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

                          E U R O P E

          Thursday, February 28, 2019, Vol. 20, No. 43

                           Headlines



C Z E C H   R E P U B L I C

CENTRAL EUROPEAN MEDIA: S&P Affirms B+ Rating on Deleveraging


F R A N C E

REXEL SA: S&P Assigns BB- Rating to New EUR600MM Sr. Unsec. Notes


G E R M A N Y

AIRLINE GERMANIA: Administrator in Talks for Possible Takeover


G R E E C E

GREECE: Economic Reform Delay Raises Creditor Concern


I R E L A N D

JEPSON 2019-1: S&P Assigns Prelim B- Rating to Class G-dfrd Notes
JEPSON RES 2019-1: DBRS Assigns Prov. B Rating on 2 Note Classes


I T A L Y

ALITALIA-LINEE: Real Estate Binding Offers Deadline April 10
ITALY: Massive Public Debt Poses Risks for Other EU Countries
SOCIETA ITALIANA: Administrators Call for Expressions of Interest


L U X E M B O U R G

MILLICOM INTERNATIONAL: Moody's Affirms Ba1 CFR, Outlook Stable


N E T H E R L A N D S

NOURYON HOLDING: S&P Assigns B+ ICR, Outlook Stable


P O R T U G A L

BANCO MONTEPIO: Fitch Cuts LT Sr. Unsec. Debt Rating to B-, Off RWN


U N I T E D   K I N G D O M

CAPRI ACQUISITIONS: S&P Affirms B- ICR, Outlook Stable
P R SCULLY: Doorway Rescues Firm Out of Voluntary Arrangement
PLAYTECH PLC: S&P Rates New EUR350MM Senior Secured Notes BB
PRESSROOM PLUS: Enters Administration Following Financial Woes

                           - - - - -


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C Z E C H   R E P U B L I C
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CENTRAL EUROPEAN MEDIA: S&P Affirms B+ Rating on Deleveraging
-------------------------------------------------------------
Central European Media Enterprises Ltd. (CME) demonstrated robust
deleveraging in 2018, and S&P expects the group to deleverage
further to adjusted debt to EBITDA of 3.0x-3.3x in 2019 from 3.7x
in 2018.

S&P Global Ratings is therefore affirming CME at 'B+'.

The affirmation reflects S&P's view that CME's credit quality has
improved on a stand-alone basis. CME reduced its financial debt by
more than $280 million (and $312 million when including previously
pay-in-kind guarantee fees) in 2018 using its generated cash flows,
proceeds from a warrant exercise, and proceeds from disposal of its
business in Croatia. As a result, its S&P Global Ratings-adjusted
debt-to-EBITDA ratio declined to 3.7x in 2018 from above 6.0x in
2017. The group reduced its interest payments in 2018 following the
repricing of its guarantee fees in April 2018, the debt repayments,
and lower borrowing costs due to deleveraging.

In January 2019 CME prepaid EUR60 million ($69 million) of its
outstanding term loan due in 2021. S&P said, "We assume that CME
will use the majority of its reported free operating cash flow in
2019 to further prepay this instrument, translating to a decline in
its adjusted leverage to 3.0x-3.3x by end-2019, as per our base
case. We understand that CME plans to reduce its gross leverage and
net leverage ratios (as the company reports) further reaching about
2.75x and 2.50x, respectively, by end-2019. We estimate that the
company's 2.5x net leverage target ratio would be equivalent to
2.9x as adjusted by S&P Global Ratings. We note that the amended
debt agreements from April 2018 allow CME to start paying dividends
when it has achieved the gross leverage of 2.75x."

S&P's rating on CME incorporates its view of the risk that the
anticipated improvement in credit metrics is not sustainable in the
long term because of potential earnings and cash flows volatility
due to cyclicality of TV advertising markets and the
still-unestablished financial policy with publicly stated leverage
targets.

Warner Media LLC continues to guarantee all of CME's term loans and
provides its revolving credit facility (RCF) due in 2023 (currently
undrawn). S&P said, "Given CME's sound operational performance and
deleveraging last year, teamed with further anticipated debt
reduction in 2019, we believe that the need for the guarantee is
declining and the likelihood that it will be activated is
diminishing. We also think that, by approaching its optimal capital
structure, CME might refinance the outstanding maturities on its
own without financial support from Warner Media. We therefore
believe that CME's importance within the larger AT&T/Warner Media
group has lessened, leading us to consider that CME group's
creditworthiness no longer reflects any extraordinary financial
support from AT&T/Warner Media."

CME posted solid operational results in 2018 and outperformed S&P's
projections for EBITDA generation. The group's audience shares in
Czech Republic and Romania, its two largest markets, were slightly
down and flat, respectively. But audience shares in other markets
were flat or rising in 2018 compared with 2017. The like-for-like
growth of TV advertising revenues stood near 3.3% at the group
level (and about 7% in actual terms) and carriage fees and
subscription revenues rose by almost 19% (actual terms) in 2018.

Top-line growth, cost control, and expansion of the offering of the
local content translated into S&P Global Ratings-adjusted EBITDA
margins improving to 32.6% in 2018 from about 29.0% in 2017 (taking
into account the restated accounts to include Slovenian
operations). TV advertising revenue growth was particularly strong
in Czech Republic, thanks to an increase in sold gross rating
points (GRPs), and in smaller segments Slovakia and Bulgaria,
driven by solid like-for-like sales growth. Romania's TV
advertising also expanded but at lower rates due to an increase of
average prices that offset a decline in sold GRPs.

S&P said, "We expect that the positive macroeconomic environment in
Central and Eastern Europe over 2019-2020 will support further
revenue growth for CME and enable it to sustain its adjusted EBITDA
margins of above 30%.

"The positive outlook reflects our view that CME will continue to
post solid operational performance, adjusted EBITDA margins of
above 30%, strengthen its competitive position, and deleverage over
the next 12 months. We also incorporate our view of CME's adequate
liquidity supported by its solid free operating cash flow
generation and full availability of the RCF.

"We could raise the rating within the next 12 month if we believe
that the group will achieve and maintain leverage below 3.0x and
funds from operations to debt above 20%. The upgrade will depend on
the extent and sustainability of the credit metrics' improvements,
as well as on the established financial policy in the longer term.
An upgrade would also hinge on our view of the company's ability to
refinance its capital structure on a stand-alone basis.

"We could revise the outlook to stable if CME's operating
performance deteriorates due to a downturn in some of its TV
advertising markets, or the group follows a more aggressive
financial policy and allocates its free cash flow to acquisitions
or shareholder returns. This would most likely impede the company's
ability to achieve and maintain stronger metrics, namely adjusted
debt-to-EBITDA below 3x. Furthermore, rating pressure could stem
from CME's inability to refinance its capital structure on a
stand-alone basis."




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F R A N C E
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REXEL SA: S&P Assigns BB- Rating to New EUR600MM Sr. Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB-' issue rating
and '5' recovery rating to the EUR600 million proposed senior
unsecured notes due in 2026 to be issued by France-based electrical
supplies distributor Rexel S.A. The '5' recovery rating indicates
our expectation of modest recovery prospects (10%-30%; rounded
estimate: 15%) for debtholders in the event of a payment default.

The recovery rating of '5' reflects the notes structural
subordination to sizable prior-ranking liabilities (the four
securitization programs and several other credit facilities at
subsidiary level), combined with a significant amount of unsecured
and unguaranteed debt, limited protection offered to noteholders,
no restricted payments covenants, and reliance on payments from
subsidiaries to service its obligations under the notes. S&P
estimates recovery prospects at 15%, which provides limited
headroom in the current recovery rating.

The issue and recovery ratings on the proposed notes are based on
preliminary information and are subject to their successful
issuance and our satisfactory review of the final documentation.

Rexel intends to use the proceeds of the proposed notes to redeem
the existing EUR650 million senior unsecured notes maturing in
2023. We expect the proposed notes' documentation will be fully in
line with that for the existing ones.

Additional debt will remain constrained only by a standard minimum
2.0x incurrence-based interest coverage ratio under the notes, with
significant carve-outs and permitted debt baskets. The
documentation will come without a restricted-payments covenant,
which S&P views as negative. The documentation for the company's
revolving credit facility includes a 3.50x net total leverage
covenant, tested semi-annually, which can be breached three times:
twice for a maximum 3.75x and once for a maximum of 3.90x. The
cross-default and acceleration provisions threshold will remain in
excess of EUR100 million.

S&P said, "In our hypothetical default scenario, we assume
sustained economic slowdowns and increased competitive pressures in
North and South America, leading to declining demand, shrinking
distribution margins, and deteriorated payment discipline that will
materially reduce Rexel's cash generation. We believe that this,
combined with deteriorated capital markets and liquidity pressure,
would prevent the company from refinancing or repaying its debt
when it is due and trigger a payment default in or before 2024.

"We value Rexel as a going concern, reflecting our view of the
company's leading market positions and wide customer and end-market
diversification."

Simulated default assumptions:

-- Year of default: 2024
-- Jurisdiction: France
-- EBITDA multiple: 6.0x

Simplified recovery waterfall:

-- Gross recovery value: EUR1.8 billion
-- Net recovery value for waterfall after administration expenses
(5%): EUR1.7 billion
-- Estimated priority claims: EUR1.3 billion
-- Unsecured debt claims: about EUR2.3 billion
-- Recovery prospects: 15%
    --Recovery rating: 5



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G E R M A N Y
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AIRLINE GERMANIA: Administrator in Talks for Possible Takeover
--------------------------------------------------------------
The Associated Press reports that for the insolvent Airline
Germania there could possibly be a future. The provisional
insolvency administrator R??diger Wienberg said that he was holding
discussions with interested parties about possible constellations
of a takeover, the AP says.

"Our primary goal is to keep the airline operational to keep the
take-off and landing slots," the report quotes Mr. Wienberg as
saying.

Airline Germania had filed for bankruptcy earlier this month and
had ceased operations. It employs almost 1,700 staff.





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G R E E C E
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GREECE: Economic Reform Delay Raises Creditor Concern
-----------------------------------------------------
Viktoria Dendrinou and Sotiris Nikas at Bloomberg News report that
Greece's foot-dragging on some key economic reforms is raising
creditor concern, putting at risk a planned debt relief measure
next month and a rebound in its stock and bond markets.

According to Bloomberg, a report by the country's creditors on Feb.
27 said that Greece has yet to fully comply with a list of 16
pending reforms, despite "considerable progress" in implementing
some of them.  European Union officials said unless Greece rushes
to complete them all before a meeting of euro-area finance
ministers on March 11, the cash disbursement will probably be
delayed, Bloomberg notes.

Although Greece exited its international bailout last summer, it
still needs to undertake overhauls in exchange for semi-annual
disbursements of around EUR1 billion (US$1.14 billion) until
mid-2022, money that's to be used by the euro area's most-indebted
nation to ease the refinancing of its burden, Bloomberg states.

The government of Prime Minister Alexis Tsipras, which faces a
general election this year, has been slow to implement the agreed
measures and taken some policy decisions, including an increase in
the minimum wage and proposed subsidies for mortgages, that have
spooked creditors, Bloomberg relates.  Questions are being raised
about whether the holdups are part of reform fatigue or, more
crucially, a political choice that spells out further fiscal
profligacy, Bloomberg discloses.



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I R E L A N D
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JEPSON 2019-1: S&P Assigns Prelim B- Rating to Class G-dfrd Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
JEPSON RESIDENTIAL 2019-1 DAC's (Jepson 2019-1) class A, B-dfrd,
C-dfrd, D-dfrd, E-dfrd, F-dfrd, and G-dfrd notes. At closing,
Jepson 2019-1 will also issue unrated class Z1, Z2, RFN, and X
notes.

S&P said, "Our preliminary ratings address the timely payment of
interest and the ultimate payment of principal on the class A
notes. Our preliminary ratings on the class B-dfrd, C-dfrd, D-dfrd,
E-dfrd, F-dfrd, and G-dfrd notes address the ultimate payment of
interest and principal. Our ratings do not address the payment of
additional interest on class C-dfrd, D-dfrd, E-dfrd, F-dfrd, and
G-dfrd notes."

Jepson 2019-1 is a securitization of a pool of first-ranking
re-performing residential mortgage loans, secured on properties in
Ireland. Start Mortgages DAC will act as servicer for all of the
loans in the transaction.

The pool is currently securitized in European Residential Loan
Securitisation 2017 PL1 DAC (ERLS-PL1), which is intended to be
called and redeemed at closing. All of the loans included in
ERLS-PL1 will be securitized in Jepson 2019-1 with no negative or
positive selection.

RATING RATIONALE

Economic outlook

The Irish economy maintained its momentum and achieved GDP growth
of 7.0% in 2017, and S&P is expecting slightly lower GDP growth of
6.0% for 2018. In third-quarter 2018, GDP grew by 0.9%, which
mostly was driven by personal consumption (up 1% compared to the
previous quarter) and an increase of all industrial (up 3.5%) and
services (up 1.4%) sectors. In S&P's view, the potential for a
no-deal Brexit--that is, a situation in which border checks and
tariffs are introduced, with immediate effect, between the U.K. and
the Republic of Ireland--appears to be the greatest risk to our
economic forecast of Irish GDP growth, averaging between 2.5%-3.0%
over the medium term.

The Irish labor market is still in a good shape, albeit the
decrease in unemployment has become more stabilized and the rate
reached 5.3% in December 2018. This is slightly lower than the 5.4%
rate as of September 2018. Still, in February 2012, unemployment
peaked at 15% and continuously decreased to the current lower
levels. S&P expects the economic trend to continue and for
unemployment to drop to 5.0% and 4.5% in 2020 and 2021,
respectively.

Inflation has slightly increased from negative values reported in
late 2014 and has shown a modest increase on average since the
beginning of 2018. S&P expects soft upward price pressures,
especially from a shortage of houses, which results in increases in
house prices. S&P expects an increase in inflation to 1.4% in
2019.

S&P said, "Given Ireland's tight links with its largest trading
partner, the U.K., our forecast is subject to Brexit-related risks.
Should the U.K. government fail to secure a transition phase and
crash out of the EU without a trade deal, Irish trade with the U.K.
would likely suffer, including residential investment in Ireland
originating in the U.K. In that case, our forecast for house prices
would likely be substantially lower."

Credit analysis

S&P said, "We have conducted a loan-level analysis to assess the
mortgage pool's credit quality by applying our European residential
loans criteria (see "Methodology And Assumptions: Assessing Pools
Of European Residential Loans," published on Aug. 4, 2017). In our
analysis, we have applied adjustments for re-performing loans
because we assess this pool as having material exposure to these
loans (approximately 69%). We have defined a re-performing loan as
one that is not currently delinquent but has been in arrears for
three or more monthly payments in the past 60 months. Our criteria
differentiates while applying adjustments for re-performing loans
based on the type of restructuring type. For re-performing loans
with arrears capitalization as a strategy, we believe the default
risk is higher than for loans where borrowers repaid all arrears.

"However, firstly, in this pool, we have available performance data
since restructuring, and there is no difference in performance
between loans with arrears capitalization and other forms of
restructurings. The payment rate post-restructuring and the roll
rate to go back into arrears is similar between arrears
capitalization strategy and other restructuring strategies.
Secondly, per the servicing strategy, arrears capitalization is not
a standalone strategy in itself but is done after a permanent
restructure is achieved and the loan is current for at least six
months. Based on historical data provided, arrears capitalization
is not truly arrears capitalization as defined in the criteria
because in most of the cases accrued interest arrears is not added
to principal balance but rather the payment due is increased to
clear the arrears of interest. Therefore, based on the above, in
our analysis we have not differentiated between arrears
capitalization and other forms of restructuring while applying the
re-performing adjustments because in this case we view the default
risk to be similar for all forms of restructuring.

"Our weighted-average foreclosure frequency (WAFF) at the 'B'
rating level (see table 3) at 26.74% is much higher than the
current level of arrears (12.6%) because there is a significant
number vulnerable borrowers in the pool who are current on their
payments now but might go back into arrears with the slightest
economic shock. Therefore, we have considered this risk in our
analysis and increased our WAFF estimates accordingly to address
this increased risk."

Operational risk

The administrator responsible for providing the day-to-day
operational servicing capabilities in this transaction is Start
Mortgages DAC. In addition to the administrator, the issuer
appointed the issuer administration consultant, Hudson Advisors
Ireland DAC, to provide consulting services in relation to the
mortgage loans and their related security.

The administrator and the issuer administration consultant together
will implement the servicing business strategy in this
transaction.

S&P said, "Overall, we view Start's servicing businesses in line
with the Irish market, and under our operational risk criteria, we
consider this as having moderate severity and low portability
risks. Consequently, our operational risk criteria do not cap the
maximum potential rating achievable in this transaction."

Legal risk

S&P said, "We have assessed the transaction from a legal
perspective, and we have applied our legal criteria (see
"Structured Finance: Asset Isolation And Special-Purpose Entity
Methodology," published on March 29, 2017). As part of our legal
analysis, we have considered the transaction in the context of the
legal opinions and have performed analyses at the asset,
special-purpose entity, and liability levels.

"We consider the issuer to be a bankruptcy-remote entity, and we
expect to receive preliminary legal opinions that indicate that the
sale of the assets would survive the seller's insolvency. We expect
to receive confirmation of the legal opinions prior to closing."

Counterparty risk

The transaction is exposed to Elavon Financial Services DAC U.K.
Branch as the issuer bank account provider and to Allied Irish Bank
as the collection bank account provider. The transaction is also
exposed to BNP Paribas as the interest rate cap provider.

The documented replacement language for the bank account provider,
collection account provider, and interest rate cap provider is in
line with our current counterparty criteria.

Cash flow analysis

S&P said, "Our preliminary ratings reflect our assessment of the
transaction's structural features set out in the transaction
documents and the application of our European residential loans
criteria. Our analysis indicates that available credit enhancement
for the rated classes of notes is sufficient to withstand credit
and cash flow stresses that we apply at the assigned preliminary
ratings. At closing, the transaction will benefit from a liquidity
reserve fund, non-liquidity reserve fund, and principal receipts,
to cover any interest shortfalls that might occur (only for the
most senior note outstanding).

"Under our cash flow analysis, the class A notes meet the timely
payment of interest and ultimate repayment of principal, while the
class B-dfrd, C-dfrd, D-dfrd, E-dfrd, F-dfrd, and G-dfrd notes meet
the ultimate payment of interest and principal. As part of our cash
flow analysis, we have considered the potential for compression in
loan margin by assuming a reduction in the rate of the
floating-rate loans. There is additional note interest payable on
the class C-dfrd, D-dfrd, E-dfrd, F-dfrd, and G-dfrd notes from the
step-up date (including this date). However, in our analysis and
ratings we have not taken into consideration the payment of these
amounts."

Ratings stability

S&P conducted its scenario analysis, in which S&P tested its rating
under two scenarios and examined the transaction's performance by
applying its credit stability criteria. In both assumed scenarios,
the rated notes would remain within the maximum projected rating
deterioration.

Country risk

S&P said, "Our preliminary ratings also reflect the application of
our criteria for structured finance ratings above the sovereign
(RAS criteria; see "Ratings Above The Sovereign - Structured
Finance: Methodology And Assumptions," published on Aug. 8, 2016).


"Our RAS criteria designate the country risk sensitivity for RMBS
as moderate. Under our RAS criteria, this transaction's notes can
therefore be rated four notches above the sovereign rating, if they
have sufficient credit enhancement to pass at least a severe
stress. Consequently, our RAS criteria do not currently constrain
our preliminary ratings in this transaction."

  RATINGS LIST

  JEPSON RESIDENTIAL 2019-1 DAC Mortgage-Backed Floating-Rate And  

  Unrated Notes

  Class         Rating            Amount
                                (mil. EUR)

  A             AAA (sf)          TBD
  B-dfrd        AA (sf)           TBD
  C-dfrd        A+ (sf)           TBD
  D-dfrd        BBB+ (sf)         TBD
  E-dfrd        BB (sf)           TBD
  F-dfrd        B (sf)            TBD
  G-dfrd        B- (sf)           TBD
  RFN           NR                TBD
  Z1-dfrd       NR                TBD
  Z2-dfrd       NR                TBD
  X             NR                TBD

  NR--Not rated.
  TBD--To be determined.

JEPSON RES 2019-1: DBRS Assigns Prov. B Rating on 2 Note Classes
----------------------------------------------------------------
DBRS Ratings Limited assigned the following provisional ratings to
notes to be issued by Jepson Residential 2019-1 DAC (the Issuer):

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (low) (sf)
-- Class D Notes rated BBB (low) (sf)
-- Class E Notes rated BB (low) (sf)
-- Class F Notes rated B (high) (sf)
-- Class G Notes rated B (low) (sf)

The Class RFN, Class Z1 Notes, and the Class Z2 Notes are not rated
by DBRS and will be retained by the seller.

The provisional rating of the Class A Notes addresses timely
payment of interest and ultimate payment of principal. The Class B
Notes' provisional rating addresses the timely payment of interest,
at the time they are the most senior notes after redemption of
Class A notes only and the ultimate payment of principal. The
provisional ratings of the Class C Notes, Class D Notes, Class E
Notes, the Class F Notes, and the Class G Notes address the
ultimate payment of interest and principal. An increased margin on
the rated notes is payable from the step-up date falling in March
2021. Additional amounts are also due to the Class C, Class D,
Class E, Class F and Class G Notes on and from the first interest
payment date following the step-up date. DBRS does not rate such
additional amounts.

Proceeds from the issuance of Class A to Class Z2 Notes will be
used to purchase the first charge performing and re-performing
Irish residential mortgage loans which are currently securitized in
European Residential Loan Securitization 2017-PL1 DAC transaction.
The outstanding balance of the provisional mortgage portfolio is
approximately EUR620 million (31 December 2018). The mortgage loans
were originated by Bank of Scotland (Ireland) Limited (BoSI;
67.1%), Start Mortgages DAC (Start; 29.2%) and NUA Mortgages
Limited (NUA; 3.8%). The mortgage loans are secured by Irish
residential properties. Lone Star Funds, through the respective
seller, acquired the mortgage loans originated by Start and NUA in
December 2014. The mortgage loans originated by BoSI were acquired
by the respective seller in February 2015. Servicing of the
mortgage loans is conducted by Start, which is also expected to be
appointed as administrator of the assets for the transaction.
Primary servicing activities have been delegated to Homeloan
Management Limited (HML) under a subservicing agreement. There is
no obligation for Start to continue to delegate to HML and HML is
not a party to the securitization documents. Hudson Advisors
Ireland DAC (Hudson) will be appointed as the Issuer administration
consultant and, as such, will act in an oversight and monitoring
capacity.

In this transaction, a very small amount of the Class A Notes would
remain outstanding until the accumulated deferred interest (if any)
of Class B notes is paid. Upon full payment of the accumulated
deferred interest of the Class B Notes, such small Class A Notes
balance would be paid down upon which Class B Notes become the most
senior class outstanding.

The Issuer will enter into an interest rate cap agreement with BNP
Paribas S.A. (BNP). The cap agreement will terminate on 24 March
2026 or, if earlier, the date as of which all amounts due under the
Class A, Class B, Class C, Class D, Class E, Class F, and Class G
Notes have been repaid and/or redeemed in full. The Issuer will
receive payments to the extent that one-month Euribor is above 2%
for the relevant interest period. The cap notional balance will be
in accordance with a notional amount payment schedule.

The transaction benefits from a non-amortizing reserve fund, which
is split into a non-liquidity reserve fund (NLRF) and a liquidity
reserve fund (LRF). The NLRF will have a target amount equal to 2%
of Class A to Class Z Notes' initial balance minus the target
amount of the LRF. The NLRF will provide liquidity and credit
support to the rated notes. The LRF is amortizing with a target
amount equal to 2% of the Class A Notes outstanding but floored at
1% of the initial Class A Notes' balance and will provide liquidity
support to the Class A Notes. Amortized amounts of the LRF will
form part of the NLRF.

On each interest payment date, an additional note payment reserve
will be credited using 50% of the excess spread. Amounts standing
to the credit of the additional note payment reserve will be
available to cover additional note payment shortfalls. On the final
rated notes' redemption date, amounts standing to the credit of the
additional note payment reserve will be applied as available
principal funds.

The origination vintages of the portfolio are concentrated between
2006 and 2008 (70.6%). The weighted-average (WA) indexed current
loan-to-value (CLTV(ind)) of the portfolio is equal to 73.8%, 41.1%
of the loans having an indexed CLTV greater than 80% and 13% the
borrowers in negative equity. The pool is primarily concentrated in
Non-Dublin at 59.7% with the remaining 40.3% located in Dublin.
Irish house prices in Dublin and Non-Dublin have rebounded 102% and
79%, respectively, following the peak-to-trough drop of 59.7% and
55.7%, respectively. Restructured loans comprise 75.8% of the
mortgage portfolio. DBRS has assessed the performance of
restructured loans in its default analysis. The proportion of loans
paying 100% or more of the scheduled payment has slightly improved
to 86.7% from 85.5% in March 2017 which indicates stable
performance to date and sustainable terms for the majority of the
restructured loans. However, as of December 31, 2018, 7.8% of the
mortgage loans are three months plus in arrears.

The interest rate payable on the mortgage loans is either linked to
variable rates set by the servicer (Standard Variable Rate or SVR;
32.9% of the pool by outstanding), a fixed rate (Fixed-Rate Loans
0.2% of the pool) or linked to the European Central Bank (ECB) base
rate (66.9% of the pool). The coupon payable on the notes is linked
to one-month Euribor. An SVR floor of one-month Euribor plus 2.50%
will also be implemented, subject to compliance with applicable
law, regulations and mortgage conditions. The WA coupon generated
by the mortgage loans is equal to 2.1%.

The credit enhancement available to the rated notes consists of
subordination and the NLRF. The credit enhancement available to the
Class A Notes will be equal to 45.75%, credit enhancement available
to the Class B Notes will be equal to 35.95%, credit enhancement
available to the Class C Notes will be equal to 28.75%, credit
enhancement available to the Class D Notes will be equal to 22.75%,
credit enhancement available to the Class E Notes will be equal to
16.75%, credit enhancement available to the Class F Notes will be
equal to 14.1% and that for Class G Notes equals 10.5%.

The collection accounts are held with the Allied Irish Banks Plc
(AIB). Funds deposited into the AIB collection accounts will be
deposited on the next business day into the Issuer transaction
account held with Elavon Financial Services DAC, UK Branch, which
is privately rated by DBRS. DBRS has concluded that Elavon meets
DBRS's criteria to act in such capacity. The transaction documents
contain downgrade provisions relating to the transaction account
bank where, if downgraded below "A," the Issuer will have to
replace the account bank. The downgrade provision is consistent
with DBRS's criteria for the initial rating of AAA (sf) assigned to
the Class A Notes. The interest rate received on cash held in the
account bank is not subject to a floor of 0%, which can create a
potential liability for the Issuer.

The ratings are based on DBRS's review of the following analytical
considerations:

-- Transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
calculated the probability of default, loss given default and
expected loss outputs on the mortgage portfolio. The probability of
default (PD), loss given default (LGD) and expected losses (EL) are
used as an input into the cash flow tool. The mortgage portfolio
was analyzed in accordance with DBRS's "Master European Residential
Mortgage-Backed Securities Rating Methodology and Jurisdictional
Addenda."

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F Notes and Class G Notes according to the terms of the
transaction documents. The transaction structure was analyzed using
the Intex Dealmaker.

-- The sovereign rating of the Republic of Ireland rated A
(high)/R-1(middle)/Stable (as of the date of this press release).

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

Notes: All figures are in Euros unless otherwise noted.



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

ALITALIA-LINEE: Real Estate Binding Offers Deadline April 10
------------------------------------------------------------
Prof. Avv. Stefano Ambrosini, Proff. Avvv. Gianluca Brancadoro and
Proff. Dott. Giovanni Fiori, the Extraordinary Commissioners of
Alitalia-Linee Aeree Italiane S.p.A. and Alitalia Servizi
S.p.A., disclosed that in compliance with the sale program prepared
in accordance with article 27, paragraph 2, letter b-bis) of
Legislative Decree No. 270/1999 and authorized by the Ministry of
Economic Development on November 19, 2008, Alitalia-Linee Aeree
Italiane S.p.A. under extraordinary administration and Alitalia
Servizi S.p.A. under extraordinary administration, in accordance
with the authorization of the Ministry of Economic Development
dated June 10, 2015, considering the favorable opinion of the
Supervisory Committee (Comitato di Sorveglianza) dated March 27,
2015, intends to start the procedure for selling the following Lots
of real estate, which will be sold in Lots to the part offering the
highest price, provided that such price cannot be lower than a
quarter of the Base (Minimum Bid), as indicated below:

Real Estate                     Base Price       Minimum Bid

Portion of the building         EUR2.296.000,00  EUR1.722.000,00
located in Sesto San Giovanni
(Milan - Italy),
via XXIV Maggio no. 8/10
Owner: Alitalia

Land with the entire building   EUR12.904.000,00 EUR9.678.000,00
("fabbricato cielo terra")
located in  Rome (Italy),
viale Alessandro Marchetti no. 120
(c.d. CED).
Owner: Alitalia Servizi

Entire bulding ("fabbricato     EUR4.480.000,00  EUR3.360.000,00
cielo terra"), located in
Sesto San Giovanni (Milan- Italy),
Via Maggio no.6
Owner: Alitalia

Land, located in Rome (Italy),  EUR3.620.000,00  EUR2.715.000,00
Magliana Vecchia                      
Muratella
Owner: Alitalia

The Binding Offers, secured by a guarantee, must be received by and
no later than 12:00 p.m. (noon Italian time) on April 10, 2019, and
the examination of the offers will start from 3:00 p.m. (Italian
time) on April 15, 2019, at the presence of the Extraordinary
Commissioners (or a person delegated by them) and of an Italian
Public Notary.  Offers that indicate a price lower than the Minimum
Bid of the Real Estate as indicated above, will be declared
inadmissible and excluded.  During the public meeting, the offerors
will be invited to submit increased offers (rilanci) starting from
the highest price offered, duly guaranteed.  Neither offers on
behalf of the third parties nor for persons to be designated are
allowed.

Upon request, the interested parties may have access to the virtual
data room concerning the real estate properties starting from the
date of publication of this notice up to the deadline for the
submission of the binding offers.

The Real Estate will be awarded to the highest offeror (also
following the aforementioned increased offers ("rilanci") and prior
authorization by the Ministry and favorable opinion of the
Supervisory Committee, provided that the bid price is not less than
a quarter of the Base Price indicated for each Real Estate (Minimum
Bid).

The Call does not constitute a solicitation for an offer, or an
offer to the public pursuant to art. 1336 of the Italian Civil
Code.

The full text of this notice is published in Italian and English
language, on the websites:
www.alitaliamministrazionestraordinaria.it and
www.alitaliaamministrazionestraordinaria.com together with all
documents necessary to participate to this sale procedure.


ITALY: Massive Public Debt Poses Risks for Other EU Countries
-------------------------------------------------------------
Lorenzo Totaro at Bloomberg News reports that the European
Commission issued another sharp warning on Italy, saying the
country's massive public debt and long-lasting productivity
weakness are risks for other countries in the region.

While stopping short of using the word "contagion," the Commission
stressed how Italy's problems affect others, Bloomberg notes.
According to Bloomberg, it said the debt ratio, more than twice the
EU limit, isn't going to decline, and slammed the government for a
budget that reverses "previous important reforms."

"Italy is experiencing excessive imbalances," Bloomberg quotes the
Commission as saying on Feb. 27 in its annual assessment of the
economic and social situation in EU member states.  "High
government debt and protracted weak productivity dynamics imply
risks with cross-border relevance."

The euro region's third-biggest economy entered a technical
recession at the end of last year after contracting for two
straight quarters, Bloomberg recounts.  In December, Premier
Giuseppe Conte's populist government reached a deal with the
Commission on this year's budget, after revising down the deficit
target and the forecast for economic growth this year, Bloomberg
relays.


SOCIETA ITALIANA: Administrators Call for Expressions of Interest
-----------------------------------------------------------------
Societa Italiana per Condotte d'Acqua S.p.A. under Extraordinary
Administration announces a competitive procedure for the transfer
of the entire share capital of Tenuta Roncigliano Societa Agricola
S.r.l. and the real estate property located in Mazzano Romano (RM),
Sant'Arcangelo hamlet.

Therefore, the Extraordinary Administrators of Societa Italiana per
Condotte d'Acqua S.p.A. under Extraordinary Administration call all
those who are interested in the aforementioned procedure to submit
their expressions of interest according to the terms and condtions
specified in the announcement available on the website of Societa
Italiana per Condotte d'Acqua S.p.A. under Extraordinary
Administration at the following address: www.condotte.com

This announcement represents a Call for the expression of interest
and does not constitute an invitation to bid or an open call for
tenders pursuant to Article 1336 of the Civil Code, or a promotion
of investments from the public, pursuant to Article 94 and
subsequent amendments of Law Decree No. 58/1998.



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

MILLICOM INTERNATIONAL: Moody's Affirms Ba1 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service affirmed Millicom International Cellular
S.A.'s ("Millicom") CFR at Ba1 and its existing senior unsecured
ratings at Ba2. The ratings outlook remains stable.

The affirmation of the ratings follows Millicom's acquisition of
Telefonica CAM, which combines Telefonica S.A.'s (Telefonica, Baa3
stable) mobile operations in Panama, Costa Rica and Nicaragua, for
a total enterprise value of $1.65 billion. The transaction will be
debt-funded, increasing Moody's estimates for Millicom's leverage
at the end of 2019 to around 3.4x, but still below its downgrade
trigger of 3.5x. Its previous estimate of 3.0x, already considered
the recent acquisition of Cable Onda in Panama in October 2018.
Millicom expects the transaction to close during the second half of
2019, pending separate regulatory approvals in each of the three
countries.

Telefonica CAM is the mobile market leader in Panama and Nicaragua
and the second-largest mobile operator in Costa Rica with a total
of 8.7 million clients. In 2018, Telefonica CAM generated $709
million in revenue and $243 million in EBITDA. Following Telefonica
CAM announcement, Millicom reiterated its commitment to maintain a
healthy balance sheet and reduce leverage towards its stated
medium-term target of 2.0x net leverage. But, according to the
company, reaching this target could take three to five years, which
is a long period of time from a rating horizon perspective.

Affirmations:

Issuer: Millicom International Cellular S.A.

Corporate Family Rating: Ba1

Senior Unsecured Regular Bond/Debenture: Ba2

Ratings withdrawn:

Probability of Default Rating: from Ba1-PD to WR

The outlook for all ratings is Stable

RATINGS RATIONALE

Millicom's Ba1 corporate family rating reflects the company's
strong operating performance, solid business model, leading market
shares in key geographies, and multiregional balance of profit and
cash flow generation that have been improving over the last couple
of years on a consolidated basis. The rating also incorporates the
regulatory and other operating risks and limitations in the
countries where the company operates.

The Ba2 rating on Millicom's senior unsecured notes reflects their
structural subordination to debt at the operating company level as
well as their unguaranteed status. Pro-forma for the recent
acquisitions, debt at the holding company level will amount to
around 30% of total consolidated debt as of December 2018.

Millicom has secured bridge funding commitments to finance the
acquisition and expects to take out the bridge funding with the
issuance of new debt by the holding company and its operating
subsidiaries. The company provided no details about the amount of
debt to be issued by each entity.

On the positive side, the acquisition will enhance the geographic
diversification of Millicom's sources of cash flow. Millicom
already controls and operates cable networks in Panama, Nicaragua
and Costa Rica, and the acquired mobile businesses will complement
those businesses. Additionally, the acquisition aligns with
Millicom's convergence strategy of offering fixed-mobile services.

Millicom expects operating expense and capital expense synergies of
$35-$50 million annually to be fully realized in 2023, and will
incur in integration costs of around $100 million. There are also
potential revenue synergies with a net present value of
approximately $250 million stemming mostly from cross-selling
mobile products to Millicom's existing cable customers and
cross-selling cable services to its new mobile customers from
Telefonica CAM. Millicom should also generate increased revenue
from lower customer churn derived from a growing proportion of
sales made on a bundled basis.

Millicom's liquidity is adequate. As of September 30, 2018, the
company had around $760 million in cash compared with short-term
debt maturities of $139 million. Upcoming debt obligations maturing
over the next few years include $543 million in 2019, $442 million
in 2020 and $424 million in 2021. The company also has a five-year
committed revolving credit facility totaling $600 million due in
January 2022, fully available as of December 2018.

The stable outlook reflects Moody's expectations that Millicom will
maintain its liquidity at adequate levels while keeping committed
to its 2.0x net leverage target. Moody's also expects the company
to continue its conservative approach in managing its debt
maturities ahead of schedule avoiding near term concentration of
payments. The stable outlook also considers that the increase in
leverage as a consequence of recent acquisitions will be
temporary.

Downward pressure on Millicom's ratings could develop if liquidity
or metrics deteriorate because of an elevated gross debt leverage
surpassing 3.5 times, higher than anticipated shareholder
remuneration, or a material debt-funded acquisition that increases
leverage without prospects of recovery. The ratings could also be
downgraded if Millicom concentrates its exposure to riskier
countries, or in case of increased sovereign risk in any of the
countries in which it currently operates.

Positive pressure on Millicom's ratings could arise if the
company's gross debt leverage decreases below 2.5 times on an
ongoing basis, its retained cash flow to debt increases above 30%
and if the group sustains a strong liquidity position. An upgrade
would also be dependent on an improvement in the balance of risk
across the countries in which Millicom operates and would require
the group to maintain its strong market positions, a good level of
geographical diversification of cash flows, the continued ability
to repatriate dividends from its subsidiaries and conservative
financial policies.

Millicom International Cellular S.A. is a global telecommunications
investor focused on emerging markets, with cellular operations and
licenses in 11 countries in Latin America and Africa. The company
has around 51 million mobile customers, and 3.3 million cable and
broadband households. The company derives around 90% of its revenue
from its Central and South American operations in El Salvador,
Guatemala, Honduras, Costa Rica, Nicaragua, Colombia, Bolivia,
Paraguay and Panama. In Africa, Millicom operates in Chad and
Tanzania, and through a joint venture in Ghana. The company also
offers cable and satellite TV services in Central and South
America. For the 12 months that ended 30 September 2018, the
company's consolidated revenue reached $4.2 billion. Millicom is
incorporated in Luxembourg and publicly listed on the Stockholm
Stock Exchange.

Moody's has decided to withdraw the rating for its own business
reasons.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.



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

NOURYON HOLDING: S&P Assigns B+ ICR, Outlook Stable
---------------------------------------------------
At the request of the issuer, S&P Global Ratings is withdrawing its
'B+' issuer credit rating (ICR) on Nouryon Cooperatief U.A., the
ultimate parent company of the Nouryon group.

S&P said, "At the same time we are assigning our 'B+' ICR to
Nouryon Holding B.V. (Nouryon), the consolidating entity of the
Nouryon group, which we consider a core subsidiary of Nouryon
Cooperatief U.A.

"We are also affirming our 'B+' issue rating on the senior secured
term loan B and revolving credit facilities (RCFs), and the 'B-'
issue rating on the senior unsecured notes.

"The 'B+' rating we have assigned to Nouryon is identical to the
previous rating on Nouryon Cooperatief U.A., given our view of
Nouryon's status as a core subsidiary of its parent company Nouryon
Cooperatief U.A. and as the consolidating entity of the Nouryon
group.

"Our view of Nouryon's business risk reflects its long-term
customer relationships of 15-25 years, with over 98% retention of
its 250 customers over the past three years. We view favorably
Nouryon's close relationships with customers, supported by shared
sites, collaboration in product development (for example through
testing facilities, or "Chemical Islands", for pulp mill
customers), tailor-made solutions, and the decisive role of
Nouryon's chemicals in the properties of the final product. At the
same time, we note that about 40% of Nouryon's products have
relatively low value-added properties, with a lag of three to 12
months in the pass-through of raw material costs.

"We consider Nouryon's profitability to be healthy for its
specialty and commodity products mix. Support comes from Nouryon's
partial self-sufficiency in the production of some raw materials
and energy thanks to its own co-generation units, and to low
logistics costs thanks to integration into its customers'
manufacturing processes, for example, for Industrial Chemicals'
chloralkali."

Nouryon's reported EBITDA increased steadily to reach about EUR914
million in 2017, with a margin of 18.4%, up from EUR713 million in
2014 with a 14.6% margin, benefiting from operating efficiencies
and low-cost feedstock.

S&P said, "Business constraints include, in our view, potential
volatility stemming from the relatively commoditized nature of a
significant portion of Nouryon's product portfolio, and
above-average exposure to macroeconomic growth in Europe, with
about 48% of 2017 revenues derived from this region. This is
notwithstanding Nouryon's overall diversified footprint in both
developed and emerging markets, with the balance of revenues
derived from North America (24%), Asia-Pacific (16%), Latin America
(10%), and the rest of the world (2%). Further constraints include
some end-market and geographic concentration within individual
business units. For example, about 90% of Nouryon's industrial
chemicals business unit sales are derived from Europe, while 84% of
its pulp and performance chemicals business unit sales are exposed
to more cyclical industrial end markets.

"We view Nouryon's capital structure as highly leveraged. We
forecast adjusted debt to EBITDA of 7.0x-7.5x in 2018 and 6.5x-7.0x
in 2019, and EBITDA cash interest coverage of 2.7x. We view the
latter ratio as in line with the rating, albeit with lower headroom
when factoring in our 2.5x threshold for the downside scenario.
Positively, we factor into our forecast Nouryon's positive free
operating cash flow (FOCF) generation of EUR130 million-EUR150
million in 2018 and EUR200 million???EUR250 million in 2019. We
anticipate that the company will benefit from supportive market
conditions, improving its adjusted EBITDA margin to about 21% in
2019 from 19.8% in 2017."

Aside from its highly leveraged credit metrics, Nouryon's financial
risk profile is constrained by its private equity ownership and the
potential for the sponsor's high tolerance for leverage. S&P
understands from the private equity sponsor, Carlyle, that it does
not intend to pay dividends in the near term. Nevertheless, the
credit documentation allows for dividend payouts as long as the
total leverage ratio is below 5.25x (calculated including the
synergies reasonably expected  stemming from actions to be taken in
the next 24 months).

S&P said, "We estimate that Nouryon's adjusted debt amounts to
about EUR7.5 billion pro forma the carve-out transaction. This
figure includes about EUR6.5 billion of reported debt, consisting
of the term loans and bonds issued as part of the carve-out; about
EUR0.5 billion in post-retirement obligations, net of tax; EUR0.3
billion of capitalized borrowing costs; and EUR0.2 billion of
operating leases. We calculate our ratios on a gross debt basis
because we do not net the available cash against the debt in the
case of private equity-owned issuers.

"The stable outlook reflects our view that Nouryon will report
solid operating performance in 2018 and 2019, with adjusted EBITDA
of EUR1.0 billion-EUR1.1 billion, and that its adjusted EBITDA
margin will remain at about 19%-20%, benefiting from operating
efficiencies and notwithstanding our expectation of an inflationary
environment for raw materials.

"Under our base-case scenario, Nouryon should generate FOCF of
about EUR230 million on average in 2018-2019. We view adjusted
gross debt to EBITDA in the 5.5x-7.0x range and EBITDA cash
interest coverage of about 3.0x as commensurate with the 'B+'
rating. The stable outlook also factors in our view that Nouryon's
liquidity will remain adequate, and that it will maintain
comfortable headroom under the leverage covenant incorporated in
its RCF.

"We could lower the rating if Nouryon's adjusted gross debt to
EBITDA ratio approached 7.0x and EBITDA cash interest approached
about 2.5x with no prospects of recovery. We believe this could
happen if the group increased its capital expenditures or
dividends, engaged in debt-financed acquisitions, or if its
reported EBITDA margin declined below 18%, notwithstanding the
efficiency improvements initiated by Carlyle.

"We could take a positive rating action if Nouryon's adjusted
EBITDA margins grew sustainably above 21%-22%, leading to steady
deleveraging below 5.5x on a gross adjusted basis. Upside potential
would also depend on Nouryon's growth strategy and our confidence
in Carlyle's commitment to support a higher rating and keep
adjusted leverage below 5.5x. We view this scenario as unlikely in
2018-2019, given our forecast of adjusted debt to EBITDA well above
5.5x."



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

BANCO MONTEPIO: Fitch Cuts LT Sr. Unsec. Debt Rating to B-, Off RWN
-------------------------------------------------------------------
Fitch Ratings has downgraded Caixa Economica Montepio Geral, caixa
economica bancaria, S.A.'s (Banco Montepio, B+/Stable/b+) long-term
senior unsecured debt ratings to 'B-' from 'B+' and Recovery Rating
to 'RR6' from 'RR4'. The ratings have been removed from Rating
Watch Negative (RWN). The bank's other ratings are unaffected by
this rating action.

The rating action follows the expected introduction of full
depositor preference in Portugal subsequent to the transposition of
the senior non-preferred amendment to the EU Bank Recovery and
Resolution Directive (BRRD) into the Portuguese legislation. The
Portuguese Assembly approved the draft law on January 18, 2019 and
a final decree (279/XIII) was published on February 18, 2019, with
no material change to the initial proposal. Fitch expects the
President of the Republic will promulgate the law in the coming
weeks. Enactment will happen on the first business day following
publication in the official gazette (Diario da Republica). With
full depositor preference, corporate and institutional deposits in
Portugal will be preferred to senior unsecured claims in a
resolution or liquidation, alongside retail and SME deposits.

KEY RATING DRIVERS

SENIOR DEBT

The downgrade of Banco Montepio's long-term senior unsecured debt
programme ratings to 'B-' from 'B+', two notches below the bank's
Long-Term Issuer Default Rating (IDR) of B+, reflects Fitch's view
that recovery prospects for the bank's senior unsecured creditors
in resolution or liquidation will become poor with the anticipated
adoption of full depositor preference. For the same reason, Fitch
has also downgraded the Recovery Rating on Banco Montepio's
long-term senior unsecured debt to 'RR6' from 'RR4'.

Banco Montepio's current liability structure essentially relies on
customer deposits and secured or other forms of preferred funding
(e.g. repos, covered bonds, securitisations and central bank
funding). Funding through senior unsecured or subordinated
instruments is very limited at this stage. This mechanically
reduces recovery prospects for senior unsecured creditors in a
resolution or liquidation.

RATING SENSITIVITIES

SENIOR DEBT

The long-term senior unsecured debt programme rating is sensitive
to Banco Montepio's Long-Term IDR, which is itself sensitive to the
bank's Viability Rating. It is also sensitive to larger amounts of
senior unsecured debt, and either other equally ranking or
subordinated liabilities, being issued by Banco Montepio. This is
because in a resolution or liquidation, losses could be spread over
a larger debt layer resulting in lower losses and higher recoveries
for senior bondholders, which may lead to a higher long-term senior
unsecured rating.



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

CAPRI ACQUISITIONS: S&P Affirms B- ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings is affirming its 'B-' issuer credit rating on
Capri Acquisitions Bidco and its 'B-' issue ratings and '3'
recovery ratings on the group's existing senior secured credit
facilities. S&P is also assigning its 'B-' rating and '3' recovery
rating to the proposed new term loan.

The affirmation follows CPA Global's Jan. 29 announcement that it
is to merge with EU-based intellectual property (IP) management
software and services provider, ipan / Delegate (IPAN) in a
stock-for-stock deal.

S&P said, "We view the acquisition as complementary for CPA Global
(CPA) as it is acquiring a business that has a strong footprint in
the European IP services market, notably with a sizable franchise
in European Patent Validation services. Before the merger, CPA's
franchise was relatively under-represented in continental Europe,
only having a small European Patent Validation service offering. On
deal completion, CPA will become a European market leader.

"We also view positively the additional geographic diversification.
However, do not consider the merger to be sufficiently
transformational to improve the group's business risk profile, with
IPAN expected to contribute around 15% of group EBITDA in 2019. We
consider the European Patent Validation business to be similar to
the group's core renewals business. Combined, these will still
account for about 70% of total revenues, which is somewhat limited
relative to other outsourced service providers. Furthermore, we
consider this business line to be largely driven by corporate
research and development (R&D), which, coupled with high retention
rates, makes it difficult for companies such as CPA to drive
revenue and EBITDA growth in the core renewals business.

"The transaction consideration will be share-based, however CPA
plans to issue a new EUR250 million senior secured first-lien term
loan to refinance IPAN's existing debt via its parent company,
Capri Acquisitions Bidco Ltd. (Capri). We expect the acquisition to
contribute EBITDA of about GBP25 million in 2019, including
transaction-related costs, which we expect to help reduce leverage
in 2019, with further improvements thereafter. That said, we still
expect debt to EBITDA of about 17x-18x in 2019 (9x-10x excluding
preference shares), which we do not consider commensurate with a
higher rating.

"The stable outlook reflects our opinion that Capri will maintain
funds from operations (FFO) cash interest of greater than 2x, while
retaining its leading position in the IP renewals market, with
healthy revenue growth, stable operating margins, and relatively
good free operating cash flow (FOCF) generation.

"We could lower the rating if weaker EBITDA margins resulted in
negative FOCF generation given the group's high debt burden.
Specifically, we could take a negative rating action if we expected
FOCF to be materially negative on a sustained basis.

"We could raise the rating if Capri increased its revenues and
EBITDA and made voluntary debt prepayments in line with
management's plan. Specifically, we could consider raising the
rating if debt to EBITDA--excluding preference shares of 8x and FFO
cash interest coverage--improved to greater than 3x on a sustained
basis, while the group continued to generate good FOCF."

P R SCULLY: Doorway Rescues Firm Out of Voluntary Arrangement
-------------------------------------------------------------
Law Gazette reports that Doorway Capital, a law firm investor, has
announced a new package of funding to help personal injury firm P R
Scully & Co out of its voluntary creditors arrangement.

According to Law Gazette, Doorway said the undisclosed cash
injection had enabled the St Helens firm to emerge from the
partnership voluntary arrangement.

Doorway said its latest investment has secured the future of P R
Scully and given it a platform to expand, Law Gazette relates.  The
PVA is a formal arrangement between creditors and partnership
allowing a proportion of debt to be paid back, Law Gazette notes.

"We have worked hard to achieve a successful conclusion to our
partnership voluntary arrangement. Gaining the support and trust of
funders is incredibly challenging when operating in the PI market
given the legislative changes," Law Gazette quotes Paddy Scully,
managing partner of P R Scully & Co, as saying. "Although we are a
small team of 14 people, with Doorway's contribution we hope to
steadily grow the firm over the next three years, continuing to
drive our business forward."

PLAYTECH PLC: S&P Rates New EUR350MM Senior Secured Notes BB
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Playtech PLC's
proposed offering of up to EUR350 million of senior secured notes.
The recovery rating is '3' indicating S&P's expectation of
meaningful recovery (50%-70%; rounded estimate 65%) in the event of
payment default.

Playtech, a U.K.-based software and gaming company, intends to use
the proceeds from this issuance to refinance the existing EUR297
million convertible bond and for general corporate purposes. The
existing convertible bond is due in 2019 and is fully included in
our adjusted debt metric. Therefore, the refinancing will have a
limited effect on the company's leverage.

The proposed new notes will rank pari passu with the existing
EUR530 million senior secured notes. All other ratings on Playtech
are unaffected by the transaction. S&P said, "We understand that in
2018, the group's operating performance was dampened by increased
competition in Asia. However, we continue to believe Playtech will
sustain adjusted debt to EBITDA below 3.5x and discretionary cash
flow to debt above 10%. We also anticipate that the company's
operations will stabilize in 2019."

PRESSROOM PLUS: Enters Administration Following Financial Woes
--------------------------------------------------------------
Business Sale reports that Pressroom Plus, an ailing printing firm
based in Colchester, Essex has fallen into administration citing a
series of financial struggles as the reason for the company's
downfall.

The company has been forced to call in professional services firm
Smith Cooper to handle the administration process, with partners
Dean Nelson and Nicholas Lee appointed as joint administrators,
Business Sale relates.

In the meantime, Pressroom Plus's managing director Ian Richardson
had said it is "business as usual" as the company will continue to
trade as a going concern, and all 19 members of staff will be
retained whilst a new buyer is sought for the company, Business
Sale notes.

According to Business Sale, Mr. Nelson, who is also Smith Cooper's
Head of Business Recovery and Insolvency, said: "At present, there
have been several expressions of interest, and negotiations
continue to take place.  We will strive to secure the best outcome
for all involved, and will ensure employees and stakeholders are
updated in a timely manner."

Potential buyers are invited to express their interests in the
business as soon as possible, Business Sale discloses.



                           *********


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
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Information contained herein is obtained from sources believed to
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