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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

         Thursday, September 13, 2018, Vol. 19, No. 182


                            Headlines


G E R M A N Y

* GERMANY: Business Insolvencies Down 2.5% in First Half 2018


I R E L A N D

DUBLIN BAY 2018-1: DBRS Gives Prov. BB Rating to Class E Notes


I T A L Y

ALITALIA LINEE: Oct. 3 Deadline Set for EAS Stake Binding Offers
GAMENET GROUP: S&P Puts B Issuer Credit Rating On Watch Positive
IBLA SRL: DBRS Assigns CCC (sf) Rating to Class B Notes


L A T V I A

* LATVIA: Breaches Found in 1/4 of Examined Insolvency Processes


L U X E M B O U R G

TOPAZ MARINE: Moody's Affirms B3 Rating on $375-Mil. Sr. Notes


N E T H E R L A N D S

CONSTELLIUM NV: S&P Alters Outlook to Positive & Affirms 'B-' ICR
PANTHER CDO IV: Fitch Affirms 'BBsf' Rating on Class C Debt


R O M A N I A

PETROLEXPORTIMPORT SA: Shareholders to Discuss on Insolvency


R U S S I A

MEGAFON PJSC: Moody's Confirms Ba1 CFR, Outlook Stable


S P A I N

EDREAMS ODIGEO: Moody's Rates EUR425-Mil. Sr. Secured Notes B2


T U R K E Y

ANADOLUBANK AS: Fitch Cuts Long-Term IDR to B+, Outlook Negative


U K R A I N E

CB INTERBANK: DGF Continues Payments to Depositors


U N I T E D   K I N G D O M

CARILLION PLC: PwC Charged GBP356 Per Hour for Insolvency Work
CONTACT TRANSPORT: Director Banned for 9yrs. Over False Claims
DEBENHAMS PLC: Not Actively Pursuing Store Closures
HOUSE OF FRASER: Sports Direct Board Mulls Merger with Debenhams
SEADRILL LTD: Eyes Acquisitions After Chapter 11 Exit


                            *********



=============
G E R M A N Y
=============


* GERMANY: Business Insolvencies Down 2.5% in First Half 2018
-------------------------------------------------------------
The Federal Statistical Office (Destatis) reports that German
local courts reported 9,968 business insolvencies in the first
six months of 2018.

According to Destatis, this was a decline of 2.5% compared with
the same period a year earlier.

The local courts reported that, in relation to the business
insolvency requests, the prospective debts owed to creditors
amounted to roughly EUR13.1 billion in the first half of 2018,
Destatis relates.



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I R E L A N D
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DUBLIN BAY 2018-1: DBRS Gives Prov. BB Rating to Class E Notes
--------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the notes to
be issued by Dublin Bay Securities 2018-1 DAC (DBS 2018-1 or the
Issuer) as follows:

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

The Class Z and R notes are not rated.

DBS 2018-1 is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in Ireland. The issued notes will be used to fund
the purchase of Irish residential mortgage loans originated by
Bank of Scotland plc. and secured over properties located in
Ireland. Bank of Scotland sold the portfolio in May 2018 to
Erimon Home Loans Ireland limited, a bankruptcy-remote SPV wholly
owned by Barclays Bank plc.

As at 31 July 2018, the provisional mortgage portfolio consists
of 3,089 loans with a total portfolio balance of approximately
EUR 584.0 million. The weighted-average (WA) loan-to-indexed
value is 68.3% with a WA seasoning of 11.7 years. Almost all the
loans included in the portfolio (99.9%), are floating-rate loans
linked either to the European Central Bank (ECB) rate or a
variable rate linked to ECB rate. The notes pay a floating rate
of interest linked to three-month Euribor. DBRS has accounted for
this interest rate mismatch in its cash flow analysis.
Approximately 19.9% of the portfolio are loans that have been
originated to buy-to-let borrowers. No loans in the portfolio are
in arrears.

Credit enhancement for the Class A notes is calculated at 19.9%
and is provided by the subordination of the Class B notes to the
Class Z notes and the general reserve fund. Credit enhancement
for the Class B notes is calculated at 14.9% and is provided by
the subordination of the Class C notes to the Class Z notes and
the general reserve fund. Credit enhancement for the Class C
notes is calculated at 12.1% and is provided by the subordination
of the Class D notes to the Class Z notes and the general reserve
fund. Credit enhancement for the Class D notes is calculated at
9.6% and is provided by the subordination of the Class E notes,
Class Z notes and the general reserve fund. Credit enhancement
for the Class E notes is calculated at 6.0% and is provided by
the subordination of the Class Z notes and the general reserve
fund.

The transaction benefits from a cash reserve that is available to
support the Class A to Class E notes. The cash reserve will be
fully funded at close at 1.5% of the initial balance of the rated
notes less the liquidity reserve fund. The liquidity reserve fund
is sized at 1.5% of the Class A balance and provides liquidity
support to cover revenue shortfalls on senior fees and interest
on the Class A notes. The notes will additionally be provided
with liquidity support from principal receipts, which can be used
to cover interest shortfalls on the most senior class of notes,
provided a debit is applied to the principal deficiency ledgers
in reverse sequential order.

A key structural feature is the provisioning mechanism in the
transaction, which is linked to the arrears status of a loan
besides the usual provisioning based on losses. The degree of
provisioning increases with the increase in number of months in
arrears status of a loan. This is positive for the transaction as
provisioning based on the arrears status will trap any excess
spread much earlier for a loan, which may ultimately end up in
foreclosure.

The Issuer Account Bank, Paying Agent and Cash Manager is
Citibank, N.A., London Branch. The DBRS private rating of the
Issuer Account Bank is consistent with the threshold for the
Account Bank outlined in DBRS "Legal Criteria for European
Structured Finance Transactions", given the ratings assigned to
the notes.

The provisional rating assigned to the Class A notes addresses
the timely payment of interest and ultimate payment of principal
on or before the final maturity date. The provisional ratings
assigned to the Class B to Class E notes address the ultimate
payment of interest and principal. DBRS based its ratings
primarily on the following:

   -- The transaction capital structure, form and sufficiency of
available credit enhancement and liquidity provisions

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

   -- The ability of the transaction to withstand stressed cash
flow assumptions and repay the rated notes according to the terms
of the transaction documents. The transaction cash flows were
analyzed using PD and LGD outputs provided by the "Master
European Residential Mortgage-Backed Securities Rating
Methodology and Jurisdictional Addenda" methodology. Transaction
cash flows were analyzed using INTEX Dealmaker.

   -- The structural mitigants in place to avoid potential
payment disruptions caused by operational risk, such as downgrade
and replacement language in the transaction documents.

   -- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the Terms and
Conditions of the notes.

   -- 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 euros unless otherwise noted.


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I T A L Y
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ALITALIA LINEE: Oct. 3 Deadline Set for EAS Stake Binding Offers
----------------------------------------------------------------
Prof. Avv. Stefano Ambrosini, Prof. Avv. Gianluca Brancadoro and
Prof. Dott. Giovanni Fiori, The Extraordinary Commissioners of
Alitalia Linee Aeree Italiane S.p.A. in A.S., disclosed that the
Company has received from a possible purchaser a binding offer
for the purchase of the 5,83% of shareholding, held in the
corporate capital of Egyptian Aviation Services, based in Egypt,
for a price of US$500.000,00 ($ five hundred thousand/00) (the
"Purchase Offer").  The Italian Ministry of Economic Development,
upon consultation with the Supervisory Committee, through its
decision dated July 2, 2018, has authorized the sale of the
shareholding through private negotiation, subject to the prior
search on the market for any potential better binding offers.
Therefore, the Extraordinary Commissioners invite any party
interested in the purchase of the above shareholding to submit a
binding offer which, subject to the penalty of exclusion, must be
higher than the price indicated in the Purchase Offer, plus any
additional tax as per the applicable laws, and supported by a
guarantee.  In the event of submission of valid offers higher
than the Purchase Offer and after positive evaluation of the best
offer received, according to the unquestionable judgment of the
Extraordinary Commissioners, a call for bids will be subsequently
made, during a specific public session.

In this session, the Extraordinary Commissioners will require the
offerors to submit increased offers, for not less than
US$10,000.00 ($ ten thousand/00) starting from the highest
offered price.  In the event of lack of any higher valid purchase
offer and/or increased offers, the Extraordinary Commissioners
hereby give notice that they will enter private negotiations with
the party which has submitted the Purchase Offer.  Neither offers
on behalf of third parties nor for persons to be designated are
allowed.  Binding offers from the interested parties must be
received no later than 6:00 p.m. Italian time on October 3, 2018,
and the examination of such offers will take place starting from
11:00 a.m. Italian Time on October 4, 2018, at the presence of
the Italian public notary.  Upon request, the interested parties
may have access to the virtual data room concerning the
shareholding starting from the date of publication of this notice
up to the deadline for the submission of the binding offers.  The
highest offer shall be deemed to having been accepted by Alitalia
only after the issuance of the relevant written communication and
the adjudication is to be considered provisional and conditional
to the favorable opinion of the Supervisory Committee and to the
authorization of the Ministry of Economic Development.

The full text of this notice is published, in Italian and English
language, on the website
www.alitaliaamministrazionestraordinaria.it, together with all
the documents relating to the participation to the sale
procedure.


GAMENET GROUP: S&P Puts B Issuer Credit Rating On Watch Positive
----------------------------------------------------------------
S&P Global Ratings said that it placed its 'B' long-term issuer
credit rating on Gamenet Group S.p.A. on CreditWatch with
positive implications.

S&P said, "At the same time, we placed the 'B' issue rating on
the company's existing EUR225 million senior secured notes due
2023 on CreditWatch positive. The recovery rating on these notes
is '3', indicating our expectation of meaningful (50%-70%;
rounded estimate: 65%) recovery in the event of payment default.

"We also assigned our preliminary 'B+' issue rating to the new
proposed EUR225 million senior secured notes due 2023, which will
rank pari passu to the existing notes. The recovery rating on
these proposed senior secured notes is '3', indicating our
expectation of meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of payment default."

The final issue rating on the new proposed notes will depend upon
the completion of the acquisition of GoldBet Srl. Accordingly,
the preliminary ratings should not be construed as evidence of
the final ratings. If Gamenet does not complete the acquisition
in a reasonable timeframe, S&P Global Ratings reserves the right
to withdraw or revise its ratings.

S&P said, "The CreditWatch placement reflects that we could raise
the existing 'B' long-term issuer credit rating by one notch once
Gamenet finalizes the acquisition of Italian betting company
Goldbet. We expect the acquisition will support better visibility
of earnings as the company gains scale, increased market share in
the Italian gaming market, and improved product diversity.

"In our view, the acquisition should improve Gamenet's scale of
operations, with an EBITDA increase from EUR72 million in 2017 to
EUR110 million in 2018 pro forma the acquisition, and
approximately EUR150 million by 2020, based on our forecast. We
also expect Gamenet will gain market share in the highly
competitive and fragmented Italian gaming market, which should
enhance its ability to weather some of the regulatory and
operational risks inherent to the business."

Following the acquisition, Gamenet's product offering will also
improve, expanding into the betting and online segments, which
are driving the growth of the gaming industry. S&P said, "We
expect the contribution margin mix pro forma the acquisition (as
of the 12 months ending June 2018) to be as follows: 39% gaming
machines, 39% betting, 12% retail and street operations, and 11%
online. This compares with the current mix of 60% gaming
machines, 18% retail and street operations, 19% betting, and 3%
online. We acknowledge the higher volatility of the betting
segment, as payout depends on event outcomes, which could put
pressure on earnings predictability. Nevertheless, we believe the
larger scale should support better stability in a business facing
changes in regulation, such as an increase in taxes and a
reduction in the number of amusement with prize machines."

Gamenet intends to fund the acquisition with the new EUR225
million senior secured notes and EUR40 million in cash available
(net of approximately EUR11 million estimated transaction costs),
including EUR25 million deferred to 2021 and subsequent years.
The company will also increase its existing revolving credit
facilities from EUR30 million to EUR50 million to provide
additional liquidity to the enlarged group.

Pro forma for the transaction, Gamenet's adjusted debt to EBITDA
will increase to 4.4x from 3.2x in 2017. S&P said, "However, we
expect the company will progressively deleverage back to about
3.2x by 2020, as it realizes total cost synergies of EUR25
million-EUR30 million during 2019 and 2020. In light of Gamenet's
sound track record in integrating companies (as seen with the
integration of Intralot Italy, acquired in 2016), we believe that
the merged entity will be able to deleverage to pre-acquisition
levels within two years, once synergies are realized."

S&P said, "In addition, we expect the acquisition will enhance
Gamenet's profitability and cash flow generation with a larger
portion of revenues coming from the online segment, which has
leaner cost structures and lower capital expenditure
requirements. Adjusted EBITDA margin should increase from 11.5%
in 2017 to about 15% post acquisition, improving toward 19% once
the synergies are realized. We also expect increasing free
operating cash flow over the following years, from about EUR20
million in 2018 to approximately EUR50 million-EUR60 million by
2020."

CREDITWATCH

S&P said, "We plan to resolve the CreditWatch placement following
the completion of the acquisition. We would raise the rating by
one notch to 'B+' if Gamenet completes the transaction in its
current form. We expect the enlarged group will reduce leverage
from adjusted debt to EBITDA of 4.4x post acquisition toward 3.2x
by 2020, once Gamenet has completed the integration, paid
transaction costs, and realized synergies.

"If the merger does not take place for any reason, we could
affirm the issuer rating on Gamenet and withdraw the preliminary
issue rating on the proposed EUR225 million senior secured
notes."


IBLA SRL: DBRS Assigns CCC (sf) Rating to Class B Notes
-------------------------------------------------------
DBRS Ratings Limited assigned a BBB (low) (sf) rating to the
EUR 85,000,000 Class A notes and a CCC (sf) rating to the
EUR 9,000,000 Class B notes issued by Ibla S.r.l. (the Issuer).

The notes are backed by a EUR 348.6 million gross book value
(GBV) portfolio consisting of unsecured and secured non-
performing loans originated by Banca Agricola Popolare di Ragusa
S.C.p.A. (the Originator). The majority of loans in the portfolio
defaulted between 2012 and 2016 and are in various stages of
resolution. The receivables are serviced by Italfondiario S.p.A.
(Italfondiario or the Servicer). A backup servicer,
Securitization Services S.p.A., has also been appointed to act as
servicer in case of the termination of the appointment of
Italfondiario.

Approximately 95.1% of the pool by GBV is secured and 87.2% of
the portfolio benefits from a first-ranking lien. The secured
loans included in the portfolio are backed by properties
distributed mainly (99.3% of the portfolio by open market value)
in Sicily. In its analysis, DBRS assumed that all loans are
worked out through an auction process, which generally has the
longest resolution timeline.

The transaction benefits from EUR 5.3 million in cash from
recoveries collected between December 31, 2017 and August 9,
2018, part of which will be used to pay the upfront costs of the
cap counterparty while the remainder will be distributed in
accordance with the priority of payments on the first interest
payment date.

The securitization includes the possibility to implement a Real
Estate Owned Company (ReoCo) structure.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral; the historical
performance and expertise of the Servicer, Italfondiario; the
availability of liquidity to fund Class A interest payment
shortfalls and special-purpose vehicle expenses in case of cash
flow shortfalls; the cap agreement with Banca IMI S.p.A.; and the
transaction's legal and structural features. DBRS's BBB (low)
(sf) rating stress assumes a haircut of 26.4% and CCC (sf) rating
stress assumes a haircut of 0% to Italfondiario's business plan
for the portfolio.

Notes: All figures are in euros unless otherwise noted.



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L A T V I A
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* LATVIA: Breaches Found in 1/4 of Examined Insolvency Processes
----------------------------------------------------------------
lsm.lv reports that of the 44 insolvency processes, examined by a
panel of experts set up by the Judicial Council, serious
violations have been found in 12 processes, which is why the
findings will be forwarded to the Prosecutor General's Office,
Supreme Court chairman Ivars Bickovics said at the Judicial
Council's meeting August 27.

According to the news agency, Supreme Court judge Aigars Strupiss
indicated that the most widespread violation in these processes
was a failure to analyze all materials and evidence, for
instance, a failure to analyze a debtor's transactions such as
selling off assets shortly before filing for insolvency.

lsm.lv relates that Strupiss also noted that in nearly 40 of the
44 cases assessed by the panel of experts the Supreme Court had
overruled the lower court's verdict and that this fact shows that
in most cases the judiciary is able to resolve problems in
insolvency processes.

Meanwhile, former Supreme Court judge Kalvis Torgans, who was one
of the experts assessing the insolvency cases, disagreed with the
panel's conclusions, citing debates on how to distinguish
significant violations from insignificant irregularities, lsm.lv
says. Torgans pointed to situations where a seemingly unimportant
procedural error has caused substantial losses to creditors.

Upon hearing the report, the Judicial Council decided on several
further steps, including the report's publication and forwarding
the information to the Prosecutor General's Office, according to
lsm.lv.

lsm.lv says the panel of experts examined a number of court cases
over insolvency processes that have been heard between 2008 and
2014.

Insolvency administration is a lucrative and even fatally
dangerous profession in Latvia, the report says. Foreign
investors have long pointed out systematic abuse within the
sector.



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L U X E M B O U R G
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TOPAZ MARINE: Moody's Affirms B3 Rating on $375-Mil. Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has affirmed the B2 Corporate Family
Rating and the B2-PD Probability of Default Rating of Topaz
Energy and Marine Limited. Concurrently, Moody's has affirmed the
B3 instrument rating on Topaz Marine S.A.'s $375 million senior
unsecured notes. The rating outlook on all ratings has been
changed to stable from negative.

"The affirmation of Topaz's ratings reflects the achievement of
key milestones during the first half of 2018, including the
successful delivery and deployment of a number of vessels for the
Tengiz project," says Thomas Le Guay, Moody's lead analyst for
Topaz. "The stable outlook balances Moody's view that day rates
in the offshore supply vessels ("OSV") market will stay near
historical lows until at least 2019, while Topaz will benefit
from the ramp up of the Tengiz project in the second half of
2018.", adds Mr Le Guay.

RATINGS RATIONALE

The affirmation reflects Moody's view that Topaz has achieved a
number of key milestones during the first half of 2018. These
include the successful, on-time delivery of all 20 specialist
module carrying vessels for the Tengizchevroil oilfield expansion
project in Kazakhstan as of August 31, 2018 and the deployment of
eight of those vessels at full charter rate as of June 30, 2018.
Topaz has also proved its ability to transport modules for the
Tengiz project through Russian waterways and into Kazakhstan in a
safe, reliable and profitable manner during the first half of
2018. Moody's views these key milestones as contributing to an
improvement of Topaz's credit risk profile, through diminished
execution risks related to the Tengiz project and anticipated
improvements in operating performance, that will result in a
material decrease in the company's Moody's-adjusted Debt-to-
EBITDA towards an estimated 3.0x at the end of 2019, from 6.7x in
the twelve months to June 30, 2018. Moody's expects the company's
cash flow metrics to improve less significantly, given that the
20 new vessels will be funded over the life of the contract.

Topaz has also achieved solid improvements in the utilization
rate of its core OSV fleet, which reached 86% in the first half
of 2018, from 62% a year ago. Moody's cautions, however, that
while Topaz's relatively young fleet is well positioned to
benefit from increased contracting activity in the OSV market,
overall market utilization remains weak, and Moody's anticipates
that day rates will only improve modestly from historical lows
through at least 2019 and until overall market utilization
improves markedly. This will continue to constrain the
contribution to profits and cash flows from Topaz's OSV segment,
which Moody's views as a key constraint to upward rating
pressure.

The B2 CFR continues to reflect Topaz's (1) leading market
position for OSVs in the Caspian Sea, where barriers to entry are
higher than in other markets, (2) long-standing customer
relationships and ability to renew contracts in a competitive
environment, and (3) developing transportation business, which
will help diversify its business profile and reduce leverage.

The B2 CFR remains constrained by Topaz's (1) small operational
scale and exposure to the fragmented and cyclical OSV industry.
Moreover, Topaz is exposed to (2) geographic concentration risk,
with 90% of total revenues derived from the Caspian and Middle
East regions during the first half of 2018, and (3) customer
concentration risk, with around 70% of total revenues being
derived from four customers.

LIQUIDITY

Topaz has an adequate liquidity profile, which will be supported
by the ramp up of Tengiz project cash flows in the second half of
2018. Moody's expects cash from operations to increase to around
$200 million in the next 12 months. Other sources of cash include
cash and cash equivalents of $68 million as of June 30, 2018, $50
million available under a $100 million revolving credit facility
("RCF") maturing in April 2020 and $84 million available under a
committed capex facility. These will be sufficient to cover
maintenance and expansion capex of around $150 million and debt
repayments of $30 million over the next 12 months. The expansion
capex related to the Tengiz contract are excluded from these
amounts as the construction of the vessels was funded through
milestone payments before the start of the 3-year contract.

The ramp up of the Tengiz project will also provide additional
headroom under the company's financial covenants, which have been
repeatedly renegotiated between 2016 and 2018 as a result of
weakened operating performance and successive asset impairments
totalling $236 million since 2015. Topaz had a 23% headroom under
its net debt to EBITDA covenant (excluding shareholder loans) and
an 11% headroom under its tangible net worth covenant as of June
30, 2018.

STRUCTURAL CONSIDERATIONS

The senior unsecured notes are rated B3, one notch below Topaz's
B2 CFR under Moody's Loss Given Default methodology given its
structurally subordinated claim behind the company's secured
indebtedness and trade claims.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that day rates
in the OSV market will improve only modestly from historical lows
on the back of slowly improving utilization rates. Topaz's
operating performance will also be supported by the ramp up of
the Tengiz project in the second half of 2018.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could be upgraded if Topaz signs contracts at higher
day rates so that its Moody's-adjusted Debt-to-EBITDA ratio
decreases sustainably below 3.0x and its Free cash flow-to-debt
ratio increases sustainably over 5%.

The ratings could be downgraded if Topaz's Moody's-adjusted Debt-
to-EBITDA ratio increases towards 5.0x or if its liquidity
deteriorates. Any loss of contracts or extension of existing
contracts at unprofitable rates could also lead to a downgrade of
Topaz's ratings.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Topaz Energy and Marine Limited

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Issuer: Topaz Marine S.A.

Backed Senior Unsecured Regular Bond/Debenture, Affirmed B3

Outlook Actions:

Issuer: Topaz Energy and Marine Limited

Outlook, Changed To Stable From Negative

Issuer: Topaz Marine S.A.

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.


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


CONSTELLIUM NV: S&P Alters Outlook to Positive & Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised to positive from stable its outlook on
Netherlands-incorporated aluminum producer Constellium N.V. At
the same time, S&P affirmed its 'B-' long-term issuer credit
rating on the company.

S&P said, "We also affirmed our 'B-' issue rating on the
company's senior unsecured notes. The recovery rating on the
notes is '4', reflecting our expectation of average recovery
prospects (30%-50%; rounded estimate: 35%) in the event of a
payment default.

"The outlook revision reflects our view of the faster-than-
expected improvement of Constellium's credit metrics in 2018 as a
result of strong half-year results, and the completion of a
EUR200 million divestment. Therefore, we now project EBITDA for
the full year of 2018 at EUR502 million, compared with our
previous estimate of EUR470 million, translating into adjusted
debt to EBITDA of less than 6.0x. We believe that the strong
demand for aluminum-related products will continue through 2019,
providing Constellium further tailwind to improve its
profitability and generate positive FOCF, supporting a higher
rating of 'B'."

Half-year results as of June 30, 2018, showed all business
segments reporting record company-adjusted EBITDA growth. At the
group level, this translated into an increase of 22% to EUR268
million versus EUR220 million in the first half of 2017. The
improved profitability results from a more favorable price
environment, better product mix, tight cost control, and healthy
demand in the automotive industry (1.9% growth year to date in
light vehicles sales), with Constellium catering for the higher-
margin luxury cars, light trucks, and SUV end-markets. The
company's Packaging & Automotive Rolled Products (P&ARP) segment
benefited from this trend, posting 27% growth in auto-rolled
product shipments in the second quarter of 2018 year over year.
S&P believes this trend is unlikely to reverse in the coming 12
months. In S&P's view, the P&ARP and Automotive Structures &
Industry segments will continue to show healthy growth rates,
while the Aerospace & Transportation segment will show slow, but
sustainable improvement.

So far, the U.S.-imposed tariffs on aluminum affecting imports
from certain countries have had a neutral impact on Constellium.
S&P believes that domestic demand for the company's products
should provide some protection from future trade barriers.
However, an escalation of the current global trade war will
remain a key risk if the company is unable to pass through price
hikes to customers.

S&P said, "We understand that the company's management has two
key financial objectives in the coming 12-18 months: achieving
positive FOCF and reported net debt to EBITDA of less than 4.0x.
In our view, over the short term, deleveraging will mainly stem
from higher EBITDA. That said, a material reduction of gross debt
(EUR2.2 billion reported on June 30, 2018, versus S&P Global
Ratings-adjusted EUR3.2 billion, excluding the recent EUR200
million divestment) would require the company to generate
substantial positive FOCF. In our view, this is unlikely to
happen before 2020, since we expect FOCF will be meaningfully
negative in 2018 and only slightly positive in 2019.

"Our positive outlook indicates the possibility of an upgrade in
the next six-12 months if the current momentum continues, with
further deleveraging and positive FOCF. In our view, such a
scenario would be subject to further strong demand from the auto
industry and encouraging results from the ongoing internal cost-
cutting initiatives.

"Under our base-case scenario, we project adjusted EBITDA of
about EUR500 million in 2018 and EUR530 million-EUR550 million in
2019, translating into adjusted debt to EBITDA of slightly less
than 6.0x in 2018 and close to 5.0x in 2019, and FFO cash
interest coverage of about 4.0x, which would be commensurate with
a 'B' rating.

"We could raise our rating if the company's performance in 2018
and early 2019 were in line with or better than in our base-case
scenario, supported by prospects for continued positive FOCF
generation from 2019 and adequate liquidity, with growth projects
remaining on track.

"We could revise the outlook to stable if demand in Constellium's
core market softens or global trade measures hamper its business,
resulting in slower deleveraging. Moreover, any setbacks to the
company's growth projects, such as cost overruns or delays, could
lead us to revise the outlook to stable."


PANTHER CDO IV: Fitch Affirms 'BBsf' Rating on Class C Debt
-----------------------------------------------------------
Fitch Ratings has affirmed Panther CDO IV B.V. ratings, as
follows:

Class B: affirmed at 'Asf''; Outlook Stable

Class C: affirmed at 'BBsf'; Outlook Stable

Panther CDO IV B.V. is a managed cash arbitrage securitisation of
a diverse pool of assets, including high-yield bonds, asset-
backed securities, senior loans and second lien loans. The
portfolio is managed by M&G Investment Management Limited.

The affirmation of the class B notes reflects sufficient
available credit enhancement to withstand the current rating
stresses.

Fitch has capped the rating of the class C notes below
investment-grade. For investment-grade ratings Fitch will test
whether the notes will defer interest in the expected rating
scenario. The class C notes deferred interest in the past, which
has not yet been fully paid. While the notes pay the currently
due interest any interest payments in the future as the portfolio
becomes more concentrated would rely on principal funds
available. The repayment of principal for a concentrated ABS
portfolio cannot be accurately predicted.

The Stable Outlook on the notes reflects Fitch's view on the
underlying assets and sector.

KEY RATING DRIVERS

Increased Credit Enhancement

The portfolio has repaid by EUR57 million since the last rating
action in September 2017, resulting in full repayment of the
class A-1 and A2 notes, partial repayment of the class B notes.
This has led to increased available credit enhancement to the now
most senior class B notes to 72.7% from 36.7%.

High Obligor Concentration

The transaction is increasingly exposed to concentration risk as
the portfolio amortises. The portfolio now has 32 performing
assets, down from 47 assets and 31 obligors, down from 44
obligors a year ago, due to the natural amortisation of the
portfolio. Consequently, the largest asset exposure is now 12.7%
of the portfolio and the 10 largest issuers represent 62.7% of
the performing portfolio.

Decreased Outstanding Defaulted Assets

There have been no additional defaulted assets since the last
rating action. Defaulted assets reported by the trustee amounted
to EUR18.8 million, down from EUR23.3 million a year ago.

Default Probability of Assets

An asset's individual rating and term to maturity are the main
parameters for the asset's likelihood of default. Along with
default correlation, these characteristics determine the
magnitude of defaults in the portfolio over the life of a CDO.
The magnitude of defaults is derived by using the Fitch Portfolio
Credit Model.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, with this increase added to all rating default levels, or a
25% reduction in recovery rates, would have no impact on the
ratings.

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.


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


PETROLEXPORTIMPORT SA: Shareholders to Discuss on Insolvency
------------------------------------------------------------
Ecaterina Craciun at ZF English reports that the General Meeting
of Shareholders of Romanian fuels wholesaler Petrolimportexport
will discuss on October 1 the company's entering insolvency after
the Board of Directors had noticed the firm's net asset fell to
less than half of the value of the subscribed share capital,
posting negative values.

Petrolexportimport SA is a Romania-based company primarily
engaged in the wholesale of petroleum products. The Company is
active in the distribution of fuels, petrochemicals and
additives. As of December 31, 2011, the Company had one wholly
owned subsidiary Niebelungen Consulting and Associates.

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


MEGAFON PJSC: Moody's Confirms Ba1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 corporate family
rating and the Ba1-PD probability of default rating of MegaFon
PJSC (MegaFon), Russia's second-largest mobile operator. The
outlook on the ratings is stable.

The action concludes the review for downgrade initiated by the
agency following MegaFon's announcement on July 16, 2018 that it
will buy back up to 20.80% of its ordinary shares via its fully-
owned subsidiary MegaFon Investments (Cyprus) Limited (MICL) for
up to $1.2 billion, and fund the transaction predominantly with
new debt. The company also announced that it will delist from the
London Stock Exchange (LSE).

On August 23 MegaFon advised that as a result of the tender offer
it will buy back 18.6% of the company's issued and outstanding
shares for a total consideration of approximately $1.12 billion
(around RUB76 billion).

RATINGS RATIONALE

RATIONALE FOR THE STABILISATION OF OUTLOOK

According to MegaFon, the share buyback and subsequent delisting
of the company from LSE are in line with the its previously
announced new business strategy which will involve, inter alia:
1) broader partnerships with state-owned corporations, (2)
transactions with higher risks, (3) investments in infrastructure
with lower returns, (4) higher leverage, and (5) lower dividends.

The predominantly debt-funded buyback alongside higher regulator-
imposed investment needs will have a moderately negative effect
on MegaFon's financial metrics, driving a weakening in the
coverage metrics and an increase in leverage measured by adjusted
debt/EBITDA to 2.8x, pro forma for the transaction, from 2.1x as
of end-June, 2018.

The company has also publicly announced an elevated appetite for
risk and tolerance for leverage. Combined with lower visibility
around business strategy this increases the uncertainty for
MegaFon's credit profile.

At the same time, the agency positively notes the company's
strong competitive positioning on Russia's telecommunications
market, its track record of robust operating and financial
performance, as well as healthy liquidity and adequate foreign
exchange exposure management that add resilience to its credit
profile. The company has confirmed that it remains in compliance
with all applicable covenants.

Moody's cautions that the ratings do not incorporate any event or
integration risks related to large-scale acquisitions which could
be part of the strategy implementation; such activities would be
assessed by the agency on a case-by-case basis for their impact
on the ratings.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on MegaFon's ratings reflects Moody's
expectation that (1) the company will not allow for the
deterioration of its financial metrics beyond the currently
anticipated levels; and (2) will maintain a healthy liquidity
profile, addressing its refinancing needs in a timely fashion.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's does not anticipate positive pressure on the ratings to
develop over the next 12-18 months. In the longer term, positive
pressure on the ratings could be driven by a combination of (1) a
material improvement in financial metrics, 2) a clearer view on
the financial and operating strategy, along with transparent and
sustainable financial policies, and (3) a sovereign rating
upgrade.

Negative pressure on MegaFon's rating could occur if (1) the
company's financial and liquidity profile deteriorated beyond the
currently expected levels, with adjusted gross debt/EBITDA rising
above 3.5x on a sustained basis, and/or (2) there were material
negative developments in the company's operating and regulatory
environment. A downgrade of Russia's sovereign bond rating would
trigger a downgrade of MegaFon.

PRINCIPAL METHODOLOGY

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

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


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


EDREAMS ODIGEO: Moody's Rates EUR425-Mil. Sr. Secured Notes B2
--------------------------------------------------------------
Moody's Investors Service has assigned B2 ratings to the new
EUR425 million Senior Secured Notes due 2023, to be issued by
eDreams ODIGEO S.A. (eDreams or the company).  The remaining
ratings of eDreams ODIGEO include the B1 corporate family rating
and probability of default rating of B1-PD are unchanged. The
outlook on all the ratings is stable.

The rating action reflects the launch of a refinancing of eDreams
ODIGEO's capital structure. The proceeds from the new issuance
will be applied to repay the company's existing senior secured
notes of EUR425 million due 2021. The ratings on the existing
instruments will be withdrawn upon repayment. Leverage is
expected to remain unchanged as a result of the refinancing, at
3.8x on a Moody's-adjusted basis at June 30, 2018.

RATINGS RATIONALE

The B1 CFR takes into consideration: 1) eDreams' strong
competitive positioning within the online travel agency (OTA)
industry in Europe, particularly within the flight segment and in
its key markets of France, Spain, Italy, UK and Germany; 2)
continued migration from high-street travel agencies to the
online travel market; 3) growth in the airline passenger market;
4) reduced leverage in fiscal year 2018, ended March 31, 2018,
and conservative financial policies expected to drive further
deleveraging; and 5) solid cash flows enhanced by reduced
interest costs following the refinancing.

The ratings also reflect: 1) a geographic concentration in
Southern Europe and France; 2) industry risks, including value
chain disintermediation from airlines or other intermediaries and
risks of exogenous shocks; 3) exposure to paid search costs and
overall sensitivity to variable costs per booking; 4) execution
risks related to the company's price transparency strategy,
albeit with solid results of this strategy to date.

In fiscal 2018 eDreams grew underlying bookings by 3% and revenue
margin by 5%, with company-adjusted EBITDA increasing by 10% to
EUR118 million from EUR107 million. During this period the
company has continued to implement its price transparency
strategy across its business, which aims to present an initial
price on search closer to the final booking price, with fewer
additional fees and charges as customers complete a booking. This
has had an adverse effect on booking and revenue margin growth in
fiscal 2018 but with improved contribution margins as customer
loyalty improves resulting in lower marketing and overall
customer acquisition costs. In addition EBITDA growth has been
supported by cost saving initiatives carried out in the year. As
a result Moody's-adjusted leverage reduced to 3.8x as at March
31, 2018, from 4.3x as at March 31, 2017. Leverage is expected to
reduce further over the next 12-18 months from earnings growth
and a conservative financial policy targeting debt repayments and
deleveraging.

LIQUIDITY

The company retains adequate liquidity, with a cash balance of
EUR125 million (or EUR81 million pro forma for the refinancing
transaction) at June 30, 2018. Further cushion is provided by the
upsized EUR175 million super-senior revolving credit facility
(RCF) available until 2023, subject to a springing leverage
covenant against which there is significant headroom. This is
expected to provide solid headroom to support seasonal working
capital variations and the company is expected to continue to
generate strong cash flows on an annual basis.

STRUCTURAL CONSIDERATIONS

Following completion of the refinancing the company's capital
structure will consist of (1) a super-senior revolving credit
facility of EUR175 million maturing in 2023; and (3) the new
EUR425 million of Senior Secured Notes maturing in 2023. The
Senior Secured Notes are rated B2 which reflects their ranking
behind the super-senior facilities and their security which is
largely limited to share pledges.

OUTLOOK

The stable outlook assumes that the company will continue to
deliver earnings and EBITDA growth in the mid-single digits after
the completion of its transparency strategy, and that this
strategy will be rolled out without significant adverse effects
on trading results. It also assumes that the company will
maintain conservative financial policies and that there will no
material debt funded acquisitions or dividends in the near to
medium term, with liquidity remaining satisfactory.

WHAT WOULD CHANGE THE RATING UP / DOWN

Upward pressure on the rating could occur if the company achieves
a further period of solid revenue and EBITDA growth following the
completion of its new pricing strategies. Quantitatively the
ratings could be upgraded if Moody's-adjusted debt/EBITDA were to
trend substantially below 3.0x on a sustainable basis, with
Moody's-adjusted free cash flow (FCF) to debt above 15%, and with
liquidity remaining satisfactory.

WHAT COULD CHANGE THE RATING - DOWN

Negative rating pressure could develop if Moody's-adjusted
debt/EBITDA were to exceed 4.0x, if Moody's-adjusted FCF to debt
were to reduce below 5%, or if the company's liquidity profile
were to weaken. Negative pressure could also develop if there is
significant disruption to the market or distribution chain
resulting in reducing revenue margin or profitability.

OTHER CONSIDERATIONS

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

eDreams is the largest OTA in Europe in the flights segment. It
was formed in 2011 when Axa (now Ardian) and Permira acquired
Opodo and merged it with their existing portfolio travel
companies to create a European rival to Expedia. eDreams' parent,
eDreams ODIGEO S.A., listed in Spain in 2014. Approximately 53%
of the total shares are free float while Permira and Ardian
retain around 47% of the total shares. In fiscal 2018 eDreams
reported revenue margin and company-adjusted EBITDA of EUR509
million and EUR118 million respectively.


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


ANADOLUBANK AS: Fitch Cuts Long-Term IDR to B+, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of Anadolubank A.S. and Fibabanka Anonim Sirketi (Fiba) to
'B+' from 'BB-', Sekerbank T.A.S. (Seker) to 'B' from 'B+' and
Odeabank A.S. (Odea) to 'B' from 'BB-'. The agency has also
downgraded the Viability Ratings (VRs) of the four banks. The
banks' Long-Term IDRs have been removed from Rating Watch
Negative (RWN), and have been assigned Negative Outlooks.

The downgrades reflect increased risks to the banks' performance,
asset quality, capitalisation, liquidity and funding profiles
following the recent period of market volatility, and take into
account the increased risk of a hard landing for the economy and
deterioration in investor sentiment. Risks to financial stability
remain significant given unpredictability in the policy framework
and Turkey's large external financing requirements.

The Negative Outlooks on the banks' IDRs reflect the potential
for further deterioration in the operating environment, which
could place greater pressure on the banks' financial metrics.

In addition, the downgrades reflect its view of the appropriate
levels of the banks' ratings relative to their larger Turkish
bank peers whose ratings were downgraded in July 2018 (see Fitch
Downgrades 24 Turkish Banks; Removes from Rating Watch Negative
dated July 20, 2018).

The one-notch downgrade of Fiba's IDRs to 'B+', compared to the
two-notch downgrade of the bank's VR to 'b', reflects the bank's
large volume of Tier 2 subordinated debt (9% of end-1H18 risk-
weighted assets (RWA)) that could be used to restore solvency and
protect senior debt holders in case of a material capital
shortfall at the bank.

KEY RATING DRIVERS

IDRs AND VRs OF ALL BANKS

The four banks' VRs reflect exposure to the high-risk Turkish
operating environment. Their risk profiles, like those of other
Turkish banks, have deteriorated significantly as a result of
material local currency depreciation and higher interest rates,
which put pressure on margins, asset quality and capitalisation.
The risk of a reduction in access to foreign funding markets has
also increased, raising refinancing and liquidity pressures,
although the four banks generally have lower external foreign
currency borrowings compared to larger Turkish banks peers as a
proportion of their total funding.

Asset quality risks for all four banks have increased, as for the
sector, given the weakening growth outlook (Fitch has revised
downwards its GDP forecasts to 3.8% and 1.2% in 2018 and 2019,
from 4.5% and 3.6%, respectively), high foreign currency (FC)
lending and the potential impact of local currency depreciation
on often weakly hedged borrowers' ability to service their debt.
At end-1H18, FC lending ranged from 24% at Anadolubank, to 32%
(Seker), 37% (Fiba) and 50% (Odea), levels that will have
increased further given lira depreciation since June 2018.

In addition, the banks' loan books are typically focused on the
mid-sized and smaller companies, which are likely to be among the
most sensitive to the weaker growth environment and to higher
interest rates, putting pressure on their debt servicing
capacity. Exposures to high risk sectors, such as agriculture
(Seker) and real estate (Odea), are also sources of risk, while
Odea's investments in Lebanese sovereign debt (B-/Stable) also
weigh on its assessment of its asset quality.

Impaired loan ratios (loans overdue by 90+ days/gross loans) at
all four banks rose in 1H18 and were above the sector average.
Anadolubank has historically reported good asset quality ratios
and outperformed the sector in recent years, but reported a 3.3%
impaired loan ratio at end-1H18 versus the 3% sector average.
Impaired loan ratios at the remaining banks were 4.4% (Fiba),
4.9% (Seker) and 6.2% (Odea). Odea's asset quality ratios should
be considered in light of the bank's deleveraging by 14% and 5%,
respectively, in 2017 and 1H18, as it has focused on cleaning up
its loan book. Fairly strong loan growth in 2017 at the three
remaining banks was supported by the Credit Guarantee Fund
stimulus.

Growth in stage 2 loans (partly explained by banks' transition to
IFRS9 in 1Q18) also suggests the potential for future increases
in NPLs. These ranged from a moderate 6% (Anadolubank) and 7%
(Fiba) to 11% (Seker) and a high 25% (Odea) at end-1H18. Loan
migration to the non-performing category could also be influenced
by the new framework to facilitate loan restructuring in Turkey,
potentially delaying recognition of asset quality problems by
banks.

Return-on-equity at the four banks ranged from a weak 6% (Seker)
to 9% (Odea), 12% (Fiba) and 17% (Anadolubank) at end-1H18
(sector average: 16%). The banks' typically report below-sector-
average profitability metrics, reflecting a lack of economies of
scale, limited pricing power and, since 2016 with the exception
of Anadolubank, high impairment charges. Profitability is set to
weaken at the banks given higher funding costs, slower credit
growth and higher impairment charges. Their performance could
deteriorate more significantly in case of a marked weakening in
asset quality.

The banks' Fitch Core Capital (FCC) ratios stood at a low 7.1%
(Fiba) and 8.9% (Seker), and a satisfactory 13,5% (Anadolubank)
and 14% (Odea) at end-1H18. Total capital ratios were comfortably
above the 12% recommended regulatory minimum, although they
currently benefit from capital relief from regulatory measures,
as at other Turkish banks.

Capital positions are under pressure from lira depreciation
(which inflates FC assets), higher interest rates (which result
in weaker valuations of government bond portfolios) and potential
asset quality deterioration. Rapid loan growth in recent years
has also contributed to materially weaker core capital ratios at
Fiba. However, pre-impairment profit provides a significant
buffer to absorb credit losses, and regulatory forbearance
provided to all Turkish banks means that the direct impact of
lira depreciation and weaker securities prices on reported
capital ratios will be limited.

Refinancing risks for the banks have also increased as a result
of their weakening credit profiles, recent market volatility and
tightening global conditions driven mainly by an increase in USD
interest rates. They typically have lower wholesale funding
reliance than large bank peers and reasonably diversified funding
maturities, while their available FC liquidity should mean they
are able to cope with a short-lived market closure. However, FC
liquidity could come under pressure in case of a prolonged market
dislocation.

Anadolubank and Odea have moderate loan to deposit ratios (102%
and 107%, respectively, at end-1H18). Anadolubank sources a share
of its deposits from its subsidiary bank in the Netherlands.
Seker benefits from a stable regional deposit franchise, but has
a high loans/deposit ratio (120%), albeit partly reflecting some
more stable funding from development institutions. Fiba reported
the highest loan/deposit ratio at 154%, reflecting higher
reliance on wholesale funding. This has risen in recent years
reflecting the bank's long-dated eurobond and subordinated debt
issuances.

Odea is rated above its parent Bank Audi S.A.L. (B-/Stable),
whose ratings are capped by the Lebanese sovereign rating. Fitch
sees limited contagion risk for Odea from its parent, based on
(i) limited group funding; (ii) the fact that Odea has not paid
any dividends to date while Bank Audi has contributed about
USD1.2 billion in equity; and (iii) the relatively strong Turkish
regulator, which Fitch believes would seek to limit transfers of
capital and liquidity to the parent in case of stress at the
latter.

Fiba's IDRs of 'B+', one notch higher than the bank's VR, reflect
Fitch's view that the risk of default on senior obligations (the
reference obligations that IDRs rate to) is lower than the risk
of the bank needing to impose losses on subordinated obligations
to restore its viability (that the VR rates to). This is due to
the large volume of junior debt (Tier 2 subordinated debt; 9% of
end-1H18 RWAs), which could be used to restore solvency and
protect senior debt holders in case of a material capital
shortfall at the bank.

NATIONAL RATINGS

The downgrades of the National ratings of the four banks reflect
Fitch's revised assessment of their creditworthiness in local
currency relative to other Turkish issuers.

SUPPORT RATING AND SUPPORT RATING FLOOR

The '5' Support ratings and 'No Floor' Support Rating Floors of
all four banks reflect Fitch's view that support cannot be relied
upon from the Turkish authorities, due to their small size and
limited systemic importance, or from shareholders.

SUBORDINATED DEBT RATINGS

The subordinated notes of Fiba, Seker and Odea are rated one
notch below their respective VRs. The notching includes zero
notches for incremental non-performance risk and one notch for
loss severity.

RATING SENSITIVITIES

IDRs, VRs, NATIONAL RATINGS OF ALL BANKS, SENIOR DEBT RATING OF
FIBABANKA

Further VR downgrades could result from (i) a continued marked
deterioration in the operating environment, as reflected in
particular in further negative changes in lira exchange rates,
domestic interest rates, economic growth prospects and external
funding market access; (ii) a weakening of the banks' FC
liquidity positions due to deposit outflows or an inability to
refinance maturing external obligations; or (iii) bank-specific
deterioration of asset quality leading to significant pressure on
capital positions.

The Outlooks could be revised to Stable if economic conditions
stabilise and bank metrics do not deteriorate significantly.

Fiba's Long-Term IDRs and senior debt rating may be downgraded to
the level of the VR if the coverage of the bank's RWAs by its
junior debt decreases significantly, increasing the risk of
losses for senior creditors in case of the bank's failure, or if
Fitch believes the bank's recapitalisation requirement in a
failure scenario could exceed the junior debt buffer.

SUBORDINATED DEBT

As the notes of Fiba, Seker and Odea are notched down from their
respective VRs, their ratings are sensitive to a change in the
latter. The ratings are also sensitive to a change in notching
due to a revision in Fitch's assessment of the probability of the
notes' non-performance risk relative to the risk captured in the
banks' respective VRs, or in its assessment of loss severity in
case of non-performance.

The rating actions are as follows:

Anadolubank A.S.

Long-Term Foreign and Local Currency IDRs: downgraded to 'B+'
from 'BB-'; Off RWN; Outlook Negative

Short-Term Foreign and Local Currency IDRs: affirmed at 'B'

Viability Rating: downgraded to 'b+' from 'bb-'; Off RWN

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

National Long-Term Rating: downgraded to 'A(tur)' from 'AA-
(tur)'; Off RWN; Stable Outlook

Fibabanka Anonim Sirketi

Long-Term Foreign and Local Currency IDRs: downgraded to 'B+'
from 'BB-'; Off RWN; Outlook Negative

Short-Term Foreign and Local Currency IDRs: affirmed at 'B'

Viability Rating: downgraded to 'b' from 'bb-'; Off RWN

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

National Long-Term Rating: downgraded to 'A-(tur)' from
'A+(tur)'; Off RWN; Outlook Stable

Senior unsecured debt: downgraded to 'B+/RR4' from 'BB-'; Off RWN

Subordinated debt rating: downgraded to 'B-/RR5' from 'B+'; Off
RWN

Sekerbank T.A.S.

Long-Term Foreign and Local Currency IDRs: downgraded to 'B' from
'B+''; Off RWN; Outlook Negative

Short-Term Foreign and Local Currency IDRs: affirmed at 'B'

Viability Rating: downgraded to 'b' from 'b+'; Off RWN

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

National Long-term Rating: downgraded to 'BBB(tur) from 'A(tur)';
Off RWN; Stable Outlook

Subordinated debt rating: downgraded to 'B-/RR5' from 'B'/'RR5';
Off RWN

Odeabank A.S.

Long-Term Foreign and Local Currency IDRs: downgraded to 'B' from
'BB-''; Off RWN; Outlook Negative

Short-Term Foreign and Local Currency IDRs: affirmed at 'B'

Viability Rating: downgraded to 'b' from 'bb-'; Off RWN

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

National Long-term Rating: downgraded to 'BBB(tur) from
'A+(tur)'; Off RWN; Stable Outlook

Subordinated debt rating: downgraded to 'B-/RR5' from 'B+'/'RR5';
Off RWN


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


CB INTERBANK: DGF Continues Payments to Depositors
--------------------------------------------------
Ukrinform reports that the Deposit Guarantee Fund has resumed
payments to the depositors of insolvent PJSC CB Interbank.

"From August 29, 2018, the Deposit Guarantee Fund will pay
refunds to the depositors of PJSC CB Interbank under bank account
agreements (including card accounts). The maximum coverage limit
is UAH 200,000," the fund said in a press service report.

According to Ukrinform, Deposit Guarantee Fund said to obtain
deposit refunds, the depositors can apply to the departments of
the agent banks: PJSC CB PrivatBank, PJSC Idea Bank, PJSC
Ukrgasbank, PJSC Alfa-Bank, PJSC Pivdennyi, PJSC FUIB, and
others.



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


CARILLION PLC: PwC Charged GBP356 Per Hour for Insolvency Work
--------------------------------------------------------------
Consultancy.uk reports that big Four firm PwC has been criticized
for the hourly rate it has charged for Partners during the
administration of Carillion. While the firm asserts that its
services have reduced the cost to the tax payer of the
construction firm's collapse, workplace representatives claim
many of the 2,000 staff who lost their jobs would not make in a
week what some PwC Partners made in one hour, the report says.

Consultancy.uk notes that Carillion filed for compulsory
liquidation at the beginning of the year, sparking a scandal that
looks set to run the length of 2018. According to Consultancy.uk,
the news came after talks with potential lenders failed, putting
thousands of jobs and businesses at risk. The company,
headquartered in Wolverhampton, United Kingdom, had run into
trouble after losing money on big contracts, as well as racking
up unsustainable debts totalling around GBP1.5 billion -- and
though it flagged this up in a succession of profit warnings, the
UK Government continued to award it work.

The report relates that following the collapse itself, former
external auditor KPMG was quickly embroiled in an FRC
investigation on the matter, for allegedly failing to highlight
booking irregularities. This proved to be just the first of a
succession of criticisms levelled at members of the Big Four for
their role in Carillion's collapse.

According to Consultancy.uk, MPs went on to accuse all the Big
Four firms of "feasting" on Carillion's "carcass", having
received a combined total of GBP71.6 million in fees from the
ailing firm. PwC was paid most of the four in fees, bringing in a
total of GBP21.1 million, with GBP8.5 million coming directly
from the company. PwC brought in a further GBP6.5 million from
government contracts it fulfilled as part of its work with
Carillion, and GBP6.1 million from its work with the group's
pension schemes, something which none of the other firms supplied
figures for.

Chair of the Work and Pensions Committee, Frank Field, said at
the time that PwC "managed to play all three sides", before being
hired to work as special managers during Carillion's inevitable
administration. He added, "It was perhaps telling that, with
their three fellow oligarchs conflicted, PwC were appointed to
this lucrative position without any competition," Consultancy.uk
relays.

In its response to Frank Field and Rachel Reeves, Chair of the
BEIS select committee, PwC told the pair that the firm had helped
save thousands of jobs in its role, Consultancy.uk says.
According to her figures, PwC managed to employ 6,423 members of
Carillion staff. Meanwhile, 9,073 were transferred with the
contracts which have been migrated, 976 have resigned and 1,705
have been made redundant, Consultancy.uk relays.

Now, however, PwC has come under further fire, having revealed
the hefty price-tag attached to its insolvency work at Carillion,
Consultancy.uk says. As set out by the firm in a letter to MPs,
its partners working on the insolvency of Carillion were paid up
to GBP1,156 per hour during the first eight weeks of the
liquidation. The correspondence published by the joint Work and
Pensions and Business, Energy and Industrial Strategy (BEIS)
select committees last week stated that PwC had worked for a
total of 57,534 hours during the first two months after Carillion
entered into administration.

Of these, 13,656 hours were charged by specialist workers
required to assist PwC's restructuring staff due to the
complexities of the work involved, Consultancy.uk discloses.
These hours raked in a huge time cost of GBP5.368 million, at an
average rate of GBP393 per hour. The firm's pension specialists
were the highest paid, with partners receiving GBP1,156 hourly
and directors GBP1,060 per hour. It is still expected that PwC
will earn more than GBP50 million as a result of the collapse,
during which 2,800 workers were made redundant.

Commenting on the latest figures, Gail Cartmail, Assistant
General Secretary of the UK's largest trade union, Unite, said,
"For the thousands of workers who have lost their jobs, these
figures will be viewed as both eye-watering and excessive. PwC
staff will be earning in an hour what many of the workers who had
their lives turned upside down earned in a week," Consultancy.uk
reports.

Consultancy.uk says that when consulting industry figures are
faced with such criticism, they traditionally suggest that their
services actually save money. This case is no different, with a
PwC spokesman remarking in response, "Without this work, the cost
to UK jobs, the economy and the taxpayer would be considerably
higher."


CONTACT TRANSPORT: Director Banned for 9yrs. Over False Claims
--------------------------------------------------------------
A director from Birmingham was banned from running companies for
nine years after falsely claiming GBP1 million worth of work to
secure advance payments from lenders.

Neil Avery Hughes (51), from Water Orton, Birmingham, was a
director of Contact Transport Limited. Incorporated in
February 1980, the company traded from premises in Garrets Green
and provided haulage and parcel delivery services.

In 2011, Contact Transport was acquired by another company,
Keelex 369 Limited, before it entered into a Company Voluntary
Arrangement (CVA) in the same year to help manage its debts,
which completed in July 2015.

While the company returned to profit between 2012 and 2014,
Contact Transport entered into a difficult trading period and
fell behind in repaying its debts to their creditors.

As a result, a winding up petition was filed against Contact
Transport in March 2017 before the company became insolvent, with
administrators appointed in April 2017.

Further investigations found that Contact Transport had entered
into an Invoice Discounting Agreement (IDA) with an external
lender, allowing the company to get advances on cash they were
owed from customers rather than waiting for them to pay.

But during an audit in April 2017, the lender became aware of
discrepancies between what Contact Transport had claimed and what
they were actually owed from their clients.

Investigators found that Neil Hughes caused Contact Transport to
claim funds for work that were higher in value than the work
completed. This resulted in the company securing increased levels
of funding and cash flow to the value of just over GBP1 million.

Neil Hughes resigned as a director of Contact Transport in June
2018 before he provided a disqualification undertaking to the
Secretary of State on July 25, 2018, where he did not dispute he
falsified claims to the lender.

Effective from Aug. 15, 2018, Neil Hughes is now banned for 9
years from directly or indirectly becoming involved, without the
permission of the court, in the promotion, formation or
management of a company.

Martin Gitner, Deputy Head of Insolvent Investigations for the
Insolvency Service, said:

"Securing advanced payments is a legitimate method of sourcing
working capital finance. However, Neil Hughes submitted false
documents to wrongfully and deceptively claim more money than was
actually owed to Contact Transport.

"9 years is a significant ban and this should serve as a warning
to other directors that the Insolvency Service has strong
enforcement powers to remove dishonest or reckless directors from
operating a business for a considerable amount of time."


DEBENHAMS PLC: Not Actively Pursuing Store Closures
---------------------------------------------------
Reuters reports that British department store retailer Debenhams
said on Sept. 11 that while major store closures were an option,
the company was not actively pursuing this route.

Shares in Debenhams slumped on Sept. 10 after news that the remit
of adviser KPMG had been widened to include consideration of a
Company Voluntary Arrangement (CVA), which allows retailers to
avoid insolvency or administration by offloading unwanted stores
and securing reduced rents on others, Reuters relates.

According to Reuters, Debenhams' chairman Ian Cheshire told BBC
radio, "The implication of the (weekend) papers was we were
actively driving a CVA with KPMG and it's simply not true,"
adding that all options remained open for the future.

Debenhams, which has issued three profit warnings this year and
whose shares have lost two thirds of their value, sought to
reassure investors by rushing out a trading statement on Sept. 10
saying it would meet analysts' profit forecasts for 2017-18,
Reuters discloses.

"Anyone who's actually studied the subject would know we're not
insolvent," Mr. Cheshire, as cited by Reuters, said, adding that
KPMG has been working with Debenhams for three years.  "We saw
this sort of circus develop over the weekend. It's like having a
bunch of nosey neighbors watching your house."


HOUSE OF FRASER: Sports Direct Board Mulls Merger with Debenhams
----------------------------------------------------------------
Ben Woods and Jon Yeomans at The Telegraph report that the board
of Sports Direct has considered combining House of Fraser with
its department store rival Debenhams, in an admission that will
spark speculation of a full takeover bid.

According to The Telegraph, outgoing director Simon Bentley said
at Sports Direct's annual general meeting in London that the
board had looked at the option of merging the two chains.  The
retailer bought House of Fraser out of administration for GBP90
million last month and owns just under 30% of Debenhams, The
Telegraph recounts.

"It's been discussed, but you do think when you have the job of
handling House of Fraser right now, then you might have your
hands full," The Telegraph quotes Mr. Bentley as saying.


SEADRILL LTD: Eyes Acquisitions After Chapter 11 Exit
-----------------------------------------------------
Nerijus Adomaitis at Reuters reports that offshore rig owner
Seadrill is prepared to make acquisitions if opportunities arise
amid ongoing consolidation in the industry.

"Based on the number of conversations, I believe there will be
more deals . . . There is still a significant amount of fleet
renewal that needs to happen among our competitors," Seadrill CEO
Anton Dibowitz told Reuters in an interview.

Mr. Dibowitz, as cited by Reuters, said that while Seadrill is
comfortable with the current size and composition of its fleet,
it also eyes consolidation.

"We have a history of doing transactions, and we are certainly
not going to sit on our hands," Reuters quotes Mr. Dibowitz as
saying.

After emerging from U.S. Chapter 11 bankruptcy protection in
July, Seadrill remains a key component of the business empire of
Norwegian-born billionaire John Fredriksen, who holds a stake of
about 30%, Reuters notes.

                          About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employed 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate
functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million onUS$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, Seadrill Limited and 85
affiliated debtors each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 17-60079) on Sept. 12, 2017.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings in Bermuda to appoint
joint provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey
of Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel. Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk serves as claims agent.

The United States Trustee for Region 7 formed an official
committee of unsecured creditors with seven members: (i)
Computershare Trust Company, N.A.; (ii) Daewoo Shipbuilding &
Marine Engineering Co., Ltd.; (iii) Deutsche Bank Trust Company
Americas; (iv) Louisiana Machinery Co., LLC; (v) Nordic Trustee
AS; (vi) Pentagon Freight Services, Inc.; and (vii) Samsung Heavy
Industries Co., Ltd.

Kramer Levin Naftalis & Frankel LLP is serving as lead counsel to
the Committee.  Cole Schotz P.C. is local and conflicts counsel
to the Committee.  Zuill & Co (in exclusive association with
Harney Westwood & Riegels) is serving as Bermuda counsel.  London
based Quinn Emanuel Urquhart & Sullivan, UK LLP, is serving as
English counsel.  Parella Weinberg Partners LLP is the investment
banker to the Committee.  FTI Consulting Inc. is the financial
advisor.



                            *********

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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