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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 24, 2018, Vol. 19, No. 102


                            Headlines


F R A N C E

HORIZON HOLDINGS: Moody's Affirms B1 CFR & Rates New Term Loan B1


G E R M A N Y

REVOCAR 2018: Moody's Assigns Ba2 Rating to Class D Notes


G R E E C E

NAVIOS ACQUISITION: Moody's Affirms B3 CFR, Outlook Negative


I R E L A N D

HARVEST CLO XV: Moody's Assigns B1 Rating to Class F-R Notes
HARVEST CLO XV: Fitch Assigns 'B-sf' Rating to Class F-R Certs
ION TRADING: Moody's Affirms B2 CFR & Alters Outlook to Neg.
JAZZ PHARMA: Moody's Assigns Ba1 Rating to Sr. Credit Facilities


I T A L Y

BITGRAIL: Files Bankruptcy Petition in Italy Amid Litigation
SCHUMANN SPA: Moody's Affirms B1 Rating on EUR725MM Sr. Notes


M A L T A

PILATUS BANK: Creditors Being Paid by Central Bank, MP Says


U N I T E D   K I N G D O M

ALLIED IRISH: Agrees to Sell EUR1.1 Bil. of Non-Performing Loans
ATOTECH UK: Moody's Affirms B2 CFR, Alters Outlook to Negative
BLACKROCK EUROPEAN CLO V: Fitch Corrects May 9 Rating Release
CAMBRIDGE ANALYTICA: Liquidating Assets, Terminates UK Staff
HOMEBASE: Owner Offers Dowry, Opcapita Puts Up Bid

LAGAN CONSTRUCTION: Owed Creditors GBP45MM at Time of Collapse
LEHMAN BROTHERS: Scheme Meetings Scheduled for June 5
SLATERS OF ABERGELE: Owes Nearly GBP3 Million to Creditors
WILLIAM HILL: Moody's Affirms Ba1 CFR & Alters Outlook to Neg.


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HORIZON HOLDINGS: Moody's Affirms B1 CFR & Rates New Term Loan B1
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Moody's Investors Service has affirmed the B1 Corporate Family
Rating (CFR) and the B1-PD Probability of Default Rating (PDR) of
Horizon Holdings I S.A.S., the top entity of the restricted group
of French glass packaging producer Verallia.

Concurrently, Moody's has assigned B1 rating to the new EUR550
million term loan C due 2025 and has affirmed the B1 ratings to
the existing EUR1,375 million (EUR1,275 million outstanding)
senior secured term loan B due 2022 and to the EUR325 million
senior secured revolving credit facility (RCF) due 2021
(increased from current EUR250 million), issued by Verallia
Packaging S.A.S., an indirect subsidiary of Horizon Holdings I
S.A.S. The outlook on all ratings remains stable.

The proceeds from the new term loan C, together with EUR80
million of European commercial paper (not yet issued) and EUR95
million of balance sheet cash, will be used to repay the existing
EUR500 million of senior secured notes due 2022, issued by
Verallia Packaging S.A.S., and the EUR225 million of unsecured
notes due 2023, issued by Horizon Holdings I S.A.S., which
ratings will be withdrawn upon completion of the refinancing
transaction. At close, the company will have EUR80 million of pro
forma cash in the balance sheet and the RCF entirely undrawn.

RATINGS RATIONALE

Moody's affirmation reflects the positive effect on Verallia's
credit metrics of the contemplated refinancing combined with a
steady EBITDA growth delivered by the company in FY2017 and Q1
2018.

This refinancing transaction is credit positive for Verallia
because it will simplify its capital structure with an all-loan
structure at lower interest costs with estimated annual savings
of approximately EUR20 million and it will extend some debt
maturity to 2025, albeit after the maturity of the PIK toggle
notes issued outside the restricted group. This will result in a
0.2x reduction of Moody's-adjusted leverage to 4.7x as at
December 2017 or 4.6x (as at March 2018) and an improvement of
the interest coverage, cash flow and the overall liquidity.

Verallia delivered a strong EBITDA growth in FY2017 throughout Q1
2018 supported by a combination of volumes, price and product mix
as well as improved manufacturing performance offsetting adverse
currency fluctuations in Russia and South America. With LTM March
2018 Moody's-adjusted EBITDA of EUR525 million compared to EUR434
million in 2016, coupled with a EUR100 million debt prepayment in
November 2017, Verallia was able to reduce its leverage to 4.8x
(or 4.6x pro forma for the refinancing) from 6.0x. Moody's
expects the company to continue to grow its EBITDA over 12 to 18
months, but at lower pace, and maintain stable margins driven by
capacity expansion and cost control initiatives offsetting
negative pricing effects, rising energy costs and currency
volatility. Moody's also expects improvements in the company's
free cash flow generation driven by growing EBITDA, lower
interest expense and no material one-off. As a result free cash
flow to debt ratio will increase to 4-5% from current 1.5%.

Verallia's rating is also supported by (1) the company's solid
market position as the third-largest global producer of glass
containers, with leading positions in its core markets of South
West Europe, (2) long-standing customer relationships, supported
by the company's track record of being perceived as a high
quality and reliable supplier; and (3) the historic high
profitability levels helped by its exposure to resilient end
markets, no material customer concentration, the ability to pass
on volatile input costs, albeit with some lags, and targeted
operational improvements.

The rating remains however constrained by Verallia's exposure to
stable but low growth end markets with intense competition and
pricing pressure partly mitigated by the company's focus on the
higher margin wine/sparkling wine and spirits segments; the risk
of at least temporary margin compression, should input cost
inflation not be managed carefully; and the aggressive financial
policy of its shareholders evidenced by the two dividend
distributions partly funded with senior secured PIK toggle notes
which mature in 2022, ahead of the term loans.

LIQUIDITY

Moody's views Verallia's liquidity profile as good. This is
supported by (1) EUR80 million of balance sheet cash pro forma
for this refinancing transaction; (2) the undrawn EUR325 million
RCF; (3) funds from operations in the region of EUR300-400
million per year in the forecast period; and (4) no major debt
maturities before 2021 when the RCF falls due.

These sources should be sufficient to cover operating cash
requirements, fund seasonal working capital swings, capital
expenditures of EUR200-300 million per annum including recurring
capex for approximately EUR200 million (8% of revenue) as well as
projects to increase current capacity, and EUR28 million annual
cash leakage to pay the cash interest to the PIK notes from 2019.

The RCF has one springing covenant if drawn at 35% or more, set
at 6.55x maximum net leverage, and expected to provide large
headroom. The company also has access to EUR450 million factoring
facilities of which approximately EUR364 million was drawn as at
March 31, 2018. The EUR400 million European factoring lines
mature in 2022, while the EUR50 million South American factoring
lines are renewed on a rolling basis.

Outside the restricted group, Moody's notes the presence of
EUR350 million senior secured PIK toggle notes due February 2022.
Interest payments of the PIK notes, EUR58 million pre-funded at
issuance, will be serviced via distributions permitted under
existing terms of senior secured debt facilities.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
methodology, the B1-PD Probability of Default Rating (PDR) is in
line with the CFR. This is based on a 50% recovery rate, as is
typical for transactions including bank debt with springing
covenant on the RCF with large headroom. The B1 rating on the
term loan B and the RCF are also in line with the CFR. These are
secured primarily by share pledges and guaranteed by material
subsidiaries incorporated in France, Spain, Italy, Germany,
Portugal and Brazil representing at least 85% of the EBITDA. The
PIK toggle notes, issued outside the restricted group, are not
included in the Moody's calculation of debt.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Verallia
will offset price and input cost pressure via increasing volumes
and cost control, maintaining its profitability and leading to a
gradual deleveraging toward 4.5x. The stable outlook also
incorporates the assumption that Verallia will not engage in
material debt-funded acquisitions or make further shareholder
distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the rating could result if (1) Verallia is
able to maintain its EBITDA margin in the high teen percentages,
(2) Moody's-adjusted debt/EBITDA falls below 4.5x and (3) free
cash flow to debt increases sustainably above 5%. Evidence of a
more conservative financial policy is also a requirement for an
upgrade.

Negative pressure on the rating could build if (1) Verallia's
profitability weakens, reflected in EBITDA margins falling below
the mid-teen percentages; (2) Moody's-adjusted debt/EBITDA ratio
increases above 5.5x; (3) the company were to generate negative
free cash flow.

In the longer term, negative pressure on the rating could also
arise if the PIK toggle notes due February 2022 are not
refinanced in a timely manner or if the refinancing becomes a
contingent liability for the rated entity.

LIST OF AFFECTED RATINGS

Issuer: Horizon Holdings I S.A.S.

Affirmations:

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Outlook Actions:

Outlook, Remains Stable

Issuer: Verallia Packaging S.A.S.

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B1

Assignments:

BACKED Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Outlook, Remains Stable

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.

Headquartered in France, Verallia is a global leading producer of
glass containers for the food and beverage industry. The company
operates 32 manufacturing plants with 57 furnaces and 13 product
development centres in 11 countries, employing approximately
10,000 people.

For the last twelve months ended March 31, 2018, Verallia
generated revenues for EUR2.5 billion and reported an EBITDA of
EUR514 million (20.8% margin). Revenue and EBITDA are
concentrated in Europe (88% and 84% respectively) but the company
has also exposure to South America, a faster growing market.

Private equity firm Apollo and French state fund Bpifrance
indirectly own approximately 90% and 10% of the company's shares
respectively.


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REVOCAR 2018: Moody's Assigns Ba2 Rating to Class D Notes
---------------------------------------------------------
Moody's Investors Service has assigned definitive ratings on the
following asset-backed securities (ABS) Notes issued by RevoCar
2018 UG (haftungsbeschraenkt):

EUR 364.0M Class A Floating Rate Notes due April 2031, Definitive
Rating Assigned Aaa (sf)

EUR 20.3M Class B Fixed Rate Notes due April 2031, Definitive
Rating Assigned A1 (sf)

EUR 2.9M Class C Fixed Rate Notes due April 2031, Definitive
Rating Assigned Baa2(sf)

EUR 8.9M Class D Fixed Rate Notes due April 2031, Definitive
Rating Assigned Ba2(sf)

Moody's has not assigned ratings to the EUR 3.9M Class E Fixed
Rate Notes which were issued.

RATINGS RATIONALE

Moody's rating assignment reflects the transaction's structure as
a static cash securitisation of agreements entered into for the
purpose of financing vehicles predominantly to private obligors
in Germany by BANK11 FUER PRIVATKUNDEN UND HANDEL GMBH (Bank11)
(NR). This is the third public securitisation transaction of
Bank11 in Germany rated by Moody's. The originator will also act
as the servicer of the portfolio during the life of the
transaction.

The portfolio of underlying assets consists of auto loans
distributed through auto dealers in Germany and will have a total
value of around EUR400 million.

As at April 2018, the final pool cut shows 36,742 non-delinquent
contracts with a weighted average seasoning of around 8 months.
The loans in the portfolio finance new cars (40.78%) and used
cars (59.22%) to private customers (96.11%) and commercial
customers (3.89%).

According to Moody's, the transaction benefits from credit
strengths such as the granularity of the portfolio, and the
favorable economic environment in Germany.

However, Moody's notes some credit weaknesses such as linkage to
Bank11, limited historical data provided by Bank11, and
commingling risk. Various mitigants are in place such as a back-
up servicing facilitator, an independent cash manager, seven
months of liquidity available to pay senior fees and interest on
Class A in a servicer termination event.

Commingling risk is mitigated by funding of a reserve at closing
which will be adjusted in line with the expected collections on a
monthly basis. Moody's stressed its main assumptions to account
for the lack of historical data provided.

Moody's analysis focused, among other factors, on (i) the
evaluation of the underlying portfolio of financing agreement;
(ii) the macroeconomic environment; (iii) historical performance
information; (iv) the credit enhancement provided by
subordination and excess spread (v) the liquidity support
available in the transaction, by way of principal to pay interest
and the liquidity reserve fund for senior fees and class A Notes
coupon payments; (vi) the back-up servicing facilitator; and
(vii) the legal and structural integrity of the transaction.

The public and political debate about the future of diesel
engines has heated up in recent months due to new proposals
restricting diesel cars in various metropolitan areas in Europe,
including Germany. As a consequence, diesel cars have recently
shown signs of diminished attractiveness through declines in new
car registrations and a softening in the residual value premium
of diesel over petrol cars. Moody's is closely monitoring
developments, but at this time believes that these recent trends
are captured in current rating assumptions, i.e. recovery rates.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
2.3%, expected recoveries of 35.0% and Aaa portfolio credit
enhancement ("PCE") of 10.0%. The expected defaults and
recoveries capture its expectations of performance considering
the current economic outlook, while the PCE captures the loss
Moody's expects the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in its ABSROM cash flow model to rate Consumer and
Auto ABS.

Portfolio expected defaults of 2.30% is in line with the EMEA
Auto Loan average and is based on Moody's assessment of the
lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

Portfolio expected recoveries of 35.0% is in line with the EMEA
Auto Loan average and is based on Moody's assessment of the
lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 10.0% is in line with the EMEA Auto Loan average and is
based on Moody's assessment of the pool taking into account (i)
this is the second transaction rated by Moody's from this
originator, (ii) a degree of uncertainty considering the depth of
data Moody's received from the originator to determine the
expected performance of the portfolio, and (iii) the relative
ranking to its peers in the German auto loan market. The PCE
level of 10.0% results in an implied coefficient of variation
("CoV") of approx. 57%.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE
RATINGS:

Factors that may lead to an upgrade of the Class B, Class C,
Class D Notes rating include significantly better than expected
performance of the pool.

Factors that may cause a downgrade of the Class A, Class B, Class
C and Class D Notes include a decline in the overall performance
of the pool, or a significant deterioration of the credit profile
of the originator Bank11.

The ratings address the expected loss posed to investors by the
legal final maturity of the Notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A, Class B, Class
C and Class D Notes by the legal final maturity. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on yield to investors.

LOSS AND CASH FLOW ANALYSIS:

Moody's used its cash-flow model Moody's ABSROM as part of its
quantitative analysis of the transaction. Moody's ABSROM model
enables users to model various features of a standard European
ABS transaction - including the specifics of the loss
distribution of the assets, their portfolio amortisation profile,
yield as well as the specific priority of payments, swaps and
reserve funds on the liability side of the ABS structure.

STRESS SCENARIOS:

In rating auto loan ABS, default rate and recovery rate are two
key inputs that determine the transaction cash flows in the cash
flow model. Parameter sensitivities for this transaction have
been tested in the following manner: Moody's tested nine
scenarios derived from a combination of mean default rate: 2.3%
(base case), 2.55% (base case + 0.25%), 2.8% (base case + 0.50%)
and recovery rate: 35.0% (base case), 30.0% (base case - 5%),
25.0% (base case - 10%).

At the time the rating was assigned, the model output for Class
A, Class B, Class C, and Class D would have been Aa2, Baa1, Ba2,
and B2, respectively, if the cumulative mean default probability
(DP) was as high as 2.8%, and the recovery rate as low as 25%
(all other factors being constant).

Parameter sensitivities provide a quantitative/model indicated
calculation of the number of notches that a Moody's rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather how
the initial model output for Class A Notes might have differed if
the two parameters within a given sector that have the greatest
impact were varied.

PROVISIONAL RATINGS

No provisional ratings were assigned on this transaction.


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NAVIOS ACQUISITION: Moody's Affirms B3 CFR, Outlook Negative
------------------------------------------------------------
Moody's Investors Service affirmed the corporate family and
senior secured note ratings of Navios Maritime Acquisition
Corporation ("Navios Acquisition," "NNA") at B3, its probability
of default rating at B3-PD, and revised its rating outlook to
negative from stable.

"The revision of NNA's outlook to negative is an indication of
continuing pressure on the company's performance and by extension
its credit metrics from the weakness in the tanker market," says
Maria Maslovsky, a Moody's Vice President -- Senior Analyst and
the lead analyst for Navios Acquisition. "The tanker market is
struggling to absorb oversupply of vessels which is particularly
pronounced on the crude side and which we do not expect to
improve meaningfully in 2018," adds Maslovsky.

RATINGS RATIONALE

Moody's rating action reflects deterioration in Navios
Acquisition's performance with revenues declining to $209 million
for the twelve months ending March 31, 2018 from $227 million in
2017 and $290 million in 2016. At the same time, adjusted EBITDA
deteriorated to $90 million for the twelve months ending March
31, 2018 from $114 million in 2017 and $185 million in 2016.
Accordingly, EBITDA margin reduced to 43% for the twelve months
ending March 31, 2018 from 50% in 2017 and 64% in 2016. As a
result, NNA's leverage measured as debt/EBITDA increased to 11.5x
for the twelve months ending March 31, 2018 from 9.4x in 2017 and
5.9x in 2016 and Moody's expects it to rise further in 2018
closer to 15.0x. NNA's coverage (measured as funds from
operations plus interest expense over interest expense) reduced
to 1.4x for the twelve months ending March 31, 2018 from 1.7x in
2017 and 2.6x in 2016 and is expected to decline further to 1.1x
in 2018. Moody's also does not anticipate Navios Acquisition to
generate any free cash flow (after capex and dividends). All
metrics include Moody's standard adjustments.

Tanker industry has been experiencing oversupply throughout 2017
and supply demand imbalance continues into 2018 with crude tanker
orderbook at 13.3% of total fleet and product tanker orderbook at
9.7%. Despite a rise in demolitions in 2018, time charter rates
have still been on the decline particularly for very large crude
carriers (VLCCs) that saw a day rate decrease to $19,600 as of
April 2018 from $27,200 in 2017, a reduction of 28%. Moody's does
not anticipate any material improvement in VLCC rates in 2018.
The situation is slightly more positive for product tankers where
time charter rates for medium range (MR2) tankers rose marginally
to $13,250 in April 2018 from $13,200 in 2017 while the rates for
long range (LR1) tankers continued to decline to $12,500 in April
2018 from $13,000 in 2017.

Navios Acquisition's B3 corporate family rating (CFR) continues
to reflect (1) diverse and modern fleet with a mix of crude oil
and product tankers (2) low operating costs as a result of the
low average age of its fleet and the fleet management contract
signed with the technical management arm of Navios Acquisition's
main shareholder and sponsor, Navios Maritime Holdings, Inc; (3)
the company's leveraged capital structure with debt/EBITDA at
11.5x for the twelve months ending 31 March 2018 and likely to
rise further toward 15.0x in 2018 (4) its fairly high customer
concentration; (5) new supply still entering the tanker market
which is putting pressure on charter rates coupled with
significant charter rollover in 2018.

NNA's liquidity is weak with an unrestricted cash balance of
$76.9 million at March 31, 2018 and no debt maturities until
$16.0 million in June 2019; however, Moody's does not anticipate
the company to generate positive cash flow. Pressure could arise
from further downturn in the sector causing additional stress on
charter rates as well as larger than expected backstop commitment
payments to Navios Maritime Midstream Partners LP ($16.5 million
due for 2017 and $4.9 million due for the first quarter of 2018).
However, NNA's management has an opportunity to eliminate its
dividend saving $9 million for the balance of the year.

The negative rating outlook reflects Moody's expectation that
unyielding pressure on charter rates will keep Navios
Acquisition's leverage high for a sustained period of time and
that the company will will proactively address debt maturities in
2019.

For the outlook to return to stable, NNA would need to achieve
debt/EBITDA closer to 8.0x, positive free cash flow (after capex
and dividends) and adequate liquidity. For further positive
rating momentum, NNA's Debt/EBITDA ratio would need to be
maintained below 6.0x over several quarters and its (funds from
operations (FFO) + interest)/interest expense ratio would need to
rise above 2.5x on a sustainable basis.

Negative rating pressure would be caused by (FFO +
interest)/interest expense ratio falling below 1.5x for a
prolonged period of time and any liquidity challenges including
covenant breaches.

Navios Maritime Acquisition Corporation, a company listed on NYSE
with a market capitalisation of around $112 million (as of 11 May
2018), controls a fleet of 35 vessels (7 VLCCs, 18 medium-range
(MR2) product tankers, 8 long-range (LR1) product tankers and 2
chemical tankers) as of March 2018 and has a 59% economic
interest in Navios Maritime Midstream Partners LP, a publicly
listed master limited partnership that was formed in 2014 to own,
operate and acquire crude oil and product tankers under long-term
contracts. In 2017, Navios Acquisition reported revenues and
adjusted EBITDA of $227 million and $108 million, respectively.

PRINCIPAL METHODOLOGY

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


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HARVEST CLO XV: Moody's Assigns B1 Rating to Class F-R Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Harvest CLO XV
DAC:

EUR 3,000,000 Class X Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR 233,400,000 Class A-1A-R Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aaa (sf)

EUR 30,000,000 Class A-1B-R Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR 15,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR 41,600,000 Class B-1-R Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR 5,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR 31,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)

EUR 24,200,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)

EUR 23,100,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)

EUR 13,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

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

The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes, Class E Notes and
Class F Notes due 2029, previously issued on 12 May 2016. On the
refinancing date, the Issuer has used the proceeds from the
issuance of the refinancing notes to redeem in full its
respective Original Notes.

On the Original Closing Date, the Issuer also issued EUR42
million of subordinated notes, which will remain outstanding. In
addition, the Issuer has issued EUR5 million of additional
subordinated notes on the refinancing date. The terms and
conditions of the subordinated notes will be amended in
accordance with the refinancing notes' conditions.

The interest payment and principal repayment of the Class A-2-R
(junior (P)Aaa (sf) rated) notes are subordinated to interest
payment and principal repayment of the Class X notes, the Class
A-1A-R notes and Class A-1B-R notes. Class A-1A-R and Class A-1B-
R ( both senior (P)Aaa (sf) rated) notes' payment are pro rata
and pari-passu.

As part of this reset, the Issuer has increased the target par
amount by EUR 50 million to EUR 450 million, has set the
reinvestment period to 4 years and the weighted average life to
8.5 years. In addition, the Issuer has amended the base matrix
and modifiers that Moody's has taken into account for the
assignment of the definitive ratings.

Harvest XV is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is approximately 89% ramped as of
the closing date.

Investcorp Credit Management EU Limited manages the CLO. It
directs the selection, acquisition and disposition of collateral
on behalf of the Issuer and may engage in trading activity,
including discretionary trading, during the transaction's 4 years
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

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

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

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

Par Amount: EUR 450,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2883

Weighted Average Spread (WAS): 3.65%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors
domiciled in countries with local currency country risk ceiling
(LCC) of A1 or below. As per the portfolio constraints, exposures
to countries with LCC of A1 or below cannot exceed 10%, with
exposures to LCC of Baa1 to Baa3 limited to 5% and with exposures
to LCC below Baa3 further limited to 0%.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3316 from 2883)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1A-R Senior Secured Floating Rate Notes: 0

Class A-1B-R Senior Secured Fixed Rate Notes: 0

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

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

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

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

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

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

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

Percentage Change in WARF: WARF +30% (to 3748 from 2883)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

Class A-2-R Senior Secured Floating Rate Notes: -3

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

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

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

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

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

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


HARVEST CLO XV: Fitch Assigns 'B-sf' Rating to Class F-R Certs
--------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XV DAC final ratings, as
follows:

Class X: 'AAAsf'; Outlook Stable

Class A-1A-R: 'AAAsf'; Outlook Stable

Class A-1B-R: 'AAAsf'; Outlook Stable

Class A-2-R: 'AAAsf'; Outlook Stable

Class B-1-R: 'AAsf'; Outlook Stable

Class B-2-R: 'AAsf'; Outlook Stable

Class C-R: 'Asf'; Outlook Stable

Class D-R: 'BBBsf'; Outlook Stable

Class E-R: 'BBsf'; Outlook Stable

Class F-R: 'B-sf'; Outlook Stable

Subordinated notes: not rated

Harvest CLO XV DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. Net proceeds of EUR425.3
million from the notes are being used to redeem the old notes
(excluding subordinated notes), with a new identified portfolio
comprising the existing portfolio, as modified by sales and
purchases conducted by the manager. Subordinated notes include
original subordinated notes of EUR42 million with additional
issuance of EUR5 million.

The portfolio will be actively managed by Investcorp Credit
Management EU Limited. The CLO envisages a further four-year
reinvestment period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

B Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 33.43, below the indicative maximum
covenanted WARF of 35 for assigning the final ratings.

High Recovery Expectations

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 64.35%, above the minimum covenant of 62.7%,
corresponding to the matrix point of WARF 35 and a weighted
average spread (WAS) of 3.6%.

Limited Interest Rate Exposure

Up to 5% of the portfolio can be invested in fixed-rate assets,
while the portfolio contains 7.8% fixed-rate liabilities. Fitch
modelled both 0% and 5% fixed-rate buckets and found that the
rated notes can withstand the interest rate mismatch associated
with each scenario.

Diversified Asset Portfolio

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

RATING SENSITIVITIES

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


ION TRADING: Moody's Affirms B2 CFR & Alters Outlook to Neg.
------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) and the B2-PD probability of default rating (PDR) of
ION Trading Technologies Limited (ION Trading Technologies), the
Ireland-based global provider of trading software and services to
banks and other financial institutions. The rating action was
prompted by the syndication of a EUR1,709 million equivalent
incremental term debt, primarily to fund the acquisition of UK-
based trading software vendor Fidessa Group plc (Fidessa). The
outlook on all ratings has been changed to negative from stable.

Moody's rating actions reflect ION Trading Technologies':

  -- Enhanced business profile from the combination with Fidessa

  -- Aggressive acquisition funding, with very elevated Moody's
adjusted debt/EBITDA of 8.5x at closing

  -- Leverage reduction reliant on significant cost savings whose
scale bears execution and operating risks

  -- Cash conversion remaining solid, resulting in free cash flow
(FCF) to debt above 5%

Concurrently, Moody's has assigned B2 ratings to the new EUR1,709
million equivalent senior secured first lien term loan B maturing
in November 2024, to be split in a USD-denominated and a Euro-
denominated tranche, and affirmed the B2 rating on the senior
secured first lien revolving credit facility (RCF) maturing in
November 2022, which is being increased by EUR20 million. All the
facilities are jointly borrowed by ION Trading Technologies S.a
r.l. and ION Trading Finance Limited, whose existing B2 ratings
have all been affirmed.

Affirmations:

Issuer: ION Trading Technologies Limited

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Issuer: ION Trading Technologies S.a.r.l

Senior Secured Bank Credit Facilities, Affirmed B2

Assignments:

Issuer: ION Trading Technologies S.a.r.l

Senior Secured Bank Credit Facilities, Assigned B2 (LGD4)

Outlook Actions:

Issuer: ION Trading Technologies Limited

Outlook, Changed To Negative From Stable

Issuer: ION Trading Technologies S.a.r.l

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

"The proposed transaction will result in a very significant
releveraging of the company and the negative outlook reflects the
risk that Moody's adjusted leverage for the group may remain too
elevated for the rating category 12 to 18 months following
closing" says Frederic Duranson, a Moody's Assistant Vice
President and lead analyst for ION Trading Technologies.
"However, ION Trading Technologies' acquisition of Fidessa makes
strong strategic sense and will enhance the group's business
profile" Mr Duranson adds.

The acquisition of Fidessa materially increases ION Trading
Technologies' size by more than doubling the revenue base. It
also improves its scale because by combining two strong players
in their respective asset classes the enlarged group will have
leading market positions in sell-side trading software overall.
The acquisition will also result in better geographic
diversification since Fidessa has greater presence in Asia-
Pacific. Moody's therefore believes that ION Trading Technologies
and Fidessa are a strong strategic fit, not least in light of
their long-term commitment to product innovation, quality and
integration.

As a result, the enlarged ION Trading Technologies group can
sustain higher leverage at the B2 rating level than the current
business profile allows. Before the acquisition of Fidessa,
Moody's adjusted gross debt/EBITDA (with the benefit of
capitalised R&D costs) stood at 5.7x at the end of 2017. The
transaction will lead to a substantial releveraging by bringing
ION Trading Technologies' adjusted leverage to 8.5x on a pro-
forma basis. Given the similar nature of the two businesses,
coupled with the large company adjusted EBITDA margin
differential between Fidessa (28%) and ION Trading Technologies
(63%), Moody's anticipates that the combined group will be able
to achieve significant cost savings in the next 24 months.

Hence the negative outlook incorporates risks related to the
magnitude of EBITDA uplift arising from expected synergies and
voluntary debt repayments needed to reduce Moody's adjusted
leverage towards 6.0x 12 to 18 months after closing. ION Trading
Technologies and the ION Investment Group, through its other
affiliates, have a track record of cost control although the
extent of the cost synergies raises the associated risks.

Moody's considers that ION Trading Technologies' financial policy
is relatively aggressive, as evidenced by the small equity
contribution in this transaction, representing only 8.5% of
funding sources. In addition, the company has a history of up-
streaming cash to its parent, which amounted to EUR543 million
since Q2 2016, or 3.0x the amount of equity being provided by ION
Investment Group to finance the acquisition of Fidessa. Moody's
expects that this transaction will temporarily halt dividend
distributions because of the very elevated opening leverage and
the rapid recent expansion of the ION Investment Group, which has
acquired Dealogic (I-Logic Technologies Bidco Limited, B3 stable)
and Openlink (OpenLink International, Inc., B3 stable) in the
last six months. ION Trading Technologies has a track record of
making some voluntary debt prepayments, which have totaled
approximately EUR128 million (or over one third of FCF) in 2014-
15 but were very limited in 2016-17.

ION Trading Technologies' credit profile remains supported by its
good cash conversion (based on FCF) of at least 15% of revenues
on a combined basis and ability to generate meaningful FCF of at
least EUR100 million per annum, to be further enhanced by cost
savings, such that FCF/debt is unlikely to fall below 5% on a
full-year basis 18 months after the transaction close.

ION Trading Technologies' B2 CFR also positively reflects (1) its
continuous resilient operating performance and Fidessa's long
track record of organic growth; (2) positive market dynamics
supported by increased outsourcing trends, regulatory changes and
asset class convergence; (3) Moody's expectation that the
enlarged ION Trading Technologies will record 2-3% organic growth
per annum in 2018-19; and (4) recurring revenues of more than 70%
and high customer retention rates of at least 98%, with limited
volume risk.

Conversely, the ratings are constrained by (1) an improved albeit
relatively high customer concentration, with more than 30% of
revenues generated by combined top 10 clients on a pro-forma
basis; and (2) relatively higher competition in Fidessa's
markets, with larger players, versus those of ION Trading
Technologies.

Moody's views ION Trading Technologies' liquidity as good,
supported by a combined cash balance of EUR206 million at the end
of December 2017 after the EUR36 million equivalent dividend
payment which Fidessa shareholders will receive. The group's
liquidity is further enhanced by expected FCF generation of at
least EUR100 million per annum and expected full availability
under an upsized EUR35 million RCF. The RCF will continue to be
subject to a springing net first lien leverage covenant if the
facility is drawn by EUR10 million or more.

The B2 ratings on the new facilities are in line with the
existing facilities' ratings and CFR, reflecting the fact that
they are the only financial instruments in the capital structure.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects ION Trading Technologies' currently
weak credit metrics pro-forma for the acquisition of Fidessa and
execution risks associated with reducing leverage and boosting
FCF from substantial costs savings and debt repayments over and
above mandatory amortisation.

WHAT COULD CHANGE THE RATING UP/DOWN

Given ION Trading Technologies' weak positioning in the rating
category, positive pressure in unlikely in the next 12 to 18
months. However, it could develop if ION Trading Technologies (1)
reduces adjusted leverage towards 4.5x (after the capitalisation
of software development costs) on a sustainable basis, while
preserving its strong margins, (2) sustainably raises FCF/debt to
above 10%, and (3) returns to a more conservative financial
policy.

Negative ratings pressure on ION Trading Technologies' ratings
could arise if (1) there is a deterioration in operating
performance such as a decline in recurring revenues, (2) EBITDA
does not substantially improve, leading to adjusted leverage not
falling towards 6.0x (after the capitalisation of software
development costs) by the end of 2019, (3) FCF/debt does not
reach at least 5% by the end of 2019, (4) the liquidity profile
deteriorates, or (5) ION Trading Technologies pursues further
debt-funded shareholder returns or acquisitions without first
meeting Moody's leverage requirements for a B2 rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in December 2015.

ION Trading Technologies is a global provider of trading software
and services chiefly for the fixed-income, currencies and
commodities markets. It sells its solutions primarily to banks,
hedge funds, brokers and other financial institutions. In 2017,
ION Trading Technologies had revenues of EUR347 million and
company adjusted IFRS EBITDA of EUR220 million (including EUR4
million expected EBITDA contribution from an acquisition closed
in January 2018).

London-based and -listed, Fidessa group plc is a global provider
of market data and trading software for cash equities and
derivatives, catering principally for sell-side institutions. In
2017, Fidessa had revenues of GBP354 million and company adjusted
IFRS EBITDA of GBP98 million. ION Trading Technologies is in the
process of acquiring Fidessa. The combined group had
approximately 3,170 employees, EUR752 million of revenues and
EUR332 million of IFRS EBITDA before exceptional items in 2017.

ION Trading Technologies is owned by ION Investment Group, a
privately-owned global provider of software and services for the
fixed-income, currencies and commodities market, as well as
treasury software, commodity and oil risk management and
logistics. The Carlyle Group has a stake in ION Investment Group.


JAZZ PHARMA: Moody's Assigns Ba1 Rating to Sr. Credit Facilities
----------------------------------------------------------------
Moody's Investors Service assigned Ba1 ratings to the new senior
secured credit facilities of Jazz Securities Designated Activity
Company (formerly known as Jazz Securities Limited), a subsidiary
of Jazz Pharmaceuticals plc (collectively "Jazz"). There are no
changes to Jazz's other ratings including the Ba3 Corporate
Family Rating, Ba3-PD Probability of Default Rating, and SGL-1
Speculative Grade Liquidity Rating. The rating outlook is stable.

Jazz is refinancing its credit facilities in a leverage-neutral
transaction. The refinancing is credit positive because it
extends maturity dates and will modestly reduce interest costs.
However, Moody's believes that the upsizing of the revolver from
$1.25 billion to $1.6 billion signifies rising event risk related
to debt-financed acquisitions. At the conclusion of the
refinancing, Moody's will withdraw the ratings on Jazz's existing
senior secured credit facilities.

Ratings assigned:

Jazz Securities Designated Activity Company:

Senior Secured Revolving Credit Facility of $1.6 billion due
2023, Ba1 (LGD2)

Senior Secured Term Loan A of $668 million due 2023, Ba1 (LGD2)

RATINGS RATIONALE

Jazz's Ba3 Corporate Family Rating reflects the company's
position as a niche, specialty pharmaceutical company with
approximately $1.6 billion of annual revenue. The rating reflects
Jazz's good growth prospects and its strong market position with
Xyrem, the only FDA-approved drug to treat excessive daytime
sleepiness (EDS) and cataplexy in patients with narcolepsy. Xyrem
and other Jazz products treat critical medical conditions and
have limited competition, affording Jazz good pricing
flexibility. Growth will also be supported by rising sales of
Vyxeos, a product approved in August 2017 for the treatment of
adults with acute myeloid leukemia. The ratings are constrained
by Jazz's limited scale and high product concentration in Xyrem,
which generates over 70% of sales and faces unresolved patent
challenges, although Jazz has settled with some of the
challengers. The ratings are also constrained by Moody's view
that the company will continue to make debt-funded acquisitions.

The Ba1 rating on the senior secured credit facilities reflects
the presence of $1.15 billion of unsecured convertible notes that
are junior to the secured debt in the capital structure and
provide loss absorption to secured lenders.

The stable outlook reflects Moody's expectation for solid
earnings growth and a low likelihood of a Xyrem generic launch
over the next few years, offset by continuation of limited
revenue diversity.

Factors that could lead to an upgrade include greater revenue
diversity arising from steady uptake of Vyxeos, favorable
resolution of the unresolved Xyrem patent challenges, and
debt/EBITDA sustained below 2.5 times. Conversely, factors that
could lead to a downgrade include operating challenges such as a
generic Xyrem launch or supply disruptions, large debt-funded
acquisitions, or debt/EBITDA sustained above 3.5 times.

Jazz Securities Designated Activity Company is an Irish
subsidiary of Jazz Pharmaceuticals plc (collectively referred to
as "Jazz"), a specialty pharmaceutical company with a portfolio
of products that treat unmet medical needs in narrowly focused
therapeutic areas. Revenues in 2017 totaled approximately $1.6
billion.

The principal methodology used in these ratings was
Pharmaceutical Industry published in June 2017.


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


BITGRAIL: Files Bankruptcy Petition in Italy Amid Litigation
-----------------------------------------------------------
Oladapo Olagoke, writing for Cryptona, reports that a
representative of BonelliErede, a law firm based in Italy, made
an announcement on reddit on Friday, April 27, that the law firm,
which is presently representing victims of the BitGrail hack, has
filed a petition with an Italian court to pronounce BitGrail
bankrupt under article 6 of Italian Bankruptcy Law.

The move by the law firm is the latest development in a war of
words and lawyers that took place between Nano Foundation and the
founder of BitGrail, Francesco Firano ever since the
cryptocurrency exchange reported losing 17 million Nano (XRB)
tokens -- which worth about $187 million as at that time, but
$124 million currently.  During an interview, Francesco said the
theft took place on 19th January, though the news was first
reported on the 8th February.

BitGrailVictimsGroup published a post on Medium stating that
BonelliErede is filing the bankruptcy petition on behalf of a
BitGrail creditor, Espen Enger, who is representing more than
3000 victims presently.  Majority of the victims reported to
Espen that they "prefer an immediate accounting of BitGrail's
assets in bankruptcy," having the fear that their assets may be
further depleted:

"In filing for a declaration of bankruptcy, a decision has been
made to trust the Italian legal system to resolve the conflict.
We are confident that the Italian authorities are best equipped
to require Mr. Firano to disclose the facts of what occurred [. .
.] [We] seek an equitable distribution of the assets rather than
to permit private resolutions in which some victims might profit
over others."

Nano developing team, last February, posted an accusation that
Francesco had asked for the modification of Nano's ledger "in
order to cover his losses," as well as purportedly "misleading"
the crypto community as regards Nano's solvency.

Francesco replied that the fault does not originate from
BitGrail, but from Nano's "totally unreliable" software, pointing
to timestamp irregularities on the Nanode block explorer.

In March, BitGrail made a promise to reimburse its victims,
offering to cover 80% of the losses by issuing its own newly
created token, BitGrail Shares (BGS), with the remaining 20% in
Nano.  However, the qualification was that the victims of the
hack would have to sign an agreement to decline any legal action
taken against BitGrail.

Nonetheless, the legal story exploded in April, when a Unites
States class action litigation demanded that the Nano Core Team
hard-fork the Nano's protocol so as to reimburse victims.
However, Nano, since then, has chosen to sponsor a legal fund to
provide all victims of the BitGrail hack with legal
representation, in collaboration with BonelliErede and Enger.

According to a Twitter poll taken by Francesco himself on
February 28, about 79% of the 7,610 respondents on Twitter would
rather see BitGrail file bankruptcy than reopened.


SCHUMANN SPA: Moody's Affirms B1 Rating on EUR725MM Sr. Notes
-------------------------------------------------------------
Moody's Investors Service affirmed the B1 rating on Schumann
S.p.A's EUR325 million senior secured floating rate notes due
2022 and its EUR400 million senior secured notes due 2023 that
were assumed at the completion of its merger with Sisal Group
S.p.A. Moody's also assigned the corporate family rating (CFR) of
B1 and the B1-PD Probability of Default Rating (PDR) to Sisal.
The outlook on all Sisal's ratings is stable. Concurrently
Moody's has withdrawn the B1 CFR and B1-PD PDR ratings from
Schumann S.p.A.

RATINGS RATIONALE

Moody's has affirmed the B1 rating on the senior notes, withdrawn
the other ratings for Schumann S.p.A., and assigned the CFR and
PDR ratings to Sisal Group S.p.A. because the company has
completed the corporate reorganization contemplated as part of
Sisal's acquisition by private equity firm CVC Capital Partners
in December 2016. Sisal's new direct parent is Schumann
Investments S.A.

The B1 CFR assigned to Sisal continues to reflect (i) its
exposure to concession renewal risk, particularly the exclusive
national totalisator number games ("NTNG") concession comprising
the popular SuperEnalotto and other games due to expire in 2018
and representing approximately 11% of revenue and 20% of EBITDA
for the year ended 31 December 2017, plus the risk of adverse
terms in a new concession; (ii) the company's anticipated cash
flow pressure in 2018 and 2019 arising from the costs associated
with achieving concession renewals, and; (iii) servicing
industries with limited organic growth potential.

However, Sisal's CFR is positively supported by (i) its solid
market presence, benefiting from a dense distribution network and
high brand recognition as an iconic Italian gaming company; (ii)
its moderately diversified business activities, ranging across
several categories of games, licences and a stable payment
services segment; (iii) a long-term concession model, which
protects against earnings volatility, and (iv) recent resilient
operating performance, in particular the reduction in leverage to
3.6x (4.5x in 2016) and free cash flow of EUR131.7 million
(EUR19.5 million in 2016) in spite of increased PREU tax and high
sports betting payouts in H1/17.

Liquidity

Moody's considers Sisal's liquidity position to be adequate to
meet its seasonal needs and other requirements. The company's
liquidity is supported by (i) cash balance of c. EUR211 million
as at 31 December 2017, and; (ii) EUR89 million availability
under the RCF, which is the first debt in the structure to mature
(in April 2022). There are no financial maintenance covenants.
Liquidity would deteriorate in the event of payment of c. EUR100
million for renewal of the NTNG licence, but is still expected to
remain adequate.

Structure

Using Moody's Loss Given Default methodology, Sisal's PDR and the
rating of the EUR725 million notes are in line with the CFR. This
is based on a 50% recovery rate, as is typical for a debt capital
structure that consists of senior secured facilities and senior
secured notes. The RCF and the notes share the same security -
share pledges and intercompany loans - and although they rank
pari passu the RCF has priority over the proceeds of an
enforcement. The RCF is guaranteed by restricted subsidiaries
representing at least 80% of consolidated EBITDA, and the notes
must share the same guarantors as the RCF.

Outlook

The stable rating outlook reflects Moody's expectation that (i)
Sisal's credit metrics will remain stable over the next 12 to 18
months; (ii) the concessions for sports betting shops and corners
and the SuperEnalotto will be successfully renewed; (iii) the
company will not embark on any material debt-funded acquisitions
or dividend distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure could occur if Moody's adjusted leverage falls
sustainably below 4.0x with sustained positive free cash flow,
Moody's-adjusted EBIT margin rises towards 15% with sustained
positive free cash flow, while maintaining adequate liquidity.

Downward pressure could occur if the conditions for stable
outlook are not met, Moody's-adjusted leverage ratio rises above
5.0x, or if liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Founded in 1946 by three sports journalists, Sisal is an iconic
brand in the Italian gaming market. Operating with legal
concessions from Italy's national gaming regulator (ADM) and
licensed by the Bank of Italy, Sisal is one of the largest
Italian gaming and convenience payment service providers. It
holds the following market shares based on wagers in 2017: Retail
betting #3, Online gaming #3, Online betting #4, and Gaming
machines #6. As of December 2017, the company has a network of
4,445 branded points of sale and 43,987 generic points of sale
linked by computer with the group's information systems and
distributed throughout Italy.

Through its network, Sisal operates amusement with prize machines
(AWPs), video lottery terminals (VLTs), sports betting and
lottery games, and also offers convenience payment services. The
distribution network consists of news-stands, bars, tobacconists,
betting shops and betting corners, points of sale that are
dedicated to gaming machines, multifunctional gaming halls, and
an online gaming platform that only Italy-based customers can
access.

Sisal reported revenue of EUR832 million and EBITDA of EUR213
million for the year ending December 31, 2017, and all of the
company's earnings were generated in Italy.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Sisal Group S.p.A.

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Affirmations:

Issuer: Schumann S.p.A

Senior Secured Regular Bond/Debenture, Affirmed B1

Withdrawals:

Issuer: Schumann S.p.A

Corporate Family Rating, Withdrawn , previously rated B1

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

Outlook Actions:

Issuer: Sisal Group S.p.A.

Outlook, Changed To Stable From Rating Withdrawn

Issuer: Schumann S.p.A

Outlook, Changed To No Outlook From Stable


=========
M A L T A
=========


PILATUS BANK: Creditors Being Paid by Central Bank, MP Says
-----------------------------------------------------------
Times of Malta reports that the creditors of Pilatus Bank are
being paid their dues by the Central Bank of Malta, according to
information given in parliament on May 16.

MP Jason Azzopardi said that this has been happening since the
afternoon of Maundy Thursday, and that the payments were being
made by the Central Bank of Malta by online direct credit, Times
of Malta relates.

According to Times of Malta, Finance Minister Edward Scicluna
replied that he was not aware of the payments and that it was
possible that they had been authorized by the person put in
charge of the bank, which has since had its license suspended.

The MFSA had tasked the regulator, Lawrence Connell, with control
of Pilatus's banking and investment business in March after
chairman Ali Sadr Hasheminejad was arrested on charges of money
laundering and violating US sanctions, Times of Malta recounts.

It was not clear from the exchange in parliament whether the
creditors were corporate clients of the bank, or depositors whose
funds had been released, Times of Malta notes.

In a statement later, Nationalist MEP David Casa said he sent a
letter to the chairwoman of the European Central Bank's
supervisory board to make her aware of the latest revelations,
Times of Malta relays.

He also asked the ECB to establish whether such funds originated
from Pilatus Bank's personal accounts or were funded by the
Maltese taxpayer, and if it was the latter, investigate how
Pilatus Bank planned to reimburse such funds, Times of Malta
states.


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


ALLIED IRISH: Agrees to Sell EUR1.1 Bil. of Non-Performing Loans
----------------------------------------------------------------
Graham Fahy at Reuters reports that Allied Irish Banks (AIB) said
in a statement on May 17 it has agreed to sell a EUR1.1 billion
portfolio of non-performing loans to a consortium led by
distressed debt fund Cerberus.

AIB was rescued by the Irish government during the financial
crisis but its recovery since then has enabled the state to sell
of some of its holding in an initial public offering last June,
Reuters recounts.

AIB reduced its non-performing exposure to EUR9.2 billion at the
end of March 2018 from EUR31 billion in 2013, Reuters discloses.
This latest deal cuts the exposure by an additional EUR1.1
billion, Reuters states.

According to Reuters, the consortium includes Everyday Finance,
an Irish debt management business acquired by London-based Link
Financial Group from Finance Ireland in 2016, which is regulated
by the Irish central bank.

Some of the loans are in deep, long-term arrears with around 90%
of them more than 2 years past due, and around 70% more than 5
years in arrears, Reuters relays.


ATOTECH UK: Moody's Affirms B2 CFR, Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed Atotech UK Topco Ltd
(Atotech) B2 Corporate Family Rating (CFR) and B2-PD Probability
of Default Rating (PDR). Concurrently Moody's has affirmed the B1
ratings of the $1.4 billion equivalent senior secured term loans
due 2024, to be increased to $1.6 billion, the $250 million
revolving credit facility due 2022, all co-borrowed by Alpha 3
B.V. and Alpha US BidCo, Inc. and the Caa1 rating of the $425
million senior unsecured notes due 2025, co-issued by Alpha 3
B.V. and Alpha US BidCo, Inc.

The rating agency has also assigned a Caa1 rating to the proposed
$300 million PIK toggle notes due 2023 to be issued by Alpha 2
BV, a 100% subsidiary of Atotech UK Topco Ltd and parent company
of Alpha 3 BV.

The outlook on all ratings is changed to negative from stable.

RATINGS RATIONALE

The change of the outlook to negative follows the company's
announcement of the payment of a $500 million extraordinary
dividend to its shareholders, fully financed by additional debt.
The incremental debt, split between a $200 million add-on to the
existing $1.4 billion equivalent senior secured term loan
facilities and the issuance of new $300 million PIK toggle notes
due 2023, result in an increase of the Moody's adjusted leverage
of the company of about 1.4x to 6.9x based on LTM March 2018
Moody's adjusted EBITDA. While the higher leverage weakly
positioned Atotech in its rating category, Moody's expects that
the company's EBITDA will continue to grow this year as evidenced
by solid current trading and supported by its leading market
position and growing underlying markets. Moody's expects that
Atotech's leverage would be at around 6.5x at the end of 2018.
The company should be able to continue to improve its
profitability and grow its EBITDA over the next 18 months so that
its Moody's adjusted leverage would reduce towards 6x, a level
more commensurate with a B2 rating. Atotech's other credit
metrics and its liquidity remain solid and in line with what the
rating agency expects from a B2 rated company.

However, the proposed dividend recapitalization is aggressive and
viewed as a credit negative. While Moody's acknowledges that the
PIK toggle notes are structurally and contractually junior to the
senior secured facilities and the senior notes respectively
borrowed and issued by Alpha 3 BV, the additional indebtedness
weights on the capital structure. Assuming that the interests on
the PIK notes accrue instead of being paid in cash, Moody's
estimates that the additional amount of debt to be refinanced at
maturity in 2023 could amount to approximately $150 million. This
creates a greater refinancing risk to the group.

Under the terms of the PIK notes and subject to compliance with
the restricted payments clause of the senior secured facilities
credit agreement which limits payment up until the net leverage
ratio is 4.5x, Atotech can pay the interests in cash rather than
in kind. This would result in lower cash flow generation than
previously anticipated. The cash leakage is detrimental to the
senior secured facilities lenders which would see cash that could
have been used to repay the term loan being distributed to the
holding company.

The B2 CFR reflects Atotech's (1) leading position in the niche
plating chemicals market, with an estimated 24% market share in
electronic plating chemicals (EL) and 22% in general metal
finishing (GMF) plating chemicals; (2) high barriers to entry due
to its well invested production base, certification required to
be an approved supplier for mission critical products, history of
collaboration with top Original Equipment Manufacturers (OEMs)
and its portfolio of over 2,000 patents; (3) strong reputation
with customers, which benefits from their focus on quality and
technical competence as well as innovation and R&D, where
Atotech's spend of 8.5% of sales is significantly above its
competitors; and (4) high reported EBITDA margins in the high
twenties percent, reflective of its large focus on the most value
added segments of its markets.

At the same time, the CFR reflects Atotech's (1) small size with
revenues of approximately $1.2 billion in 2017 and narrow product
portfolio, with approximately 90% of sales coming from plating
chemicals and most of the rest from plating equipment; (2)
technological risk, including commoditization of existing
products and associated price deflation as rapid technology
advances have shortened the life cycles of complex commercial
electronic products, despite the resilient selling prices for
most of its top products; (3) high gross Moody's adjusted
leverage; (4) exposure to cyclical end markets, with the
smartphone industry accounting for about 23% of sales and the
automotive industry 30%; and (5) exposure to raw material supply
and price risks.

LIQUIDITY

Moody's considers that Atotech has a good liquidity position
supported by a large $300 million cash balance at the end of
March 2018, albeit about $60 million is trapped in China, and an
undrawn $250 million revolving credit facility (RCF) due 2022.
Assuming a cash payment of the PIK notes interests of around $30
million, Moody's expects positive free cash flow (FCF) of between
$90 million to $95 million a year over the next 2 years, which
further supports the company's liquidity profile.

The first debt instrument to mature would be the PIK toggle due
in 2023, then the senior secured term loan maturing in 2024 and
the senior notes due in 2025.

STRUCTURAL CONSIDERATIONS

Moody's assumes a group recovery of 50%, resulting in a PDR of
B2-PD, in line with the CFR, as is typical of capital structures
consisting of a mix of secured and unsecured debt. The B1 rating
on the new $1.4 billion secured term loans, one notch above the
CFR, reflects that there is $425 million of unsecured debt, rated
Caa1, ranking below it in the capital structure. The term loans
are guaranteed by all material subsidiaries of the group and
secured on a first priority basis by substantially all the
material owned assets of the group, including those in China. The
Caa1 rating on the unsecured notes, two notches below the CFR,
reflects the substantial amount of secured debt in the structure.
The notes will have operating guarantees from entities that only
represent 36% of EBITDA and 67% of assets. The large difference
in guarantee coverage compared to the term loans is because the
Chinese assets are expected to guarantee the term loans but not
the unsecured notes.

The Caa1 rating assigned to the PIK toggle notes reflects its
junior status, being structurally and contractually subordinated
to the senior secured term facilities and senior unsecured notes.
However Moody's believes that the recovery rate in a liquidation
scenario would be low for both senior unsecured notes and PIK
notes and does not justify a notching difference between the two
instruments.

The PIK toggle notes are to be issued by Alpha 2 BV, a direct
subsidiary of Atotech UK Topco Ltd but the holding parent of
Alpha 3 BV and Alpha US Bidco Inc. Alpha 3 BV and Alpha US Bidco
are the borrowers and issuers of the senior secured term
facilities and the senior notes. The structure provides some
protection to the lenders and holders of the secured loans and
senior notes through the structural and contractual subordination
of the PIK notes. Cash payment from the operating company to
their parent Alpha 2 BV is subject to the restricted payment and
permitted payment clauses. However, Moody's notes a cross default
mechanism between the PIK notes and the senior secured facilities
which could create a refinancing risk before the maturity of the
senior secured facilities as the PIK maturity is 2023, a year
before the senior secured facilities.

RATING OUTLOOK

Atotech's negative outlook reflects the more aggressive capital
structure but also reflects Moody's expectations that the
company's Moody's adjusted leverage will reduce to a level close
to 6x over the next 18 months through a combination of improving
EBITDA and the mandatory 1% loan repayment. It also assumes that
the company will maintain its good liquidity.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings could be upgraded if (1) Moody's adjusted debt/EBITDA
falls below 5.0x; (2) retained cash flow/debt is above 10%, both
on a sustained basis and (3) liquidity position remains strong.

Conversely, the ratings could be downgraded if (1) the company
Moody's adjusted debt/EBITDA remains above 6.0x on a sustainable
basis; (2) retained cash flow/debt falls towards 5%; and (3)
liquidity significantly deteriorates.

LIST OF AFFECTED RATINGS

Issuer: Alpha 3 B.V.

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B1

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Atotech UK Topco Ltd

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Alpha 2 B.V.

Assignment:

Senior Unsecured Regular Bond/Debenture, Assigned Caa1

Outlook Actions:

Outlook, Changed to Negative from Ratings Withdrawn

PRINCIPAL METHODOLOGY

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

With management based in Berlin, Germany, Atotech is the global
leader in specialty electroplating chemicals. The company serves
the two segments which comprise that market: Electronics (EL)
mostly for consumer electronics and General Metal Finishing (GMF)
mainly for automotive applications. Atotech also operates a third
segment, Equipment and Services (EQ), that provides machines and
services relating to the application of EL and GMF chemicals.

For 2017 Atotech reported approximately $1.2 billion of revenues
for a company's adjusted EBITDA of $329 million (27.5% margin).

Established in 1869, Atotech has been part of the Total S.A. (Aa3
positive) since 1977. On January 31, 2017, Alpha 3 B.V., a
company owned by funds advised by The Carlyle Group, acquired
Atotech from Total for ca $2.7 billion, representing a 9.2x
EBITDA pro forma multiple.


BLACKROCK EUROPEAN CLO V: Fitch Corrects May 9 Rating Release
-------------------------------------------------------------
This commentary corrects the version published on May 9, 2018 to
amend the downgrade notching in the rating sensitivities section.

Fitch Ratings has assigned BlackRock European CLO V DAC final
ratings, as follows:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B: 'AAsf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated

BlackRock European CLO V DAC. is a securitisation of mainly
senior secured loans (at least 90%) with a component of senior
unsecured, mezzanine, and second-lien loans. A total note
issuance of EUR413.5 million was used to fund a portfolio with a
target par of EUR400 million. The portfolio will be actively
managed by BlackRock Investment Management (UK) Limited.

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B' range. The Fitch-weighted average
rating factor of the identified portfolio is 32.1, below the
indicative maximum covenant of 33 for assigning the final
ratings.

High Recovery Expectations: At least 90% of the portfolio will
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-
lien, unsecured and mezzanine assets. The Fitch-weighted average
recovery rate of the identified portfolio is 67.41%, above the
minimum covenant of 61.6% corresponding to the matrix point 33
and weighted average spread of 3.5%.

Limited Interest Rate Exposure: Up to 12.5% of the portfolio can
be invested in fixed-rate assets, while there are 8% fixed-rate
liabilities. Fitch modelled both 0% and 12.5% fixed-rate buckets
and found that the rated notes can withstand the interest rate
mismatch associated with each scenario.

Diversified Asset Portfolio: The transaction contains a covenant
that limits the top 10 obligors in the portfolio between 18% and
21% of the portfolio balance, depending on the matrix chosen by
the asset manager. This ensures that the asset portfolio will not
be exposed to excessive obligor concentration.

RATING SENSITIVITIES

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

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognized Statistical Rating Organizations and/or
European Securities and Markets Authority registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


CAMBRIDGE ANALYTICA: Liquidating Assets, Terminates UK Staff
------------------------------------------------------------
Jenny Gross at The Wall Street Journal reports that Cambridge
Analytica LLC, the firm at the heart of Facebook Inc.'s data
scandal, is liquidating assets and has asked workers to vacate
its London office.

Crowe Clark Whitehill LLP, the administrator for the firm, said
it marketed Cambridge Analytica's business assets to potential
buyers to stave off liquidation, but no acceptable offers were
made, the Journal relates.  According to the Journal, it said
because of that, it has terminated employment contracts of U.K.
staff on May 22.


HOMEBASE: Owner Offers Dowry, Opcapita Puts Up Bid
--------------------------------------------------
Belfast Telegraph reports that Opcapita, the former owner of
Comet, has put in a bid to buy troubled retailer Homebase.

According to Belfast Telegraph, Homebase's Australian owner,
Wesfarmers, is looking to sell the business and is offering a
dowry in the region of GBP100 million to entice suitors.

The private equity firm bought Comet in 2012, but the retailer
went into administration nine months later after credit insurers
pulled cover on suppliers' goods, Belfast Telegraph recounts.

Opcapita won back millions from Comet's administration as the
secured creditor of the retailer, but taxpayers were left with a
GBP50 million bill, Belfast Telegraph notes.

Other bidders linked with Homebase include Hilco, Endless, Alteri
and Lion Capital, Belfast Telegraph states.  Investment bank
Lazard has been appointed to sound out potential buyers,
according to Belfast Telegraph.

Value retailer B&M has also been named as a possible suitor for
the ailing DIY store, Belfast Telegraph says.

Wesfarmers has also brought in Alvarez & Marsal to explore
options besides a sale, with store closures remaining a possible
route for the business, Belfast Telegraph discloses.

Wesfarmers snapped up Homebase from Home Retail Group two years
ago, but the chain's future was thrown into doubt when Wesfarmers
announced GBP584 million in writedowns from the acquisition,
Belfast Telegraph relays.

Rob Scott, Wesfarmers' managing director, warned that up to 40
stores could close -- putting 2,000 jobs at risk, according to
Belfast Telegraph.


LAGAN CONSTRUCTION: Owed Creditors GBP45MM at Time of Collapse
--------------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that construction
giant Lagan Construction Group owed its main lender GBP24 million
and trade creditors more than GBP21 million when it entered
administration two months ago.

Announcing the decision to put the company into administration in
March, Michael Lagan pointed to contractual disputes thought to
include problems over its work on the new GBP250 million Ulster
University campus in Belfast city centre, Belfast Telegraph
relates.

Work has stopped on the campus, which Lagan was working on with
joint venture partner Somague, since the administration in March,
Belfast Telegraph notes.

Now an administrators' report filed by business advisory firm
KPMG said the company owed trade creditors GBP9.1 million, and
GBP12.5 million to the company's joint ventures, Belfast
Telegraph relays.

In addition, Danske Bank was owed GBP24 million, while HMRC was
owed around GBP719,000, Belfast Telegraph discloses.

KPMG, as cited by Belfast Telegraph, said it had failed to find
adequate funds within the business to keep the business running,
and would instead look to sell the company's assets.

The report revealed that 112 out of 133 staff members have been
made redundant since the administration, Belfast Telegraph
discloses.

Administrators John Hansen and Stuart Irwin were appointed to
Lagan Construction Group Ltd, Lagan Construction Group Holdings
Ltd, Lagan Building Contractors Ltd and Lagan Water Ltd on
March 5, Belfast Telegraph recounts.


LEHMAN BROTHERS: Scheme Meetings Scheduled for June 5
-----------------------------------------------------
In the matter of Lehman Brothers International (Europe) (In
Administration) and in the matter of the Companies Act 2006, an
Order dated May 11, 2018, made by the High Court of Justice (in
England and Wales), Chancery Division, Companies Court, the Court
has directed that meetings of creditors (the Scheme Meetings) be
convened for the purpose of considering and, if thought fit,
approving (with or without modification) a scheme of arrangement
(the Scheme) proposed to be made pursuant to Part 26 of the
Companies Act 2006 between Lehman Brothers International (Europe)
(in administration) (the Company) and its Scheme Creditors, and
that the Scheme Meetings shall be held at the offices of
Linklaters LLP, One Silk Street, London EC2 8HQ on June 5, 2018,
from 4:00 p.m. (with registration commencing at 3:00 p.m.), at
which all Scheme Creditors are invited to attend.

The Scheme Creditors under the proposed Scheme are all persons
with the claims provable in the Company's administration,
regardless of whether such claims have been admitted for
dividend, proved for but not yet adjudicated upon, or not yet
proved for.

The terms of the Scheme, together with the composition of the
Scheme Meetings and the process by which Scheme Creditors can
vote at such Scheme Meetings, are set out in the explanatory
statement in respect of the Scheme, which can be downloaded,
together with other documents relevant to the Scheme, from the
Company's website at: https://www.pwc.co.uk/services/business-
recovery/administrations/lehman.html

If the Scheme becomes effective, it will impose a bar date by
which all claims (other than proprietary claims and certain
expense claims) must be proved for or otherwise notified to the
Company.  If you believe you have a claim against the Company and
have not yet lodged such claim, you must do so as soon as
possible, and in any event prior to the bar date, which is
currently expected to be on or around June 15, 2018.

Further information in respect of the Scheme and the Scheme
Meetings can be obtained from the website or by contacting the
Company as follows:

By Post: Lehman Brothers International (Europe) (in
administration), Level 23, 25 Canada Square, London, E14 5LQ

By email: schemequeries@lbia-eu.com


SLATERS OF ABERGELE: Owes Nearly GBP3 Million to Creditors
----------------------------------------------------------
Owen Hughes at Daily Post reports that the trail of debt left by
the collapse of motor trader Slaters has been revealed.

Slaters of Abergele shut its Citroen and Nissan dealerships
suddenly in March after 100 years of trading and then went into
administration, Daily Post recounts.

It left 74 people out of work and ended the company's century-
long association with the market town, Daily Post discloses.

Now a report by administrators KPMG has unveiled the scale of
debt left by the company, which totalled nearly GBP3 million,
according to Daily Post.

The biggest creditor was banking giant Barclays -- where the
company held a GBP1.35 million limit overdraft, Daily Post
states.

This was fully utilized when the business went into
administration as the firm battled to pay its bills amid falling
sales, Daily Post notes.

There is a further GBP220,000 owed to DBW Investments, Daily Post
relays.

There is a GBP110,000 debt to "preferential creditors" -- which
are made up of wage arrears(up to GBP800 per employee) to staff
and holiday pay, Daily Post says.

Then there are the unsecured creditors with debts to them
totalling just over GBP1 million, according to Daily Post.

This includes GBP197,000 to more than 60 trade creditors -- many
of them based in North Wales and GBP574,000 to "unsecured
employee creditors", Daily Post discloses.

It leaves the total owed to all its creditors at just under GBP3
million, Daily Post states.

Once assets have been realised, which includes the sale of the
dealership in Abergele and repair garage in Mochdre, it is
estimated the deficit will be over GBP1.5 million, according to
Daily Post.


WILLIAM HILL: Moody's Affirms Ba1 CFR & Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of William
Hill plc, including the corporate family rating (CFR) of Ba1, the
Ba1-PD Probability of Default Rating, the Ba1 ratings on both its
GBP375 million senior unsecured notes due 2020 and its GBP350
million senior unsecured notes due 2023. Moody's has revised the
rating outlook to negative from stable. This rating action
reflects the UK government's Triennial Review announcement on May
17, 2018 that the maximum stake on B2 games will be reduced from
GBP100 to GBP2 following a consultation with the public and the
industry, seeking to balance sector profitability with social
responsibility.

The announcement is credit negative for William Hill because it
is an adverse regulatory milestone with unknown medium and long-
term effects. In addition to the reduction in income from FOBTs,
the industry may well face an increase in incremental taxes on
online gaming to recoup some of the lost tax revenues. In Moody's
opinion, the decision may also signal a less accommodative policy
by the UK government towards the gaming industry in the future.

The company has stated that the GBP2 limit will reduce operating
profits by an estimated GBP70-100 million including certain
mitigating actions when it is introduced, however considerable
uncertainty exists around these figures and further downside
risks exist around potential unforeseen gaming behavioural
changes as well as potential additional exceptional costs in
rationalizing the retail portfolio. Undoubtedly the GBP2 limit
will put pressure on the company's financial metrics, but the
extent of this pressure will depend on the speed of implementing
the new limit, the success of mitigating actions, the extent of
one-off costs, the behaviour of both consumers and competitors in
adjusting to the change, and whether or not the government
imposes further adverse restrictions or new taxes.

RATINGS RATIONALE

William Hill plc (Ba1 negative) is constrained by (i) adverse
regulatory change, in particular the recent Triennial Review
outcome which will reduce maximum stakes on B2 machines to GBP2
from GBP100, substantially reducing revenue from gaming machines
and potentially reducing total operating profits by GBP70-100
million or more; (ii) its limited geographic diversity, with the
UK expected to contribute around 88% of revenue following the
disposal of William Hill Australia (UK represented 82% of revenue
in 2017), and; (iii) its mature land-based retail business with
limited growth potential and volatile sports results.

More positively the company benefits from its (i) leadership
positions in the UK retail betting industry, with c. 28% market
share, as measured by number of licensed betting offices (LBOs),
and in the growing UK online betting and gaming segments with an
11% share; (ii) robust credit metrics, including low Moody's
adjusted leverage of 2.3x in 2017, good liquidity, supported by
unrestricted cash balances of GBP300-400 million (Moody's
estimate), a fully available GBP540 million revolving credit
facility (RCF) and positive free cash flow (which Moody's is
forecasting to continue for at least the next 18 months); (iii)
significant opportunity for growth in the US following the recent
US Supreme Court decision to strike down a 1992 federal law
prohibiting most states from authorising sports betting, and;
(iv) strong brand name and the retail segment's high barriers to
entry.

Liquidity

The company's liquidity profile is good as it is underpinned by
unrestricted cash balances of GBP300-400 million (Moody's
estimate), full availability of its GBP540 million committed
revolving credit facility, no imminent debt maturities and
Moody's forecast for positive free cash flow through 2019. These
resources are likely to more than cover expected cash outflows
over the next 12 to 18 months, including dividends, restructuring
costs, capex and the exceptional costs.

Under the five-year GBP540 million committed multi-currency RCF,
maturing May 2019, William Hill has to comply with two financial
covenants, a maximum leverage ratio of 3.5x and a minimum
interest cover of 3.0x. At 26 December 2017, the company reported
ample headroom under both tests. Moody's view of good liquidity
is contingent upon a timely extension of the maturity of the RCF.

Structure

William Hill's Ba1-PD probability of default rating (PDR) is
aligned with the corporate family rating (CFR), reflecting its
assumption of a 50% family recovery rate, customary for capital
structures including bank debt and bonds. The Ba1 rating on the
senior unsecured notes is also aligned with the CFR, as their
priority ranking is equal to the RCF.

The notes benefit from an unconditional, irrevocable guarantee of
first demand from William Hill Organisation Ltd, which operates
the UK retail business and is the holding company for the group's
online operations, WHG (International) Limited.

Outlook

The rating outlook would likely be stabilized if the company
continues to perform well in its online and sports-betting
segments, and continues to diversify geographically outside of
the UK eg in the USA. Additionally, Moody's will require greater
clarity that there are no likely further adverse regulatory
measures in the near term and that the implementation of the
Triennial Review decision can be managed in such way that the
company is likely to stay within the credit metrics commensurate
within its current rating category as outlined below.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the ratings could occur if Moody's adjusted
debt to EBITDA ratio is maintained below 3.0x , Moody's adjusted
retained cash flow to debt stays well above 15%, the company
generates consistent meaningful free cash flow, and William Hill
publicly commits to a conservative financial policy.

Downward pressure on the ratings could occur if Moody's adjusted
debt to EBITDA increases sustainably above 3.5x, Moody's adjusted
retained cash flow to debt declines sustainably towards 10% or if
the company faces a deterioration in its liquidity risk profile.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Established in 1934, William Hill plc is a leading sports betting
and gaming company that operates predominantly in the UK, a
market that provided approximately 82% of the company's net
revenues in fiscal year 2017.

William Hill's main delivery channels are retail and online. The
former through over 2,300 licensed betting shops in the UK with
over-the-counter betting and gaming machines, and the latter
offering sports betting, casino games, poker, bingo and live
casino via mobile and internet connections primarily in the UK,
Spain and Italy but also in 100 other countries.

The company is also present in the US (3% revenue) where it is
the largest operator of land-based sports books in Nevada with a
56% share by number of outlets. In the US, William Hill is also
the exclusive bookmaker for the State of Delaware's sports
lottery and provides mobile sports betting services in Nevada.



                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *