holdco) - as reflected in the instrument
rating - as well as potential restrictions on the movement of
cash within the group, including those imposed by lenders at opco
levels.

Refinancing at Opcos Aids Cashflows: The serviceability of the
holdco debt is partly contingent on OCI's capacity to upstream
cash flows from the opcos. The recent refinancing exercises at
opcos, Iowa Fertilizer Company (IFCO) and OCI Partners (OCIP) and
the ongoing refinancing at Egyptian Fertilizer Company (EFC) have
increased OCI's ability to receive distributions, as shown by the
USD217 million payment made to OCI from OCIP. OCI's intention to
cash-pool at its European assets will help improve liquidity at
the holdco.

Weak but Improving Financial Profile: Under Fitch's base rating
case, FFO adjusted net leverage improves to around 4.5x at end-
2020 from a high of 9x at end-2017, as a result of increasing
volumes, stable-to slightly positive pricing and lower capex.
Fitch base case assumes no dividend payments to OCI's
shareholders until 2021 when Fitch forecasts that conditions will
be met for the payment restrictions under the revolving credit
facility (RCF) and term loan A (TLA) to be lifted. Fitch also
forecasts that the group will start receiving dividends from 50%-
owned US JV Natgasoline (not consolidated) from 2020.

Capex Completion, Ramp-up of Volumes: OCI has recently completed
an extensive USD5 billion investment plan initiated in 2010,
which will support higher production volumes, lower average
maintenance spend and higher free cash flow (FCF) generation from
2018. Fitch forecasts volumes to increase to over 10mtpa tonnes
in 2018 from around 7mtpa tonnes in 2017, on the back of
production ramping up at IFCO, subsidiary Sorfert resuming its
ammonia production in Algeria, the Natgasoline JV starting
production from 2H18 and the 100%-owned BioMCN's second methanol
production line (M2) coming online in the Netherlands at end-
2018.

Increase in North African Production: One of Sorfert's ammonia
lines was shut down due to a fault with the gas cooling equipment
from May to December 2017, resulting in the overall utilisation
rate decreasing to 56% in 2017. Opco Egypt Basic Industries
Corporation (EBIC) also suffered from unavailability at its jetty
at the Sokhna Port from January to July 2017, as it was used by
the Egyptian government to import LNG during a domestic gas
shortage period. These issues have since been sustainably
resolved with both companies operating at normal levels and
Sorfert reporting a utilisation rate of around 90% year-to date.

Potential Cash Flow Volatility: OCI started implementing a no-
fill policy with forward sales of fertilisers not exceeding one
month, thereby moving away from traditional sales secured by
longer-term contracts with commodity traders. While this allows
the group to capture potential price and margin uplifts, it could
exacerbate cash flow volatility, particularly when pricing
weakens.

Transaction to Refinance Debt: The refinancing has involved
raising a new USD400 million TLA, a new USD700 million RCF, a
USD650 million 6.625% 2023 bond and a EUR400 million 5% 2023 bond
which, along with internal cash at the holdco, has been used to
refinance the existing convertibles, shareholder PIK, secured and
unsecured debt at OCI and OCI Nitrogen (OCIN).

Standard HY Bond Covenants: The notes are secured by share
pledges over BioMCN and OCIN, as well as intermediate holding
companies. The security package will fall away if OCI's rating
achieves an investment-grade rating, and features standard high-
yield incurrence covenants including permitted payments at 4x
consolidated net leverage or below, incurrence of secured
indebtedness at 4.5x or below, with no financial maintenance
covenants. The bond documentation includes a cross acceleration
clause to operating subsidiaries' debt. The RCF and TLA benefit
from a tighter covenant package than the bond, with leverage and
interest cover tests and a permitted payment restriction at 3x
consolidated leverage.

DERIVATION SUMMARY

Peers of OCI include CF industries Holdings, Inc (BB+/Negative),
Eurochem AG (BB/Negative), Methanex Corp (BBB-/Stable) and Israel
Chemicals Ltd (BBB-/Stable). OCI is smaller than Eurochem, Israel
Chemicals and CF industries but benefits from higher end-market
diversification, with around 40% of sales forecast to come from
industrial chemicals such as methanol, melamine and DEF, and 60%
from fertilisers. This is compared with CF industries' 100%
exposure to fertiliser markets, and Methanex's 100% exposure to
methanol. In terms of geography, OCI is more diversified than
Eurochem, whose assets are mostly in Russia and Europe, but
compared with Methanex is less exposed to Asia.

It has the highest leverage out of its peers, largely due to a
highly ambitious capex programme that has only recently started
to ramp up and operational issues in North African entities.
However, a strong de-leveraging is forecast on the back of
additional volumes, positive pricing trends, a reduction in capex
and the inability to pay substantial dividends until leverage
hits 3.0x under the RCF and TLA documentation.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer:

  - Fertiliser revenue move in line with Fitch's fertiliser price
assumption trends of USD250/t ammonia Black Sea in 2018 to
USD300/t in the long term, and USD220/t urea Black Sea in 2018 to
USD250/t in the long term.

  - Methanol price assumed to normalise to mid-cycle levels post
1Q18. Methanol is then assumed flat at USD415/t US Gulf from 2019
in line with Fitch's flat coal and oil price deck.

  - Utilisation rates are adjusted down from management
projections over the next five years by 10% at Sorfert and EBIC,
5% at OCIP and IFCO, and 2% at OCI Nitrogen. Delay by one quarter
in ramp-ups of BioMCN M2 in 2019 and Natgasoline in 2018.

  -Successful refinancing at EFC (maturity extension and
relaxation of covenants). No future refinancing at Natgasoline.

  - USD150 million restricted cash in operating entities.
  - Neutral working capital changes.

  - Capex decreasing to USD150 million-USD200 million over the
next five years from around USD300 million in 2018. No M&As.

  - Dividend payments of USD350 million in 2021 and USD450
million in 2022 when the 3x leverage incurrence covenant is
forecast to be met.

  - Dividends from Natgasoline of USD50 million in 2020 and
USD100 million from 2021. Dividend payments of around USD100
million paid to minorities each year over the next five years.

Key Recovery Assumptions:

  - As part of its bespoke recovery analysis, Fitch applied a
discount of 25% to the 2018 Fitch-estimated EBITDA. Fitch
estimates that with a 25% discount, the group should be cash
flow-neutral, while paying its cash interest, distressed
corporate tax and maintenance capex.

  - In a distressed scenario, Fitch believes that a 5.0x multiple
reflects a conservative view of the going concern value of the
business.

  - As per its criteria, Fitch assumes the RCF to be fully drawn
and    takes 10% off the enterprise value (EV) to account for
administrative claims.

  - The RCF of USD700 million, the TLA of USD400 million, and the
USD650 million and EUR400 million bonds are considered
structurally subordinated to around USD2.7 billion debt at the
opcos, which benefit from stronger security. The RCF, TLA and
bonds rank pari-passu with one another and are secured by the
same security package, with immaterial super senior liabilities
ranking above them. Considering the prior-ranking debt at the
opcos, the debtholders would achieve a recovery of 21%, resulting
in an instrument rating of 'BB-'/'RR5'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Successful ramp-up of volumes and continued high utilisation
rates, resulting in debt reduction and FFO adjusted net leverage
approaching 3.5x.

  - Sustained positive FCF.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - A slower-than-expected ramp-up of new capacity and volumes,
and/or pricing pressure resulting in FFO adjusted net leverage
remaining above 4.5x in 2020 and beyond.

- Significant capex and/or acquisitions impacting OCI's ability
to de-leverage.

LIQUIDITY

Healthy Liquidity: The financing exercise has enabled OCI to push
out its maturities further, reducing its debt costs and allowing
it to repay upcoming debt maturities.

Post-closing of the transaction, OCI has an undrawn amount of
USD290 million available under the RCF and around USD30 million
of available cash at the holdco. This, along with positive
consolidated FCF of over USD300 million, will be adequate to meet
2019 maturities of USD270 million, including USD120 million at
holdco (amortisation of TLA and trading maturities) and USD150
million at operating subsidiaries. Fitch restricts USD150 million
of cash within its calculations as cash that is trapped within
opcos and is required for operational purposes.


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


B2HOLDING ASA: Moody's Assigns Ba3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a Ba3 Corporate Family
rating (CFR) with a stable outlook to B2Holding ASA (B2Holding),
a Norwegian debt purchaser. Moody's has also assigned a Ba3
issuer rating to B2Holding with a stable outlook.

RATINGS RATIONALE

B2Holding is a pan-European debt purchasing company, with
portfolios in 21 countries, predominantly focused on the Nordics,
Eastern Europe and Southern Europe. The company acquires non-
performing loans (NPLs) and provides debt collection for third
party lenders, with banks and other financial institutions
accounting for the majority of their clients. The company has
operated in its current form since November 2011 and was listed
on the Oslo Stock Exchange in June 2016.

B2Holding plans a bond issuance in the Nordic market that will be
used to refinance some of B2Holding's existing debt. To fund
continued growth, the company is also extending its revolving
credit facility (RCF) and overdraft, increasing the limit to
EUR510 million from EUR360 million. Moody's expects that these
two changes in the debt structure will reduce the average coupon
margin.

The Ba3 CFR reflects B2Holding's: (i) strong capitalisation and
leverage metrics compared to peers; (ii) good historical
financial performance and Moody's' expectation that performance
will remain strong; and (iii) well-diversified portfolio of NPLs,
comprising debt across 21 countries and spread between secured
and unsecured debt. These strengths are balanced against: (i)
risks related to the company's rapid historical growth, which
Moody's expect will continue, and the company's limited track
record since its 2011 inception; (ii) material business
operations in less mature Eastern- and Southern-European NPL
markets; and (iii) high revenue concentration of purchased NPLs,
with only limited revenue stemming from third party collection
and other sources.

B2Holding reports materially stronger capitalisation and leverage
metrics compared to most rated peers. At the end of 2017, Moody's
calculates that B2Holding's gross debt was 3.8x its adjusted
EBITDA, well below the asset weighted peer average of 4.5x.
Moody's expects gross leverage to remain between 3.0x to 4.0x
over the outlook period. B2Holding's covenants, limiting net debt
to cash EBITDA at 4.0x, will continue contributing to the
company's prudent leverage behaviour.

The company also has a strong 25% tangible common equity to
tangible assets, high compared to peers because of B2Holding's
limited goodwill position. The high level of tangible equity
provides debt holders with protection through loss absorption by
the equity in the unlikely event of a default.

Moody's expects B2Holding to continue reporting stronger-than-
peers financial performance over the outlook period. However,
because of increased operating costs associated with the
company's growth and pricing pressure in maturing markets,
Moody's expects profits to drop compared to the 5.6% net income
to average total assets the company reported in 2017.

B2Holding is one of the most geographically diversified rated
debt purchasers, with debts in 21 countries and offices in two
more. The geographical diversification allows the company to
shift its investment focus to markets that offer better pricing
conditions or greater growth opportunities, reducing the
likelihood that it will invest in high-priced assets just to
maintain its collection pipeline. However, some of these markets
are less mature, particularly Eastern- and Southern-European
markets, and Moody's considers the risk related to B2Holding's
operating environment as greater than for peers. Less mature
markets carry higher risk of changes to the legal framework or
operating environment, as regulators familiarise themselves with
the industry, and higher pricing risk, as there is less
availability of relevant information compared to more mature
markets.

Secured debt, which accounted for 40% of B2Holding's 2017
portfolio purchases, provides good asset class diversification
and shorter collection periods. At the end of 2017, B2Holding
expected 89% of its secured debt estimated remaining collections
(ERC) to be collected within three years, compared to 56% for
unsecured debt. A shorter collection period reduces the risk that
economic or legal shifts lead to material deterioration of
portfolio values.

Despite good geographical and asset class diversification,
B2Holding's revenues are more concentrated than most of its peers
around its purchased loan portfolios. Purchased loan portfolios
accounting for 87% of its 2017 revenues and Moody's expects these
revenues to account for well over 80% over the outlook period.
The company also offers third party servicing, 6% of 2017
revenues, and provides a small amount of direct lending in Poland
and Sweden, as well as credit information services in Latvia.

Moody's views B2Holding's rapid growth as a key source of risk,
with the company seeing its assets grow 265% between 2014 and
2017. The rapid growth exposes the company to risks stemming from
integration and execution, potentially unknown markets, stretched
management resources, and rapid liquidity consumption. Because of
the company's ambitious growth plans, Moody's expects that
B2Holding will quickly consume its ample liquidity following the
increased RCF, thereby increasing its refinancing need beyond
what its maturity schedule implies. Moody's expects that the
company will return to the bond market within the next 12-18
months, likely well ahead of the RCF maturity in August 2019 if
its strong growth continues. B2Holding has the discretion to
reduce acquisitions of NPLs if facing stress, partially
mitigating liquidity concerns.

While B2Holding's short track record is partially mitigated by an
experienced management team, Moody's ratings also reflect that
the company has not operated through a full business cycle.

The receivables that B2Holding acquires are generally non-
performing and are therefore, in Moody's view, speculative in
nature. In addition to this, Moody's notes two key risks inherent
in B2Holding's business model: (i) model risk in relation to the
valuation and pricing of its purchased receivables; and (ii)
event risk arising from potential litigation or legislative
actions.

The Ba3 issuer rating reflects B2Holding's Ba3 CFR and the
company's funding structure.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that B2Holding's
credit profile will remain in line with that of a Ba3 CFR. The
rating agency expects that the company's profits, relative to its
assets, will decline as it grows its asset base, although overall
financial performance and capitalisation are expected to remain
robust. The outlook also reflects Moody's expectation that the
company will return to debt capital markets in the next 12-18
months to fund its growth.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could upgrade B2Holding's CFR if the company successfully
meet its financial targets while (i) reducing liquidity risk;
and/or (ii) reducing operational- and execution risks related to
its rapid expansion.

Conversely, Moody's could downgrade B2Holding's CFR if the
company's (i) liquidity position deteriorates beyond Moody's
expectations, for example if the RCF is fully utilised over a
prolonged period or the company is unable to reduce RCF
utilisation and extend its maturity profile through new bond
issuance over the next 12-18 months; (ii) capitalisation falls
materially, with tangible common equity to tangible assets
dropping below 8%; and/or (iii) profitability metrics falls below
peers.

A change in B2Holding's CFR would likely lead to a corresponding
change in the issuer rating.

LIST OF ASSIGNED RATINGS

Issuer: B2Holding ASA

Assignments:

LT Issuer Rating, Assigned Ba3 Stable

LT Corporate Family Rating, Assigned Ba3 Stable

Outlook Actions:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in December 2016.



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


GETBACK SA: Proposes Accelerated Debt Restructuring Plan
--------------------------------------------------------
Konrad Krasuski at Bloomberg News reports that GetBack SA has
mapped out an accelerated restructuring plan designed to get the
Polish debt collector back on its feet.

Now it needs to convince disgruntled retail investors stung by
the company's default to back it, Bloomberg states.

GetBack proposes settling 65% of its liabilities over six years
and converting the rest to shares, Bloomberg relays, citing a
court filing.  Unless it wins more time, GetBack, as cited by
Bloomberg, said it may face bankruptcy, which could leave
bondholders recovering no more than a quarter of their investment
from a fire-sale of its assets.

GetBack management board member Przemyslaw Dabrowski said the
company plans to refrain from buying new overdue debt for at
least six months, and to focus on gathering repayments from
existing portfolios before resuming normal business, Bloomberg
relates.

The company's rise and fall has been rapid: it became the biggest
buyer of overdue debt portfolios from banks and utilities last
year, but has lost the ability to repay bonds and loans that
ballooned to PLN2.8 billion (USUS$776 million), Bloomberg
recounts.

Quercus TFI SA, the biggest institutional holder of GetBack
debt, will seek faster repayments and a conversion price closer
to the market level once trading in the stock resumes, Bloomberg
says.  According to Bloomberg, Quercus Chief Executive
Officer Sebastian Buczek said by text message he is ready to hold
talks with the troubled company, which aims for a final agreement
with creditors by Sept. 30.

                         Repayment Plan

The restructuring proposal assumes that just 1.3% of debt
scheduled for repayment this year will be settled, as the company
seeks time to implement cost savings and rework its strategy,
Bloomberg states.

The conversion price for the stock component of the rescue plan
would be set at PLN8.63, more than double the PLN3.75 that the
shares were at when the Warsaw bourse suspended them on April 16,
Bloomberg discloses.

Poland's financial regulator has said trading can only resume
after GetBack publishes its annual report, currently set for
May 15, Bloomberg relays.

According to Bloomberg, GetBack's proposal needs approval by
two-thirds of creditors, with at least of 20% of all creditors
required to be present at a vote.

Poland's competition and financial watchdog said it will
investigate companies that distributed GetBack bonds for
potential mis-selling, Bloomberg relates.

"Most of us consider GetBack's proposals to be unacceptable," the
report quoted Artiom Bujan, an investor who moderates a Facebook
group of affected bondholders with 1,397 members, as saying by
phone.  "We were offered their bonds as a safe investment
compared with deposits, therefore we can't accept a loss and
the postponement of repayment."



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


SOVCOMBANK PJSC: S&P Affirms 'BB-/B' Issuer Credit Ratings
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
issuer credit ratings on Sovcombank PJSC and Rosevrobank. The
outlook on both banks remains stable.

S&P also affirmed its 'BB-' issue rating on Sovcombank's senior
unsecured notes.

On April 20, 2018, Sovcombank announced that it had increased its
stake in Rosevrobank to 75% from 45.4%. S&P understands that the
legal and operational merger of two banks will be completed
within the next 18 months.

S&P said, "This announcement is in line with our previous
expectations, even though, as of March 22, 2018, we expected that
Sovcombank would increase its stake to 92%. Our understanding is
that two more shareholders in Rosevrobank, in addition to Mr. I.
Brodsky, decided to remain shareholders of Rosevrobank and
ultimately of the merged bank, causing the acquisition structure
to change. Other than that, Sovcombank is advancing this
acquisition and the expected merger of the two entities in
accordance with its growth strategy.

"The affirmation of the ratings reflects our view that our
inherent concerns regarding integration risks are balanced
against both banks' sustainable financial metrics and
Sovcombank's good track record of integrating acquired entities."

Since 2015, Sovcombank's strategy has been to gradually increase
its stake in Rosevrobank, intending to acquire a controlling
stake. Sovcombank's management considers Rosevrobank's business
profile and client base as complementary to that of its own well-
established business. In particular, management see Rosevrobank's
expertise in working with small and midsize enterprises (SMEs) as
adding strength to the future merged bank.

S&P said, "In our view, the merger of Rosevrobank with Sovcombank
fits well with Sovcombank's growth strategy. During the past two
years, Sovcombank has made significant efforts to ensure the
forthcoming integration is smooth. To finance the acquisition, in
early March 2018, Sovcombank issued Tier 1 perpetual bonds of
$100 million, which we consider meet our requirements to be
considered as having intermediate equity content, and Tier 2 debt
of $150 million. Additionally, on April 2, 2018, Sovcombank
converted existing subordinated debt of about $117 million into
Tier 1 equity to support its consolidated capital buffer.

"Once the consolidation is finalized, we anticipate that the
combined bank will have a more diversified business model,
greater access to corporate clients, and a wider client base.

"Until the legal merger is finalized, and while the two banks
continue to operate separately, we expect both banks to continue
their normal activities in line with their current business
profiles. Rosevrobank is expected to maintain its stable business
position, supported by a track record of more than 10 years of
sound revenue generation that we consider is better than the
average for peers. We expect Rosevrobank to maintain credit costs
of around 1%, supported by our expectation that nonperforming
loans will not increase. We also anticipate that Rosevrobank will
maintain its strong risk management practices. Although we
understand that Rosevrobank will operate with thinner capital
buffers in 2018, partly driven by a completed share buy-back and
somewhat accelerated credit growth, we consider this a neutral
factor for the ratings overall. In our base case, we expect that
the acquisition and merger process will have a neutral impact on
Rosevrobank's funding and liquidity metrics.

"Over the next 18 months, we expect Sovcombank to continue its
activities while developing and implementing an integration plan
for a merged bank. We think that Sovcombank's experience of
successfully acquiring and integrating other businesses over the
past few years will help it successfully integrate Rosevrobank.

"The stable outlook on Sovcombank reflects our opinion that it
will maintain its credit metrics over the next 12-18 months,
including good portfolio quality indicators and strong
profitability, despite the still difficult, if recovering,
economic environment in Russia. We do not anticipate any negative
developments stemming from the announced acquisition.

"We could consider lowering the ratings if, contrary to our
current expectations, we observed that Sovcombank's portfolio
quality had substantially deteriorated and the bank had to create
new provisions substantially above sector-average levels. An
inability to manage the larger and now-more-complex banking
group, from a strategic or operational point of view, could also
result in a negative rating action. A potential significant
acquisition of new assets, that is not supported by adequate
capital buffers, might prompt us to revise downward our
assessment of the bank's capital position."

An upgrade is unlikely in the near term. For this to happen, the
legal merger with Rosevrobank would need to be finalized,
integration of the two banks would need to progress, and S&P
would need to have assessed the consolidated bank's strategy and
risk appetite.

S&P said, "The stable outlook on Rosevrobank reflects our view
that the bank will be able to preserve its credit standing over
the next 12-18 months, that is, during the merger and integration
process. In particular, we expect the bank to continue to
demonstrate strong profitability, supporting its capital buffers
and maintaining the solid quality of its loan portfolio.

"We could lower the ratings if we saw unexpected negative
developments due to significant management turnover or
deterioration of corporate governance procedures, which would
hurt Rosevrobank's franchise. We would also consider a downgrade
if the bank experienced material deposit outflows that depleted
its currently adequate liquidity buffers, and it did not receive
sufficient support from its new majority shareholder.

"Any positive rating action on Rosevrobank will depend on the
integration of the two banks, the evolution of Rosevrobank's
status within the group, and our view of the combined group's
systemic importance and creditworthiness."


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


ABENGOA SA: Faces Risk of Default; Seeks Waiver from Creditors
--------------------------------------------------------------
According to Bloomberg News' Katharina Rosskopf, El Confidencial,
citing unidentified people familiar with the matter, reports that
Abengoa has asked several creditors for a waiver since the
company is unable to meet its financial obligations.

The paper said the company contacted holders of 2021 and 2023
bonds amounting to EUR770 million in particular, Bloomberg
relates.

El Confidencial, citing some of the people familiar with matter,
said the waiver may also affect bond of US$916.8 million maturing
in 2022, Bloomberg notes.

According to Bloomberg, if creditors don't agree before May 30,
the company would initiate early creditors protection procedure.
The company needs at least of 50% of bondholders to agree,
Bloomberg states.

The decision is expected to be made public on June 5, Bloomberg
discloses.

                      About Abengoa S.A.

Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range
of customers in the energy and environmental sectors.  Abengoa is
one of the world's top builders of power lines transporting
energy across Latin America and a top engineering and
construction business, making massive renewable-energy power
plants worldwide.

As of the end of 2015, Abengoa, S.A. was the parent company of
687 other companies around the world, including 577 subsidiaries,
78 associates, 31 joint ventures, and 211 Spanish partnerships.
Additionally, the Abengoa Group held a number of other interests
of less than 20% in other entities.

On Nov. 25, 2015 in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law,
a pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company faced a March 28, 2016,
deadline to agree on a viability plan or restructuring plan with
its banks and bondholders, without which it could be forced to
declare bankruptcy.

On March 16, 2016, Abengoa presented its Business Plan and
Financial Restructuring Plan in Madrid to all of its
stakeholders.


CIRSA GAMING: Moody's Places B1 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed the ratings of Cirsa Gaming
Corporation, S.A. on review for downgrade, including its B1
Corporate Family Rating, B1-PD Probability of Default Rating and
B2 rating on both Cirsa Funding Luxembourg S.A.'s EUR450 million
senior unsecured notes due 2021 and its EUR500 million senior
unsecured notes due 2023.

The review follows the announcement that private equity funds
managed by Blackstone proposes to acquire Cirsa from the founder
Mr. Manuel Lao Hernandez, apart from the company's operations in
Argentina which will continue to be owned and managed by Mr. Lao
separately. There are no further details available at present.

RATINGS RATIONALE

Although the proposed transaction details have not yet been
disclosed, Moody's believes it is probable that under private
equity ownership the company's financial metrics will
deteriorate, specifically that Moody's adjusted leverage will
significantly increase and that interest coverage and cash flow
will weaken.

In addition to the negative affect on Cirsa's financial ratios
the proposed transaction would also reduce the company's scale,
however this would be somewhat mitigated by the divestment of the
Argentinian operations which would reduce the portion of EBITDA
generated in emerging markets to c. 48% from c. 57%, thus
reducing exposure to operational risks, regulatory reform and
foreign exchange fluctuations.

Cirsa's potential increase in financial leverage has prompted the
review for downgrade, and to resolve the review, Moody's
assessment will include: (i) transaction details, particularly
financing and new capital structure; (ii) financial policy, and;
(iii) strategic business plan.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Industry published in December 2017.

CORPORATE PROFILE

Founded in 1978 by current owner Mr. Manuel Lao Hernandez and
headquartered in Terrassa, Spain, Cirsa is an international
gaming operator with over 147 casinos, 178 arcades, 70 bingo
halls, over 75,000 slot machines and betting locations. The
company is present in 9 countries where it has market leading
positions: Spain and Italy in Europe; Argentina, Panama,
Colombia, Mexico, Peru, Costa Rica and Dominican Republic in
Latin America; and Morocco.

Cirsa reported EUR1.7 billion of revenues and EUR423 million
EBITDA in 2017.


IM PRESTAMOS: Moody's Upgrades Rating on Class C Notes to Ba1
-------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of Notes issued by IM Prestamos
Fondos Cedulas, FTA (IM Prestamos), and on the liquidity facility
available to this issuer.

EUR344.1M (current balance EUR 32.7M) Class A Notes, Upgraded to
A3; previously on January 18, 2018 Ba1 (sf) placed on review for
upgrade

EUR0.9M (current balance EUR 0.7M) Class C Notes, Upgraded to Ba1
(sf); previously on January 18, 2018 B1 (sf) placed on review for
upgrade

Liquidity Facility Notes, Upgraded to Aa1 (sf); previously on
January 18, 2018 Affirmed Aa2 (sf)

This transaction is a static cash CBO of portions of subordinated
loans funding the reserve funds of two (at closing 14) Spanish
multi-issuer covered bonds (SMICBs), which can be considered as a
securitisation of a pool of Cedulas. Each SMICB is backed by a
group of Cedulas which are bought by a Fund, which in turn issues
SMICBs. Cedulas holders are secured by the issuer's entire
mortgage book. The subordinated loans backing the IM Prestamos
transaction represent the first loss pieces in the respective
SMICB structures (or structured Cedulas). Therefore this
transaction is exposed to the risk of several Spanish financial
institutions defaulting under their mortgage covered bonds
(Cedulas).

The liquidity facility may be drawn to fund the difference
between interest accrued and due on the subordinated loans of the
two SMICBs and interest actually received on these loans. The
amount drawn under this facility is thus a function of (i) number
and value of underlying delinquent and defaulted Cedulas, (ii)
level of short term EURIBOR and (iii) time taken for final
realization of recoveries on defaulted Cedulas. While the
liquidity facility is currently not drawn, Moody's analysis
assumes that a portion of it will be drawn at some time during
the remaining life of this transaction.

RATINGS RATIONALE

Moodys said that the rating actions are a result of (i) a recent
change in Spain's long term country ceiling from Aa2 to Aa1, and
(ii) rating actions on several Spanish banking groups as detailed
below:

Kutxabank, S.A. CRA upgraded from Baa1(cr) to A3(cr) on 17th
April 2018

Banca March S.A. CRA upgraded from Baa1(cr) to A3(cr) on 17th
April 2018

Banco Sabadell, S.A. CRA upgraded from Baa2(cr) to Baa1(cr) on
17th April 2018

Banco Bilbao Vizcaya Argentaria, S.A. CRA upgraded from Baa1(cr)
to A3(cr) on 17th April 2018

Bankia, S.A. CRA upgraded from Baa2(cr) to Baa1(cr) on 17th April
2018

Unicaja Banco CRA upgraded from Baa3(cr) to Baa2(cr) on 19th
April 2018

Upgrade to private monitored CRA of one bank in April 2018

As a result, Moody's loss expectations for some of the underlying
covered bonds within the SMICBs have reduced. Moody's considers
that should a Cedulas issuer default, it is likely that the
reserve funds that form the underlying portfolio of IM Prestamos
would require to be drawn upon to make good the potential
shortfall suffered by the underlying Cedulas holders. The extent
of such potential shortfall is dependent on the level of over
collateralisation and quality of the issuer's underlying mortgage
pool. Moody's analysis indicates that in the light of such
potential shortfalls, the credit quality of the reserve funds of
the two SMICBs that form the portfolio of IM Prestamos Fondos
Cedulas is presently consistent with ratings of A3 (sf) quality.

The credit quality of the reserve funds of these two SMICBs is
substantially driven by high recovery rate assumptions on the
underlying Cedulas. The ratings of the liquidity facility
available to IM Prestamos Fondos Cedulas, FTA and the issued
Notes are therefore sensitive to these recovery rate assumptions.

In addition, the credit quality of the liquidity facility is
affected by the estimated level of draw-down, with higher draw-
downs resulting in declining credit quality. As stated earlier,
draw-down is affected by (i) number and value of delinquent and
defaulted Cedulas, (ii) short-term EURIBOR rates and (iii) time
taken for realization of final recoveries on defaulted Cedulas.

Moody's base case scenario assumes that the liquidity facility is
drawn down to the extent of EUR 1.3 million. This level of draw
down reflects (i) some of the current underlying pool of Cedulas
being delinquent or in default, (ii) conservative short-term
EURIBOR at about 1.75% pa, and (iii) a two year period between
Cedulas default and final recoveries.

Methodology Underlying the Rating Action

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

The rating of the Liquidity facility is compliant with "Moody's
Approach to Counterparty Instrument Ratings" published in June
2015.

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

A multiple-notch downgrade of classes of Notes of IM Prestamos
might occur in certain circumstances, such as (i) a sovereign
downgrade negatively affecting the SMICBs; (ii) a multiple-notch
lowering of the CB anchor or (iii) a material reduction of the
value of the cover pool.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the Notes and liquidity facility as evidenced by 1)
uncertainties of credit conditions in the general economy
especially as 100% of the portfolio is exposed to obligors
located in Spain 2) fluctuations in EURIBOR and 3) amount and
timing of final recoveries on defaulted Cedulas. Realization of
lower than expected recoveries would negatively impact the
ratings of the Notes and the liquidity facility.

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


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


VOLVO CAR: Moody's Upgrades CFR to Ba1, Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
corporate family rating (CFR) and to Ba1-PD from Ba2-PD the
probability of default rating (PDR) of Volvo Car AB (Volvo Car).
Concurrently, Moody's has upgraded to Ba1 from Ba2 Volvo Car's
senior unsecured notes rating. The outlook on all ratings is
stable.

RATINGS RATIONALE

"The upgrade of Volvo's ratings was driven by continued
improvements in its operating performance and credit metrics and
our expectation that this trend will continue in the current
fiscal year founded by further successful new model launches,"
says Falk Frey, a Senior Vice President and lead analyst for
Volvo Car.

Volvo Car's operating performance has further improved in 2017
based on continued unit sales increases (up 7.0% to 571,577 from
534,332 in 2016) driven by the strong demand for the 90 series as
well as for the XC60 with the introduction of the new XC60 in the
second quarter 2017. This resulted in revenue increases to SEK211
billion (+16.6%) in 2017 compared with SEK181 billion in 2016 and
translated into a strongly improved reported operating income of
SEK14 billion versus SEK11 billion in 2016.

These results translate into Moody's financial metrics of an
EBITA margin improvement to 5.5% from 5.0% in 2016 and a gross
leverage (Debt/EBITDA) of 1.9x compared with 2.1x in the previous
year.

Moreover, Volvo Car's performance in the first quarter 2018 more
or less confirms Moody's expectation of a continued positive
trend in revenues and earnings based on the company's well
received new model introductions. Volvo Car reported a net
revenue increase of 18.9% in Q1 2018 compared to Q1 2017 to
SEK56.8 billion driven by retail sales of 147,407 units (+14.1%).
Reported operating income increased 3.6% to SEK3.6 billion from
SEK3.5 billion in Q1 2017.

Moody's anticipates the positive trend in unit sales and revenues
to continue based on the full year availability of the XC60 as
well as the introduction of the XC40, Volvo's first SUV in the
compact segment. In addition the two last models on the SPA
platform the V60 which has been launched and is currently being
ramped-up and the S60 which will be launched this year will
result in additional scale effects (adding to the XC90, S90, V90
and XC60 models) on this platform and further profit
improvements.

The upgrade also assumes a continued conservative financial
policy, as shown in the past, despite the increasing debt load at
the level of Geely Group, that resulted from the purchase of
meaningful participations in AB Volvo, Saxo Bank as well as
Daimler AG.

LIQUIDITY

Volvo Car's liquidity profile is very good, underpinned by (1)
cash and cash equivalents, including marketable securities (after
a 20% haircut), on the balance sheet of SEK31.4 billion as of 31
March 2018, (2) expected balanced free cash flow in the next 12
months and (3) access to a EUR1.3 billion (approximately SEK15.9
billion, unrated) back up facility (maturing in June 2022). The
company had sizable headroom under its financial covenants as of
31 March 2018. The company's existing resources would be
sufficient to cover its corporate cash requirements over the next
12 months including sustained high levels of capital
expenditures, intra year working capital needs and potential
dividend payments.

RATING OUTLOOK

The stable outlook is based on Moody's expectation that the
renewal programme and subsequent sales and earnings growth will
lead to a further improvement in Volvo Car's credit metrics,
which will position it comfortably in the current rating
category.

The stable outlook further reflects Moody's expectation that
Volvo Car's business setup has the capacity to contend with the
long-term cyclicality within the global passenger vehicle markets
and its challenging landscape as a result of heavy investment
requirements for (1) alternative propulsion technologies; (2)
driverless vehicles; (3) the shift of production capacities
towards alternative fuel vehicles; (4) connectivity as well as
(5) regulations relating to vehicle safety, emissions and fuel
economy.

What Could Change the Ratings DOWN/UP

Moody's could consider upgrading Volvo Car's ratings to Baa3 in
case of (1) evidence that the recent new model introductions
(XC90, S90, V90, XC60, XC40) remain a sustained success and
positively contribute to Volvo's diversification of profit and
cash flow generation; (2) visibility that Volvo's profitability
based on an adjusted EBITA margin can exceed and sustainably
remain above 7.0%; (3) a continued Moody's-adjusted leverage
ratio below 2.0x; (4) its ability to generate positive free cash
flows despite the high investment spending as anticipated for the
coming years and (5) the maintenance of a prudent financial
policy that includes low debt leverage and a solid liquidity
profile on a sustained basis against the backdrop of its parent
company's corporate activities.

Volvo Car's rating could come under pressure in case of (1) the
company's EBITA margin to remain below 5.5% for a sustained
period of time (2) a deterioration of Volvo's free cash flow
generation to become materially negative for some time (3) an
increase in its Moody's-adjusted leverage ratio approaching 3.0x
as well as (4) a material change in the conservative financial
policy e.g. high dividend payouts, sizable acquisitions.

COMPANY PROFILE

Headquartered in Gothenburg, Sweden, Volvo Car is a premium
manufacturer of passenger cars. The company produces and markets
sedans ('S' series), station wagons ('V' series) and SUV ('XC'
series) vehicles under the Volvo brand. In the full year 2017,
Volvo sold 571,577 vehicles through 2,300 dealers mostly across
Europe, the US and Asia. The company generated approximately
SEK211 billion in revenue and SEK14 billion in reported operating
income in 2017 (including the full contribution from the
company's 50%-owned Chinese subsidiaries).

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.
LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Volvo Car AB

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

Corporate Family Rating, Upgraded to Ba1 from Ba2

Backed Senior Unsecured MTN Upgraded to (P)Ba1 from (P)Ba2

Backed Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
from Ba2

Outlook Actions:

Issuer: Volvo Car AB

Outlook, Remains Stable


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


RONESANS GAYRIMENKUL: Fitch Assigns BB+ Final IDR, Outlook Stable
-----------------------------------------------------------------
Fitch has assigned Turkish property company Ronesans Gayrimenkul
Yatirim A.S. (RGY) a final Long-Term Issuer Default Rating (IDR)
of 'BB+' with a Stable Outlook and a final senior unsecured
rating of 'BB+'. Fitch has also assigned RGY's 7.25% coupon,
USD300 million senior unsecured Eurobond a final rating of 'BB+'.

The ratings reflect RGY's strong market position as one of
Turkey's largest property companies, with a EUR1.5 billion
portfolio of retail and office assets located in the country's
largest cities. The group has a well-managed, diverse tenant base
of international and local companies. Retail occupancy has
historically exceeded 95% and the weighted average lease length
was 6.8 years at 31 December 2017. RGY has 11 yielding assets,
leading to some asset concentration; however, a higher level of
development is increasing diversification. Fitch expects
expansion to reduce to more stable levels from 2019.

RGY has moderate leverage for the rating, although its loan-to-
value ratio (LTV) is high for the sector. The issuance of the
USD300 million unsecured Eurobond will diversify the capital
structure and provide an acceptable level of unencumbered assets
as part of the proceeds will be used to refinance secured debt.

KEY RATING DRIVERS

Simplified Structure Aligning With Strategy: RGY has sought to
simplify its asset holding structure to allow greater focus on
its longer-term investment strategy. This has largely involved
either exiting assets identified as non-core (eg Sankopark and
Atasehir Land in 2016) or buying out joint-venture (JV) investors
with a shorter-term investment horizon (eg the Amstar Global
Partners -- AGP -- acquisitions). RGY now focuses on core, wholly
owned assets.

Fitch expects that, apart from its JVs with the Government of
Singapore Investment Corporation (GIC), RGY will either buy out
or sell the remaining JVs. Sole ownership of assets will enable
RGY to actively manage its portfolio without restriction and
ensure that earnings from these assets flow freely to RGY. The
sale of smaller, less dominant assets and undeveloped land will
also lead to a more efficient use of the balance sheet.

Moderate Leverage for Rating Level: The group has sustainable
leverage considering its market position, stage of development
and current rating. The Fitch-calculated LTV (proportionally
consolidating JVs but excluding land and developments) was 50% in
2017, and Fitch forecasts it to remain below 50% in 2018-2021.
Proportionally consolidated net debt/EBITDA was 11.9x in 2017,
but Fitch expects this to fall to below 9x in 2018 as new
developments, such as the recently completed Hilltown, become
income generating.

All credit metrics are well within acceptable ranges for the
group's rating level even though the LTV is high for the sector.
Management has indicated its intention to manage operations to
ensure gross LTV remains around an internal target of 40% with a
maximum of 45% (gross LTV as calculated by management for 2017:
40%).

Unsecured Issuance Improves Capital Structure: RGY has issued a
USD300 million Eurobond in 2018, which will be partially used to
refinance the secured debt on some of its core, wholly owned
assets. This has a number of positive impacts for the rating as
it will: increase the proportion of unsecured debt to around 30%
(pro forma) of the capital structure from 5%; reduce the level of
amortising debt; reduce the group's reliance on secured lending
from domestic banks; and diversify funding sources and give
access to international funders. Fitch expectS RGY's unencumbered
asset ratio to be around 1.7x pro forma following the refinancing
(2017: 0x).

Concentrated Asset Base: RGY's property portfolio consists of 11
yielding assets with a leasable area of 535,000 sqm, 87% of which
is retail and 13% office. As of January 2018, the proportionally
owned value of these assets was around EUR1.5 billion, with just
over 40% of the portfolio in Istanbul, Turkey's largest city.
Asset concentration is high due to the small number of assets,
although Fitch expects this to fall slightly as new developments
and potential acquisitions are completed.

The portfolio's good quality and high level of connectivity to
public and private transport, which supported an occupancy level
of 96% at end-December 2017, mitigate asset concentration. There
is also a good spread of income-generating assets with no over-
reliance on any single key asset, unlike at some peers (eg Majid
Al Futtaim Holding LLC (BBB/Stable) and Emirates REIT
(BB+/Stable)).

Diverse Tenant Mix: The diverse mix of domestic and international
tenants provides a varied offering of fashion, entertainment and
food and beverage outlets within the group's malls. RGY's focus
on building destination shopping centres in response to changing
consumer behaviour has meant that entertainment, food and
beverage are increasingly relevant in contrast to the historical
importance of hypermarket and DIY anchor tenants. The top 10
tenants account for around 20% of rents, which should improve as
RGY continues to widen its tenant pool.

Strong Occupancy Levels: RGY benefits from a very active lease
management team that has maintained a good weighted average
unexpired lease term of 6.8 years through continually managing
the lessees and the mall profile, irrespective of how long is
left on average leases or how long a mall has been operational.
This active tenant management approach has driven strong
occupancy levels of over 95% for RGY's retail operations since
2010.

Reducing Development Exposure: Historically, RGY has had a
significant level of assets under development, as evidenced at
end-December 2017 when development assets represented 40% of the
proportionally consolidated investment property portfolio.
However, Fitch expects RGY's development activity to fall (2018:
21%; 2019: 10%) with the delivery of several large projects, such
as Hilltown in 2017 and Maltepe in 2018. Fitch forecasts
development assets to remain below 10% of investment property as
the company focuses on acquisitions and extensions rather than
new developments.

Development will remain contracted with Ronesans Construction,
the construction arm of RGY's parent company. Its history of
completing RGY's historical projects within budget suggests that
future developments will be executed effectively. Developmental
exposure has also been mitigated by the group's successful pre-
leasing strategy. Typically, anchors are signed up early in the
process and 50% pre-leasing is achieved at least six months
before completion, and at least 90% with three months remaining.

Wholly Exposed to Turkey: RGY's retail assets are exclusively
based in Turkey and benefit from the positive consumer
fundamentals of the Turkish economy, which grew at an average of
6.8% in 2013-2017, according to Fitch data, although high
inflation and volatile foreign currency can affect consumer
demand and the financial viability of tenants. Nevertheless, high
consumption, low e-commerce penetration and continued
urbanisation support strong underlying retail demand in the
region.

Political and security concerns remain significant risks to
operating in Turkey. World Bank governance indicators for Turkey
are now below the 'BB' median, and in January 2018 a state of
emergency in the country was extended for another three months.
RGY's experience of successfully operating in this volatile
environment and its understanding of the Turkish market and
consumer habits (eg its increase in food and beverage provision
as consumers look to spend more social and family time in malls)
should mitigate some of these risks.

Lease Structure Limiting FX Volatility: RGY faces FX risks as
most of its debt is denominated in euros while it receives its
rental payments in Turkish lira. However, it benefits from a
natural hedge in that tenant leases are denominated in euros but
then translated and paid by tenants at the prevailing lira rate
at month-end. This eliminates RGY's direct exposure to a
depreciating lira, but indirect exposure remains as a severe
depreciation could see RGY tenants unable to bear the increased
local-currency cost of their leases.

RGY's low occupancy cost ratio of 12.7% (2017) gives tenants some
headroom to accommodate moderate depreciation. The exposure to
international tenants, which have diversified currency exposure,
also mitigates this risk as they would be more able to shoulder
increased lira payments in a depreciating forex environment.

Shareholder Agreement Limits Parent Influence: RGY's shareholding
structure is governed by the shareholder agreement between group
holding company Ronesans Emlak Gelistirme Holding and GIC. The
terms of this agreement provide the basis for Fitch's assessment
that sufficient ring-fencing exists between RGY and its parent
companies, allowing us to assess RGY on a standalone basis.

The key areas of the agreement include RGY's separate management
and non-common ownership, resulting in board representation from
both key shareholders, which have indicated their intention for
this to remain a long-term investment; all major decisions
require the consent of both key shareholders, effectively
providing either party with a veto on any proposed corporate
action. RGY benefits from separate financing, with no cross-
defaults or guarantees (except for the historical inter-group
guarantee) to the wider Ronesans Emlak Gelistirme Holding group.
The shareholder agreement also requires agreement from
shareholders on dividend levels and capital structure activities.

DERIVATION SUMMARY

RGY's EUR1.5 billion portfolio is larger than Emirates REIT's
(BB+/Stable) EUR570 million portfolio, but smaller than Atrium
European Real Estate Limited's (BBB-/Positive) EUR2.2 billion
portfolio. Its assets are solely located in Turkey (BB+/Stable),
and Fitch views this geographical concentration as higher risk
than the CEE retail assets owned by NEPI Rockcastle plc
(BBB/Stable) and Atrium, which are largely located in investment
grade-rated regions. This higher risk is partly offset by the
higher economic growth in Turkey, but the Turkish operating
environment will moderately affect RGY's rating potential.

RGY's Fitch-calculated LTV of less than 50% is higher than those
of regional peer Majid Al Futtaim (BBB/Stable) and Atrium, which
have LTVs of around 30%. Fitch forecasts net debt/EBITDA to fall
below 9x in 2018, placing RGY at the 'bbb' mid-point, and lower
than at Emirates REIT, which has net debt/EBITDA of 12x. Its
relatively small portfolio leads to greater asset concentration
than at NEPI Rockcastle, where the top 10 retail assets represent
55% of the portfolio. However, RGY's asset concentration is
similar to peers in the region such as Emirates REIT and Majid Al
Futtaim, and Fitch expects it to decrease as developments and
acquisitions are completed.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Rental indexation of 3.5% a year (additional 5% in 2019
following removal of incentives)

  - Stable net operating income margins

  - Around TRY1.6 billion of capex in 2018-2021

  - Around TRY1.8 billion of acquisitions in 2018-2021

  - JVs with AGP fully owned by 2019

  - The USD300 million issuance of unsecured bonds partially used
to refinance existing secured debt

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Fitch does not expect an upgrade to the rating, given that
RGY's operations are exclusively in Turkey and both the Turkish
sovereign rating of 'BB+' and the country's operating environment
will constrain the rating.

- If the operating environment improved and the sovereign rating
were upgraded, RGY would need to reduce concentration, with the
top 10 assets comprising less than 50% of net rental income or
value.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Weakening of the Turkish operating environment and/or a
significant short-term depreciation in the Turkish lira

  - LTV (Fitch defined) of greater than 55% over a sustained
period

  - Net debt/EBITDA over 9x over a sustained period

LIQUIDITY

Adequate Liquidity: RGY has limited near-term maturities of
TRY145 million in 2018. RGY's cash balance of TRY693 million at
end-December 2017 is more than sufficient to cover these
maturities. Fitch expects RGY to partially refinance secured debt
following the issuance of the benchmark-sized bond in April 2018.
This will further extend maturities and release additional cash
held against these loans. The group's committed capex remains
significant at TRY844 million, but Fitch understands that this
will be funded by operational cash flows and existing capex
facilities of TRY568 million.

FULL LIST OF RATING ACTIONS

Ronesans Gayrimenkul Yatirim A.S.

  - Long-Term IDR: assigned at 'BB+', Stable Outlook;

  - Long-term senior unsecured rating: assigned at 'BB+';

  - Eurobond senior unsecured notes: assigned at 'BB+'.


TURK HAVA: S&P Puts BB- ICR on Watch Neg. on Sovereign Downgrade
----------------------------------------------------------------
S&P Global Ratings said that it had placed its 'BB-' long-term
issuer credit rating on Turkish airline Turk Hava Yollari A.O.
(THY) on CreditWatch with negative implications.

S&P said, "We also placed our 'BBB-' issue ratings on THY's
aircraft-backed enhanced-equipment trust certificates on
CreditWatch negative.

"The CreditWatch placement follows the lowering of our
unsolicited long-term local currency rating on Turkey to 'BB'
from 'BB+' and our long-term foreign currency rating to 'BB-'
from 'BB', on May 1, 2018. We also lowered our transfer and
convertibility assessment to 'BB+' from 'BBB-'.

"We believe that Turkey is facing what we view as increasing
macroeconomic imbalances reflected by, among other things, high
inflation, a deteriorating current account deficit, and a
depreciating local currency.

"We view THY as a government-related entity and therefore link
our rating on THY to the rating on the sovereign. Our assessment
of the likelihood of extraordinary government support as
moderately high is based on the state's 49% ownership of the
company (through the Sovereign Wealth Fund), and on our view that
the company carries out an important role in Turkey's economy as
a gateway to the country's capital city. Although THY is a
profit-seeking enterprise, it provides Turkey with an essential
service and foreign currency. In our view, a default of THY would
disrupt its ability to continue to operate, since the company
relies heavily on foreign funding for its aircraft, which could
be repossessed in such a scenario.

"We have revised downward our view of the Turkish government's
creditworthiness, which reflects that we believe it is likely to
have less capacity to provide extraordinary support to THY. This
means that, all other things being equal, our long-term issuer
corporate rating on THY will be primarily driven by its stand-
alone credit profile (SACP), which we currently assess at 'b+'."

On the other hand, THY reported good operating results for full-
year 2017 after a challenging 2016; it posted revenue growth of
around 12%, and a rebound in its reported EBITDA margin to 19%
(an historical record level) after a depressed 9% reported in
2016. THY demonstrated a positive trend in its main performance
indicators, such as load factors, yields, passenger numbers, and
cargo volumes transported via air, but also improved performance
through cost controls. These, combined, lead to solid credit
metrics for the year (S&P Global Ratings-adjusted leverage of
about 3.5x and funds from operations to debt of about 25%).

S&P said, "While we recognize that THY's SACP has recently
improved and that tourism is strengthening, as indicated by
strong pre-bookings, the airline industry remains cyclical and
price competitive. It is also susceptible to geopolitical events
and vulnerable to the security situation in Turkey and
neighboring countries. The escalation of tensions in Syria, as
well as Turkey's incursion into Kurdish-controlled areas of
Syria, in our view, does not bode well for the region's
geopolitical situation.

"We also note THY's material planned fleet expansion: the airline
has ordered 65 Boeing 737-8 MAX and 92 Airbus 321neo narrow-body
aircraft, which are scheduled to be delivered by 2023. Recently,
it also placed an order for 50 new wide-body aircraft (25 A350-
900 and 25 Dreamliner 787-9) with an option to order 10 more by
2024 (with the majority of deliveries between 2020 and 2023). The
associated increase in adjusted debt would need to be compensated
with respective profitable growth so that the credit ratios
remain at the rating-commensurate level, especially in light of
the weakening Turkish lira, which contributes about 20% to THY's
revenues while the majority of its debt is hard currency
denominated.

"We aim to resolve the CreditWatch placement in the next 90 days,
once we have obtained more information on THY's current operating
performance and have received an update on its latest strategic
and financial plans, including how it plans to manage the ongoing
weakness of the Turkish lira, high inflation, and the potential
consequences of the Turkish economy overheating.

"Our analysis could prompt us to affirm the ratings if we
believed that THY's improved operational performance were
sustainable and we consequently revised upward our assessment of
THY's SACP. If we do not revise our assessment upward, we are
likely to lower our ratings on THY by one notch to reflect the
effect of the weaker sovereign rating."


TURKIYE SISE: S&P Lowers Long-Term ICR to 'BB-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Turkey-based glass producer Turkiye Sise Ve Cam Fabrikalari A.S.
(Sisecam) to 'BB-' from 'BB'. The outlook is stable.

S&P said, "We affirmed our 'B' short-term issuer credit rating on
Sisecam.

"At the same time, we lowered our issue ratings on Sisecam's $500
million unsecured notes to 'BB-' from 'BB'. The recovery rating
remains unchanged at '3' indicating recovery prospects in the
50%-70% range (rounded estimate: 50%).

"Our rating action follows our recent downgrade of Sisecam's
parent, Turkiye Is Bankasi AS (Isbank; BB-/Stable/B). The
downgrade of Isbank, in turn, reflects our downgrade of Turkey on
May 1, 2018. We anticipate that Turkish banks' financial profiles
and performance will remain highly correlated with sovereign
creditworthiness at the current rating level, owing to the banks'
significant holdings of government securities and exposure to the
domestic environment.

"Our ratings on Sisecam are subject to a cap by the rating on
Isbank (which owns 67% of Sisecam), in line with our criteria. In
our view, Sisecam would not be insulated if its parent were
distressed.

"Although we continue to view Sisecam's business risk profile as
fair, we also take into account the potentially negative effect
of rising country risk in Turkey. In our view, this could dampen
domestic demand, increase the volatility of export volumes, cause
input prices to rise, and increase pressure on profitability. The
heightened political and economic risks in Turkey may exacerbate
these trends over our 12-month rating horizon. This is despite
Sisecam's growing share of revenues derived from exports (about
60% of revenues currently). We define country risk as the broad
range of economic, institutional, financial market, and legal
risks that arise from doing business with or in a specific
country and that can affect a nonsovereign entity's credit
quality. The credit risk for every rated entity and transaction
is influenced to varying degrees by these types of country-
specific risks. The factors we evaluate are economic risk,
institutional and governance effectiveness risk, financial system
risk, and payment culture/rule of law risk.

"We continue to assess Sisecam's management and governance as
satisfactory, reflecting management's success at growing and
diversifying the group while reducing net debt. It also reflects
our opinion of management's good depth, breadth, and industry
experience.

"We apply a negative comparable ratings adjustment to reflect the
fact that, relative to rated peers, rising country risk in Turkey
could dampen domestic demand, increase the volatility of export
volumes, cause input prices to rise, and increase pressure on
profitability. In other words, our negative adjustment reflects
the effect that rising country risk in Turkey may have on
Sisecam's business risk profile.

"Our ratings on Sisecam cannot exceed those on its parent;
Sisecam is 67% owned by Isbank and we do not expect it to be
insulated from its parent if Isbank were distressed. In our
opinion, there is no overlap between Isbank and Sisecam in terms
of business operations or industry. They do not share a name,
brand, or risk-management function, and Sisecam's financial
performance and funding prospects are largely independent from
Isbank's. As such, we see Sisecam as a nonstrategic subsidiary of
Isbank. However, although Isbank does not currently exert control
over Sisecam's strategy, day-to-day operations, cash flows, or
dividend policy, we reflect in our analysis that Isbank is the
majority owner and effectively has full control over Sisecam.

"The stable outlook on Sisecam reflects that on its parent
Isbank, which in turn reflects the outlook on Turkey. On a stand-
alone basis, we anticipate that Sisecam will maintain its leading
market position in Turkey and that its ambitious global expansion
plans will continue to support its credit metrics. We forecast
adjusted FFO to debt in excess of 45% and adjusted debt to EBITDA
of less than 1.5x in the coming 12 months.

"We would lower our rating on Sisecam if we downgraded Isbank. We
could also lower our rating on Sisecam if FFO to debt fell to
less than 45% on a persistent basis. This could occur as a result
of inflated raw material or energy costs, a significant weakening
in demand, or the unsuccessful execution of the group's sizable
capacity expansion plans, any of which could cause ratios to
weaken to a level that we view as commensurate with an
intermediate financial risk profile.

"We view the potential for an outlook revision to stable as
limited at this stage because the ratings on Sisecam are capped
at the level of the rating on Isbank."


YILDIZ HOLDING: Reaches Agreement to Refinance US$5.5BB Debt
------------------------------------------------------------
Ercan Ersoy and Asli Kandemir at Bloomberg News report that
Yildiz Holding AS, the global sweets company owned by Turkey's
richest man, reached a final agreement to refinance US$5.5
billion of debt in the country's biggest loan restructuring.

Yildiz Chief Financial Officer Mustafa Tercan said the company,
owned by billionaire Murat Ulker, signed an agreement with banks
for a new four-year loan that can be extended by another four
years if the outstanding debt falls below a certain threshold,
Bloomberg relates.

Mr. Tercan, as cited by Bloomberg, said the Istanbul-based firm,
the owner of companies including Godiva Chocolates and United
Biscuits, reduced the amount being restructured from US$6.5
billion after it made an interim payment of US$500 million.

Yildiz, one of Turkey's largest companies, in February asked
banks to consolidate its loans, saying it was struggling to make
monthly loan repayments of more than US$1 billion, Bloomberg
recounts.  Since then, other firms including billionaire Ferit
Sahenk's Dogus Holding AS have started negotiations with lenders
to refinance and restructure billions of dollars in loans,
Bloomberg notes.

Lenders to Yildiz include Yapi & Kredi Bankasi AS, Akbank, TC
Ziraat Bankasi AS, Turkiye Halk Bankasi AS, Turkiye Garanti
Bankasi AS, HSBC Bank AS, Denizbank AS and QNB Finansbank AS,
Bloomberg discloses.


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


PI UK: Moody's Affirms B2 CFR Following iPayment Acquisition
------------------------------------------------------------
Moody's Investors Service has affirmed PI UK Holdco II Limited's
(Paysafe) B2 corporate family rating (CFR) and B2-PD probability
of default rating (PDR) following the announcement by the company
on April 12, 2018 that it agreed to acquire iPayment, Inc.
(iPayment, B3 positive outlook), a U.S. based provider of payment
and processing solutions for small and medium-sized businesses
(SMB). The rating agency also affirmed the Caa1 instrument rating
on the USD250 million senior secured Second Lien Term Loan 1 due
2026, including a USD50 million add-on to be raised as part of
the transaction, and EUR212.4 million senior secured Second Lien
Term Loan 2 due 2026 issued by Pi Lux Finco S.a.r.l. (together
the second lien facilities). Concurrently, Moody's has downgraded
to B2 from B1 the instrument rating on the USD1,610 million
senior secured First Lien Term Loan B1 due 2025 raised by Paysafe
Holdings (US) Corp., including a USD600 million add-on to be
raised as part of the transaction, the EUR813.7 million senior
secured First Lien Term Loan B2 due 2025 raised by Pi Lux Finco
S.a.r.l., which will be increased by USD200 million through an
add-on, and the USD225 million Revolving Credit Facility (RCF)
due 2024 raised by PI UK BidCo Limited (together the first lien
facilities), including an incremental USD50 million to be raised
as part of the transaction. The outlook on all the ratings is
stable.

The acquisition of iPayment and the fees related to the
transaction will be financed through new equity amounting to
USD55 million to be provided by the current sponsors of Paysafe,
CVC Capital Partners and Blackstone, equity roll-over from the
selling shareholders of USD80 million and USD900 million of add-
on to the existing first lien and second lien facilities, of
which USD50 million comes from the incremental USD50 million RCF.

RATINGS RATIONALE

Paysafe's B2 CFR is weakly positioned within the rating category
reflecting primarily the group's very high adjusted pro forma
leverage at the closing of the acquisition of iPayment. Paysafe's
pro forma adjusted leverage (as adjusted by Moody's mainly for
capitalized development costs and operating leases and pro forma
for the acquisition of the company by its current sponsors, the
acquisition of iPayment, the full year contribution from
Merchants' Choice Payment Solutions (MCPS) and the disposal of
the Asia Gateway) increased to 8.6x as of 31 December 2017 from
8.4x (prior to the acquisition of iPayment) as of the same date.
Other constraints on the rating include (1) the fragmented and
evolving nature of the industry where the company operates driven
by the proliferation of payment solutions leading to an evolving
competitive landscape, (2) the lower growth profile of the group
pro forma for the acquisitions of MCPS and iPayment relative to
Paysafe's existing segments, including payment processing and
digital wallets, and (3) the acquisitive nature of the company as
Moody's expects that it will continue participating in the
consolidation of the highly fragmented payment solutions
industry.

Nevertheless, these factors are counter-balanced to an extent by
(1) the significantly increased scale of the group within the
payment processing market in the US pro forma for MCPS and
iPayment, (2) the positive growth prospects for Paysafe's payment
solutions at mid- to high-single digit rates over the medium-term
that should support a rapid de-leveraging of the business by c.1x
per annum in the absence of debt-funded acquisitions, (3) the
company's high profitability with a pro forma EBITDA margin with
upside potential though the delivery of Paysafe cost initiatives
and the integration of iPayment, and (4) the solid liquidity
position of the group supported by cash on balance sheet, a
USD225 million RCF mostly undrawn, and the strong free cash flow
(FCF) generation projected at above 5% of adjusted gross debt per
annum in the medium-term.

On the one hand, Moody's positively views the contribution of
iPayment to (1) the scale of Paysafe's merchant acquiring
segment -- pro forma for the acquisition the company will become
the fifth largest non-bank payment processor, (2) its
diversification in terms of verticals away from online gambling,
which will account for 16% of pro forma 2017 group revenues down
from 26% prior to the transaction. Moody's notes, however, that
the target will increase the company's presence in the highly
competitive independent sales organization (ISO) market in the US
which is subject to a higher degree of pricing pressure than
Paysafe's remaining segments. Moody's thus considers that both
MCPS and iPayment will thus moderately erode group growth towards
mid-single digit rates compared to a high-single/double-digit
digit growth achieved by the company historically.

The downgrade of the first lien facilities reflects the fact that
the acquisition of iPayment will be mainly funded with first lien
add-ons, which are fungible with the outstanding first lien
facilities, amounting to USD800 million compared to only USD50
million of second lien add-on. The transaction will thus
significantly dilute the cushion provided by the second lien
facilities ranking behind to the first lien facilities. The first
lien facilities and the RCF benefit from guarantees from material
subsidiaries representing at least 80% of group EBITDA, subject
to restrictions. The first lien facilities and the RCF also
benefit from security limited to a pledge over shares and
intercompany receivables and, solely with respect to English
guarantors, an all asset debenture. The second lien term loans
benefit from the same guarantee and security package as the first
lien facilities but on a second lien basis.

The stable outlook on the ratings reflects Moody's expectation
that Paysafe will continue to deliver organic growth rates at
mid- to high-single digit rates and will be able to de-leverage
towards 7x within 18 months.

Factors that Could Lead to an Upgrade

In light of the weak positioning of Paysafe within the B2 rating
category Moody's considers that an upgrade is unlikely in the
short-term. Positive pressure on the rating could develop over
time if (1) Paysafe continues experiencing a strong momentum in
terms of revenue growth at or above high-single digit rates while
increasing its EBITDA margin and further improving its customer
verticals mix, (2) adjusted gross leverage decreases to below 6x
on a sustained basis, (3) the company generates FCF-debt at well
above 5% on a sustained basis with a significant portion of the
excess cash flow to be used for debt prepayment, and (4) Paysafe
adopts a conservative financial policy and maintains a good
liquidity position.

Factors that Could Lead to a Downgrade

Negative pressure could arise if (1) Paysafe is subject to
unfavorable regulatory changes or negative market developments
leading to stable or declining revenues, (2) the company
maintains an adjusted gross leverage at well above 7x on a
sustained basis resulting for example from large debt-funded
acquisitions, or (3) its liquidity position weakens. The largely
debt-funded nature of the acquisition of iPayment is considered
to be aggressive by Moody's. The rating agency thus considers
that any future debt-funded acquisitions, which were to take
place in the short-term, will put negative pressure on ratings as
they would further impede the de-leveraging trajectory of the
company.

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

Paysafe is a global provider of online payment solutions and
stored value products. The company reported pro forma revenues of
USD1,293 million and adjusted EBITDA of USD345 million in fiscal
year ending December 31, 2017 (pro forma for the acquisition of
MCPS and the disposal of the Asia gateway business). The company
operates in 3 distinct segments: Payment processing (56% of group
reported revenues in 2017), Digital wallets (26%), and Prepaid
(18%). Paysafe Group Plc was de-listed from the main market of
the London Stock Exchange on 21 December 2017 following its
acquisition by private equity sponsors Blackstone and CVC.


RESIDENTIAL MORTGAGE: Moody's Affirms Ba2 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three notes
in Residential Mortgage Securities 28 Plc. Moody's also affirmed
the ratings of two notes.

GBP 370.5M Class A Notes, Affirmed Aaa (sf); previously on Oct 3,
2017 Confirmed at Aaa (sf)

GBP 54.6M Class B Notes, Upgraded to Aaa (sf); previously on Oct
3, 2017 Confirmed at Aa1 (sf)

GBP 38M Class C Notes, Upgraded to Aa3 (sf); previously on Mar
20, 2015 Definitive Rating Assigned A2 (sf)

GBP 14M Class D Notes, Upgraded to Baa2 (sf); previously on Mar
20, 2015 Definitive Rating Assigned Baa3 (sf)

GBP 15.2M Class E Notes, Affirmed Ba2 (sf); previously on Mar 20,
2015 Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrade actions are prompted by an increase in credit
enhancement for the affected notes. Moody's affirmed the ratings
of the remaining tranches that had sufficient credit enhancement
to maintain their current ratings.

Increase in Available Credit Enhancement

Sequential amortisation led to the increase in the credit
enhancement available for the affected notes. The credit
enhancement of Class B has increased to 31% in March 2018 from
19% in March 2015. The credit enhancement has increased to 19%
from 12% for Class C and to 14% from 9% for Class D during the
same period.

Moody's affirmed the ratings of Class A and Class E that had
sufficient credit enhancement to maintain their current ratings.

No Revision of Key Collateral Assumptions

As part of the review Moody's reassessed the transaction's
lifetime loss expectation, based on the collateral performance to
date. The performance of the transaction has continued to be
stable. Moody's maintained the Expected loss assumption for this
deal at 4% of original pool balance.

Moody's has also assessed loan-by-loan information as a part of
its detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE
assumption at 19%.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the
ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected and (2) deleveraging of the
capital structure.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expected, (3) deterioration in the notes' available
credit enhancement and (4) deterioration in the credit quality of
the transaction counterparties.



                            *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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