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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 26, 2018, Vol. 19, No. 191


                            Headlines


A U S T R I A

AI ALPINE: Moody's Assigns (P)B3 CFR, Outlook Stable
AI ALPINE: Fitch Assigns B(EXP) IDR, Outlook Stable
AI ALPINE: S&P Assigns Preliminary 'B' ICR, Outlook Stable


F R A N C E

GETLINK SE: S&P Assigns 'BB' ICR, Outlook Stable
ELECTRICITE DE FRANCE: S&P Rates New Hybrid Instrument 'BB'


I T A L Y

GUALA CLOSURES: Moody's Assigns B1 CFR, Outlook Stable
GUALA CLOSURES: S&P Raises ICR to 'B+', Outlook Positive


N E T H E R L A N D S

FIAT CHRYSLER: Moody's Affirms Ba2 CFR, Alters Outlook to Pos.


R U S S I A

GRAND INVEST: Bank of Russia Cancels Banking License
MIKHAYLOVSKY PROMZHILSTROYBANK: Bank of Russia Cancels License
TRANSCONTAINER PJSC: Fitch Affirms BB+ LT IDR, Outlook Stable


U N I T E D   K I N G D O M

CARILLION PLC: British Gov't to Bail Out GBP335MM New Hospital
DEBENHAMS PLC: Unveils New Store Concept Amid Financial Woes
YOSEMITE SECURITIES: October 25 Claims Filing Deadline Set


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A U S T R I A
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AI ALPINE: Moody's Assigns (P)B3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned a first time (P)B3 Corporate
Family Rating to Austria-based distributed power technology
company AI Alpine AT BidCo GmbH. The outlook on the ratings is
stable.

The rating action reflects the following interrelated drivers:

  - Leading positions in engines for distributed power generation
and gas compression

  - The company's leverage, as measured by Moody's-adjusted
debt/EBITDA, is initially high at 8.0x with limited prospects of
deleveraging over the next 12 to 18 months mostly attributable to
the forecasted exceptional costs to be incurred in 2019 and 2020

  - High share of service business (c. 50% of revenues) provides
for good visibility of cash flow, an element of stability and
typically higher margins

Concurrently, Moody's assigned a (P)B2 rating to the company's
proposed $1,485 million senior first lien term loan B and to the
$225 million revolving credit facility. The $337.5 million second
lien term loan has been rated (P)Caa2.

The credit facilities will be used to finance the acquisition of
General Electric's distributed power business known under the
brands of Jenbacher and Waukesha by funds advised by Advent
International Corporation.

The assignment of the provisional issuer and instrument ratings
to AI Alpine is based on Moody's analysis of the company's
business plan and pro-forma financial information. The rating
agency expects to assign definitive ratings to AI Alpine when it
has received and reviewed the audited financial statements. The
ratings assigned assume that audited financial information will
not materially differ from the financial information presented to
Moody's.

Moody's issues provisional ratings in advance of the syndication
of the financing package and these ratings reflect the agency's
preliminary credit opinion regarding the transaction only. Upon
closing of the transaction and a conclusive review of the final
documentation, Moody's will endeavor to assign definitive
ratings. Definitive ratings may differ from provisional ratings.

RATINGS RATIONALE

The (P)B3 Corporate Family Rating assigned is primarily supported
by (1) the leading market positions both Jenbacher and Waukesha
hold in their respective niches and a long track-record of
reliable products serving diversified end-markets with select
barriers to entry; (2) the mission critical nature of the
products offered and some tailwind resulting from a structural
long-term shift to renewables which drives demand for Jenbacher's
products; (3) the high share of revenues (c. 50%) generated with
service business which has proven to be more stable than the sale
of new equipment and which is a key contributor to the high
margins generated; (4) strong free cash flow generation
capability; and (5) a well invested asset base.

At the same time the rating is constrained by (1) an initially
high adjusted leverage of 8.0x debt / EBITDA based on June 2018
results pro-forma for the new capital structure; (2) some
reliance on the cyclical swings of the oil & gas upstream
business via Waukesha (c. 20% of revenues); (3) the challenge to
complete the transfer of Waukesha's production to the new plant
in Welland and to reap identified cost savings potential as
planned, on time without cost overruns; and (4) limited prospects
of deleveraging over the next 12 to 18 months.

LIQUIDITY

Following the closure of the proposed transaction, Moody's
considers liquidity to be adequate. Moody's expects that the
company's liquidity sources including $64 million cash on hand,
$100 million availability under the company's $225 million
revolving credit facility (i.e. the $225 million RCF will be
drawn by up to $125 million at closing, representing a short-term
bridge until a factoring facility is in place) and funds from
operations totaling approximately $161 million are sufficient to
cover its liquidity needs such as working cash, working capital
outflow, capital expenditures and other items together amounting
to approximately $200 million.

STRUCTURAL CONSIDERATIONS

The (P)B2 rating (LGD3), assigned to the issuer's $1,485 million
equivalent first lien senior term loan facility (Facility B) and
to the $225 million equivalent revolving credit facility is one
notch above the CFR and reflects the debt cushion provided by the
subordinated $337.5 million equivalent second lien facility,
which has been rated (P)Caa2. The credit facilities benefit from
a guarantor package including upstream guarantees from operating
subsidiaries, representing at least 80% of group EBITDA. The
instruments are secured by a security package including shares,
bank accounts, and material structural intercompany receivables
with priority given to the first lien term loan facility against
the second lien facility.

OUTLOOK

The stable outlook assumes gradual deleveraging in the next 12-18
months towards 7.5x debt/EBITDA, EBITA margins sustained in the
mid-teens and continued positive FCF generation.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could be upgraded in case of a successful completion
of the move of Waukesha's production to the new Wellington plant
and completion of restructuring measures indicated by EBITA
margin sustainably exceeding 16%. An upgrade would also require a
sustainable leverage reduction to a level well below 7.0x
Debt/EBITDA and strong free cash flow generation leading to
mandatory prepayments of the Term Loan B.

Downward pressure would develop in case of interest cover falling
below 1.0x EBITA/interest, negative FCF or weak liquidity,
exemplified for instance by an extended use of the new revolving
credit facility as a bridge for the former factoring agreement or
by decreasing headroom under the springing financial covenant
Indications of a move towards a more shareholder-friendly
financial policy could also trigger a negative rating action.

METHODOLOGY

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

PROFILE

AI Alpine AT BidCo GmbH is a holding company heading the
Jenbacher and Waukesha businesses both spin-offs from GE's Power
division. Headquartered in Austria the group is active in the
field of distributed power by offering mission critical solutions
for power generation and gas compression. AI Alpine operates
under two well-known brand names: Jenbacher, which accounts for
c. 80% of group revenues, offers reciprocating gas engines for
distributed power generation serving peak load power and backup
power needs, an area which becomes increasingly important with
the shift of energy production to renewable sources; Waukesha,
representing the remaining c. 20% of group revenues, is active in
the field of gas compression for the natural gas industry. Its
engines are used for the production and transmission of natural
gas and on-site power generation for oil and gas producers.


AI ALPINE: Fitch Assigns B(EXP) IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has assigned Austria-based reciprocating engines
maker AI Alpine (Alpine) a first-time expected Long-Term Issuer
Default Rating of 'B(EXP)' with a Stable Outlook. Fitch has also
assigned a long-term senior secured rating of 'B+(EXP)' to the
company's term loan B (TLB) and a 'CCC+(EXP)' long term rating to
the 2nd lien loan.

The assignment of final ratings is subject to fully audited
unqualified 2017 financial statements, which will be available by
end-September 2018, confirming the preliminary results presented
earlier to Fitch.

The IDR is constrained by a highly leveraged capital structure
and the likelihood that meaningful de-leveraging will not occur
until after 2020. Funds from operations (FFO) net leverage is
expected to remain above 7x until 2021 under Fitch's rating case,
a level which Fitch views as high for the rating. Despite the
high leverage, Fitch nevertheless believes that positive market
dynamics affecting Alpine should result in stable and strong
underlying profitability.

The IDR reflects the company's strong market positions in the
gas-fired power generation sector, good diversification by end-
customer and geography, high portion of revenue derived from
services and robust cash flows, which are expected to remain
broadly stable through the short- to medium-term.

The senior secured rating of 'B+(EXP)' and Recovery Rating of
'RR3' (56%) are based on a going concern approach applying a 6x
multiple to a last 12 months EBITDA at June 2018 discounted by
20%. Both ratios are consistent with Fitch's approach to the
diversified manufacturing sector.

KEY RATING DRIVERS

High Leverage: Fitch expects FFO adjusted net leverage to be
around 6.9x at end-2018 and rise to 7.3x at end-2019, mainly due
to slightly expected lower profitability in the short- to medium-
term as well as USD120 million of one-off costs to be paid over
the next two years in relation to the sale of Alpine by General
Electric (GE). However, the free cash flow (FCF) margin is
expected to be robust, at between 6% and 12% from 2021 to 2025,
which should drive deleveraging at an average rate of around 1x
p.a. to 4.4x by 2023 and 2.7x by 2025.

Strong Market Position: Alpine's business profile benefits from
being a leading manufacturer of power generation and gas
compression engines in a sector with high barriers to entry. Its
market-leading positions are protected by proven technology and
reliability, low life-cycle costs, fuel efficiency and a
comprehensive service offer. Offsetting this, Fitch sees the
company's diversification as being moderate, characterised by
good end-customer and reasonable geographic diversity, but
weakened by a narrow product range and operating in a niche,
albeit growing, market. The company also benefits from deriving a
material portion of its revenue from service activities.

Stable and Robust Cash Flows: Alpine demonstrates broadly strong
FFO generation, with the FFO margin expected to remain around 10%
through the medium term, underpinned by a high portion of
service-related revenue and diversified end-markets. Low capex
needs, estimated to be around 2.5% of revenue p.a.(including
capitalised research and development costs), and stable working
capital cash flows, should ensure healthy free cash flow (FCF)
margins of above 4% on a sustained basis beyond 2019 once certain
one-off expenses are no longer incurred. This should provide the
company with debt repayment capacity in the medium- to long-term.

GE Separation Neutral to Business: Fitch does not believe
Alpine's ability to win new business, or retain existing
customers, will be negatively affected by the split from GE.
Alpine was already operating broadly independently from GE, and
as the existing management will remain in place, there is
unlikely to be a material shift in strategy, which is likely to
revolve around raising margins through cost optimisation and
improving working capital turns to maximise cash conversion.

FX Risk Minimal: Alpine's transactional currency exposure is
negligible at present although it may increase slightly in the
near future. Currently, all sales and operating costs are broadly
matched; however, following the transfer of the Waukesha
activities to Welland, Canada, certain costs will be in CAD. The
translational effect at present is sizeable - Alpine reports in
USD but most of the activities are in EUR - but will be
significantly reduced once the company changes its reporting
currency to EUR. The proposed debt make-up by currency will
probably closely reflect the revenue and cost structure, thus
there is unlikely to be a need for hedging.

DERIVATION SUMMARY

The closest competitors of Alpine by product are Generac Power
Systems Inc and Rolls-Royce Power Systems (RRPS), both of which
exhibit rating profiles better than those of Alpine. Generac has
a materially better financial profile; it consistently generates
FFO and FCF margins of around 15% and 12%, respectively, as a
consequence of its larger exposure to the residential end-
markets. Its leverage levels, typically around 3x - 4x, are also
lower than those of Alpine. Offsetting this, its credit profile
is somewhat constrained by a less diversified business profile
(end-customer and geography) than Alpine's. RRPS (fully owned by
Rolls-Royce plc (A-/Stable) and benefitting from intra-company
funding arrangements) generates FFO margins that are lower than
those of Alpine (usually around 7%) as a result of its exposure
to a wider range of more competitive end-markets, although its
business profile benefits from being far more diversified than
Alpine's in relation to product offering and end-markets. No
country-ceiling, parent/subsidiary or operating environment
aspects have an impact on the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Alpine
include:


  - Revenue to grow 5% CAGR over 2017-2025, supported by positive
market fundamentals driving an increase in the installed base and
higher penetration rates of long-term service agreements

  - Natural erosion of the earnings margin due to adverse product
mix from the roll-out of new products and higher pricing pressure

  - Expected benefit from the materialisation of cost savings due
to improvement in production efficiencies and fixed cost
reductions

  - Adjusted EBITDA margin to remain between 16% and 20% over the
medium term as a consequence of the earnings margin factors
discussed and some upside from fixed cost reductions

  - Capex requirements to remain low at a long term ratio of 2%
of revenue p.a. as the company is well-invested. Approximately
one third of capex refers to capitalisation of R&D costs to
support future business growth

RATING SENSITIVITIES

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

  - FFO gross leverage under 6x (2018E: 6.9x)

  - FCF margin above 5% (2018E: 12.4%)

  - FFO margin above 10% (2018E: 15.1%)

  - Improved business diversification through an expansion of the
product portfolio

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

  - FFO gross leverage above 8x beyond 2020

  - FCF margin below 2%

  - FFO margin below 8%

  - FFO fixed charge cover below 2x

LIQUIDITY

Liquidity is good. Post financing, Alpine is expected to have a
revolving credit facility (RCF) of USD225 million, which is
expected to be about half drawn until a new factoring facility is
put in place, at which time the RCF is expected to be fully
undrawn. Fitch expects Alpine to generate strong FCF, especially
after 2019, when certain one-off costs are no longer incurred,
which should further boost overall liquidity.

FULL LIST OF RATING ACTIONS

AI Alpine AT BidCo GmbH
  -- Long-Term Issuer Default Rating assigned at 'B(EXP)';
Outlook Stable

  -- Senior secured TLB assigned at 'B+(EXP)'/'RR3'/56%

  -- Senior secured 2nd lien rating assigned at
'CCC+'(EXP)'/'RR6'/0%


AI ALPINE: S&P Assigns Preliminary 'B' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Austria-Based engine manufacturer Al Alpine AT
BidCo GmbH (Alpine). The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating with a '3' recovery rating to the proposed senior
secured term loan B and revolving credit facility (RCF). This
indicates our expectation of meaningful (50%-70%; rounded
estimate 50%) recovery in the event of payment default.

"We assigned our 'CCC+' issue rating, with a '6' recovery rating
to the second lien-term loan B. This indicates our expectation of
0%-10% recovery in the event of default.

"The final ratings will depend on our receipt and satisfactory
review of all final transactional documents, including
shareholder loan agreements, and auditors' report on 2017
financials. Accordingly, the preliminary ratings should not be
construed as evidence of final ratings. If S&P Global Ratings
does not receive final documentation within a reasonable time
frame, or if it departs form materials reviewed, we reserve the
right to withdraw or revise our ratings.

"Our rating of Alpine is constrained by its highly leveraged
capital structure after the deal closes. We also note Alpine's
exposure to the cyclical oil and gas (O&G) end markets through
its Waukesha business (around 20% of fiscal year 2017 revenues),
limited application diversification compared with larger more
established incumbents, a reliance on factoring for working
capital requirements, and revenues concentrated geographically
(in Europe and North America). We also understand there are
product reliability issues pertaining to a limited number of
cylinder heads in circulation, which at this stage appear to be
contained. These factors are partly mitigated by Alpine's healthy
S&P Global Ratings-adjusted margins (approaching above average
for capital goods manufacturers) and favorable trends in the
Distributed Power (DP) sector. Growth in DP is being driven by a
shift to renewables, requiring peak load balancing; a shift from
diesel to more emission friendly gas, driven by regulation; an
aging installed capacity (including constraints preventing larger
capital projects); and tailwinds from the recent recovery in O&G
production. We further note Alpine's high proportion of
aftermarket (AM) service revenues (approximately 50% of fiscal
year 2017 revenues, providing recurring cash flows, for example,
through long-dated service agreements), market share across
developed markets (particularly in power generation below 5
megawatts [MW] in capacity), and its technology leadership with a
focus on efficiency.

"We expect Alpine as a combined group to reach revenues of around
$1,560 million and S&P Global Ratings-adjusted EBITDA in the
region of $265 million in 2018. Alpine has around 3,000 employees
with a presence in over 100 countries. It operates across the
power generation and gas compression segments, offering
reciprocating engines. Alpine's group revenues ($1,318 million
for the financial year ending Dec. 31, 2017) are either sourced
through direct-to-end-customer business (32%) or via sales
partners (68%). A significant portion of revenues are generated
in Europe (50%), followed by North America (17%). AM revenues
increased from 22% of group revenues in 2007 to 51% in 2017,
which we view as a significant strength compared with
competitors." Service revenues are generated via transactional
and contractual offerings and supported by a dedicated services
organization (over 450 employees in 25 countries) covering the
life cycle of an engine. Transactional services (around 67% of
group service revenues) are naturally shorter term and include
spare parts, engine overhauls, modifications, and upgrades.
Contractual services (around 33%) are multi-year agreements of
approximately five to 10 years, which provide full servicing and
performance guarantees and currently cover around 20% of the
engines in operation. Given a large and expanding installed base,
Alpine is looking to shift and expand from transactional parts to
contractual services and agreements, which secure longer-term
customer commitments and recurring cash flow generation. Digital
solutions include an asset performance management application
that allows customers to monitor platforms and increases customer
retention in the case of major overhauls. S&P understands that
renewal rates are currently above 80%, which S&P also views as
credit positive.

Power generation (around 80% of group revenues): Founded in 1959,
Jenbacher (JB) is an Austrian manufacturer that was acquired by
GE in 2003. The engines are paired with generators to create
electricity for consumption and can also provide thermal power
where S&P sees increasing demand. They deliver on average power
output of 0.2MW-10.4MW and 17,000 units are in operation
worldwide (with an average age of nine years). Customers include
utilities, independent power producers, commercial, and
industrials (including power backup for factories, residential
complexes and data centers). JB has six core platforms that are
increasing in power capacity, with historical revenues driven by
Type 4 and 6 variants (representing around 22% of the installed
base). The engines feature a modular design (which can be scaled
to meet customer requirements) with servicing almost equally
driven by contractual and transactional revenues. JB also has a
long history of innovation, with several first to market
developments that S&P views as credit positive and which S&P
believes support brand equity and customer retention.

Gas compression (approximately 20% of group revenues): Founded in
1906, Waukesha (WK) is an American manufacturer that was acquired
by GE in 2011. The engines are paired with gas compressors to
transport gas across pipelines. They deliver a power output of
0.2MW-3.6MW, on average, and 19,000 units are in operation
worldwide (with an average age of 20 years). Customers include
oil and natural gas producers (including servicing oilfield power
generation). Servicing is only driven by transactional revenues
and therefore less stable than JB. WK has three core platforms
that are increasing in power capacity, with historical revenues
driven by the higher-margin VHP engine (representing
approximately 41% of the installed base). Although WK provides
some diversification, it also operates in a competitive and
cyclical end-market, which S&P believes limits its ability to
mitigate adverse economic conditions. This was demonstrated when
WK's revenues dropped from a high in 2014 to a low in 2016
(representing a peak to trough decline of around $275 million) as
a result of the O&G downturn in North America.

S&P said, "We forecast group revenue growth in the next few years
to be driven by a ramp up and commercialization of core
platforms, including further market penetration on the recently
introduced J920 and future new variants such as the JB Type 5. We
expect revenues will also be boosted by increased market share in
currently underpenetrated markets -- such as China via a
dedicated salesforce -- and increased AM business, driven by an
increasing installed base and upsells backed by digital
offerings. We also forecast EBITDA margin expansion -- supported
by a flexible cost base and invested programs -- and driven by
operational efficiencies of WK's new manufacturing site in
Welland, Canada (with full transfer expected in 2019). In
comparison to Waukesha, Welland is expected to increase
productivity and reduce personnel costs. The facility also has
the added benefit of being able to manufacture JB platforms. We
expect positive FOCF generation to be driven, in part, by lower
capital expenditure (capex) and research and development (R&D)
requirements." GE invested around $200 million in the Welland
facility and approximately $250 million in next generation
platforms -- JB J920, Type 5 and WK VHP Series 5.
Consequently, we forecast that Alpine will begin reducing
leverage, although 2019 is expected to be a transitional year
given one-off restructuring and carve-out related costs hitting
both margins and cash flows."

S&P's base case assumes:

-- Real global GDP growth of 3.9% annually in 2018 and 2019. S&P
    expects European real GDP will increase by 2.3% and 2.1%,
    respectively, in 2018 and 2019, and by 2.9% in 2018 and 2.5%
    in 2019 for North America.

-- Rise in long-term natural gas demand primarily driven by
    coal-fired utilities switching to natural gas and increased
     liquid natural gas (LNG) use. Natural gas capacity additions
     through 2019 to drive WK volumes, although a slowdown of new
     export facilities will affect momentum in 2020.

-- S&P expects strong reported revenue growth of over 15% in
     2018 of around $1,560 million (versus $1,318 million reported
     in 2017 before pro forma adjustments) supported by a robust
     order book and driven by increased volumes of JB (J920, Type
     4 and 6 engines) and WK (VHP engine). Revenues to flatten in
     2019 with marginal growth of about 2%, in part due to
     temporary market saturation hitting JB volumes.

-- S&P Global Ratings-adjusted EBITDA margins of about 17% in
    2018 (versus 15.7% reported in 2017 before pro forma
     adjustments) primarily driven by revenue growth, lower cost
     of production staff, and other operational and manufacturing
    efficiencies. Lower adjusted EBITDA margins at around 12%-13%
    in 2019 (due to restructuring costs of about $70 million) but
    normalizing to around 16%-17% in 2020 (incorporating
    additional restructuring costs of about $14 million).

-- Minimal capex, excluding capitalized R&D, of about $10
    million in 2018 (as a result of a funded asset base and cost
     cutting measures by GE) but normalizing to about $30 million
     from 2019. R&D, primarily relating to the upgrade of the core
    product range (JB Type 4, 6 and WK VHP), of about 4% of sales
    across 2018 and 2019.

-- Alpine to operate predominantly on a stand-alone basis after
     transaction close, with some intercompany dependencies with
     GE requiring separation. One-off carve-out and restructuring
    related expenses of about $108 million in 2019, depressing
    cash flows.

-- Operating leases of around $40 million (relating to a sale
    and leaseback transaction), pension obligations of around $50
     million, and provisions (relating to cylinder head
     reliability issues) of around $19 million have all been
     capitalized to debt to arrive at S&P Global Ratings-adjusted
     leverage measures.

-- The RCF is expected to be drawn by $125 million at close,
    representing a short-term factoring bridge.

-- No dividends or other shareholder returns are expected at
    this stage.

-- No bolt-on or other acquisitions have been forecast.

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

-- S&P Global Ratings-adjusted debt to EBITDA at around 7.5x in
    2018.

-- Adjusted funds from operations (FFO) to debt at around 7.5%
    in 2018.

-- Higher leverage and weaker coverage ratios in 2019 due to
    carve-out and restructuring expenses, with an improving
    profile thereafter.S&P expects adjusted debt to EBITDA at
    around 7x-7.5x, FFO to debt at around 7.5%-8.0%, and FFO to
    cash interest at around 2.5x-2.7x in 2020.

S&P said, "The stable outlook reflects our view that the
Distributed Power carve-out will be well managed, with Alpine
successfully realizing manufacturing efficiencies. We expect
healthy S&P Global Ratings-adjusted EBITDA margins of around 17%
in 2018 supported by revenue growth and operating efficiencies.
We forecast a highly leveraged capital structure with S&P Global
Ratings-adjusted debt to EBITDA at around 7.5x after transaction
close. We also expect 2019 to be a transitional year with break-
even FOCF and lower adjusted EBITDA margins of around 12%-13% due
to one-off carve-out and restructuring-related costs of around
$100 million. However, we anticipate significantly positive FOCF
thereafter, at above $100 million, to drive leverage reduction.
We view FFO to cash interest greater than 2.5x to be in line with
the rating level.

"We could take a negative rating action if Alpine's FFO to debt
or EBITDA margins deteriorated materially. This could result from
higher than expected restructuring costs and factoring or weaker
than expected reciprocating engine demand. Weaker than
anticipated FOCF or cash interest coverage could also lead us to
downgrade Alpine. Such a scenario could result from deeply
negative FOCF in 2019, FOCF below $100 million in 2020, or FFO to
cash interest not reaching 2.5x. A dividend recapitalization or a
weakening of the liquidity position could also result in a rating
action.

"Although unlikely at this stage, we could upgrade Alpine if it
consistently achieved FFO to debt above 12% and debt to EBITDA
below 5x on an S&P Global Ratings-adjusted basis. Any rating
upside would hinge on maintaining these stronger credit metrics
and a commitment to a more conservative financial policy
including refraining from dividend recapitalizations or other
forms of shareholder remuneration."


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F R A N C E
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GETLINK SE: S&P Assigns 'BB' ICR, Outlook Stable
------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit
rating to Getlink S.E, a holding company within Getlink Group.
The outlook is stable.

S&P also assigned its 'BB' long-term issue rating to Getlink's
proposed EUR500 million notes. The recovery rating on this debt
is '3', indicating its expectation of meaningful (50%-70%;
rounded estimate: 65%) recovery in its default scenario.

Getlink is the ultimate parent of Eurotunnel Holding SAS that
owns the two concessionaires under the concession agreement for
the cross-channel Fixed Link: France Manche SA (FM SA) and The
Channel Tunnel Group (CTG Ltd). S&P maintains ratings to the
notes issued by Channel Link Enterprises Finance PLC to finance
the Fixed Link concession under a project financing. GetLink owns
two other subsidiaries, Europorte SAS (a rail freight operator
that has been granted a rail operator license) and GET Elec Ltd.,
a subsidiary constructing 1,000 MW electrical interconnector
between the U.K. and France, ElecLink Ltd., expected to start
operating in 2020.

S&P said, "Our rating on Getlink reflects the track record of its
core asset, the Channel Tunnel, in delivering strong operational
performance, combined with the complexities of operating a large-
span tunnel and its exposure to volume and price risks. The
rating also reflects our assessment of the project's strong
competitive position underpinned by an exclusive concession
granted by the U.K. and French governments to operate the only
fixed transportation link between the U.K. and France, which runs
until 2086. Despite being a single asset, Channel Tunnel supports
30% of British exports to the EU (about EUR54.8 billion) and 22%
imports from the EU (about EUR60 billion), in addition to
providing transport facilities to more than 20 million passengers
as well as jobs to more than 222,000 people in U.K. We assess the
business of the electrical interconnector ElecLink as riskier
than Channel Tunnel due to high merchant power exposure on the
assumption of uncontracted revenues. However, this does not
weaken our overall assessment of Getlink because we expect its
contribution to remain less than one-fifth of the Group's EBITDA
over the next several years as more competitive interconnector
capacity is underway."

The activities of Channel Tunnel are ring-fenced inside a sub-
holding company, Eurotunnel Holding SAS, and insulated from the
other activities of the Group. It is bound by the terms of the
concession agreement, which continues to provide significant
creditor protection through various restrictions, CLEF financing
documentation, and government oversight requirements. They
include, in particular, distribution restrictions, which are
prohibited without the creditor's consent and if cash flow
available for debt service is less than 1.25x of the debt service
in the preceding period. While Channel Tunnel's contribution to
the Group earnings will fall once ElecLink starts operations, it
will continue to be significant, with 88% contribution in 2022.
As a result, the key risk to Getlink's creditors is cash flow
interruption from Channel Link, which is somewhat mitigated by
the availability of a debt service reserve. However, S&P adjusts
the group's consolidated creditworthiness by one notch because of
the risk.

S&P said, "We expect Getlink's consolidated credit metrics to
remain at an aggressive level. In particular, we expect the
weighted-average ratio of FFO to debt in 2018-2020 to be about
7.7%. However, we project ratios will strengthen in later years
thanks to ElecLink's contributions. Once operational, ElecLink's
earnings will complement the earnings of the rest of the group
and, consequently, we assess the interconnector to have strong
profitability prospects (at about a 90% margin). Until 2020, the
group faces construction risk, but a fixed-price engineering,
procurement, and construction contract with penalties for delays
and performance damages partially mitigates it."

S&P's base case scenario assumes:

-- France GDP growth of 1.7% in 2018, 1.6% in 2019, and 1.7% in
    2020. GDP growth in the U.K. of 1.2% in 2018, 1.4% in 2019,
     and 1.6% in 2020. U.K. retail price index (RPI) growth of
     3.5% in 2018, 3.10% in 2019, and 3.0% in 2020. France
     consumer price index (CPI) growth of 1.8% in 2018, 1.4% in
     2019, and 1.6% in 2020.

-- Revenue increase in shuttle services, car, coach, rail, and
    other services mainly driven by market share gains and
    optimization of yields. Market growth in France and the U.K.
    to follow the growth of their respective economies, while
    yields growth will follow the U.K. RPI and France CPI growth,
    again, weighted average.

-- New high-speed rail route between London and Amsterdam
    launched in April 2018. Passenger growth on this and existing
    routes (London to Paris/Brussels) corresponding to the
    respective economies' growth, and yield growing in line with
    U.K. RPI and France CPI growth, weighted average.

-- Revenue growth from railways usage, railway operation,
     maintenance, and renewal charges, and railway renewals
     growing slightly below the GDP growth rates.

-- Eurotunnel costs growing largely in line with the GDP and
    inflation (U.K. RPI and France CPI) growth rates.

-- ElecLink's uncontracted and contracted prices in line with
     the management's forecast. ElecLink's utilization rate at 85%
     in the first few years after commissioning.

-- Getlink's costs as per management's assumptions.

-- Getlink's capital expenditures (capex; including ElecLink's
    capex) of about EUR300 million in 2018, about EUR280 million
    in 2019, and about EUR150 million in 2020.

-- A step-up in Channel Link Enterprises Finance PLC's (CLEF)
    notes margins in 2022 (EUR10 million).

-- Dividends from Eurotunnel of about EUR160 million in 2108,
    EUR190 million in 2109, increasing to about EUR220 million in
    2020.

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

-- Weighted-average adjusted FFO to debt of 7.7% over 2018-2020;
-- Weighted-average debt to EBITDA of 7.4x over 2018-2020; and
-- Adjusted EBITDA margins of 52%-55%.

The Dover-Calais/Dunkerque corridor (the "short straits") is the
shortest and most widely used of all cross channel routes between
the U.K. and continental Europe, linking the major economic
centers (Paris, London, and Brussels). While the concession
agreement does not prevent the construction of further fixed
links between the U.K. and France (or neighboring countries),
Eurotunnel would have first right to any new concessions. Traffic
has been resilient even during adverse macroeconomic conditions.
Most of the time, the company has been able to manage yield and
grow revenue through increasing tariffs. Between 2011 and 2017
revenue increased about 50%, while volumes increased by only
about 20%. Capex requirements in the coming years are limited.
ElecLink costs are kept aside, and annual capex is EUR100
million-EUR120 million.

The tunnel is directly linked to the British and French motorway
and railway networks. All tunnel rail traffic is controlled from
railway control centers in the French and British terminals.

S&P said, "In our view, Getlink exhibits some similarities to
rail network owners such as Deutsche Bahn AG, Infrabel, and SNCF
Reseau but with higher profitability. With EBITDA margins in the
range of 52%-55%, it is comparable to other single-asset
infrastructure operators such as Gatwick Airport or Aeroporti di
Roma, both with strong business characteristics.

"In contrast to other holding companies we rate that rely almost
entirely on upstream distributions from their operating companies
to service their debt, GetLink benefits from additional cash
flows from the businesses outside the ring fence, such as
ElecLink once operational and Europorte. We have compared Getlink
to Kelda Finance (No 3) Plc, a holding company above Yorkshire
Water Services and to Southern Water (Greensands) Financing Plc,
a holding company above Southern Water Services Ltd.

"The stable outlook reflects our expectation of steady and
gradually increasing dividend distribution from Fixed Link, and
at least EUR120 million in fiscal 2019. Furthermore, we
anticipate that ElecLink will construct its 1 GW power
interconnector within budget and on time, to be commissioned in
December 2019 and that ElecLink will generate at least EUR80
million-EUR100 million of revenues in the first years after
commissioning based on an 85% utilization rate. Based on these
assumption, we expect GetLink to achieve S&P Global Ratings'
adjusted FFO to debt of 7%-9% in the period 2018-2020.

"We would consider a negative rating action if, for instance,
ElecLink experiences construction delays or cost overruns
resulting in weaker-than-expected cash flow generation. We
anticipate a one-notch downward adjustment stemming from adjusted
FFO to debt trending below 6%. Furthermore, if the concession
business trends closer to the dividend lock-up ratios, it could
indicate a higher likelihood of a dividend interruption to
Getlink. The dedicated debt service reserve available to GetLink
noteholders somewhat mitigates this risk.

"We see limited upside as long as the power interconnector is
under construction. We see a positive rating action as unlikely
given our view of sustained high leverage at Channel Link. Even
if the long-term contribution from ElecLink is higher than what
we anticipate, its merchant exposure would weaken the risk of
operations of Getlink, which at present are predominantly based
on a long-term concession."


ELECTRICITE DE FRANCE: S&P Rates New Hybrid Instrument 'BB'
-----------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
issue rating to the proposed perpetual, optionally deferrable,
and subordinated hybrid capital security to be issued by
Electricite de France SA (EDF; A-/Negative/A-2). The hybrid
amount remains subject to market conditions, but S&P understands
it will reach at least EUR1 billion. The proceeds will be used to
partially replace the existing EUR1.25 billion issued in 2013,
EUR1 billion issued in 2014, and if necessary, the GBP1.25
billion and the EUR1.25 billion issued in 2013 with respective
first call dates in January 2020, 2022, 2026, and 2025.

S&P considers the proposed security to have intermediate equity
content until its first reset date because it meets its criteria
in terms of subordination, permanence, and deferability at the
company's discretion during this period.

Parallel with the issuance, EDF launched a partial tender offer
on the following instruments listed by order of priority: the
existing EUR1.25 billion perpNC2020, EUR1 billion perpNC2022, and
if necessary, the GBP1.250 billion perpNC2026 and the EUR1.25
billion perpNC2025. S&P expects the outcome of the partial tender
offer to reflect this order of priority and a majority of the
first two tranches to be refinanced. The total amount expected to
be bought back will not exceed the amount raised from the new
hybrid issuance and the company maintains full discretion on
amounts to be effectively bought back. S&P understands that,
after the replacement and liability management transactions, the
group intends to permanently maintain the total amount of hybrids
outstanding at its current level (about EUR10.1 billion as per
year-end 2017). Therefore, S&P will reduce to minimal equity
content any amount raised from new hybrid issuance exceeding the
amount of hybrids being ultimately tendered, as it expects any
such excess amount to be called at their respective first call
date without being refinanced.

S&P said, "If EDF successfully issues the new security and
completes the liability management transaction, we will assign
intermediate equity content to the new hybrid instrument until
the first reset date set in 2024. We will also maintain our view
of intermediate equity content in the remaining amount under
three tranches partly tendered, which would not have been
exchanged as part of this transaction. This is because we believe
EDF remains committed to the permanence of the hybrid capital
layer and would therefore be committed to replacing the
instrument ahead of any future call or buyback.

"We arrive at our 'BB' issue rating on the proposed security by
notching down from our 'bbb-' stand-alone credit profile for EDF,
as we believe the likelihood of extraordinary government from the
French state to this security is low." The two-notch differential
reflects our notching methodology, which calls for deducting:

-- One notch for subordination because S&P's long-term issuer
     credit rating on EDF is investment-grade (that is, higher
     than 'BB+'); and

-- An additional notch for payment flexibility, to reflect that
    the deferral of interest is optional.

S&P said, "The notching to rate the proposed security reflects
our view that the issuer is relatively unlikely to defer
interest. Should our view change, we may increase the number of
notches we deduct to derive the issue rating.

"In addition, to reflect our view of the intermediate equity
content of the proposed security, we allocate 50% of the related
payments on the security as a fixed charge and 50% as equivalent
to a common dividend. The 50% treatment of principal and accrued
interest also applies to our adjustment of debt."

KEY FACTORS IN OUR ASSESSMENT OF THE SECURITIES' PERMANENCE

S&P said, "EDF can redeem the security for cash at any time
during the 90 days before the first interest reset date, which we
understand will be six years (with a first call date of September
2024) and on every coupon payment date thereafter. Although the
proposed security is perpetual, it can be called at any time for
tax, gross-up, rating, accounting, or a change-of-control event.
If any of these events occur, EDF intends, but is not obliged, to
replace the instruments. In our view, this statement of intent
mitigates the issuer's ability to repurchase the notes on the
open market.

"We understand that the interest to be paid on the proposed
security will increase by 25 basis points (bps) 11 years from
issuance, and by a further 75bps 20 years after its first reset
date. We consider the cumulative 100bps as a material step-up,
which is currently unmitigated by any binding commitment to
replace the instrument at that time. We consider this step-up
provides an incentive for the issuer to redeem the instrument on
its first reset date.

"Consequently, we will no longer recognize the instrument as
having intermediate equity content after its first reset date,
because the remaining period until its economic maturity would,
by then, be less than 20 years. However, we classify the
instrument's equity content as intermediate until its first reset
date, as long as we think that the loss of the beneficial
intermediate equity content treatment will not cause the issuer
to call the instrument at that point. EDF's willingness to
maintain or replace the instrument in the event of a
reclassification of equity content to minimal is underpinned by
its statement of intent. Finally, the green label of the
instrument does not affect either the issue rating or the equity
content."

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' DEFERABILITY

In S&P's view, EDF's option to defer payment on the proposed
security is discretionary. This means that EDF may elect not to
pay accrued interest on an interest payment date because it has
no obligation to do so. However, any outstanding deferred
interest payment, plus interest accrued thereafter, will have to
be settled in cash if EDF declares or pays an equity dividend or
interest on equally ranking securities, and if EDF redeems or
repurchases shares or equally ranking securities. However, once
EDF has settled the deferred amount, it can still choose to defer
on the next interest payment date.

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' SUBORDINATION

The proposed security and coupons are intended to constitute the
issuer's direct, unsecured, and subordinated obligations, ranking
senior to their common shares.


=========
I T A L Y
=========


GUALA CLOSURES: Moody's Assigns B1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating and a B1-PD probability of default rating to the Italian
packaging manufacturer of closures for spirits and wine bottles
Guala Closures S.p.A. Concurrently, Moody's has assigned B1
rating to the EUR450 million senior secured floating rate notes
due 2024 to be issued by Guala. The outlook on all ratings is
stable.

The proceeds from notes will be used to refinance a EUR450
million bridge loan and to pay the transaction fees. The bridge
loan was put in place on July 31, 2018 when Guala was acquired by
the Italian special purpose acquisition company Space4 S.p.A. and
other co-investors, followed by its listing on the STAR segment
of the Italian Stock Exchange. At closing of the transaction,
Moody's expects Guala to have approximately EUR39 million of cash
on balance sheet and the EUR80 million super senior revolving
credit facility (RCF) entirely undrawn. The capital structure
also includes certain finance leases and overdraft lines which
are rolled over with this refinancing.

RATINGS RATIONALE

The action reflects Guala's improved capital structure and
liquidity following the acquisition by Space4 and its subsequent
listing. With the transaction, the company's outstanding debt
fell by approximately EUR110 million because the EUR545 million
outstanding under the former RCF was repaid with a EUR146 million
cash contributio and EUR510 million FRNs were redeemed and new
debt facilities of EUR450 million were issued. This resulted in a
reduction of Moody's-adjusted leverage to 5.0x from 6.2x LTM June
2018. The new capital structure also provides for longer debt
maturity and a larger RCF (fully available) improving the overall
liquidity of the group. The new bond issuance is also expected to
result in interest cost savings.

The B1 CFR is supported by (1) Guala's solid business profile
owing to its market-leading position (around 60% global share
according to the management) in the niche and less standardised
safety closures segment (44% of revenue in 2017) and high share
of sales towards less discretionary and relatively resilient food
and beverage end-markets; (2) good geographic diversity owning to
its presence in mature markets but also to its strong penetration
(mainly safety closures for spirits) in faster growing emerging
countries; and (3) historic resilient operating performance with
stable margins, despite volatility in the raw material costs
(mainly aluminum and plastic resins) and foreign currencies. The
wine and spirits industry is expected to grow at low single digit
rate over the next five years in volume terms. Nevertheless Guala
should benefit from an increased need for safety closures in
emerging markets where the risk for counterfeiting is higher and
an ongoing substitution trend of cork with aluminum screw caps.

Conversely the rating remains constrained by (1) Guala's small
scale compared with its much larger and consolidated customer
base, particularly the large spirits and wine conglomerates; (2)
the high level of customer concentration (five largest accounting
for 29% of 2017 revenue, ten largest 36%), key customers have
significant pricing power, although this is mitigated to some
extent as customers choose their suppliers on a brand basis (no
single brand represented more than 3% of revenue in each of the
last three years); (3) the fact that over 50% of its revenue
derives by more commoditized products (standard closures) which
are subjected to more intense competition; (4) its exposure to
raw material price volatility, particularly aluminum and plastic
resin and the limited contractual ability to pass-through cost
increases and; (5) to foreign exchange fluctuations due to the
currency mismatch between cash flows and debt, which is mainly
Euro denominated.

Despite the significant debt reduction, leverage remains high at
around 5.0x, and future deleveraging is limited in Moody's view,
as it is contingent on Guala being able to offset price pressure,
currency movements, and potential adverse changes in taxes or
regulation on a local level, expanding further into higher
margins and faster growing regions such as Asia and Latin America
organically and via bolt-on acquisitions, introducing new
products and adequately managing the volatility of raw material
prices. However, Moody's expects free cash flow generation to
become positive from 2019, mainly from a degree of EBITDA growth
as the part of the interest savings will likely used to
distribute dividends to their shareholders.

LIQUIDITY

Moody's considers Guala's liquidity position to be adequate for
its near term requirements. This is underpinned by (1) EUR39
million of cash in the balance sheet at close; (2) full
availability under the EUR80 million super senior RCF maturing in
2024; and (3) around EUR55-70 million of funds from operations
after interest payments. These sources are sufficient to cover
intra-year working capital swings due to seasonality (e.g.
increase demand for spirits around the Christmas period), capital
expenditures of EUR35-40 million per annum, and dividends of
approximately EUR15 million (including minority interests).
Potential small bolt-on acquisitions will have to be funded with
additional drawing of the RCF or other debt. Guala does not have
meaningful debt amortisation until 2024 when the RCF matures.

STRUCTURAL CONSIDERATIONS

The CFR has been assigned to Guala Closures S.p.A., the top
entity of the restricted group. Using Moody's Loss Given Default
(LGD) methodology, the B1-PD rating is aligned to the B1 CFR.
This is based on a 50% recovery rate, as is typical for
transactions including both bonds and bank debt. The B1
instrument rating assigned to the EUR450 million FRNs is in line
with the CFR reflecting modest presence of more senior debt in
the capital structure such as the EUR80 million super senior RCF,
which however is not sufficiently large to cause a notching of
the instruments.

Both the notes and the super senior RCF are secured against share
pledges of certain companies of the group. As at June 2018, the
notes benefit from the guarantees of subsidiaries representing,
together with the issuer, 40% of consolidated revenues, 22% of
consolidated adjusted EBITDA and 68% of total assets. Conversely,
the RCF is guaranteed by at least 60% of EBITDA of the
subsidiaries providing guarantees, excluding those incorporated
in Columbia and Mexico and those which are not eligible to be
guarantors or in respect of whose shares no security is required
to be granted.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that Guala will continue
to slowly grow and gradually improve its key credit metrics,
benefitting from increased market penetration of safety closures
and aluminum wine caps. The outlook also incorporates Moody's
assumption that Guala will not lose any material customer and it
will not engage in material debt-funded acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the ratings is unlikely in the near term,
however it could develop if Guala increases its scale, maintains
its profitability measured as EBITDA margin, and improve its free
cash flow generation leading to financial leverage, measured as
Moody's adjusted debt/EBITDA, sustainably below 4.0x, together
with FCF/Debt sustained above 5%, while maintaining good
liquidity.

Negative pressure on the ratings could arise if Guala's operating
profitability materially deteriorates, Moody's adjusted leverage
sustainably increases above 5.0x; free cash flow continues to be
negative in 2019 and the liquidity weakens.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.

Headquartered in Italy, Guala is one of the world largest
producers of closures for the wine and spirits industry. The
company holds a market leading position in non-refillable safety
closures for the spirits industry with at approximately 60%
market share by volume of units sold worldwide, which are used to
prevent counterfeit spirits and offer evidence of tampering, it
is one of the leading global producers of aluminum screw caps for
wine closures with at least a 30% market share and Europe's
largest producer of roll on (standard) aluminum closures for
wine, spirits and olive oil. Guala operates 27 plants, three
sales offices and five research centers across 21 countries in
five continents, and sold over 14 billion closures in 100
countries in 2017. For the last twelve months to June 30, 2018,
the company generated revenue of EUR542 million and an EBITDA of
EUR110 million (or EUR99 million on a Moody's-adjusted basis).
Guala is listed on the STAR segment of the Italian Stock Exchange
since August 6, 2018.

Assignments:

Issuer: Guala Closures S.p.A.

Probability of Default Rating, Assigned B1-PD

Corporate Family Rating, Assigned B1

BACKED Senior Secured Regular Bond/Debenture, Assigned B1

Outlook Actions:

Issuer: Guala Closures S.p.A.

Outlook, Changed To Stable From Rating Withdrawn


GUALA CLOSURES: S&P Raises ICR to 'B+', Outlook Positive
--------------------------------------------------------
S&P Global Ratings said that it raised its long-term issuer
credit rating on Guala Closures SpA, a leading bottle closures
manufacturer, to 'B+' from 'B'. At the same time, S&P removed the
rating from CreditWatch positive and assigned a positive outlook.

S&P said, "We also assigned a 'B+' issue rating and '4' recovery
rating to Guala's new proposed EUR450 million senior secured
floating rate notes due in 2024.

"We withdrew our 'B' long-term issuer credit rating on GCL
Holdings S.C.A. (GCL), Guala's prior parent company, because it
is no longer the controlling entity of Guala.

"We are also withdrawing our 'B' issue rating and '4' recovery
rating on the EUR510 million senior secured notes because Guala
redeemed them on Aug. 2, 2018, when it drew the EUR450 million
bridge facility and combined the business with Space4."

The upgrade follows Guala's successful listing in the STAR
segment of the Italian Stock Exchange via the merger with Space4
on Aug. 6, 2018. It is listed as Guala Closures SpA.

S&P said, "The positive outlook indicates that we could raise the
long-term issuer credit rating on Guala to 'BB-' in the coming 12
months if the company's cash flow generation improved materially,
on a sustainable basis. We would expect a reduction in working
capital outflows to be the main driver of this improvement."

Prior to the merger, Space4, a special acquisition company,
acquired 81.2% of Guala's share capital. Guala's former owner,
aPriori Capital Partners, now only retains a minority stake in
the company.

The majority of Guala's capital is now free floated. The voting
rights are broadly split between the free float owners (61.3%),
Guala's management (24.3%), Peninsula (8.8%) and Mojito (5.6%).
Management is subject to an 18-month lock-up period.

S&P said, "A private equity house no longer controls Guala, which
we view as favorable because we believe the company is now likely
to pursue more moderate financial policies.

"We understand that, as a result of this transaction, the company
received about EUR150 million of fresh capital that it applied to
debt reduction. In July 2018, Guala refinanced its prior debt
comprising the EUR510 million senior secured notes due in
November 2021 and a EUR65 million super senior revolving credit
facility (RCF) due in August 2021. The new debt facilities
included an EUR80 million super senior RCF maturing in 2024 and a
EUR450 million senior secured bridge loan. We expect Guala will
refinance the latter via the proposed issuance of EUR450 million
senior secured floating notes due 2024.

"Following the refinancing and debt reduction, Guala's leverage
has improved to about 4.1x. It is our understanding that, as a
listed company, Guala will adhere to a lower leverage of about
3.0x-3.5x net debt to EBITDA on a reported basis (as well as on
an S&P Global Ratings-adjusted basis). We expect Guala will use a
portion of future cash flows to reduce debt to comply with this
target. Furthermore, Guala's adjusted funds from operations
(FFO)-to-debt ratio has improved to approximately 15% from about
8% at year-end 2017.

Guala reported stable results in 2017 and the first half of 2018.
Revenues grew by 7% in 2017 and 3% in the first half of 2018.
EBITDA margins remained strong at 20% for 2017. They were
slightly lower at 16%-17% in the first six months of 2018 due to
adverse currency movements and higher raw material costs.

Guala is well diversified geographically, and its revenue base,
on balance, should stay resilient to local trends that could
affect some markets. S&P thinks Guala is well placed to benefit
from greater penetration of premium alcohol brands, despite
spirit manufacturers facing high counterfeiting risk. This,
together with Guala's longstanding relationships with leading
spirit manufacturers, should increase the company's ability to
continue to offset unhedged raw material prices with annually
negotiated prices.

Guala generated slightly negative free operating cash flow (FOCF)
in 2017 due to material working capital outflows (EUR27.6
million), reflecting both a longer inventory (mainly in raw
materials and supplies) and more trade receivable days. The
group's working capital needs (as a percentage of sales)
continued to rise in the first half of 2018. Although part of
this reflects the industry's seasonal pattern (revenues and cash
collection tend to be stronger in the second half due to year-end
holiday season sales), Guala also experienced a year-on-year
increase in trade receivables and inventory days. We understand
that the company is implementing measures to streamline its
working capital needs. S&P said, "We conservatively assumed a
EUR20 million working capital outflow for year-end 2018, leading
to minimal FOCF generation in 2018. We believe that FOCF is only
likely to turn materially positive in 2019, once the company
stabilizes its working capital position. In 2019, FOCF will also
benefit from lower debt costs following the refinancing. We
expect annual capital expenditure (capex) outlays will remain
stable at about EUR35 million."

S&P said, "We note that the bottle closures market remains
fragmented. Guala has actively participated in market
consolidation via small acquisitions of niche, market-leading,
local players, which it has been able to integrate successfully
with a limited impact on leverage. We continue to think that
external growth will be a part of Guala's future strategy, but we
do not incorporate any transformational acquisitions in our base
case at this stage."

S&P's base case assumes:

-- 3%-5% organic growth in revenues in 2018 and 2019 as a result
    of uncertain economic growth prospects in Europe and modest
    growth in Asia and the Americas.

-- Strong and stable adjusted EBITDA margins at 20%-21%,
     resulting in adjusted EBITDA of EUR110 million-EUR115
     million, supported by a greater contribution from higher-
     margin safety closures.

-- Capex of about EUR35 million and ongoing high tax payments.

-- Working capital outflow of about EUR20 million in 2018,
    improving to an outflow of only EUR3 million in 2019.

-- Minimal FOCF in 2018.

-- S&P expects FOCF will improve in 2019 as the company
    implements working capital savings and receives the full
    annual benefit of the reduced interest burden.

-- No material acquisitions.

-- Annual dividend payments of about EUR8 million to minority
    shareholders.

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

-- FFO to debt of 13%-14% in 2018, increasing to 18%-20% in
2019.

-- Adjusted debt to EBITDA of about 4.1x in 2018 and 3.5x in
    2019.

S&P said, "The positive outlook indicates that we could raise the
long-term rating on Guala to 'BB-' in the coming 12 months if the
company's cash flow generation improved materially on a
sustainable basis. We would expect a reduction in working capital
outflows to be the main driver of this improvement.

"We could raise the rating if Guala successfully stemmed its
working capital outflows, FOCF to debt improved to above 5%, and
FFO to debt sustainably improved to above 16%. Concurrently, we
would also expect the company to adopt and implement a financial
policy consistent with such credit metrics.

"We could revise the outlook to stable if Guala's FOCF remained
weak, most likely due to ongoing large working capital outflows.
We could also revise the outlook to stable if Guala's credit
metrics failed to improve over the next 12 months."


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


FIAT CHRYSLER: Moody's Affirms Ba2 CFR, Alters Outlook to Pos.
--------------------------------------------------------------
Moody's Investors Service has affirmed Fiat Chrysler Automobiles
N.V.'s Ba2 corporate family rating, the Ba2-PD probability of
default rating and at the same time changed the outlook on all
ratings to positive from stable. Concurrently, Moody's has also
affirmed the Ba3 rating of FCA's senior unsecured notes and the
Baa2 rating of the senior secured term loan B issued by FCA US
LLC, a subsidiary of FCA.

"FCA's outlook change to positive reflects the continued
improvements in its credit metrics since its last upgrade in
March this year," said Falk Frey, a Senior Vice President and
lead analyst for FCA. "In case these metrics can be sustained
even in periods of weaker demand and rising headwinds from higher
raw material prices, rising interest rates and tariff changes
this could result in an upgrade of FCA's ratings within the next
12-18," Frey added.

RATINGS RATIONALE

In the first half of 2018 FCA's worldwide combined shipments
(including shipments from unconsolidated joint ventures)
increased by 5.7% to 2.5 million vehicles from 2.4 million.
Growth has mainly been driven from shipments in NAFTA (+11.6%)
and LATAM (+21.0%), while combined shipments in APAC have
decreased (-25.3%) mainly due to the anticipated import duty
reduction in China effective July 2018 (which caused delays in
both retail and wholesale demand for a large part of the second
quarter), and remained relatively flat in EMEA (+0.8%). Overall
this resulted in net revenues of EUR56 billion (+1%) compared to
H1 2017. Although the reported adjusted EBIT of EUR3.3 billion
declined by 4% compared to the first six months in the previous
year, FCA reported a positive industrial free cash flow in the
first half 2018 of EUR2.5 billion (compared to a slightly
negative industrial free cash flow in H1 2017) which resulted in
a reported net industrial cash position of EUR0.5 billion for the
first time.

These reported numbers resulted in an EBITA margin improvement to
5.9% (as adjusted by Moody's) for the LTM June 30, 2018 period
(5.5% fiscal year 2017), free cash flow generation (as adjusted
by Moody's) of EUR3.7 billion (2017: EUR1.1 billion), a reduction
in gross debt to EUR22.6 billion (as adjusted by Moody's, EUR24.4
billion in 2017 and a further reduced leverage (Moody's adjusted
debt/EBITDA) of 2.1x compared with 2.4x in 2017.

For 2018 Moody's anticipates FCA's operating performance and cash
flow generation to continue to improve driven by successful new
product launches in higher margin SUV and pick-up segments like
the new Jeep Cherokee and all-new Jeep Wrangler as well as the
all-new Ram 1500 pickup, despite the slight decline in US light
vehicles demand that Moody's anticipates in 2018 (-2%) as well as
the continued ramp-up of the all-new Jeep Compass following
completion of its worldwide roll-out in 2017.

Moody's notes that FCA's intention to operate a captive finance
subsidiary fully owned in the US would be strategically positive
for FCA and put FCA in a comparable position with its major
competitors in North America. Concerning funding and cash needs
to establish such an operation either through acquisition of an
established captive finance company or its assets or by starting
with a greenfield operation, Moody's assumes an amount of no more
than EUR3.5 billion over the next 3 years to be spent by FCA.
This includes and assumes conservative capitalization of the
entity relative the its asset risks.

FCA's rating is constrained by a significant dependency on
operating performance from its business in the US, with a strong
reliance on performance of the Jeep and Ram models. Given the
strong market dynamics there, FCA's numbers are reflective of a
cyclical industry that has reached a peak, even though Moody's
does not expect a severe decline for the current year. However, a
weaker market environment in the US could have adverse effects on
FCA's performance and, hence, leverage.

In addition, FCA together with all other automotive OEMs is
exposed to the transition risks of the industry towards
alternative fuel vehicles, and autonomous driving technologies,
which will weigh negatively on future cash flow generation.

FCA is subject to emissions investigations in Europe and most
notably in the US. In January 2017, the U.S. Environmental
Protection Agency accused FCA of violating the US Clean Air Act,
alleging that FCA US LLC (FCA US) failed to disclose certain
emissions control strategies. While discussions on possible
penalties seem premature, the US Clean Air Act provides for
theoretical fines of up to USD4.6 billion (does not include
possible fines imposed by other authorities or civil damages).
Moody's believes that a mid-single digit billion Euro amount of
one-time expenses could be compensated within the Ba2 rating.

LIQUIDITY

As of June 30, 2018, FCA's liquidity profile is considered good,
underpinned by EUR13.3 billion in reported cash and marketable
securities for the industrial activities, as well as access to
undrawn EUR7.6 billion committed revolving credit facilities
(RCFs). The main Group syndicated RCF was extended and upsized by
EUR1.25 billion in March 2017 and its maturities were further
extended in March 2018, with EUR3.1 billion maturing in April
2021 (with two 1-year extension options available) and EUR3.1
billion in March 2023. These funding sources should cover FCA's
anticipated cash requirements over the next 12 months, which
comprise principally capex, debt maturities, and cash for day-to-
day needs.

Positive Outlook

The positive outlook is based on its expectation that FCA will
continue to improve its financial metrics further in the current
fiscal year thus achieving its trigger levels for a possible
upgrade to Ba1.

The positive outlook also assumes that FCA's financial policy to
remain conservative with no excessive dividend payouts, a more
moderate gross leverage than in the past, a solid liquidity
profile and some operational resilience in case of a weakening of
FCA's markets

What Could Change the Ratings UP

Qualitatively, upward pressure on FCA's rating could materialize
if the company can sustain its current operating profitability
and cash flow generation, even if market conditions were to
weaken in the US and in Europe. An upgrade of FCA's rating would
also hinge on the company's ability to resolve the current legal
investigations in the US and Europe surrounding the diesel
emissions issues, without a material impact on the company's
credit metrics, and without a serious impact on its reputation,
as evidenced by a loss of market share.

Quantitatively, an upgrade could occur if FCA were able to
achieve (1) a Moody's-adjusted EBITA margin around 6%, (2) a
consistently positive and robust free cash flow without
compromising on its capital expenditures and R&D expenses needed
to achieve emission targets, to manage the transition to
alternative fuel vehicles and new drivetrain technologies as well
as autonomous vehicles, (3) a reduction in leverage based on
Moody's-adjusted (gross) debt/EBITDA sustainably below 2.0x.

What Could Change the Ratings DOWN

FCA's ratings might come under downward pressure should FCA's
operating performance and cash flow generation come under
significant pressure as a result of market share declines or if
market conditions were to weaken in the US and in Europe or
material fines would hurt the company's brand image.
A downgrade could occur in case these events would result in the
following credit metrics for a sustained period of time: (1) a
Moody's-adjusted EBITA margin falling below 4%, (2) a sizable
negative free cash flow, or (3) a Moody's-adjusted (gross)
debt/EBITDA exceeding 3.5x

STRUCTURAL CONSIDERATIONS

Moody's has considered the senior unsecured notes issued by FCA
and its treasury companies as structurally subordinated to a
significant portion of financial and non-financial debt
(including the remaining USD1.0 billion senior secured term loan
B at FCA US), located at the level of FCA's operating
subsidiaries largely consisting of trade payables. Consequently,
the ratings of FCA's outstanding senior unsecured bonds is Ba3,
or one notch below the Ba2 CFR, according to Moody's Loss Given
Default Methodology, and the rating assigned to FCA US's secured
term loan B is Baa2.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Having its corporate seat in Amsterdam, the Netherlands, and the
place of effective management in the United Kingdom, FCA is one
of the world's largest automotive manufacturers by unit sales.
Its portfolio of brands includes Abarth, Alfa Romeo, Chrysler,
Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram, Maserati and
Mopar, the parts and service brand. In 2017 FCA generated
consolidated net revenues of EUR111 billion and reported an
adjusted EBIT of EUR7.1 billion.

Affirmations:

Issuer: FCA US LLC

Senior Secured Bank Credit Facility, Affirmed Baa2

Issuer: Fiat Chrysler Automobiles N.V.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba2

Senior Unsecured Shelf, Affirmed (P)Ba3

Other Short-Term, Affirmed (P)NP

Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba3

Senior Unsecured, Affirmed Ba3

Issuer: Fiat Chrysler Finance Europe SA

Backed Other Short-Term, Affirmed (P)NP

Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba3

Backed Senior Unsecured, Affirmed Ba3

Outlook Actions:

Issuer: FCA US LLC

Outlook, Changed To Positive From Stable

Issuer: Fiat Chrysler Automobiles N.V.

Outlook, Changed To Positive From Stable

Issuer: Fiat Chrysler Finance Europe SA

Outlook, Changed To Positive From Stable


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


GRAND INVEST: Bank of Russia Cancels Banking License
----------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2477, dated
September 21, 2018, cancelled the banking license of Moscow-based
credit institution Joint-stock Company Grand Invest Bank or JSC
Grand Invest Bank (Registration No. 3053) from September 21,
2018.

The Bank of Russia cancelled the credit institution's banking
license based on Article 23 of the Federal Law "On Banks and
Banking Activities" following the decision of the credit
institution's authorized body to terminate its activity through
voluntary liquidation according to Article 61 of the Civil Code
of the Russian Federation and the submission of the respective
application to the Bank of Russia.

Based on the financial statements provided to the Bank of Russia,
the credit institution has enough assets to satisfy creditors'
claims.

In compliance with Article 62 of the Civil Code of the Russian
Federation and Article 21 of the Federal Law "On Joint-stock
Companies", a liquidation commission will be appointed to JSC
Grand Invest Bank.

JSC Grand Invest Bank is a member of the deposit insurance
system.  The cancellation of the banking license is an insured
event as stipulated by Federal Law No. 177-FZ "On the Insurance
of Household Deposits with Russian Banks" in respect of the
bank's retail deposit obligations, as defined by law.  The said
Federal Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than a total of RUR1.4
million per depositor.

According to the financial statements, as of September 1, 2018,
JSC Grand Invest Bank ranked 335th by assets in the Russian
banking system.

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


MIKHAYLOVSKY PROMZHILSTROYBANK: Bank of Russia Cancels License
--------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2476, dated
September 21, 2018, cancelled the banking license of
Mikhaylovka-based credit institution joint-stock company
commercial bank Mikhaylovsky Promzhilstroybank or JSC CB
Mikhaylovsky PZhSB (Registration No. 2961, the Volgograd Region)
from September 21, 2018.

The Bank of Russia cancelled the credit institution's banking
license based on Article 23 of the Federal Law "On Banks and
Banking Activities" following the decision of the credit
institution's authorized body to terminate its activity through
voluntary liquidation according to Article 61 of the Civil Code
of the Russian Federation and the submission of the respective
application to the Bank of Russia.

Based on the financial statements provided to the Bank of Russia,
the credit institution has enough assets to satisfy creditors'
claims.

In compliance with Article 62 of the Civil Code of the Russian
Federation and Article 21 of the Federal Law "On Joint-stock
Companies", a liquidator will be appointed to JSC CB Mikhaylovsky
PZhSB.

JSC CB Mikhaylovsky PZhSB is a member of the deposit insurance
system.  The cancellation of the banking license is an insured
event as stipulated by Federal Law No. 177-FZ "On the Insurance
of Household Deposits with Russian Banks" in respect of the
bank's retail deposit obligations, as defined by law.  The said
Federal Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than a total of RUR1.4
million per depositor.

According to the financial statements, as of September 1, 2018,
JSC CB Mikhaylovsky PZhSB ranked 458th by assets in the Russian
banking system.

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


TRANSCONTAINER PJSC: Fitch Affirms BB+ LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Russia-based transportation company
PJSC TransContainer's (TC) Long-Term Issuer Default Rating (IDR)
at 'BB+' with Stable Outlook.

The affirmation reflects Fitch's view that TC will maintain
healthy credit metrics in the medium-term despite a significant
increase in capex, which remains largely flexible depending on
market conditions. The ratings of TC reflect its market leading
position in container transportation, its moderate leverage and a
diversified customer base as well as its smaller scale and more
volatile operations relative to other Russian rolling stock peers
in the wider rail industry.

TC's 'BB+' rating incorporates a single-notch uplift for implied
parental support from the company's ultimate key shareholder JSC
Russian Railways (RZD, BBB-/Positive). Should RZD lose its
effective control over TC as a result of the ongoing discussion
of the sale of its stake, Fitch would consider removing the
uplift.

KEY RATING DRIVERS

Leader in Fast Growing Market: TC's standalone profile is
supported by the company's leading domestic position in rail
container transportation with around 43% of market share in
Russia in 1H18, a strong presence in key locations and a solid
financial profile. The company is the biggest player in Russian
rail-based container market with its next biggest competitor
taking just a 10% market share, but competition is intensifying
and TC's market share is decreasing. Russian rail container
transportation volumes reached a record high of 3.9 million 20-
foot equivalent units (TEU) in 2017, another 19% yoy increase
after a 10% yoy rise in 2016. While market volume continued to
grow 12% in 1H18, TC's volumes grew at a lower rate and Fitch
conservatively expects mid- single-digit growth p.a. for TC over
2018-2022, supported by moderate economic growth and improving
consumer spending, as well as by low containerisation of rail
cargoes in Russia (about 6% of total rail cargoes that can be
containerised) relative to other developed world (i.e. Europe
14%, USA 18%).

Moderate Leverage despite Capex Increase: Fitch expects TC to
generate strong cash flow from operations in the medium term but
for it to see negative free cash flows (FCF) due to aggressive
expansion capex plans (annual average of RUB14 billion over
2018-2022 vs. annual average of RUB4 billion per year during
2014-2017). This is driven by expected growth in Russian rail
container transportation and following a significant reduction in
capex during the last economic downturn in Russia. Nevertheless,
Fitch expects TC's funds from operation (FFO) adjusted net
leverage to remain moderate at around 2.0x over 2018-2022,
comfortably within its negative guideline of 2.5x. Capex remains
flexible and TC will adjust its investment in line with market
conditions.

Strong 1H18 Results: TC's revenue and EBITDA reached RUB35
billion and over RUB5.5 billion in 1H18, respectively, up by
about 15% and 23% yoy. This was mainly driven by a continued
increase in transportation volumes, notably on transit and export
routes as well as by the company's ability to manage costs,
including empty runs, improved fleet management and optimisation
measures. Fitch expects high single-digit revenue growth in 2018-
2022, accompanied by gradual improvements in the EBITDA margin.
The company maintains a diversified customer base with its top 10
customers accounting for about 30% of total revenue and its
single biggest customer accounting for just 7% in 1H18.

Growing Integrated Logistics Services: Fitch believes the growing
portion of integrated services in TC's business is positive as
operational efficiency with possible cost-cutting and customer
retention may be achieved. Integrated freight forwarding and
logistics services are bundled package services including rail
container transportation, terminal handling, truck deliveries,
freight forwarding and logistics services. Adjusted revenue from
integrated services was up 50% yoy at RUB21.2 billion in 2017 and
26% at RUB11.6 billion in 1H18.

One-notch Uplift: TC's ratings continue to incorporate a one-
notch uplift for implied parental support to the company's 'BB'
standalone rating as Fitch assesses the ties between TC and its
ultimate key shareholder RZD, through United Transportation and
Logistics Company (UTLC)), as moderate in line with Fitch's
Parent and Subsidiary Rating Linkage criteria. RZD has reiterated
on several occasions that inter-modal container shipments are
part of its core growth plans, implying support - tangible and
intangible - for TC, if needed. RZD owns 100% in UTLC, which in
turn holds 50% + 2 shares in TC. Should RZD lose its effective
control over TC, Fitch would consider removing the uplift.

DERIVATION SUMMARY

TC's standalone 'BB' rating reflects the company's strong 43%
share of total rail container transportation in Russia in 1H18,
moderate leverage and diversification in cargo and customers.
However, it operates on a smaller scale with lower EBITDA
relative to other rolling stock peers such as JSC Freight One
(BB+/Stable) or Globaltrans Investment Plc (BB+/Stable). While
Freight One and Globaltrans operate in a much more fragmented
market, TC has higher exposure to market volatility compared with
its Russian peers. TC's 'BB+' rating incorporates a single-notch
uplift for parental support from RZD.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer
  - Russian GDP growth of 2% in 2018, 1.5% in 2019, 1.9% in 2020
and 1.5% thereafter

  - Inflation of 2.7% in 2018, 4.2% in 2019 and 4.3% thereafter

  - Freight transportation rates to grow in line with inflation
from 2019

  - Dividend payments of 50% of net income over 2019-2022

  - Average interest rate for new borrowings of 10%

  - Average capex of around RUB14 billion annually over 2018-2022

RATING SENSITIVITIES

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

  - A sustained decrease in FFO lease-adjusted net leverage to
below 1.5x (Forcast average 2018-2022: 2.0x) and continuously
strong FFO fixed charge coverage above 4.5x (Forecast average
2018-2022: 6.0x)

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

  - RZD losing its effective control of TC, which would remove
the single-notch uplift

  - Changes to the financing structure of UTLC, especially if a
material amount of debt is raised at the holding company level,
supported mainly by TC's cash flow

  - A sustained rise in FFO lease-adjusted net leverage above
2.5x and FFO fixed charge cover consistently below 3x, owing to
decreases in earnings combined with high capex, dividends or M&A

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch assesses TC's liquidity position as
strong. As of end-1H18 TC's cash and cash equivalents stood at
RUB9 billion, which are sufficient to cover the next 12 months of
maturities of RUB321 million. TC did not have any unused credit
facilities at end-1H18. Fitch expects TC to generate negative FCF
over 2018-2021 given the increased capex plans, which are
flexible and subject to market conditions.


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


CARILLION PLC: British Gov't to Bail Out GBP335MM New Hospital
--------------------------------------------------------------
Global Insolvency, citing Sky News, reports that the British
government will step in to bail out a GBP335 million new hospital
in the city of Liverpool, after the collapse of Carillion, which
was overseeing the deal.

Sky said an announcement by ministers on the termination of the
Royal Liverpool Hospital private finance initiative deal and
taking it into full public ownership is expected to be made
within days, Global Insolvency relates.

According to Global Insolvency, Sky News said an announcement
about the future of the hospital could come ahead of opposition
Labour leader Jeremy Corbyn's speech to the party's annual
conference in Liverpool.


DEBENHAMS PLC: Unveils New Store Concept Amid Financial Woes
------------------------------------------------------------
Ben Woods at The Telegraph reports that the boss of Debenhams has
vowed to make "shopping fun again" through a new store concept
focused on giving customers an experience in an attempt to shore
up the chain's flagging fortunes.

According to The Telegraph, Chief executive Sergio Bucher said
the new Debenhams site in Watford was not a department store, but
a "large shop where exciting things happen" as he revealed plans
for overhauling part of the store network.

The concept, which includes new Debenhams branding and a
refreshed layout, will use in-store experiences and a so-called
"digital integration" to encourage customers to visit a store
rather than shop online.

It will range from on-demand beauty treatments and a click and
collect personal shopping service, The Telegraph discloses.

As reported by The Troubled Company Reporter-Europe on
September 18, 2018, The Telegraph related that Debenhams is
facing a battle to hold on to the proceeds from a rescue
fundraising, introducing fresh fears about its future.  The
retailer is hoping to generate as much as GBP200 million from the
sale of Danish department store Magasin du Nord to prop up its
ailing finances but any deal is expected to face stiff
opposition, The Telegraph disclosed.  Without a cash injection,
Debenhams faces a bleak future, The Telegraph stated.


YOSEMITE SECURITIES: October 25 Claims Filing Deadline Set
----------------------------------------------------------
Pursuant to an Act of Court dated Thursday, August 16, 2018 ("the
Act") Alan John Roberts and Benjamin Alexander Rhodes of Grant
Thornton Limited, Third Floor, Kensington Chambers, 46/50
Kensington Place, St Helier JE1 1ET were appointed Joint
Liquidators of Yosemite Securities Company Limited under Article
155 of the Companies (Jersey) Law 1991, as amended.

All creditors of the company are required on or before Thursday
October 25, 2018, to send their names and addresses and
particulars of their claims to the Joint Liquidators together
with supporting documentation, and all persons indebted to the
said Company are required to settle with the Joint Liquidators by
the mentioned date.



                            *********

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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