/raid1/www/Hosts/bankrupt/TCREUR_Public/180608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 8, 2018, Vol. 19, No. 113


                            Headlines


F R A N C E

ELIOR GROUP: S&P Lowers ICR to 'BB', Outlook Stable


I R E L A N D

SAMMON CONSTRUCTION: Carillion Collapse Prompts Liquidation


K A Z A K H S T A N

ASIACREDIT BANK: S&P Alters Outlook to Neg. & Affirms 'B-/B' ICRs


N E T H E R L A N D S

INTERXION: S&P Puts 'BB-' Rating to New EUR1BB Sr. Unsec. Notes
JUBILEE CLO 2018-XX: Fitch Rates Class F Notes 'B-(EXP)'


N O R W A Y

PETROLEUM GEO-SERVICES: Bank Debt Trades at 3.50% Off


R U S S I A

DME LTD: S&P Affirms Then Withdraws 'BB+/B' Issuer Credit Ratings
RUSSKY NATZIONALNY: Put on Provisional Administration


U N I T E D   K I N G D O M

ATLANTICA YIELD: Moody's Hikes CFR to Ba3, Outlook Positive
CARILLION PLC: Gov't Aware of Financial Health Prior to Collapse
CONTOURGLOBAL PLC: S&P Affirms BB- ICR, Alters Outlook to Pos.
HORNBY: Obtains GBP18-Mil. of New Loans Amid Financial Woes
HOUSE OF FRASER: To Close 31 of 59 Stores, 6,000 Jobs Affected

POUNDWORLD: On Verge of Administration, 5,300 Jobs at Risk
THRONES 2014-1: S&P Raises Class F-Dfrd Notes Rating to BB+ (sf)
UROPA SECURITIES 2007-01B: Fitch Affirms 'B' Cl. B2a Notes Rating


X X X X X X X X

* BOOK REVIEW: Dynamics of Institutional Change


                            *********



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F R A N C E
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ELIOR GROUP: S&P Lowers ICR to 'BB', Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it had lowered its issuer credit
rating on Elior Group S.A. to 'BB' from 'BB+'. The outlook is
stable.

S&P said, "At the same time, we lowered our issue ratings on the
group's senior secured debt facilities to 'BB'. The recovery
rating remains at '3', indicating our expectation of meaningful
recovery (rounded estimate 55%) in the event of a payment
default.

"We lowered our issuer credit rating on Elior after the group
announced that it expected weaker organic growth and lower
margins in financial 2018 (ending Sept. 30, 2018) following a
weak second quarter ended March 31, 2018."

The group experienced tougher trading conditions than it had
expected, as adverse weather conditions, industrial actions, and
contract turnover in France affected revenue growth and margins
in both its contract catering and concessions businesses. In
addition, the group reported higher-than-expected start-up costs
for new contracts in addition to one-off costs related to
divisional restructuring.

Overall, those effects will result in an estimated decline of
adjusted EBITDA margin levels of about 50 basis points in
financial 2018, with a forecast EBITDA margin of about 7.5%,
compared with financial 2017 when Elior's S&P Global Ratings-
adjusted margin stood at 8.0%. Furthermore, price competition in
the European catering industry remains intense, with the world's
two largest caterers, Compass Group and Sodexo, also reporting
subdued trading performance in the region in the year to date.

S&P said, "As a result of the aforementioned factors, we now
expect Elior's credit metrics to remain weak for a longer period
than we previously forecast. Under our revised base case, we
expect debt to EBITDA of 4.5x-4.8x and funds from operations
(FFO) to debt of 15%-20% in financial 2018 and 4.0x-4.4x and 17%-
22%, respectively, in financial 2019. Those levels are consistent
with our aggressive financial risk profile, and the lower 'BB'
rating, given our unchanged assessment of Elior's business risk
profile.

"We continue to see Elior's leading positions in its historical
markets as a support to its business risk profile, and we
consider the group to be a solid challenger in the new markets it
has entered. It is the third-largest contract caterer in Europe:
No. 1 in France, Italy, and Spain; No. 4 in the U.K.; and No. 5
in the U.S.

"The group exhibits sustainable and predictable cash flow
generation based on medium- and long-term contracts and elevated
retention rates. We think it also benefits from significant end-
market diversification. Moreover, the group's profitability,
although temporarily under pressure, should benefit from the
implementation of growth and cost-control projects, which we
anticipate the new management will intensify. Lastly, the
acquisitions of Corporate Chefs and Lancer Hospitality, among
others in the U.S., will enable Elior to continue strengthening
its position by gaining additional market share while improving
margins through cost synergies and reducing its reliance on the
French market.

"On the other hand, the group remains concentrated in some
Western European countries, particularly France where it
generates about 45% of its revenues. We think this may somewhat
curb the group's ability to respond to potential but limited pan-
regional tenders that include countries outside its reach.
Additionally, the group remains vulnerable to unfavorable French
labor regulations and wage inflation. Group profitability,
although improving, remains low, with adjusted EBITDA margins
lower than 10%.

"The stable outlook reflects our expectation that Elior will
continue growing organically and through smaller bolt-on
acquisitions, which we expect will not significantly increase the
group's leverage. We nevertheless foresee a deterioration in
credit metrics in 2018, due to a temporary weakening in the
group's profitability, followed by a gradual improvement in
operating margins through the successful implementation of its
growth and cost-control projects under the group's efficiency
program. As a result, we forecast adjusted debt to EBITDA of
4.0x-4.5x and FFO to debt of about 16%-20%, on average, over the
next three years.

"We could take a negative rating action if operational
performance were to be weaker than we expected, or if Elior's
acquisition and shareholder policies were tolerant of sustaining
leverage at higher levels than we currently forecast.
Specifically, we could lower the rating if we expected adjusted
debt to EBITDA would remain above 4.5x and FFO to debt below 16%,
with no near-term improvement forecast.

"We could consider a positive rating action if Elior's adjusted
debt to EBITDA sustainably improved to less than 4.0x and if FFO
to debt increased and remained sustainably above 20%."


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I R E L A N D
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SAMMON CONSTRUCTION: Carillion Collapse Prompts Liquidation
-----------------------------------------------------------
Jack Simpson at Construction News reports that Irish contractor
Sammon Construction has become the latest company to collapse as
a direct result of Carillion's liquidation, leading to 200 job
losses.

A petition to have the company wound up was served on June 5,
with accountancy firm Grant Thornton appointed as the company's
liquidator, Construction News relates.

The Irish firm went into examinership in April having been owed
EUR8 million (GBP7 million) by Carillion before the UK's second
biggest contractor went into liquidation, Construction News
recounts.

The examinership gave Sammon protection from its creditors'
claims to give it time to work on a turnaround plan, Construction
News notes.

In 2016, the Inspired Spaces Consortium -- a JV led by Carillion
and the Dutch Infrastructure Fund -- won a EUR100 million
education PPP contract, with Carillion as the main contractor,
Construction News discloses.

Sammon worked under Carillion as its building subcontractor on
the deal to build five schools and a further education institute,
Construction News states.

The schools programme was suspended following Carillion's
collapse, Construction News relays.

Despite Sammon striking a deal in principle to continue work, the
deal's funders rejected the offer and instructed Sammon to
withdraw from the sites involved, Construction News notes.

This had a major impact on Sammon's financial situation and
eventually led to the examiner being appointed, Construction News
says.

According to Sammon, its strategy to exit from examinership
rested on the schools programme being restarted and Sammon
continuing its work.

Bam Construct looked set to take over from Carillion after
submitting a tender to complete the work, Construction News
relates.  Bam had intended to use Sammon as a subcontractor on
the scheme, Construction News notes.

However, repeated delays to the awarding of the deal, and a lack
of clarity over when a decision would be made, forced Sammon's
examiner to wind up the company, Construction News states.


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


ASIACREDIT BANK: S&P Alters Outlook to Neg. & Affirms 'B-/B' ICRs
-----------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on
Kazakhstan-based AsiaCredit Bank JSC to negative from stable. S&P
affirmed its 'B-/B' long- and short-term issuer credit ratings on
the bank.

At the same time, S&P lowered its Kazakhstan national scale
rating on AsiaCredit Bank to 'kzB+' from 'kzBB-'.

S&P said, "The outlook revision stems from our concerns regarding
the stability of AsiaCredit Bank's franchise and the bank's
ability to sustain its customer base under the deteriorated
operating conditions. We believe the market's confidence in small
and midsize banks in Kazakhstan started declining in April 2018,
which might have had a negative spill-over effect on all other
relatively small banks with a concentrated and confidence-
sensitive client base.

"For AsiaCredit Bank, since the beginning of 2018, deposits of
legal entities have decreased by 28% and individual deposits
dropped by 4.3%. Although we see signs that client deposits are
stabilizing, we still consider the risks of further reduction of
the deposit base to be relatively high. We believe that, should
the outflows continue, the bank could be forced to look for
alternative funding options, for instance, increase its reliance
on short-term funds or ask the owners to provide financial
support. We note, however, that the bank was able to successfully
manage outflows in the past, due to its cautious liquidity
management (cash and equivalents represented about 30% of total
assets as of Dec. 31, 2017). We also note that the bank maintains
liquidity ratios well above the regulatory minimum (current
liquidity ratio k4 stood at 0.85 with the minimum requirement at
0.3).

"We also consider that it will be increasingly difficult for
AsiaCredit Bank to achieve its targeted profit this year because
the challenges related to its customer base could further weaken
its pricing power and restrict its ability to increase commission
income. We also expect AsiaCredit Bank's credit costs will rise
to 1.7%-2.0% this year from 0.36% in 2017, since the bank might
be forced to increase provisions, due to actions of the local
regulators and implementation of International Financial
Reporting Standard No. 9. We project the bank's risk-adjusted
capital ratio will remain at around 7% in the next 12-18 months.

"The negative outlook reflects our view that the adverse
operating environment could result in long-term deterioration of
AsiaCredit Bank's business position, affecting the bank's
earnings generation capacity, funding and liquidity profile, and
capital adequacy in the next 12-18 months.

"We may lower the ratings if the bank fails to retain its core
customers, if liquidity buffer shrinks, or if we see increasing
regulatory risks related to the bank's biggest exposures. We may
also lower the ratings over the next 12-18 months if the bank
posts weaker-than-expected financial results.

"We could revise the outlook to stable if, in our view, the bank
has been able to stabilize its franchise and come up with an
adequate strategic response to the adverse operating environment,
resulting in the gradual restoration of earnings capacity."


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N E T H E R L A N D S
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INTERXION: S&P Puts 'BB-' Rating to New EUR1BB Sr. Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue ratings to Dutch data
center operator Interxion's proposed EUR1 billion senior
unsecured notes and EUR200 million unsecured revolving credit
facility (RCF). The recovery rating for both instruments is '3',
indicating recovery prospects of 50%-70% (rounded estimate: 55%)
in the event of a payment default. S&P expects that the company
will use proceeds from the transaction to refinance its existing
EUR625 million senior secured notes as well as current drawings
on its RCFs, and provide additional cash of approximately EUR200
million to pre-fund the capital expenditures (capex) for the
company's growing expansions plans.

S&P said, "We expect to withdraw our 'BBB-' issue rating on
Interxion's existing super senior RCF and 'BB-' issue rating on
the existing senior secured notes once the transaction closes.
Our hypothetical default scenario envisages a default in 2022,
triggered by oversupply in the colocation industry leading to
pricing pressure and increased customer churn.

"We value Interxion as a going concern, given its leading market
position in Europe's key internet hubs, and its valuable long-
term relationships and contracts with a fragmented and
established customer base. Furthermore, our valuation takes into
account specific industry characteristics, such as moderate
barriers to entry and the cash-generative nature of the
business."

SIMULATED DEFAULT ASSUMPTIONS

-- Simulated year of default: 2022
-- Minimum capex: 6%
-- Cyclicality adjustment factor: 0%
-- Operational adjustment: 10%, reflecting a likely increase in
maintenance capex as the company proceeds with the build-up of
its facilities.
-- Emergence EBITDA after recovery adjustments: EUR118.2 million
-- Implied enterprise value multiple: 6.5x

SIMPLIFIED WATERFALL

-- Gross enterprise value at default: EUR768.2 million
-- Administrative costs: 5%
-- Net value available to debt holders: EUR729.8 million
-- Priority claims*: EUR55.8 million
-- Total unsecured debt claims*: EUR1,207.6 million
    --Recovery expectation: 50%-70% (rounded estimate: 55%)

*All debt amounts include six months of prepetition interest. RCF
assumed 85% drawn on the path to default.


JUBILEE CLO 2018-XX: Fitch Rates Class F Notes 'B-(EXP)'
--------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2018-XX B.V. notes
expected ratings, as follows:

EUR2 million Class X notes: 'AAA(EXP)sf'; Outlook Stable

EUR236 million Class A notes: 'AAA(EXP)sf'; Outlook Stable

EUR16.2 million Class B-1 notes: 'AA(EXP)sf'; Outlook Stable

EUR10 million Class B-2 notes: 'AA (EXP)sf'; Outlook Stable

EUR25 million Class B-3 notes: 'AA (EXP)sf'; Outlook Stable

EUR12.8 million Class C-1 notes: 'A (EXP)sf'; Outlook Stable

EUR15 million Class C-2 notes: 'A (EXP)sf'; Outlook Stable

EUR20 million Class D notes: 'BBB (EXP)sf'; Outlook Stable

EUR26.3 million Class E notes: 'BB (EXP)sf'; Outlook Stable

EUR10.8 million Class F notes: 'B-(EXP)sf'; Outlook Stable

EUR37.6 million Subordinated notes: NR(EXP)

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

Jubilee CLO 2018-XX B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes will be used to
purchase a EUR400 million portfolio of mostly European leveraged
loans and bonds. The portfolio will be actively managed by
Alcentra, Ltd. The CLO envisages a 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'
category. The Fitch-weighted average rating factor (WARF) of the
indicative portfolio is 32.97, below the indicative maximum
covenant WARF for assigning expected ratings of 33.5.

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 (WARR) of the
indicative portfolio is 61.10%, below the minimum covenant WARR
for assigning expected ratings of 62.30%.

Limited Interest Rate Exposure

There are no fixed-rate liabilities in the deal, while unhedged
fixed-rate assets cannot exceed 10% of the portfolio. Fitch
modelled both 0% and 10% fixed-rate buckets and found that the
rated notes can withstand the interest rate mismatch associated
with each scenario.

Diversified Asset Portfolio

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

RATING SENSITIVITIES

Adding to all rating levels the increase generated by applying a
125% default multiplier to the portfolio's mean default rate
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 four notches for the rated notes.

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 Recognised Statistical Rating Organisations 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.


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N O R W A Y
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PETROLEUM GEO-SERVICES: Bank Debt Trades at 3.50% Off
-----------------------------------------------------
Participations in a syndicated loan under which Petroleum Geo-
Services ASA [PGS] is a borrower traded in the secondary market
at 96.50 cents-on-the-dollar during the week ended Friday, May
25, 2018, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents an increase of 2.17 percentage points
from the previous week. Petroleum Geo-Services pays 250 basis
points above LIBOR to borrow under the $400 million facility. The
bank loan matures on March 19, 2021. Moody's rates the loan 'B3'
and Standard & Poor's gave a 'CCC+' rating to the loan. The loan
is one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, May 25.

Petroleum Geo-Services ASA, a marine geophysical company,
provides a range of seismic and reservoir services worldwide. The
company is involved in the acquisition, imaging, interpretation,
and field evaluation of seismic data to oil and gas companies. It
also offers electromagnetic services; and data library that
comprises individual 3D surveys. The company was founded in 1991
and is headquartered in Oslo, Norway.


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R U S S I A
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DME LTD: S&P Affirms Then Withdraws 'BB+/B' Issuer Credit Ratings
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
issuer credit ratings on Russia-based DME Ltd., operator of
Moscow Domodedovo Airport, and its fully owned subsidiaries
Domodedovo International Airport LLC and Hacienda Investments
Ltd. S&P said, "We subsequently withdrew the ratings at the
issuer's request. We also withdrew the 'BB+' ratings on the
outstanding notes due 2018 and 2021. The outlook at the time of
the withdrawal was negative."

S&P said, "The rating affirmation reflects our view that the on-
schedule commencement of operations at Moscow Domodedovo's new
terminal in mid-2018 should support the group's performance
through increasing commercial revenues and parking fees, and lead
to improving financial results. We estimate that funds from
operations (FFO) to debt will improve to about 31%-34% in 2018
and 35%-38% in 2019, from an estimated 28%-29% in 2017." The
negative outlook at the time of the withdrawal reflected the
possibility that DME might fail to improve FFO to debt to over
30% on a sustainable basis. This could happen as a result of
significant capital expenditure overruns, aggressive dividend
distributions, or working capital outflows.


RUSSKY NATZIONALNY: Put on Provisional Administration
-----------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1434, dated
June 6, 2018, revoked the banking license of Rostov-on-Don-based
credit institution Limited bank Russky Natzionalny Bank, or Ltd.
Russky Natzionalny Bank (Registration No. 469) from June 6, 2018.
According to its financial statements, as of May 1, 2018, the
credit institution ranked ranked 339th by assets in the Russian
banking system.

The business model of Ltd. Russky Natzionalny Bank was largely
designed to serve the interests of its owners.  Lending to
borrowers directly or indirectly related to the ultimate
beneficiaries of the credit institution resulted in the
considerable amount of non-performing assets in the credit
institution's balance sheet, including assets accounted for at
overstated cost.  Additionally, the bank conducted non-
transparent operations on a regular basis.  Those were aimed at
masking credit risks assumed in order to comply with prudential
requirements in a formal way.

The Bank of Russia repeatedly applied supervisory measures
against Ltd. Russky Natzionalny Bank, including two impositions
of restrictions on household deposit taking.

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

The Bank of Russia takes this extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, due to repeated application within a year of
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)", considering a real threat
to the creditors' and depositors' interests.

The Bank of Russia, by virtue of its Order No. OD-1435, dated
June 6, 2018, appointed a provisional administration to Ltd.
Russky Natzionalny Bank for the period until the appointment of a
receiver pursuant to the Federal Law "On the Insolvency
(Bankruptcy)" or a liquidator under Article 23.1 of the Federal
Law "On Banks and Banking Activities".  In accordance with
federal laws, the powers of the credit institution's executive
bodies were suspended.

Ltd. Russky Natzionalny Bank is a member of the deposit insurance
system.  The revocation of the banking licence is an insured
event as stipulated by Federal Law No. 177-FZ "On the Insurance
of Household Deposits with Russian Banks" in respect of the
bank's retail deposit obligations, as defined by law.  The said
Federal Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than a total of RUR1.4
million per depositor.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


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U N I T E D   K I N G D O M
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ATLANTICA YIELD: Moody's Hikes CFR to Ba3, Outlook Positive
-----------------------------------------------------------
Moody's Investors Service upgraded Atlantica Yield plc's
(Atlantica or "yieldco") ratings, including its Corporate Family
Rating (CFR) to Ba3 from B1, Probability of Default rating to
Ba3-PD from B1-PD, and senior unsecured rating to B1 from B2.
Atlantica's Speculative Grade Liquidity (SGL) rating is unchanged
at SGL-2. The rating outlook is positive.

Moody's rating action concludes the review of Atlantica's ratings
initiated on April 24, 2018.

RATINGS RATIONALE

"The upgrade of Atlantica's CFR to Ba3 primarily reflects the
yieldco's improved liquidity profile following the execution of a
new $215 million committed credit facility in May 2018" said
Natividad Martel, Vice President-Senior Analyst. The positive
rating action is also prompted by improvements in the operational
performance of the yieldco's South African solar plant Kaxu
during the first quarter of 2018. It further reflects Moody's
expectation that the US Solana project will meet the required
output specified under the engineering, procurement and
construction contract that it entered into with Abengoa S.A.
(unrated). Moody's rating action also anticipates the US
Department of Energy's (DoE) authorization for Algonquin Power &
Utilities Corp (Algonquin; unrated) to acquire Abengoa's
remaining 16.5% interest in the yieldco, a credit positive.

The Ba3 CFR reflects the yieldco's new ownership structure and
contractual arrangements with Algonquin, a financially stable
sponsor. These arrangements support Moody's expectation of a
sustainable growth strategy that considers Algonquin's equity
commitments, the yieldco's 80% target payout ratio foreseen under
a March 2018 shareholders agreement, and no change to the strong
corporate governance arrangements. The Ba3 CFR also considers
Atlantica's access to a pipeline of potential new assets through
separate right of first offer agreements (ROFO) with Algonquin
and, particularly, with Abengoa-Algonquin Global Energy Solutions
B.V. (AAGES), a joint venture set up as part of the strategic
partnership announced by Abengoa S.A. (unrated) and Algonquin in
November 2017.

The Ba3 captures the geographic diversification of Atlantica's
assets, the tenor and visibility of its contracted cash flows,
with a remaining weighted average contracted life of 19 years, as
well as the assets' creditworthy counterparties. This view
considers the recent improvement in the overall counterparty risk
exposure of the yieldco's projects. This also helps to mitigate
the yieldco's exposure to developing markets and foreign exchange
risk which is not expected to exceed 7% of the expected cash
available for distribution (CAFD).

The positive outlook reflects Moody's expectation of an
improvement in the yieldco's consolidated financial metrics,
including a run rate consolidated debt to EBITDA below 8.0x and
CFO pre-W/C to debt exceeding 7%, on a sustainable basis. The
positive outlook anticipates that consolidated metrics will
improve even if the pending regulatory review of the remuneration
of its Spanish solar assets reduces, effective in 2020, their
underlying 7.4% "reasonable rate of return". This return is based
on the average 10-year Spanish government bond during the
previous 24 months, plus a spread of 300 basis points.

Atlantica estimates that each 100 basis point reduction in this
rate of return would impact its annual CAFD by around EUR18
million. As a point of reference, this equals around 10% of the
mid-point of management's guidance CAFD provided for 2018 ($170-
$190 million). Management has also committed to maintain its net
holding company debt to total CAFD (before debt service) below
3.0x (currently around 2.3x). Thus, the positive outlook assumes
that any reduction in the CAFD will also result in adjustments to
the yieldco's capital structure, for example, in the lower use of
debt to finance its growth opportunities in order to be able to
comply with this financial target. Moody's analysis also
considers the scheduled amortization of the project debt ($1.2
billion or around 26% of the $4.6 billion of project debt
currently outstanding between 2018 and 2022). This helps to
mitigate the incremental project debt that will result from the
anticipated acquisition of new assets, and from a credit negative
regulatory review of the returns embedded in the Spanish solar
assets.

Liquidity Analysis

Atlantica's Speculative Grade Liquidity rating is unchanged at
SGL-2 and the company has good liquidity. This considers the May
2018 execution of a new $215 million revolving credit facility
that is scheduled to expire in December 2021 that, subject to
certain conditions, could be increased to $300 million. This
facility replaces Atlantica's Tranche A term loan (face value:
$125 million) which had $53.8 million outstanding at the end of
March 2018, following the cancellation of the Tranche B of the
revolving credit facility last year. Moody's understands that the
financial covenants embedded in the new credit facility remain
the same, including a maintenance leverage ratio of holding
company debt to CAFD of 5.0 x before debt service and a debt
service coverage ratio of CAFD to debt service payments of 2.0x.
Moody's anticipates that the yieldco will be able to continue to
comfortably comply with these financial covenants. Moody's
assessment also anticipates that the yieldco will initiate the
process of refinancing its $255 million of outstanding unsecured
Notes well before their maturity date in November 2019, while its
EUR 275 million senior secured notes issued last year will mature
in 2022, 2023 and 2024.

The SGL-2 also acknowledges management's prudent dividend policy
since 2016 which has allowed the yieldco to fully fund all of its
capital requirements that approximate $50 million (including
interest payments of around $33 million) and report a corporate
cash balance of $151.4 million at end of March 2018 (year-end
2017: $148.5 million). Management's 2018 guidance includes CAFD
that is expected to range between $170 and $190 million. As a
point of reference the CAFD in 2017 and 2016 aggregated $170.6
million and $171.2 million, respectively, and included some
extraordinary items.

Factors that could lead to an upgrade

An upgrade of the yieldco's ratings is possible if (i)
consolidated financial performance improves as anticipated,
including a run-rate debt to EBITDA below 8.0x and CFO pre-W/C to
debt exceeding 7%, on a sustainable basis, and (ii) Algonquin
completes the acquisition of Abengoa's remaining 16.5% interest
stake in the yieldco with Solana meeting its specified project
output.

Factors that could lead to a downgrade

A stabilization of the outlook and/or a downgrade of the ratings
is possible if Atlantica's leverage remains higher than currently
anticipated. Specifically, if the yieldco's run rate consolidated
debt to EBITDA, exceeds 8.5x and CFO pre-W/C to debt remain below
6%, on a sustained basis. Other factors that could cause a
stabilization of the outlook and/or downgrade of the ratings
include a weak assets' operating performance, including Solana
inability to meet its specified project output, that causes
material amounts of cash to be trapped and/or challenges for
Abengoa to fully exit the yieldco's ownership-structure and/or a
growth strategy or dividend policy that are more aggressive than
anticipated. A downgrade is also likely if the yieldco is not
able to refinance the Notes due in November 2019.

Upgrades:

Issuer: Atlantica Yield plc

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Corporate Family Rating, Upgraded to Ba3 from B1

Senior Unsecured Regular Bond/Debenture, Upgraded to B1(LGD5)
from B2(LGD5)

Outlook Actions:

Issuer: Atlantica Yield plc

Outlook, Changed To Postive From Rating Under Review

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Atlantica Yield plc is a total return company which owns a
diversified portfolio of contracted assets in solar, wind,
natural gas power generation, electric transmission and water in
North America, South America and certain markets in EMEA. In
November 2017, Algonquin (unrated) and Abengoa (unrated)
announced a strategic partnership which included setting up a
joint venture to develop global contracted infrastructure
projects, Abengoa-Algonquin Global Energy Solutions B.V. (AAGES),
as well as the sale of Abengoa's 41.5% interest stake in
Atlantica. In March 2018, Atlantica executed separate right of
first offer agreements with AAGES and Algonquin while Algonquin
completed the acquisition of the initial 25% interest stake in
the yieldco. It also recently exercised the purchase option for
the additional 16.5% stake.


CARILLION PLC: Gov't Aware of Financial Health Prior to Collapse
----------------------------------------------------------------
According to The Telegraph's Rhiannon Curry, top government
officials had access to crucial information about Carillion's
financial health four months before the company collapsed, a new
report has revealed, as it emerged that its liquidation will cost
the taxpayer at least GBP148 million.

An investigation into the Government's handling of Carillion's
troubles in the months leading up to its insolvency by the
National Audit Office (NAO) found that eight officials were given
"insider" status in the company in September last year, The
Telegraph relates.  This meant that they had access to sensitive
financial information only given to Carillion's lenders, The
Telegraph notes.

Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company.  The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).


CONTOURGLOBAL PLC: S&P Affirms BB- ICR, Alters Outlook to Pos.
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
ContourGlobal PLC (CG) and revised the outlook to positive from
stable. S&P also affirmed the 'BB' issue-level rating on
subsidiary ContourGlobal Power Holdings S.A.'s EUR700 million
senior secured notes. The '2' recovery rating indicates our
expectation for substantial (70%-90%; rounded estimate: 80%)
recovery of principal in the event of a payment default.

The affirmation and outlook revision stem from the recent
announcement of ContourGlobal's acquisition of a portfolio of
five parabolic trough solar assets totaling 250 MW in Spain. In
general, this is a credit-supportive acquisition. The issuer's
leverage has declined, and the additional of incremental and
relatively stable EBITDA should support this initiative.
Additionally, this acquisition increases the scale and scope of
the issuer, with deconsolidated EBITDA increasing to about $230
million and total owned capacity eclipsing 3.5GW. S&P also
anticipates that future acquisitions, which are likely to be
funded through cash flow, will be credit accretive.

The positive outlook reflects S&P Global Ratings' expectation
that CG's portfolios of power generation assets will continue to
operate under long-term contracts and generate fairly predictable
cash flows to support its holding-company debt obligations. S&P
said, "We anticipate that the closure of the aforementioned
acquisition would both improve scale and increase exposure to
lower risk assets. We also expect the company to maintain the
diversity of the portfolio in terms of percentage of
contributions from the largest three assets. We are expecting the
adjusted holding company debt-to-EBITDA leverage ratio to range
between 3x and 3.5x and holding company EBITDA-to-interest ratio
to be between 5.5x and 6.5x during our two-year outlook period."

S&P said, "We would consider upgrading Contour Global if debt to
EBITDA falls below 3.0x on a sustained basis or EBITDA to
interest improves well above 6.0x on a sustained basis; while we
do not expect both to occur concurrent with the Spanish CSP
transaction, it could occur as future acquisitions, which could
be funded through cash flow, are announced. We would also likely
need to see continued diversification of cash flows and somewhat
improved scale, both of which are partially achieved by the
transaction in question.

"We could downgrade the company if we see a falloff in
distributions from the asset portfolio or an increase in debt
such that debt to EBITDA increases above 4.0x or we see EBITDA to
interest decline below 3.0x over our outlook period. The
portfolio is reasonably diversified by fuel, geography, and
offtakers, and is over 90% contracted. Therefore we see
counterparty risk from offtakers or sovereign risk from outsized
exposure to governments as the most likely cause of such a
decline, with higher capital spending on new assets, a fall-off
in renewable resources or operating cost escalation as other
possible causes."


HORNBY: Obtains GBP18-Mil. of New Loans Amid Financial Woes
-----------------------------------------------------------
The Telegraph reports that Hornby, one of Britain's most
cherished toymakers, on June 6 secured a multi-million pound
lifeline -- one it hopes will bring the firm back on track after
years in the doldrums.

Loss-making firm Hornby, whose Scalextric and Airfix brands have
been popular alongside its model railways for decades, has
secured GBP18 million of new loans, The Telegraph relates.

In recent years, Hornby has been rocked by a string of financial
problems, changes to management and a boardroom battle with
investors, The Telegraph discloses.  The Margate-based firm last
posted a profit in March 2012, The Telegraph notes.

According to The Telegraph, the funding, comprising a GBP12
million loan from asset-backed lender PNC and GBP6 million from
the firm's largest shareholder, will refinance a GBP6 million
debt owed to Barclays.  Hornby has been sat in Barclays'
restructuring unit for a number of years with the lender waiving
covenant testing on numerous occasions, The Telegraph states.

Further details on Hornby's turnaround strategy are set to be
released on June 18, The Telegraph says.


HOUSE OF FRASER: To Close 31 of 59 Stores, 6,000 Jobs Affected
--------------------------------------------------------------
BBC News reports that department store chain House of Fraser is
to close 31 of its 59 shops, affecting 6,000 jobs, as part of a
rescue deal.

If the plan is approved, 2,000 House of Fraser jobs will go,
along with 4,000 brand and concession roles, BBC discloses.

House of Fraser said the stores scheduled for closure, which
include its flagship London Oxford Street store, will stay open
until early 2019, BBC relates.

The retailer needs the approval of 75% of its creditors to go
ahead, BBC notes.

According to BBC, creditors will vote on the insolvency plan,
which involves company voluntary arrangements (CVAs), on June 22.

In May, House of Fraser's Chinese owners Nanjing Cenbest reached
a conditional agreement to sell a 51% stake to the Chinese owner
of Hamley's, C.banner, BBC recounts.  The sale is conditional on
the restructuring plan being approved, BBC states.

According to BBC, House of Fraser chairman Frank Slevin said the
retail industry was undergoing "fundamental change", and the
company "urgently needs to adapt".

"Our legacy store estate has created an unsustainable cost base
which, without restructuring, presents an existential threat to
the business."

Closing stores was "a very difficult decision", Mr. Slevin, as
cited by BBC, said, but "it is absolutely necessary if we are to
continue to trade and be competitive".

Accountancy firm KPMG, which is overseeing the insolvency
process, said the firm had been hit by "mounting pressures facing
the UK High Street", BBC relays.

In addition to the store closures, the department store chain is
seeking to cut rents by 25% on 10 of the stores it is keeping
open, BBC discloses.

Of the 31 stores it wants to shut, it is seeking a 70% rent
reduction for seven months, after which the stores will close,
BBC states.

The chain has gradually lost its relevance and suffered from a
lack of investment, according to BBC.

It's been struggling for a long time, BBC relays.  And in the
last year, the increasingly tough conditions on the High Street
has exposed its weaknesses, with the result that its problems
have finally come to a head, BBC recounts.

Even with these store closures, House of Fraser still need to
have the right products and experience to pull shoppers into the
stores that will be left, BBC notes.


POUNDWORLD: On Verge of Administration, 5,300 Jobs at Risk
----------------------------------------------------------
BBC News reports that Poundworld, which is owned by US private
equity firm TPG, is poised to announce its intention to appoint
administrators.

According to BBC, the move will allow the company 10 days to two
weeks to continue talks with potential buyers without the
company's creditors being able to make a claim on the business.

It also allows its staff and suppliers to continue to be paid,
BBC notes.

It is understood that investment company R Capital is in talks to
try to buy Poundworld, which has 5,300 workers and 355 stores,
BBC discloses.

Earlier this week, talks with potential purchaser Alteri
Investors, whose website says it specialises in "challenging
retail situations", collapsed, BBC relates.

About 100 of Poundworld's outlets were already under threat of
closure, but were kept open while takeover talks took place, BBC
states.

Deloitte, BBC says, is understood to be standing by to be
appointed administrator if the company fails to find a buyer.

Poundworld has been losing money for the past two years, BBC
discloses.  Losses for the financial year 2016-17 were GBP17.1
million, up from GBP5.4 million the year before, BBC recounts.

Like many retailers, Poundworld has been hit by falling consumer
confidence, rising overheads, the weaker pound and the growth of
online shopping, BBC relays.


THRONES 2014-1: S&P Raises Class F-Dfrd Notes Rating to BB+ (sf)
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Thrones 2014-1
PLC's interest-deferrable class C-Dfrd to F-Dfrd notes. At the
same time, we have affirmed our ratings on the class A and B-Dfrd
notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction using information from the January
2018 investor report. Our analysis reflects the application of
our European residential loans criteria.

"Since our previous review in March 2017, the total level of
arrears has decreased to 8.0% at end-January 2018 from 9.62% as
of end-October 2016, based on investor report data and without
counting for arrears capitalization. The total arrears are lower
than the level in our U.K. nonconforming index, which was 13.0%
as of the first quarter of 2018. In our credit model, we
reflected the arrears capitalization and projected a further
increase in arrears based on the transaction's current
developments. Cumulative losses in the transaction remain low, at
0.3% of the closing pool balance.

"Based on our credit analysis, the underlying portfolio's
weighted-average foreclosure frequency (WAFF) has decreased since
our previous review. This decline is mainly due to an increase in
seasoning, a lower actual level of arrears, and a decline in our
arrears projection, which was made considering a stable pool
performance since closing in 2014.

"Our weighted-average loss severity (WALS) calculations have
decreased since our previous review at all rating levels. The
transaction has largely benefitted from the decrease in the
weighted-average current loan-to-value (LTV) ratio, while our
repossession market-value decline assumptions have marginally
increased."

  Rating       WAFF     WALS
  level         (%)      (%)

  AAA          50.1     56.5
  AA           38.8     49.1
  A            31.0     35.9
  BBB          25.7     27.6
  BB           19.3     21.7

The transaction benefits from a nonamortizing reserve fund and a
nonamortizing liquidity reserve. The reserve fund has been topped
up since closing to meet its required amount, and has never been
drawn. The buildup in the reserve fund ended in November 2016
when it reached its required level of GBP9.8 million, up from
GBP4.6 million at closing. The liquidity reserve was fully funded
at closing to meet its required amount, and has not been used.
Due to the ongoing amortization of the class A notes and the
topping up of the reserve fund from the excess spread, the
available credit enhancement for all of the rated classes of
notes has increased significantly since S&P's previous review.

S&P said, "Our rating on the class A notes addresses the timely
payment of interest and the ultimate repayment of principal on,
or before, the legal final maturity date of the notes. Our
ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes address the ultimate repayment of interest and principal
on, or before, legal final maturity.

"The results of our cash flow analysis support the currently
assigned rating on the class A notes. We have therefore affirmed
our 'AAA (sf)' rating on this class of notes. The class B-Dfrd
notes rating is capped at its current level of 'AA+ (sf)' because
of the interest deferrable feature which, in our view, is not
commensurate with our 'AAA' rating definition, that the issuer
has an extremely strong capacity to meet its financial
obligations. We have therefore affirmed our 'AA+ (sf)' rating on
this class of notes.

"Our credit and cash flow analysis indicates that the class C-
Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes support higher ratings
than those currently assigned. However, we also considered that
these classes are subordinated in the payment structure and more
vulnerable to a potential increase in default levels beyond our
expectations. The risk of an adverse collateral performance is
heightened by the nonconforming nature of the collateral pool and
still high pool factor (73%). We have therefore raised our
ratings on these classes of notes as outlined in the ratings list
below.

"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for the one- and three-year horizons, under moderate stress
conditions, is in line with our credit stability criteria.

"Our view on counterparty, legal, and operational risks remains
unchanged since our previous review."

Thrones 2014-1 is a securitization of first-lien U.K.
nonconforming residential mortgage loans, originated by Edeus
Mortgage Creators Ltd. and Victoria Mortgage Funding Ltd. The
legal title holder and the portfolio servicer is Mars Capital
Finance Ltd.

  RATINGS LIST

  Class             Rating
               To              From

  Thrones 2014-1 PLC
  GBP307.021 Million Mortgage-Backed Floating-Rate Notes And
  Unrated Residual Certificates

  Ratings Affirmed

  A            AAA (sf)
  B-Dfrd       AA+ (sf)

  Ratings Raised

  C-Dfrd       AA (sf)          AA- (sf)
  D-Dfrd       A+ (sf)          A- (sf)
  E-Dfrd       BBB+ (sf)        BB+ (sf)
  F-Dfrd       BB+ (sf)         B+ (sf)


UROPA SECURITIES 2007-01B: Fitch Affirms 'B' Cl. B2a Notes Rating
-----------------------------------------------------------------
Fitch Ratings has placed seven tranches of the Uropa RMBS series
on Rating Watch Negative (RWN) and affirmed the others, as
follows:

Uropa Securities plc Series 2007-01B (U2007)

Class A2b notes (ISIN XS0311807167): 'AAAsf' placed on RWN

Class A3a notes (ISIN XS0311807753): 'AAAsf' placed on RWN

Class A3b notes (ISIN XS0311808561): 'AAAsf' placed on RWN

Class A4a notes (ISIN XS0311809452): 'AA+sf' placed on RWN

Class A4b notes (ISIN XS0311809882): 'AA+sf' placed on RWN

Class M1a notes (ISIN XS0311810385): 'A+sf' placed on RWN

Class M1b notes (ISIN XS0311811193): 'A+sf' placed on RWN

Class M2a notes (ISIN XS0311813058): affirmed at 'BBBsf'; Outlook
Stable

Class B1a notes (ISIN XS0311815855): affirmed at 'BBsf' ';
Outlook Stable

Class B1b notes (ISIN XS0311816150): affirmed at 'BBsf'; Outlook
Stable

Class B1b cross currency swap: affirmed at 'BBsf'; Outlook Stable

Class B2a notes (ISIN XS0311816408): affirmed at 'Bsf'; Outlook
Stable

Uropa Securities plc Series 2008-1 (U2008)

Class A notes (ISIN XS0406658624): affirmed at 'AAAsf'; Outlook
Stable

Class M1 notes (ISIN XS0406667534): affirmed at 'AAsf'; Outlook
Stable

Class M2 notes (ISIN XS0406668938): affirmed at 'Asf'; Outlook
Stable

The transactions securitise non-conforming mortgages purchased by
ABN AMRO (U2007) and Topaz Finance Plc (U2008). Both transactions
have a large proportion of loans originated at the peak of the
market.

KEY RATING DRIVERS

Stable Performance; Sufficient Credit Enhancement
The affirmation of U2007's junior tranches and all tranches of
U2008 reflect the transactions' stable asset performance and
sufficient credit enhancement available to support the rated
notes.

Counterparty Exposure

The RWN on class's A2, A3, A4 and M1 notes of U2007 reflects
increased counterparty exposure following Deutsche Bank AG,
London Branch's (DB) long-term deposit rating downgrade to 'A-'
from 'A' on 28 September 2017. DB, a direct support counterparty
for U2007 in its capacity as collateral account bank where the
currency swap collateral is currently being posted, is therefore
ineligible to support the ratings on U2007 senior notes according
to Fitch's Structured Finance and Covered Bonds Counterparty
Rating Criteria.

In addition, as the transaction documentation does not stipulate
any remedial actions in case of further downgrade, Fitch cannot
assume that remedial actions would be implemented in the future.

RATING SENSITIVITIES

U2007

Should the issuer fail to implement appropriate remedial actions
with respect to the increased counterparty exposure, Fitch will
analyse the transaction according to the "No Remedial Action upon
Counterparty Ineligibility" and "Documentation Inconsistent with
Criteria" section of its counterparty criteria. A consequence
could be a downgrade of the class A2, A3, A4, and M1 notes.

U2007 and U2008
In Fitch's view, as the pools are 100% floating-rate, a sudden
sharp increase in interest rates would put a strain on borrower
affordability and potentially lead to a rise in arrears and
subsequent defaults. Moreover, the pools are exposed to the risk
that a proportion of interest-only loans in the pool will not be
able to repay the balloon payment at maturity. Should arrears or
defaults exceed Fitch's current assumptions, the agency may take
negative rating action.

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
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pools ahead of the transactions'
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

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


===============
X X X X X X X X
===============


* BOOK REVIEW: Dynamics of Institutional Change
-----------------------------------------------
Authors: Milton Greenblatt, Myron Sharaf, and Evelyn M. Stone
Publisher: Beard Books
Softcover: 288 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at https://is.gd/Ry3h2h
Like many other private-sector and public institutions in modern
society, hospitals are regularly undergoing change. The three
authors of this volume have been leaders in change at Boston
State Hospital, a large public mental hospital that serves as the
test case for the experienced advice and hard-earned lessons
found in this work.

With their academic and professional backgrounds, the three
authors combined offer an incomparable fund of knowledge and
experience for the reader. In keeping with their positions, they
focus on the position and the role of the leaders of
institutional change. They do not recommend any particular
choices, direction, or outcome.

They do not presume to know what is the best for all
institutions, or to understand the culture, realities, goals, or
values of all institutions. They do not even presume to know what
is best or desirable for hospitals, the institution with which
they are most familiar. Instead, the authors direct their
attention to "the problems hampering change and the gains and
losses of one or another strategy of change." In relation to
this, they are "more concerned with the study of process than
with outcome." By not recommending specific policies or arguing
for specific values or goals, the authors make their book
relevant to all institutions involved in change, but particularly
public-health institutions. All of the subjects are dealt with
from the perspective of top executives and administrators. Among
the subjects taken up are not only the staff and structure of the
institution, specifically the medical institution, but also
consultants, volunteers, local communities, and state and federal
government agencies. The detail given to each subject goes beyond
the administrator's relationship to it to discussion concerning
the relationship of lower-level employees with the subject. This
relationship of lower-level employees has everything to do with
how change occurs within the institution, and often whether it
occurs. The authors go into such detail because they understand
that the performance and goals of top administrators are affected
by everything that goes on within their institution, and often by
much that goes on outside of it.

For example, the authors begin the subject of volunteers by
defining three types of volunteers: volunteers from
organizations, student or independent volunteers, and government-
appointed or statutory volunteers. Volunteers of whatever type
can cause anxiety, resistance, and even resentment among regular
staff of an institution. Volunteers are not simply "free help,"
but require administration, training, and oversight - which can
distract regular employees from work they consider more important
and interesting, and use up departments' resources. The
transitional nature of volunteers, their ignorance of
institutional and occupational concerns of the regular staff, and
their lack of professionalism can cause disruptions and personnel
problems in parts of an institution. The authors advise the top
administrators, "The intrusive evangelism of student volunteers
can be threatening not only to professional supervisors, but to
the entire hospital staff as well, from the attendant to the top
administrator." While recognizing the problems which may be
caused by volunteers, especially younger ones, the authors point
out the worth of volunteers to the hospital despite the potential
problems they bring. Overall, the different types of volunteers
"improve the physical and social environment" of the workplace,
"make direct and beneficial contacts with chronic patients," and
often "establish true innovations." After discussing the pros and
cons of volunteers and providing detailed guidance on how to
manage volunteers so as to minimize potential problems, the
authors advise the administrator and his or her staff how to
regard volunteers. "Both staff and administrator must constantly
keep in mind that volunteers are not personally helping them
[word in italics in original], but are helping the patients or
the community." Along with the technical management and
administrative guidance, such counsel is clearly relevant and
important in keeping perspective on the matter of volunteers.
The treatment of volunteers in a medical institution exemplifies
the comprehensive, empathetic, and experienced treatment of all
the subjects. Personnel -- whether professional, clerical,
service, or volunteer -- is obviously a major concern of any
institution and change in it. The structure of an institution is
another crucial concern. This is addressed under the heading
"decentralization through unitization." In the context of a large
public medical facility, decentralization "involves breaking up
the institution into semiautonomous units . . . ; each of which
is like a small community health center in that it is responsible
for serving a specific part of the community." As with the
subject of volunteers, the authors treat this subject of the
structure of the institution by examining its various sides,
discussing related personnel and administrative matters, relating
instructive anecdotes from their own experience, and in the end,
offering relevant and practical advice and actions whose sense is
apparent to the reader by this point.

Recognizing that the authors have faced many of the same
situations, decisions, pressures, challenges, and aims as they
have, top hospital and public-health administrators will no doubt
adopt many of the authors' recommendations for managing the
process of change. The content of the book as well as its style
(which is obviously meant to be helpful, sympathetic, and
realistic) offers the reader not only resolutions, but also
encouragement. The top hospital administrators and their staffs,
who are the main audience for "Dynamics of Institutional Change,"
will not find a better study and handbook to help them through
the changes their institutions are being called upon to undergo
to deal with the health concerns and problems of today's society.



                            *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *