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

                          E U R O P E

          Tuesday, April 30, 2019, Vol. 20, No. 86

                           Headlines



C R O A T I A

CROATIA: Moody's Alters Outlook on Ba2 Debt Ratings to Positive


F R A N C E

ELIOR GROUP: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
LOUVRE BIDCO: Moody's Affirms B2 CFR & Senior Secured Debt Rating


G E R M A N Y

DEUTSCHE BANK: Calls Off Merger Talks with Commerzbank
SENVION GMBH: Rivals, Private Equity Firms Eye Acquisition


G R E E C E

GREECE: S&P Affirms 'B+/B' Sovereign Credit Ratings, Outlook Pos.


I R E L A N D

ADIENT PLC: S&P Retains BB- Ratings Amid $100MM Hike in Refinancing


K A Z A K H S T A N

LONDON-ALMATY JSC: A.M. Best Affirms C++ Financial Strength Rating


L U X E M B O U R G

ANACAP FINANCIAL: Moody's Cuts Sr. Secured Debt Rating to 'B2'
CABOT FINANCIAL: Moody's Confirms B1 Rating on Sr. Secured Debt
GARFUNKELUX HOLDCO 2: Moody's Cuts Unsec. Debt to Caa2 & CFR to B3


N E T H E R L A N D S

BRIGHT BIDCO: S&P Alters Outlook to Negative & Affirms 'B' ICR


N O R W A Y

DOLPHIN DRILLING: Secured Lenders Agree on Restructuring Deal


P O L A N D

RUCH SA: Creditors Back PPU1 Accelerated Restructuring Plan
TXM SA: Files for Bankruptcy, Awaits Decision on Settlement


R O M A N I A

RADET: Bucharest Court Issues Bankruptcy Ruling


S P A I N

ALBATROS SLU: Has Filed for Liquidation, Gets Offer From Medha


U N I T E D   K I N G D O M

CSM BAKERY: Moody's Cuts CFR to Caa1 & 2nd Lien Loan Rating to Caa3
SMARTLIFEINC: In Administration, Fails to Get Investor Support
THOMAS COOK: Moody's Cuts CFR & EUR750MM Sr. Unsec. Notes to B3

                           - - - - -


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C R O A T I A
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CROATIA: Moody's Alters Outlook on Ba2 Debt Ratings to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Croatia,
Government of, to positive from stable. Concurrently, Moody's has
affirmed Croatia's long-term local and foreign currency issuer and
senior unsecured debt ratings at Ba2.

Moody's decision to change the outlook to positive on Croatia's Ba2
ratings reflects the following key drivers:

1) Improving fiscal metrics on the back of prudent policy stance

2) Growth prospects to benefit from recent reforms

The Ba2 rating affirmation balances the country's relatively high
per capita income and comparatively strong institutions supported
by its EU membership against ongoing challenges related to
Croatia's small economic size, relatively volatile GDP growth and
low potential growth compared to peers, net migration outflows and
a still elevated debt burden.

Croatia's long-term foreign-currency bond ceiling remains unchanged
at Baa3, and the long-term foreign-currency bank deposit ceiling
remains unchanged at Ba3. With regard to the short-term
foreign-currency ceilings, the bond ceiling remains unchanged at
P-3, and the deposit ceiling at Not Prime (NP). The local-currency
country ceilings for bonds and bank deposits remain unchanged at
Baa1.

RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOK TO POSITIVE

FIRST DRIVER: IMPROVING FISCAL METRICS ON THE BACK OF PRUDENT
POLICY STANCE

Recurrent fiscal deficits have been erased and the first budgetary
surplus was recorded in 2017 (0.8% of GDP). The positive momentum
was confirmed in 2018, although the surplus was lower (0.2% of
GDP), in large part due to the activation of the state guarantee
regarding the Uljanik shipyard. Importantly, the improved fiscal
performance is mainly attributable to a significant reduction in
the structural deficit, meaning that public finances are
strengthening in a durable way. In addition, the primary balance
now exhibits a solid surplus that is expected to be maintained in
the coming years.

As a result, the government's debt reduction has progressed
steadily since the 2014 peak (84% of GDP). Under its base case
scenario, Moody's expects that continued fiscal prudence and
positive economic growth will allow public debt to continue its
downward trend and reach around 70% of GDP in 2020. The set of
measures contained in the new Fiscal Responsibility Act approved by
the Croatian Parliament at the end of 2018 should strengthen the
existing fiscal framework. Numerical fiscal rules, including a
structural balance rule, and the reinforcement of the Fiscal Policy
Commission will bring Croatia's framework closer to the European
standards.

Furthermore, in the medium-term, the pension reform enacted in late
2018 will contribute to the fiscal sustainability of the system
while ensuring better pension adequacy. The acceleration in the
planned increase in the statutory retirement age to 67, coupled
with the equalization of retirement age for men and women, will
support the decrease in public pension expenditure expected by the
European Commission's 2018 Ageing report (- 3.8% of GDP in 2070
compared to 2016). The supplement granted to multi-pillar
pensioners will help to improve the low pension adequacy.

Finally, the resolution of the Agrokor retail conglomerate crisis
is credit positive as it removes a significant source of
uncertainty for the economy and a potential contingent liability
for the State. While the activation of the State guarantee
regarding the Uljanik shipyard has weighed negatively on the
country's headline fiscal metrics in 2018, the government's
decision to limit the use of debt guarantees should contain
contingency liability risks in the future.

SECOND DRIVER: GROWTH PROSPECTS TO BENEFIT FROM RECENT REFORMS

Following a 6-year long recession between 2009 and 2014, the
Croatian economy rebounded in 2015, with real GDP growth averaging
2.9% since. The recovery is mainly driven by strong internal
demand, namely consumption and investment. The contribution from
net exports is slightly negative, reflecting strong domestic
demand, but exports exhibit a clear upward trend. This is reflected
in the sharp growth in the export market share in goods and
services (+ 20% cumulatively in the five years between 2012 and
2017). Moody's expects positive economic growth to continue in the
coming years, although GDP growth will decelerate somewhat against
the backdrop of a more challenging international environment.
Forecasted to reach 2.4% on average in 2019-2020, real GDP growth
will be in line with potential, which has strengthened in the
recent years. This positive economic backdrop should support the
country's efforts to reduce public indebtedness looking ahead.

In the coming years, economic growth will be supported by the
ramping up of the pension reform, with its expected positive impact
on the labour market. More specifically, elderly and female
participation rates are expected to pick up, which should increase
labour supply on a durable basis thanks to the planned increase in
the statutory retirement age. Economic activity will also benefit
from the future euro area formal candidacy application, as this
will continue to support sound macroeconomic policies and stronger
institutions, providing a policy anchor.

Instrumental in Croatia's economic recovery, the tourism sector,
for which expenditure by international tourists account for around
20% of GDP, has recorded robust growth over the past decade. More
specifically, the sector has performed above the average of the
other Northern Mediterranean EU countries in increasing its
international tourism revenues, non-resident tourists' overnight
stays and arrivals from abroad. While this could pose downside
risks in case of a less benign environment coming from weaker
external demand, Moody's expects that the firm anchoring of Croatia
into the European tourism landscape will support economic activity
looking ahead and continue to contribute positively to the current
account balance, as tourism represents over 35% of the country's
export revenues.

RATIONALE FOR AFFIRMING THE RATINGS AT Ba2

The rating affirmation reflects Croatia's relatively high per
capita income, while institutions benefit from the EU membership
and the strong commitment of the Croatian National Bank towards
achieving kuna/euro stability. At the same time, Croatia is
constrained by its small-sized economy and relatively volatile
economic growth as well as its low potential growth relative to
peers. While fundamentals are now stronger than prior to the
recession, Croatia still faces significant challenges that weigh on
the country's growth prospects.

In particular, the below the EU average participation and
employment rates in the labour market constrain the supply side of
the economy. This is compounded by ageing and increasing migration
outflows since the EU accession in 2013 that are unlikely to be
reversed in the near future. In addition, while gross investment
has rebounded since 2015 thanks to revitalized private investment,
its level is still below pre-crisis figures because of historically
low public investment, which is penalized by a low absorption rate
of EU funds, although Moody's expects that this rate will pick up
in the next two years. Finally, the low fiscal strength reflects
Croatia's still elevated debt-to-GDP ratio that remains
significantly above the Ba-median and the very high share of
foreign currency denominated debt.

WHAT COULD CHANGE THE RATING UP

Croatia's rating would likely be upgraded should Moody's conclude
that positive economic and fiscal trends are to be sustained and
that the high debt burden will continue its steady, downward trend.
That conclusion would be supported by sustained fiscal improvements
pointing to a consistent record of primary surpluses and by
evidence that economic growth remains broad-based, supporting the
economy's resilience to shocks. Progress towards euro area
membership would also be credit positive, as well as a higher
absorption rate of EU funds that would enhance public investment
and long-term economic growth.

WHAT COULD CHANGE THE RATING DOWN

The positive outlook signals that the rating is unlikely to move
down over the next 12-18 months. However, the outlook would likely
be returned to stable if Croatia's fiscal policy credibility and
effectiveness were to deteriorate, leading to a reversal in debt
metrics or stabilization at current levels. Furthermore, a stalling
of the public administration reform agenda and, more broadly, of
the efforts to lift the country's economic growth potential would
also be credit negative.

GDP per capita (PPP basis, US$): 24,792 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.9% (2017 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.3% (2017 Actual)

Gen. Gov. Financial Balance/GDP: 0.9% (2017 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 4.1% (2017 Actual) (also known as
External Balance)

External debt/GDP: 87.4% (2017 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On April 23, 2019, a rating committee was called to discuss the
rating of the Croatia, Government of. The main points raised during
the discussion were: The issuer's fiscal or financial strength,
including its debt profile, has increased. Other views raised
included: The issuer's economic fundamentals, including its
economic strength, have increased. The issuer's institutional
strength/ framework, have not materially changed, nor has the
country's susceptibility to event risks.




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ELIOR GROUP: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' ratings on Elior Group S.A.
and the group's debt.

The affirmation of the 'BB' rating is driven primarily by two
offsetting credit factors: Elior's weaker business risk profile pro
forma for the sale of Areas, and S&P's expectation of improved
credit metrics after the company publicly announced that it plans
to use most of the proceeds from the sale to repay debt.

Elior's concession catering business, Areas, accounted for about
27% of Elior's revenues in 2018 (fiscal year ended Sept. 30) and
was Elior's higher margin business, with S&P Global
Ratings-adjusted EBITDA margins of almost 10% in 2018 compared with
about 7.3% for the group as a whole. Its focus on transportation
hubs added business diversity since the demand drivers of
transportation hub foot traffic are relatively uncorrelated with
growth drivers of Elior's contract catering customers. Therefore,
S&P views Elior's business risk profile as weaker after selling
Areas. Pro forma for the sale, S&P expects Elior to grow revenues
in the low-single-digit percentage area and generate S&P Global
Ratings-adjusted EBITDA margins in the 6%-6.5% range.

S&P said, "However, we view positively Elior's intention to use
most of the proceeds from the sale to repay debt. Based on the
company's public announcement, the level of debt repayment will
result in company-reported net leverage of 1.5x-2x at Sept. 30,
2019, which we believe would correspond to 3x-4x adjusted debt to
EBITDA, which is a significant improvement from the 5x level as of
Sept. 30, 2018.

"While the company has articulated the transaction purchase price
and intended use of proceeds, we recognize the uncertainty
surrounding the timing and execution of the transaction. Additional
uncertainties, such as the amount of cash Areas will retain and the
amount of lease and pension liabilities Areas will assume, could
also cause metrics to deviate from our base case. Should the
transactions substantially deviate from our expectations, we could
revise the ratings as described in our upside and downside
scenarios below.

"The stable outlook reflects our expectation that Elior Group will
successfully complete the sale of Areas and use most of the
proceeds from the sale to repay debt, consistent with its public
statements, such that adjusted leverage declines to the 3x-4x range
at the completion of the transaction. We expect the resulting
company will increase revenues in the low-single-digit percent area
organically, with stable S&P Global Ratings-adjusted EBITDA margins
in the 6%-6.5% range and adjusted debt to EBITDA remaining in the
3x-4x range after the transaction.

"We could lower the rating if the sale of Areas were not executed
as announced, if the subsequent debt repayment was materially less
than what was publicly guided, or if operational performance at
Elior weakened, such that EBITDA declined organically or adjusted
leverage were sustained above 4x.

"While unlikely in the near term, we could consider a positive
rating action if strong EBITDA growth or a higher-than-expected
debt repayment resulted in adjusted debt to EBITDA below 3x with a
commitment by Elior to sustain leverage in that area longer term."


LOUVRE BIDCO: Moody's Affirms B2 CFR & Senior Secured Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Louvre BidCo SAS' Family
rating and senior secured debt rating at B2. The outlook on the
issuer remains positive.

Moody's has also withdrawn Louvre BidCo's instrument rating
outlooks for its own business reasons. This has no impact on the
issuer level outlook for the company.

RATINGS RATIONALE

The affirmation of Louvre BidCo's B2 CFR reflects its leadership in
the French debt purchasing market; adequate debt serviceability
with a 30-year track record mitigating model pricing risk of the
purchased portfolios; and relatively low leverage with predictable
cash flows. The rating also reflects the company's monoline
business model, which is both significantly smaller and less
diversified than European peers, and its ambitious organic growth
strategy. The rating further takes into account the company's
significant supplier concentration and volatility of debt supply,
as well as potential key man risk and its unregulated status
(albeit mitigated by a strong risk culture).

The affirmation of the B2 rating of Louvre BidCo's senior secured
notes (EUR390 million maturing in 2024) reflects the results from
Moody's Loss Given Default analysis for Speculative-Grade Companies
and their positioning within the company's funding structure and
the amount outstanding relative to total debt.

The positive outlook on Louvre BidCo is driven by the firm's
increasing business diversification, which mitigates the risk
impact, inherent to the debt purchasing business, of mispricing
acquired portfolios, and supports the firm's ability to generate
stable earnings streams. Louvre BidCo has historically focused on
acquiring secured large non-performing loans at a deep discount. In
recent years, the firm has diversified by increasing its
third-party debt servicing activity. The integration of DSO further
enhances Louvre BidCo's servicing abilities, and accelerates its
diversification towards capital-light activities. It also allows
Louvre BidCo to service low-balance consumer portfolios in
non-banking sectors such as insurance, utilities and
telecommunications.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could upgrade Louvre BidCo's CFR if the firm realizes the
expected cost and operational synergies following the DSO
acquisition, translating into : (i) deleveraging, with gross debt
to adjusted EBITDA below 3.5x; (ii) maintaining current
profitability levels, with the adjusted EBITDA to interest expenses
above 3x; and/or (iii) greater diversification of earnings, with an
accelerated shift towards servicing, while showing a track record
of achieving projections.

Conversely, Moody's could downgrade Louvre BidCo's CFR should: (i)
gross debt to adjusted EBITDA climb above 5x; (ii) adjusted EBITDA
to interest expenses fall below 2x; and/or (iii) the company fail
to appropriately manage its step-up in growth.

A change in Louvre BidCo's CFR would likely result in a
corresponding change to its debt ratings.

Further, Moody's could downgrade Louvre BidCo's senior secured debt
ratings due to an increased amount of drawings under its EUR50
million RCF, which is senior to the company's senior secured
liabilities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in December 2018.

LIST OF ALL AFFECTED RATINGS

Issuer: Louvre BidCo SAS

Affirmations:

  Long-term Corporate Family Rating , Affirmed B2, Outlook
  withdrawn previously Positive

  Backed Senior Secured Regular Bond/Debenture, Affirmed B2,
  Outlook withdrawn previously Positive

Outlook Action:

  Outlook Remains Positive




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DEUTSCHE BANK: Calls Off Merger Talks with Commerzbank
------------------------------------------------------
Jack Ewing at The New York Times reports that Deutsche Bank and
Commerzbank abruptly called off their merger talks on April 25,
saying they concluded that the perils of trying to forge a megabank
with international clout outweighed the potential benefits.

But while Germany's two largest banks answered one question that
had preoccupied the country in recent weeks, they raised another:
What next? The status quo is not an option for either Frankfurt
bank, The Times states.

According to The Times, both suffer from urgent problems that
include meager profitability, excessive labor costs and a shift to
online banking that they have been slower to embrace than their
competitors.  Europe has too many banks for too few customers, and
marginally profitable lenders are a source of economic weakness,
The Times says.

For all its flaws, the failed quest to merge Deutsche Bank and
Commerzbank was an attempt to attack that fundamental problem, The
Times notes.

Top executives of Deutsche Bank and Commerzbank decided on April 25
to end the merger talks after nearly six weeks of intense
discussions, The Times discloses.  According to The Times, among
the obstacles to a deal were Commerzbank's EUR8.4 billion (US$9.4
billion) portfolio of risky Italian government debt and the
likelihood that the European Central Bank and other regulators
would require a combined bank to raise capital from reluctant
investors.

Representatives of the two banks were confident they could overcome
these problems, but in the end, decided that the overall effort
would be too much to pull off, The Times notes.

Merging the two banks, which between them have 140,000 employees
worldwide, "would not have created sufficient benefits to offset
the additional execution risks, restructuring costs and capital
requirements associated with such a large-scale integration,"
Christian Sewing, the chief executive of Deutsche Bank, as cited by
The Times, said in a statement.  Martin Zielke, the chief executive
of Commerzbank, issued an identical statement, The Times relays.

Commerzbank and Deutsche Bank both suffer from a lack of profitable
business areas, while Deutsche Bank is still dealing with the
damage to its reputation from multiple scandals since the 2008
financial crisis, according to The Times.


SENVION GMBH: Rivals, Private Equity Firms Eye Acquisition
----------------------------------------------------------
Alexander Huebner at Reuters reports that large wind turbine
companies and private equity firms are interested in buying
insolvent German group Senvion.

"We see significant interest for Senvion from across the board --
from financial investors, from strategic parties in the sector, and
beyond," Reuters quotes Chief Executive Yves Rannou as saying,
adding that Senvion had mandated Rothschild to find an investor.

"I am positively surprised by how many companies are looking at us,
including the big players in our sector who are looking very
closely."

Siemens unit Gamesa and Denmark's Vestas are Europe's largest wind
turbine vendors, Reuters discloses.

Senvion in early April filed for insolvency, but said the objective
of the proceedings was to transform the company, Reuters relates.

Senvion last week agreed a EUR100 million (US$111.32 million)
12-month loan with banks and hedge funds to stay afloat and
continue operations, Reuters recounts.

Asked about the workforce, Mr. Rannou, as cited by Reuters, said he
could not gauge how many of the 4,000 employees may stay on board.




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GREECE: S&P Affirms 'B+/B' Sovereign Credit Ratings, Outlook Pos.
-----------------------------------------------------------------
S&P Global Ratings, on April 26, 2019, affirmed its 'B+/B' foreign
and local currency long- and short-term sovereign credit ratings on
Greece. The outlook remains positive.

Outlook

The positive outlook signifies that S&P could raise its ratings on
Greece within the next 12 months if the economic recovery
strengthens.

This could result from additional certainty as regards the
direction of the economic policy implemented by the government via
further economic reforms boosting Greece's economic growth
potential and alleviating outstanding socioeconomic challenges.
Another potential trigger for an upgrade would be a marked
reduction in nonperforming exposures (NPE) in Greece's impaired
banking system, as well as the elimination of all remaining capital
controls. Mitigation of fiscal risks related to pending court
decisions regarding the past public wage bill and pension system
measures could also trigger an upgrade.

S&P could revise the outlook to stable if, contrary to its
expectations, there are reversals of previously implemented
reforms, or if growth outcomes are significantly weaker than S&P
expects, restricting Greece's ability to continue fiscal
consolidation, debt reduction, and financial sector restructuring.

Rationale

S&P's ratings on Greece reflect the improving economic outlook,
accompanied by strong budgetary performance and a very favorable
government debt structure. These are balanced against the country's
high external and public debt burdens, a difficult situation in the
banking system, characterized by a large stock of NPE, a challenged
monetary transmission mechanism, and remaining capital controls.

In terms of maturity and average interest costs, Greece has one of
the most advantageous debt profiles of all our rated sovereigns.
S&P said, "Our rating pertains to the commercial portion of
Greece's central government debt, which is less than 20% of total
Greek debt, or less than 40% of GDP. The final disbursement from
the European Stability Mechanism (ESM) program provided Greece with
a sizable cash buffer, which we estimate will meet central
government debt-servicing into 2023. We project that Greece's
general government gross debt-to-GDP ratio will decline from 2019,
aided by a recovery in nominal GDP growth, while the government's
net debt-to-GDP trajectory will depend on the budgetary
implications of potentially adverse court decisions on past pension
reforms, as well as on the success of the strategy to support the
reduction of NPE in the banking sector."

Institutional and Economic Profile: Greece's economic growth
prospects are improving

-- Greece graduated from its ESM program in August 2018, having
secured further debt relief and a sizable cash buffer.

-- S&P projects that the economy will grow by 2.8% on average over
2019-2022 as domestic demand strengthens and solid export
performance continues, although the latter will likely be limited
by the ongoing slowdown in the rest of the eurozone, Greece's main
trading partner.

-- The pace of further economic reforms may slow during 2019, an
election year.

S&P said, "Following real GDP growth of 1.9% in 2018, we expect the
economy will expand by about 2.3% in 2019, before the pace
gradually strengthens over 2020-2022. Employment growth continues
to be solid: We forecast growth above 2% annually through 2022,
although the recent increase in the minimum wage could lead to a
slowdown in hiring. Moreover, the economy would benefit from a
higher share of permanent jobs, given that in 2018, and so far in
2019, slightly more than one-half of new employees were hired on
temporary contracts.

"Over the next three years, we expect Greece's economic growth will
surpass the eurozone average, including in real GDP per capita
terms, reflecting a steady recovery following a deep and protracted
economic and financial crisis. We also expect economic performance
to remain balanced, with domestic demand and exports continuing as
the key drivers of growth. In this context, we expect slowly rising
private consumption on the back of improved employment prospects,
as well as the recent government decision to increase the monthly
minimum wage by almost 11% to EUR650. Moreover, if the recovery
becomes well entrenched, we believe that consumption would likely
see a boost from the pent-up demand by households, held back during
the past protracted recessionary period. A key constraint on the
economic outlook remains authorities' decision to subordinate
public investment spending (including on education) to current
expenditure, particularly on social transfers, although the
government is committed to improving the absorption capacity and
thus addressing the underexecution of public investment, which
together with an accelerated use of EU funds should support
economic growth over our forecast horizon.

"The outlook for private investment is also improving, given the
gradual increase in net foreign direct investment (FDI). However,
in our opinion, the key to a faster economic recovery is a
substantial reduction in the banking sector's NPE, which would
significantly enhance credit activity in the private sector and as
a consequence crystalize the benefits of the substantial structural
reforms Greece has undergone since 2010. We believe that the
positive impact of the reforms, for example in product and services
markets, are unlikely to be displayed in the recessionary or low
economic growth mode that Greece has known over the last decade."
Without access to working capital, the broader small and midsize
enterprise sector--the economy's largest employer--remains in
varying degrees of distress. Private sector default is widespread,
including on tax debt. Moreover, the economy's ability to attract
foreign investment to finance growth remains weak.

Absent the materialization of external risks, such as from mounting
global protectionism and a faster-than-forecast slowdown in
eurozone economic growth, Greece's export sector is well positioned
to benefit from its reinforced competitiveness. In this context,
Greece's labor cost competitiveness has improved to its level
before 2000 and, together with the reorientation of domestic
businesses from domestic to external demand, has resulted in almost
a doubling of the share of exports of goods and services (excluding
shipping services) in GDP terms, from 19% in 2009. Greece's market
shares in global trade have increased correspondingly and S&P
expects further gains over the forecast period through 2022.

Since 2015, policy uncertainty has receded, and in August 2018, the
Syriza-led government exited the country's third consecutive
lending program, having overseen large fiscal and external
adjustments. Nevertheless, S&P believes that a faster economic
recovery could result from further improvements in business
environment, including an acceleration of the privatization process
and government arrears clearance, as well as the above-mentioned
improvements in the banking sector with respect to its capacity to
fund the economy.

Although Greece's labor cost competitiveness has been restored, S&P
believes that its competitiveness in other areas remains weak.
Greece still compares poorly with its peers, due to its many
impediments to competition in its product and professional services
markets, alongside relatively weak property rights, complex
bankruptcy procedures, an inefficient judiciary, and the low
predictability of the enforcement of contracts. As a consequence,
while net FDI inflows have recently improved, they may not be
sufficient to fund a more powerful economic recovery. At the same
time, a recent reversal of labor reform, which could reintroduce
collective wage negotiations at the national level, might weaken
the ongoing recovery in the job market by reducing companies'
flexibility to navigate a tough economic situation. Over the long
term, however, in the absence of reforms to the business
environment, S&P thinks that GDP growth is unlikely to exceed 3% on
a sustained basis, constrained by administrative burdens and
anticompetitive behavior across the economy--particularly
concentrated in the services sector. Complacency and fatigue in
addressing structural problems may not adversely affect
macroeconomic outcomes or sovereign debt-servicing ability in the
medium term, but would likely cap Greece's growth prospects in the
long term.

Following the successful termination of the ESM program, Greece is
subject to quarterly reviews by the European Commission under the
"enhanced surveillance framework." Ongoing debt relief and the
return of so-called ANFA/SMP profits on Greek bonds held by the
European Central Bank (ECB) and the eurozone's national central
banks (ESCB) will be subject to ongoing compliance with the
program's objectives. Use of the cash buffer for purposes other
than debt-servicing will have to be agreed with the European
institutions. S&P therefore believes that the Greek authorities
will have strong incentives to avoid backtracking markedly on most
previously legislated reforms. In this context, despite a delay,
the authorities have complied with the commitments made regarding a
series of post-program actions which led to a decision by the
Eurogroup on disbursement of profits on ESCB holdings of Greek
government bonds earlier this month.

The next general election is to be held by October 2019 at the
latest, although early elections, e.g., after the May local and
European elections and before the parliamentary summer break,
cannot be excluded. The government's stability was weakened earlier
this year, following the departure of a junior coalition partner,
due to an agreement regarding Greece's long-standing conflict about
the name issue with its northern neighbor, recognized as North
Macedonia as of Feb. 12, 2019. S&P believes that the agreement is
positive for economic relations and growth prospects of both
countries. Given that 2019 will also see local and European
elections, it is very likely that the polarization of the political
landscape will escalate in the coming months. In our view, this
represents a risk that areas such as privatization, increasing the
efficiency of the judicial system, and further improvements in the
business environment will face delays.

Moreover, a more resolute approach toward the reduction of NPE in
the banking sector may see little further progress before the
electoral challenges play out. However, S&P expects Greece's
economic and budgetary policies will comply with commitments it
made at the time of the termination of the ESM program.

Importantly, S&P views positively the constitutional amendments
regarding the disentangling of the presidential elections away from
the government mandate. While the details of the presidential
election according to the new arrangement remain to be specified,
the risk of government instability due to a potentially
unsuccessful appointment of the president of the republic by the
parliament appears to be eliminated. The previous arrangement has
led in the past to a vote of confidence in the government and
potentially, to new general elections, instilling instability in
the length of the government's mandate and policy predictability.
As a result, the next government will be able to face a more stable
mandate, without being distracted by the presidential elections and
related political maneuvering undermining the predictability of
economic and budgetary policies.

Flexibility and Performance Profile: Strong budgetary performance
to continue, while banks are on the mend

-- S&P projects general government debt will decline during
2019-2022.

-- The creation of cash buffers via the final ESM program
disbursement limits risks to debt repayment through 2023.

-- If implemented, proposals for an accelerated reduction in NPE
in the banking sector could unlock credit activity and contribute
to faster restoration of investment.

Following a large budgetary adjustment since the start of the
economic and financial crisis, Greece has established a track
record of exceeding budgetary targets via rigid expenditure
controls and improved revenue performance. In 2018, the primary
balance reached 4.4% of GDP, significantly outperforming the target
agreed with the creditors of 3.5% of GDP, and above the
government's own target of 4.0% of GDP. The overperformance against
the government's own target occurred despite a delayed payment to
the government for the concession of Athens International Airport
that occurred earlier this year.

As a result of the better-than-planned budgetary performance,
contingent deficit-reducing measures, such as pension spending
cuts, did not need to be implemented. The 2018 performance was
characterized by higher government revenue, in particular from
higher indirect taxes, which appears to have nevertheless been
lower than the government's own plans. In addition, primary
expenditure was lower than budgeted (government expenditure without
interest payments), reflecting compliance with the spending
restraints in place, including in health care and the public sector
wage bill. While headline consolidation progress has been dramatic,
it is notable that key components of spending on human capital,
particularly on education and health, have been cut sharply to
below European averages since the beginning of the crisis in 2009.

The 2019 budget includes a series of measures aimed at improving
hiring incentives, including focusing on reducing the temporary
character of the current employment structure. For example, in the
education sector, 4,500 teachers and specialized staff will be
hired on a permanent basis for positions currently occupied by
temporary teachers, without an impact on the overall headcount in
the public sector. The budget also includes a reduction of social
security contributions for independent professionals, the
self-employed, and farmers, as well as a subsidy to social security
contributions for the young. Finally, the government aims to reduce
the tax burden on the economy by reducing tax rates on corporate
income, dividends, and basic property, as well as the existing
stock of arrears at approximately EUR2.1 billion at the end of
2018.

The execution of the 2019 budget could be negatively affected by
pending court rulings on past government decisions on public sector
wages, as well as on the 2012, 2015, and 2016 pension system
reforms. In our view, this would make compliance with the 2019
primary balance target somewhat more difficult. Moreover, given the
upcoming elections, political maneuvering of the government, for
example a higher increase in public sector workforce than planned,
could lead to lower compliance with its expenditure ceiling.

S&P said, "If these risks do not materialize, we project that in
2019-2022 Greece will report general government primary surpluses
above the 3.5% of GDP target agreed with official creditors, which
should see gross general government debt decrease to just below
150% of GDP in 2022 from slightly above 181% in 2018. Even in
nominal terms, we forecast gross general government debt will
decline from 2019, in line with the central government amortization
schedule and our expectation of headline fiscal surpluses. Net of
cash buffers, we project that net general government debt will
decline below 140% of GDP in 2022. Nevertheless, the government net
debt-to-GDP trajectory over the coming years will depend on the
budgetary implications of potential adverse court decisions on past
public wage bill and pension system reforms, as well as of the
government's strategy to support the reduction in the NPE of the
banking sector.

"Despite the size of Greece's debt, the average cost of servicing
this debt, at 1.6% at the end of 2018, is significantly lower than
the average cost of refinancing for the majority of sovereigns
rated in the 'B' category. We anticipate that, even with increasing
commercial debt issuance, the proportion of commercial debt will
remain less than 20% of total general government debt through
year-end 2021. We therefore expect a gradual reduction in interest
costs relative to government revenues. Potential partial prepayment
of the outstanding obligations to the International Monetary Fund
(currently totaling EUR9.4 billion), as recently suggested by the
authorities, would reduce the interest burden further without
easing the post-program surveillance. We estimate the average
remaining term of Greece's debt at 18.2 years as of year-end 2018,
although this is set to increase further with the implementation of
the debt-relief measures granted in June 2018."

In 2018, Greek banks made further progress in reducing their NPE
stocks, which at the end of December stood at EUR81.8 billion
(excluding off-balance-sheet items) from the EUR107.2 billion peak
in March 2016, a reduction by almost 25%. Initiatives to tackle the
high stock of NPE are underway, including write-offs and
implementation of out-of-court restructuring, the development of a
secondary market, and electronic auctions. The recently adopted
household insolvency law, agreed with the EU institutions, is
likely to reduce the phenomenon of strategic defaults and
accelerate the settlements with the borrowers, which will under
certain conditions benefit from a state subsidy toward mortgage
repayment installments.

Based on experience in other peers, like Spain, Ireland, Slovenia,
and Cyprus, S&P believes that a faster decline in NPE may not be
possible without a more resolute approach and involvement of
additional government support. The current considerations by the
authorities involve a proposal for an asset protection scheme, with
the government extending sovereign guarantees to the senior
tranches, and a scheme based on deferred tax credits, which would
involve a transfer of a part of NPE to an asset management company,
supported by a funding contribution by the government. In the
context of S&P's sovereign rating analysis, it would likely view
positively the implementation of the above proposals, which appear
complementary, since they would materially improve the likelihood
of meeting the banks' own NPE reduction targets to 20% or below. As
a consequence, and given the experience of the sovereigns cited
above, S&P believes that such measures would likely lead to faster
economic recovery. Namely, despite steady increases in new credit
in the corporate sector (1.6% year on year in February 2019), the
overall credit activity (overall -0.4% year on year in February
2019) is still negative and does not contribute to a meaningful
restoration of investment activity in the economy.

At the same time, the banking system's liquidity has improved.
Banks continue to reduce their reliance on official ECB financing
and have in the first quarter of this year completely eliminated
their reliance on more costly emergency liquidity assistance. An
uptick in deposits has helped, as have repurchase transactions with
international banks and sales of NPE. While deposits into the
banking system have been growing--household and corporate deposits
grew by about 6% in 2018--confidence has not returned to the extent
that would enable a full dismantling of capital controls, although
these have been eased in line with the Bank of Greece plan, most
recently in October 2018. Over the past year, Greece's systemically
important banks have issued covered bonds. Like the sovereign, this
was their first market foray since 2014. With Greece having
graduated from the ESM program, its banks lost the waiver that
allowed them to access regular ECB financing using Greek government
bonds as collateral. However, despite the loss of the waiver, the
banks' funding was not disrupted.

Greece has had a significant adjustment in its external deficit.
The current account deficit fell from nearly 14.5% of GDP in 2008
to the record low of 0.8% of GDP in 2015, mainly via significant
import compression, before widening somewhat as the economy started
to recover. In 2018, the solid export performance, including the
substantial growth in the services surplus, was more than offset by
a higher oil deficit and import growth. S&P projects the current
account deficit will decline slightly in 2019, but expansion of
imports on the heels of consumption and expected solid investment
recovery, as well as a slowdown in global economic trade, could
lead to a wider current account deficit.

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

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

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

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

  Ratings List

  Ratings Affirmed

  Greece

  Sovereign Credit Rating             B+/Positive/B
  Transfer & Convertibility Assessment AAA
  Senior Unsecured                     B+
  Commercial Paper                      B




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

ADIENT PLC: S&P Retains BB- Ratings Amid $100MM Hike in Refinancing
-------------------------------------------------------------------
S&P Global Ratings said that its 'BB-' issue-level rating and '2'
recovery rating on Adient PLC's term loan B and senior secured
notes remain unchanged following the company's announcement that it
will increase its refinancing by $100 million. The '2' recovery
rating indicates its expectation for substantial (70%-90%; rounded
estimate: 70%) recovery for secured lenders in the event of a
payment default. While the recovery rating remains unchanged, S&P
did lower its rounded recovery estimate to 70% from 75%
previously.

Adient is refinancing its $1.2 billion term loan A with a $800
million term loan B due 2024 and $800 million of senior secured
notes due 2026. At the same time, it is refinancing its $1.5
lending (ABL) revolving credit facility. S&P will not rate the ABL
revolver and will withdraw its ratings on the company's existing
cash flow revolver when the refinancing has been completed.

The company undertook this refinancing to eliminate its financial
covenant, include a pre-payable component for repayment
flexibility, and limit its near-term maturities and amortization,
among other things.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario anticipates a default
occurring
    in 2023 because of continued weak auto production in Europe and

    a combination of the following factors in the U.S. auto
industry:
    a sustained economic downturn that reduces customer demand for

    new automobiles, intense pricing pressure brought about by
    competitive actions by other auto suppliers and raw material
    vendors, and the potential loss of one or more key customers.

-- S&P expects these conditions to reduce Adient's volumes,
revenue,
    gross margins, and net income, eventually causing its
liquidity
    and operating cash flow to decline. S&P also assumes about
    $140 million of accounts receivable factoring on an ongoing
    basis.

Simulated default assumptions

-- Simulated year of default: 2023
-- EBITDA at emergence: $578 million
-- EBITDA multiple: 5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2.746
billion
-- Valuation split (obligors/nonobligors): 30%/70%
-- Priority claims: $907 million
-- Value available to first-lien debt claims
(collateral/noncollateral): $1.106 billion/$0
-- Secured first-lien debt claims: $1.630 billion
    --Recovery expectations: 70%-90% (rounded estimate: 70%)
-- Total value available to unsecured claims: $541 million
-- Senior unsecured debt/pari passu unsecured claims: $2.085
billion/$525 million
    --Recovery expectations: 10%-30% (rounded estimate: 20%)

Note: All debt amounts include six months of prepetition interest.
Collateral value equals assets pledged from obligors after priority
claims plus equity pledged from nonobligors after nonobligor debt.

  Ratings List

  Adient PLC

  Issuer Credit Rating B+/Negative/--
  Issue Level Ratings Unchanged; Rounded Estimate Revised

                    To     From
  Adient US LLC

  Senior Secured   BB-
  Recovery Rating   2(70%) 2(75%)




===================
K A Z A K H S T A N
===================

LONDON-ALMATY JSC: A.M. Best Affirms C++ Financial Strength Rating
------------------------------------------------------------------
AM Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating of C++ (Marginal) and the
Long-Term Issuer Credit Rating of "b+" of Insurance Company
London-Almaty JSC (London-Almaty) (Kazakhstan).

The positive outlooks reflect the improvement in London-Almaty's
underwriting performance in 2018, as demonstrated by a combined
ratio of 94.4% (2017: 104.3%), and AM Best's expectation of robust
technical results over the medium term. Additionally, AM Best notes
a strengthening of the company's balance sheet strength during
2018, as it improved the credit quality of its investment portfolio
and reduced its dependence on reinsurance.

The ratings reflect London-Almaty's balance sheet strength, which
AM Best categorizes as strong, as well as its marginal operating
performance, very limited business profile and weak enterprise risk
management (ERM).

The company's balance sheet assessment is underpinned by its
risk-adjusted capitalization being at the strongest level, as
measured by Best's Capital Adequacy Ratio (BCAR). Although AM Best
expects London-Almaty's risk-adjusted capitalization to decline
over the medium term as a result of planned underwriting growth and
dividend payments, it is likely to remain comfortably within AM
Best's strongest assessment. During 2018, the company reduced its
exposure to credit risk by reinvesting into better quality
fixed-income securities and reducing its reinsurance dependence by
increasing risk retention on profitable business and discontinuing
a number of fronting contracts. Nonetheless, London-Almaty's
balance sheet strength remains negatively affected by the company's
small capital base, which increases its sensitivity to shock
events, and its exposure to the high financial system risk in
Kazakhstan.

London-Almaty has been profitable in recent years, albeit with
volatile earnings that have been dependent on investment income.
Following changes to the company's management team in 2015, its
underwriting performance improved from historical levels but
remained dampened by its high-cost base. In 2018, London-Almaty was
able to achieve a technical profit, driven by a substantial rise in
its net written premiums of 45%, as well as management actions to
contain expenses. AM Best expects London-Almaty's prospective
underwriting results to be positive, but dependent on its ability
to control acquisition costs whilst achieving revenue growth in a
highly completive insurance market.

London-Almaty is a mid-tier insurer and ranked 13th in the Kazakh
non-life market based on 2018 gross written premiums (GWP). Despite
ambitious growth plans, success has been mixed, with GWP
contracting by approximately 11% over the past two years. The
company's approach to risk management is focused principally on
adhering to local regulatory guidelines and requirements. An
undeveloped internal risk management framework and the company's
exposure to the heightened economic, political and financial system
risks associated with operating in Kazakhstan remain offsetting
factors in AM Best's assessment of its ERM.




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

ANACAP FINANCIAL: Moody's Cuts Sr. Secured Debt Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service downgraded the local currency backed
senior secured debt rating of Anacap Financial Europe S.A.
SICAV-RAIF (AFE, registered in Luxembourg, with the ultimate owner
domiciled in the UK) to B2 from B1. At the same time, the agency
affirmed AFE's B1 Corporate Family Rating. The outlook on the
issuer changed to stable from rating under review.

RATINGS RATIONALE

The affirmation of the B1 CFR reflects (i) AFE's variable cost
structure with limited fixed costs, resulting in strong
profitability and scaling flexibility; (ii) Moody's expectations
that leverage, measured as gross debt to adjusted EBITDA, will
improve over the next 12-18 months, although the leverage is
subject to interim volatility depending on portfolio purchase
timing; (iii) limited equity to provide loss absorption to
creditors in an unlikely event of default; and (iv) weak underlying
cash flows when excluding cash needed to maintain expected
remaining collections. The CFR also takes into account AFE's high
degree of supplier concentration and its small franchise compared
to peers.

The downgrade on AFE's backed senior secured rating reflects the
application of Moody's Loss Given Default for Speculative-Grade
Companies and their priorities of claims and asset coverage in the
company's capital stack. The downgrade predominantly reflects that
senior secured creditors would be junior to claims stemming from
AFE's EUR90 million super senior revolving credit facility (RCF) in
the unlikely event of a default.

The stable outlook reflects Moody's view that AFE's financial
performance will continue to be in line with that of a B1 CFR. The
outlook also reflects that the agency does not expect material
changes in the liability structure, which could otherwise impact
loss given default expectations.

WHAT COULD CHANGE THE RATING UP / DOWN

AFE's CFR could be upgraded because of (i) return on assets
stabilising above 5.5%; (ii) interest coverage, defined as adjusted
EBITDA to interest expense, increasing and stabilising above 5.5x;
(iii) leverage dropping to and stabilising below 3.5x; and/or (iv)
material improvements in liquidity position and underlying cash
flow generation.

Conversely, AFE's CFR could be downgraded if (i) return on assets
drop below 1%; (ii) interest coverage falls below 3.5x; (iii)
tangible common equity drops below zero absent other mitigating
factors; and/or (iv) the liquidity and cash flow profile
deteriorates.

A change in the CFR would likely lead to a corresponding change to
AFE's senior secured debt rating. The senior secured debt rating
could also be upgraded or downgraded because of changes to the
liability structure that shifts the amount of debt considered
junior or senior to the notes.

LIST OF AFFECTED RATINGS

Issuer: Anacap Financial Europe S.A. SICAV-RAIF

Affirmations:

  Corporate Family Rating, Affirmed B1

Downgrades:

  Baked Senior Secured Regular Bond/Debenture, Downgraded to
  B2 from B1

Outlook Actions:

  Outlook, Changed To Stable From Rating Under Review

CABOT FINANCIAL: Moody's Confirms B1 Rating on Sr. Secured Debt
---------------------------------------------------------------
Moody's Investors Service confirmed the local- and foreign currency
senior secured debt ratings of Cabot Financial (Luxembourg) II S.A
and Cabot Financial (Luxembourg) S.A. at B1. At the same time, the
agency affirmed Cabot Financial Ltd's local- and foreign currency
B1 Corporate Family Ratings and will withdraw its foreign-currency
CFR for Moody's own business reasons.

The outlook on Cabot Financial (Luxembourg) II S.A and Cabot
Financial (Luxembourg) S.A. changed to Stable from Rating under
Review. Moody's also assigned a Stable outlook to Cabot.

RATINGS RATIONALE

RATIONALE FOR RATING AFFIRMATIONS

The affirmation of the B1 CFR reflects (i) Cabot's good
profitability and Moody's expectation that its interest coverage
will improve over the next 12-18 months, driven by increasing
EBITDA while interest expenses stabilise; (ii) Moody's expectation
that Cabot will deleverage over the next 12-18 months, driven by
lower portfolio purchase volumes in 2019 relative to 2018, thereby
constraining new debt accumulation; (iii) limited equity to provide
loss absorption to creditors in an unlikely event of default; and
(iv) Moody's expectation that Encore, Cabot's parent company after
it acquired JC Flowers & Co's stake in 2018, will support
refinancing activities if needed, thereby mitigating risks related
to Cabot's maturity concentration. The CFR also captures that 27%
of Cabot's 84-month estimated remaining collections were encumbered
at the end of 2018 through its asset backed lending facilities.

The confirmation of Cabot's senior secured debt ratings reflects
the application of Moody's Loss Given Default for Speculative-Grade
Companies and their priorities of claims and asset coverage in the
company's capital stack. Moody's also factors in its expectation
that creditors will benefit from the ownership of US credit
management company Encore (unrated) and that this, combined with
Cabot's expected deleveraging, could lead to a change in the
long-term liability structure that reduces expected loss given
default.

The stable outlook reflects Moody's baseline view that Cabot's
financial performance will remain in line with that of its B1 CFR
over the next 12 months and incorporates the agency's expectation
of moderate deleveraging. The outlook also reflects that the agency
expects Cabot's drawings under its RCF to decline somewhat over the
next 12-18 months, thereby reducing expected loss for senior
creditors relative to the Moody's calculations at the end of 2018.

RATIONALE FOR WITHDRAWAL OF THE FOREIGN CURRENCY CFR

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

WHAT COULD CHANGE THE RATING UP / DOWN

Cabot's CFR could be upgraded if (i) EBITDA to interest expenses
improves well beyond 4.5x; (ii) gross debt to EBITDA drops and
stabilises at around 3.5x; and/or (iii) underlying free cash flow
generation improves and stabilises as a consequence of healthy
profits and lower volumes of purchased loans.

Conversely, Cabot's CFR could be downgraded if (i) profit drops
significantly, driven by increased funding costs or material
negative revaluation losses; (ii) gross debt to EBITDA increases
beyond 5x; and/or (iii) cash flow generation weakens, driven by
materially weaker collection performance than expected.

The ratings on Cabot's senior secured debt could be upgraded or
downgraded because of changes to the liability structure that
shifts the amount of debt considered junior or senior to the
notes.

The CFR or senior secured debt ratings could also be upgraded as a
consequence of the Encore acquisition that closed in the second
half of 2018; for example if Cabot's financial performance improves
because it can leverage Encore's resources effectively or Encore
contributes to a change in liability structure that decreases
expected loss for senior secured creditors.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in December 2018.

FULL LIST OF AFFCTED RATINGS

Issuer: Cabot Financial (Luxembourg) II S.A.

Confirmations:

Backed Senior Secured Regular Bond/Debenture, Confirmed at B1

Outlook Action:

Outlook Changed To Stable From Rating Under Review

Issuer: Cabot Financial (Luxembourg) S.A.

Confirmations:

Backed Senior Secured Regular Bond/Debenture, Confirmed at B1

Outlook Action:

Outlook Changed To Stable From Rating Under Review

Issuer: Cabot Financial Ltd

Affirmation:

Long-term Corporate Family Rating (Local Currency), Affirmed B1

Affirmation will be followed by a withdrawal:

Long-term Corporate Family Rating (Foreign Currency), Affirmed B1

Outlook Action:

Outlook Changed To Stable From No Outlook


GARFUNKELUX HOLDCO 2: Moody's Cuts Unsec. Debt to Caa2 & CFR to B3
------------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of
Garfunkelux Holdco 2 S.A. to B3 from B2. Moody's has also
downgraded the local- and foreign currency ratings assigned to the
senior secured notes issued by Garfunkelux Holdco 3 S.A. to B3 from
B2, and the foreign currency rating assigned to the senior
unsecured notes issued by Garfunkelux Holdco 2 S.A. to Caa2 from
Caa1. The outlook on all issuers has been changed to stable from
negative.

Moody's has also withdrawn the outlooks on Garfunkelux Holdco 3 S.A
and Lowell's existing instrument ratings for its own business
reasons. The withdrawal of these outlooks has no impact on the
issuer-level rating outlook for Lowell.

RATINGS RATIONALE

RATIONALE FOR THE CFR DOWNGRADE

The downgrade of Lowell's CFR to B3 from B2 was driven by the
company's (i) continued weak profitability, with negative 0.8%
return on assets for the last three quarters in 2018, the period
including its Nordic acquisition, and EBITDA to interest expenses
of 2.5x for the same period; (ii) high leverage, with Moody's
calculated debt to EBITDA of 5.9x at the end of December 2018
(based on Q2-Q4 annualised EBITDA); (iii) debt maturity
concentration in 2022 and 2023, when materially all of Lowell's
debts are maturing; and (iv) weak underlying cash flow generation
when adjusted for replacement rate of purchased debts. The CFR also
captures that around 16% of Lowell's 120-month estimated remaining
collections were encumbered at the end of 2018 and Moody's view
that the pricing of Lowell's debt indicates that the company
currently has more limited access to public high yield markets
compared to peers.

Compared to UK and European peers, Lowell's credit metrics are
weaker, particularly profitability and leverage. This is only
partially offset by Lowell's good market position as the second
largest pan-European credit management company by revenue, with
top-3 market positions in its core UK, German and Nordic markets.
Moody's considers that such a dominant market position affords
Lowell a competitive edge, given the existing barriers to entry in
all of its core markets. Moody's believes vendors are more inclined
to sell their portfolios to established and sizable players,
providing a more stable investment pipeline compared to smaller
peers.

Moody's expects that Lowell will report positive net income over
the next 12-18 months and that its gross debt to EBITDA will come
down to 5.0x-5.5x during the same period. These improvements are
already factored into the B3 CFR.

RATIONALE FOR THE DEBT-LEVEL DOWNGRADES

The downgrade of Garfunkelux Holdco 3 S.A. senior secured debt
ratings to B3 from B2 and Lowell's senior unsecured debt rating to
Caa2 from Caa1 reflects the downgrade of the CFR. The ratings also
reflect the application of Moody's Loss Given Default for
Speculative-Grade Companies and their priorities of claims and
asset coverage in the company's capital stack.

The application of Moody's loss given default analysis did not lead
to any changes in notching relative to the CFR, with the senior
secured debt ratings remaining in line with the CFR and the senior
unsecured debt rating remaining two notches below.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook incorporates Moody's expectation that Lowell's
profitability and leverage will improve going forward, driven by
contributions from its Nordic business unit, improved efficiency in
the German third party collection business, and lower growth rates
of purchased debt that will moderate debt accumulation. However,
Moody's expects that the improvement over the next 12-18 months
will be moderate, resulting in a standalone credit profile in line
with the B3 CFR

WHAT COULD CHANGE THE RATING UP / DOWN

Lowell's CFR could be upgraded if (i) EBITDA to interest expenses
improves beyond 4.0x; (ii) gross debt to EBITDA is maintained below
4.5x; (iii) risks related to debt maturity concentrations drop
materially; and/or (iv) underlying free cash flow generation
improves and stabilises as a consequence of improved
profit-generation and lower volumes of purchased loans.

Conversely, Lowell's CFR could be downgraded if (i) the company
continues to report losses, driven by increased funding costs or
material negative revaluation losses; (ii) gross debt to EBITDA
does not improve from current levels towards 5.5x or below; (iii)
refinancing risks increase, for example if Moody's expects that the
company does not have easy access to debt markets closer to its
debt maturities; and/or (iv) cash flow generation weakens, driven
by materially weaker collection performance than expected.

The ratings on Lowell's senior secured debt and senior unsecured
debt could be upgraded or downgraded because of changes to the
liability structure that shifts the amount of debt considered
junior or senior to the notes.

LIST OF AFFECTED RATINGS

Issuer: Garfunkelux Holdco 2 S.A.

Downgrades:

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
  from Caa1, Negative outlook withdrawn

  Long-term Corporate Family Rating, Downgraded to B3 from B2,
  Negative outlook withdrawn

Outlook Action:

  Outlook Changed To Stable From Negative

Issuer: Garfunkelux Holdco 3 S.A.

Downgrades:

  Senior Secured Regular Bond/Debenture, Downgraded to B3
  from B2, Negative outlook withdrawn

Outlook Action:

  Outlook Changed To Stable From Negative




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

BRIGHT BIDCO: S&P Alters Outlook to Negative & Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Bright Bidco B.V.,
holding company of Netherlands-based Lumileds, to negative from
stable, and affirmed the 'B' rating on the company and its senior
secured debt.

S&P said, "The outlook revision reflects our view of the increasing
risk that sales demand will decline further in Lumileds' automotive
and smartphones end-markets in the next twelve months. These
markets represent the majority of Lumileds' sales. We believe that
Lumileds' cost saving measures, targeting $50 million, will only
partly mitigate the expected fall in revenues in 2019 because of
the time lag and cash costs related to their implementation. For
2019, we expect Lumileds will report weak credit metrics, with fund
from operations (FFO) cash interest coverage of 2.0x-2.5x."

In the first quarter of 2019, car sales in China and Europe, where
Lumileds derives more than 60% of its automotive sales, declined by
12.8% and 3.3% respectively. S&P believes there is a significant
risk that car production levels in China and in Europe will remain
weak in the second half of 2019. Furthermore, the introduction of
the real driving emission test in September 2019 could also cause
temporary disruptions to the European car market, as seen with the
introduction of Worldwide Harmonised Light Vehicle Test Procedure
in the third quarter of 2018.

S&P said, "We continue to view Lumileds as well placed to cope with
the shift in demand from conventional lamps to LEDs for cars,
thanks to its focus on developing new technologies. Nevertheless,
operating margins and free cash flow generation are less favorable
for auto LEDs due higher research and development (R&D) costs and
capital expenditure (capex) investments, which we expect will
continue to pressure the group's credit metrics."

In 2018, sales from Lumileds' specialty segment decreased by about
25% to $346 million due to a change in sourcing strategy by some
smartphones manufacturers (from sole to dual sourcing), and softer
demand for smartphones by end-consumers.

In light of softer market conditions, the company is implementing
cost saving programs in order to achieve efficiency gains and
reduce selling, general, and administrative costs (SG&A) in its LED
segment, and to reduce SG&A and R&D costs in the conventional lamps
segment. The full benefit of the cost savings should be realized by
the end of 2020 and amount to about $50 million.   

S&P said, "In 2019, we expect Lumileds' EBITDA (S&P Global
Ratings-adjusted after restructuring costs) will decline to about
$250 million-$280 million from about $300 million in 2018.
Considering the high level of cash interest payments of about $100
million, we expect the company's FFO cash interest coverage ratio
will remain below 2.5x in 2019 (compared with 2.3x in 2018), less
that what we consider commensurate with a 'B' rating. However, we
continue to expect Lumileds will generate positive free operating
cash flow (FOCF) in 2019.

"Our rating on Lumileds remains constrained by the aggressive
financial policy of its financial sponsor Apollo Global Management
LLC (Apollo). Since its acquisition by Apollo in June 2017, the
company has paid out dividends of about $523 million. When Lumileds
raised an add-on term loan of $300 million in May 2018, about half
of it was earmarked for possible acquisitions, but lenders agreed
that the proceeds could be used for dividend payments if no
suitable acquisitions were made by the end of 2019. We see a
continued risk that the company will pay further dividends,
although it is not in our base case given the unfavorable market
conditions.

"The negative outlook reflects our expectation that we could lower
the ratings by one notch in the next 12 months if the company's
FOCF remains negative or if its FFO cash interest coverage ratio
remains below 2.5x on a prolonged basis. This could stem from lower
margins because of weakening market conditions or competitive
position in Lumileds' auto and smartphones end markets, or
greater-than-expected restructuring costs. A large debt-financed
acquisition, additional dividend recapitalizations, or a weakening
liquidity position could also prompt a downgrade.

"An upgrade is unlikely over the next 12 months. We could raise the
ratings if the company demonstrates a clear path to deleveraging,
with greater-than-expected growth and cash flow generation,
avoiding further dividend recapitalization payments or major
debt-financed acquisitions. Debt to EBITDA and FFO to debt would
need to remain stronger than 5x and 12%, respectively."




===========
N O R W A Y
===========

DOLPHIN DRILLING: Secured Lenders Agree on Restructuring Deal
-------------------------------------------------------------
Mikael Holter at Bloomberg News reports that a majority of Dolphin
Drilling ASA's secured lenders have agreed on a restructuring deal
for the struggling offshore-rig company that involves selling its
prime asset.

According to Bloomberg, the agreement, reached after months of
negotiations between the stakeholders, would allow the mid-water
drilling business of the company previously called "Fred. Olsen
Energy ASA" to survive through a new entity that would be
essentially taken over by the creditors, while the current owners
would be left with 1.5% of the shares.

Dolphin said in a statement on April 12 the agreement was reached
between Danske Bank, DNB, SEB and Swedbank, as well as funds
advised by Strategic Value Partners LLC and still needs to be
approved by two-thirds of the company's bondholders and
shareholders, Bloomberg relates.

The proceeds from the sale of the Bolette Dolphin drillship, which
was also considered under a previous restructuring proposal, will
be sold to repay secured debt, Bloomberg discloses.  The rest of
the debt will be assumed by the new company and converted into
equity, Bloomberg notes.

Headquartered in Norway, Dolphin Drilling ASA, together with its
subsidiaries, provides exploration and development services to the
oil and gas industry in Europe, Asia, the Americas, and Africa.




===========
P O L A N D
===========

RUCH SA: Creditors Back PPU1 Accelerated Restructuring Plan
-----------------------------------------------------------
Posadzy Magdalena at Polska Agencja Prasowa, citing lender Alior
Bank's market filing, reports that troubled newsstand operator Ruch
S.A. secured a nod of approval from its creditors for the company's
two accelerated restructuring proceedings plans.

Specifically, the report notes, the creditors gave a green light to
the PPU1 accelerated restructuring plan, slated to encompass the
biggest creditors to whom Ruch S.A. owes at least PLN1 million in
the total main debt, and the PPU2 plan encompassing creditors to
whom Ruch owes over PLN0.1 million.

Alior's filing also shows that in the case of larger creditors, 85%
haircut will apply, while in the case of smaller creditors, the
haircut will stand at 50%, PAP discloses.

According to PAP, on April 12, Alior Bank said in a market filing
that it intended to acquire the entire stake in Ruch and then sell
it to fuels concern PKN Orlen upon validation of the arrangement
between Ruch and its creditors, as proposed by PKN Orlen, under
Ruch's accelerated restructuring proceedings.

PKN Orlen will buy Ruch's shares from Alior after a number of
conditions stated in the acquisition agreement are fulfilled,
including the final confirmation of execution of the arrangement
between Ruch and its creditors, PAP relays, citing the filing.

               About RUCH S.A.

Ruch S.A. owns and operates a chain of kiosks and press salons in
Poland. It provides newspapers and magazines, books, calendars,
maps, and albums. In addition to the press, company also offers
cigarettes, public transport tickets, food and non-food impulse
products, and top-ups and starters for mobile phones.


TXM SA: Files for Bankruptcy, Awaits Decision on Settlement
-----------------------------------------------------------
Bednarczyk Filip at Polska Agencja Prasowa reports that TXM S.A.
has filed for bankruptcy while seeking temporary suspension of
bankruptcy processings until a decision is passed on its motion for
accelerated settlement proceedings from April 3.  This recent
development was reported by the company in a market filing and
press release.

           About TXAM S.A.

TXM S.A. owns and operates TXM Textilmarket discount stores. The
company' stores offer a range of clothing and underwear for men,
women, youth, and children; household items; accessories; and home
textiles. It operates through 350 shops in Poland, the Czech
Republic, Slovakia, and Romania, as well as through txm.pl, an
online store. The company was founded in 1989 and is headquartered
in Andrychow, Poland. TXM S.A. is a subsidiary of Redan S.A.




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

RADET: Bucharest Court Issues Bankruptcy Ruling
-----------------------------------------------
Romania-Insider.com reports that the judges of the Bucharest Court
decided on the bankruptcy of Bucharest's heating provider Radet on
April 17.

According to Romania-Insider.com, Radet's legal administrator,
lawyer Gheorghe Piperea, as cited by Wall-street.ro, said "Unless
we succeed in suspending the bankruptcy at the Court of Appeal,
within ten days all the activities will stop, the operating
licenses will be lifted, and the City Hall will separately develop
the public service of heating."

He added that the heating and electricity producer Elcen (itself
under insolvency), which holds the largest volume of claims against
Radet, voted for the bankruptcy in the creditors' meeting,
Romania-Insider.com relates.




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

ALBATROS SLU: Has Filed for Liquidation, Gets Offer From Medha
--------------------------------------------------------------
After Schaltbau Holding AG had put its Spanish subsidiary Albatros
S.L.U. ("Sepsa") up for sale in November 2017, Sepsa filed an
application for liquidation on April 15, 2019, driven by the
current financial situation of the company.  

At the same time, Indian rail supplier Medha Servo Drives Pvt. Ltd.
made an offer for acquiring Sepsa's key assets from the liquidation
mass, in order to continue Sepsa's operations.  

The proposed transaction is backed by Sepsa's employees and key
customers, but is subject to approval by the liquidation court.
Sepsa's business operations are to be continued during the
liquidation proceedings and following the acquisition by Medha.

Schaltbau has issued various guarantees for the benefit of
customers, banks and suppliers of Sepsa, with around EUR8 million
at risk.  The continuation of Sepsa's operative business would
reduce the risk of guarantee drawdowns.  It is not yet possible to
make a precise estimate of the possible extent of the drawdowns.
There is no additional impact on profitability expected from the
initiation of the liquidation proceedings.

              About Albatros S.L.

Albatros, S.L. designs, manufactures, commercializes, and markets
equipment for the railway industry. It offers power electronics
such as railway, aircraft, and solar converters; on-board security
products including train protection and warning systems, and access
doors and intercommunication products; and controlling equipment
including monitoring and auxiliary control equipment, route books,
energy measurement systems, and cabin monitors. Albatros, S.L. was
founded in 1920 and is based in Pinto, Spain. As of December 22,
2015, Albatros, S.L. operates as a subsidiary of Schaltbau Holding
AG.




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

CSM BAKERY: Moody's Cuts CFR to Caa1 & 2nd Lien Loan Rating to Caa3
-------------------------------------------------------------------
Moody's Investors Service has downgraded ratings of CSM Bakery
Solutions Limited and subsidiaries, including the Corporate Family
Rating to Caa2 from Caa1, Probability of Default rating to Caa2-PD
from Caa1-PD, first-lien term loan rating to Caa1 from B3, and
second lien-term loan rating to Caa3 from Caa2. The outlook is
stable.

The rating downgrades reflect continued weak operating performance
and eroding liquidity, which has become inadequate due to
approaching debt maturities and liquidity facility expiration. In
addition, Moody's does not expect that the company will generate a
meaningful amount of free cash flow over the next year.

The company's primary source of liquidity is a $125 million (EUR109
million) asset-based revolving credit facility that is used
primarily to fund seasonal working capital swings. As of December
31, 2018 the company had $68 million (EUR59 million) of
availability under this facility along with EUR51 million of cash.
On July 3, 2019, the size of the revolving credit facility will
reduce to $105 million (EUR92 million), and on July 3, 2020, the
facility will expire along with the maturity of the company's $448
million (EUR391 million) first lien term loan. This means that in
the coming months, the company will no longer have any long-term
liquidity sources and will be facing significant current debt
maturities that could be problematic to refinance.

In recent years, CSM has reported weak operating performance,
especially in its North America business, which has not fully
recovered from the effects of major enterprise systems disruptions
that began in late 2015. Since largely remediating its systems
issues in 2017, CSM has successfully completed planned asset sales,
reduced debt levels, reorganized its operations and resolved most
of its customer service challenges. But its plan to win back lost
sales in North America has fallen short of plan, and more recently,
its further progress has slowed. In its European operations,
earnings have been more stable and improving, primarily through
better mix — although sales have declined recently. But the
earnings improvement in Europe has not been enough to fully offset
the weakness in North America. As a result, consolidated earnings
improved only modestly over the past year, which was significantly
below the company's plan. This has sustained debt/EBITDA at over
10x based on Moody's adjustments.

Under a new operating plan implemented in January 2019, CSM has
turned its focus to improving profitability through better mix and
cost containment. If successful, the new strategy could reduce
debt/EBITDA to approximately 7.4x by the end of 2019, mainly
through earnings growth. However, Moody's more conservative
forecast anticipates that at the end of 2019, debt/EBITDA will be
at least 8.5 times, interest coverage will be about 1.0 times and
the company will generate little or no free cash flow over the
year.

Moody's has downgraded the following ratings:

CSM Bakery Solutions Limited:

  Corporate Family Rating to Caa2 from Caa1;

  Probability of Default Rating from Caa2-PD from
  Caa1-PD.

CSM Bakery Solutions LLC:

  $448 million Secured First Lien Term Loan due July 2020 to Caa1
  (LGD 3) from B3 (LGD 3);

  $210 million Secured Second Lien Term Loan due July 2021 to Caa3

  (LGD 4) from Caa2 (LGD 5).

RATINGS RATIONALE

The credit profile of CSM reflects its high financial leverage, low
profit margin, inadequate liquidity and poor future earnings
visibility. These negative factors are balanced against supportive
fundamentals of CSM's business including its leading positions in
the North American and European premium bakery supply categories
including icings, and glazes. CSM is also supported by sponsor firm
Rhône Capital, its controlling shareholder.

Ratings could be downgraded if CSM is unable to significantly
improve its operating performance, does not successfully refinance
or extend its upcoming debt maturities in a timely manner, or is
not likely to generate positive free cash flow in 2019. In
addition, ratings could be downgraded if the probability increases
that the company will pursue a transaction that Moody's would
consider a distressed exchange, and hence a default.

A rating upgrade is unlikely in the foreseeable future. However, if
the company is able to turn around its operating performance in
North America, significantly improve its liquidity and generate
positive free cash flow, an upgrade could occur.

The principal methodology used in these ratings was Global Packaged
Goods published in January 2017.

CORPORATE PROFILE

CSM Bakery Solutions Limited is headquartered in Cardiff, United
Kingdom. The company is managed out of its US operations located in
Sandy Springs, Georgia (USA).

CSM produces and distributes bakery ingredients and products for
artisan and industrial bakeries, and for in-store and out-of-home
markets, mainly in Europe and North America. The company supplies
bakery products finished or semi-finished. Annual sales are
approximately EUR1.6 billion. The company is owned and controlled
by investment funds associated with private equity firm Rhône
Capital.


SMARTLIFEINC: In Administration, Fails to Get Investor Support
--------------------------------------------------------------
Business Sale reports that Smartlifeinc, a wearable tech company
established in 2010, with the desire to revolutionize the market,
has fallen into administration after its investors refused to
financially back the business any further.

According to Business Sale, the company, which trades as Smartlife,
was forced to call in London-based professional services firm
ReSolve Advisory to handle the administration process, with
partners Simon Jagger and Ben Woodthorpe --
ben.woodthorpe@resolvegroupuk.com -- appointed as joint
administrators on April 2, 2019.

The original investors, brothers Richard and David Gazal who have
since become the company's main shareholders and directors since
July 2016, initially made an investment of approximately GBP2.4
million, Business Sale discloses.  However, they have decided
against investing any more into Smartlife, causing the company to
collapse into administration, Business Sale notes.

"Many of the employees had been shareholders so the decision to go
into administration meant all their efforts over the years have
gone unrewarded," Business Sale quotes CEO of Smartlife, Martin
Ashby, as saying.

"We really felt this was the year when we would launch the
technology and start to deliver a return to the investors.  We'd
planned to unveil it at CES in Las Vegas at the start of 2019 and
launch a Kickstarter campaign but the investors decided against
it."


THOMAS COOK: Moody's Cuts CFR & EUR750MM Sr. Unsec. Notes to B3
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of the British tourism group Thomas Cook Group plc to B3
from B2 and its probability of default rating to B3-PD from B2-PD.
Moody's has also downgraded to B3 from B2 the rating on Thomas
Cook's EUR750 million senior unsecured notes due 2022 and
downgraded to B3 from B2 its EUR400 million senior unsecured notes
due 2023 issued under Thomas Cook Finance 2 plc. The ratings are
placed under review for further downgrade. The outlook on both
entities has changed to rating under review from negative.

"The rating action reflects our concerns over the company's ability
to recover its credit metrics after the sharp deterioration in
fiscal year 2018 due to the ongoing challenging market environment.
We expect further negative free cash flow generation this year to
pressure already weakened liquidity. A sale of the Airline business
has the potential to improve the group's liquidity, however the
execution risks for the sale are high and valuation and the timing
are uncertain," says Martin Hallmark, a Moody's Senior Vice
President and lead analyst for Thomas Cook.

RATINGS RATIONALE

The rating action reflects the company's weakened liquidity
profile, as well as a challenging market environment in the tour
operator business.

Given the high business seasonality, access to the company's GBP875
million revolving credit facility is of vital importance for Thomas
Cook in order to overcome seasonal lows in the fiscal first and
second quarters. As the result of weaker earnings in 2018, Thomas
Cook's cash of GBP 1 billion at 30 September 2018 was not enough to
cover the negative free cash flow generation of the first quarter
of fiscal 2019, which was about GBP 1.2 billion. Thomas Cook has
operated with sufficient liquidity in the current fiscal year,
however Moody's considers that potential for further cash outflow
in fiscal 2019 and reductions in the availability of short term
financing could put pressure on liquidity in fiscal 2020. Thomas
Cook has no bonds maturing until 2022, but as of the end of March
2019 it had around GBP 100 million of outstanding commercial paper:
if this cannot be rolled over, it could further erode liquidity
headroom.

After the weak first quarter of fiscal 2019 reported by Thomas Cook
as well as further evidence of a challenging market environment in
the tour operator business, Moody's has revised down its base case
expectations. Moody's anticipates only a minor margin improvement
in the coming 12-18 months and negative free cash flow generation
in fiscal 2019, before the company can potentially reach cash
break-even in 2020. Furthermore, Moody's expects the EBITA /
interest expense coverage ratio to remain below 1.25x in the next
12-18 months and the group's liquidity to deteriorate with very
limited covenant headroom.

On February 7, 2019, Thomas Cook announced a strategic review of
its Airline business in order to increase the company's financial
flexibility. All options are said to be considered including a full
disposal of the Airline group, a partial sale or a sale of a
minority stake. Moody's believes that in the current environment an
airline sale faces significant execution risks and can be a lengthy
process with an unclear outcome in particular in terms of the
potential valuation.

Moody's review will focus on trading prospects for the summer
season, which Moody's believes is critical to improve metrics, and
on prospects for liquidity, including an assessment of how the
company plans to manage its seasonal financing requirements.

WHAT COULD CHANGE THE RATING UP/DOWN

If Thomas Cook's liquidity headroom is sufficient over at least the
next 12 months, with adequate covenant headroom and the EBITA to
interest cover is on track to sustainably improve above 1.1x in the
current financial year, the ratings might be confirmed. Failure to
maintain adequate liquidity and rebuild positive free cash-flow
generation and improved interest cover could lead to a further
downgrade.

The rating is weakly positioned and an upgrade therefore is not
expected in the near term. Positive pressure would build if the
company sustainably and significantly improves its liquidity
headroom, free cash flow turns sustainably positive, if Moody's
adjusted EBITA/ interest expense ratio increases towards 1.25x, and
operating performance stabilizes or improves.

LIST OF AFFECTED RATINGS

Issuer: Thomas Cook Finance 2 plc

Downgrades and placed under review for further downgrade:

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to B3
from B2

Outlook Action:

Outlook, Changed To Rating Under Review From Negative

Issuer: Thomas Cook Group plc

Downgrades and placed under review for further downgrade:

Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B2

Outlook Action:

Outlook, Changed To Rating Under Review From Negative

PRINCIPAL METHODOLOGY

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

PROFILE

Thomas Cook Group plc, based in London, UK, is Europe's
second-largest tourism business after the market leader TUI AG (Ba2
negative). The company retains leading positions in the important
outbound markets of Germany, the UK and Northern European
countries. The company provides its 11 million customers an access
to a broad variety of hotels with 186 own-brand hotels building the
core of this portfolio. Furthermore, the group's Airline business
with 100 aircraft servicing 20 million customers is Europe's third
largest airline to sun & beach destinations. In the fiscal year
ended September 2018 the group generated revenues of GBP9.6
billion.



                           *********


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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                * * * End of Transmission * * *