/raid1/www/Hosts/bankrupt/TCREUR_Public/190424.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 24, 2019, Vol. 20, No. 82

                           Headlines



F R A N C E

CASSINI SAS: Fitch Assigns 'B' Final LongTerm IDR, Outlook Stable


G E R M A N Y

SENVION SA: Inks EUR100MM Loan with Lenders and Bond Holders
SENVION TOPCO: Files Petition for Ordinary Insolvency Proceedings


I C E L A N D

ORKUVEITA REYKJAVIKUR: Fitch Affirms LT IDR at BB+, Outlook Stable


I R E L A N D

CLARINDA PARK: S&P Assigns Prelim. BB Rating on Class D-R Notes
DILOSK 3: S&P Assigns CCC(sf) Rating on EUR10.47MM Cl. X1 Notes


L U X E M B O U R G

CARTESIAN RESIDENTIAL: Fitch Gives 'BB+sf' Rating on Class E Notes


M O N T E N E G R O

ATLAS BANKA: Declared Bankrupt; Insolvency Process Started


N E T H E R L A N D S

DELFT BV 2019: S&P Assigns B(sf) Rating on EUR1.8MM Class G Notes
ROTO SMEETS: Parent Files for Bankruptcy for Dutch Units


S L O V E N I A

NOVA KREDITNA: Fitch Hikes LT Issuer Default Rating to BB+


T U R K E Y

TURKIYE PETROL: Fitch Affirms LT IDR at 'BB+', Outlook Negative


U K R A I N E

PRIVATBANK: Court Cancels NBU Decision on Related Persons List


U N I T E D   K I N G D O M

LINKS OF LONDON: Owner Mulls Sale of Business to Avert Insolvency
LYNHURST PRESS: Business Sold to 4edge in Pre-Pack Deal
[*] UK: 1,300+ Retail Stores Closed in 1Q 2019 Due to CVAs

                           - - - - -


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F R A N C E
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CASSINI SAS: Fitch Assigns 'B' Final LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned French based pure-play exhibition
organiser Cassini SAS (Comexposium) a final Long-Term Issuer
Default Rating of 'B' with a Stable Outlook. Fitch has also
assigned a final long term senior secured rating of 'B+'/RR3/64%
for the senior secured debt issued by Cassini SAS and its wholly
owned subsidiary Comete Holding SAS.

The rating actions follow the completion of the closing of the
Cassini SAS acquisition by Credit Agricole Assurances and the Paris
Ile-de-France Regional Chamber of Commerce and Industry. No
material changes were identified by Fitch in the review of the
final documentation, resulting in the final ratings being in line
with prior expected ratings.

KEY RATING DRIVERS

Diversified Exhibition Portfolio: Comexposium's business is
diversified across various industries, providing 135 trade shows
across 67 brands and servicing 11 sectors. Its operating cash flows
are not as sensitive to economic cycles as they may be to other
idiosyncratic factors such as headlines regarding public safety or
secular shifts towards or away from exhibitions. Comexposium
generated about 74% of 2018 revenue from exhibitions hosted in
France, giving rise to localisation issues stemming from venue and
hence concentration risk. This is, however, mitigated by high
reliance on international attendance to the shows hosted in Paris.
It continues to diversify geographically; it is present in 30
countries with expansion planned for growth in Asia. It is also the
largest pure-play exhibition organiser globally and, unlike many of
its peers, it has not meaningfully diversified into another
platform or business.

Industry Consolidation: Comexposium has demonstrated a strong
acquisition appetite by completing 16 acquisitions since 2015.
Acquisitions are an effective method of growing earnings, and
synergies have been consistently demonstrated when head office
functions are duplicated. Fitch perceives bolt-on acquisitions as a
lower-risk alternative to establishing new exhibition brands. The
new shareholder upon completion of the acquisition, Crédit
Agricole Assurances, and Paris Ile-de-France Regional Chamber of
Commerce and Industry may facilitate a moderated financial policy
and open funding alternatives to debt. Headroom in existing
facilities would allow smaller acquisitions to proceed, well within
the capabilities of management and their dedicated M&A team.

Exhibition Brand Management: Launching existing exhibition brands
into new geographies ('geo-adapting') and leveraging existing
exhibitor relationships has proven a successful method of organic
growth (e.g. SIAL China). This is particularly effective in
extracting further earnings from an exhibition brand that has
reached maturity in its origin market. Good communication with
exhibitors and visitors has historically allowed the company to
successfully reposition underperforming brands. Venue management
plays an important role for all organisers and key elements which
Comexposium actively manages include price per square meter;
timing; and location to preclude competition co-location.

Cash Flow Visibility and Volatility: Some shows are biennial or
triennial, driving year-on-year revenue and earnings volatility.
This can cause fluctuations in working capital and/or liquidity
over two- or three-year cycles. Exhibits are also seasonal, with
31% of 2018 reported revenue being generated in 4Q18. This is,
however, mitigated by future revenue visibility from exhibitors who
often book floor space while attending the previous year's show and
if not, throughout the year. As a result, Compexposium's cash flow
can be volatile through the year but it also leaves the company
with a structurally negative working capital position as
exhibitors' deposits fund exhibition expenses. Fitch supports this
with a smoothed annualised analysis approach and takes a positive
view on the underlying cash flow and liquidity trends.

Deleveraging Capacity: The company has demonstrated deleveraging
capacity from operating cash flow, which has improved due to
bolt-on acquisitions. However, leverage increased significantly
between 2015 and 2018, due to various debt- funded acquisitions
following the previous LBO sponsor's involvement. A period of
stability in acquisition and divestment activity would help anchor
the leverage profile, while earnings peak in 2018 (due to biennial
and triennial exhibitions being held in the same year) would
improve deleveraging capacity

DERIVATION SUMMARY

Comexposium is a global pure-play exhibition organiser and shows a
stronger credit profile than closer competitors within itsleverage
credit opinions portfolio. It benefits from lower exposure to
cyclical sectors and a higher presence in the 'premium' B2B event
space, which supports higher profitability, cash flows and FFO
coverage. Although its pure-play business model results in less
diversified revenue streams than peers, Comexposium's operating
model is asset-lite and exhibition venues are mostly in Paris where
the company enjoys favourable optionality to extend rental
contracts on effectively the same terms. Its strong foundation in
France and modest, centralised fixed-cost base makes Comexposium
highly scalable and flexible, supporting higher profitability and
cash flow margins. Compared with Reed Exhibitions, part of RELX PLC
(BBB+/Stable), Comexposium is much smaller and less diversified,
but shares similar positive differentiating factors such as highly
visible recurring revenue.

KEY ASSUMPTIONS

  - Annualised revenue to grow at a+3.3% CAGR 2017-2022.

  - Stable annualised gross margin at 52%.

  - Annualised EBITDA margin at 25%-26%.

  - Trade working capital and maintenance capex-to-sales ratios in
line with historical trends.

Recovery Rating of 'RR3'/64% is based on a going concern approach
applying a 6x multiple to a pro-forma annualised 2018 EBITDA
discounted by 25%. Both ratios are consistent with Fitch's approach
to the sector.

RATING SENSITIVITIES

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

  - FFO adjusted gross leverage sustainably less than 5.0x on an
annualised basis (2018e: 6.9x)

  - FFO fixed charge cover sustainably more than 3.5x on an
annualised basis (2018e: 3.1x)

  - Additional scale and geographical diversification with less
venue concentration in France

- Successful acquisitive strategy without diluting profitability

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

  - FFO adjusted gross leverage sustainably more than 7.0x on an
annualised basis

  - FFO fixed charge cover sustainably less than 2.5x on an
annualised basis

  - Annualised EBITDA margin below 22% on a sustained basis due to
significant tradeshow underperformance (2018e: 25.3%)

  - Annualised free cash flow (FCF) margin less than 3% or negative
FCF after acquisitions on sustained basis (2018e: 9.3%)

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Liquidity is expected to be satisfactory
after the debt refinancing, driven by a robust cash balance of an
estimated balance at transaction close of EUR48 million, which
Fitch expects to improve on strong cash flow generation over the
next three years. Further liquidity support is given by an undrawn
EUR90 million revolving credit facility (RCF), which Fitch expects
to remain undrawn over the next 3 years.

Liquidity will comfortably cover any funding of intra-year working
capital swings that may arise as a result of different timing in
tradeshows (historically from EUR20 million to EUR50 million on an
annual basis), whilst working capital is structurally negative and
tradeshows are for the most part self-funding.




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

SENVION SA: Inks EUR100MM Loan with Lenders and Bond Holders
------------------------------------------------------------
Reuters reports that German wind turbine manufacturer Senvion,
which filed for insolvency earlier this month, has signed an
agreement with its lenders and main bond holders for a EUR100
million (US$112.94 million) loan.

According to Reuters, Senvion said in a statement the facility
meant the group could continue operations and allows for
substantial drawings already last week, helping the company to
stabilize its affairs and provide funds to non-insolvent
subsidiaries.

"This is particularly helpful since we managed to significantly
ramp up our installations in the first quarter," the report quotes
Chief Executive Yves Rannou, who took the helm in January, as
saying.

Senvion has faced delays and penalties related to big projects,
while the wind industry as a whole has seen falling prices and
increased competition as it moves away from governments
guaranteeing generous fixed subsidies tariffs for power towards an
auction-based system, Reuters says.

Market leaders Siemens Gamesa and Vestas have more pricing power,
putting smaller suppliers under pressure, the report states.

Reuters adds Senvion said the loan with a 12-month tenure would
allow the company to proceed with a transformation process launched
at the start of the year, including steps to concentrate on fewer
markets, streamline the product offering and seek cost cuts.

Senvion S.A., together with its subsidiaries, develops,
manufactures, installs, erects, and sells onshore and offshore wind
energy turbines. Its product portfolio comprises wind turbines with
nominal powers of 2.0 to 6.33 megawatts; and rotor diameters
ranging between 82 and 152 meters. The company also develops and
provides turnkey wind farms; and provides clients with
project-specific solutions in the areas of foundation construction,
transport, and installation, as well as service and maintenance. It
serves wind turbine owners and operators in Germany and
internationally.


SENVION TOPCO: Files Petition for Ordinary Insolvency Proceedings
-----------------------------------------------------------------
Senvion Holding GmbH (the "Issuer") on April 17 filed a petition to
commence self-administration proceedings
(Eigenverwaltungsverfahren) pursuant to section 270 of the German
Insolvency Code with the competent Local Court (Amtsgericht) in
Hamburg. Additionally, Senvion TopCo GmbH, the Issuer's direct
parent company, filed a petition for ordinary insolvency
proceedings with the Court. The petitions by the Parent and the
Issuer are expected to be approved by the Court in due course.

Previously, on April 9, 2019, Senvion GmbH and Senvion Deutschland
GmbH, two subsidiaries of the Issuer, filed petitions to commence
self-administration proceedings. The Court ordered the commencement
of preliminary self-administration proceedings on the same day.

Senvion S.A., together with its subsidiaries, develops,
manufactures, installs, erects, and sells onshore and offshore wind
energy turbines. Its product portfolio comprises wind turbines with
nominal powers of 2.0 to 6.33 megawatts; and rotor diameters
ranging between 82 and 152 meters. The company also develops and
provides turnkey wind farms; and provides clients with
project-specific solutions in the areas of foundation construction,
transport, and installation, as well as service and maintenance. It
serves wind turbine owners and operators in Germany and
internationally.




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I C E L A N D
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ORKUVEITA REYKJAVIKUR: Fitch Affirms LT IDR at BB+, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Orkuveita Reykjavikur's Long-Term Issuer
Default Rating at 'BB+' with a Stable Outlook.

The affirmation reflects RE's outperformance of its financial
forecast for 2018 and expected relatively stable credit metrics
over 2019-2023 with marginal improvement in leverage. The rating is
also underpinned by the company's business profile, supported by a
significant proportion of quasi-regulated activities with modest
visibility in the medium term, but cash flow volatility higher than
peers due to foreign exchange and commodity price exposure. RE's
ratings benefit from a two-notch uplift for support from its
majority shareholder, the City of Reykjavik, under Fitch's
government-related entities rating criteria. Fitch assesses the
company's standalone credit profile at 'bb-'.

KEY RATING DRIVERS

FX Expectations Affect Deleveraging: RE has gradually reduced debt
through positive free cash flow generation, but its credit metrics
are exposed to currency fluctuations (largest exposures to the US
dollar and euro), interest rates and to aluminium prices, to which
some of the company's generation contracts are linked. In its view,
this exposure, although mitigated through hedging, may affect the
pace at which RE will deleverage if currency fluctuations are
substantial. At 31 December 2018, the company's total debt was
ISK151.3 billion, of which about 57.6% was denominated in foreign
currencies, compared to around 14% of the company's revenues in
foreign currencies.

Positive Cash Flow Expectations: Fitch expects free cash flow to
remain mostly positive through the forecast horizon. However, Fitch
expects it to experience a significant fall in 2019 due to a
combination of increased capex and cash interest expense. The
increase in cash interest expense is driven by the forecast general
weakening of the Icelandic krone, resulting in higher debt. The
impact on credit metrics is partially offset by an increase in
profitability from ON Power, which benefits from a weakening krone
due to its dollar revenue exposure. Fitch forecasts funds from
operations net adjusted leverage to average at 5.5x for 2019-2023
(5.1x in 2018).

Quasi-Regulated Earnings Support Rating: RE's rating is supported
by a significant proportion of EBITDA being derived from
quasi-regulated businesses, although it expects the share of EBITDA
from quasi-regulated business to decrease to around 50% by 2023
from 55% in 2018. This is due to a combination of the reduction of
regulated tariffs and lower assumptions for the Building Cost Index
and the Consumer Price Index, and an increase in EBITDA from the
generation segment, reflecting the improved economic outlook in
Iceland.

Tariff Expectations: Tariffs for the cold water and electricity
distribution businesses were lowered in 2018 by 4.9% and 6.3%,
respectively, while sewerage grew by 3.5%. The tariff reductions
were implemented as a result of the company achieving a greater
return on investment than stipulated by the shareholders, mainly
due to operating cost efficiencies achieved by RE in those
regulated businesses, while the increase for sewerage is linked to
the BCI index. For cold water and sewerage, Fitch forecasts annual
tariff growth of about 3.8%, while electricity distribution tariffs
are likely to remain flat in 2019 and 2020, and to grow at 1.5% a
year thereafter.

Shareholder Support: RE's 'BB+' rating benefits from a two-notch
uplift from its standalone credit profile of 'bb-' based on its
assessment of the moderate-to-strong links between the company and
the City of Reykjavik under the GRE criteria. Fitch views the
"status ownership and control" factor as strong because the City of
Reykjavik, as majority owner, has a clear influence on the
company's strategy and ultimately approves RE's business plan
annually. Fitch assesses "support track record and expectation" as
moderate because of the conditional nature of the guarantees
provided by the parent.

Fitch considers "socio-political impact of default" moderate as RE
plays an important role in Iceland's strategic energy sector, but a
financial default would not materially affect water and electricity
supply as it would expect the municipality's intervention until a
substitute is found to assure continuation of operations. In
addition, it assesses "financial implications of GRE default" as
moderate as it sees some contagion risk to the municipalities and
other GREs coming from the hypothetical default by RE, but it
believes this would result in a moderate impact on availability and
the costs of domestic financing options for the City of Reykjavik
and other GREs.

DERIVATION SUMMARY

RE is an integrated regional publicly owned utility with around 55%
of its earnings deriving from its quasi-regulated businesses, which
compares well to peers. The company is more leveraged than its
peers, with forecast FFO net adjusted leverage averaging 5.5x for
2019-2023, compared with Viridian Group Investments Limited
(B+/Negative) with forecast net leverage averaging 4.3x for
2019-2022 but with higher business risk.

In addition, in contrast to its peers the company is more exposed
to market risk, including foreign exchange risk, and aluminium
price. The rating incorporates a two-notch uplift from the
standalone credit profile (bb-) as a result of its assessment of
the links between the company and its main shareholder, the City of
Reykjavik.

KEY ASSUMPTIONS

  - Assumptions for inflation from Statistics Iceland (CPI; 2.7%
for 2018, peaking at 3.6% in 2019 and reducing to 2.6% in 2023)

  - 50% of aluminium price per tonne based on RE's forecasts for
2018-2020 (at hedged forward prices) and 50% in line with Fitch's
most recent commodity price assumptions of USD2,161 for 2018,
USD2,000 for 2019, USD2,050 for 2020 and then USD2,100 until 2023

  - An 8.9% annual appreciation of krone trade currency-weighted
index (implying krone depreciation against other currencies) from
2019 for FX-denominated debt and then an average of 4.6% from 2020

  - Weighted average cost of debt of 4.2%

  - Average EBITDA of ISK30.5 billion for 2019-2023

  - Total capital expenditure of around ISK87 billion for
2019-2023

  - Dividend pay-out ratio of 15% in 2019 and 30% from 2020

RATING SENSITIVITIES

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

- Strengthening of the links with the City of Reykjavik, including
unconditional guarantees and prolonged restrictions on dividends

- Continued tariff increases and operational outperformance and
continued net repayments of debt leading to FFO adjusted net
leverage below 5.0x and FFO fixed charge coverage over 5.0x on a
sustained basis

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

  - A weakening of the links with the City of Reykjavik

  - Restrictions on tariff increases and higher investments leading
to FFO-adjusted net leverage above 6x and FFO fixed charge coverage
under 4.5x on a sustained basis

LIQUIDITY

Adequate Liquidity: At December 30, 2018 RE had ISK18.2 billion in
cash and cash equivalents and ISK8.5 billion of undrawn committed
facilities against ISK14.9 billion of short-term debt. Fitch
assesses the company's current liquidity as adequate to cover
operational requirements over the next 24 months due to its
expectation that it will remain mostly FCF positive over the next
five years.




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I R E L A N D
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CLARINDA PARK: S&P Assigns Prelim. BB Rating on Class D-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Clarinda Park CLO DAC's (Clarinda CLO) class A-1R, A-2R, B-R, C-R,
and D-R notes.

On May 15, 2019, the issuer will refinance the original class A-1
to D notes by issuing replacement notes of the same notional for
each class.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except for the following:

-- The replacement notes have a lower spread over Euro Interbank
Offered Rate (EURIBOR) than the original notes.

-- The portfolio's maximum weighted-average life has been extended
by one year.

The preliminary ratings assigned to Clarinda Park's refinanced
notes reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

S&P said, "We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary rating levels, as the
exposure to individual sovereigns does not exceed the
diversification thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
each class of notes."

Clarinda Park is a broadly syndicated collateralized loan
obligation (CLO) managed by Blackstone/GSO Debt Funds Management
Europe Ltd. (DFME).

  PRELIMINARY RATINGS ASSIGNED

  Clarinda Park CLO DAC

  Class    Rating     Amount   Replacement notes   Original notes
                     (mil. EUR)     int. rate (%)   int. rate (%)
  A-1-R    AAA (sf)     239.00      3M Eur + 0.90    3M Eur + 1.15
  A-2-R    AA (sf)       52.00      3M Eur + 1.60    3M Eur + 1.75
  B-R      A (sf)        21.00      3M Eur + 2.50    3M Eur + 2.70
  C-R      BBB (sf)      22.00      3M Eur + 3.40    3M Eur + 3.70
  D-R      BB (sf)       25.00      3M Eur + 6.20    3M Eur + 6.35

  3M Eur--Three-month EURIBOR.


DILOSK 3: S&P Assigns CCC(sf) Rating on EUR10.47MM Cl. X1 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dilosk RMBS No.3
DAC's (Dilosk 3's) class A, B-dfrd, C-dfrd, D-dfrd, and X1-dfrd
notes. At closing, Dilosk 3 also issued unrated class X2-dfrd, Z1,
Z2, and R notes.

S&P said, "Our ratings address the timely payment of interest and
the ultimate payment of principal on the class A notes. Our ratings
on the class B-dfrd, C-dfrd, D-dfrd, and X1-dfrd notes address the
ultimate payment of interest and principal on these notes."

Dilosk 3 is a securitization of a pool of first-ranking residential
mortgage loans, secured on properties in Ireland originated by
Dilosk DAC under the ICS Mortgages brand. Dilosk DAC officially
acts as named servicer for all of the loans in the transaction, but
the role is delegated to Link Asset Services Ltd.

S&P said, "Based on the origination criteria and process used we
consider the mortgages to be prime mortgages, and there are no
arrears at the time of our assigning the ratings." The Central Bank
of Ireland's mortgage measures restrict the buy-to-let mortgage
advance to 70% on a loan level, ensuring the weighted-average
original loan-to-value ratio (56.81%) at a portfolio level is lower
than that for other comparable European buy-to-let transactions.

S&P said, "Given that this pool comprises only buy-to-let
mortgages, we have applied an exception from the foreclosure timing
assumption of 42 months in our Irish residential mortgage-backed
securities criteria. Buy-to-let mortgages are typically not subject
to the same Code of Conduct on Mortgage Arrears regulations as
owner-occupied mortgages, and given that the underlying loan
contracts permit the direct appointment of a receiver, we assume
that the issuer regains any recoveries 24 months after a payment
default in our analysis.

"Our ratings reflect our assessment of the transaction's payment
structure, cash flow mechanics, and the results of our cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. The transaction's structure relies on a combination
of subordination, excess spread, a senior liquidity reserve fund, a
general reserve fund, and a principal borrowing mechanism to cover
credit losses and income shortfalls. Having taken these factors
into account, we consider the credit enhancement available to the
rated notes to be commensurate with the ratings that we have
assigned."

  RATINGS LIST Dilosk RMBS No.3 DAC

  Class       Rating*       Amount (EUR)
  A           AAA (sf)     167,552,000
  B-dfrd      AA (sf)       13,613,000
  C-dfrd      AA- (sf)      12,042,000
  D-dfrd      A (sf)        10,995,000
  X1-dfrd     CCC (sf)      10,472,000
  X2-dfrd     NR            16,755,000
  Z1          NR             5,239,000
  Z2          NR             5,237,000
  R           NR             3,000,000

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes and the ultimate
payment of interest and principal on the other rated notes.

NR--Not rated.
Dfrd--Deferrable.




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L U X E M B O U R G
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CARTESIAN RESIDENTIAL: Fitch Gives 'BB+sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned Cartesian Residential Mortgages Blue
S.A.'s notes final ratings, as follows:

Class A notes: 'AAAsf'; Outlook Stable

Class B notes: 'AA+sf'; Outlook Stable

Class C notes: 'A+sf'; Outlook Stable

Class D notes: 'BBB+sf'; Outlook Stable

Class E notes: 'BB+sf'; Outlook Stable

Class F notes: 'NRsf'

Class S notes: 'NRsf'

CRM Blue is a true-sale securitisation of prime Dutch residential
mortgages originated by the following originators: Quion 10 B.V
(RPS2+, RSS2+), Ember Hypotheken 1 B.V. (Ember 1) and Ember
Hypotheken 2 B.V. (Ember 2).

The portfolio (excluding one loan) was sold by GE Artesia Bank to a
sponsor group led by Venn Partners LLP in December 2013. The
purchaser of the portfolio - Ember VRM s.a.r.l. (Ember VRM) - sold
the majority of the mortgage receivables on to Cartesian
Residential Mortgages 1 S.A. (CRM1). On the first optional
redemption date (FORD) of CRM1, the portfolio was repurchased by
Ember VRM, which in turn sold all loans excluding loans in arrears
of more than 30 days plus EUR1.8 million of additional loans to CRM
Blue.

KEY RATING DRIVERS

Seasoned but Higher-Risk Portfolio

The portfolio exhibits an average loan seasoning of about 14.5
years and has performed in line with Fitch's expectations. The
percentage of self-employed borrowers (23.1% by current balance) is
higher than typically seen for Dutch RMBS.

The loans were predominantly originated between 2004 and 2008.
These legacy loan pools display weaker characteristics than peers,
such as a higher percentage of interest-only (IO) loans and a
significant share of borrowers with an original
loan-to-market-value (OLTMV) of higher than 110%.

Interest Rate Risk

The portfolio consists of 51.1% floating-rate loans (44.9% linked
to three months (3m) Euribor and 6.2% to a standard variable bank
rate) and 48.9% fixed-rate loans. Mismatches between the fixed-rate
loans and the notes (linked to 3m Euribor) are hedged through a
swap with NatWest Markets Plc.

CRM Blue faces reset risk on loans with the majority of resets
within four years after the issue date of the notes. Fitch has
applied its criteria assumptions for product switches and reset
margins to address this risk. Limited consideration was given Ember
VRM's interest rate reset policy given the reset risk is
front-loaded.

Non-Bank Seller, Established Sub-Servicer

Venn Partners has managed the securitised portfolio since the 2013
transfer and Quion has acted as sub-servicer since then.

VARIATIONS FROM CRITERIA

Fitch has observed over the life of the mortgage pool a reset
policy that offers higher fixed mortgage reset rates than prime
mortgage peers. This resulted in higher prepayments as borrowers
are incentivised to refinance with competitors. Based on these
historical observations and given a very frontloaded reset profile,
Fitch has applied a higher margin upon reset (3%) over the first
year, which is a variation to Fitch's European RMBS Rating
Criteria. For the low prepayment scenario, Fitch increased its
assumption for the first year to 10%, based on historical
prepayment observations. This is also a variation to its European
RMBS Rating Criteria.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base-case expectations may result in negative rating action on the
notes. Fitch's analysis revealed that a 15% increase in the
weighted average (WA) foreclosure frequency, along with a 15%
decrease in the WA recovery rate, would imply a downgrade of the
class A notes to 'AAsf', class B notes to 'A+sf', the class C notes
to 'A-sf', the class D notes to 'BB+sf' and the class E notes to
'B+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 reviewed the results of a third-party assessment conducted on
the asset portfolio information at transaction closing of CRM1,
which indicated errors or missing data related to the property
value information. These findings were considered in this analysis
by reducing the market value for 2% of the total pool by 15% in its
asset analysis to account for these errors, as set out more fully
in the presale report.

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




===================
M O N T E N E G R O
===================

ATLAS BANKA: Declared Bankrupt; Insolvency Process Started
----------------------------------------------------------
Dominik Istrate at Emerging Europe reports that the Central Bank of
Montenegro (CBCG) has declared Montenegrin bank Atlas Banka
bankrupt and has started insolvency proceedings.

CBCG representatives, on April 7, said that the bankruptcy leaves
90 per cent of Atlas Banka employees out of work, adding that the
total deposits in the bank amount to EUR189 million, the report
cites. Individual deposits of up to EUR50,000 – covered by
Montenegro's Deposit Protection Fund - total EUR89 million,
Emerging Europe discloses.

According to Emerging Europe, CBCG placed Atlas Banka under its
interim administration in December 2018 after revealing that its
capital had not met the minimum risk requirements. Since then, the
central bank had tried to find investors to recapitalise the bank,
but had failed to do so.

Atlas Banka is the second financial institution in Montenegro to go
bust this year after the Central Bank of Montenegro revoked the
banking license of Invest Banka in January, the report notes.

Atlas Banka creditors will now have 30 days to present evidence of
their claims against the bank, says Emerging Europe.




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

DELFT BV 2019: S&P Assigns B(sf) Rating on EUR1.8MM Class G Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Delft 2019 B.V.'s
residential mortgage-backed floating-rate class A, B-Dfrd, C-Dfrd,
D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes. At closing, Delft 2019
also issue unrated class Z asset-backed notes and class R1 and R2
certificates.

The transaction securitizes a pool of nonconforming loans secured
on first- and consecutive-ranking Dutch mortgages, which ELQ
Portefeuille I B.V. and Quion 50 B.V. originated, and which Adaxio
B.V. and Quion 50 will service, respectively.

In addition, the pool includes EUR4,281,865 delinquent loans (loans
that are in arrears for more than six months which have not reduced
their arrears in the past three months). S&P said, "In our
analysis, we have excluded these loans from our analysis of the
collateral pool by assuming they all default in period one, and
assumed a recovery to be realized after 18 months. As most of the
borrowers for these loans have not been current or paying full
mortgage payments for an extended period of time, we believe they
will not provide immediate cash flow credit to this transaction
until recovery. The mortgages stratifications in this report are
based on the portfolio balance excluding these loans."

S&P said, "Our ratings reflect our assessment of the transaction's
payment structure, cash flow mechanics, and the results of our cash
flow analysis to assess whether the notes would be repaid under
stress test scenarios. The transaction's structure relies on a
combination of subordination, excess spread, principal receipts,
and a reserve fund. The reserve fund comprises a liquidity reserve
fund and a non-liquidity reserve fund to cover credit losses and
income shortfalls. Taking these factors into account, we consider
the available credit enhancement for the rated notes to be
commensurate with the ratings that we have assigned."

  RATINGS ASSIGNED

  Delft 2019 B.V.
  Class               Rating                  Amount
                                              (EUR)
  A                   AAA (sf)           101,200,000
  B–Dfrd              AA+ (sf)             9,700,000
  C–Dfrd              AA- (sf)             7,300,000
  D-Dfrd              A+ (sf)              5,200,000
  E-Dfrd              BBB- (sf)            5,900,000
  F-Dfrd              B+ (sf)              4,800,000
  G-Dfrd              B (sf)               1,800,000
  Z                   NR                   2,800,000
  Class R1 certs      NR                         N/A
  Class R2 certs      NR                         N/A

  NR--Not rated.
  Certs--Certificates.
  N/A--Not applicable.


ROTO SMEETS: Parent Files for Bankruptcy for Dutch Units
--------------------------------------------------------
Jo Francis at PrintWeek reports that holding company Circle Media
Group filed for suspension of payments at a number of subsidiary
companies including gravure printer Roto Smeets in Deventer and web
offset printers Roto Smeets Weert and Senefelder Misset.

Circle Media has now announced that it has filed for bankruptcy at
the Dutch printing companies, which employ around 1,000 staff,
PrintWeek relates.

According to PrintWeek, Roto Smeets Group chief executive Joost de
Haas said paper price increases combined with a "strong
deterioration in the market" had left the operations requiring
radical restructuring, but Dutch employment law had stymied those
efforts.

"The new Dutch Dismissal Law provide to be unworkable for larger
restructurings in a shrinking industry," PrintWeek quotes Mr. de
Haas as saying.  "Severance payments are three times as high as
under our former redundancy plans and force pre-payment instead of
spread payments.

"The new Law works counterproductive and now forces us to lay-off
our employees without a social plan. These bankruptcies could have
been prevented with a more flexible law."

Mr. De Haas, as cited by PrintWeek, said the group was working with
the administrator to try to restart the bankrupt companies, "while
trying to secure as much jobs as possible and to continue the
production for and service to our customers".




===============
S L O V E N I A
===============

NOVA KREDITNA: Fitch Hikes LT Issuer Default Rating to BB+
----------------------------------------------------------
Fitch Ratings has upgraded Slovenia-based Nova Kreditna Banka
Maribor's Long-Term Issuer Default Rating to 'BB+' from 'BB'. Fitch
has also affirmed the IDRs of Nova Ljubljanska Banka d.d. and
Abanka d.d. at 'BB+', Banka Intesa Sanpaolo d.d. at 'BBB-', and
Gorenjska Banka d.d., Kranj at 'BB-'. The Outlook on Intesa's
Long-Term IDR is Negative, and the Outlooks on the other four
banks' Long-Term IDRs are Stable.

Fitch has upgraded NKBM's Long-Term IDR and Viability Rating,
reflecting the bank's improved asset quality and profitability,
considerable capital buffer, and solid funding and liquidity
profile. The affirmation of the VRs of Abanka, Intesa and GBKR
reflects their already high VRs in the context of the banks'
franchises and overall company profiles despite further
improvements in asset quality (faster at Abanka) and profitability,
stable capitalisation and funding and liquidity positions. The
affirmation of NLB's VR reflects its generally stable credit
profile compared with its previous review.

Fitch has withdrawn the Support Rating Floor for GBKR, following
completion of the acquisition of a majority stake in the bank by
Serbia-based AIK Banka (AIK, not rated). Following the change of
ownership, Fitch views institutional support from the parent as the
most likely source of support for GBKR. The affirmation of GBKR's
Long-Term IDR at 'BB-' reflects the agency's view that the
potential support benefits or contingent risks from the change of
ownership are not sufficiently significant to result in a change in
GBKR's IDR.

KEY RATING DRIVERS

IDRs

The IDRs of Abanka, NLB, NKBM and GBKR are driven by their
standalone financial strength, as expressed by their VRs.

Fitch's assessment that potential support from AIK does not warrant
any uplift of GBKR's Long-Term IDR above its VR reflects: (i)
limitations in AIK's own credit profile, given its exposure to
Serbia (BB/Stable) and the Serbian operating environment (assessed
by Fitch at 'bb-'); and (ii) the large relative size of GBKR, which
could make it difficult for AIK to provide support in case of
need.

At the same time, Fitch does not expect contagion risks from AIK
for GBKR to be significant in the near term given: (i) AIK's
reasonable reported financial metrics; (ii) the so far limited
exposure of GBKR to AIK and reliance of GBKR on AIK for funding;
and (iii) Fitch's view that the Slovenian regulator is strong
enough to prevent upstreaming of capital or liquidity, which could
put significant pressure on GBKR's credit profile.

At end-3Q18, AIK was the sixth-largest bank in Serbia with around a
5% market share. The bank is the largest privately held,
domestically owned lender. At end-2018, it reported total assets of
around EUR1.7 billion and equity of around EUR480 million. Profit
for 2018 was around EUR47.7 million. AIK's total capital ratio was
27.0%.

GBKR's total assets are similar in size to those of AIK (EUR1.8
billion at end-2018), but its equity (EUR201 million) was about
half that of AIK. GBKR reported EUR17.1million of net profit in
1H18 and a Tier 1 ratio of 15.6% at end-1H18. Fitch does not yet
have detailed information on the terms of the acquisition, but the
approximate doubling of AIK's consolidated balance sheet could
result in a significant reduction in its capital ratios.

Intesa's IDRs are driven by potential support that the bank could
receive from its ultimate parent, Intesa Sanpaolo S.p.A. (ISP;
BBB/Negative/bbb), in case of need. Fitch believes that the
probability of support from ISP to Intesa is high given: (i) the
strategic commitment of ISP to the central and eastern Europe (CEE)
region; (ii) the full ultimate ownership and common branding; and
(iii) the significant integration between the two banks. The
Negative Outlook on Intesa's Long-Term IDR mirrors that on the
parent.

VRs

The VRs of all five banks benefit from Slovenia's benign economic
environment. High economic growth and rising real estate prices
support the resolution of legacy non-performing loans (NPLs). These
factors, combined with tentative recovery in corporate lending and
a strong increase in lending to households over the last two years,
have resulted in a sector-wide asset quality and profitability
improvement. The VRs also capture the banks' solid capital buffers,
strong funding and liquidity profiles, and relatively conservative
management and risk appetite.

On the negative side, the Slovenian banking system is relatively
small and remains fragmented and highly competitive. This results
in limited pricing power and some franchise and cost efficiency
constraints for smaller banks, which, coupled with the
low-interest-rate environment, limit the achievable improvement in
recurring profitability. The sector structure is gradually changing
through privatisation and consolidation. A majority stake in NLB
was sold through an IPO in late 2018, and full privatisation of
Abanka is expected by end-2Q19. In Fitch's view, this is likely to
tighten competition further.

GBKR has the lowest VR in the peer group due to size constraints, a
weaker franchise and higher capital encumbrance by the uncovered
part of NPLs.

Significant improvement in asset quality, including stable or
improving coverage of NPLs with loan loss reserves, has reduced
downside risks for the banks' capitalisation. NPL ratios decreased
for all the banks over 2018 and at year-end stood at 8.2% for NLB,
10.4% for NKBM, 4% for Abanka, 5.5% for Intesa and 12% for GBKR
(end-1H18).

NPL coverage by reserves is adequate or strong (and downside asset
quality risks stemming from legacy NPL portfolios are limited). The
transition to IFRS 9 did not reveal any need for material loan
reclassifications or additional impairments. Non-loan assets are of
low credit risk, apart from NLB foreign subsidiaries, which keep
part of their liquidity portfolios in local sub-investment-grade
sovereign debt.

Asset quality risks are mitigated by the banks' substantial capital
buffers, captured by Fitch Core Capital ratios at end-2018 -
Abanka: 27.6%; NKBM: 22.8%; NLB: 18.5%; Intesa: 16.3%; and GBKR:
17.18% (end-1H18) - and by low net NPLs relative to capital. Fitch
expects capital buffers to stay elevated even if dividend payouts
remain high due to only modest loan growth, which Fitch expects to
stay in single digits in the next few years, mostly driven by the
recent increase in retail loan issuance.

The banks' operating performance in 2018 was similar to that of
2017, supported in some cases by loan recoveries and positive
results on NPL sales, leading to inflated reported ratios of
operating profit to risk-weighted assets. Nevertheless, Fitch
estimates that the banks' pre-impairment profitability in 2018
either held broadly stable (NLB, Intesa) or improved (NKBM, Abanka,
GBKR). In Fitch's view, the normalised profitability level, based
on recurring income and assuming moderate loan loss charges
relative to gross loans, would still be commensurate with a 'bb'
range assessment for earnings and therefore is not a rating
weakness.

Robust liquidity buffers and healthy funding structures are a
rating strength for all five banks. The banking sector continues to
receive a steady inflow of granular and cheap retail deposits, and
funding profiles remain dominated by customer funding (around 90%
of total liabilities at each of the banks). The banks have also
managed to accumulate large liquidity cushions due to limited new
lending opportunities. At end-2018, LCR ratios remained well above
minimum requirements: Abanka (430%); NKBM (439%); NLB (361%); GBKR
(264%); and Intesa (216%). Customer funding concentrations are
moderate at GBKR and very limited at the other banks. At end-1H18,
around 16% of GBKR's total non-bank customer funding came from the
largest customer, but the balances had been reduced by around a
half by end-3Q18. Liquidity risks stemming from this deposit are
limited as GBKR maintains a substantial liquidity cushion against
it.

SUPPORT RATING AND SUPPORT RATING FLOOR - Abanka, NLB, NKBM

The SRFs of 'No Floor' and Support Ratings of '5' for NLB, Abanka
and NKBM express Fitch's opinion that potential sovereign support
for the banks cannot be relied on. This is underpinned by the EU's
Bank Recovery and Resolution Directive, which provides a framework
for resolving banks that is likely to require senior creditors
participating in losses, if necessary, instead of or ahead of a
bank receiving sovereign support.

Fitch does not incorporate any potential support to the IDR of NKBM
from its private shareholders as, in the agency's view, such
support cannot be relied upon in all circumstances.

RATING SENSITIVITIES

IDRs

Intesa's Long-Term IDR is likely to move in tandem with ISP's
ratings. However, if there were evidence of the support stance
weakening and/or a reduced commitment by the group to CEE, the
notching between the parent and the subsidiary could be widened,
resulting in a downgrade of Intesa's ratings.

The IDRs of Abanka, NLB, NKBM and GBKR are sensitive to changes in
their VRs.

Abanka's IDRs could also be upgraded if the outcome of the
privatisation process is its sale to a highly rated buyer.

VRs

NLB's VR is primarily sensitive to further improvements in the
bank's asset quality, combined with an extended record of good
performance and adherence to a reasonably conservative strategy and
risk appetite in the absence of constraints related to the
restructuring agreement following provision of state aid. However,
rating upside is likely to be moderate given the bank's already
high VR relative to its operating environment. An upgrade would
therefore also be contingent on positive changes in the operating
environment, predominantly in Slovenia but also in the SEE markets
core for NLB.

NKBM's VR is sensitive to a longer record of performance and
implementation of its medium-term strategy, and improvements in
asset quality. A continued reduction in legacy impaired loans and
strong coverage by loan loss allowances combined with strengthening
of the bank's franchise while maintaining adequate capital and
liquidity buffers could lead to moderate rating upside in the
longer term.

Upside for Abanka's, Intesa's and GBKR's VRs is currently limited
as it would require significant strengthening of the banks'
franchises, clarity around strategic goals and financial targets
under the new ownership (Abanka, GBKR), and improvement in
profitability and asset quality (Intesa, GBKR).

Negative rating pressure on all five banks could stem from renewed
asset quality deterioration or significant erosion of capital or
liquidity buffers, although these scenarios are viewed as unlikely
by Fitch. A significant increase in NLB's exposure to SEE markets
could also be credit-negative. GBKR's and Abanka's ratings could
come under pressure over the medium term if ownership changes
affect their strategy and business profile, resulting in a
materially higher risk appetite. GBKR's ratings could also be
downgraded if, in Fitch's view, contagion risks from the new owners
significantly increase.

The rating actions are as follows:

Nova Ljubljanska Banka d.d.

  Long-Term IDR: affirmed at 'BB+', Outlook Stable
  Short-Term IDR: affirmed at 'B'
  Viability Rating: affirmed at 'bb+'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'

Nova Kreditna Banka Maribor

Long-Term IDR: upgraded to 'BB+' from 'BB', Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: upgraded to 'bb+' from 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'

Abanka d.d.

Long-Term IDR: affirmed at 'BB+', Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating affirmed at 'bb+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'

Banka Intesa Sanpaolo d.d.:

Long-Term IDR: affirmed at 'BBB-', Outlook Negative
Short-Term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bb+'
Support Rating: affirmed at '2'

Gorenjska Banka d.d., Kranj:

Long-Term IDR: affirmed at 'BB-', Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor withdrawn at 'No Floor'




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

TURKIYE PETROL: Fitch Affirms LT IDR at 'BB+', Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Petrol Rafinerileri A.S.'s
Long-Term Issuer Default Rating at 'BB+' with a Negative Outlook.
The Negative Outlook mirrors that on Turkey's sovereign IDR
(BB/Negative).

The rating affirmation reflects Fitch's view that Tupras will
maintain a sound credit profile as a result of the high complexity
of its refining asset base, its advantageous geographic position,
which allows access to cheaper, heavier and sour crudes, and the
company's leadership in the Turkish market. Fitch forecasts
moderate leverage over 2019-2021 for the 'BB+' rating and expect
the company to generate positive free cash flow despite ongoing
lira volatility in the short term and a generous dividend policy.

KEY RATING DRIVERS

FX Risk Managed: Tupras's debt and costs are predominantly in US
dollars, while the majority of sales (86%) are denominated in
Turkish lira. The resulting FX risks are mitigated by the natural
hedge presented by the group's US dollar-linked inventories for
crude oil and oil products and by its hedging programme with
several major domestic and international banks for its commodity
prices and crack spreads. Any negative effects of Tupras's leverage
ratios should be temporary and are most likely to occur if there is
significant lira weakening around the year-end. To further mitigate
the effects of FX volatility Tupras maintains ample liquidity in US
dollar and euro-denominated deposits.

Business Fundamentals Support Profitability: Tupras's operations
benefit from its leadership position in an undersupplied, growing
Turkish refined product market, combined with the company's ability
to access and process cheaper, heavier and sour crudes from a
number of suppliers. These advantages translated into a 2018
reported net refining margin of USD9.3/bbl, double the
Mediterranean complex margin, despite sharply higher oil price and
lira volatility. The company generated TRY5.6 billion of
Fitch-adjusted funds from operations (FFO), up 7% yoy.

Iran Payables Temporarily Increase Gross Debt: Overall operating
cash flow for the year was weaker than 2017, due to a large working
capital outflow in the last quarter, related to Tupras repaying all
of its outstanding Iran-related payables, prior to the
re-introduction of US sanctions in early November. Together with a
TRY3.4 billion dividend pay-out, this increased gross debt and
drove Fitch-calculated FFO adjusted net leverage to 2.5x at
year-end. Tupras has good access to a variety of crude oil sources
and the lack of supplies from Iran will not have an impact on the
company's operations. Fitch also expects that the working capital
outflow will be gradually reversed in 2019.

Projected Leverage Within Guidance: The impact of the weaker lira
and rising oil prices on fuel prices for consumers has partly been
absorbed by the state since May, via a reduction in the special
consumption tax (SCT) on fuel products. Even if these measures
become difficult to sustain, given their impact on government tax
revenue, and are eventually scaled back, Fitch expects demand for
fuel products, which is fairly inelastic, to remain solid.

The introduction of the International Maritime Organisation (IMO)
2020 regulation, and its forecast positive effect on margins, and
declining crude prices under its price deck should support Tupras's
profitability and lead to positive FCF generation after dividends
over the rating horizon. This in turn would drive gradual
deleveraging from the 2.5x FFO adjusted net leverage peak at
end-2018 to 1.9x by 2021.

Rating Above the Sovereign: Fitch rates Tupras above Turkey, but
cap the rating at the sovereign ceiling (BB+) in line with its
Corporates Exceeding the Country Ceiling Rating Criteria largely
due to domestic operations and a policy of holding cash in Turkish
banks. Sovereign credit factors, such as a weaker lira, lower
growth and weaker domestic demand have had a limited impact on
Tupras's results so far. A material, prolonged economic slowdown
could have negative consequences on industrial activity and depress
demand for two of Tupras's major products - jet fuel and diesel.
However, the demand for middle distillates continues to grow, up
10.5% for jet fuel and 3.5% for diesel in 2018.

IMO 2020: Tupras is well positioned to benefit from the
introduction of the IMO 2020 regulation, which will limit the
sulphur content in marine fuels to 0.5%, from 3.5% currently. Fitch
believes the reduction will happen at the point of production,
rather than consumption, with ship owners switching to compliant
fuels, rather than installing scrubbers. This should drive up
prices and margins for compliant fuels, such as marine gasoil, at
least in the medium term, and will benefit complex refiners that
have the capacity to produce them, such as Tupras, which had a high
middle distillate yield (52% in 2018) and low fuel oil output (7%
in 2018).

STAR Commissioning Rating Neutral: Construction of the STAR
refinery, operated by SOCAR (State Oil Company of the Azerbaijan
Republic, BB+/Stable) was completed in October 2018, with a full
ramp up expected by mid-2019. Fitch believes the commissioning will
be rating neutral for Tupras with no material impact on the
company's results forecast. The Turkish market for diesel, Tupras's
key product, will remain in deficit, so average realised product
prices should not be adversely affected.

Moreover, Tupras will remain in a relatively stronger competitive
position given its wider geographical footprint, with its four
refineries located in different regions of the country, and a more
developed transportation, storage and import infrastructure than
SOCAR.

High Complexity, Low Integration: Tupras maintains a leading
position in the Turkish oil refining market and operates some the
most complex set of refineries in EMEA. Tupras remains focused on
refining and has little vertical integration compared with MOL and
PKN, which are diversified into upstream, petrochemicals and
retail. Tupras's 40% stake in Opet, Turkey's second-largest fuel
retailer partly mitigates this lack of integration, which increases
Tupras's earnings volatility through the cycle.

DERIVATION SUMMARY

Tupras's closest EMEA peers are Polski Koncern Naftowy ORLEN S.A.
(PKN, BBB-/Stable) and MOL Hungarian Oil and Gas Company
(BBB-/Stable). PKN's 689 mbbl/d downstream capacity exceeds Tupras
(564 mbbl/d), and the gap is expected to widen to around 350 mbbl/d
should PKN's planned acquisition of Grupa LOTOS S.A. (Lotos) go
ahead. Moreover, PKN benefits from an integrated petrochemical
segment, a large retail network and some exposure to upstream.
MOL's downstream capacity (417 mbbl/d) is smaller than Tupras, but
the company's credit profile is stronger due to an integrated
business profile with a 100 mbbl/d of upstream production that
provides countercyclical cash flows. Unlikely MOL and PKN, Tupras
operates in a deficit fuels market, while the coastal location of
its two principal refineries allows it to actively manage crude
feedstock supplies. The combination of these factors contributes to
higher and more stable downstream margins. Tupras's leverage is
higher than that of MOL and PKN due to high historical and
projected dividends, but the company has lower capital intensity
than its peers.

Fitch rates Tupras above Turkey, but cap the rating at the
sovereign ceiling (BB+) due to its mainly domestic operations and
cash held in Turkey.

KEY ASSUMPTIONS

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

  - USD/TRY FX of 5.9 in 2019, 6 in 2020, 6.1 in 2021 and 6.3
thereafter

  - Benchmark refining margin of USD4/bbl in 2019, rising to
4.5/bbl in 2020 and remaining stable thereafter

  - Crude prices of USD65/bbl in 2019, USD62.5/bbl in 2020,
USD60/bbl in 2021 and USD57.5/bbl thereafter

  - Capital intensity of around 1.6% over the rating horizon

  - Dividend payout ratio of 90% of net IFRS profits

RATING SENSITIVITIES

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

  - Positive rating action on Tupras would be conditional on
similar action on Turkey (BB/Negative) and a corresponding higher
assessment of Turkey's country ceiling, which currently constrains
Tupras' rating

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

  - FFO-adjusted net leverage consistently above 2.5x and FFO fixed
charge cover well below 5x

  - Consistently negative FCF

  - Substantially higher capex or dividends leading to
higher-than-expected leverage

  - A downgrade of Turkey's sovereign rating and a corresponding
lower assessment of Turkey's country ceiling, or a worsening
operating environment in the country

LIQUIDITY

As of end-2018 reported cash and cash equivalents of TRY4.6 billion
(net of restricted cash) covered short-term debt of TRY4.1 billion.
However, Tupras' liquidity appears weaker when short-term
maturities are adjusted for TRY2.3 billion of factoring, which
brings the total short-term debt to TRY6.4 billion. Combined with
Tupras's debt maturity profile over the next 24 months, the
company's liquidity situation is therefore contingent on continued
access to domestic banks. This is not uncommon among Turkish
corporates but exposes the company to systemic liquidity risk.
Positively, Fitch projects positive free cash flow generation over
the rating horizon, which combined with the company's track record
of access to domestic and international banks, should ensure
successful continued refinancing.

Tupras maintains large deposits with related-party bank Yapi ve
Kredi Bankasi (BB-/Negative). These deposits amounted to TRY2.4
billion (52% of total) in 2018 and TRY4.9 billion (65% of total) in
2017.

FULL LIST OF RATING ACTIONS

Turkiye Petrol Rafinerileri A.S. (Tupras)

  - Long-Term Foreign-Currency IDR affirmed at 'BB+', Negative
Outlook

  - Long-Term Local-Currency IDR affirmed at 'BB+', Negative
Outlook

  - National Long-Term Rating affirmed at 'AA+(tur)', Stable
Outlook

  - Foreign-currency senior unsecured rating affirmed at 'BB+'




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

PRIVATBANK: Court Cancels NBU Decision on Related Persons List
--------------------------------------------------------------
Interfax Ukraine reports that Kyiv's District Administrative Court
on April 18 overturned the decision of the National Bank of Ukraine
(NBU) of Dec. 13, 2016, which determined the list of individuals
and legal entities related to PrivatBank.

"The claimant's requirements regarding the cancellation of the
decision of the National Bank dated December 13, 2016 (No. 105),
which determined the list of individuals and legal entities related
to PrivatBank, were satisfied. This decision of the National Bank
is one of the main decisions in the process of withdrawing
insolvent PrivatBank from the market in December 2016 with the
participation of the state," the report says.

During the process of withdrawing the bank from the market, a
bail-in procedure was carried out, including the exchange of funds
of the persons related to the bank for the bank's shares with their
subsequent sale to the Ministry of Finance of Ukraine, Interfax
Ukraine relates.

"The National Bank is concerned about the quality and results of
court proceedings in Ukraine, which may lead to the loss of
taxpayers' funds and risks for the country's banking and financial
stability. This could lead to the fact that people related to the
former shareholders of PrivatBank will have grounds for recovering
funds from the bank that were returned by the state to the bank's
capital in the process of its nationalization," the head of the
claims division of the NBU legal department, Viktor Hryhorchuk,
said.

                 About PrivatBank

CB PrivatBank PJSC is the largest commercial bank in Ukraine, in
terms of the number of clients, assets value, loan portfolio and
taxes paid to the national budget.  PrivatBank has its headquarters
in Dnipropetrovsk, in central Ukraine.

In December 2016, PrivatBank was declared insolvent and removed
from the market in a government-assisted procedure.  The National
Bank of Ukraine (NBU) said the decision was based on the fact that
the bank's regulatory capital had become negative.  PrivatBank's
shortage of capital was revealed during stress testing and
confirmed by an inspection and an audit by a reputable
international audit firm.

Ukraine central bank bailed in Privatbank's debt, including US$375
million of senior bonds held by international creditors, according
to Bloomberg News.




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

LINKS OF LONDON: Owner Mulls Sale of Business to Avert Insolvency
-----------------------------------------------------------------
Ashley Armstrong at The Telegraph reports that Links of London's
Greek owner Folli Follie is exploring a sale of the high street
jewellery chain as it races to stave off insolvency.

According to The Telegraph, the brand, best known for its silver
charm bracelets, had been tipped to be one of the latest retailers
to consider a company voluntary arrangement (CVA) in order to
reduce its rent bill and shore up its finances.

However, company insiders say that Links is working with advisers
at Deloitte on a turnaround after the brand's like-for-like sales
rose by 3% in the year to date, the first growth in three years,
The Telegraph relates.

The business is six months into a radical turnaround plan, led by
new chief executive Annia Spiliopoulos, The Telegraph discloses.


LYNHURST PRESS: Business Sold to 4edge in Pre-Pack Deal
-------------------------------------------------------
Richard Stuart-Turner at PrintWeek reports that commercial printer
Lynhurst Press has been sold via a pre-pack administration to an
unconnected party, the co-founder of digital book and journal
printer 4edge.

Lee De'ath -- ldeath@cvr.global -- and Richard Toone --
rtoone@cvr.global -- of CVR Global were appointed joint
administrators of Basildon-based Lynhurst on April 2, after the
company had experienced financial difficulties, PrintWeek relates.

They facilitated a pre-pack administration to David Button,
co-founder and managing director of nearby Hockley-based 4edge, on
the same day, PrintWeek discloses.

According to PrintWeek, the administrators said 12 jobs had been
saved at Lynhurst Press, which will now trade out of its current
premises as 4set and will be run by Button.

Lynhurst Press traded for more than 30 years, serving sectors
ranging from blue chip companies to local authorities.


[*] UK: 1,300+ Retail Stores Closed in 1Q 2019 Due to CVAs
----------------------------------------------------------
Chloe Rigby at Internet Retailing, citing the Local Data Company
(LDC), reports that more than 1,300 stores have closed in the first
quarter of 2019 as a "direct consequence" of CVAs, store downsizing
and administrations first announced last year.

According to Internet Retailing, the closure of as many as 1,358
stores, balanced by 849 openings -- a net loss of 509 stores --
comes as a result, says the LDC, of CVAs (company voluntary
arrangement), store downsizings and administrations that were first
announced in 2018.  

In 2018, the LDC figures show a net 2,481 stores closed from Great
Britain's top 500 high streets, after 3,372 stores opened and 5,833
closed, Internet Retailing discloses.  That's around double the net
loss of 1,772 stores in 2017, Internet Retailing notes.

The LDC study, carried out with PwC, found that fashion retailers,
with a net loss of 269 stores, were among the most likely to have
reduced their store numbers in 2018, followed by value retailers
(-129), electricals shops (-110), entertainment and games retailers
(-98) and mobile phone shops (-93), Internet Retailing relays.  The
study also found that banks were the single largest fallers in 2019
-- down by a net 291, Internet Retailing states.

Commenting, Zelf Hussain, retail restructuring partner PwC, as
cited by Internet Retailing, said: "Several national chains
weathered company voluntary arrangements or administrations as
retailers toiled in the touch climate of 2018.  Retail companies
looking to survive let alone flourish in 2019 face an uphill
battle.

"We have already seen several casualties in 2019 and there will
undoubtedly be more, most likely in all categories except for
groceries.  Those retailers who will give themselves the best
chance of survival must focus on having the relevant proposition
and the investments needed to deliver this proposition; the optimal
mix of channels and business portfolio; flexible leases."



                           *********


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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