/raid1/www/Hosts/bankrupt/TCREUR_Public/180724.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 24, 2018, Vol. 19, No. 145


                            Headlines


B E L A R U S

BELARUS: Fitch Affirms Long-Term IDRs at 'B', Outlook Stable


C R O A T I A

TEHNIKA: Court Tosses Zagorje-Tehnobeton's Bankruptcy Petition


F R A N C E

BANIJAY GROUP: S&P Affirms B+ Long-Term ICR, Outlook Stable
HOLDIKKS SAS: S&P Lowers ICR to 'SD' on Missed Coupon Payment


I R E L A N D

BUBBACUE: Shuts Down 2 Outlets; Creditors to Meet on July 24
CONTEGO CLO V: Moody's Assigns B2 Rating to Class F Notes
VENTURE XXIII: Moody's Assigns Ba3 Rating to Class E-R Notes


I T A L Y

NEXI SPA: Moody's Withdraws Ba2 LT CFR on Company Reorganization


L U X E M B O U R G

CONTOURGLOBAL POWER: S&P Assigns BB Rating on EUR750MM Sec. Notes
INTELSAT SA: S&P Raises Corp Credit Rating to CCC+, Outlook Neg.


M A C E D O N I A

MACEDONIA: Fitch Affirms 'BB' Long-Term IDR, Outlook Positive


N E T H E R L A N D S

BARINGS EURO 2018-2: Fitch Rates Class F Notes 'B-(EXP)sf'
KOOS HOLDING: S&P Assigns Preliminary 'B' ICR, Outlook Stable
STEINHOFF: Creditors Agree to Hold on Debt Claims for Three Years


R U S S I A

KOSMOS ENERGY: Fitch Hikes IDR & Sr. Sec. Notes Rating to 'B+'
MEGAFON PJSC: Moody's Puts Ba1 CFR Under Review for Downgrade
SOCIETY SOUTH: Put on Provisional Administration, License Revoked
TAGILBANK JSC: Put on Provisional Administration, License Revoked


T U R K E Y

VOLKSWAGEN DOGUS: Fitch Cuts LT IDRs to BB+, Outlook Negative


U K R A I N E

BANK FORUM: DFG to Resume Payments to Depositors


U N I T E D   K I N G D O M

AVATION PLC: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
BOTL WINE: Financial Difficulties Prompt Administration
CHARTWELL TRUSTEE: High Court Enters Liquidation Order
POUNDWORLD: Founder, Steve Smith Table Final Offer for Business
RBP GLOBAL: Moody's Confirms B3 CFR & Alters Outlook to Negative


                            *********



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B E L A R U S
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BELARUS: Fitch Affirms Long-Term IDRs at 'B', Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Belarus's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B' with a Stable
Outlook.

KEY RATING DRIVERS

Belarus's ratings balance improving macroeconomic stability,
strong structural profile in terms of income per capita and human
development indicators, and a clean debt repayment record against
low foreign exchange reserves, relatively subdued growth
prospects, a government debt burden highly exposed to foreign
currency risks, a weak banking sector, high external indebtedness
and weak governance indicators relative to rating peers.

Belarus's cyclical recovery has been stronger than anticipated.
Growth reached 2.4% in 2017 and could accelerate further to 3.5%
in 2018 supported by reduced external financing constraints,
growth in Russia and other trading partners and strong domestic
consumption and investment performance. Fitch expects growth to
moderate to 2.5% and 2.0% in 2019 and 2020, below the forecast
3.6% and 3.3% for the current 'B' median. A large public sector
(estimated at 47% of GDP in 2017) with high leverage and
productivity challenges weighs on medium-term growth prospects,
which is a rating weakness.

The policy mix is broadly consistent with improved macroeconomic
stability. Inflation remains low, falling to 4.1% in June on an
annual basis, and Fitch expects this to average 6.0% in 2018,
almost half the 2016 level and in line with the National Bank
end-year objective. The success of the National Bank's strategy
to move toward a fully-fledged inflation targeting regime and
reach 5% inflation by 2020 will depend on sustaining policy
consistency, and improving monetary policy transmission channels
through continued progress in the reduction of financial
dollarisation (67% of deposits) and quasi-fiscal programme
lending.

Near-term financing risks remain manageable. After repaying an
USD800 million Eurobond in January, the remaining 2018 USD1.6
billion debt maturities will be covered by the proceeds of the
February USD600 million Eurobond issuance, local market debt
roll-overs, foreign currency revenues (custom duties and oil
proceeds) and multilateral financing. The government's strong
cash position (USD5.01 billion) can provide short-term financing
flexibility, but this cannot be fully used without a sharp drop
in international reserves

Foreign currency debt amortisation and interest payments will
remain high, averaging USD3.4 billion in 2019-2020. Sustained
reduction in refinancing risks will depend on continued progress
on diversifying external sources of financing, refinancing
opportunities of bilateral debt (Russia) and the pace of local
market development. The government is working towards accessing
the rouble and Chinese yuan market in the near term. Fitch does
not factor an IMF programme into its forecasts.

Gross international reserves equalled USD6.9 billion at the end
of May, up by USD300 million since mid-2017. Fitch expects them
to remain close to this level in 2018 and average USD6.7 billion
in 2019-2020. Hence, external liquidity is likely to remain among
the weakest in the 'B' rating category. However, net reserves
continue to improve, reaching USD2.8 billion in June 2018. This
reflects not only gross reserves' growth but also a reduction in
National Bank short-term liabilities, including foreign currency
loans.

Current accounts deficits will remain contained. Fitch expect the
current account deficit to increase to 2.6% of GDP in 2018 and
3.5% in 2019, broadly in line with the current forecast 'B'
median, reflecting increased imports related to the completion of
the nuclear power plant (NPP) project. Higher trade deficits have
been partly balanced by a rising services surplus, which in turn
reflect rising computer services exports that reached USD1.2
billion in 2017 and increased 33% yoy in 1Q18. Net debt external,
at 46% of GDP, and external debt service, 16% of current external
payments (CXR), remain significantly above rating peers levels.

The officially reported consolidated government accounts
reflected a 2017 surplus of 3% of GDP. However, adjustments in
terms of expenditure related to the NPP (2.2% of GDP), execution
of guarantees and bank recapitalisation/problem loan resolution
costs result in an adjusted GG deficit of 0.2% of GDP. Fitch
expects the adjusted GG deficit to increase to 2.6% of GDP and
3.5% in 2018 and 2019, respectively, reflecting a lower
officially-reported general government surpluses (1.6% and 1.4%
of GDP), higher NPP expenditure (2.8% and 3.3% of GDP), and
materialisation of guarantees and in Fitch's view, potential
costs related to the bank sector clean-up.

Fitch estimates that government debt (including guarantees of
9.5% of GDP) reached 52.5% of GDP at end-2017. Belarus's debt is
highly exposed to currency volatility (90% is foreign currency-
denominated). Fitch includes government guarantees in its total
debt calculations, due to the high likelihood that the government
will need to meet state-owned enterprises' repayment obligations.
Weaker macroeconomic performance and exchange volatility could
create fiscal risks for public finances due to the large presence
of SOEs in the economy. The large presence of the public sector
(65% of assets) in the financial sector creates fiscal risks for
the sovereign, due to the potential need of further capital
injections, execution of guarantees and issuance of securities in
exchange for loan transfers.

Pressures on the financial sector have eased, reflecting
improvements in the macroeconomic conditions, improved
capitalisation levels and stabilisation of asset quality. NPLs
(the three riskiest categories) have stabilised around 13% since
2H17. In Fitch's view, asset quality could be weaker when
assessed in terms of IFRS impaired loans. Authorities introduced
macroprudential measures in May in response to rapid household
credit growth.

Political power is concentrated in the hands of President
Lukashenko, who has been in power since 1994, and Fitch assumes
that Lukashenko will remain in power over the medium term. In the
aftermath of the resolution of the gas price dispute, bilateral
relations with Russia are currently stable. Russia is a key
partner for Belarus from a trade, financing and political
perspective.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Belarus a score equivalent to a
rating of 'BB-' on the Long-Term Foreign Currency (LTFC) IDR
scale. Fitch's sovereign rating committee adjusted the output
from the SRM to arrive at the final LTFC IDR by applying its QO,
relative to rated peers, as follows:

  - Macro: -1 notch, to reflect weaker medium-term growth
prospects relative to rating peers.

  - External finances: -1 notch, to reflect a high gross external
financing requirement, low net international reserves, and
reliance on often ad hoc external financial support from Russia
to meet external obligations, which is vulnerable to changes in
bilateral relations. Belarus's net external debt/GDP is high.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three year-
centred averages, including one year of forecasts, to produce a
score equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead
to positive rating action are:

  - Sustained increase in international reserves supported by
    further progress in diversification in external financing
    sources.

  - Fiscal consolidation at the broader government level, leading
    to a reduction in public debt/GDP and/or contingent
    liabilities.

  - Sustained improvement in Belarus's medium-term growth
    performance in the context of macroeconomic stability, for
    example stemming from implementation of structural reform
    agenda.

The main factors that could, individually or collectively, lead
to negative rating action are:

  - Re-emergence of external financing pressures and erosion of
    international reserves.

  - Increased macroeconomic instability, for example due to
    weakening in the coherence or credibility of economic policy.

  - Deterioration in public finances resulting in a significant
    rise in government debt or contingent liabilities

KEY ASSUMPTIONS

Fitch's assumes that Belarus will receive ad-hoc financial
support from Russia.

Fitch assumes that the Russian economy will grow 1.8% in 2018,
1.9% in 2019 and 1.5% in 2020.

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'B'; Stable Outlook

Long-Term Local-Currency IDR affirmed at 'B'; Stable Outlook

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

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'B'

Issue ratings on long-term senior-unsecured foreign-currency
bonds affirmed at 'B'



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C R O A T I A
=============


TEHNIKA: Court Tosses Zagorje-Tehnobeton's Bankruptcy Petition
--------------------------------------------------------------
SeeNews reports that Tehnika said on July 20 Croatia's High
Commercial Court has dismissed a request for the launch of
bankruptcy proceedings against the construction company filed by
Zagorje-Tehnobeton.

The High Commercial Court has dismissed an appeal submitted by
Zagorje-Tehnobeton against a lower court's decision to reject the
company's request to declare Tehnika insolvent, a construction
company, as cited by SeeNews, said in a filing with the Zagreb
Stock Exchange.

According to SeeNews, the High Commercial Court found the appeal
of Zagorje-Tehnobeton as unfounded.  In April, the Zagreb
Commercial Court said the request for the launch of
bankruptcy proceedings of Tehnika was unfounded as the total
value of the assets of the company exceeded its liabilities,
SeeNews recounts.

Tehnika said in February that Zagorje-Tehnobeton is seeking its
bankruptcy over what is described as "unfounded" debt claims,
SeeNews relays.  The construction company explained that
Zagorje-Tehnobeton is not a creditor of the company, SeeNews
notes.

Earlier in February, Tehnika said it suffered a consolidated net
loss of HRK141.8 million (US$22.3 million/EUR19.2 million) in
2017 versus a profit of 926,300 kuna in the prior year, partially
due to the crisis in Croatia's ailing Agrokor concern, SeeNews
discloses.



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F R A N C E
===========


BANIJAY GROUP: S&P Affirms B+ Long-Term ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit
rating on French TV production company Banijay Group SAS. The
outlook is stable.

S&P said, "We also affirmed our 'B+' issue rating on the group's
EUR365 million senior secured notes, the EUR60 million term loan
A, and the EUR35 million revolving credit facility (RCF). The
recovery rating on this debt is '3', indicating our expectation
of meaningful recovery in the 50%-70% range (rounded estimate:
65%) in the event of payment default.

"We affirmed the ratings because although we consider that
Banijay's stand-alone creditworthiness has weakened, due to
higher-than-anticipated work capital outflows and one-off
operating challenges, this does not impact our ratings on the
company, since they were previously constrained by our assessment
of the wider group's credit quality at 'b+'."

Banijay operates in the competitive and fragmented film and
television programming industry, and is exposed to the inherent
volatility of viewers' tastes. Demand and pricing for Banijay's
content is linked to the broadcasters' performance, but also, to
a lesser extent, to unexpected events such as reputational risk.
The company's decision to cancel the latest KOH LANTA season
following allegations of sexual harassment will weigh on the
group's profitability in 2018. Excluding this one-off item, S&P
expects Banijay's profitability will remain above the industry's
average, thanks to active cost control and a high proportion of
recurring programs with a high-margin rate coming from the
nonscripted segment. Although the majority of Banijay's catalogue
is nonscripted and primarily consists of daily shows, the company
plans to develop scripted formats over the coming years. The
expansion into scripted follows demand for high-quality scripted
content, which typically works very well on over-the-top (OTT)
platforms like Netflix and Amazon.

This gradual shift could weigh on the EBITDA margin and on
working capital due to the longer production cycle and more-
capital-intensive nature of scripted shows versus nonscripted
shows. S&P said, "In 2017, Banijay's FOCF decreased to EUR20
million from more than EUR35 million in 2016, driven by higher-
than-expected working capital, although we understand EUR12.6
million is related to a tax-credit effect. We view the timing of
production and deliveries, together with the growth of scripted
shows, as more working-capital intensive, and therefore we
anticipate more volatility in FOCF overtime. Our previous
assessment of Banijay's SACP at 'bb-' was supported by the
company's expected FOCF of about EUR50 million annually, which we
no longer believe it will reach in the next 12 months. As such,
we revised downward our assessment of Banijay's stand-alone
credit profile (SACP) to 'b+' from 'bb-'."

S&P said, "Our rating is also based on Banijay's current capital
structure, including the EUR60 million term loan A (amortized
down to EUR56 million in 2018), the EUR365 million senior secured
notes, and the EUR8 million RCF currently drawn. We understand
the group will repay the EUR25 million of outstanding convertible
bond provided by Vivendi and issued at the Banijay Group Holding
level by the end of the year. We forecast that the group will
have aggressive debt leverage over the next couple of years, with
S&P Global Ratings-adjusted debt to EBITDA of about 4.5x in 2018,
reducing toward 4.0x in 2019. We also include in our debt
calculation the earn-out and put-option liabilities."

Banijay is part of a wider group, whose main consolidated asset
is Banijay. S&P views the wider group's credit quality as similar
to Banijay's at 'b+'.

S&P said, "The stable outlook on Banijay reflects our expectation
that in the next 12 months, the group's adjusted debt to EBITDA
will be about 4.5x and will decline to below 4.0x by the end of
2019. The stable outlook also captures our assumptions that the
group's EBITDA growth will be driven by a growing TV production
market and the full consolidation effect of acquisitions, while
profitability will slightly decline, owing to a higher share of
revenues from scripted shows and the impact of nonrecurring
items.

"We could lower our rating on Banijay if its operating
performance falls materially below our expectations of revenue
growth of 10% and adjusted EBITDA margins of between 12% and 14%
for 2018 and 2019, resulting in an adjusted debt-to-EBITDA ratio
increasing to above 5.0x on a prolonged basis. We could also
lower the rating if this leads to FOCF materially falling short
of our forecast of EUR20 million for 2018. In addition, if we
consider that the controlling shareholder's creditworthiness is
deteriorating, we could also lower the rating.

"Upside is unlikely over the next 12 months. However, we could
raise our rating on Banijay if its performance is stronger than
our abovementioned forecast, leading the company to generate more
than EUR50 million of recurring FOCF annually while reducing
leverage. However, any upside would also hinge on our observation
of a significant improvement in the controlling shareholder's
credit quality."


HOLDIKKS SAS: S&P Lowers ICR to 'SD' on Missed Coupon Payment
-------------------------------------------------------------
S&P Global Ratings said that it lowered its issuer credit rating
on HoldIKKS SAS, the parent company of French premium fashion
retailer IKKS Group SAS (collectively IKKS), to 'SD' (selective
default) from 'CCC-'.

S&P said, "At the same time, we lowered our issue rating on the
group's senior secured notes to 'D' (default) from 'CCC-'. The
'4' recovery rating is unchanged, reflecting our expectation of
average recovery prospects (30%-50%; rounded estimate: 30%) in
the event of default.

"We also lowered our long-term issue rating on IKKS' EUR33
million super senior revolving credit facility (RCF) to 'CCC-'
from 'CCC+'. The '1' recovery rating is unchanged, reflecting our
expectation of very high recovery prospects (90%-100%; rounded
estimate: 95%) in the event of a payment default.

"We removed all ratings from CreditWatch negative, where we had
placed them on June 7, 2018.

"The downgrade reflects our understanding that, on July 16, 2018,
IKKS missed a coupon payment on its EUR320 million senior secured
notes due 2021. We lowered our issuer credit rating on IKKS to
'SD', rather than 'D', because we understand that IKKS remains
current on the payment obligations under its super senior
revolving credit facility."

Earlier in July, the company had obtained consent from more than
half of its bondholders to forbear their enforcement right until
Oct. 20 on the nonpayment of its July coupon. The signing of this
standstill agreement by a majority of over 50% is sufficient to
ensure that the bondholders will not accelerate the repayment of
the senior secured notes on the nonpayment of this coupon.

S&P said, "Under our criteria, we consider all of the above to be
tantamount to a default, because we do not expect IKKS to make a
payment within the grace period of 30 days.

"We believe that IKKS' decision to forgo its interest payment is
intended to ensure that the company has sufficient liquidity for
the purchases of its autumn/winter collection. At the same time,
we understand that IKKS is in the process of refinancing and
upsizing its fully drawn EUR33 million RCF that matures in July
2019."

Earlier this year, IKKS had breached its financial covenant for
the quarter ending December 2017, and failed to file its year-end
2017 audited financial statements with its lenders within the
stipulated deadline. On July 5, the company had entered into a
standstill agreement with its RCF lenders, according to which the
latter agreed to forbear their enforcement rights with regard to
the above-mentioned defaults until Oct. 20.

The issuer credit rating will remain at 'SD' until the payments
resume according to the terms of the notes or the financial
obligations have been restructured.



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I R E L A N D
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BUBBACUE: Shuts Down 2 Outlets; Creditors to Meet on July 24
------------------------------------------------------------
Independent.ie reports that barbecue restaurant chain Bubbacue
has ceased trading at its two outlets in Belfast.

The closures follow a creditors' voluntary liquidation (CVL)
notice, the report says.

The business opened its first restaurant in the city's Callender
Street in 2012 and opened a second Bubbacue in the heart of the
Queen's Quarter last summer, according to Independent.ie.

"Regretfully, Bubbacue is now officially closed," a Facebook post
on the company site read on July 16, Independent.ie relays.

"We want to thank all of our amazing employees and customers for
all of their support over the years. It has been a pleasure
serving slow smoked barbecue to Belfast."

In November, the owners said the success of their newest
restaurant on Botanic Avenue would see them grow into the
Republic of Ireland, Independent.ie recalls.

Its recent CVL stated that a meeting of creditors will take place
on July 24 at insolvency practitioners, Keenan CF, on Gloucester
Street, Belfast, in a bid to outline the "terms on which the
liquidators are to be remunerated," according to Independent.ie.

The business' full creditors list is expected to be available at
the offices on the 10th floor of Victoria House days prior to the
meeting, the report adds.


CONTEGO CLO V: 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 Contego CLO V
Designated Activitiy Company:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class B-1 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR30,000,000 Class B-2 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR20,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior 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, Five Arrows
Managers LLP has sufficient experience and operational capacity
and is capable of managing this CLO.

Contego CLO V 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 90% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

Five Arrows will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk 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. Five Arrows' 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 400,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2769

Weighted Average Spread (WAS): 3.4%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

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 A1 or below cannot exceed 10%, with
exposures to countries local currency country risk ceiling
ratings of Baa1 to Baa3 further limited to 2.5%. As a worst case
scenario, a maximum 7.5% of the pool would be domiciled in
countries with LCC of A3 and 2.5% in countries with LCC of 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 0.375% for the
Class A Notes, 0.25% for the Class B-1 and B-2 Notes, 0.1875% for
the Class C Notes and 0% for Classes D, 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 3184 from 2769)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

Class C Senior Secured Deferrable Floating Rate Notes : -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3600 from 2769)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

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

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

Class C Senior Secured Deferrable Floating Rate Notes : -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2


VENTURE XXIII: Moody's Assigns Ba3 Rating to Class E-R Notes
------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
refinancing notes issued by Venture XXIII CLO, Limited:

US$261,300,000 Class A-R Senior Secured Floating Rate Notes,
Assigned Aaa (sf)

US$48,200,000 Class B-R Senior Secured Floating Rate Notes,
Assigned Aa2 (sf)

US$20,100,000 Class C-R Mezzanine Secured Deferrable Floating
Rate Notes, Assigned A2 (sf)

US$24,100,000 Class D-R Mezzanine Secured Deferrable Floating
Rate Notes, Assigned Baa3 (sf)

US$15,230,000 Class E-R Junior Secured Deferrable Floating Rate
Notes, Assigned Ba3 (sf)

The Class A-R Notes, the Class B-R Notes, the Class C-R Notes,
the Class D-R Notes and the Class E-R Notes are referred to
herein, collectively, as the "Rated Notes."

RATINGS RATIONALE

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The 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.

Venture XXIII CLO, Limited is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated
first lien senior secured corporate loans. At least 90% of the
portfolio must consist of senior secured loans, cash, and
eligible investments, and up to 10% of the portfolio may consist
of second lien loans and unsecured loans.

MJX Asset Management LLC, will direct the selection, acquisition
and disposition of the assets on behalf of the Issuer and may
engage in trading activity, including discretionary trading,
during the transaction's two year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal
payments and proceeds from sales of credit risk assets, subject
to certain restrictions.

In addition to the Rated Notes, there will be subordinated notes
issued on the original closing date. 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 performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $400,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 47%

Weighted Average Life (WAL): 6.5 years

Stress Scenarios:

Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was a component in
determining the 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 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), assuming that all other factors are
held equal:

Percentage Change in WARF -- increase of 15% (from 2800 to 3220)

Rating Impact in Rating Notches

Class A-R Senior Secured Floating Rate Notes: 0

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

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

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -1

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

Percentage Change in WARF -- increase of 30% (from 2800 to 3640)

Rating Impact in Rating Notches

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

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

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -3

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

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



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


NEXI SPA: Moody's Withdraws Ba2 LT CFR on Company Reorganization
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 Long-Term
Corporate Family Rating (CFR) of Nexi S.p.A.; the rating action
follows the reorganization of the Nexi group at the initiative of
its shareholders (i.e. a consortium of funds managed by Advent
International, Bain Capital Private Equity and Clessidra). The
CFR rating had a stable outlook at the time of withdrawal.

RATINGS RATIONALE

On July 1, Nexi reorganized its activities, with the spin-off of
its regulated banking activities to its shareholders, leading to
the withdrawal of the CFR on the originally rated company Nexi.

The senior unsecured and backed senior unsecured ratings of the
notes issued by Nexi's issuing vehicle, Mercury BondCo Plc, were
withdrawn on July 12 following the redemption of the notes on
July 2.



===================
L U X E M B O U R G
===================


CONTOURGLOBAL POWER: S&P Assigns BB Rating on EUR750MM Sec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level and '2' recovery
ratings to ContourGlobal Power Holdings S.A.'s new EUR750 million
senior secured notes. This amount is spread across two tranches:
a EUR450 million 3.375% tranche due 2023 and EUR300 million
4.125% tranche due 2025. Per its announcement, ContourGlobal will
use the proceeds largely to refinance its 5.125% senior secured
notes maturing in 2021 on more favorable terms.

ContourGlobal's outlook remains positive. S&P revised the outlook
to positive in May 2018 based on its expectation that metrics
would improve during the next 18 months as a result of recent
acquisitions, including a portfolio of 250 megawatts of parabolic
trough solar assets in Spain that benefit from a feed-in tariff.
S&P believes these acquisitions have been credit supportive, and
the refinancing is likely to incrementally improve forward-
looking metrics due to lower interest expenses.

  RATINGS LIST

  ContourGlobal Power Holdings S.A.
       Corporate credit rating         BB-/Positive/--

Issue Rating Assigned; Recovery Rating Assigned

  ContourGlobal Power Holdings S.A.
    EUR750 mil senior secured notes    BB
       Recovery rating                 2(80%)


INTELSAT SA: S&P Raises Corp Credit Rating to CCC+, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on
Luxembourg-based Intelsat S.A. to 'CCC+' from 'SD'. The outlook
is negative.

S&P said, "The upgrade follows our review of Intelsat following
its repurchase of around $600 million in face value of its
subsidiary Intelsat (Luxembourg) S.A.'s 7.75% senior notes due
2021. The company had repurchased the notes at a discount to par,
which we considered tantamount to a default under our criteria
because the lenders received less value than originally promised.
While the transaction has reduced the company's interest expense
and improved its cash flow, it only decreased its leverage by
0.1x because Intelsat partly funded the transaction with around
$400 million of its recently issued 4.5% convertible notes due
2025 (the company also recently issued around $230 million of
equity).

"The negative outlook reflects the potential for a lower rating
over the next year depending on our confidence in the company's
ability to refinance its sizable debt maturities in 2020 and
beyond and the potential for additional debt buybacks at a
discount.

"We could lower the rating if growth from Epic (the company's
high-throughput satellite platform) does not significantly
materialize over the next year, resulting in minimal or negative
FOCF and lessening our confidence in the company's ability to
refinance its sizable upcoming debt maturities. Absent positive
developments, we could lower the rating when the $2.2 billion of
notes due at Intelsat Jackson become current after October 2019.
Alternatively, we could lower the rating if the company
repurchases additional debt maturities at a discount.

"While unlikely over the next 12 months, we could revise the
outlook to stable or raise the rating if the company
significantly grows Epic, which returns network services to a
more moderate growth profile and enables the company to
significantly reduce leverage and materially improve FOCF. Under
this scenario, we would have increased confidence in the
company's ability to refinance future debt maturities. In
addition, the company would also need to refrain from buying back
debt at a discount."



=================
M A C E D O N I A
=================


MACEDONIA: Fitch Affirms 'BB' Long-Term IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Macedonia's Long-Term Foreign and
Local-Currency Issuer Default Ratings (IDR) at 'BB'. The Outlook
is Positive.

KEY RATING DRIVERS

Macedonia's ratings are supported by a track record of coherent
macroeconomic and financial policy, which underpins its
longstanding exchange rate peg to the euro. The Positive Outlook
reflects a more stable political environment that has increased
economic confidence, realigned policy direction towards EU
accession, and strengthened international relations.

The coalition government led by the Social Democrats (SDSM) has
made credible progress acting on policy commitments since
assuming office in June 2017. Urgent initiatives set out under
its "3-6-9" reform plan, addressing issues in transparency and
independence of public institutions, have largely been
implemented. Fiscal transparency has also improved. In addition,
initial steps have been undertaken to enhance the business
environment for SMEs.

Steadfast progress has been made regarding the long-standing name
issue with Greece after both countries' governments signed an
agreement on a solution to the name dispute and the establishment
of a strategic partnership on June 17, 2018. Following a second
round vote held by the Macedonian parliament to ratify the
agreement, overturning President Gjorge Ivanov's veto, Greece
formally endorsed its support for Macedonia's accession to EU and
NATO membership. Consequently, the EU Council has now agreed to
set out a path for opening accession negotiations in June 2019,
while NATO has formally invited Macedonia to become its 30th
member on the conditionality the name dispute is successfully
resolved.

A successful resolution to the name dispute will require a change
in Macedonia's constitution, for which a referendum is planned to
be held later this year. In Fitch's opinion, results of the
referendum pose an uncertain political outlook. This will be a
big test for the SDSM government, which faces strong opposition
from former ruling party and nationalists VMRO-DPMNE.

1Q GDP surprised on the downside, with growth slowing to 0.1%
yoy, compared with 1.2% the previous quarter. This is attributed
predominately to contracting investment, weighed down by a weak
recovery in the construction sector that has recorded successive
quarters of negative growth since 1Q17. On the other hand, other
sources of domestic growth have been positive. Accommodative
financing conditions are supporting positive credit growth and
household consumption, while a favourable external environment is
supporting activity in export-orientated sectors.

Fitch's latest baseline is for GDP growth of 2.7% in 2018, 3.1%
in 2019 and 3.5% in 2020. A weak 1Q outturn has meant a downward
revision to its previous 2018 forecast of 3.1%. However, an
environment of continued political stability and gradual recovery
in investment will increase medium-term growth.

Macedonia's business climate, according to the World Bank's Ease
of Doing Business Survey, stands out as significantly better than
the median of its current 'BB' peer group, and supports a stable
net inflow of FDI and dynamic export performance. However,
structural rigidities in the economy constrain a higher growth
potential. Further reforms in the labour market are required.
Unemployment is structurally high at 21.9% (end 2017), reflecting
a large informal economy. Low productivity growth and skills
mismatches present a challenge to the labour market outlook.

Inflation remains relatively contained. Higher oil prices in 2017
led to a pick-up in both headline and core inflation, but this
has eased in recent months as inflation expectations remain
anchored by exchange rate stability. Fitch's forecast is for
average inflation of 1.8% in 2018, from 1.7% in 2017. For 2019-
2020, Fitch expects higher average inflation of around 2.0%,
driven by both demand and supply side factors (e.g. from higher
wage growth, demand for imported goods and services, and higher
global commodity prices).

Macedonia's fiscal finances remain broadly in line with the
current 'BB' category median. For 2018, Fitch is forecasting
Macedonia's fiscal deficit at 2.6% of GDP. Its downward GDP
revision means Fitch anticipates lower revenue receipts than
government estimates. This is combined with its projection for an
under-execution of government capital spending.

Fitch forecasts general government debt at 42.3% of GDP at end-
2018 from 39.2% of GDP at end-2017. Despite a projected narrowing
of the primary fiscal deficit, the higher debt ratio reflects
Macedonia's EUR500 million Eurobond issuance in January 2018, of
which EUR92 million was used to buyback part of a 2020 Eurobond.
For 2019-2020, further measures in fiscal consolidation will be
required. Fitch's latest debt dynamics project a gradual upward
trending debt trajectory. Meanwhile, government guarantees on
state-owned enterprises, estimated by authorities at 9.9% of GDP
for 2018, highlight a wider definition of general government
liabilities.

Macedonia's current account deficit (CAD) narrowed to 1.1% of GDP
in 2017, from 2.8% of GDP in 2016. However, as the domestic
recovery gains traction over the medium term, Fitch projects a
widening of the CAD towards 2.6% of GDP, reflecting higher
imports of investment related goods, a normalisation of the
cyclical upswing of trading partners, as well as higher profit
repatriation from foreign companies. Wider CADs are expected to
be comfortably financed by net inflows of FDI, but will also
contribute towards increasing Macedonia's net external debtor
position, which at 27.7% of GDP at end-2017 is significantly
wider than most net external debtors in its current peer group.

Macedonia's banking sector remains stable. Banks are well
capitalised (average capital adequacy ratio 16.4%, 1Q18), liquid
with a system loan-to-deposit ratio at 87% (1Q18), and improving
asset quality is underpinned by declining non-performing loans
(5.1%, 1Q18 vs 6.3% end 2017) that are well provisioned for
(123.9%, 1Q18). Trends in both loan growth and deposits have been
positive, benefiting from a more stable political and economic
environment.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Macedonia a score equivalent to a
rating of 'BB+' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term IDR by applying its QO,
relative to rated peers, as follows:

  - Structural Features: -1 notch, to reflect Fitch's assessment
that risks to political stability are still assessed to be higher
than in the current 'BB' peer group following the extended 2014-
17 political crisis.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main risk factors that, individually or collectively, could
lead to an upgrade are:

  - An improvement in governance standards and further reduction
in political risk, for example through a track record of
political stability, implementation of key institutional reforms
and/or progress towards EU accession.

  - A medium-term fiscal consolidation programme consistent with
a stabilisation of the public debt/GDP ratio.

The main factors that could, individually or collectively, lead
to a stabilisation of the Outlook include:

  - Adverse political developments that affects governance
standards, the economy and/or government policy direction.

  - Fiscal slippage or the crystallisation of contingent
liabilities that increases risks to the sustainability of the
public finances.

  - A widening in the current account deficit that exerts
pressure on foreign currency reserves and/or the currency peg
against the euro.

KEY ASSUMPTIONS

Fitch assumes that Macedonia will continue to pursue monetary,
fiscal and financial policies consistent with its currency peg to
the euro.

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook
Positive

Long-Term Local-Currency IDR affirmed at 'BB'; Outlook Positive

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

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'BB+'

Issue ratings on long-term senior unsecured foreign-currency
bonds affirmed at 'BB'

Issue ratings on long-term senior unsecured local-currency bonds
affirmed at 'BB'

Issue ratings on short-term senior unsecured local-currency
bonds affirmed at 'B



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


BARINGS EURO 2018-2: Fitch Rates Class F Notes 'B-(EXP)sf'
----------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2018-2 B.V. expected
ratings, as follows:

EUR229 million Class A-1A: 'AAA(EXP)sf'; Outlook Stable

EUR5 million Class A-1B: 'AAA(EXP)sf'; Outlook Stable

EUR14 million Class A-2: 'AAA(EXP)sf'; Outlook Stable

EUR8 million Class B-1A: 'AA(EXP)sf'; Outlook Stable

EUR10 million Class B-1 B: 'AA(EXP)sf'; Outlook Stable

EUR15 million Class B-2: 'AA(EXP)sf'; Outlook Stable

EUR13.3 million Class C-1: 'A(EXP)sf'; Outlook Stable

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

EUR18 million Class D: 'BBB(EXP)sf'; Outlook Stable

EUR30 million Class E: 'BB(EXP)sf'; Outlook Stable

EUR12.5 million Class F: 'B-(EXP)sf'; Outlook Stable

EUR36.7million subordinated notes: not rated

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

Barings Euro CLO 2018-2 B.V. is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior
unsecured, mezzanine, and second-lien loans. A total expected
note issuance of EUR406.5 million will be used to fund a
portfolio with a target par of EUR400 million. The portfolio will
be managed by Barings (U.K) Limited. The CLO envisages a 4.1-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 32.43.

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 65.46%.

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's industry definitions. The maximum exposure to
the three largest (Fitch-defined) industries in the portfolio is
covenanted at 39%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

Portfolio Management

The transaction features a 4.1-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.


KOOS HOLDING: S&P Assigns Preliminary 'B' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Koos Holding Cooperatief U.A., the parent of
Netherlands-based holiday park operator Roompot. The outlook is
stable.

S&P said, "At the same time, we assigned our preliminary 'B+'
issue rating with a recovery rating of '2' to the proposed EUR30
million revolving credit facility (RCF) and EUR266 million term
loan B (TLB) to be issued by Rouge Beachhouse, a 100%-owned
subsidiary of Koos Holding Cooperatief U.A. The recovery rating
reflects our expectation of substantial recovery (70%-90%;
rounded estimate: 70%) in a default scenario.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. 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 time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, shareholder loan terms,
utilization of the loan proceeds, maturity, size and conditions
of the loans, financial and other covenants, security, and
ranking.

"Our preliminary rating reflects Roompot's position as leading
Dutch value-for-money holiday park operator with a strong
presence in the coastal area, which has high barriers to entry.
The preliminary rating also captures its highly leveraged capital
structure, relatively small scale, and limited geographic and
segment diversification. However, we value Roompot's ability to
generate material and positive free operating cash flow (FOCF),
supported by flexibility in adjusting capital expenditures
(capex) if operating performance becomes weaker than we currently
expect."

Roompot generates more than 70% of its revenues from operating 32
holiday parks (30 in the Netherlands and two in Germany), with
around 20% coming from third-party booking partnerships with
about 130 parks throughout Europe (mostly Dutch), for which
Roompot acts as an agent by selling stays on partnership parks
mostly through its website.

With an over 50-year history, Roompot has a long-established
position in the competitive but resilient Dutch holiday park
market. It is the second-largest player after Landal GreenParks
(part of Wyndham Vacation Rental Europe), with about a 19% market
share. S&P particularly values its leading position on the Dutch
coastal area, which has high barriers to entry because the number
of attractive locations is limited and the government regulates
new openings there.

In addition, S&P believes that Roompot benefits from solid brand
awareness, since about 84% of the bookings are through
proprietary channels and it records high occupancy rates -- above
90% during the summer months.

The business model is highly seasonal, with about 70% EBITDA
generated in the summer months. However, Roompot has good
visibility over revenues and cash flow generation as holidays are
booked and paid in advance and the capex cycle is relatively
short. S&P believes it provides flexibility to adjust capex in a
scenario of weak operating performance or any unexpected external
events.

With reported revenues of around EUR340 million and reported
EBITDA of EUR57 million in 2017, Roompot is however, relatively
small compared to peers in the broader lodging space. Moreover,
the company's geographic and segment diversification is limited,
with about 80% of revenues and EBITDA generated in the
Netherlands by Roompot-branded holiday parks. S&P said, "We
factor in our analysis the lodging sector's inherent cyclicality
and competitiveness, including new disruptive business models
such as private rental accommodations and the travel and leisure
industry's exposure to global security and financial events.
Hence, we believe Roompot's lack of scale and diversification
provides limited headroom for any unexpected underperformance or
event risk."

In 2016, the private equity firm PAI acquired Roompot. Since
then, management has initiated a broad refurbishment program to
enhance its offerings and grow revenue per available room
(RevPAR) to benefit from Roompot's scalable business model,
developed new premium park ownerships, and entered into new park
partnerships to improve the Roompot brand. In addition, the
financial sponsor identified an opportunity of optimizing the
group's complex opco (operating companies)-propco (property
companies) corporate structure, lowering the interest costs.

S&P bases its analysis and assessment approach for deriving its
issuer credit rating on the consolidated financials of Koos
Hoolding Cooperatief U.A., the parent of Roompot. This group
includes properties outside of the restricted group involved in
the proposed refinancing. Roompot refers to this consolidated
group, while opco refers to the restricted group and propco
refers to the entity owning the real estate assets outside of the
restricted group.

The opco's proposed capital structure includes a EUR30 million
RCF and EUR266 million TLB. It will allow for a refinancing of
the current EUR135 million unitranche debt facility at the opco,
partial refinancing for EUR92 million of current propco debt
(with embedded real estate assets moving to the opco), and the
acquisition of real estate assets from third parties for EUR39
million.

S&P said, "We view Roompot's proposed capital structure, pro
forma the refinancing, as highly leveraged and we expect S&P
Global Ratings-adjusted debt-to-EBITDA will be about 6.0x-6.4x in
the next 12 months post-refinancing. Our debt calculation
includes about EUR394 million of consolidated financial debt and
is adjusted for about EUR123 million in operating lease
obligations. We anticipate that the company will show moderate
deleveraging in the short- to medium-term. We forecast
conservative earnings growth largely driven by the premiumization
initiative, including the development of the luxury brand Largo
resorts and its expected positive impact on RevPAR, as well as an
increase in the number of accommodations.

"Nonetheless, we anticipate healthy adjusted EBITDA interest
coverage of above 2.0x over the medium term. We believe Roompot's
refurbishment plan will support at least a stable adjusted EBITDA
margin of above 20%, and materially positive FOCF thanks to its
relatively limited capex needs, and favorable working capital
dynamics.

"The stable outlook on Roompot reflects our expectation of good
operating performance following the ongoing refurbishment of its
park portfolio. We expect RevPAR to grow, which will support
revenue increases by about 4%-6% annually, margins remaining at
least stable, and materially positive FOCF in the medium term.
The stable outlook also hinges on our anticipation that Roompot
would maintain adequate liquidity by reducing its capex spending
if operating performance is worse than we currently expect.

"We could lower the rating over the next 12 months if the
company's FOCF generation weakened and turned neutral or
negative, and liquidity weakened. This would likely occur if
operating performance deteriorates or overinvesting in capex.
Rating pressure could also arise if adjusted debt-to-EBITDA
increases towards 7.0x as result of underperformance or
leveraging transactions to pursue acquisitions or to return cash
to shareholders.

"We see rating upside as remote over the next 12 months, given
that the preliminary rating is currently constrained by its
highly leveraged capital structure and financial sponsor
ownership. We could take a positive rating action if the
company's leverage declined below 5.0x on a sustainable basis,
supported by a conservative financial policy. Ratings upside
would also depend on Roompot generating sustainably robust FOCF
and no material debt-funded acquisitions or exceptional
shareholder distributions."


STEINHOFF: Creditors Agree to Hold on Debt Claims for Three Years
-----------------------------------------------------------------
Nqobile Dludla and Tanisha Heiberg at Reuters report that
Steinhoff International Holdings NV's creditors have agreed to
hold on their debt claims for three years, the embattled retailer
said on July 20, throwing a lifeline for the South African
retailer caught in the throes of an accounting scandal.

According to Reuters, the company said the parties will now seek
to implement the restructuring within three months, the retailer,
which has more than 40 retail brands including Conforama,
Poundland and Mattress Firm.

Steinhoff is fighting for survival after revealing multi-billion
euro holes in its balance sheet that wiped more than 90% off its
market value and forced it to sell assets to fund working
capital, Reuters discloses.

The agreement would give the firm's subsidiaries three years
breathing space without debt repayments, paving the way for the
company to restructure EUR9.4 billion (GBP8.5 billion) of debt,
Reuters states.

The company said in a statement under the terms of the
restructuring deal, the company's external debt would be restated
at par and be given a common maturity date of three years from
the completion of the restructuring agreement, Reuters relates.

The crisis-hit retailer also said on July 20 it had received 91%
approval from its Hemisphere lenders, Reuters notes.

Steinhoff International Holdings NV's registered office is
located in Amsterdam, Netherlands.



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


KOSMOS ENERGY: Fitch Hikes IDR & Sr. Sec. Notes Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded Kosmos Energy Ltd.'s Issuer Default
Rating to 'B+' from 'B'. The Outlook is Stable. The company's
senior secured notes have been upgraded to 'B+' from 'B' with a
Recovery Rating of 'RR4'.

The upgrade reflects the company's stronger operational profile
following its asset acquisition in Equatorial Guinea (EG) in late
2017 and the strong performance of these assets in the year to
date. It also factors in the positive outlook for Kosmos's core
assets in Ghana (B/Stable), and more clarity regarding the
potential final investment decision (FID) on the Tortue gas
project operated by BP plc (A/Stable). The 'B+' rating also takes
into account Kosmos's conservative borrowing, liquidity and
hedging policies. The company has a favourable debt maturity
profile with no debt due until 2021, and Fitch expects its
leverage to remain relatively low through the cycle.

The rating is currently constrained by Kosmos's relatively high
concentration of producing assets in Ghana and potential
execution risks associated with the Tortue project. The project
could provide further upside to Kosmos's credit profile once
execution risks have reduced and it has moved closer to the first
gas, which is currently expected in 2021.

KEY RATING DRIVERS

EG Assets Provide Early Upside: The offshore EG assets were
acquired by Kosmos through a JV with Trident Energy in late 2017.
They have significantly enhanced the company's operational and
financial profile, and their strong performance is one of the
reasons for the upgrade. In particular, Fitch notes higher than
expected production and reduced production costs. Fitch now
expects a full year dividend of around USD220 million from the
JV, net to Kosmos, in 2018. The strong performance of the EG
assets should significantly reduce the transaction's payback
period and have a positive impact on Kosmos's financial position.

Ghana Set for Growth: Kosmos and its partners should be able to
further ramp up production in Ghana, where the company has two
producing assets - Jubilee and TEN. Rising volumes at TEN will be
driven by two additional wells drilled in 2018, bringing the
gross output closer to the producing vessel's (FPSO) capacity of
80 mbpd, vs. 65mbpd recorded in 1H18.

Jubilee FPSO Risks Low: The rectification works on the Jubilee
FPSO following the turret-bearing issue revealed in 1H16 have
largely been completed. A final shutdown is expected around end-
2018 to rotate the FPSO and install the final spread mooring
anchoring system. Fitch views execution risks related to the
procedure as low. The turret issue does not restrict daily output
beyond the downtime associated with the shutdowns and Jubilee is
currently producing at a rate above 100 mbpd on a gross basis,
providing confidence that Kosmos will receive four cargos in 2H18
and meet its guidance of seven cargos in 2018.

Solid Balance Sheet: Kosmos has remained committed to
conservative financial policies, which should enable the company
to resort to acquisitions, such as the EG assets, and fund new
projects with little threat to its credit profile. Its
conservative hedging policy is also an important element of its
credit strength as it provides more stability to short-term cash
flows. Fitch expects Kosmos's funds from operations (FFO)
adjusted net leverage to remain below 2.5x in 2018-19 though
Fitch also assumes a temporary spike in 2020-21 due to possible
investments associated with the Tortue FID. However, this should
reduce as the Tortue project has moved to the production phase.

Strong Liquidity: A distinguishing feature of Kosmos's credit
profile over the downturn has been the company's very strong
liquidity position, mainly represented by unutilised portion of
committed credit facilities. Fitch sees these liquidity buffers
as important as they allow small E&P companies to deal with
unexpected operational issues and to execute their capital
programmes under unfavourable crude price scenarios. Kosmos's
recent refinancing of the reserve based lending facility three
years prior to its maturity date and extending its maturity into
2025 is positive from a credit perspective.

Tortue Set For FID: The Tortue gas project in offshore Mauritania
and Senegal could be transformational for Kosmos, although the
upside is more likely to be reflected in the rating as the
project moves closer to start-up by end-2021. Kosmos discovered
the field in 2015 and it is currently working on its monetisation
together with BP plc, with a FID currently expected by end-2018
and a floating LNG the most likely solution. Subject to a
positive FID, BP will cover the bulk of Kosmos's development
capex share required to complete phase one of the project. Kosmos
expects capital expenditure of around USD200 million in both 2020
and 2021, which still should allow the company to maintain a
conservative financial profile through the cycle.

DERIVATION SUMMARY

Kosmos's scale, measured as the level of production (45 mbpd pro-
forma for the EG acquisition), is comparable with those of other
similarly rated peers, such as Frontera Energy (B+/Stable, 77
mbpd), Unit Corp (B+/Stable, 44 mbpd) and GeoPark Limited
(B+/Stable, 28 mbpd). Kosmos's 1P reserve life (seven years) also
compares well with that of its peers (Frontera: five years, Unit
Corp and Geo Park: nine years). Kosmos's projected FFO adjusted
net leverage of around 3x in 2018-2021 is relatively conservative
for the 'B' rating category. Finally, Kosmos's liquidity outranks
each of its Fitch-rated peers, with over USD1 billion of
availability under its committed facilities and no debt
maturities until 2021.

A significant part of Kosmos's production is located in Ghana.
However, Ghana's Country Ceiling of 'B' does not restrict the
company's rating given that Kosmos's recurring hard currency cash
flow generation ability and available liquidity (both offshore
readily available cash and offshore committed undrawn credit
facilities) comfortably cover the company's forecasted hard
currency debt service needs.

KEY ASSUMPTIONS

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

  - Brent crude price of USD70/bbl in 2018, USD65/bbl in 2019 and
    USD57.5/bbl thereafter

  - Total net production (Ghana and EG) of 47.5 mbpd in 2018, 49
    mbpd in 2019 and 50 mbpd in 2020

  - Dividend from the EG JV of USD220 million net to Kosmos in
    2018

  - Successful completion of the turret remediation project

  - Cash outflows related to the potential Tortue project in
    2020-21, with most of the capex covered by BP

  - No dividends

The recovery analysis assumes that Kosmos Energy Ltd. would be
considered as a going-concern in bankruptcy and that the company
would be reorganised rather than liquidated.

Kosmos's going-concern EBITDA is based on forecasted 2018 EBITDA
and includes EG EBITDA via the proportional accounting method.
Fitch used a discount of 25% to reflect the risk of operational
problems in the production assets.

Fitch has used a 5x multiple to calculate a post-reorganisation
enterprise value. This is higher than the average Fitch-employed
multiple in the Natural Resources sector of 4.5x, but Fitch sees
it as a conservative approach to capture some of the potential of
the Tortue field that is currently not reflected in the company's
figures.

The reserve-based lending facility and the corporate revolver are
assumed to be fully drawn upon default. Moreover, Fitch has
assumed a 10% administrative claim. The waterfall results in a
41% recovery corresponding to 'RR4' recovery for the senior
secured notes, which leads to a senior secured rating of 'B+'

RATING SENSITIVITIES

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

  - Progress with the Tortue development and monetisation, and
    reduced execution risks associated with the project

  - FFO adjusted net leverage below 2.5x on a sustained basis

  - Neutral-to-positive free cash flow through the cycle

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

  - FFO adjusted net leverage above 3.5x on a sustained basis

  - Inability to maintain production consistently above 35mbpd
    (including EG assets), e.g. due to operational issues

  - Deteriorating liquidity

LIQUIDITY

Strong Liquidity: At March 31, 2018, Kosmos's liquidity comprised
USD198 million of cash and cash equivalents and USD1,100 million
of undrawn credit facilities, including an unutilised balance of
USD700 million under the USD1.5 billion reserve-based facility.
The company has no maturities until 2021, when its USD525 million
senior secured notes are due. Fitch expects Kosmos to generate
positive FCF over the next two years as a result of moderate
capital spending, rising production and higher oil prices.


MEGAFON PJSC: Moody's Puts Ba1 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
the Ba1 corporate family rating and the Ba1-PD probability of
default rating of MegaFon PJSC (MegaFon), Russia's second-largest
mobile operator.

The rating action follows the announcement on July 16, 2018 by
MegaFon Investments (Cyprus) Limited (MICL), a wholly owned
subsidiary of MegaFon, of a tender offer to purchase for cash up
to 128,950,036 of ordinary shares listed on the Moscow Exchange
and the global depositary receipts (GDRs) listed on the London
Stock Exchange (LSE), representing in total 20.8% of the
company's issued and outstanding shares. The buy-back is part of
the approved programme to terminate the listing of GDRs on the
LSE and materially reduce the free float on the Moscow Exchange.
If successful, it will result in the company becoming fully
private. The tender offer is expected to expire on August 22,
2018 with the announcement on the results on or about August 23,
2018.

According to MegaFon, with the buy-back the company provides exit
opportunities for minority shareholders before the delisting,
which is driven by its new business strategy announced in May
2017. In particular, Megafon's new strategy envisages
transformation into the leading operator in the domestic digital
market from a traditional telecom operator and, according to the
company, may result in a weaker operating and financial risk
profile of MegaFon involving (1) broader partnerships with state-
owned corporations, (2) transactions with higher risks, (3)
investments in infrastructure with lower returns, (4) higher
leverage, and (5) lower dividends.

RATINGS RATIONALE

The rating action is primarily driven by the anticipated increase
in leverage as a result of the transaction, which is likely to
lead to a credit profile no longer commensurate with the current
ratings' positioning at Ba1 with a positive outlook. The
delisting will also elevate risks related to the potential
changes in MegaFon's corporate governance (although no such
intention was communicated by the company) and the associated
shift towards a more aggressive financial policy under its new
business strategy.

With the proposed purchase price of $9.75 for each ordinary share
and for each GDR, the buy-back will amount up to $1.2 billion
(around RUB75-78 billion depending on the RUB/USD exchange rate)
if all the shares are tendered, and will be funded with available
cash reserves and external debt.

Although at this stage the exact amount and the financing
structure of the buy-back remains uncertain, as a result of this
transaction the company expects its reported net debt/OIBDA to
increase by around 0.6x-0.7x up to 2.5x-2.6x based on 1Q 2018
financial results. On this basis, according to Moody's
estimations, MegaFon's adjusted debt/EBITDA could rise up to 3.0x
as of year-end 2018 from 2.1x as of end March 2018 if the
transaction is fully financed with new debt. In such a scenario,
the weakening in the company's leverage profile may become fairly
material relative to its historical performance and the current
rating positioning at Ba1 with positive outlook.

As part of the review, Moody's will consider the impact of the
proposed buy-back on MegaFon's business and financial risk
profile. Moody's will also review the impact of other potential
corporate actions and initiatives mentioned on Megafon's longer
term credit and operational profile to evaluate whether the
anticipated deviations can still be accommodated within the Ba1
rating.

Moody's will aim to close the review within the next 3 months.

PRINCIPAL METHODOLOGY

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

MegaFon is Russia's second-largest mobile operator, with 75.4
million mobile subscribers in Russia and more than 77 million
overall as of December 31, 2017. In 2017, it generated revenue of
RUB373.3 billion (around $6.4 billion), of which RUB321.8 billion
was in the telecoms segment, and Moody's-adjusted EBITDA of
RUB155.8 billion (around $2.7 billion). The company's operations
outside Russia (Tajikistan, Abkhazia and South Ossetia)
contributed around 1.4% to consolidated revenue.


SOCIETY SOUTH: Put on Provisional Administration, License Revoked
-----------------------------------------------------------------
The Bank of Russia, by virtue of Order No. OD-1830, dated
July 20, 2018, revoked the banking license of the Rostov-on-Don-
based credit institution Limited Liability Society South Regional
Bank, or LTD SRB (Registration No. 3015) from July 20, 2018.
According to financial statements, as of July 1, 2018, the credit
institution ranked 487th by assets in the Russian banking system;
its impact on the aggregate indexes of the banking sector of the
Rostov Region was unsubstantial.

For a long time, LTD SRB was experiencing a significant decline
of business activity and an outflow of clients on the back of the
negative business reputation of its management. Besides, the bank
failed to properly assess its credit risks. Also, the credit
institution's operations were found non-compliant with
legislative requirements on countering the legalisation
(laundering) of criminally obtained incomes and the financing of
terrorism.

The Bank of Russia had repeatedly (4 times over the last 12
months) applied supervisory measures against LTD SRB including
restriction on household deposit taking.

The credit institution's management and owners failed to take
effective measures to normalise its activities. Under these
circumstances, the Bank of Russia took the decision to revoke LTD
SRB's banking licence.

The Bank of Russia took this measure following the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations, within a year,
of Bank of Russia regulations issued in accordance with the
Federal Law "On Countering the Legalisation (Laundering) of
Criminally Obtained Incomes and the Financing of Terrorism", and
multiple applications within one year of measures stipulated by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

The Bank of Russia, by virtue of its Order No. OD-1831, dated
July 20, 2018, appointed a provisional administration to LTD SRB
for the period until the appointment of a receiver pursuant to
the Federal Law "On Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities". In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

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

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


TAGILBANK JSC: Put on Provisional Administration, License Revoked
-----------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1828, dated
July 20, 2018, revoked the banking license of the Nizhny
Tagil-based credit institution Joint Stock Company Tagilbank or
JSC Tagilbank (Registration No. 1635, Sverdlovsk Region) from
July 20, 2018.  According to financial statements, as of July 1,
2018, the credit institution ranked 409th by assets in the
Russian banking system; its impact on the aggregate indexes of
the banking sector of the Sverdlovsk Region was unsubstantial.

The activity of JSC Tagilbank was unprofitable for a long time
due to low efficiency of its business model.  Moreover,
supervisory measures taken by the regulator revealed property
recorded in the balance sheet of the credit institution at a
substantially elevated value.  The due diligence check of the
value of the specified assets conducted at the regulator's
request revealed significant deterioration of the bank's
indicators, thus reflecting the need for action to prevent its
insolvency (bankruptcy) and, consequently, a real threat to its
creditors' and depositors' interests.

The Bank of Russia had repeatedly (4 times over the last 12
months) applied supervisory measures against JSC Tagilbank
including restriction on household deposit taking.

The credit institution's management and owners failed to take
effective measures to normalise its activities. Under these
circumstances, the Bank of Russia took the decision to revoke JSC
Tagilbank's banking licence.

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

The Bank of Russia, by virtue of its Order No. OD-1829, dated
July 20, 2018, has appointed a provisional administration to JSC
Tagilbank for the period until the appointment of a receiver
pursuant to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities". In accordance with federal laws, the powers
of the credit institution's executive bodies were suspended.

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

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



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


VOLKSWAGEN DOGUS: Fitch Cuts LT IDRs to BB+, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Volkswagen Dogus Finansman A.S.'s
(VDF) and VDF Faktoring A.S.'s (VDFF) Long-Term Issuer Default
Ratings (IDRs) to 'BB+' from 'BBB-'. The Outlook on the IDRs is
Negative. The agency has also downgraded the companies' Short-
Term IDRs and Support Ratings and affirmed their National
Ratings.

The rating actions follow the downgrade of Turkey's sovereign
rating on July 13, 2018 due to increased downside risks to
macroeconomic stability and the recent deterioration in economic
policy credibility.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND NATIONAL RATINGS

The IDRs of VDF and VDFF are driven by support from their
controlling shareholder, Volkswagen Financial Services AG (VWFS),
and ultimately from VW AG (VW; BBB+/Stable). The ratings are
constrained by the Turkey's Country Ceiling of 'BB+'. The Country
Ceiling captures transfer and convertibility risks and limits the
extent to which support from VWFS or VW can be factored into VDF
and VDFF's Long-Term Foreign-Currency IDRs.

VDF and VDFF are strategically important for VW and VWFS, given
their important role in supporting the car sales of the group in
Turkey. At end-2017, VDF and VDFF sourced 42% and 53% of their
respective total funding from the VW group.

VDF and VDFF are each 51%-owned by VWFS and 49% by Dogus Holding
A.S. (Dogus). Dogus is a large Turkish conglomerate and the sole
importer of VW vehicles in Turkey. VW exercises operational
control, but Dogus has significant involvement in running the
companies, including three out of seven representatives on the
respective supervisory boards.

Dogus is in the process of renegotiating its debt with local
banks. Fitch expects no contagion risk for VDFF from this and
hence no negative implication for its ratings, as the company is
run independently without relying on Dogus for funding or
business origination and is associated by market participants
predominantly with VW group.

VDF is a leader among both banks and non-bank financial
institutions in auto financing volumes with a 15% domestic market
share at end-2017. VDF finances almost exclusively VW group
brands and operates via 162 sale points across Turkey. VDF's
penetration rate for VW's sales in Turkey stood at around 40% in
2017. VDF finances both retail customers (individuals and SMEs)
and fleet management companies. The loans are predominately
fixed-rate and amortising with an average tenor of 30 months.

VDFF provides financing to small- to mid-size companies -
primarily Turkish dealers of VW brands. Thus its customer base is
limited to 130 dealers and a small number of large fleet
management companies. VDFF finances around a quarter of VW's
total sales in Turkey. VDFF's receivables book is short-term at
around 60 days and subject to high seasonality with peaks around
year-end.

The affirmation of VDF's National Long-Term Rating at 'AAA(tur)'
reflects Fitch's view that due to its assessment of the available
institutional support from VWFS and VW, VDF remains among the
strongest credits in Turkey. The Stable Outlook reflects its view
that Fitch does not expect changes to its creditworthiness
relative to other Turkish issuers.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND NATIONAL RATINGS

The Long-Term IDRs of VDF and VDFF are likely to move together
with Turkey's Country Ceiling, which is currently one notch above
Turkey's sovereign IDR that is on Negative Outlook.

The National Ratings reflects VDF's and VDFF's creditworthiness
relative to domestic peers, so they are unlikely to change with
Country Ceiling or sovereign rating movements.

A deterioration of support from VW, for example, as a result of
dilution of ownership in the companies, a loss of operational
control or diminishing of importance of the Turkish market would
trigger a downgrade.

The rating actions are as follows:

Volkswagen Dogus Finansman A.S. and VDF Faktoring A.S.

  Long-Term IDRs downgraded to 'BB+' from 'BBB-'; Outlook
  Negative

  Short-Term IDRs downgraded to 'B' from 'F3'

  National Long-Term Ratings affirmed at 'AAA(tur)'; Outlook
  Stable

  Support Ratings downgraded to '3' from '2'



=============
U K R A I N E
=============


BANK FORUM: DFG to Resume Payments to Depositors
------------------------------------------------
Ukrinform reports that the Deposit Guarantee Fund will resume
payments to the depositors of insolvent PJSC Bank Forum.

"From July 17, 2018, the Deposit Guarantee Fund will pay refunds
to the depositors of PJSC Bank Forum under bank deposit
agreements, regardless of the date of their termination and under
bank account agreements (including card accounts), through the
automated payment system. The maximum coverage limit is
UAH200,000," DGF said.

Bank Forum was founded in 1994.  On Jan. 1, 2014, Smart-
holding owned 98.6764% of its charter capital through Cypriot
Yernamio Consulting Ltd.  According to the National Bank of
Ukraine, on Jan. 1, 2014, by total assets the bank ranked 24th
(UAH10.404 billion) among 180 banks in Ukraine.

The National Bank of Ukraine in June 2014 issued a decision on
declaring PJSC Bank Forum insolvent, Ukinform discloses.



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


AVATION PLC: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Avation PLC (Avation), and its subsidiaries, Avation
Capital S.A. and Avation Group (S) Pte. Ltd., at 'BB-'. Fitch has
also affirmed Avation Capital S.A.'s unsecured notes rating at
'BB-'. The Rating Outlook is Stable.

These actions are being taken in conjunction with a broader
aircraft leasing industry peer review conducted by Fitch, which
includes ten publicly rated firms.

KEY RATING DRIVERS - IDRs and Senior Debt

The ratings affirmation reflects Avation's current market
position as a lessor of turboprop and jet aircraft in the Asia-
Pacific and European regions. Credit strengths include the
company's relatively young average fleet age of 2.9 years,
excluding finance leases, as of Dec. 31, 2017 (latest available
period); currently supportive demand dynamics for the majority of
Avation's fleet; solid profitability; and measured fleet growth,
which is expected to persist over the outlook horizon.

These strengths are counterbalanced by Avation's limited
economies of scale and high aircraft concentration when compared
with larger lessors; the presence of turboprops in the portfolio,
which Fitch views as niche aircraft; exposure to certain lower
credit quality lessees, which is outsized relative to peers;
elevated balance sheet leverage as measured by gross debt to
tangible common equity; a primarily secured funding profile; and
potential limitations relating to management depth.

Rating constraints applicable to the aircraft leasing industry
more broadly include the monoline nature of the business;
vulnerability to exogenous shocks; potential exposure to residual
value risk; sensitivity to oil prices; reliance on wholesale
funding sources; and increased competition.

The company has recently expanded its fleet through the
acquisitions of two ATR 72-600s, an A330-300 and a B777-300ER.
These aircraft were delivered to Mandarin Airlines, EVA Air
Corporation and PAL Holdings, Inc. (Philippines Airlines),
respectively. As of Dec. 31, 2017, top lessees were Virgin
Australia Holdings Limited (26% of lease revenue), VietJet
Aviation Joint Stock Company (21%), Philippine Airlines (13%),
EVA Air Corporation (10%) and Thomas Cook Airlines Limited (8%).

Despite recent growth, the portfolio remains concentrated, with
just 37 aircraft as of Dec. 31, 2017. As a result, the portfolio
is more heavily exposed to individual lessee credit events, when
compared to larger peers. For example, during the first half of
fiscal 2018, Avation incurred an $8 million impairment charge
related to the transition of an Airbus A320-200 from Air Berlin
PLC & Co. Luftverkehrs KG (Air Berlin) to EasyJet Airline Company
Limited after Air Berlin's bankruptcy filing. Still, the charge
was more than offset by the release of $10.5 million of
maintenance reserves.

With respect to Avation's ATR exposure, Fitch believes that
turboprops benefit from improved fuel efficiency and lower risk
of technological changes than jet aircraft, due to the use of
propeller engines, which may reduce residual value risk. In
addition, according to Ascend data, lease rates for turboprops
have been relatively consistent through economic cycles, while
residual values of ATR 72 models have been more resilient than
more widely utilized aircraft types in the Boeing 737 and Airbus
A320 families. This may be attributed to limited supply, as the
ATR 72 markets are smaller, as well as wider demand for short-
haul routes. These dynamics supported Avation's 100% utilization
rate as of Dec. 31, 2017.

ATR's turboprop market forecast projects 3.9% annual traffic
growth through 2035, driven by new route creations (expected to
comprise 50% of the growth), expansion of the existing network,
and upsizing to a larger capacity, particularly in emerging
markets. Avation's overall performance and growth are expected to
be supported by additional ATR deliveries over the near term,
including three ATR 72 aircraft on order for placement during
calendar year 2018 and three aircraft in calendar year 2019.

Fitch expects that Avation's lease revenue yields will remain
around 11%-12% over the next several years, indicating strong
profitability prospects from contractual leases. Overall, the
company's average remaining lease term was 7.9 years as of Dec.
31, 2017, supporting cash flow predictability for some time,
absent material lessee bankruptcies.

Avation's leverage, as measured by gross debt to tangible common
equity, was 4.2x at Dec. 31, 2017, and is expected to be reduced
to a range of 3.5x-4.0x in the near term due to equity built from
capital retention.

In May 2018, Avation Capital S.A. issued $300 million of 6.5%
senior unsecured notes due 2021, and used the proceeds to
refinance its 7.50% senior unsecured notes due 2020, to repay
certain existing junior and senior secured loans, and to pay
transaction related fees and expenses. This issuance improved
Avation's financial flexibility, given the increase in the
proportion of unsecured debt in its capital structure. The
secured debt paydown enabled Avation to unencumber a pool of
narrowbody and regional aircraft (A321-200 and ATR 72-600) and
increase unsecured debt to 34.1% of total debt, on a pro forma
basis, from 17.2% of total debt as of Dec. 31, 2017.

The unsecured debt rating is equalized with the company's IDR,
reflecting Fitch's expectation of average recoveries for the
senior unsecured debtholders under a stress scenario. The
company's unencumbered pool has grown to approximately $150
million as a portion of the debt proceeds was used to repay
secured debt.

The Stable Outlook reflects Fitch's view that while Avation is
currently benefiting from supportive demand dynamics for its
fleet, modest diversification and increasing unsecured debt, the
ratings remain constrained by Avation's limited economies of
scale when compared with larger lessors, elevated leverage and
primarily secured funding profile and evolving aircraft
portfolio.

RATING SENSITIVITIES - IDRs and Senior Debt

Fitch does not expect upward rating momentum to emerge over the
near term. However, over the long term, Avation's ratings could
be positively influenced by improved scale efficiencies, leverage
approaching 3.0x, increased utilization of unsecured funding
sources and continued demonstration of residual-value risk
management. Improved fleet, geographic and/or lessee
diversification, provided such actions are undertaken at a
moderate pace and do not adversely affect underwriting or pricing
terms, would also be viewed positively.

The ratings could be adversely affected by the credit
deterioration of underlying lessees, particularly those that
represent a meaningful portion of Avation's portfolio, which
could result in lower revenue yields and the need to redeploy
aircraft. Factors that could also lead to negative rating
momentum include maintenance of leverage above 4.0x; rapid
expansion that is not accompanied by consistent underwriting
standards and commensurate growth in capital levels and staffing;
deterioration in residual value realizations; or an inability to
successfully navigate market downturns.

The rating assigned to the senior unsecured debt is equalized
with the company's long-term IDR and would be expected to move in
tandem. However, the unsecured debt rating could be notched below
Avation's IDR should secured debt increase as a percentage of
total debt such that the unencumbered pool contracts and expected
recoveries on the senior unsecured debt were adversely affected.

Fitch has affirmed the following ratings:

Avation PLC

  -- Long-term IDR at 'BB-'.

Avation Capital S.A.

  -- Long-term IDR at 'BB-';

  -- Senior unsecured notes at 'BB-'.

Avation Group (S) Pte. Ltd.

  -- Long-term IDR at 'BB-'.

The Rating Outlook is Stable.


BOTL WINE: Financial Difficulties Prompt Administration
-------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that Botl Wine and
Spirit Merchants has gone into administration after financial
difficulties.

According to Belfast Telegraph, around 10 jobs have been lost
after the company, based on Boucher Road in Belfast, entered
insolvency proceedings.

Insolvency experts from RSM Chartered Accountants were appointed
administrators this month in a move reported by industry magazine
The Grocer, Belfast Telegraph relates.

A spokeswoman for RSM, as cited by Belfast Telegraph, said
Stephen Armstrong and Jeremy Woodside --
jeremy.woodside@rsmuk.com -- had been appointed administrators on
July 4.

In Botl's most recent accounts for the year ending September 30,
2015, it reported turnover of GBP10.7 million, down slightly from
GBP11.7 million a year earlier. Pre-tax profits were down from
GBP137,000 to GBP109,000, Belfast Telegraph discloses.


CHARTWELL TRUSTEE: High Court Enters Liquidation Order
------------------------------------------------------
The High Court ordered into liquidation a pension company which
invested in storage products after it was found to have abused
millions of investors' savings.

Chartwell Trustee Pension Solutions Ltd, was the sole trustee of
the Pinnacle Pension Scheme and was incorporated on Dec. 14,
2007. Its registered office was Kingfisher House, Bromley, Kent.

The Insolvency Service launched an investigation into the
company's activities following complaints received by it and
Action Fraud.

The investigation found:

   * the company was entrusted with in excess of GBP4.8m of
     members' pension funds following an apparent cold-calling
     telesales operation. Members were told that they could
     expect a guaranteed 8% return into their pension for the
     first two years and that further returns may follow

   * members were told their pensions would be invested in
     'storage products'. However, records provided by the company
     to the Insolvency Service investigators were incomplete, and
     it did not provide the investigators with an adequate
     explanation for the application of the funds it received

   * customers experienced enormous difficulties in contacting
     the company, received very little information from the
     company and do not appear to have been issued with any
     Annual Returns, which are supposed to provide them with
     details of their invested funds, since October 2015

Investigators were unable to obtain any clear view of how the
company operated and records the company did provide were
incomplete, inconsistent, and contradicted information the
company had itself provided to The Pensions Regulator.

The company was wound up by the court on June 6, 2018, on the
petition of the Secretary of State for Business, Energy &
Industrial Strategy, following an investigation by the Insolvency
Service.

The Court said that it was appropriate, desirable, and in the
interest of investors to make an order to place the company into
insolvent liquidation.

Judge Prentis found that the company operated with a lack of
commercial probity, a lack of transparency, and without any
presence at its Registered Office address. Investigators were
unable to obtain any clear view of how the company operated.

Nobody appeared on behalf of the company to oppose the petition.

Investigation Supervisor Irshard Mohammed, of the Insolvency
Service, said:

"Those behind companies such as Chartwell should be aware that
the Insolvency Service will not tolerate such abuses of the
corporate regime. It is telling that this situation appears to
have arisen from telephone cold-calling.

"Members of the public should be most wary when approached with
investment proposals or proposals of how to manage their pension,
through unsolicited telephone calls."

A winding-up order was made against Chartwell Trustee Pension
Solutions Ltd on June 6, 2018 in the High Court of Justice.

The petition to wind up the company was presented in the High
Court of Justice Business and Property Courts of England and
Wales, on April 9, 2018, under the provisions of section 124A of
the Insolvency Act 1986 following confidential enquiries by
Company Investigations under section 447 of the Companies Act
1985, as amended.

Chartwell Trustee Pension Solutions Ltd was incorporated on
December 14, 2007 with the Company Registration Number 06453607.
Its Registered Office on June 6, 2018 was Kingfisher House, 21-23
Elmfield Road, Bromley, Kent, England, BR1 1LT.

The company's sole director at the time of winding up is
Christopher William Payne.

Mr. Payne and another former director of Chartwell, Karen Carol
Burton, were previously directors of Imperial Trustee Services
Ltd, which was also wound up by the Insolvency Service on a
Public Interest petition.


POUNDWORLD: Founder, Steve Smith Table Final Offer for Business
---------------------------------------------------------------
Jonathan Eley at The Financial Times reports that around half of
Poundworld's stores could yet be saved as its founder
Chris Edwards and Steve Smith, founder of erstwhile rival
Poundland, table final offers with Deloitte, the discount chain's
administrators.

According to the FT, people close to the situation said an
agreement was likely to be reached one way or another on Monday,
July 23.

Mr. Edwards' proposal would keep around 171 stores open, while
Mr. Smith also said "quite a few" stores could be saved, the FT
relates.  Both are understood to be asking landlords to agree to
rent reductions, the FT states.  With the company already in
administration, this may be a better alternative for many than
trying to re-let the sites, the FT notes.

Both parties suggested that the main challenge now is to
replenish the stores, which had been set to cease trading
entirely by Aug. 10, the FT relays.

Deloitte has been running down the stock to pay creditors, with
the result that many of the stores and the group's warehouse in
West Yorkshire are now almost empty, according to the FT.

Poundworld entered administration in June after failing to find a
buyer as a going concern, the FT recounts.

The group, which was bought from Mr. Edwards for GBP150 million
by private equity firm TPG in 2015, had suffered from the fall in
sterling against the dollar, the FT states.

Deloitte has already announced the closure of 145 stores, and on
July 20 said that the remainder of the 335-store estate would
shut their doors by Aug. 10, the FT relates.  If no buyer for the
chain is found, around 5,100 jobs may be lost, the FT says.


RBP GLOBAL: Moody's Confirms B3 CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service confirmed the ratings of RBP Global
Holdings Ltd and Indivior Finance S.a.r.l. These include the B3
Corporate Family Rating, Caa1-PD Probability of Default Rating
and the B3 rating on the senior secured bank credit facilities.
The SGL-2 Speculative Grade Liquidity Rating was affirmed. This
concludes the review for downgrade that was initiated on June 15,
2018. The outlook on all ratings is negative.

On July 13, 2018, a US court granted Indivior a preliminary
injunction, preventing Dr. Reddy's Laboratories from selling its
FDA approved generic version of Indivior's main drug, Suboxone
Film. The injunction prevents Dr. Reddy's from selling its
generic until ongoing patent litigation is resolved sometime in
2019. However, the injunction could come off sooner if Dr.
Reddy's appeal is heard and acted upon by the appeals court. The
launch of a generic version of Suboxone Film by any company has
the potential to lead to a rapid erosion of its revenues and
earnings. US sales of Suboxone Film account for about 80% of
Indivior's revenue.

Ratings confirmed:

Issuer: RBP Global Holdings Ltd

Corporate Family Rating at B3

Probability of Default Rating at Caa1-PD

$50 million revolving credit facility at B3 (LGD3)

Issuer: Indivior Finance S.ar.l.

Senior secured term loans at B3 (LGD3)

Rating affirmed:

Issuer: RBP Global Holdings Ltd

Speculative Grade Liquidity Rating at SGL-2

Outlook Actions:

The outlook on all ratings is negative

RATINGS RATIONALE

The B3 Corporate Family Rating reflects significant revenue
concentration in a key product -- Suboxone Film. On June 15,
2018, generic drug company, Dr. Reddy's announced that the FDA
had granted approval of its generic version and that it intended
to launch of a generic version of Suboxone Film. The launch,
however, has temporarily been blocked by the preliminary
injunction granted by the US District Court of New Jersey. US
sales of Suboxone Film comprise about 80% of Indivior's revenue.
Indivior is in the early stages of its launch of another
buprenorphine product, Sublocade. The success of the launch is
critical in improving Indivior's revenue diversification and
mitigating the potential loss of earnings from Suboxone, if
generics are launched. Indivior also faces uncertainty about the
amount and timing of potential cash outflows related to
outstanding legal matters, including a Department of Justice
investigation. Indivior's ratings are supported by its large cash
balance of nearly $900 million.

The negative outlook reflects the risk that Indivior is
unsuccessful at preventing a large-scale launch of a generic
Suboxone prior to Sublocade gaining meaningful market uptake.

The SGL-2 Speculative Grade Liquidity Rating is supported by
Indivior's large cash balance of nearly $900 million. Cash flow
over the next 12 months will be impacted by heavy working capital
investments to support the launch of Sublocade. Generic
competition would materially impact cash flows unless the company
makes significant cost reductions. Indivior has a small $50
million revolver that Moody's expects will remain undrawn. The
credit agreement contains a maximum 3 times net secured
debt/EBITDA covenant that permits up to $250 million of cash to
be netted. Moody's believes that covenant compliance will be
adequate over the next twelve months.

The ratings could be downgraded if competitors launch a generic
version of Suboxone prior to patent litigation resolution or if a
ruling on the patent litigation is unfavorable. Slow uptake in
the launch of Sublocade could also lead to a downgrade. The
ratings could be upgraded if the outcome of patent litigation of
Suboxone is favorable to Indivior and with fast uptake in the
launch of Sublocade. Favorable resolution of outstanding legal
matters would also be needed before Moody's would consider an
upgrade.

UK-based RBP Global Holdings Ltd is a subsidiary of publicly-
traded Indivior PLC (collectively with other subsidiaries
"Indivior"), a global specialty pharmaceutical company
headquartered in Richmond, Virginia. Indivior is focused on the
treatment of opioid addiction and closely related mental health
disorders. Reported revenues for the twelve months ended March
31, 2018 approximated $1.1 billion.



                            *********

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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