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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

          Tuesday, March 12, 2019, Vol. 20, No. 51

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

BOSNIA AND HERZEGOVINA: S&P Affirms 'B' SCR, Alters Outlook to Pos.


G E R M A N Y

APCOA PARKING: S&P Alters Outlook to Stable & Affirms 'B+' Rating


G R E E C E

INTRALOT S.A.: Moody's Cuts CFR & EUR250MM Sr. Notes Rating to Caa1


I T A L Y

BORMIOLI PHARMA: S&P Puts 'B' LT Issuer Rating After Reverse Merger


L U X E M B O U R G

SK INVICTUS: Fitch Affirms IDR at B+, Outlook Stable


N E T H E R L A N D S

ASP CHROMAFLO: S&P Assigns B Rating to $60MM First-Lien Term Loan
GTB FINANCE: Fitch Affirms Then Withdraws 'B' GMTN Programme Rating


S W E D E N

POLYGON AB: Fitch Affirms Long-Term IDR at 'B', Outlook Positive


U K R A I N E

UKRAINE: Fitch Affirms Long-Term IDR at B-, Outlook Stable


U N I T E D   K I N G D O M

CONTOURGLOBAL PLC: Fitch Corrects March 7 Ratings Release
DEBENHAMS PLC: In Advanced Rescue Talks with Lenders
EPIHIRO PLC: Moody's Reviews Class A Notes; Direction Uncertain
FLYBE GROUP: JetBlue Raises Competition Concerns Over Rescue
GIRAFFE: Milton Keynes Restaurants Set to Close

JAMIE'S ITALIAN: Attempts to Secure Additional Funding
LENDY: Put Under Special Supervision by Financial Regulator
LK BENNETT: Tough Trading Conditions Prompt Administration
VEDANTA RESOURCES: S&P Alters Outlook to Negative & Affirms B+ ICR

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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BOSNIA AND HERZEGOVINA: S&P Affirms 'B' SCR, Alters Outlook to Pos.
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On March 8, 2019, S&P Global Ratings revised its outlook on Bosnia
and Herzegovina (BiH) to positive from stable. At the same time,
S&P affirmed the 'B/B' long- and short-term foreign and local
currency sovereign credit ratings on BiH.

OUTLOOK

S&P said, "The positive outlook reflects our view that, should a
government be formed during the course of 2019, BiH's economic
prospects could improve beyond our current base-case projections.
Under this scenario, we anticipate authorities would regularize
BiH's program status with the International Monetary Fund (IMF),
which would in turn accelerate reforms and unlock financing for
important infrastructure projects.

"We could raise the rating on BiH over the coming 12 months if a
lasting government is formed that promotes the resumption of
structural reforms. Under this scenario, we would expect a
reopening of dialogue with the IMF, and a renewed focus on
restructuring BiH's large public nonfinancial companies, as well as
new steps toward improving the quality and availability of
published macroeconomic data.

"We would revise the outlook back to stable if a government is not
formed, and reforms are not revived."

RATIONALE

S&P revised the outlook to positive because most risks in its
base-case economic and fiscal projections point to possible ratings
upside, and because the formation of a government this year,
alongside normalization of BiH's program with the IMF, would lead
to meaningful improvement in several of the indicators underpinning
the 'B' rating on BiH.

The rating on BiH is supported by the sovereign's solid fiscal
position, declining stocks of government debt, and the economy's
steady growth prospects. The sovereign's moderate and predominantly
concessional debt burden also benefits debt sustainability,
underpinning the rating, together with S&P's assessment that the
sovereign will continue to operate a prudent fiscal policy,
particularly during periods of constrained access to external
financing.

The rating is constrained by the complexity of BiH's institutional
framework, which involves parallel administrations with separate
pension systems and revenue streams. S&P factors BiH's limited
monetary policy flexibility and its still-low, albeit improving,
income levels into the ratings assessment. Moreover, sustained
current account deficits give rise to substantial external
financing needs that weigh on BiH's creditworthiness, in S&P's
opinion.

Institutional and Economic Profile: Frail institutional foundations
and divisive politics

-- Last-minute formation of legislative bodies at the federal and
state-level has broken a four-month institutional standstill and
alleviated fiscal uncertainty while providing scope for resumption
of structural reforms.

-- Political tensions remain and will continue to challenge fiscal
policymaking, hamper large-scale reform activity including to BiH's
vast state-owned enterprises sector, and delay the economy's
necessary transition to investment-led growth.

-- S&P expects the economy will record steady but unimpressive
growth rates, supported by private consumption and public
investment projects.

Over the past nine months, two events have occurred that pose a
risk to BiH's institutional and economic settings:

-- In July 2018, the IMF decided to suspend disbursements under
its Extended Fund Facility (EFF), based on its assessment that
proposed fiscal measures in BiH threatened to sidetrack fiscal
stringency, a key requisite for continued IMF program endorsement.

The program remains off track, but we expect the BiH government,
when it forms, will resume talks with the IMF during 2019. Even
though the postponement of the EUR38 million tranche will not
significantly hurt BiH's fiscal situation, S&P sees the IMF program
as an important anchor for the country's structural reform agenda,
and its positive momentum enables BiH to access external financing
for key infrastructure projects. As such, a prolonged postponement
of the IMF program could lead to overall negative external
financing sentiment.

-- In October 2018, general elections proved inconclusive, which
led to institutional gridlock until December 2018, when the Central
Election Committee passed legislation making it possible to
circumvent the election law, opening the way in February 2019 for
legislative bodies to be appointed in both the autonomous entity
Federation of BiH and at the state level. The appointment of
functioning parliaments has defused risks of social tension while
alleviating concerns of a prolonged period of parliamentary
gridlock.

BiH's multilayered institutional set-up hinders effective
policymaking and complicates any progress toward being granted EU
candidate status (BiH applied in early 2016). Although BiH, after
long deliberations and political wrangling among the multiple
constituents, has supplied answers to an additional EU-mandated
questionnaire, S&P doesn't anticipate any significant progress
regarding EU candidacy in the short term. S&P believes that the
international community will continue to support BiH on its
European integration path and we expect the EU will deliver an
opinion on the progress and timeframe for BiH's candidate status at
some point in 2019.

However, confrontational political rhetoric continues to impede the
longer-term effectiveness of reforms necessary to secure structural
improvements in the business sector and the labor market, to
strengthen growth potential and bolster income levels. Moreover,
while S&P expects BiH's wealth levels will continue to improve, S&P
observes that the headline number appears stronger due to the
ongoing decline in population. Moreover, a substantial shadow
economy complicates the analysis. In this vein, the most recent
labor force survey indicates notably improving unemployment rates,
at 18.4% in 2018, compared with 20.5% in 2017, reflecting an
increase in employment, but also from a fall in the activity rate
and a reduction of the labor force. Domestic private-sector
development is hampered by a shrinking pool of skilled and educated
labor resulting from the migration of working-age people to
neighboring countries and the EU.

S&P believes, however, that BiH's economy can navigate through the
current period of political uncertainty while still posting average
annual GDP growth of just under 3%. At the same time, were this
uncertainty to be removed by the formation of a government
committed to renewing the IMF program, we think that growth
performance would be boosted over the medium term, as positive
confidence effects and better access to concessional financing
would support infrastructure projects and private sector capital
expenditure.

While the derailed IMF program represents a deterrent for external
financing flows, BiH has locked in some important external
financing for the short term, such as a three-year EUR700 million
loan from the European Bank for Reconstruction and Development to
finance highway construction throughout the country, which will to
some extent sustain key infrastructure investments. As in the past,
S&P projects that private consumption will be a key growth
contributor, financed by substantial remittance inflows. S&P also
expects, however, that foreign direct investment (FDI) will remain
muted, driven primarily by existing companies reinvesting their
profits, rather than by new investments.

Flexibility and Performance Profile: Domestic disputes complicate
fiscal policymaking

-- S&P expects BiH's foreign debt service will benefit from an
institutionalized mechanism that prioritizes debt service ahead of
other fiscal outlays.

-- The 2018-2019 delay in the government's formation mutes public
investments in 2019 but locked in financing flows create stability.


-- BiH's currency board arrangement anchors its structural reform
agenda, but restricts monetary policy flexibility.

The government budget came in at a surplus in 2015-2017, reflecting
the financing constraints for the entity governments, budget
restrictions, and wage freeze efforts, as well as underspending in
2017 due investments not taking place following delays of the IMF
program. S&P expects a surplus also in 2018 at about 1% of GDP,
driven primarily by revenue improvements, contained expenditures,
and some underspend on the capital account. In particular, the
amendment of the law on excise duty in February 2018 led to strong
growth in road tax revenues, which in combination with meaningfully
increased indirect taxes (main source of revenue), were up 7.2% for
the first nine months versus the same period last year. This will
support the revenue side. Expenditures however have been relatively
stable, largely reflecting a moratorium on expenditure and delays
in investment.

Because of the gridlock in forming the government after the October
2018 elections, BiH has been in a state of temporary financing
since Jan. 1, 2019. This position has effectively curbed
expenditure and fiscal policy execution. S&P said, "And even though
we expect the situation will be resolved and a state-level budget
for 2019 be approved in the short term, we anticipate that
constraints on government expenditures will resonate throughout
2019. Hence, we factor in our expectation of lagging reform
momentum, which will limit budget execution and spending
predictability. These budgetary restrictions will likely spill over
and cause some delays in investments and result in overall fiscal
surplus. Over the longer term, we expect medium-term fiscal
pressure from age-related expenditure accentuated by demographic
dynamics and emigration."

BiH reached agreement on the Global Fiscal Framework for 2019-2021
in July 2018, which sets fiscal targets and defines basic
assumptions for budget planning through 2021. Expenditure for
financing BiH's institutions was raised for the first time since
2012, to konvertibilna marka (BAM) 966 million from BAM950 million,
to finance higher salaries for policemen. Conflicting interests
sometimes make it difficult to assess the fiscal trajectory or
fiscal impact of announced reforms. In the second quarter of 2018,
the proposed law on benefits for war veterans, since then
abandoned, resulted in the IMF halting its EFF program for BiH. S&P
expects the approved budgetary framework will be implemented when
the state of temporary financing expires in March 2019, and S&P
will monitor the degree to which it adds predictability to BiH's
fiscal planning.

Importantly, outstanding general government debt is low and foreign
debt is serviced through a mechanism where all revenues from the
constituent governments are collected by the federal Independent
Taxation Authority, and redistributed to the constituent
governments net of external debt service on the basis of a
consumption-linked coefficient. BiH's budgetary procedures thus
explicitly prioritize external debt service payments above all
other outlays. S&P said, "We consider this mechanism vital in terms
of containing the risks associated with this period of budget
execution uncertainty since the elections. The majority of
government debt is and will continue to be denominated in foreign
currency and primarily concessional. We project BiH will report net
general government debt at 25% of GDP for 2018, chiefly due to
availability constraints and delayed investments."

S&P said, "We expect net general government debt will remain at
similar levels through 2022. We believe that the constituent
governments would have access to the domestic capital markets to
cover temporary deficits if there was a disruption in concessional
funding inflows. We have seen them cut investment spending in the
absence of concessional inflows, and we expect them to do so again
if needed to balance their budgets. However, we consider BiH's
vulnerability to shifts in official funding as a risk, and we
believe external financing pressures could again heighten if reform
stagnation persists, deterring concessional financing inflows.

"The moderate external indebtedness of BiH, compared with that of
other sovereigns we rate, reflects the government's reduced
external borrowing due to constrained financing availability of
international concessional inflows and the resulting investment
delays in the past three years. In addition, due to an externally
consolidating banking sector in recent years, as well as increasing
levels of foreign exchange reserves in order to cover monetary
liabilities, we position the country's narrow net external debt at
a low 29% of current account receipts in 2018. We believe that the
uncertainties surrounding the government's formation will temper
external debt flows in 2019 but we foresee that they will pick up
in 2020 and thereafter as some uncertainty lifts once the
government is formed. In this regard, we note that, absent such
flows, BiH faces external issuance constraints. As such, we
forecast a mild increase in BiH's external indebtedness, with
narrow net external debt returning to over 34% of current account
receipts by 2022.

"We project BiH's current account will remain in a stable deficit
of about 5.2% of GDP in 2022, with externally financed
infrastructure investments remaining modest, keeping imports in
check. We estimate debt-creating inflows, net of amortization, will
reach about 1.0% of GDP on average through 2022, together with net
FDI of 2.0% of GDP, and inflows to the capital account making up
the rest." Further structural reforms in the business sector could
also help attract more FDI, but that seems unlikely given the
expected halt in reform.

BiH has a currency board regime under which the konvertibilna marka
is pegged to the euro. The currency board contributes to economic
stability and has successfully contained inflationary pressures,
necessary elements for the implementation of the structural reform
agenda. S&P said, "While appropriate for the country so far, it
restricts policy options, in our view. Although reserves covered
monetary liabilities through 2018, the central bank cannot act as a
lender of last resort under BiH law. We understand that BiH is
committed to maintaining the central bank's independence and
preserving the stability of the currency board, which entails full
coverage of the monetary base by the central bank's foreign
currency reserves."

At the same time, BiH's banking system appears relatively well
capitalized. Nonperforming loans (overdue 90 days or more) have
decreased to 9.3% of total loans as of the second quarter of 2018.
Consolidation of banks' balance sheets ended at mid-year 2017, and
private sector lending has been picking up. This lending has
largely been financed by domestic deposits, which exceed
outstanding loans, as reflected in a loan-to-deposit ratio of 93%.
Vulnerabilities at smaller domestic banks with weaker corporate
governance practices have surfaced over the past couple of years,
but S&P recognizes the recent adoption of new banking legislation
in the two autonomous governments--the Federation of Bosnia and
Herzegovina and Republika Srpska--in line with EU directives, as a
step toward improved supervision

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
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
  Outlook Action; Ratings Affirmed

                                         To             From
  Bosnia and Herzegovina
   Sovereign Credit Rating           B/Positive/B     B/Stable/B
   Transfer & Convertibility Assessment   BB-            BB-




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G E R M A N Y
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APCOA PARKING: S&P Alters Outlook to Stable & Affirms 'B+' Rating
-----------------------------------------------------------------
German car park operator APCOA Parking Holdings has produced stable
operating performance over the past 12 months, driven by high
contract retention rates, improved cost management, and profitable
new business wins. As a result, S&P expects APCOA's adjusted debt
to EBITDA to continue to decline to slightly below 6x over the next
12 months, with free operating cash flow generation remaining
positive.

S&P Global Ratings is, thus, revising its outlook on APCOA to
stable from negative and affirming all of its ratings on the
company, including the long-term issuer credit rating.

The outlook revision reflects APCOA's stable operating trend in
2018, good cost control, and lower restructuring costs that have
resulted in a reported EBITDA margin of about 10%. Furthermore, its
capital expenditure (capex) optimization program and working
capital improvements have resulted in positive, albeit low, free
operating cash flow (FOCF) generation in 2018, following three
years of negative FOCF after the company's restructuring. As a
result, S&P Global Ratings adjusted leverage stood at about 6x at
year-end 2018.

The operating environment was challenging for APCOA because the hot
summer months in 2018 resulted in lower volumes in their European
inner-city and shopping sites. The company also lost three airport
contracts in Norway, and a potential large new contract win in
Germany was significantly delayed. However, the company took
advantage of its improvements in cost controls alongside lower rent
payments, signing sizable new contracts in Italy and Denmark, and
the company experienced strong organic expansion in Germany and
Sweden.

S&P said, "We continue to view the European car park industry
favorably, given its cash flow stability and sound margins.
However, we see key ongoing challenges. In particular, we note the
potential for changes in local green public policies as authorities
look to reduce the amount of on-street parking spaces and limit
city center access for cars. Furthermore, the increase in
ride-hailing services reduces the number of cars on the road that
require car parking services, and the development of electric and
autonomous cars will likely require car park operators to amend the
services that they provide in the long term. We expect that the
pace with which these innovations develop will play a key role in
determining how disruptive they are to APCOA's operations."

"APCOA's high debt burden and private equity ownership constrain
the rating on the company. These factors lead us to consider that
the company will continue to demonstrate a more aggressive
financial policy than peer rated car park operators such as MEIF 5
Arena Holdings and Infra Park S.A.S. We view these peers as more
infrastructural in nature given their predominantly
concession-based business models, which results in long-term
contracts and higher capex investment requirements. We anticipate
that APCOA will continue reducing debt, coming from improved EBITDA
generation, improved cost controls, and positive, albeit low, FOCF
generation over the next 12 months, absent additional restructuring
costs.

"The stable outlook reflects our view that APCOA will continue to
expand organically by 2.5%-3.0% over the next 12 months while
maintaining pricing. We think this will result in reported EBITDA
margins remaining at about 10%-11%, with debt to EBITDA falling to
slightly below 6x.

"We could lower the issuer credit rating if the company's operating
performance deteriorates or the company experiences difficulties
integrating any acquisitions, with adjusted debt leverage remaining
above 6.5x and FOCF to debt below 5%. Additionally, we could lower
the rating if the company pursues additional acquisitions or
shareholder dividends that keep leverage above 6.5x.

"We view the probability of an upgrade as low over the next 12 -18
months because we expect debt to EBITDA will remain at about 6x. An
upgrade would require the company to firmly commit to a more
conservative financial policy, including decreasing its debt to
EBITDA to less than 5.0x on a sustained basis, while demonstrating
an absence of debt-funded shareholder dividends.

"APCOA is a leading European car park manager operating more than
1.4 million parking locations in more than 9,000 locations across
13 countries. The company predominately operates long-term lease
contracts--about 75% of revenues--under which it enters into a rent
agreement with landlords and manages facilities independently.
APCOA also enters into pure service agreement contracts--25% of
revenues--whereby it manages facilities for fixed or variable
fees."

In S&P's base case, it assumes:

-- Annual revenue to rise by about 3% in 2019 and 2020 as a result
of new contract wins and expansion in existing sites, backed by
rising GDP and price index increases in the main economies where
APCOA operates;

-- Reported annual EBITDA margins remaining at 10.0%-10.5% in the
absence of material restructuring charges, with sustained
improvements in cost controls and stringent contract selections;

-- Capex of 4.0%-4.5% of revenues in 2019 and 2020;

-- No forecast material acquisitions or shareholder distributions;
and

-- S&P said, "In the absence of any additional shareholder
payouts, we continue to treat APCOA's shareholder loan as equity
under our criteria. We base this on the inclusion of stapling
language in the loan's documentation, deep structural subordination
to senior debt, and the noncash paying nature."

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

-- Adjusted debt to EBTIDA of about 6.0x in 2019 and below 6.0x in
2020;

-- Funds from operations to debt of about 10% in 2019 and 2020;

-- An EBITDA interest coverage ratio in excess of 2.5x in 2019 and
2020; and

-- Positive FOCF per year of about EUR10 million in 2019 and
2020.




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G R E E C E
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INTRALOT S.A.: Moody's Cuts CFR & EUR250MM Sr. Notes Rating to Caa1
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Moody's Investors Service has downgraded Intralot S.A.'s corporate
family rating (CFR) to Caa1 from B3 and probability of default
rating (PDR) to Caa1-PD from B3-PD. Concurrently, Moody's has
downgraded to Caa1 from B3 the instrument ratings on the EUR250
million Senior Notes due 2021 and EUR500 million Senior Notes due
2024, both issued by Intralot Capital Luxembourg S.A. The outlook
is negative.

RATINGS RATIONALE

The downgrade of Intralot's CFR to Caa1 was primarily prompted by
the loss of the SporToto tender for managing the IDDAA
sports-betting licence currently held by its 45% subsidiary
Inteltek in Turkey. The existing contract will expire on
28/08/2019. This contract represents EUR21.3 million (15%) of
consolidated EBITDA based on LTM Q3 2018 and its loss will weaken
credit metrics including leverage and cash flow. Moody's expects
consolidated leverage to increase to 5.9x in 2019 from 4.8x at LTM
September 2018, and proportional leverage (Debt/(EBITDA less net
dividend outflow)) to increase to 7.4x from 6.4x, leading to a
potentially unsustainable capital structure unless contract wins
are sufficient in the next 12-18 months to enable a timely
refinancing of the company's EUR250 million senior notes due in
2021. The contract loss will also further weaken liquidity by
reducing future cash flow as well as impeding the company's ability
to renegotiate the revolving credit facilities (RCFs) which is
necessary as the existing covenants cannot currently be achieved.
The situation has also been aggravated by the sudden departure of
the CEO.

Intralot's rating is also constrained by (1) potential deleveraging
and/or improvement in liquidity being predominantly dependent on
asset disposals (eg its 20% stake in Gamenet) in an increasingly
subdued market; (2) the existence of significant minority interests
which results in pro-rata leverage being materially higher than
reported (fully consolidated) leverage, as well as substantial cash
leakage through dividend outflows to the minorities; (3) limited
historic growth track record; (4) exposure to regulatory and fiscal
risks inherent to the gaming industry, and (5) the increasingly
muted outlooks for global growth in 2019, for example in Intralot's
markets in Argentina (B2 stable) and Turkey (Ba3 negative) which
together comprise around 30% of EBITDA (20% excluding the IDDAA
contract).

More positively, Intralot's Caa1 CFR takes into account (1) its
leading market position as a global supplier of integrated gaming
systems and services; (2) a diversified contract portfolio with 87
contracts and licences; (3) its broad geographical presence in 50
jurisdictions with a foothold in the US which has significant
growth potential following the invalidation of the US federal
sports betting ban, although with dependency on certain countries
in emerging markets such as Turkey and Argentina; (4) some revenue
visibility as a result of a large number of long-term contracts,
although this credit positive is dampened by frequent changes to
the core business through disposals and the recent contract losses
of IDDAA and partial loss in Morocco; and (5) growth potential from
further liberalization of the gaming sectors in less mature
markets.

LIQUIDITY

Moody's considers Intralot's liquidity profile to be weak. The
company's significant near-term cash requirements to support
working capital, capital expenditures and dividend payments to
minorities are expected to drive negative free cash flow into 2020
and cash on hand is declining. Additionally, the company may have
to repay a EUR15 million term loan if the covenants cannot be
renegotiated before the end of March. The significant cash balance
of EUR195 million on balance sheet as of June 30, 2018 reduced to
approximately EUR160 million in December 2018 including the EUR19.5
million proceeds from the disposal of Azerinteltek. Consolidated
cash is also not fully available since around EUR78 million resides
(including Azerinteltec proceeds) in partnerships and belongs to
minorities according their relevant stakes. Moody's also notes the
requirement for around EUR25 million of cash for basic operational
needs and expects the company to need access to external sources of
cash to fund capex over the next 18 months (although capex can be
reduced by around EUR15 million in 2019 without the IDDAA
contract). Although the IDDAA contract loss is clearly negative, it
is likely to be a cash positive event for Intralot in 2019 because
of the capex reduction and repatriation of residual cash which the
company estimates will be around EUR10 million. The company's
existing RCFs amounting in aggregate to EUR80 million both maturing
on June 30, 2021 contain leverage and interest coverage covenants
that would be breached if tested. The facilities will not be
renegotiated under the current terms. The company has stated that
its 20% stake in Gamenet Group S.p.A. (B1, stable) which is valued
at EUR45 million based on Gamenet's market capitalization as at 5
March 2019 will be sold at an appropriate time, and there is also a
plan to dispose of Polish operations. However, the timing of either
potential disposal remains uncertain.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the absence of available access to
external sources of cash and the increased difficulty the company
may have in achieving this. It also reflects the uncertainty
surrounding future earnings now that consolidated, annualized
EBITDA will be reduced by around EUR44 million in 2019 (c. EUR15
million on a proportionate basis) without the IDDAA and
Azerinteltek contracts.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, Moody's anticipates no upward pressure
on the ratings. A stabilization of the negative outlook could
result if the company obtained access to external liquidity
facilities, with covenants that, in Moody's view, allow comfortable
headroom considering the potential for deteriorating financial
metrics, and if the company could demonstrate a sustainable
reversal of the decline in EBITDA through contract wins.

Downward pressure on the ratings could result from any further
deterioration of underlying cash or other source of a weakening in
the company's liquidity; or a materially adverse regulatory change
or further loss of key contract.

STRUCTURAL CONSIDERATIONS

The EUR500 million 5.250% Senior notes due 2024 and EUR250 million
Senior Notes due 2021 rank pari passu. The notes and bank
facilities share the same guarantee package, set for a minimum of
70% of the consolidated EBITDA and total assets in the facilities
agreements. Moody's notes that the presence of minorities in
certain guarantor subsidiaries significantly reduces the potential
support available from such entities.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

PROFILE

Headquartered in Athens, Intralot, is a global supplier of
integrated gaming systems and services. Intralot designs, develops,
operates and supports customized software and hardware for the
gaming industry and provide technology and services to state and
state licensed lottery and gaming organizations worldwide. Intralot
operates a portfolio of 87 contracts and licences across 50
jurisdictions employing approximately 5,100 people. Intralot is
listed on the Athens stock exchange and has a market capitalization
of c. EUR70 million as of March 5, 2019.



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I T A L Y
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BORMIOLI PHARMA: S&P Puts 'B' LT Issuer Rating After Reverse Merger
-------------------------------------------------------------------
On March 8, 2019, S&P Global Ratings withdrew its 'B' long-term
issuer rating on Italy-based plastic and glass packaging
manufacturer Bormioli Pharma BidCo SpA and assigned a 'B' long-term
issuer rating to Bormioli Pharma SpA (Bormioli Pharma).

S&P's 'B+' issue rating and '2' recovery rating on the super senior
secured revolving credit facility (RCF) and its 'B' issue rating
and '4' recovery rating on the senior secured notes remain
unchanged.

In December 2018, Bormioli Pharma BidCo SpA reverse-merged into
Bormioli Pharma SpA. S&P thereby withdrew its long-term issuer
rating on Bormioli Pharma BidCo SpA and assigned its long-term
issuer rating to Bormioli Pharma SpA (Bormioli Pharma).

Bormioli Pharma's management team will undertake capital
expenditure (capex) of around EUR60 million in 2019. This will
result in negative FOCF in 2019 and lead to a slight increase in
leverage to 6.8x by year-end 2019. Credit metrics remain
commensurate with S&P's rating category and it expects these
investments to be EBITDA accretive from 2020 onward.

S&P said, "The stable outlook reflects our expectation that
Bormioli Pharma will continue to capitalize on its solid client
relationships and leading niche positions in its main markets.
Investments in new and existing furnaces will result in negative
FOCF in 2019. We expect these investments to start being EBITDA
accretive from 2020 onward. We expect S&P Global Ratings-adjusted
leverage to increase to 6.8x by December 2019 and decline
thereafter.

"We could raise the rating if Bormioli Pharma showed a track record
of steady earnings growth and consistently met its budget,
including top-line growth and profit margins. A positive rating
action would also need to be supported by robust credit measures,
with leverage declining sustainably below 5.0x while maintaining
positive operating cash flows. An upgrade would be contingent on
the company's and owner's commitment to maintaining a conservative
financial policy that would support such improved ratios.

"We could lower the rating if Bormioli Pharma experienced
unexpected customer losses or operating setbacks due to furnace
shutdowns, or raw material price increases. We believe that this
could undermine the company's liquidity position in the medium
term. We could also lower the rating if the company's financial
policy became more aggressive (that is, if the company made a large
payment to shareholders or a large debt funded acquisition),
preventing any material deleveraging or if cash flows turned
negative."




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

SK INVICTUS: Fitch Affirms IDR at B+, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed SK Invictus Intermediate II s.a.r.l.'s
IDR at 'B+' and assigned a first-time IDR of 'B+' to its parent SK
Invictus Intermediate s.a.r.l. (dba Perimeter Solutions). Fitch has
also affirmed Intermediate II's first-lien senior secured revolving
credit facility and first-lien senior secured term loan at
'BB+'/'RR1' and affirmed Intermediate II's second-lien secured term
loan at 'B'/'RR5'. The Rating Outlook is Stable.

Perimeter Solutions' ratings reflect its leading market positions,
strong FCF generation, the stability of its Oil Additives segment
and high growth potential in Fire Safety. These strengths are
offset by the company's considerable debt load and relatively small
size.

KEY RATING DRIVERS

Leading Market Positions: Perimeter holds the #1 market position in
both fire safety retardants, where it sells fire retardants for use
in fighting forest fires and fire suppressant foam, and in its Oil
Additives segment, where Perimeter supplies P2S5 for use in
lubricant additives. Both segments are highly consolidated and have
considerable barriers to entry. Perimeter is the sole supplier of
fire retardants to the U.S. government and primarily sells to
governmental and municipal entities such as U.S. Forest Services
(USFS). Potential competitors would have to go through rigorous
approval processes due to the mission-critical characteristics of
the products. Likewise, the P2S5 Perimeter sells is hazardous in
nature and requires specialized storage facilities to safely
transport. Perimeter is the only competitor within the P2S5 market
to have production capacity in both North America and Europe.

Substantial FCF Generation: Fitch projects Perimeter Solutions will
generate substantial FCF due to high consolidated EBITDA margins
and minimal CapEx requirements. Even with considerable cash
interest payments, this would result in a strong FCF margin that
should be notably above the metrics of other 'B' peers. Perimeter's
products are highly specialized and account for only a small
portion of its customers' overall costs, which has enabled it to
consistently pass on any increases in the price of its underlying
raw materials. Future capex is likely to exceed historical averages
due to the company's strategic growth initiatives but should still
remain minimal when compare to the company's EBITDA generation.

Oil Additives Stability: Fitch views the stability of Perimeter's
Oil Additives segment as a key strength of the company. The
segment's position in the historically stable lubricant additives
market should enable it to post consistent EBITDA generation
through the forecast horizon leading to noteworthy FCF due in part
to the segment's minimal capex requirements. Lubricant additive
producers have historically enjoyed very consistent earnings even
in times of rising raw material costs due to the stable demand
profile of the industry. While the rise of electric vehicles poses
a long-term threat to demand, Fitch views this risk as outside of
the ratings horizon. It is likely to take at least close to a
decade for there to be any material turnover in global car parc.
Furthermore, lubricant additives improve fuel efficiency, which
further insulates the industry against the global trend towards
electric vehicles.

Structural Shift in Firefighting: Fitch believes the structural
shift in forest firefighting tactics will lead to a greater
baseline level of demand for Perimeter's aerial fire retardants and
result in consistently higher EBITDA generation from the Fire
Safety segment. The USFS began continues to modify its airtanker
fleet with a goal of moving away from old, outdated aircraft
towards newer aircraft capable of dropping more aerial fire
retardants to contain forest fires. Additionally, there is a
longstanding and growing preference for aerial flame retardants as
a more effective means of fighting forest fires when compared to
the traditional firefighting methods. Coupled with headline risk
stemming from the increased frequency and severity of forest fires
in general, Fitch believes Perimeter will continue to experience
strong growth in Fire Safety through the forecast horizon.

Heightened Leverage: Fitch projects Perimeter's gross leverage
ratio will remain elevated through 2020 due to the substantial
amount of debt the company took on when it was purchased by SK
Capital from Israel Chemicals Ltd. This highly levered position
adds credit risk to an otherwise strong and stable operating
profile. Fitch believes Perimeter will de-lever its balance sheet
to a gross leverage ratio of 4.5x-5.0x long-term through a
combination of EBITDA growth and modest debt repayment. Failure to
delever in line with Fitch's projections, volatility in the Fire
Safety segment and/or leveraging acquisitions/dividend activity
would likely put downward pressure on the company's IDR.

Small Size: Fitch views Perimeter's small size as a credit negative
to the degree it lessens the company's ability to withstand swings
in the operating results of either of its business segments,
especially given its high debt load. This risk is mitigated
somewhat by the high credit quality of its customers in Fire
Safety, which accounts for a majority of consolidated EBITDA and
reports a large portion of its revenue as coming from
governmental/municipal entities. Nonetheless, Fitch projects
Perimeter's consolidated EBITDA will remain relatively small when
compared to its peers which will leave the company highly sensitive
to any negative pressure within its operating environment.

Parent Subsidiary Linkage: Fitch believes there are strong legal
and operational ties between Intermediate and Intermediate II and
that such linkage justifies assigning the same IDR to both entities
as per Fitch's Parent and Subsidiary Rating Linkage criteria.
Intermediate guarantees Intermediate II's debt and both entities
are under the same management team with a centralized treasury
system.

DERIVATION SUMMARY

Perimeter Solutions is relatively small and more highly levered
when compared to chemical peers such as Kronos Worldwide
(B+/Stable) and Ingevity Corp. (BB/Stable) though it is comparable
in size and leverage to SK Blue Holdings LP (B/Stable). Perimeter's
main differentiating factors from its peer group are its highly
specialized products and leading market positions that lead to
higher EBITDA margins and FCF generation far above the average for
its peers. As such, Perimeter is able to support a higher debt load
than a peer such as Kronos, who sells more commoditized products
and has less of a leadership position in its industry. SK Blue
Holdings has a similar leverage profile to Perimeter, but has less
growth opportunities in its end-markets and its margin expansion
opportunities are more cost-linked. Perimeter's substantial FCF
generation compared against Ingevity help offset its smaller size
and could support upward pressure on should Perimeter's IDR should
it see gross leverage sustained below 4.5x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Fire Safety sees strong growth in 2019 reflecting acquisitions
and price/volume gains. Growth moderates to the mid-single digits
thereafter;

  -- Oil Additives growth in the low single digits to reflect
historical industry performance;

  -- Capex in-line with management guidance;

  -- Modest debt repayment in 2019 to drop gross leverage to around
5.0x by 2020.

RATING SENSITIVITIES

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

  -- Consolidated EBITDA margins sustained around 2017 levels;

  -- Total Debt with Equity Credit/Operating EBITDA sustained below
4.5x;

  -- FCF margin sustained around current levels.

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

  -- Expectations of total debt/EBITDA above 5.0x at the end of
2020;

  -- Operating pressure within the Fire Safety segment resulting in
weakened EBITDA generation and FCF margin trending towards the
mid-single digits.

LIQUIDITY

Solid Liquidity: Perimeter Solutions generates considerable FCF
that should provide it ample flexibility to pursue acquisitions and
fund organic growth initiatives. The company's $100 million
revolver should stay mostly undrawn, with any drawdowns likely to
be repaid relatively quickly, and Fitch expects the company to keep
a nominal amount of cash on hand. Together with the revolver,
Perimeter should have a comfortable liquidity buffer.

Recovery Assumptions: Fitch's recovery analysis, assuming a
hypothetical bankruptcy scenario, used a going concern approach due
to the high barriers to entry for Perimeter's products, its leading
market positions and the considerable FCF generation of each of its
two segments.

Fitch used a $95 million going concern EBITDA and an 8.0x multiple
to result in a $760 million enterprise value. The going concern
EBITDA is made up of an assumed $30 million from the Oil Additives
business and $65 million from the Fire Safety business. In Oil
Additives, the company is the market leader in a specialized
product that only accounts for a small percentage of its customers'
total costs. The P2S5 Perimeter provides has no readily available
substitute and requires specialized equipment to safely transport.
Fitch believes the stable demand profile of the lubricant additives
industry would allow the segment to generate around $30 million in
EBITDA even in times of distress.

In Fire Safety, Perimeter is the unquestioned leader, with
substantial market share. Perimeter's products are mission-critical
and its customers are generally governmental agencies who require
years of approval procedures before a new product can be used. Both
characteristics help limit new market entrants and should lead to a
sustained competitive advantage. Aerial fire retardant demand has
benefitted from a structural shift towards greater use of fire
retardants as well as longer fire seasons. However, should
firefighting preferences or tactics change, or should fire activity
dramatically decrease, the company would be vulnerable to declines
in its earnings. As such, Fitch believes a going concern EBITDA for
this segment of around $65 million appropriately reflects a
distressed scenario.

Fitch has assigned an 8.0x recovery multiple, which is consistent
with highly specialized and highly value-add specialty chemical
producers such as Perimeter. The highly consolidated industries in
which it operates, with high barriers to entry and the significant
growth potential of the Fire Safety segment further support a
higher multiple and the resulting enterprise value.

With the revolver fully drawn, the first lien debt recovers 100%
for an 'RR1' rating while the second lien sees a 15% recovery and
an 'RR5' rating.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following first-time rating:

SK Invictus Intermediate s.a.r.l.

  -- Long-Term IDR 'B+'.

Fitch has affirmed the following ratings:

SK Invictus Intermediate II s.a.r.l.

  -- Long-Term IDR at 'B+'

  -- First-lien secured credit facility at 'BB+'/'RR1';

  -- First-lien secured term loan at 'BB+'/'RR1';

  -- Second-lien secured term loan at 'B'/'RR5'.

The Rating Outlook is Stable.



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

ASP CHROMAFLO: S&P Assigns B Rating to $60MM First-Lien Term Loan
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to ASP
Chromaflo Intermediate Holdings Inc.'s proposed $60 million
first-lien term loan. S&P expects Chromaflo to use the proceeds to
partially repay its second-lien term loan.

S&P assigned a '2' recovery rating, reflecting its expectation for
substantial recovery (70%-90%; rounded estimate: 70%) in the event
of default.

All ratings are based on preliminary terms and conditions.

The borrowers on the debt will be the same as the existing first
lien term loan: ASP Chromaflo Intermediate Holdings Inc. and ASP
Chromaflo Dutch I B.V.

The recovery ratings on the existing debt are unchanged.

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors:

-- S&P said, "Our analysis reflects our understanding that the
term loan facility is being syndicated to investors as a "strip",
and lenders are required to hold proportionate (45% U.S./55% Dutch)
interests in and have exposure to both tranches. Moreover, we
understand that the strip is not severable and that any assignments
would have to be for all or a portion of it. The proposed term loan
shares this feature with the existing term loan. As a result, our
recovery rating on the first-lien term loan facility represents a
weighted-average of the expected recoveries for the U.S. and Dutch
tranches."

-- S&P said, "In assessing recovery prospects for the $50 million
revolving facility lenders, we understand (based on terms) that
revolving lenders would be required to contribute proportionate
commitments in any credit facility draw. We also assume Chromaflo's
borrowings under the facility (for purposes of estimating exposure
under our simulated default scenario) would reflect approximately
the same split that underlies the term loan tranches and the
company's domestic/foreign EBITDA split."

-- S&P values the company on a going-concern basis using a 5.5x
multiple of its emergence EBITDA. The 5.5x multiple is in line with
that used for similarly rated specialty chemical peers such as
Aruba Investments Inc.

-- S&P's simulated default scenario contemplates a default in 2021
as Chromaflo's operating performance would materially deteriorate
in the wake of a protracted economic downturn that causes a
sustained decline in end-market demand for its products.

-- Given this scenario, EBITDA margins would shrink and EBITDA
would decline to levels insufficient to cover fixed-charge
obligations of interest expense, scheduled debt amortization, and
maintenance capital expenditures.

-- S&P's emergence EBITDA assumes that the company regains some
lost revenue through volume and undertakes cost-cutting efforts
during bankruptcy that would help margins and EBITDA improve to $63
million. The increased emergence EBITDA compared to its prior
analysis reflects the improved unadjusted EBITDA from previous
years.

-- S&P anticipates there will not be residual recovery value after
first-lien lenders are repaid; as such, S&P estimates negligible
(0%-10%; rounded estimate: 0%) recovery for second-lien lenders.

Simulated default and valuation assumptions:

-- Simulated year of default: 2021
-- EBITDA at emergence: $63 million
-- EBITDA multiple: 5.5x

Simplified waterfall:

-- Net enterprise value: $332 million
-- Valuation split (U.S. obligor/Dutch obligor): 45%/55%
-- Collateral value available to first-priority claims: $332
million
-- Secured first-priority claims: $454 million
    --Recovery expectations: 70%-90% (rounded estimate: 70%)
-- Collateral value available to second-priority claims: $0
-- Secured second-priority claims: $59 million
    --Recovery expectations: 0%-10% (rounded estimate: 0%)
Note: All numbers have been rounded and debt amounts include six
months of prepetition interest.

S&P's 'B-' issuer credit rating and stable outlook on parent ASP
Chromaflo Holdings L.P. are unchanged.

  RATINGS LIST

  Ratings Unchanged
  ASP Chromaflo Holdings L.P.
   Issuer Credit Rating       B-/Stable/--

  ASP Chromaflo Intermediate Holdings Inc.
  ASP Chromaflo Dutch I B.V.
   Senior Secured             B
    Recovery Rating           2 (70%)
   Senior Secured             CCC
    Recovery Rating           6 (0%)

  New Rating
  ASP Chromaflo Intermediate Holdings Inc.
  ASP Chromaflo Dutch I B.V.
   $60 mil 1st term ln        B
    Recovery Rating           2 (70%)

GTB FINANCE: Fitch Affirms Then Withdraws 'B' GMTN Programme Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed GTB Finance B.V.'s USD2 billion global
medium-term note (GMTN) programme rated at senior unsecured short-
and long-term 'B' and 'B+'/'RR4', respectively, and simultaneously
withdrawn the ratings.

GTB Finance B.V. is a wholly-owned subsidiary of Guaranty Trust
Bank Plc (GTB; B+; Stable), a leading Nigerian bank. It is a
special purpose vehicle incorporated to raise funds on behalf of
GTB in the international capital markets. Notes issued under the
programme are guaranteed by GTB.

KEY RATING DRIVERS

Fitch is withdrawing the programme's ratings because there is no
outstanding debt issued under the programme and the issuer does not
plan to issue any further debt under the programme in the
foreseeable future. GTB is also an issuer under the programme.
There is no outstanding debt issued by GTB under the programme.

RATING SENSITIVITIES

Not applicable.



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

POLYGON AB: Fitch Affirms Long-Term IDR at 'B', Outlook Positive
----------------------------------------------------------------
Fitch Ratings has affirmed Swedish property damage restoration
(PDR) operator Polygon AB's Long-Term Issuer Default Rating (IDR)
at 'B' with a Positive Outlook. Fitch has also affirmed the group's
EUR210 million senior secured notes at 'B+'/'RR3'/60%.

The 'B' rating of Polygon reflects its leading market positions, a
solid financial profile with increasing scale and a steady
deleveraging path but is constrained by the group's limited size
and moderate execution risk stemming from its large appetite for
acquisitions.

The Positive Outlook reflects Fitch's assumption that Polygon will
continue building scale, which together with an improvement in
margins, will result in positive free cash flow (FCF) generation
and a reduction in leverage to within Fitch's positive
sensitivities.

Key Rating Drivers

Leading Industry Player: Polygon is the dominant participant in the
European PDR market, with an estimated market share of about 10%,
twice as high as its closest competitor, despite its modest scale
with revenue of EUR619 million in 2018.

The group estimates the European PDR market at EUR5.2 billion, as
the sector is highly fragmented consisting of many smaller and
often family-owned businesses. In the PDR market, size is an
important competitive advantage as smaller companies do not usually
get framework agreements with large insurance companies.
Additionally, larger participants provide a comprehensive offer
with add-on services, which is an increasingly common requirement
from insurance companies.

Solid Business Profile: Fitch views Polygon's business profile as
solid with market-leading positions and contracted income structure
consistent with a 'BB' rating. It has operations in 14 countries,
providing healthy geographic diversification, albeit with some
dependence on the German market. Its service offering is equally
well-diversified, which should attract larger insurance company
customers as the group enters new markets. Fitch views Polygon's
dependence on insurance companies as a concentration risk,
generating close to two thirds of the group's revenue, although the
relationships are generally stable and long-term based on
multi-year contracts with a very high retention rate.

Low Cyclicality: Demand for property damage control is viewed as
stable and driven by insurance claims, which are resilient to
economic trends. More than 90% of Polygon's revenue is generated
from framework agreements with customers and can be regarded as
recurring, delivering good revenue visibility. Claims under these
types of damages follow normal seasonal patterns, with water leaks
and fires being the most important product segments for Polygon.
The remaining revenue is more unpredictable and related to extreme
weather conditions, which have increased during the last decade.

Fragmented Market Enabling Growth: Polygon has been highly
acquisitive in the last two years, enabling it to increase scale
and advance towards its goal of being among the top two players in
each country of operation. Fitch believes that Polygon will
continue to gain market share in selected geographies as it
broadens its services scope through some of the latest acquisitions
e.g. in the Nordics. Fitch also expects continuing underlying
market growth, driven by an increasing number of restorable
residential and commercial properties, the ageing of building stock
and the increasing value of properties, which in turn results in
more claims for damages.

Margin Improvement Slower than Expected: Polygon's profit margins
were stable in 2018 but lower than expected as a result of some
weakness in the Nordic markets and strong growth in Germany, where
margins are generally lower due to a less favourable business mix.
Fitch expects these factors, as well as the group's acquisitive
strategy, to continue to slow improvements in profit margins over
the next four years, although this will be mitigated by expected
revenue growth and improved cost control.

Improved Leverage Metrics Expected: Following a notes issue in
March 2018, Polygon has succeeded in improving leverage metrics
with funds from operations (FFO) gross leverage of 5.3x at end-2018
(2017: 6.2x). However, this is still slightly higher than Fitch's
previous expectations, although in line with a 'B' rating.
Acquisitions have continued at a rapid pace, which have been
largely financed through internally generated cash flows. Fitch
therefore expects leverage to decline further to 4.3x in 2021.
Financial flexibility is deemed sufficient for the rating, given
solid liquidity and limited refinancing risk with the first debt
maturity only in 2023. Polygon's FFO fixed charge cover is under
pressure from high cash interest payments, albeit in line with the
rating.

Derivation Summary

Polygon is the market leader in the European PDR market. Its
business model is supported by a wide geographical reach and strong
reputation among clients, similar to other Fitch-rated mid-sized
companies active in niche markets, such as L'isolante K-Flex S.P.A.
(B+/Stable). Polygon's framework agreements with major property
insurance providers and leading market positions in Germany, the UK
and the Nordics provide some barriers to entry and enhance
operating leverage. Profitability is structurally lower than
L'isolante K-Flex's, but margins are in line with those of the PDR
industry, with the potential for improvement as the size of Polygon
increases. Its leverage profile and FCF generation are consistent
with a 'B' rating.

Key Assumptions

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Organic revenue growth of 2%-2.5% based on Polygon's strong
reputation and market position

  - Yearly acquisitions of EUR15 million-EUR22 million resulting in
acquired revenue growth of 4%-7% per year during 2019-2022

  - Gradual margin improvement with EBITDA margin reaching 9.2% in
2022 due to cost control and synergies from acquisitions

  - Capex stable at 3% of revenue

  - No significant dividend payments over 2019-2022

Rating Sensitivities

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

  - Increasing scale on a sustained basis and EBITDA margins
trending towards 10% (2018: 8.6%)

  - Positive FCF post-acquisitions

  - FFO adjusted gross leverage below 4.5x on a sustained basis and
FFO fixed charge cover above 2.0x (2018: 2.0x)

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

  - Lack of overall revenue expansion and pressure on margins

  - Problems with integration of acquisitions or increased debt
funding

  - Lack of consistent positive FCF generation

  - FFO adjusted gross leverage above 6.0x on a sustained basis and
FFO fixed charge cover below 1.5x

Liquidity

Strong Liquidity: Fitch views Polygon's liquidity as solid with
end-2018 cash on balance sheet of EUR33 million, more than enough
to cover working capital requirements of up to EUR10 million.
Acquisitions of around EUR15 million-EUR20 million per annum should
be financed by forecasted positive FCF generation of the business
but the group also has a EUR40 million revolving credit facility
(EUR36 million undrawn) that it can access if needed. The EUR4
million drawn under the revolving credit facility relates to
performance bonds throughout the group.



=============
U K R A I N E
=============

UKRAINE: Fitch Affirms Long-Term IDR at B-, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Ukraine's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.

KEY RATING DRIVERS

Ukraine's ratings balance weak external liquidity, high external
financing needs driven by sovereign external debt repayments, a
weak banking sector, institutional constraints and political risks
in relation to peers, against improved policy credibility and
consistency, improving macroeconomic stability, declining
government debt and a track record of bilateral and multilateral
support.

Ukraine's continued engagement with the International Monetary Fund
(IMF) has eased financing constraints and supported the recovery in
international reserves. Ukraine received the first disbursement
(USD1.4 billion) under the 14-month Stand-By Arrangement (SBA) in
December and expects to receive two USD1.3 billion disbursements
after completion of reviews in May and November 2019. In addition,
the sovereign issued a USD2 billion Eurobond in October, received
the first tranche (EUR500 million) under the EU Macro-financial
Assistance Program (MFAP) and obtained a EUR 349 million loan using
part of a World Bank USD750 million guarantee.

International reserves rose to USD20.8 billion at the end of 2018,
the highest level since 2012. Nevertheless, reserve coverage, at
3.1 months of CXP, remains below the current 'B' median of 3.4
months. Increased exchange rate flexibility, unlocking of external
financing through the new IMF programme and moderate external
imbalances mitigate near-term pressures on international reserves.

Timely compliance with the new IMF programme is key to facilitate
external financing, support progress in macroeconomic stability and
mitigate vulnerabilities related to weak external liquidity, the
potential for increased domestic political uncertainty and broader
emerging markets volatility. External financing needs (current
account deficits plus public- and private-sector amortisations) are
high, at 72% and 90% of international reserves in 2019 and 2020,
respectively, significantly higher than peers. External public debt
amortisations will increase to USD4.3 billion in 2019 from USD3.0
billion in 2018. International bond repayments equal USD1.7 billion
in 2019 and will average USD2.4 billion in 2020-2021.

The government expects to meet its 2019 debt repayments through a
mix of official financing, market issuance and using part of its
own cash resources. Ukraine recently obtained a EUR529 million loan
using the World Bank guarantee balance and expects to receive the
second tranche (EUR500 million) of the EU MFAP in H119. External
market access will be dependent on global conditions as well as
reducing uncertainty regarding the SBA progress and domestic
politics. The MoF also intends to purchase FX from the National
Bank of Ukraine (NBU) to accumulate FC liquidity for debt service.
The NBU will establish a link with Clearstream in 1Q19, which could
facilitate foreign investor participation in the local market.

The IMF SBA implementation risks are significant, as Ukraine has a
poor record of timely progress and overall completion of previous
programmes. Fitch expects authorities to broadly adhere with
monetary, fiscal and banking sector quantitative benchmarks.
Nevertheless, delay and or reversal in structural reforms such as
the fight against corruption could lead to delays.

The extended electoral period in 2019 due to presidential
(March-April) and parliamentary (October) elections represent a
source of risks for smooth progress under the IMF programme and
timely external market access. Actor and political outsider
Volodymyr Zelensky has taken the lead since late 2018, disrupting a
previously-expected two-horse race between President Petro
Poroshenko and former Prime Minister Yulia Tymoshenko. The large
share of undecided voters, the intensification of the campaign
during the last month and the fallout from recent corruption
allegations will maintain a high degree of uncertainty regarding
the first round outcome as well as the likely run-off on 21 April.

Fitch considers that the incoming president will have limited space
in the near term to materially alter the direction of economic
policy or abandon commitments under the SBA. Although Ukraine's
high reliance on external official and market financing will likely
prevent a significant departure from the current policy direction,
short-term political calculations, intra-government disputes and
fragmented politics (and likely parliament) will maintain risks for
the current SBA and possibly for reaching an agreement for a new
programme in 2020.

Ukraine's strengthened policy framework is underpinned by increased
exchange rate flexibility, the NBU's commitment to its inflation
target (5% plus or minus 1% in 2020) and moderate fiscal
imbalances. The key policy rate has remained at 18% since September
2018 despite reduced inflationary pressures and the implementation
of the new IMF programme. Fitch expects average inflation to drop
further to 8.6% in 2019, still above the forecast 4.9% 'B' median,
and decline to 6.2% by end-2020.

Fitch estimates the general government deficit remained flat at
2.2% of GDP in 2018. Fitch forecasts a general government deficit
of 2.3% of GDP in 2019, as it expects the government to make
necessary budgetary adjustments to absorb weaker revenue
performance (for example from the privatisation agenda) or
reorganise expenditure priorities, as material election-related
loosening will be constrained by limited sources of
financing.End-2018 modifications to the budget code establish
ceilings for budget deficits at 3% of GDP and new state guarantees
issuance at 3% of the general fund revenues.

General government debt dropped to an estimated 52.2% of GDP (60.8%
including guarantees) in 2018, below the 59% 'B' median, on the
back of sustained primary surpluses real exchange rate
appreciation, return to growth and reduced net foreign financing.
Debt dynamics are highly exposed to currency risk as 76% is FC
denominated.

Fitch forecasts Ukraine's current account deficit to increase to
3.5% of GDP in 2019, up from an estimated 3.4% of GDP in 2018, as
the services surplus and remittances growth will mitigate a large
trade deficit. The current account deficit will then widen to 3.7%
in 2020 driven by weaker external demand, moderation in worker
remittances receipts and also potentially reduced gas transit
payments from Russia.

Fitch expects growth to slow to 2.6% in 2019, down from 3.2% in
2018, due to tighter monetary and fiscal policies, weaker global
demand conditions and commodity prices, and more moderate wage
increases. Investment (estimated at 20.5% of GDP in 2018) will
likely remain below 'B' peers (22.3%) reflecting concerns regarding
rule of law and political uncertainty during the electoral cycle.

The financial sector continues to represent a contingent liability
for the sovereign due to the large share of state-owned banks
(58.9% of total assets) and weak asset quality (NPLs at 52.8% of
total loans and net NPLs at 58% of sector equity at end-2018) with
high concentration in state-owned banks. Near-term risks have
declined due to improved capitalisation, and a more favourable
macroeconomic backdrop. Credit to households maintains a strong
pace, driven by consumer lending, but it starts from a low base.
Deposit and credit dollarisation is high, but declined to 42% and
42.8%, respectively, in 2018.

The unresolved conflict in eastern Ukraine remains a risk for
overall macroeconomic performance and stability. Tensions with
Russia increased over access to the sea of Azov, but a material
escalation is not part of Fitch's base case scenario. The case
regarding the USD3 billion debt legal dispute with Russia could be
heard by the UK Supreme Court later in 2019. Fitch currently does
not expect the dispute resolution to impair the sovereign's
capacity to access external financing and meet external debt
service commitments.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Ukraine a score equivalent to a
rating of 'B-' on the Long-Term Foreign-Currency (LT FC) IDR scale.


Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LTFC IDR by applying its QO, relative to
rated peers, as follows:

  - Macro: +1 notch, to reflect Ukraine's strengthened monetary and
exchange rate policy, which supports improved macroeconomic
performance and domestic confidence. Increased exchange rate
flexibility allows the economy to absorb shocks without depleting
reserves

  - External Finances: -1 notch, to reflect high external financing
needs driven by high sovereign external debt repayments; access to
sufficient external market and official financing is dependent on
progress under the agreed IMF SBA programme.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively, trigger
positive rating action, are:

  - Increased foreign currency reserves and external financing
flexibility.

  - Improved macroeconomic performance.

  - Sustained decline in public debt to GDP.

The main factors that could, individually or collectively, trigger
negative rating action, are:

  - Re-emergence of external financing pressures and increased
macroeconomic instability, for example stemming from delays to
disbursements from, or the collapse of, the IMF programme.

  - External or political/geopolitical shock that weakens
macroeconomic performance and Ukraine's fiscal and external
position.

KEY ASSUMPTIONS

Fitch does not expect resolution of the conflict in eastern Ukraine
or escalation of the conflict to the point of compromising overall
macroeconomic performance.

Fitch assumes that the debt dispute with Russia will not impair
Ukraine's ability to access external financing and meet external
debt service commitments.

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'B-'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'B-'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'B-'

Issue ratings on long-term senior unsecured foreign-currency bonds
affirmed at 'B-'

Issue ratings on long-term senior-unsecured local-currency bonds
affirmed at 'B-'



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

CONTOURGLOBAL PLC: Fitch Corrects March 7 Ratings Release
---------------------------------------------------------
Fitch Ratings replaced a ratings release on ContourGlobal Plc
published on March 7, 2019 to clarify in the Leverage Within Rating
Guidelines paragraph that Fitch treats proceeds from sell downs of
minority stakes in assets as cash flow from non-operating
activity.

The revised release is as follows:

Fitch Ratings has affirmed ContourGlobal Plc's (CGPLC) Long-Term
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. Fitch
has also affirmed ContourGlobal Power Holdings S.A.'s (CGPH) senior
secured notes due 2023 and 2025 at 'BB' and affirmed the super
senior revolver at 'BB+'. CGPH is a financing subsidiary of CGPLC
and the ratings of its debt obligations primarily benefit from a
guarantee from CGPLC.

The affirmation reflects increased scale and diversification of
CGPLC's portfolio of generating assets, supported by two large
acquisitions enhancing the company's business profile, renewable
portfolio in Spain and two gas-fired combined heat and power plants
(CHP) in Mexico. The funding of both acquisitions is mainly through
project financing non-recourse to the parent, in addition to the
parent's cash. As a result, Fitch forecasts that after these two
acquisitions the parent company's leverage will be commensurate
with the 'BB-' rating in 2019-2021.

KEY RATING DRIVERS

Increased and More Diversified Asset Base: The rating reflects
CGPLC's increased generation asset portfolio and its better
diversification by country and power generation source, largely due
to two large acquisitions, 250 MW renewable portfolio of
concentrating solar power (CSP) plants in Spain in 2018 and two
gas-fired combined CHP plants with a total capacity of 518 MW in
Mexico announced in January 2019.

Leverage Within Rating Guidelines: The funding of both acquisitions
is largely through project financing and cash from the holdco.
Fitch forecasts that after these two acquisitions holdco-only funds
from operations (FFO) adjusted leverage will average 3.5x in
2019-2021, within the 'BB-' rating guidelines. FFO forecasts
reflect that CGPLC will receive 51% of distributions after sell
downs of minority stakes in several assets, including in European
solar portfolio and Spanish CSP assets. FFO does not include
proceeds from such sell downs given that Fitch treats them as cash
flow from non-operating activity. The forecasts also reflect
additional investments in the existing portfolio and new projects.
The company expects its leverage, defined as consolidated net
debt/adjusted EBITDA ratio, to be temporarily above the target of
4.0x-4.5x, but it should return to this range within 12 months
after the Mexican acquisition.

Spanish Acquisition Rating Neutral: The acquisition of the CSP
portfolio from Acciona Energia, S.A.U. for EUR806 million closed in
May 2018 and added largely regulated cash flows. The current
regulatory return of 7.4% for the 2014-2019 regulatory period will
be lowered, most likely to 7.1% (based on the recent proposal of
the Spanish regulator) for 2020-2025. However this would be a
higher return than Fitch's previous expectations.

Recent Acquisition in Mexico: CGPLC has agreed to acquire two CHP
plants from Alpek S.A.B. de C.V. (BBB-/Stable) for USD724 million
(excluding the VAT payment of USD77 million refundable within 12
months). The acquisition will be closed in the next few months. The
two plants will provide electricity and steam under long-term
contracts to subsidiaries of Alfa S.A.B. de C.V. (BBB-/Stable), a
leading Mexican industrial conglomerate, and other commercial and
industrial customers. At closing, the operational assets are
expected to have around 90% of their power plus all steam revenues
under long-term contracts.

Earnings Supported by Long-Term Contracts: CGPLC's IDR reflects its
portfolio's relatively stable earnings from long-term contracts and
regulated activities, which will account for more than 95% of total
revenue between 2018 and 2022. Adjusted 1H18 last 12 months (LTM)
EBITDA split (pro forma after the recent acquisition in Mexico) is
50% Europe, 40% LatAm and 10% Africa. Adjusted pro-forma EBITDA
split by technology is 43% renewables, 39% thermal and 18% high
efficiency cogeneration. 52% of the off-takers (measured by 1H18
LTM adjusted pro-forma EBITDA) are investment grade, 32% are
sub-investment grade but covered by political risk insurance (PRI).
The remaining 16% are sub-investment grade off-takers without PRI,
primarily in Brazil.

Long-Term Recontracting Risks: PPAs for two largest off-takers
representing 24% of adjusted pro-forma 2018 EBITDA will expire
before 2025. This includes Maritsa's PPA expiring in 2024 and
Arrubal's in 2021. Management indicated that they will commence a
recontracting process closer to expiry and if the weak wholesale
power prices and capacity were to continue in Europe, some
contracts, such as Arrubal, could recontract at a shorter tenure
and lower EBITDA.

Kosovo Project: Fitch regards the 500 MW lignite-fired power plant
project as a source of credit risk for CGPLC due to its large size,
long construction period and fairly high counterparty risk. CGPLC
signed project agreements with the Republic of Kosovo in 2017 and
expects to begin construction in 2019 with completion in late 2022.
To mitigate the counterparty risk, CGPLC has committed that the
project will be backed by investment grade off-taker guarantees.
There will be also full engineering, procurement and construction
(EPC) protection. The company plans to sell a 49% stake in the
project to a minority investor in order to share the equity
contribution and project's risks.

No Impact From Parent and Subsidiary Linkage: CGPLC is 71% owned by
ContourGlobal L.P., whose ultimate parent is Reservoir Capital
Group, a privately held investment firm with an opportunistic
hybrid investment approach. Fitch assesses the legal and
operational links between CGPLC and Reservoir to be overall weak
based on its parent and subsidiary rating linkage criteria due to
among others the absence of guarantees, the financial covenants at
CGPLC level and separate treasury. As a consequence, Fitch rates
CGPLC on a standalone basis.

DERIVATION SUMMARY

Fitch rates CGPLC based on a deconsolidated approach as the
company's operating assets are largely financed with non-recourse
project debt. CGPLC is comparable with Terraform Power Operating
LLC (TERPO: BB-/Stable), Nextera Energy Operating Partners (NEP,
BB+/Stable) and Atlantica Yield (BB/Stable) in terms of operating
scale.

Fitch views TERPO and NEP's US-dominated portfolio of renewable
assets as superior to those of CGPLC, which are roughly equally
split between renewables and thermal generation, and carry
significant re-contracting risk and political and regulatory risks
in emerging markets. TERPO and NEP have strong and diversified
sponsors, which support their liquidity position and credit
quality. Fitch expects CGPLC's credit metrics to improve and
position between those of TERPO (weaker) and Atlantica Yield
(stronger) in the coming years.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

  - Equity investments of close to USD900 million for existing
assets and new projects (including the Mexican acquisition, but
excluding Kosovo) in 2019-2021

  - Sell downs of minority stakes in several assets, including in
Spanish CSP assets

  - The Kosovo project funded with about 70:30 debt to equity
split. Total capex for the project at EUR1.3 billion. CGPLC to own
51% of the project's equity. Debt of the project to be raised by
the project company.

  - Dividends rising by about 10% per year in 2019-2021.

RATING SENSITIVITIES

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

  - Holdco-only FFO adjusted leverage below 3x on a sustained basis
and FFO interest cover higher than 5x

  - Materially reduced counterparty concentration risks such that
EBITDA from any single off-taker is consistently less than 15%

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

  - Holdco-only FFO adjusted leverage above 4x on a sustained basis
and FFO interest cover lower than 3x, for example driven by
opportunistic recourse debt financing

  - The major PPAs experiencing unexpected and material price
reduction or termination

  - More than 40% of total revenue becoming uncontracted

  - A change in strategy to invest in more speculative,
non-contracted assets or material decline in cash flow from
contracted power generation assets

  - Future projects, including the Kosovo project, experiencing
material cost overruns and delays, not being prudently financed
and/or encountering substantial political interference, causing
financial distress at the project level and/or at the parent level
so that CGPLC breaches the guideline ratios on a sustained basis

  - CGPLC's involvement in the Kosovo power plant project being
substantially larger than currently planned 51%

LIQUIDITY

Sufficient Liquidity: CGPLC holdco level cash was boosted by the
IPO proceeds of about USD370 million in November 2017, which were
partly used for the acquisition of Spanish CSP assets in 1H18. The
holdco level cash was USD220 million at end-June 2018 together with
a revolving credit facility that increased to EUR75 million from
EUR50 million in November 2018. Following the successful bonds
refinancing in July 2018, CGPLC does not have any debt maturities
until 2023 when EUR450 million bonds are due. The refinancing also
enabled CGPLC to reduce its projected borrowing costs (average
coupon decreased to 3.7% for the EUR750 million bonds compared with
5.1% for the EUR700 million bonds that were refinanced prior to
maturity in 2021). Given the July refinancing, and European solar
sell-down proceeds, Fitch expects liquidity to increase
significantly at end-December 2018 from end-June 2018.

FULL LIST OF RATING ACTIONS

ContourGlobal Plc

  -- Long-Term IDR affirmed at 'BB-'; Stable Outlook

ContourGlobal Power Holdings S.A.

  -- Senior secured revolver affirmed at 'BB+'

  -- Senior secured debt affirmed at 'BB'

DEBENHAMS PLC: In Advanced Rescue Talks with Lenders
----------------------------------------------------
Julia Bradshaw at The Telegraph reports that Debenhams is in
advanced talks with its lenders over securing a GBP150 million
loan, just days after Mike Ashley called for a shareholder meeting
to oust most of the board and install himself as chief executive.

According to The Telegraph, should the loan be secured, GBP40
million of it will be used to refinance an emergency cash injection
Debenhams secured from its lenders in February.

The department store is in crunch talks with its lenders and
bondholders to seal a major restructuring and refinancing plan,
which would most likely include a debt-for-equity swap and the
closure of dozens of stores, as it seeks to fend off Mr. Ashley's
advances, The Telegraph relates.

EPIHIRO PLC: Moody's Reviews Class A Notes; Direction Uncertain
---------------------------------------------------------------
Moody's Investors Service has taken rating action on the following
notes issued by EPIHIRO PLC:

EUR 1,623M (Current outstanding balance 785.6M) Class A Notes, B2
(sf) Placed Under Review Direction Uncertain; previously on Jun 6,
2018 Upgraded to B2 (sf)

RATINGS RATIONALE

On 1 March 2019, Moody's raised Greece's Bond Country Ceiling
Rating (to Baa1 from Ba2) and its Bank Deposit Country Ceiling
Rating (to B1 from B3) (see
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_395805).

On 5 March 2019, Moody's upgraded the long term ratings of Alpha
Bank AE (see
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_395717).Alpha
Bank AE acts as Greek Account Bank in respect of the Collection
Account Bank and Reserve Account Agreement opened in the name of
the Issuer. These two factors, taken on their own, are credit
positive for the notes.

EPIHIRO PLC ("Epihiro"), issued in May 2009, had a revolving period
which was originally scheduled to last for 3 years, during which a
set of tight eligibility and replenishment criteria (including the
Moody's CDOROM Test) for new loan additions needed to be fulfilled
to limit negative impact on the expected loss of the Class A notes.
The revolving period has been extended several times since closing,
and changes have also been made to the replenishment criteria,
specifically the required level of the Moody's CDOROM test.

The transaction is managed to model (using CDOROM) by the Seller
with reference to the CDOROM Condition. In its base case, Moody's
assumed that the Moody's Metric determined by the Cash Manager as
part of the CDOROM Condition would be at the trigger level of the
test. The trigger level of the test is currently equivalent to a
model-indicated B2 rating on the Class A Notes.

During the review period Moody's will review the governance of the
transaction relating to certain interactions between the Issuer and
the Seller, and in particular i) seek clarification on the
stability of the Pool Eligibility Criteria and transaction
counterparties; and ii) review the credit quality of and reporting
on the underlying portfolio. Additionally, Moody's will review
certain legal aspects of the transaction relating to the true sale
of the assets.

Depending on Moody's conclusions with regard to the issues outlined
above, there is a wide range of possible rating outcomes, ranging
from a confirmation of the rating of the Class A Notes, to an
upgrade, downgrade or a withdrawal of the rating; today's rating
action on the notes reflects this uncertainty.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2017. Please see the Rating Methodologies page on
www.moodys.com for a copy of this methodology.

The Credit Rating of the notes issued by Epihiro were assigned in
accordance with Moody's existing Methodology entitled "Moody's
Global Approach to Rating Collateralized Loan Obligations" dated 31
August 2017. Please note that on 14 November 2018, Moody's released
a Request for Comment, in which it has requested market feedback on
potential revisions to its Methodology for Collateralized Loan
Obligations. If the revised Methodology is implemented as proposed,
the Credit Rating of the notes issued by Epihiro may be neutrally
affected. Please refer to Moody's Request for Comment, titled
"Proposed Update to Moody's Global Approach to Rating
Collateralized Loan Obligations" for further details regarding the
implications of the proposed Methodology revisions on certain
Credit Ratings.

Counterparty Exposure:

Today's rating action took into consideration the notes' exposure
to relevant counterparties, including Alpha Bank AE acting as Greek
Account Bank, using the methodology "Moody's Approach to Assessing
Counterparty Risks in Structured Finance" published in January
2019. Moody's concluded the rating of the notes are not constrained
by these risks.

Factors that would lead to an upgrade or downgrade of the rating:

The notes' rating is sensitive to the performance of the underlying
loan portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk (specifically any upgrade or downgrade of the
ratings of the Greek Account Bank), the level of credit enhancement
and Greece's country risk could also impact the notes' rating.

Loss and Cash Flow Analysis:

The transaction is managed to model (using CDOROM) by the Seller
with reference to the CDOROM Condition. In its base case, Moody's
assumed that the Moody's Metric determined by the Cash Manager as
part of the CDOROM Condition would be at the trigger level of the
test. The trigger level of the test is equivalent to a
model-indicated B2 rating on the Class A Notes.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

FLYBE GROUP: JetBlue Raises Competition Concerns Over Rescue
------------------------------------------------------------
Oliver Gill at The Telegraph reports that one of the America's
biggest airlines has waded into a row over the rescue of regional
carrier Flybe.

According to The Telegraph, JetBlue has raised competition concerns
with US authorities over Flybe's cut-price sale to a consortium led
by Virgin Atlantic.

The airline, a low-cost specialist in North America whose market
capitalization is bigger than easyJet, has urged the US Department
for Transportation "take official notice" that Virgin Atlantic
could use take-off and landing slots earmarked for domestic use to
connect to other flights across Europe, The Telegraph discloses.

The sale of Flybe to Connect Airways, a group comprising Virgin
Atlantic, Stobart and Cyrus Capital, has been approved by
shareholders but awaits final sign-off, The Telegraph notes.


GIRAFFE: Milton Keynes Restaurants Set to Close
-----------------------------------------------
MKFM reports that both Giraffe restaurants in Milton Keynes are set
to close as part of 27 closures nationally.

The outlets in The Centre MK and The Kingston Centre are set to
face the chop, MKFM relays, citing sector website Big Hospitality.

It comes as the company said on March 4 that both Giraffe and Ed's
Easy Diner were intending to enter into a company voluntary
arrangement (CVA), MKFM notes.

Other stores set to close across the UK include the Giraffe outlets
in Aberdeen, Basingstoke, Blackheath, Bluewater, Brighton, Bromley,
Bury St Edmunds, Castleford, Chelmsford, Eldon Square, Guildford,
Holland Park, Lakeside, Manchester Trafford Centre, Norwich,
Reading, Walton-on-Thames, Watford and York Monks Cross, MKFM
discloses.


JAMIE'S ITALIAN: Attempts to Secure Additional Funding
------------------------------------------------------
Vinjeru Mkandawire at The Telegraph reports that Jamie's Italian,
Jamie Oliver's ailing restaurant empire, is trying to secure
additional funding, casting fresh doubts over its future.

The business, which runs 22 restaurants across the UK, came within
hours of collapse in 2017, The Telegraph notes.

The multi-millionaire television chef then ploughed GBP13 million
of his own money into the business to stop it from going bust, The
Telegraph recounts.

Now, five turnaround investors are said to be circling, with
second-round bids due in the first week of next month, The
Telegraph discloses.

AlixPartners, The Telegraph says, is overseeing the restructuring
of the debt-ridden chain.

It has been a year since the chain unveiled 600 job cuts and 12
site closures, The Telegraph states.  It also asked for reduced
rent deals at 11 further outlets as part of a company voluntary
arrangement, The Telegraph relates.


LENDY: Put Under Special Supervision by Financial Regulator
-----------------------------------------------------------
Nicholas Megaw at The Financial Times reports that the UK's
financial regulator has placed a British peer-to-peer lender under
special supervision after becoming concerned about its ability to
meet the standards required of regulated firms.

Lendy, which allows retail investors to fund property development
loans, was put on an FCA watchlist in January, according to
documents seen by the FT and three people familiar with the
situation.

According to the FT, the company, its creditors and the regulator
are working to shore up the business and collect on its overdue
loans.  But if the business were to fail, it would be the largest
collapse of a European peer-to-peer lender in the sector's short
history, the FT notes.

The regulator told Lendy it had concerns about its ability to meet
parts of its "threshold conditions" -- the minimum standards
required of all regulated firms, the FT relates.  It had questions
about the company's business model, leadership and financial
position, the FT states.

Under the terms of the watchlist, Lendy is subject to enhanced FCA
oversight and must provide the regulator with detailed updates
including a weekly report on cash flow and loan recovery efforts,
the FT says.

Some 55% of Lendy's outstanding loans are considered
"non-performing" or have been only partially repaid and are subject
to claims by its collections team, the FT relays, citing an
analysis of its loan data.  A further 10% are past due but not yet
considered to be in default, according to the FT.


LK BENNETT: Tough Trading Conditions Prompt Administration
----------------------------------------------------------
BBC News reports that high-end fashion chain LK Bennett has called
in administrators.

The business, which has 39 shops and about 500 staff in the UK,
signalled it was in difficulties after lining up EY as
administrator if it could not find fresh financing, BBC relates.

The company was founded by Linda Bennett in 1990, and counts the
Duchess of Cambridge as a customer, BBC discloses.

According to BBC, EY said 55 jobs had already gone at the firm's
headquarters and following the closure of five stores.

The brand also trades out of 37 concessions in stores around the
country, BBC notes.

Earlier on March 7, its website had put up a notice indicating it
had stopped taking orders, BBC recounts.

Joint administrator Dan Hurd -- dhurd@uk.ey.com -- as cited by BBC,
said that amid "tough trading conditions" for retailers, LK Bennett
had been "further impacted by significant rent increases and
business rate rises".

The business had been put up for sale and the administrators hoped
it would be "attractive to prospective buyers".

Meanwhile, trading at the shops will continue as normal, although
web sales will be temporarily suspended, to allow the
administrators to work with the company so that customer orders can
be processed and delivered as usual, BBC states.


VEDANTA RESOURCES: S&P Alters Outlook to Negative & Affirms B+ ICR
------------------------------------------------------------------
On March 8, 2019, S&P Global Ratings revised its outlook on Vedanta
Resources Ltd. to negative from stable. At the same time, S&P
affirmed its 'B+' long-term foreign currency issuer credit rating
on the India-based commodities producer and its 'B+' long-term
issue rating on the various U.S. dollar denominated senior
unsecured notes the company issued.

S&P said, "The outlook revision reflects our view that Vedanta
Resources' financial ratios will likely stay weaker than levels
commensurate with the current rating. The company's operating
performance and cash flows lag our estimates, and its debt related
to privatization and growth investments should keep leverage higher
than our expectation for the rating.

"Our annual gross EBITDA expectation for Vedanta Resources is now
about US$4.0 billion over fiscals 2020 and 2021 (years ending March
31), a drop of about US$1.0 billion from our estimate nine months
ago. This is due to a combination of lower base metal prices,
higher input costs of aluminum, slower new zinc project ramp up,
and the closure of copper smelting. Slower worldwide economic
growth (especially for China) has lowered our estimate of demand
growth in base metals. For example, our zinc price expectations are
now US$500 to US$700 lower than nine months ago. While aluminum
price expectations have stayed unchanged, we acknowledge that
current spot prices are about 15% lower than our price deck for
aluminum. While Vedanta Resources' cost position in zinc and oil in
India is strong, its aluminum cost has stayed elevated over the
past year or so, significantly compressing margins in the business.
However, we expect the company's aluminum production costs to
gradually reduce.

"Our lower EBITDA expectations also emanate from slower volume ramp
up at Vedanta Resources' Gamsberg zinc project in South Africa and
closure of the company's copper smelting operations in India. The
company's newly acquired steel business and better oil prices will
support EBITDA to some extent. However, we still expect a
significant net fall in gross EBITDA.

"Vedanta Resources' adjusted debt has risen by our US$2.0 billion
over the past nine months. The company's acquisition of the steel
business in fiscal 2019 added about US$800 million in debt. Vedanta
Resources' parent, Volcan Investments Ltd., raised about US$1.0
billion in debt in 2019. We add this privatization debt to Vedanta
Resources' debt in line with our group methodology and in the
absence of any material cash flow generating entity outside of
Vedanta Resources under Volcan."

Recent structured investments of about US$550 million by Vedanta
Ltd. (Vedanta Resources' Indian subsidiary) into Volcan come at a
time when Vedanta Resources' own leverage is high, with its
liquidity dependent on large short-term debt. Such investments also
divert cash flow from its stated purpose of deleveraging and
improving liquidity, especially at the Indian subsidiaries. The
Vedanta Resources management has said the investments are
opportunistic and are unlikely to be repeated. Any repeat of
similar transactions that lift Vedanta Resources' leverage will be
strong credit negative factors. Volcan owns about 25% of Anglo
American PLC, for which it has raised GBP3.5 billion in mandatorily
exchangeable bonds. These bonds will mature in about a year.

Lower cash flow and higher debt will result in Vedanta Resources'
cash flow leverage falling below the target for a 'B+' rating over
fiscals 2020-2021. S&P previously envisaged that healthy cash flow
growth from zinc, aluminum, and copper smelting would help Vedanta
Resources to deleverage, thereby improving the ratio of funds from
operations (FFO) to debt to 10% or more over fiscals 2019-2021 from
just below 9% in fiscal 2018. S&P now expects the FFO-to-debt ratio
to stagnate around 6%. Similarly, Vedanta Resources' FFO cash
interest coverage is likely to stagnate to just under 1.7x, which
is below S&P's rating downgrade trigger, compared with its previous
expectation of more than 2.0x.

The negative outlook on Vedanta Resources reflects the likelihood
of a downgrade over next nine months. This is because, in the
absence of a better operating performance than S&P expects and an
unlikely reduction of elevated debt (related to privatization,
steel business acquisition etc.), the company's cash flow leverage
will be higher than the level commensurate with a 'B+' rating.
Vedanta Resources' FFO cash interest coverage is likely to stay
below 1.75x over the next one to two years, below S&P's downgrade
trigger.

S&P said, "We would lower the ratings over the next nine months if
Vedanta Resources' operating performance fails to improve beyond
our expectations such that FFO cash interest coverage stays below
1.75x for a sustained period. This could happen if we expect
commodity prices to stay soft, the company's leverage stays high
with no prospect of improvement. Any new related-party transaction,
higher-than-expected investments, or failure to improve operating
performance more than we expect will lead to a downgrade owing to
high leverage.

"We could also lower the rating if Vedanta Resources' financial
flexibility weakens, increasing refinancing risk. This could happen
on account of weak commodity prices or increased risk aversion in
credit markets.

"We could revise the outlook to stable if we see healthier
profitability for Vedanta Resources, leading to stronger cash
flows. Gross EBITDA staying sustainably and significantly above
US$4.5 billion would indicate such a possibility. Such an
improvement would most likely come from better margins at the
aluminum business or stronger cash flows from the zinc business.
Such gross EBITDA will need to lead to FFO interest coverage
staying well above 1.75x."


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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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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