/raid1/www/Hosts/bankrupt/TCREUR_Public/180816.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

          Thursday, August 16, 2018, Vol. 19, No. 162


                            Headlines


I R E L A N D

CVC CORDATUS VII: Moody's Assigns (P)B2 Rating to Class F-R Notes


N E T H E R L A N D S

BNPP AM 2018: Moody's Assigns (P)B2 Rating to Class F Notes
INTERGEN NV: Moody's Upgrades Senior Secured Debt Rating to Ba3


R U S S I A

BANK VORONEZH: Bankruptcy Hearing Scheduled for August 29
CB RTBK: Declared Bankrupt by Moscow Arbitration Court


T U R K E Y

QNB FINANS: Fitch Assigns 'BB' LT IDR, Outlook Negative
TEB FINANSMAN: Fitch Assigns 'BB' LT IDR, Outlook Negative
TOSMARES KUGUBUVETAVA: Creditor Files Insolvency Petition
YASAR HOLDING: Fitch Cuts LT IDRS to 'B-', Outlook Stable


U N I T E D   K I N G D O M

BHS GROUP: Regulator Publishes Documents in PwC Audit Probe
DAISY GROUP: Moody's Withdraws B2 CFR on Insufficient Information
DANCOURT CONSTRUCTION: Financial Strains Prompt Administration
HOUSE OF FRASER: Administrators Defend Sports Direct Deal


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I R E L A N D
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CVC CORDATUS VII: Moody's Assigns (P)B2 Rating to Class F-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued
by CVC Cordatus Loan Fund VII Designated Activity Company:

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

EUR270,600,000 Class A-R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR26,200,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR30,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR20,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa3 (sf)

EUR27,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR13,200,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the notes address the expected
loss posed to noteholders. The provisional ratings reflect the
risks due to defaults on the underlying portfolio of assets, the
transaction's legal structure, and the characteristics of the
underlying assets, the 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, CVC Credit Partners Group Limited, has sufficient
experience and operational capacity and is capable of managing
this CLO.

The Issuer will issue the refinancing notes in connection with
the refinancing of the following classes of notes: the Class A-1
Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C
Notes, Class D Notes, Class E Notes and the Class F Notes due
August 15, 2029 previously issued on August 31, 2016. On the
Original Closing Date, the Issuer also issued EUR45M of
Subordinated Notes. These will remain outstanding and their
maturity will be extended to match the maturity date of the
refinancing notes.

CVC Cordatus VII is a managed cash flow CLO. At least 70% of the
portfolio must consist of senior secured loans and up to 10% of
the portfolio may consist of unsecured senior loans, second-lien
loans, mezzanine obligations and high yield bonds. The underlying
portfolio is expected to be 100% ramped as of the refinancing
date.

CVC Credit Partners Group Limited will manage the CLO. It will
direct the selection, acquisition and disposition of collateral
on behalf of the Issuer and may engage in trading activity,
including discretionary trading, during the transaction's four
and a half 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. CVC Credit Partners Group
Limited's investment decisions and management of the transaction
will also affect the notes' performance.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017.

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

Par Amount: EUR 440,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2725

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.40%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum of 10% of the pool would be domiciled in
countries with local or foreign currency country ceiling of A1 to
A3. The remainder of the pool will be domiciled in countries
which currently have a local or foreign currency country ceiling
of Aaa or Aa1 to Aa3. Given this portfolio composition, the model
was run without sovereign risk haircut on target par amounts as
further described in the methodology.

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

Percentage Change in WARF: WARF + 15% (to 3134 from 2725)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-R Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

Percentage Change in WARF: WARF +30% (to 3543 from 2725)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

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


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


BNPP AM 2018: Moody's Assigns (P)B2 Rating to Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by BNPP AM
EURO CLO 2018 B.V.:

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

EUR36,500,000 Class B Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR29,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR24,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa3 (sf)

EUR21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional 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, BNP PARIBAS ASSET
MANAGEMENT France SAS ("BNPP AM"), has sufficient experience and
operational capacity and is capable of managing this CLO.

BNPP AM EURO CLO 2018 B.V is a managed cash flow CLO. At least
90.0% of the portfolio must consist of senior secured loans and
senior secured bonds and up to 10.0% of the portfolio may consist
of unsecured obligations, second-lien loans, mezzanine loans and
high yield bonds. The portfolio is expected to be approximately
70% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

BNPP AM 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.

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 7.25M of M-1 Subordinated Notes and EUR
32.0M of M-2 Subordinated Notes, which will not be rated. On top
of any residual amounts distributed as interest and principal
according to the priority of payments, M-2 Subordinated Notes
will accrue additional interest in an amount equal to a certain
proportion of both the senior and subordinated management fees.
The senior management fee component of such additional interest
payment to M-2 notes is ranking senior to interest on the Class
B, C, D, E and F notes.

Given that certain portions of the senior and junior management
fees are redirected to subordinated noteholders, the aggregate
compensation of the collateral manager can be lower than for
other CLOs Moody's rates. In case a removal and subsequent
replacement of the current collateral manager should become
relevant, this CLO may be exposed -- in relative terms -- to a
higher risk of finding a suitable replacement collateral manager
due to the prevailing management fee scheme being perceived as
less adequate by potential succession candidates.

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. BNPP AM's investment decisions
and management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017.

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

Par amount: EUR 400,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.75 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. Given the portfolio
constraints and the current sovereign ratings in Europe, such
exposure may not exceed 10% of the total portfolio with exposures
to countries with local currency country risk ceiling of Baa1 to
Baa3 further limited to 5%. As a worst case scenario, a maximum
5% of the pool would be domiciled in countries with A3 and a
maximum of 5% of the pool would be domiciled in countries with
Baa3 local currency country ceiling each. The remainder of the
pool will be domiciled in countries which currently have a local
currency country ceiling of Aaa or Aa1 to Aa3. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class as
further described in the methodology. The portfolio haircuts are
a function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.75% for the
Class A Notes, 0.50% for the Class B Notes, 0.38% for the Class C
Notes and 0% for classes D, E and F.

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

Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -3


INTERGEN NV: Moody's Upgrades Senior Secured Debt Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded the senior secured debt rating
of InterGen N.V. to Ba3 from B1 reflecting the completion of its
recent deleveraging following the sale of its Mexican assets,
which lowered consolidated debt materially. The rating outlook is
stable.

Upgrades:

Issuer: InterGen N.V.

Senior Secured Regular Bond/Debenture, Upgraded to Ba3 from B1

Outlook Actions:

Issuer: InterGen N.V.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The upgrade to Ba3 from B1 reflects the significantly deleveraged
credit profile of the issuer following the paydown of existing
debt from the proceeds of the sale of InterGen's Mexican assets.
InterGen's rating also benefits from a diverse portfolio of
assets located in established markets in two different countries
and the existence of some contracted cash flows for the next
several years given the remaining tolling contract at one of the
UK assets, Spalding Station, which continues until 2021, as well
as known forward capacity mechanism payments for all the UK
assets. These strengths are weighed against the portfolio's
material exposure to merchant cash flows across the remaining
portfolio which has the potential for cash flow and earnings
volatility.

The decision to sell the largely contracted Mexican assets
followed a strategic review by InterGen's shareholders -- Ontario
Teachers' Pension Plan Board (50%) and the China Huaneng
Group/Guandong Yudean Group (50%) (together the Sponsors) -- with
the intention of right sizing the capital structure and
delevering InterGen. The Mexican portfolio was subsequently sold
in April 2018 to Actis Energy for an enterprise value of $1.256
billion, resulting in $857 million in net proceeds to InterGen
and the removal of project level debt associated with the Mexican
assets from InterGen's consolidated balance sheet. Sale proceeds
were primarily used to repay corporate indebtedness and to fund
capital expenditures. Specifically, InterGen repaid $760 million
in outstanding corporate indebtedness, leaving $544 million in
outstanding debt made up of the two note tranches due in 2021 and
2023.

These positive considerations are weighed against the higher
exposure to potentially volatile merchant cash flows from
InterGen's assets in the UK and Australia, which make up its core
holdings. The UK assets are made up of three operating natural
gas-fired generators: Coryton (779 MWs); Rocksavage (806 MWs);
Spalding (860MWs); and one gas fired generator under
construction, Welland (300MWs). The first two are merchant power
generators, selling in the UK power grid, although they do
benefit from contracted cash flows from cleared UK capacity
auctions. The third -- Spalding -- has a long-term tolling
agreement with Centrica plc (Centrica; Baa1 stable) that expires
in 2021. All three of the operating UK plants have cleared each
of the capacity auctions held, and these forward capacity
payments, along with the Centrica toll at Spalding, provide some
predictability to cash flows for the next several years. Welland
was awarded a 15-year capacity contract and is scheduled for
commercial operation in mid-2019.

InterGen also has an interest in two merchant coal-fired
generation stations in Queensland in Australia: Callide (230 MWs
net ownership); and Millmerran (276 MWs net ownership). Moody's
notes that the Australia projects have an active hedging program
in place to help mitigate the risk associated with market
volatility.

In addition, the Ba3 rating recognizes past support by the
current Sponsors. That said, the current rating recognizes a
degree of uncertainty about InterGen's future direction. An
additional concern is the level of liquidity. With the expiry of
the corporate revolver, the level of unrestricted liquidity at
June 30, 2018, stood at $76 million.

Expected Financial Metrics

Incorporating the effect of the debt reduction with the expected
remaining EBITDA, Moody's calculates that leverage as measured by
Debt/EBITDA will come down to around 4.8x on consolidated debt
basis (including proportional project level debt) vs. 5.8x at
3/31/18 just prior to the sale and even higher in prior years.
Moody's expects the InterGen debt service coverage ratio (DSCR)
to be 2.74x on a proforma basis and the ratio of cash from
operations to consolidated debt (CFO/Debt) to be 13.5%. These
anticipated metrics are all in the Ba rating category in Moody's
published Power Generation Projects Methodology.

Rating Outlook

The stable outlook reflects the deleveraging that has occurred as
well as expectations of relatively stable cash flows over the
next several years underpinned by the remaining contracted cash
flows in the UK. In addition, the stable outlook reflects its
expectation that the portfolio will continue to demonstrate a
strong operating profile.

What Could Move the Rating Up

Given the recent upgrade and the uncertainty concerning the
strategic direction of the issuer, it is unlikely that the rating
could move up again in the short term. Positive factors that
could lead to an upgrade based upon the existing portfolio
include higher power prices in the UK and Australia such that
cash flows and metrics exceed its expectations on a sustainable
basis.

What Could Move the Rating Down

The rating could face downward pressure should financial
performance and financial metrics fall below its expectations,
despite the deleveraging, due to weaker UK and Australian
merchant power prices; or if the portfolio of assets experiences
operational issues that have a sustained impact on the company's
performance.

The principal methodology used in these ratings was Power
Generation Projects published in June 2018.

InterGen N.V. is a holding company with a 3,269 MW portfolio in
operations consisting of 3 natural gas-fired power plants in the
UK and 2 coal-fired power plants in Australia. The Company also
has a 300MW natural gas-fired peaking plant in the UK under
construction. InterGen N.V. is equally owned by China Huaneng
Group/ Guangdong Yudean Group and The Ontario Teachers' Pension
Plan Board.


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R U S S I A
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BANK VORONEZH: Bankruptcy Hearing Scheduled for August 29
---------------------------------------------------------
The provisional administration to manage the credit institution
JSC Bank Voronezh (further referred to as the Bank) appointed by
Bank of Russia Order No. OD-1481, dated June 15, 2018 following
banking license revocation conducted an investigation into the
bank's financial standing and identified operations by the Bank
executives which were aimed at withdrawal of its assets by
purchasing unmarketable securities and disposal of real assets,
resulting in over RUR7.6 billion of damage.

The Bank of Russia applied on July 13, 2018 to the Court of
Arbitration of the Voronezh Region to declare the Bank bankrupt.
The hearing is scheduled for August 29, 2018.

The information on the transactions bearing the evidence of
criminal offence, conducted by the Bank's executives, was sent to
law enforcement authorities for consideration and procedural
decision making.

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


CB RTBK: Declared Bankrupt by Moscow Arbitration Court
------------------------------------------------------
The provisional administration to manage CB RTBK LLC (further
referred to as the Bank) as appointed by Bank of Russia Order No.
OD-1035, dated April 20, 2018, following banking license
revocation, conducted an investigation of the Bank's financial
standing and identified that the Bank's management replaced
liquid assets with low-liquid securities in the run-up to the
license revocation.  Such actions resulted in more than RUR2.5
billion of financial damage.

Furthermore, the Bank's management withdrew more than RUR1.7
billion in assets through lending to borrowers of unsatisfactory
financial standing and through selling real estate to the
counterparty of dubious creditworthiness on a deferred-payment
basis.

The provisional administration estimates the value of the Bank's
assets to be no more than RUR2.6 billion, whereas its liabilities
to creditors exceed RUR7 billion.

On August 10, 2018, the Arbitration Court of the City of Moscow
recognized the Bank as bankrupt.  The state corporation Deposit
Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offence conducted
by the Bank's executives to the Prosecutor General's Office of
the Russian Federation, the Ministry of Internal Affairs of the
Russian Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision making.

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


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T U R K E Y
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QNB FINANS: Fitch Assigns 'BB' LT IDR, Outlook Negative
-------------------------------------------------------
Fitch Ratings has assigned QNB Finans Faktoring A.S. (QNBFF) a
Long-Term Issuer Default Rating (IDR) of 'BB' and a National
Long-Term Rating of 'AAA(tur)'. The Outlook on the IDR is
Negative while the Outlook on the National Rating is Stable.

KEY RATING DRIVERS

QNBFF's Long and Short-Term Foreign and Local Currency IDRs are
equalised with those of the institution's sole owner, QNB
Finansbank A.S. (QNBFB, BB/Negative). This reflects Fitch's view
that QNBFF is a small highly integrated subsidiary of QNBFB and
the parent's high propensity to support it as QNBFF's default
would significantly damage QNBFB's reputation. The Negative
Outlook on QNBFF's Long-Term IDRs reflects that of the parent
bank.

QNBFF shares its parent's branding, key risk assessment systems
and customers. QNBFF's board members are mainly drawn from senior
executives at QNBFB. QNBFF uses its parent's client acquisition
channels and its strong franchise to distribute products.

QNBFF's National Long-Term Rating of 'AAA(tur)' reflects its view
that due to its assessment of the available institutional support
from its parent, QNBFF is among the strongest credits in Turkey.
The Stable Outlook reflects its view that Moody'sdoes not expect
changes to its creditworthiness relative to other Turkish
issuers.

QNBFB is a well-established mid-sized bank in Turkey, and its
IDRs are driven by potential support from its 99.9% shareholder,
Qatar National Bank S.A.Q. (QNB, A+/Stable). QNBFB's IDRs are at
the level of the Turkish sovereign IDRs.

RATING SENSITIVITIES

QNBFF's ratings are sensitive to changes in the ratings of QNBFB
as well as to changes in Fitch's view of the propensity of QNBFB
to provide support to the subsidiary in case of need.

The rating actions are as follows:

Long-Term Foreign-Currency IDR assigned at 'BB'; Outlook Negative

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

Long-Term Local-Currency IDR assigned at 'BB+'; Outlook Negative

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

Support Rating assigned at '3'

National Long-Term Rating assigned at 'AAA(tur)'; Outlook Stable


TEB FINANSMAN: Fitch Assigns 'BB' LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has assigned TEB Finansman A.S. (TEB Cetelem) a
Long-Term Issuer Default Rating (IDR) of 'BB' and a National
Long-Term Rating of 'AAA(tur)'. The Outlook on the IDR is
Negative and the Outlook on the National Rating is Stable.

KEY RATING DRIVERS

TEB Cetelem's IDRs are driven by potential support from its
ultimate parent, BNP Paribas S.A. (BNPP, A+/Stable). Fitch's view
of support is based on TEB Cetelem being a relatively small,
integrated subsidiary of the wider BNPP franchise. In its view,
the propensity of support for TEB Cetelem and its sister bank,
TEB Bank (BB/Negative), are closely aligned. This is based on a
common brand association and an equally significant reputational
damage arising in the event of a potential subsidiary default,
notwithstanding differences in their respective legal structures.
The Negative Outlook on TEB Cetelem's Long-Term IDRs is aligned
with that of its affiliate, TEB Bank, and the wider Turkish
banking sector.

TEB Cetelem is an automotive finance company operating in Turkey,
with its franchise strength anchored on established relationships
with reputable international Original Equipment Manufacturers (in
both the middle and premium class segment). Integration into the
BNP Group manifests by a shared brand image as well as the
leveraging of key operational functions of its parent such as
risk management and corporate governance.

TEB Cetelem's 'AAA(tur)' National Long-Term Rating reflects
Fitch's view that due to its assessment of the available
institutional support from its ultimate parent, TEB Cetelem is
among the strongest credits in Turkey. The Stable Outlook
reflects its view that Moody'sdoes not expect changes to its
creditworthiness relative to other Turkish issuers.

TEB Cetelem's ultimate parent, BNPP is a well-established global
banking group. BNPP's IDRs are underpinned by a sound standalone
credit profile, which is characterised by a stable and
diversified business model, strong franchise value and resilient
earnings generation, even in challenging operating environments.
Turkey is a strategically important market for the BNPP where it
is also represented by TEB Bank.

RATING SENSITIVITIES

TEB Cetelem's IDRs are sensitive to a change in the sovereign
ratings for Turkey (BB/Negative) and the associated potential
impact thereof on the wider Turkish financial sector.

TEB Cetelem's IDRs are also sensitive to changes in Fitch's view
of the propensity of BNPP to provide support to the subsidiary in
case of need.

The rating actions are as follows:

Long-Term Foreign-Currency IDR assigned at 'BB'; Outlook Negative

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

Long-Term Local-Currency IDR assigned at 'BB+'; Outlook Negative

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

Support Rating assigned at '3'

National Long-Term Rating assigned at 'AAA(tur)'; Outlook Stable


TOSMARES KUGUBUVETAVA: Creditor Files Insolvency Petition
---------------------------------------------------------
On August 9, 2018 the Kurzeme District Court in Talsi City,
considering an application of SIA "Smare" as the creditor of AS
"Tosmares kugubuvetava", resolved to announce an insolvency
proceeding against AS "Tosmares kugubuvetava".  Ivars Melkis is
appointed as the administrator of the insolvency proceeding.

On August 8, 2018, AS "Tosmares kugubuvetava" submitted an
application to the Kurzeme District Court in Liepaja City
regarding the initiation of the legal protection proceedings,
clearly demonstrating the willingness and readiness to continue
the economic activities of AS "Tosmares kugubuvetava" and to
fulfil its obligations towards creditors.

Considering the decision of the Kurzeme District Court, AS
"Tosmares kugubuvetava" says it will actively cooperate with the
appointed administrator to succeed the initiation of the legal
protection proceedings into the court with his consent.  The
legal protection proceeding is a procedure that gives to a good
faith debtor, who has come into financial difficulties, the
possibility to restore his solvency through the protection
measures and methods established by the Insolvency Law.

The management of AS "Tosmares kugubuvetava" kindly requests the
representatives of the mass media to understand the situation and
support the recovery process of the company so important to the
Liepaja City.


YASAR HOLDING: Fitch Cuts LT IDRS to 'B-', Outlook Stable
---------------------------------------------------------
Fitch Ratings has downgraded Turkish food group Yasar Holding
A.S.'s (Yasar) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'B-' from 'B' and National Long-Term
Rating to 'BB(tur)' from 'BBB(tur)'. The Outlooks are Stable.

Fitch has also downgraded Yasar's USD250 million senior unsecured
notes due 2020 to 'B-' from 'B'. Its Recovery Rating remains at
'RR4'.

The rating downgrade reflects Yasar's increased liquidity and
medium-term refinancing risks and its expectation that a material
devaluation of the Turkish lira (TRY), combined with a
deteriorating operating environment in Turkey in 2018, will
result in Yasar's credit metrics being inconsistent with the
previous 'B' IDR. At the same time, the ratings continue to
reflect Yasar's robust business model, benefitting from the
company's good track record of coping with similar challenges,
including the ability to pass increasing costs to consumers.
These positive credit aspects, combined with Yasar's flexibility
to protect cash flows and its levers to manage liquidity -
including the long-standing relations with its banks and the
still relatively comfortable debt maturity profile - underpin the
Stable Outlook.

KEY RATING DRIVERS

High Foreign-Currency Risk: Yasar's debt position and cost
structure are vulnerable to the sharp depreciation of the Turkish
lira against hard currencies that has occurred during 2018. Yasar
has a high proportion of hard currency debt (55% at end-June
2018) and of hard currency-linked costs, which Moody's estimates
at around 30%. Given the Turkish lira's material devaluation in
2018 (nearly -40% to US dollar as at the date of this
publication), Moody's estimates an FX impact on debt of around
TRY0.8 billion in 2018.

Mitigating Factors to FX Risks: Moody'sprojects that the FX
impact on profits will be partly mitigated by Yasar's ability to
pass on costs' increases to end-customers, as the company had
done in 2017 and 1H18, albeit with a time lag. In 2018
Moody'sprojects an only modest increase of leverage thanks to
higher FFO. However, a prolonged period of devaluation would
likely diminish this ability, and affect Yasar's sales volumes
and operating profit. Additionally, Yasar has the ability to
adjust its product proposition and to implement cost-cutting
initiatives in response to potential shifts in consumer
preferences.

Weak Liquidity: Given negative free cash flow (FCF) and the
absence of committed credit facilities for Yasar, which is common
in Turkey, liquidity remains a key pressure on its credit
profile, which is captured in its 'B-' IDR. Yasar has
historically enjoyed a large volume of uncommitted credit
facilities (over USD350 million (nearly TRY1.9 billion) as of
end-June 2018) from a wide range of banks and Moody'sassumes at
least their partial renewal. However, their full renewal could be
challenging as Turkey's banking sector weakens and interest costs
rise.

The company has a USD250 million bond due in May 2020, the
refinancing of which could be challenged if availability of
credit for Turkish corporates from the international financial
market diminishes. This could prompt a further negative rating
action.

Business Resilience: Following an improvement over 2017-1H18,
operating profit margins should come under further pressure from
FX movements and a weaker operating environment from 2H18.
Moody'sexpects Yasar's performance and FFO generation in 2018-
2019 to benefit - although to a lower extent in a more
challenging environment - from its leading market positions,
strong brand portfolio and established distribution channels in
its major food and beverage and coatings divisions. Broad
diversification by product line and a demonstrated ability to
pass on cost increases to customers, albeit gradually, allowed
Yasar to avoid material volatility in its profit margins and
funds from operations (FFO) over 2013-2017.

Improved Profit Margins: Over the last year and during 1H18 Yasar
took multiple actions to improve profitability and enhance its
product proposition to take advantage of a better price mix.
Thanks to a growing share of more profitable products, including
cheese and fish, profit margins improved across most of its food
and beverages categories in 2017. Yasar continued to raise prices
in 1H18, without a material impact on its sales volumes.
Moody'salso expects benefits from the mineral water operations,
which recently turned profitable, as well as by some recovery in
profit margins from low levels in 2017 in the coatings and tissue
segments, as Yasar respectively introduces price adjustments and
reduces the share of private label in tissues.

Limited Free Cash Flow: Moody'sprojects that Yasar will generate
mildly negative free cash flow (FCF) over 2018-2021 at 1% to 2.5%
of revenue, compared with the large outflows observed in 2016-17
(5.3%-6.5% of revenue). Yasar has completed its major expansion
projects in 2017 and now plans to restrain capex as it focuses on
risk management, liquidity and debt reduction. Therefore,
Moody'sexpects capex in 2018 to be around 3.5%-4% of revenue
(2017: 6%), which should limit the risk of negative FCF. However,
Moody'sdoes not rule out a return of investment appetite should
the operating environment in Turkey improve over the medium term.

Stretched Financial Metrics: Due to its assumption of large
adverse FX impact on Yasar's hard-currency debt and on its
corresponding interest payments, which will affect FFO,
Moody'sprojects FFO adjusted net leverage to grow to 6.1x by end-
2018 (2017: 6.0x) and to remain around this level over 2019-2020.
The Stable Outlook on the rating reflects Fitch's expectation
that the leverage will remain at or slightly below the upper
threshold for the rating of 6.5x over the next four years even
under a more adverse assumption of average USD/TRY exchange rate
deteriorating to 8.0 in 2019.

DERIVATION SUMMARY

Similar to its closest peers in the food and beverage sector
(such as Premier Foods plc (B/Negative) and PSJC Beluga
(B+/Stable), Yasar enjoys solid market shares (allowing good
bargaining power with client retailers) and a portfolio of
leading and recognised brands. In addition, Yasar benefits from
higher product diversification than Premier Foods. At the same
time, limited geographic diversification outside Turkey and a
large portion of hard currency debt (around 60% of debt at end-
2017) exposes the company to greater foreign currency risk and
macroeconomic instability in its home market compared with peers.

KEY ASSUMPTIONS

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

  - Revenue to grow 21% in 2018, 17% in 2019 and at around 10%
thereafter, largely as a result of price increases that follow
food inflation in Turkey;

  - EBITDA margin of around 11% over 2018-2021;

  - Capex at 3.9% of revenue in 2018, 3.3% in 2019 and 3.5%
thereafter;

  - Negative FCF over the next four years but limited to at most
-2% FCF margin by 2021;

  - TRY/USD exchange rate to average 4.85 in 2018, 6.3 in 2019,
6.6 in 2020 and 6.8 in 2021

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Yasar will be considered a
going-concern in bankruptcy and that it will be reorganised
rather than liquidated. Moody'shas assumed a 10% administrative
claim.

Yasar's going concern EBITDA is based on LTM to December 2017
EBITDA. The going-concern EBITDA estimate reflects Fitch's view
of a sustainable, post-reorganisation EBITDA level upon which
Moody'sbases the valuation of the company.

The going-concern EBITDA is 20% below LTM to December 2017 EBITDA
to reflect the company's historical swings in operating margins
and exposure to volatility in the Turkish lira. Moody'sapplies a
enterprise value (EV)/EBITDA multiple of 4.6x (resulting from a
blend of the multiples assumed for the different business units),
reflecting the strong but not dominant market shares within
specific product categories and the company's well-invested
assets.

Fitch applies a waterfall analysis to the post-default EV based
on the relative claims of debt in Yasar's capital structure. Its
debt waterfall assumptions take into account debt as at 3December
31, 2017. All of Yasar's debt is unsecured. Moody'streats TRY301
million debt incurred at non-guarantor subsidiaries as senior to
the rated notes.

The waterfall results in a 'RR2' Recovery Rating for senior
unsecured debt. However, the Recovery Rating is capped at 'RR4'
by the Turkish jurisdiction. Therefore, the USD senior unsecured
notes due 2020 are rated 'B-'/'RR4' (50%).

RATING SENSITIVITIES

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

  - FFO adjusted net leverage consistently below 5.5x (2017: 6x)

  - FFO fixed charge above 2.0x (2017: 1.6x)

  - EBITDA margin remaining at or above 10% (2017: 10.2%) and
neutral-to-positive FCF

  - Maintenance of longer-dated debt profile, mitigating
refinancing risks

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

  - Operating shortfall, such as contracting revenue, that
further constrains cash flow and/or liquidity

  - FFO adjusted net leverage above 6.5x on a sustained basis

  - FFO fixed charge coverage below 1.2x on a sustained basis

  - EBITDA margin falling below 9.5% for more than two financial
years due to the inability to pass on higher costs or increased
competition.

LIQUIDITY

Limited Liquidity: According to the group's interim results,
Yasar had approximately TRY140 million of cash (only TRY2 million
deemed unrestricted however, according to Fitch's definition) at
end-June 2018 and Moody's estimates it will continue to generate
mildly negative FCF over 2018-2019. This is insufficient to cover
short-term debt of TRY533 million as of end-June-2018 (TRY568
million at end-2017). While Yasar has approximately USD350
million in undrawn uncommitted bank lines (as is typical in
Turkey) and enjoys strong relationships with both local and
international banks, it is exposed to an increasing risk of
reduced availability of credit and renewal at more onerous
conditions.


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


BHS GROUP: Regulator Publishes Documents in PwC Audit Probe
-----------------------------------------------------------
Huw Jones and Kirstin Ridley at Reuters report that the Financial
Reporting Council said on Aug. 15 PwC should have flagged
significant doubts over the future of BHS in an audit that was
completed just days before the now collapsed British retailer was
sold for a token one pound in 2015.

BHS, which was sold in 2015 by billionaire retailer Philip
Green's Taveta Group, had 163 stores and 11,000 staff when it
collapsed a year later, triggering a political firestorm, Reuters
recounts.

The regulator in June fined PwC a record GBP6.5 million (US$8.3
million) and former partner Stephen Denison GBP325,000, Reuters
discloses.  Mr. Denison was also effectively banned from auditing
for 15 years, Reuters notes.

After pressure from lawmakers and a court challenge by Taveta,
the FRC published documents on Aug. 15 detailing eight
allegations of misconduct that prompted the penalties, Reuters
relates.  The FRC said that in the Taveta audit for the year
ending Aug. 30, 2014, PwC and Mr. Denison gave no consideration
to potential red flags that could have impacted BHS' ability to
continue trading.

Mr. Denison recorded only two hours work on the audit of Taveta
Group, which including BHS, despite being the lead partner,
Reuters states.

The FRC said BHS had significant net liabilities, had had to make
provision for loss-making stores and had very significant
deficits in its defined-benefit pension schemes, the report
relays.

According to Reuters, in a letter dated just before Mr. Denison
signed off on the accounts, Taveta qualified its support for BHS,
saying it would continue as long as it was part of the group.

Taveta had also submitted a draft application to restructure its
pension schemes, an indicator of potential insolvency, though
this was "paused" in September 2014, Reuters recounts.

The FRC said the financial statements were misleading as they
said a going concern assumption was appropriate because Taveta
had given an unqualified undertaking to support BHS, Reuters
notes.


DAISY GROUP: Moody's Withdraws B2 CFR on Insufficient Information
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Daisy Group plc's (Daisy)
B2 corporate family rating, B2-PD probability of default rating
and stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because of inadequate
information to monitor the ratings, due to the issuer's decision
to cease participation in the rating process.

Daisy is a UK-based operator which provides unified
communications and IT services to SMEs and mid-market businesses
in the UK. The company acts as a reseller of fixed and mobile
network services. It also serves as a bridge between larger
telecommunication providers, such as BT and Virgin Media, and
smaller resellers who do not have access to the larger telecom
infrastructure providers. In 2015, with the acquisition of
Phoenix IT, Daisy expanded its offering into the IT Services and
Business Continuity segments and in 2017, with the acquisition of
Alternative Networks, it expanded its operations within corporate
customers in the UK. For the 12 months to June 2018, Daisy
reported revenue of GBP685 million and company's adjusted EBITDA
of GBP130 million. The company generates revenues through three
main divisions: SMB, Corporate and Partner Services.


DANCOURT CONSTRUCTION: Financial Strains Prompt Administration
--------------------------------------------------------------
Business Sale reports that it seems these are difficult times for
construction companies, as Dancourt Construction becomes the
third subcontractor in the South West and Wales region alone to
be placed in administration in 2018.

The Bristol-headquartered company was forced to call in
accounting firm Bishop Fleming, and has appointed Head of
Business Recovery and Insolvency Jonathan Williams as the
administrator, Business Sale relates.

According to Business Sale, despite earning a GBP15.5 million
turnover in 2016, the final year in which Dancourt Construction
filed its accounts, with a pre-tax profit of GBP210,000, the
company has been met with financial strains.

It is suspected that the rising costs of labor was the reason for
the business's difficulty in establishing a steady cashflow, but
the information has not been confirmed by a Dancourt official,
Business Sale discloses.

Dancourt Construction was established in 2002 and offered a range
of services, from civil engineering, plant hire, ground works,
bulk earth works and concrete frames.


HOUSE OF FRASER: Administrators Defend Sports Direct Deal
---------------------------------------------------------
Jonathan Eley at The Financial Times reports that House of
Fraser's administrators insisted on Aug. 13 that Sports Direct's
offer to buy the department store chain was the "only available
offer" to keep the business afloat as further controversy swirled
around the sale.

Sports Direct, owned by Mike Ashley, sealed an agreement to buy
the stores, stock and brand names of House of Fraser on Aug. 10,
less than two hours after the 169-year-old company had been
placed in administration, the FT recounts.

A prior offer from retail entrepreneur Philip Day to acquire the
business as a going concern -- including the pension liabilities
-- was spurned in favor of the "pre-pack" administration sale,
the FT discloses.

According to the FT, two people familiar with the process said
Mr. Day's prior offer had been around the GBP50 million mark.
One of them, as cited by the FT, said that if the gap between
that and Mr. Ashley's GBP90 million offer had been narrower, it
was possible the creditors could have accepted it, but the
difference was large enough to affect likely recoveries for the
creditors.

EY, who acted as advisers to the bank creditors and handled the
administration, said that they had entered into discussions "with
various parties" after the decision to go into administration was
taken, but before it was implemented, the FT relays.

"During the course of Thursday, Aug. 9, those parties reduced to
one.  EY were appointed as administrators on Friday, Aug. 10, at
approximately 8:00 a.m. and subsequently sold the business and
its assets to the Sports Direct at approximately 9:00 a.m.," the
FT quotes EY as saying.  "For the avoidance of doubt this was the
only available offer to save the business, and in comparison to
the alternatives represented by far the best recovery for the
creditors of House of Fraser."

People close to Mr. Day said he was prepared to bid GBP100
million for the company in administration, the FT notes.

Having briefly entered administration, House of Fraser must now
renegotiate leases with individual landlords, according to the
FT.



                            *********

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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                 * * * End of Transmission * * *