---

        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

          Tuesday, February 5, 2019, Vol. 20, No. 025


                            Headlines


A L B A N I A

ALBANIA: S&P Affirms 'B+/B' Sovereign Credit Ratings


F R A N C E

KAPLA HOLDINGS: Moody's Affirms B1 CFR, Outlook Stable
KAPLA HOLDING: S&P Affirms 'B+' Ratings on Acquisition Plan


I R E L A N D

HARVEST CLO XXI: Moody's Assigns (P)B2(sf) Rating to Cl. F Notes


I T A L Y

PIETRA NERA: DBRS Confirms B (high) Rating on Class E Notes


N E T H E R L A N D S

EMBRAER NETHERLANDS: Moody's Reviews Ba1 Notes Rating for Upgrade


P O R T U G A L

ALTICE EUROPE: Prepares to Sell Stake in Portuguese Fiber Network
BANCO COMERCIAL: DBRS Assigns B (low) Rating, Trend Positive


S P A I N

FT PYMES SANTANDER 13: DBRS Confirms C Rating on Series C Notes


S W I T Z E R L A N D

SWISSAIR SWISS: 4th Interim Payment List Open for Inspection


T U R K E Y

BURJ AL BABAS: Wins Reprieve from Bankruptcy, Project to Continue


U N I T E D   K I N G D O M

FLYBE GROUP: Pensioners May Suffer if Virgin Takeover Bid Fails
FLYBE GROUP: Andrew Tinkler Intervenes in Stobart Takeover Plan
PATISSERIE VALERIE: Redundant Workers Fail to Get Final Pay


                            *********



=============
A L B A N I A
=============


ALBANIA: S&P Affirms 'B+/B' Sovereign Credit Ratings
----------------------------------------------------
On Feb. 1, 2019, S&P Global Ratings affirmed its 'B+/B' long- and
short-term sovereign credit ratings on Albania. The outlook
remains stable.

OUTLOOK

The stable outlook reflects S&P's view that Albania's economy
will expand by just under 4% over the next years; fiscal deficits
will remain limited; and gradually narrowing current account
deficits will predominantly be covered by solid foreign direct
investment (FDI) inflows over the next three to four years.

A period of sustainable economic growth, improvements in the
business environment, FDI inflows, and a reduction in the size of
the informal economy could lead to a positive rating action over
the next two years. S&P would consider taking a positive rating
action if fiscal consolidation strengthened beyond its base case
leading to a more pronounced downward trajectory for public debt,
or lower interest costs relative to government revenues.

S&P said, "In turn, we might take a negative rating action if we
observed material fiscal slippages, potentially resulting from
higher fiscal deficits or materialization of contingent
liabilities from PPP projects. We could also lower the rating if
we assessed that the monetary policy transmission mechanisms of
the Bank of Albania (BoA, the central bank) had weakened, for
example due to a more prolonged period of repressed credit
growth."

RATIONALE

The ratings are constrained by Albania's relatively weak
institutional framework; modest income levels; its large net
external liability position, resulting from persistent current
account deficits; still relatively high general government debt
burden, significant parts of which are either denominated in
foreign currency or short term in nature; and limited monetary
policy flexibility, owing to extensive euroization and high
informality. The ratings are supported by elevated growth rates,
bolstered by the favorable outlook for FDI as well as the
government's demonstrated commitment to fiscal consolidation
anchored by the enhanced fiscal framework (Organic Budget Law).

Institutional and Economic Profile: The government, undeterred by
a recent cabinet reshuffle, will pursue its structural reform
agenda, supporting economic growth

-- Despite the recent replacement of several cabinet members,
    S&P expects the government will move ahead with structural
    reforms, but delays in implementation are possible.

-- Strong aspirations of EU membership provide an anchor for
    institutional reforms, particularly regarding the judiciary.

-- The Albanian economy will expand by nearly 4% over the next
    years on the back of strong domestic demand and service
    exports.

S&P said, "We do not expect that the recent replacement of seven
ministers--the equivalent of half the cabinet--is indicative of
or will translate into a change in the current government's
policy direction. Our expectation is that the Socialist party --
the sole winner of the 2017 elections -- under Prime Minister Edi
Rama will ensure policy continuity and implement structural
reforms regarding the economy, public administration, and
particularly the judicial sector." These are anchored by the
government's efforts to prepare for potential EU accession. At
the same time, the reform momentum could slow over the coming
months as the new ministers assume their posts.

EU accession remains a political priority of the current
administration and will provide a policy anchor for the
government as it aims to fulfill requirements for EU membership.
The administration has already made efforts to enhance the rule
of law and combat the informal economy. Last year's Sofia
declaration determined that EU accession negotiations for Albania
will likely start in 2019. However, given strong sentiments in
specific EU countries against further geographic expansion of the
EU, S&P thinks that Albania's accession is unlikely before 2025.

More specifically, the strong EU membership aspirations also
spurred the government to pass the judicial reform last year,
which aims to create a more independent judiciary. The reform has
the potential to sustainably improve the country's business
environment, for example, by increasing the effectiveness of
property rights enforcement. The vetting body was established
last year and will progress with its assessments. S&P said,
"Currently, more than half of the judges evaluated have been
dismissed from their judiciary duty, and we view this as a strong
indication that these key reform efforts will be sustainable,
even though comprehensive reform and restructuring of the
judicial system will require more time." Further structural
reforms are necessary to strengthen Albania's still-weak
institutional framework, in our view. In general, the country has
a considerable shadow economy, with prevalent corruption and
constrained effectiveness of the rule of law.

S&P projects that Albania's formal economy will expand by an
average of 3.7% in real terms between 2019 and 2022, albeit still
from a relatively low level of development. A number of large-
scale investment projects have raised economic growth rates in
recent years, and will likely be completed in 2019. This includes
the Trans-Adriatic Pipeline (TAP), which will connect Albania
with Italy and the Caspian Sea, as well as the construction of a
hydropower plant. The completion of these projects will result in
higher production capacity of the energy sector. In addition, the
tourism sector posted very solid growth rates over the past two
years, and S&P sees clear development potential in this area. S&P
considers that strong domestic demand, with rising consumption,
will be a primary growth engine over the next years, also aided
by rising employment levels.

In the long term, reform implementation could support an improved
business environment and help the country to attract additional
FDI. This would help unlock Albania's economic potential, for
example in the areas of energy, agriculture, and tourism.
Ultimately, the country would also benefit from attracting FDI in
higher value-added sectors, such as business services and
information and communication technologies, and it has started to
do so, but from a low base.

Flexibility and Performance Profile: Public debt is on a downward
path, but monetary flexibility is still limited

-- S&P expects narrow fiscal deficits over the next years as the
    authorities are committed to the debt brake law.

-- High public debt remains a key credit risk, although the debt
    burden continues to gradually shrink.

-- Monetary policy effectiveness is constrained by high levels
    of euroization and shallow capital markets.

S&P said, "We expect Albania's fiscal performance will remain
relatively strong over our forecast horizon through 2022. The
country has outperformed its budget and our previous expectations
in the past year, and we note that Albania fiscally outperforms
its Western Balkan peers in the same rating category. This is a
result of the healthy growth outlook and the government's
adherence to the debt brake law. We forecast general government
deficits to average 2% of GDP annually over 2019-2022." Revenue
growth should remain solid on the back of strong economic
performance and coordinated tax mobilization efforts. That said,
the shadow economy continues to weigh on public revenues, and
sustainable improvement on revenue intake will hinge on
continuous improvements to tax administration and compliance. In
this respect, the implementation of a new property tax this year
could be instrumental.

The administration has shown stricter cost control than in
previous years, but specific downside risks remain. The
government is actively pursuing several PPP infrastructure
projects with local construction companies. While S&P
acknowledges high infrastructure needs for the country, the risk
framework governing these projects is currently not yet
sufficiently developed and many of these proposals remain
unsolicited tenders. Annual expenditures for PPP projects
currently stand at an estimated 2%-5% of government revenues, but
the full amount of potential financial risks for the
administration is impossible to evaluate.

S&P said, "Nevertheless, we expect that stronger overall fiscal
consolidation will lead the government's net debt stock to
decline to about 60% of GDP by the end of 2022. The authorities
are actively pursuing efforts to increase debt sustainability,
which is currently challenged by refinancing and foreign exchange
risks. The average maturity of debt, while increasing over the
past years, is still relatively short at 2.25 years. This is
particularly the case for domestically issued debt, about half of
which needs to be refinanced annually. About one-half of Albanian
government debt is denominated in foreign currency and unhedged,
bearing the risks of marked exchange rate fluctuations.
Additionally, Albania's banking sector still holds the largest
share of domestic debt, around one-quarter of banks' total
assets. While we see no borrowing constraints for the public
sector in the domestic market, the government will likely also
continue to look for opportunities to fund itself abroad at
longer maturities, especially given the successful placement of a
Eurobond last year at rather favorable terms. We expect that the
aforementioned risks will further abate as the government's debt
burden declines. In contrast to government statistics, we include
in the country's debt burden our assessment of unresolved
arrears, currently estimated at 1.5% of GDP.

"Although we expect the government will be the only significant
sector to issue external debt, Albania's external
vulnerabilities, reflecting large external financing needs and an
increasing stock of external liabilities, remain high. We have
revised down our estimate of the country's current account
deficits; we now expect that they will decline to 6.3% of GDP by
2022 from currently above 7.0%. These deficits also relate to
large-scale, import-intensive investment projects, which are
mostly foreign funded; the most important ones will likely
conclude in 2019. At the same time, the current account was
supported by buoyant receipts from the tourism sector and strong
remittance inflows (some 6%-7% of GDP annually) from Albanians
employed in the EU, namely in Italy and Greece. We expect net FDI
inflows will remain Albania's main external financing source for
current account deficits, particularly via large-scale investment
projects." For example, the TAP project, totaling EUR1.5 billion
(11% of GDP in 2018), has been executed over the past two years
and will likely be finalized by 2019.

While foreign liabilities have been rising, Albania's external
borrowings from abroad have traditionally been relatively low,
reflecting external funding constraints in the past and currently
very low willingness of the private sector to borrow abroad given
more favorable domestic funding conditions. S&P expects narrow
net external debt to remain close to a modest 9%-12% of current
account receipts (CARs) throughout its forecast horizon.
Nevertheless, Albania's large net external liability position,
which S&P expects will be above 120% of CARs from 2020, still
exposes the country to a change in investor sentiment should FDI
flows stop or even reverse.

S&P said, "We observe continued consolidation in the financial
sector as subsidiaries of Greek banks are withdrawing from the
market. Veneto Bank's subsidiary will be acquired by fellow
Italian bank Intesa Sanpaolo's subsidiary and Societe Generale
Albania will be acquired by Hungarian banking group OTP. We do
not consider these developments indicative of a broader trend of
foreign banks leaving the market, since exiting banks represent
only a minor share of the financial sector and more sizable
foreign banks show no indication of significant disinvestments."

At the same time, banks have reduced the share of nonperforming
loans (NPLs) on their balance sheet to below 12%, largely due to
write-offs. Despite still-high disparities between financial
institutions, this represents a pronounced decrease from the 25%
peak in September 2014. This has not caused financial stress due
to banks' sufficient provisioning and generally high liquidity.
With a reported average tier-1 ratio of 16%-17% for the banking
system, overall capitalization remains well above minimum
requirements.

The deposit-funded financial sector has strengthened its position
as a net external creditor. The steady rise of the financial
sector's net foreign assets -- partly reflecting high
liquidity -- illustrates Albania's limited lending opportunities
and banks' low risk appetite in recent years. Even when
considering the impact of NPL write-offs on overall credit growth
figures of the economy, new credit growth remains subdued. S&P
expects growth of domestic credit will trail nominal GDP growth
over our forecast horizon.

Shallow capital markets and extensive euroization of the
financial system further impair the effectiveness of Albania's
monetary policy, as is the case for several economies across the
region. BoA's de-euroization strategy has resulted in a decrease
of euro-denominated credits, but deposits in foreign currencies
will likely remain above 50% of total deposits through 2021 based
on high euro inflows. Loans in foreign currencies have been
decreasing in recent years, and S&P expects that they will remain
below 50% of total loans in the coming years, given the BoA's
strong policy focus on containing foreign-currency lending and a
relatively large stock of euro-denominated NPLs.

S&P still considers the BoA's exchange rate regime more stable
than peers' in the same rating category. The Albanian lek remains
a generally free-floating currency, and S&P expects exchange rate
interventions by the central bank will remain intermittent and
limited. The BoA has generally remained tolerant to the
continuous upward pressure on the lek relative to the euro for
the past several years, but decided to actively intervene in the
market as a response to turbulences in the foreign exchange
market in the second quarter of last year. However, this did not
break the generally appreciating trend of the lek relative to the
euro last year.

The central bank's policy rate now stands at a historically low
1%. Despite its very accommodative monetary policy, BoA's track
record of meeting its inflation targets remains relatively
limited over the past years. In the absence of stronger-than-
anticipated lek depreciation, S&P projects inflation will likely
remain closer to 2% in the foreseeable future and not reach the
3% target rate before 2023.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision. After the primary analyst gave opening remarks and
explained the recommendation, the Committee discussed key rating
factors and critical issues in accordance with the relevant
criteria. Qualitative and quantitative risk factors were
considered and discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Albania
   Sovereign Credit Rating                B+/Stable/B
   Transfer & Convertibility Assessment   BB
   Senior Unsecured                       B+


===========
F R A N C E
===========


KAPLA HOLDINGS: Moody's Affirms B1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family rating
and B1-PD Probability of Default Rating for KAPLA HOLDING S.A.S.
Concurrently, Moody's has affirmed the B1 instrument ratings on
the EUR820 million senior secured term loan B (including the
fungible EUR150 million add-on) and EUR120 million senior secured
revolving credit facility raised by KAPLA HOLDING S.A.S. The
outlook for all the ratings is stable.

Proceeds from the EUR150 million add-on to term loan B will be
used to repay the EUR34 million drawings under the RCF and to
fund the company's pipeline of planned acquisitions. Although the
add-on will initially increase Moody's adjusted gross leverage to
c.4.5x from 4.1x as at LTM November 2018, Moody's expects
leverage to decrease to the current level once the acquisitions
have been made. In the meantime the acquisition cash will stay on
balance sheet and therefore net leverage will remain stable.

RATINGS RATIONALE

Kiloutou's B1 CFR with a stable outlook is supported by (1) its
#2 market position in France with 14% market share and strong
barriers to entry due to its dense branch network and broad
selection of equipment; (2) its good growth prospects due to
industry growth driven by continued recovery pressure and
increased rental penetration in France as well as in its other
countries of operation; (3) the company's continued international
expansion plan as it will diversify the business away from France
which represents approximately 87% of revenues based on October
YTD 2018, and; (4) Kiloutou's mix of end-markets and customers
which favour a high proportion of smaller tool rental (c. 23% vs
market 19%) which is more resilient in a downturn.

Conversely, the rating remains constrained by (1) the company's
exposure to cyclical and seasonal construction and civil
engineering end markets and resulting revenue volatility; (2) the
capital intensive nature of the business and its impact on cash
flow generation, although Moody's expects the company to be able
to offset this risk by turning off capex during shorter
downturns, and; (3) Kiloutou's ambitious expansion plan involving
capex and acquisitions which involves execution risk; (4) the
leverage of 4.1x (LTM October 2018) is moderately high for this
industry and rating category, and apart from a temporary increase
to 4.5x because of the add-on transaction Moody's expects
leverage to return to around 4x over the next 24 months supported
by the contribution of acquisitions, growth of existing stores,
and the opening of new branches.

Liquidity Profile

Moody's considers Kiloutou's liquidity to be adequate based on a
certain level of capex flexibility, a history of maintaining
positive EBITDA-capex through the cycle and a EUR120 million RCF
which will be undrawn when the EUR150 million add-on transaction
has completed. Supporting liquidity through the projection period
is the maturity profile of the RCF and term loan (5.5 years and 6
years respectively) which do not require any amortisation before
the first principal repayment which is due in 2024. As part of
the senior documentation, the revolving credit facility contains
a leverage covenant which is considered unlikely to be breached
in the near term.

Structural considerations

Kiloutou's debt capital structure comprises a EUR820 million
senior secured Term Loan B (including the EUR150 million add-on),
and a EUR120 million RCF. The B1-PD is at the same level as the
CFR, reflecting the use of a 50% recovery rate as is typical for
transactions including senior secured bank debt with minimal
financial covenants. The senior term loan and revolving credit
facility rank pari passu and carry the same B1 rating as the CFR.
The capital structure also includes a shareholder loan which has
been treated as equity under Moody's hybrid equity credit
methodology published in January 2017.

Rating outlook

The stable outlook includes its expectation that Moody's adjusted
leverage will reduce to the underlying level of around 4x when
the contemplated acquisitions have been completed. It also
includes its expectation for continued moderate growth and
increased rental penetration in the company's countries of
operation, and assumes that the company will not execute any
major debt-funded acquisitions or shareholder distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Whilst unlikely in the near term, upward pressure on the rating
could occur over time if the company achieved a reduction in
Moody's adjusted leverage towards 3.0x on a sustainable basis and
successfully achieved further international diversification
whilst maintaining an adequate liquidity profile.

Downward pressure in the rating could occur if (1) the conditions
for a stable outlook were not maintained; (2) adjusted leverage
was maintained at or above 4.5x on a sustained basis, or if (3)
liquidity deteriorated.

LIST OF AFFECTED RATINGS

Issuer: KAPLA HOLDING S.A.S.

Affirmations:

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.


KAPLA HOLDING: S&P Affirms 'B+' Ratings on Acquisition Plan
-----------------------------------------------------------
Kapla Holding (Kiloutou) is issuing a EUR150 million add-on to
its EUR670 million term loan B in order to pre-fund several
acquisitions in 2019, and refinance drawings under its revolving
credit facility. S&P thinks EBITDA contribution from acquired
entities will offset this additional debt, and anticipate
marginally weaker pro-forma leverage ratios in 2019 and 2020 than
it previously forecasts.

S&P Global Ratings therefore affirms its 'B+' ratings on Kiloutou
and its senior secured debt, and raising its recovery rating on
the debt to '3' from '4'.

S&P said, "We are affirming the ratings following Kiloutou's
announcement that it plans to make sizeable acquisitions over
2019, partly pre-funded via a EUR150 million add-on to its
existing term loan B that will increase to a total EUR820
million.

We understand that Kiloutou may spend up to about EUR250 million
on acquisitions in 2019, with two thirds of acquisitions in the
advanced stages of negotiation and the remaining likely taking
place during the summer. The bulk of acquisitions will be outside
of France, but in countries where the group is already present.
This will therefore strengthen Kiloutou's international footprint
and increase its international sales to 24% from 10% currently.
We expect acquired companies will contribute slightly over EUR100
million to the group's revenues."

At the same time, the group will also make several acquisitions
in France, where it intends to further consolidate its market
position as the second largest player after Loxam.

S&P said, "We don't expect Kiloutou's credit metrics will weaken
materially as a result of these acquisitions and increased debt
balance. We project funds from operations (FFO) to debt at close
to 18%, and debt to EBITDA of 4.6x in 2019 on a pro-forma basis,
quite comparable with our previous expectations. We note that the
industry's acquisition multiples are generally quite low,
averaging 4.5x-5.5x excluding the potential benefit from
synergies.

"Furthermore, we think that Kiloutou's EBITDA could rise by 20%,
thereby offsetting the debt increase. Under our revised forecast,
we anticipate pro-forma EBITDA of about EUR280 million in 2019,
rising sharply from the EUR227 million anticipated for 2018 (on a
reported basis, excluding S&P Global Ratings' adjustments). Also,
given the acquired entities stronger profitability, we estimate
that Kiloutou's EBITDA margin could improve by at least 100 basis
points pro forma in 2019.

"Over 2018, Kiloutou significantly increased its investment
capital expenditure (capex), which we estimate at about EUR217
million for the full year, or slightly more than 30% of total
sales. Assuming supportive economic growth in 2019 and continued
albeit slowing demand from the construction industry, we
anticipate capex will account for 30% of Kiloutou's revenue,
resulting in negative double-digit free operating cash flow
(FOCF). We include in our forecast some softening in the
construction end-market from late 2019 and 2020, and anticipate
that Kiloutou will reduce its investment spending to weather
market conditions, but still expect the company will expand at
organically a low single-digit rate. We project that reducing
capex will enable the company to generate positive FOCF in 2020.
We note that the group's maintenance capex is about EUR110
million.

"We expect Kiloutou will continue to expand externally and will
spend up to EUR50 million per annum on future acquisitions. We
see limited integration risks given the moderate size of acquired
companies and the group's solid track record of external growth.
Over the past eight years, Kiloutou has acquired more than 30
companies for roughly half a billion euros. Having said that, we
note that repeated acquisitions, especially if they are sizable,
may hamper the company's ability to restore its credit metrics as
quickly as we anticipate. A protracted period of mismatch between
higher debt that is not sufficiently offset by higher earnings,
could weigh negatively on our financial risk profile assessment.

"The stable outlook reflects our expectation that Kiloutou will
successfully integrate new companies and benefit from a stronger
earnings base and somewhat higher profitability, with an expected
reported EBITDA margin of 33%-34%. We assume Kiloutou will
moderate the pace of future acquisitions in a way that avoids a
meaningful imbalance between rising debt and earnings. We project
FFO to debt will stay at 12%-20%, and debt to EBITDA below 5.0x
in 2019-2020.

"We might consider lowering the ratings if the company
demonstrated weaker results amid unfavorable market conditions,
and if it burned sizeable cash in the absence of timely capex
reduction. Credit metrics such as FFO to debt of less than 12%
and debt to EBITDA exceeding 5x for a prolonged period with no
prospects of recovery, would negatively weigh on the ratings. If
the company continued to make sizeable acquisitions that led to
significant debt build up, and its leverage metrics were
consistently weaker than our expectations, we could lower the
ratings.

"We might raise the ratings if Kiloutou achieved and sustained
stronger credit metrics, with FFO to debt above 20% and debt to
EBITDA below 4.0x. This could result from debt reduction,
combined with a better-than-anticipated operating performance."


=============
I R E L A N D
=============


HARVEST CLO XXI: Moody's Assigns (P)B2(sf) Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Harvest
CLO XXI DAC:

EUR 1,500,000 Class X Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR 216,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR 30,000,000 Class A-2 Senior Secured Fixed Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR 39,000,000 Class B Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR 27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)A2 (sf)

EUR 24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Baa3 (sf)

EUR 24,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Ba2 (sf)

EUR 9,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2032. The provisional ratings 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 ("Investcorp"), has sufficient experience
and operational capacity and is capable of managing this CLO.

Harvest CLO XXI 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 4.0% of the portfolio may consist of
unsecured obligations, second-lien loans, mezzanine loans and
high yield bonds. The portfolio is expected to be approximately
85-90% 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 four and a half 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 will issue EUR 38,100,000 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.

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: 45

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 8.5 years


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


PIETRA NERA: DBRS Confirms B (high) Rating on Class E Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the following classes
of Commercial Mortgage-Backed Floating-Rate Notes Due November
2027 (the notes) issued by Pietra Nera Uno S.R.L. (the Issuer):

-- Class A Notes at AA (low) (sf)
-- Class B Notes at A (low) (sf)
-- Class C Notes at BBB (low) (sf)
-- Class D Notes at BB (sf)
-- Class E Notes at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the transaction's overall stable
performance since issuance.

The Issuer is a securitization of three senior commercial real
estate loans and two pari passu-ranking capex facilities advanced
to four Italian borrowers that are ultimately owned and managed
by Blackstone (the Sponsor). As of the November 2018 interest
payment date (IPD), the aggregate loan balance was EUR 403.8
million, the same as issuance. This is because all three loans
have a two-year interest only (IO) period, with three one-year
extension options, subject to certain conditions.

The collateral consists of four retail properties (with the
Fashion district having two retail properties serving as
collateral) located throughout Italy totalling EUR 541.25
million, representing a weighted-average (WA) loan-to-value (LTV)
ratio of 74.6%, the same as at issuance. The assets are three
regional outlets and one regionally dominant shopping center
located in Mantuna (northern Italy), Valdichiana (central Italy),
Molfetta and Palermo (southern Italy), respectively.

As of the November 2018 IPD report, the projected annual gross
rental income (GRI) was reported at approximately EUR 37.6
million compared to EUR 37.9 million GRI at issuance. These
figures do not include turnover rent which was reported at EUR
3.42 million at issuance. Expenses according to the same November
2018 IPD report were reported at EUR 3.3 million over the past 12
months. This is a significant decrease from the irrecoverable
expenses of EUR 4.9 million reported at issuance. The decrease in
expenses has led to increased net operating income across all
three loans with a WA debt yield of 9.4% compared with the day
one debt yield at issuance of 9.0%. The loans benefit from a
granular income stream with the top ten tenants for each property
representing between 21.2% and 43.0% of gross rent at the
properties. The largest tenant is UCI Sud S.r.L. (operating as
UCI cinemas), which represents 4.0% of the GRI in the transaction
(16.5% of gross rent at the Molfetta property and 4.9% of rent at
the Palermo property). The tenant has two long-term leases with
expirations in July 2025 at the Molfetta property and May 2035 at
the Palermo property and has no scheduled break options. The
second-largest tenant, Coop Allenza 3.0 Soc. Coop., is an Italian
grocery chain (operating as Ipercoop) and represents
approximately 3.6% of gross rent for the entire transaction (8.5%
of GRI of the Palermo loan), with a lease expiration in November
2039. The tenant does have break options throughout the lease
term, with the next break option scheduled in November 2019.
Because of these break options, at issuance DBRS applied
additional stress in its vacancy assumption to reflect for the
possibility of Ipercoop vacating. Additionally, the sponsor noted
that if Ipercoop downsized its space it would be considered an
opportunity to increase rental income at the property with
several tenants interested in the space.

At issuance, DBRS noted the relatively short weighted-average
lease terms for the Fashion District, Palermo and Valdichiana
loans of 4.45 years, 7.0 years, and 3.7 years, respectively,
compared with the November 2018 IPD of 4.0 years, 6.5 years and
3.8 years, respectively. The current occupancy has improved at
three of the four properties, with occupancy decreasing only
slightly at the Valdichiana property from 96.4% at cut-off to
94.5% as of the November 2018 IPD report. However, the occupancy
figures reported in the November 2018 IPD report do not reflect
the Phase II section of the Molfetta property. If it were to be
included in the occupancy calculation, occupancy would be
approximately 74.0% compared with the current occupancy, which
was reported at 91.4%. The EUR 6.5 million capex facility was to
be used to complete Phase II with a scheduled completion date of
year-end 2018; however, according to the November 2018 IPD
servicer report, the Phase II is still presumed to be vacant.

Notes: All figures are in euros unless otherwise noted.


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


EMBRAER NETHERLANDS: Moody's Reviews Ba1 Notes Rating for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the Ba1 rating of Embraer
S.A's senior unsecured notes under review for upgrade. Embraer's
Ba1 corporate family rating remains unchanged. The review follows
the agreement between Embraer and The Boeing Company ("Boeing",
A2 stable) to create a joint-venture focused on commercial
aviation containing Embraer's commercial aviation and services
segments. Boeing will control and consolidate the JV with a 80%
stake while Embraer will keep the remaining 20% stake after
transferring assets and liabilities related to its commercial
aviation business to the JV.

Ratings placed under review for upgrade:

Issuer: Embraer S.A.

$500 million global senior notes due 2022: Ba1 -- under review
for upgrade

Outlook, changed to rating under review from stable

Issuer: Embraer Netherlands Finance BV

$1,000 million global senior notes due 2025 guaranteed by Embraer
S.A.: Ba1 -- under review for upgrade

Outlook, changed to rating under review from stable

Issuer: Embraer Overseas Limited

$500 million ($163 million outstanding) senior notes due 2020
guaranteed by Embraer S.A.: Ba1 -- under review for upgrade

$541 million global senior notes due 2023 guaranteed by Embraer
S.A.: Ba1 -- under review for upgrade

Outlook, changed to rating under review from stable

The company's Corporate Family Rating is unchanged:

Issuer: Embraer S.A.

Corporate Family Rating: Ba1, Stable Outlook

RATINGS RATIONALE

The review for upgrade of the senior unsecured notes is a
consequence of the agreement between Embraer and Boeing to create
JV focused on the commercial aviation segment and the expectation
that the senior unsecured notes will be transferred to the JV.
Embraer will contribute its assets and liabilities related to the
commercial aviation business into the new entity, including the
senior unsecured notes issued by Embraer or its subsidiaries and
guaranteed by Embraer.

If the transaction is concluded as planned, Boeing will own and
consolidate 80% of the JV, which will significantly improve the
credit quality of the unsecured notes, even if a formal guarantee
is absent. Accordingly, the review may lead to a multi-notch
upgrade of the senior unsecured notes.

During the review, Moody's will monitor the next steps until the
formal completion of the transaction, including the approvals
from Embraer's shareholders and anti-trust authorities. The
companies expect that the transaction will be concluded by the
end of 2019. Brazil's government recently approved the deal by
not exercising the veto rights from its golden share on Embraer.

Embraer's Ba1 CFR remains unchanged. Despite the smaller size and
higher product concentration after the sale of its commercial
aviation segment, its credit metrics will improve materially. The
company's leverage will decrease significantly because most of
its outstanding indebtedness is comprised by the senior unsecured
notes that will be transferred to the JV. If the deal is closed
as expected liquidity will also improve as the company expects to
retain around $1.4 billion in cash from the $3.0 billion in net
proceeds. Embraer will also receive a put option for its
remaining 20% stake in the JV valued at around $1.0 billion or
more. The companies have also agreed to the terms of another JV
to promote and develop new markets for the multi-mission medium
airlift KC-390. Under the terms of this proposed partnership,
Embraer will own a 51% stake in the joint venture, with Boeing
owning the remaining 49%.

The stable outlook on Embraer's Ba1 CFR takes into consideration
the expectation of a decrease in leverage and strong liquidity
that will result in negative net debt as well as synergies that
will be extracted from the partnerships with Boeing when the
transaction is closed.

The rating on Embraer's CFR could be downgraded if after the
conclusion of the transaction its liquidity and leverage are
worse than previously expected as a consequence of a weaker
business model or less conservative financial policies.

An upgrade on Embraer's CFR is unlikely in the medium term. Over
a longer term horizon, the rating could be upgraded if the
company is able to improve margins in the executive aviation
business and the KC-390 JV is successful in leveraging the new
aircraft sales. Accordingly, an upgrade would require Embraer to
enter into a route of sustained revenue growth and strong
operating profit margins while maintaining strong liquidity, low
leverage and conservative financial policies.

Embraer is the leading manufacturer of commercial jet up to 150
seats, with a growing defense and security segment, and a line of
business jets including new types for the medium-light and
medium-sized segments. Founded in 1969 by the Brazilian federal
government and privatized in 1994, Embraer is headquartered in
Sao Jose dos Campos, Brazil. Embraer generated about $4.8 billion
in net revenue for the 12 months ended September 30, 2018.

The Boeing Company is a leading large commercial airplane
manufacturer and a prime contractor to the US Department of
Defense for aircraft, weapons and related systems. The company
operates through three principal business segments: Commercial
Airplanes (BCA), Defense, Space & Security (BDS), and Global
Services (BGS). Headquartered in Chicago, Illinois, Boeing
reported approximately $96 billion of revenue (excluding BCC) for
the 12 months ended September 30, 2018.

The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.


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


ALTICE EUROPE: Prepares to Sell Stake in Portuguese Fiber Network
-----------------------------------------------------------------
Pamela Barbaglia at Reuters reports that debt-burdened telecom
carrier Altice Europe is gearing up to sell a stake in its
high-speed fiber network business in Portugal, sources familiar
with the matter said, with an auction process expected to kick
off within a fortnight.

According to Reuters, the three sources said the group, whose
founder is billionaire Patrick Drahi, has hired Lazard to sound
out potential bidders including U.S. funds KKR and Morgan Stanley
Infrastructure Partners.

Other possible bidders include investment funds Ardian, Macquarie
Group and I Squared Capital which tried to buy a stake in
Altice's French cable unit last year but lost to a consortium of
Allianz Capital Partners, AXA Investment Managers and OMERS
Infrastructure, Reuters discloses.

The sources said information packages on the Portuguese network
are expected to be dispatched in the next couple of weeks
detailing how Altice will split costs and margins between its
telecom services division and cable network in Portugal, Reuters
relates.

Altice is restructuring to revive its fortunes after growing
rapidly in recent years through a series of acquisitions, Reuters
states.

Mr. Drahi needs to regain market confidence after a steep fall in
Altice's share price heightened concerns about its ability to
repay its EUR30 billion of debt, Reuters notes.


BANCO COMERCIAL: DBRS Assigns B (low) Rating, Trend Positive
------------------------------------------------------------
DBRS Ratings GmbH has assigned a B (low) rating to the Additional
Tier One (AT1) Instruments of Banco Comercial Portugues, S.A.
(BCP or the Bank). The trend is Positive, in line with the trend
of the Bank's Issuer Rating.

In assigning the B (low) rating to the AT1 Instruments, five
notches below the Bank's Intrinsic Assessment (IA) of BB (high),
DBRS highlights that the AT1 obligations are deeply subordinated
and constitute the most junior debt instruments of the Bank. They
are perpetual in tenor and can be written down in part or in full
if the Issuer or Regulator determines there is a Trigger Event.
The trigger level for write-downs is set at a minimum CET1 ratio
for BCP of 5.125%. While the instruments can be written up in
part or in full at the full discretion of the Bank, there are
conditions for positive and distributable net income which need
to be met. BCP can cancel interest payments on the AT1
Instruments in part or in total and, under some circumstances,
may be required to cancel interest payments.

The AT1 B (low) rating is five notches below BCP's IA of BB
(high) and considers both the probability of the Bank tripping
the capital trigger, as well as expected recovery levels. The
notching from the IA for such instruments can range between 3
notches and more than 6 notches. In the case of BCP, the notching
takes into consideration the sizeable buffer of 6.675% between
the 5.125% trigger point and the Bank's 11.8% fully loaded CET1
ratio (or 8.8% minimum CET1 % under the ECB SREP 2018). On the
other hand, the notching also takes into account the risks
captured in the Bank's IA, given the large stock of NPEs which
corresponded to approximately 12.3% of total gross loans (or
6.0%, net of provisions) as of end-September 2018. For more
detail on DBRS's approach, see Global Methodology for Rating
Banks and Banking Organizations (July 2018).

RATING DRIVERS

The rating of the AT1 Instruments will generally move in line
with the IA which is at the same level of the Issuer Rating at BB
(high).
The ratings of BCP could be upgraded if the Bank continues to
reduce NPLs at a meaningful rate and to improve profitability in
Portugal, through core revenue growth and lower cost of risk.
Negative rating pressure could arise if there is a significant
deterioration in asset quality and capital, and the Trend could
also return to stable if the Bank is unable to deliver planned
reductions in NPLs.

Notes: All figures are in EUR unless otherwise noted.


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


FT PYMES SANTANDER 13: DBRS Confirms C Rating on Series C Notes
---------------------------------------------------------------
DBRS Ratings GmbH took rating actions on the Notes issued by FT
PYMES Santander 13 (the Issuer) as follows:

-- Series A Notes upgraded to A (high) (sf) from A (sf)
-- Series B Notes upgraded to B (high) (sf) from CCC (high) (sf)
-- Series C Notes confirmed at C (sf)

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date. The ratings of the Series B and C
Notes address the ultimate payment of interest and principal on
or before the legal final maturity date.

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

   -- Portfolio performance, in terms of delinquencies and
defaults, as of the November 2018 payment date.

   -- Portfolio default rates, recovery rates and expected loss
assumptions for the remaining collateral pool.

   -- The credit enhancement (CE) available to the Series A and
Series B Notes to cover the expected losses at their respective
rating levels.

The Series C Notes were issued for the purpose of funding the
reserve fund and are in the first loss position and, as such, are
highly likely to default.

Given the characteristics of the Series C Notes as defined in the
transaction documents, the default most likely would only be
recognized at the maturity or early termination of the
transaction.

The Issuer is a cash flow securitization collateralized by a
portfolio of bank loans originated and serviced by Banco
Santander S.A. (Santander), to self-employed individuals and
small and medium-sized enterprises (SMEs) based in Spain.

PORTFOLIO PERFORMANCE

The portfolio is performing within DBRS's expectations. As of
November 2018, the 90+ delinquency ratio was at 0.67% and the
cumulative default ratio was at 0.06%.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis on the remaining pool and
updated its default rate and recovery assumptions. The base case
probability of default (PD) has been maintained at 3.6%.

CREDIT ENHANCEMENT

The CE available to Series B and C Notes continues to increase as
the transaction deleverages. The Series C Notes funded the
Reserve Fund and hence do not benefit from CE. The CE consists of
the overcollateralization provided by the outstanding collateral
portfolio and includes the Reserve Fund. As of the November 2018
payment date, the CE available to the Series A Notes and Series B
Notes was 35.0% and 8.1%, respectively.

Santander acts as the Account Bank provider for the transaction.
Based on the DBRS's Long Term Issuer Rating of Santander at A
(high), DBRS considers the risk arising from the exposure to
Santander to be consistent with the rating assigned to the Series
A Notes, as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology. Considering the
replacement triggers, the A (high) rating of the Series A Notes
is not fully delinked from the creditworthiness of the Account
Bank. DBRS notes that a downgrade of the Account Bank Long Term
Issuer Rating by one notch, ceteris paribus, would likely lead to
a downgrade of the Series A Notes to A (sf).

Notes: All figures are in euros unless otherwise noted.


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


SWISSAIR SWISS: 4th Interim Payment List Open for Inspection
------------------------------------------------------------
The provisional distribution list for the fourth interim payment
in the debt restructuring proceedings with assignment of assets
concerning Swissair Swiss Air Transport Company Ltd., in debt
restructuring liquidation, Balz Zimmerman-Strasse, 8302 Kloten,
will be open to inspection by creditors concerned between
January 30, 2019, and February 11, 2019, at the offices of the
liquidator, Karl Wuethrich, attorney-at-law, Wenger Plattner,
Goldbach-Center Seestrasse 39, 8700 Kuesnacht.  For inspection,
please call the hotline +41 43 222 38 50 to arrange an
appointment.

Appeals against the provisional distribution list must be lodged
with the District Court of Buelach, supervisory authority for
debt enforcement and bankruptcy, Spitalstrasse 13, P.O. Box, 8180
Buelach, within ten days of the list's publication, i.e. by
February 11, 2019 (date of postmark of a Swiss post office).  If
no appeals are lodged, the fourth interim payment will be made as
provided for in the provisional distribution list.


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


BURJ AL BABAS: Wins Reprieve from Bankruptcy, Project to Continue
-----------------------------------------------------------------
Yesim Dikmen and Ezgi Erkoyun at Reuters report that a half-built
Turkish residential development of hundreds of mini-castles won a
reprieve from bankruptcy on Feb. 1 when creditors voted to allow
a construction company to complete work on the project.

The Burj al Babas project, set among hills about 200 km (120
miles) east of Istanbul, was conceived as a luxury housing
development with row upon row of identical cream-coloured homes,
shaped like chateaus with grey turrets and all built around a
shopping mall and hotel, Reuters discloses.

But delays in obtaining construction permits pushed up building
costs as the falling lira drove up prices of building materials,
Reuters notes.  The company -- like other construction firms in
Turkey -- felt the pain of a weak currency and rising interest
rates, Reuters states.

Work at the resort was halted last year before all 732 homes were
completed, and the company was declared bankrupt, Reuters
recounts.

On Feb. 1 a majority of creditors of the firm, Burj al Babas,
voted for it to continue building at the complex in the town of
Mudurnu, using company capital and assets, company lawyer Ozgur
Yanar told Reuters.

Not all the would-be castle owners were satisfied, however,
Reuters relays.

According to Reuters, a Kuwaiti lawyer representing purchasers of
more than 70 castles said the company had failed to keep promises
to buyers, who were not convinced it would complete the
construction.


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


FLYBE GROUP: Pensioners May Suffer if Virgin Takeover Bid Fails
---------------------------------------------------------------
Oliver Gill at The Telegraph reports that Flybe pensioners could
face financial ruin if a rescue takeover led by Virgin Atlantic
falls through, after it emerged that the airline's retirement
fund is not protected by Britain's pension lifeboat.

According to The Telegraph, some GBP170 million of benefits owed
to 1,350 members of the British Regional Airlines Group pension
scheme may be wiped out if the Exeter-based airline failed
because Flybe's pension fund is registered in the Isle of Man,
rather than the UK.

This means scheme members are not entitled to payments from the
Pension Protection Fund (PPF) in the event of an insolvency, The
Telegraph states.  Flybe had a GBP11.6 million pension shortfall
in November 2018, The Telegraph discloses.


FLYBE GROUP: Andrew Tinkler Intervenes in Stobart Takeover Plan
---------------------------------------------------------------
Josh Spero at The Financial Times reports that the battle that
raged last summer between the Stobart Group's former chief
executive and its board reignited over the weekend as Andrew
Tinkler intervened in Stobart's planned takeover of UK
airline Flybe.

According to the FT, Mr. Tinkler had made a "very preliminary,
short and highly conditional outline contingency proposal" for a
capital injection into Flybe, the ailing regional carrier,
announced on Feb. 2.

Stobart, Virgin Atlantic and an investment firm, which have
formed a consortium called Connect Airways, are trying to
complete a 1p-a-share takeover of Flybe's operations, the FT
discloses.  Connect has already put GBP15 million into Flybe as
part of its deal, with another GBP85 million promised, to keep
the airline running, the FT notes.

After the sale was announced in January, Mr. Tinkler bought 12%
of Flybe's shares, and he has since supported an effort by
another leading shareholder -- Hosking Partners -- to oust
chairman Simon Laffin and replace him with Eric Kohn, a corporate
financier, the FT recounts.

Flybe said on Feb. 4 that it would hold a shareholder vote on the
request by Hosking Partners to oust Mr. Laffin as chairman, the
FT relates.
Flybe, the FT says, has been struggling with cash flow as its
credit card acquirers -- companies that process customers'
payments -- had imposed tougher requirements on the airline,
withholding cash as collateral in case the airline found itself
unable to pay.

                           About Flybe

Flybe Group PLC -- https://www.flybe.com/ -- operates regional
airline in Europe.  The Company operates in two segments: Flybe
UK, which comprises the Company's main scheduled United Kingdom
domestic and the United Kingdom-Europe passenger operations and
revenue ancillary to the provision of those services, and Flybe
Aviation Services (FAS), which focuses on providing aviation
services to customers, largely in Western Europe.  The FAS
supports Flybe's United Kingdom activities, as well as serving
third-party customers.


PATISSERIE VALERIE: Redundant Workers Fail to Get Final Pay
-----------------------------------------------------------
BBC News report that staff made redundant by Patisserie Valerie
have not been paid for their final month's work.

Up to 900 staff members lost their jobs in January when
administrators KPMG closed 70 of the cafe chain's outlets, BBC
recounts.

They must now apply to the government for redundancy and
statutory notice pay, which may take up to six weeks, BBC
discloses.

According to BBC, a spokesperson for KPMG said it was "providing
them with support, including assisting with claims to the
Redundancy Payments Service."




                            *********

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 2019.  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 * * *