/raid1/www/Hosts/bankrupt/TCREUR_Public/190403.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, April 3, 2019, Vol. 20, No. 67

                           Headlines



B E L A R U S

EXPORT-IMPORT INSURANCE: Fitch Affirms IFS Rating at 'B'


F R A N C E

BURGER KING: Moody's Affirms CFR & EUR310MM Senior Notes at B3
ELIS SA: Moody's Affirms CFR & EUR3BB EMTN Programme at Ba2
HORIZON HOLDINGS: S&P Raises Long-Term ICR to B+, Outlook Stable
LOXAM: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
SEQUANA SA: Court Turns Insolvency Proceedings to Receivership



G E R M A N Y

KUPPER METALLVERARBEITUNG: To Shut Operations; 200 Jobs as Risks
SGL CARBON: Moody's Rates Proposed EUR250MM Senior Sec. Notes B2
SGL CARBON: S&P Assigns 'B' Rating on EUR250MM Sec. Bond Due 2024


I R E L A N D

PERMANENT TSB: Moody's Ups LT Debt Ratings From Ba2, Outlook Pos.
SHAW ACADEMY: To Exit Examinership After Securing New Investment


N E T H E R L A N D S

STEINHOFF INT'L: VEB Extends Standstill Agreement Until May 15


P O R T U G A L

BANCO COMERCIAL: Moody's Hikes Long-Term Deposit Ratings to Ba1


R O M A N I A

OCTAGON: Construction Firm Files for Insolvency


S W I T Z E R L A N D

LAFARGEHOLCIM LTD: S&P Rates New Hybrid Securities BB+


U N I T E D   K I N G D O M

AMBITEMP M&E: Financial Woes Prompt Administration
GOURMET BURGER: York Restaurant Set to Shut Down Today
INTERNATIONAL GAME: Egan-Jones Hikes Sr. Unsec. Debt Ratings to BB-
MRN RECRUITMENT: Bought Out of Administration in Pre-pack Deal
PETROFAC LIMITED: Moody's Withdraws Ba1 CFR for Business Reasons

PRETTY GREEN: Enters Administration, Seeks Potential Buyers
TATA STEEL UK: S&P Alters Outlook to Positive & Affirms 'B+/B' ICRs
[*] SCOTLAND: 146 Construction Firms Enter Insolvency in 2018

                           - - - - -


=============
B E L A R U S
=============

EXPORT-IMPORT INSURANCE: Fitch Affirms IFS Rating at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS)
Rating at 'B'. The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects the insurer's 100% state ownership. On a
stand-alone basis, the presence of guarantees for insurance
liabilities under compulsory lines and export insurance, robust
profit generation and adequate capital position are offset by a
meaningful exposure to domestic financial risks and the low quality
of the insurer's investment portfolio.

The Belarusian state has established strong support for Eximgarant
through its legal framework to develop a well-functioning export
insurance system. The framework provides a government guarantee on
export insurance risks and explicitly includes Eximgarant's
potential capital needs in case of major export risks-related
underwriting losses in Belarus's budgetary system.

In its 2018 unaudited regulatory accounts Eximgarant reported a
weaker net income of BYN6 million, compared with BYN12 million in
2017. This was due to a decline in the underwriting result to BYN2
million in 2018 from BYN13 million in 2017.

As per the regulatory accounts the combined ratio weakened to 92%
in 2018 from 71% in 2017 and from a three-year average of 79%, with
the loss ratio deteriorating to 69% in 2018 from 57% in 2017. The
underwriting result was affected by a single large loss from the
domestic financial risks portfolio, as one large domestic developer
defaulted on its obligations. This added around 10% to the overall
combined ratio. However, Eximgarant continues to keep acquisition
costs and administrative expenses low.

In its audited IFRS accounts for 2017 Eximgarant reported a
considerable net profit of BYN62 million, up from BYN39 million in
2016, with the net income return to equity (ROE) rising to 32% from
25%. This was due to improvements in both its underwriting and
investment results.

Eximgarant maintains an exceptionally strong nominal level of
capital relative to its business volumes with a Solvency I-like
statutory ratio of 37x at end-2018. Eximgarant's risk-adjusted
capital position, as measured by Fitch's Prism Factor-based Model
(FBM), remained supportive of the 'B' rating category in 2017, in
line with 2016 results based on IFRS accounts. Fitch expects
Eximgarant's risk-adjusted capital position to have remained
commensurate with the rating level in 2018.

Based on IFRS accounts Eximgarant's reported shareholders' funds
equalled BYN224 million at end-2017, compared with BYN451 million
based on regulatory reporting. This reflects the different
accounting treatments of government bonds. As required by IFRS
Eximgarant amortised the value of these securities and reported the
loss from the initial recognition of the bonds at a fair value of
BYN233 million at end-2017 (end-2016: BYN275 million).

Eximgarant remains considerably exposed to domestic financial risks
insurance, which accounted for 27% of its non-life traditional
portfolio on a net basis in 2018. Eximgarant writes various kinds
of guarantee insurance for loans issued by Belarusian banks and for
corporate bonds, with the domestic financial risk
exposure-to-equity reaching 235% in 2018, compared with 227% in
2017.

In 2016 the Belarusian government tightened monetary and credit
policy and reviewed the terms and conditions of export insurance
that benefitted from government support. To maintain growth in
business volumes and to offset declining business volumes in export
credit insurance Eximgarant expanded its domestic financial risks
insurance. However, domestic financial risks insurance does not
benefit from government guarantee.

Fitch views Eximgarant's investment portfolio to be of low quality.
This reflects the credit quality of the investment portfolio,
constrained by sovereign risks and the presence of significant
concentration by issuer. However, Eximgarant's ability to improve
diversification is limited by the narrowness of the local
investment market and strict regulation of insurers' investment
policy.



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

BURGER KING: Moody's Affirms CFR & EUR310MM Senior Notes at B3
--------------------------------------------------------------
Moody's Investors Service has affirmed Burger King France SAS' (BK
France) B3 corporate family rating (CFR), the B3-PD probability of
default rating (PDR) and the BK France's B3 ratings of EUR310
million worth of senior secured notes due 2023 and EUR315 million
worth of senior secured notes due 2024. Concurrently, BK France
outlook has changed to positive from stable.

"The outlook change to positive reflects the company's successful
execution so far of its network expansion plan and conversion of
Quick restaurants, delivering on its plan in terms of system-wide
sales growth, profitability improvement and declining leverage
while maintaining adequate liquidity," says Giuliana Cirrincione,
Moody's lead analyst for BK France.

RATINGS RATIONALE

Moody's expects BK France's financial leverage, defined as
Moody's-adjusted (gross) debt to EBITDA, to continue on its
downward trajectory towards 6.2x over the next 12-18 months, on
account of continued conversion- and expansion-driven EBITDA
growth. A further improvement in the company's operating
performance will also result in a stronger interest coverage ratio,
with a Moody's-adjusted EBIT to interest expense expected to
increase to slightly above 1.5x in the next 12-18 months, from 1.2x
currently.

Two years after the start of BK France's ambitious plan to convert
Quick restaurants into Burger King (BK) restaurants and to open new
sites under the BK brand, the company's reported EBITDA (i.e.
before conversion and closure costs) has grown to EUR111.5 million
in 2018, up from EUR87 million in 2017. The increase in earnings
was the result of both growing revenue contribution from its
enlarged franchisees base as well as the positive performance of
company-operated restaurants. This has led the financial leverage
to decline to 6.9x as of 31 December 2018, down from 7.2x the year
before.

Moody's believes that the strength of the BK brand will support
positive life-for-like sales growth going forward and will lead,
although at a slower pace, to an increase in average store sales
for the Quick restaurants converted, which benefit from good
locations and attractive lease terms. Although performance during
the first months of operations may not be representative because of
the uplift provided by the new openings and consumers' appetite to
try new places, Moody's believes that like-for-like sales will
remain resilient and will compare favorably with the overall French
Quick Service Restaurant (QSR) market. In addition, the significant
tourist inflows in France, as well as the GDP trend expected in the
country through 2019 and 2020 (i.e., 1.5% growth rate in line with
2018) — will remain in Moody's view overall supportive of the
out-of-home food consumption market, reflecting consumers'
propensity to eat outside more frequently.

Although the network expansion plan is still underway and will
continue to weigh on the company's free cash flow generation, the
rating agency estimates that the total capital spending
requirements for 2019-20 (at around EUR60 million in total for the
next two years) are manageable, given the company's positive track
record and the decline in capex spending compared to 2017 and 2018.
In addition, Moody's estimates that BK France's free cash flow
generation will turn positive and will reach ca. EUR10 million
annually over the next two years, which compares with a
consistently negative free cash flow reported since 2016.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that the
company's like-for-like sales will remain resilient and will
perform favorably compared to the overall Quick Service Restaurant
market in France. In turn, BK France's credit metrics will improve
further over the next 12-18 months and liquidity will remain
adequate liquidity with, for example, a progressively growing,
though limited, positive free cash flow.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could materialise if Moody's-adjusted
(gross) debt/EBITDA decreases below 6.5x, with the Moody's-adjusted
EBIT coverage of interest expenses moving sustainably above 1.5x.

Downward pressure on the rating could arise if Moody's-adjusted
(gross) debt/EBITDA increases to 7.5x or if liquidity concerns
emerge. Moody's could also consider downgrading the rating in case
of negative like-for-like sales of the Quick or BK restaurants for
a prolonged period of time.

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

Headquartered in Paris, BK France is the second-largest fast-food
restaurant chain in France with 474 restaurants as of December
2018, including 290 Burger King restaurants and 177 Quick
restaurants (plus seven restaurants outside mainland France). For
the 12 months ended 31 December 2018, BK France reported
system-wide sales of EUR1,216 million, revenue of EUR629 million
and company-adjusted EBITDA of EUR111.5 million. BK France's
reference shareholder is Groupe Bertrand, a leading French hotels
and restaurants operator.

ELIS SA: Moody's Affirms CFR & EUR3BB EMTN Programme at Ba2
-----------------------------------------------------------
Moody's Investors Service has affirmed Elis S.A.'s (Elis or the
company) Ba2 corporate family rating (CFR) and Ba2-PD probability
of default rating (PDR). Concurrently, Moody's has affirmed the
provisional (P)Ba2 rating of Elis' EUR3 billion Euro Medium Term
Note (EMTN) programme, the Ba2 instrument rating of the EUR650
million notes due 2023 and EUR350 million notes due 2026 issued
under the EMTN programme, and the Ba2 rating of the EUR800 million
senior unsecured notes due 2022 (the high yield bonds) issued by
Elis. The outlook has been changed to positive from stable.

RATINGS RATIONALE

"The change of outlook to positive primarily reflects Moody's
expectation that (1) Elis will experience a continued reduction in
adjusted gross leverage (as adjusted by Moody's mainly for
operating leases, pension liabilities and transaction costs) to
around 3.5x over the next 18 months from 3.9x as of the end of
2018, (2) Elis will show a significant improvement in free cash
flow (FCF) generation from 2020 as it reduces tangible capital
expenditures towards a more normalized level of 18% as a percentage
of revenues from around 20% in 2018 and projected in 2019", and (3)
the company will maintain a conservative financial policy based on
its public net leverage target (as reported by the company) at
around 3.0x", says Sebastien Cieniewski, Moody's lead analyst for
Elis.

These positive factors are partly mitigated by (1) the increased
pressure on margins expected in 2019 driven by higher-than-average
inflation in personnel and energy costs which Moody's expects will
be only partially passed on to customers through price increases,
(2) the limited track record of recovery for Elis' UK operations
which experienced a return to modest revenue growth in the last
quarter of 2018 after a prolonged period of decline, and (3) the
relatively modest headroom under the financial maintenance covenant
with a maximum target ratio set at 3.75x compared to an actual
ratio of 3.3x as of the end of 2018.

Elis delivered a strong performance in 2018 with pro forma organic
revenues (pro forma for Berendsen) increasing by 2.4% compared to
prior year despite declining sales in the United Kingdom & Ireland
of 1.1% compared to prior year. The United Kingdom & Ireland, which
accounted for 13% of group revenues in 2018, has been a focus for
turnaround for Elis' management since the takeover of Berendsen.
While still declining, the revenue trend for the region has been
improving throughout 2018 with slightly positive organic growth in
the last quarter compared to -3% in the same period one year ago.

Growth in pro forma EBITDA (as reported by the company and pro
forma for Berendsen) outpaced that in revenues in 2018 resulting in
a 70bps improvement in the EBITDA margin to 31.5% from 30.8% in
2017. The margin improvement was driven by the synergies derived
from the integration of Berendsen and productivity gains in Elis'
countries of operations. Following a strong improvement in
profitability in 2018, Elis projects increased pressure on margins
over the next 12 months mainly driven by inflation in personnel
costs due to regulatory changes in minimum wages and/or tight
labour markets in certain countries as well as higher energy costs.
This pressure may result in a potential margin deterioration of up
to 40 bps as indicated by Elis. Management will aim at mitigating
the cost inflation through price increases and productivity gains.

Elis' FCF (as defined by Moody's including dividends) turned
positive in 2018 at EUR63 million while 2017 was negatively
impacted by the integration of Berendsen. Moody's expects FCF to
improve significantly to around 5% as a percentage of adjusted
gross debt from 2020 once the capital spending programme for
Berendsen's UK operations is phased out.

Moody's considers that Elis benefits from a good liquidity
position, supported by a cash balance of EUR197 million as of 31
December 2018, including cash related to bank overdrafts and bank
overdrafts classified as liabilities directly associated with
assets held for sale. In addition, Elis benefits from a EUR500
million revolving credit facility and a EUR400 million revolving
credit facility, which were undrawn as of 31 December 2018 —
these committed facilities provide a backup for Elis' EUR500
million commercial paper programme, of which EUR413 million was
drawn as of 31 December 2018. Moody's notes however Elis has
relatively limited headroom under the net leverage financial
maintenance covenant set at 3.75x compared to the actual ratio of
3.3x as of end of 2018. On March 29, 2019, Elis announced that it
has signed an agreement to put in place in the following weeks a US
private placement (USPP) financing amounting to c.EUR300 million
with a 10-year maturity. The proceeds will be used for the partial
refinancing of the EUR800 million high yield bonds maturing in
April 2022.

The (P)Ba2 unsecured rating of the EMTN programme and the Ba2
instrument rating of the EUR650 million notes due 2023 and EUR350
million notes due 2026 are at the same level as the instrument
rating on Elis' high-yield bonds because of their pari passu
ranking alongside Elis' other bank facilities. While the EMTN
programme and Elis' other facilities, except for the EUR500 million
commercial paper programme, share the same guarantee (cautionnement
solidaire de droit français) from M.A.J., a direct subsidiary of
Elis, this guarantee is limited to the amount of the proceeds from
the debt facilities that are on-lent by Elis to M.A.J. Moody's
understands that the relative amount of proceeds being on-lent is
limited.

The positive outlook reflects Moody's expectation that Elis'
revenue will continue growing at above 2% on an organic basis over
the next 2 years while maintaining the EBITDA margin (as reported
by the company) at above 31%. Additionally the outlook reflects the
rating agency's expectation that Elis' adjusted gross leverage will
continue decreasing to around 3.5x over the next 18 months while
FCF/debt will improve towards 5% during the same period.

WHAT COULD CHANGE THE RATING - UP/DOWN

Positive pressure on the Ba2 rating could develop if (1) Elis'
adjusted gross leverage decreases to below 3.5x, (2) FCF/debt
increases to above 5% on a sustained basis, and (3) the financial
maintenance covenant headroom increases to above 15%.

Negative pressure could develop if (1) Elis' leverage remains above
4.0x for a sustained period, (2) FCF/debt remains weak, or (3) the
liquidity position deteriorates.

PRINCIPAL METHODOLOGY

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

Elis is a France-based multiservice provider of flat linen, garment
and washroom appliances, water fountains, coffee machines, dust
mats and pest control services. The company operates in 28
countries, serving around 400,000 customers. For the fiscal year
2018, the company reported revenue of EUR3,133 million.

HORIZON HOLDINGS: S&P Raises Long-Term ICR to B+, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
France-based glass packaging producer Horizon Holdings I (Verallia)
and Horizon Parent Holdings S.a.r.l. to 'B+' from 'B'.

S&P said, "We are also raising our issue ratings on Verallia's
senior secured facilities to 'B+' from 'B', and our issue ratings
on the payment-in-kind (PIK) toggle notes issued by Horizon Parent
Holdings, to 'B-' from 'CCC+'.

"The upgrade reflects our view of Verallia's business risk profile,
which we believe has strengthened over the last few years. The
company has proven its ability to generate strong cash flows and
has improved its profitability. Verallia's S&P Global
Ratings-adjusted EBITDA margin grew to 22.0% in 2018 from 17.5% in
2016, thanks to the implementation of cost reductions and
efficiency improvements. We have therefore revised upward
Verallia's business risk profile and now assess it as
satisfactory.

"We anticipate that the global glass packaging market will continue
to grow steadily in the coming years, with demand closely tracking
GDP. We believe that Verallia is well-positioned to benefit from
stable market expansion, especially in wine products, as the
company holds good positions in both European markets and South
America. We expect both European markets (such as France, Italy,
and Iberia) and South American markets (such as Brazil, Argentina,
and Chile) to benefit from increasing exports. Furthermore, we view
Verallia's production asset base, which includes 57 furnaces across
11 countries, as well-maintained and able to support volume growth.
While the company may face pressure from rising energy and raw
material costs, we believe that it will be able to pass these cost
increases on to customers. This is supported by Verallia's historic
track record.

"Our assessment of Verallia's financial risk profile reflects the
fact that we expect credit metrics to improve with EBITDA growth
and possible further debt repayments. The financial risk profile
remains constrained by Verallia's ownership by private equity firm
Apollo Global Management (Apollo), as Apollo has a track record of
pursuing aggressive financial policies. We therefore do not rule
out future debt-funded shareholder returns or acquisitions.

"The stable outlook reflects our view that Verallia's credit
metrics will remain highly leveraged given its private equity
ownership. Although the company has not made any public commitment
to reduce leverage, we understand that there is an increased focus
on debt reduction. We expect the company to generate stable EBITDA
margins and moderately improve its credit metrics.

"While we continue to view Verallia's financial policy as
relatively aggressive, we acknowledge that the credit metrics allow
for some headroom in the rating category. We therefore consider a
downgrade in the next 12 months as unlikely. We could lower the
rating if operating performance significantly underperformed our
base case, possibly due to furnace outages or operational failures
caused by technical defects." This could undermine earnings, cash
flow generation, and liquidity, and lead to funds from operations
(FFO) to cash interest weakening to below 1.5x.

With Verallia's improved business risk profile, an upgrade would
occur only if the company were able to strengthen its financial
risk profile such that adjusted debt to EBITDA fell below 4.5x on a
sustained basis. Furthermore, given that the company has previously
proven willing to carry out relatively aggressive financial
policies and carry high leverage, S&P views an upgrade as is
unlikely in the absence of a clear commitment to sustain leverage
at this level.

LOXAM: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Loxam.

At the same time, S&P affirmed the 'BB-' and '3' recovery on the
senior subordinated notes and the 'B' issue-level rating and '6'
recovery rating on the unsecured senior notes.

S&P's rating affirmation reflects its opinion that the refinancing
operation is leverage-neutral. The company plans to issue EUR265
million secured and EUR200 million subordinated debt to redeem its
EUR240 million senior secured and EUR225 million senior
subordinated debt maturing in 2021 and 2022, respectively. This
transaction extends the maturity to April 2026 and April 2027. The
company reported EUR2.2 billion of gross debt at end-2018, which it
plans to partly refinance in April thereby extending the average
maturity of its debt and benefitting from expected lower coupon.

Its steady performance in 2018, generating EUR1.5 billion in
revenue and EUR501 million of EBITDA, results in a stable reported
EBITDA margin of 34%. The company reduced its capex in 2018 and
reported EUR11 million of free cash flow, which includes EUR63
million proceeds from fleet disposals. Furthermore, the group has
successfully and fully completed the integration of previously
acquired companies and will continue to benefit from supportive,
albeit slowing, market conditions in 2019. This will lead to
moderate deleveraging, with debt to EBITDA of about 4x and FFO to
debt of about 18%.

S&P said, "We expect to see some softening in the European
construction market in 2019-2020. In France, the company's domestic
market and about 60% of its revenues, residential construction has
already started to show some signs of weakening, while the civil
works sector maintains momentum. We note that Loxam is more exposed
to civil engineering and civil works (roughly one-half of its
exposure to construction industry, while the sub-segment of
residential building construction accounts for less than
one-fourth) and consequently would be less affected by the
slowdown. Furthermore, Loxam already reduced its capex in 2018 (28%
of revenues in 2018 versus 32% in 2017) and we expect it to make
further cuts in response to weaker demand (22% in 2019), as it has
done in the past. This will likely result in positive FOCF in 2019
and 2020 of about EUR40 million-EUR60 million. We think that a
potential hard Brexit will have a limited effect on the group's
business in the U.K. (10% of sales), where it has already started
reducing capex. In the U.K., Loxam sources all equipment locally
and does not depend on imports from continental Europe.

"Our view of Loxam's business profile reflects its growing
footprint outside its domestic French market, supported by an
active external growth strategy. In 2018, international operations
represented about 40% of sales, compared with 20% back in 2016.
Furthermore, the company is the largest player in the European
equipment rental market and in its domestic market of France ahead
of Kiloutou. We think it will be able to sustain this market
position thanks to its long-standing relationships with key French
contractors and its dense network of 763 branches. We consider that
Loxam's business risk profile is constrained by the cyclical nature
of demand from construction and civil engineering end-markets.

"We continue to assess Loxam's financial risk profile as
aggressive. The company has a track record of expanding through
acquisitions. In 2017, Loxam made two notable acquisitions,
Lavendon and Hune. We considered these transactions to be
aggressive, especially in conjunction with share buybacks. As a
result, reported debt increased to EUR2.2 million in 2017, from
EUR1.3 million in 2016, and remained stable in 2018. Although we do
not incorporate any further sizable acquisitions in our forecast,
given Loxam's recent track record, we cannot fully discount the
possibility of additional acquisitions over the next two to three
years. This is the reason why we incorporated potential bolt-on
acquisitions each year, of about EUR120 million, which we consider
standard for Loxam. We note that headroom for similar transactions
as performed in 2017 is limited in the next 12 months. Depending on
the size and funding, these transactions could elevate Loxam's
leverage outside of our base-case assumptions.

"The stable outlook reflects our view that Loxam will continue to
demonstrate low-to-mid-single digit revenue growth in 2019-2020 and
will adjust its capex with the softening in construction
end-markets in mind. We expect that the company will sustain
adjusted FFO to debt above 15% and debt to EBITDA below 4.5x. This
scenario does not incorporate any acquisitions that are larger than
anticipated under our base case (EUR120 million bolt-ons) or
shareholder-friendly actions. We will evaluate any actions in
excess of forecast figures separately.

"We could lower the rating if Loxam's credit metrics deteriorate
such that debt to EBITDA was above 4.5x or FFO to debt was lower
than 15%. This could occur if Loxam deviates from our base case
through another debt-financed acquisition or shareholder-friendly
action, leading to higher leverage. We might consider a negative
rating action if Loxam is unable to timely and sufficiently balance
growth and capex amid weaker market conditions, which could lead to
higher debt levels. The rating could also come under pressure if,
at any time, the company's liquidity is no longer at least
adequate.

"We do not see upside potential in the next 12 months. We might see
ratings upside if Loxam improved its credit metrics to debt to
EBITDA below 3.5x or FFO to debt consistently above 25%." An
upgrade would be contingent on Loxam generating at least neutral
FOCF. Stronger credit metrics could result from substantially
reduced absolute debt, combined with better-than-anticipated
operating performance and a more conservative financial policy.

SEQUANA SA: Court Turns Insolvency Proceedings to Receivership
--------------------------------------------------------------
EUWID Pulp and Paper reports that the commercial court of Nanterre,
France, has decided to turn Sequana SA's safeguard proceedings
(procedure de sauvegarde) into court-supervised receivership
proceedings (redressement judiciaire). The observation period of
the company's receivership proceedings will end May 18 this year,
the report says. At the initiative of the group's administrators
and the company's creditors' representative the conversion of the
insolvency proceedings had been filed two weeks ago.

According to EUWID, Sequana had blamed the decision to file for a
conversion of its insolvency proceedings on the recent ruling by
the Court of Appeal in London in the BAT-Sequana litigation case
which ordered the company to make EUR135 million in remedy payments
to British American Tobacco (BAT).

"This request is based on the inability for Sequana [. . .] to file
a sauvegarde plan enabling it to pay off the debts taken into
consideration and to finance the observation period pending the
decision of the Supreme Court in England which, subject to Sequana
being permitted to appeal, will likely not be handed down before a
minimum 13 months' time-limit," the company explained in an
announcement, EUWID relays.

Sequana was previously ordered by the Court of Nanterre to file a
safeguard plan until May 17, 2019, the report notes.

                            About Sequana SA

Sequana SA, formerly known as Sequana Capital, is a France-based
holding company. The Company's main business activity is paper
manufacturing and distribution of paper and packaging products.

Sequana SA has two principal wholly owned subsidiaries:
Arjowiggins, which manufactures technical papers for image
enhancement and protection, and Antalis, which distributes paper
for printing, office use, as well as both packaging and visual
communications sector. The Company has operations in France, the
United Kingdom, Finland, Poland, Ireland, Belgium, Denmark,
Hungary, Argentina, Brazil, Australia, China and Botswana, among
others.



=============
G E R M A N Y
=============

KUPPER METALLVERARBEITUNG: To Shut Operations; 200 Jobs as Risks
----------------------------------------------------------------
Isabell Page at Spotlight Metal reports that after the last
potential investor had also withdrawn his interest, Kupper
Metallverarbeitung Heiligenhaus is on the verge of collapse. Around
200 employees will lose their jobs, the report says.

According to the report, the insolvent automotive supplier Kupper
Metallverarbeitung Heiligenhaus has to quit its business. After the
last potential investor also withdrew his interest, it is no longer
possible to sustain the company and to continue business operations
in the long term, the report says. None of the interested parties
were willing to get involved with Küpper Heilgenhaus. Accordingly,
the insolvency administrator is forced to discontinue the business
operations at short notice and to initiate the shutdown of the
company on June 30, 2019, the report notes.

Spotlight Metal says the past few years have been turbulent for
foundries. From constantly growing requirements and fluctuating
revenues. One of the main drivers of change is the automotive
industry, as the most important customer of the casting industry.

The report notes that the lawyer Jens Schmidt from Runkel Schneider
Weber regrets the rejection of all potential buyers. Even if an
investor did not take over any old debts through a transferring
restructuring the risk of current losses would remain. A clear
order extension could compensate the high current monthly losses of
approximately EUR750,000, Spotlight Metal says. Such necessary
increases in orders are, however, not realistic in a difficult
market environment and in the current discussion about diesel
exhaust emissions, summarises restructuring expert Schmidt.

In addition, clients themselves have problems in a slowing market
and are therefore reluctant to place orders. Other clients, on the
other hand, such as the sister company Küpper Metallverarbeitung
Velbert, have had to file for bankruptcy themselves, says Spotlight
Metal. In the past, Kupper Heiligenhaus's largest customer had
always confessed to the company and remained loyal to it. However,
the order volumes were not sufficient to compensate for the monthly
losses. According to Spotlight Metal, without the commitment of
this major customer, Küpper Heiligenhaus would probably not have
survived a first insolvency in 2017. It is assumed that it is no
longer possible to restructure the company.

According to Spotlight Metal, the insolvency administrator has no
alternative due to the Insolvency Act: He must protect the assets
involved in the insolvency proceedings in the interests of the
creditors. Since a loss assumption by the customers exists only up
to June 30, 2019 and an extension is made dependent on the investor
entrance, the closure of the traditional enterprise threatens at
the end of June, the report states. In the meantime, discussions
are taking place between the insolvency administrator and the works
council on a reconciliation of interests and a social plan, says
Spotlight Metal.

SGL CARBON: Moody's Rates Proposed EUR250MM Senior Sec. Notes B2
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to SGL Carbon
SE's ("SGL") proposed senior secured notes. SGL's B3 corporate
family rating (CFR) and B3-PD probability of default rating remain
unchanged. The outlook is stable.

The note offering is part of a transaction, which also includes a
new EUR175 million senior secured revolving credit facility (RCF)
agreement, expiring in January 2023 (subject to a one year
extension) replacing the EUR50 million syndicated credit facility
which was due to mature at the end of 2019.

Proceeds from the proposed EUR250 million senior secured notes
issuance will be used to pre-fund the redemption of the company's
EUR167 million convertible bonds due 2020, as well as to repay the
remaining $99 million SGL ACF loan maturing in December 2020.

RATINGS RATIONALE

SGL's ratings are underpinned by the material deleveraging achieved
during the past two years, as the group successfully completed the
strategic realignment of its business portfolio in Q4 2017 and
applied the substantial cash proceeds of EUR523 million raised from
the divestment of its Performance Products (PP) business unit to
reduce debt levels during 2017 and 2018. This combined with a
marked improvement in operating performance during 2018, has
resulted in SGL's Moody's adjusted debt/EBITDA decreasing to around
7x in 2018 (based on preliminary calculations) from above 8x in
2017.

While the sale of the PP business reduced the scale and diversity
of SGL's revenue base, it also removes significant exposure to the
cyclical steel industry. This also allowed the group to exclusively
focus on its Composites - Fibers & Materials (CFM) and Graphite
Materials & Systems (GMS) businesses, which enjoy better earnings
quality and growth prospects.

SGL's future operating profitability and cash flow generation
should benefit from mid to high single digit organic growth in
revenue in parallel with some margin uplift driven by operating
leverage benefits and the implementation of Project CORE.

However, Moody's expects capex for 2019 and 2020 to remain
elevated, which will result in FCF being negative for the next two
years. As a result, any further deleveraging will, in the near
term, depend on the group's ability to further strengthen EBITDA
generation.

In 2019 SGL will be required to adopt IFRS16 (new operating lease
standard). Moody's expects that this will result in a substantially
lower Moody's adjusted debt and at the same time lower Moody's
adjusted EBITDA, inter alia negatively impacting adjusted leverage.
Moody's forecasts adjusted debt/EBITDA post the IFRS 16 adoption to
remain between 6.5x and 7x in 2019 (after deducting the 2020
convertible bonds, which will be prefunded with the proposed
transaction, with proceeds being directed to an escrow account
benefitting the convertible bond noteholders).

RATIONALE FOR THE OUTLOOK

The stable outlook reflects Moody's expectation that in the context
of continuing revenue growth and underlying operating
profitability, SGL's adjusted total debt to EBITDA will remain
within a range of 6.5x and 7x in the next 12-18 month and that SGL
will maintain an adequate liquidity profile.

LIQUIDITY

Moody's views SGL's liquidity as adequate. SGL's liquidity sources
consist of the undrawn EUR175 million RCF, and around EUR180
million cash on balance sheet (incl. EUR58 million of time
deposits) as at December 2018 and forecasted internal cash
generation. These sources are sufficient to cover the company's
capital expenditure (around EUR100 million forecasted for 2019),
working cash needs and to accommodate unexpected swings in working
capital in the next 12-18 month. Furthermore Moody's modeled a cash
outflow for the outstanding payment for shares of SGL Composites
USA amounting to EUR52 million. The liquidity assessment takes into
the account the prefunding of the convertible bonds and the SGL ACF
loan from the proceeds of the proposed notes offering.

STRUCTURAL CONSIDERATIONS

The proposed senior secured notes are rated B2, i.e. one notch
above the CFR, as they are, similarly to the obligations under the
RCF, effectively senior to the EUR159 million 2023 convertible
bonds. This reflects the fact that, the senior secured notes are
guaranteed by subsidiaries representing in aggregate at least 70%
of the consolidated EBITDA of the group and are secured by share
pledges.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings could be upgraded should SGL returns to positive FCF on
a sustainable basis, supporting further decrease in leverage with
Moody's-adjusted total debt to EBITDA falling below 5.0x, while
maintaining adequate liquidity.

Downward ratings pressure could occur if (1) SGL fails to grow its
earnings and return to positive FCF despite a normalisation of
capex; (2) its liquidity deteriorates, as it continues to generate
negative FCF; and (3) SGL's Moody's-adjusted total debt to EBITDA
ratio rise again above 7.0x for a prolonged period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Chemical Industry
published in March 2019.

Headquartered in Wiesbaden, Germany, SGL Carbon SE is one of the
world's leading manufacturers of carbon and graphite-based products
and solutions, specialised in high-performance materials. Its
comprehensive portfolio ranges from carbon and graphite products to
carbon fibers and composites. The company operates through two
business units of Composites-Fibers & Materials (40% of 2018 sales)
and Graphite Materials & Systems (60% of 2018 sales).

SGL CARBON: S&P Assigns 'B' Rating on EUR250MM Sec. Bond Due 2024
-----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' issue rating and
'2' recovery rating to the new EUR250 million secured bond due in
2024 issued by Germany-based graphite and carbon materials producer
SGL Carbon SE.

The '2' recovery rating reflects our expectation of about 70%-90%
recovery on the proposed issue.

S&P understands that SGL Carbon intends to use most of the proceeds
from the notes issue to prefund the future repayment of its
convertible bond due in 2020 and its EUR86 million automotive
carbon fiber loan (loan agreements with BMW related to its SGL-BMW
joint venture).

ISSUE RATINGS RECOVERY ANALYSIS

Key analytical factors

-- The pro forma capital structure will include three debt
instruments at the parent level: the first lien debt of EUR28
million of financial leases; the EUR250 million senior secured
notes; and the EUR175 million senior credit facility.

-- The issue rating on SGL Carbon's secured notes due 2024 is 'B',
one notch higher than the issuer credit rating, and the recovery
rating is '2', indicating our expectation of 75% recovery for
debtholders in the event of a default.

-- S&P understands that the note will be pari passu with the
company's new EUR175 million senior credit facility. S&P views the
security package as relatively weak, comprising first priority
security interests on the shares of the subsidiary guarantor.

-- Under S&P's hypothetical default scenario, it assumes adverse
macroeconomic conditions leading to a sharp drop in demand from the
company's end markets and lower pricing and margins, and
subsequently material negative free operating cash flow.

-- Based on S&P's calculations, it assumes that 85% of the senior
credit facility will be drawn at the point of default.

-- S&P values SGL Carbon as a going concern, underpinned by its
well invested asset base, leading market position in its graphite
materials and systems end markets, and solid customer
relationships. While the company invested quite heavily in its
asset base over the last few years, S&P believes that the book
value of the assets may not necessarily reflect the potential value
for the lenders in an event of a default, as some of facilities are
not fully utilized.

Simulated default assumptions

-- Year of default: 2021
-- Jurisdiction: Germany

Simplified waterfall

-- Emergence EBITDA: EUR97 million Multiple: 5x
-- Gross recovery value: EUR339 million
-- Net recovery value for waterfall after administrative expenses
(5%): EUR322 million
-- A material pension deficit, of which S&P takes 50% as a
priority liability in the case of default.
-- Estimated first-lien debt claim: approximately EUR411 million*
-- Recovery range: 70%-90% (rounded estimate: 75%)
-- Recovery rating: 2

* All debt amounts include six months of prepetition interest.



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

PERMANENT TSB: Moody's Ups LT Debt Ratings From Ba2, Outlook Pos.
-----------------------------------------------------------------
Moody's Investors Service upgraded the long-term deposit and senior
unsecured debt ratings of Permanent tsb p.l.c. (PTSB) to Baa3 from
Ba2 and its baseline credit assessment (BCA) to ba2 from b1. As
part of the same action, Moody's upgraded the bank's Counterparty
Risk Assessment (CR Assessment) to Baa1(cr)/P-2(cr) from
Baa3(cr)/P-3(cr) and the Counterparty Risk Rating (CRR) to Baa1/P-2
from Baa3/P-3. The short-term deposit ratings were also upgraded to
Prime-3 from Not Prime. Furthermore, Moody's upgraded the long-term
issuer rating of Permanent TSB Group Holdings plc (PTSB Holdings)
to Ba3 from B2.

Moody's maintained the positive outlooks on the bank's long-term
senior unsecured debt and deposit ratings as well as on PTSB
Holdings' issuer rating, driven by the agency's expectation of
further improvements in the bank's asset quality and largely stable
profitability in the context of ongoing regulatory pressure to
reduce non-performing loans and the supportive operating
environment in the Republic of Ireland (A2, stable). The positive
outlooks also reflect the likelihood that PTSB Holdings will issue
material bail-in-able debt over the next twelve to eighteen months
which could reduce loss-given-failure for PTSB's senior unsecured
debt and deposits.

RATINGS RATIONALE

BCA

The upgrade of PTSB's BCA primarily reflects Moody's view that the
bank's solvency has materially strengthened thanks to a sharp
decrease in its problem loans. As of end-2018, PTSB's problem loan
ratio had fallen to around 10% from 25% at end-June 2018, forborne
loans were down to 10% from 26%, and mortgage loans in negative
equity declined to 16% of the mortgage book from 29% during the
same period. Furthermore, Moody's expects PTSB's asset quality to
continue to improve in the near term, driven by very low new
arrears formation and the bank's commitment to decrease its gross
problem loans to 5% of total loans by end-2020, which could lead to
a higher BCA and ratings. The targeted non-performing loan ratio is
largely in line with ECB guidance and the agency believes to be
achievable through sales and other means.

Furthermore, the bank reports sound ratios of tangible common
equity (TCE) to risk-weighted assets and total assets of 13% and 8%
respectively as of end-2018. However, the ratio of problem loans to
loan loss reserves and TCE remains high at 61%, albeit
significantly lower than 135% at end-2017. Moody's expects this
ratio to continue to improve as problem loans decline further.

The upgrade of PTSB's BCA also takes into account moderate
improvements in the bank's profitability, which however remains
structurally weaker than larger and more diversified peers. On a
Moody's adjusted basis, the bank reported a profit of EUR60 million
for 2018 compared to EUR40 million in 2017, driven by higher
revenues and cost control. A further moderate increase in PTSB's
revenues will likely be partially offset by an expected rise in
funding costs as PTSB Holdings issues more loss-absorbing debt, and
the bank's profitability continues to be constrained by a sizeable
amount of low-margin tracker mortgages.

PTSB has improved its liability profile and now has a low reliance
on market counterparties, benefiting from a stable funding base of
primarily retail deposits. The gross loan-to-deposit ratio improved
to 100% as of year-end 2018, down from 121% as of year-end 2017.
The issuance of loss-absorbing debt via PTSB Holdings will increase
slightly the bank's reliance on market funding but will remain
moderate, accompanied by growth in deposits to support modest
balance sheet growth.

LONG-TERM RATINGS

The long-term deposit and senior unsecured debt ratings were
upgraded to Baa3 from Ba2 as a result of the upgrade of the bank's
BCA, with two notches of uplift relative to the BCA under Moody's
Advanced Loss Given Failure (LGF) analysis, which remains
unchanged. This incorporates the agency's expectation of senior
unsecured debt issued by PTSB Holdings over the course of the next
twelve to eighteen months.

PTSB's senior unsecured debt and bank deposit ratings continue to
incorporate one notch of uplift reflecting a moderate probability
of government support given the bank's systemic importance in
Ireland and its majority ownership by the Irish government. However
this does not extend to PTSB Holdings' debt, for which Moody's
considers the probability of government support to be low.

CR ASSESSMENT AND CR RATING (CRR)

The bank's long-term CR Assessment and CRR were upgraded to
Baa1(cr) from Baa3(cr) and to Baa1 from Baa3 respectively. The CR
Assessment and CRR incorporate three notches of uplift from the
bank' s BCA given the protection provided by subordinated debt,
senior debt and wholesale deposits. The CR Assessment and CRR also
benefit from one notch of government support, in line with the
agency's assessment of a moderate probability of support for
deposits and senior unsecured debt.

OUTLOOKS

The positive outlooks on PTSB's long-term senior unsecured debt and
deposit ratings, and the positive outlook on PTSB Holdings' issuer
rating, reflect the potential upside for the bank's BCA. In
addition, the issuance of senior unsecured debt by PTSB Holdings
over the next twelve to eighteen months and beyond could drive a
further upgrade for PTSB's senior debt and deposit ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

PTSB's long-term debt and deposit ratings could be upgraded as a
result of (1) an upgrade of its standalone BCA; or (2) a
significant increase in the bank's bail-in-able debt relative to
its tangible banking assets. PTSB's BCA could be upgraded if the
bank (1) continues to improve its asset risk; and (2) shows
sustainable improvements in profitability. PTSB Holdings' issuer
rating could be upgraded following an upgrade of PTSB's BCA or a
significant increase in the group's bail-in-able debt relative to
its tangible banking assets.

PTSB's ratings could be downgraded as a result of a downgrade of
its standalone BCA. The BCA could be downgraded because of (1) an
unexpected significant deterioration in its capitalisation; (2) a
reversal in the improving profitability trend; or (3) a
deterioration in asset quality and provisioning coverage. PTSB
Holdings' issuer rating could be downgraded following a downgrade
in the BCA of PTSB.

LIST OF AFFECTED RATINGS

Permanent TSB Group Holdings plc

Upgrades:

Long-term Issuer Rating, Upgraded to Ba3 from B2 outlook remains
Positive

Senior unsecured Medium-Term Note Program, Upgraded to (P)Ba3 from
(P)B2

Affirmation:

Other Short Term, Affirmed (P)NP

Outlook Action:

Outlook Remains Positive

Permanent tsb p.l.c.

Upgrades:

Long-term Counterparty Risk Ratings, Upgraded to Baa1 from Baa3

Short-term Counterparty Risk Ratings, Upgraded to P-2 from P-3

Long-term Counterparty Risk Assessment, Upgraded to Baa1(cr) from
Baa3(cr)

Short-term Counterparty Risk Assessment, Upgraded to P-2(cr) from
P-3(cr)

Long-term Bank Deposits, Upgraded to Baa3 from Ba2 outlook remains
Positive

Short-term Bank Deposits, Upgraded to P-3 from NP

Baseline Credit Assessment, Upgraded to ba2 from b1

Adjusted Baseline Credit Assessment, Upgraded to ba2 from b1

Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba2
outlook remains Positive

Junior Subordinate Medium-Term Note Program, Upgraded to (P)B1 from
(P)B3

Subordinate Medium-Term Note Program, Upgraded to (P)Ba3 from
(P)B2

Senior Unsecured Medium-Term Note Program, Upgraded to (P)Baa3 from
(P)Ba2

Other Short-Term Ratings, Upgraded to (P)P-3 from (P)NP

Outlook Action:

Outlook Remains Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.

SHAW ACADEMY: To Exit Examinership After Securing New Investment
----------------------------------------------------------------
Peter Hamilton at The Irish Times reports that Shaw Academy, a
Dublin-based low-cost higher education provider will successfully
exit examinership having secured more than EUR7 million in new
investment.

The company, an online education platform, had its scheme approved
in the High Court on March 29, The Irish Times relates.  According
to The Irish Times, its backers will now include: former Virgin
Group chief executive Stephen Murphy, Setanta Sports co-founder
Michael O'Rourke, Folens Publishing, and Beach Point Capital.

Shaw develops accredited online courses such as photography,
nutrition, marketing and technology, and has secured EUR7.15
million investment from the backers, something it saw as an
"endorsement" of its potential, The Irish Times states.

Having rapidly expanded between 2015 and 2017, Shaw Academy
encountered financial difficulties after drawing down EUR4.65
million of a loan from Columbia Lake Partners, a venture debt
provider based in London, The Irish Times recounts.

After sourcing the funding, the Irish company started a
crowdfunding process to raise equity and bring retail investors
into the group, The Irish Times relays.  The equity raise didn't
proceed successfully and, as a result of insufficient investment in
marketing, revenues in the company started to decline, The Irish
Times notes.

On Jan. 2 of this year, Columbia Lake Partners issued a demand for
Shaw to immediately repay more than EUR5.5 million, a sum which
represented the principal, interest and repayment fees due to the
debt provider, The Irish Times discloses.

Shaw sought to enter examinership on Jan. 9 led by Grant Thornton's
Stephen Tennant -- stephen.tennant@ie.gt.com -- the result of which
was a debt writedown supported by Columbia, according to The Irish
Times.




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

STEINHOFF INT'L: VEB Extends Standstill Agreement Until May 15
--------------------------------------------------------------
Nick Hedley at Business Day reports that Steinhoff International
has been granted another reprieve, with European shareholder
association VEB agreeing to give the embattled retailer another six
weeks' breathing room so it can stabilize itself.

VEB, which wants compensation for losses incurred by the retailer's
shareholders, has agreed to extend a standstill agreement between
the parties until May 15, 2019, Business Day relates.  According to
Business Day, Steinhoff said after that date, VEB would be free to
continue with its legal proceedings, or to reach a settlement
through negotiations.

"The suspension will grant Steinhoff time to continue the ongoing
restructuring of its business, make further progress with the
internal investigations and finalize its 2017 and 2018 financial
statements," Business Day quotes the company as saying.

VEB has sued Steinhoff in the Netherlands for publishing misleading
financial statements, prospectuses and press releases, Business Day
recounts.  But the retailer, as cited by Business Day, said it
agreed to the extension because it supports the stabilization of
Steinhoff in the interests of its current and former shareholders.

In March, the overview of PwC's forensic investigation into
Steinhoff revealed that an estimated EUR6.5 billion worth of
fictitious transactions between 2009 and 2017 had inflated the
group's profits and asset value, Business Day discloses.




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

BANCO COMERCIAL: Moody's Hikes Long-Term Deposit Ratings to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded Portugal's Banco Comercial
Portugues, S.A.'s (BCP) and its supported entities' long-term
deposit ratings to Ba1 from Ba3 and the long-term senior debt
ratings to Ba2 from Ba3. At the same time, the rating agency has
also upgraded (1) the bank's baseline credit assessment (BCA) and
adjusted BCA to ba3 from b1; (2) its dated subordinated debt rating
to B1 from B2; (3) its preference shares rating to B3(hyb) from
Caa1(hyb) and (4) the bank's Counterparty Risk Ratings to
Baa3/Prime-3 from Ba1/Not -Prime. The outlook on the long-term
deposit ratings has been changed to stable from positive, and on
the senior debt ratings to stable from developing.

As part of this rating action, Moody's has also affirmed the bank's
Counterparty Risk Assessment (CR Assessment) at
Baa3(cr)/Prime-3(cr).

The rating action reflects BCP's improved credit profile, through a
significant reduction of the stock of problematic assets and
enhanced domestic profitability metrics from weak levels, as well
as Moody's expectation that the bank's financial fundamentals will
show some further gradual progress in 2019.

The rating upgrades were also prompted by Moody's expectation of
additional issuance of loss-absorbing capital in response to
regulatory requirements. This issuance will reduce loss severity
for senior unsecured and junior depositors, according to Moody's
advanced Loss Given Failure (LGF) analysis.

The bank's short-term deposit and senior unsecured programme
ratings are unaffected by the rating action.

RATINGS RATIONALE

RATIONALE FOR UPGRADING THE BCA

The upgrade of BCP's BCA to ba3 from b1 reflects the bank's
improved credit fundamentals notably in terms of asset risk. During
2018, BCP displayed a significant decline of 26% in the stock of
non-performing assets (NPA, non-performing loans + foreclosed real
estate assets) that reduced the NPA ratio to 13.4% at year-end 2018
from a very large 17.9% at year-end 2017. As a result, BCP's loss
absorption capacity (measured as NPAs over shareholders' equity and
provisions) improved to 78.9% at year-end 2018 from 98.8% a year
earlier. The improvement of the bank's asset risk indicators is
primarily driven by disposals of both NPLs and foreclosed real
estate assets, NPL recoveries and write offs. In upgrading the
bank's BCA, Moody's has also taken into consideration the bank's
commitment to continue reducing the stock of NPAs, which will be
underpinned by the slower but still positive dynamics of the
Portuguese economy.

The rating action also reflects the gradual recovery from weak
levels of BCP's domestic operations as well as the positive
performance of the group's international subsidiaries. This led to
a reported consolidated net profit of EUR419 million at year-end
2018, a 45% increase compared to a year earlier or the equivalent
to 0.6% of tangible assets. Moody's acknowledges that BCP's
profitability metrics are still modest, but also expects some
further progress as the bank continues to de-risk its balance
sheet.

Moody's notes that BCP's ba3 BCA also reflects: (1) modest but
gradually improving capital assessment, with the tangible common
equity over risk weighted assets expected to stand at around 9%
over the outlook period; (2) still high level of problematic
exposures in absolute terms and relative to capital buffers when
compared to other European banks and (3) good liquidity position
with modest reliance on wholesale funding.

RATIONALE FOR UPGRADING BCP's DEPOSIT AND SENIOR DEBT RATINGS

The upgrade of BCP's long-term deposit ratings to Ba1 from Ba3 and
senior unsecured debt ratings to Ba2 from Ba3 reflects: (1) The
upgrade of the bank's BCA and adjusted BCA to ba3 from b1; (2) the
result from the rating agency's Advanced Loss-Given Failure (LGF)
analysis leading to one notch of uplift for the deposit ratings and
no uplift for the senior unsecured debt ratings; and (3) Moody's
assessment of a moderate probability of government support for BCP,
which results in an additional one notch of uplift for the deposit
and senior debt ratings.

The upgrade of the long-term deposit and senior unsecured ratings
incorporates the rating agency's expectation that BCP will continue
to issue debt in order to comply with Minimum Requirement for own
funds and Eligible Liabilities (MREL) by July 1, 2022. MREL
requirements for BCP have been set by the Single Resolution Board
at 14.46% of the total liabilities and own funds (26.61% of
risk-weighted assets) of its resolution group as of June 30, 2017.
Moody's expects that BCP will complete its medium-term issuance
plan, based on its public commitment to issue around EUR1.2 billion
(net of redemptions) until June 2022 to comply with its MREL
requirements.

Given the nearer term changes in BCP's balance sheet, Moody's
revised advanced LGF analysis indicates a low loss-given-failure
for long-term depositors and moderate loss-given-failure for
long-term senior unsecured creditors, leading Moody's to position
the ratings one notch above and at the same level of the ba3
adjusted BCA, respectively. In relation to the deposit ratings,
this is higher than under the previous analysis, which resulted in
no uplift from the adjusted BCA.

RATIONALE FOR THE STABLE OUTLOOK

The outlook on BCP's long-term deposit and senior debt ratings is
stable, incorporating Moody's expectation that the bank will be
able to maintain a gradual improvement on its credit profile,
namely by further reducing its stock of problematic assets. The
current outlook already incorporates the expectation that BCP will
continue to issue bail-in-able debt until June 2022 to meet its
MREL requirement.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the BCA could be driven by a material decline in
BCP's stock of problematic assets alongside with an improved
capital position and maintenance of current profitability metrics.

BCP's standalone BCA could be downgraded if the current improving
trends in its key financial metrics are reversed and/or if the
bank's liquidity position deteriorates from current levels.

BCP's deposit and senior debt ratings could also face downward
pressure owing to movements in the loss given failure faced by
these securities, in particular, if the bank fails to deliver on
its funding plan.

In addition, any changes to the considerations of government
support could trigger downward pressure on the bank's deposit and
debt ratings.

LIST OF AFFECTED RATINGS

Issuer: Banco Comercial Portugues, S.A.

Upgrades:

Long-term Counterparty Risk Ratings, upgraded to Baa3 from Ba1

Short-term Counterparty Risk Ratings, upgraded to P-3 from NP

Long-term Bank Deposits, upgraded to Ba1 from Ba3, outlook changed
to Stable from Positive

Baseline Credit Assessment, upgraded to ba3 from b1

Adjusted Baseline Credit Assessment, upgraded to ba3 from b1

Senior Unsecured Medium-Term Note Program, upgraded to (P)Ba2 from
(P)Ba3

Subordinate Regular Bond/Debenture, upgraded to B1 from B2

Subordinate Medium-Term Note Program, upgraded to (P)B1 from (P)B2

Preferred Stock Non-cumulative, upgraded to B3(hyb) from Caa1(hyb)

Affirmations:

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

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

Outlook Action:

Outlook changed to Stable from Positive

Issuer: Banco Comercial Portugues, SA, Macao Br

Upgrades:

Long-term Counterparty Risk Ratings, upgraded to Baa3 from Ba1

Short-term Counterparty Risk Ratings, upgraded to P-3 from NP

Long-term Bank Deposits, upgraded to Ba1 from Ba3, outlook changed
to Stable from Positive

Affirmations:

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

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

Outlook Action:

Outlook changed to Stable from Positive

Issuer: BCP Finance Bank, Ltd.

Upgrades:

Backed Senior Unsecured Regular Bond/Debenture, upgraded to Ba2
from Ba3, outlook changed to Stable from Developing

Outlook Action:

Outlook changed to Stable from Developing

Issuer: BCP Finance Company

Upgrades:

Backed Subordinate Shelf, upgraded to (P)B1 from (P)B2

No Outlook assigned

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.



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

OCTAGON: Construction Firm Files for Insolvency
-----------------------------------------------
Romania Insider reports that Octagon, one of the largest
construction companies in Romania, controlled by Greek businessman
Alexandros Ignatiadis, filed for insolvency on March 22. The
company had RON65 million (EUR14 million) turnover and RON60
million (EUR11 million) debt at the end of 2017, the report
discloses.

Romania Insider says the company decided to file for insolvency
itself after several of its creditors received from court writ of
execution for their claims.  According to Romania Insider, the
company has been squeezed between the rising cost of inputs (labor
and construction materials prices) and the tight price of the
outcome agreed in advance with the developers.

"The main reason for the company's financial problems was the
increase in the price of construction materials and labor cost,
amid contracts signed in 2017 under non-negotiable terms," company
representatives told local Profit.ro, relays Romania Insider.

Founded in 2005, the company has been involved in various projects
such as the Baba Novac residential complex, Hermes Business Campus,
Sky Tower and Green Court office buildings, and the Auchan shopping
complex in Drumul Taberei, Bucharest.



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

LAFARGEHOLCIM LTD: S&P Rates New Hybrid Securities BB+
------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
proposed new subordinated securities to be issued by Holcim Finance
(Luxembourg) S.A., a 100% owned and controlled finance subsidiary
of Switzerland-based building materials maker LafargeHolcim Ltd.,
which will guarantee the proposed notes.

S&P said, "We understand LafargeHolcim intends to use the notes'
proceeds to redeem existing debt and so improve the group's debt
maturity profile, interest expense, and leverage ratios. Following
this issuance, LafargeHolcim's ratio of outstanding hybrids to
adjusted capitalization will remain well below the 15% limit for us
to view hybrid leverage as having intermediate equity content.

"We classify the proposed new subordinated securities as having
intermediate equity content until the first reset date, because the
securities meet our criteria in terms of their subordination,
permanence, and optional deferability during this period.
Consequently, when we calculate LafargeHolcim's adjusted credit
ratios, we will treat 50% of the principal outstanding and accrued
interest under the proposed securities as equity, rather than debt,
and 50% of the related payments on these securities as equivalent
to a common dividend."

The two-notch difference between S&P's 'BB+' issue rating on the
proposed hybrid notes and its 'BBB' issuer credit rating (ICR) on
LafargeHolcim signifies that S&P has made the following downward
adjustments from the ICR:

-- One notch for the proposed notes' subordination, because S&P's
long-term ICR on LafargeHolcim is investment-grade; and

-- An additional notch for payment flexibility due to the optional
deferability of interest.

S&P said, "The notching of the proposed securities reflects our
view that LafargeHolcim is relatively unlikely to defer interest
payments. Should our view change, we may significantly increase the
number of downward notches that we apply to the issue rating. We
may lower the issue rating before we lower the ICR."

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S PERMANENCE

Although the proposed securities are perpetual, LafargeHolcim can
redeem them any time between five years after the issue date up to
the first reset date, and on each annual interest payment date
thereafter. If the securities are called, the company intends to
replace the proposed instrument, although it is not obliged to do
so. In S&P's view, this statement of intent mitigates the issuer's
ability to repurchase the notes.

The interest to be paid on the proposed securities will increase by
25 basis points (bps) five years after the first reset date, and by
a further 75 bps 20 years after the first reset date. S&P views the
cumulative 100 bps as a moderate step-up, which provides
LafargeHolcim with an incentive to redeem the instruments at that
time.

S&P said, "Consequently, we will no longer recognize the proposed
instrument as having intermediate equity content after the first
reset date, because the remaining period until its economic
maturity would, by then, be less than 20 years.

"However, we classify the instrument's equity content as
intermediate until its first reset date, as long as we think that
the loss of the beneficial intermediate equity content treatment
will not cause the issuer to call the instrument at that point."

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed securities will be guaranteed on a deeply subordinated
basis by LafargeHolcim and have a perpetual maturity. As such, they
will be subordinated to senior debt instruments, and only senior to
junior obligations (common share capital) of the group.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

S&P said, "In our view, LafargeHolcim's can choose to defer payment
of interest on the proposed securities at its own discretion. It
has no obligation to pay accrued interest on an interest payment
date. However, any outstanding deferred interest payment would have
to be settled in cash if an equity dividend or interest on
equal-ranking securities is paid, or if common shares or
equal-ranking securities are repurchased.

"This condition remains acceptable under our rating methodology
because, once the issuer has settled the deferred amount, it can
choose to defer payment on the next interest payment date. The
issuer retains the option to defer coupons throughout the
instrument's life. The deferred interest on the proposed securities
is cash cumulative and compounding."



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

AMBITEMP M&E: Financial Woes Prompt Administration
--------------------------------------------------
Business Sale reports that Ambitemp (M&E) Limited, an engineering
contractor from West Yorkshire, has been forced to cease its
trading operations and appoint administrators as a result of a
string of financial difficulties.

The company entered administration on March 22, 2019, and called in
financial advisory firm KPMG to handle the restructuring process,
with partners Howard Smith and James Lumb appointed as joint
administrators, Business Sale relates.

Providing mechanical and electrical engineering services, the
company based in Huddersfield operated in all sectors in the
building and construction industry, including in commercial,
residential, official and government, Business Sale states.  

However, due to insufficient working capital and the financial
inability to sustain contracts, the business was forced to halt its
operations and enter administration, Business Sale discloses.

According to Business Sale, the administrators are exploring
options to ensure the future of the company, and are inviting all
offers of interest from potential buyers immediately.



GOURMET BURGER: York Restaurant Set to Shut Down Today
------------------------------------------------------
York Mix reports that Gourmet Burger Kitchen on Lendal, York, will
shut its doors today, April 3, at 3:00 p.m.

The restaurant has been there since 2007, York Mix notes.  But
earlier this year, the chain got into difficulties, York Mix
recounts.

Owned by South African-based Famous Brands, GBK entered in to a
Company Voluntary Arrangement (CVA) in December, a mechanism which
helps insolvent companies stay trading, York Mix relates.

It then closed 24 restaurants around the country, York Mix
discloses.  But in a statement last month, Famous Brands, as cited
by York Mix, said sales were increasing, raising hopes that no more
branches would be shut.

The decision to close the Lendal restaurant was taken quite
suddenly, York Mix states.


INTERNATIONAL GAME: Egan-Jones Hikes Sr. Unsec. Debt Ratings to BB-
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 28, 2019, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by International Game Technology PLC to BB- from B+.

International Game Technology PLC, formerly Gtech S.p.A. and
Lottomatica S.p.A., is a multinational gaming company that produces
slot machines and other gaming technology. The company is
headquartered in London, with major offices in Rome, Providence,
and Las Vegas.


MRN RECRUITMENT: Bought Out of Administration in Pre-pack Deal
--------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that MRN Recruitment, a
Lincolnshire recruitment firm, has been sold out of administration
in a pre-pack deal, saving all seven jobs at the firm.

Steven Stokes -- steve.stokes@frpadvisory.com -- and   Rajnesh
Mittal -- raj.mittal@frpadvisory.com -- partners at FRP Advisory,
were appointed joint administrators to MRN Recruitment on February
18, 2019, TheBusinessDesk.com relates.  According to
TheBusinessDesk.com, the move came after the business suffered cash
flow pressures following a reduction in turnover last year and the
pressure of Company Voluntary Arrangement contributions, leading to
an inability to pay creditors.

The joint administrators have sold MRN Recruitment to
Birmingham-headquartered Capital Outsourcing Group Food,
TheBusinessDesk.com discloses.

The company will continue to trade from its existing site in
Spalding and all employees have transferred to Capital Group,
TheBusinessDesk.com notes.


PETROFAC LIMITED: Moody's Withdraws Ba1 CFR for Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating (CFR), the Ba1-PD probability of default rating (PDR) and
the negative outlook of UK-based Petrofac Limited.

RATINGS RATIONALE

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

Petrofac Limited is incorporated in Jersey, UK and operates out of
seven strategically located operational centers, in Aberdeen,
Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur. It is
a leading engineering and construction company focused on the oil
and gas sector. In fiscal year ended 31 December 2018, the group
reported revenues and EBITDA of USD5.8 billion and USD671 million
(11.5% margin), respectively.

PRETTY GREEN: Enters Administration, Seeks Potential Buyers
-----------------------------------------------------------
Business Sale reports that Pretty Green, the men's fashion retailer
established by English rock band Oasis' singer Liam Gallagher, has
collapsed into administration.

The fashion chain has been forced to call in insolvency
practitioners Moorfields Advisory Limited to handle the
administration process, with partners Simon Thomas --
sthomas@moorfieldscr.com -- and Nicholas O'Reilly --
noreilly@moorfieldscr.com -- appointed as joint administrators,
Business Sale relates.

Established in 2009, Pretty Green has 12 stores across the UK which
will continue to trade until further notice, Business Sale
discloses.

The company is also sold at a number of concessions in department
stores like House of Fraser, Business Sale states.  However,
reports have claimed that the House of Fraser administration itself
put a financial strain on the company, leaving it roughly
GBP500,000 out of pocket as a result, Business Sale notes.

A spokesperson for the brand, as cited by Business Sale, said:
"Pretty Green is not immune to the challenges facing the UK high
street as customers migrate from purchasing in store to online.

"The growing overall demand for the brand, coupled with a strong
online customer base, position the company well to navigate these
changes and we are therefore considering all options."

According to Business Sale, inside sources said Pretty Green is in
talks with a number of interested parties regarding a potential
sale, but invitations from buyers are being encouraged in a bid to
find new ownership for the business.


TATA STEEL UK: S&P Alters Outlook to Positive & Affirms 'B+/B' ICRs
-------------------------------------------------------------------
On April 1, 2019, S&P Global Ratings revised its outlook on Tata
Steel UK Holdings Ltd. (TSUKH) to positive from stable. We also
affirmed our 'B+' long-term and 'B' short-term issuer credit
ratings on TSUKH.

S&P revised the outlook on Tata Steel UK Holdings to positive,
following the revision in outlook of Tata Steel, noting the
continued strength of the relationship between TSUKH and Tata Steel
as well as the stable operating and financial performance of
TSUKH.

The diminishing prospect of the Bhushan Power and Steel acquisition
and the sustained high steel prices in India are key factors for
S&P's outlook revision on Tata Steel.

S&P said, "We expect Tata Steel to successfully divest its European
business housed under TSUKH in the next two to three months; it is
currently in the advanced stages of European anti-trust approvals.


"We believe Tata Steel will continue to support TSUKH's cash flow
deficit as long as stand-alone operations continue prior to the
formation of a joint venture (JV) with thyssenkrupp AG. Such
Support, in the form of shareholder loans from Tata Steel, has
totaled GBP4 billion until fiscal 2018 although we expect the need
for support to diminish in view of prevailing steel prices and
earnings.

"Until the JV is formed, we believe Tata Steel will continue to
remain fully committed to support TSUKH. Both TSUKH and Tata Steel
share a common name and operate in the same line of business. TSUKH
provides Tata Steel with a sizable and diversified asset base.
Banks that lend to Tata Steel and TSUKH are largely the same, and
the parent intends to maintain good relationships with them. We
consider TSUKH a strategically important subsidiary of Tata Steel
group.

"We expect supportive steel prices and benign raw material prices
to continue and forecast TSUKH's funds from operations
(FFO)-to-debt ratio of 13%-15% over the next 12-24 months. However,
TSUKH's continuing high outlays on maintenance and capital
expenditure (capex) for plant upgrades will consume its earnings
and the company is unlikely to deleverage materially over this
period.

"The positive outlook on TSUKH reflects that on parent Tata Steel,
where we have a positive outlook driven by likely deleveraging from
stable steel prices and lower likelihood of further large
acquisitions. The outlook on TSUK also reflects the continued
likelihood of parent support if needed to bridge any cash flow
shortfall at TSUK."

S&P may raise the rating on TSUKH if it upgrades Tata Steel and the
parent's support and relationship with TSUKH remains unchanged.

S&P will revise the outlook on TSUKH to stable if: (1) S&P revises
Tata Steel to stable or (2) Tata Steel shows signs of reducing
support to TSUKH.

[*] SCOTLAND: 146 Construction Firms Enter Insolvency in 2018
-------------------------------------------------------------
Scottish Construction Now, citing new data, reports that Scotland's
construction industry is among the most likely sectors to be hit
hard by late payments.

Scottish Construction Now relates that figures from insolvency
specialist Begbies Traynor found that almost 12,000 businesses
waited an average of 61 days for payment in 2018 with 146 of these
subsequently entering insolvency as a result.

The utilities sector also experienced a worrying increase of 102%
from 912 to 1,838 reports of late payment, the report says.

Only the support services sector was more likely to be hit hard by
late payments with almost 35,000 businesses reporting debtor days
in the last year, according to Scottish Construction Now.

Across the whole of Scotland, almost 115,000 businesses waited an
average of 57 days for payment in 2018 with more than 1,000 of
these subsequently entering insolvency as a result, the report
discloses.

Scottish Construction Now says the data, which was gathered from
more than 1 million debtor day reports since 2011, also revealed
that of those 1,000 businesses entering insolvency during 2018, 34%
had debtor days in excess of 57 days and 15% for longer than 86
days.

During 2018, media companies were made to wait the longest for
payment with an average of 69 debtor days. Of even greater concern
is continued growth of the length of debtor days from 2011 to 2018
with a 9% increase in the telecommunication & information
technology sector from 62 to 68 days, and a 5% increase in travel &
tourism (46 to 48 days), general retail (41 to 43 days) and media
(66 to 69 days), Scottish Construction Now relays.

"In our work across Scotland, we regularly encounter the
catastrophic effects of late payments, particularly on SMEs.  The
worrying growth of late payments must be addressed if we are to
help businesses, and the UK economy, grow. Otherwise, the knock on
effects will spiral out of control and this trend of late payment
will constrict, squeeze and suffocate growing businesses. However,
even the largest companies are not immune from the impact of late
payments as this practice impairs cash flow and makes businesses
less competitive," the report quotes Ken Pattullo, managing partner
at Begbies Traynor in Scotland, as saying.

Mr. Pattullo added: "If this form of bad faith trading is allowed
to continue then more businesses in Scotland will inevitably go to
the wall. It is simply not sustainable for suppliers to take the
hit when payment is not made on time – even businesses with large
financial resources and contingency plans will suffer."


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *