/raid1/www/Hosts/bankrupt/TCREUR_Public/190313.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, March 13, 2019, Vol. 20, No. 52

                           Headlines



F R A N C E

ORANO: S&P Alters Outlook to Negative & Affirms 'BB+' ICR


I R E L A N D

LANSDOWNE MORTGAGE: Fitch Corrects April 13 Ratings Release


L U X E M B O U R G

AKITA MIDCO: S&P Affirms 'B' Ratings on Debt-Funded Acquisitions


M A C E D O N I A

NORTH MACEDONIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings


S P A I N

FTA SANTANDER 2014-1: Fitch Affirms Class E Notes Rating at 'CCsf'
INKEMIA IUCT: Board Opts to File for Pre-Insolvency Proceedings
[*] Moody's Takes Action on 16 Tranches from 4 Spanish Deals


U N I T E D   K I N G D O M

BRILLIANT ENERGY: Halts Trading, Ofgem to Appoint New Supplier
DEBENHAMS PLC: Says Close to Securing GBP150MM Extra Financing
EMF-UK 2008-1: Fitch Affirms Class B1 Debt at B+sf, Outlook Stable
MOTHERCARE PLC: To Sell Early Learning Centre to Cut Debt
OFFICE OUTLET: Calls in Advisers to Explore Restructuring Options

PAPERCHASE: To Undergo Company Voluntary Arrangement
[*] Fitch Hikes 13 Tranches on 3 Great Hall Mortgages Deals

                           - - - - -


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

ORANO: S&P Alters Outlook to Negative & Affirms 'BB+' ICR
---------------------------------------------------------
On March 1, 2019, France-based nuclear services group Orano
published weak results for the rating in 2018, with an anticipated
decline in EBITDA and an increase in its asset retirement
obligation (ARO) liabilities.

While S&P continues to view the company's ability to generate
positive free cash flow in 2018 and in the coming years as a key
consideration for the current rating, the volatile nature of the
nuclear liabilities may hinder its ability to deleverage.

Consequently, S&P Global Rating revised its outlook to negative
from stable and affirmed its 'BB+' issuer credit rating on Orano.

The outlook revision reflects the possibility S&P could lower the
rating by one notch over the coming 12-24 months if Orano
experienced weaker-than expected EBITDA with an increase in its
overall liabilities, maintaining adjusted debt to EBITDA above 6x
in 2019 and above 5.5x in 2020. As of December 2018, the company's
adjusted debt to EBITDA peaked at 6.4x, and under its current
base-case scenario it sees only modest improvement in 2019. A
future potential rating action would also be subject to the
company's ability to generate positive free operating cash flow
(FOCF), while supporting a reduction in net reported debt.

The negative outlook reflects the possibility S&P could lower the
rating by one notch over the coming 12-24 months if the company
cannot demonstrate clear deleveraging, with adjusted debt to EBITDA
at about 6x on average. This would be the case, if adjusted debt to
EBITDA remained above 6x in 2019, without a clear deleveraging path
to 5.5x or better in 2020.

A future potential rating action would also be subject to the
company's ability to generate positive FOCF.

Under S&P's base-case scenario, it assumes adjusted EBITDA of
EUR650 million-EUR750 million in 2019, translating to adjusted debt
to EBITDA of 6.2x-7.0x, improving to 5.5x-6.0x by the end of 2020.


In S&P's view, a negative rating action could be triggered by one
or more of the following:

-- Lower-than-expected EBITDA and FOCF, for example, as a result
of a continued weak market environment.

-- An increase in the company's AROs and/or pension obligations,
which are not temporary.

While S&P doesn't expect any change in the relationship with the
French government, a change in its perception of the likelihood of
government support could lead to a lower rating.  

A stable outlook would be linked primarily to the company's ability
to generate a positive FOCF in the coming 12-24 months, with a
material reduction in its financial debt, and at the same time
better stability of its other obligations.



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

LANSDOWNE MORTGAGE: Fitch Corrects April 13 Ratings Release
-----------------------------------------------------------
Fitch Ratings replaced a ratings release published on April 13,
2018 on Lansdowne Mortgage Securities No. 1 Plc (L1) and Lansdowne
Mortgage Securities No. 2 Plc (L2) to remove the Outlook assigned
to the notes, which were erroneously included in the original
commentary.

The revised release is as follows:

Fitch Ratings has affirmed Lansdowne Mortgage Securities No. 1 Plc
(L1) and Lansdowne Mortgage Securities No. 2 Plc (L2) and removed
them from Rating Watch Evolving (RWE), as follows:

L1

Class A2 (XS0250832614): affirmed at 'CCCsf': off RWE; Recovery
Estimate (RE) 100%

Class M1 (XS0250833695): affirmed at 'CCsf': off RWE; RE 90%

Class M2 (XS0250834073): affirmed at 'CCsf': off RWE; RE 0%

Class B1 (XS0250834404): affirmed at 'CCsf': off RWE; RE 0%

Class B2 (XS0250835120): affirmed at 'CCsf': off RWE; RE 0%

L2

Class A2 (XS0277482286): affirmed at 'CCCsf': off RWE; RE 90%

Class M1 (XS0277482526): affirmed at 'CCsf': off RWE; RE 0%

Class M2 (XS0277482955): affirmed at 'CCsf': off RWE; RE 0%

Class B (XS0277483417): affirmed at 'CCsf': off RWE; RE 0%

The transactions are securitisations of Irish residential mortgage
loans originated by Start Mortgages Ltd.

KEY RATING DRIVERS

Payment Interruption Risk

The transactions may be unable maintain timely payments on the most
senior notes outstanding in a payment interruption event. This is
because current reserve fund balances are expected to be depleted
by losses. As there is no dedicated liquidity, note payments will
be exposed to payment interruption in this event.

Credit Enhancement (CE) Build-up

Sequential amortisation has led to increasing CE available to
support the rated notes, despite drawings on the reserve fund in L2
for the last two interest payment dates. Fitch expects the
transactions to continue paying sequentially and CE to continue to
grow, subject to reserve fund draws to cover for losses.

European RMBS Rating Criteria

The rating actions reflect the application of Fitch's new European
RMBS Rating Criteria. Fitch placed the ratings on RWE on October 5,
2017 pending the criteria's publication.

RATING SENSITIVITIES

If the transactions continue to make timely payments while
withstanding negative carry and losses from delinquencies and
foreclosures, leading to a decrease in late stage arrears, Fitch
will reduce its foreclosure frequency assumptions. This may result
in upgrades of the notes' ratings.

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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



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

AKITA MIDCO: S&P Affirms 'B' Ratings on Debt-Funded Acquisitions
----------------------------------------------------------------
Chemicals and food ingredient distributor Azelis is planning to
fund about EUR110 million worth of bolt-on acquisitions via a
EUR100 million add-on to its first-lien term loans. Modest organic
growth and contributions from acquired businesses should limit any
leverage impact this year, and S&P continues to forecast adjusted
debt to EBITDA at about 7.0x, with some improvement thereafter.

S&P Global Ratings is, thus, affirming its 'B' ratings on Azelis'
parent, Akita MidCo Sarl and the first-lien debt.

S&P said, "We affirmed the ratings due to the relatively favorable
multiples at which Azelis is acquiring complementary businesses.
The EUR100 million add-on to the term loans is therefore fairly
neutral to the group's leverage profile. In our view, the
acquisitions slightly improve the group's business reach and are
consistent with its stated strategy to expand geographically while
broadening its product portfolio. We continue to view the chemicals
distribution sector as highly fragmented, and we expect Azelis will
continue to expand organically and through acquisitions in the
coming years."

The company is undertaking a series of acquisitions. These include
assets in Canada, Korea, Ireland, Italy, India, and Poland, some of
which closed in 2018, funded through RCF drawings and internal
cash, with the remainder signed and expected to close in March this
year. S&P said, "We expect acquisitions in 2019 will contribute
modestly to the group's full-year EBITDA, assuming modest costs and
cross-selling synergies. We understand these acquisitions have been
agreed at fairly favorable multiples, and therefore have a limited
impact on our forecast of adjusted debt to EBITDA."

The total price of about EUR110 million is expected to be funded
through a EUR100 million term loan add-on, with the same terms and
ranking as Azelis' existing first-lien term loans, and cash on
hand. S&P expects the proceeds will also help Azelis pay down the
drawn portion of the RCF of about EUR9 million and finance general
corporate purposes.

S&P said, "The stable outlook reflects our expectation that Azelis'
operating performance will stay resilient, supported by business
diversity and operating efficiencies. This should translate into
modest organic EBITDA growth and contributions from bolt-on
acquisitions, alongside an EBITDA margin of at least 7%, in our
view. We expect minor deleveraging in the coming years, thanks to
positive free cash flows, and that funds from operations (FFO) will
amply cover cash interest by more than 2x."

Ratings pressure may arise from adverse market developments
weighing on EBITDA or FFO, or rising interest costs resulting in
FFO cash interest coverage lower than 2x. Any deterioration in
margins or free cash flow, or an unexpected acquisition that
increases leverage materially, would likely trigger a downgrade.

Rating upside is limited at the current level, given the high
amount of debt in the capital structure. But S&P could consider an
upgrade if adjusted debt to EBITDA drops below 5x with a commitment
from the sponsor to maintain lower leverage.



=================
M A C E D O N I A
=================

NORTH MACEDONIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
-------------------------------------------------------------
On March 8, 2019, S&P Global Ratings affirmed its long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of North Macedonia at 'BB-/B'. The outlook is stable.

OUTLOOK

The stable outlook reflects the balance between the risks from
North Macedonia's rising public debt and still comparatively modest
income levels, and its favorable economic prospects alongside the
potential for institutional settings to strengthen over time.

S&P said, "We could raise our ratings on North Macedonia if timely
reform implementation, for instance as part of EU accession
negotiations, strengthened North Macedonia's institutional
arrangements and improved its economic prospects. We could also
consider an upgrade if North Macedonia displayed a stronger fiscal
performance that placed net general government debt firmly on a
downward path.

"We could lower the ratings if major political tensions returned or
reform momentum waned, impairing growth and foreign direct
investment (FDI) and undermining the country's longer-term growth
prospects. We could also lower the ratings if large fiscal
slippages or off-budget activities were to call into question the
sustainability of North Macedonia's public debt, raise the
sovereign's borrowing costs, and substantially increase its
external obligations, given the constraints of the exchange-rate
regime."

RATIONALE

The ratings on North Macedonia reflect S&P's view of the country's
relatively low income levels; still comparatively weak
institutional settings despite some recent improvements; and
limited monetary policy flexibility arising from the country's
fixed-exchange-rate regime. The ratings are primarily supported by
moderate--albeit rising--external and public debt levels and
favorable growth potential.

Institutional and Economic Profile: Name dispute resolution and
restored political stability underpin a return of growth

-- Following stagnation in 2017, S&P estimates that the North
Macedonian economy grew by 2.5% in real terms last year.

-- The resolution of the name dispute with Greece opens the door
to NATO membership and the formal start of EU accession talks.

-- S&P does do not expect any notable policy changes after the
April 2019 presidential elections, given the largely ceremonial
function of president in North Macedonia.

In January 2019, a long-standing dispute between Greece and North
Macedonia over the latter's name was finally resolved. The
disagreement had stemmed from Greece's objection to North Macedonia
calling itself Republic of Macedonia because there is a similarly
named region in Greece. Under the solution unveiled for the first
time in June 2018, the country's name has changed to Republic of
North Macedonia. After decades of gridlock, it took less than a
year to agree and implement the newfound solution. It has already
been ratified in both countries' parliaments and entered into force
in February.

The resolution of the name dispute is an important positive
milestone that S&P expects will reduce North Macedonia's past
isolation and contribute to regional stability. More specifically,
the agreement paves the way for North Macedonia's NATO membership
and the start of formal EU accession talks in the coming months.
Although North Macedonia has been an EU candidate since 2005, no
progress on membership talks has been achieved due to being blocked
by Greece.

In addition to a number of important reforms adopted recently,
North Macedonia still needs to implement some changes before EU
negotiations can begin. S&P understands that these include
undertaking a public administration reform, passing a new
anti-corruption law, and adopting legislation to strengthen the
judicial system. Potential hurdles could also stem from the
European Parliament elections this year owing to growing EU
skepticism and enlargement fatigue. Nevertheless, S&P believes
these will be overcome given the already-substantial progress
achieved to date. S&P's baseline expectation now is that North
Macedonia's accession talks will start in the coming months.

S&P said, "In our view, the start of EU accession talks could
accelerate reform momentum as North Macedonia implements the
changes required to align it with Acquis Communautaire, the body of
EU law. Nevertheless, we consider that it will take time before any
adopted reforms bear fruit and become firmly entrenched within the
institutional framework. We do not expect North Macedonia to join
the EU in the short-to-medium term, based primarily on the
experience of other countries in the region in recent years. For
example, Montenegro and Serbia started accession negotiations in
2012 and 2014, respectively. The European Commission last year
stated that they could join the EU by 2025 provided that required
reforms are implemented. Assuming a similar timeframe, North
Macedonia is unlikely to join the EU before 2030, in our view.

"In addition to resolving the name dispute, North Macedonia has
recently undergone an orderly power transfer that we believe has
set an important precedent given that the country's political stage
had been dominated by the VMRO-DPMNE party for more than 10 years
previously. Despite the close 2016 election outcome, SDSM
ultimately succeeded in forming a government in May 2017 and has
now been in office for almost two years. We consider that the power
transfer and the subsequent ability of SDSM to govern goes some way
toward strengthening various public institutions, even though
checks and balances and policy predictability still remain weak. To
this end, we note the high levels of perceived corruption and the
difficulties in enforcing some judicial decisions seen, for
instance, in the escape of former prime minister Nikola Gruevski
abroad, despite facing charges domestically.

"North Macedonia is currently gearing up for presidential elections
scheduled for April 2019, but we expect limited policy changes in
the aftermath. This is primarily because the presidential post is
largely ceremonial in North Macedonia. The incumbent president
Gjorge Ivanov supports the main opposition VMRO party but he is due
to step down in May 2019 given the end of his second term in
office.

"In line with our previous expectations, North Macedonia's economy
returned to growth last year, following stagnation in 2017. We
estimate that output expanded by 2.5% in real terms in 2018.
Although we view the resolution of the name dispute as an important
development, we consider that the return of political stability has
been at least as important in helping accelerate economic dynamics.
We currently do not expect the resolution of the name dispute to
substantially alter North Macedonia's growth performance in the
short term.

"We project that the economy will grow by 3% on average over the
next three years. Domestic consumption and exports will remain
important growth drivers. Meanwhile, we expect a stronger outturn
for investments after an estimated 8% real contraction in 2018.
This will happen on account of both rising private investments
owing to improved political stability, as well as accelerating
public capital expenditure (capex) following the substantial
under-use of the capex budget last year on delays in a
publicly-funded road construction, among other things.

"We currently view risks to our economic projections as broadly
balanced. There is upside potential from faster government reform
implementation, which could ultimately improve the business
environment and subsequently lead to larger FDI inflows. At the
same time, there are risks from softening growth in Europe, where
most of North Macedonia's trade partners are. To this end, there
are also some risks from the U.S. introducing tariffs on car
imports, which could indirectly affect North Macedonia mainly via
its exposures to other European economies. Overall, at around
$6,000, North Macedonia's per capita income remains modest in a
global comparison, and substantially faster economic growth is
needed to ensure convergence with average EU income levels.

"We continue to believe that the economy's long-term growth
prospects could benefit from the expansion of free economic zones
and their better integration into the local economy by using local
suppliers. We note that, so far, most inputs for goods assembled by
foreign companies have been imported. Consequently, the free zones'
effect on the rest of the economy has been less than might be
expected and largely confined to employment. That said, there are
examples of some companies increasingly using domestic suppliers."

Flexibility and Performance Profile: After a period of growth, we
expect public debt to GDP to gradually stabilize from 2020

-- North Macedonia's public debt burden remains moderate in a
global context, but there has been an erosion of fiscal space in
recent years.

-- Although downside risks remain, S&P expects net general
government debt to gradually stabilize at about 45% of GDP in
2021-2022 after a prolonged period of growth.

-- North Macedonia's monetary flexibility is higher than that of
other Balkan states, but the denar's peg to the euro still
constrains the central bank's policies.

North Macedonia has historically run fiscal deficits. While
indebtedness is still favorable compared globally, fiscal space has
somewhat eroded in recent years. This is particularly important
given that North Macedonia runs a fixed exchange rate regime and,
as such, fiscal policy is the main lever by which the government
can influence domestic economic developments.

Despite the 2018 fiscal deficit being lower than we previously
projected, this was mainly a result of much lower capex, including
delays in several construction projects. S&P understands this
under-execution was caused by some difficulties in procurement
procedures.

S&P said, "We expect the fiscal deficit to expand in 2019,
partially from accelerating capex following last year's delays.
Current expenditures, namely salaries and transfers, will continue
to account for the lion's share of government spending, as is
typical for other countries in the region. The government
introduced progressive personal income tax but we expect the effect
to be limited (>0.5% of GDP). Overall, we expect the general
government deficit will expand to 3% of GDP this year, in line with
the government's projection. Deficits should then slightly
moderate, averaging close to 2.5% of GDP over 2020-2022.

"We view positively the recent pension system reform. Currently
North Macedonia spends about 10% of GDP on pensions, among the
highest in the region, while the pension deficit amounts to about
4% of GDP, according to IMF estimates. The changes removed the
double-indexation system (50% CPI/50% wage growth) for pensions,
anchoring growth to CPI only, and increased contributions to the
system.

"The authorities also aim to continue public financial management
reform with a focus on improved transparency, budgeting, and
oversight. We understand that work is ongoing to clear the arrears
outstanding at various levels of government. In the supplementary
2018 budget, EUR50 million (0.5% of GDP) was allocated to municipal
entities to clear past obligations.

"Reflecting our budgetary forecasts, North Macedonia's net general
government debt will continue to rise until 2022, although it
should stabilize at close to 44% of GDP thereafter. This compares
to net general government debt of just 21% of GDP in 2010. Our
calculation includes the increasing debt of the Public Enterprise
for State Roads (PESR), because we believe PESR may need to rely on
government transfers to service its debt in the future." In
particular, a government-guaranteed EUR580 million loan from the
Export-Import Bank of China, contracted in 2013 for the
construction of two highway sections, will keep contributing to the
increasing debt burden.

In the past, North Macedonia has repeatedly tapped the Eurobond
market. This has made the government's balance sheet more
vulnerable to potential foreign-exchange movements, because close
to 80% of government debt is denominated in foreign currency,
predominantly euros (including part of domestic debt). Last year,
the authorities increased their borrowing in the domestic market,
but they also issued a EUR500 million Eurobond in January 2018 at a
historically low interest rate, benefiting from the European
Central Bank's loose monetary policy. S&P believes the favorable
terms have also been helped by the improved domestic political
stability. The government plans to maintain a regular presence in
the international financial markets.

With the public sector increasingly borrowing abroad, the economy's
external debt has been rising. In 2018, S&P estimates that gross
external debt, net of liquid financial and public-sector assets
amounted to 27% of current account receipts.

S&P said, "We forecast that North Macedonia's external indebtedness
metrics will slightly decline over the next four years. We project
the current account deficit will widen in 2019 to 2.5% of GDP as
delayed investments take place, resulting in higher imports while
current transfers moderate after an unusually strong outturn in
2018. The current account deficit will then gradually tighten and
reach 1% of GDP in 2022, partly owing to the positive impact of the
expansion of foreign companies in the free economic zones,
including their closer integration with the domestic economy. We
project these deficits will be financed by a combination of
borrowing and net FDI inflows.

"The denar of North Macedonia is pegged to the euro, and we believe
the existing foreign-exchange regime restricts monetary policy
flexibility. However, central bank measures, such as lower reserve
requirements for denar-denominated liabilities, have lowered
overall euroization in North Macedonia, with foreign
currency-denominated deposits and loans remaining at around 40% of
total deposits and loans in recent years. We note that this is a
lower proportion than in other Balkan economies and affords the
National Bank of the Republic of North Macedonia (NBRM) additional
room for policy response.

The central bank's gross foreign exchange reserves have been on the
rise in 2018. While the Eurobond issue in January gave an initial
uplift, upward pressure on the denar of North Macedonia led the
bank to purchase more than EUR350 million in foreign currency to
maintain the existing exchange rate. Nevertheless, S&P believes
there are vulnerabilities that could put some pressure on the
existing peg in the unlikely event of confidence in the banking
system taking a turn for the worse and prompting conversion of
local currency deposits into euros. This is particularly so as
North Macedonia runs a pegged exchange rate arrangement while being
in a net external liability position vis-a-vis the rest of the
world, at 60% of GDP.

North Macedonia's banking system, which is predominantly foreign
owned, has seen several bouts of volatility in recent years. For
example, political developments caused deposit outflows from North
Macedonia's banking sector in April 2016, although the majority of
funds quickly returned in the aftermath. In general, the banking
system appears well capitalized and profitable, and it is largely
funded by domestic deposits. Positively, North Macedonia's
regulatory and supervisory framework under the NBRM has proven
resilient to past episodes of volatility; the NBRM reacted swiftly
to the volatility in April 2016 by raising interest rates and
intervening in the foreign exchange market to support the currency
peg, as well as deploying several other measures. At present, S&P
estimates that nonperforming loans in the system amount to about 5%
of the total, which compares favorably with other countries in the
region.

Bank lending in North Macedonia has continued to increase in recent
years. Compared to the past, trends are becoming more even: even
though household lending remains higher than corporate, the two
rates have been recently converging. S&P expects the overall stock
of domestic credit to grow by an annual average of 7% over the next
four years.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

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

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


  RATINGS LIST
  Ratings Affirmed

  Macedonia
   Sovereign Credit Rating                BB-/Stable/B
   Transfer & Convertibility Assessment   BB
   Senior Unsecured                       BB-



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

FTA SANTANDER 2014-1: Fitch Affirms Class E Notes Rating at 'CCsf'
------------------------------------------------------------------
Fitch Ratings has upgraded FTA Santander Consumer Spain Auto
2014-1's class B notes and affirmed the others, as follows:

EUR703 million class A notes: affirmed at 'A+sf'; Outlook Stable

EUR27.4 million class B notes: upgraded to 'A+sf' from 'A-sf';
Outlook Stable

EUR15.2 million class C notes: affirmed at 'BBBsf'; Outlook revised
to Stable from Positive

EUR14.4m class D notes: affirmed at 'BBB-sf'; Outlook revised to
Stable from Positive

EUR38 million class E notes: affirmed at 'CCsf'; Recovery Estimate
65%

The transaction is a securitisation of auto loans originated in
Spain by Santander Consumer EFC SA, a wholly-owned and fully
integrated subsidiary of Santander Consumer Finance SA
(A-/Stable/F2), whose ultimate parent is Banco Santander S.A.
(A-/Stable/F2).

KEY RATING DRIVERS

Positive Performance

The portfolio performance has remained stable since the last rating
action a year ago. Cumulative defaults (defined as loans in arrears
more than one year) as a percentage of the total assets purchased
by the SPV stood at 1.3% as of end-2018 and +90 delinquencies
remained low at 0.8% of the portfolio outstanding balance. This
positive performance has also been supported by a positive
macroeconomic environment in Spain since the transaction closed in
2014.

Revolving Period Termination

Fitch reduced the weighted average default base case to 4.3% from
4.5%, reflecting an improved current portfolio product composition.
Used cars represented 21.4% of the total outstanding balance as of
end-2018, which compares with a 30% assumed in previous reviews
based on portfolio revolving covenants.

However, Fitch revised the Outlook of the class C and D notes to
Stable from Positive and maintained base cases and multiples for
each sub-product despite the termination of the revolving period.
This is to capture the risk arising from the high growth of
origination volumes by Santander Consumer EFC in the used cars
segment over the last year.

Stable Credit Enhancement

CE has remained stable during the revolving period at 12.5%, 8.9%,
6.9% and 5% on the class A, B, C and D notes respectively. On top
of that, the transaction benefits from significant excess spread
given a high weighted-average fixed interest rate of the loans
(8.5%) relative to the weighted-average fixed coupon paid on the
notes (2.1%).

Fitch does not expect full repayment of the class E notes as the
only source of CE is excess spread, which in its view is not
sufficient to cover late defaults and class E note interest.

Rating Caps

Santander Consumer Finance is account bank for the transaction.
According to Fitch's counterparty criteria, the rating of the notes
is capped at 'A+sf' based on the triggers remedial actions set in
the bond documentation at 'BBB+' or 'F2'.

RATING SENSITIVITIES

Class A, B, C, and D notes sensitivities to default and recovery
rates:

Increase default rate base case by 10%:
'A+sf'/'Asf'/'BBB-sf'/'BB-sf'

Increase default rate base case by 25%:
'A+sf'/'A-sf'/'BB+sf'/'B+sf'

Reduce recovery rate base case recoveries by 10%:
'A+sf'/'A+sf'/'BBB-+sf'/'BB-sf'

Reduce recovery rate base case recoveries by 25%:
'A+sf'/'Asf'/'BB+sf'/'BB-sf'

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

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

DATA ADEQUACY

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

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

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

INKEMIA IUCT: Board Opts to File for Pre-Insolvency Proceedings
---------------------------------------------------------------
Reuters reports that Inkemia IUCT Group SA on March 11 said the
board had decided to file for pre-insolvency proceedings for the
company, Institut Univ. de Ciencia I Tecnologia SA and IUCT Empren
SA.

Inkemia IUCT Group SA is a biotechnology company based in Spain.


[*] Moody's Takes Action on 16 Tranches from 4 Spanish Deals
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
tranches and affirmed nine tranches in four Spanish ABS-SME deals.

Issuer: FONCAIXA FTGENCAT 4, FTA

  - EUR326M (current outstanding amount EUR49.9M) Class A (G)
Notes, Affirmed Aa1 (sf); previously on May 24, 2018 Affirmed Aa1
(sf)

  - EUR9.6M (current outstanding amount EUR7.6M) Class B Notes,
Affirmed Aa1 (sf); previously on May 24, 2018 Upgraded to Aa1 (sf)

  - EUR7.2M (current outstanding amount EUR5.7M) Class C Notes,
Upgraded to A2 (sf); previously on May 24, 2018 Upgraded to Baa1
(sf)

  - EUR6M (current outstanding amount EUR5.2M) Class D Notes,
Upgraded to Ba2 (sf); previously on May 24, 2018 Confirmed at Ba3
(sf)

  - EUR6M (current outstanding amount EUR5M) Class E Notes,
Affirmed C (sf); previously on May 24, 2018 Affirmed C (sf)

Issuer: FONCAIXA FTGENCAT 5, FTA

  - EUR449.4M (current outstanding amount EUR162.3M) Class A (G)
Notes, Affirmed Aa1 (sf); previously on May 24, 2018 Affirmed Aa1
(sf)

  - EUR21M Class B Notes, Upgraded to Aa1 (sf); previously on May
24, 2018 Upgraded to A1 (sf)

  - EUR16.5M Class C Notes, Upgraded to Ba1 (sf); previously on May
24, 2018 Upgraded to Ba2 (sf)

  - EUR26.5M Class D Notes, Affirmed C (sf); previously on May 24,
2018 Affirmed C (sf)

Issuer: GC FTGENCAT CAIXA TARRAGONA 1, FTA

  - EUR25.7M (current outstanding amount EUR13.6M) Class B Notes,
Affirmed Aa1 (sf); previously on May 17, 2018 Affirmed Aa1 (sf)

  - EUR16.8M (current outstanding amount EUR9.6M) Class C Notes,
Upgraded to A3 (sf); previously on May 17, 2018 Upgraded to Ba1
(sf)

  - EUR13.8M (current outstanding amount EUR6.9M) Class D Notes,
Affirmed C (sf); previously on May 17, 2018 Affirmed C (sf)

Issuer: SANTANDER EMPRESAS 3, FTA

  - EUR117.3M (current outstanding amount EUR69M) Class C Notes,
Affirmed Aa1 (sf); previously on May 28, 2018 Affirmed Aa1 (sf)

  - EUR70M Class D Notes, Upgraded to A1 (sf); previously on May
28, 2018 Upgraded to Baa1 (sf)

  - EUR45.5M Class E Notes, Upgraded to Caa1 (sf); previously on
May 28, 2018 Upgraded to Caa2 (sf)

  - EUR45.5M Class F Notes, Affirmed C (sf); previously on May 28,
2018 Affirmed C (sf)

The four transactions are ABS backed by small to medium-sized
Enterprise (ABS SME) loans located in Spain. SANTANDER EMPRESAS 3,
FTA was originated by Banco Santander S.A. (Spain) (A2/P-1),
FONCAIXA FTGENCAT 4, FTA and FONCAIXA FTGENCAT 5, FTA were
originated by Caixabank, S.A. (Baa1/P-2) and GC FTGENCAT CAIXA
TARRAGONA 1, FTA was originated by Caixa Caixa Catalunya, Tarragona
i Manresa which was merged in 2010 with Catalunya Banc SA, now part
of Banco Bilbao Vizcaya Argentaria, S.A. (A2/P-1).

RATINGS RATIONALE

The upgrades are prompted by the increase in the credit enhancement
(CE) available for the affected tranches due to portfolio
amortization.

Credit Enhancement levels for Class B and C in FONCAIXA FTGENCAT 4,
FTA have increased to 23.3% and 15% from 20.1% and 12.9% in the
past 10 months. For Class B in FONCAIXA FTGENCAT 5, FTA, the CE
levels increased to 19.7% from 17.5% at the last rating action in
May 2018. For Class C in GC FTGENCAT CAIXA TARRAGONA 1, FTA the CE
levels increased to 29.8% from 21.4% in the past 10 months. The CE
increased for Class D in SANTANDER EMPRESAS 3, FTA to 29.5% from
25.3%, also over the past 10 months.

Revision of key collateral assumptions

As part of the review, Moody's reassessed its default probabilities
(DP) as well as recovery rate (RR) assumptions based on updated
loan by loan data on the underlying pools and delinquency, default
and recovery ratio update.

Moody's maintained its DP on current balance and recovery rate
assumptions as well as portfolio credit enhancement (PCE) due to
observed pool performance in line with expectations on SANTANDER
EMPRESAS 3, FTA, FONCAIXA FTGENCAT 4, FTA and GC FTGENCAT CAIXA
TARRAGONA 1, FTA.

Moody's reduced its DP on current balance to 17% from 18.5% on
FONCAIXA FTGENCAT 5, FTA to reflect better than expected
performance. Recovery rate and PCE assumptions remained unchanged
for this deal.

Exposure to counterparties

Moody's rating action took into consideration the notes' exposure
to relevant counterparties, such as servicer, account banks or swap
providers.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of notes payments, in case
of servicer default, using the CR Assessment as a reference point
for servicers.

Moody's also matches banks' exposure in structured finance
transactions to the CR Assessment for commingling risk, with a
recovery rate assumption of 45%.

Moody's also assessed the default probability of the account bank
providers by referencing the bank's deposit rating.

Moody's assessed the exposure to the swap counterparties. Moody's
considered the risks of additional losses on the notes if they were
to become unhedged following a swap counterparty default by using
CR Assessment as reference point for swap counterparties.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
August 2017.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure, (3) improvements in the credit quality of the
transaction counterparties, and (4) reduction in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) performance of the underlying collateral that
is worse than Moody's expected, (2) deterioration in the notes'
available credit enhancement, (3) deterioration in the credit
quality of the transaction counterparties, and (4) an increase in
sovereign risk.



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

BRILLIANT ENERGY: Halts Trading, Ofgem to Appoint New Supplier
--------------------------------------------------------------
Jane Bradley at The Scotsman reports that utility firm Brilliant
Energy has become the 10th supplier to cease trading in the past
year.

As with the other suppliers which have ceased trading in recent
months, Ofgem will now appoint a "supplier of last resort" to take
over Brilliant Energy's customer accounts.

Peter Earl, head of energy at comparethemarket.com said that
smaller firms were struggling with a spike in wholesale energy
prices.

Brilliant Energy, which supplied gas and electricity to 17,000
households, was based in Gosforth and offered a "straightforward"
service at a "fair and stable" price.



DEBENHAMS PLC: Says Close to Securing GBP150MM Extra Financing
--------------------------------------------------------------
Andrea Felsted at Bloomberg News reports that as the battle between
Mike Ashley and Debenhams Plc becomes ever more acrimonious, the
department store chain is stepping up its efforts to see off the
retail billionaire.

On March 11, it said it was close to securing about GBP150 million
(US$194.9 million) of extra financing, Bloomberg relates.

But Debenhams already has heavy borrowings, Bloomberg notes.  Even
before the extra facilities, analysts at Jefferies estimate net
debt to Ebitda at just over three times, the level at which
investors start to become nervous, Bloomberg states.

This is clearly unsustainable given its shrinking profits and
lengthy store leases, according to Bloomberg.

Debenhams must hold a general meeting after Mr. Ashley called one
to remove most of the company's board and install himself as chief
executive, Bloomberg discloses.

Debenhams faces an unpalatable choice, Bloomberg says.  According
to Bloomberg, if Mr. Ashley seizes control at the meeting, he will
surely try to prevent any debt for equity swap as this would
heavily dilute his shareholding.  He wants to put the chain
together with his House of Fraser division, and will be working
towards this conclusion, Bloomberg relays.

EMF-UK 2008-1: Fitch Affirms Class B1 Debt at B+sf, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded one tranche of EMF-UK 2008-1 Plc and
affirmed others, as follows:

EMF-UK 2008-1 Plc

- Class A1a (ISIN XS0352932643): affirmed at 'AAAsf'; Outlook
Stable

- Class A2a (ISIN XS1099724525): upgraded to 'AAAsf' from '
AA+sf'; Outlook Stable

- Class A3a (ISIN XS1099725415): affirmed at 'A+sf'; Outlook
Stable

- Class B1 (ISIN XS0352308075): affirmed at 'B+sf'; Outlook
Stable

- Class B2 (ISIN XS1099725928): affirmed at 'CCCsf'; RE 100%

The UK non-conforming RMBS transaction is backed by loans
originated by Southern Pacific Mortgage Limited, Preferred
Mortgages Limited, Alliance & Leicester plc and London Mortgage
Company. The transaction was restructured in 2014 following the
default of the cross currency swap counterparty and all notes are
since denominated in GBP.

KEY RATING DRIVERS

Increasing Credit Enhancement (CE)

The notes currently amortise on a pro-rata basis and this will
switch to sequential when the asset balance falls below GBP37.5
million. As a result of a non-amortising reserve fund the CE
available to the notes has increased slightly since the last review
in 29 March 2018. For example, CE of the A2a tranche rose to 30.6%
from 29.3% during that period.

Stable Asset Performance

The percentage of loans more than three months in arrears has been
below 9% since closing in 18 March 2008 and is currently 6.4%,
slightly up from 6.2% in March 2018. Cumulative repossessions are
reported at 5.8% of the initial pool balance.

Interest-Only Concentration Tested

The transaction has a high proportion of interest-only (IO) loans
(73.4%) and has a material concentration of IO loans (35.8%)
maturing within a three-year period (2030-2032). In accordance with
its criteria, Fitch carried out a sensitivity analysis assuming a
50% increase in default probability for these loans. The results of
the additional foreclosure frequency assumption testing have not
constrained the notes' ratings.

In addition Fitch notes that the scheduled redemption of IO loans
is well in advance of the legal final maturity of the notes of
March 2046, which provides a buffer against for any delayed IO loan
redemptions.

Unhedged BBR Loans

The Libor-linked notes are exposed to basis risk from unhedged
loans (22.5%) that are linked to BBR. In accordance with its
criteria, Fitch has applied a haircut to the margins on those loans
to account for the mismatch in the BBR and Libor indices.

Payment Interruption Risk

The transaction has a dedicated cash reserve available to cover
payment interruption risk for the senior notes in the event of
servicer disruption. However, the liquidity reserve fund only
covers interest shortfall on the class A1a and A2a notes.
Mitigating factors, however, for these notes are sufficient for the
current ratings.

RATING SENSITIVITIES

In Fitch's opinion, borrower affordability is being supported by
the low interest-rate environment. This is evidenced by declining
three-month-plus arrears balances. However, low constant prepayment
rates suggest that borrowers have been unable to refinance, leaving
performance of the pools highly sensitive to future interest
increases.

Upside of the class A3a, B1 and B2 notes may be limited by a lack
of available payment interruption risk mitigating factors.

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

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

DATA ADEQUACY

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

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

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

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

MOTHERCARE PLC: To Sell Early Learning Centre to Cut Debt
---------------------------------------------------------
Ashley Armstrong at The Telegraph reports that Mothercare is to
sell the Early Learning Centre to toy retailer The Entertainer for
GBP13.5 million as it grapples with its turnaround.

According to The Telegraph, the embattled retailer, which staved
off collapse last year by shutting 60 stores and going cap in hand
to shareholders to raise GBP30 million, said the sale of the baby
toy business was its "next step toward being free of bank debt".

As part of its radical rescue plan, Mothercare is shifting its
focus from its shrinking UK business towards its international arm,
which makes the bulk of revenues, The Telegraph discloses.

OFFICE OUTLET: Calls in Advisers to Explore Restructuring Options
-----------------------------------------------------------------
Neil Craven at The Mail On Sunday reports that Office Outlet, one
of Britain's largest stationery retailers, has called in advisers
to examine restructuring options as market conditions worsen.

The 90 store chain formerly traded as Staples but was acquired in
2016 from its US parent and rebranded to its current name, The Mail
On Sunday notes.

Last year the chain, run by chief executive Chris Yates, launched a
Company Voluntary Arrangement that included negotiating "zero
rents" with some landlords for three years, The Mail On Sunday
recounts.

But on March 8, sources said the deteriorating outlook for
consumers has hampered attempts to get the GBP100 million-turnover
business back on track, The Mail On Sunday relates.  According to
The Mail On Sunday, office supply retailers are also struggling as
commercial customers are using online suppliers.

Theo Paphitis could be interested in some of the smaller stores to
add to his Rymans chain if the chain is broken up, The Mail On
Sunday discloses.  Management and private equity firm Endless may
also be interested in parts of the business, The Mail On Sunday
states.

PAPERCHASE: To Undergo Company Voluntary Arrangement
----------------------------------------------------
Sebastian McCarthy at City A.M. reports that embattled stationary
retailer Paperchase proposed a controversial restructuring process
on March 4, as it became the latest high street chain to opt for
store closures amid a swathe of industry-wide challenges.

The group, which is set to shut down five of its 145 stores while
putting another 23 at risk of closure amid efforts to slash their
rent in half, confirmed that it was undergoing a company voluntary
arrangement (CVA) in a bid to renegotiate terms with its creditors,
City A.M. discloses.

According to City A.M., Will Wright -- will.wright@kpmg.co.uk --
KPMG's proposed "supervisor" of the CVA, said: "Over the last fifty
years, Paperchase has grown to become one of the UK's most
well-known and innovative design-led stationery retailers.
However, like many other businesses in the retail sector, the
company has been adversely affected by a cocktail of
well-documented issues, including a reduction in footfall,
increased rents and business rates, and margin pressure from
sterling depreciation."

"The announcement follows a detailed strategic review of the
business undertaken by the company's directors, during which a
series of consultations with key stakeholders took place at which
soundings were taken on whether they would be supportive in
principle of the company proposing a CVA.

"We believe that what has been put forward reflects the feedback
received during this process, and specifically, gives the company
the ability to rationalize its store portfolio by exiting stores
that are unprofitable, secure rent reductions where stores are
over-rented and implement turnover rents to reflect the highly
seasonal nature of the business.

"As part of the review, the directors have also been successful in
negotiating a financial restructuring with the company's lenders,
which will enable new investment to come into the business.  Such
additional investment and the completion of the wider restructuring
is however conditional on the approval of the CVA proposal and
successfully concluding the subsequent challenge period."


[*] Fitch Hikes 13 Tranches on 3 Great Hall Mortgages Deals
-----------------------------------------------------------
Fitch Ratings has upgraded 13 tranches of three Great Hall
Mortgages (GHM) transactions and affirmed 15 others.

The transactions comprise non-conforming UK mortgage loans that
were originated by Platform Homeloans Limited and purchased by
JPMorgan Chase Bank.

KEY RATING DRIVERS

Stable Asset Performance

The portions of loans in arrears in all three transactions are
among the lowest for UK non-conforming deals rated by Fitch. Loans
three months plus in arrears for GHM 2006-1, GHM 2007-1 and GHM
2007-2, have declined from their peaks of 13.1%, 11.6% and 12.7%
respectively, and currently stand at 2.5% (-0.3% yoy), 3.2% (0.3%)
and 3.2% (-0.3%) of the current loan balances, as calculated by
Fitch.

Breaches Boost Credit Enhancement (CE)

Following breaches in cumulative possessions and cumulative loss
triggers, the reserve funds cannot amortise further and a switch to
pro-rata amortisation of the notes is not permitted. As a result,
CE has increased steadily for all tranches and Fitch expects this
trend to continue, resulting in its upgrade. The most senior
classes for the three transactions increased yoy to 54.4% from
48.9% (GHM 2006-1), to 55% from 50.2% (GHM 2007-1) and to 46.2%
from 42% (GHM 2007-2).

Interest-only (IO) Loan Concentration

The redemption profile of the loans is concentrated, with 52.7%
(GHM 2006-1), 54.5% (GHM 2007-1) and 51.4% (GHM 2007-2) of IO loans
maturing in a single three-year period. Fitch tested the maturity
concentration as per criteria but this did not affect the ratings.

In addition Fitch reviewed the maturity schedule of owner-occupied
IO loans relative to the note legal final maturity dates to assess
the extent to which the ratings may be affected by delayed
repayment of owner-occupied IO loans. The portfolios have the
following owner-occupied IO loans falling due in the five years
prior to legal final-maturity: 1.05% (GHM 2006-1), 2.53% (GHM
2007-1) and 3.11% (GHM 2007-2). The results of these finding are
reflected in the note ratings of the class D and E notes.

RATING SENSITIVITIES

Late payment of principal in IO loans may lead to negative rating
action depending upon the extent and severity of any payment
delays.

While these are mixed pools the buy-to-let component is high at
57.3%, 44.9% and 35.5% respectively. A downturn in this sector,
which currently has a negative asset performance outlook from
Fitch, could have a material effect on this pool compared with
other mixed pools that typically have a lower BTL component.

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

Fitch has upgraded/affirmed the following ratings:

Great Hall Mortgages No. 1 plc (Series 2006-1)

  - Class A2a (XS0276086393) affirmed at 'AAAsf'; Outlook Stable

  - Class A2b (XS0276092797) affirmed at 'AAAsf'; Outlook Stable

  - Class Ba (XS0276086989) affirmed at 'AAAsf'; Outlook Stable

  - Class Bb (XS0276093332) affirmed at 'AAAsf'; Outlook Stable

  - Class Ca (XS0276087524) upgraded to 'AA+sf' from 'AA-sf';
Outlook Stable

  - Class Cb (XS0276093928) upgraded to 'AA+sf' from 'AA-sf';
Outlook Stable

  - Class Da (XS0276088506) upgraded to 'BBB+sf' from 'BBBsf';
Outlook Stable

  - Class Db (XS0276095030) upgraded to 'BBB+sf' from 'BBBsf';
Outlook Stable

  - Class Ea (XS0276089223) affirmed at 'BBsf'; Outlook Stable

Great Hall Mortgages No. 1 plc (Series 2007-1)

  - Class A2a (XS0288626525) affirmed at 'AAAsf'; Outlook Stable

  - Class A2b (XS0288627507) affirmed at 'AAAsf'; Outlook Stable

  - Class Ba (XS0288628224) upgraded to 'AAAsf' from 'AAsf';
Outlook Stable

  - Class Bb (XS0288628810) upgraded to 'AAAsf' from 'AAsf';
Outlook Stable

  - Class Ca (XS0288629545) upgraded to 'AAsf' from 'A-sf'; Outlook
Stable

  - Class Cb (XS0288630121) upgraded to 'AAsf' from 'A-sf'; Outlook
Stable

  - Class Da (XS0288630394) upgraded to 'BB+sf' from 'BBsf';
Outlook Stable

  - Class Db (XS0288630550) upgraded to 'BB+sf' from 'BBsf';
Outlook Stable

  - Class Ea (XS0288630808) affirmed at 'Bsf'; Outlook Stable

Great Hall Mortgages No. 1 plc (Series 2007-2)

  - Class Aa (XS0308354504) affirmed at 'AAAsf'; Outlook Stable

  - Class Ab (XS0308354843) affirmed at 'AAAsf'; Outlook Stable

  - Class Ac (XS0308462141) affirmed at 'AAAsf'; Outlook Stable

  - Class Ba (XS0308356970) upgraded to 'AAsf' from 'Asf'; Outlook
Stable

  - Class Ca (XS0308357358) upgraded to 'BBB+sf' from 'BBBsf',
Outlook Stable

  - Class Cb (XS0308355733) upgraded to 'BBB+sf' from 'BBBsf',
Outlook Stable

  - Class Da (XS0308357788) affirmed at 'BBsf'; Outlook Stable

  - Class Db (XS0308356111) affirmed at 'BBsf'; Outlook Stable

  - Class Ea (XS0308357861) affirmed at 'Bsf'; Outlook Stable

  - Class Eb (XS0308356467) affirmed at 'Bsf'; Outlook Stable


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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