/raid1/www/Hosts/bankrupt/TCREUR_Public/180717.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

           Tuesday, July 17, 2018, Vol. 19, No. 140


                            Headlines


F R A N C E

INSIGNIS SAS: S&P Assign Preliminary 'B' ICR, Outlook Stable


I R E L A N D

ANGLO IRISH BANK: McKillen Alleges Vendetta by Former Liquidators
AVOCA CLO XVI: Moody's Assigns (P)B2 Rating to Class F-R Notes
AVOCA CLO XVI: Fitch Rates EUR13.5MM Class F-R Debt 'B-(EXP)'
CADOGAN SQUARE XI: Fitch Assigns 'B-sf' Rating to Class F Debt
ST. PAUL'S II: Fitch Assigns 'B-sf' Rating to Class F Notes

ST. PAUL'S IV: Moody's Assigns B2 Rating to Class E Notes
ST. PAUL'S IV: Fitch Assigns 'B-sf' Rating to Class E Notes


N E T H E R L A N D S

DRYDEN 62: Moody's Assigns B2 Rating to Class F Notes
DRYDEN 62: Fitch Assigns 'B-sf' Rating to Class F Notes
PROMSVYAZ CAPITAL: Moody's Withdraws Ca Long-Term Issuer Ratings


R U S S I A

EUROPLAN JSC: Fitch Raises Long-Term IDR to BB, Outlook Stable
PROMSVYAZBANK: Moody's Affirms 'B2' Senior Debt & Deposit Ratings
VSK INSURANCE: Fitch Corrects July 12 Ratings Release


S P A I N

UFINET TELECOM: S&P Withdraws 'B' ICR, Outlook Stable


U N I T E D   K I N G D O M

ANGUS CEREALS: Enters Administration, Seeks Buyers for Business
GEMGARTO PLC 2018-1: Moody's Gives (P)Caa3 Rating to Cl. F Notes
JAGUAR LAND: Moody's Cuts CFR to Ba2, Outlook Stable
SCL ELECTION: Administrators Receive Four Acquisition Offers
* UK: Number of Company Failures Rises in Second Quarter 2018

* UK: Over a Quarter of Companies Hit with Customer Insolvency


                            *********



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F R A N C E
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INSIGNIS SAS: S&P Assign Preliminary 'B' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to French-incorporated higher education services
group Insignis SAS (INSEEC U). The outlook is stable.

S&P said, "We also assigned our preliminary 'B' issue rating to
the proposed EUR275 million term loan B and the proposed EUR25
million revolving credit facility (RCF). The recovery rating on
this debt is '3', indicating our expectation of meaningful
recovery prospects (50%-70%; rounded estimate: 50%) in the event
of payment default.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. Accordingly, the preliminary ratings should not be
construed as evidence of final ratings. If S&P Global Ratings does
not receive final documentation within a reasonable timeframe, or
if final documentation and final terms of the transaction depart
from materials and terms reviewed, it reserves the right to
withdraw or revise the ratings."

INSEEC U is a French private for-profit higher education group
serving 22,185 students. It provides from bachelor's degrees up to
doctorates across five main fields of study: business and
management, engineering sciences, digital and communication,
political sciences, and centers of excellence. For fiscal 2018
(ended June 30, 2018), the company estimates revenues of about
EUR217 million and EBITDA of about EUR44 million.

S&P said, "Our rating on INSEEC U primarily reflects its limited
size relative to its peers in the highly competitive and
fragmented private for-profit higher education industry. We
estimate INSEEC U's reported EBITDA will reach between EUR45
million and EUR50 million in fiscal 2019 (post restructuring
costs) versus between EUR65 million and EUR70 million for Galileo
Global Education (GGE) in fiscal 2018 (ending Dec. 31) and above
GBP90 million in fiscal 2018 (ending Nov. 30) for Global
University Systems (GUS). We factor in the tier 2 rankings of
INSEEC U schools, especially in France's business segment, where
the company competes with other larger private non-profit
institutions such as HEC, ESCP, ESSEC, as well as other private
for-profit schools such as Paris School of Business, which is part
of GGE."

The rating also incorporates the company's lack of geographical
diversity, with the majority of the group EBITDA coming from
France. French higher education is an attractive market, with the
private sector capturing 18% of French students in 2017, up from
13.9% in 2004. However, INSEEC U remains exposed to an unexpected
change in the French educational regulation framework. In
addition, a more stringent immigration policy could affect
international student enrollment, which currently represents 20%
of total students. However, approximately half of the
international students are European and therefore don't rely on
visa policies. Finally, S&P considers the group's earnings
concentration, with its top-three school brands generating more
than 50% of gross margin.

S&P said, "Similar to its peers in the industry, we believe INSEEC
U has good revenue visibility -- a positive factor, given that
students pay tuition fees in advance, and the group has no
reliance on public funding. Program lengths are between three and
five years, and average duration is 3.5 years with a retention
rate of 90%. In particular, we understand INSEEC U has secured 80%
of 2018 revenues from students already enrolled or set to enroll
in September and October 2018, which makes annual performance --
and credit metrics -- more predictable.

"We believe the group's strong brand and accreditations, such as
the Grade de Master, makes INSEEC U attractive for students. The
accreditation Grade de Master is the highest level of competency
for a diploma (Bac+5) that gives students a better recognition of
their master's degree in France and abroad as it is recognized at
the European level. INSEEC U also proposes a "Contrats Pro"
program in which students gain professional experience during
their studies. This type of contract is very attractive for
students as some of the tuition and fees are directly financed by
state run organizations called OPCAs, with INSEEC negotiating the
remaining fees directly with the companies where the students are
placed. We understand payment terms are longer with "Contrats Pro"
than standard student programs. This hinders the change in working
capital and ultimately the cash flow generation overall.

"Under our base-case scenario, we expect reporting free operating
cash flow (FOCF) to be at least break even in fiscal 2018 and
above EUR15 million in fiscal 2019 after the new factoring scheme
for professional contracts receivables is put into place. This
should generate working capital inflow of EUR10 million in fiscal
2019 versus an outflow of EUR17 million in fiscal 2018. We expect
INSEEC U's credit metrics will remain in our highly leveraged
financial risk category over the next couple of years, with pro
forma adjusted debt to EBITDA between 6.0x and 6.5x in fiscal 2019
(post refinancing), then decreasing toward 5.5x in 2020. We
exclude the group's convertible bonds from our debt adjustment and
treat them as equity in our calculation. Although, we understand
INSEEC U has no further merger and acquisition plans following the
transformative acquisition of Laureate France in 2016, we believe
the European higher education market is highly fragmented and in a
consolidation phase. As such, we anticipate INSEEC U could
participate in the sector consolidation on top of its organic
growth strategy."

In S&P's base-case scenario, it assumes:

-- GDP growth in France of about 1.7% in 2018 and 1.5% in 2019
    and in 2020. The private education sector tends to grow
    faster than GDP. Spending on education is one of the least
    discretionary household expenditures and relatively
    uncorrelated to GDP growth, with tuition fee increases
    outpacing the inflation rate.

-- Revenue growth between 3% and 5% in fiscal 2019-2020, on the
    back of increasing enrollment and tuition fee hikes.

-- An improvement in reported EBITDA between EUR45 million and
    EUR50 million in 2019 and above EUR55 million in 2020,
    including restructuring costs.

-- Reported EBITDA margin to increase between 21% and 23% in
    2019-2020, from 19% in 2018, on the back of topline growth,
    cost synergies from the full impact of Laureate integration,
    and reduced restructuring costs.

-- The new factoring scheme to generate a working capital inflow
    of EUR10 million in 2019, after a working capital outflow of
    negative EUR17 million in 2018 owing to the growing share of
    "Contrats Pro" enrollment, which is more working capital
    intensive than standard student enrollment.

-- Capital expenditures (capex) between EUR8 million and EUR12
    million in 2019-2020, which represent approximately between
    3.5% and 4.5% of the group's total revenues.

-- No shareholder remuneration or acquisitions.

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

-- After refinancing, S&P Global Ratings-adjusted leverage (debt
    to EBITDA) will be between 6.0x and 6.5x in 2019.

-- In the absence of further acquisitions, debt to EBITDA
    improving toward 5.5x in 2020.

-- Adjusted funds from operations cash interest coverage above
    3.0x in 2019 and 2018.

S&P said, "The stable outlook on INSEEC U reflects our expectation
that the company's reported EBITDA will be at least about EUR40
million in fiscal 2018 and between EUR45 million and EUR50 million
in fiscal 2019, after restructuring costs. We believe EBITDA
growth together with a working capital inflow coming from the
factored "Contrats Pro" receivables should markedly improve the
FOCF generation to about EUR30 million in 2019. The stable outlook
also captures our assumptions that S&P Global Ratings-adjusted
debt to EBITDA will be between 6.0x and 6.5x in post refinancing,
after less than 5.4x anticipated in fiscal 2018.

"We think potential rating downside would most likely result from
a lower operating performance that forecasted in our base case,
such as EBITDA growth did not materialize and FOCF would remain
negative or break even for next year. Rating pressure could also
come from a material increase in leverage beyond 6.5x, stemming
from a debt-funded acquisition or further shareholder
distribution.

"We view an upgrade as unlikely over the next 12 months. It would
hinge on the group committing to a more conservative financial
policy, leading us to consider the overall likelihood of
releveraging as remote. We could raise our rating on INSEEC if S&P
Global Ratings-adjusted debt to EBITDA decreases to below 5.0x on
a sustainable basis, together with sizable FOCF."



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I R E L A N D
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ANGLO IRISH BANK: McKillen Alleges Vendetta by Former Liquidators
-----------------------------------------------------------------
Charlie Taylor at The Irish Times reports that the liquidators of
the former Anglo Irish Bank are "flouting the duties imposed on
them" and have "harmed and continue to harm" developer Paddy
McKillen and his company Clarendon Properties, new US court
documents allege.

According to The Irish Times, the documents filed last week in the
Bankruptcy Court for the District of Delaware on behalf of Mr.
McKillen, his business partner Tony Leonard and Clarendon
Properties, state that the liquidators of Anglo, which later
became Irish Bank Resolution Corporation (IBRC), have violated the
statutory and common-law duties of care they owe the developer.

The documents filed last week in the Bankruptcy Court for the
District of Delaware on behalf of Mr. McKillen, his business
partner Tony Leonard and Clarendon Properties, state that the
liquidators of Anglo, which later became Irish Bank Resolution
Corporation (IBRC), have violated the statutory and common-law
duties of care they owe the developer, The Irish Times relates.

In the submission, the liquidators are accused of attempting to
"perpetuate and enforce an illegal obligation" that is "manifestly
contrary to US public policy", The Irish Times notes.

In the documents, representatives for Mr. McKillen claim IBRC's
liquidators are seeking to claim back the EUR45 million loaned to
the developer in 2008 as part of a transaction to reduce the
substantial stake that businessman Sean Quinn had built up in
Anglo, The Irish Times discloses.

Mr. McKillen, who claims the decision to go after him over the
loan is part of a vendetta, is seeking to have the former Anglo's
bankruptcy protection overturned in the US, The Irish Times
relays.

In the recently-filed legal documents, he claims he was pressured
by representatives of the lender into agreeing to become one of
the so-called Maple 10, a group of investors who bought shares in
2008 under an arrangement to reduce Mr. Quinn's shareholding, The
Irish Times notes.  Anglo later became the State-owned IBRC, The
Irish Times recounts.

Mr. McKillen owed the lender about EUR2 billion at the time he
agreed to be loaned EUR45 million to buy shares in the lender,
The Irish Times states.

                       About Anglo Irish

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).

The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del., Case No. 13-12159).  The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson.  Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.


AVOCA CLO XVI: Moody's Assigns (P)B2 Rating to Class F-R Notes
--------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Avoca CLO XVI Designated Activity
Company:

EUR3,000,000 Class X Senior Secured Floating Rate Notes due 2031,
Assigned (P)Aaa (sf)

EUR265,500,000 Class A-1R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR13,500,000 Class A-2R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR20,000,000 Class B-1R Senior Secured Fixed Rate Notes due 2031,
Assigned (P)Aa2 (sf)

EUR9,000,000 Class B-2R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR16,300,000 Class B-3R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR16,900,000 Class C-1R Deferrable Mezzanine Floating Rate Notes
due 2031, Assigned (P)A2 (sf)

EUR15,000,000 Class C-2R Deferrable Mezzanine Floating Rate Notes
due 2031, Assigned (P)A2 (sf)

EUR20,400,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2031, Assigned (P)Baa2 (sf)

EUR29,500,000 Class E-R Deferrable Junior Floating Rate Notes due
2031, Assigned (P)Ba2 (sf)

EUR13,500,000 Class F-R Deferrable Junior Floating Rate Notes due
2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the notes address the expected loss
posed to noteholders. The provisional 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 will issue 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 (the "Original Notes"), previously issued
on June 30, 2016 (the "Original Closing Date"). On the Refinancing
Date, the Issuer will use the proceeds from the issuance of the
Refinancing Notes to redeem in full its respective Original Notes.
On the Original Closing Date, the Issuer also issued EUR46.0M of
Subordinated Notes, which will remain outstanding.

The interest payment and principal repayment of the Class A-2R
(junior (P)Aaa (sf) rated) notes are subordinated to interest
payment and principal repayment of the Class X notes and the Class
A-1R notes.

Avoca CLO XVI is a managed cash flow CLO. At least 96% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 4% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and high
yield bonds. The underlying portfolio is expected to be 100%
ramped as of the Refinancing Date.

KKR Credit Advisors (Ireland) Unlimited Company ("KKR") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's 4.25 years reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
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. KKR'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 modelling assumptions:

Par Amount: EUR450,000,000

Defaults: 0

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling (LCC) of A1 or below. As per the portfolio constraints,
exposures to countries with a LCC of A1 or below cannot exceed
10%, with exposures to countries with a LCC of below A3 further
limited to 5%. Given the current composition of qualifying
countries, Moody's has assumed a maximum 5% of the pool would be
domiciled in countries with LCC of Baa1 to Baa3. The remainder of
the pool will be domiciled in countries which currently have a LCC
of Aa3 and above. Given this portfolio composition, the model was
run with different target par amounts depending on the target
rating of each class of notes as further described in the
methodology. The portfolio haircuts are a function of the exposure
size to peripheral countries and the target ratings of the rated
notes and amount to 0.75% for the Class X and A notes, 0.50% for
the Class B notes, 0.375% for the Class C notes and 0% for Classes
D, E and F.

Stress Scenarios:

Together with the set of modelling assumptions, Moody's conducted
an additional sensitivity analysis, which was an important
component in determining the provisional 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 3163 from 2750)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

Class C-1R Deferrable Mezzanine Floating Rate Notes: -2

Class C-2R Deferrable Mezzanine Floating Rate Notes: -2

Class D-R Deferrable Mezzanine Floating Rate Notes: -2

Class E-R Deferrable Junior Floating Rate Notes: -1

Class F-R Deferrable Junior Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

Class C-1R Deferrable Mezzanine Floating Rate Notes: -4

Class C-2R Deferrable Mezzanine Floating Rate Notes: -4

Class D-R Deferrable Mezzanine Floating Rate Notes: -2

Class E-R Deferrable Junior Floating Rate Notes: -2

Class F-R Deferrable Junior Floating Rate Notes: -3


AVOCA CLO XVI: Fitch Rates EUR13.5MM Class F-R Debt 'B-(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XVI DAC expected ratings, as
follows:

EUR3 million Class X: 'AAA(EXP)sf'; Outlook Stable

EUR265.5 million Class A-1R: 'AAA(EXP)sf'; Outlook Stable

EUR13.5 million Class A-2R: 'AAA(EXP)sf'; Outlook Stable

EUR20 million Class B-1R: 'AA(EXP)sf'; Outlook Stable

EUR9 million Class B-2R: 'AA(EXP)sf'; Outlook Stable

EUR16.3 million Class B-3R: 'AA(EXP)sf'; Outlook Stable

EUR16.9 million Class C-1R: 'A(EXP)sf'; Outlook Stable

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

EUR20.4 million Class D-R: 'BBB(EXP)sf'; Outlook Stable

EUR29.5 million Class E-R: 'BB(EXP)sf'; Outlook Stable

EUR13.5 million Class F-R: 'B-(EXP)sf'; Outlook Stable

EUR46 million subordinated notes: not rated

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

Avoca CLO XVI DAC is a cash flow collateralised loan obligation
(CLO). Net proceeds from the notes will be used to redeem the old
notes, with a new identified portfolio comprising the existing
portfolio, as modified by sales and purchases conducted by the
manager. The portfolio is managed by KKR Credit Advisors (Ireland)
Unlimited Company (formerly KKR Credit Advisors (Ireland)). The
refinanced CLO envisages a further 4.25-year reinvestment period
and an 8.5-year weighted average life.

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 31.9.

High Recovery Expectations

At least 96% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rating (WARR) of the
current portfolio is 68.8%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance.
The transaction also includes limits on maximum industry exposure
based on Fitch industry definitions. The maximum exposure to the
three largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management

The transaction features a 4.25-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

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 five 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.


CADOGAN SQUARE XI: Fitch Assigns 'B-sf' Rating to Class F Debt
--------------------------------------------------------------
Fitch Ratings has assigned Cadogan Square CLO XI D.A.C. ratings,
as follows:

EUR309.7 million Class A-1: 'AAAsf'; Outlook Stable

EUR13.6 million Class A-2: 'AAAsf'; Outlook Stable

EUR10 million Class B-1: 'AAsf'; Outlook Stable

EUR40 million Class B-2: 'AAsf'; Outlook Stable

EUR36.2 million Class C: 'Asf'; Outlook Stable

EUR27.8 million Class D: 'BBBsf'; Outlook Stable

EUR35.2 million Class E: 'BB-sf'; Outlook Stable

EUR14.7 million Class F: 'B-sf'; Outlook Stable

EUR47 million subordinated notes: not rated

Cadogan Square CLO XI D.A.C. 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
EUR534.2 million is being used to fund a portfolio with a target
par of EUR525 million. The portfolio is managed by Credit Suisse
Asset Management Limited. 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'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 32.1.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rating (WARR) of the
identified portfolio is 65.3%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the ratings is 20% of the portfolio balance. The
transaction also includes limits on maximum industry exposure
based on Fitch's industry definitions. The maximum exposure to the
three largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management

The transaction features a four-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch analysis is based on a stressed-case portfolio
with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

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 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.


ST. PAUL'S II: Fitch Assigns 'B-sf' Rating to Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO II D.A.C. notes final
ratings, as follows:

EUR241.5 million class A notes due 2030: 'AAAsf'; Outlook Stable

EUR40 million class B notes due 2030: 'AAsf'; Outlook Stable

EUR28.5 million class C notes due 2030: 'Asf'; Outlook Stable

EUR21.5 million class D notes due 2030: 'BBBsf'; Outlook Stable

EUR25 million class E notes due 2030: 'BBsf'; Outlook Stable

EUR11 million class F notes due 2030: 'B-sf'; Outlook Stable

EUR62 million subordinated notes due 2030: not rated

St. Paul's CLO II D.A.C. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes are being used to
redeem the old notes as the deal has been reissued for retention
purposes. The terms and conditions of the reissued notes are the
same as the original ones. The portfolio is actively managed by
Intermediate Capital managers Limited.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors at the 'B'
category. The Fitch-calculated weighted average rating factor
(WARF) of the underlying portfolio is 33, below the maximum
covenanted WARF of 34.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-calculated weighted average recovery rate (WARR)
of the identified portfolio is 68.35%, above the minimum
covenanted WARR of 63.28%.

Diversified Asset Portfolio

The issuer did not change the portfolio covenants, including a
minimum of 65 obligors. The covenanted maximum exposure to the top
10 obligors for assigning the expected ratings is 20% of the
portfolio balance. This covenant ensures that the asset portfolio
will not be exposed to excessive obligor concentration. The
transaction also includes limits on maximum industry exposure
based on Fitch's industry definitions. The maximum exposure to the
three-largest Fitch-defined industries in the portfolio is
covenanted at 37.5% (vs. market's 40%).

Limited Interest Rate Risk

Unhedged fixed-rate assets cannot exceed 10% of the portfolio
while there are no fixed-rate liabilities. Therefore the interest
rate risk is partially hedged.

Limited FX Risk

The transaction is allowed to invest up to 35% of the portfolio in
non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase.

RATING SENSITIVITIES

As the loss rates for the current portfolio are below those
modelled for the stress portfolio, the sensitivities shown in the
initial new issue report still apply.

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.


ST. PAUL'S IV: Moody's Assigns B2 Rating to Class E Notes
---------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to re-issued notes issued by St.
Paul's CLO IV Designated Activity Company:

EUR2,916,667 Class X Senior Secured Floating Rate Notes due 2030,
Assigned Aaa (sf)

EUR289,500,000 Class A-1 Senior Secured Floating Rate Notes due
2030, Assigned Aaa (sf)

EUR31,500,000 Class A-2A Senior Secured Floating Rate Notes due
2030, Assigned Aa2 (sf)

EUR22,500,000 Class A-2B Senior Secured Fixed Rate Notes due 2030,
Assigned Aa2 (sf)

EUR29,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned A2 (sf)

EUR24,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned Baa2 (sf)

EUR30,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned Ba2 (sf)

EUR14,300,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to note-holders by the legal final maturity of the notes in
2030. 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
relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's is
of the opinion that the collateral manager, Intermediate Capital
Managers Limited ("ICM"), has sufficient experience and
operational capacity and is capable of managing this CLO.

The Issuer issued the Notes in connection with the re-issuance of
the following classes of notes (the "Original Notes"): Class X
Notes, Class A-1 Notes, Class A-2A Notes, Class A-2B Notes, Class
B Notes, Class C Notes, Class D Notes, and Class E Notes, due
April 25, 2030 previously issued on 25 October 2017, pursuant to a
change in the approach used to address risk-retention regulatory
requirements.

St.Paul's CLO IV is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds.

ICM will manage the CLO. It will direct the selection, acquisition
and disposition of collateral on behalf of the Issuer and may
engage in trading activity, including discretionary trading,
during the transaction's reinvestment period which ends in October
2021. 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. ICM's investment decisions and management of the
transaction will also affect the notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled 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 note-holders.

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.

Moody's used the following base-case modelling assumptions based
upon an analysis of the May 2018 monthly report:

Par Amount: EUR 475,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2944

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 45.60%

Weighted Average Life (WAL): 7.8 years

Moody's notes that the June 2018 monthly report has been recently
issued. There is no material change in the key portfolio metrics
compared to the May 2018 portfolio.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling ratings of between A1 to A3 cannot exceed 10%.
Following the effective date, and given these portfolio
constraints and the current sovereign ratings of eligible
countries, the total exposure to countries with a LCC of A1 or
below may not exceed 10% of the total portfolio. The remainder of
the pool will be domiciled in countries which currently have a LCC
of Aa3 and above. Given this portfolio composition, the model was
run without the need to apply any portfolio par haircut as further
described in the methodology.

Stress Scenarios:

Together with the set of modelling assumptions, 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 3386 from 2944)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1 Senior Secured Floating Rate Notes: 0

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -1

Class D Senior Secured Deferrable Floating Rate Notes: 0

Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3827 from 2944)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -3


ST. PAUL'S IV: Fitch Assigns 'B-sf' Rating to Class E Notes
-----------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO IV Designated Activity
Company notes final ratings, as follows:

EUR2.9 million class X notes due 2030: 'AAAsf'; Outlook Stable

EUR289.5 million class A-1 notes due 2030: 'AAAsf'; Outlook Stable

EUR31.5 million class A-2A notes due 2030: 'AAsf'; Outlook Stable

EUR22.5 million class A-2B notes due 2030: 'AAsf'; Outlook Stable

EUR29 million class B notes due 2030: 'Asf'; Outlook Stable

EUR24.6 million class C notes due 2030: 'BBBsf'; Outlook Stable

EUR30.25 million class D notes due 2030: 'BBsf'; Outlook Stable

EUR14.3 million class E notes due 2030: 'B-sf'; Outlook Stable

EUR43.41 million subordinated notes due 2030: not rated

St. Paul's CLO IV Designated Activity Company is a cash flow
collateralised loan obligation (CLO). Net proceeds from the notes
have been used to redeem the old notes as the deal has been
reissued for retention purposes. The terms and conditions of the
reissued notes are the same as the original ones. The portfolio is
actively managed by Intermediate Capital managers 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 (WARF) of the
current portfolio is 32.79, below the indicative maximum covenant
of 34 for assigning the 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 current
portfolio is 67.67%, above the indicative minimum covenant of 64%
for assigning ratings.

Diversified Asset Portfolio

The transaction includes two Fitch matrices that the manager may
choose from, corresponding to the top 10 obligors being limited at
21.5%, which is the also the covenanted maximum exposure, and
unlimited. This covenant ensures that the asset portfolio will not
be exposed to excessive obligor concentration. The transaction
also includes limits on maximum industry exposure based on Fitch's
industry definitions. The maximum exposure to the three-largest
Fitch-defined industries in the portfolio is covenanted at 40%.

Limited Interest Rate Risk

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 4.7% of the target par.
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.

Limited FX Risk

The transaction is allowed to invest up to 30% of the portfolio in
non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase.

RATING SENSITIVITIES

As the loss rates for the current portfolio are below those
modelled for the stress portfolio, the sensitivities shown in the
initial new issue report still apply.

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.



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


DRYDEN 62: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Dryden 62 Euro CLO
2017 B.V.:

EUR270,000,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR47,250,000 Class B Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR30,375,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR22,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

EUR32,625,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR14,625,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Dryden 62 is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 80% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR 47.65M of Subordinated Notes which will not be
rated.

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

Methodology Underlying the Rating Action:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. PGIM Limited'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.

Par amount: EUR 450,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2820

Weighted Average Spread (WAS): 3.4%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 41.0%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. For countries which are not member of the
European Union, the foreign currency country risk ceiling applies
at the same levels under this transaction. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio. As a result and in conjunction with the
current foreign government bond ratings of the eligible countries,
as a worst case scenario, a maximum 10% of the pool would be
domiciled in countries with local or foreign currency country
ceiling of Baa1. The remainder of the pool will be domiciled in
countries which currently have a local or foreign currency country
ceiling of A3 or above. Given this portfolio composition, the
model was run with different target par amounts depending on the
target rating of each class as further described in the
methodology. The portfolio haircuts are a function of the exposure
size to peripheral countries and the target ratings of the rated
notes and amount to 1.5% for the Class A notes, 1.0% for the Class
B, 0.75% for the Class C, and 0% for Class D, Class E and F notes.

Stress Scenarios:

Together with the set of modelling assumptions, Moody's conducted
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 3243 from 2820)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Fixed Rate Notes: -2

Class C Mezzanine Secured Deferrable Floating Rate Notes: -2

Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F Mezzanine Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3666 from 2820)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -2

Class B Senior Secured Fixed Rate Notes: -3

Class C Mezzanine Secured Deferrable Floating Rate Notes: -4

Class D Mezzanine Secured Deferrable Floating Rate Notes: -3

Class E Mezzanine Secured Deferrable Floating Rate Notes: -2

Class F Mezzanine Secured Deferrable Floating Rate Notes: -3


DRYDEN 62: Fitch Assigns 'B-sf' Rating to Class F Notes
-------------------------------------------------------
Fitch Ratings has assigned Dryden 62 Euro CLO 2017 B.V.'s notes
final ratings, as follows:

Class A: 'AAAsf'; Outlook Stable

Class B: 'AAsf'; Outlook Stable

Class B-1: 'AA(EXP)sf'; Outlook Stable, withdrawn

Class B-2: 'AA(EXP)sf'; Outlook Stable, withdrawn

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

Dryden 62 Euro CLO 2017 B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes are
being used to purchase a portfolio of EUR450 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by PGIM Limited. The CLO envisages a 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL). The
transaction has been upsized by EUR50 million since Fitch assigned
expected ratings, distributed pro-rata between all the notes.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors to be in the
'B' range. The Fitch-weighted average rating factor of the
identified portfolio is 31.8.

High Recovery Expectations

At least 92.5% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 60%.

Interest Rate Exposure

Fixed-rate liabilities represent 10.5% of the target par, while
fixed-rate assets can represent up to 20% of the portfolio, with a
minimum at 10%. The transaction is therefore partially hedged
against rising interest rates.

Diversified Asset Portfolio

The transaction features different Fitch test matrices with
different allowances for exposure to the 10 largest obligors
(maximum 18% and 27.5%). The manager cannot interpolate between
these matrices. The transaction also includes limits on maximum
industry exposure based on Fitch's industry definitions. The
maximum exposure to the three-largest Fitch-defined industries in
the portfolio is covenanted at 40%.

Limited FX Risk

The transaction is allowed to invest up to 20% of the portfolio in
non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase. Unhedged non-
euro assets must not exceed 2.5% of the portfolio at any time.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

Classes B-1 and B-2 Ratings Withdrawn

The classes B-1 and B-2 were merged into one class B notes after
Fitch assigned expected ratings, based on the preliminary
structure presented to the agency before the pricing of the
transaction. Final ratings are assigned based on the final capital
structure. The agency has withdrawn the expected ratings assigned
to the class B-1 and B-2 notes as they are no longer expected to
convert to final ratings and assigned final rating to the class B
notes.

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 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.


PROMSVYAZ CAPITAL: Moody's Withdraws Ca Long-Term Issuer Ratings
----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings on
Promsvyaz Capital B.V.:

  - Long-term local-currency issuer rating of Ca

  - Long-term foreign-currency issuer rating of Ca

  - Short-term local-currency issuer rating of Not Prime

  - Short-term foreign-currency issuer rating of Not Prime

At the time of the withdrawal, the long-term local- and foreign
currency issuer ratings carried a developing outlook.

RATINGS RATIONALE

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

Promsvyaz Capital B.V. (PSC) is a non-operating holding company
which was incorporated as a private company with limited liability
under the laws of the Netherlands. As of June 30, 2017 (the latest
available data), the company's principal subsidiaries, which
contributed significant share to the group's assets (circa 98% of
total) and equity were Promsvyazbank (B2/B2 positive, caa2) and
Vozrozhdenie Bank (B3/B3 ratings under review, b3).



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


EUROPLAN JSC: Fitch Raises Long-Term IDR to BB, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded JSC Leasing company Europlan's Long-
Term Issuer Default Ratings (IDRs) to 'BB' from 'BB-'. The agency
has also affirmed the Long-Term IDRs of Baltic Leasing JSC
(BaltLease) at 'BB-' and Sollers-Finance LLC (SF) and Carcade LLC
at 'B+'. The Outlooks are Stable except on SF, which has a
Positive Outlook, reflecting that on one of its key shareholders.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

The upgrade of Europlan mainly reflects an extended track record
of operations under the current shareholder, Safmar Group
(previously known as B&N Group), who has not altered the company's
business model or strategy in a material way that would be
considered detrimental to its credit profile. In Fitch's view, the
potential for contagion risks previously factored into Europlan's
ratings have receded, while the company's risk appetite is
considered more rigorous compared with peers. Other aspects of the
credit profile, including financial factors, remained strong and
unchanged from the previous review.

The affirmation of BaltLease, Carcade and SF reflect overall
limited changes in each of the company's profiles since the last
review, although there has been a noticeable improvement in
Carcade's asset quality, especially after the implementation of
IFRS9, which resulted in increased reserve coverage of impaired
assets. The ratings continue to reflect their healthy through the
cycle performance in often challenging operating conditions,
relatively low credit losses helped by solid underwriting and
collection function, adequate liquidity positions and low
leverage.

Carcade's lower rating reflects its weaker margins, tighter
liquidity and sizable non-core equity exposure to an affiliated
entity. BaltLease's ratings factor in a somewhat riskier business
model with a significant share of less liquid leasing assets,
although its metrics have so far been good; and contagion risks
from its shareholder, Tactics Group (80% stake), due to the
latter's sizable debt raised to acquire a majority stake in the
company in 2015. SF's standalone assessment of 'B+' reflects its
narrow franchise and concentrated lease book.

The Positive Outlook on SF's IDRs mirrors that on the Long-Term
IDRs of PJSC Sovcombank (SCB; BB-/Positive/bb-), one of its key
shareholders, reflecting a potentially higher ability to support
SF, if needed.

The Russian leasing sector is very small relative to the banking
sector (about 3% of banking sector assets, according to Fitch
estimates) and dominated by state-owned and quasi-state companies
specialised generally in aircraft and railcars leasing. The
reviewed companies are smaller than the top-tier entities with a
combined market share of below 5%.

The four companies focus on providing smaller ticket leases to
SMEs for liquid motor vehicles (passenger cars, light commercial
vehicles (LCVs) and trucks, including buses), but some also
finance less liquid specialised machines (like cranes, bulldozers,
agricultural equipment) and illiquid equipment (e.g. production
lines). The companies' growth is typically sensitive to the
volatile Russian car market and will often exceed industry
averages. Total Russian car sales increased by a moderate 13% in
2017, and commercial vehicles by a more significant 30%,
underpinned by gradual economic recovery and state subsidies.
However, three of the companies demonstrated higher growth in 2017
(Europlan: 48%, BL: 30%, SF: 56%) seeing increasing demand for
leasing, driven mostly by the state subsidies to banks and leasing
companies to boost domestically-produced commercial vehicles
sales. In 2018 Fitch expects growth to moderate to about 10%-15%,
in line with lower car sales. Carcade grew by only 5%, as it
continued to work out its legacy problems.

Positively, the higher-growing companies reported only a modest
increase in leverage due to strong internal capital generation.
Debt/tangible equity (D/TE) ratios were at a comfortable 3.3x-3.6x
level at all companies at end-1Q18. However, Carcade's leverage is
higher (4.6x) if capital is adjusted for the equity investment in
affiliated Belarusian Idea Bank (23% of equity), which the company
received in 2017 in exchange for previous receivables from its
shareholder, Getin Holding. All companies could moderately
increase their D/TE ratios to around 4x-5x in 2018 as a result of
moderate growth amid a potentially high dividend payout, but this
level would still be commensurate with their ratings.

The companies' credit losses have been very low due to effective
foreclosure and sales of leased property. This is additionally
supported by (i) high down payments (typically equal to 20%-30% of
initial cost); (ii) significant diversification of the lease books
(more concentrated at SF); (iii) liquidity of the secondary market
(especially, for mid-range passenger cars and LCVs); and (iv) good
repossession rates. 2017-1Q18 default rates were low at Europlan,
BaltLease and SF (below 3%, according to Fitch estimates), but
higher at Carcade (around 7%). Conservative LTVs have translated
into zero or negligible final credit losses at Europlan, BaltLease
and SF, but slightly higher (1%-1.5%) at Carcade.

In 2017, Europlan, BaltLease and SF reported solid financial
results with ROAA of 5%, 5% and 7.5%, respectively, supported by
wide margins amid declining cost of funding and low credit costs.
Carcade's profitability moderately improved but remained weaker
(1%) due to somewhat higher funding costs and credit losses.

The four companies are predominantly funded by Russian banks (as
direct lenders or bondholders). Refinancing risks are contained by
the short tenors of lease books, which are largely matched by
funding maturities. Europlan, BaltLease and Carcade have
diversified borrowings, while SF is mainly funded by the
shareholder bank.

SENIOR DEBT RATINGS

The senior debt ratings are aligned with the companies' IDRs,
reflecting Fitch's view of average recovery prospects for
unsecured senior creditors in case of default. This in turn is
driven by the low to moderate proportion of company assets that
have been pledged to secured creditors (ranging from 21% at
BaltLease and Carcade to 42% at Europlan of their lease
portfolios).

SUPPORT RATING

SF's Support Rating of '4' reflects Fitch's view that the company
could potentially be supported by one of its shareholders, SCB, in
case of need. This view takes into account i) high integration
between the leasing company and the bank, with SF being the bank's
main leasing vehicle and issuing 15%-30% of new leases on a
monthly basis through the bank's branches since 4Q17; ii) the
significant volume of funding provided by SCB (70% of SF's
liabilities at end-1Q18); and iii) SF's very small size relative
to SCB (equal to less than 1% of assets), making any potential
support manageable for the shareholder. At the same time, SF's
Long-Term IDR remains one notch below SCB's, reflecting only 50%
ownership and the bank's intention to gradually decrease its share
of SF's funding, which makes support somewhat less certain, in
Fitch's view.

RATING SENSITIVITIES

Upgrades of the companies' ratings based on their standalone
assessment are unlikely in the near term given the still
challenging operating environment, expected increases in leverage
from renewed business growth, small concentrated franchise (SF),
modest performance (Carcade) and shareholder risks (BaltLease).

However, SF's support-driven Long-Term IDRs could be upgraded
following an upgrade of SCB, provided SF remains a core leasing
entity within the merged banking group after acquisition of
RosEvroBank by SCB. Conversely, the Positive Outlook on SF could
be revised to Stable should SCB's propensity to provide support to
SF weaken.

All the companies (except SF) could be downgraded if asset quality
and performance weaken significantly, to the extent that this
results in a marked increase in their leverage ratios or
compromises the quality of their capital. BaltLease could be also
downgraded if Fitch concludes that its strategy, risk appetite,
balance sheet structure or financial metrics are likely to
significantly weaken following shareholders actions, or if the
company becomes significantly exposed to related parties, non-core
assets or other contingent risks arising from the other assets of
its owner.

A downgrade of SF would require both deterioration in its
standalone financial profile and a weakening of SCB's propensity
(or ability) to provide timely support.

All four companies' senior debt ratings could be downgraded in
case of a downgrade of IDRs, or a marked increase in the
proportion of pledged assets, potentially resulting in lower
recoveries for the unsecured senior creditors in a default
scenario.

The rating actions are as follows:

JSC Leasing company Europlan

  Long-Term Foreign- and Local-Currency IDRs: upgraded to 'BB'
  from 'BB-'; Outlooks Stable

  Short-Term Foreign-Currency IDR: affirmed at 'B'

  Senior unsecured debt: upgraded to 'BB' from 'BB-'

Baltic Leasing JSC

  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB-';
  Outlooks Stable

  Short-Term Foreign-Currency IDR: affirmed at 'B';

  Senior unsecured debt of Baltic Leasing LLC: affirmed at 'BB-'

Sollers-Finance LLC

  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B+';
  Outlooks Positive

  Short-Term Foreign-Currency IDR: affirmed at 'B';

  Support Rating: affirmed at '4'

  Senior unsecured debt: affirmed at 'B+'; Recovery Rating 'RR4'

Carcade LLC

  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B+';
  Outlooks Stable

  Short-Term Foreign-Currency IDR: affirmed at 'B'

  Senior unsecured debt: affirmed at 'B+'; Recovery Rating 'RR4'


PROMSVYAZBANK: Moody's Affirms 'B2' Senior Debt & Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service affirmed the long-term foreign- and
local-currency senior unsecured debt and deposit ratings of
Promsvyazbank (PSB) at B2, and its long-term counterparty risk
ratings (CRR) at B1. Concurrently, Moody's upgraded PSB's baseline
credit assessment (BCA) to caa2 from ca, its adjusted BCA to caa2
from ca, and affirmed its long-term counterparty risk assessment
(CRA) at B1(cr) and foreign-currency senior unsecured MTN Program
at (P)B2. The outlook on the long-term debt and deposit ratings
has been changed to positive from developing.

In addition, Moody's affirmed PSB's short-term deposit ratings of
Not Prime, short-term CRA of Not Prime(cr) and short-term CRR of
Not Prime. The foreign-currency subordinated debt (ISIN:
XS0851672435 and XS1086084123) ratings were withdrawn given the
default of these bonds in 2017. The foreign-currency subordinated
MTN program rating and foreign-currency other short-term program
rating were withdrawn due to business reasons.

The rating action follows the crystallization of expected
government support in the form of a major recapitalization by the
Deposit Insurance Agency (DIA), partial transfer of problem
assets, and the disposal of Avtovazbank (AVB), leading to the
higher BCA. The positive outlook (previously developing) reflects
the reduced likelihood of insolvency and Moody's expectations of a
recovery in the bank's earnings over the next 12-18 months.

RATINGS RATIONALE

HIGHER BCA DRIVEN BY CAPITAL INJECTION AND IMPROVED LIQUIDITY

The upgrade in PSB's BCA to caa2 was driven principally by
substantial balance sheet improvements following the bank's
failure last year. After PSB's recapitalization of circa RUB244
billion by the DIA, the bank reported positive regulatory capital
for the first time this year and was compliant with minimal
capital adequacy requirements as of June 1, 2018. The bank's
common Equity Tier 1 ratio (N1.1) was 15.3%, over 800bps above the
regulatory thresholds including Basel III additional buffers for
systemically important banks (SIB).

In March 2018, the DIA injected equity of RUB113.4 billion and
became the 99.99% shareholder of PSB. This was financed by the
Central Bank of Russia (CBR) via the Banking Sector Consolidation
Fund (BSCF). In addition in May, the DIA contributed RUB130.8bn of
Russian sovereign bonds (OFZ), further boosting its Tier 1 equity
and liquidity . At the same time, the bank sold its shares in its
problematic subsidiary AVB to the CBR, providing another increase
to PSB's capital. In April-May, PSB reduced its other low quality
assets by transferring over RUB200 billion of problem loans to
CBR's "bad bank". By the end of 2018, PSB expects to receive an
additional RUB5 billion capital injection from the Government of
Russia (Ba1 positive).

PSB's customer deposits are now broadly stable and its liquidity
cushion is now ample exceeding 60% of total assets. During Q1
2018, the bank partially repaid funding from the CBR and is able
to redeem it in full by the end of this year. Moody's expects the
liquidity cushion to return to more normal levels as the bank
acquires new credit exposures.

REMAINING CREDIT CHALLENGES AND HIGH DEGREE OF UNCERTAINTY

Nevertheless PSB's BCA remains constrained by considerable
challenges. Despite the improvements, based on most recent local
GAAP reports, PSB's problem loan ratio remains very high as of
June 1, 2018. This suggests that further balance sheet
restructuring will be necessary, although the risks related to the
retained problem loans are mitigated by provisioning coverage of
96% as of the same date.

PSB's ability to re-build the bank's business and generate
sufficient recurring revenue will also be challenging. The bank's
new mandate as a vehicle for financing the defense industry adds
material uncertainty to its future franchise and financial
performance. The bank's management expects that PSB bank may
acquire up to RUB600-700 billion of credit exposure from other
Russian banks, in particular, Sberbank (Ba1 positive, ba1) and
Bank VTB, PJSC (Ba1 positive, b1). However, the source of funding,
respective capital needed for these acquisitions, as well as the
quality of acquired loans remain uncertain. In addition, PSB
currently makes more limited financial and non-financial
disclosures, which adds opacity and uncertainty for creditors.

WITHDRAWAL OF SUBORDINATED DEBT AND OTHER SHORT-TERM DEBT PROGRAM
RATINGS

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

GOVERNMENT SUPPORT

Moody's incorporates a very high likelihood of government support
for PSB's senior debt, deposit and counterparty risk ratings,
resulting in three notches of uplift from the BCA of caa2. This is
based upon the 100% state ownership of the bank, PSB's status as a
SIB, as well as a track record of financial support from the DIA
and CBR, both in terms of capital and funding.

WHAT COULD MOVE THE RATINGS UP/ DOWN

The bank's BCA could be upgraded if (1) the bank's return to a
sustainable and profitable business model becomes more certain;
and (2) the bank significantly reduces its exposure to problem
assets . An upgrade in the BCA may result in an upgrade in the
bank's ratings, but this will also depend on an updated assessment
of potential further government support.

The possibility of a downgrade to the bank's BCA is limited, as
indicated by the positive outlook on the ratings. Moody's may
change the outlook to stable if the bank fails to improve its
profitability or its loss-absorption capacity materially
deteriorates.

The ratings could be downgraded in the unlikely event that the
Russian government's overall capacity or propensity to render
support to SIBs in general or PSB in particular should diminish.

LIST OF AFFECTED RATINGS

Issuer: Promsvyazbank

Upgraded:

Adjusted Baseline Credit Assessment, Upgraded to caa2 from ca

Baseline Credit Assessment, Upgraded to caa2 from ca

Affirmations:

LT Bank Deposits, Affirmed B2, Outlook changed to Positive from
Developing

Senior Unsecured Regular Bond/Debenture, Affirmed B2, Outlook
changed to Positive from Developing

Senior Unsecured MTN Program, Affirmed (P)B2

LT Counterparty Risk Assessment, Affirmed B1(cr)

LT Counterparty Risk Rating, Affirmed B1

ST Bank Deposits, Affirmed NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

ST Counterparty Risk Rating, Affirmed NP

Withdrawal:

Subordinate, previously C (ISIN: XS0851672435), withdrawn

Subordinate, previously C (hyb) (ISIN: XS1086084123), withdrawn

Subordinate MTN Program, previously (P)C, withdrawn

Other Short-Term Program, previously (P)NP, withdrawn

Outlook Action:

Outlook, Changed to Positive from Developing


VSK INSURANCE: Fitch Corrects July 12 Ratings Release
-----------------------------------------------------
Fitch Ratings replaced a ratings release published on July 12,
2018 to correct that reinsurance arrangements were to increase the
gap between the gross and net claim case reserve, and not reduce
as previously stated.

The revised release is as follows:

Fitch Ratings has placed Russia-based VSK Insurance Joint Stock
Company's (VSK) ratings, including Insurer Financial Strength
(IFS) 'BB-' Rating, on Rating Watch Negative (RWN).

KEY RATING DRIVERS

The RWN follows a new requirement from July 10, 2018 by the
Russian Central Bank specifying the reserving methodology for
surety insurance in residential construction. As a result VSK will
need to establish claims case reserve for the surety policies
covering Urban Group's developers in the gross amount of RUB9.7
billion as of July 9, 2018, when the arbitration court of Moscow
region adjudged those developers bankrupt. The requirement to
establish this reserve creates a significant deficit in the
insurer's regulatory asset coverage and solvency metrics.

VSK views this regulatory risk as short-term and transitional in
nature and is currently working on counter-measures, including
raising subordinated debt from shareholders and/or purchase of
additional outwards reinsurance.

Based on standalone regulatory reporting, VSK had equity of
RUB19.9 billion and RUB3.7 billion cushion in its solvency margin
at end-March 2018. The insurer's solvency margin stood at 129% at
the same date. VSK's RUB4 billion bonds also have a put option in
October 2018, which may create further pressure on the insurer's
regulatory asset coverage metrics.

To cover VSK's potential asset and capital deficit due to the
reserve strengthening and to help the company manage the risk of
early bond repayment, VSK's shareholders informed Fitch of their
willingness to extend a subordinated loan to VSK jointly from the
insurer's majority individual shareholder and 49%-owner PJSC
Safmar Financial Investments. The insurer is also in the process
of assessing reinsurance arrangements to help increase the gap
between the gross and net claims case reserve established for
Urban Group.

Fitch understands from management that the subordinated loan may
take some time to materialise for VSK. Fitch also believes that
there is some degree of uncertainty related to the regulator's
prudential approach to the surety claims case reserve for VSK. The
next reporting dates are July 31, 2018 for asset coverage and
September 30, 2018 for the solvency margin.

Before the issuance of the new reserving regulation, VSK had
expected that it would need to establish claims case reserve for
Urban Group developers only after a list of creditors has been
identified. If an individual investor decides to sign up to the
list of creditors, this investor obtains the right to claim the
invested sum from the insurance company but simultaneously gives
up the right to obtain the property. Alternatively, individual
investors can choose not to sign up to the list of creditors but
wait for other groups of developers to take over Urban Group's
projects.

VSK had expected that most individual investors would choose the
second option in the case of Urban Group. The reasons are that the
invested and insured sums are lower than the cost of new
apartments and the completion ratio is relatively high across the
Urban Group portfolio insured by VSK. Based on the insurer's
assessment, 43% of Urban Group's buildings covered by VSK have a
completion ratio exceeding 80% and another 41% were completed at
between 39% and 80%.

Contrary to VSK's expectations, the Russian Central Bank has
required insurers to establish the claims case reserve for surety
risks in residential construction equal to the 100% of the sum
insured at the adjudication of a developer bankruptcy, before the
list of creditors has been established. The regulator has also
said that the claim case reserve may be reviewed later when this
list is available.

VSK expects to see a major reserve release after the list of
creditors has been compiled and therefore views the reserve
strengthening and consequent capital and asset deficit as short-
term risk and of a transitional nature. According to VSK's
assessment, this reserve release is likely to occur at end-2018.

RATING SENSITIVITIES

The Rating Watch will be resolved once Fitch has assessed the
regulatory compliance risk is eliminated for VSK. This will
manifest either in a major reserve release after a list of
creditors for Urban Group has been identified or in the conclusion
of funding agreements, including subordinated debt or reinsurance
agreements. Fitch will assess the impact of these funding
agreements on VSK's financial profile and ratings separately.

Alternatively, if the regulator acknowledges a breach of
regulatory metrics and takes action, VSK's ratings could be
downgraded by one or more notches.

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Negative

VSK Insurance JSC

  -- Insurer Financial Strength rating of 'BB-'

  -- Long Term Issuer Default Rating 'BB-'

  -- Senior unsecured long-term 'BB-'



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


UFINET TELECOM: S&P Withdraws 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Ufinet Telecom Holding SLU. The outlook on the rating was
stable at the time of the withdrawal.

At the same time, S&P withdrew its 'B' and '3' issue and recovery
ratings on Ufinet's senior secured debt.

The withdrawal follows the redemption of Ufinet's debt after the
successful acquisition of Ufinet Spain by Antin Infrastructure
Partners, and that of Ufinet International (the group's Latin
American operations) by funds managed by Cinven.



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


ANGUS CEREALS: Enters Administration, Seeks Buyers for Business
---------------------------------------------------------------
Business Sale reports that Angus Cereals Limited, a farming
co-operative with farmers across the east of Scotland, has entered
administration following a string of financial difficulties, and
ahead of this year's harvest.

Tom MacLennan -- tom.macLennan@frpadvisory.com -- and Iain Fraser
-- iain.fraser@frpadvisory.com -- from specialist business
advisory firm FRP Advisory LLP have been appointed as joint
administrators, and hope to secure a buyer in time for the
harvesting season, Business Sale relates.

According to Business Sale, Mr. Fraser, who noted that the
co-operative was a vital part of the agricultural community in
Scotland, said: "Unfortunately, it has not been possible to secure
the future viability of the business, and the board has been left
with no alternative but to appoint administrators.

"We are now actively seeking a buyer for the assets at Montrose,
and are hopeful that this can be secured in time for the 2018
harvest."


GEMGARTO PLC 2018-1: Moody's Gives (P)Caa3 Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to the Notes to be issued by Gemgarto 2018-1 Plc:

GBP[-]M Class A Mortgage Backed Floating Rate Notes due September
2065, Assigned (P)Aaa (sf)

GBP[-]M Class B Mortgage Backed Floating Rate Notes due September
2065, Assigned (P)Aa3 (sf)

GBP[-]M Class C Mortgage Backed Floating Rate Notes due September
2065, Assigned (P)A3 (sf)

GBP[-]M Class D Mortgage Backed Floating Rate Notes due September
2065, Assigned (P)Baa3 (sf)

GBP[-]M Class E Mortgage Backed Floating Rate Notes due September
2065, Assigned (P)Ba3 (sf)

GBP[-]M Class F Mortgage Backed Floating Rate Notes due September
2065, Assigned (P)Caa3 (sf)

GBP[-]M Class X Floating Rate Notes due September 2065, Assigned
(P)Ca (sf)

Moody's has not assigned a rating to the GBP[-]M Class Z Notes due
September 2065, which will also be issued at closing of the
transaction.

The portfolio backing the Class A to F Notes consists of UK prime
residential loans originated by Kensington Mortgage Company
Limited ("KMC", not rated). The loans were sold by KMC to Koala
Warehouse Limited (the "Seller", not rated) at the time of each
loan origination date. On the closing date, the Seller will sell
the portfolio to Gemgarto 2018-1 Plc. Approximately, [97.0]% of
the provisional pool have been originated during 2018. Class X
Notes are not backed by assets and are repaid from unused excess
spread in the transaction.

RATINGS RATIONALE

The ratings of the Notes take into account, among other factors:
(1) the performance of the previous transactions launched by KMC;
(2) the credit quality of the underlying mortgage loan pool; (3)
legal considerations; (4) credit enhancement by subordination of
Notes , the reserve fund and excess spread; as well as (5) the
ability to add new loans to the collateral pool during the
prefunding period before the first interest payment date (up to
[30]% of the final collateral pool) and during the four year
revolving period. The structure provides at closing for
subordination of asset-backed Notes of 16.0% for Class A; 11.0%
for Class B, 8.5% for Class C, 6.5% for Class D, and 3.0% for
Class E.

Expected Loss and MILAN CE Analysis

Moody's determined the MILAN credit enhancement (MILAN CE) and the
portfolio's expected loss (EL) based on the pool's credit quality.
The MILAN CE reflects the loss Moody's expects the portfolio to
suffer in the event of a severe recession scenario. The expected
portfolio loss of [2.1]% and the MILAN CE of [16.0]% serve as
input parameters for Moody's cash flow model and tranching model,
which is based on a probabilistic lognormal distribution.

Portfolio expected loss of [2.1]%: this is higher than the UK
Prime RMBS sector average of ca. 1.1% and was evaluated by
assessing the originator's limited historical performance data and
benchmarking with other UK Prime RMBS transactions. It also takes
into account Moody's stable UK Prime RMBS outlook and the UK
economic environment.

MILAN CE of [16.0]%: this is higher than the UK Prime RMBS sector
average of ca. 8.7% and follows Moody's assessment of the loan-by-
loan information taking into account the historical performance
available and the following key drivers: (1) Moody's classified
the loans as prime but borrowers in the portfolio may have
characteristics that would lead to a decline from a high street
lender; (2) the weighted average current loan-to-value (CLTV) of
[75.6]%; (3) the very low seasoning of [0.18] years; (4) the
absence of any right-to-buy, shared equity, fast track or self-
certified loans; (5) the ability to add new loans to the
collateral pool during the prefunding period before the first
interest payment date (up to [30]% of the final collateral pool)
as well as during the four year revolving period and portfolio
criteria to limit changes in portfolio characteristics during the
prefunding and the revolving period.

Transaction structure

At closing, the mortgage pool balance will consist of GBP[-]
million of loans. At closing, the Reserve Fund will be equal to
[2.1]% of the principal amount outstanding of Class A to F Notes
and will be reduced to [2.0]% of the original balance of Class A
to F Notes on the first interest payment date. This amount will
only be available to pay senior expenses, Class A to E Notes
interest and to cover Class A to E losses. The Reserve Fund will
not be amortising as long as the Class A to E Notes are
outstanding and will afterwards be released to the revenue
waterfall. If the Reserve Fund is less than [1.5]% of the
principal outstanding of Class A to F, a liquidity reserve fund
will be funded with principal proceeds up to an amount equal to
[2.0]% of Class A and B Notes outstanding.

Operational risk analysis

KMC will be acting as servicer and cash manager in the
transaction. In order to mitigate the operational risk, there will
be a back-up servicer facilitator (CSC Capital Markets UK Limited,
not rated, also acting as corporate services provider), and Wells
Fargo Bank International Unlimited Company (not rated) will be
acting as a back-up cash manager from close.

All of the payments under the loans in the securitised pool will
be paid into the collection account in the name of KMC at Barclays
Bank PLC ("Barclays", A2/P-1 and A2(cr)/P-1(cr)). There is a daily
sweep of the funds held in the collection account into the issuer
account. In the event Barclays rating falls below Baa3 the
collection account will be transferred to an entity rated at least
Baa3. There will be a declaration of trust over the collection
account held with Barclays in favour of the Issuer. The issuer
account is held in the name of the Issuer at Citibank N.A., London
Branch (A1/(P)P-1 and A1(cr)/P-1(cr)) with a transfer requirement
if the rating of the account bank falls below A3.

To ensure payment continuity over the transaction's lifetime the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available. In case of a cash manager termination event the back-up
cash manager appointed at closing will on short notice take over
the cash manager's obligations. The transaction also benefits from
principal to pay interest for Class A to E Notes, subject to
certain conditions being met.

Interest rate risk analysis

[100]% of the loans in the provisional pool are fixed-rate
mortgages, which will revert to three-month sterling LIBOR plus
margin between March 2019 and June 2023. The note coupons are
linked to three-month sterling LIBOR, which leads to a fixed-
floating rate mismatch in the transaction. To mitigate the fixed-
floating rate mismatch the structure benefits from a fixed-
floating interest rate swap. The swap will mature the earlier of
the date on which floating rating Notes have redeemed in full or
the date on which the swap notional is reduced to zero. BNP
Paribas (Aa3/P-1 and Aa3(cr)/P-1(cr)) acting through its London
Branch, is expected to act as the swap counterparty for the fixed-
floating interest rate swap in the transaction.

Stress Scenarios

Moody's Parameter Sensitivities: At the time the ratings were
assigned, the model output indicates that the Class A Notes would
still achieve Aaa (sf), even if the portfolio expected loss was
increased from [2.1]% to [4.2]% and the MILAN CE remained at
[16.0]%, assuming that all other factors remained the same.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's 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 and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied. Parameter
Sensitivities for the typical EMEA RMBS transaction are calculated
by stressing key variable inputs in Moody's primary rating model.

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

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

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

Significantly different loss assumptions compared with its
expectations at close due to either a change in economic
conditions from its central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecasted, higher
defaults and loss severities resulting from higher unemployment,
worsening household affordability and a weaker housing market
could result in a downgrade of the ratings. Deleveraging of the
capital structure or conversely a deterioration in the notes'
available credit enhancement could result in an upgrade or a
downgrade of the ratings, respectively.

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

Moody's issues provisional ratings in advance of the final sale of
securities, but these ratings only represent Moody's preliminary
credit opinion. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating.


JAGUAR LAND: Moody's Cuts CFR to Ba2, Outlook Stable
----------------------------------------------------
Moody's Investors Service has downgraded Jaguar Land Rover
Automotive Plc's (JLR) corporate family rating (CFR) to Ba2 from
Ba1 and its probability of default ratings to Ba2-PD from Ba1-PD
as well as all senior unsecured instrument ratings to Ba2 from
Ba1. The outlook is stable.

"The downgrade to Ba2 reflects JLR's continued deterioration in
its key credit metrics over the past three years and Moody's
expectation that a material improvement over the next two years is
rather unlikely given JLR's continued high investment needs
against the backdrop of a more challenging environment with rising
competitive pressure," says Falk Frey, a Senior Vice President and
lead analyst for JLR.

RATINGS RATIONALE

Most of JLR's key financials have continuously deteriorated e.g.
Moody's calculates an EBITA margin decline to 3.8% in FY2018
(ended March 31, 2018) from 4.4% in the previous year, 5.6% in
FY2016 and down from its peak of 11.1% in FY2014. The decline in
profitability - together with a continued rise in capital
expenditures - also impacted JLR's free cash flow generation (as
adjusted by Moody's) that turned to a negative GBP135 million in
FY2017 with an approximately GBP1.2 billion cash consumption in
FY2018.

In contrast to this downward trend in credit metrics most other
European manufacturers, including Volvo Car AB (Ba1 stable),
Peugeot S.A. (Ba1 stable) and Fiat Chrysler Automobiles N.V. (Ba2
stable) have demonstrated a positive trend in their credit
metrics. Consequently, JLR's credit metrics are no longer in line
with the Ba1 rating category.

There are a number of factors that help to explain JLR's
performance trend e.g. compared with other OEMs a higher reliance
on the UK market (18% of JLR's retail sales in FY2018) which is
experiencing a cyclical weakness in addition to the uncertainties
around the consequences of Brexit, a sharp decline in diesel sales
with JLR being overly exposed to compared to other OEMs. Also,
continuing high incentives especially in the US (North America
represents 21% of JLR's retail sales) as well as the steady
increase in investments for widening the product range,
alternative fuel vehicles, autonomous vehicles and the new plant
in Slovakia negatively impacted profits and cash flow generation.

Although, JLR has initiated cost efficiency measures in various
areas of the business Moody's caution that those initiatives will
result in a significant improvement in JLR's financials in the
next two to three years given the continued rise in investments
announced, a higher dividend payout, higher raw material prices as
well as a potential rise in US tariffs for imported vehicles.
Thus, Moody's anticipates further negative free cash flow
generation in the current year and the following financial year
and only modest improvement in JLR's profitability over the next
two years.

A disorderly Brexit scenario would have additional negative
effects on JLR's performance, driven by expected disruptions of
its supply chain, and the risk of tariffs being imposed by the EU
for exports from outside the EU. Should an unorderly Brexit
materialize, this would put additional pressure on the Ba2 rating
of JLR.

LIQUIDITY

JLR's liquidity profile as of March 30, 2018 is deemed as good.
Moody's expects the company will have sufficient cash sources,
comprising readily available cash, funds from operations and
undrawn committed credit lines to cover its cash uses over the
next 12-18 months, including a further increase in capex, debt
repayments, cash for day-to-day operations, working capital and
dividend payments. JLR has access to its GBP1,935 million
revolving credit facility due in July 2022 (undrawn as of March
30, 2018) with no financial covenants.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that JLR will be
able to stop the erosion in profitability and financial metrics in
its current fiscal year 2019 despite a further increase in
investments based on the successful new model launches and full
year availability of recent model introductions as well as the
initiatives taken to generate cost efficiencies.

The stable outlook also assumes that JLR will be able to weather
the challenging landscape as a result of heavy investment
requirements for (1) alternative propulsion technologies; (2)
autonomous driving; (3) the shift of production capacities towards
alternative fuel vehicles; (4) connectivity; as well as (5)
regulations relating to vehicle safety, emissions and fuel
economy.

WHAT COULD CHANGE THE RATINGS DOWN/UP

JLR's ratings could come under pressure in case of the company's
EBITA margin remaining below 4% (estimated at 3.8% for FY2018)
combined with the inability to reduce the material negative free
cash flow generation for a sustained period of time as well as an
increase in its Moody's-adjusted leverage ratio exceeding 3.0x. A
material weakening of JLR's liquidity profile would also lead to
pressure on its ratings.

Moody's could consider upgrading JLR's ratings to Ba1 in case of
(1) a substantial improvement in JLR's profitability to an
adjusted EBITA margin sustainably above 5.5%; (2) a return to
consistently positive free cash flow generation and (3) a
reduction in Moody's-adjusted leverage ratio to below 2.5x or
lower;

Headquartered in Coventry, UK JLR is a UK manufacturer of premium
passenger cars and all-terrain vehicles under the Jaguar and Land
Rover brands. In FY2018, JLR sold 614k units (retail volumes,
FY2017: 604k) and generated revenues of GBP25.8 billion (FY2017:
GBP24.3 billion).


SCL ELECTION: Administrators Receive Four Acquisition Offers
------------------------------------------------------------
Cynthia O'Murchu and Aliya Ram at The Financial Times report that
administrators for SCL Elections, an affiliate of Cambridge
Analytica, attempted to sell the company but only received four
proposals, including an offer for GBP1 for the scandal ridden data
firm's brand name, according to a corporate filing on
July 14.

Cambridge Analytica, SCL Elections and several other related
companies in May began Chapter 7 bankruptcy proceedings in the US
and filed for insolvency in the UK after the fallout from
revelations about Cambridge Analytica's role in a massive leak of
Facebook data, the FT relates.

In March, a former employee-turned-whistleblower revealed that up
to 87 million Facebook users had their data harvested, the FT
recounts.  The companies continue to be under investigation in the
US and the UK, the FT states.

A potential buyer offered GBP1 for the business and intellectual
property rights, the FT discloses.  The highest offer for the
business was GBP15,000 for the assets of SCL Elections, while
another interested party was willing to pay GBP1 for the
"Cambridge Analytica" brand, the FT notes.

The sale failed due to the group's tainted reputation and was
hampered by restrictions resulting from investigations into SCL
Elections, administrators claim, the FT says.

In March, the UK data watchdog raided the offices of SCL and
Cambridge Analytica in London and seized computers which contained
financial information, making it difficult for administrators to
ascertain the company's financial position, the FT relays, citing
the filing.

The administrators wrote that finding a buyer for SCL Elections'
business assets was difficult "due to the absence of credible
accounting records to include within a sales prospectus",
according to the FT.


* UK: Number of Company Failures Rises in Second Quarter 2018
-------------------------------------------------------------
Neil Craven at thisismoney.co.uk reports that the number of
company failures jumped in the second quarter of the year, driven
by the collapse of high street stores and restaurant chains.

The failures include budget store Poundworld and electronics shop
chain Maplin, thisismoney.co.uk notes.

Insolvencies in the period from April 1 to June 30 rose to 4,827,
an increase of 30 per cent on the same period the previous year,
according to Creditsafe, which monitors company health,
thisismoney.co.uk discloses.

The report tracks data in 12 sectors, including farming,
construction, banking and transport, thisismoney.co.uk states.

According to thisismoney.co.uk, Creditsafe said ten of the 12
sectors showed year-on-year rises in company failures.


* UK: Over a Quarter of Companies Hit with Customer Insolvency
--------------------------------------------------------------
Business Matters, citing new research, reports that over a quarter
of UK companies have suffered a hit to their finances following
the insolvency of a customer, supplier or debtor in the last six
months.

According to Business Matters, the research found the financial
impact of the insolvency of another business was described as
"very negative" by one in ten UK companies, and as "somewhat
negative" by 16% of respondents.

The figures are evidence of the so-called "domino effect", where
one company's insolvency will increase the insolvency risk for
others, Business Matters notes.

In Q1 2018, following a spate of high profile insolvencies
involving large companies such as Carillion or Toys R Us,
underlying insolvencies climbed 13% from the previous quarter,
Business Matters discloses.

Construction businesses were the most likely to say the insolvency
of another firm had had a negative impact on their finances in the
last six months, with almost half reporting a hit, Business
Matters states.

Official figures show that construction has been contracting over
recent quarters, with weaker growth in house prices slowing output
among housebuilders, and falling spending on infrastructure
reducing the sector's contribution to GDP, Business Matters
relays.

According to Business Matters, Andrew Tate, spokesperson for R3,
the business recovery association, said: "The construction
sector's networks of contractors, sub-contractors, sub-sub-
contractors, and so on mean that it is highly interconnected, with
the impact of one insolvency rapidly affecting other firms.  The
wholesale and transport sectors are both low-margin industries
exposed to the ups and downs of the retail arena in particular,
while the increasing demand for just-in-time logistics leaves
little margin for error in either sector."

Two-fifths of firms with turnover of between GBP5 million-GBP24.9
million reported a negative impact, while the levels for smaller
companies (up to GBP4.9 million turnover) were just under a
quarter, and 30% for larger companies (with turnover of GBP25
million+), Business Matters relates.

One in ten firms said the insolvency of a counterparty had not had
a material impact on their business, with just under half
reporting that none of their suppliers, customers or debtors had
entered an insolvency procedure in the past year, Business Matters
notes.



                            *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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                 * * * End of Transmission * * *