/raid1/www/Hosts/bankrupt/TCREUR_Public/180823.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 23, 2018, Vol. 19, No. 167


                            Headlines


I R E L A N D

BANK OF IRELAND: Prepares to Sell First Batch of Senior Bonds


N E T H E R L A N D S

AURORUS 2017: DBRS Confirms B Rating on Class F Notes
STEINHOFF INT'L: Paul Copley Nominated to Join Supervisory Board


R O M A N I A

DAFORA: Posts Losses of RON3.287 Million in First Half 2018


R U S S I A

NOVOROSSIYSK COMMERCIAL: Moody's Hikes CFR to Ba2, Outlook Stable


S P A I N

CORDOBA: S&P Affirms 'B+' ICRs, Outlook Remains Stable


T U R K E Y

SISECAM: S&P Cuts Issuer Credit Rating to 'B+', Outlook Negative


U K R A I N E

PRIVATBANK: Requests Noteholders' Debt Details for Arbitration


U N I T E D   K I N G D O M

ATLANTICA YIELD: Egan-Jones Hikes Senior Unsecured Ratings to B
AUBURN 12: DBRS Finalizes BB (low) Rating on Class E Notes
FORCE INDIA: Uralkali Questions Process Behind Sale


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I R E L A N D
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BANK OF IRELAND: Prepares to Sell First Batch of Senior Bonds
-------------------------------------------------------------
Joe Brennan at The Irish Times reports that Bank of Ireland is
preparing to sell a first batch of senior bonds through its
holding company, which was set up last year under new European
rules aimed at minimizing taxpayer bailouts in the event of a
future crisis.

The bank, led by chief executive Francesca McDonagh, has hired JP
Morgan, a unit of Royal Bank of Scotland, Nomura and UBS to
market the five-year senior unsecured debt, subject to market
conditions, according to market sources, The Irish Times relates.

Owen Callan, an analyst with Investec in Dublin, estimates that
the bank will sell EUR500 million-EUR750 million of such notes,
The Irish Times discloses.

Bank of Ireland established a holding company last year following
consultation with the euro zone's Single Resolution Board, which
is responsible for overhauling or even winding down ailing banks
in the European Union in the event of a future crisis, The Irish
Times recounts.

Debt -- both junior and senior -- issued by such holding
companies would be "bailed in" if needed, before state support
would be drawn upon, The Irish Times says.

The holding company, which is also the group's publicly quoted
entity, sold about EUR750 million of junior bonds in September
last year in its first debt offering, The Irish Times recounts.

It is estimated that the group will need to issue up to EUR5
billion of "bail-inable" debt -- or what are known as minimum
requirement for own funds and eligible liabilities (MREL) -- in
the next few years to meet regulator targets, The Irish Times
states.

According to The Irish Times, group chief financial officer
Andrew Keating said the group had been given a target by
authorities to have total MREL funds of EUR13.5 billion in place
by 2021, including equity.  The group had EUR7.2 billion of
regulatory common equity Tier 1 capital on its balance sheet at
the end of June, The Irish Times relays, citing its latest
financial report.


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N E T H E R L A N D S
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AURORUS 2017: DBRS Confirms B Rating on Class F Notes
-----------------------------------------------------
DBRS Ratings Limited confirmed the following ratings of the Notes
issued by Aurorus 2017 B.V. (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of charge-off, payment and
    yield rates.

-- Probability of default (PD), loss given default (LGD) and
    expected loss assumptions on the receivables.

-- Current available credit enhancement to the Notes to cover the
    expected losses at their respective rating levels.

-- No revolving termination events have occurred.

Aurorus 2017 B.V. is a securitization of unsecured credit cards,
revolving credit facilities and fixed-rate installment loans
originated by Qander Consumer Finance B.V. (Qander) in the
Netherlands. The receivables are serviced by Qander, with Vesting
Finance Servicing B.V. acting as the backup servicer. The
transaction is currently in its revolving period, which is
scheduled to end in August 2020.

PORTFOLIO PERFORMANCE

As of July 2018, the monthly principal payment rate (MPPR) was
3.9%, the annualized yield rate was 4.7% and the annualized
charge-off rate was 2.2%. Charge-off rates have been falling over
the reporting period for revolving credit facilities and credit
cards, while MPPR rates have been trending upwards. However,
yield rates have exhibited a downward trend.

Delinquency rates have been relatively stable, with loans two- to
three-months in arrears at 0.3% of the outstanding pool balance
and the 90+ delinquency ratio at 0.2%, as of July 2018. The
cumulative default ratio was 1.5% and the cumulative loss ratio
was 1.4%.

PORTFOLIO ASSUMPTIONS

DBRS updated its base case assumptions for the revolving loan and
credit card portfolio subsets based on updated dynamic vintage
data provided by Qander. DBRS reduced its base case charge-off
rate to 5.5% from 6.0% for both revolving loans and credit cards.
DBRS revised its base case MPPR upwards to 1.7% from 1.6% for
revolving loans, and to 7.5% from 6.5% for credit cards. DBRS
revised its base case yield rate assumption downwards to 7.0%
from 9.0% for revolving loans, and to 12.0% from 12.5% for credit
cards. DBRS maintained its base case default rate for fixed-term
loans at 8.2% and maintained its base case recovery rate of 25.0%
for all portfolio subsets. Given the revolving period, the
portfolio assumptions continue to be based on the worst-case
portfolio composition.

CREDIT ENHANCEMENT

As of the July 2018 payment date, credit enhancement to the Class
A, Class B, Class C, Class D, Class E and Class F Notes was
45.4%, 36.8%, 31.8%, 24.2%, 14.0% and 8.7%, respectively, stable
since the DBRS initial rating due to the transaction revolving
period ending in August 2020. Credit enhancement is provided by
subordination of the junior classes.

The transaction benefits from a cash reserve funded to its target
level of EUR 3.7 million, which covers any shortfall in senior
fees and interest on the Class A to D Notes. The reserve
amortizes to a target level of 1.5% of the sum of the outstanding
Class A to D Notes, subject to a floor of EUR 250,000. The Pre-
Funded Reserve is used to purchase further advance receivables
and new loan receivables during the revolving period and is
currently funded to EUR 1.3 million.

ABN AMRO Bank N.V. acts as the account bank for the transaction.
The account bank reference rating of AA (low), which is one notch
below the DBRS public Long-Term Critical Obligations Rating of
ABN AMRO Bank N.V. of AA, is consistent with the Minimum
Institution Rating given the rating assigned to the Class A
Notes, as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.

BNP Paribas SA acts as the swap counterparty for the transaction.
DBRS's public Long-Term Critical Obligations Rating of BNP
Paribas SA at AA (high) is above the First Rating Threshold as
described in DBRS's "Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


STEINHOFF INT'L: Paul Copley Nominated to Join Supervisory Board
----------------------------------------------------------------
John Bowker and Janice Kew at Bloomberg News report that
Steinhoff International Holdings NV moved to appoint insolvency
expert Paul Copley to its supervisory board as the troubled
global retailer seeks to strengthen management and add expertise
following an accounting scandal.

The company said in a statement that Mr. Copley has been
nominated to join the supervisory board and will act as an
adviser until he is put up for approval at Steinhoff's next
general meeting, Bloomberg relates.

Steinhoff shares have plunged more than 95% since the owner of
Conforama in France and Mattress Firm in the U.S. reported a hole
in its accounts in December, raising questions about its ability
to survive as a going concern, Bloomberg discloses.  The retailer
bought some time last month when it won support from a majority
of creditors to restructure EUR9.4 billion (US$10.7 billion), but
has plenty more to do to shore up its balance sheet, Bloomberg
recounts.

                           Lawsuits

According to Bloomberg, the South African company is also facing
a string of class-action suits and other legal claims.
Christo Wiese, formerly the company's chairman and biggest
shareholder, has sued for ZAR59 billion (US$4 billion), Bloomberg
notes.  Parties related to Tekkie Town, a South African shoe
retailer bought by Steinhoff in 2016, are seeking EUR120 million,
and businessman GT Ferreira is suing for EUR100 million euros,
Bloomberg states.

"If these legal claims have legitimacy, then Steinhoff is not
solvent," Bloomberg quotes Graeme Korner, a money manager at
Johannesburg-based Korner Perspective, as saying.  Mr. Korner, as
cited by Bloomberg, said adding skills in insolvency and business
rescue will be helpful.

According to Bloomberg, PwC is investigating Steinhoff's finances
and is expected to report back by the end of the year with a view
to providing audited results.

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



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R O M A N I A
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DAFORA: Posts Losses of RON3.287 Million in First Half 2018
-----------------------------------------------------------
Aurel Dragan at Business Review, citing data released on Aug. 17
to the Bucharest Stock Exchange, reports that Dafora posted
losses of RON3.287 million in the first half of 2018, almost
three times lower than those reported for the same period last
year.

The turnover increased by 64.6% to RON49.6 million, Business
Review discloses.  Revenues totaled RON52.9 million (RON32.57
million in S1 2017), and expenditures RON55.13 million (RON42.368
million in S1 2017), Business Review states.

On June 30, Dafora had total assets of RON 116.113 million and
debts of RON 136.9 million, according to Business Review.

Dafora, a company in bankruptcy, issued the final table of debts
at the beginning of December 2016 and, at the end of the same
month, the General Meeting of Shareholders approved the
reorganization program drafted by the CITR subsidiary Cluj,
Business Review recounts.

Dafora provides onshore drilling services for oil, natural gas
and geothermal water, production of work and workover samples,
transportation and maintenance of drilling equipment.


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R U S S I A
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NOVOROSSIYSK COMMERCIAL: Moody's Hikes CFR to Ba2, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
corporate family rating and to Ba2-PD from Ba3-PD the probability
of default rating of Novorossiysk Commercial Sea Port, PJSC
(NCSP) the largest operator of marine port terminals in Russia.
The outlook on all ratings is stable. Concurrently, Moody's has
upgraded NCSP's baseline credit assessment (BCA) to ba2 from ba3.

RATINGS RATIONALE

The upgrade of NCSP's ratings results from Moody's decision to
upgrade the company's BCA, which is a measure of the company's
standalone credit strength under Moody's Government-Related
Issuers (GRI) rating methodology, to ba2 from ba3.

As the Russian government owns a 20% stake in NCSP and a "golden
share", Moody's applies its GRI rating methodology. The Ba2 CFR
reflects a combination of (1) a BCA of ba2; (2) the Russia's Ba1
foreign currency rating with positive outlook; (3) the moderate
default dependence between NCSP and the government; and (4) the
low probability of government support in the event of financial
distress.

NCSP's BCA has been upgraded reflecting the company's established
track record of fairly stable financial performance through the
cycle, underpinned by its position as Russia's largest multi-
cargo seaport operator with a strong geographical position.

NCSP's credit metrics and liquidity should remain strong in the
next 12-18 months with FFO/debt remaining well above 30%, as the
company continue to generate positive free cash flow, underpinned
by its healthy operating results and moderate capital spending
programme.

Moody's notes that the company is now considering a range of
large-scale development projects, which may potentially drive a
material step-up in investments, although the exact size and
timing of the projects are yet to be defined. Moody's, however,
expects NCSP to maintain its solid financial profile, supported
by the comfortable capacity under the current rating and its
fairly conservative financial policy, with an internal target
reported net debt/EBITDA of below 3.0x. Overall, Moody's
forecasts NCSP to sustain FFO/interest above 5.0x and FFO/debt
above 20%.

The rating remains constrained by NCSP's exposure to Russia's
volatile operating environment, which is mitigated by the
company's focus on export commodities, while some diversification
into growing oil products and more profitable dry bulk cargoes
helps partly offset the risks related to its high product
concentration in oil, in which cargo volumes are declining.

Moody's also acknowledges the remaining uncertainty related to a
potential change in NCSP's ownership structure, further
exacerbated by the criminal investigation against one of its
major shareholders, Ziyavudin Magomedov (the owner of Summa
Group, which effectively holds 27.75% stake in the company). Any
material negative consequences for NCSP's business are, however,
somewhat limited because of the strengthened position and support
from its largest strategic shareholder, the state-owned
Transneft, PJSC (Transneft, Baa3 positive), which recently
reiterated its intention to increase its stake in the company to
a controlling level from its current 35.57%. NCSP's credit
profile may benefit further if Transneft becomes the majority
shareholder because this will (1) remove the long-lived
uncertainty related to the existing shareholding structure, (2)
facilitate decisions on future strategic development, and (3)
allow to consider a certain level of support to the company's
credit profile from the higher-rated state-owned entity.

In addition, while NCSP is exposed to the evolving regulatory and
legal environment in Russia, the recently introduced law on port
tariffs should, however, have no material impact on the company's
credit profile. Moreover, Moody's positively acknowledges the
resolution of the large tax claim in favour of the company, while
also expects NCSP to be able to successfully resolve its ongoing
disputes with Federal Antimonopoly Service.

RATIONALE FOR STABLE OUTLOOK

The outlook on NCSP's rating is stable, which reflects Moody's
expectation that the company will maintain its strong market
position in Russia and healthy operating performance. Moody's
also expects NCSP's financial metrics and liquidity to remain
commensurate with the current Ba2 rating on a sustained basis.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive pressure on NCSP's rating could build if the company (1)
maintains its strong financial and operating performance, in
conjunction with positive cargo volume dynamics; (2) maintains
funds from operations (FFO)/debt above 25%, as well as healthy
liquidity at all times, including during an active investment
phase; and (3) establishes a track record of stable ownership,
with effective and transparent corporate governance.

NCSP's rating could be downgraded if its liquidity and financial
profiles deteriorate materially, with FFO/debt declining below
15% on a sustained basis as a result of (1) weakening of the
company's market position and deterioration in its operating
performance, and (2) an aggressive investment programme or
shareholder distributions resulting in a breach of NCSP's current
financial policy guidance. Increasing concerns over any
transformational change in NCSP's ownership or business structure
with uncertain or negative consequences on its credit profile may
also strain the rating.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings was Privately Managed
Port Companies published in September 2016, and Government-
Related Issuers published in June 2018.

Novorossiysk Commercial Sea Port, PJSC is the largest operator of
marine port terminals in Russia and the third largest in Europe
by volume. The company generates most of its cargo volumes and
revenue by providing stevedoring services and operates two key
ports: (1) the port of Novorossiysk, located in the Black Sea
basin; and (2) the Primorsk Trade Port, in the Baltic Sea basin.
These ports accounted for 59% and 41%, respectively, of the
group's 2017 cargo volumes of 143.5 million tons.


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S P A I N
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CORDOBA: S&P Affirms 'B+' ICRs, Outlook Remains Stable
------------------------------------------------------
On Aug. 21, 2018, S&P Global Ratings affirmed its 'B+' foreign
and local currency issuer credit ratings on the province of
Cordoba. The outlook remains stable.

OUTLOOK

S&P said, "The stable outlook on the province mirrors the stable
outlook on our foreign and local currency ratings on the
sovereign. It incorporates our expectation that the Macri
Administration will implement additional austerity-based economic
measures in the next six months to contain and then reverse the
rising inflation, reduce the fiscal deficit, and stabilize the
economy. The stable outlook also reflects our view that in the
next 12 months, Cordoba will continue to post operating surpluses
above 10% of operating revenue and small surpluses after capital
expenditures (capex), while investments will remain above 10% of
total spending despite fewer borrowings and lower capital
revenues in the next three years."

Downside scenario

"We could lower our ratings on Cordoba during the next 12 months
if we lower the sovereign ratings. We could also downgrade
Cordoba if we perceive it has less commitment to maintaining
prudent fiscal policies, indicated by weakening budgetary
performance and less judicious policies; or if we believe that
the risks from the province's contingent liabilities are
increasing along with its debt burden."

Upside scenario

S&P said, "Given that we don't believe Cordoba meets the
conditions for us to rate it higher than the sovereign, we would
only raise our rating on the province over the next 12 months if
we raise our foreign and local currency sovereign ratings on
Argentina."


RATIONALE

S&P said, "Our 'B+' ratings on Cordoba are one notch below its
'bb-' stand-alone credit profile (SACP). The ratings reflect our
view of the province's continuously prudent fiscal policies, with
a track record of managing its debt's exposure to foreign
currency risk during volatile macroeconomic conditions." In the
past two years, Cordoba has successfully increased its level of
loans without hurting its debt profile, which we think will
decrease in the next three years. Cordoba's contingent
liabilities stemming from its government-related entities (GREs),
which aren't consolidated into its budget, and its economy that
is weaker than those of domestic peers, limit the ratings.

Sound fiscal results will support robust cash levels and
decreasing debt.

S&P said, "We expect Cordoba to continue posting high operating
surpluses between 2018 and 2020 of above 10% of operating
revenue. These surpluses result from its continuous tight cost
control measures and ongoing efforts to strengthen revenue
collection. In 2017, the province received greater revenue from
federal transfers -- mainly from the previous 15% of co-
participation funds that the national government withheld from
the province. We believe the province has a rigid budget
structure because the majority of its spending is concentrated in
payroll, pensions, and interest payments. At the same time, we
think Cordoba has limited ability to further increase revenue,
because it's already overhauled the tax structure in the past and
doesn't currently have the political willingness to implement
further tax hikes. Meanwhile, the province announced decreases in
gross receipt taxes in late 2017, aligning itself with the
milestones agreed upon in the 2017 fiscal pact the federal
government signed with the provinces.

"Our base-case scenario is that the combination of current
measures to strengthen own-source revenues, and the potential
decline in federal transfers given Argentina's current economy,
will lead to higher levels of own-source revenues. We expect the
latter to remain around 57% during 2018-2020. At the same time,
Cordoba's wide operating surpluses, coupled with the remaining
amounts of previous issuances, will continue to support its capex
program in the next three years. We expect capex to average 13%
of total expenditures in 2018-2020, down from 16% in 2017 when
the province had its all-time record in borrowings. We expect
that at the end of 2018, the province will post an after capex
deficit of 2% of total revenue, and then will return to surpluses
by 2019.

Since 2016, Cordoba has returned to international markets and
issued nearly $1.7 billion in debt. The province used the
proceeds primarily to fund capex projects and to amortize debt.
Cordoba's issuances in both domestic and international markets
haven't harmed its debt profile, although its exposure to foreign
currency risk increased to 96% as of May 2018 and is a source of
potential volatility if the ARS slides. However, given the
province's exceptionally high operating balances, its direct debt
currently represents less than three years of operating margins,
which we believe is a positive factor for its debt profile. S&P's
base-case scenario assumes that Cordoba's direct debt will peak
at 36% of adjusted operating revenue, reflecting the effect of
the ARS depreciation, and will then decline to around 27% by
2020. S&P estimates interest to represent around 2% of operating
revenue in 2018-2020.

The province's liquidity position has improved following its
greater access to the markets and sustained operating surpluses.
S&P said, "In our view, Cordoba has net free cash and liquid
assets to cover 75% of its projected debt service of ARS6.3
billion for 2018. We assess Cordoba's access to external
liquidity as limited, largely due to our view of Argentina's
capital markets and banking system." However, the province's very
robust internal cash flow generation from its operating balances
compared with those of its peers lessens its dependency on
external sources to fund its investments.

Cordoba guarantees the liabilities of its two GREs that it
doesn't include its budget. S&P said, "We consider these GRES
self-supporting. They include an electricity company, Empresa
Provincial de Energia de Cordoba (EPEC; not rated) and a bank,
Banco de la Provincia de Cordoba S.A. (not rated). In the event
of financial stress, we believe the estimated financial support
for the GREs would be 11% of Cordoba's estimated operating
revenue in 2018."

A very volatile institutional framework offsets prudent fiscal
policies.

S&P said, "We continue to view the institutional framework for
Argentine local and regional governments (LRGs) as very volatile
and underfunded. However, we believe the outcome of reforms and
the pace of their implementation are becoming more predictable.
This comes amid increased dialogue between LRGs and the national
government to address various fiscal and economic challenges that
we expect to remain in the short to medium term."

Cordoba continues to adopt prudent fiscal policies that encompass
a medium- to long-term timeframe and that shelter it from
economic imbalances in Argentina. In the past couple of years,
the province increased its debt exposure to foreign currency risk
because of an upsurge in international issuances. S&P said,
"Nevertheless, we believe the province's use of financial
instruments like government bonds mitigate this risk. Argentina's
economic volatility continues to limit the province's revenue and
expenditure management, but we believe that the management has
the adequate expertise to implement corrective policies and to
forecast revenues and expenses. The provincial economy continues
to be somewhat diversified, although its performance is still
very much linked to that of Argentina. We project that Cordoba's
three-year average GDP per capita between 2015 and 2017 was
$8,762, and that the province's GDP per capita will reach $8,097
in 2018--lower than domestic peers like the provinces of Buenos
Aires and Mendoza."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.

The chair or designee reviewed the draft report to ensure
consistency with the Committee decision. The views and the
decision of the rating committee are summarized in the above
rationale and outlook. The weighting of all rating factors is
described in the methodology used in this rating action.

  RATINGS LIST
  Ratings Affirmed

  Cordoba (Province of)
   Issuer Credit Rating                   B+/Stable/--
   Senior Unsecured                       B+


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SISECAM: S&P Cuts Issuer Credit Rating to 'B+', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Turkey-based glass producer Sisecam to 'B+' from 'BB-' and
assigned a negative outlook. S&P affirmed its 'B' short-term
issuer credit rating on Sisecam.

S&P said, "At the same time, we lowered our issue ratings on
Sisecam's $500 million unsecured notes to 'B+' from 'BB-'. The
recovery rating remained unchanged at '3', indicating recovery
prospects in the 50-70% range (rounded estimate: 55%).

"We subsequently withdrew all ratings on Sisecam at the issuer's
request."

"The rating action follows the recent downgrade of Sisecam's
parent and owner, Turkiye Is Bankasi AS (Isbank; B+/Negative/B),
which followed our downgrade of Turkey on Aug. 17, 2018. Isbank
holds 67% of Sisecam. We continue to consider Sisecam a
nonstrategic subsidiary of Isbank, and therefore we consider that
our ratings on Sisecam cannot exceed those on its parent. On a
stand-alone basis, we continue to assess Sisecam's credit profile
at 'bb+'. The negative outlook at the time of withdrawal mirrored
that on Isbank. That said, we expect Sisecam will continue
reporting very strong credit metrics on a stand-alone basis."


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U K R A I N E
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PRIVATBANK: Requests Noteholders' Debt Details for Arbitration
--------------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that Privatbank said in
an e-mailed statement it has requested via the trustee that
noteholders provide details of their identities, how much debt
they hold and when they acquired it.

According to Bloomberg, the information will be used by
Privatbank in arbitration proceedings after senior bonds were
written off in a nationalization in 2016.

Ukraine central bank bailed in Privatbank's debt, including
US$375 million of senior bonds held by international creditors,
Bloomberg relates.

PrivatBank is the largest commercial bank in Ukraine, in terms of
the number of clients, assets value, loan portfolio and taxes
paid to the national budget.  PrivatBank has its headquarters in
Dnipropetrovsk, in central Ukraine.



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U N I T E D   K I N G D O M
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ATLANTICA YIELD: Egan-Jones Hikes Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 17, 2018, upgraded the
foreign commercial paper and local commercial paper senior
unsecured ratings on debt issued by Atlantica Yield plc. to B
from C.

Atlantica Yield plc. was incorporated in 2013 and is based in
Brentford, the United Kingdom. The company was formerly known as
Abengoa Yield plc. and changed its name to Atlantica Yield plc.
in May 2016.


AUBURN 12: DBRS Finalizes BB (low) Rating on Class E Notes
----------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings of the
notes issued by Towd Point Mortgage Funding 2018-Auburn 12 Plc
(Auburn 12 or the Issuer) as follows:

-- Class A notes rated AAA (sf)
-- Class B notes rated AA (low) (sf)
-- Class C notes rated A (low) (sf)
-- Class D notes rated BBB (low) (sf)
-- Class E notes rated BB (low) (sf)

The Class F notes are not rated.

The Class A notes is rated for timely payment of interest and
ultimate payment of principal. The Class B notes, Class C notes,
Class D notes and Class E notes are rated for ultimate payment of
interest (subject to the net weighted-average coupon cap (Net WAC
Cap)) and ultimate payment of principal. The Net WAC Cap is
calculated as the WAC due on the asset portfolio less the senior
fee cap of 0.3% divided by the floating-rate note percentage,
which is the outstanding balance of the Class A to Class E notes
divided by the outstanding balances of the mortgage portfolio. In
the event that the interest paid to the Class A to Class E notes
is lower than the coupon based on the net WAC cap, the difference
is to be paid to the note holders subordinated in the revenue
priority of payments as net WAC additional amounts. Such payments
are not addressed in the ratings assigned by DBRS.

Auburn 12 is the refinancing of Auburn Securities 9 plc. (Auburn
9). Auburn 12 is a bankruptcy-remote special-purpose vehicle
incorporated in the United Kingdom. The issued notes have been
used to fund the purchase of U.K. buy-to-let (BTL) and owner-
occupied residential mortgage loans originated by Capital Home
Loans Limited (CHL). These loans had collateralized the notes
under the called Auburn 9 transaction. CHL ceased mortgage
originations in 2008. Servicing is undertaken by CHL with Home
loan Management Limited (HML) appointed as Backup Servicer. The
legal title to the residential mortgage loans is held by CHL.

CHL is an experienced entity in the BTL sector and originated a
number of residential mortgage-backed securities transactions
before 2008 through its Auburn securitization platform. The
Auburn programme was established in November 1998 (Auburn 1) with
eight further stand-alone securitizations publicly issued. The
latest securitizations originated post-2008 by CHL are Auburn 9
(July 2015), Towd Point Mortgage Funding 2016-Auburn 10 Plc
(October 2016) and Towd Point Mortgage Funding 2017-Auburn 11 Plc
(February 2017).

Credit enhancement is provided in the form of subordination of
the junior notes.

The credit enhancement available to the Class A notes is 16.9%,
provided by subordination of the Class B, Class C, Class D, Class
E and Class F notes. Credit enhancement available to the Class B
notes is 10.3%, Class C notes is 7.5%, Class D notes is 5.0% and
Class E notes is 2.4%. Credit enhancement percentages are
expressed as a percentage of the portfolio balance.

The liquidity support for the Class A notes is initially
available through a liquidity facility provided by Salisbury
Receivables Company LLC (on an uncommitted basis) and Barclays
Bank PLC (Barclays; rated "A" with a Stable trend by DBRS) (on a
committed basis). The liquidity facility is equal to 1.7% of the
Class A notes and is available until the First Optional
Redemption Date (FORD). From the FORD, the liquidity facility
will be replaced by the liquidity reserve fund (LRF), which has a
target balance of 1.7% of the Class A notes funded by the Senior
Deferred Coupon (SDC) Ledger. To the extent that the LRF has not
been funded to the required level, the liquidity facility will
continue to support the Class A notes' interest payments. Any
shortfalls in funding the LRF up to the required amount will be
made good using excess spread after crediting the Class E notes'
principal deficiency ledger (PDL) in accordance with the interest
priority of payments. Further shortfalls can be funded by
principal receipts from the assets. Until the point where the LRF
reaches the required level, for the first time, ignoring any
debits (usage of the LRF to support the Class A notes' interest
payments), principal available funds will be used to top up any
interest payment dates (IPDs) after the FORD. After the LRF
reaches the required level for the first time, principal funds
will no longer be used to replenish the LRF to the required
level. The LRF is floored at 1.00% of the initial Class A notes'
balance.

Liquidity to the junior notes will be provided by the Excess Cash
Flow Reserve Fund (XSRF), which will come into existence from
closing and is funded via excess spread. On the IPD, when all the
Class A notes outstanding has been paid, the amounts in the LRF
will be used to fund the XSRF. On the FORD, the XSRF will be
funded by any amount left in the SDC Ledger after the funding of
the LRF. On each IPD after the FORD, the amounts trapped in the
SDC Ledger minus the senior fees payable will be used to fund the
XSRF. The XSRF will be used to support shortfalls on payment of
interest to the Class B, Class C, Class D and Class E notes.

0.3% p.a. of the aggregate principal balance of the loans at the
end of each of the three months in a collection period, minus
senior expenses, is set aside from the available revenue. Such
amounts are credited to the SDC Ledger each IPD, until the FORD.
There is no target amount for the funds collected in the SDC
Ledger. The amounts credited to the SDC Ledger are used to pay
senior fees, interest on the drawn amount of the liquidity
facility, Class A notes interest and Class A notes PDL.

The liquidity support to the notes is further enhanced by the use
of principal receipts to support the most-senior outstanding
class of notes.

The closing portfolio balance as of 31 July 2018 equates to
approximately GBP 384 million. The portfolio is significantly
seasoned with a weighted-average seasoning of 11.8 years. The
majority of the portfolio was originated between 2005 and 2008
(91.7%). DBRS calculated the weighted-average current LTV
(WACLTV) based on the current loan balance and original property
valuation of 58.1%. The indexed WACLTV is 55.2%. Of the mortgage
portfolio, 93.8% comprises interest-only mortgage loans. The high
concentration is a consequence of the BTL loans in the portfolio
(96.5%). The performance of BTL loans has been relatively
stronger than owner-occupied loans.

The weighted-average coupon generated by the mortgage loans
stands at 2.1%. The interest rate is low, as the loans are
indexed to the bank base rate (98.8%). The remaining 1.2% is
linked to a standard variable rate. The interest payable on the
rated notes is linked to three months' GBP LIBOR. The average
annualized conditional prepayment rate (CPR) on the Auburn 9
mortgage portfolio has trended at approximately 7% over the last
two years; however, DBRS notes that the transaction structure is
sensitive to low CPR rates. DBRS will continue to monitor CPR
rates as part of its surveillance process.

CHL is appointed as the servicer with HML appointed as the backup
servicer. The monthly receipts are deposited into the collections
account at Barclays and held on trust by the legal titleholder in
accordance with the collection account declaration of trust. The
funds credited to the collection are swept daily into the
transaction account. The daily sweep of funds mitigates the
potential risk of disruption in servicing, particularly following
a servicer event of default, including insolvency. The funds
credited to the collections account are swept daily into the
transaction account in the name of the Issuer, which is held with
HSBC Bank plc. The legal titleholder has declared a trust over
the funds in the collections account in favor of the Issuer. The
transaction documents include account bank rating triggers and
downgrade provisions that lead DBRS to conclude that the account
bank satisfies DBRS's "Legal Criteria for European Structured
Finance Transactions" methodology.

The mortgage sale agreement contains representations and
warranties given by CHL in relation to the portfolio. Upon breach
of representation or warranties, CHL is required to repurchase or
indemnify the Issuer. CHL may have limited resources at its
disposal to fund such a repurchase. Given the significant
seasoning of the loans in the mortgage portfolio, loans in breach
of warranties would have been expected to be identified during
the earlier life of the loans. Any future breach of
representation or warranty is expected to be limited.

The rating assignments are based on a review by DBRS of the
following analytical considerations:

  -- Transaction capital structure, proposed ratings and form and
sufficiency of available credit enhancement.

  -- The credit quality of the mortgage loan portfolio and
ability of the servicer to perform collection activities. DBRS
calculated probability of default, loss given default (LGD) and
expected loss outputs on the mortgage loan portfolio.

  -- The ability of the transaction to withstand stressed cash
flow assumptions and repays the rated notes according to the
terms of the transaction documents. The transaction cash flows
were modeled using portfolio default (PD) rates and LGD outputs
provided by the European RMBS Insight Model. Transaction cash
flows were projected using INTEX Dealmaker.

  -- The legal structure and presence of legal opinions
addressing the assignment of the assets to the Issuer and
consistency with DBRS's "Legal Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.


FORCE INDIA: Uralkali Questions Process Behind Sale
---------------------------------------------------
Alan Baldwin at Reuters reports that Russian potash producer
Uralkali has questioned the process behind the sale of the Force
India Formula One team after losing out in a battle between
billionaire fathers of young racing drivers.

Uralkali co-owner Dmitry Mazepin is the father of 19-year-old
Nikita, who races in the junior GP3 series and is a development
driver for Force India, Reuters notes.

The team were put into administration at the end of July with a
rescue deal led by Canadian Lawrence Stroll, the father of 19-
year-old Williams F1 racer Lance, announced on Aug. 7, Reuters
recounts.

According to Reuters, Uralkali, whose shares are quoted on the
Moscow stock exchange, said in a statement on Aug. 21 that it had
bid unsuccessfully for the outfit previously co-owned by troubled
Indian magnate Vijay Mallya.

"Uralkali considers that the process conducted by the
administrator may not be in the best interests of Force India
creditors and other stakeholders, and the sport in general,"
Reuters quotes Uralkali as saying.

Joint administrators Geoff Rowley -- geoff.rowley@frpadvisory.com
-- and Jason Baker -- jason.baker@frpadvisory.com -- for FRP
Advisory LLP, responded by saying that "all bidders were given
equal opportunity to submit the best deal, Reuters relates.

"Throughout, we (the Joint Administrators) have closely followed
our statutory duties and objectives as administrators and had the
advice of experienced legal counsel," Reuters quotes the
administrators as saying in a separate statement.

Uralkali, as cited by Reuters, said it submitted a proposal
comprising two options on Aug. 3.

Uralkali said the administrator had then set deadlines that were
not achievable for securing a binding agreement with Force India
shareholders and consent from Indian banks with a claim on
Mr. Mallya's assets, Reuters notes.

The company added it was subsequently informed by email that the
administrator had entered into an exclusivity arrangement with
another bidder, Reuters recounts.



                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *