/raid1/www/Hosts/bankrupt/TCREUR_Public/181207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, December 7, 2018, Vol. 19, No. 243


                            Headlines


C R O A T I A

AGROKOR DD: Sberbank Starts to Get Proposals to Sell Stake
MIV: Bank Account Blocked, Takes Steps to Repay Debt


F R A N C E

LA FINANCIERE ATALIAN: Moody's Cuts Rating on Senior Notes to B3


G E R M A N Y

ASSET-BACKED EUROPEAN 16: Moody's Rates Class E Notes Ba1
K+S AG: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable
TAURUS 2018-3 DEU: S&P Gives Prelim. BB- Rating to Class F Notes


I R E L A N D

CONTEGO CLO VI: Moody's Rates EUR12MM Class F Notes 'B2'


I T A L Y

MONTE DEI PASCHI: Moody's Cuts Sr. Unsec. Debt Ratings to Caa1


P O R T U G A L

HEFESTO STC: Moody's Rates EUR14MM Class B Notes 'Caa3'


R O M A N I A

RAFO: ANAF Files Bankruptcy Request


S P A I N

ABANCA CORP: Moody's Affirms Ba2 Deposit Ratings, Outlook Pos.
ALMIRALL SA: S&P Rates New EUR250MM Unsec. Convertible Bond BB-
GRUPO ANTOLIN: S&P Lowers ICR to 'B+' on Weak Profitability


S W I T Z E R L A N D

PRIVATAIR: Files for Insolvency Amid Issues Over Viability


U N I T E D   K I N G D O M

CROWN AGENT: Fitch Affirms 'BB/B/' LT IDRs, Outlook Stable
JAGUAR LAND ROVER: S&P Lowers ICR to 'BB-', On Watch Negative
ORLA KIELY: Collapses with Debts of More Than GBP7.25 Million
SALISBURY II-A 2017: Fitch Affirms BB+(EXP) Rating on Cl. L Debt


X X X X X X X X

* BOOK REVIEW: Inside Investment Banking, Second Edition


                            *********



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C R O A T I A
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AGROKOR DD: Sberbank Starts to Get Proposals to Sell Stake
----------------------------------------------------------
Tatiana Voronova at Reuters reports that Russia's Sberbank, a key
stakeholder in Croatian food producer and retailer Agrokor, has
started to receive proposals to sell its share in the firm which
is emerging from a debt crisis, an aide to Sberbank's CEO said.

Agrokor, the largest firm in the Balkans with over 50,000 staff,
was put under state-run administration last year, crippled by
debts built up during an ambitious expansion drive, Reuters
relates.

In October, a Croatian court approved a deal for the indebted
Agrokor that includes a debt-for-equity swap, Reuters recounts.
That means Agrokor's biggest single creditor, Sberbank, is soon
to become its largest shareholder with a 39.2% stake, Reuters
states.

According to Reuters, Maxim Poletayev, who is overseeing
Agrokor's restructuring, said that Sberbank has already started
to get proposals to buy out the bank's stake from different kinds
of distressed funds spanning the United States and Canada to the
UK.

"All will depend on the price, so far we are studying them (the
proposals)," Reuters quotes Mr. Poletayev as saying.

Mr. Poletayev, as cited by Reuters, said that Sberbank is also in
talks with a number of investors who may take part in refinancing
Agrokor's super-senior debt.

Overall claims against Agrokor, from creditors including local
banks, bondholders and suppliers, amounted to some HRK58 billion
(US$8.9 billion) before the restructure, Reuters discloses.

Bondholders will own 25% of Agrokor after the debt to equity
swap, Reuters states.

Mr. Poletayev said that Sberbank is in talks with both western
and eastern funds and banks, including from China and Arab
countries, who may take part in the refinancing process, Reuters
notes.


MIV: Bank Account Blocked, Takes Steps to Repay Debt
----------------------------------------------------
SeeNews reports that Croatian valves and fittings manufacturer
MIV said on Dec. 5 its bank account has been blocked.

According to SeeNews, MIV said in a filing to the Zagreb Stock
Exchange the company takes all necessary actions to repay the
debt to creditors and unblock its account in the shortest time
possible.

Last month, Croatian sector player Vodoskok expressed interest in
subscribing a capital hike of MIV, in order to enter MIV's
shareholding structure, SeeNews recounts.



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F R A N C E
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LA FINANCIERE ATALIAN: Moody's Cuts Rating on Senior Notes to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
instrument rating on the EUR625 million senior notes due 2024,
the EUR350 million senior notes due 2025, and the GBP225 million
senior notes due 2025, all issued by La Financiere ATALIAN S.A.S.
Concurrently Moody's has affirmed the company's B2 corporate
family rating and B2-PD probability of default rating. Moody's
has also changed the outlook on all the ratings to negative from
stable.

The rating action follows the announcement by Atalian of its
results for the first nine months ending September 30, 2018
during which the company stated among others that it had
increased the size of the senior secured revolving credit
facility to EUR98 million from EUR75 million to support the
group's liquidity.

RATINGS RATIONALE

"The change of outlook on all the ratings to negative from stable
mainly reflects (1) the significant increase in Atalian's
adjusted gross leverage to above 7.5x as of September 30, 2018
(pro forma for acquisitions as adjusted by Moody's for operating
provisions, pension liabilities, operating leases, off-balance
sheet factoring, excluding the pre-financing of CICE receivables)
from 7.0x as of December 31, 2017 (pro forma for the issuance of
the senior notes due 2025) and (2) Moody's expectation that while
the company should experience de-leveraging from that elevated
level, adjusted debt/EBITDA will remain above the trigger set by
Moody's for downwards pressure on the rating at 6.5x for the next
18 months", says Sebastien Cieniewski, Moody's lead analyst for
Atalian.

The downgrade of the senior notes due 2024 and 2025 to B3 from
B2, one notch below the CFR, reflects (1) the weakening of the
credit profile of the group over the last nine months as
reflected by the weak positioning of the CFR within the B2 rating
category which does not justify anymore an alignment of the
rating on the senior notes with the CFR, (2) the structural
subordination of the senior notes due 2024 and 2025 to non-debt
liabilities at Atalian's operating subsidiaries, and (3) the
upsizing of the RCF which Moody's considers should benefit from a
higher recovery in a default scenario based on its more
comprehensive guarantee package vs. the senior notes due 2024 and
2025 as well as its priority of claims over certain intermediary
holding companies thanks to its share pledges. Moody's also notes
that the usage and size of Atalian's factoring facilities which
are committed until 2021 have materially increased since the end
of 2017.

Leverage in the first nine months of 2018 was negatively impacted
by pressure on margins and an increase in outstanding debt.
EBITDA margin for the group decreased to 5.5% in the first nine
months of 2018 compared to 6.1% in the same period last year
mainly driven by the decline in profitability for Atalian's
French operations -- EBITDA margin in France decreased to 8.1% in
the first nine months of 2018 compared to 9.1% in the same period
last year as a result of the reduction in the CICE tax credit
rate and the higher percentage of large contracts renewal at the
end of 2017 and at the beginning of 2018 with an initial drop in
margin followed by an expected recovery as these contracts ramp
up.

Concurrently, Atalian's outstanding debt increased to EUR1,438
million as of September 30, 2018 from EUR1,267 million as of
December 31, 2017 pro forma for the issuance of the senior notes
due 2025. This negative movement in debt was driven by large
drawings under the factoring loans to EUR153 million by Q3 2018
from EUR23 million as of the beginning of the period. Factoring
lines as well as EUR20 million drawdowns under the RCF and cash
on balance sheet were mainly used to fund the EUR90 million
unfavorable movement in working capital in the first nine months
of 2018 and a EUR23 million investment in Getronics in July 2018.
Working capital was driven among others by an increase in days
payables outstanding following a strong push for cash collection
in France in 2017 and business growth, in particular for Servest
in the UK.

Despite the recent negative trend, Moody's projects that Atalian
will experience de-leveraging to between 6.5x and 7.0x by the end
of 2019 -- although leverage will remain above the downward
trigger set at 6.5x. De-leveraging will be supported by (1) a
modest recovery in margins in France following the ramp up of
renewed contracts in 2018 and the replacement of CICE by a
permanent decrease in social security charges with a positive
impact on Atalian's EBITDA from October 2019, (2) mid- to high
single-digit growth for Servest in the UK thanks to net contract
gains in the first nine months of 2018 representing around GBP90
million of annualized sales, and (3) cost savings including those
derived from synergies from the acquisition of Servest estimated
by management at EUR17 million.

LIQUIDITY

Moody's considers that Atalian has an adequate liquidity
position. Despite the large drawings under the factoring lines
over the last nine months, there remains EUR33 million
availability under these facilities as of September 3, 2018, and
liquidity is further supported by EUR78 million of availability
under the RCF and access to EUR108 million of cash on balance
sheet as of the same date. Following the large negative free cash
outflow in 2018 mainly driven by the unfavorable change in
working capital and exceptionally high dividends at EUR29 million
compared to a normalized level of c.EUR5 million, Moody's
projects that Atalian will return to a positive free cash flow
generation at between EUR20 million to EUR30 million from 2019.

STRUCTURAL CONSIDERATIONS

The senior notes due 2024 and 2025 rank pari passu. The notes are
unsecured and guaranteed on a senior basis by Atalian S.A.S.U.,
Atalian Europe S.A., and Atalian Global Services UK 2 Limited
although obligations of certain guarantors are contractually
limited -- these subsidiaries of La Financiere Atalian S.A.S. are
holding companies that do not generate any significant revenues.
The RCF benefits from guarantees from the same entities and
Atalian Cleaning S.A.S. which also guarantees the senior notes
due 2024 but with limitations. The notes are rated B3, one notch
below the CFR, reflecting their structural subordination to non-
debt liabilities at the operating subsidiaries, including trade
payables. Additionally, the RCF has priority claim over the notes
over certain intermediary holding companies of Atalian, namely
Atalian Cleaning S.A.S., Atalian Proprete S.A.S., Atalian Europe
S.A., Atalian Global Services UK 2 Limited, and Servest Limited,
thanks to the pledge over the share of these entities.

RATING OUTLOOK

The negative outlook reflects Atalian's elevated adjusted
leverage as of September 30, 2018 which will remain above Moody's
6.5x leverage trigger for downward pressure for the next 18
months. The outlook could be stabilized if Atalian reduces
leverage within the triggers by successfully realizing the full
potential of projected synergies from the Servest acquisition
while maintaining organic revenue growth and prevents further
margin erosion.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Whilst not expected in the near term, over time Moody's could
consider upgrading Atalian's rating to B1 if the company (1)
generates positive organic growth while maintaining or improving
the EBITDA margin, (2) reduces its leverage towards 5.0x on a
sustainable basis, (3) generates an adjusted FCF/Debt of around
5%, and (4) maintains an adequate liquidity position. Further
negative pressure could develop if (1) Atalian fails to show
sufficient progress in reducing its leverage to below 7.0x over
the next 12 months and to below 6.5x within the next 12 to 18
months, (2) the company experiences flat or declining organic
sales or weakening margins, (3) FCF remains negative, (4) or if
Moody's becomes concerned about the company's liquidity.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, Atalian is a leading provider of
cleaning and facility management services. The company operates
throughout 31 countries and had revenues of approximately EUR2.6
billion in 2017 including the contribution from Servest.



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ASSET-BACKED EUROPEAN 16: Moody's Rates Class E Notes Ba1
---------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
Notes issued by Asset-Backed European Securitisation Transaction
Sixteen UG:

  -- EUR540.0M Class A Asset-Backed Floating Rate Notes due
     December 2028, Definitive Rating Assigned Aaa (sf)

  -- EUR18.0M Class B Asset-Backed Floating Rate Notes due
     December 2028, Definitive Rating Assigned Aa1 (sf)

  -- EUR20.0M Class C Asset-Backed Floating Rate Notes due
     December 2028, Definitive Rating Assigned A1 (sf)

  -- EUR16.0M Class D Asset-Backed Floating Rate Notes due
     December 2028, Definitive Rating Assigned Baa1 (sf)

  -- EUR11.0M Class E Asset-Backed Floating Rate Notes due
     December 2028, Definitive Rating Assigned Ba1 (sf)

Moody's has not assigned a rating to the EUR 26.6M Class M Asset-
Backed Fixed Rate Notes, which will be issued at the closing of
the transaction. Only 17,460,282 of the Class M is backed by
collateral.

RATINGS RATIONALE

Asset-Backed European Securitisation Transaction Sixteen UG is a
12-month revolving cash securitisation of auto loan receivables
extended by FCA Bank Deutschland GmbH, which is a 100% subsidiary
of FCA Bank S.p.A. (Baa2(cr)/P-2(cr)/Baa1 long-term deposits), to
obligors located in Germany. The portfolio consists of loans
extended to private non-value added tax and small
businesses/commercial Value Added Tax obligors in Germany. The
servicer is FCA Bank Deutschland GmbH. This is the third public
auto loan securitisation transaction in Germany rated by Moody's
originated by FCA Bank Deutschland GmbH since 2002. The
originator will also act as the servicer and swap counterparty of
the portfolio during the life of the transaction.

The securitised assets are made up of monthly paying standardised
auto loans that FCA Bank Deutschland GmbH dealerships have
granted to private and commercial individuals resident in
Germany.

As of November 7, 2018, the portfolio balance of the final
portfolio amounts to EUR622,460,282 for a total of 45,205 loans.
The portfolio is collateralised by 65.2% new cars and 34.8% used
cars, whereby the majority of vehicles relate to the Fiat brand
53.5%. Portfolio cash flows result from 72.3% regular installment
27.7% balloon payments.

According to Moody's, the transaction benefits from credit
strengths such as a granular portfolio, a simple transaction
structure, and the positive performance of past transactions.
Furthermore, the Class A, B, C, D and E Notes benefit from an
amortising cash reserve of 1.5% of the rated Notes at closing
with a floor of EUR1 million. This reserve is fully funded at
closing and will provide liquidity during the life of the
transaction to pay senior expenses and coupons on Class A, B, C,
D and E Notes in the event of a cash flow disruption. In
addition, the contractual documents include the obligation of the
calculation agent to estimate amounts due in the event that a
servicer report is not available. This reduces the risk of any
technical non-payment of interest on the Notes.

However, Moody's Notes that the transaction features some credit
weaknesses such as (i) the 12-month revolving period which could
create volatility of pool performance and (ii) the relatively
high proportion of balloon loans. Moody's considers commingling
risk to be sufficiently mitigated mainly by the transfer of
collection in the collection account to the issuer account bank
latest 1 business day after they were received and the automatic
termination of collection authority upon servicer insolvency.
There is no set-off risk from customer deposits or employees in
the transaction. However, set-off risk from the various types of
insurance may arise.

Three broad contract types will be securitised: retail loans
(42.5%), balloon loans (45.3%) and formula loans (12.2%). Retail
loans are repaid on the basis of fixed monthly instalments of
equal amounts throughout the term of the loan. Balloon loans
having monthly instalments of equal amounts throughout the term
of the loan with a substantial portion of the outstanding
principal under the loan being repaid in a single bullet at
maturity and formula loans which are structured as the 'Balloon
Loan'. The borrower under a formula loan enters into a repurchase
agreement with a FCA Group dealer under which the dealer agrees
to repurchase the vehicle at maturity. The dealer agrees to pay
the balloon amount to the Originator. However, the liability of
the borrower is independent of the dealer's situation.

Moody's analysis focused, among other factors, on (1) an
evaluation of the underlying portfolio of receivables; (2) the
historical performance on defaults and loss data from April 2000
to March 2018; (3) the credit enhancement provided by
subordination and cash reserve; (4) the liquidity support
available in the transaction by way of principal to pay interest,
the cash reserve and excess spread; and (5) the legal and
structural aspects of the transaction.

The automotive sector is undergoing a technology-driven
transformation which will have credit implications for auto
finance portfolios. Technological obsolescence, shifts in demand
patterns and changes in government policy will result in some
segments experiencing greater volatility in the level of
recoveries compared to that seen historically. For example Diesel
engines have declined in popularity and older engine types face
restrictions in certain metropolitan areas.

The seller has provided a detailed breakdown of the engine types
in the portfolio including the split between Euro 5 (and older)
and 6 emission standards.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected loss of 2.00%
and Aaa portfolio credit enhancement of 13.00% related to
borrower receivables. The expected loss captures its expectations
of performance considering the current economic outlook, while
the PCE captures the loss Moody's expects the portfolio to suffer
in the event of a severe recession scenario. Expected defaults
and PCE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate Auto ABS.

Portfolio expected loss of 2.00% is slightly higher than the EMEA
Auto Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations, such as the balloon loan component of the
portfolio.

PCE of 13.00% is higher than the EMEA Auto Loan ABS average and
is based on Moody's assessment of the data variability, as well
as by benchmarking this portfolio with past and similar
transactions. Factors that affect the potential variability of a
pool's credit losses are: (i) historical data variability, (ii)
quantity, quality and relevance of historical performance data,
(iii) originator quality, (iv) servicer quality, and (v) certain
pool characteristics, such as asset concentration, lumpiness of
cash flows (high balloon payments). The PCE level of 13.00%
results in an implied coefficient of variation of 53.27%.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.


K+S AG: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the
corporate family rating of K+S AG, the probability of default
rating to Ba2-PD from Ba1-PD and the rating assigned to its
EUR500 million senior unsecured bond maturing in June 2022 to Ba2
from Ba1. The rating outlook was changed to stable from negative.

RATINGS RATIONALE

The downgrade of K+S's ratings to Ba2 reflects Moody's
expectation of debt/EBITDA of 5.2x at FYE2018 and of 4.6x by
FYE2019, which is higher than what was expected to maintain
higher ratings. The high financial leverage stems from ongoing
cash burn that Moody's expects to persist into 2019, albeit at
lower levels than in previous years, as well as performance
issues in its Germany-based plants, primarily caused by
environmental factors such as the current drought and high
investments into wastewater facilities. The slower than expected
ramp-up of the new Bethune plant also contributed to the high
leverage. Free cash flow (FCF) for the last twelve month ending
September 2018 was negative EUR335 million against negative FCF
of EUR505 million in 2017. Moody's estimates FCF at break-even
levels in 2019 before returning to positive levels approaching
around EUR100 million in 2020.

The build-up of debt/EBITDA to 5.1x in 2017 resulted primarily
from two distinct investments: the greenfield project Bethune for
which K+S spent CAD4.1 billion (around EUR3.1 billion) and
facilities designed to halve the volume of saline wastewater at a
cost of around EUR400 million. Deleveraging in 2018 has been
constrained as the EBITDA recovery, expected to be EUR639 million
on a Moody's-adjusted basis against EUR689 million in 2017, was
hampered by (1) slower ramp-up of output at the Bethune facility;
(2) production issues in Germany caused by lower than usual
precipitation levels and higher transport costs with a negative
EBITDA impact of EUR80 million in Q3 2018 alone; and (3)
technical issues in its Werra plant. Management guides for an
additional Q4 2018 negative EBITDA impact of up to EUR20 million
from the drought.

The negative EBITDA effects offset price increases for potash and
magnesium, which account for about half of K+S's revenues.
European average prices at almost EUR286/tonne in Q3 2018 were at
their highest since Q1 2016, and at almost $298/tonne in overseas
markets, the highest since Q4 2015. It is Moody's expectations
that average global prices will remain near $300/tonne in 2019 as
additional capacity by K+S and competitors constrains further
price increases. Consequently, higher sales volumes from its low-
cost Bethune plant in combination with improved operating
performance rather than price increases should drive K+S's EBITDA
expansion and deleveraging in 2019. Moody's estimates 2018
unadjusted EBITDA of nearly EUR590 million, and EUR739 million in
2019, against management guidance of EUR570-630 million for 2018.
This translates into unadjusted EBITDA margins of 15.1% in 2018
and 18.3% in 2019.

FFO in 2019 should strengthen on the back of higher potash output
from its low-cost Bethune operations. Having invested around
EUR3.1 billion for Bethune, capital expenditure returns to more
normalized levels of around EUR500 million. Moody's estimates
that K+S maintains its dividend policy with a 40-50% payout
ratio, or dividend payment of around EUR35 million in 2019, and
that FCF approaches EUR100 million by 2020.

K+S's liquidity is good. The company held EUR318 million worth of
cash and cash equivalents and around EUR287 million of securities
and other financial investments as of September 30, 2018. K+S has
access to a EUR1.0 billion committed revolving credit facility
due June 2020 to cover short-term funding requirements. Its next
sizeable maturity are the EUR325 million promissory notes
maturing May and August 2019. In Q3 2018 the company raised a 6-
year EUR600m bond to pre-fund its EUR500 million bond maturing
December 6, 2018.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the expectation of improving metrics
such that debt/EBITDA moves to below 5.0x in 2019 and that the
company establishes a path towards becoming free cash flow
positive in 2020.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could upgrade the ratings if the company established a
track record of positive FCF generation and debt/EBITDA below
4.0x.

Ratings could be downgraded if there is no visible trajectory to
becoming FCF positive by 2020 and the inability to deleverage to
below 5.0x.

Issuer: K+S AG

Downgrades:

LT Corporate Family Rating, Downgraded to Ba2 from Ba1

Probability of Default Rating, Downgraded to Ba2-PD from Ba1-PD

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
Ba1

Outlook Actions:

Outlook, Changed To Stable From Negative

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

Headquartered in Kassel, Germany, K+S AG is one of the world's
leading potash fertilizer producers and the world's largest
supplier of salt products. The company operates six potash mines
in Germany and in 2017 commissioned Bethune plant in Canada, as
well as numerous salt mines in Europe, North and South America.
Its Potash and Magnesium Products business unit has an annual
production capacity of up to 9 million tonnes and generated about
EUR1.7 billion of revenues in 2017, while its Salt business has
an annual production capacity of about 31 million tonnes and
generated nearly EUR1.8 billion of revenues in 2017. The company
reported consolidated sales of EUR3.6 billion and EBIT after
operating hedges of EUR327.3 million in 2017.


TAURUS 2018-3 DEU: S&P Gives Prelim. BB- Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Taurus 2018-3 DEU DAC's class A, B, C, D, E, and F notes. At
closing, Taurus 2018-3 DEU will also issue unrated class X notes.

The transaction is backed by two loans, which Bank of America
Merrill Lynch International DAC (BAML) will originate to
facilitate the refinancing of THE SQUAIRE which was acquired by
Blackstone in March 2017. The two loans are primarily secured by
two commercial properties referred to as THE SQUAIRE and the
adjoining THE SQUAIRE Parking. The two loans are cross-defaulted
but not cross-collateralized.

The securitized loans backing this true sale transaction equals
EUR475.0 million. THE SQUAIRE currently provides the collateral
for the loan securitized in Taurus 2015-2. THE SQUAIRE is
Germany's largest office building and is located adjacent to
Frankfurt Airport. There are also two Hilton branded hotels in
the building. The SQUAIRE Parking contains 2,500 parking spaces
linked to THE SQUAIRE by the Skylink bridge which was not part of
the collateral in the previous securitization.

The securitized loan balance in aggregate will be 95.0% (EUR475.0
million) of the whole loan with BAML holding a 5.0% (EUR25.0
million) interest that will rank pari passu with the securitized
loans to satisfy EU risk retention requirements.

The current market value of the properties is EUR747.4 million,
which equates to an LTV ratio of 66.9%. The loans have an initial
two-year term with three one-year extension options and are
interest only.

S&P said, "We consider that THE SQUAIRE's and THE SQUAIRE car
park's S&P net cash flow is EUR34.6 million and EUR3.3 million,
respectively. Our S&P recovery value for THE SQUAIRE is EUR542
million which represents a 22% haircut (discount) to the EUR699
million open market valuation. Our S&P value for the car park is
EUR37 million which represents a 24% haircut to the EUR49 million
open market valuation."

  PRELIMINARY RATINGS ASSIGNED

  Taurus 2018-3 DEU DAC

  Class     Rating        Amount (mil. EUR)

  A         AAA (sf)      193.7
  B         AA (sf)        62.7
  C         A+ (sf)        45.1
  D         BBB (sf)       80.7
  E         BB (sf)        79.5
  F         BB- (sf)       13.3
  X         NR              0.1

  NR--Not rated.



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CONTEGO CLO VI: Moody's Rates EUR12MM Class F Notes 'B2'
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Contego CLO VI
Designated Activity Company:

  -- EUR1,500,000 Class X Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

  -- EUR15,000,000 Class A-1 Senior Secured Fixed Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

  -- EUR233,000,000 Class A-2 Senior Secured Floating Rate Notes
due 2032, Definitive Rating Assigned Aaa (sf)

  -- EUR10,500,000 Class B-1 Senior Secured Fixed Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

  -- EUR29,500,000 Class B-2 Senior Secured Floating Rate Notes
due 2032, Definitive Rating Assigned Aa2 (sf)

  -- EUR28,000,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned A2 (sf)

  -- EUR22,000,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned Baa3 (sf)

  -- EUR22,000,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned Ba2 (sf)

  -- EUR12,000,000 Class F Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes reflect the risks
from 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 considers that the collateral manager, Five Arrows
Managers LLP, has sufficient experience and operational capacity
and is capable of managing this CLO.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to
10% of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds.
The portfolio is expected to be 90% ramped as of the closing date
and to comprise predominantly of corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will
be acquired during the 6-month ramp-up period in compliance with
the portfolio guidelines.

Five Arrows 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 4.6-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations, and are subject
to certain restrictions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes and
Class A-2 notes. The Class X Notes amortise in four installments,
starting from the second payment date.

In addition to the nine classes of notes rated by Moody's, the
Issuer has issued EUR 2,300,000 of Class M Notes and EUR
38,500,000 of Subordinated Notes, both of which are not rated.
The Class M Notes accrue interest in an amount equivalent to a
certain proportion of the subordinated management fees and its
notes' payment is pari passu with the payment of the subordinated
management fee.

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 November 14, 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 Contego CLO VI Designated Activity Company 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. The collateral manager'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: 40

Weighted Average Rating Factor (WARF): 2712

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.35%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors
domiciled in countries with local currency ceiling (LCC) of A1 or
below. As per the portfolio constraints, exposures to countries
with LCC of A1 or below cannot exceed 10%, with exposures to LCC
of Baa1 to Baa3 further limited to 2.5% and with exposures of LCC
below Baa3 not greater than 0%.



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I T A L Y
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MONTE DEI PASCHI: Moody's Cuts Sr. Unsec. Debt Ratings to Caa1
--------------------------------------------------------------
Moody's Investors Service downgraded the long-term senior
unsecured debt ratings of Banca Monte dei Paschi di Siena S.p.A.
to Caa1 from B3, affirmed its long-term deposit rating of B1 and
affirmed the standalone baseline credit assessment of caa1.

The outlook on the long-term deposit ratings was changed to
negative from stable and remains negative for the senior
unsecured debt ratings, reflecting the decreasing stock of the
bank's debt.

Moody's affirmed the BCA of MPS Capital Services S.p.A. at caa1,
reflecting Moody's view that this entity is Highly Integrated and
Harmonized with MPS itself and that its standalone
characteristics have limited credit significance. A large portion
of MPS Capital Services's activities and revenues are linked to
its parent with which MPS Capital Services shares most of its
clients. Furthermore MPS Capital Services relies upon the
management structure of MPS. As such, MPS Capital Services's BCA
can no longer be reliably distinguished from that of MPS. Moody's
has also changed the outlook on MPS Capital Services's long-term
deposit rating to negative from stable, in line with the outlook
on the parent bank.

RATINGS RATIONALE

BCA

The affirmation of MPS's BCA of caa1 reflects improving but still
very high asset risk, pressures on capitalization, and weak
profitability.

MPS's stock of problem loans materially decreased following the
securitization of EUR24.1 billion of bad loans completed with the
support of the government guarantee facility on senior tranches
in 2Q18. As of end-September 2018, 19.4% of the bank's gross
loans were non-performing, a still very high level albeit
considerably lower than the 37% at end-2017. Moody's expects
asset risk to continue to improve as MPS plans further disposals
of problem loans in the next months.

In the meantime MPS's capitalization is under pressure because of
the impact of the widening of spreads on Italian government
bonds, which form a large share of the bank's liquidity
portfolio. MPS reported a Common Equity Tier 1 ratio of 12.5% at
end-September 2018, down from 14.8% at end-2017, which is
nevertheless still well above the 2018 target of 9.44% set by the
European Central Bank as part of its Supervisory Review
Evaluation Process.

MPS returned to profitability in the first three quarters of 2018
after many quarters of heavy losses. During 9M18, the bank
reported a net profit of EUR379 million, which includes the cost
incurred upon the disposal of its Belgian subsidiary (EUR61
million). Despite some improvement, Moody's believes that the
bank has yet to demonstrate that it is able to sustain this
profitability, given the large residual stock of problem loans, a
high cost structure and its weak funding profile.

LONG-TERM SENIOR UNSECURED AND DEPOSIT RATINGS

The downgrade of the long-term senior unsecured rating to Caa1
reflects the moderate loss-given-failure for this debt class,
which results in no uplift from the bank's adjusted BCA, from low
loss-given-failure which gave one-notch uplift previously. This
is due to the repayment of material amounts of senior debt in
recent months which have not been refinanced with new issuances.

The B1 long-term deposit rating reflects extremely low loss-
given-failure resulting in three notches of uplift from the
bank's adjusted BCA.

Moody's assumes a low likelihood of government support for the
bank, resulting in no further uplift to the long-term unsecured
debt and deposit ratings.

OUTLOOKS

The outlook on MPS's long-term senior unsecured and deposit
ratings is negative, reflecting Moody's expectation that the
bank's stock of debt will continue to decrease in the next
months, which could further increase the loss-given-failure and
reduce the uplift from the adjusted BCA for these debt classes.

The negative outlook on MPS Capital Services's long-term deposit
rating reflects the negative outlook on the parent bank.

WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of MPS's long-term ratings is unlikely given the
negative outlook. MPS's BCA could be upgraded following tangible
and sustainable progress towards the targets in the bank's
business plan, in particular (i) a return on assets above 0.4%;
(ii) a problem loan ratio below 15% of loans; and (iii) increased
deposit funding or demonstrated access to the senior and
subordinated debt markets, without the benefit of a government
guarantee.

Moody's could downgrade the senior unsecured debt and deposit
ratings if the stock of senior debt continues to decrease leading
to higher loss-given-failure. The BCA could be downgraded if (i)
the bank failed to return to sustainable profit generation; (ii)
capital ratios fell materially; (iii) the bank experienced
material deposit outflows.

MPS Capital Services's ratings and assessments could be upgraded
or downgraded following and upgrade or downgrade of MPS's ratings
and assessments.

LIST OF AFFECTED RATINGS

Issuer: Banca Monte dei Paschi di Siena S.p.A.

Affirmations:

Long-term Counterparty Risk Ratings, affirmed B1

Short-term Counterparty Risk Ratings, affirmed NP

Long-term Bank Deposits, affirmed B1, outlook changed to Negative
from Stable

Short-term Bank Deposits, affirmed NP

Long-term Counterparty Risk Assessment, affirmed B1(cr)

Short-term Counterparty Risk Assessment, affirmed NP(cr)

Baseline Credit Assessment, affirmed caa1

Adjusted Baseline Credit Assessment, affirmed caa1

Subordinate Regular Bond/Debenture, affirmed Caa2

Subordinate Medium-Term Note Program, affirmed (P)Caa2

Other Short Term, affirmed (P)NP

Downgrades:

Senior Unsecured Regular Bond/Debenture, downgraded to Caa1 from
B3, outlook remains Negative

Senior Unsecured Medium-Term Note Program, downgraded to (P)Caa1
from (P)B3

Outlook Action:

Outlook changed to Negative from Stable(m)

Issuer: Banca Monte dei Paschi di Siena, London

Affirmations:

Long-term Counterparty Risk Ratings, affirmed B1

Short-term Counterparty Risk Ratings, affirmed NP

Short-term Deposit Note/CD Program, affirmed NP

Long-term Counterparty Risk Assessment, affirmed B1(cr)

Short-term Counterparty Risk Assessment, affirmed NP(cr)

No Outlook assigned

Issuer: MPS Capital Services S.p.A.

Affirmations:

Long-term Counterparty Risk Ratings, affirmed B1

Short-term Counterparty Risk Ratings, affirmed NP

Long-term Bank Deposits, affirmed B1, outlook changed to Negative
from Stable

Short-term Bank Deposits, affirmed NP

Long-term Counterparty Risk Assessment, affirmed B1(cr)

Short-term Counterparty Risk Assessment, affirmed NP(cr)

Baseline Credit Assessment, affirmed caa1

Adjusted Baseline Credit Assessment, affirmed caa1

Outlook Action:

Outlook changed to Negative from Stable



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P O R T U G A L
===============


HEFESTO STC: Moody's Rates EUR14MM Class B Notes 'Caa3'
-------------------------------------------------------
Moody's Investors Service has assigned definitive long-term
credit ratings to the following notes issued by Hefesto, STC,
S.A.:

  EUR84,000,000 Class A Asset-Backed Floating Rate Notes due
  November 2038, Definitive Rating Assigned Baa3 (sf)

  EUR14,000,000 Class B Asset-Backed Floating Rate Notes due
  November 2038, Definitive Rating Assigned Caa3 (sf)

Moody's has not assigned any ratings to EUR25,000,000 Class J
Asset-Backed Variable Return Notes due November 2038 and
EUR3,100,000 Class R Notes due November 2038.

This is the second transaction backed by non-performing loans
rated by Moody's with loans originated by a Portuguese bank. With
this transaction Banco Santander Totta, S.A. ((P)Baa3/ Baa2 /
Baa2(cr)) has tapped the NPL securitisation market for the first
time. The assets supporting the Notes are NPLs with a gross book
value of EUR480.7 million. The total issuance of Class A, Class B
and Class J Notes is equal to EUR123.0 million, 25.6% of the GBV.
The NPLs consist of defaulted secured loans, equal to EUR234.8
million, which are backed by residential, commercial/industrial
properties and land located in Portugal. The mortgage loans were
extended to both individuals as well as companies. Of the
EUR234.8 million GBV of the defaulted mortgage loans, EUR60.0
million are backed by mortgages that are of a second or lower
ranking lien. The pool further contains unsecured defaulted
loans, for an amount equal to around EUR245.9 million, extended
to individuals, as well as companies.

The secured portfolio will be serviced by Whitestar Asset
Solutions, S.A. and HG PT, Unipessoal, Lda. The unsecured
portfolio will be serviced by Proteus Asset Management,
Unipessoal, Lda. in their role as special servicers. The
servicing activities performed by the servicers are monitored by
the monitoring agent.

GAM -- Guincho Asset Management, S.A. (NR) has been appointed as
asset manager at closing. The asset manager will be a limited
liability company with the exclusive purpose of managing and
promoting the disposal of the properties to third parties from
enforcement on the mortgage loans. The asset manager will not
benefit from the statutory segregation and the privileged credit
entitlement foreseen in the Portuguese Securitisation Law.
However, a number of contractual mechanisms have been put in
place to mitigate the risk of the asset manager's insolvency and
mitigate the risk of third party claims being made against the
asset manager.

RATINGS RATIONALE

Moody's ratings reflect an analysis of the characteristics of the
underlying pool of defaulted loans, sector-wide and originator-
specific performance data, protection provided by credit
enhancement, the roles of external counterparties and the
structural integrity of the transaction.

In order to estimate the cash flows generated by the pool Moody's
used a model that, for each loan, generates an estimate of: (i)
the timing of collections; and (ii) the collected amounts, which
are used in the cash flow model that is based on a Monte Carlo
simulation.

Collection Estimates: The key drivers for the estimates of the
collections and their timing are: (i) the historical data
received from the special servicers, which shows the historical
recovery rates and timing of the collections for secured and
unsecured loans; (ii) the portfolio characteristics and (iii)
benchmarking with comparable EMEA NPL transactions.

Portfolio is split as follows: (i) 18.0% in terms of GBV of the
defaulted borrowers are individuals, while the remaining 82.0%
are companies; (ii) loans representing around 51.1% of the GBV
are unsecured loans, while the remaining 48.9% of the GBV are
secured loans whereof about 25.5% in terms of GBV are secured
with a second or lower ranking lien; (iii) of the secured loans,
around 43% are backed by residential properties, and the
remaining 57% by different types of non-residential properties.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the Notes
would not be offset with higher collections from the pool. The
transaction therefore benefits from an interest rate cap, linked
to six-month EURIBOR, with Banco Santander S.A. (Spain) ((P)A2/
A3(cr)) as cap counterparty. The cap will have a floating strike.
The interest rate cap will terminate in November 2026.

Transaction Structure: The transaction benefits from an
amortising liquidity reserve equal to around 3.7% of the Class A
notes balance (equivalent to EUR3.1 million initially), which
will be funded through a Note R retained by the seller. However,
Moody's Notes that the cash reserve is not available to cover
Class B Notes' interest and that unpaid interest on Class B Notes
is deferrable and accruing interest on interest. Additional
secured and unsecured expense accounts will be opened in the name
of the issuer and the amounts standing to the credit of these
accounts will be available to cover senior costs and expenses
relating to the secured and unsecured loans, respectively. At
closing, these accounts will be funded at EUR0.5 million the
secured residential and commercial expenses accounts and EUR0.25
million the unsecured expenses account.

Servicing Disruption Risk: Moody's has reviewed procedures and
practices of Whitestar, Hipoges and Altamira and found these
parties acceptable in the role of special servicers. The
monitoring agent will help the issuer to replace the servicer(s)
in case the servicing agreement with either Whitestar, Hipoges or
Altamira is terminated. The reserve fund together with the
expenses accounts should be sufficient to pay around 12 months of
interest on the Class A Notes and items senior thereto,
calculated at the strike price for the cap. The limited liquidity
in conjunction with the lack of a back-up servicer means that
continuity of Note payments is not ensured in case of servicer
disruption. This risk is commensurate with the rating assigned to
the most senior Note.

True Sale and Transfer of Security: the assignment of the secured
loans can only be deemed effective against third parties
following registration of such assignment on behalf of the issuer
and the asset manager. Registration will allow the issuer and the
asset manager to request the substitution of BST as creditor in
the proceedings. Once the registration is completed the
assignment is valid from the date the application of registration
was accepted. Moody's has received confirmation from both secured
servicers that the all the registration of the mortgage
assignment from BST (the seller) to Hefesto, STC, S.A. (the
issuer) were requested and accepted before the Real Estate
Registry.

Cash Flow Modeling: Moody's used its NPL cash-flow model as part
of its quantitative analysis of the transaction. Moody's NPL
model enables users to model various features of a European NPL
ABS transaction -- including recovery rates under different
scenarios, yield as well as the specific priority of payments and
reserve funds on the liability side of the ABS structure.



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


RAFO: ANAF Files Bankruptcy Request
-----------------------------------
Romania-Insider.com reports that Romania's tax collection agency
ANAF has asked in court the bankruptcy of insolvent local
refinery Rafo.

The request, if endorsed by the court, means that Rafo's assets
will be sold under open auction at liquidation value,
Romania-Insider.com states.

According to Romania-Insider.com, local Profit.ro said ANAF
argued the court-appointed managers have not observed the
recovery program (approved by creditors) and furthermore the
company kept accumulating debts to the state budget.

The main purpose in the reorganization program that was supposed
to be implemented by the court-appointed manager was the sale of
the industrial platform, Romania-Insider.com discloses.  Auctions
have been organized with starting prices of USD 59.5 million
(plus VAT), USD50.5 million and USD44.6 million respectively,
Romania-Insider.com relays.

Rafo, Romania-Insider.com says, owes RON330 million (USD70
million) out of which RON305 million to one of its former owners:
Petrochemical Holding, registered in Austria and controlled by
Russian businessman Iakov Goldovski.

To convince prospective investors of Rafo's market value, its
managers drafted a development plan based on the refinery's
strengths and opportunities: it is located close to the country's
eastern border and could deliver petroleum products on the
markets of Moldova and Ukraine, Romania-Insider.com notes.



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


ABANCA CORP: Moody's Affirms Ba2 Deposit Ratings, Outlook Pos.
--------------------------------------------------------------
Moody's Investors Service has affirmed the long-term deposit
ratings of ABANCA Corporacion Bancaria, S.A.'s (Abanca) at Ba2
with a positive outlook. At the same time, Moody's has affirmed:
(1) the bank's baseline credit assessment (BCA) and adjusted BCA
at ba2; (2) the short-term deposit ratings at Not-Prime; (3) the
bank's Counterparty Risk Assessment (CR Assessment) at
Baa3(cr)/Prime-3(cr); and (4) the bank's local-currency
Counterparty Risk Rating at Ba1/Not-Prime.

The rating action follows the announcement by Abanca on November
22, 2018 of the acquisition of Banco Caixa Geral, S.A. (BCG,
unrated), the Spanish subsidiary of Caixa Geral de Depositos,
S.A. (Ba1/Ba1 stable, ba2). Moody's anticipates that the
acquisition of BCG will not delay the continued recovery observed
in Abanca's credit profile, which prompted the change in rating
outlook to positive in May 2018.

RATINGS RATIONALE

  -- RATIONALE FOR AFFIRMING THE RATINGS WITH POSITIVE OUTLOOK

The affirmation of Abanca's ratings with a positive outlook
reflects Moody's anticipation that the acquisition of BCG will
not delay the continued recovery observed in the bank's credit
profile, despite a negative impact on Abanca's capital at the
time of the closing which is expected to take place during H1
2019.

Representing around 10% of Abanca's total assets, in Moody's
opinion the acquisition of BCG will have a limited impact on
Abanca's asset quality, profitability and liquidity, with some
positive contributions offsetting the deterioration in other
indicators. On the positive side, BCG benefits from more
favorable asset quality ratios, with a problem loan ratio of 3.2%
as of year-end 2017 compared to 5.1% for Abanca as of the same
date, and a negligible exposure to repossessed real estate
assets. Likewise, BCG benefits from a stronger operating
efficiency, with a cost-to-income ratio of 58% at end-2017
compared to an 80% ratio for Abanca as of the same date (adjusted
by non-recurrent earnings). The stronger efficiency, coupled with
the potential to raise synergies from the integration, will help
Abanca boost its recurrent earnings generation power, which
Moody's view as one of the bank's main rating constraint.

In terms of capital, Moody's estimates that the negative hit on
Abanca's Tangible Common Equity (TCE) ratio from the acquisition
will range between 60 and 70 basis points, adding to an already
weak capital position weighed by a large exposure to deferred tax
assets that Moody's considers a low-quality form of asset.
Positively, the rating agency expects that the negative hit on
capital will be partly offset by the retention of 2018 net
profits which, benefitting from extraordinary elements, stood at
EUR398 million as of end-September 2018. The potential for
stronger profitability could also help improve the bank's
internal capital generation capacity in future years.

With BCG showing a higher loan-to-deposit ratio (124% as of year-
end 2017 compared to 97% for Abanca), the integration of BCG will
also have a negative impact on Abanca's liquidity position,
although minor given the small size of BCG relative to Abanca.
Following the integration, Moody's expects Abanca's LTD ratio to
remain around 100%, maintaining an overall low reliance on market
funding.

Given the small size of BCG relative to Abanca and the
similarities of their business profiles, Moody's foresees that
the execution risks from the integration will be generally low
and at a manageable level for Abanca.

WHAT COULD CHANGE THE RATING - UP

Abanca's BCA could be upgraded primarily as a consequence of a
further material decline in the problematic assets ratio. A
sustained improvement in recurrent profitability or stronger
capital and leverage ratios, or both, could also trigger an
upgrade of the BCA.

As the bank's deposit ratings are linked to the BCA, a positive
change in the bank's BCA would be likely to benefit the deposit
ratings. The deposit ratings could also be upgraded upon changes
to the bank's current liability structure, indicating a lower
loss given failure to be faced by deposits.

WHAT COULD CHANGE THE RATING - DOWN

Abanca's ratings could be downgraded as a result of (1) a
reversal in the current asset-risk trends, translating into an
increase in the volume of problematic assets, or (2) a weakening
in the bank's risk-absorption capacity as a result of subdued
profitability levels.

Abanca's deposit ratings could also be affected by changes in the
liability structure that indicate a higher loss given failure to
be faced by deposits.

LIST OF AFFECTED RATINGS

Issuer: ABANCA Corporacion Bancaria, S.A.

Affirmations:

Long-term Counterparty Risk Rating, affirmed Ba1

Short-term Counterparty Risk Rating, affirmed NP

Long-term Bank Deposits, affirmed Ba2, outlook remains Positive

Short-term Bank Deposits, affirmed NP

Long-term Counterparty Risk Assessment, affirmed Baa3(cr)

Short-term Counterparty Risk Assessment, affirmed P-3(cr)

Baseline Credit Assessment, affirmed ba2

Adjusted Baseline Credit Assessment, affirmed ba2

Outlook Action:

Outlook remains Positive


ALMIRALL SA: S&P Rates New EUR250MM Unsec. Convertible Bond BB-
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating and '3'
recovery rating to the proposed EUR250 million senior unsecured
convertible bond maturing in 2021 to be issued by Spanish
pharmaceutical firm Almirall S.A. (BB-/Stable/--). The '3'
recovery rating indicates S&P's expectation of meaningful
recovery prospects (50%-70%, rounded estimate: 65%) in the event
of default.

The recovery rating on the proposed convertible bond is supported
by the low level of priority liabilities and senior secured debt
ranking ahead of the proposed bond, and the low level of pension
liabilities ranking at the same level as the senior debt.
However, the recovery rating is constrained by a weak security
package composed mainly of shares.

S&P said, "We understand that Almirall will use the EUR250
million proceeds from the issuance of the proposed bond, together
with a EUR150 million syndicated bank loan, to repay its existing
EUR400 bridge loan arranged by Santander and Banco Bilbao Vizcaya
Argentaria S.A. Almirall used these loans to complete the
acquisition of the medical dermatology portfolio of Allergan PLC
on Sept. 21, 2018.

"Our simulated default scenario contemplates a payment default in
2022, attributable to cash flow declines due to greater-than-
expected pricing pressures from competitors on account of a
highly competitive environment in the U.S. or unexpected
operational setbacks. We value Almirall as a going concern given
its well-regarded portfolio of dermatology products and
reputation in the sector.

"Our 'BB-' long-term issuer credit rating on Almirall is based on
our assessment of the company's business risk profile, supported
by its strong pipeline of dermatology products, limited exposure
to patent expirations in the coming years, and the protection
over volumes from which the company benefits in Spain. We expect
the Allergan portfolio to diversify Almirall's revenue sources
and enhance its product mix. Our assessment is constrained by the
company's narrow set of products, lack of critical mass following
the transfer of its entire respiratory franchise to AstraZeneca
PLC, and its limited research and development capabilities
compared to the big pharmaceutical companies.

"In our view, Almirall will continue to benefit from a strong
pipeline of drugs in its core dermatology business and will
successfully integrate the newly acquired portfolio of
dermatology drugs from Allergan in the U.S. We believe that these
products will strengthen Almirall's U.S. operations and should
increase its adjusted EBITDA margins to close to 20% in 2019.
However, there is still a certain level of execution risk in the
current transition period, and we expect profitability to benefit
from the recent transaction fully only once the acquired
portfolio is fully integrated. We expect that Almirall's S&P
Global Ratings-adjusted debt to EBITDA will remain below 4x in
2019 and 2020, thanks to strong EBITDA generation that will
offset the increase of debt in the capital structure."

Simulated default assumptions:

-- Years of default: 2022
-- Jurisdiction: Spain

Simplified waterfall:

-- Emergence EBITDA: EUR73 million (capex represents 4% of
    sales; the cyclicality adjustment is 0%, in line with the
     specific industry sub-segment, and the operational adjustment
     is 35% to reflect the low interest rate on the debt).
-- EBITDA multiple: 6.0x
-- Gross recovery value: EUR405 million
-- Net recovery value for waterfall after admin. expenses (5%):
    EUR385 million
-- Estimated priority debt: EUR0
-- Remaining recovery value: EUR385 million
-- Estimated secured debt claims: EUR0 million
-- Estimated unsecured debt claims: EUR556 million*
-- Unsecured recovery range: 50%-70% (rounded estimate: 65%)
-- Recovery rating: 3

* All debt amounts include six months of prepetition interest.


GRUPO ANTOLIN: S&P Lowers ICR to 'B+' on Weak Profitability
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Spain-based auto supplier Grupo Antolin Irausa SA to 'B+' from
'BB-'. The outlook is stable.

S&P said, "We also lowered to 'B+' from 'BB-' our issue ratings
on the EUR400 million 3.25% senior secured notes due 2024, EUR250
million 3.375% senior secured notes due 2026, EUR400 million term
loan A due in 2020, and the EUR200 million revolving credit
facility. The recovery rating remains at '3', indicating our
expectation of meaningful recovery (50%-70%; rounded estimate
revised to 55% from 60%) in the event of a default.

"The downgrade stems from Grupo Antolin's weaker-than-expected
operating performance in 2018, with only limited prospects for a
full recovery in 2019. We now expect that the company's adjusted
EBITDA margin will fall to 6% in 2018 from 8% in 2017. Some of
Grupo Antolin's operating headwinds should diminish in 2019 due
to their temporary nature, including start-up costs for new
launches and production delays related to the worldwide
harmonized light vehicles test procedure (WLTP). However, we
believe the company's current geographic and customer mix,
coupled with operating issues at some of its overheads
facilities, reduces the likelihood of a full recovery over the
next 12 months. For 2019, we expect that Grupo Antolin's adjusted
EBITDA margin will increase only slightly to 7.0%-7.5%. Given
continued high capital expenditure (capex) and volatile working
capital needs, this translates into weak deleveraging prospects.
We therefore anticipate the FFO-to-debt ratio will stay below
20%, which is not consistent with a 'BB-' rating.

"We also note Grupo Antolin's very volatile free operating cash
flow (FOCF) generation over recent years, and forecast the
company's reported FOCF at about EUR20 million for 2018. However,
this depends on whether the group can generate at least EUR70
million of cash working capital inflow for the full year, after
an outflow of about EUR125 million in the nine months to Sept.
30, 2018. We also anticipate a cut in capex to EUR290 million-
EUR295 million for full-year 2018 from EUR333 million in 2017,
which should support FOCF generation, after Grupo Antolin
reported significantly negative FOCF of EUR160 million in 2017.
Given the company's high cash consumption in recent years, its
cash position decreased to about EUR117 million as of Sept. 30,
2018. Although this amount still provides an adequate cushion for
the coming years, we no longer consider Grupo Antolin's liquidity
position to be strong. We will carefully monitor the group's
headroom under financial covenants, which we expect will remain
adequate in our current base case."

The adjusted EBITDA margin has been declining since Grupo
Antolin's acquisition of Magna Interiors in the second half of
2015. The margin was 10.0%-10.5% before 2015, but 8.9% in 2016
and 8% in 2017, which are below average for the auto supplier
industry. The company's sale of its higher-margin seating and
metal division to Lear Corp. in 2017 also hurt its profitability,
as does a relatively higher share of what we consider to be low-
value-added products.

Grupo Antolin is a leading automotive supplier of interior
components to global carmakers, notably overhead systems and soft
trim, doors and hard trim, cockpits, and lighting. Its EUR5.0
billion of revenues in 2017 were derived mainly in Europe (54%)
and North American Free Trade Agreement (NAFTA; 36%) countries.
S&P said, "Our assessment of Grupo Antolin's business risk
profile remains supported by the company's market position as the
No. 3 player in interiors, behind Faurecia and Yangfeng; and No.
1 in overhead systems in Europe and NAFTA. We also consider Grupo
Antolin's long-standing relationships with major original
equipment manufacturers, and its ability to offer customized
interior solutions with complementary lighting, cockpits, and
door products." The main constraints to Grupo Antolin's business
risk profile are its geographic concentration, with about 90% of
sales generated in Europe and NAFTA, and some customer
concentration, since the top five customers accounted for 60% of
total sales in 2017, namely Volkswagen (17%), Ford Motor (12%),
Tata Motors/Jaguar Land Rover (12%), Fiat Chrysler Automobile
N.V. (11%), and BMW (9%). The low-value-added nature of some of
the company's products, such as basic overheads and trunk trim,
is a further constraint.

S&P said, "The stable outlook reflects our expectation that Grupo
Antolin's EBITDA margin will increase to 7.0%-7.5% in the next 12
months while the company manages working capital and capex needs
to avoid further significant negative FOCF, thanks also to
measures addressing current operational issues. Moreover, we
anticipate that the company will maintain comfortable headroom
under its maintenance covenants over that period.

"We may consider a negative rating action if the adjusted FFO-to-
debt ratio stayed below 15% or if debt to EBITDA did not return
to below 4x. Such a scenario could unfold if EBITDA declined
markedly, owing to an industry downturn or market share losses.
We could also downgrade Grupo Antolin if it carried out another
large debt-financed acquisition.

"We could consider a positive rating action if Grupo Antolin's
operating profitability recovered to historical levels, with the
EBITDA margin surpassing 8%, through continued turnaround of the
overhead division and growth of new orders from car
manufacturers. A positive rating action would also depend on
whether we anticipate FFO to debt can rebound and remain higher
than 20%. Any upgrade would hinge on management's commitment to
sustaining stronger credit ratios."



=====================
S W I T Z E R L A N D
=====================


PRIVATAIR: Files for Insolvency Amid Issues Over Viability
----------------------------------------------------------
Ellen Milligan and Benjamin Katz at Bloomberg News report that
Swiss charter carrier PrivatAir has filed for insolvency.

According to Bloomberg, the airline said in a statement "a number
of events" have impacted the company's viability and future
business forecast in past few weeks.

The airline employed 226 staff in Switzerland, Germany and
Portugal, Bloomberg discloses.

German subsidiary PrivatAir GmbH has also filed for insolvency,
Bloomberg notes.

PrivatAir, founded in 1977, also had 65 crew members on external
contracts operating Jeddah-Riyadh shuttle flights in Saudi
Arabia.  It operated business-only services for other carriers
including major airlines, deploying full-size jets.



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


CROWN AGENT: Fitch Affirms 'BB/B/' LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Crown Agent Bank Ltd's Long- and
Short-Term Issuer Default Ratings at 'BB'/ 'B', respectively. The
agency has also affirmed the bank's Viability Rating at 'bb' and
Support Rating at '5'.

KEY RATING DRIVERS

IDRS AND VR

The ratings of CABK reflect its growing, but still limited, track
record under its expansion strategy, its material growth plans,
and a small capital base. The ratings also reflect the bank's
established but somewhat concentrated deposit franchise and a
low-risk balance sheet. Fitch understands from management that
the bank will maintain a high proportion of liquid assets over
the medium term.

The bank's expansion strategy involves balance-sheet growth of
39%, and revenue growth of over 400%, for 2021 compared with
2017. Implementation has so far been in line with targets but the
track record remains limited given that the strategy was only
implemented in 2016, following CABK's acquisition by Helios
Partners LLP (Helios). The targeted growth is along the lines of
CABK's existing areas of expertise and forms part of the bank's
aim to become a major transactional bank between developed and
emerging market counterparties, providing payments, foreign
exchange, treasury services and trade finance for official
development agencies, non-governmental organisations, local banks
and non-bank counterparties.

CABK's balance sheet is deposit-driven, and revenue will continue
to be dominated by foreign exchange, payment, and money market
activities. As part of the targeted business model, the bank will
also gradually expand its trade finance activity, including
increasing its on-balance sheet trade finance exposure. However,
Fitch understands from management that trade finance will not be
a primary focus for the bank and will form only a small portion
(less than 5%) of total assets; most trade finance exposure will
be off-balance sheet and either cash-collateralised or covered by
World Bank or sovereign or supranational guarantees. Establishing
strong, experienced and well-functioning risk management and
operational teams, technology and processes is key to handling
the growing flow of small transactions sufficiently.

Fitch believes that if successfully implemented, the expansion
will help bring some diversification to the business and improve
structural profitability in the medium term. The bank reported a
small profit for 2017 and earnings have strengthened moderately
for 2018, with further improvements to earnings targeted by
management from 2019. Fitch views management's earnings forecasts
as feasible and supported by lower restructuring and
implementation costs following investments in 2016 and 2017.
However, the achievement of the bank's significant revenue growth
plans is dependent on the ability to generate significant new
business volumes.

CABK's capital base grew to GBP58 million at end-2017 (2016:
GBP42 million) on injections from the owner. External capital
support has not been needed for 2018 so capital growth in the
year (expected end-2018 shareholders' funds of GBP61 million) has
been driven by earnings, although the provision of additional
capital by Helios is possible. However, the capital base remains
small in absolute terms and therefore offers little protection
for creditors, in its view, and Fitch believes that additional
capital injections only partly mitigate the possibility of
increased operational risk as part of the expansion plans.

The bank has strengthened its internal controls and capabilities
to meet its targeted growth, and plans further investments in
digitalisation and to expand its payments functionality,
including via partnerships. Fitch believes that these
investments, together with an increased risk management
headcount, have helped to strengthen CABK's internal control
environment although the limited track record of these under a
significantly higher volume business model is a constraint on the
ratings. High concentrations on both sides of the balance sheet
are also negative rating considerations. CABK's franchise is
niche given the bank's business focus but the business is
supported by the bank's long-standing relationship network and
brand recognition with clients in targeted regions.

As part of its expansion the bank has increased its risk appetite
moderately, albeit from conservative levels. Historically, CABK
has had a conservative appetite for credit risk as its business
model concentrated on disbursing aid to developing countries
while holding funds for various local and central banks in the
form of short-term highly-rated assets. Although CABK's role as a
depositor bank is expected to remain a fundamental part of the
updated strategy, Fitch believes that given the weak
profitability of this business, its importance will gradually
diminish as the business model evolves.

The expansion of trade finance activity should be mitigated by
the bank's continued low-risk underwriting standards as well as
the low-risk nature of the bulk of the targeted asset base,
comprising certificates of deposit and money market exposures
with highly-rated counterparties and high-quality liquid assets
held with highly-rated sovereigns (high-quality liquid assets
form over half of total assets). The bank will also continue to
be exposed to settlement risk arising from its FX transactions
with its core African market, although Fitch believes the risk is
manageable due to fairly conservative exposure limits that will
curb potential losses.

CABK's Short-Term IDR of 'B' is based on the bank's Long-Term IDR
of 'BB' and reflects the mapping relationship between Long- and
Short-Term IDRs as outlined in Fitch's Global Bank Rating
Criteria.

SUPPORT RATING

Fitch views CABK's owner as the most likely source of support for
the bank. However, Fitch believes that such support, while
possible, cannot be relied upon, mainly because the agency views
the owner as a financial, rather than strategic, investor. This
is reflected in its Support Rating of '5'.

RATING SENSITIVITIES

IDRS AND VR

The ratings of CABK are primarily sensitive to its ability to
continue to successfully implement its planned expansion. If CABK
is able to achieve its targeted larger scale, expand its customer
franchise, while improving profitability and internal capital
generation, demonstrating strengthened risk controls that are
sufficient to cope with the greater planned business volumes and
maintaining sound asset quality and liquidity, then this would
likely be positive for the ratings.

Conversely, negative pressure on the ratings could arise if the
bank falls significantly behind its medium-term targets, such as
below-target revenue growth resulting in sustained weak internal
capital generation that is insufficient to offset the cost base,
or if material credit impairment or operational charges
transpire. A downgrade would also be possible if the bank adopts
a more aggressive risk appetite than its current expectations or
if it materially tightens its liquidity.

SUPPORT RATING

A change in CABK's Support Rating would require a change in
Fitch's assessment of the owner's ability or propensity to
provide extraordinary support.


JAGUAR LAND ROVER: S&P Lowers ICR to 'BB-', On Watch Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long term issuer credit rating on
Jaguar Land Rover Automotive Plc (JLR) to 'BB-' from 'BB'. The
rating remains on CreditWatch with negative implications.

S&P said, "At the same time, we lowered our issue ratings on
JLR's senior unsecured notes to 'BB-' from 'BB'. The recovery
rating on the debt is '3', reflecting our expectation of
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of a default. The issue rating also remains on CreditWatch with
negative implications."

The first seven months of JLR's fiscal year 2019 (ending on March
31, 2019) proved challenging overall for the U.K. premium car
manufacturer. Retail sales, including vehicles sold by its
Chinese joint venture (JV), were down 4.2%. JLR's sales continued
to be weak in Europe (-10% versus the same period a year
previous) as a result of market aversion to diesel. In addition,
the number of units sold in China declined severely (-26% versus
the same period a year previous), with JLR having to destock in
the first half of fiscal 2019 in order to stop inventory buildup
at it dealerships. In light of a less supportive market
environment, characterized by lower sales growth and looming
geopolitical risks from a potential no-deal Brexit and escalating
trade tensions between Europe and the U.S., S&P believes JLR will
have difficulty fully offsetting its first-half performance in
the remainder of fiscal 2019.

S&P said, "We now expect negative cash flow after capital
expenditure (capex) and dividends closer to GBP2 billion per year
over fiscals 2019 and 2020, twice our previous expectation.
However, our revised scenario includes some of the mitigating
measures indicated by the management to address much declined
profitability and accelerated cash burn. We consider a reduction
of GBP1 billion (cumulative) from previous capex assumptions in
fiscals 2019 and 2020, and an inventory decline in the second
half of fiscal 2019. This would reduce pressure on free cash
flows, which were reported at negative GBP2.3 billion at the end
of September 2018.

"In our revised scenario for JLR, we are more cautious regarding
the effect of the GBP1 billion cost reduction measures announced
by top management. We spread the impact of net cost reduction
measures (net of restructuring charges, which we estimate at
about half of the gross amount) across fiscals 2020 and 2021. As
a result of more depressed sales figures in our revised scenario
than previously, weaker-than-expected pricing power, and
persistently high capitalized development costs and depreciation
charges, we expect negative adjusted EBIT in fiscals 2019 and
2020. This differs substantially from JLR's target guidance of a
breakeven reported operating margin at the end of fiscal 2019 and
a 4% operating margin in fiscal 2020.

"We consider JLR a highly strategic entity in the Tata Motors
group and we believe that the company benefits from excellent
banking relationships."

The CreditWatch placement with negative implications reflects the
challenges that JLR faces as a result of Brexit, which could lead
to further deterioration in JLR's and, consequently, Tata Motors'
financial position. It also factors the risk of potential
exposure to escalating trade tensions between Europe and the U.S.
S&P said, "We aim to resolve the CreditWatch by adjusting our
base case once we have better visibility on the likely Brexit
outcome, which could happen in the next three months. We would
lower the ratings if we assess that the chances of a turnaround
for JLR have diminished, with Tata Motors funds from operations-
to-debt ratio slipping below 12% over a prolonged period as a
consequence."

S&P said, "We could affirm the ratings if the Brexit outcome
limits the adverse impact on JLR's turnaround, such that Tata
Motors' FFO-to-debt ratio remains above 12% over the next 12-18
months."


ORLA KIELY: Collapses with Debts of More Than GBP7.25 Million
-------------------------------------------------------------
Gordon Deegan at Belfast Telegraph reports that the Orla Kiely
fashion retail empire went out of business with debts of more
than GBP7.25 million, new documentation shows.

That is according to the joint administrators of the collapsed
retail business who anticipate that unsecured creditors owed GBP5
million will be left empty-handed from the administration,
Belfast Telegraph notes.

Administrators Chris Newell and Simon Bonney estimated that the
total deficiency from the business amounts to GBP7.5 million,
Belfast Telegraph discloses.

According to Belfast Telegraph, in the report, the administrators
stated that from 2000 the business traded profitably with many
years of success with a strong brand.

"The company began to experience difficulties and, as a result,
the profitability of the business began to suffer.  This is in
part due to the downturn in the fortunes of retail customers in
the current trading conditions," Belfast Telegraph quotes the
administrators as saying.

The administrators also reveal that a new finance director was
appointed to the firm in July 2018 "following which a number of
issues were highlighted with the company's finances", Belfast
Telegraph relates.

The administrators, as cited by Belfast Telegraph, said that as a
result, Orla Kiely and her husband Dermott Rowan sought advice
from an insolvency practitioner, who advised that the business be
closed down and the company placed into creditors' voluntary
liquidation.

The administrators stated that upon receipt of the notice of
creditors' voluntary liquidation, the company's largest creditor
-- Metro Bank plc, owed GBP2.2 million through fixed and
floating charges -- placed the company into administration,
Belfast Telegraph recounts.


SALISBURY II-A 2017: Fitch Affirms BB+(EXP) Rating on Cl. L Debt
----------------------------------------------------------------
Fitch Ratings has affirmed Salisbury II-A Securities 2017
Limited's notes' expected ratings as follows:

GBP481.9 million Class A: affirmed at 'AAA(EXP)sf'; Outlook
Stable

GBP14 million Class B: affirmed at 'AAA(EXP)sf'; Outlook Stable

GBP37 million Class C: affirmed at 'AA+(EXP)sf'; Outlook Stable

GBP7.3 million Class D: affirmed at 'AA(EXP)sf'; Outlook Stable

GBP12 million Class E: affirmed at 'AA-(EXP)sf'; Outlook Stable

GBP20.5 million Class F: affirmed at 'A+(EXP)sf'; Outlook Stable

GBP5.2 million Class G: affirmed at 'A(EXP)sf'; Outlook Stable

GBP5.9 million Class H: affirmed at 'A-(EXP)sf'; Outlook Stable

GBP21.1 million Class I: affirmed at 'BBB+(EXP)sf'; Outlook
Stable

GBP5.1 million Class J: affirmed at 'BBB(EXP)sf'; Outlook Stable

GBP7.6 million Class K: affirmed at 'BBB-(EXP)sf'; Outlook Stable

GBP20.9 million Class L: affirmed at 'BB+(EXP)sf'; Outlook Stable

The transaction is a granular synthetic securitisation of
GBP701.8 million unfunded credit default swap (CDS), referencing
loans granted to UK small- and medium-sized enterprises (SME)
active in different economic sectors. The loans are mostly
secured with real estate collateral and were originated by Lloyds
Bank plc (A+/Stable/F1).

Lloyds Banking Group has bought protection under the CDS contract
relating to the equity risk position but has not specified the
date of execution of the contracts relating to the rest of the
capital structure. The expected ratings were based on the un-
executed documents provided to Fitch, which have the same terms
as the equity CDS contracts executed so far by Lloyds Banking
Group. Fitch understands from Lloyds Banking Group that it has no
immediate need to buy protection on the remaining capital
structure. Fitch will monitor the expected ratings using the
applicable criteria for as long as the CDS contract exists.

The ratings of the notes address the likelihood of a claim being
made by the protection buyer under the unfunded CDS by the end of
the initial eight-year protection period in accordance with the
documentation.

KEY RATING DRIVERS

The transaction is in the second year of the initial three-year
replenishment period and Lloyds Banking Group can replenish the
portfolio subject to the replenishment criteria aimed at limiting
additional risks. As of the October 2018 investor report, three
replenishment criteria relating to the average probability of
default and reference obligation concentration were failing. As a
consequence, Lloyds Banking Group can only replenish the
portfolio if these tests are maintained or improved after
replenishment. Fitch has captured the replenishment risk based on
a stressed portfolio, taking into account the replenishment
triggers and replenishment conditions of the transaction.

As of October 2018, the portfolio composition was largely in line
with the initial portfolio's. The sub-portfolio of loans to
income-producing real estate companies (IPRE pool) represents
approximatively 35.4% of the total portfolio while loans granted
to SMEs in different industries (BDCS pool) made up the remainder
of the portfolio. The reported weighted average loan-to-value
(LTV) on the IPRE pool is 48.7% and the reported weighted average
security coverage on the BDCS pool is 182%. The portfolio remains
granular, with the top 10 borrowers representing 2.5% of the
total portfolio.

The portfolio's credit quality remains stable and there is
currently no defaulted loan in the portfolio. Fitch has received
updated historical defaulted data for Lloyd Banking Group's SME
BDCS pool and has maintained its internal rating mapping to keep
a base case PD of 3% a year, reflecting a forward-looking five-
year expectation. For the IPRE pool, the agency assumed a base
case PD of 3.4% and has maintained the internal mapping used for
the initial analysis.

RATING SENSITIVITIES

Increasing the default probabilities assigned to the underlying
obligors or decreasing the recovery rates assigned to the
underlying obligors by 25% each could result in a downgrade of up
to three notches.

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

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

DATA ADEQUACY

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

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio
information and concluded that there were no findings that
affected the rating analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio.

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



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

* BOOK REVIEW: Inside Investment Banking, Second Edition
--------------------------------------------------------
Author: Ernest Bloch
Publisher: Beard Books
Softcover: 440 Pages
List Price: US$34.95
Order your personal copy at
http://www.beardbooks.com/beardbooks/inside_investment_banking.ht
ml

Even though Bloch states that "no last word may ever be written
about the investment banking industry," he nonetheless has
written a definitive book on the subject.

Bloch wrote Inside Investment Banking after discovering that no
textbook on the subject was available when he began teaching a
course on investment banking. Bloch's book is like a textbook,
though one not meant to be limited to classroom use. It's a
complete, knowledgeable study of the structure and operations of
the field of investment banking. With a long career in the field,
including work at the Federal Reserve Bank of New York, Bloch has
the background for writing the book. He sought the input of many
of his friends and contacts in investment banking for material as
well as for critical guidance to put together a text that would
stand the test of time.

While giving a nod to today's heightened interest in the
innovative securities that receive the most attention in the
popular media, Inside Investment Banking concentrates for the
most part on the unchanging elements of the field. The book takes
a subject that can appear mystifying to the average person and
makes it understandable by concentrating on its central
processes, institutional forms, and permanent aims. The author
shows how all aspects of the complex and ever-changing field of
investment banking, including its most misunderstood topic of
innovative securities, leads to a "financial ecology" which
benefits business organizations, individual investors in general,
and the economy as a whole. "[T]he marketplace for innovative
securities becomes, because of its imitators, a systematic
mechanism for spreading risk and improving efficiency for market
makers and investors," says Bloch.

For example, Bloch takes the reader through investment banking's
"market making" which continually adapts to changing economic
circumstances to attract the interest of investors. In doing so,
he covers the technical subject of arbitrage, the role of the
venture capitalist, and the purpose of initial public offerings,
among other matters. In addition to describing and explaining the
abiding basics of the field, Bloch also takes up issues regarding
policy (for example, full disclosure and government regulation)
that have arisen from the changes in the field and its enhanced
visibility with the public. In dealing with these issues, which
are to a large degree social issues, and similar topics which
inherently have no final resolution, Bloch deals indirectly with
criticisms the field has come under in recent years.
Bloch cites the familiar refrain "the more things change, the
more they remain the same" and then shows how this applies to
investment banking. With deregulation in the banking industry,
globalization, mergers among leading investment firms, and the
growing number of individuals researching and trading stocks on
their own, there is the appearance of sweeping change in
investment banking. However, as Inside Investment Banking shows,
underlying these surface changes is the efficiency of the market.

Anyone looking for an authoritative work covering in depth the
fundamentals of the field while reflecting both the interest and
concerns about this central field in the contemporary economy
should look to Bloch's Inside Investment Banking.
After time as an economist with the Federal Reserve Bank of New
York, Ernest Bloch was a Professor of Finance at the Stern School
of Business at New York University.





                            *********

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.


                 * * * End of Transmission * * *