/raid1/www/Hosts/bankrupt/TCREUR_Public/190718.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

          Thursday, July 18, 2019, Vol. 20, No. 143

                           Headlines



F R A N C E

LOXAM SAS: S&P Rates New EUR1.15BB Senior Secured Notes 'BB-'


G E R M A N Y

SENVION HOLDING: S&P Cuts Rating to 'D' on Missed Interest Payment


I R E L A N D

BLACKROCK EUROPEAN II: S&P Affirms B-(sf) Rating on Class F Notes
FAIR OAKS I: Fitch Assigns Final B-sf Rating to Class F Debt
HARVEST CLO XXII: Fitch Rates Class F Debt 'B-(EXP)'
SHAMROCK RESIDENTIAL 2019-1: DBRS Finalizes B Rating on F Notes
ST. PAUL XI: Fitch Assigns B-sf Rating to EUR9.8MM Class F Debt



I T A L Y

BRIGNOLE CO 2019-1: DBRS Gives Prov. B (low) Rating on Cl. X Notes


K A Z A K H S T A N

FORTEBANK JSC: Moody's Hikes Deposit Rating to B1, Outlook Stable
TRANSTELECOM CO: S&P Assigns 'B' ICR, Outlook Stable


L U X E M B O U R G

ARDAGH GROUP: S&P Affirms B+ Issuer Credit Rating, Outlook Stable


N E T H E R L A N D S

KANTOOR FINANCE 2018: DBRS Confirms BB (low) Rating on Cl. E Notes
TRIVIUM PACKAGING: S&P Assigns Prelim 'B+' ICR, Outlook Stable


R U S S I A

ALFASTRAKHOVANIE: S&P Puts 'BB+' LT Insurer Fin'l. Strength Rating
MINBANK: Bank of Russia Amends Bankruptcy Participation Plan
NATIONAL BANK: Bank of Russia Cancels Banking License
VOCBANK JSC: Bank of Russia Amends Bankruptcy Participation Plan


S P A I N

TDA CAM 8: S&P Raises Class B RMBS Notes Rating to 'CCC (sf)'


T U R K E Y

TURKEY: Fitch Downgrades LT IDR to BB-, Outlook Negative


U N I T E D   K I N G D O M

COLD FINANCE: DBRS Finalizes BB (high) Rating on Class E Notes
FINSBURY SQUARE 2019-2: DBRS Gives Prov. CCC Rating to X Notes
FOUR SEASONS: Likely to Be Sold for Just GBP400MM, Bidders Circle
JAGUAR LAND: Fitch Downgrades LT IDR to BB-, Outlook Negative
LENDY: Viability Fundamentally Undermined Prior to FCA Approval

LUNAR CARAVANS: Enters Administration, Seeks Buyer for Business
MALLINCKRODT PLC: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
TOWER BRIDGE 4: DBRS Finalizes BB(sf) Rating on Class F Notes
TRINIDAD MORTGAGE 2018-1: DBRS Confirms BB Rating on Class E Notes
UNIQUE PUB: Fitch Ups Class A4 Notes Rating to BB+, Off Watch Pos.

VICTORIA PLC: S&P Assigns 'BB-' Rating to Proposed Sr. Sec. Notes
WATERLOGIC HOLDINGS: S&P Affirms 'B' ICR on Debt Issuance

                           - - - - -


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F R A N C E
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LOXAM SAS: S&P Rates New EUR1.15BB Senior Secured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Loxam SAS' proposed EUR1.15 billion senior
secured notes. The '3' recovery rating indicates S&P's expectation
for meaningful (50%-70%; rounded estimate: 55%) recovery in the
event of a payment default.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '6' recovery rating to the company's proposed EUR250 million
senior subordinated notes. The '6' recovery rating indicates our
expectation for negligible (0%-10%; rounded estimate: 0%) recovery
in the event of a payment default."

Loxam is issuing EUR1.4 billion of notes to fund its acquisition of
Ramirent PLC, a publicly listed equipment rental company based in
Finland, through a friendly public cash tender offer. The
acquisition will materially improve the scale of Loxam's operations
and make the company by far the largest equipment-rental company in
Europe, with a solid footprint in the Nordic countries. At the same
time, S&P expects that the acquisition, if successful, will likely
increase Loxam's pro forma adjusted debt to EBITDA to about 4.6x in
2019 from 4.2x as of year-end 2018.

S&P said, "Our '3' recovery rating on the company's existing
EUR1.15 billion senior secured notes remains unchanged; however, we
lowered our rounded recovery estimate to 55% from 65% to reflect
the higher amount of outstanding debt in our hypothetical default
scenario.

"Our '6' (rounded estimate: 0%) recovery rating on Loxam's existing
EUR450 million senior subordinated notes also remains unchanged."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P rates the proposed EUR1.15 billion senior secured notes
'BB-' with a '3' recovery rating. The '3' recovery rating indicates
S&P's expectation for meaningful recovery (50%-70%; rounded
estimate: 55%).

-- S&P said, "Our recovery rating on the senior secured notes is
supported by the company's relatively strong asset value as
evidenced by its recurring gains from used-equipment disposals.
However, the rating is constrained by the existence of
prior-ranking debt and our view of the relatively weak security
package, which is limited to trademarks and the share pledges in
Lavendon Group PLC together with the shares of two French
subsidiaries (Loxam Module and Loxam Power)."

-- S&P rates the proposed EUR250 million senior subordinated notes
'B' with a '6' recovery rating. The '6' recovery rating indicates
its expectation for negligible recovery (0%-10%; rounded estimate:
0%). The negligible recovery expectations reflects the notes'
subordinated position in Loxam's capital structure.

-- Under S&P's hypothetical default scenario, it assumes a default
triggered by revenue deflation because of worsening trading
conditions and margin pressure from competition due to the
consolidation of other similar-size players.

-- S&P values the business using a discrete asset valuation method
because it believes that its enterprise value would be closely
correlated to the value of its assets.

Simulated default assumptions

-- Simulated year of default: 2023
-- Jurisdiction: France

Simplified waterfall

-- Gross recovery value at default: EUR1,568 million

-- Net recovery value for waterfall after admin. expenses (5%):
EUR1,490 million

-- Priority claims (EUR75 million revolving credit facility* and
amortizing bilateral credit lines): About EUR170 million

-- Estimated senior secured debt claims: EUR2,339 million*

    --Recovery expectations: 50%-70% (rounded estimate: 55%)

-- Estimated senior unsecured debt claims: EUR870 million*

    -- Recovery expectations: 0%-10% (rounded estimate: 0%)

* S&P assumes the revolving credit facility is 85% drawn at
default.

Note: All debt amounts include six months of prepetition interest.



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G E R M A N Y
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SENVION HOLDING: S&P Cuts Rating to 'D' on Missed Interest Payment
------------------------------------------------------------------
S&P Global Ratings lowered its rating on Germany-based wind turbine
manufacturer Senvion Holding to 'D' (default) from 'SD' and lowered
its rating on the company's super senior secured RCF to 'D' from
'CC'. S&P also affirmed  its 'D' rating on Senvion's senior secured
notes.

The downgrade reflects Senvion's non-payment of its quarterly
interest payment on its EUR125 million super senior secured RCF.
According to the indenture governing the facility, the three-day
grace period has passed and a payment default has occurred.

Senvion continues to operate under its self-administrated
insolvency. S&P understands that Senvion is in discussions with
lenders, bonds holders, major shareholders, and potential investors
to find solutions to restore its financial flexibility.




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I R E L A N D
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BLACKROCK EUROPEAN II: S&P Affirms B-(sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to BlackRock European
CLO II DAC's class A-R, B-R, C-R, D-R, E-R notes. At the same time,
we affirmed our rating on the class F notes.

On July 15, 2019, the issuer refinanced the original class A, B, C,
D, and E notes by issuing replacement notes of the same notional.

Based on the application of "Global Methodology And Assumptions For
CLOs And Corporate CDOs," published on June 21, 2019 the post
refinancing cash flow results are presented in table 1.

Table 1

Cash Flow Results

Class   Rating  Subordination(%)  BDR(%)  SDR(%) BDR cushion (%)
A-R   AAA (sf) 39.15     70.63   60.10 10.53
B-R  AA(sf)         27.18     67.29   52.49 14.80
C-R  A (sf)  21.45     62.49   46.83 15.66
D-R  BBB (sf) 16.46     57.97   41.31 16.66
E-R  BB (sf) 10.22     42.73   33.18 9.55
F  B- (sf) 7.23    30.96   25.20 5.76

BDR--Break-even default rate.
SDR--Scenario default rate.

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

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

-- The portfolio's maximum weighted-average life has been extended
by 15 months.

The ratings assigned to BlackRock European CLO II 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 legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

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

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 the class
A-R, B-R, C-R, D-R, and E-R notes."

  Ratings List

  BlackRock European CLO II DAC

  Class  Rating  Amount (mil. EUR)
  A-R    AAA (sf) 244.00
  B-R    AA (sf)  48.00
  C-R    A (sf)  23.00
  D-R    BBB (sf) 20.00
  E-R    BB (sf)  25.00
  F      B- (sf)  12.00
  Sub notes     NR       43.80

  NR--Not rated.


FAIR OAKS I: Fitch Assigns Final B-sf Rating to Class F Debt
------------------------------------------------------------
Fitch Ratings has assigned Fair Oaks Loan Funding I Designated
Activity Company final ratings.

The transaction is a cash flow collateralised loan obligation
(CLO). It comprises primarily European senior secured obligations
(at least 90%) with a component of corporate rescue loans, senior
unsecured, second-lien loans, mezzanine and high-yield bonds. Net
proceeds from the issuance of the notes is being used to purchase a
portfolio with a target par of EUR325 million. The portfolio is
managed by Fair Oaks Capital Limited. The CLO envisages a two-year
reinvestment period and a 6.5-year weighted average life.

Fair Oaks Loan Funding I DAC
   
Class X;            LT AAAsf New Rating;  previously AAA(EXP)sf

Class A-1;          LT AAAsf New Rating;  previously AAA(EXP)sf

Class A-2;          LT AAAsf New Rating;  previously AAA(EXP)sf

Class B;            LT AAsf New Rating;   previously AA(EXP)sf

Class C;            LT Asf New Rating;    previously A(EXP)sf

Class D;            LT BBB-sf New Rating; previously BBB-(EXP)sf

Class E;            LT BB-sf New Rating;  previously BB-(EXP)sf

Class F;            LT B-sf New Rating;   previously B-(EXP)sf

Class Z;            LT NRsf New Rating;   previously NR(EXP)sf

Subordinated notes; LT NRsf New Rating;   previously NR(EXP)sf

Class M;            LT NRsf New Rating;   previously NR(EXP)sf

KEY RATING DRIVERS

'B+'/'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B+'/'B'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 31.6.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 68.3%.

Limit on Concentration Risk

The transaction has several Fitch test matrices with different
allowances for exposure to the 10-largest obligors (maximum 15% and
27.5%). The manager can then interpolate between these matrices.
The transaction also includes limits on maximum industry exposure
based on Fitch's industry definitions. The maximum exposure to the
three largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Adverse Selection and Portfolio Management

The transaction features a two-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Up to 2.5% of the portfolio can be invested in fixed-rate assets,
while there is no fixed-rate liability. However, interest rate
exposure is partially mitigated by a 2%-cap rate applied to the
EURIBOR of the floating-rate sub-tranche A-2. Fitch modelled both
0% and 2.5% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each scenario.
The manager will be able to interpolate between two matrices
depending on the size of the fixed-rate bucket in the portfolio.

HARVEST CLO XXII: Fitch Rates Class F Debt 'B-(EXP)'
----------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXII DAC expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

Harvest CLO XXII DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. A total expected note issuance of
EUR461.88 million will be used to fund a portfolio with a target
par of EUR450 million. The portfolio will be managed by Investcorp
Credit Management EU Limited. The CLO envisages a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).

Harvest CLO XXII DAC
   
Class A;   LT AAA(EXP)sf;  Expected Rating  

Class B;   LT AA(EXP)sf;   Expected Rating  

Class C;   LT A(EXP)sf;    Expected Rating  

Class D;   LT BBB-(EXP)sf; Expected Rating  

Class E;   LT BB-(EXP)sf;  Expected Rating  

Class F;   LT B-(EXP)sf;   Expected Rating  

Sub Notes; LT NR(EXP)sf;   Expected Rating  

Class Z;   LT NR(EXP)sf;   Expected Rating

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 31.9, while the indicative covenanted
maximum Fitch WARF for assigning the expected ratings is 33.25.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 65.15%, while the indicative covenanted minimum Fitch
WARR for assigning expected ratings is 63.75%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance. The
transaction also includes limits on maximum industry exposure based
on Fitch's industry definitions. The maximum exposure to the three
largest (Fitch-defined) industries in the portfolio is covenanted
at 40%. These covenants ensure that the asset portfolio will not be
exposed to excessive concentration.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

SHAMROCK RESIDENTIAL 2019-1: DBRS Finalizes B Rating on F Notes
---------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the notes
issued by Shamrock Residential 2019-1 DAC (the Issuer):

-- Class A notes rated AAA (sf)
-- Class B notes rated AA (sf)
-- Class C notes rated A (sf)
-- Class D notes rated BBB (low) (sf)
-- Class E notes rated BB (low) (sf)
-- Class F notes rated B (sf)
-- Class G notes rated B (low) (sf)

The Class RFN, Class Z1 notes, and the Class Z2 notes are not rated
by DBRS and will be retained by the seller.

Classes A through Z2 comprises the collateralized notes. The rating
on the Class A notes addresses timely payment of interest and
ultimate payment of principal. The ratings on Class B, Class C,
Class D, Class E Class F, and Class G notes address the ultimate
payment of interest and principal. The Class B rating also
addresses timely payment of interest when these notes are the
most-senior outstanding class of notes.

The transaction benefits from a non-amortizing reserve fund, which
is split into a non-liquidity reserve fund (NLRF) and a liquidity
reserve fund (LRF). The NLRF provides liquidity and credit support
to the rated notes. The LRF is amortizing and provides liquidity
support to the Class A notes. Amortized amounts of the LRF form
part of the NLRF.

Proceeds from the issuance of Class A to Class Z2 notes were used
to purchase the first-charge performing and re-performing Irish
residential mortgage loans that were in the mortgage book of Lone
Star Funds, which were purchased in 2015. The closing mortgage
portfolio comprises owner-occupied and buy-to-let mortgage loans.
The outstanding balance of the closing mortgage portfolio was
approximately EUR 331 million as of May 31, 2019.

The mortgage loans were originated by Irish Nationwide Building
Society (INBS; 47.2%), Bank of Scotland plc and Bank of Scotland
(Ireland) Limited (33.7%), Start Mortgages DAC (16.6%) (Start) and
NUA Mortgages Limited (2.6%), and are secured by Irish residential
properties.

Servicing of the mortgage loans is conducted by Start (52.8% of the
mortgage portfolio) and Pepper (47.2% of the mortgage portfolio),
which were appointed as administrators of the respective assets for
the transaction. Hudson Advisors Ireland DAC (Hudson) was appointed
as the Issuer administration consultant and, as such, acts in an
oversight and monitoring capacity.

In the mortgage portfolio, 5.5% of the loans have been restructured
as split loans (aggregate current balance of EUR18.2 million) with
an affordable-interest-accruing-balance (aggregating EUR 11.1
million) and the remaining warehoused to be repaid only at maturity
and bearing no interest (aggregating EUR 7.1 million).
Additionally, 4.4% of the loans in the mortgage portfolio
(aggregate current balance of EUR14.5 million) have been
restructured where EUR 5.6 million (1.7% of the mortgage portfolio
balance) of the outstanding balance can be written off if the loan
is not in arrears for longer than three months on or before a
specified date. Until the specific date of such reckoning, no
interest is payable on the amount of EUR 5.6 million, which can be
written off. DBRS has estimated the probability of default (PD) and
loss severity of such loans assuming none of the loan balance is
written off, which conservative treatment is resulting in a higher
default probability and loss severity for the combined loans.

For the split loans, a borrower can default during the life of the
loan (e.g., due to payment difficulties). Additionally, a borrower
who has managed to maintain payment during the life of the loan,
and hence repays the interest-bearing portion of the split mortgage
in full, may be unable to make a bullet repayment of the
non-interest-bearing warehoused loan at the point of loan maturity.
In its analysis, DBRS accounts for defaults and losses arising from
both scenarios.

The PD and loss given default (LGD) on the interest-bearing loans
were estimated by taking into account both the interest-bearing and
non-interest-bearing (i.e., warehoused) loans. Additionally,
borrowers who do not default on the loan during its loan term may
not have the funds available to make a bullet repayment on the
warehoused portion of the loan at maturity. Moreover, such
warehoused loan is deemed unaffordable by the borrower at the time
of the restructuring of the loan. Hence, DBRS assumed a 100%
default probability for the non-interest-bearing warehoused loan.
Since the borrower would have fully repaid the interest-bearing
portion of the loan in such a scenario, the exposure at default for
such loans will only be equal to the warehoused loan portion. DBRS
has taken this into account when estimating the LGD for such
defaults. Losses from both scenarios were taken into account for
the cash flow analysis.

The weighted-average current loan-to-value indexed (WACLTV(ind)) of
the portfolio is 80.6% with 23.3% of the loans in negative equity.
The credit enhancement for the notes is primarily on account of the
subordinated collateralized notes and the NLRF. The Class A notes'
credit enhancement is 41.9%, that for the Class B notes is 31.2%,
for the Class C notes is 25.1%, for the Class D notes is 18.0%, for
the Class E notes is 11.6%, for the Class F notes is 7.6% and for
the Class G notes credit enhancement is 5.2%. DBRS has excluded an
amount of EUR 5.6 million from the collateral balance, which can
potentially be written off. Additionally, the maximum potential
write-off of the EUR5.6 million has been reflected in the cash flow
analysis by assuming a principal deficiency ledger (PDL) to the
extent of this maximum write-off amount at the closing of the
transaction. The transaction will trap any excess spread to clear
this PDL from the beginning.

The interest payable on the junior notes i.e. the notes other than
the Class A notes will be subject to a net weighted-average coupon
rate (Net WAC). Net WAC is defined as the interest due on the
mortgage portfolio net of the senior expenses of the Issuer as a
percentage of the aggregate current balance of the mortgage
portfolio. The interest payable on the junior notes will be the
lower of the coupon on the notes and the Net WAC. If the interest
paid on an IPD is lower than the coupon on the notes, such deficit
is expected to be paid junior in the revenue waterfall of the
transaction, subordinated to payments of interest on the rated
notes. DBRS's ratings do not address the payment of these amounts.

The senior-most outstanding notes can also receive liquidity
support from principal receipts. An interest rate caps with a
notional of EUR 150 million for seven years may provide further
liquidity support to the notes and partially mitigate basis risk
exposure of the Issuer. The basis risk exposure of the Issuer is on
account of loans where the interest rate is linked to the Standard
Variable Rate (65.9% of the mortgage portfolio), loans paying
interest linked to the European Central Bank rate (33.9% of the
mortgage portfolio), and, in comparison, the interest rate on the
notes is linked to one-month Euribor.

The ratings are based on DBRS's review of the following analytical
considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
calculated the PD, loss given default (LGD) and expected loss (EL)
outputs on the mortgage portfolio. The PD, LGD, and EL are used as
an input into the cash flow tool. The mortgage portfolio was
analyzed in accordance with DBRS's "Master European Residential
Mortgage-Backed Securities Rating Methodology and Jurisdictional
Addenda."

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the Class A, Class B, Class C, Class D,
Class E, Class F notes and Class G notes according to the terms of
the transaction documents. The transaction structure was analyzed
using Intex DealMaker.

-- The sovereign rating of the Republic of Ireland, rated A
(high)/R-1(middle)/Stable (as of the date of this press release).

-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the Issuer and the consistency with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in Euros unless otherwise noted.

ST. PAUL XI: Fitch Assigns B-sf Rating to EUR9.8MM Class F Debt
---------------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO XI DAC final ratings, as
follows:

EUR1,500,000 Class X: 'AAAsf'; Outlook Stable

EUR248,000,000 Class A: 'AAAsf'; Outlook Stable

EUR14,000,000 Class B-1: 'AAsf'; Outlook Stable

EUR20,00,000 Class B-2: 'AAsf'; Outlook Stable

EUR10,000,000 Class C-1: 'Asf'; Outlook Stable

EUR18,000,000 Class C-2: 'Asf'; Outlook Stable

EUR26,000,000 Class D: 'BBB-sf'; Outlook Stable

EUR23,000,000 Class E: 'BB-sf'; Outlook Stable

EUR9,800,000 Class F: 'B-sf'; Outlook Stable

EUR40,900,000 subordinated notes: 'NRsf'

St. Paul's CLO XI DAC is a cash flow collateralised loan obligation
(CLO). Net proceeds from the notes will be used to purchase a
EUR400 million portfolio of mainly euro-denominated leveraged loans
and bonds. The transaction will have a 4.5-year reinvestment period
and a weighted average life of 8.5 years. The portfolio of assets
will be managed by Intermediate Capital Managers Limited.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors at the 'B'
category. The Fitch-calculated weighted average rating factor
(WARF) of the underlying portfolio is 32.7.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Recovery prospects for these assets are typically more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-calculated weighted average recovery rate (WARR) of the
identified portfolio is 66.5%.

Diversified Asset Portfolio

The transaction includes four Fitch matrices that the manager may
choose from, corresponding to the top 10 obligor limits at 16% and
20% as well as maximum allowances of fixed-rate assets of 0% and
15%, respectively. These covenants ensure that the asset portfolio
will not be exposed to excessive obligor concentration.

Portfolio Management:

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Unhedged Non-Euro Assets Exposure:

The transaction is allowed to invest up to 2.5% of the portfolio in
non-euro-denominated primary market assets without entering into an
asset swap on settlement, subject to principal haircuts. Unhedged
assets may only be purchased if the collateral principal amount,
considering the applicable haircuts, is above the reinvestment
target par balance. Additionally, the overcollateralisation test
calculation does not give credit to assets left unhedged for more
than 180 days after settlement.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls, and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.



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I T A L Y
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BRIGNOLE CO 2019-1: DBRS Gives Prov. B (low) Rating on Cl. X Notes
------------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
class of notes to be issued by Brignole CO 2019-1 S.r.l. (the
issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at B (high) (sf)
-- Class X Notes at B (low) (sf)

The ratings referenced above are provisional ratings based on
information provided to DBRS by the issuer and its agents as at the
date of this press release. The ratings and can be finalized upon
receipt of final information and data and of an executed version of
the governing transaction documents. To the extent that the
documents and the information provided to DBRS as of this date
differ from the executed version of the governing transaction
documents, DBRS may assign different final ratings to the rated
notes. The Class X Notes are not collateralized by receivables and
entirely rely on excess spread to pay interest and repay principal.
Their amortization with interest funds is expected to be completed
in 18 identical installments of EUR 600,000, starting during the
revolving period.

The transaction represents the issuance of Class A, Class B, Class
C, Class D, Class E, Class X (the rated notes), Class F and Class R
Notes (together, the notes) backed by a pool of approximately EUR
323 million of fixed-rate receivables related to unsecured Italian
consumer loans granted by Creditis Servizi Finanziari S.p.A. (the
originator and servicer) to individuals residing in Italy. The
transaction envisages a one-year revolving period during which time
the issuer will purchase new receivables that the originator may
offer provided that certain conditions set out in the transaction
documents are satisfied. DBRS does not rate the Class F or the
Class R Notes. The transaction benefits from EUR 6.4 million cash
reserve funded with part of the proceeds of subscription of the
Class X Notes that can be used to cover shortfalls in senior
expenses, interest under the Class A, Class B, Class C, Class D,
and Class E Notes and to offset defaults thus providing credit
enhancement. The rated notes pay interest indexed to one-month
Euribor plus a margin and the interest rate risk arising from the
mismatch between the floating-rate notes and the fixed-rate
collateral is hedged through an interest rate cap with an eligible
counterparty.

The rating of the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal
maturity date. The ratings on Class B, Class C, Class D, and Class
E Notes address the ultimate payment of interest and ultimate
repayment of principal by the legal maturity date while junior to
other outstanding classes of notes but the timely payment of
interest when they are the senior-most tranche, in accordance with
issuer's default definition (liquidation) provided in the
transaction documents. The rating of the Class X Notes addresses
the ultimate payment of interest and ultimate repayment of
principal by the legal maturity date.

The ratings are based on DBRS's review of the following analytical
considerations:

-- The transaction capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS's
projected expected net losses under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested.

-- The seller, originator and servicer's capabilities with respect
to originations, underwriting, servicing, and financial strength.

-- The appointment upon closing of a backup servicer.

-- DBRS conducted an operational risk review on Creditis Servizi
Finanziari S.p.A.'s premises and deems it to be an acceptable
servicer.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality, diversification of the collateral and
historical and projected performance of the seller's portfolio.

-- The sovereign rating of the Republic of Italy, currently rated
BBB (high) with a Stable trend by DBRS.

-- The consistency of the transaction's legal structure with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology, the presence of legal opinions that
address the true sale of the assets to the issuer and
non-consolidation of the issuer with the seller.

The transaction was analyzed in Intex DealMaker.

Notes: All figures are in Euros unless otherwise noted.



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

FORTEBANK JSC: Moody's Hikes Deposit Rating to B1, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded the long-term deposit ratings of
Kazakhstan's ForteBank JSC to B1 from B3, its Counterparty Risk
Ratings to Ba3 from B2, senior unsecured debt rating to B3 from
Caa1, subordinated debt rating to Caa1 from Caa2 as well as the
bank's baseline credit assessment (BCA) and adjusted BCA to b3 from
caa1. In addition, the bank's Counterparty Risk Assessment (CR
Assessment) was upgraded to Ba3(cr) from B2(cr). The bank's
short-term foreign currency deposit rating and CRRs were affirmed
at Not Prime as well as the short-term CR Assessment at Not
Prime(cr). The outlook on the long-term ratings as well as the
overall entity outlook changed to stable from positive.

RATINGS RATIONALE

The upgrade of ForteBank's long-term deposit ratings reflects a
combination of the upgrade of the bank's BCA to b3 and a
reassessment of the probability of government support to "high"
from "moderate".

The BCA upgrade largely reflects increased loss absorption
capacity, reflected in better reserve coverage of problem loans as
well as improved profitability.

ForteBank's solvency has improved during the last two years. The
bank's ratio of problem loans to tangible common equity and loan
loss reserves dropped to 72% at end-2018 from 87% in 2017 and 100%
in 2016. This was the result of an improved coverage of problem
loans with reserves. The coverage of problem loans by loan-loss
reserves improved to 38% at end-2018 from 25% at end-2017 and 24%
in 2016. Still, asset quality remains weak, with an elevated
problem loan ratio of 25% at end-2018; this and the low
provisioning coverage exposes the bank's capitalisation and
profitability to a risk of a significant deterioration.

ForteBank's profitability has also improved, with a return on
average total assets of 1.9% in 2018 compared to 1.5% in 2017 and
1% in 2016. This improvement was driven by better efficiency as the
bank's business grows while ForteBank contains costs, together with
recoveries from problem loans and higher fee and commission income.
In the next 12-18 months, Moody's expects performance to remain
good as net interest margin pressures will be offset by stronger
fees and commission income and better efficiency.

Moody's reassessment of the probability of government support is
driven by the bank's increased systemic importance in Kazakhstan as
reflected in its improved market position. It is now ranked the
second largest bank in the country by total assets (compared to the
fifth largest two years ago). As of June 1, 2019, the bank had a
share of 8% of the system's total assets and 7% of retail deposits.
The Kazakh government (Baa3, stable) has a track record of bailing
out bank depositors of systemically important banks. As a result,
the deposit ratings of the bank now incorporate two notches of
government support uplift.

WHAT COULD MOVE THE RATINGS UP/DOWN

Further improvement in the coverage of problem loans by reserves
towards 70% together with maintenance of good profitability,
capitalisation and liquidity could lead to an upgrade of the BCA. A
decline in capitalisation, weak operating revenues or asset quality
problems could lead to a lower BCA. A higher or lower BCA would
likely lead to an upgrade or downgrade in the ratings,
respectively. A reduction in the probability of government support
could also lead to a downgrade in the ratings.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS

Issuer: ForteBank JSC

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1

Baseline Credit Assessment, Upgraded to b3 from caa1

Long-term Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B2(cr)

Long-term Counterparty Risk Rating, Upgraded to Ba3 from B2

Subordinate Regular Bond/Debenture, Upgraded to Caa1 from Caa2

Senior Unsecured Regular Bond/Debenture, Upgraded to B3 from Caa1,
Outlook Changed To Stable From Positive

Long-term Bank Deposits, Upgraded to B1 from B3, Outlook Changed To
Stable From Positive

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Rating, Affirmed NP

Short-term Bank Deposits (Foreign Currency), Affirmed NP

Outlook Action:

Outlook Changed To Stable From Positive


TRANSTELECOM CO: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating and its
'kzBB' national scale rating to Fiber infrastructure and
information technology (IT) services provider TransTeleCom Co.
JSC.

TransTeleCom has high revenue concentration on Kazakhstan's
railroad monopoly, KTZ, and several other large customers; a small
market share in the local telecom market; less-than-adequate
liquidity; and historically mostly negative FOCF. The company is
exposed to high country risk and has volatile profitability.
Furthermore, the company's ownership structure is evolving and
predictability of the earnings stream from IT services contracts is
somewhat limited.

TransTeleCom enjoys the leading position in the fiber
infrastructure segment in Kazakhstan, and long-term contracts with
its parent KTZ, which guarantees 59% of TransTeleCom's debt. The
company has moderate debt leverage and a manageable debt maturity
profile with no foreign exchange exposure on the debt side.

TransTeleCom's business risk benefits from operating the largest
nationwide long-haul fiber network in Kazakhstan, comprising 16,000
kilometers of trunk channels along railways. This ranks
TransTeleCom ahead of competitors Kazakhtelecom (and KazTransCom.
TransTeleCom's long-haul and metro network covers more than 200
cities and all railway stations in the country.

S&P's view of TransTeleCom's business risk is constrained by very
high revenue concentration on several of Kazakhstan's state-owned
companies and government agencies. TransTeleCom relies heavily on
KTZ, which accounted for 40%-50% of revenue and EBITDA in
2017-2018. TransTeleCom provides connectivity services and
implements different digitalization and automation projects for its
parent. TransTeleCom is responsible for upgrading and maintaining
KTZ's networks and overall IT infrastructure. Furthermore, it is
engaged in several large projects with its parent, including
development and installation of remote telematics equipment used
for measuring and optimizing fuel and electricity consumption in
the trains; cyber security services; maintenance and supply of
equipment for video-surveillance and security services; and
automated control of rail quality in the railway network.

S&P said, "We expect TransTeleCom's long-term contracts with KTZ
will cover most of its IT project revenue for the coming years. In
our base case, we expect about 60%-70% of IT service revenue will
come from KTZ (52% in 2018 and 33% in 2017)."

Moreover, state-owned company Astana EXPO-2017 accounted for a 37%
share of revenue in 2017 and state-owned oil pipeline company
KazTransOil accounted for 26% of revenue in 2018. TransTeleCom
provided various IT support services during Astana EXPO-2017, and
it has carried out different engineering and construction works for
KazTransOil. S&P notes that the company has the necessary skills
and competencies to deliver successfully on nationally important
projects.

TransTeleCom has a relatively small 4% market share in Kazakhstan's
overall telecoms market and concentration on two
segments--long-haul fiber backbone infrastructure and IT services.
TransTeleCom has low market share in broadband services (3%), as
well as a lack of presence in the large mobile segment, with some
exposure (7% of its revenue) to the declining fixed-voice and
messaging business. S&P believes that TransTeleCom is exposed to
competition from large established players in Kazakhstan, such as
Kazakhtelecom. TransTeleCom also remains relatively small compared
with global telecoms peers and lacks geographic diversification,
with all EBITDA generated in Kazakhstan, which we consider has high
country risk.

S&P said, "In 2019-2020, we expect KTZ will sell 26% minus 1 share
of its controlling stake to Mr. Marlen Mukhanov, which will
increase his stake to 75% minus 1 share and reduce KTZ's to 25%
plus 1 share (which will allow it retain veto rights for some board
decisions). This ownership change could potentially affect the
relationship between TransTeleCom and KTZ. We believe that in the
medium to long term there is risk of the loss of some of the
profitable contracts or revision of contracts, which could lead to
lower profitability. We should mention, however, that due to the
long-term nature of the contracts with its parent, we believe this
risk is mitigated for the next two to three years."

TransTeleCom experienced rapid growth in 2015-2017, with its
revenue tripling and EBITDA increasing by almost 30%. This was
because the company diversified into the IT services project
business. TransTeleCom also benefitted from increased numbers of
customers, although customer churn is also high and the
profitability of IT service projects varies significantly.

S&P said, "We acknowledge the substantial volatility of
TransTeleCom's profitability, with its EBITDA margin declining to
25% in 2018 from 50% in 2015, after increasing from 30% in 2012. We
believe there is limited visibility regarding profitability of
future IT services earning streams. TransTeleCom's overall EBITDA
margin is supported by a much higher EBITDA margin in its long-haul
fiber network-leasing segment, compared with its EBITDA margin in
the IT projects segment

"Our view of TransTeleCom's financial risk profile is constrained
by the company's negative FOCF., which was negative in four years
out of five over 2014-2018 due to substantial working capital and
capital expenditure (capex) outlays (capex-to-sales ratio peaked in
2018 at 25%, up from 16% in 2017). We understand that
TransTeleCom's capex will moderate in 2019-2020, leading to an
improved capacity to generate positive FOCF." TransTeleCom used
capex in 2017-2018 to expand and modernize its long-haul fiber
network, including increasing transmission capacity with China and
Russia and broadening coverage of Kazakhstan's regions.
TransTeleCom's leverage climbed to 3.0x in 2018 from 2.4x in 2017
on the back of lower profitability, particularly in its IT services
business.

A manageable debt maturity profile, with average debt maturity of
about three years, supports TransTeleCom's financial risk profile.
The company benefits from long-term funding from Kazakh
government-owned banks and regional development banks, and its
parent currently guarantees 59% of its debt. It is also supported
by lack of foreign currency exposure, with almost all debt
denominated in local currency.

S&P said, "Our rating on TransTeleCom is lower than that on peers
such as Kazakhtelecom and Rostelecom. This is due to the company's
small size , and its reliance on large one-off IT projects mostly
with government agencies or state-owned companies. We believe the
IT services segment is volatile and success in obtaining new
government contracts depends on factors outside TransTeleCom's
control, as opposed to the retail broadband or mobile segments
where other peers are present.

"We don't factor in any uplift to the rating for government support
because we believe that if TransTeleCom were under stress, it would
not be likely to benefit from extraordinary government support. We
also consider TransTeleCom to be a nonstrategic subsidiary of KTZ
in terms of its potential to receive financial support from the
parent. This is based on TransTeleCom's relatively small size
compared with its parent, its parent's intention to sell a
controlling stake in TransTeleCom, and potential for the parent to
replace its IT service provider if needed.

"The outlook is stable because we think TransTeleCom will maintain
its operating performance in line with our base case.In particular,
we expect sound revenue growth, and that EBITDA margins will
stabilize at about 25%. We also expect TransTeleCom's FOCF will
turn positive, along with debt to EBITDA of 3.0x-3.5x in 2019.

"We may take a negative rating action if the company's liquidity
position deteriorates. This might happen if the company's liquidity
management becomes more aggressive and TransTeleCom does not
promptly refinance its upcoming maturities or secure necessary
liquidity sources for their repayment. We may also take a negative
action if FOCF remains sustainably negative because of weaker
operating performance owing to a material decline in its IT
projects revenue stream, caused by the loss of key contracts."
Deterioration of governance because of a change in ownership might
also lead to a negative rating action.

Rating upside could follow a substantial increase in scale and
better diversification, supporting a higher share of recurring
revenue streams from customers other than KTZ. A necessary
prerequisite for an upgrade would be improvement in the company's
liquidity position to adequate. Likelihood of ratings upside might
also mount in the case of sustainable debt reduction, with debt to
EBITDA declining and remaining below 2x and its FOCF to debt ratio
improving and remaining above 10%.




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

ARDAGH GROUP: S&P Affirms B+ Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit
ratings on Ardagh Group S.A. (Ardagh) and its subsidiaries.

S&P said, "We are also affirming our 'BB' issue rating on the
senior secured debt instruments and our 'B-' issue rating on the
deeply subordinated debt instruments.

"We are placing our 'B' issue rating on the unsecured notes on
CreditWatch positive to reflect the possible improvement of the
indicative recovery prospects for the unsecured notes once Ardagh
applies the estimated disposal proceeds of $2.5 billion to debt
repayments.

"We are also correcting our outlook on ARD Securities Finance S.a
r.l. by revising it to stable from positive. On Oct. 22, 2018, we
revised the outlook on Ardagh Group S.A. and its related
subsidiaries to stable from positive but did not revise the outlook
on ARD Securities Finance."

The affirmation follows Ardagh's announcement of the sale of its
F&S metal packaging division for $2.5 billion to a joint venture.
The joint venture will be owned by Canadian-based pension fund OTTP
(57%) and Ardagh (43%). The transaction is due complete in the last
quarter of 2019. S&P expects that Ardagh will apply all of the
disposal proceeds to debt repayments, and the disposal will not
have a material impact on Ardagh's business risk or financial risk
profiles.

The rating on Ardagh continues to reflect its satisfactory business
risk profile and highly leveraged financial risk profile. The
business risk profile continues to reflect the group's leading
market position, large size, longstanding customer relations, the
cost-efficient nature of its operations, its stable end-markets, as
well as its exposure to two substrates (glass and metal). At the
same time, S&P's assessment also reflects the commoditized nature
of Ardagh's products, its customer concentration, and its exposure
to volatile input costs.

S&P said, "We expect Ardagh to apply the $2.5 billion disposal
proceeds to debt repayments. By Dec. 31, 2019, we forecast that S&P
Global Ratings-adjusted debt to EBITDA will improve to below 7.0x,
pro forma the disposal. Similarly, we expect pro forma adjusted
funds from operations (FFO) to debt to improve to 9.6%. Credit
metrics remain commensurate with our highly leveraged financial
risk profile category."

The CreditWatch positive placement of the 'B' issue rating on the
unsecured notes reflects the possible improvement of the indicative
recovery prospects for the unsecured notes after the $2.5 billion
debt reduction using the disposal proceeds. The CreditWatch
placement reflects S&P's belief that there is a one-in-two
likelihood of us raising the issue rating upon completion of the
transaction.

S&P said, "The stable outlook reflects our expectation that Ardagh
will successfully divest the F&S division and that its credit
metrics will remain commensurate with the highly leveraged
financial risk profile category. We expect revenues to increase in
line with GDP and expect pro forma leverage of 6.8x by year-end
2019.

"We could lower the rating if Ardagh did not apply all of the
disposal proceeds to debt repayment, or if its financial policy
became more aggressive due to a large pure-debt-funded acquisition
or dividend payment. We could also lower the rating if Ardagh's
profitability deteriorated due to freight or raw material cost
increases that the group is not able to pass on to customers, or a
substantial decline in the demand for glass packaging in the U.S.
We could also lower the rating if the business faced material
quality problems, or the loss of a key customer.

"We could raise the rating on Ardagh if its credit metrics improved
substantially, with net debt to EBITDA improving to 5.0x or below
and FFO to debt exceeding 12% on a sustainable basis."




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

KANTOOR FINANCE 2018: DBRS Confirms BB (low) Rating on Cl. E Notes
------------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on all classes of the
Commercial Mortgage-Backed Floating Rate Notes Due May 2028 issued
by Kantoor Finance 2018 DAC (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the transaction's overall stable
performance since issuance.

Kantoor Finance 2018 DAC is the securitization of two Dutch
commercial real estates (CRE) loans: the PPF loan and the Iron
loan, including the pari passu capital expenditure (CapEx) facility
associated with the Iron loan. The loans were advanced by Goldman
Sachs Bank USA and are secured against 18 assets, predominantly
office properties, located in the Netherlands. The sponsor of the
PPF loan is the PPF Group and the sponsor for the Iron loan is
Aventicum Capital Management.

The total debt for the two loans, as of the May 2019 interest
payment date, was EUR 247.0 million, with the PPF loan representing
74.7% of the total outstanding debt. The PPF loan is less
leveraged, reporting a loan-to-value ratio (LTV) as of the latest
May 2019 service report of 61.0% compared with the Iron loan, which
reported an LTV of 66.0%. However, if the capex portion of the loan
is included, the LTV would increase to approximately 71.1%. Both
loans have seen a decrease in leverage since issuance as both loans
benefit from amortization throughout their loan terms, with the PPF
and Iron loan amortizing by 0.2% and 0.5% of the initial principal
loan amount, respectively.

The Iron loan has seen further deleveraging after the portfolio was
revalued in Q4 2018 to EUR 93.9 million from EUR 88.4 million at
issuance. In DBRS's opinion, this value increase stems largely from
cap rate compression as the portfolio's gross rental income fell
slightly to EUR 8.1 million as of May 2019 from EUR 8.5 million at
the cut-off date. The slight decrease in revenue from the Iron
portfolio can be attributed to the vacating of the tenant Chubbs
Insurance, which at issuance had already given the notice to vacate
and contributed approximately EUR 430K to total revenue for the
portfolio. A reserve equal to approximately one-year total rent was
to be created if the tenant did vacate at lease expiration and
according to the servicer the reserve for EUR 400K has been
successfully put in place to act as collateral for the loan. DBRS
did not change its underwriting assumptions.

At issuance, the Hopflein 19 asset in the PPF portfolio was
completely vacant and undergoing a full refurbishment totaling EUR
16.3 million or EUR 1,200 per square meter. According to the
servicer, the refurbishment has been successfully completed on time
last year in September 2018. There are three tenants currently
occupying the collateral with two additional tenants signed and
taking occupancy as of 1 February 2020 at which time the property
will be fully occupied. DBRS underwrote 44.0% of market rent for
the Hopflein 19 asset at issuance and has maintained this
assumption at this review; however, once the property is fully
occupied, it will be credit positive in DBRS's view.

Both loans benefit from amortization throughout their loan term
with the PPF loan amortizing 1.0% in years 2 through 4 and 2.0% in
year 5 with an expected maturity date in May 2023 for a total of
5.0% amortization of the original whole loan balance. The Iron loan
also amortizes 1.0% in years 2 through 4 and 2.0% in year 5 with an
expected maturity date in October 2022.

Notes: All figures are in Euros unless otherwise noted.

TRIVIUM PACKAGING: S&P Assigns Prelim 'B+' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' issuer credit
rating to Trivium Packaging B.V. and Trivium Packaging Finance
B.V., and its preliminary issue and recovery ratings to the
proposed notes.

S&P's ratings on the group are supported by its leading positions
in metal packaging, particularly in Europe. Trivium supplies metal
packaging to the food (51% of revenue), aerosols (18%), seafood
(13%), and nutrition (11%) industries. It makes 67% of its products
of tinplate and 33% of aluminum.

Trivium's strong market positions, geographical diversification (in
terms of both sales and plant network), and its fairly stable
end-markets put its business risk profile at the lower end of
satisfactory. The group also has long-standing relationships with
its customers, averaging 15 years. Many of its customers are blue
chip companies. Trivium also has a well-invested and streamlined
asset base with relatively low maintenance capital expenditure
(capex) needs.

The metal packaging industry is competitive because most products
are fairly commoditized. Trivium supports its strong market share
by making cost rationalizations. The group plans to develop its
presence in segments that offer higher growth and are slightly less
commoditized, such as aerosols and nutrition.

Given the end-market structure, Trivium is exposed to a high level
of customer concentration, which affects our business risk
assessment. The group relies on a single substrate (metal) and has
some exposure to volatile raw material prices. It is also smaller
than some of its U.S.-based peers. For example, Ball Corp. and
Crown Holdings Inc. both generate revenue of over $11 billon.

The company's operations in South America expose it to foreign
currency risk, partly mitigated by contractual protections, as does
the discrepancy between its reporting currency (U.S. dollars) and
its main operating currency (euros).

S&P said, "We consider Trivium to be highly leveraged based on its
ratio of adjusted debt to EBITDA, which is forecast to be 8x in
December 2019.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if final documentation departs
from materials reviewed, we reserve the right to withdraw or revise
our ratings. Potential changes include, but are not limited to, use
of loan proceeds, maturity, size and conditions of the loans,
financial and other covenants, security, and ranking.

"The stable outlook reflects our expectation that Trivium will
continue to generate stable, but modest, revenue growth. By
December 2019, we expect adjusted debt to EBITDA to be 8.0x and
funds from operations (FFO) to debt to be 7%-9%.

"We could lower the rating if Trivium generates
weaker-than-expected cash flows and failed to reduce debt by as
much as we expect. This could occur because of lower sales, rising
costs, adverse foreign-exchange movements, or delays in the
implementation of its business plan. We could also lower the rating
if Trivium adopted a more-aggressive financial policy, for example,
undertaking a large debt-funded acquisition or paying large
dividends.

"We view an upgrade as unlikely in the near term, given Trivium's
high leverage and financial-sponsor ownership. Any upgrade would
require a substantial improvement in credit metrics, for example,
debt to EBITDA below 5.0x. We would also expect a commitment from
shareholders to maintain debt to EBITDA below 5.0x on a sustainable
basis."




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

ALFASTRAKHOVANIE: S&P Puts 'BB+' LT Insurer Fin'l. Strength Rating
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term insurer financial
strength to Russia-based AlfaStrakhovanie. The outlook is stable.

S&P said, "The ratings reflect our view of AlfaStrakhovanie's
leading position on the Russian insurance market and good operating
performance over the past years. At the same time, the ratings are
constrained by the company's modest capitalization compared with
peers, as per regulatory requirements (solvency margin at 150% as
of year-end 2018) and our capital adequacy model.

"These factors lead us to derive an anchor of 'bb+', reflecting
AlfaStrakhovanie's current level of capitalization, limited track
record of good underwriting performance after the rapid insurance
portfolio growth in 2017-2018, and still a relatively high exposure
to assets in our 'BB' range."

AlfaStrakhovanie boasts a sound market position, long-standing in
the market, solid distribution ties, and a well-known brand name.
It is the second-largest player with an 11% market share (based on
gross premium written) in the Russian P/C insurance sector. Thanks
to optimizing market dynamics, the company expanded by more than
30% on average, primarily in the motor sector, in each of the past
three years. S&P expects that AlfaStrakhovanie will moderate its
growth in 2019-2020, falling into stride with the largest players,
to approximately 10% annually, driven primarily by P/C premium
growth.

This fast growth did not compromise AlfaStrakhovanie's
profitability, which has shown a positive trend over the past five
years. In 2018, AlfaStrakhovanie reported a positive underwriting
performance, with the net combined (loss and expense) ratio below
100%, stronger than its five-year average. In addition,
AlfaStrakhovanie reported record high net profits of Russian ruble
(RUB) 11 billion in 2018, benefiting from stronger technical
performance, solid investment returns, and foreign-exchange gains.
S&P said, "In our base-case scenario, we expect AlfaStrakhovanie
will report higher technical and investment performance in
2019-2020, more in line with its five-year average. We estimate the
insurer will report for this period a net P/C combined ratio
slightly below 100% and average annual net profit of around RUB6
billion-RUB7 billion."

S&P said, "Our overall view of AlfaStrakhovanie's financial risk
profile reflects the insurer's levels of capital, its risk exposure
in the investment portfolio, and funding structure. In our opinion,
AlfaStrakhovanie is operating with capital levels more comparable
with large financial services groups, which optimize internal
capital allocation. We estimate AlfaStrakhovanie will consolidate
its capital at satisfactory levels over 2019-2021, retaining most
of its future earnings with modest dividend payouts below 10%.
AlfaStrakhovanie invests in fixed-income instruments rated 'BBB-'
or higher (around 55% as of year-end 2018), has lower-than-peers'
obligor concentration in the investment portfolio, and some foreign
exchange risk exposure.

"Furthermore, we note that AlfaStrakhovanie benefits from a
long-standing management team, established risk management
practices, and ample liquidity to meet its obligations.

"The stable outlook reflects our expectation that, over the next 12
months, AlfaStrakhovanie will maintain its solid competitive
position and good underwriting performance in the Russian insurance
market. It also reflects our expectation that the company's capital
adequacy will consolidate at current satisfactory levels according
to our model and at, or above, 150% according to local regulatory
requirements, through solid earnings retention.

"We could take a negative rating action on AlfaStrakhovanie in the
next 12 months if the capital weakened, falling significantly below
the 'BBB' level according to our capital model, squeezed either by
weaker-than-expected technical performance or by investment losses,
or high dividends.

"Although unlikely, we could take a positive rating action on
AlfaStrakhovanie over the next 12 months if capital were to improve
above our 'BBB' range because of a capital injection or
higher-than-expected net retained earnings. Sustainably improved
quality of invested assets or of the operating environment for
Russian insurance companies would also be credit supportive.

"Any negative or positive rating action would be also dependent on
our view that the wider ABH Holdings group's creditworthiness does
not constrain our view of AlfaStrakhovanie's overall financial
strength."


MINBANK: Bank of Russia Amends Bankruptcy Participation Plan
------------------------------------------------------------
The Bank of Russia on July 12 disclosed that it has approved
amendments to the plan of its participation in bankruptcy
prevention measures for Public Joint-stock Company Moscow
Industrial Bank (Reg. No. 912, hereinafter, MInBank).

These amendments provide for the Bank of Russia to allocate
RUR128.7 billion for recapitalization purposes.  These funds are
earmarked for purchasing MInBank's follow-on offering, as a result
of which the Bank of Russia will become the owner of more than
99.9% of MInBank's ordinary shares.

Following the Bank of Russia's purchase of MInBank's follow-on
offering, the latter will become compliant with capital adequacy
ratios and capital buffers.

Measures already implemented under the Bank of Russia's
participation plan helped cease the outflow of the customers' funds
and ensure the normal operation of MInBank.



NATIONAL BANK: Bank of Russia Cancels Banking License
-----------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1627, dated July
12, 2019, cancelled the banking license of the Moscow-based
Joint-stock Commercial Bank National Bank of Mutual Credit
(joint-stock company) or NBMC (Reg. No. 3214).  The credit
institution ranked 411th by assets in the Russian banking system.

The license of NBMC was cancelled following the request that the
credit institution submitted to the Bank of Russia after the
decision of the general shareholders' meeting on its voluntary
liquidation (in accordance with Article 61 of the Civil Code of the
Russian Federation).

Based on the reporting data provided to the Bank of Russia, the
credit institution has enough assets to satisfy creditors' claims.

A liquidation commission will be appointed to NBMC.

NBMC is not a member of the deposit insurance system.


VOCBANK JSC: Bank of Russia Amends Bankruptcy Participation Plan
----------------------------------------------------------------
The Bank of Russia on July 12 disclosed that it has approved the
plan of its participation in bankruptcy prevention measures for
Joint-stock Company Volga-Oka Commercial Bank (Reg. No. 312,
hereinafter, VOCBANK).  These amendments provide for the Bank of
Russia to allocate 2.73 billion rubles for recapitalization
purposes.  As a result, the Bank of Russia will become the owner of
more than 99.9% of VOCBANK's ordinary shares.

Following the Bank of Russia's purchase of VOCBANK's follow-on
offering, the latter will become compliant with capital adequacy
ratios and capital buffers.

Measures already implemented under the Bank of Russia's
participation plan ensured the normal operation of VOCBANK.

The Bank of Russia is exploring the possibility of selling
VOCBANK's shares to interested investors in line with the duly
established procedure.




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

TDA CAM 8: S&P Raises Class B RMBS Notes Rating to 'CCC (sf)'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on TDA CAM 8 Fondo de
Titulizacion de Activos' class B and C notes. At the same time, S&P
has affirmed our ratings on the class A and D notes.

The rating actions follow the application of S&P's relevant
criteria and its full analysis of the most recent transaction
information that it has received, and reflect the transactions'
current structural features.

S&P said, "We do not rate the guaranteed investment contract (GIC)
provider, Societe Generale (Madrid Branch). Therefore, in
accordance with our bank branch criteria, in our analysis we have
used the rating on the parent company, Societe Generale
(A/Stable/A-1) and the sovereign rating on Spain to infer the
rating on the transaction account provider."

Banco de Sabadell S.A. is the servicer in this transaction and JP
Morgan Securities PLC is the swap counterparty. The hedge agreement
mitigates basis risk arising from the different indexes between the
securitized assets and the notes. In addition, JP Morgan Securities
pays a margin of 65 basis points. The remedial actions defined in
the swap agreement are in line with option one of our previous
counterparty criteria. Furthermore, S&P assesses the collateral
framework as strong under its new counterparty criteria. Based on
the combination of the replacement commitment and the collateral
posting framework, the maximum supported rating in this transaction
is 'AAA (sf)'.

S&P said, "Our European residential loans criteria, as applicable
to Spanish residential loans, establish how our loan-level analysis
incorporates our current opinion of the local market outlook. Our
current outlook for the Spanish housing and mortgage markets, as
well as for the overall economy in Spain, is benign. Therefore, our
expected level of losses for an archetypal Spanish residential pool
at the 'B' rating level is 0.9%. Our foreclosure frequency
assumption is 2.00% for the archetypal pool at the 'B' rating
level."

Below are the credit analysis results after applying S&P's European
residential loans criteria to this transaction.

  WAFF And WALS Levels
  Rating level WAFF (%) WALS (%)
  AAA           21.43  17.22
  AA              14.52   12.72
  A          10.95  7.14
  BBB         8.10   4.74
  BB          5.25   3.37
  B             3.07   2.37
  
  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

The class A, B, C, and D notes' credit enhancement has increased to
16.40%, 6.02%, 1.80%, and (1.09%), respectively, from 13.55%,
4.38%, 0.64%, and (1.92%) since S&P's previous review due to the
notes' amortization and the replenishment of the reserve fund,
which is at 62.4% of its required level. The class D notes are not
asset-backed as they were used at closing to fund the reserve
fund.

S&P said, "Following the application of our criteria, we have
determined that our assigned ratings on the classes of notes in
this transaction should be the lower of (i) the rating as capped by
our sovereign risk criteria; (ii) the rating as capped by our
counterparty criteria; and (iii) the rating that the class of notes
can attain under our European residential loans criteria.

"The application of our criteria and related credit and cash flow
analysis indicates that the available credit enhancement for the
class A notes is still commensurate with a 'AAA (sf)' rating. We
have therefore affirmed our rating on the class A notes."

The class B and C notes experienced interest shortfalls following
their interest deferral trigger breaches. Consequently, interest
payments on the class B and C notes became subordinated in the
priority of payments and defaulted between the May 2013 and the
August 2017 and November 2017 payment dates, respectively. Due to
recoveries and the negative interest rate environment, interest
amounts due on these classes of notes have since fully repaid.
Since then, interest payments on these classes of notes have
continued, and will continue to be subordinated in the priority of
payments until the amortization of their respective senior notes,
but will remain senior to the reserve fund, which has been
partially replenished.

Due to the negative three-month Euro Interbank Offered Rate
(EURIBOR; the index to which the notes are referenced), no interest
was due for the class B notes and only about 0.15% was due for the
class C notes on the most recent payment dates. S&P said, "However,
given the transaction's stable performance, with incoming
recoveries that have repaid all due amounts on the class B and C
notes since the May 2013 payment date, and a replenishment of the
reserve fund to 62% of its required level, we do not expect these
tranches to default again in the short term. The upgrades of the
class B and C notes to 'CCC (sf)' and 'CC (sf)' consider the
abovementioned factors and reflects the application of our relevant
criteria for this scenario. The difference in resulting ratings is
based on the effect that a slowdown in recoveries and subsequent
potential reserve fund depletion could have on these classes of
notes, where the class C notes would be the first ones affected. We
will closely monitor the payment evolution of these classes of
notes."

The issuer used the class D notes at closing to fund the reserve
fund, and they continue to experience interest shortfalls because
of their subordination to the reserve fund. S&P has therefore
affirmed its 'D (sf)' rating on this class of notes.

TDA CAM 8 is a Spanish residential mortgage-backed securities
(RMBS) transaction, which closed in June 2007. Caja de Ahorros del
Mediterráneo (CAM), now merged with Banco de Sabadell, originated
the pool, which comprises loans granted to borrowers secured over
vacation homes and owner-occupied residential properties in CAM's
home market of Valencia.

  Ratings List

  Class   Rating to Rating from

  TDA CAM 8, Fondo de Titulizacion de Activos

  A      AAA (sf) AAA (sf)
  B      CCC (sf) D (sf)
  C      CC (sf) D (sf)
  D      D (sf) D (sf)




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

TURKEY: Fitch Downgrades LT IDR to BB-, Outlook Negative
--------------------------------------------------------
Fitch Ratings has downgraded Turkey's Long-Term Foreign-Currency
Issuer Default Rating to 'BB-' from 'BB' with a Negative Outlook.

Under EU credit rating agency regulation, the publication of
sovereign reviews is subject to restrictions and must take place
according to a published schedule, except where it is necessary for
CRAs to deviate from this in order to comply with their legal
obligations. Fitch interprets this provision as allowing us to
publish a rating review in situations where there is a material
change in the creditworthiness of the issuer that Fitch believes
makes it inappropriate for us to wait until the next scheduled
review date to update the rating or Outlook/Watch status. The next
scheduled review date for Fitch's sovereign rating on Turkey is
November 1, 2019, but Fitch believes that developments in the
country warrant such a deviation from the calendar and its
rationale for this is laid out.  

KEY RATING DRIVERS

The downgrade of Turkey's IDRs reflects the following key rating
drivers and their relative weights:

HIGH

The dismissal of the central bank governor Murat Cetinkaya
heightens doubts over the authorities' tolerance for a period of
sustained below-trend growth and disinflation that Fitch considers
consistent with a rebalancing and stabilisation of the economy. It
also highlights a deterioration in institutional independence and
economic policy coherence and credibility.

The completion of a prolonged electoral cycle in June potentially
offered a supportive political backdrop for economic adjustment
after policy stimulus boosted growth in 1Q19. However, the firing
of the central bank governor on July 6 by presidential decree risks
damaging already weak domestic confidence (evidenced by rising
dollarisation), jeopardising the inflow of foreign capital needed
to meet Turkey's large external financing requirement, and
worsening economic outcomes. The move adds to uncertainties over
the prospects for structural reforms and management of the public
sector finances.

Less predictable decision-making comes in an environment where
checks and balances have been eroded, and there has been a
concentration of powers in the presidency. Municipal elections in
Istanbul were re-run, ostensibly due to irregularities after the
ruling AKP lost by a narrow margin in a campaign given high
priority by the party despite the weak economy. The AKP suffered a
heavier defeat in the re-run. In addition, Turkey continues to run
the risk of US sanctions, triggered by delivery of S400 missile
components from Russia, which is reportedly close. While Fitch
expects any such sanctions would be of a relatively mild form with
minimal direct economic effect, the impact on sentiment could be
significant.

The president has regularly expressed unorthodox views on the
relationship between interest rates and inflation, and has
indicated the governor was replaced because he did not follow
government instruction on interest rates. A delayed policy reaction
to the deterioration in sentiment last year added to downward
pressure on the lira. However, by allowing the real rate to
increase as inflation has fallen, the central bank was rebuilding
credibility. In Fitch's view, this process has been set back.

A change in the trade-off between growth and inflation leading to
cuts in interest rates that go beyond market expectations brings
the risk of currency depreciation, which could add to stresses on
corporate and bank balance sheets and impair economic rebalancing
and stabilisation. Fitch now forecasts a somewhat faster cut in the
policy rate, to 18.0% at end-2019 (compared with 20.0% in its June
Global Economic Outlook) and further depreciation. At the same time
Fitch has maintained its GDP forecast of a 1.1% contraction this
year and growth of 3.1% in 2020, as weaker investment sentiment
offsets the more expansionary monetary policy this year.  

MEDIUM

Inflation is far in excess of peers (averaging 10.3% in the
five-years to end-2018 compared with the current 'BB' median of
3.5). Tighter monetary policy, combined with weak domestic demand
has put inflation on a downward path (to 15.7% in June from a peak
of 25.2% in October) and base effects have an inflation-reducing
effect later this year. However, the near-term path may be
disrupted by post-election changes to administered prices and Fitch
has revised up its end-year inflation forecast in light of expected
currency weakness to 16.0%, the highest of any sovereign rated
above the 'B' category. Fitch has similarly revised up its end-2020
and end-2021 forecasts to 13.0% and 11.0%, respectively.

A shift to a more expansionary monetary stance or a deterioration
in sentiment risk undermining the adjustment of the external
sector. The current account has transitioned from a deficit of
USD49.3 billion in the 10 months prior to July 2018, to a surplus
of USD2.9 billion in the subsequent 10 months. Fitch forecasts a
deficit of just USD4 billion in 2019 (0.6% of GDP), the smallest
since 2002, driven mainly by import compression on the back of weak
domestic consumption and investment. Despite this, private sector
debt repayments mean the external financing requirement will remain
large, estimated at USD173 billion (including short-term debt) in
2019, down from USD212 billion in 2018. As a result, Turkey will
remain vulnerable to global investor sentiment and financial
conditions, domestic political and economic policy uncertainty and
any pronounced deterioration in relations with the US.

Gross official foreign exchange reserves (including gold) have
risen USD4.2 billion so far this year to USD97.2 billion, and Fitch
views this as a more important measure than net reserves (given the
gross external financing requirement primarily reflects private
sector liabilities). Nevertheless, on a net basis reserves have
been flatter this year at USD30 billion, and lower still if FX
swaps with local banks are stripped out, at closer to USD20
billion. Turkey's International Liquidity Ratio, at an estimated
75.7%, continues to compare unfavourably with the 'BB' median of
172.5%.  

Weak growth and pre-election measures have worsened public
finances. Over the first five months, primary spending rose 25% and
revenues 6%, with a primary deficit (programme definition) of TRY66
billion (1.5% of Fitch projected full-year GDP), compared with
TRY11 billion in the same period of 2018. While some of these
measures have been withdrawn and Fitch assumes a tightening of
policy, Fitch nevertheless projects an increase in the general
government deficit to 3.8% of GDP this year, the highest since 2009
and up from 2.8% last year. In addition, the government issued
notes worth 0.6% of GDP to increase the capital of state banks in
April. Factoring in the bank support, Fitch forcasts general
government debt/GDP to increase to 33.1% of GDP in 2019 from 30.4%
in 2018 (but still below the 'BB' median of 44.6%). There has also
been a steady increase in contingent liabilities, albeit from a low
base.  

Turkey's 'BB-' IDRs also reflect the following key rating drivers:

The rating is supported by Turkey's large and diversified economy
with a vibrant private sector, and GNI per capita, human
development indicators, government debt/GDP and government
revenues/GDP that are more favourable than the peer group medians.
Set against these factors are Turkey's weak external finances,
manifest in a large external financing requirement, low foreign
reserves and high net external debt, high inflation, a track record
of economic volatility, and political and geopolitical risks.

Challenging operating conditions continue to put pressure on the
banking sector. NPLs were moderate at 4.2% at end-May 2019 but
Stage 2 loans, which could migrate to NPLs as they season, have
risen to a high level. The sector capital adequacy ratio (17.1%) is
comfortably above the regulatory minimum, and Fitch's stress tests
show that pre-impairment profit and capital buffers provide a
significant cushion against a potential marked deterioration in
asset quality, a weakening in profitability and lira depreciation.
There are sizeable refinancing risks given the large stock of
short-term external debt on banks' balance sheets (1Q19: USD91
billion). However, Fitch estimates banks' total external foreign
currency debt due within 12 months, net of more stable sources of
funding, to be USD40 billion-USD45 billion compared with available
foreign currency liquidity of USD85 billion-USD90 billion.

The two-notch downgrade of the local currency rating reflects the
divergent trend between external and public finances, as the
current account has adjusted, while the weaker macroeconomic
environment has negatively impacted the trend in public finances.
Persistent double-digit inflation and an increase in the proportion
of government debt denomimated in foreign currency (to 50.8% at
end-May from 39% at end-2017) are also no longer consistent with
the local currency rating being notched higher than the foreign
currency rating.

The removal of the one-notch uplift in the Country Ceiling relative
to the Long-Term Foreign-Currency IDR also reflects an increased
risk, in its view, of unorthodox policy-making that could affect
the availability of foreign currency for non-sovereign external
debtors, as well as greater banking sector dollarisation.   

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Turkey a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - Macroeconomic policy and performance: -1 notch, to reflect weak
macroeconomic policy credibility and coherence and downside risks
to macroeconomic stability.

  - External finances: -1 notch, to reflect a very high gross
external financing requirement and low international liquidity
ratio.

  - Structural features: -1 notch, to reflect an erosion of checks
and balances and institutional quality, a weakening banking sector
and the risk of developments in foreign relations that could impact
financial stability.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that, individually, or collectively, could lead to
a downgrade are:

  - Failure to rebalance and stabilise the economy consistent with
lower inflation and external vulnerabilities.

  - Heightened stresses in the corporate or banking sectors
potentially stemming from a sudden stop to capital inflows or a
more severe recession.

  - A marked worsening in the government debt/GDP ratio or broader
public balance sheet.

  - A serious deterioration in the domestic political or security
situation or international relations.

The main factors that, individually, or collectively, could lead to
a stabilisation of the Outlook are:

  - A sustainable rebalancing of the economy evidenced by lower
inflation and a stabilisation in the current account balance that
reduces external vulnerabilities.

  - A pronounced improvement in macroeconomic policy-making and
performance.



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

COLD FINANCE: DBRS Finalizes BB (high) Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
following classes of commercial mortgage-backed floating-rate notes
issued by Cold Finance PLC (the Issuer):

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (sf)
-- Class E at BB (high) (sf)

All trends are Stable.

Cold Finance PLC is the securitization of a GBP 282.8 million
floating-rate senior commercial real estate loan (the senior loan)
advanced by Cold Finance PLC (the Issuer) to four borrowers:
Wisbech Propco Ltd, Real Estate Gloucester Limited, Harley
International Properties Limited and Yearsley Group Limited
(Yearsley Group). All four borrowers are ultimately owned by
Lineage Logistics Holdings, LLC (Lineage or the Sponsor). The
purpose of the loan was to refinance an initial bridge facility
provided by Goldman Sachs for the acquisition of the Yearsley
Group, a large cold storage logistics service provider, and a
further refinancing of two existing U.K. cold storage assets. Loan
proceeds were also used for general operating purposes. To maintain
compliance with applicable regulatory requirements, 5.0% interest
in the transaction is held by the Sponsor through the issuance of
non-rated Class R notes.

The senior loan (68.6% loan-to-value (LTV)) is backed by a
portfolio of 14 temperature-controlled and ambient storage
industrial properties located throughout the U.K. In November 2018,
Lineage acquired Yearsley Group, which included 12
temperature-controlled storage facilities and its operational
platform. The portfolio offers largely frozen storage facilities,
with five of the assets providing a mixture of chilled and ambient
storage options. The ongoing management of the portfolio will be
brought within Lineage's operations, which is part of a wider
European platform established in 2017.

The portfolio's net lettable area of 2.6 million square feet,
offering temperature-controlled and ambient storage facilities, was
77.8% used by over 1000 customers over a 12-month period ending in
December 2018. The top ten customers contributed 49.0% of the total
sum invoiced (GBP 87.0 million) in 2018. The top two customers,
Brakes and Unilever, accounted for approximately 22% of the total
sum invoiced in 2018. The portfolio is located strategically close
to customers' distribution centers as well as their target market
throughout the U.K., including one property in Scotland. The two
largest assets by market value are located in Gloucester and
Wisbech, Cambridge shire.

In DBRS's view, the senior facility represents moderate leverage
financing with a 68.6% LTV, based on CBRE's valuation of GBP 412.1
million dated March 31, 2019. Based on a reported cash flow of GBP
30.26 million, the debt yield at the March 31, 2019 cut-off date
was 11.3% for the rated notes and 10.7% for the whole loan,
including the subordinated Class R amount. DBRS's LTV is 93.8%
(whole loan), and the debt yield at the cut-off date was 10.0% and
9.5% for the whole loan based on net cash flow (NCF) of GBP 26.9
million. The senior loan bears interest at a floating rate equal to
three-month Libor (subject to zero floors) plus a margin that is a
function of the weighted average (WA) of the aggregate interest
amounts payable on the notes. As such, there is no excess spread in
the transaction, and ongoing costs are ultimately borne directly by
the borrowers. The borrowers are expected to amortize the loan
according to the amortization schedule commencing after year one as
further detailed below. The expected maturity of the loan is three
years; however, the borrower can exercise two one-year extensions
subject to certain conditions.

The loan structure includes financial default covenants such that
the borrower must ensure that the LTV ratio is less than 83.6% and
that the debt yields on each interest payment date must not be
equal to or less than 8.6%. Other standard events of default
include (1) any missing payment, including failure to repay the
loan at maturity date; (2) borrower insolvency; (3) a loan default
arising as a result of any creditor's process or cross-default.

The transaction benefits from a liquidity support facility of GBP
13 million and is provided by Credit Agricole. The liquidity
facility may be used to cover shortfalls on the payment of certain
amounts of interest due by the issuer to the holders of Class A to
Class D notes and no more than 20% of the outstanding Class E
notes. According to DBRS's analysis, the liquidity reserve amount
will be equivalent to approximately 12 months on the covered notes
based on the interest rate cap strike rate of 3.0% per annum and
approximately nine months' coverage based on the LIBOR cap after
loan maturity of 5.0% per annum, respectively.

The final legal maturity of the notes is expected to be in August
2029, five years after the fully extended loan term. The latest
expected loan maturity date, including potential extensions, is 15
August 2024. Given the security structure and jurisdiction of the
underlying loan, DBRS believes this provides sufficient time to
enforce on the loan collateral, if necessary, and repay the
bondholders.

To satisfy risk retention requirements, Lineage Logistics Holdings,
LLC, through its majority-owned affiliate, has retained a residual
interest consisting of not less than 5% by subscribing the unrated
and junior-ranking GBP 14.2 million Class R notes. This retention
note ranks junior in relation to interest and principal payments to
all rated notes in the transaction.

Notes: All figures are in British pound sterling unless otherwise
noted.

FINSBURY SQUARE 2019-2: DBRS Gives Prov. CCC Rating to X Notes
--------------------------------------------------------------
DBRS Ratings GmbH assigned the following provisional ratings to the
notes expected to be issued by Finsbury Square 2019-2 plc (the
Issuer):

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (high) (sf)
-- Class C Notes rated A (high) (sf)
-- Class D Notes rated BBB (high) (sf)
-- Class E Notes rated BB (high) (sf)
-- Class X Notes rated CCC (sf)

The rating on the Class A Notes addresses the timely payment of
interest and ultimate repayment of principal on or before the Final
Maturity Date. The ratings on the Classes B, C, D, and E Notes
address the timely payment of interest once most senior and the
ultimate repayment of principal on or before the Final Maturity
Date. The rating on the Class X Notes addresses the ultimate
payment of interest and repayment of principal by the Final
Maturity Date. DBRS does not rate the Class F Notes and Class Z
Notes.

The Issuer is a securitization collateralized by a portfolio of
owner-occupied (82.4% of the provisional portfolio balance) and
buy-to-let (17.6%) residential mortgage loans granted by Kensington
Mortgage Company Limited (KMC) in England, Wales, and Scotland.

The Issuer is expected to issue six tranches of mortgage-backed
securities (Class A Notes to Class F Notes) to finance the purchase
of the initial portfolio and to fund the Pre-Funding Principal
Reserve. Additionally, the Issuer is expected to issue two classes
of non-collateralized notes, the Class X Notes and Class Z Notes,
whose proceeds will be used to fund the General Reserve Fund (GRF)
and the Pre-Funding Revenue Reserve as well as to cover initial
costs and expenses. The Class X Notes are primarily intended to
amortize using revenue funds; however, if excess spread is
insufficient to fully redeem the Class X Notes, principal funds
will be used to amortize the Class X Notes in priority to the Class
F Notes.

The structure envisages a pre-funding mechanism where the seller
has the option to sell recently originated mortgage loans to the
Issuer, subject to certain conditions. The acquisition of these
assets shall occur before the first payment date using the proceeds
standing to the credit of the pre-funding reserves.

The GRF is expected to be funded at closing to 2.15% of the balance
of the Classes A to F Notes and will be available to provide
liquidity and credit support to the Classes A to E Notes. From the
first payment date onward, the GRF required balance will be 2.0% of
the balance of the Classes A to F Notes and, if its balance falls
below 1.5% of the balance of the Classes A to F Notes, principal
available funds will be used to fund the Liquidity Reserve Fund
(LRF) to a target of 2.0% of the balance of the Classes A and B
Notes. The LRF will be available to cover interest shortfalls on
the Class A Notes and Class B Notes as well as senior items on the
pre-enforcement revenue priority of payment. The availability for
paying interest on the Class B Notes is subject to a 10% principal
deficiency ledger condition.

As of May 31, 2019, the provisional portfolio consisted of 1,648
loans extended to 1,623 borrowers with an aggregate principal
balance of GBP 259.7 million. Loans in arrears between one and
three months represented 1.2% of the outstanding principal balance
of the portfolio and loans three or more months' delinquent was
1.1%.

The provisional portfolio includes 5.4% of help-to-buy (HTB) loans,
whose borrowers are supported by government loans (i.e. equity
loans, which rank in a subordinated position to the mortgages). HTB
loans are used to fund the purchase of new-build properties with a
minimum deposit of 5% from the borrowers. DBRS treats HTB loans as
having higher loan-to-value to reflect the borrowers' higher
indebtedness due to the presence of the subordinated government
loans. The weighted-average current loan-to-value ratio of the
provisional portfolio is 73.6%, which increased to 74.8% in DBRS's
analysis to include the HTB equity loan balances.

Of the provisional portfolio, 81.2% relates to a fixed-to-floating
product, where borrowers have an initial fixed-rate period of one
to five years before switching to floating-rate interest indexed to
three-month LIBOR. Interest rate risk is expected to be hedged
through an interest rate swap. Approximately 8.5% of the
provisional portfolio by loan balance comprises loans originated to
borrowers with at least one prior county court judgment and 19.7%
are either interest-only loans for life or loans that pay on a
part-and-part basis.

The Issuer is expected to enter into a fixed-floating swap with BNP
Paribas, London Branch (BNP London) to hedge the interest rate
mismatch between fixed-rate mortgage loan interest and SONIA-based
interest payable on the notes. Based on the DBRS private rating on
BNP London, the downgrade provisions outlined in the documents and
the transaction structural mitigants, DBRS considers the risk
arising from the exposure to BNP London to be consistent with the
ratings assigned to the rated notes as described in DBRS's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

Citibank, N.A., London Branch (Citibank London) will hold the
Issuer's Transaction Account, the GRF, the LRF, the pre-funding
reserves, and the Swap Collateral Account. Based on the DBRS
private rating on Citibank London, the downgrade provisions
outlined in the documents and the transaction structural mitigants,
DBRS considers the risk arising from the exposure to Citibank
London to be consistent with the ratings assigned to the rated
notes as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.

DBRS based its provisional ratings on the following analytical
considerations:

-- The transaction capital structure as well as form and
sufficiency of available credit enhancement to support
DBRS-projected expected cumulative losses under various stressed
scenarios.

-- The credit quality of the portfolio and DBRS's qualitative
assessment of KMC's capabilities with regard to originations,
underwriting and servicing.

-- The transaction's ability to withstand stressed cash flow
assumptions and repays the noteholders according to the terms and
conditions of the notes.

-- The transaction parties' financial strength to fulfill their
respective roles.

-- The transaction's legal structure and its consistency with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology as well as the presence of the
appropriate legal opinions that address the assignment of the
assets to the Issuer.

-- DBRS's sovereign rating on the United Kingdom of Great Britain
and Northern Ireland of AAA with a Stable trend as of the date of
this press release.

Notes: All figures are in British pound sterling unless otherwise
noted.

FOUR SEASONS: Likely to Be Sold for Just GBP400MM, Bidders Circle
-----------------------------------------------------------------
Gill Plimmer at The Financial Times reports that Four Seasons,
Britain's second biggest care home chain, which houses 16,000
elderly residents, could be sold for as little as GBP400 million,
half the price that the whole group fetched when it was sold to Guy
Hands' Terra Firma seven years ago.

The sharp drop in Four Season's value underlines how the care home
sector has come under intense pressure since local authorities cut
the fees they pay for the elderly, as well as being hit by a
shortage of nurses, high debt levels and rising costs, the FT
notes.

Private equity and hedge funds are circling Four Seasons, whose
holding companies have been in the hands of administrators since
April, with offers worth GBP400 million to GBP600 million for the
business, according to two people briefed on the sale process, the
FT states.

Bidders include three groups, each with a vested interest, the FT
notes.  One is H2 Capital Partners, the US hedge fund that is the
business's largest creditor and in effect owner since Terra Firma
failed to service its debt in December 2017, the FT discloses.

The other bidders include Cheyne Capital, the second biggest
bondholder, and Davidson Kempner Capital Management, a Texas-based
fund that is one of the company's landlords, the FT says.  Round
Hill Capital, a property investor that provides senior
accommodation, is also a contender, according to the FT.

Investors believe Four Seasons, which owns the properties used by
60% of its homes, has better prospects now that the company's debt
has been reduced and occupancy rates have risen, the FT relays.

Any sale would come as a relief to the government and the industry
regulator, the Care Quality Commission, which has been monitoring
the situation closely amid fears that local authorities would have
to take over the indebted company and its 320 homes and 22,000
employees, the FT states.

The sale process is being led by BDO, the FT discloses.  The
administration process is being handled by Alvarez & Marsal, which
is hoping to secure a deal by the end of the year, according to the
FT.


JAGUAR LAND: Fitch Downgrades LT IDR to BB-, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
and senior unsecured rating of Jaguar Land Rover to 'BB-' from
'BB'. At the same time Fitch has placed the IDR on Negative
Outlook, removing it from Rating Watch Negative where it was placed
on February 4, 2019.

The downgrade reflects the weakening of JLR's business profile as
risks rise in its markets, particularly in technology requirements
as well as its investment in new models and platforms. The prospect
of a disorderly Brexit and the spectre of US tariffs on car imports
from Europe are additional risks. Fitch expects JLR's negative free
cash flow (FCF) will continue until financial year to end-March
2021 (FY21) reflecting its intensive investment programme in
electric powertrain, model replacement and new chassis
architecture.

The Negative Outlook reflects the risk that Brexit and tariff risks
are realised and have a significant further negative effect on
JLR's financial structure and profitability. The ratings could also
be lowered if JLR's investment in future fleet mix and new
technologies does not offset declines in the global auto market,
reducing JLR's ability to increase its revenues.

KEY RATING DRIVERS

High Operational Leverage: JLR's business risk profile is
negatively affected by its small scale relative to investment grade
auto manufacturers as well as its high operating leverage. JLR's
margins and cash flow were sharply affected by declining sales in
China and Europe. Countering the sales slowdown over the last
twelve months has been cost reductions in UK manufacturing and the
move to lower cost manufacturing in Slovakia to support new model
lines. Fitch expects volumes to remain relatively flat for FY20 as
it forecasts negative sales growth in Europe and flat sales in
China.

Profitability Remains Weak: Fitch expects JLR's EBIT margin to
recover to between 1%-2% in FY20 and FY21, from negative 1.8%
(excluding write-downs) in FY19 bolstered by the strong mid-cycle
refresh performance of the Range Rover and Range Rover Sport
models, following the introduction of the plug-in hybrid
drivetrain. Fitch expects the cost savings generated by Project
Charge, which include staff cuts and other material cost savings,
to lead to a mild recovery in profitability. Fitch expects the EBIT
margin to increase to 4% in FY22 as the effect of higher margin
model launches is felt.

Capex Drives Negative FCF: Despite a cut in investment spending in
FY19, JLR's capex levels remain high relative to its peers. This is
related to investment in new models, a new modular chassis and
electrification, including investment in a new battery facility.
Fitch expects JLR to generate significantly negative FCF for FY20
and FY21, before turning marginally positive following the
completion and launch of these key chassis and electrification
programmes.

Aggressive Investment Plan: Fitch expects investment spending to
remain high at between GBP3.5 billion-4 billion from FY20-22. Fitch
expects investment in new models, such as the Defender and Range
Rover replacements, to bolster revenue and profitability in FY21
and FY22. JLR's investments in electric drivetrain and battery
plants should protect the company from capacity constraints in
electric vehicle production, and ensure the supply chain remains
under JLR's control for future production.

Increased Leverage: Fitch expects funds from operations (FFO)
adjusted net leverage to increase to just below 1.5x in FY21 from
0.9x in FY19 and 0.1x in FY18. The increase in net leverage has
been driven by declining funds from operations and the issuance of
debt to finance the company's negative FCF and investment.

Hard Brexit Potentially Disruptive: The risks of a disorderly
Brexit remain high. Related disruptions to supply chain flows could
result in production delays with a short-term impact on cash flow.
The clearance of imported parts to support just-in-time assembly,
and the risk that the supply chain could significantly lengthen
could add unwelcome uncertainty to deliveries.

However, Fitch expects any tariff effects in trading with the EU to
be largely absorbed in the short-term by likely pound sterling
depreciation as 80% of its products are sold in non-sterling
markets. JLR has planned to reduce the risk of a hard Brexit, for
example by increasing the buffer of production stock. Fitch expects
these steps will limit interruptions in output.

Limited Scale and Product Diversity: JLR's scale and range of
products are smaller than premium-segment peers, which raises the
risk of volatility in earnings and cash flow. Fitch expects JLR's
strategy of increasing the number of its models using new modular
architecture to both reduce the risk of new model launches and to
increase capacity utilisation. However, Fitch forecasts modest
growth in JLR's overall volumes, based on model renewal and new
nameplate launches such as the Defender and Range Rover
replacement. Fitch expects JLR to be extremely focused on margin
per unit going forward, with stronger stock control to improve cash
generation.

Fuel Efficiency Requirements Challenging: Tightening emission
controls remain a challenge for JLR as its product portfolio is
currently weighted towards larger, less fuel-efficient SUVs. Diesel
accounted for about 71% of JLR's sales in Europe in FY19; this
could be reduced by JLR's plans to offer the option of
electrification on all of its vehicles from 2020. JLR's early
introduction of the PHEV technology has improved sales of its
high-end SUVs compared to its rivals. The construction of a battery
assembly facility at Hams Hall will reduce the costs of its
electric cars.

DERIVATION SUMMARY

JLR competes in the premium segment with Daimler AG's Mercedes
(A-/Stable), BMW AG and Volkswagen AG (BBB+/Stable), notably VW's
Audi brand. JLR is much smaller than the larger German peers, has a
more limited product portfolio and has a largely UK manufacturing
base. This limits economies of scale and leads to concentration
risk. The company has been expanding its model range and has
increased the diversification of its manufacturing following the
opening of a new factory in Slovakia. Nevertheless, the
concentration of manufacturing in the UK means that JLR is the most
exposed of its portfolio of automotive manufacturers to a
disorderly Brexit.

JLR's profitability and cash flow generation during this period of
investment are significantly lower than other rated peers such as
Fiat Chrysler Automobiles N.V. (BBB-/Stable) and Peugeot S.A.
(BBB-/Stable). JLR's profitability and FCF declined further in FY19
to negative 1.8% and negative 6.3% respectively. JLR's capital
structure is also the weakest amongst its peers, with FFO adjusted
net leverage increasing to 0.9x in FY19 and forecast to increase to
just below 1.5x in FY21.

No country-ceiling, parent/subsidiary or operating environment
aspects has an impact on the rating.

KEY ASSUMPTIONS

  - Revenue to grow by under 1% in 2020, before recovering to
mid-single digit growth in FY21 and FY22

  - EBIT margin to recover to between 1%-2% in FY20 and FY21,
increasing to 4% in FY22

  - Capex of between GBP3.5 billion-4 billion per annum from FY20
to FY22

  - No dividend payment in FY20

LENDY: Viability Fundamentally Undermined Prior to FCA Approval
---------------------------------------------------------------
Naomi Rovnick at The Financial Times reports that the viability of
Lendy was "fundamentally undermined" even before the City watchdog
gave the failed property lending platform its full stamp of
approval, a report by its administrators has found.

Lendy, which collapsed in May after trying unsuccessfully to match
retail investors chasing high returns on their capital with
property developers seeking loans, received formal authorization to
do business from the Financial Conduct Authority in July 2018, the
FT relates.

Before that date, according to a report by Lendy's administrators
RSM, the platform's cash position had become "increasingly
strained" as new investments declined "significantly" and it became
unable to fulfill its development loan commitments, the FT notes.

RSM has calculated the amount of investors' capital it can recover
from Lendy will be 57p-58p in every pound, on average and before
administration costs, the FT discloses.  Some of Lendy's loans have
only a 7% prospective recovery rate, RSM, as cited by the FT, said,
while others may still be repaid in full.

The move by the FCA to give its full approval to Lendy a few months
before it collapsed has triggered criticism that the regulator was
too soft on new digital finance businesses, such as peer-to-peer
lenders, the FT states.

Lendy advertised returns of up to 12% for the retail investors who
funded its loans, the FT recounts.

RSM said the collapsed platform has GBP152 million of loans
outstanding, the FT relates.

According to the FT, the RSM report found, however, that a large
proportion of the borrowers served by Lendy were now in some form
of insolvency process.  Of the 54 loans still on Lendy's books, 35
were attached to projects where the property developer had gone
into administration or receivers had been appointed to seize
assets, the FT notes.

RSM said "It is anticipated there will be further insolvency
appointments," over loans Lendy had extended to property developers
and that would not be repaid, the FT relays.

Lendy operated without full authorization from 2012, and made
GBP400 million of loans before being fully authorized by the FCA in
2018, according to the FT.


LUNAR CARAVANS: Enters Administration, Seeks Buyer for Business
---------------------------------------------------------------
Business Sale reports that Lunar Caravans, a caravan manufacturing
business in Preston, is on the lookout for a buyer to take on the
business and its assets after falling into administration on July
16, 2019.

The company was forced to call in professional restructuring
specialists FRP Advisory LLP to handle the administration process,
with partners David Acland --
david.acland@frpadvisory.com -- and Lila Thomas --
lila.thomas@frpadvisory.com -- appointed as joint administrators,
Business Sale relates.

The company operates from its facility in Lostock Hall with 196
employees and provides designing and manufacturing services for its
lightweight touring products, Business Sale discloses.

However, the administrators noted that the business faced severe
cashflow difficulties as a result of challenging trading
conditions, according to Business Sale.

The production of all its caravan models, including the 2020 range,
have been suspended upon entering the administration period,
Business Sale states.

"The UK staycation market remains strong and our focus is now on
seeking a buyer for the business and its assets.  We would
encourage any interested parties to contact the joint
administrators as soon as possible," Business Sale quotes Mr.
Acland as saying.

The administrators are presently working closely with management
and Lunar Caravans' employees to secure the sale of the business
and of its assets, Business Sale notes.


MALLINCKRODT PLC: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Mallinckrodt plc and removed it from CreditWatch.

S&P said, "The affirmation reflects our belief that Mallinckrodt's
debt repayment will keep leverage in the 4x to 5x area, despite
moderate product sales declines expected in 2020 and 2021 and the
expected spin-off of the specialty generics business in 2019. The
negative outlook reflects a number of possible competitive and
legal threats that are uncertain in timing and probability.
Mallinckrodt's recently announced $400 million draw on its
revolving credit facility does not materially change our view of
long-term leverage because we expect the proceeds to repay debt.

"Our negative outlook reflects heightened risk to our base case for
strong free cash flow allocated to debt repayment and the potential
for adjusted debt to EBITDA to exceed 5x. We believe the greatest
risks to the rating are the potential competition to Acthar and
ongoing opioid litigation.

"We could consider a lower rating if we believe debt to EBITDA will
sustainably increase above 5x for at least 12 months. This scenario
could arise from greater-than-expected competition to Acthar and
INOmax or substantial litigation liabilities (most likely related
to the opioid litigation).

"We could revise the outlook to stable if we gain more confidence
leverage will remain below 5x on a sustained basis. In this
scenario, we would need to have more confidence that opioid
litigation is resolved and that no other litigation would
materially weaken credit metrics. In addition, we would have to
gain more confidence in the durability of revenue likely from weak
competition to Acthar and INOmax and successful new launches."

TOWER BRIDGE 4: DBRS Finalizes BB(sf) Rating on Class F Notes
-------------------------------------------------------------
DBRS Ratings Limited finalized the following ratings previously
assigned to the notes issued by Tower Bridge Funding No. 4 PLC (the
issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BBB (low) (sf)
-- Class F notes at BB (sf)

The final margins applicable to the notes are lower than the
provisional margins. This has resulted in DBRS's final rating of BB
(sf) assigned to the Class F notes to differ from the provisional
rating of BB (low) (sf) assigned on June 24, 2019.

The ratings assigned to the Class A and B notes address the timely
payment of interest to the noteholders on every quarterly interest
payment date and the ultimate repayment of principal by the legal
final maturity date. The ratings on Class C, D, E, and F notes
address the ultimate payment of interest and repayment of principal
by the legal final maturity date. DBRS does not rate the Class G,
Class X, and Class Z notes or the residual certificates.

Tower Bridge Funding No. 4 PLC is the fourth securitization of
residential mortgages by Belmont Green Finance Limited (BGFL, the
seller and the originator). The mortgage portfolio comprises
first-lien home loans, newly originated by BGFL through its Vida
Homeloans brand. BGFL is the named mortgage portfolio servicer but
it will delegate day-to-day servicing to Home loan Management
Limited (HML). HML is also the backup servicer and shall replace
BGFL if a servicing termination event is triggered. This
arrangement means there is effectively no backup servicer in place.
In order to maintain servicing continuity, CSC Capital Markets UK
Limited will be appointed as the backup servicer facilitator.

As of June 30, 2019, the GBP 369.1 million portfolio consisted of
1,986 loans with an average outstanding balance of GBP 185,845.
Approximately 74.3% of the loans by outstanding balance are
buy-to-let (BTL) mortgages. As is common in the U.K. mortgage
market, the loans are largely scheduled to pay interest only on a
monthly basis, with principal repayment concentrated in the form of
bullet payment at the maturity date of the mortgage (73.3% of the
loans in the pool are interested only). A significant concentration
of the BTL loans are granted to portfolio landlords: 45.5% of the
loans by total loan balance are granted to landlords with at least
one other BTL property, and 13.0% have at least eight other BTL
properties.

The mortgages are high-yielding, with a weighted-average coupon of
4.1% and a weighted-average reversionary margin of 5.1% over either
the Vida Variable Rate (VVR) or LIBOR. Moreover, 7.6% of the
mortgage portfolio by loan balance has prior county court judgments
(CCJs). The weighted-average current loan-to-value (CLTV) ratio of
the portfolio is 71.3%, with no loan exceeding a 90% CLTV ratio.

Before the first interest payment date, the issuer may purchase
additional loans that are funded by the over-issuance of notes at
closing. The pre-funded loans will be subject to criteria tests to
prevent a material deterioration in credit quality. At least 50% of
these loans will be post-offer and pre-completion as of the end of
May 2019. DBRS analyzed the eligible pre-funding loans that can be
sold to the issuer. Any funds that are not applied to purchase
additional loans will flow through the pre-enforcement principal
priority of payments to repay the notes pro-rata.

The transaction is structured to initially provide 19.5% of credit
enhancement to the Class A notes. This includes subordination of
Class B to G notes (Classes X and Z are not collateralized) and the
non-amortizing general reserve fund.

The general reserve is available to cover shortfalls in senior
fees, interest and any principal deficiency ledger (PDL) debits on
Class A to F notes after the application of revenue. The general
reserve is initially funded to 2% of Class A to G notes multiplied
by 1 minus the pre-funding maximum principal percentage; however,
it will have a non-amortizing target equal to 2.5% of the initial
balance of Class A to G notes that will be funded through the
excess spread. The liquidity reserve is available to cover
shortfalls of senior fees and interest on the Class A and B notes
after the application of revenue and the general reserve. The
liquidity reserve is expected to have has a balance of zero at
closing and will be funded through principal receipts as a senior
item in the waterfall to its amortizing target – 1.5% of the
outstanding balance of the Class A and Class B notes. Any use,
including prior to its complete funding, will be replenished from
revenue.

Principal funds can be diverted to pay revenue liabilities, insofar
as a shortfall in senior fees, Class A interest and interest due on
the senior-most outstanding class of notes persist after applying
revenue collections and exhausting both reserve funds.

If principal funds are diverted to pay revenue liabilities, the
amount will subsequently be debited to the PDL. The PDL comprises
six sub-ledgers that will track the principal used to pay interest,
as well as realized losses, in a reverse sequential order that
begins with the Class G sub-ledger.

The fixed-rate assets and the floating-rate liabilities give rise
to interest rate risk. This is mitigated by using a fixed-floating
balance-guaranteed swap, provided by the NatWest Markets. There is
basis risk in the transaction that arises once the loans complete
the initial teaser period. The owner-occupied loans reset to pay a
rate of interest linked to VVR. This basis risk is mitigated
through a transaction floor on the VVR linked to SONIA, the
Sterling Overnight Index Average, which is compounded daily. The
basis risk between the BTL mortgages linked to three-month LIBOR
and the notes has been considered in the cash flow analysis.

On the interest payment date in December 2022, the coupon due on
the notes will step up and the notes may be optionally called. The
notes must be redeemed for an amount sufficient to fully repay
them, at par, plus pay any accrued interest.

Monthly mortgage receipts are deposited into the collections
account at Barclays Bank PLC (Barclays) and held in accordance with
the collection account declaration of trust. The funds credited to
the collection account are swept daily to the issuer's account for
direct debit payments and within three business days for other
payment formats. The collection account declaration of trust
provides that interest in the collection account is in favor of the
issuer over the seller. Commingling risk is considered mitigated by
the collection account declaration of trust and the regular sweep
of funds. The collection account bank is subject to a DBRS
investment-grade downgrade trigger. BNP Paribas Securities Services
SCA, London Branch is the account bank. The transaction documents
include account bank rating triggers and downgrade provisions that
lead DBRS to conclude that both account banks satisfy DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.

In its cash flow assessment, DBRS applied two default timing curves
(front-ended and back-ended), its prepayment curves (low, medium
and high assumptions) and interest rate stresses as per the DBRS
"Interest Rate Stresses for European Structured Finance
Transactions" methodology. DBRS applied an additional 0% constant
prepayment rate stress. The cash flows were analyzed using Intex
DealMaker.

The legal structure and presence of legal opinions are deemed
consistent with the DBRS "Legal Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.

TRINIDAD MORTGAGE 2018-1: DBRS Confirms BB Rating on Class E Notes
------------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
issued by Trinidad Mortgage Securities 2018-1 plc (the Issuer or
TMS18):

-- Class A notes confirmed at AAA (sf)
-- Class B notes confirmed at AA (sf)
-- Class C notes upgraded to A (sf) from A (low) (sf)
-- Class D notes upgraded to BBB (sf) from BBB (low) (sf)
-- Class E notes confirmed at BB (sf)
-- Class F notes confirmed at B (high) (sf)

The rating of the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date. The ratings of Class B, Class C, Class D,
Class E, and Class F notes address the ultimate payment of interest
and principal on or before the legal final maturity date.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults and
losses as of April 2019.

-- Portfolio default rate (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective rating levels.

TMS18 is a securitization of first- and second-ranking mortgages
secured by residential and commercial properties located in the
United Kingdom. The asset portfolio comprises three distinct
subsets originated by multiple lenders and serviced by Mars Capital
Finance Limited.

The largest subset (59.6%) was originated by Magellan Homeloans
Limited and Mars Capital Finance Limited and consists of
newly-originated credit repair mortgages and complex-prime and
near-prime mortgages. The Thrones 2013 portfolio (31.7%) consists
of first- and second-ranking non-conforming residential mortgages
originated by Heritable Bank between 2004 and 2008. The Camael
portfolio (8.7%) was originated by Cyprus Popular Bank Co Ltd and
consists of first- and second-ranking residential and commercial
mortgages, both buy-to-let and owner-occupied.

PORTFOLIO PERFORMANCE

As of the April 2019 payment date, 30-90 day arrears for the total
portfolio were 3.3%, up from 2.0% in July 2018. The 90+ day
delinquency ratio was 2.2%, up from 1.9% in July 2018. As of April
2019, the cumulative loss ratio was 0.0%.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis of the remaining pool of
receivables and has updated its base case PD and LGD assumptions to
18.1% and 13.7%, from 19.8% and 14.3%, respectively.

CREDIT ENHANCEMENT AND RESERVES

As of the April 2019 payment date, Class A CE was 32.7%, up from
25.7% at the DBRS initial rating, Class B CE was 24.0%, up from
18.7%, Class C CE was 17.2%, up from 13.2%, Class D CE was 12.2%,
up from 9.2%, Class E CE was 9.1%, up from 6.7% and Class F CE was
8.0%, up from 5.8%. CE is provided by the subordination of the
junior notes and a General Reserve Fund (GRF).

The GRF is non-amortizing and is available to cover senior fees,
interest shortfall on the senior-most outstanding class of notes as
well as the principal deficiency ledgers on the rated notes. It is
currently funded to its target level of GBP 11.2 million.

If the balance of the GRF falls to 2% of the outstanding Class A to
H notes, a Liquidity Reserve Fund (LRF) will be funded to 4% of the
outstanding Class A notes and will be available to cover senior
fees and Class A interest only. The LRF balance is currently zero.

Citibank N.A./London Branch acts as the account bank for the
transaction. Based on the DBRS private rating of Citibank
N.A./London Branch, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS considers the risk arising from the
exposure to the account bank to be consistent with the rating
assigned to the Class A notes, as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.

NatWest Markets Plc acts as the Interest Rate Cap Provider for the
transaction. DBRS's Long-Term Critical Obligations Rating of
NatWest Markets Plc at 'A' is above the First Rating Threshold, as
described in DBRS's "Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.

UNIQUE PUB: Fitch Ups Class A4 Notes Rating to BB+, Off Watch Pos.
------------------------------------------------------------------
Fitch Ratings has upgraded Unique Pub Finance Company Plc's class
A4 notes to 'BB+' from 'BB' and class N notes to 'B+' from 'B' and
removed them from Rating Watch Positive. The class M notes were
removed from RWP and affirmed at 'B+'. All Outlooks are Stable.

The rating actions are driven by successful disposal of 348 pubs by
Ei Group (EiG; Unique's parent), in line with its expectations. Of
these pubs, 171 were worth GBP176 million and within the Unique
securitisation, and therefore the proceeds were used to fully
prepay the class A3 notes and partially repay the class A4 notes.

As a result projected free cash flow debt-service cover ratios (FCF
DSCR) metrics in 2022-2027 for the class A4 (2.2x) and class N
(1.2x) notes exceeded positive sensitivities of 1.3x and 1.0x,
respectively, leading to the upgrades. Positive effect of the
disposal on the class M notes is mitigated by a rapid amortisation
profile in 2021-2024 which results in a period of low coverage
(0.9x in 2022-2024) and limited room for notes' deferral. Therefore
Fitch has affirmed the class M notes.

The transaction is a securitisation of tenanted pubs in the UK.

KEY RATING DRIVERS

Unique's leased/tenanted business model hinders the group's ability
to adapt to the dynamic and increasingly competitive UK eating- and
drinking-out market. The fully amortising debt, strong liquidity
and deferability of the junior notes mitigate covenant weaknesses,
such as the restricted payment covenant. The class A4 2027 notes
suffer concurrent amortisation with the junior and deferrable class
M 2024 notes. The ratings reflect the currently uneven amortisation
profile and low FCF DSCRs for the class M and N notes in 2021-2024
when the class M notes are repaid.

Structural Decline but Strong Culture - Industry Profile: Midrange
The UK pub sector has a long history, but trading performance for
some assets has shown significant weakness in the past. The sector
has been in structural decline for the past three decades due to
demographic shifts, greater health awareness and the growing
presence of competing offerings. Exposure to discretionary spending
is high and revenues are therefore linked to the broader economy.
Competition is keen, including off-trade alternatives, and barriers
to entry are low. Despite the on-going contraction, Fitch views the
sector as sustainable in the long term, supported by a strong UK
pub culture.

Sub-KRDs: Operating Environment - Weaker; Barriers to Entry -
Midrange; Sustainability - Midrange.

Experienced Operator, Well-Maintained Estate - Company Profile:
Midrange
Unique is 100%-owned by EiG, a large and experienced UK pub
operator with economies of scale but limited use of branding. As
the estate is substantially fully leased or tenanted, insight into
underlying profitability is weak. Operator replacement would be
difficult but possible within a reasonable period of time.
Centralised management of the estate and common supply contracts
result in close operational ties between the securitised and
non-securitised estates.

Fitch views the pubs as reasonably maintained and over 90% of the
estate is held on a freehold or long-leasehold basis. In September
2018, the Unique estate was valued at GBP1,679 million and a fairly
high average pub value of GBP791,000 (compared with GBP772,000 in
September 2017). Over the past few years management has reinvested
disposal proceeds into improving the existing estate. There is no
minimum capex covenant, but upkeep is largely contractually
outsourced to more than half of tenants on full repair and insuring
leases. The secondary market is liquid and there is value in the
estate on alternative use, such as residential property and
mini-supermarkets.

Sub-KRDs: Financial Performance - Weaker; Company Operations -
Midrange; Transparency - Weaker; Dependence on Operator - Midrange;
Asset Quality - Midrange

Strong Liquidity Mitigates Weaknesses - Debt Structure: Class A -
Midrange; Class M and N -Weaker
Debt is fully amortising but there is some concurrent amortisation
between the class A4 and class M junior tranche and debt service is
high in 2022-2024. Positive factors for the rating include fully
fixed-rate debt, which avoids floating-rate risk and senior-ranking
derivative liabilities. The security package comprises
comprehensive first-ranking fixed and floating charges over
borrower assets.

Prepayments and purchases result in debt service being one year
ahead and compliance under the restricted payment condition (RPC)
calculation, thus allowing cash to be up-streamed. This is a
significant credit negative, although lower cash dividends were
recently paid. Structural features include a GBP65 million cash
reserve and a tranched liquidity facility of GBP152 million as of
March 2019 which decreases over time in line with leverage. In its
view, the SPV is not a true orphan SPV as the share capital is
owned by a subsidiary of Unique and the majority of its Directors
are not independent.

Sub-KRDs: Debt Profile: Class A - Midrange; Class M and N -Weaker;
Security Package: Class A - Stronger, Class M And N - Midrange;
Structural Features - Weaker

Financial Profile

Under the Fitch Rating Case (FRC) the projected FCF DSCRs in
2022-2027 are 2.2x, 0.9x and 1.2x for the class A4, M and N notes,
respectively, significantly above the previous year for class A4
and N notes. The ratios are quoted as the lower of the average and
median over the period.

PEER GROUP

As with Punch Taverns Finance B Limited (Punch B), Unique is linked
to the broader UK economic cycle and has a large portfolio of
mainly tenanted pubs. Punch B class A notes have comparable
projected FCF DSCRs to Unique's class M notes, but Punch B's
refinance risk, which is unusual in UK WBS, justifies the one-notch
difference.

VICTORIA PLC: S&P Assigns 'BB-' Rating to Proposed Sr. Sec. Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' rating on Victoria P.L.C.,
and assigned its 'BB-' rating to its proposed senior secured notes
maturing in 2024.

The affirmation follows Victoria's announcement that it plans to
refinance its debt and improve debt maturity by issuing EUR330
million of senior secured notes (GBP267 million equivalent),
alongside a GBP143 million term loan A facility. S&P said, "Under
the proposed capital structure, we forecast S&P Global
Ratings-adjusted debt-to-EBITDA will remain at about 3.5x-4.0x over
the next 12-18 months in our base case. Our rating also factors in
that an integral part of the company's strategy is to expand
through acquisitions, including large ones."

S&P forecasts positive annual FOCF of GBP30 million-GBP35 million
for the fiscal year ending March 2020 (fiscal 2020). This is
supported by an improving EBITDA margin, thanks to the integration
of the more profitable ceramic tiles businesses, and the decrease
in capital expenditure (capex) to GBP30 million-GBP35 million, from
about GBP40 million-GBP45 million last year. The expansionary capex
was to fund the addition of a new carpet manufacturing line in its
South Wales manufacturing site.

Victoria's strengths include its strong and establish network of
small specialists and independent retailers, which allows the
company to react quickly to changes in market dynamics and provide
some bargaining power. Additionally, the ongoing shift in product
mix toward the higher margin ceramic tiles is positive for the
company's overall profitability. At the same time, Victoria is
exposed to commodity price risk, since it uses raw materials such
as synthetic yarn that are prone to price volatility. That said,
Victoria is more diversified in raw material sourcing than other
companies only operating in the soft flooring segment. S&P
continues to see limited product and technological differentiation
that would create barriers to entry for potential new competitors,
although the company's network of specialists and independent
retailers would be difficult to replicate.

S&P said, "The stable outlook takes into account our view that the
company will continue to generate an adjusted EBITDA margin of
about 17%-18%, thanks to the favorable shift in business mix toward
ceramic products.

"We expect that Victoria will maintain robust positive free cash
flow generation from 2020, after completion of the large capex
program in 2019. We would also need to see adjusted debt-to-EBITDA
comfortably below 4.0x. We factor into our base case the potential
of temporary deviation of credit metrics due to acquisition risk.

"We could take a negative rating action if adjusted debt-to-EBITDA
rises to close to 5.0x on a prolonged basis. This could occur if
the company pursues a more aggressive debt-financed expansion
strategy than we anticipate. This could also happen in case of
major integration setbacks related to the recent large acquisition
of ceramic tiles businesses.

"We could take a positive rating action if the company prioritizes
organic growth with limited expansion capex instead of relying on
external growth opportunities. We would thus need to see a change
in financial policy, with a commitment from Victoria to maintain
adjusted leverage of about 3.0x and 4.0x on a sustained basis and
stronger FOCF generation than 2019."

WATERLOGIC HOLDINGS: S&P Affirms 'B' ICR on Debt Issuance
---------------------------------------------------------
S&P Global Ratings affirmed its existing 'B' issuer credit rating
on U.K.-based Waterlogic Holdings Ltd. S&P assigned a 'B'
issue-level rating and '3' recovery rating to the incremental term
loan B. S&P also affirmed its 'B' ratings on the existing US$45
million RCF, and the US$490 million-equivalent term loan B.

S&P said, "Although Waterlogic has increased its debt, we affirmed
our rating on it because we expect its FOCF to turn positive in
2020, based on improving EBITDA generation. We attribute most of
the improvement in EBITDA to the high-margin acquisitions in 2018
and 2019, organic growth from recent growth investments, and lower
restructuring and enterprise resource planning (ERP) implementation
costs. We expect S&P Global Ratings-adjusted leverage of 8.0x
(approximately 5.5x, excluding shareholder loans) for 2020, down
from 9.4x for 2019 (approximately 6.5x, excluding shareholder
loans).

"Cash flows and leverage metrics for 2018 and 2019 have been
undermined by heavy investments and nonrecurring costs; we predict
that they will turn positive in 2020. As in 2018, Waterlogic is
making material growth investments in 2019. Primarily, it has
accelerated its investment in point-of-use (POU) and ERP-related
projects. We forecast Waterlogic's 2019 capital expenditure (capex)
will be about $60 million and we expect it to make further bolt-on
acquisitions to build scale, technological expertise, and product
diversity in a fragmented market.

"Waterlogic's financial sponsor owner, Castik Capital, is likely to
pursue an aggressive financial policy, which affects our assessment
of its financial risk profile. Since January 2015, when the funds
managed by Castik Capital acquired Waterlogic, it has undertaken
more than 20 acquisitions and has jointly invested in key
acquisitions funded through a mix of shareholder loans and equity.
The acquisitions in 2018 and 2019 were largely debt-funded.

"We anticipate that Waterlogic will focus on acquisitions in North
America, a market with high growth prospects where it has
relatively low penetration. We consider shareholder loans from
Castik to be debt-like under our criteria for treatment of
noncommon equity financing. Therefore, we include them in our
calculation of adjusted debt."

Waterlogic benefits from good market positions in POU water
purification systems, especially in the U.K., Ireland, and the U.S.
It generates most of its revenues in the U.K. and Europe. This
makes its revenue more predictable. As a leader in the fragmented
water dispensing market, cash flows are steady, even though the
market has low barriers to entry.

The company is relatively geographically diversified. It derives
about 21% of sales from the U.K., 32% from the rest of Europe, 22%
from the U.S., 10% from Australia, and the remainder from the rest
of the world, with manufacturing operations in China.

Compared with global facility services companies (for example, ISS
and Aramark), S&P considers Waterlogic's scale and product offering
to be limited. However, within its niche segment, S&P recognizes
that the industry has steadily transitioned from bottled water
coolers to POU systems. The latter are more economical and
environmentally friendly. Waterlogic generates more than 80% of its
revenues from its POU segment and is a technology leader in the
field.

Waterlogic improved its scale, diversity, and margin profile
through strategic acquisitions in 2015 and 2016. The acquisition of
the U.K.-based PHS Waterlogic division (2016) and Angel Springs
(2015) substantially improved its revenue mix in favor of recurring
rental contracts, and supported its market position in the
high-margin U.K. POU market. The rental segment has an inherently
higher EBITDA margin, because this type of business is relatively
more capital-intensive.

Its manufacturing base in China provides Waterlogic with vertical
integration but also exposes it to risks associated with a
fixed-cost base and potential supply disruptions in adverse
circumstances. In addition, Waterlogic has expanded in the U.S.
market following the 2016 acquisition of Onesource, a POU drinking
water systems provider, and several bolt-on acquisitions in 2018.
The acquisition of Australia-based Billi in 2018 further improved
Waterlogic's scale and diversity.

S&P said, "The stable outlook indicates that we expect Waterlogic's
growth rates to remain strong and its profitability to improve
because of recurring rental POU revenues, recent acquisitions, and
growth investments. As with 2018, we expect FOCF to be negative in
2019 due to heavy investments and one-off exceptional costs.
However, we expect modestly positive FOCF in 2020 as investments
and exceptional costs subside. For 2020, we expect S&P Global
Ratings-adjusted leverage to improve to 8x (about 5.5x excluding
shareholder loans) and funds from operations (FFO) cash interest
coverage of above 2.0x.

"We could downgrade Waterlogic if its operating performance
deteriorates such that it puts stress on the group's liquidity or
results in sustained negative FOCF generation and FFO cash interest
coverage below 2x. We could also consider a downgrade if the
company fails to reduce leverage as expected. This could be caused
by higher-than-expected capex, a competitive pricing environment,
declining service quality, increased churn rates, potential
technology obsolescence risk, or an inability to integrate
acquisitions efficiently.

"We are unlikely to raise the ratings in the near term, given
Waterlogic's ownership by a financial sponsor and our assumption
that it will make further debt-financed bolt-on acquisitions.
However, we could raise the rating if the owner committed to a
less-aggressive financial policy, so that we expected the group's
debt to EBITDA to fall materially and sustainably below 5.0x, and
its FFO-to-debt ratio to rise above 12%."



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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.

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