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        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

         Wednesday, September 12, 2018, Vol. 19, No. 181


                            Headlines


G R E E C E

GREECE: Must Meet Agreed Bailout Reforms, Lead Creditor Warns


I R E L A N D

CVC CORDATUS XI: Moody's Assigns B2 Rating to Class F Notes
MAN GLG V: Moody's Assigns (P)B2 Rating to Class F Notes

* IRELAND: S&P Puts Ratings on 14 RMBS Tranches on Watch Positive


I T A L Y

ASTALDI SPA: Moody's Cuts CFR to Caa2, Outlook Negative
GAMENET GROUP: Moody's Affirms B1 CFR, Outlook Stable


L U X E M B O U R G

SS&C TECHNOLOGIES: Moody's Affirms Ba3 Rating on Sr. Term Loan


N E T H E R L A N D S

STARFRUIT FINCO: Moody's Rates EUR1.3MM Sr. Unsecured Notes Caa1
* NETHERLANDS: Corporate Bankruptcies Slightly Up in August 2018


N O R W A Y

NANNA MIDCO II: Moody's Affirms B2 CFR; Alters Outlook to Pos.


R O M A N I A

ELECTRO DISTRIBUTION: Goes Bankrupt, Faces Liquidation


U N I T E D   K I N G D O M

ARQIVA BROADCAST: Moody's Hikes CFR to Ba3, Outlook Stable
ARQIVA BROADCAST: Fitch Rates GBP625MM Sr. Notes Due 2023 B-(EXP)
BOLTON WANDERERS: At Risk of Going Into Administration
DEBENHAMS PLC: Issues Trading Statement to Stop Nosy Neighbors
ELLI INVESTMENTS: Fitch Affirms C IDR & Cuts Sr. Sec. Notes to CC

IVORY CDO: Fitch Raises Rating on Class C Notes to 'CCCsf'


                            *********



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G R E E C E
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GREECE: Must Meet Agreed Bailout Reforms, Lead Creditor Warns
-------------------------------------------------------------
The Associated Press reports that Greece's lead creditor warned
the country on Sept. 10 not to stray from reforms agreed upon
before the end of its international bailout, as European monitors
arrived to check the nation's finances.

According to the AP, the five-day inspection is expected to focus
on government promises over the weekend to offer tax relief as
well as plans to scrap promised pension cuts that are due to take
effect in 2019.

Klaus Regling, managing director of the European Stability
Mechanism, the eurozone's rescue fund, told Austria's Die Presse
newspaper that Greece needed to stick to its commitments, the AP
relates.

"We are a very patient creditor.  But we can stop debt relief
measures that have been decided for Greece if the adjustment
programs are not continued as agreed," the AP quotes Mr. Regling
as saying.  "The debt level appears to be frighteningly elevated.
But Greece can live with that as the loan maturities are very
long and the interest rates on the loans are much lower than in
most other countries."

Greece has promised to deliver high primary surpluses -- the
budget balance before calculating the cost of servicing debt --
for years to come, along with a series of reforms in exchange for
better debt repayment terms, the AP discloses.

The end of the bailout means Greece will have to return to
international capital markets to finance itself, the AP states.
However, the country faces a troubled return after the financial
turmoil in Turkey and Italy halted a decline in Greek borrowing
rates, the AP notes.  The yield on Greece's 10-year-bond remains
above 4%, according to the AP.

The bailout program ended Aug. 20 but the country's debt level
remains near 180% of gross domestic product, the AP says.


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CVC CORDATUS XI: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following ratings to notes issued by CVC Cordatus Loan Fund XI
Designated Activity Company:

EUR 271,125,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR 22,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR 24,750,000 Class B-2 Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR 31,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR 22,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

EUR 30,375,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR 14,625,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

CVC Cordatus Loan Fund XI Designated Activity Company is a
managed cash flow CLO. At least 90% of the portfolio must consist
of senior secured loans and senior secured bonds and up to 10% of
the portfolio may consist of unsecured obligations, second-lien
loans, mezzanine loans and high yield bonds. The bond bucket
gives the flexibility to CVC Cordatus Loan Fund XI Designated
Activity Company to hold bonds if Volcker Rule is changed. The
portfolio is expected to be approximately 75% ramped up as of the
closing date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe.

CVC Credit Partners will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-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 seven classes of notes rated by Moody's, the
Issuer issued two classes of subordinated notes with a total
amount of EUR48.475M, which will not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority. This CLO has also
access to a liquidity facility of up to EUR 2.0m that an external
party provides for four years (subject to renewal by one or two
years). Drawings under the liquidity facility are allowed to pay
interest in the waterfall and are reimbursed at a super-senior
level.

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'
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 450,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with 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.

To address the risk of amounts drawn under the liquidity facility
being flushed through the waterfall to subordinated noteholders,
Moody's has modeled such draws (which flow through the interest
waterfall to the equity) and repayments (on a senior basis)
assuming that the amount drawn under the liquidity facility in
each period equals a percentage of the interest received on the
underlying portfolio in that period.


MAN GLG V: 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 MAN GLG
Euro CLO V Designated Activity Company:

EUR 234,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR 14,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR 18,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR 20,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR 28,000,000 Class C Deferrable Mezzanine Floating Rate Notes
due 2031, Assigned (P)A2 (sf)

EUR 20,000,000 Class D Deferrable Mezzanine Floating Rate Notes
due 2031, Assigned (P)Baa2 (sf)

EUR 26,000,000 Class E Deferrable Junior Floating Rate Notes due
2031, Assigned (P)Ba2 (sf)

EUR 12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Assigned (P)B2 (sf)

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, GLG Partners LP
("GLG Partners"), has sufficient experience and operational
capacity and is capable of managing this CLO.

MAN GLG Euro CLO V Designated Activity Company is a managed cash
flow CLO. At least 90% of the portfolio must consist of senior
secured loans and senior secured bonds and up to 10% of the
portfolio may consist of unsecured obligations, second-lien
loans, mezzanine loans and high yield bonds. The portfolio is
expected to be at least 75% ramped up as of the closing date and
to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.

GLG Partners 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 obligations, and are subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 39.5 million of subordinated notes, which
will not be rated.

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

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

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. GLG Partners'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: 44

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local a currency country
risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 2.5%. Following the effective date,
and given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio. As a worst case scenario, a maximum 2.5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
an additional 7.5% would be domiciled in countries with LCCs of
A1 to A3. The remainder of the pool will be domiciled in
countries which currently have a LCC of Aa3 and above. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the methodology. The portfolio haircuts
are a function of the exposure size to countries with a LCC of A1
or below and the target ratings of the rated notes, and amount to
0.375% for the Class A Notes, 0.250% for the Class B Notes,
0.1875% for the Class C Notes and 0% for Classes D, E and F.


* IRELAND: S&P Puts Ratings on 14 RMBS Tranches on Watch Positive
-----------------------------------------------------------------
S&P Global Ratings placed on CreditWatch positive its credit
ratings on 14 tranches in six Irish residential mortgage-backed
securities (RMBS) transactions.

S&P said, "The CreditWatch placements consider our updated
outlook assumptions for the Irish residential mortgage market.

"Our European residential loans criteria, as applicable to Irish
residential loans, establish how our loan-level analysis
incorporates our current opinion of the local market outlook. The
criteria's benchmark assumptions for projected losses assume
benign starting conditions, in other words, a positive or stable
outlook on the local housing and mortgage markets. If the
starting conditions are adverse, we modify these assumptions.

"Our current outlook for the Irish housing and mortgage markets,
as well as for the overall economy in Ireland, is benign.
Therefore, we revised our expected level of losses for an
archetypal Irish residential pool at the 'B' rating level to 0.9%
from 1.6%, in line with table 48 of our European residential
loans criteria, by lowering our foreclosure frequency assumption
to 2.00% from 3.33% for the archetypal Irish residential pool at
the 'B' rating level.

"Following the application of our European residential loans
criteria, we have placed on CreditWatch positive our ratings on
14 tranches in six transactions as we need to conduct a full
analysis to determine the impact of our updated outlook
assumptions for the Irish residential mortgage market.

"We will seek to resolve the CreditWatch placements within the
next 90 days."

A list of Affected Ratings can be viewed at:

          https://bit.ly/2NY33GP


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ASTALDI SPA: Moody's Cuts CFR to Caa2, Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Italian construction company Astaldi S.p.A. to Caa2
from Caa1 and its Probability of Default rating to Caa2-PD from
Caa1-PD. Concurrently, Moody's downgraded the instrument rating
on the group's EUR750 million senior unsecured notes due 2020 to
Caa2 from Caa1. The outlook on all ratings remains negative.

RATINGS RATIONALE

RATIONALE FOR A DOWNGRADE

The ratings downgrade reflects increasing likelihood of a default
primarily owing to further delays in the receipt of a binding
offer for Astaldi's stake in the third Bosphorus Bridge
concession in Turkey, which is the key milestone triggering a
number of planned financial strengthening measures to an
inadequate liquidity profile with sizeable debt maturities in the
coming months. This is because the receipt of at least one
binding offer for Astaldi's stake in the third Bosphorus Bridge
concession for an adequate price is a precondition for a
successful execution of the envisaged EUR300 million capital
increase. Alstaldi's agreement with banks to extend around EUR450
million of the short-term debt maturities is then conditional
upon the successful rights issue.

Astaldi's liquidity is currently inadequate. Moody's estimates
that the company's own liquidity sources, including EUR355
million of cash and cash equivalents (as of March 31, 2018) are
currently not sufficient to cover expected negative free cash
flow generation after concession investments projected for 2018,
and its short-term debt maturities (EUR865 million as of March
31, 2018). In addition, Moody's believes that the banks may
become increasingly reluctant to renew the company's uncommitted
credit lines (EUR560 million of drawings under short-term
uncommitted lines as of March 31, 2018) in a scenario that the
company fails to execute the planned EUR300 million rights issue.

RATIONALE FOR THE NEGATIVE OUTLOOK

The maintenance of the negative outlook reflects the increasing
risk that the group might not be able to execute the envisaged
plan on a timely manner or with an outcome that will be below
original expectations, which will further increase a risk of a
default. A deterioration of the credit quality of the government
of Turkey (Ba3,negative) and Turkish lira weakness, which creates
pressure on the valuation of Turkish assets, further adds to the
uncertainty regarding the success of the envisaged plan.

WHAT COULD CHANGE THE RATING DOWN / UP

Downward pressure on the ratings would arise, if (1) Astaldi's
liquidity were to deteriorate further, and (2) the group was to
experience further delays or unable to properly execute on the
disposal of its stake in the third Bosphorus Bridge concession
and planned capital increase in 2018.

Upward pressure on the ratings would build, if Astaldi's if
liquidity strengthened to adequate levels, supported, for
instance, by the successful implementation of all the envisaged
financial strengthening measures, which could then lead to a more
than a notch upgrade.

RATING METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published in March 2017.


GAMENET GROUP: Moody's Affirms B1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and B1-PD Probability of Default Rating for Gamenet Group
S.p.A. Concurrently, Moody's has affirmed B1 instrument ratings
on the existing EUR225 million senior secured notes due 2023, and
assigned B1 instrument ratings to the proposed EUR225 million
senior secured notes due 2023. The outlook for the ratings is
stable.

The proposed notes, along with EUR15 million of cash and EUR25
million in deferred consideration, will be used to finance the
EUR265 million acquisition of Italian gaming company Goldbet
(EUR240 million is due at closing and EUR25 million deferred
consideration is to be paid in coming years subject to certain
conditions). Having already received approval by the Italian
gaming regulator ADM, the transaction is subject only to approval
by the Italian competition authority and closing is expected in
Q3 or Q4 of 2018.

RATINGS RATIONALE

The B1 CFR is supported by (i) Gamenet's leading market position
in Italian gaming, particularly after the acquisition of Goldbet
which will place the company in a #2 position in terms of gaming
generated EBITDA and as well as a #1 position in overall sports
betting with an 18% market share (including virtual). The
acquisition also achieves further product diversification; (ii) a
successful IPO in December 2017 resulting in 35% free float;
(iii) a proven ability to make acquisitions and achieve
synergies, ie Intralot Italia, and; (iv) barriers to entry from
existing long term concessions.

Gamenet's rating is constrained by (i) the higher leverage as a
result of the transaction which will see Moody's adjusted
debt/EBITDA increase to 3.6x (PF LTM June 2018) excluding cost
and revenue synergies compared to leverage of 3.1x (LTM June
2018), however Moody's expects leverage to begin to decrease
again in 2019 and that the increase will be temporary; (ii) the
ongoing risk of licence renewal, particularly betting shops &
corners (already expired and not expected to occur before 2019)
and gaming machines (due 2022) and related, potentially material,
pressure on cash flow; (iii) its geographic concentration; with
Italy being the sole country of operation it is exposed to a
constantly evolving gambling regulatory and fiscal regime and to
the Italian economy, however Moody's notes that the overall
Italian gaming sector has proven resilient to recent periods of
recession and the company was able to absorb the impact of
negative regulatory changes; (iv) the presence in mature and
competitive market segments which limit organic growth prospects
(a limitation mitigated by the Company's Distribution Insourcing
Strategy which allows increasing profitability at constant
revenues, by insourcing activities previously performed by other
members of the supply chain) and; (v) the increased operating
risk in light of increased exposure to retail and sports betting,
however Moody's also notes the benefits of this diversification.

Liquidity Profile

Gamenet's liquidity position is viewed as good to meet its
quarterly needs and other requirements, including concession-
related payments, small bolt-on acquisitions, the replacement of
AWPs, and dividends. Liquidity is underpinned by EUR57 million of
cash on the balance sheet as at June 30, 2018 (PF for
transaction) and EUR43 million availability under the unrated
EUR50 million super senior revolving credit facility (RCF),
increased from EUR30 million as part of this transaction, which
is subject to a springing covenant on a minimum EBITDA of EUR55
million on the RCF to be tested quarterly when the RCF is drawn
more than 35%.
Structural considerations

Gamenet's B1-PD probability of default rating (PDR) is in line
with the B1 CFR, reflecting its assumption of a 50% family
recovery rate as is customary for a capital structure including
bonds and bank debt. The B1 rating on the proposed senior secured
notes due 2023, secured by share pledges and rights on the
proceeds loan, is pari passu with the existing EUR225 million
senior secured notes and also in line with the CFR. The structure
includes an unrated EUR50 million super senior RCF (with Gamenet
S.p.A. and Gamenet Group S.p.A. as co-borrowers) which shares
similar security and guarantees, and has priority in case of an
enforcement under the terms of the intercreditor agreement.
Moody's notes the limited guarantor package which does not
include guarantees from Goldbet and cautions that any future
additional structural subordination of the entities issuing the
senior secured notes could cause downward pressure on these
instrument ratings (however this is mitigated by the covenant
packages of the existing and proposed senior secured notes, which
limit incurrence of priority indebtedness and require that a non-
guarantor must become a guarantor of the notes and EUR50 million
RCF in order to borrow under the RCF or provide guarantees for
any other debt).

Rating Outlook

The stable outlook reflects Moody's view that Gamenet's
profitability will continue to improve in 2018, that the company
will not embark on any material debt-funded acquisitions or
shareholder distributions, and that the proposed acquisition is
achieved as envisaged. It also assumes that the company will
maintain sufficient liquidity to renew any required licences in a
timely manner.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could occur if (i) Gamenet's scale,
business diversity and operating performance continue to improve,
and (ii) Moody's-adjusted leverage falls sustainably below 2.5x
whilst achieving visible and sustained positive free cash flow
and maintaining good liquidity.

Downward pressure on the rating could occur if (i) Gamenet's
performance weakens or is negatively impacted by a changing
regulatory and fiscal regime; (ii) leverage increases sustainably
above 4x, (iii) free cash flow turns sustainably negative, or
(iv) liquidity weakens.

CORPORATE PROFILE

Headquartered in Rome, Gamenet was founded in 2006 following a
participation in the first round of public gaming concessions
awarded in Italy. In July 2016 the company merged with Intralot
Italia, creating one of the largest gaming companies in Italy
with bets of over EUR7.1 billion, more than 590 employees and a
significant presence in i) Awards with prizes machines (AWPs) ii)
Video lottery terminals (VLTs), iii) Retail and street
operations, and iv) Betting and online.

Operating with legal concessions from Italy's national gaming
regulator, Gamenet ranks 3rd in Italy by revenues (after IGT and
Snaitech, and at the same level of SISAL excluding payment
services). In terms of Italian gaming segments Gamenet is the
third-largest concessionaire of gaming machines (by wagers), the
fifth largest sports betting operator with a 10% share, and the
second largest operator of gaming halls. After the acquisition of
Goldbet the company will become the #1 operator in overall sports
betting .

As of December 2017, the company had a network of 10,300 points
of sale and had access to a distribution network of 693 betting
shops & corners and c. 770 gaming halls (of which 68 are directly
managed).

In December 2017 Gamenet listed on the Milan Stock Exchange and
its ownership structure is as follows: free float 34%, private
equity firm Trilantic Capital Partners 45%, Intralot Italian
Investments B.V. 20% and treasury shares 1%. As at September 6,
2018 its market capitalization is c. EUR260 million.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Industry published in December 2017.


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L U X E M B O U R G
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SS&C TECHNOLOGIES: Moody's Affirms Ba3 Rating on Sr. Term Loan
--------------------------------------------------------------
Moody's Investors Service affirmed SS&C Technologies Holdings,
Inc.'s Ba3 Corporate Family Rating and the Ba3 rating on the
senior secured credit facilities at its subsidiaries. SS&C's
ratings outlook remains stable. The rating action was prompted by
SS&C's announcement that it plans to acquire Intralinks Holdings,
Inc. from affiliates of Siris Capital Group for $1.5 billion. The
acquisition is expected to close in the fourth quarter of 2018.

RATINGS RATIONALE

The acquisition of Intralinks will expand SS&C's customer base
and add secure information sharing technology to SS&C's portfolio
of services with opportunities for cross-selling services to a
larger customer base. SS&C will finance the acquisition of
Intralinks with $1 billion of new debt and $500 million of common
stock. The purchase price represents an EBITDA multiple of about
10x, including the $15 million of run-rate cost savings that SS&C
expects to achieve by 2021. The acquisition of Intralinks follows
that of DST for $5.4 billion which closed on April 16, 2018, and
Eze Software, which was announced on July 31, 2018, and is
pending. The affirmation of SS&C's Ba3 CFR reflects the sizeable
equity component that will be used to finance the purchase
consideration. Moody's believes that pro forma for the Intralinks
acquisition, SS&C's total debt to EBITDA (Moody's adjusted) will
be slightly over 6x, excluding the unrealized cost savings, and
that adjusted leverage will decline toward 5x by 2019, with a
path into the low-4x range by 2020. The affirmation also reflects
Moody's expectation that free cash flow will be in the high
single digit percentages of adjusted debt in 2019, and that the
majority of this free cash flow will be used to reduce debt.
SS&C's aggressive acquisition strategy will result in high
integration risk over the next 12 to 18 months. The company is in
the early stages of integrating its largest acquisition of DST,
and will contemporaneously integrate the Eze Software and
Intralinks acquisitions.

The Ba3 CFR is supported by SS&C's large operating scale,
sizeable free cash flow driven by strong projected profitability,
and management's solid track record of integrating prior
acquisitions and quickly deleveraging after acquisitions. SS&C
generates about 90% of its revenues from recurring, transactions-
based services. The company has very good liquidity which
provides cushion to absorb temporary operational challenges. The
rating is constrained by SS&C's very high leverage of over 6x
that is expected to steadily decline to 5x by the end of 2019
from EBITDA growth and accelerated debt repayments. The rating
additionally incorporates management's aggressive expansion
strategy through acquisitions and its high financial risk
tolerance.

The stable outlook is based on Moody's expectation that SS&C's
free cash flow will be in the high single digit percentages of
debt over the next 12 to 18 months and that total debt to EBITDA
(Moody's adjusted) will decline toward 5x by the end of 2019,
with further strengthening of the credit metrics in 2020.

Moody's could downgrade SS&C's ratings if (i) execution
challenges or further increases in debt lead to postponement of
the anticipated deleveraging, (ii) Moody's believes that leverage
will remain above 5x, or (iii) free cash flow falls to the low
single digit percentages of total adjusted debt for an extended
period of time. Given the elevated execution risk and high
leverage, a rating upgrade is not expected over the next 12 to 24
months. The rating could be upgraded over time if SS&C
establishes a track record of conservative financial policies,
including lower financial risk tolerance; earnings growth is
strong; and Moody's expects SS&C to sustain total debt to EBITDA
(Moody's adjusted) below 4x, with capacity to fund moderate size
acquisitions.

Assignments:

Issuer: SS&C Technologies, Inc.

Senior Secured Term Loan, Assigned Ba3 (LGD4)

Outlook Actions:

Issuer: SS&C European Holdings S.a.r.l.

Outlook, Changed To Rating Withdrawn From Stable

Issuer: SS&C Technologies Holdings Europe S.a.r.l.

Outlook, Remains Stable

Issuer: SS&C Technologies Holdings, Inc.

Outlook, Remains Stable

Issuer: SS&C Technologies, Inc.

Outlook, Remains Stable

Affirmations:

Issuer: SS&C Technologies Holdings Europe S.a.r.l.

Senior Secured Term Loans, Affirmed Ba3 (LGD4)

Issuer: SS&C Technologies Holdings, Inc.

Probability of Default Rating, Affirmed Ba3-PD

Speculative Grade Liquidity Rating, Affirmed SGL-1

Corporate Family Rating, Affirmed Ba3

Issuer: SS&C Technologies, Inc.

Senior Secured Revolving Credit Facility, Affirmed Ba3 (LGD4)

Senior Secured Term Loans, Affirmed Ba3 (LGD4)

Withdrawals:

Issuer: SS&C European Holdings S.a.r.l.

Senior Secured Term Loan, Withdrawn , previously rated Ba2 (LGD3)

Issuer: SS&C Technologies Holdings Europe S.a.r.l.

Senior Secured Term Loan, Withdrawn, previously rated Ba2 (LGD3)

The principal methodology used in these ratings was Software
Industry published in August 2018.


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


STARFRUIT FINCO: Moody's Rates EUR1.3MM Sr. Unsecured Notes Caa1
----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to the EUR1,385
million senior unsecured notes due 2026 to be issued at closing
by Starfruit Finco BV and Starfruit US Holdco LLC. The notes are
unsecured but guaranteed by the same guarantor group as the
secured term loan facilities rated B1, except for Starfruit
Holdco B.V. which does not guarantee the notes. The ratings
outlook is stable.


RATINGS RATIONALE

In accordance with Moody's Loss Given Default (LGD) Methodology,
the Caa1 rating assigned to the senior unsecured notes is two
notches below Starfruit's B2 CFR, reflecting the large amount of
secured debt ranking ahead of the notes in case of insolvency
proceedings.

The B2 CFR reflects Starfruit's (1) strong business profile
underpinned by a well-balanced product portfolio of specialty
chemicals and geographical diversification; (2) leading global
market share and well diversified end markets providing the
company with some protection against market cycle; (3) positive
momentum in its end markets supporting top line and EBITDA growth
forecast; (4) global manufacturing footprint with largely
backward integrated facilities into feedstocks along the value
chains leading to a low cost base and (5) solid and stable
operating profitability and cash flows, with EBITDA margin
fluctuating within a mid- to high-teens range in percentage
terms, which should be further supported by cost reduction
measures identified by the new owner.

However the CFR is constrained by (1) high Moody's adjusted
leverage of 6.5x at closing of Starfruit's acquisition by Carlyle
and is expected to deleverage modestly over the next 18 months on
a gross debt basis; (2) a degree of cyclicality in certain value
chains like chlor alkali, bleaching (sodium chlorates) and
ethylene amines; (3) exposure to raw material price fluctuations
that the company cannot always pass through to its customers or
with a lag time of up to three months.

Moody's expects that over the next 18 months Starfruit's
financial performance should benefit from a positive operating
leverage effect driven by expected higher volumes with the launch
of new innovative products, increased capacity following
debottlenecking program and cost reduction program. This should
support the new owner expectation of EBITDA margin expansion to
25.3% in 2022 from 20.4% in 2017.

Despite a modest step-up in capital expenditure in 2018 and a
higher interest charge due to the higher amount of debt, Moody's
expects that the company will be free cash flow (FCF) positive in
2018 and 2019 supported by the growing EBITDA, lower capital
expenditure as maintenance capex should normalize to 3.5% of
sales compared to 5.5% over the last three years.

Starfruit's liquidity is strong and supported by cash on balance
sheet of EUR350 million at closing and a large committed and
undrawn revolving credit facility of EUR750 million. Moody's
expects the company to remain free cash flow positive this year
and cash in hands should increase to close to EUR410 million. The
company will not have any maturities before 2024 (RCF) and 2025
(senior secured term loan).

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Starfruit
will maintain its Moody's adjusted EBITDA margin in the high
teens to low twenties over the next 18 months, supported by cost
improvements, and that gross leverage, as adjusted by Moody's,
will not materially reduce from the opening 6.5x. It also
reflects the rating agency's expectation that the company will
maintain its strong liquidity and not engage in an aggressive
dividend policy.

WHAT COULD CHANGE THE RATING UP/DOWN

Starfruit's ratings could be upgraded if the company (1) reduces
its Moody's adjusted debt/EBITDA sustainably under 6x; (2)
retained cash flow/debt above 10% on sustainable basis and (3)
free cash flow is sustainably positive.

Conversely, downward ratings pressure could develop if the
company's (1) Moody's adjusted leverage increases sustainably
above 7x; and (2) retained cash flow/debt below 5% on sustainable
basis or (3) free cash flow becomes negative and the liquidity
profile deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in January 2018.

Assignments:

Issuer: Starfruit Finco BV

Backed Senior Unsecured Regular Bond/Debenture, Assigned Caa1

COMPANY PROFILE

Starfruit (ex Akzo Nobel Specialty Chemicals) is a leading global
specialty chemicals business serving well-structured, resilient
and growing end markets. The company's market position is
supported by its advanced technologies and industry know-how from
hazardous to high purity chemicals, with more than 5,000 active
patents and a world scale manufacturing footprint.

The company is comprised of 5 business units of Industrial
Chemicals (28% of 2017 reported EBITDA), Pulp and Performance
Chemicals (26%), Ethylene & Sulfur Derivatives (18%), Surface
Chemistry (17%), and Polymer Chemistry (12%). In 2017, Starfruit
generated EUR5 billion of sales and EUR1,009 million of pro forma
adjusted EBITDA (20.3% margin).

On March 27, 2018, affiliates of The Carlyle Group (Carlyle)
signed a definitive agreement to acquire the Akzo Nobel Specialty
Chemicals business from Akzo Nobel N.V. (Baa1, stable) at an
enterprise value of EUR9.86 billion.


* NETHERLANDS: Corporate Bankruptcies Slightly Up in August 2018
----------------------------------------------------------------
Statistics Netherlands (CBS) reports that the number of corporate
bankruptcies has increased slightly again.

According to CBS, there were six more bankruptcies in August 2018
than in the previous month.  However, the trend has been fairly
flat for a year, CBS states.  Most bankruptcies in August were
recorded in the trade sector, CBS discloses.

If the number of court session days is not taken into account,
247 businesses and institutions (excluding one-man businesses)
were declared bankrupt in August 2018, CBS notes.  With a total
of 51, the trade sector suffered most, according to CBS.

In August, the number of bankruptcies was relatively highest in
the transport and storage sector, CBS relays.


===========
N O R W A Y
===========


NANNA MIDCO II: Moody's Affirms B2 CFR; Alters Outlook to Pos.
--------------------------------------------------------------
Moody's Investors Service has affirmed Nanna Midco II AS' B2
corporate family rating and B2-PD probability of default rating.
Moody's has also affirmed the B2 instrument rating assigned to
the USD260 million senior secured term loan due 2024 (the term
loan) and the Ba2 instrument rating assigned to the USD25 million
super senior revolving credit facility maturing in 2023, both
issued by Navico Inc., a subsidiary of Nanna Midco II AS. The
outlook on the ratings has been changed to positive from stable.

RATINGS RATIONALE

"The change of outlook to positive primarily reflects the good
progress made by Navico in reducing its adjusted gross leverage
ratio (as adjusted by Moody's for operating leases,
capitalization of development costs, and non-recurring legal
fees) to 4.3x as of the last twelve months (LTM) period to June
30, 2018 from 5.4x as of December 31, 016 (pro forma for the
refinancing of the company's debt in March 2017)", says Sebastien
Cieniewski Moody's lead analyst for Navico. In addition, the
rating action reflects (1) Moody's expectation that leverage may
further improve over the next 12 months to well below 4.0x
supported by sustained revenue growth in the context of favorable
market conditions and (2) the improved free cash flow (FCF)
generation which the rating agency projects at above 10% of
adjusted gross debt from fiscal year (FY) 2018 driven by EBITDA
growth and the phasing out of legal fees despite increasing
investment in research and development (R&D).

Despite the progress made over the last 18 months, Moody's
considers nevertheless that Navico's ratings will remain
constrained by (1) the company's still levered capital structure,
(2) its modest scale of operations with a product offering
concentrated in the niche segment of recreational marine
electronics, (3) the cyclicality of its end-markets, and (4) the
seasonality of the business related to the boating season.

The reduction in leverage over the last 18 months to June 30,
2018 was driven by Navico's strong operating performance. Navico
experienced revenue growth of 3.0% and 16.5% in FY 2017 and H1
2018 compared to the same periods in prior year, respectively.
The acceleration of top line growth in H1 2018 was supported
among others by (1) the positive underlying market environment in
the US and Europe and (2) the pickup in demand from insurance
claims following Hurricane Irma as customers replaced damaged
equipment. Revenue growth and a positive foreign exchange impact
were the key contributors to the improvement in the company's
reported EBITDA to USD83.2 million as of the LTM period to June
30, 2018 from USD67.2 million in FY 2016.

The positive macroeconomic environment, in particular in the US
which accounts for c.60% of group sales, should support demand
for new boat build and equipment replacement on existing vessels.
The rating agency thus projects further revenue and EBITDA growth
at mid-single digit rates over at least the next 12-18 months.
The revenue growth as well as the phasing out of legal costs,
which negatively impacted Moody's adjusted EBITDA calculation
over the last three years, will support further de-leveraging to
well below 4.0x over the short-term. In February 2018, Navico
settled a legal dispute with a competitor relating to sonar and
auto guidance patents. The agreement includes a cash settlement
as well as a broad cross licensing of patents and other
intellectual property.

Navico's liquidity is considered to be adequate. It is supported
by the USD25 million RCF, which was undrawn as of June 30, 2018,
the USD16.7 million of cash on balance sheet (including
overdrafts), and FCF generation. Moody's projects that Navico
will generate at least USD30 million of FCF per annum from FY
2018 -- above 10% of total adjusted debt. Increasing investment
in research and development, which is mainly capitalized, and
working capital requirements will be more than offset by EBITDA
growth (as reported by the company) and the phasing out of legal
costs. Liquidity is particularly important due to the seasonality
of the company's revenues and working capital.

Navico's PDR at B2-PD, at the same level as the CFR, reflects its
assumption of a 50% family recovery rate, which is typical for
capital structures including bank facilities with springing
financial maintenance covenants. The RCF is subject to a
springing financial covenant tested quarterly only when drawn
more than 35% in cash. The senior secured term loan is rated B2,
at the same level as the CFR, reflecting the relatively small
size of the super senior RCF ranking ahead in the event of
enforcement.

The positive outlook on the ratings reflects Moody's expectation
that Navico will continue to experience mid-single digit revenue
growth and generate good FCF over the next 12-18 months leading
to further de-leveraging. On the other hand, the outlook on the
ratings could be stabilized if adjusted gross leverage is
maintained at above 4.0x, FCF-to-Debt weakens towards 5%, or the
liquidity position deteriorates.

WHAT COULD CHANGE THE RATING - UP/DOWN

Upward rating pressure on the ratings will arise if adjusted
leverage decreases to well below 4.0x, FCF-to-Debt increases to
above 10% on a sustainable basis, and the company maintains a
good liquidity profile. On the other hand, negative rating
pressure could be triggered if (1) adjusted gross leverage
increases towards 5.5x while FCF-to-debt decreases to below 5% on
a sustainable basis, or the liquidity position deteriorates.

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

Headquartered in Norway, Navico, which generated revenues of
USD327 million in FY 2017, is a developer and manufacturer of
specialist marine electronics, including navigation and fish
finding equipment, and value-added applications. The company
splits its operations in two business segments: (1) recreational
marine (88% of 2017 group revenues) and (2) commercial marine
(12%). Navico is owned by private equity sponsors Goldman Sachs'
Merchant Banking Division and Altor Fund IV.


=============
R O M A N I A
=============


ELECTRO DISTRIBUTION: Goes Bankrupt, Faces Liquidation
------------------------------------------------------
Romania Insider reports that Electro Distribution, one of the
largest distributors of smartphones, tablets, gadgets and
accessories on the Romanian market, went bankrupt and will be
liquidated.

According to Romania Insider, local Profit.ro, citing official
data from the Finance Ministry, relays that the company, founded
by Romanian investors Angela and Tudor Tiboc, had total debts of
EUR7.4 million at the end of 2017.

Last year, it had a turnover of EUR35 million, Romania Insider
discloses.


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


ARQIVA BROADCAST: Moody's Hikes CFR to Ba3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Arqiva Broadcast Parent
Limited's corporate family rating to Ba3 from B1 and probability
of default rating to Ba3-PD from B1-PD. Concurrently, the agency
upgraded to B2 from B3 the rating of the GBP600 million 9.5%
notes due 2020 issued by Arqiva Broadcast Finance Plc which are
unconditionally and irrevocably guaranteed by its sister company
Arqiva Financing No 2 Limited and its parent company Arqiva
Broadcast Parent Limited. The outlook on the ratings is stable.

RATINGS RATIONALE

Arqiva Broadcast Parent Limited is a holding company of the
Arqiva group of companies. The rating upgrade recognises the
improvement in Arqiva's credit profile driven by its solid
operating performance helped by a successful cost efficiency
programme, as evidenced by an EBITDA margin of around 50%,
stronger credit metrics, and reduced exposure to major projects
following significant progress on the smart meter programme and
completion of the digital radio roll-out. Over the last four
years, Arqiva has reduced leverage primarily through EBITDA
growth along with a modest amount of debt repayment. The upgrade
recognises this deleveraging and reflects Moody's expectation
that Arqiva will limit re-levering of the balance sheet, helped
by a lower expected capital expenditure programme, such that
Arqiva's Moody's adjusted consolidated Net Debt/EBITDA will
remain below 6.5x. It also recognises that the group's financing
structure is resilient to downside sensitivities, given the
predictability of its long-term contracted cash flows.

Overall, the Ba3 CFR of Arqiva Broadcast Parent Limited reflects
(1) the monopoly position of the group as the sole provider of
broadcast tower infrastructure; (2) the stable and predictable
cash flows from the group's terrestrial broadcasting TV and radio
services provided under long-term contracts, which represent
around 45% of consolidated EBITDA; (3) the strong market position
in the mobile site-sharing tower business, which is characterised
by high barriers to entry; (4) its ability to use the group's
infrastructure for new growth opportunities, such as smart
metering communication services; and (5) the higher competitive
pressures and lower margins of its satellite operations, although
this business segment contributes only between 5-6% of
consolidated EBITDA.

Despite the relatively strong business model, the Ba3 CFR of
Arqiva Broadcast Parent Limited is constrained by the still high
financial leverage of the consolidated group, which limits its
financial flexibility to manage unforeseen adverse events.

The CFR is an opinion of the Arqiva group's ability to honour its
financial obligations and is assigned to Arqiva as if it had a
single class of debt and a single consolidated legal structure.
The B2 rating of the Junior Notes recognises that creditor's
claims are deeply subordinated to approximately GBP2.3 billion of
senior secured debt raised within the ring-fenced and highly
covenanted financing structure around Arqiva Financing No 1
Limited, a subsidiary of Arqiva Financing No 2 Limited and the
holding company for the principal operating companies of the
group. This subordination may result in very high loss severity
in the event of default, particularly in circumstances where any
or all of the financings with higher priority ranking have also
defaulted.

Certain terms of the financing arrangements at the operating
group level might be considered of some benefit to holders of the
Junior Notes as, for example, they restrict the Arqiva group's
ability to engage in activities outside of its core business.
However, the occurrence of a trigger event or distribution lock-
up at the senior financing structure would deprive Arqiva
Broadcast Finance Plc of the revenue on which it relies to
service the Junior Notes.

Arqiva has recently announced its intention to refinance the
Junior Notes. Moody's expects that the credit quality of the new
notes will be in line with the current B2 rating, given that the
terms and conditions of the new notes are expected to be broadly
similar to those of the current Junior Notes.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Arqiva's
financial leverage will remain aligned with the ratio guidance
for a Ba3 CFR, which includes Moody's adjusted consolidated Net
Debt/EBITDA of between 5.5x and 6.5x. Furthermore, the rating
outlook factors in the expectation that financial performance
will continue to be underpinned by a high proportion of long-term
contracted revenues and a high level of contract renewal rates.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure could develop over the medium term if
Arqiva group further deleverages so that Moody's adjusted
consolidated Net Debt/EBITDA ratio were to fall below 5.5x on a
sustainable basis, with a significant headroom against
distribution lock up levels at the ring-fenced senior secured
debt level. This would likely be coupled with the maintenance of
solid operating performance and a prudent financial policy in
terms of shareholders distributions.

Conversely, the ratings could come under downward pressure if
Arqiva group was to increase financial leverage such that Moody's
adjusted consolidated Net Debt/EBITDA ratio were to increase
above 6.5x on a sustainable basis. In addition, negative rating
pressure could materialise if there was (1) a trigger event or
dividend lock-up at the senior financing structure or any other
factors that may increase the likelihood of such events
occurring; and/or (2) adverse funding conditions, which would
make it difficult for the Arqiva group to refinance maturing debt
on reasonable terms.

The principal methodology used in these ratings was
Communications Infrastructure Industry published in September
2017.

COMPANY PROFILE

Arqiva Broadcast Parent Limited is the holding company of the
Arqiva group of companies that own and operate a portfolio of
communications infrastructure assets and provide (1) television
and radio transmission services; (2) site sharing to mobile
network operators; (3) media services and radio communications in
the UK; (4) smart metering and M2M communications services for
gas, electricity and water utilities in different parts of the UK
and (5) satellite services in the UK, Continental Europe and the
US. In the financial year ended June 30, 2018, Arqiva Broadcast
Parent Limited delivered revenue of GBP962 million and EBITDA
(after exceptional items) of GBP508 million on a consolidated
basis. Arqiva Broadcast Finance Plc provides secured funding to
Arqiva Financing No 2 Limited, an intermediate holding company in
the Arqiva group of companies. The principal operating
subsidiaries of the group are held within Arqiva Financing No 1
Limited.

Arqiva is wholly owned by Arqiva Group Limited, which is itself
owned by a consortium of seven shareholder groups, the two
largest being Canada Pension Plan Investment Board with a 48%
holding and Macquarie European Infrastructure Fund 2 with 25%.
Various other Macquarie-managed funds account for approximately
1.5%, Industry Funds Management holds around 14.8%, Health Super
Investments Pty Ltd holds around 5.4% and Motor Trades
Association of Australia holds around 5.2%.


ARQIVA BROADCAST: Fitch Rates GBP625MM Sr. Notes Due 2023 B-(EXP)
-----------------------------------------------------------------
Fitch Ratings has assigned Arqiva Broadcast Finance plc's high-
yield (HY) GBP625 million senior notes due 2023 a 'B-(EXP)'
expected rating. The Outlook is Stable.

The final rating is contingent on the receipt of final
documentation materially conforming to information already
received.

Fitch expects the GBP600 million existing senior notes due 2020
to be paid in full at closing.

The expected rating reflects the structural subordination of the
bonds, weak creditor protections and exposure to dividend pay-out
disruptions from the whole business securitisation (WBS) group in
cash lockup or cash sweep scenarios. The bullet nature of the
high yield notes exposes them to significant refinancing risk in
five years. The five-year average net debt/EBITDA under the Fitch
rating case is 6.2x. Fitch expects net debt to EBITDA of the WBS
notes to fall to 3.0x by 2025 and to close to 0x by FY30.

TRANSACTION SUMMARY

Arqiva is pursuing full refinancing of the existing GBP600
million senior notes with the issuance of net additional debt of
GBP25 million, along with the liquidity reserve account, to fund
the accrued coupon and call premium on the existing notes as well
as other transaction costs. Simultaneously, Arqiva intends to
enter into a new GBP20 million super senior liquidity facility,
located at the Arqiva Broadcast Finance PLC level, to substitute
its current liquidity reserve cash balances.

KEY RATING DRIVERS

Arqiva's ratings reflect gradual expected deleveraging, in line
with its largely contracted revenue profile and resilience to RPI
and LIBOR sensitivities. The ratings also reflect the revised
business plan put in place by the management team and the ongoing
operational restructuring, including a focus on core business
lines and operational efficiency. Fitch will continue to monitor
the progress of the business plan against expected milestones.

Long-term RPI linked contracts and a monopoly position in
terrestrial television and radio broadcasting partly underpin
Arqiva's revenues. However, Fitch perceives technology risk could
affect contract renewals in other segments such as the Digital
Platform business line.

Revenues Underpinned by Long-Term Contracts: Industry Profile -
Stronger

Operating Environment: Stronger

Arqiva is the sole UK national provider of network access and
managed transmission services (regulated by the UK Office of
Communications; Ofcom) for terrestrial television and radio
broadcasting. The company owns and operates all television and
over 90% of the radio transmission towers used for digital
terrestrial television (DTT) and terrestrial radio broadcasting
in the UK.

Arqiva has long-term contracts with public service broadcasters
to provide coverage to 98.5% of the UK population as well as with
commercial broadcasters. Arqiva owns two of the three main
national DTT commercial multiplexes (out of a total of six) plus
two new HD-compatible DTT multiplexes. In radio broadcasting,
Arqiva owns licenses for operating one national commercial
digital radio multiplex and more than 40% of the second.

Arqiva is the largest independent provider of wireless tower
sites in the UK, which are licensed to the mobile networks
operators (MNOs) and other wireless network operators, with
approximately 25% of the total active licensed macro cell site
market. Due to its industry nature, Arqiva is not exposed to
discretionary spending and Fitch does not view the sector as
cyclical.

Barriers to Entry: Stronger

Fitch views the industry's barriers to entry as high due to the
stringent regulatory framework and the industry's capital-
intensive nature.

Sustainability: Midrange

Arqiva is exposed to potential changes in technology in the
medium to long term, for instance, with the emergence of new
means for content delivery (e.g. IPTV), which may affect pricing,
in particular in the Digital Platform (DP) and Satellite and
Media divisions.

New Management Team, Ambitious Business Plan: Company Profile -
Midrange

Financial Performance: Midrange

Arqiva has under 10 years of overall stable trading history.
Revenue reductions in some business lines have been compensated
by gains in margins. Since FY09, EBITDA has grown strongly at a
CAGR of 5.7% but since FY13, Arqiva's performance has been lower,
with CAGR dropping to 3.3%.

Company Operations: Midrange

The sponsors are experienced and have a long-term view. A large
portion of Arqiva's revenues are derived from long-term RPI
linked contract revenues with customers with strong credit
ratings in telecoms, mobile network operators and TV and radio
broadcasting, with the BBC accounting for a large share of
revenues.

There have recently been significant changes in management in the
past few years. The current management team is committed to the
business transformation programme, focused on cost-cutting and
strategic growth.

Transparency: Midrange

Good insight into Arqiva's financials and operations is balanced
by the inherent complexity of the operations.

Dependence on Operator: Weaker

Given the specialised and complex nature of Arqiva's operations,
there are only a few alternative operators capable of running its
secured assets, which diminishes the value of administrative
receivership.

Asset Quality: Midrange

Assets of this nature are very infrequently traded and there are
no alternative values, but assets can be disposed of individually
or on a going-concern basis. Maintenance capex is generally well
defined but timing and exact funding amount could be uncertain.

Standard WBS Structure: Debt Structure - Stronger (Senior Debt)
Debt Profile: 'Midrange', Security Package: 'Stronger',
Structural Features: 'Midrange'

The senior debt is fully amortising by either cash sweep or
following a fixed schedule. There are many large swaps due to
legacy positions, including super senior index-linked swaps (ILS)
and index-linked swaps overlays and other interest rate (IRS) and
FX swaps, which adds to the complexity of the debt structure. The
senior debt still contains some prolonged interest-only periods,
which is credit negative.

The senior debt benefits from a typical WBS security package,
namely, first ranking security over freehold/long leasehold sites
with the possibility of appointing an administrative receiver.
The senior debt benefits also from a comprehensive set of
covenants and cash lockup triggers set at moderate levels. The
issuer liquidity facility covers only 12 months of debt service.
The issuer is not an orphan SPV. However, Fitch deems the
potential conflicts of interest due to the non-orphan status of
the SPVs and their directors also being directors of other group
companies remote and consistent with the notes' ratings, given
the structural protection in the transaction's legal
documentation.

Subordinated Debt, Refinance Risk: Debt Structure - Weaker
(Junior Debt)

Debt Profile: 'Weaker', Security Package: 'Weaker', Structural
Features: 'Weaker'

The proposed HY bonds are bullet, deeply structurally
subordinated and would default if dividends from the WBS group
are disrupted for more than six months. Fitch views their
security package as weak as it consists of share pledges over
holding companies with no second lien security over the WBS
security package. The covenants and lockup triggers are
comprehensive but are set at low levels. The issuer's new cash
reserve account is expected to cover only about six months of
interest payments.

Financial Profile

Under Fitch's rating case, the net debt to EBITDA of the proposed
notes reduces from 6.4x in 2019 to 5.7x in 2023 at maturity. At
the senior debt, net debt to EBITDA remains below 3.0x in 2025.

Peer Group

The WBS senior notes have similar debt characteristics to CPUK
(Center Parcs, a holiday parks operator) of cash sweeps at
expected maturity. However, the free cash flow debt service
coverage ratios for CPUK are higher than Arqiva's to compensate
for the 'Weaker' Industry Profile key rating driveer of CPUK in
contrast to Arqiva's 'Stronger'.

The bullet and deeply subordinated nature of the proposed junior
debt, which is at risk from dividend disruption when the senior
debt is in cash sweep and exposed to refinancing risk in five
years positions the rating at 'B-'.

RATING SENSITIVITIES

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

  - Under Fitch's rating case, if net debt to EBITDA is forecast
to be above 3x in FY25 and 0x in FY32, it could result in a
downgrade of the senior debt. The proposed HY notes could be
downgraded if their refinancing risk increases or if the full
cash sweep features embedded in some of the senior debt is close
to being triggered.

  - Arqiva's future cash flow could be curtailed following
unfavourable and unforeseen significant changes in regulation by
Ofcom with regard to its pricing formulas, particularly for
future DTT or radio broadcasting contracts, licensing costs such
as administrative incentive pricing, or even spectrum
allocations. The risk of alternative and emerging technologies
such as IPTV could also threaten Arqiva's revenues, either
through technology obsolescence risk or a lower ad-pool available
to linear TV content providers. This risk is currently mitigated
by the transaction's potentially rapid deleveraging assuming cash
sweep amortisation and the long-term contracts securing
significant revenues.

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

  - The senior notes could be upgraded if under Fitch's base
case, net debt to EBITDA remains below 3x in FY25 and 0x in FY30
and if the company signs new long-term contracts or if renewals
of existing contracts are renegotiated on better terms than
expected. The proposed HY notes are unlikely to be upgraded.

CREDIT UPDATE

For the year ended June 30, 2018, revenue for the group was
GBP962 million, an increase of 2% from GBP941 million in the
previous year and broadly in line with its rating case
expectations.

EBITDA for the group was GBP518 million, representing a 9%
increase from 2017 (GBP474 million), and slightly ahead of the
rating case forecast, reflecting Arqiva's continued progress in
its business transformation plan.

Fitch Cases

Its rating case continues to assume that the senior loans and
notes with expected maturities would not be refinanced but would
instead be paid back by way of cash sweep. The principles of the
rating case remain the same as previous years, but the 2018
rating case reflects contracts won or extended over the past
year.

Overall, its rating case reflects uncertainty in longer-term
digital platform content demand and telecom growth expectations
modelled through price and volume declines at contract renewal.
Fitch takes a similar but harsher approach for satellite
revenues. Smart Metering revenues in its rating case only reflect
contracts already won.

Arqiva expects to achieve cost savings by FY22 through a
combination of third-party savings and headcount savings. Fitch
has given partial credit to the expected savings but added an
additional stress on operating expenditure as Fitch does not yet
have a track record of crystallised savings.


BOLTON WANDERERS: At Risk of Going Into Administration
------------------------------------------------------
BBC News reports that Bolton Wanderers owner Ken Anderson said
the club could be put into administration on Sept. 11.

According to BBC, Mr. Anderson said he offered to repay creditors
BluMarble Capital Ltd. a GBP4 million loan plus interest but that
the offer had been rejected.

The club could be deducted 12 points for going into
administration, BBC states.  They are currently eighth in the
Championship with 11 points after six games, BBC notes.

Bolton took out a loan with BluMarble in 2015 and according to
the Bolton News there is a funding gap for the next 12 months of
up to GBP13 million, BBC discloses.

"[BluMarble] will now need to fund the club administration going
forward, which will take a minimum of three months and will
automatically put the club in a two-year transfer embargo and a
minimum immediate points deduction of 12 points," BBC quotes
Mr. Anderson as saying.  "In my opinion, their actions will
substantially reduce the value of the club in respect of any
future sale and will make it far more difficult to find a future
investor/buyer."


DEBENHAMS PLC: Issues Trading Statement to Stop Nosy Neighbors
--------------------------------------------------------------
BBC News reports that Debenhams' chairman has said the firm was
forced to rush out an early trading statement on Sept. 10 to stop
"nosy neighbours" gossiping about its future.

Sir Ian Cheshire said speculation about the department store
chain had become "a circus" and it wanted investors to know that
trading had not collapsed, BBC relates.

"We're not insolvent," he told BBC Radio 4's Today Programme.

But he said the retailer was looking at "every option in the
longer term" to turn around its performance, BBC notes.

Debenhams' shares plunged 17% on Monday, Sept. 10, eventually
closing 10% lower, after the company confirmed at the weekend
that it had appointed consultancy firm KPMG to help improve its
fortunes, BBC recounts.

In its trading statement, the retailer, as cited by BBC, said
that annual profits would be below June's downgraded forecast,
but in line with current market forecasts.

According to BBC, Mr. Cheshire said that speculation it was
actively driving an insolvency process aimed at reducing store
rents with landlords and cutting stores, known as a company
voluntary arrangement (CVA), was "simply not true".

"If that's the right thing for the company and our broader
stakeholders then obviously that's an option but the implication
was we were about to do it and that . . .  trading had somehow
collapsed," BBC quotes Mr. Cheshire as saying.

Mr. Cheshire also confirmed the company planned to close stores
and said it was "working out way through what was an appropriate
mix", BBC relays.  He said the main issue for these plans was the
"flexibility of store leases", BBC notes.


ELLI INVESTMENTS: Fitch Affirms C IDR & Cuts Sr. Sec. Notes to CC
-----------------------------------------------------------------
Fitch Ratings has affirmed UK care homes operator Elli
Investments Ltd's (Elli; key brand Four Seasons) Long-Term Issuer
Default Rating (IDR) at 'C'. Concurrently, the agency has
downgraded Elli Finance (UK) Plc's senior secured instruments to
'CC' from 'CCC-'. The Recovery Rating has been revised to 'RR3'
(70%) from 'RR2' (82%).

Fitch also has affirmed Elli's super senior facility rating at
'CCC'/'RR1' (100%) and senior unsecured notes at 'C'/'RR6' (0%).

The affirmation of the IDR reflects ongoing debt restructuring
for Elli with the standstill agreement now extended to end-
September 2018, after Elli missed two coupon payments on its
existing debt. The rating therefore incorporates the limited
visibility on the future capital structure and liquidity for Elli
beyond 2018. However, it also expresses Fitch's expectations that
a sustainable and viable debt solution should be achievable
amongst all lenders and stakeholders over the next three months
to allow the business to operate as a going concern.

The 'C' IDR precedes an anticipated downgrade to 'Restricted
Default' (RD) upon the completion of a debt restructuring or
failure to obtain bond holders' approval for continued interest
deferrals.

KEY RATING DRIVERS

On-going Debt Restructuring: Fitch expects the final debt
restructuring plan will result in a material reduction in the
terms of debt, which Fitch would view as a distressed debt
exchange (DDE) event. Following interest payment deferrals and
standstill extensions, Elli is finalising terms between
stakeholders and lenders for its debt restructruing. Fitch would
expect a completion before end-2018 based on the group's current
liquidity profile.

Fitch will downgrade Elli's IDR to 'RD' upon the completion of
the debt restructuring before assigning an appropriate IDR for
the group's post-exchange capital structure, risk profile and
prospects.

Continued Operational Challenges: Fitch believes Elli continues
to face constraints on profitability and cash flow generation.
This is due to pressures on the group's cost base associated with
the increase in the national living wage and the shortage of
nurses in the UK, leading to increasing reliance on agency
workers. Although the social care levy introduced by the UK
treasury to increase funding for care has been adopted by the
majority of local authorities and led to a moderate increase in
fee rates, these so far have been insufficient to fully restore
Elli's profitability.

Lower Recovery for Senior Secured Notes: The downgrade of Elli
Finance (UK) Plc's senior secured instruments reflects its
updated recovery analysis based on the reduced security value as
identified in the latest March 2018 valuation and the increased
amount of the super senior loan following its refinancing. This
updated recovery analysis has not affected the instrument ratings
on the senior and junior debt tranches and Fitch has affirmed the
super senior facility rating at 'CCC'/'RR1'/100% and its senior
unsecured notes at 'C'/'RR6'/0%.

DERIVATION SUMMARY

Fitch has observed significant pressures on ratings in the UK
leveraged care home sector, which has been affected by a
reduction of local authorities' fee rates in real terms.
Profitability is also under pressure from increasing costs,
predominantly as a result of wage increases and greater use of
agency.

This has led to profitability across the sector being impaired as
cost inflation could not been passed on to payers, which now
increasingly threatens the underlying business model of operators
and makes leveraged capital structures increasingly
unsustainable.

Operators' resilience towards these external pressures has varied
according to their exposure to public vs. private payers and
their position on the acuity care spectrum. Care companies at the
higher end of the dependency spectrum such as Voyage Bidco
Limited with a larger share of disability care, have been
comparatively resistant to funding cuts of local authorities, but
are facing strategic pressures as the care model evolves towards
assisted living schemes. Care homes more at risk have been those
catering for residents with less complex needs such as Elli
Investments and Care UK.

The business models of these three key players are also
differentiated, with Care UK operating an asset-light structure,
leasing most of its care facility, whereas Voyage and Elli own
the majority of their assets. As a result its recovery analysis
assesses Voyage and Elli in a liquidation scenario, compared with
Care UK in a going concern scenario.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer
(only based on visibility until end-2018 as the issuer is
proceeding with restructuring)

  - Revenue to decline 3% in 2018 due to a reduction in the
number of beds following asset disposals.

  - EBITDA of GBP42 million in 2018 with EBITDA margin of 6.5%.

  - Capex at 5% of sales in 2018.

  - Disposals of uneconomic care homes raising a maximum of GBP5
million.

  - Exceptional cash flow of GBP25 million expected in 2018.

  - No interest payment until a final restructuring agreement is
reached.

  - GBP70million committed credit facility fully drawn.

Recovery Assumptions:

  - In its recovery analysis, Fitch assumes that a liquidation of
Elli's assets would provide higher recoveries for lenders than a
going-concern restructuring based on the current distressed
performance. This is primarily due to Elli's freehold and long-
leasehold properties, which Fitch believes continue to offer best
use as care homes post restructuring.
  - Fitch applied a 35% discount to the updated market value of
Elli's property assets of GBP481million.

RATING SENSITIVITIES

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

  - A restructuring of the group's capital structure, leading to
improving liquidity and maturity profiles, and debt service
coverage ratios post DDE.

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

  - Execution of the DDE.

  - Failure to receive approval for a comprehensive debt
restructuring, leading to administration proceedings.

LIQUIDITY

No Liquidity Visibility after 2018: Fitch is unable to assess
Elli's liquidity beyond2018 in the absence of a comprehensive
debt restructuring, which is a key driver of its 'C' rating
assessment. At end-1H18, available liquidity was at GBP17 million
(comprising GBP17 million cash and GBP5 million undrawn
facilities, the latter of which was treated by Fitch as
restricted for working capital needs).

FULL LIST OF RATING ACTIONS

Elli Investments Ltd.

  -  Long-Term IDR: affirmed at 'C' ';

  - Senior unsecured notes: affirmed at 'C'/'RR6'/0%;
Elli Finance (UK) PLC

  - Super senior term loan: affirmed at 'CCC'/'RR1'/100%;

  - Senior secured notes: downgraded to 'CC'/'RR3'/70% from 'CCC-
'/'RR2'/82%


IVORY CDO: Fitch Raises Rating on Class C Notes to 'CCCsf'
----------------------------------------------------------
Fitch Ratings has upgraded Ivory CDO Limited's class C notes, and
affirmed the others, as follows:

Class C (ISIN XS0309353653): upgraded to 'CCCsf' from 'CCsf'

Class D (ISIN XS0309357050): affirmed at 'Csf'

Class E (ISIN XS0309358298): affirmed at 'Csf'

Ivory CDO Limited is a managed cash arbitrage securitisation of
mezzanine asset-backed securities, primarily RMBS and CMBS.

KEY RATING DRIVERS

Increased Credit Enhancement

Credit enhancement has increased for the class C notes since the
last rating action in September 2017. The portfolio has repaid
EUR15.9 million over the past year, resulting in full repayment
of the class B notes and partial payment of the class C notes,
while increasing the available credit enhancement of the now most
senior class C notes to 82.44% from 26.7%.

High Obligor Concentration

The portfolio now has only three performing assets, down from
seven a year ago. All three performing assets are rated 'CCC'.
The performing portfolio consists of two RMBS and one commercial
ABS assets.

Negative Excess Spread

While interest payable on the most senior class of notes is low,
the amount of fees the transaction pays per year is sizeable
compared with the interest it receives from the performing
assets, and exceeds the available income by more than EUR100,000.
Therefore principal has to be used to pay interest on the most
senior note while all other notes are deferring interest.
Nevertheless the largest of the performing assets has a notional
that is approximately EUR300,000 in excess of the class C notes.

Defaulted Assets
There are no new defaults since the last rating action a year
ago. Defaulted assets are reported at EUR10.6 million, slightly
lower than last year's EUR12.9 million.

RATING SENSITIVITIES

Most notes are already at distressed ratings levels and as such
are unlikely to be affected by any further deterioration in the
respective underlying asset portfolios.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

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

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognised
Statistical Rating Organisations and/or European Securities and
Markets Authority-registered rating agencies. Fitch has relied on
the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.

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



                            *********

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.


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