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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, December 5, 2018, Vol. 19, No. 241


                            Headlines


A U S T R I A

CONCEPTFRUCHT: Files for Bankruptcy in Wiener Neustadt Court


G E R M A N Y

SC GERMANY 2017-1: DBRS Confirms BB(high) Rating on Cl. D Notes


I R E L A N D

EUROMAX III MBS: S&P Lowers Class B Notes Rating to CC(sf)
GRAND CANAL 1: S&P Affirms B(sf) Rating on Class F1-Dfrd Notes
GRAND CANAL 2: DBRS Confirms B(low) Rating on Class D Notes

HARVEST CLO XX: Moody's Assigns B2 Rating to Class F Notes


I T A L Y

CMC DI RAVENNA: Seeks Preventive Composition Agreement


K A Z A K H S T A N

KAZAKH AGRARIAN: S&P Affirms 'BB/B' ICRs, Outlook Stable
LERNEN BONDCO: S&P Withdraws 'CCC' Rating on GBP225MM Notes


N E T H E R L A N D S

EIGER MIDCO: Moody's Assigns B2 CFR, Outlook Stable
STEINHOFF INTERNATIONAL: Provides Update on SEAG CVA Proposal


R U S S I A

B&N BANK: S&P Withdraws 'B+/B' Issuer Credit Ratings


S P A I N

CAIXABANK PYMES 10: DBRS Finalizes CCC Rating on Series B Notes
RESIDENTIAL MORTGAGE 31: DBRS Finalizes Csf on Cl. X1 Notes


S W E D E N

* SWEDEN: Number of Bankruptcies Up for Six Consecutive Months


U N I T E D   K I N G D O M

CRAWSHAW: Irish Entrepreneur Buys Business for GBP1.4-Mil.
EMOOV: Enters Administration Following Merger, 140 Jobs at Risk
MARSTON'S ISSUER: S&P Lowers Class B Notes Rating to BB-
PRAESIDIAD GROUP: S&P Lowers ICR to 'B-', Outlook Stable
SOUTHERN WATER: S&P Lowers ICR to B+, Outlook Stable

VUE INTERNATIONAL: Moody's Rates New Secured Credit Facilities B3


                            *********



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A U S T R I A
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CONCEPTFRUCHT: Files for Bankruptcy in Wiener Neustadt Court
------------------------------------------------------------
Fresh Plaza reports that after nearly 80 years, wholesaler
ConceptFrucht, based in Vienna-Neudorf, has filed for bankruptcy.

According to Fresh Plaza, the firm can no longer meet its current
payment obligations.

Bankruptcy proceedings have been started by the regional court of
Wiener Neustadt, Fresh Plaza relates.

Managing Director Rudolf Kaufmann said there is currently no talk
of a restart, Fresh Plaza notes.



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G E R M A N Y
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SC GERMANY 2017-1: DBRS Confirms BB(high) Rating on Cl. D Notes
---------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the Notes issued by
SC Germany Consumer 2017-1 UG (haftungsbeschrankt) (the Issuer),
as follows:

-- Class A Fixed-Rate Notes at AA (sf)
-- Class B Fixed-Rate Notes at A (sf)
-- Class C Fixed-Rate Notes at BBB (sf)
-- Class D Floating-Rate Notes at BB (high) (sf)

The rating on the Class A Fixed-Rate Notes addresses the timely
payment of interest and ultimate payment of principal on or
before the legal final maturity date in November 2030. The
ratings on the Class B, Class C and Class D Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

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

   -- Portfolio performance, in terms of delinquencies, defaults
      and losses.

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

   -- Current available credit enhancement (CE) to the notes to
      cover the expected losses at their respective rating
      levels.

The Issuer is a securitization of consumer loans to individuals
residing in Germany, originated and serviced by Santander
Consumer Banks AG (SCB), a subsidiary of Santander Consumer
Finance SA (SCF). The EUR 850.0 million portfolio, as of the
November 2018 payment date, consisted of 21.4% secured and 78.6%
unsecured loans.

PORTFOLIO PERFORMANCE AND ASSUMPTIONS

The gross cumulative default ratio was 0.6% of the original
portfolio plus all subsequent portfolios as of the November 2018
payment date, 2.1% of which has been recovered; the 90+
delinquency ratio was 0.1%. DBRS has maintained its base case
default rate and recovery assumptions at 6.6% and 17.5%,
respectively.

REVOLVING PERIOD

The transaction included an initial 12-month revolving period,
which ended on the most recent payment date in November 2018,
with the Class A Notes expected to begin amortizing on the
December 2018 payment date.

CREDIT ENHANCEMENT

CE is provided by the subordination of the respective junior
obligations and excess spread. As of the November 2018 payment
date, CE to the rated notes was stable since the DBRS initial
rating due to the transaction's revolving period. CE to the Class
A Notes was 16.2%; CE to the Class B Notes was 9.9%; CE to the
Class C Notes was 6.0%; and CE to the Class D Notes was 4.4%.

The transaction benefits from a liquidity reserve available upon
the occurrence of a Servicer Termination Event to cover senior
fees, expenses, swap payments and the interest due on the Class A
Notes. It has remained at its target balance since closing and
has a current balance of EUR 4.3 million, reflecting its target
level of 0.5% of the aggregate outstanding principal amount of
the performing collateral.

The deal is exposed to potential commingling and set-off risks as
debtors may open accounts with the Originator and collections are
swept to the account bank on each monthly payment date. As a
mitigant, SCB in its capacity as Servicer and Originator,
respectively, will fund separate commingling and set-off reserves
if the DBRS rating of SCB's parent company -- SCF -- falls below
specific thresholds as defined in the legal documentation. These
reserves continue to be unfunded as no rating threshold triggers
have been breached to date.

HSBC Bank plc (HSBC) acts as the account bank for the
transaction. Based on the DBRS private rating of HSBC, the
downgrade provisions outlined in the transaction documents and
structural mitigants, DBRS considers the risk arising from the
exposure to HSBC to be consistent with the rating assigned to the
Notes, as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.

DZ Bank AG (DZ Bank) acts as the Swap Counterparty for the
transaction. DZ Bank's Long-Term Critical Obligations Rating of
AA is consistent with the First Rating Threshold as described in
DBRS's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.



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I R E L A N D
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EUROMAX III MBS: S&P Lowers Class B Notes Rating to CC(sf)
----------------------------------------------------------
S&P Global Ratings lowered its credit ratings on EUROMAX III MBS
Ltd.'s class A-1, A-2, and B notes.

The downgrades follow S&P's assessment of the transaction's
negative performance, as the portfolio has experienced further
defaults and the class A-2 notes have started to defer interest
since its previous review. Given the concentrated nature of the
portfolio (11 assets), S&P has used its "Global CDOs Of Pooled
Structured Finance Assets: Methodology And Assumptions" as a
starting point in our analysis. Given the high sensitivity of the
class A-1 notes to mild scenarios, S&P has also applied its
"Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings."
S&P has addressed the class A-2 and B notes' deferral of interest
through the application of its "Structured Finance Temporary
Interest Shortfall Methodology."

Since S&P's previous review, the portfolio has experienced a
further EUR9.62 million of asset defaults (the class C1 notes of
the series 3 notes of Sestante Finance S.r.l. and the class F
notes of DECO 9 - Pan Europe 3 PLC).

Over the same period, EUR0.99 million of class F notes of Fornax
(Eclipse 2006-2) B.V. were fully written down, while the
remainder of the then-defaulted assets recovered 2.1% of their
principal amount outstanding at the time of default.

Assuming no recoveries will be received on currently defaulted
assets (in line with our global collateralized debt obligations
[CDOs] of pooled structured finance assets criteria), S&P's
estimate of the collateral amount has decreased by EUR22.73
million since its previous review.

S&P said, "On the liabilities side, the issuer has used EUR12.11
million of principal proceeds to amortize the class A-1 notes
since our previous review. The class A-2 notes have not paid
their full interest amount on the last two payment dates. Their
amount of deferred interest totals EUR8,535. The class B notes
have continued to defer interest to a total amount of EUR168,612.
We note that even though the overcollateralization ratio test is
currently failing -- (25.18%) compared to a trigger of 105% -
interest proceeds are insufficient to amortize the notes as the
curing of the test stands junior to the class A-2 and class B
notes' interest payments in the pre-enforcement interest
waterfall.

"As a result of the portfolio defaults, and the addition of
deferred interest to the principal amounts of the class A-2 and B
notes, the credit enhancement available to each class of notes
has decreased since our previous review."

In addition, S&P observes that liquidity risk has become more
prominent. The senior expenses are either fixed amounts or are
expressed as a percentage of the outstanding notes' principal
balance at the beginning of the payment period. Therefore, as the
portfolio amortizes, the senior expenses will represent a greater
proportion of interest proceeds. Over the last four payment
dates, senior expenses amounted to an average of 22% of interest
proceeds.

Moreover, following the amortization of high paying assets, the
weighted-average spread over Euro Interbank Offered Rate
(EURIBOR) paid by the portfolio has decreased to 0.76% from
0.87%. As the portfolio is concentrated over 11 assets, any
amortization or default of a high paying asset could materially
affect the amount of interest generated.

Following the application of our criteria for assigning 'CCC+',
'CCC', 'CCC-', and 'CC' ratings, S&P has downgraded the class A-1
notes by one notch to 'B- (sf)'. The downgrade reflects the
decrease in the notes' credit enhancement and the increased
liquidity risk. The trustee confirmed that the failure of the
issuer to pay full interest on the class A-2 notes gives the
right to the class A-1 noteholders to accelerate redemption of
the transaction. S&P believes  its 'B- (sf)' rating is
commensurate with such scenario as, while senior expenses may
increase, the class A-1 notes would benefit by having all cash
flows directed to them.

S&P has applied its temporary interest shortfall criteria to the
class A-2 and B notes. Following the decrease in their credit
enhancement and the deferral of interest, S&P has downgraded the
class A-2 notes by one notch to 'CCC- (sf)'.

The average market value of currently defaulted assets is 5%.
Therefore, the class B notes are largely under-collateralized and
we have virtual certainty that repayment will not occur by the
maturity date. S&P has therefore downgraded the class B notes to
'CC (sf)'.

EUROMAX III MBS is a cash flow mezzanine structured finance CDO
of a portfolio that comprises predominantly residential mortgage-
backed securities (RMBS) as well as commercial mortgage-backed
securities (CMBS), and, to a lesser extent, CDOs of corporates
and CDOs of asset-backed securities (ABS). The transaction closed
in December 2002 and is managed by CIBC World Markets Inc.
Collineo Asset Management is the collateral advisor.

  RATINGS LOWERED

  EUROMAX III MBS Ltd.

  Class           Rating
            To              From

  A-1       B- (sf)         B (sf)
  A-2       CCC- (sf)       CCC (sf)
  B         CC (sf)         CCC- (sf)


GRAND CANAL 1: S&P Affirms B(sf) Rating on Class F1-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on the notes
issued by Grand Canal Securities 1 DAC.

S&P said, "The affirmations follow our credit and cash flow
analysis of the most recent transaction information that we have
received and the application of our updated outlook assumptions
for the Irish residential mortgage market. Our analysis also
reflects the application of our structured finance ratings above
the sovereign (RAS) criteria, and our current counterparty
criteria.

"In performing our credit and cash flow analysis, we have applied
our European residential loans criteria."

Due to current forbearance measures, the regulatory environment,
and the previous legal uncertainty on the foreclosure process,
repossessions have generally been limited in the Irish
residential mortgage market since the property crash. To address
this risk, our foreclosure period in our analysis is 42 months.

Since closing in April 2017, available credit enhancement has
increased for all classes of notes and the reserve fund remains
at its required amount. Nevertheless, this has been offset by an
increase in reported arrears to 4.09% from 1.46% at closing.
Severe arrears have increased during the same period to 1.56%
from zero. In S&P's view, this is particularly notable in the
context of Irish residential mortgage-backed securities (RMBS)
transactions which we rate, given the overall macroeconomic
improvement since the transaction closed.

S&P said, "After applying our relevant criteria, we determined
that our assigned rating on each class of notes in these
transactions should be the lowest of (i) the rating as capped by
our RAS criteria, (ii) the rating that the class of notes can
attain under our European residential loans criteria, and (iii)
the rating as capped by our current counterparty criteria.

"Despite the lowering of our base-case foreclosure frequencies
and higher seasoning, our weighted-average foreclosure frequency
(WAFF) has not decreased on account of the increased arrears.
Under our cash flow analysis however, the higher available credit
enhancement for all classes of notes leads to an improvement in
our cash flow results. However, in light of the deteriorating
collateral performance, we have affirmed our ratings on all
classes of notes. At the same time, we have removed from
CreditWatch positive our ratings on the class B-Dfrd to F1-Dfrd
notes.

"We also consider credit stability in our analysis. To reflect
increased stress conditions, we adjusted our assumptions
regarding house price declines. This did not result in our rating
falling below the maximum projected deterioration that we would
associate with each relevant rating level, as outlined in our
credit stability criteria."

  RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH POSITIVE

  Grand Canal Securities 1 DAC

  Class                 Rating
             To                      From

  B-Dfrd     AA (sf)                 AA (sf)/Watch Pos
  C-Dfrd     A (sf)                  A (sf)/Watch Pos
  D-Dfrd     BBB (sf)                BBB (sf)/Watch Pos
  E-Dfrd     BB (sf)                 BB (sf)/Watch Pos
  F1-Dfrd    B (sf)                  B (sf)/Watch Pos

  RATING AFFIRMED

  Class     Rating

  A         AAA (sf)


GRAND CANAL 2: DBRS Confirms B(low) Rating on Class D Notes
-----------------------------------------------------------
DBRS Ratings Limited confirmed its ratings of the following
classes of notes issued by Grand Canal Securities 2 DAC (the
Issuer):

-- Class A at A (sf)
-- Class B at BBB (low) (sf)
-- Class C at BB (low) (sf)
-- Class D at B (low) (sf)

The rating on the Class A notes addresses timely payment of
interest and ultimate payment of principal. The ratings on the
Class B, Class C and Class D notes address the ultimate payment
of interest and principal. The Class E, Class P and Class F notes
are unrated. A deferral of interest on the Class B, Class C or
Class D notes will not result in an event of default for the
transaction, irrespective of the relative seniority of the
concerned class of notes.

As of the October 2018 investor report, the principal amount
outstanding of the Class A, Class B, Class C and Class D notes
was equal to EUR 229 million, EUR 198.6 million, EUR 9.3 million,
EUR 10 and EUR 11.9 million, respectively. The balance of the
Class A notes has amortized by approximately 14% since issuance.
The current aggregated transaction balance is equal to EUR 485.4
million.

As reported in the most recent semiannual servicer report, the
actual cumulative gross collections accounted for EUR 34 million
in the first 11-month period after closing. The servicer's
initial business plan as detailed in the servicing report assumed
cumulative gross collections of EUR 49 million during the same
period.

At issuance, DBRS estimated cumulative gross collections for the
same 11-month period of EUR 23 million in the "A" scenario, of
EUR 24 million in the BBB (low) scenario, of EUR 25 million in
the BB (low) scenario and of EUR 27 million in the B (low)
scenario, all lower than actual cumulative gross collections to
date.

The transaction benefits from four reserve funds (RF): the Class
A RF, the Class B RF, the Class C RF and the Class D RF. The
Class A RF has an initial balance equal to 3.0% of the Class A
notes and can amortize to 3.0% of the outstanding balance of the
Class A notes. The Class B RF is funded to an initial balance of
7.0% of the outstanding balance of the Class B notes; it does not
have a target balance. The Class C RF is funded to an initial
balance of 12.0% of the outstanding balance of the Class C notes;
it also does not have a target balance. The Class D RF is funded
to an initial balance of 15.0% of the outstanding balance of the
Class D notes; it does not have a target balance. Credits to the
Class B, C and D reserves are made outside of the waterfall based
on the proceeds of the interest rate cap allocated
proportionately to the respective size of the Class B, C and D
notes relative to the cap notional. As of October 2018, the Class
A RF was EUR 6 million, the Class B RF was EUR 500 thousand, the
Class C RF was EUR 969,000 and the Class D RF was EUR 1.3
million.

As of October 2018, all mortgages were located in Ireland, with
the largest concentration (i.e., 16.34% of the pool balance)
located in Dublin (at issuance, 20.4%). Servicing of the
portfolio is undertaken by Mars Capital Finance Ireland DAC
(MCF). Primary servicing was delegated to Acenden (Ireland) DAC
(Acenden). Acenden has been delegated primary servicer for a
transitional period expected to last approximately three months
after which servicing will transfer to MCF. MCF is responsible
for all master servicing activities. Intertrust Finance (Ireland)
Limited is appointed as the back-up servicer facilitator.

The Issuer entered into an Interest Rate Cap Agreement with HSBC
Bank plc and paid the interest rate cap fees in full on the
closing date and in return will receive payments to the extent
that one-month Euribor is above 0.5% for months 0 to 24 and 1%
for months 25 to 60. The cap agreement will terminate on the
payment date falling 60 months from closing, on which date the
coupon cap on the notes becomes applicable. The coupon caps on
the Class A, Class B, Class C and Class D notes are equal to
5.00%, 6.00%, 6.00% and 6.00%, respectively.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral, the historical
performance and expertise of the servicer, Mars Capital, the
availability of liquidity to fund interest shortfalls and
special-purpose vehicle expenses, the cap agreement with HSBC
Bank Plc and the transaction's legal and structural features.
The transaction's final maturity date is in December 2058.

Notes: All figures are in euros unless otherwise noted.


HARVEST CLO XX: Moody's Assigns B2 Rating to Class F Notes
----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Harvest CLO XX
DAC:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR246,000,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR12,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR27,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR20,900,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

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

RATINGS RATIONALE

Moody's definitive ratings of the rated notes reflect the risks
due to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Investcorp Credit
Management EU Limited, has sufficient experience and operational
capacity and is capable of managing this CLO.

Harvest CLO XX DAC is a managed cash flow CLO. At least 96.0% of
the portfolio must consist of senior secured loans and senior
secured bonds and up to 10.0% of the portfolio may consist of
unsecured obligations, second-lien loans, mezzanine loans and
high yield bonds. The portfolio is expected to be approximately
80% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

Investcorp will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 4.5-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer issued EUR 36.5M of subordinated notes, which will not be
rated.

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

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.

The credit rating for the Issuer was assigned in accordance with
Moody's existing methodology entitled "Moody's Global Approach to
Rating Collateralized Loan Obligations" dated August 2017. Please
note that on 14 November 2018, Moody's released a Request for
Comment, in which it has requested market feedback on potential
revisions to its methodology for Collateralized Loan Obligations.
If the revised methodology is implemented as proposed, the credit
rating on Harvest CLO XX DAC may be NEUTRALLY affected. Please
refer to Moody's Request for Comment, titled "Proposed Update to
Moody's Global Approach to Rating Collateralized Loan
Obligations" for further details regarding the implications of
the proposed methodology revisions on certain credit ratings.

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. Investcorp's investment
decisions and management of the transaction will also affect the
notes' performance.

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

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

Par amount: EUR 400,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 8.5 years



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CMC DI RAVENNA: Seeks Preventive Composition Agreement
------------------------------------------------------
The Board of Directors of Cooperativa Muratori & Cementisti
(C.M.C. di Ravenna Societa Cooperativa) on Dec. 2 deliberated to
ask the admission of the Company to a preventive composition
agreement with creditors procedure, "with reservation", pursuant
to art. 161, subsection 6, of R.D. 267/1942 (Italian Insolvency
Law); the request was expected to be filed on December 4, 2018,
to the Court of Ravenna.

After the internal evaluation phase with the support of legal and
financial advisors, which was already announced to the markets in
a November 9, 2018 press release, the CMC's board evaluated
that -- in this current period of financial tensions -- the
access to the composition procedure with reserve is the most
effective process in order to secure Company's assets and
protect, in this way, all the stakeholders.

The composition plan -- aiming at both Company's debt relief and
financial rebalancement through the likely request for
compensation with business continuity, pursuant to art. 186-bis
R.D. 00 is under preparation and needs more time to be finalized
and formalized.

CMC will promptly inform the market on every relevant update
regarding the procedure.

Cooperativa Muratori & Cementisti C.M.C. di Ravenna is an Italian
construction company.



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K A Z A K H S T A N
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KAZAKH AGRARIAN: S&P Affirms 'BB/B' ICRs, Outlook Stable
--------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB/B' long- and
short-term issuer credit ratings on Kazakh Agrarian Credit Corp.
(KACC). The outlook is stable.

S&P also affirmed the Kazakhstan national scale ratings 'kzA+' on
KACC.

S&P said, "The affirmation reflects our view that, despite
increased banking industry risks, KACC's stand-alone credit
profile (SACP) will remain 'b'. We have revised our business
position assessment to moderate from weak, reflecting that the
company's strategy has evolved to become more stable and robust
than that of some domestic peers, mainly due to its special
policy role and full alignment with government targets. KACC
still enjoys very strong capitalization mostly driven by low
leverage and an expected risk-adjusted capital (RAC) ratio
sustainably above 25%, supported by repeated capital injections
from the government.

"KACC has adequate risk management in the context of Kazakhstan
and for risks related to its focus on the cyclical and weather-
dependent agricultural sector. We believe that KACC has limited
ability to diversify its funding sources, because it is not
eligible to attract retail or corporate depositors, and has a
very limited track record of dealing with international financial
institutions, making its funding profile weaker compared to a
universal bank with a well-diversified funding base. The
company's liquidity position is moderate, reflecting the highly
volatile nature of its cash buffers, which are driven by the high
seasonality of credit demand in agricultural sector.

"We have reassessed KACC's group status to its parent holding
company, KazAgro group. We now consider KACC to be highly
strategically important for KazAgro. The group is currently
undergoing a transformation that implies the privatization of its
leasing arm, KazAgro Finance, which might eventually make KACC
the key financing vehicle for lending to the agricultural sector.
KACC is refocusing its lending activities away from financing
ultimate borrowers (agro-producers) to providing targeted loans
to credit unions, banks, leasing companies, and other financial
institutions that finance agriculture. We therefore expect that
KACC will continue to play an important role in providing
financing for the agricultural sector.'

KACC is one of the group's largest entities, representing about
25% of the group's consolidated assets at mid-2018, and its
primary mandate of extending government support to the
agricultural sector and rural areas remains core to the group's
long-term strategy. KACC continues to participate in various
government programs aimed at developing Kazakhstan's agricultural
sector, such as the government's Agricultural Sector Development
Program 2017-2021, launched in February 2017.

S&P continues to see a high likelihood of KACC receiving timely
extraordinary government support in the event of financial
distress, based on its:

-- Important role for the government. In addition to its key
    role in financing the agricultural sector, KACC provides
    competitively priced loans to nonagricultural businesses in
     rural areas throughout Kazakhstan. Moreover, its wide
     presence across Kazakhstan and accumulated expertise in the
     sector means another entity would not easily be able to
     replicate its functions; and

-- Very strong link with the government of Kazakhstan, which
    wholly owns KACC through KazAgro National Management Holding.
    Privatization is not currently on the agenda, and the
    government closely monitors KACC's activities through KazAgro
    National Management Holding. The government is planning to
    inject Kazakhstani tenge 274 billion into the Holding in the
    next five years and we believe that KACC will be the main
    receiver of these capital injections.

S&P said, "The stable outlook reflect our view that KACC will
continue to implement its strategy within the next 12-18 months
and its SACP and group status will remain as they are currently.

"We could raise the ratings over the next 12-18 months if we saw
that KACC's role for the KazAgro group had increased, with the
group divesting other financial subsidiaries and KACC becoming a
major vehicle for providing financial support to the agricultural
sector.

"We could take a negative rating action if we believed that
KACC's role within the group was diminishing, or the group itself
had become less important for the government. However, we
consider this scenario unlikely within our rating horizon."


LERNEN BONDCO: S&P Withdraws 'CCC' Rating on GBP225MM Notes
-----------------------------------------------------------
S&P Global Ratings said it has withdrawn its 'CCC' rating on the
GBP225 million equivalent senior unsecured notes that were
proposed by private education provider Lernen Bondco PLC
(Cognita), following Cognita's announcement that it intends to
cancel this issuance and instead increase the euro tranche of its
term loan B.

S&P said, "Our 'B-' issuer credit rating on Cognita and our 'B-'
issue rating on its term loan B are unaffected. The '3' recovery
rating on the term loan B is also unaffected, and continues to
indicate our expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) in the event of a payment default.

"As part of the transaction, we understand that the new
shareholder Jacobs Holding is injecting additional equity to
finance the acquisition of Cognita -- EUR159 million more than
previously anticipated. However, we think that over the next 12
months some or all of this additional equity could be replaced
with incremental debt, if market conditions improve. Therefore,
we expect the refinancing transaction to be credit neutral.
Consequently, this transaction does not affect our rating or
outlook on Cognita as we understand the company's S&P Global
Ratings' adjusted debt-to-EBITDA ratio will remain well above
7.5x in the fiscal year ending Aug. 31, 2019. The transaction
also involves the increase of Cognita's term loan B euro tranche
by GBP84.8 million equivalent to GBP355.8 million from the
current GBP271.3 million. Following the transaction, the increase
in the term loan B and overall decrease in interest expense
compared with our previous expectation will not have a meaningful
impact on our view of recovery expectations."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P said, "Our recovery analysis reflects Cognita's capital
    structure, which will consist of a GBP100 million revolving
     credit facility and a multicurrency GBP555.8 million term
     loan B. In our view, recovery prospects are supported by the
    facility's limited amount of prior-ranking liabilities but
     constrained by the sizable amount of senior secured debt.
     This reflects our expectations of average recovery (30%-50%;
    rounded estimate 55%)."

-- S&P's hypothetical default scenario assumes lower private
     school enrolments due to weaker economic conditions,
     increased competition and eventual political or operational
     shocks (e.g., significant reputational damage).

-- S&P values the group as a going concern, given its solid
    reputation and diversified product offering, both in terms of
    number of schools and geography.

Simulated default scenario

-- Simulated year of default: 2021
-- Jurisdiction: U.K.

Simplified waterfall

-- EBITDA at emergence: GBP83.3 million
-- Minimum capex at GBP21 million-GBP22 million
-- Standard cyclicality adjustment is 5%, in line with the
    sector assumptions
-- Implied enterprise value (EV) multiple: 5.5x
-- Gross EV at default: GBP458 million
-- Net EV after administrative costs (5%): GBP435 million
-- Estimated first-lien claims: GBP664.7 million
    --Recovery rating: 3 (30%-50%; rounded estimate: 55%)



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


EIGER MIDCO: 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 Eiger Midco
B.V., the top guarantor in the restricted group. The outlook on
the ratings is stable. Concurrently, Moody's has withdrawn Eiger
Acquisition B.V.'s B2 CFR and B2-PD PDR.

Concurrently, Moody's has assigned definitive B2 ratings to the
EUR330 million senior secured first lien term loan B and EUR50
million pari passu ranking revolving credit facility borrowed at
the level of Eiger Acquisition B.V., whilst withdrawing its
ratings on the previous credit facilities following their
repayment.

RATINGS RATIONALE

Moody's definitive ratings are unchanged compared to the
provisional ratings assigned on 27 November 2017 and follow
Moody's review of the final debt documentation, which was in line
with assumptions factored into the provisional ratings.

Moody's has withdrawn Eiger Acquisition B.V.'s CFR and PDR due to
reorganization since Eiger Midco B.V. is the top entity in the
restricted group.

In the first nine months of 2018, Exact has reported solid year-
on-year revenue and EBITDA growth, leading to Moody's adjusted
leverage of 5.7x at the end of September 2018 and free cash flow
(FCF)/debt of around 4%, which is in line with Moody's forecasts.
A decline in churn rates, sustained strong growth in cloud-based
software and a return to low growth in the Mid-Market segment
have driven the improvement in credit metrics.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Exact will
(1) maintain a good momentum in revenue and EBITDA growth, (2)
record outflows to unrestricted subsidiaries of less than EUR15
million per annum, and (3) not make any material debt-funded
acquisitions or shareholder distributions, such that Moody's
adjusted leverage will remain below 6.0x and FCF/debt will
average at least 5% in the next 12 to 18 months.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could consider a positive rating action should (1) Exact
continue to record strong operating performance with a further
marked decline in churn rates, (2) Moody's adjusted leverage for
Exact decreased to around 4.5x, (3) FCF/debt sustainably rose to
above 10%, and (4) Exact ceased to fund unrestricted subsidiaries
(CSI) from restricted group cash flows or CSI became part of the
restricted group and led to an improvement in credit metrics.

Conversely, Exact's ratings could come under negative pressure if
the criteria for a stable outlook were not to be met, in
particular if (1) Moody's adjusted leverage was substantially
above 6.0x, (2) FCF generation was close to zero or became
negative on a sustained basis, or (3) the liquidity profile of
the group deteriorated, including as a result of the funding of
CSI.

LIST OF AFFECTED RATINGS

Issuer: Eiger Acquisition B.V.

Assignments of definitive ratings:

BACKED Senior Secured Bank Credit Facility, Assigned B2

Withdrawals:

Corporate Family Rating, Withdrawn from B2

Probability of Default Rating, Withdrawn from B2-PD

Outlook Actions:

Outlook, Remains Stable

Issuer: Eiger Midco B.V.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Outlook Actions:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

Headquartered in Delft, the Netherlands, Exact is an enterprise
resource planning and accounting software provider for SMEs with
up to 500 employees. Exact has an installed base of over 400,000
customers, primarily in the Netherlands and the rest of the
Benelux, and employs more than 1,400 people. The group operates
two segments: (1) Mid-Market (formerly known as Business
Solutions), which represents approximately 59% of revenues,
provides on-premises and hosted ERP, HR and customer relationship
management software in the Benelux and (2) Small Business &
Accounting (SB&A, formerly known as Cloud Solutions), comprising
approximately 41% of revenues, provides accountancy and industry-
specific ERP solutions in the Benelux. Exact's customer base is
concentrated on manufacturing, wholesale & distribution, and
professional services.

In the last 12 months to September 2018, Exact generated revenues
of EUR198 million and EBITDA before exceptionals of EUR65 million
(excluding the impact of purchase price allocation adjustments
and IFRS 15).

Exact was founded in 1984 and is ultimately controlled by funds
advised by Apax Partners following a leverage buy-out in 2015.


STEINHOFF INTERNATIONAL: Provides Update on SEAG CVA Proposal
-------------------------------------------------------------
Steinhoff International Holdings N.V. (the "Company" and with its
subsidiaries, the "Group") refers to its announcements of
November 19, 2018 (the "November 19 Announcements") in respect of
the issue of a company voluntary arrangement in relation to
Steinhoff Europe AG ("SEAG") (the "SEAG CVA Proposal") and a
consent solicitation process by the Company in respect of
convertible bonds issued by Steinhoff Finance Holding GmbH
("SFHG"), (the "Consent Solicitations").

Further to the November 19 Announcements, the Company provided an
update on the restructuring of the Group's financial indebtedness
and, in particular, to provide an update on the issue of the SEAG
CVA Proposal and announce the issue of the SFHG CVA Proposal
(following the withdrawal of the Consent Solicitations).

These processes relate to the restructuring of debt at SEAG and
SFHG and are not expected to have any impact on any of the
Group's operating businesses, their landlords or trade creditors.

Withdrawal of Consent Solicitations in favour of a company
voluntary arrangement of SFHG

The Company has terminated the Consent Solicitations and
withdrawn the extraordinary resolutions in respect of the three
series of outstanding SFHG issued convertible bonds due 2021,
2022 and 2023 (the "Convertible Bonds"), as it has determined
that the restructuring of the Convertible Bonds will be more
effectively achieved by way of a company voluntary arrangement of
SFHG under Part 1 of the Insolvency Act 1986 (the "SFHG CVA
Proposal").

The SFHG CVA Proposal has been made to Alan Bloom --
abloom@uk.ey.com -- Alan Hudson -- ahudson@uk.ey.com -- and Simon
Edel -- sedel@uk.ey.com -- of Ernst & Young, who have consented
to act as nominees for both the SFHG CVA Proposal and the SEAG
CVA Proposal (the "Nominees").

Issue of the SEAG CVA Proposal and the SFHG CVA Proposal

The Company understands that the Nominees have reviewed and
considered the SEAG CVA Proposal and SFHG CVA Proposal (together
the "Proposals") and on November 30, 2018, issued a report to the
High Court of England and Wales in respect of each of the
Proposals.

The Nominees' reports having been filed at the High Court, on
November 30, 2018, the SEAG CVA Proposal is being published to
all creditors of SEAG and the SFHG CVA Proposal is being
published to all creditors of SFHG.  Creditors of SEAG and SFHG
will now have a period of time to review and consider the SEAG
CVA Proposal and the SFHG CVA Proposal respectively, before
voting at the creditors' meetings to be held on December 14,
2018.

A requirement in respect of each of the SEAG CVA Proposal and
SFHG CVA Proposal is that completion of both company voluntary
arrangements will be inter-conditional with each other.

Key aspects of the SEAG CVA Proposal:

The SEAG CVA Proposal includes the following key aspects:

   -- The corporate holding structure of SEAG will be
      restructured with the incorporation of new Luxembourg,
      Jersey and UK incorporated companies as direct and indirect
      holding companies and subsidiaries of SEAG;

   -- At closing, there will be a hive-down of almost all of the
      assets and liabilities from SEAG to certain of these newly
      incorporated Jersey and UK companies;

   -- SEAG's existing financial indebtedness will be restructured
      by way of a new term loan facility to be issued by a newly
      incorporated Luxembourg company which shall sit as an
      indirect subsidiary of SEAG (the "New SEAG Luxco Debt").
      The New SEAG Luxco Debt shall accrue PIK interest which
      shall capitalize on a semi-annual basis and the facility
      shall mature on December 31,  2021;

   -- SEAG's existing financial creditors will be able to
      participate in the New SEAG Luxco Debt, such participations
      to have the benefit of a security package to be granted by
      the new SEAG corporate group;

   -- To the extent that SEAG's existing financial creditors
      currently benefit from a guarantee from the Company in
      respect of their holding of existing SEAG debt, such
      financial creditors will also receive the benefit of a new
      deferred contingent payment instrument to be provided by
      the Company in respect of the New SEAG Luxco Debt; and

   -- To facilitate completion of the financial restructuring, an
      interim moratorium will, subject to approval by SEAG's
      creditors of the SEAG CVA Proposal, come into force from
      the date of such approval and will have the effect that
      SEAG's creditors will be prohibited from taking certain
      enforcement action against SEAG from such date until the
      implementation of the financial restructuring or the
      termination of the CVA.

Further information is contained in the SEAG CVA Proposal which
includes an anticipated timetable and instructions for SEAG
creditors on the actions which they will need to take. The SEAG
CVA proposal, together with certain supporting documentation, can
be downloaded free of charge at www.lucid-is.com/steinhoff.

Key aspects of the SFHG CVA Proposal

The SFHG CVA Proposal includes the following key aspects:

   -- The restructuring of the Convertible Bonds as indebtedness
in the form of guaranteed secured loans to mature on December 31,
2021, and which shall accrue PIK interest which shall capitalize
on a semi-annual basis.  It is proposed that the loans so
extended by holders of the Convertible Bonds due 2021 and 2022
would be restructured into a single loan facility and that the
loans so extended by the holders of the Convertible Bonds due
2023 would be restructured into a separate loan facility, each
with a new Luxembourg incorporated entity as the borrower.  The
2021/2022 and the 2023 loan facilities will rank pari passu at
borrower level;

   -- These loan facilities will benefit from either a guarantee
or deferred contingent payment instruments from, in the case of
the 2021/2022 loan facility, the Company and Steinhoff
International Holdings Pty Ltd and in the case of the 2023 loan
facility, the Company, reflecting the guarantor structure in
relation to each existing series of Convertible Bonds;

   -- The new restructured indebtedness will take the form of
private loan facilities and the convertible feature of the
existing Convertible Bonds will be removed; and

   -- To facilitate completion of the financial restructuring, an
interim moratorium will, subject to approval of SFHG's creditors
of the SFHG CVA Proposal, come into force from the date of such
approval and will have the effect that SFHG's creditors will be
prohibited from taking certain enforcement action against SFHG or
the Company from such date until the implementation of the
financial restructuring or the termination of the SFHG CVA
Proposal.

Further information is contained in the SFHG CVA Proposal which
includes an anticipated timetable and instructions for SFHG
creditors on the actions which they will need to take.  The SFHG
CVA proposal, together with certain supporting documentation, can
be downloaded free of charge at www.lucid-is.com/steinhoff.

Shareholders and other investors in the Company are advised to
exercise caution when dealing in the securities of the Group.



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


B&N BANK: S&P Withdraws 'B+/B' Issuer Credit Ratings
----------------------------------------------------
S&P Global Ratings withdrew its 'B+/B' issuer credit ratings on
Russia-based B&N Bank (B&N) at the bank's request. The outlook
was positive at the time of the withdrawal. At the same time, S&P
withdrew its 'B+' ratings on B&N's senior unsecured debt.

B&N requested the withdrawal of the ratings in anticipation of
its merger into Bank Otkritie Financial Co. (not rated). Otkritie
will absorb all of B&N's property, rights, and obligations.



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


CAIXABANK PYMES 10: DBRS Finalizes CCC Rating on Series B Notes
---------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings of the
following notes issued by CaixaBank PYMES 10, FT (the Issuer):

-- EUR 2,793.0 million Series A Notes rated AA (low) (sf) (the
     Series A Notes)

-- EUR 532.0 million Series B Notes rated CCC (sf) (the Series B
     Notes; together with Series A Notes, the Notes)

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans and drawdowns of secured
and unsecured lines of credit originated by CaixaBank, S.A.
(CaixaBank or the Originator) to small and medium-sized
enterprises and self-employed individuals based in Spain. As of
23 October 2018, the transaction's provisional portfolio included
65,807 loans and drawdowns of secured and unsecured lines of
credit to 57,714 obligor groups, totalling EUR 3,466 million.

At closing, the Originator selected the final portfolio of EUR
3.325 million from the provisional pool.

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
Legal Maturity Date in October 2051. The rating of the Series B
Notes addresses the ultimate payment of interest and principal on
or before the Legal Maturity Date in October 2051.

Interest and principal payments on the Notes will be made
quarterly on the 25th of January, April, July and October, with
the first payment date on 25 April 2019. The Notes will pay an
interest rate equal to three-month Euribor plus 1.00% and 1.25%
for the Series A Notes and Series B Notes, respectively.

The provisional pool presents relatively low industry
concentration and is well diversified in terms of borrowers.
There is some concentration of borrowers in Catalonia (30.4% of
the portfolio balance), which is to be expected given that
Catalonia is the Originator's home region. The top ten, 20 and 30
obligor groups represent 4.6%, 7.0% and 9.0% of the portfolio
balance, respectively. The top three industry sectors according
to DBRS's industry definition are Building & Development,
Business Equipment & Services and Farming & Agriculture,
representing 22.5%, 9.5% and 9.2% of the portfolio outstanding
balance, respectively.

These ratings are based on DBRS's review of the following items:

   -- The transaction structure, form and sufficiency of
available credit enhancement and portfolio characteristics.

   -- At closing, the Series A Notes benefit from total credit
enhancement of 20.75%, which DBRS considers to be sufficient to
support the AA (low) (sf) rating. The Series B Notes benefit from
credit enhancement of 4.75%, which DBRS considers to be
sufficient to support the CCC (sf) rating. Credit enhancement is
provided by subordination and the Reserve Fund.

   -- The Reserve Fund will be allowed to amortize after the
first year if certain conditions relating to the performance of
the portfolio and deleveraging of the transaction have been met.

   -- The transaction parties' financial strength and
capabilities to perform their respective duties and the quality
of origination, underwriting and servicing practices.

DBRS determined these ratings as follows, per the principal
methodology specified below:

   -- The probability of default (PD) for the portfolio was
determined using the historical performance information supplied.
DBRS compared the internal rating distribution of the portfolio
with the internal rating distribution of the loan book and
concluded that the portfolio was of marginally better quality
than the overall loan book. DBRS determined the portfolio PD
using the historical performance information supplied. DBRS
assumed an annualized PD of 1.0% for secured loans and 3.1% for
unsecured loans.

   -- The assumed weighted-average life (WAL) of the portfolio is
3.9 years.

   -- The PD and WAL were used in the DBRS Diversity Model to
generate the hurdle rate for the respective ratings.

   -- The recovery rate was determined by considering the market
value declines for Spain, the security level and the type of
collateral. For the Series A Notes, DBRS applied a 55.6% recovery
rate for secured loans and a 15.8% recovery rate for unsecured
loans. For the Series B Notes, DBRS applied the following
recovery rates: 71.9% for secured loans and 21.5% for unsecured
loans.

   -- The break-even rates for the interest rate stresses and
default timings were determined using the DBRS cash flow tool.

Notes: All figures are in euros unless otherwise noted.


RESIDENTIAL MORTGAGE 31: DBRS Finalizes Csf on Cl. X1 Notes
-----------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings to the
notes (the Rated Notes) issued by Residential Mortgage Securities
31 Plc (RMS31 or the issuer) as follows:

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (sf)
-- Class D Notes rated BBB (high) (sf)
-- Class E Notes rated BB (high) (sf)
-- Class F1 Notes rated B (sf)
-- Class X1 Notes rated C (sf)

The ratings assigned to Classes A to F1 address the timely
payment of interest, while each class of notes is senior-most
outstanding, and the ultimate payment of principal on or before
the legal final maturity date.

RMS31 is a transaction from Kensington Mortgage Company Limited
(KMC) that combines seasoned multiple owner-occupied and buy-to-
let (BTL) non-conforming portfolios of UK mortgages.
Approximately 19% of the provisional mortgage portfolio by loan
balance comprises loans that have never been securitized. The
remainder was part of the Preferred Securities and Southern
Pacific Securities series of UK residential mortgage-backed
(RMBS) issuances. As of July 31, 2018, the aggregate outstanding
balance of the mortgage loans was GBP 327.6 million. In recent
years, these portfolios have seen an improvement in performance,
reducing the proportion of delinquent loans with or without
forbearance measures applied. The closing mortgage portfolio
balance, as at end-October 2018, stands at GBP 317.37 million.
The mortgage and borrower features in the closing mortgage
portfolio are not materially different from that of the
provisional one.

All percentage figures pertain to the provisional mortgage
portfolio as of end-July 2018, unless otherwise stated. The loans
were originated by Southern Pacific Mortgages Limited (48% of the
mortgage portfolio), Preferred Mortgages Limited (35.5% of the
mortgage portfolio), London Mortgage Company (13.2% of the
mortgage portfolio), Southern Pacific Personal Loans Limited
(3.2% of the mortgage portfolio), with Alliance & Leicester and
Amber Home loans Limited making up the remaining loans in the
mortgage portfolio. These assets are serviced by KMC.

The mortgage portfolio is 13.6 years seasoned on a weighted-
average basis. This is considered a positive for the mortgage
portfolio. Of the loans in the mortgage portfolio, 86.9% were
originated in 2003, 2004 and 2005. Since the beginning of 2012,
the performance history for the loans shows slightly less than
half of the provisional mortgage portfolio in the three-months-
plus-arrears status on a cumulative basis; this arrears
proportion is, as of the cut-off date of the mortgage portfolio,
at a lower level of 19.6%. A further 19.1% of the loans in the
mortgage portfolio have been through or are currently under a
performance arrangement to pay an amount higher than the normal
monthly repayment amount in order to catch up with prior arrears.
Although the level of arrears (greater than or equal to one
month) is high at 29.1%, most of these loans in arrears show a
positive cash flow with a weighted-average pay rate in the last
24 months at 94.6%. DBRS expects most of these loans deep in
arrears to continue paying at the observed pay rates at the
prevailing low interest rates. This approach to assessing the
expected performance of these loans reflects in the base case
default estimates for the mortgage portfolio. The expected loss
estimates also account for 63.2% of interest-only repayment
loans, 44.5% of borrowers who are self-employed, 65.7% of
borrowers who self-certified income at origination, 6.5% of BTL
loans and 3.3% of second-lien loans in the provisional mortgage
portfolio.

The mortgage portfolio has been purchased by the issuer using the
proceeds of the issuance of Class A, Class B, Class C, Class D,
Class E, Class F1, Class F2 and Class F3 (the Collateralized
Notes). The credit enhancement for the Rated Notes is provided by
subordination of the junior notes and a non-amortizing reserve
fund, which is 3% of the aggregate current balance of the
mortgage portfolio at closing. The credit enhancement for the
Class A Notes is at 27.25%, Class B at 23.5%, Class C at 19.25%,
Class D at 15.25%, Class E at 10% and Class F1 at 7.25%.

The liquidity of the notes is supported by the reserve fund, and
principal receipts, which can be used to support any interest
shortfalls for the most senior class of notes outstanding and
excess spread (if available). Additionally, a liquidity reserve
fund may get funded using principal receipts, if, on an interest
payment date, the reserve fund amount falls below 1.5% of the
outstanding Collateralized Notes' amount. Such liquidity reserve,
if created, will support the payment of senior fees and any
shortfall in payment of interest on the Class A Notes.

The basis risk exposure of the issuer is not hedged in the
transaction. Loans comprising 13.7% of the mortgage portfolio pay
interest linked to the Bank of England Base Rate and most of the
remainder pay interest linked to three-months GBP LIBOR (86.2%).
The interest rate on the notes is linked to three-months GBP
LIBOR, which has a reset date different from that on the loans.
This gives rise to the basis risk, which is not hedged. DBRS has
assumed a spread between the different indices to simulate
potential basis risk in the life of the notes.

DBRS has stressed the cash flows of the transactions to account
for product switches; this can affect up to 5% of the mortgage
portfolio, which could be offered a switch to paying a fixed rate
of interest.

The loan sale agreement will contain representations and
warranties given by Kayl PL S.a.r.l. (the seller) in relation to
the mortgage portfolio. The representations and warranties
provided by the seller on the loans are relatively weaker as
compared with other UK RMBS transactions. The relative weakness
of the representations and warranties arise due 'awareness'
qualifications on the usual set of representations and warranties
provided in UK RMBS transactions as none of these loans were
originated by the legal title holder and/or seller. However,
these are comparable with those for securitized mortgage
portfolios, which have been traded before the sale of the loans
to RMBS issuers. Upon breach of representations and warranties,
Kayl PL S.a.r.l. is required to repurchase or indemnify the
issuer against any loss. Kayl PL S.a.r.l. may have limited
resources at its disposal to fund such repurchase. Given the
significant seasoning of the loans in the mortgage portfolio,
loans in breach of any warranties would have been expected to be
identified during the earlier life of the loans. The mortgage
portfolio was previously serviced by Acenden, is and now serviced
by KMC in the transaction. Both Acenden and KMC are part of the
North view Group and while KMC is the named servicer, the
servicing team is expected to remain the same for the mortgage
portfolio. This largely mitigates the risk of any material loss
to the issuer on account of any breach of the market-standard
package of representations and warranties, which are common to UK
RMBS transactions.

The Class X1 Notes are primarily intended to amortize using
revenue funds. However, if excess spread is insufficient to fully
redeem the Class X1 Notes when the Class F2 Notes are paid down,
principal funds will be used to amortize the Class X1 Notes in
priority to the Class F3 Notes. In DBRS's cash flow analysis, the
Class F3 Notes are rendered partially collateralized as principal
funds are diverted to amortize the Class X1 Notes. Such an event
leads to a principal deficiency ledger (PDL) debit; however,
DBRS's analysis finds there is insufficient excess spread to
reduce the PDL balances and ensure the Class F3 Notes are fully
collateralized.

DBRS based its ratings primarily on the following analytical
considerations:

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

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

   -- The ability of the transaction to withstand stressed cash
flow assumptions and repays the Rated Notes according to the
terms of the transaction documents. The transaction cash flows
were analyzed using PD and LGD outputs provided by the European
RMBS Insight Model and using Intex DealMaker.

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

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

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

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



===========
S W E D E N
===========


* SWEDEN: Number of Bankruptcies Up for Six Consecutive Months
--------------------------------------------------------------
Niklas Magnusson at Bloomberg News reports that the number of
Swedish bankruptcies has risen for six consecutive months,
suggesting that years of low corporate defaults may be coming to
an end just as the central bank prepares to raise rates.

The number of bankruptcies jumped 10% to 5,678 in the first
11 months of the year, Bloomberg relays, citing data from
credit-checking provider Creditsafe.  In the six months through
November they soared 21% from a year earlier, Bloomberg
discloses.

"We're not surprised about the gloomy numbers in November,"

Bloomberg quotes Creditsafe Sweden Chief Executive Officer
Henrik Jacobsson as saying in a statement.  "Since the trend
shift in the summer, bankruptcies have increased every month in
the whole country. Our assessment is that after five years with
stable and low bankruptcy levels, we'll see a significant
increase this year."

According to Bloomberg, Creditsafe said most of the 522 defaults
recorded in November took place at small and medium-sized firms.
Some 1,396 employees were affected, up 25% from the same month a
year earlier, Bloomberg states.



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


CRAWSHAW: Irish Entrepreneur Buys Business for GBP1.4-Mil.
----------------------------------------------------------
Jack Torrance at The Telegraph reports that Irish meat
entrepreneur Tom Cribbin has carved up the rump of collapsed
butchers chain Crawshaw, buying the brand, its 19 remaining
stores and its Rotherham factory out of administration for
GBP1.4 million.

According to The Telegraph, the deal, which will save around 250
jobs, comes after Crawshaw's administrators closed 35 stores and
a distribution centre last month, leading to 350 redundancies.

Crawshaw, which is listed on London's junior AIM market,
suspended its shares and went into administration in October
after years of losses, The Telegraph relates.


EMOOV: Enters Administration Following Merger, 140 Jobs at Risk
---------------------------------------------------------------
Judith Evans at The Financial Times reports that the digital
estate agency Emoov has entered administration, six months after
a merger with two rivals that it had said made it the UK's
second-largest online agency.
Russell Quirk, chief executive, told the FT the eight-year-old
company had "voluntarily applied for administration, albeit
[with] lots of potential buyers hovering".

The insolvency leaves about 140 staff unsure of the future of
their jobs and casts a shadow over the digital estate agency
sector, which has sought to disrupt traditional rivals through a
no-branch, fixed-fee model, the FT discloses.

The group has appointed the accountants James Cowper Kreston as
administrators, according to reports in property media, after
weeks of searching for a rescue buyer for the company via the
brokers Arden Partners, the FT relates.


MARSTON'S ISSUER: S&P Lowers Class B Notes Rating to BB-
--------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Marston's Issuer
PLC's class A1, A2, A3, A4, and B notes.

Marston's Issuer is a corporate securitization backed by
operating cash flows generated by the borrower, Marston's Pubs
Ltd., which is the primary source of repayment for an underlying
issuer-borrower secured loan. Marston's Pubs operates an estate
of tenanted and managed pubs. The original transaction closed in
August 2005, and was tapped in November 2007.

The transaction features two classes of notes (class A and class
B), the proceeds of which the issuer on-lent to Marston's Pubs,
via issuer-borrower loans. The operating cash flows generated by
Marston's Pubs are available to repay its borrowings from the
issuer who, in turn, uses those proceeds to service the notes.

The transaction will likely qualify for the appointment of an
administrative receiver under the U.K. insolvency regime. An
obligor default would allow the noteholders to gain substantial
control over the charged assets prior to an administrator's
appointment, without necessarily accelerating the secured debt,
both at the issuer and at the borrower level.

S&P said, "Following our review of Marston's Pubs' performance,
we have lowered to 'BB+ (sf)' from 'BBB- (sf)' our ratings on
Marston's Issuer's class A notes and to 'BB- (sf)' from 'BB (sf)'
our ratings on the class B notes.

"Amid challenging operating conditions, characterized by
significant competition and cost inflation, we expect a modest
decline in profitability, while our fair business risk remains
unchanged."

  RATINGS LOWERED

  Marston's Issuer PLC

  Class              Rating
             To              From
  A1           BB+ (sf)        BBB- (sf)
  A2           BB+ (sf)        BBB- (sf)
  A3           BB+ (sf)        BBB- (sf)
  A4           BB+ (sf)        BBB- (sf)
  B            BB- (sf)        BB (sf)


PRAESIDIAD GROUP: S&P Lowers ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings said that it lowered its long-term issuer
credit rating on U.K.-incorporated perimeter security systems and
solutions provider Praesidiad Group Ltd. to 'B-' from 'B'. The
outlook is stable.

S&P said, "We also lowered our issue-level rating on the
company's EUR320 million term loan B to 'B-' from 'B'. The
recovery rating is unchanged at '4', indicating our expectation
for average (30%-50%; rounded estimate 40%) recovery in a default
scenario.

"The downgrade follows Praesidiad's extended weak performance,
which started in 2017 and resulted in significant earnings
reduction. It worsened further in 2018 and we expect this trend
to spill over into 2019."

The company has experienced serious headwinds from an increase in
raw material prices that began in second-quarter 2017; this
mainly pertained to steel, which accounts for roughly 50%-60% of
Praesidiad's total raw materials costs. It was not able to
efficiently pass-through price increases to its customers in an
oversupplied market characterized by high competition and lower
demand.

S&P said, "The company's 2017 S&P Global Ratings-adjusted EBITDA
contracted to EUR43.6 million. This was due to EUR18.3 million of
restructuring costs weighing on reported EBITDA, despite our
expectations that the company's reorganization program was
complete. Given the abovementioned headwinds, the initiation of a
new recovery plan (and associated costs) we now anticipate that
in 2018 S&P Global Ratings-adjusted EBITDA will be about EUR26
million (after excluding about EUR15 million of restructuring
related cost from reported EBITDA). We note, however, that the
company has reduced its capital expenditure (capex) in order to
preserve cash flows and prioritize its ability to execute cost
efficiency measures (which will improve future profitability once
the program is complete)."

Over the first nine months of 2018, EBITDA contracted by EUR7.7
million mainly due to underperformance of the baseline product
division Betafence, and revenue dropped by 11%. In light of
mounting difficulties in 2018, Praesidiad initiated a new
recovery plan that will significantly improve the efficiency of
its operations. Key elements of this plan include investment in
plant upgrades, improved procurement and pricing, portfolio
rationalization and cost reduction, including headcount, in line
with the decline in volumes. The manufacturing investment will be
largely concentrated in three key facilities in Italy, Belgium,
and Poland. Savings are estimated at up to EUR30 million over the
next two years and will cost about EUR23 million to deliver, over
the same period.

Given the sluggish demand for Betafence products, challenges
related to restructuring execution and limited visibility around
the high security division revenue, we anticipate that revenue
and earnings pressure will continue in 2019. Therefore, S&P
models roughly stable EBITDA with comparable restructuring
expenses. Significant upside to EBITDA will materialize starting
from 2020, in our view. Indeed, the company should benefit from
cost reductions and a full-year contribution from Drehtainer, a
German manufacturer of specialist containers for military and
civil applications, to be acquired in the second quarter of 2019
for about EUR31 million (EUR6 million EBITDA contribution).

S&P said, "We anticipate that credit metrics will weaken
materially in 2018 and 2019, with adjusted funds from operations
(FFO) cash interest coverage dropping to 1.6x-1.7x. At the same
time, we foresee single-digit negative free operating cash flows
(FOCF) in 2018 and 2019. We expect that in 2019, the company will
consume about EUR40 million of cash, assuming higher investments
in equipment and new ERP, high EUR17 million cash impact from
restructuring and the payment for Drehtainer.

"We adjust Praesidad's FY2017 reported debt for about EUR5
million of operating leases and EUR32 million of trade
receivables securitization. We also note that there are EUR409.6
million of preference shares in the group's structure, which we
view as debt-like instruments under our non-common equity
criteria. However, these instruments are deeply subordinated (to
the group's senior secured term loan) and payment-in-kind (PIK)
non-cash interest bearing. Considering the group's already high
leverage, the credit metrics we refer to throughout this
publication exclude the preference shares.

"We view Praesidiad's business risk profile as weak, albeit we
note that a reduced manufacturing footprint and lower-than-
average profitability, including restructuring efforts, compared
to other capital goods companies are negative for our assessment.
We also see as a weakness the company's large share of revenue
from baseline products (about 60%), which we see as more
commoditized and therefore exposed to higher competitive
pressures, as demonstrated in the 2018 results. This is balanced
by Praesidiad's leading position in its niche within the global
perimeter protection market. Also, the company's intention to
focus on high security products and new cost efficiencies program
will, in our view, help support margin, although from a low
level."

S&P's base case assumes:

-- S&P expects eurozone GDP to grow by 2.0% in 2018 and 1.7% in
    2019. The U.S. is expected to grow at 2.9% and 2.3%,
    respectively. Steady economic growth should support demand
     amid high security concerns that drive demand for
     Praesidiad's products.

-- S&P said, "Under our revised forecast, we anticipate that
    Praesidiad will continue to face tough market conditions in
    its Betafence division and that the high security divisions
    may also continue to exhibit some top-line erosion. High
     competition, overcapacity, and project postponements will
     drag sales down, in our view. Overall for the group, we
     expect that revenues will decline by about 2%-3% in 2019,
     after a high 12% drop expected for 2018. This also assumes a
     contribution from acquisitions, such as Drehtainer, that will
     add EUR25 million in revenue and EUR6 million in EBITDA on
     full-year basis (likely to be closed in second-quarter
     2019)."

-- S&P said, "We anticipate that 2018 EBITDA will decline to
    about EUR40 million, of which we deduct EUR15 million of
    restructuring costs. For 2019, we expect relatively stable
    earnings. However, starting from 2020, we think the company's
    earnings will benefit from the full-year contribution of
    Drehtainer acquisition and cost reductions."

-- Capital expenditure (capex) of about EUR15 million in 2019,
    including significant investments in a new ERP.

-- S&P thinks that Praesidiad could make bolt-on acquisitions of
    about EUR15 million per year starting from 2020, and include
    their potential contribution to EBITDA. In 2019, S&P includes
    EUR31 million for the Drehtainer acquisition.

-- Moderate low-single-digit working capital outflows.

-- S&P's base case does not include any dividend distribution.

Based on the assumptions, S&P expects the following impact on
credit metrics:

-- Around 10% EBITDA margin in 2018-2019 (or 6.8% and 7.0%-7.5%
    on S&P's adjusted basis after restructuring), stepping up to
    above 12% in 2020.

-- S&P Global Ratings-adjusted debt to EBITDA of 12x-13x in
    2018-2019.

-- S&P expects adjusted FFO cash interest coverage to decline to
    about 1.6x-1.7x in 2018-2019.

-- Adjusted FOCF will remain in the negative single digits in
    2018-2019, but return to positive from 2020.

S&P said, "The stable outlook reflects our expectation that
Praesidiad will execute its restructuring program without major
delays and cost overruns. That will result in gradual improvement
of its earnings and profitability, with S&P Global Ratings-
adjusted EBITDA margins expected to gradually strengthen to above
12% in 2020. As a result, we anticipate that the credit ratios
would also strengthen amid continuously adequate liquidity
including sufficient headroom under the covenant.

"We could lower the rating if we saw a significant increase in
costs or delays related to restructuring, or if the positive
momentum from cost reductions failed to materialize.
Specifically, we could lower the ratings if margin improvements
were not in line with our assumed base case. A protracted decline
in earnings that would limit the company's ability to fully draw
its RCF due to covenant restrictions, could also lead us to lower
the rating. Equally negative would be our view that Praesidiad
was not going to return to at least neutral FOCF after
reorganizational measures."

Rating upside is highly unlikely in the next 24 months as the
company executes its new restructuring plans and streamlines its
operations.


SOUTHERN WATER: S&P Lowers ICR to B+, Outlook Stable
----------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Southern Water (Greensands) and its senior secured debt to 'B+'
from 'BB-'. The outlook is stable.

The recovery rating on the senior secured debt is '4', indicating
S&P's expectation of recovery prospects of about 30% in the event
of a payment default.

U.K. regulated water utility Southern Water Services (SWS), the
sole source of dividends to Southern Water (Greensands), is
executing a capital restructuring program to enhance its
financial resilience and improve interest coverage ratios in the
upcoming regulatory period in AMP7 (2020-2025). SWS plans to
fully redeem its outstanding GBP400 million Class B subordinated
debt, cover associated break costs, and reduce leverage at the
regulated subsidiary to about 70% debt to regulated capital value
(RCV) by issuing about GBP700 million debt at holding companies
outside of the ring-fenced financing group (RFFG), part of it at
Southern Water (Greensands). We also understand that RFFG's
senior creditors have covenanted not to raise any Class B debt in
the future. The proceeds have been partly used to incentivize the
banks to re-coupon some of SWS' index-linked swaps and achieve
interest costs savings of about GBP300 million in AMP7 and GBP125
million in AMP8.

While the transaction is positive for the senior creditors at the
ring-fenced group, it leads to a material increase in leverage at
the holding companies, which heightens their risk of dividend
interruption. This is because, while SWS benefits from structural
enhancements designed to reduce the risk of nonpayment of
scheduled debt service payments, these in turn increase the risk
of default at the Greensands level, because cash flow payments
from SWS can be stopped earlier and more easily than for standard
corporate groups. So far, Greensands has raised GBP400 million
with a seven-year maturity -- of which GBP250 million to redeem
its existing 2019 bond, and about GBP450 million with staggered
five-to-seven year maturities signed at an intermediary level
below Greensands. The leverage within the consolidated group
including the intermediary level, which is the focus of our
analysis, will ultimately increase to GBP1.15 billion once the
capital restructuring is complete.

S&P said, "We expect Greensands' financial ratios to weaken both
as a result of the capital restructuring as well as the ramp up
in capital expenditure (capex) toward the end of the current
regulatory period (AMP6: 2015-2020). We anticipate that RFFG will
generate negative free operating cash flows but its leverage will
remain stable at about 70% debt to regulated capital value (RCV),
therefore giving it some capacity to distribute to Greensands
without breaching its Class A dividend restriction covenant of
75% debt to RCV. Nevertheless, we expect Greensands' ratio of
debt to available cash flows to sustainably exceed 4.75x through
to 2020, which caps the rating at 'B+'."

Refinancing risk constrains the rating because the consolidated
group' debt is mostly bullet maturities, with some concentration
in 2025. Furthermore, there is a risk of cash flow interruption
because we assess that dividends to Greensands would be locked if
SWS were to experience a 20% drop in EBITDA. S&P considers this
unlikely to happen, given the strong regulatory framework in
place and high predictability of future earnings.

SWS provides water and sewage services to 4.6 million customers
in the south of England, primarily in the counties of Kent, East
and West Sussex, the Isle of Wight, and Hampshire. It has a
number of water-only companies operating in its service
territory, while it predominantly provides sewerage services. It
generated EBITDA of about GBP500 million for the year ended March
31, 2018. The owners of SWS and Greensands are long-term
infrastructure funds.

S&P considers SWS RFFG to be a separate group from Greensands.
This is because SWS has independent directors on its board, there
are no cross-default provisions to entities outside RFFG, all
transactions with entities outside RFFG have to be completed on
an arm's-length basis, and RFFG creditors have a security
interest over RFFG's assets. SWS also is prohibited from merging,
reorganizing, or changing its organizational documents.

Assumptions:

-- SWS generates stable cash flows as determined by its
    regulatory tariffs for the current regulatory period;

-- U.K. retail price index of 3.3% in 2018, 3.1% in 2019, and
    2.9% in 2020; and

-- Dividend distribution targeting a net debt-to-RCV ratio at
    RFFG of 70%, as per management's guidance.

Credit metrics

-- Debt to available cash flow (x) c. 8.0x on average over 2019
    and 2020

-- Available cash flow to interest (x) 4-5x on average over 2019
    and 2020

S&P said, "Our stable outlook on U.K.-based holding company
Greensands reflects our opinion that it will continue to receive
forecast dividends from its main source of income, U.K.-based
regulated water and sewage utility SWS, and that SWS will
maintain adequate headroom under its covenants to avoid a
dividend lockup. Although leverage at the holding companies
outside RFFG has increased materially and sustainably above 4.75x
in terms of available cash flows to debt, there are regulatory
incentives and financial policies to maintain leverage within
RFFG at less than 70% debt to RCV. This will ensure sufficient
dividend distributions to Greensands to service its own debt.

"We could take a negative rating action on Greensands if the
headroom under SWS' covenant ratios, particularly the interest
coverage ratios, narrowed and we no longer considered it
adequate. We could also downgrade Greensands if the likelihood of
a dividend lockup at SWS increased, for example, due to operating
difficulties at SWS or adverse regulatory decisions. Finally, we
could take a negative rating action on Greensands if its GBP40
million revolving credit facility (RCF) is no longer available or
if the liquidity headroom narrows."

Another trigger for a negative rating action on Greensands would
be a revision of SWS' business risk profile or a lowering of the
SACP on the Class A debt guaranteed by SWS, the source of
Greensands' income. This is because a downgrade of SWS would
indicate that a dividend lockup is more likely to occur.

S&P views an upgrade as unlikely in the short-to-medium term due
to Greensands' aggressive financial structure and the potentially
volatile nature of the dividend payments from SWS.


VUE INTERNATIONAL: Moody's Rates New Secured Credit Facilities B3
-----------------------------------------------------------------
Moody's Investors Service has assigned B3 ratings to the new
facilities issued by UK-based international cinema operator, Vue
International Bidco plc. The new facilities, due in 2025, include
a GBP300 million of senior secured term loan B1, a EUR480 million
senior secured term loan B2 and a EUR114 million senior secured
term loan B3 (delayed-draw facility) to fund the takeover of
CineStar in Germany. Concurrently, Moody's has assigned B3
ratings to a new senior secured GBP65 million (equivalent)
revolving credit facility due 2024, also issued by Vue
International Bidco plc. The outlook is stable.

The new facilities will refinance Vue's existing EUR360 million
senior secured floating rate notes due 2020 and the GBP300
million senior secured notes due 2020, and Moody's expects to
withdraw the ratings on these existing debt instruments upon
repayment. The new facilities will also refinance a EUR120
million senior secured term loan B due 2023 (unrated) and a
EUR114 million underwritten senior secured term loan commitment
(unrated) arranged to finance the Cinestar acquisition.

"Vue's refinancing is considered credit positive, extending debt
maturities and reducing interest costs but leverage remains
elevated at 7x, as a result of weakness in certain European
markets in 2018," says Colin Vittery, a Moody's Vice President --
Senior Credit Officer and lead analyst for Vue.

RATINGS RATIONALE

The new facilities rank pari passu amongst themselves and are
rated B3, in line with the group's corporate family rating (CFR).

Vue's B3 rating reflects (1) the relative maturity of the
industry, which limits growth prospects; (2) the high post
Cinestar acquisition pro forma Moody's adjusted Debt/EBITDA ratio
of 7x ; (3) the inherent volatility of the industry, which relies
on studio's ability to deliver appealing movie slates; (4) recent
admissions and price volatility, particularly in Germany and
Italy, where the local content offer has not offset the impact of
the hot summer and FIFA World Cup; (5) potential disruption from
new and alternative movie distribution channels; and (6) the
management and integration risks associated with the CineStar
acquisition.

Vue's B3 rating also recognizes (1) the company's market
diversification and established positions in the UK, Germany,
Poland, Italy and the Netherlands; (2) an expectation of market
recovery in Germany and Italy in 2019 that will improve credit
metrics; (3) the value inherent in control of the first run
window; (4) the quality of the estate; and (5) the resilience of
the industry, given a strong value proposition.

Following the refinancing, Moody's considers that Vue will have
adequate liquidity with unrestricted cash on balance sheet at
31st August 2018 of EUR99.5 million and access to an undrawn
GBP65 million (equivalent) revolving credit facility due 2024.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the ratings reflects Moody's expectations
that Vue will deliver an improved performance in fiscal 2019 and
will successfully integrate the CineStar acquisition. The rating
does not incorporate any assumption of additional large debt-
financed acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

Given post-acquisition pro forma leverage of 7x and an
expectation of steady deleveraging, Moody's considers that Vue is
well placed in its B3 rating category and upward pressure is not
expected in the next 18 months.

Upward pressure may arise if (1) Vue's operating profitability
improves and cost synergies relating to the CineStar acquisition
are delivered, such that financial leverage is sustained below
6.5x; and (2) Vue delivers positive free cash flow.

Downward pressure may arise should there be deteriorating
operating profitability and negative free cash flow that would
lead to financial leverage approaching 7.5x over the next 12 to
18 months. Downward pressure could also result from a
deterioration in the company's liquidity.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Vue International Bidco plc

Senior Secured Bank Credit Facility, Assigned B3

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Vue is a leading international cinema operator, managing
respected brands in major European markets and is the second
largest European cinema operator in terms of number of screens
(post-acquisition of CineStar). As at 31st August 2018, Vue
operated 214 cinemas and 1,920 screens across the UK, Ireland,
Germany, Denmark, Poland, Italy, the Netherlands, Latvia,
Lithuania and Taiwan. For the 12 months ended August 2018, the
company generated revenue of GBP798 million and company-adjusted
EBITDA of GBP118 million. Vue is owned by OMERS (37.1%), AIMCo
(37.1%) and management.



                            *********

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
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Information contained herein is obtained from sources believed to
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