/raid1/www/Hosts/bankrupt/TCREUR_Public/180914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Friday, September 14, 2018, Vol. 19, No. 183


                            Headlines


C R O A T I A

AGROKOR DD: Expected to Exit State-Run Administration in 1H 2019


C Y P R U S

OLYMPIC INSURANCE: House Committee to Investigate Collapse


F R A N C E

WOWMIDCO SAS: S&P Puts 'B' Issuer Credit Rating, Outlook Stable


G R E E C E

INTRALOT SA: Moody's Lowers CFR to B2, Outlook Negative


I R E L A N D

ADAGIO CLO VII: Moody's Assigns B2 Rating to Class F Notes
ADAGIO CLO VII: Fitch Assigns B- Rating to Class F Debt
ANCHORAGE EUROPE 1: Moody's Assigns Ba3 Rating to Class D Notes


L U X E M B O U R G

PACIFIC DRILLING: S&P Assigns Prelim 'CCC+' ICR, Outlook Negative


N E T H E R L A N D S

COMPOSITE RESINS: Moody's Assigns B2 CFR, Outlook Stable
COMPOSITE RESINS: S&P Assigns 'B+' ICR, Outlook Stable
JUBILEE CLO 2016-XVII: Fitch Rates Class F-R Notes 'B-(EXP)sf'


N O R W A Y

NORWEGIAN: Denies O'Leary Claims It May Collapse This Winter


S P A I N

EDREAMS ODIGEO: S&P Assigns 'B' Rating to EUR425MM Sr. Sec. Bonds


U N I T E D   K I N G D O M

BOLTON WANDERERS: Reaches Deal with Creditor, Averts Collapse
INMARSAT PLC: S&P Places 'BB+' Issuer Credit Rating on Watch Neg.
OMNILIFE INSURANCE: S&P Puts 'BB+' ICR on CreditWatch Developing
TOWD POINT 2016: Moody's Raises Rating on Class F Notes to Ba1


X X X X X X X X

* BOOK REVIEW: Hospitals, Health and People


                            *********



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C R O A T I A
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AGROKOR DD: Expected to Exit State-Run Administration in 1H 2019
----------------------------------------------------------------
Igor Ilic at Reuters reports that Agrokor's crisis manager
Fabris Perusko said on Sept. 12 the revamped Croatian food group
is expected to exit state-run administration in the first half of
2019 if a court rules in favor of a settlement deal reached among
creditors.

Creditors of Agrokor approved a settlement deal in July after the
largest employer in the Balkans collapsed under EUR7 billion
(US$8.12 billion) of debt, equivalent to around 15% of Croatia's
gross domestic product, Reuters recounts.

Zagreb's High Commercial Court is now assessing appeals by a few
local firms and small shareholders who are dissatisfied with the
deal, Reuters discloses.

"We're already almost fully prepared to be able to implement the
deal once the High Commercial Court gives its ruling, which we
expect later this year," Mr. Perusko told Reuters in an
interview.  "I believe the court will confirm the settlement as
everything was done in a proper legal way."

Agrokor's creditors include banks, bondholders and suppliers and
Russia's Sberbank will become the biggest single shareholder once
the restructuring deal is implemented, Reuters notes.

Mr. Perusko, as cited by Reuters, said his team was now very much
focused on improving the performance of the company, while the
new owners plan to boost Agrokor's value in the next few years
before offering it for sale.

The Croatian government appointed a crisis manager to Agrokor in
April 2017 in line with an emergency law which was adopted to
protect the Croatian and other Balkan economies from the
company's looming collapse, Reuters recounts.  The company
employs some 52,000 people in Croatia, Slovenia, Bosnia and
Serbia.


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C Y P R U S
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OLYMPIC INSURANCE: House Committee to Investigate Collapse
----------------------------------------------------------
Evie Andreou at Cyprus Mail reports that Zacharias Zachariou, the
chairman of the House ethics committee, said as regards Olympic
Insurance they discussed whether the company's funds,
shareholders and solvency had been audited.

According to Cyprus Mail, the insurance superintendent's opinion,
he said, was that they had taken all the necessary steps provided
by the law and eventually had to close down the company in order
not to increase the damage.  He said this issue will be discussed
by the House watchdog committee, Cyprus Mail relates.

Akel MP, Aristos Damianou said that one most important issue was
how exposed Cypriots are from the bankruptcy of the company,
Cyprus Mail notes.

"The Cypriot public has suffered from this case and some have to
be accountable, beyond the company itself," Cyprus Mail quotes
Mr. Damianou as saying.

Greens' MP, Giorgos Perdikis said that it must be ensured that no
Cypriot policyholder of an insurance company registered in Cyprus
will find themselves high and dry, Cyprus Mail relays.



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F R A N C E
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WOWMIDCO SAS: S&P Puts 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
issuer credit rating to France-based business process outsourcer
WowMidco SAS and to its finance subsidiary WowBidco SAS (together
Webhelp). The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating to
Webhelp's EUR875 million senior secured term loan B (which
includes a EUR275 million term loan add-on) due in 2023, GBP75
million senior secured term loan B due in 2023, and EUR134
million revolving credit facility due in 2022. The recovery
rating on these facilities is '3', indicating our expectation of
meaningful (50%-70%, rounded estimate: 50%) recovery prospects in
the event of a payment default."

The rating reflects Webhelp's high debt leverage and private-
equity ownership; its operations in the fragmented, competitive,
and low-margin outsourced customer relationship management (CRM)
market, which has low barriers to entry; and the group's high
customer concentration. These weaknesses are offset by Webhelp's
leading positions in Europe and improved geographic and end-
market mix following the acquisition of Sellbytel, which
completed at the end of August 2018.

With pro-forma combined revenues of about EUR1.19 billion and
pro-forma combined EBITDA of about EUR150 million reported in
2017, of which about one-third was generated by newly acquired
Sellbytel, Webhelp has strengthened its position as a leading
European provider of outsourced CRM solutions. The group is the
No.1 player in France and in the Netherlands, the No.2 player in
both the U.K. and the Nordic region, and it holds positions among
the top five providers in other key European markets, such as
Germany and Spain. The acquisition of Sellbytel is consistent
with Webhelp's strategy to grow externally and consolidate its
market positions in Europe, while diversifying away from its
domestic French market and reducing exposure to the telecom
industry. In fact, since 2012, Webhelp's revenues have increased
at about 37% compound annual growth rate, supported by 18
acquisitions.

Sellbytel's 8,000 employees operate from 28 locations in Europe,
Asia, and North America, with a mix of on-site, client-site, and
home-based activities. The company is able to generate higher
margins than Webhelp has historically done, by offering tailor-
made, high-value-added multilingual solutions, focusing in
particular on large, blue-chip clients in the technology and
consumer electronic industries.

As a result of the business combination, supported by the limited
overlap between Webhelp's and Sellbytel's clients, geographies,
and end markets, the group's overall diversification is
improving. Pro-forma for the acquisition, Webhelp's exposure to
the French market will reduce to 29% from 37%; and the telecom
end market will represent only 26% of revenues compared with 34%
before the acquisition. Given Sellbytel's specialization in
multilingual solutions, Webhelp's language capabilities will also
strengthen to 35 languages, including Asian languages. S&P views
language capabilities as a key competitive advantage in the
global CRM industry, considering the cross-border nature of the
operations of the group's blue-chip clients in many industries.
Finally, Sellbytel's integration into Webhelp will enhance the
group's profitability, thanks to Sellbytel's higher-value
business process outsourcing (BPO) services.

S&P said, "Our view of the group's fair business risk profile is
constrained by Webhelp's predominant exposure to traditional CRM
activities, which we view as a fragmented and competitive market,
with low barriers to entry, given the asset-light nature of the
business.

"Our business risk profile assessment also reflects Webhelp's
high customer concentration, with its top 10 customers generating
42% of revenues. This poses the risk of significant volume loss
in the event of a client or contract loss, as happened in 2016-
2017 when Sky only partially renewed its contract with Webhelp,
causing a loss of nearly GBP45 million in revenues.

"However, we view the group's larger scale and better overall
diversification as a protection against significant revenue
losses. Finally, we consider that BPO CRM providers are exposed
to significant regulatory, technological, data-breach, and
reputational risks, owing to the sensitive nature of the customer
data that they handle on a daily basis."

In comparison with direct peers such as Transcom and Sitel, the
combined Webhelp and Sellbytel will benefit from a higher share
of revenues from high-value-added services, which will translate
into stronger adjusted EBITDA margins of around 14%-15%. However,
compared with global leader Teleperformance, the expanded Webhelp
will still significantly lag in the areas of profitability and
customer and end-market diversification.

S&P said, "Our view of Webhelp's financial risk profile primarily
reflects the high adjusted leverage of about 7x at year-end 2018
(including the pro-forma full-year contribution of Sellbytel). We
expect adjusted leverage to decrease to 6.0x-6.5x by year-end
2019, coming from increased revenues and EBITDA for the combined
group, supported by Sellbytel's higher EBITDA margins of about
16% (compared with Webhelp's 12.5%-13% stand-alone). This will be
partially offset by expected costs for restructuring,
integration, and other acquisition-related items that we include
in our adjusted EBITDA calculation. These costs, which we
estimate will amount to EUR20 million in 2018, will somewhat
burden free operating cash flow (FOCF) generation, but we
forecast FOCF will strengthen to about EUR40 million in 2019.
Only moderate working capital requirements and relatively low
capital expenditure needs of around 3%-4% of sales for the
combined group should support Webhelp's positive FOCF generation
capability and its deleveraging potential, however.

"We assess Webhelp's financial policy as aggressive, due to its
private-equity ownership, tolerance for a high adjusted leverage
of 7x, and track-record of debt-financed acquisitions. KKR has
been Webhelp's main shareholder since 2016.

"The stable outlook reflects our view that Webhelp will generate
solid revenue growth as a result of recent acquisitions,
commercial wins, and cross-selling opportunities, and that
adjusted EBITDA margins will improve to about 14%, supported by
the cost-efficiency measures, improved business mix between
onshore and offshore operations, and the integration of higher-
margin Sellbytel. It also reflects our view that Webhelp will
face no major operational issues while integrating Sellbytel. We
expect that the group's adjusted debt to EBITDA will remain at
about 7.0x until the end of 2018, then will gradually reduce to
about 6.0x-6.5x in the following 12 months. We also expect the
group will be able to maintain funds from operations (FFO) cash
interest coverage above 3.0x and will report positive FOCF.

"We could lower the rating if the group's operating performance
and profitability deteriorated as a result of loss of key
contracts or failure to properly integrate new acquisitions,
resulting in higher-than-expected restructuring costs, which
would likely result in negative FOCF for a prolonged period. We
could also take a negative rating action if the group undertook
further aggressive transactions in the form of material debt-
funded acquisitions or cash returns to shareholders, such that we
no longer expected the company to deleverage. We could lower the
rating if FFO cash interest coverage declined below 2x on a
sustained basis.

"In our view, the potential for a positive rating action remains
remote. We could upgrade Webhelp if our assessment of the group's
credit metrics were firmly and sustainably within our aggressive
category, including adjusted debt to EBITDA of less than 5x,
combined with FOCF sustainably above EUR30 million. We could also
raise the rating if KKR demonstrated a track record and
commitment to deleverage below 5x sustainably. Additionally, the
acquisition and integration would have to go smoothly, while the
group maintained stable organic growth performance."


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G R E E C E
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INTRALOT SA: Moody's Lowers CFR to B2, Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded Intralot S.A.'s
corporate family rating to B2 from B1 and probability of default
rating to B2-PD from B1-PD. Concurrently, Moody's has downgraded
to B2 from B1 the instrument ratings on the EUR250 million Senior
Notes due 2021 and EUR500 million Senior Notes due 2024, both
issued by Intralot Capital Luxemburg S.A. The outlook on the
ratings is negative.

RATINGS RATIONALE

The downgrade of Intralot's CFR to B2 reflects the continued high
Moody's adjusted leverage which has remained above the downgrade
trigger of 4x for the past year (4.2x at LTM June 2018), as well
as Moody's expectation that leverage will increase towards 5x by
the end of 2018 due to a decrease in EBITDA driven mainly by
unfavorable currency movements particularly the Turkish lira.
Moody's expectation is that there will be no deleveraging before
2020 unless significant disposal proceeds are used to repay debt.
In addition to high leverage the downgrade is due to the
persistent negative free cash flow generation since 2015 which is
expected to continue until 2020 as a result of the capital
expenditures required to grow the business and achieve new
contract wins, as well as dividend payments to minorities.

Intralot's B2 CFR also reflects (i) the company's significant
presence in certain emerging markets including Argentina,
Azerbaijan and Turkey, the latter contributing 23% of 2017 EBITDA
(20.6% in H1 2018); (ii) limited historic growth track record;
(iii) exposure to regulatory and fiscal risks inherent to the
gaming industry; (iv) the risk of further unfavorable foreign
exchange movements resulting from the discrepancy between the
main currency of the debt and its cash flow generation, and; (v)
the existence of significant minority interests which results in
pro-rata leverage being materially higher than reported (fully
consolidated) leverage, as well as substantial cash leakage
through dividend outflows to the minorities.

More positively, Intralot's B2 CFR takes into account (i) a
leading market position as a global supplier of integrated gaming
systems and services; (ii) a diversified contract portfolio with
87 contracts and licences; (iii) its broad geographical presence
in 50 jurisdictions with a foothold in the US which has
significant growth potential following the invalidation of the US
federal sports betting ban, although with dependency on certain
countries in emerging markets such as Turkey and Argentina; (iv)
good revenue visibility as a result of a large number of long-
term contracts, and; (v) a proven track record of renewing
existing contracts and winning new business, with growth
potential from further liberalization of the gaming sectors in
less mature markets.

LIQUIDITY

Moody's considers Intralot's liquidity profile to be weak. The
company's significant near-term cash requirements to support
working capital, capital expenditures and dividend payments to
minorities are expected to drive negative free cash flow until at
least the end of 2019. Although there is a significant
consolidated cash balance of c. EUR195 million at June 30, 2018,
this cash is not fully available since around 30% resides in
partnerships and belongs to minorities according their relevant
stakes, and there is also a small degree of risk of currency
devaluation against the euro. Moody's also notes the requirement
for around EUR60 million of cash for basic operational needs and
expects the company to need access to its revolving credit
facilities (RCFs) over the next 18 months. The RCFs include two
EUR40 million facilities both maturing on 30/6/2021 which contain
leverage and interest coverage covenants that are currently in
the process of being renegotiated due to the risk of being
breached if tested. Moody's expects that the RCFs will be reduced
to a combined range of EUR60 million to EUR70 million, and that
they will be successfully renegotiated, but cautions that any
failure to renegotiate the covenants in a timely manner will put
immediate further pressure on the ratings. The company has stated
that its 20% stake in Gamenet Group S.p.A. (B1, stable) which is
valued at EUR53 million based on Gamenet's market capitalization
as at September 11, 2018 will be sold at an appropriate time and
this could reduce pressure on liquidity.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that leverage
will continue to increase into 2019, that free cash flow will
remain negative until at least 2020, and that there is
considerable uncertainty related to the timing of intended
disposals and the use of the potential sale proceeds for debt
reductions and/or to improve liquidity, which could hinder any
positive movements in its credit metrics.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, Moody's anticipates no upward
pressure on the ratings. A stabilization of the negative outlook
could result if the company reduces its debt from the proceeds of
expected disposals and maintains an adjusted debt/EBITDA of 4x or
less, delivers on its growth strategy for the remaining core
business while generating positive free cash flow, and stabilizes
liquidity.

Downward pressure on the ratings could result from (i)
Debt/EBITDA (as adjusted by Moody's) sustainably exceeding 5.0x
in any year going forward; (ii) interest coverage (measured as
EBIT/interest expense, and as adjusted by Moody's) falling below
1.5x; (iii) further deterioration of the underlying cash or other
source of a weakening in the company's liquidity; or (iv) a
materially adverse regulatory change.

STRUCTURAL CONSIDERATIONS

The EUR500 million 5.250% Senior notes due 2024 and EUR250
million Senior Notes due 2021 are pari passu. The notes and bank
facilities share the same guarantee package, set for a minimum of
70% of the consolidated EBITDA and total assets in the facilities
agreements. Moody's notes that the presence of minorities in
certain guarantor subsidiaries reduces the potential support
available from such entities.

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

PROFILE

Headquartered in Athens, Intralot, is a global supplier of
integrated gaming systems and services. Intralot designs,
develops, operates and supports customized software and hardware
for the gaming industry and provide technology and services to
state and state licensed lottery and gaming organizations
worldwide. Intralot operates a portfolio of 87 contracts and
licenses across 50 jurisdictions employing approximately 5,100
people. Intralot is listed on the Athens stock exchange and has a
market capitalization of c. EUR110 million as at September 11,
2018.


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ADAGIO CLO VII: Moody's Assigns B2 Rating to Class F Notes
----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
eight classes of notes issued by Adagio CLO VII Designated
Activity Company:

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

EUR24,400,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR5,600,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2031, Definitive Rating Assigned A2 (sf)

EUR26,400,000 Class C-2 Deferrable Mezzanine Floating Rate Notes
due 2031, Definitive Rating Assigned A2 (sf)

EUR21,400,000 Class D Deferrable Mezzanine Floating Rate Notes
due 2031, Definitive Rating Assigned Baa2(sf)

EUR23,600,000 Class E Deferrable Junior Floating Rate Notes due
2031, Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes reflect the risks
due to defaults on the underlying portfolio 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, AXA Investment
Managers, Inc., has sufficient experience and operational
capacity and is capable of managing this CLO.

Adagio VII is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to
10% of the portfolio may consist of unsecured senior loans,
unsecured senior bonds, second lien loans, mezzanine obligations,
high yield bonds and/or first lien last out loans. At closing,
the portfolio is expected to be around 69% ramped up and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be
acquired during the ramp-up period in compliance with the
portfolio guidelines.

AXA IM 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 reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
improved and 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 40,700,000 of Subordinated Notes and EUR
4,700,000 Class Z Notes which are not rated. Holders of the Class
Z Notes, including the Manager, will be entitled to receive on
each payment date an amount equivalent to the subordinated
management fee paid in most CLO 2.0 deals.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

The performance of the notes is subject to uncertainty. The
performance of the notes is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the notes.

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

Target Par Amount: EUR400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2785

Weighted Average Spread (WAS): 3.45%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.50 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling below Aa3 shall not
exceed 10%, the total exposure to countries with an LCC below A3
shall not exceed 5% and the total exposure to countries with an
LCC below Baa3 shall not exceed 0%. 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 LCC of A1 or
below and the target ratings of the rated notes, and amount to
0.75% for the Class A Notes, 0.50% for the Class B-1 and Class B-
2 Notes, 0.375% for the Class C-1 and Class C-2 Notes and 0% for
the Class D, Class E and Class F Notes.


ADAGIO CLO VII: Fitch Assigns B- Rating to Class F Debt
-------------------------------------------------------
Fitch Ratings has assigned Adagio CLO VII Designated Activity
Company final ratings, as follows:

EUR248,000,000 Class A: 'AAAsf'; Outlook Stable

EUR24,400,000 Class B-1: 'AAsf'; Outlook Stable

EUR10,600,000 Class B-2: 'AAsf'; Outlook Stable

EUR5,600,000 Class C-1: 'Asf'; Outlook Stable

EUR26,400,000 Class C-2: 'Asf'; Outlook Stable

EUR21,400,000 Class D: 'BBBsf'; Outlook Stable

EUR23,600,000 Class E: 'BBsf'; Outlook Stable

EUR12,000,000 Class F: 'B-sf'; Outlook Stable

EUR40,700,000 subordinated notes: not rated

EUR4,700,000 Class Z: not rated

Adagio CLO VII Designated Activity Company is a cash flow
collateralised loan obligation (CLO). Net proceeds from the notes
have been used to purchase a EUR400 million portfolio of mainly
euro-denominated leveraged loans and bonds. The transaction has a
4.25 years reinvestment period, and a weighted average life of
8.5 years. The portfolio of assets will be managed by AXA
Investment Managers.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors at the 'B'
category. The Fitch-calculated weighted average rating factor
(WARF) of the underlying portfolio is 32.73.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-calculated weighted average recovery rate
(WARR) of the identified portfolio is 66.66%.

Diversified Asset Portfolio

The transaction features different Fitch test matrices with
different allowances for exposure to the 10 largest obligors
(maximum 18% and 26.5%). The manager is allowed to interpolate
between these matrices. The transaction also includes limits on
maximum industry exposure based on Fitch's industry definitions.
The maximum exposure to the three-largest Fitch-defined
industries in the portfolio is covenanted at 40%.

Interest Rate Exposure

Unhedged fixed-rate assets cannot exceed 5% of the portfolio
while fixed-rate liabilities represent 2.65% of the target par.
Therefore the interest rate risk is partially hedged.

Adverse Selection and Portfolio Management

The transaction is governed by collateral quality and portfolio
profile tests, which limit potential adverse selection by the
manager. Fitch's analysis is based on a stressed-case portfolio
with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Limited Foreign Exchange Risk

The transaction is allowed to invest up to 25% of the portfolio
in non-euro-denominated assets, provided these are hedged with
perfect asset swaps at settlement.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes.

A 25% reduction in recovery rates would lead to a downgrade of up
to three notches for the class C notes, up to five notches for
the class E notes and up to two notches for the remaining rated
notes.

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

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

DATA ADEQUACY

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

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


ANCHORAGE EUROPE 1: Moody's Assigns Ba3 Rating to Class D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to four
classes of notes issued by Anchorage Europe Credit Funding 1 DAC.

EUR180,000,000 Class A Senior Secured Fixed Rate Notes due 2036
(the "Class A Notes"), Assigned Aa3 (sf)

EUR15,000,000 Class B Senior Secured Deferrable Fixed Rate Notes
due 2036 (the "Class B Notes"), Assigned A3 (sf)

EUR13,000,000 Class C Senior Secured Deferrable Fixed Rate Notes
due 2036 (the "Class C Notes"), Assigned Baa3 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Fixed Rate Notes
due 2036 (the "Class D Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

Moody's definitive ratings of the rated notes reflect the risks
due to defaults on the underlying portfolio of debt obligations
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, Anchorage Capital Group, L.L.C., has sufficient
experience and operational capacity and is capable of managing
this CDO.

Anchorage Europe Credit Funding 1 is a managed cash flow CDO. The
issued notes will be collateralized primarily by corporate bonds
and loans. At least 30% of the portfolio must consist of senior
secured loans, senior secured notes and eligible investments and
up to 70% of the portfolio may consist of second-lien loans,
unsecured loans, bonds, subordinated bonds and unsecured bonds.
The portfolio is approximately 37% ramped as of the closing date.

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

In addition to the four classes of notes rated by Moody's, the
Issuer has issued EUR 82.5m of subordinated notes which are not
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.

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. Anchorage Capital'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.

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

Par amount: 305,100,000

Diversity Score: 30

Weighted Average Rating Factor (WARF): 2490

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 29.0%

Weighted Average Life (WAL): 11 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. Given the portfolio
constraints and the current sovereign ratings in Europe, such
exposure may not exceed 10% of the total portfolio with exposures
to countries with local currency country risk ceiling of Baa1 to
Baa3 further limited to 5%. As a worst case scenario, a maximum
5% of the pool would be domiciled in countries with A3 and a
maximum of 5% of the pool would be domiciled in countries with
Baa3 local currency country ceiling each. The remainder of the
pool will be domiciled in countries which currently have a local
currency country ceiling of Aaa or Aa1 to Aa3.


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


PACIFIC DRILLING: S&P Assigns Prelim 'CCC+' ICR, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings assigned a preliminary 'CCC+' issuer credit
rating to Pacific Drilling S.A. The outlook is negative.

S&P said, "We also assigned a preliminary 'B' issue-level rating
to the company's $700 million first-lien senior secured notes due
2023. The recovery rating is '1', indicating our expectation for
very high recovery (90%-100%; rounded estimate 95%) in the event
of a payment default.

"At the same time, we assigned a preliminary 'B-' issue-level
rating to the $324 million second-lien senior secured notes due
after 2023. The recovery rating is '2', indicating our
expectation for substantial recovery (70%-90%, rounded estimate
80%) in the event of a payment default."

All ratings are preliminary and will depend upon the company
exiting from Chapter 11 bankruptcy proceedings. The confirmation
hearing court date is scheduled for Oct. 24, 2018.

S&P said, "The preliminary 'CCC+' issuer credit rating and
negative outlook reflect our assessment that the company has
unsustainable leverage and could struggle to secure new contracts
amid weak industry conditions. We expect the offshore drilling
industry to face challenging market conditions for the next 18-24
months, before improving in late 2020. As a result, Pacific
Drilling's credit metrics are expected to remain extremely weak
and liquidity could fall to less than adequate levels."

Pacific Drilling is an offshore drilling company that provides
high-specification deepwater drillships to the oil and gas
industry. The company owns a fleet of seven drillships, which are
all sixth or seventh generation vessels, built since 2010. This
fleet size is relatively small compared to peers. Currently, the
company has just two drillships on contract, the Pacific Sharav,
which is expected to complete a five-year, above-market-priced
contract in the Gulf of Mexico in third-quarter 2019, and the
Pacific Santa Ana which will commence Phase II with Petronas
offshore Mauritania in mid-2019. The remaining five drillships
are warm-stacked and awaiting work.

S&P said, "The negative outlook reflects our view that Pacific
Drilling's leverage metrics will remain unsustainably high and
liquidity could deteriorate if the company cannot secure new
contracts at favorable dayrates. We expect the offshore drilling
sector as a whole will continue to face challenging conditions
over the next 18-24 months.

"We could lower the rating if liquidity weakened and we
envisioned a specific default scenario within the next 12 months.
This would most likely occur if the weak industry conditions
deteriorated beyond our expectations, affecting our assumption of
50% utilization rates, and making Pacific unable to secure any
new contracts.

"We could revise the outlook to stable if Pacific improved its
leverage metrics, which we currently consider to be
unsustainable, to a more reasonable level, such as a debt-to-
EBITDA ratio of around 10x or less." This would require a more
rapid improvement in industry conditions than we currently
anticipate, such that the company is able to secure new contracts
at competitive rates and increase its fleet utilization.



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


COMPOSITE RESINS: Moody's Assigns B2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating and a B2-PD probability of default rating to Composite
Resins Holding BV, the Dutch-based parent holding company of the
new group which combines the activities of previously separate
companies, Aliancys Holding International BV ('Aliancys', the
composite resins business unit of ACR I BV which was carved-out
from its previous owner Chemica Invest Holdings B.V.) and the
Alpha Corporation of Tennessee and its subsidiaries , a leading
family-owned US composite resins supplier which was acquired by
the ultimate owner of ACR I BV, private equity fund CVC Capital
Partners (CVC). On May 2 2018 CVC announced that it has signed a
definitive agreement to acquire AOC. The transaction closed on
August 1, 2018.

Concurrently, Moody's has assigned a B2 rating to $510 million
senior secured term loan B and $90 million senior secured
revolving credit facility with Composite Resins Subholding B.V.,
Aliancys and Churchill Holdco Corporation, all direct and
indirect subsidiaries of CR as borrowers. The proceeds from the
TLB, together with equity were used to acquire full control of
Aliancys and AOC from their current owners, repay their existing
indebtedness and transaction related fees.

The outlook on all ratings is stable.

RATINGS RATIONALE

The B2 CFR acknowledges CR's (i) leading position in its
reference industry segments, with around 20-30% share of its
reference US and European markets for unsaturated polyester
resins (UPRs), and a strong presence in gelcoat and colorants;
(ii) balanced geographic diversification, with North America
accounting for around 51% of 2017 pro-forma combined revenues,
Europe for 30% and the rest being almost equally split between
Asia (11%) and Mexico (8%); (iii) good operational
diversification, with 11 plants mainly in the US and Europe which
should enable closer proximity to customers in markets which are
mainly regional due to the high transport costs; (iv) high share
of contracted sales with formulas to allow pass-through of raw
material price changes to customers with an average delay of 1 to
3 months, hence limiting the sensitivity of CR's average
operating margin to raw material price volatility. The limited
projected capex needs of the business should also translate into
its ability to generate positive free cash flow, a credit
supportive consideration.

The rating also considers (i) the small scale of the company,
with pro-forma 2017 revenues of $1.1 billion, and reliance on a
single family of intermediate chemical products, UPRs; (ii) the
overcapacity still affecting the industry and the high
cyclicality of the main end user markets of the company, namely
infrastructure/construction and automotive, which in a global
downturn can lead to a much faster drop in demand for the
products offered by the company compared to GDP, as observed for
instance during 2008/2009, when UPR demand in the US and Europe
declined by more than 25% year-on-year; (iii) the limited growth
potential of the largest end user markets of the company,
infrastructure, building materials and automotive, especially in
the mature US and European markets where the bulk of the
company's operations are located; and (iv) the relatively
moderate operating profitability of the company with an adjusted
EBITDA margin slightly above 10% initially.

The B2 CFR is also underpinned by the expectation that the
company will be able to maintain credit metrics commensurate with
the rating. The starting adjusted gross debt/EBITDA of the
company in 2017, pro-forma for the capital structure at closing,
should be around 4.5x. A gradual deleveraging to 4.0x by 2020 is
anticipated, based on projected EBITDA improvement mainly driven
by higher volumes, while synergies should be negligible due to
the lack of geographic overlap between AOC and Aliancys and the
intention of management to keep the current operating footprint.
Adjusted net leverage should improve faster, from 4.2x at closing
based on 2017 pro-forma adjusted EBITDA of $115m to 2.5x by 2020.
The improvement should be driven by positive projected free cash
flow generation which should translate into cash build-up,
considering annual debt amortization is only 1% of the TLB. The
liquidity position, which Moody's assessed as good, is also
providing financial headroom and is supportive of the rating. The
rating however reflects the lack of historical financial track
record of the new combined group, although mitigated by the
provision of audited accounts and financial due diligence for AOC
which is the largest constituent of the new group.

OUTLOOK

The stable rating outlook reflects Moody's expectation that the
company will maintain good liquidity and credit metrics
commensurate for the rating, with adjusted gross leverage
expected to gradually reduce towards 4.0x within 18 to 24 months
from transaction closing. The outlook also assumes that the
reference UPR market environment in Europe and the US will remain
stable and support the company's volumes and operating
profitability.

STRUCTURAL CONSIDERATIONS

The debt structure is composed of $510 million TLB due 2025 and
$90 million equivalent multi-currency RCF due 2023, which rank
pari passu between them as both instruments share same borrowers,
collateral and guarantors. Moody's understands that the security
package is comprehensive and the guarantor coverage exceeds 80%
of pro-forma combined EBITDA.

In accordance to Moody's Loss Given Default for Speculative-Grade
Companies methodology, and assuming an average family recovery
rate of 50% typical for all first lien bank debt covenant lite
capital structures, the TLB and RCF are rated B2, in line with
the company's B2 CFR.

What Could Change the Rating -- Up

Positive rating pressure could be considered should the adjusted
debt/EBITDA falls below 4.0x on a sustained basis while liquidity
remains good and supported by positive FCF. Any potential upgrade
would also include an assessment of market conditions, given the
cyclicality of some of the company's main end-markets.

What Could Change the Rating -- Down

Negative rating pressure could occur if there is a substantial
decline in earnings and/or significant debt increase resulting in
an adjusted gross leverage above 5.5x and/or a deteriorating
liquidity profile including a materially weaker free cash flow.
Furthermore, any material cash distribution to shareholders
capable of weakening the liquidity position or delay the
projected deleveraging would also exert negative rating pressure.

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

Headquartered in the Netherlands, CR is the parent holding
company for the composite resins businesses of two separate
competitors, Aliancys and AOC, that private equity sponsor CVC
combined in a LBO transaction which completed on August 1 2018.
The new group will become one of the largest international
suppliers of UPRs with a combined 27% share of its reference
North American and European markets, which accounted for 51% and
30% of its 2017 pro-forma combined revenues respectively. The
group operates 11 plants across North America, Europe, Mexico and
China and relies on several contract manufacturers based in
Europe, India and Thailand. Pro-forma 2017 combined revenues and
adjusted EBITDA were $1.1bn and $115m respectively.

CVC is the majority shareholder with a 64% stake in CR. While
Royal DSM N.V. (A3 stable), has a 19% minority stake, and the
rest is held by the former AOC family owners and CRH management.


COMPOSITE RESINS: S&P Assigns 'B+' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Netherlands-incorporated Composite Resins Subholding B.V. The
outlook is stable.

S&P said,. "At the same time, we assigned our 'B+' issue rating
to the $510 million senior secured term loan B and $90 million
senior secured revolving credit facility (RCF), co-issued by
Composite Resins Subholding B.V., Aliancys Holding International,
and AOC LLC. The recovery rating is '3' indicating recovery
prospects of 50%-70% (rounded estimate: 55%) in the event of a
payment default."

The rating reflects the capital structure of Composite Resins
Subholding, a new entity formed from the combination of Aliancys
and AOC. S&P estimates adjusted gross debt to EBITDA of about
4.5x at closing, improving toward 4.0x in its base case for the
coming years. The transaction closed Aug. 1, 2018.

Private equity fund CVC, owner of Aliancys, acquired U.S.-based
composite resins producer AOC and has merged the two businesses
to carry a new $510 million term loan and $90 million RCF. The
proceeds were used to acquire AOC, repay Aliancys' debt, pay
transaction fees, and fund group cash at closing. CVC retains a
stake of about 64% in the group, along with global chemicals
player DSM (19%), AOC reinvesting shareholders (10%), and
management (7%). The debt structure compares with about $115
million-$120 million group EBITDA that we expect for the 12
months to end-September 2018 (the reporting date going forward).
For the coming years, S&P expects the composite resins market's
growth and price levels to be favorable. Combined with expected
synergies to be realized by year-end 2019, this will result in
modest EBITDA upside, positive free cash flows, and subsequent
deleveraging such that adjusted debt to EBITDA improves toward
4.0x in its base case.

The business combination creates a global leader in the fairly
consolidated composite resins market, with 20%-30% market share
depending on regional markets. S&P views the industry's growth
potential as relatively favorable. Although utilization rates
have been improving on the back of consolidation and capacity
rationalization, they remain depressed due to significant
overcapacities.

AOC has a significant footprint in the North American market (70%
of its own sales) where it operates key manufacturing plants, and
where it has consistently increased market shares in recent
years. AOC also brings a significant product and end market
diversity, although skewed toward construction, such as bathroom
products and housing panels, as well as more general
construction, but also including infrastructure, marine,
automotive and pipe/tanks end market applications. AOC has a
long-standing operating history and customer relationships,
focusing on delivering new products to the market--about 45% of
sales come from products less than 10 years old.

Aliancys brings significant exposure to Europe, with three
manufacturing facilities (64% of 2017 EBITDA), and to Asia with a
75% joint venture with Sinopec in China, and the intention of
acquiring the remaining 25% in 2018. Aliancys' strategy has been
focused on increasing the share of tailor-made products as
opposed to standard resins, thereby increasing its share of
specialized applications and improving contribution margins.

S&P said, "Negative factors for our assessment of the group's
business include its overall limited size and scale in the niche
industry for composite resins and commoditized products, although
we estimate about 50% of the business may qualify as specialty.
We consider main end markets cyclical, namely construction and
transportation, while we view prices for either composites resins
(notably unsaturated polyester resins) and main raw materials
(notably styrene monomer) as fairly volatile, partly mitigated by
long-term contracts and pricing agreements. Customer
concentration is also a risk area in our view, particularly for
AOC where the top-20 customers represent a significant portion of
sales, although the relationships are long-standing. For these
reasons, we view the group's business risk profile as relatively
weak.

"We view the debt level at closing of the transaction as
relatively aggressive, with adjusted gross debt to EBITDA of
about 4.5x. Nevertheless, we understand that the company and its
owners have committed to keeping leverage at this level, which is
lower than comparable private equity-funded transactions, in
order to bear the potentially volatile business. We believe the
business will be free cash flow positive in the coming years
under this debt structure, allowing for cash buildup and/or
potential deleveraging. Our base case also takes into account the
limited amount of required capital expenditure (capex)."

S&P's base case assumes:

-- Annual revenue growth of 3%-4%, slightly above GDP growth.

-- EBITDA margin of 10%-12%, as a result of potential synergies,
    likely realized by year-end 2019.

-- Maintenance capex of $10 million-$15 million, potentially
    with additional moderate development and restructuring capex.

Based on these assumptions, S&P arrives at the following credit
measures:

-- Positive free cash flow of about $50 million-$70 million per
    year on a recurring basis.

-- About 4.5x adjusted debt to EBITDA at closing, improving
    toward 4.0x based on EBITDA growth potential.

-- Adjusted funds from operations (FFO) to debt of 12%-20%.

S&P said, "The stable outlook reflects our expectation that
favorable composite resins markets in terms of growth potential
and pricing, helped by industry rationalization, combined with
anticipated synergies from the business combination, could result
in some EBITDA upside in the coming years. Our base case
translates into adjusted debt to EBITDA improving modestly toward
4.0x, well within the 4.0-5.0x range we view as commensurate with
the rating.

"Rating upside is constrained by the majority private equity
ownership, which we view as potentially aggressive. However, we
could consider an upgrade if adjusted debt to EBITDA improved to
below 4.0x, together with strong explicit commitment from the
company and its shareholders to maintain such low leverage."

Rating pressure would primarily come from unexpected decline in
composite resins markets, either from abrupt price changes,
expansion in global capacities, or loss of market share with a
large customer. This would accompany declining EBITDA and free
cash flow close to neutral. More aggressive investments or
shareholder distributions than currently expected could also
negatively affect the company's credit profile and rating.


JUBILEE CLO 2016-XVII: Fitch Rates Class F-R Notes 'B-(EXP)sf'
--------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2016-XVII B.V notes
expected ratings, as follows:

EUR198 million Class A-1-R: 'AAA(EXP)sf'; Outlook Stable

EUR50 million Class A-2-R: 'AAA(EXP)sf'; Outlook Stable

EUR31.184 million Class B-1-R: 'AA(EXP)sf'; Outlook Stable

EUR6.316 million Class B-2-R: 'AA(EXP)sf'; Outlook Stable

EUR28 million Class C-R: 'A(EXP)sf'; Outlook Stable

EUR25 million Class D-R: 'BBB-(EXP)sf'; Outlook Stable

EUR21.5 million Class E-R: 'BB-(EXP)sf'; Outlook Stable

EUR11.5 million Class F-R: 'B-(EXP)sf'; Outlook Stable

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

Jubilee CLO 2016-XVII B.V. is a cash flow collateralised loan
obligation (CLO). Proceeds from the issue of new refinancing
notes will be used to refinance the existing notes. The issuer
has amended the capital structure and extended the maturity of
the notes. The subordinated notes will not be refinanced.

The collateral portfolio comprises mostly European leveraged
loans and bonds and will be managed by Alcentra Limited. The CLO
envisages a 4-year reinvestment period and a 8.5-year weighted
average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch weighted average rating factor of the current
portfolio is 32.8.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
current portfolio is 65.9.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance.
The transaction also includes limits on maximum industry exposure
based on Fitch's industry definitions. The maximum exposure to
the three largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

Adverse Selection and Portfolio Management

The transaction features a 4.25-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

Limited Interest Rate Risk

Up to 7.5% of the portfolio can be invested in unhedged fixed-
rate assets, while fixed-rate liabilities represent 1.6% of the
target par. Fitch modelled both 0% and 7.5% fixed-rate buckets
and found that the rated notes can withstand the interest rate
mismatch associated with each scenario.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to three notches for the rated notes.

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

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

DATA ADEQUACY

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

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


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


NORWEGIAN: Denies O'Leary Claims It May Collapse This Winter
------------------------------------------------------------
Neil Lancefield at Press Association reports that low-cost
airline Norwegian has hit back at Ryanair boss Michael O'Leary
after he claimed it will "go bust" this winter.

According to Press Association, a spokesman for the Scandinavian
carrier accused Mr. O'Leary of being a "broken record" and
insisted his comments have "no root in reality".

Norwegian has shaken up the long-haul market by offering flights
at knockdown prices, with some of its most popular deals
including GBP99 trips from Edinburgh and Dublin to New York,
Press Association relates.

But it has struggled to contain costs amid its rapid expansion,
and had around GBP2 billion of net debt at the end of last year,
Press Association notes.

Mr. O'Leary claimed he is "shocked it's still flying as it loses
heroic sums of money" and predicted it will "go bust this
winter", Press Association relays.

He went on: "It deserves to go bust because frankly graveyards
are full of airlines who had low fares and high costs.

"Ryanair is one of the few that has low fares and low costs."

A Norwegian spokesman, as cited by Press Association, said:
"These comments are from the same broken record and have no root
in reality.

"Norwegian continues to fly an increasing number of passengers as
we continue to focus on building a strong, sustainable and global
business to benefit our customers, employees and shareholders.

"We're focusing on our business and at this time Mr. O'Leary
should focus on Ryanair."



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


EDREAMS ODIGEO: S&P Assigns 'B' Rating to EUR425MM Sr. Sec. Bonds
-----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B' issue rating
and '4' recovery rating to the proposed EUR425 million senior
secured bonds of Spain-based online travel operator eDreams
ODIGEO S.A. (B/Stable/--). S&P said, "Our recovery rating of '4'
indicates our expectation of average recovery (30%-50%; rounded
estimate 35%) for lenders in the event of a payment default. The
transaction will have a largely neutral impact on eDreams'
leverage and therefore has no effect on our ratings and outlook
on the company."

The proposed bonds will refinance eDreams' current capital
structure while reducing interest costs and extending debt
maturities. The new capital structure will comprise fixed-rate
senior secured notes and an amended super senior revolving credit
facility (RCF). S&P expects the debt repricing will reduce
interest charges after 2018 and therefore likely lead to an
improvement in eDreams' funds from operations and free cash
flows.

The 'BB-' issue and '1' recovery ratings on the upsized and
amended EUR175 million super senior RCF are unchanged. The
recovery rating of '1' indicates S&P's expectation of very high
recovery (90%-100%; rounded estimate: 95%) in the event of a
default.


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


BOLTON WANDERERS: Reaches Deal with Creditor, Averts Collapse
-------------------------------------------------------------
Hardik Vyas at Reuters reports that Bolton Wanderers Ken Anderson
said on Sept. 12 the club has avoided administration after
agreeing a deal to pay off their main creditor BluMarble Capital
Ltd.

Mr. Anderson had warned on Sept. 10 that the Championship outfit
was facing the prospect of insolvency and a points penalty after
an initial offer to repay the financial company was turned down,
Reuters relates.

However, Mr. Anderson confirmed an agreement was reached and the
club now has one of the lowest debt positions in the second
division, according to Reuters.


INMARSAT PLC: S&P Places 'BB+' Issuer Credit Rating on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term issuer credit
ratings on U.K.-based satellite services operator Inmarsat PLC
(Inmarsat), as well as on Inmarsat's subsidiaries Inmarsat
Ventures Ltd., Inmarsat Investments Ltd., and Inmarsat Holdings
Ltd. on CreditWatch with negative implications.

S&P said, "We also placed our issue rating on the group's senior
unsecured debt, which was issued by Inmarsat Finance PLC and
guaranteed by Inmarsat Group Ltd., on CreditWatch with negative
implications.

"The CreditWatch placement follows the start of our sector review
on European global satellite operators, based on our view of
weakening industry fundamentals and new-technology-driven
oversupply risks that may hamper Inmarsat's non-maritime
activities. Specifically, we believe that fixed and mobile
satellite services operators may be adversely impacted by the
faster and higher capacity high-throughput satellite (HTS)
technology, which is resulting in oversupply of capacity and
mounting pricing pressure. We note that rapid growth is occurring
in satellite services for aircraft, but think this could prove
insufficient to offset the effects of the supply-demand mismatch.
What's more, we believe Inmarsat's maritime segment may also
become increasingly challenging given competitor Iridium's plans
to undercut Inmarsat on price.

"Based on our review and assessment of Inmarsat's capacity to
withstand identified risks, we could revise our assessment of
Inmarsat's business risk profile to fair from satisfactory, which
could lead to lower or affirmed the ratings. The CreditWatch also
reflects our view that Inmarsat's key credit metrics may weaken
in our revised base case such that they are no longer
commensurate with the current rating.

"We aim to complete our sector review and resolve the CreditWatch
placement over the next one to two months. Based on our review
and assessment of Inmarsat's business risk profile, we could also
revise the amount of leverage we consider appropriate for the
group. If we revise our assessment of business risk to fair from
satisfactory, we would lower our ratings on Inmarsat by one
notch. Although less likely, we could also affirm the current
ratings if we consider Inmarsat's business risk profile is
unchanged, and if by then upside from our base case materializes,
for instance from customer Ligado resuming payments."


OMNILIFE INSURANCE: S&P Puts 'BB+' ICR on CreditWatch Developing
----------------------------------------------------------------
S&P Global Ratings placed its 'BB+' issuer credit and insurer
financial strength ratings on Omnilife Insurance Company Limited
on CreditWatch with developing implications.

Omnilife's parent company, Medgulf Bahrain, is undergoing changes
within the group's structure relating to its Saudi Arabian
subsidiary. On top of this, Medgulf Bahrain has not finalized its
2017 year-end results and without the audited 2017 financials S&P
does not have sufficient reliable information to determine the
group credit profile (GCP), of which Omnilife is a part,
according to our group rating methodology. On Aug. 31, 2018, S&P
withdrew the ratings of Mediterranean & Gulf Insurance &
Reinsurance Company B.S.C. (Medgulf Bahrain) at the issuer's
request.

Omnilife is 91%-owned by Medgulf Bahrain. S&P said, "At present
we believe that Omnilife is operating independently from its
parent. We have not observed any negative or positive influence
on Omnilife from Medgulf Bahrain. In our view, Omnilife's
prospects in terms of financial performance and funding appear
highly independent of its parent. It operates in the U.K., which
we view has having a strong prudential regulatory regime."

S&P said, "The CreditWatch placement reflects our view of the
considerable uncertainty regarding the effect of the changes in
Medgulf Bahrain's business and financial risk profiles on
Omnilife.

"We could consider an upgrade over the next 12-18 months if we
saw extensive progress in the development and implementation of
Omnilife's enterprise risk management (ERM) framework, and if it
fulfilled its ambitious growth strategy of providing tailor-made
employee benefit solutions to small and midsize enterprises. We
expect this positive transition to result in sustainable
profitability and help maintain robust capital adequacy
(according to our capital model). We also believe that adverse
developments at the wider group level would be unlikely to
constrain our ratings on Omnilife.

"We could consider a downgrade if we concluded that credit
positive developments at the stand-alone Omnilife level are
unlikely to be sufficient to offset adverse credit transitions at
the group level.

"If we are unable to assess the GCP due to lack of information at
the consolidated Medgulf group level, we would likely suspend the
ratings on Omnilife.

"We anticipate that Medgulf Bahrain's financial results for year-
end 2017 will be completed and signed off by the auditors within
the next 60 days."


TOWD POINT 2016: Moody's Raises Rating on Class F Notes to Ba1
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five
tranches and affirmed the rating of one tranche in TOWD POINT
MORTGAGE FUNDING 2016-GRANITE3 PLC.

GBP 152.059M Class A Notes, Affirmed Aaa (sf); previously on Dec
15, 2016 Definitive Rating Assigned Aaa (sf)

GBP 20.469M Class B Notes, Upgraded to Aaa (sf); previously on
Dec 15, 2016 Definitive Rating Assigned Aa2 (sf)

GBP 8.773M Class C Notes, Upgraded to Aa1 (sf); previously on Dec
15, 2016 Definitive Rating Assigned A2 (sf)

GBP 11.696M Class D Notes, Upgraded to A1 (sf); previously on Dec
15, 2016 Definitive Rating Assigned Baa2 (sf)

GBP 7.311M Class E Notes, Upgraded to Baa2 (sf); previously on
Dec 15, 2016 Definitive Rating Assigned Ba2 (sf)

GBP 7.31M Class F Notes, Upgraded to Ba1 (sf); previously on Dec
15, 2016 Definitive Rating Assigned B2 (sf)

TOWD POINT MORTGAGE FUNDING 2016-GRANITE3 PLC is a static cash
securitisation of unsecured consumer loan receivables extended by
Landmark Mortgages Limited (NR) (formerly NRAM plc) to obligors
located in United Kingdom. The assets were originated as a part
of the "Together" mortgage product or a "Mortgage Plus Unsecured
Loan" product to obligors who had at the time of origination also
a secured mortgage loan. The unsecured loan was often used to
fund the equity of the property purchase.

RATINGS RATIONALE

The rating action is prompted by deal deleveraging resulting in
an increase in credit enhancement for the affected tranches.

Increase in Available Credit Enhancement:

Sequential amortization led to the increase in the credit
enhancement  available to all rated tranches in this transaction.
As of August 2018, the interest payment date, the CE supporting
Class A Notes increased to 69.8% from 48.0% at closing. Over the
same period of time, the CE available to tranches B, C, D, E and
F increased to 59.5%, 55.1%, 49.3%, 45.6% and 41.9%, up from
41.0%, 38.0%, 34.0%, 31.5% and 29.0% respectively.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

Performance of the transaction collateral since closing is
broadly in line with expectations. Total delinquencies expressed
as a proportion of the portfolio current balance have increased
somewhat, currently standing at 14.6%, compared to total
delinquencies of 12.0% of the pool balance as of closing. Most of
the delinquencies are long term, with the share of loans in
arrears for 90 days or more equal to 13.0% of current pool
balance. At the same time, the pool factor has decreased,
currently standing at 68.2%. Cumulative losses have so far
amounted to 6.75% of the original pool balance, compared to up
2.38% one year earlier.

Moody's left the assumption of the portfolio mean default
probability of 24.4% of the original pool balance unchanged. This
implies default probability of 25.5% of the current portfolio
balance. The assumption for the fixed recovery rate was left
unchanged at 5%. Moody's increased its assumption of the
portfolio credit enhancement to 48.4% from 45.7% initially,
reflecting the expectation of greater variability of future
defaults and losses.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE
RATINGS:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected and (2) deleveraging of the
capital structure.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expected, (3) deterioration in the Notes' available
credit enhancement and (4) deterioration in the credit quality of
the transaction counterparties.


===============
X X X X X X X X
===============


* BOOK REVIEW: Hospitals, Health and People
-------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Review by Francoise C. Arsenault

Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.
html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of
today's health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven
Hospital in Connecticut. In these first chapters, Dr. Snoke
examines the evolution and institutionalization of a number of
aspects of the hospital system, including the financial and
community responsibilities of the hospital administrator,
education and training in hospital administration, the role of
the governing board of a hospital, the dynamics between the
hospital administrator and the medical staff, and the unique role
of the teaching hospital.

The importance of Hospitals, Health and People for today's
readers is due in large part to the author's pivotal role in
creating the modern-day hospital. Dr. Snoke and others in similar
positions played a large part in advocating or forcing change in
our hospital system, particularly in recognizing the importance
of the nursing profession and the contributions of non-physician
professionals, such as psychologists, hearing and speech
specialists, and social workers, to the overall care of the
patient. Throughout the first chapters, there are also many
observations on the factors that are contributing to today's cost
of care. Malpractice is just one example. According to Dr. Snoke,
"malpractice premiums were negligible in the 1950's and 1960's.
In 1970, Yale-New Haven's annual malpractice premiums had mounted
to about $150,000." By the time of the first publication of the
book, the hospital's premiums were costing about $10 million a
year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know
it, including insurance and cost containment; the role of the
government in health care; health care for the elderly; home
health care; and the changing role of ethics in health care. It
is particularly interesting to note the role that Senator Wilbur
Mills from Arkansas played in the allocation of costs of
hospital-based specialty components under Part B rather than Part
A of the Medicare bill. Dr. Snoke comments: "This was considered
a great victory by the hospital-based specialists. I was
disappointed because I knew it would cause confusion in working
relationships between hospitals and specialists and among
patients covered by Medicare. I was also concerned about
potential cost increases. My fears were realized. Not only have
health costs increased in certain areas more than anticipated,
but confusion is rampant among the elderly patients and their
families, as well as in hospital business offices and among
physicians' secretaries." This aspect of Medicare caused such
confusion that Congress amended Medicare in 1967 to provide that
the professional components of radiological and pathological in-
hospital services be reimbursed as if they were hospital services
under Part A rather than part of the co-payment provisions of
Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole
question of the responsibility of the physician, of the hospital,
of the health agency, brings vividly to mind a small statue which
I saw a great many years ago.it is a pathetic little figure of a
man, coat collar turned up and shoulders hunched against the
chill winds, clutching his belongings in a paper bag-shaking,
tremulous, discouraged. He's clearly unfit for work-no employer
would dare to take a chance on hiring him. You know that he will
need much more help before he can face the world with shoulders
back and confidence in himself. The statuette epitomizes the task
of medical rehabilitation: to bridge the gap between the sick and
a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance
of Discharged Cured, however, and his book provides us with a
great appreciation of how compassionate administrators such as
Dr. Snoke have contributed to the state of patient care today.

Albert Waldo Snoke was director of the Grace-New Haven Hospital
in New Haven, Connecticut from 1946 until 1969. In New Haven, Dr.
Snoke also taught hospital administration at Yale University and
oversaw the development of the Yale-New Haven Hospital, serving
as its executive director from 1965-1968. From 1969-1973, Dr.
Snoke worked in Illinois as coordinator of health services in the
Office of the Governor and later as acting executive director of
the Illinois Comprehensive State Health Planning Agency. Dr.
Snoke died in April 1988.




                            *********

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
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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
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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
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                            *********


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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

This material is copyrighted and any commercial use, resale or
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                 * * * End of Transmission * * *