/raid1/www/Hosts/bankrupt/TCREUR_Public/190618.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

          Tuesday, June 18, 2019, Vol. 20, No. 121

                           Headlines



D E N M A R K

OW BUNKER: Sentence of Ex-Singaporean Unit Manager Increased


G E R M A N Y

THYSSENKRUPP AG: Egan-Jones Lowers Senior Unsecured Ratings to BB-


I T A L Y

BANCA POPOLARE DI BARI: In Advanced Talks on Loan Default Insurance
PRIME ACQUISITION: Marcum LLP Raises Going Concern Doubt
ROBERTO CAVALLI: Five Potential Buyers Present Bids
TELECOM ITALIA: Egan-Jones Lowers Senior Unsecured Ratings to B


L U X E M B O U R G

RUMO LUXEMBOURG: Fitch Affirms BB on Sr. Unsec. Notes Due 2024/2025


N E T H E R L A N D S

DRYDEN 46 EURO 2016: Moody's Affirms Ba2 on EUR26.9MM Class E Notes
DRYDEN 46 EURO 2016: S&P Assigns B- Rating on Class F Notes
KONINKLIJKE KPN: Egan-Jones Raises Senior Unsecured Ratings to BB
TECHCARE CORP: Needs More Funds to Continue as a Going Concern


R U S S I A

ENEL RUSSIA: Fitch Puts 'BB+' LT IDR on Watch Negative


S P A I N

DIA GROUP: Main Shareholder Seeks Debt Refinancing Deal
GIRALDA HOLDING: S&P Assigns 'B+' Issuer Credit Rating
KCA DEUTAG: S&P Cuts Issuer Credit Rating to CCC+, Outlook Stable


U N I T E D   K I N G D O M

CANDLETIME LTD: Difficult Trading Conditions Prompt Collapse
ENTERTAINMENT ONE: S&P Affirms 'B+' ICR on Proposed Refinancing
GKN HOLDINGS: Moody's Hikes Unsecured Notes to Ba1, Outlook Stable
KIER GROUP: To Sell Housebuilding Arm at Discount to Cut Debt
NEW LOOK BONDS: S&P Assigns 'CCC+' ICR on Debt-For-Equity Swap

NEWDAY FUNDING 2019-1: Fitch Rates GBP12.3MM Class F Notes 'B+sf'
NOBLE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to B
SMIGGLE: Australian Parent Company May Pull Plug on Funding


X X X X X X X X

KIDOZ INC: Losses, Accumulated Deficit Cast Going Concern Doubt

                           - - - - -


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D E N M A R K
=============

OW BUNKER: Sentence of Ex-Singaporean Unit Manager Increased
------------------------------------------------------------
Stine Jacobsen and Jacob Gronholt-Pedersen at Reuters report that a
Danish high court has increased the prison sentence for a former
manager of OW Bunker's Singapore arm to five years, after
prosecutors appealed against the original 18-month sentence for
actions that contributed to the marine fuel supplier's collapse.

OW Bunker filed for bankruptcy in 2014 just eight months after
listing in Copenhagen, partly due to losses on an estimated
US$120-US$130 million credit line given by its Singapore-based arm
to small local company, Tankoil Marine Services, Reuters relates.

Last year, a Danish city court found Lars Moller, former head of
the Singapore subsidiary Dynamic Oil Trading, guilty of approving
credit beyond his mandate, hastening the collapse of OW Bunker,
then the world's leading supplier of bunker fuel, Reuters
recounts.

Mr. Moller had also appealed against the 18-month sentence, seeking
to have it overturned, Reuters discloses.

According to Reuters, the Western High Court said the former
manager had been found guilty of very gross breach of trust
involving a large sum of money, significantly contributing to OW
Bunker's bankruptcy.

"The defendant was continually informed about the problems with
Tankoil without reacting, while during the whole period incorrect
and misleading information was given to the management of OW Bunker
with the defendant's knowledge," Reuters quotes the court as saying
in its verdict.

The 2014 bankruptcy sent shockwaves through the global shipping
industry and left investors and business partners scrambling to
cover their losses, Reuters notes.

Hedging losses of almost US$300 million at OW Bunker's Danish
headquarters also contributed to the collapse, a marked change of
fortunes for a company valued at US$1 billion when it listed in
March that year, Reuters states.

                         About O.W. Bunker

OW Bunker AS is a global marine fuel (bunker) company founded in
Denmark.

On Nov. 6, 2014, OW Bunker A/S placed OWB Trading and O.W. Bunker
Supply & Trading A/S in an in-court restructuring procedure with
the probate court in Aalborg, Denmark.  By Nov. 7, 2014, the Danish
entities (plus O.W. Bunker Supply & Trading A/S, O.W. Cargo Denmark
A/S, and Dynamic Oil Trading A/S) were placed under formal Danish
bankruptcy (liquidation) proceedings in the Aalborg probate court.

The company declared bankruptcy following its admission that it had
lost US$275 million through a combination of fraud committed by
senior executives at its Singaporean unit.

The Danish company placed its U.S. subsidiaries -- O.W. Bunker
Holding North America Inc., O.W. Bunker North America Inc. and O.W.
Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case
Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014.

The U.S. cases are assigned to Judge Alan H.W. Shiff.  The U.S.
Debtors tapped Patrick M. Birney, Esq., and Michael R. Enright,
Esq., at Robinson & Cole LLP, as counsel.   McCracken, Walker &
Rhoads LLP served as co-counsel.  Alvarez & Marsal acted as the
financial advisor.

The Office of the United States Trustee formed an official
committee of unsecured creditors of the Debtors on Nov. 26, 2014.
The Committee tapped Hunton & Williams LLP as its attorneys.

On Dec. 15, 2015, the U.S. Debtors obtained confirmation of their
First Modified Liquidation Plans.  Under the plan, the Debtors
proposed to create two liquidating trusts, one for each of its
North American units, to hold the estate assets of each company and
make distributions to creditors, while parent OW Bunker Holding
North America Inc. will dissolve.

According to a Bloomberg report, under the First Modified Plan,
administrative claims of $0.94 million, U.S. Trustee Fees, non-tax
priority claims against OWB USA and NA, Priority tax claims of
$0.05 million, secured claims against OWB USA and NA and fee claims
will be paid in full in cash.  Subordinated claims against OWB USA
and NA will not receive any distribution.  Electing OWB USA
unaffiliated trade claims of $13.3 million will have a recovery of
40% amounting to $5.31 million.  OWB NA affiliated unsecured claims
and non-electing OWB NA unaffiliated trade claims will have a
recovery of 1% in cash.  OWB USA affiliated unsecured claims will
have a recovery of 0.4% in cash.  Electing OWB NA unaffiliated
trade claims will receive pro rata payment of $2.5 million in
cash.

Non-Electing OWB USA unaffiliated trade claims of $18.36 million
will be paid $0.07 million in cash, a recovery of 0.4%.  Equity
interests in OWB USA and NA will be cancelled and will not receive
any distribution.  The plan will be funded by cash in hand and sale
of assets.




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G E R M A N Y
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THYSSENKRUPP AG: Egan-Jones Lowers Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on June 4, 2019, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by thyssenkrupp AG to BB- from BB.

thyssenkrupp AG is a German multinational conglomerate with a focus
on industrial engineering and steel production. The company is
based in Duisburg and Essen and divided into 670 subsidiaries
worldwide. It is one of the world's largest steel producers; it was
ranked tenth-largest worldwide by revenue in 2015.



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I T A L Y
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BANCA POPOLARE DI BARI: In Advanced Talks on Loan Default Insurance
-------------------------------------------------------------------
Luca Casiraghi, Sonia Sirletti and Antonio Vanuzzo at Bloomberg
News report that Banca Popolare di Bari SCpA, an ailing Italian
lender, is in advanced negotiations with an international credit
fund over insuring its loans against default, seeking an easier way
to reduce risk on its balance sheet.

According to Bloomberg, people familiar with the talks said the
potential transaction, known as a synthetic securitization,
involves buying insurance from Christofferson Robb & Co, thereby
transferring the risk of the loans going sour to the fund in return
for a fee.  Several other lenders are already considering similar
deals, the people, as cited by Bloomberg, said, asking not to be
named because they're not authorized to speak publicly.

Popolare di Bari will be the first such transaction in Italy since
new European regulations came into effect this year that allow
banks using standardized risk models to factor in more relief from
synthetic securitizations, Bloomberg states.  The changes make the
structure more accessible to smaller lenders, Bloomberg notes.

Popolare di Bari is seeking to buy insurance on the first losses
out of a portfolio of EUR2.9 billion (US$3.3 billion) of mortgages
and loans to small and medium enterprises by next month, Bloomberg
relays, citing a statement published on June 13.  The bank's total
loan book is around EUR8 billion, Bloomberg discloses.

The people said together with other transactions like selling
portfolios of debt to investors, and other asset disposals,
Popolare di Bari could see its tier 1 capital ratio -- a measure of
its financial safety buffer -- rise by more than 2.5 percentage
points, Bloomberg relates.


PRIME ACQUISITION: Marcum LLP Raises Going Concern Doubt
--------------------------------------------------------
Prime Acquisition Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a total
comprehensive income of $836,795 on $2,683,572 of total revenues
for the year ended Dec. 31, 2018, compared to a total comprehensive
loss of $2,874,129 on $2,937,871 of total revenues for the year
ended in 2017.

The audit report of Marcum LLP states that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2018, showed total assets
of $30,276,062, total liabilities of $36,774,074, and $6,498,012 in
total deficit.

A copy of the Form 20-F is available at:

                       https://is.gd/RKMf6d

Prime Acquisition Corp. owns and operates real estate properties in
Italy. Its property portfolio comprises office, commercial, and
industrial properties. The company was founded in 2010 and is based
in Shijiazhuang, the People's Republic of China.


ROBERTO CAVALLI: Five Potential Buyers Present Bids
---------------------------------------------------
Claudia Cristoferi at Reuters reports that five potential investors
showed up for the rescue of Italian fashion house Roberto Cavalli,
the company said on June 14 without naming the suitors.

According to Reuters, the Tuscan company received three binding
offers for taking over the whole group, one binding proposal for
just some assets, as well as a non-binding expression of interest.

In the next few days, the board will look at the bids along with
company's main shareholder Clessidra, with the aim of choosing the
best offer to ensure the industrial continuity of the luxury group,
Reuters relays, citing a source close to the matter.

However, the final decision rests with the bankruptcy court which
had granted creditor protection to the troubled brand in April,
giving it up to four months to present a turnaround plan, Reuters
notes.

As reported by the Troubled Company Reporter-Europe on April 9,
2019, the fashion company on April 1 filed a request with a
bankruptcy court for 120 days of protection from creditors to reach
an agreement on its debt and find a new investor, after it
struggled to reboot sales and faced a cash crunch.  Cavalli, a red
carpet favorite famed for its animal prints, has been 90% owned by
private equity firm Clessidra since 2015, and the group attempted
to overhaul the label including with a new manager and designer,
Reuters disclosed.  But it has posted a string of losses since
2014, with the exception of 2015, when it was back in profit after
the sale of a property in Paris, Reuters said.


TELECOM ITALIA: Egan-Jones Lowers Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on June 4, 2019, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Telecom Italia SpA/Milano to B from A3.

Telecom Italia S.p.A., through subsidiaries, offers fixed line and
mobile telephone and data transmission services in Italy and
abroad. The Company offers local and long-distance telephone,
satellite communications, Internet access, and teleconferencing
services.





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L U X E M B O U R G
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RUMO LUXEMBOURG: Fitch Affirms BB on Sr. Unsec. Notes Due 2024/2025
-------------------------------------------------------------------
Fitch Ratings has upgraded Rumo S.A.'s Long-Term Local-Currency
Issuer Default Rating to 'BB+' from 'BB'. In addition, Fitch has
upgraded Rumo's National Long-Term Ratings, and its subsidiaries'
and respective unsecured debentures ratings to 'AAA(bra)' from
'AA(bra)'. The Rating Outlook for the Local-Currency IDR and the
National Long-Term Ratings has been revised to Stable from
Positive. The Long-Term Foreign-Currency IDR and Rumo's unsecured
bonds due in 2024 and 2025, which were issued by Rumo Luxembourg
S.a.r.l., were affirmed at 'BB'. The Rating Outlook for the
Long-Term Foreign-Currency IDR remains Stable.

The rating upgrades are supported by Rumo's consistent scale gains,
which have resulted in solid operating margins expansion and
boosted operating cash flow generation. These factors led to a
strong capital structure that, combined with the robust liquidity
position and consistent access to long-term credit lines,
positively prepared the company to face the challenges of financing
the new cycle of important investments, while maintaining its
robust financial profile. The upgrades also factor Fitch's forecast
that the investments into Ferrovia Norte Sul (FNS) are likely to
benefit Rumo's business profile starting in 2022. This includes the
stronger penetration of its rail net and the consolidation of the
company's presence in the mid-western region of the country, with
solid long-term growth perspectives, leading to important
opportunities to capturing increasing volumes of transportation.
Rumo's Foreign-Currency IDR is constrained by Brazil's 'BB' Country
Ceiling.

Rumo's ratings are also supported by its solid business position as
one of the largest railroad operators in Brazil, with competitive
advantages compared with alternative transportation options,
relatively high and stable operating profitability and strong cash
flow generation capacity. In addition, the ratings consider the
solid fundamentals of the industry, which include stable demand
over the cycles. Factored into the rating is Fitch's expectation
that Rumo will preserve its robust liquidity position during the
challenging investment period, derived from the company's sound
access to local and international debt and capital markets. Fitch
sees Rumo's affiliation with Cosan Limited (BB/Stable) as credit
positive, as it provides the company reasonable financial
flexibility, illustrated by capital injections.

The Stable Outlook for the Local-Currency IDR and the National
Long-Term Rating is based on the expectations that Rumo will be
able to manage its net debt/EBITDA consistent with its ratings,
peaking at 2.5x-3.0x in 2021 and 2022, when capex is at the highest
level. In addition, Fitch does not foresee constraints on Rumo's
financial flexibility to support the expected negative free cash
flow (FCF) in coming years. The Stable Outlook for the
Foreign-Currency IDR mirrors the Outlook for the sovereign IDR.

KEY RATING DRIVERS

Business Profile Remains Strong: Fitch believes that the railroad
sector's risk is low. Within this sector, Rumo enjoys a robust
business position as the sole railroad transportation company in
the south and mid-western regions of Brazil, with four concessions
to operate railway lines extending more than 12,000km within
Brazil, with access to three main Brazilian ports. Due to its lower
cost structure, Rumo's businesses enjoy solid competitive
advantages over truck services, which enhance consistent demand and
limits volume volatilities over cycles. Fitch sees as credit
positive Rumo's successful bid to operate the central stretch of
FNS, which is linked with its rail network in Sao Paulo (Malha
Paulista). The new stretch, when operational, is likely to increase
the company's penetration in the central region of Brazil, which
brings vast opportunities to capture large volumes of grains to be
transported from Brazil's mid-western region to Santos Port.

Business Environment is Solid: Rumo's operations benefit from the
solid agricultural international trade flow in Brazil, which
presents high growth potential. This fact reduces the risks of
operating solely in one region, protecting the company's cash flow
against the country's economic downturns. Rumo's strong demand is
driven by consistent cargo volume, as demonstrated by the 56
billion revenue per ton kilometers (RTK), in 2018, which compares
favorably versus 50 billion RTK in 2017. Fitch forecasted volumes
to increase by 9%-11% from 2019 onwards, benefited by increased
capacity provided by the recent investments.

FCF Negative Should Persist: Fitch expects Rumo's EBITDA margins to
slightly decline to about 47% in 2019 and 2020, after consistent
improvements up to 49.7% in 2018, as pre-operational expenses of
the newest concession contract start to kick in, thus offsetting
the impact of solid gains of scale on its margins. Supported by
volume expansion, Fitch projects Rumo's EBITDA and funds from
operations (FFO) will reach BRL3.4 billion and BRL2.3 billion,
respectively, in 2019. Nevertheless, pressures on the company's
cash flow are expected to come from the new cycle of investments
that will result from the addition of the FNS stretch to Rumo's
portfolio, which will become fully operational only in 2022. The
company's FCF is not expected to become positive before 2022, after
capex of about BRL15 billion in the period, with a total of BRL5.0
billion in the next couple of years. Fitch anticipates that the
early renewal of Rumo Malha Paulista S.A.'s concession contract,
which will mature in 2028, does not have rating implications, as it
is unlikely to result in material capex increases.

Conservative Leverage for the Industry: Rumo's net debt/EBITDA
ratio should remain below 3.0x in the coming years, despite of the
higher capex, which is a low metric for the industry. The base case
scenario considers gross and net leverage of 3.4x and 2.2x,
respectively, in 2019. The peak should occur in 2021 and 2022, when
large amounts of rolling assets will be financed under the FNS
project. In the LTM ended March 31, 2019, total debt/EBITDA was 3.1
x and net debt/EBITDA was 2.3 x.

Credit Linkage Incorporated: The ratings of Rumo and the
subsidiaries are equalized, due to strong operational, financial
and legal ties among them. The strong operating synergies, the
centralized cash management and the cross guarantees on their debt
permit the credit profile to be analyzed on a consolidated basis
along with the ratings.

DERIVATION SUMMARY

Rumo's ratings reflect its strong business profile in the logistics
infrastructure industry in Brazil, which enjoys positive
perspectives. The railroad's low cost structure and Rumo's position
as the sole railroad provider in its covered region provides
important competitive advantages, allowing it to report consistent
volume improvements and increasing operating cash flow generation
while its operational capacity expands. A rating constrain is its
business concentration in one country, as it only serves Brazil's
agribusiness and industrial regions, like most of its Brazilian
peers, but different from other railroads worldwide, which enjoy a
more diversified covered region. The company's track record on
generating strong cash generation and its ability to improve its
credit metrics over the last three years are important credit
factors that support Rumo's ratings.

Rumo's ratings are positioned below Brazil's MRS S.A., rated
'BBB-'/Stable, which is the best-positioned railroad in the
country, due to its consistent operating cash flow generation, flat
operating margins, track record of positive FCF, low leverage and
sound liquidity. Rumo's rating is constrained by the negative FCF
expectation, derived from its large investment programs. Rumo's and
MRS's ratings are below those of other mature, more geographically
diversified and less leveraged rail companies in Mexico, the U.S.
and Canada, like Kansas City Southern, which are generally rated in
the mid 'BBB' to low 'A' range. Rumo's operating margins are in
line with Brazilian peers but below levels achieved by railroads in
the Northern hemisphere. Rumo's 'BB+' Local-Currency IDR is above
that of Hidrovias do Brasil S.A. (HdB, BB/Stable), due to the
railroad's ability to generate more stable operating cash flow and
to finance the large investment to increase volumes. HdB's net
leverage is higher than Rumo's, consistent with its still immature
profile, based on predictable cash flow generation within the low
competition cabotage business in Brazil, in the midterm.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case For The Issuer
Include:

  -- Annual volume increases of 9% to 11% from 2019 and 2021;

  -- Additional 5 million RTK coming from FNS in 2022;

  -- Tariff increases in line with inflation rate expected for 2019
and 2020;

  -- Capex of BRL5.0 billion in the 2019-2022 period.

RATING SENSITIVITIES

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

  -- Net adjusted leverage trending below 2.5x, on a sustainable
basis;

  -- Maintenance of strong liquidity and positive debt refinancing
schedule;

  -- Consistent Positive FCF trends;

  -- Positive actions toward the sovereign rating may lead to
positive actions regarding Rumo's Foreign-Currency IDR and the
rating of its unsecured bonds, currently limited by the Brazilian
Country Celling.

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

  -- Inability to finance capex with long-term and low cost debt,
putting pressure on debt amortization schedule;

  -- Substantial weakening of current EBITDA margin;

  -- Net adjusted leverage trends above 3.5x, on a sustainable
basis.

LIQUIDITY

Sound Liquidity: Fitch understands Rumo's liquidity will remain
strong and sustainable in the long-term, considering the financial
flexibility the company has presented to finance its past capex
plan. The agency anticipates Rumo's ability to raise funds with
Banco Nacional de Desenvolvimento Economico e Social (BNDES) and
other Brazilian foment entities, as well as national and
international capital markets, should lead cash-to-short term debt
to remain above 1.0x in the medium term, while the company presents
negative FCF. The company has presented cash on hand above BRL2.5
billion and the liquidity coverage ratio has been above 1.5x since
2017. At the end of March 2019, Rumo's consolidated debt was
BRL10.4 billion, mainly comprised of senior notes (BRL5.1 billion),
BNDES debt (BRL3.6 billion) and debentures (BRL1.0 billion), with
BRL1.2 billion on short-term debt covered by cash and equivalents
of BRL2.7 billion by 2.3 x.

FULL LIST OF RATING ACTIONS

Rumo S.A.

  -- Long-Term Local-Currency IDR upgraded to 'BB+', from 'BB';

  -- Long-Term Foreign-Currency IDR affirmed at 'BB';

  -- National Scale Long-Term Rating upgraded to 'AAA(bra)' from
'AA(bra)'.

Rumo Luxembourg S.a.r.l.:

  -- Senior unsecured notes due 2024 and 2025 affirmed at 'BB'.

Rumo Malha Norte S.A.

  -- National Scale Rating upgraded to 'AAA(bra)' from 'AA(bra)';

  -- BRL160 million 8th debentures issuance maturing in 2020
upgraded to 'AAA(bra)' from 'AA(bra)'.

Rumo Malha Sul S.A.

  -- National Scale Rating upgraded to 'AAA(bra)' from 'AA(bra)'.

Rumo Malha Paulista S.A.

  -- National Scale Rating upgraded to 'AAA(bra)', from 'AA(bra)'.

The Outlook for the Local-Currency IDR and the National Scale
ratings were revised to Stable from Positive. The Outlook of the
Foreign-Currency IDR remains Stable, as Fitch expects the
Foreign-Currency IDR to continue to be constrained by Brazil's 'BB'
Country Ceiling.




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

DRYDEN 46 EURO 2016: Moody's Affirms Ba2 on EUR26.9MM Class E Notes
-------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Dryden
46 Euro CLO 2016 B.V.

EUR236,500,000 Class A-1-R Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR33,500,000 Class A-2-R Senior Secured Fixed Rate Notes due 2030,
Definitive Rating Assigned Aaa (sf)

EUR44,510,000 Class B-1-R Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR25,430,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)

EUR24,080,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)

At the same time, Moody's affirmed the ratings of the outstanding
notes which have not been refinanced:

EUR12,870,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Oct 28, 2016 Definitive Rating
Assigned Aa2 (sf)

EUR26,900,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Oct 28, 2016
Definitive Rating Assigned Ba2 (sf)

EUR13,280,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Oct 28, 2016
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-1 Notes,
Class A-2 Notes, Class B-1 Notes, Class C Notes and Class D Notes
due 2030, previously issued on 28 October 2016. On the refinancing
date, the Issuer has used the proceeds from the issuance of the
refinancing notes to redeem in full the Original Notes.

On the Original Closing Date, the Issuer also issued EUR 12.87
million of Class B-2 Notes, EUR 26.9 million of Class E Notes, EUR
13.28 million of Class F Notes and EUR 54.11 million of
subordinated notes, which will remain outstanding. The terms and
conditions of the Class B-2 Notes, Class E Notes, Class F Notes and
the subordinated notes have been amended in accordance with the
refinancing notes' conditions.

As part of this refinancing, the Issuer will decrease the spreads
paid on the affected classes of notes and will extend the weighted
average life covenant by 0.8 years. Minimum fixed rate bucket will
be reduced to 0% from 10% and amendments to transaction documents
are introduced permitting maturity amendments to be made in
connection with the restructuring of defaulted obligations or
distressed exchange obligations that could result in up to 10% of
long dated assets bucket. In addition, the Issuer will amend the
base matrix and modifiers that Moody' will take into account for
the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 96% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 4% of the portfolio may consist of unsecured senior
loans, second-lien loans, high yield bonds and mezzanine loans. The
underlying portfolio is already fully ramped as of the refinancing
date.

PGIM Limited will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's remaining one and a half year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.


DRYDEN 46 EURO 2016: S&P Assigns B- Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dryden 46 Euro
CLO 2016 B.V.'s class A-1R, A-2R, B-1R, C-R, and D-R notes. At the
same time, S&P affirmed its ratings on the class B-2, E, and F
notes.

On June 12, 2019, the issuer refinanced the original class A-1,
A-2, B-1, C, and 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.

-- In accordance with the portfolio profile tests, the maximum
amount of fixed-rate obligations changed to 0%-20% from 10%-20%,
based on obligations not subject to any hedge transactions.

-- Scheduled principal proceeds can be reinvested for one period
after the reinvestment end date.

The ratings assigned to Dryden 46 Euro CLO 2016'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.

-- The transaction's documented counterparty replacement and
remedy mechanisms adequately mitigate its exposure to counterparty
risk under our current counterparty.

S&P said, "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 ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"We also consider that the transaction's legal structure to 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 ratings are
commensurate with the available credit enhancement for each class
of notes."

Dryden 46 Euro CLO 2016 is a broadly syndicated collateralized loan
obligation (CLO) managed by PGIM Ltd.

  Ratings List
  
  Dryden 46 Euro CLO 2016 B.V.

  Class Rating     Amount (mil. EUR)
  A-1R AAA (sf)     236.50
  A-2R AAA (sf)      33.50
  B-1R AA (sf)       44.51
  C-R  A (sf)        25.43
  D-R  BBB (sf)      24.08
  B-2  AA (sf)       12.87
  E    BB (sf)       26.90
  F    B- (sf)       13.28


KONINKLIJKE KPN: Egan-Jones Raises Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 7, 2019, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Koninklijke KPN NV to BB from no rating.

Koninklijke KPN N.V. was founded in 1881 and is headquartered in
Rotterdam, the Netherlands.


TECHCARE CORP: Needs More Funds to Continue as a Going Concern
--------------------------------------------------------------
TechCare Corp. filed its quarterly report on Form 10-Q/A,
disclosing a net loss of $478,827 on $58,171 of revenues for the
three months ended March 31, 2019, compared to a net loss of
$363,535 on $26,722 of revenues for the same period in 2018.

At March 31, 2019, the Company had total assets of $1,053,148,
total liabilities of $460,303, and $592,845 in total stockholders'
equity.

During the period ended March 31, 2019, the Company had a total
comprehensive loss of $0.47 million and had incurred $0.3 million
loss from operating cash flow.  As of March 31, 2019, the Company
incurred accumulated losses of approximately $9.2 million.  Based
on the projected cash flows and Company's cash balance as of March
31, 2019, the Company's management is of the opinion that without
further fund raising, it will not have sufficient resources to
enable it to continue advancing its activities including the
development, manufacturing and marketing of its products for a
period of at least 12 months from the date of issuance of these
financial statements.  As a result, there is substantial doubt
about the Company's ability to continue as a going concern.

A copy of the Form 10-Q/A is available at:

                       https://is.gd/Y1pv7d

TechCare Corp., a technology company, engages in the design,
development, and commercialization of a platform utilizing
proprietary vaporization technology to enable health, wellness, and
beauty treatments in the Netherlands and Israel. Its products
include Novokid, a device for the treatment of head lice and eggs;
and Shine, a device for the treatment and rejuvenation of the hair
and scalp. The company is headquartered in Rosh HaAyin, Israel.




===========
R U S S I A
===========

ENEL RUSSIA: Fitch Puts 'BB+' LT IDR on Watch Negative
------------------------------------------------------
Fitch Ratings has placed Enel Russia PJSC's 'BB+' Long-Term
Foreign- and Local-Currency Issuer Default Ratings and foreign and
local currency senior unsecured ratings on Rating Watch Negative.
The agency has affirmed the company's Short-Term Foreign- and
Local-Currency IDRs at 'B'. The rating action follows the
announcement of the board of directors' vote in favour of holding
an extraordinary general shareholders' meeting to approve the
planned sale of its coal-fired plant Reftinskaya GRES to
Kuzbassenergo, which is owned by Siberian Generating Company.

The RWN means that Fitch could affirm or downgrade the ratings. The
resolution of the RWN will rely on the planned use of the sale
proceeds and the company's future financial policy as well as its
assessment of its future business profile compared with its peers.

KEY RATING DRIVERS

Reftinskaya Sale: Reftinskaya GRES accounts for 40% of Enel
Russia's capacity and its sale will reduce the company's scale.
While Enel Russia's operational mix will shift towards cleaner
energy dominated by gas and renewables (eg wind), the investment in
wind projects will increase exposure to execution risk. Reftinskaya
GRES does not benefit from sales under highly cash flow generative
and stable capacity supply agreements (CSAs) but its profitability
is supported by using coal, which is a cheaper fuel than gas. As a
result of the sale, the share of CSAs in the group's EBITDA should
increase, primarily driven by wind projects if successfully
implemented as the CSAs for combined cycle gas turbine (CCGT) plant
expire in 2021 and this in turn should underpin profitability.

RWN Resolution: Fitch expects to resolve the RWN once it has more
clarity about the use of the sale proceeds and the company's
financial policy including regular dividends and capex programme in
light of the new business mix. The use of a substantial portion of
the sale proceeds for a special dividend without implementing any
flexibility in regular dividend or capex programme leading to a
breach of Fitch's negative rating guideline on a sustained basis
(funds from operations net adjusted leverage of 2.5x) may result in
a downgrade.

Renewable CSAs to Replace Thermal: In 2017 Enel Russia won the
auction to build two wind parks totalling 291MW. The payback period
for company's thermal CSAs expires from 2021, while wind projects
will be commissioned from December 2020 and 2021. Similar to
thermal generation in Russia, the renewables CSAs envisage stable
earnings and guaranteed return for capacity sales under the
approved tariff mechanism with a favourable equity internal rate of
return. Enel Russia estimates total capex for these projects at
EUR405 million.

Fitch expects thermal CSA expiration to be mostly mitigated by the
average annual EBITDA contribution from the new wind units,
estimated by Fitch at RUB4.5 billion-RUB5.0 billion. This is due to
the favourable tariff-setting mechanism, resulting in a CSA tariff
for wind projects almost 10 times higher than capacity auction
(KOM) tariffs and 1.5x higher than existing thermal CSA tariffs.
However, the capex spike in 2019-2021 would lead to leverage
peaking in 2021 and lower interest coverage.

Post-CSA EBITDA Decline Risk: Enel Russia's financial profile will
remain supported by capacity payments under thermal CSAs over
2019-2020. Fitch estimates that the newly commissioned units
operating under the CSAs contributed around 35%-40% of its 2018
EBITDA. However, as the 10-year payback period expires from January
2021 for all thermal power units operating under CSA these
capacities will revert to the market terms.

DERIVATION SUMMARY

Enel Russia's business and financial profiles are likely to change
following the sale of its coal-fired plant Reftinskaya GRES. Enel
Russia's rating is currently supported by its solid market position
and strong financial profile, which is enhanced by a significant
share of EBITDA generated under CSAs with favourable economics.
Similar to other Russian thermal power producers, this is the key
factor that mitigates the company's exposure to market risk and
supports the stability of its cash-flow generation. Enel Russia has
a slightly weaker financial profile than its closest peers
Mosenergo PJSC (BBB-/Stable) and PJSC Inter RAO UES
(BBB-/Positive). Enel Russia's 'BB+' rating does not incorporate
any parental support from its ultimate majority shareholder, Enel
S.p.A. (A-/Stable).

KEY ASSUMPTIONS

  - Reftinskaya's contribution in 2019 and removal from forecasts
from 2020

  - Domestic GDP and inflation increase of 1.5% and 5.3% in 2019
and by 1.9% and 4.4% in 2020-2022

  - Gas tariffs indexation by around 3% over 2019-2022

  - Power price growth slightly below gas price increase over
2019-2022

  - Electricity regulated tariffs to increase below inflation

  - Dividends in line with current dividend policy of 65% of net
income under IFRS over 2019-2021

  - Capex in line with management expectations for 2019-2021, and
at about the 2016-2017 level thereafter (adjusted for Reftinskaya)

RATING SENSITIVITIES

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

  - Sale of assets along with generous dividend distributions
and/or an ambitious capex programme leading to a weakening of the
company's business and financial profiles with FFO net adjusted
leverage rising above 2.5x and FFO fixed charge cover falling below
5x on a sustained basis.

  - Generation of negative FCF on a sustained basis.

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

  - The ability to sustain solid credit metrics with FFO net
adjusted leverage remaining below 2.5x on a sustained basis
following the asset sale would likely result in removal of the RWN
and Outlook stabilisation

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Enel Russia has comfortable liquidity as its
cash of RUB6.1 billion together with uncommitted unused credit
facilities of RUB26 billion (available for more than a year) were
more than sufficient to cover short-term debt of RUB9.4 billion at
end-2018. Under these credit facilities Enel Russia does not pay
commitment fees, which is common practice in Russia. The credit
facilities include loan agreements with the largest local banks and
international bank subsidiaries. Fitch expects funding from these
banks to be available to the company. In addition, Enel Russia
signed committed loan facilities for the financing of Azov and
Murmansk windfarm construction projects for RUB9.5 billion and
RUB22.5 billion, respectively.




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

DIA GROUP: Main Shareholder Seeks Debt Refinancing Deal
-------------------------------------------------------
Andres Gonzalez and Isla Binnie at Reuters report that Spanish
retailer DIA said on June 17 its main shareholder will seek a deal
on how to restructure the discount supermarket chain's towering
debt after missing the June 15 deadline.

The company's biggest shareholder, investment fund LetterOne, is
negotiating with a group of 17 lenders, including seven investment
funds, the details of a EUR380-million (US$426.63 million)
refinancing agreement, Reuters relays, citing a source with
knowledge of the deal.

According to Reuters, the fresh money is required by the fund owned
by Russian tycoon Mikhail Fridman, for DIA to implement a
EUR500-million share-capital increase approved by the shareholders'
meeting on March 20.

DIA has struggled to compete in Spain with home-grown and foreign
rivals that have ploughed more money into their stores, leaving it
on the brink of declaring insolvency, Reuters relates.

Distribuidora Internacional de Alimentacion, S.A. (DIA) is a
Spanish multinational company specializing in the distribution of
food, household and personal care products.  It operates in Spain,
Portugal, Argentina and Brazil and China with more than 6,100
stores.  In 2018, its sales were EUR9.3 billion.


GIRALDA HOLDING: S&P Assigns 'B+' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Giralda Holding Conexion, S.L.U. and its 'B+' and '3' recovery
ratings to the group's senior secured facilities.

S&P assigned the 'B+' rating to Konecta following the acquisition
by ICG and its senior management and the associated financing. The
financing closed on March 19, 2019.

The 'B+' ratings reflect Konecta's small scale, concentrated client
base, and the fragmented nature of the CRM/BPO market, but are
supported by its solid geographical diversification and relatively
low leverage (4.2x expected at the end of 2019) for a
financial-sponsor owned company.

S&P said, "The stable outlook reflects our expectation that
low-single-digit-percentage GDP growth in Spain and Latin America
will drive similar revenue growth for Konecta, with adjusted EBITDA
margins sustained above 10% and adjusted debt to EBITDA sustained
below 5x.

"We could lower the rating if growth headwinds in Latin America
result in a continued revenue decline or if high restructuring
costs or operation missteps compress EBITDA margins to below 10%.
We could also lower the rating if the company adopts a more
aggressive financial policy and maintains adjusted debt to EBITDA
above 5x. Additionally, the rating could be lowered if ICG group or
an affiliate takes a position in Konecta's TLB, which we believe
would create conflicting interests within the group. This would
cause us to reconsider whether the shareholder loan has sufficient
equity-like characteristics to be treated as equity when
calculating credit metrics.

"We view an upgrade as unlikely over the next 12 months. Longer
term, we could raise the rating if Konecta improves its market
share and customer and geographical diversification, and expands
EBITDA margins to above 15%, which we consider average for the
general support services subsector. We could also raise the rating
if we anticipate that Konecta will adopt a more conservative
financial policy, with adjusted debt to EBITDA sustained below 4x,
which would likely come from an indication that the sponsor would
relinquish effective control over Konecta."


KCA DEUTAG: S&P Cuts Issuer Credit Rating to CCC+, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on oil services company KCA
Deutag Alpha Ltd. (KCAD) and its senior secured facilities to
'CCC+' from 'B-'

S&P said, "We downgraded KCAD because the slower-than-expected
recovery in the drilling market led to a rise in KCAD's leverage
and increased pressure on its liquidity profile. As a result, we no
longer view KCAD's capital structure as sustainable.

"Under our revised base-case scenario, we now expect S&P Global
Ratings-adjusted EBITDA of about $300 million in 2019, down from
our previous expectation of close to $360 million, and with only
limited upside in 2020. In our view, the early signs of recovery in
the drilling market have yet to translate into improved
profitability--day-rates still reflect the oversupply in the
market. As of Dec. 31, 2018, the company's adjusted debt was about
$2,050 million (equivalent to reported net debt of $1,749 million).
The company's debt is poised to further increase, with a negative
cash flow after capital expenditure (capex) in both 2019 and 2020.
This will translate into an adjusted debt-to-EBITDA ratio of about
6.5x in 2019, compared with more than 7x in 2018.

"The lower-than-expected results are also likely to increase the
pressure on the company's liquidity. In the short term, we expect
headroom under the financial covenants to tighten as covenants step
down. Although the pressure could be relieved if KCAD received some
support from its shareholders, the liquidity issue would move to
the center of attention as the company approached the maturity date
of the $375 million bonds in May 2021. Later on, the company will
need to manage maturities of $750 million and $795 million in 2022
and 2023. We understand that KCAD does not plan a refinancing in
2019.

"In our view, the company's business model is sound. However, it
cannot support the current high debt level and the associated hefty
interest expenses. The merger with Middle East drilling company,
Dalma, positions KCAD as one of the main drilling companies in the
attractive oil and gas markets of the Middle East and Russia. The
company continues to benefit from a sizable firm backlog (about
$2.7 billion as of May 2019). We anticipate that a recovery in oil
and gas offshore activities would play into the company's
competencies in this area, leading to much higher profitability.
That said, we view this as unlikely to occur in the coming 12
months.

"The stable outlook reflects KCAD's limited debt maturities until
May 2021, when the $375 million notes are due. We anticipate that
the current tight headroom under KCAD's financial covenants will be
addressed by its shareholders and other internal initiatives,
without putting immediate pressure on the rating.

"Under our base-case scenario, we see EBITDA of about $300 million
in 2019 translating into adjusted debt to EBITDA of about 6.5x, and
a negative FOCF of $80 million-$100 million. During 2020, we
forecast that credit metrics and cash flows will show some
improvements, but the company's already-sizable debt level will
grow further in absolute terms."

S&P could consider lowering the rating if KCAD does not address its
capital structure and liquidity over the coming 12 months,
including:

-- Obtaining covenant waivers or an equity cure from the
shareholders, which would reduce the risk of a covenant breach
later this year; and

-- Making progress in refinancing its sizable maturity by the end
of the first quarter of 2020.

S&P said, "In addition, we could lower the ratings if we observed a
weaker-than-expected EBITDA than we currently forecast, that would
limit the company's access to the capital markets and would
increase the likelihood of a distressed exchange offer.

"At this stage, we see an upgrade as being remote in the coming 12
months. A future upgrade would likely follow improved market
conditions that would enable KCAD to grow EBITDA from the current
levels. In our view, given the current absolute debt level, a
higher rating should be also supported by a material positive FOCF
and an actual reduction in its absolute debt level. Other
supportive elements would include a manageable debt profile and
sufficient headroom under its future financial covenants."




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

CANDLETIME LTD: Difficult Trading Conditions Prompt Collapse
------------------------------------------------------------
Business Sale reports that Candletime (Meadowhall) Limited, a shop
retailing candle and gifts in Sheffield, has collapsed into
administration as a result of difficult trading conditions on the
high street.  

Despite being active for more than 20 years, the company was forced
to call in professional advisory firm and insolvency specialists
Wilson Field to handle the administration process, with partners
Kelly Burton and Lisa Hogg appointed as joint administrators,
Business Sale relates.

According to Business Sale, the associate director and licensed
insolvency practitioner at Wilson Field, Kelly Burton, said: "As we
have seen in the press in recent months, trading conditions in the
retail sector are particularly challenging due to the increasing
impact of internet sales on traditional retailers.

"In this case, the company has been a victim of ever decreasing
footfall and the presence of large, national competitors operating
close to the shop, which unfortunately has reduced revenues and
created cashflow pressure."

Trading operations will continue in spite of the administration for
customers to purchase Candletime's remaining stock, Business Sale
discloses.


ENTERTAINMENT ONE: S&P Affirms 'B+' ICR on Proposed Refinancing
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on London-listed independent film and TV content producer and
distributor Entertainment One Ltd. and assigned its 'B+' issue and
'3' recovery ratings to the proposed GBP425 million senior secured
notes.

S&P said, "We affirmed the ratings on eOne because the proposed
refinancing will be neutral for eOne's leverage and will allow the
group to extend its debt maturities and reduce its interest costs.
The group plans to issue GBP425 million senior secured notes due in
2026 and will use the proceeds to redeem the existing GBP355
million senior secured notes due in 2022 and the GBP52 million
senior secured term loan due in 2020 that it borrowed in April 2019
to finance the acquisition of Audio Network Ltd.

"In 2020-2021, we expect that eOne will deliver a strong operating
performance and will benefit from the increasing global demand for
content, despite fierce competition and increasing output in the
content production industry. eOne will continue to release new
seasons of its leading pre-school children shows, Peppa Pig and PJ
Masks, with traditional broadcasters and streaming platforms
worldwide, and will launch a new show, Ricky Zoom, in China and
then globally. eOne will also expand the rollout of consumer
products associated with these brands.

"The recent acquisition of Audio Network, which produces and
publishes music for use in film, television, and other media, will
complement eOne's existing music business and will support the
group's revenue growth and EBITDA generation. In the film,
television & music division, the group will continue shifting the
focus from content distribution to own production and producing a
lower number of higher-quality films. This will require higher
investment in content production and will weigh on eOne's free
operating cash flow (FOCF).

"We forecast that EBITDA generation will remain robust, with the
S&P Global Ratings-adjusted EBITDA margin improving to about
17%-19% in fiscal year (FY) 2020, ending March 31, 2020, from 15%
in FY2019, but FOCF will be strongly negative in 2020. Going
forward, we expect FOCF will gradually recover such that eOne's
adjusted leverage will remain below 4.0x on average.

"Our rating on eOne continues to reflect the inherently high
volatility of the content production and distribution industry,
fierce competition, and rising content production and film
promotion costs. The group is smaller in terms of size and scope
than the major Hollywood studios and larger independent TV and film
content producers with which it competes. Similar to other content
producers, eOne's operating performance is subject to volatility in
revenues and cash flow due to a dependence on the quality of films
and TV shows and potential shifts in the timing of releases, over
which eOne has only limited control."

Positively, eOne has global operations across film, television,
family, and music content in the U.S., Canada, the U.K., Europe,
and Australia. The group has a well-diversified pipeline of new
content releases and a large library of content rights that it can
exploit across different channels and territories.

S&P said, "The stable outlook reflects our view that over the next
12 months, eOne will continue to benefit from strong performance in
its family & brands division and will deliver a successful slate of
films and TV shows. The outlook assumes that despite heavy
investment in new content production and acquisitions, the group's
adjusted debt to EBITDA will remain below 4.0x on a sustainable
basis. The stable outlook also assumes that eOne will maintain
adequate liquidity and sufficient availability under its super
senior revolving credit facility (SSRCF) to cover working capital
outflows, including intrayear seasonal swings.

"We could lower the rating if eOne's weighted-average adjusted
leverage increased above 4x. This could happen if the group's
profitability decreased due to its inability to deliver successful
content, or if negative FOCF exceeded our base-case projections for
an extended period due to higher investment in content production
and large working capital outflows. Weakening liquidity and large
debt-financed acquisitions that we do not factor into our forecast
could also lead to a downgrade.

"We could raise the rating if the stability and predictability of
eOne's profitability and cash flows improved following the
continued organic growth of the business, and if positive FOCF
generation translated into a reduction in adjusted leverage. An
upgrade would require adjusted debt to EBITDA to be less than 3.5x
and FOCF to debt to improve to more than 10% on a sustainable
basis, underpinned by the group's financial policy aimed at
balancing mergers and acquisitions, investments in content rights
and production, and dividend payments."

eOne is one of the world's largest global independent studios that
specializes in the development, acquisition, production, financing,
distribution, and sale of entertainment content. In fiscal 2019, it
generated about GBP940 million in revenues and GBP140 million of
adjusted EBITDA.


GKN HOLDINGS: Moody's Hikes Unsecured Notes to Ba1, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the senior
unsecured debt ratings of the British multinational automotive and
aerospace components manufacturer GKN Holdings Limited, which is
owned by Melrose Industries plc. Concurrently, Moody's has
withdrawn GKN's corporate family rating of Ba1, the (P)Ba2 senior
unsecured MTN programme rating and the probability of default
rating of Ba1-PD. The outlook is stable.

"The upgrade of GKN's instrument ratings reflects the elimination
of the structural subordination of the instruments due to the
parental guarantees provided by Melrose." says Matthias Heck, a
Moody's Vice President -- Senior Credit Officer and Lead Analyst
for GKN. "The credit quality of the notes is now closely linked to
the one of Melrose." Added Mr. Heck.

RATINGS RATIONALE

On February 22, 2019, the bondholders of GKN's notes due 2022 and
2032 approved a consent solicitation raised on January 29, 2019.
This consent solicitation included (i) the permission to transfer
the listing of the notes to the Professional Securities Market
(PSM) of the London Stock Exchange, (ii) the provision of certain
guarantees to the holders of the notes, to rank them equal in right
of payment with Melrose's Senior Term and Revolving Facilities, and
(iii) make certain other related changes to the trust deed in terms
of disclosure requirements of audited financial statements of GKN
Holdings.

The withdrawal of GKN's CFR and PDR result from the transfer of the
notes to the PSM and the resulting lower disclosure requirements.
In this context, Moody's does not expect to have sufficient
information for GKN's CFR and PDR anymore, such as consolidated
audited financial statements. However, the parental guarantee
provided by Melrose and its disclosure as a publically listed
company enable Moody's to continue to rate the notes. The rating of
the notes originally issued by GKN Holdings now reflects Melrose's
credit quality. In 2018, GKN represented approximately 80% of
Melrose's revenues and 75% of its operating income (pro forma for
12 months of consolidation).

GKN's rating is supported by (1) the company's end market
diversification, predominantly into automotive (approximately 60%in
2018) and aerospace (approximately 36%), which largely follow
different industry cycles, (2) a positive exposure to the growing
adoption of alternative fuel vehicles through GKN's investments in
eDrive technologies, and (3) its strong position in selected niche
markets such as ice protection and fuel systems.

The rating is constrained by (1) GKN's exposure to the cyclicality
of production rates in the automotive and aerospace industry as
well as strong competition in both markets, (2) ongoing pricing
pressure by the original equipment manufacturers (OEMs) on their
suppliers, (3) the company's financial leverage (3.8x at December
2018, Moody's adjusted debt/EBITDA of Melrose, including GKN).

The stable outlook reflects the expectation that Melrose will
maintain its announced financial target of net leverage not
exceeding 2.5x at the group level. Moody's expects that Melrose
will at least maintain or even reduce its leverage, due to a
combination of earnings improvements following restructuring
measures, and debt reduction. The latter will be driven by GKN's
free cash flows. Moody's also notes Melrose's intention to dispose
of certain assets. While there is an agreement with the GKN's UK
pension trustee to use certain parts of such proceeds to partially
fund the pension deficit, this will further help to reduce leverage
if targeted disposals are successfully executed.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of the notes to Baa3 would require an established track
record of Melrose as GKN's owners, the maintenance of a strong
liquidity profile, and clear visibility that Melrose can further
improve its credit strength by maintaining its leverage at a level
of below 2.5x debt/EBITDA (Moody's adjusted) through the cycle
(3.8x at December 2018, pro forma for 12 months consolidation of
GKN), and achieve EBITA margins (Moody's adjusted) consistently
exceeding 9.0% (10.1% in 2018 pro forma), both on a sustainable
basis. An upgrade would also require a financial policy, which
supports an investment-grade rating.

Downward rating pressure would arise upon a sustainable
deterioration of earnings and cash flow. Such a development would
be exemplified by negative free cash flow, an increase in leverage
to more than 3.75x debt/EBITDA, or EBITA margin falling below 7.0%
(both Moody's adjusted). Likewise, larger than expected shareholder
distributions or a weakening of liquidity could trigger a negative
rating action.

LIQUIDITY

Moody's considers GKN's liquidity position to be good. It relies on
the liquidity position of its guaranteeing parent company Melrose,
which is also considered to be good. At the end of December 2018,
Melrose had GBP415 million cash and cash equivalents on hand. Other
sources of liquidity are funds from operations (estimated at around
GBP900 million for the next twelve months to December 2019) and the
GBP3.1 billion revolving credit facility (RCF; due 2023), of which
GBP1.4 billion were available at the end of December 2018.

These sources of liquidity should well cover the company's
liquidity needs for the upcoming 12 months. Moody's expects cash
needs of approximately GBP1.0 billion, including cash outflows for
capex, working capital requirements, dividend payments and cash
required on balance sheet to run the business. Moody's expects,
however, no major shareholder distributions. The next major debt
maturities are in October 2019, when GKN's senior unsecured bonds
of GBP350 million fall due. This can be financed with a drawdown of
the RCF, reducing its availability to approximately GBP1.0
billion.

Melrose's bank credit facilities contain conditionality language in
the form of financial covenants (calculated on reported numbers)
requiring that the group's EBITDA/interest coverage should be at
least 4x and its leverage ratio does not exceed 3.5x net
debt/EBITDA. Moody's estimates that Melrose has ample headroom to
the test levels (52% as of December 2018, compared to reported net
leverage of 2.3x).

STRUCTURAL CONSIDERATIONS

GKN's senior unsecured notes rank pari passu with Melrose's Senior
Term and Revolving Facilities. The debt is, however, subordinated
to GKN's pension provisions and the trade payables and leasing
liabilities of the operating subsidiaries, which are not
guaranteeing for Melrose's and GKN's debt.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

COMPANY PROFILE

Headquartered in the UK, GKN is a global tier one supplier to the
automotive and aerospace industry with operations in more than 30
countries and 58,200 employees. The group operates through three
main divisions: Automotive (51% of 2018 revenues), Aerospace (36%),
and Powder Metallurgy (13%). The Driveline and Powder Metallurgy
activities primarily address the automotive industry. Aerospace
supplies the commercial and military aircraft market. In 2018,
GKN's main activities, reported under Melrose's business divisions
Automotive, Aerospace and Powder Metallurgy, recorded revenues of
GBP9.7 billion, based on 12 months pro forma revenues reported by
Melrose. Since June 2018, GKN has been a fully-owned subsidiary of
Melrose Industries plc and accounts for approximately 80% of
Melrose's 2018 pro forma sales of GBP12.2 billion.


KIER GROUP: To Sell Housebuilding Arm at Discount to Cut Debt
-------------------------------------------------------------
Justin George Varghese at Reuters reports that shares in Britain's
Kier Group fell more than 35% on Friday, June 14, to a record low
after the Times newspaper reported the construction and services
group was rushing to sell its housebuilding business at a discount
to cut mounting debt.

The report was the latest setback for the group, which has
contracts for major projects including London's Crossrail link,
following a recent profit warning, Reuters notes.

The warning had sent Kier's shares down 40% to their lowest in two
decades and wiped off GBP185 million from its market value as
investors speculated the company might cut dividend payouts and
seek to raise more funds after a failed share issue last year,
Reuters relates.

The slump in the stock price comes amid pressure on Neil Woodford,
one of Britain's best-known investors who has a near 16% stake in
Kier as of June 5, after he froze his equity income fund due to
increased redemptions, Reuters notes.

According to Reuters, The Times reported on June 14 that Kier,
which has been looking to cut debt and simplify its structure, had
sounded out advisers on the possibility of selling the housing
division for GBP100 million to GBP150 million -- a price analysts
at Liberum deemed "disappointing", given the company valued it at
GBP291 million in 2018.

As reported by the Troubled Company Reporter-Europe on March 14,
2019, The Telegraph related that troubled contractor Kier shocked
investors by admitting its debt pile was GBP50 million higher than
it had previously thought.  An accounting error in Kier's half-year
results at the end of December meant net debt was GBP181 million
rather than GBP130 million, according to The Telegraph.

Kier Group plc -- https://www.kier.co.uk -- is a UK construction,
services and property group active in building and civil
engineering, support services, public and private housebuilding,
land development and the Private Finance Initiative.


NEW LOOK BONDS: S&P Assigns 'CCC+' ICR on Debt-For-Equity Swap
--------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' rating to New Look Bonds
Ltd., the new intermediate holding company for U.K.-based apparel
retailer New Look, following the completion of a debt-restructuring
process launched earlier this year. S&P has also assigned its
'CCC-' rating to the group's new senior secured notes.

S&P's ratings on New Look reflect the group's position as one of
the U.K.'s leading multichannel womenswear retailers, its robust
online presence, and cost and capital structures, which should
provide management with some, albeit limited, scope to try and
continue to turn the business around.

New Look recently completed a debt restructuring transaction that
saw control of the company handed to its previous creditors, its
overall debt burden cut significantly, and the injection of GBP150
million of new capital. The group's new capital structure has
several credit accretive properties, compared to what it had
previously. Gross debt has been cut by nearly GBP1 billion, leading
to a decline in cash interest costs of around GBP50 million, with
the remainder now able to be toggled to payment-in-kind (PIK) notes
at management's discretion, providing the group with more financial
flexibility.

S&P said, "Our ratings are constrained by the low visibility of the
group's future sustainable earnings base in light of soft
conditions in the U.K. discretionary goods market, the group's
ongoing operational restructuring, and recent volatility in
earnings (reported EBITDA turned negative in FY2018, a swing of
nearly GBP200 million from the year before). S&P Global
Ratings-adjusted leverage will also remain very high at 8.5x-10.0x,
despite the restructuring transaction reducing gross debt by around
GBP1 billion. We therefore think the group remains dependent on
favorable economic, business, and financial conditions and that its
capital structure is currently unsustainable in the long term."

New Look competes in the highly fragmented and competitive U.K.
apparel market. In light of Brexit uncertainty and changes in
consumer spending habits, S&P does not expect trading conditions to
improve in the near term. Despite weak performance, New Look's
share of the U.K. apparel market for women has remained robust.
However, a softening of consumer sentiment, and some merchandising
missteps, have led to discounting pressures over the last two years
or so. This, along with foreign exchange-related increases in
inventory costs, have seen New Look's gross margin decline rapidly
and substantially.

S&P said, "We think New Look has the ability to improve gross
margins in the short term following a move to broader appeal
product. We think this should allow for less discounting, thereby
increasing average selling prices. However, we do not believe a
return to gross margins of around 55% is likely in the near to
medium term." Furthermore, following approval for the group's
Company Voluntary Arrangement (CVA; obtained in March 2018) it has
either closed, or will close, a total of 110 stores, and
dramatically reduced rents on much of the remainder.

Following completion of the restructuring, we are also withdrawing
our ratings on the prior holding company, New Look Retail Group
Ltd., and the debt under the group's former capital structure.

S&P said, "The negative outlook reflects our view that soft trading
conditions in the U.K., ongoing operational restructuring, and a
need to rapidly improve the group's product appeal, could hamper
the group's ability to achieve the significant near-term
improvement required in the group's earnings and cash flows to
render its capital structure and liquidity position sustainable.
With the group's revolving credit facility (RCF) maturing in June
2021, pressure could mount on New Look if it does not outperform
our base case and deleverage from the 8.5x-10.0x we estimate by
financial year-end 2020 (FY2020).

"We could lower the ratings if we anticipate a specific default
scenario within the next 12 months. In addition to a liquidity
crisis, this could include further steps to restructure the group's
debt obligations. Any such transactions could trigger a downgrade
to 'SD' (selective default) at the issuer level.

"We could revise the outlook to stable if New Look successfully
executes its turnaround plan, delivering stronger earnings and cash
flows than we currently expect. This would allow the group to
deleverage toward more sustainable levels, aiding its ability to
refinance its RCF, on similar terms to those of the existing
facility."


NEWDAY FUNDING 2019-1: Fitch Rates GBP12.3MM Class F Notes 'B+sf'
-----------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding's Series 2019-1 notes
final ratings as follows:

GBP149.7 million Series 2019-1 A: 'AAAsf'; Outlook Stable

GBP23.1 million Series 2019-1 B: 'AAsf'; Outlook Stable

GBP33.9 million Series 2019-1 C: 'Asf'; Outlook Stable

GBP42.3 million Series 2019-1 D: 'BBBsf'; Outlook Stable

GBP23.7 million Series 2019-1 E: 'BBsf'; Outlook Stable

GBP12.3 million Series 2019-1 F: 'B+sf'; Outlook Stable

Fitch has simultaneously affirmed Series 2018-2, Series 2018-1,
Series 2017-1, Series 2016-1, Series 2015-2, Series VFN-F1 V1 and
Series VFN-F1 V2.

The notes issued by NewDay Funding 2019-1 plc are collateralised by
a pool of non-prime UK credit card receivables.

KEY RATING DRIVERS

Non-Prime Asset Pool

The charge-off and payment rate performance of the portfolio
differs from that of other rated UK credit card trusts, due to the
non-prime nature of the underlying assets. Fitch assumes a steady
state charge-off rate of 18%, with a stress on the lower end of the
spectrum (3.5x for AAAsf), considering the high absolute level of
the steady state assumption and lower historical volatility in
charge-offs. Fitch applied a steady state payment rate assumption
of 10%, with a median level of stress (45% at AAAsf).

Changing Pool Composition

The portfolio consists of an open book and a closed book, which
have displayed different historical performance trends. Overall
pool performance is expected to continue to migrate towards the
performance of the open book as the closed book amortises. This has
been incorporated into Fitch's steady-state asset assumptions.

Variable Funding Notes Add Flexibility

In addition to Series VFN-F1 providing the funding flexibility that
is typical and necessary for credit card trusts, the structure
employs a separate originator VFN, purchased and held by NewDay
Funding Transferor Ltd (the transferor). It provides credit
enhancement to the rated notes, adds protection against dilution by
way of a separate functional transferor interest, and meets the EU
and US risk retention requirements.

Key Counterparties Unrated

The NewDay Group acts in several capacities through its various
entities, most prominently as originator, servicer and cash manager
to the securitisation. In most other UK trusts, these roles are
fulfilled by large institutions with strong credit profiles. The
degree of reliance is mitigated in this transaction by the
transferability of operations, agreements with established card
service providers, a back-up cash management agreement and a
series-specific liquidity reserve.

Stable/Negative Outlook

Fitch has a Stable/Negative asset performance outlook for the UK
unsecured consumer ABS sector. This outlook reflects the risks that
a no-deal Brexit poses to asset performance and rising consumer
debt levels compromising the ability of UK households to respond to
external shocks. However, Fitch maintains its Stable Rating Outlook
for the sector, as performance remains benign and any potential
deterioration should remain fully consistent with the steady-state
assumptions for UK credit card trusts.

NewDay Funding
   
2015-2 Class A (XS1309590161)   LT AAAsf    Affirmed
2015-2 Class B (XS1309592530)   LT AAsf     Affirmed
2015-2 Class C (XS1309594312)   LT Asf      Affirmed
2015-2 Class D (XS1309596523)   LT BBBsf    Affirmed  
2015-2 Class E (XS1309613807)   LT BBsf     Affirmed
2015-2 Class F (XS1309634555)   LT B+sf     Affirmed  

2016-1 Class A (XS1483547581)   LT AAAsf    Affirmed
2016-1 Class B (XS1483551427)   LT AAsf     Affirmed  
2016-1 Class C (XS1483551773)   LT Asf      Affirmed
2016-1 Class D (XS1483552151)   LT BBBsf    Affirmed
2016-1 Class E (XS1483552409)   LT BBsf     Affirmed
2016-1 Class F (XS1483552664)   LT B+sf     Affirmed

2017-1 Class A (XS1634772468)   LT AAAsf    Affirmed
2017-1 Class B (XS1634772971)   LT AAsf     Affirmed
2017-1 Class C (XS1634774084)   LT Asf      Affirmed
2017-1 Class D (XS1634774167)   LT BBBsf    Affirmed
2017-1 Class E (XS1634803792)   LT BBsf     Affirmed
2017-1 Class F (XS1634834912)   LT Bsf      Affirmed

2018-1 Class A1 (XS1846631551)  LT AAAsf    Affirmed
2018-1 Class A2 (XS1846632013)  LT AAAsf    Affirmed
2018-1 Class B (XS1846632443)   LT AAsf     Affirmed
2018-1 Class C (XS1846632799)   LT Asf      Affirmed
2018-1 Class D (XS1846632955)   LT BBBsf    Affirmed
2018-1 Class E (XS1846633250)   LT BBsf     Affirmed
2018-1 Class F (XS1846633508)   LT Bsf      Affirmed
2018-2 Class A1 (65120BAA1)     LT AAAsf    Affirmed
2018-2 Class A2 (XS1882673434)  LT AAAsf    Affirmed
2018-2 Class B (XS1882673780)   LT AAsf     Affirmed
2018-2 Class C (XS1882674085)   LT Asf      Affirmed  
2018-2 Class D (XS1882674754)   LT BBBsf    Affirmed
2018-2 Class E (XS1882675306)   LT BBsf     Affirmed
2018-2 Class F (XS1882675991)   LT Bsf      Affirmed

2019-1 Class A                  LT AAAsf    New Rating
2019-1 Class B                  LT AAsf     New Rating
2019-1 Class C                  LT Asf      New Rating
2019-1 Class D                  LT BBBsf    New Rating
2019-1 Class E                  LT BBsf     New Rating
2019-1 Class F                  LT B+sf     New Rating

VFN-F1 V1 Class A               LT BBBsf    Affirmed
VFN-F1 V1 Class E               LT BBsf     Affirmed  
VFN-F1 V1 Class F               LT Bsf      Affirmed
VFN-F1 V2 Class A               LT AAAsf    Affirmed
VFN-F1 V2 Class B               LT AAsf     Affirmed  
VFN-F1 V2 Class C               LT Asf      Affirmed
VFN-F1 V2 Class D               LT BBBsf    Affirmed
VFN-F1 V2 Class E               LT BBsf     Affirmed  
VFN-F1 V2 Class F               LT Bsf      Affirmed


NOBLE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to B
--------------------------------------------------------
Egan-Jones Ratings Company, on June 7, 2019, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Noble Corporation plc to B from B+. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

Noble Corporation plc is an offshore drilling contractor organized
in London, United Kingdom. Its affiliate, Noble Corporation, is
organized in the Cayman Islands. It is the corporate successor of
Noble Drilling Corporation.


SMIGGLE: Australian Parent Company May Pull Plug on Funding
-----------------------------------------------------------
Luke Tugby at Retail Week reports that Smiggle has warned that its
Australian parent company Just Group could pull the plug on funding
for its UK business if economic conditions deteriorate.

The children's stationery specialist admitted that it "continues to
rely on the ongoing financial support" of Just Group and cautioned
that its owner had "reserved the right to review the provision of
this financial support", Retail Week relates.

According to Retail Week, Smiggle blamed its owner's stance on the
"uncertain and volatile" macroeconomic environment in the UK
market.  It said that "ongoing Brexit uncertainty has continued to
impact the entire UK economy and consumer confidence".

Despite the challenging backdrop, Smiggle insisted that Just
Group's "current intentions" were to provide funding "to enable it
to meet its liabilities" for at least the next 12 months, Retail
Week notes.

The turbulent environment has dramatically put the brakes on
Smiggle's profit growth and store expansion, Retail Week states.

Retail Week understands that Smiggle has been having informal
discussions with landlords about securing rent reductions, just
five years after it launched in Britain.

However, there is no suggestion that the business could launch a
more formal process, such as a company voluntary arrangement (CVA),
in order to slash its property costs, Retail Week discloses.




===============
X X X X X X X X
===============

KIDOZ INC: Losses, Accumulated Deficit Cast Going Concern Doubt
---------------------------------------------------------------
Kidoz Inc. filed its quarterly report on Form 10-Q, disclosing a
comprehensive loss of $826,304 on $305,956 of total revenue for the
quarterly period ended March 31, 2019, compared to a comprehensive
loss of $835,368 on $24,351 of total revenue for the same period in
2018.

At March 31, 2019, the Company had total assets of $23,022,015,
total liabilities of $797,656, and $22,224,359 in total
stockholders' equity.

The Company has reported losses from operations for the quarters
ended March 31, 2019 and 2018, and has an accumulated deficit of
$26,724,524 as at March 31, 2019.  These material uncertainties
raise substantial doubt about the Company's ability to continue as
a going concern.

A copy of the Form 10-Q is available at:

                       https://is.gd/fG1i0J

Kidoz Inc. develops and sells consumer mobile software products and
games in Anguilla and internationally. It focuses on the
development and marketing of a platform of interactive games for
families and children. The company's products include Rooplay, a
platform of educational and entertainment games; Garfield's Bingo,
a bingo game; and Trophy Bingo, live through mobile platforms. The
company was formerly known as Shoal Games Ltd. and changed its name
to Kidoz Inc. in April 2019. Kidoz Inc. was founded in 1987 and is
based in The Valley, Anguilla.



                           *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *