/raid1/www/Hosts/bankrupt/TCREUR_Public/190808.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, August 8, 2019, Vol. 20, No. 158

                           Headlines



F R A N C E

CASINO GUICHARD: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB


I T A L Y

ASTALDI SPA: Admitted to Composition with Creditors Procedure
WIND TRE: S&P Places 'BB-' Rating on CreditWatch Positive


L U X E M B O U R G

MILLICOM INTERNATIONAL: Egan-Jones Cuts Sr. Unsec Debt Rating to B-


N E T H E R L A N D S

OZLME BV: Moody's Rates EUR25MM Class E Notes (P)Ba2(sf)
OZLME BV: S&P Assigns Prelim. BB (sf) Rating on Class E-R Notes
STEINHOFF INT'L: Mulls IPO of Pepkor Europe to Fund Recovery Plan


R U S S I A

CB KUBAN: Moody's Ups LT Deposit Ratings to B2, Outlook Stable
TROIKA-D BANK: Liabilities Exceed Assets, Assessment Shows


U N I T E D   K I N G D O M

CHOCOLATE FARM: Booth Insolvency Appointed as Liquidators
EUROSAIL-UK 2007-2NP: S&P Affirms B- (sf) Rating on Cl. E1c Notes
HARLAND & WOLFF: Workers Secure Employment Contracts Temporarily
PEAK JERSEY: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
SVS SECURITIES: Enters Administration After FCA Investigation


                           - - - - -


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

CASINO GUICHARD: Egan-Jones Cuts Sr. Unsec. Debt Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 1, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Casino Guichard Perrachon SA to BB from BB+.

Casino Guichard Perrachon SA is a France-based company that owns
and operates retail outlets in France and abroad. The Company
distributes a range of products via a chain of stores.



=========
I T A L Y
=========

ASTALDI SPA: Admitted to Composition with Creditors Procedure
-------------------------------------------------------------
Molly Kissler at Bloomberg News reports that the Court of Rome
admitted Astaldi S.p.A. to the composition with creditors procedure
on a direct going concern basis.

According to Bloomberg, the court's admission is based on the
positive valuation of the composition proposal and plan filed by
Astaldi in compliance with the offer received from Salini Impregilo
S.p.A.

The court also authorized the company to take out new senior
financing for a maximum amount of EUR125 million, and bonding lines
for a maximum amount of EUR384 million, Bloomberg discloses.

The court set the hearing for calling the creditors' meeting to
vote for February 6, 2020, Bloomberg discloses.

Astaldi, the country's second largest builder behind Salini, is
under bankruptcy protection.

WIND TRE: S&P Places 'BB-' Rating on CreditWatch Positive
---------------------------------------------------------
S&P Global Ratings placed its 'BB-' ratings on Wind Tre and its
related senior secured debt on CreditWatch with positive
implications.

The CreditWatch follows CK Hutchison Holdings Ltd.'s (CKHH)
announcement that it will refinance all of Wind Tre's existing
external debt--approximately EUR10 billion--through new debt raised
at its indirectly wholly owned subsidiary, CK Hutchison Group
Telecom Holdings. CKHH has grouped its telecom operations in
Europe, Hong Kong, and Macau into CK Hutchison Group Telecom
Holdings, making the new holding company the 100% parent of Wind
Tre. S&P notes that about half of CK Hutchison Group Telecom
Holdings' EBITDA stems from Wind Tre, its largest contributor.

S&P said, "We believe the announced transaction, alongside Wind
Tre's hefty contribution to the telecom group's revenues and
EBITDA, should translate into a higher degree of potential group
support for Wind Tre than is currently factored into our view of
its creditworthiness. We therefore expect to ultimately increase
the related uplift that we apply to the rating on Wind Tre.

"We will resolve the CreditWatch upon completion of the debt
refinancing. If successful, the transaction will lead us to
withdraw the existing issue ratings on the repaid debt and likely
prompt an upgrade of Wind Tre by two or more notches."





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

MILLICOM INTERNATIONAL: Egan-Jones Cuts Sr. Unsec Debt Rating to B-
-------------------------------------------------------------------
Egan-Jones Ratings Company, on July 30, 2019, downgraded the local
currency senior unsecured rating on debt issued by Millicom
International Cellular SA to B- from B+. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

Headquartered in Luxembourg, Luxembourg, Millicom International
Cellular SA is an international telecommunications and media
company, founded by Shelby Bryan, Jan Stenbeck, Telma Sosa, and
Olvin Galdamez.



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

OZLME BV: Moody's Rates EUR25MM Class E Notes (P)Ba2(sf)
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
OZLME B.V.:

EUR230,000,000 Class A Senior Secured Floating Rate Notes due 2030,
Assigned (P)Aaa (sf)

EUR63,000,000 Class B Senior Secured Floating Rate Notes due 2030,
Assigned (P)Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030, Assigned (P)A2 (sf)

EUR17,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2030, Assigned (P)Baa2 (sf)

EUR25,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2030, Assigned (P)Ba2 (sf)

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavour to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

RATINGS RATIONALE

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

The Issuer will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Class A Notes, Class
B Notes, Class C Notes, Class D Notes and Class E Notes due 2030,
previously issued on December 15, 2016. On the refinancing date,
the Issuer will use the proceeds from the issuance of the
refinancing notes to redeem in full the Original Notes. The Class F
Notes are not being refinanced and will remain outstanding
following the Refinancing Date. The terms and conditions of the
notes will be amended accordingly.

On the Original Closing Date, the Issuer also issued EUR 42.0
million of subordinated notes, which will remain outstanding. The
terms and conditions of the subordinated notes will be amended in
accordance with the refinancing notes' conditions.

As part of this refinancing, the Issuer will decrease the spreads
paid on the affected classes of notes and will extend the weighted
average life covenant by 1 year. In addition, the Issuer will amend
the base matrix and modifiers that Moody' will take into account
for the assignment of the definitive ratings.

OZLME B.V. is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is already fully ramped as of the
refinancing date.

Och-Ziff Europe Loan Management Limited will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining 1.37 year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations.

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

Methodology Underlying the Rating Action:

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

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


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

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

Moody's used the following base-case modeling assumptions:

Target Par Amount: EUR 400,000,000

Diversity Score: 41*

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 45.4%

Weighted Average Life (WAL): 6.3 years

* The covenanted diversity score is 42, however Moody's has
modelled the transaction with a diversity score of 41 as the
transaction documents allow for the diversity score calculation to
be rounded up to the nearest whole number. The convention for
diversity score calculations is to round down to the nearest whole
number.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

OZLME BV: S&P Assigns Prelim. BB (sf) Rating on Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to OZLME
B.V.'s class A-R, B-R, C-R, D-R, and E-R notes.

On Sept. 4, 2019, the issuer will refinance the original class A,
B, C, D, and E notes by issuing replacement notes of the same
notional.

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

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

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

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

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

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

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


  Portfolio Benchmarks
                                         Current
  S&P weighted-average rating factor 2,485
  Default rate dispersion (%)        7.24
  Weighted-average life (years)        5.12
  Obligor diversity measure          120.75
  Industry diversity measure              20.88
  Regional diversity measure             1.68
  
  Transaction Key Metrics
                                         Current
  Total par amount (mil. EUR)        400
  Defaulted assets (mil. EUR)        0
  Number of performing obligors      166
  Portfolio weighted-average rating
   derived from our CDO evaluator     'B'
  'CCC' category rated assets (mil. EUR) 3.48
  'AAA' weighted-average recovery
    calculated on the performing assets(%)39.40
  Weighted-average spread of the
    performing assets (%) (with floor) 3.76
  Weighted-average coupon of the
    performing assets (%)             4.32

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A-R, B-R, C-R, D-R, and E-R notes."

OZLME is a broadly syndicated collateralized loan obligation (CLO)
managed by Och-Ziff Europe Loan Management Ltd.

  Ratings List

  OZLME B.V.

  Class  Rating    Amount (mil. EUR)
  A-R    AAA (sf) 230.00
  B-R    AA (sf)  63.00
  C-R    A (sf)   24.00
  D-R   BBB (sf) 17.00
  E-R   BB (sf)  25.00


STEINHOFF INT'L: Mulls IPO of Pepkor Europe to Fund Recovery Plan
-----------------------------------------------------------------
Janice Kew, Konrad Krasuski and Myriam Balezou at Bloomberg News
report that Steinhoff International Holdings NV is considering an
initial public offering of Pepkor Europe, its fastest-growing unit,
as the scandal-hit South African retailer seeks funds for the next
phase of its recovery plan.

Bloomberg relates that people familiar with the matter said the
company has been discussing a listing of Pepkor Europe with
potential advisers, according to the people, who asked not to be
identified because the information is private.  The people said the
business, which owns the Pepco and Dealz chains as well as
Poundland in the U.K., could sell shares in the next year,
Bloomberg relates.

Steinhoff International Holdings NV's registered office is located
in Amsterdam, Netherlands.





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

CB KUBAN: Moody's Ups LT Deposit Ratings to B2, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded CB Kuban Credit Ltd's long-term
local and foreign currency deposit ratings to B2 from B3, its
baseline credit assessment and adjusted BCA to b2 from b3, as well
as its long-term local and foreign currency counterparty risk
ratings to B1 from B2, and its long-term counterparty risk
assessment to B1(cr) from B2(cr). The bank's Not Prime short-term
local and foreign currency deposit ratings, Not Prime(cr)
short-term CR Assessment, as well as its Not Prime short-term local
and foreign currency CRRs were affirmed. The outlook on the
long-term deposit ratings remains stable.

RATINGS RATIONALE

The upgrade of Kuban Credit's ratings reflects its material asset
quality improvement in terms of loan portfolio single-name and
industry concentrations over the recent years, coupled with the
better than sector average asset quality metrics, sustainable and
good recurring profitability, stable funding and liquidity
profiles.

At the end of 2018, the bank's loan book was mostly represented by
large corporate loans (42% of gross loans), however, the share of
more granular small and medium enterprise (SME) and mortgage
lending increased to 37% and 17%, respectively, from 23% and 11% as
of end-2014. Concurrently, the share of construction sector
exposure, which Moody's views as a cyclical industry, decreased to
29% of gross loans as of end-2018 from 44% four years before. The
large portion of construction industry exposure is represented by
housing construction loans of a good quality provided in Krasnodar,
Krai of (Ba3 positive) with strong housing demand due to ongoing
migration inflows from other Russian regions.

The aggregate size of the bank's twenty largest borrowers decreased
to 45% of gross loans or 250% of the bank's tangible common equity
(TCE) at the end of 2018 from 54% and 270% respectively, four years
before. This is broadly in line with the average for the Russian
banking sector. Kuban Credit reported solid asset quality metrics
with problem lending (measured as stage 3 loans under IFRS 9) at
1.5% of gross loans at end-2018 compared with a sector average of
11%. Moody's expects this sound asset quality will be sustained
given a favorable economic environment in the bank's home region of
Krasnodar and the steps the bank is taking to achieve a more
diversified loan portfolio.

The bank's capitalisation remained healthy and broadly stable over
the recent years despite strong loan book growth. As of end-2018,
the bank's TCE amounted to 12.3% of it risk weighted assets (RWAs),
a moderate decline from 13.0% a year before owing to a one-off
provisioning charges following the implementation of the IFRS 9
accounting standard in 2018. Moody's expects that the bank's
capital adequacy will remain broadly flat amid moderate expected
RWA growth and good profitability with a return on average assets
(ROAA) of 1.6% in 2018 (1.5% on average over the last five years).


Moody's views Kuban Credit's good recurring earnings as sustainable
over the next 12 to 18 months despite expected pressure on net
interest margin stemming from the downward interest rate cycle in
Russia. Bottom line profitability will be bolstered by moderate
expected credit costs and a balanced risk appetite.

Kuban Credit has stable funding and liquidity profiles given its
entrenched market position and strong brand recognition in its home
region. As of July 1, 2019, customer funding accounted for 98% of
the bank's liabilities, with the proportion of granular retail
deposits at around 80% of total customer deposits. Kuban Credit's
liquidity buffer is robust, with cash, cash equivalents, due from
banks and unencumbered liquid securities consistently exceeding 25%
of the bank's total assets.

WHAT COULD MOVE THE RATINGS UP / DOWN

An upgrade of Kuban Credit's BCA and long-term ratings could occur
if the bank further materially reduced its credit risk
concentrations and related party lending, while keeping sustainable
profitability and capital adequacy metrics.

Kuban Credit's ratings could be downgraded if the bank's asset
quality, profitability or capitalisation materially deteriorated or
the bank dramatically increased its risk appetite in terms of
single-name and industry concentrations or related party lending.

LIST OF AFFECTED RATINGS

Issuer: CB Kuban Credit Ltd

Upgrades:

Long-term Counterparty Risk Ratings, upgraded to B1 from B2

Long-term Bank Deposits, upgraded to B2 from B3, outlook remains
Stable

Long-term Counterparty Risk Assessment, upgraded to B1(cr) from
B2(cr)

Baseline Credit Assessment, upgraded to b2 from b3

Adjusted Baseline Credit Assessment, upgraded to b2 from b3

Affirmations:

Short-term Counterparty Risk Ratings, affirmed NP

Short-term Bank Deposits, affirmed NP

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

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

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

TROIKA-D BANK: Liabilities Exceed Assets, Assessment Shows
----------------------------------------------------------
The provisional administration to manage JSC TROIKA-D BANK
(hereinafter, the Bank) appointed by Bank of Russia Order No.
OD-862, dated April 17, 2019, following its banking license
revocation, established in the course of its inspection of the Bank
that the Bank's officials conducted operations to divert funds
through lending to borrowers incapable of meeting their
obligations.

The provisional administration estimates the value of the Bank's
assets to be no more than RUR4.2 billion, vs RUR8.9 billion of its
liabilities to creditors.

On July 3, 2019, the Arbitration Court of the city of Moscow
recognized the Bank as bankrupt.  The State Corporation Deposit
Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the financial
transactions suggestive of criminal offence conducted by the Bank's
executives to the Prosecutor General's Office of the Russian
Federation and the Investigative Committee of the Ministry of
Internal Affairs of the Russian Federation for consideration and
procedural decision-making.




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

CHOCOLATE FARM: Booth Insolvency Appointed as Liquidators
---------------------------------------------------------
Robert Harries and Laura Clements at Business Live report that
Nomnom Chocolate, a luxury chocolate company in Wales has gone into
liquidation.

Booth Insolvency confirmed it had been appointed as liquidators of
Chocolate Farm Products Ltd at a meeting of creditors earlier in
July, BusinessLive relates.  The company, which was formerly called
NomNom Chocolate, is now being wound up, Business Live discloses.

Details of a meeting of creditors were reported in the London
Gazette and the filing has now been updated to show that Chocolate
Farm Products, trading as Nomnom Chocolate, is in liquidation,
Business Live notes.

WalesOnline, which along with Business Live is part of the Reach
media group, understands that the liquidators are hoping to sell
the brand name NomNom and that former owner Liam Burgess is just
one of the interested parties looking to buy the brand name.

Nomnom Chocolate, based in Carmarthenshire, west Wales, was set up
by Liam Burgess when he was still a teenager.


EUROSAIL-UK 2007-2NP: S&P Affirms B- (sf) Rating on Cl. E1c Notes
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurosail-UK
2007-2NP PLC's class B1a, B1c, C1a, D1a, and D1c notes. At the same
time, S&P has affirmed its ratings on the class A3a, A3c, M1a, M1c,
and E1c notes.

S&P said, "The rating actions follow the implementation of our
counterparty criteria and assumptions for assessing pools of
residential loans. They also reflect our full analysis of the most
recent transaction information that we have received and the
transaction's structural features as of March 2019.

"Upon revising our structured finance counterparty criteria, we
placed our ratings on all classes of notes from this transaction
under criteria observation. Following our review of the
transaction's performance, the application of our structured
finance counterparty criteria, and our updated assumptions for
rating U.K. residential mortgage-backed securities (RMBS)
transactions, our ratings on these notes are no longer under
criteria observation.

"Swiss Re Financial Products Corp. is the currency swap provider in
the deal. Based on the swap documentation, we have assessed the
collateral posting framework as moderate under our revised
counterparty criteria.

"Under our revised counterparty criteria, a moderate collateral
posting framework with a 'BBB-' replacement trigger can support a
rating that is equal to the higher of 'A' or the long-term issuer
credit rating on the swap counterparty plus one notch, i.e. 'AA'.
Therefore, the counterparty risk related to the swap provider
supports the rating on the notes up to 'AA'. The maximum potential
rating on the notes related to other dependent
counterparties--transaction and collection account banks and
liquidity facility provider--remains unchanged at 'AAA' following
the application of the revised counterparty criteria."

Since December 2012, the servicer (Acenden Ltd., which recently
transferred its servicing operations to Kensigton Mortgage Co.
Ltd.) has reported arrears, including amounts outstanding,
delinquencies, and other amounts owed, in its investor reports.

Other amounts owed include, among other items, arrears of fees,
charges, costs, ground rent, and insurance. Delinquencies include
principal and interest arrears on the mortgages, based on the
borrowers' monthly installments. Amounts outstanding are principal
and interest arrears, after payments by borrowers are first
allocated to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then interest and principal
amounts. From a borrowers' perspective, the servicer first
allocates any arrears payments to interest and principal amounts,
and then to other amounts owed. This difference in the servicer's
allocation of payments for the transaction and the borrower results
in amounts outstanding being greater than delinquencies.

S&P has accounted for these other amounts owed by using the
available reported loan-level data.

The pool factor (the outstanding collateral balance as a proportion
of the original collateral balance) in this transaction is 30.6%.
The servicer references the level of amounts outstanding to arrive
at the 90+ days' arrears trigger. The level of amounts outstanding
for 90+ days (including repossessions) has been rising and is at
29.47%.

The notes in this transaction amortize sequentially, as the pro
rata conditions are not satisfied. Amounts outstanding have
continued to increase, and with cumulative losses at 3.57% (the
threshold is 1.25%), it is very likely that the transaction will
continue paying principal sequentially. S&P has incorporated this
assumption in its cash flow analysis. This transaction benefits
from increased credit enhancement compared with its last review,
due to a nonamortizing reserve fund and the sequential
amortization.

  WAFF And WALS Levels

Rating level WAFF (%) WALS (%) Expected credit loss (%)
  AAA            30.57  35.65  10.9
  AA           25.68  28.03  7.2
  A               22.96  16.11  3.7
  BBB          19.84  10.11  2.01
  BB            16.38  7.04   1.15
  B               15.51  5.01   0.78

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P said, "The lower expected losses combined with an increase in
available credit enhancement allows the class A3a, A3c, M1a, M1c,
B1a, and B1c notes to pass our stresses at higher rating levels
than those currently assigned. However, because the notes are
capped at the 'AA' level by our counterparty risk criteria, we
affirmed our 'AA (sf)' ratings on the class A3a, A3c, M1a, and M1c
notes, and we raised our ratings on the class B1a and B1c notes to
'AA (sf)'.

"The passing cash flow results for the class C1a, D1a, and D1c
notes are better than the results as of our last review. We have
not given full benefit to the modeling results in our rating
decision to account for their subordinated position in the payment
structure and lower level of available credit enhancement compared
to that of the senior notes. We have therefore raised our ratings
to 'AA- (sf)' on the class C1a notes and to 'BB+ (sf)' on the class
D1a and D1c notes.

"We have also affirmed our rating on the class E1c notes at 'B-
(sf)' because we do not consider this class of notes to be
currently vulnerable and dependent upon favorable business,
financial, and economic conditions to pay timely interest and
ultimate principal. In our cash flow analysis, the class E1c notes
did not pass our 'B' rating level cash flow stresses in a number of
our cash flow scenarios, in particular when we modeled high
prepayments and back-loaded defaults. Therefore, we applied our
'CCC' ratings criteria, to assess if either a 'B-' rating or a
rating in the 'CCC' category would be appropriate. We performed a
qualitative assessment of the key variables, together with an
analysis of performance and market data, and we do not consider
repayment of this class of notes be dependent upon favorable
business, financial, and economic conditions. Furthermore, the
increased credit enhancement and lower credit coverage assumptions
have resulted in improved cash flow results compared to our last
review. We therefore believe that the class E1c notes will be able
to pay timely interest and ultimate principal in a steady-state
scenario commensurate with a 'B-' stress in accordance with our
'CCC' ratings criteria.

"Our credit stability analysis for this transaction indicates that
the maximum projected deterioration that we would expect at each
rating level over one- and three-year periods, under moderate
stress conditions, is in line with our credit stability criteria."

This transaction is a U.K. nonconforming RMBS transaction,
originated by Southern Pacific Mortgage Ltd., GMAC Residential
Funding Co. LLC, Preferred Mortgages Ltd., and London Mortgage Co.

  Ratings List

  Eurosail-UK 2007-2NP PLC

  Class  Rating to Rating from

  A3a    AA (sf) AA (sf)
  A3c    AA (sf) AA (sf)
  B1a    AA (sf) AA- (sf)
  B1c    AA (sf) AA- (sf)
  C1a    AA- (sf) A+ (sf)
  D1a    BB+ (sf) BB- (sf)
  D1c    BB+ (sf) BB- (sf)
  E1c    B- (sf) B- (sf)
  M1a    AA (sf) AA (sf)
  M1c    AA (sf) AA (sf)


HARLAND & WOLFF: Workers Secure Employment Contracts Temporarily
----------------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that a trade union
has said workers at historic Belfast shipyard Harland & Wolff have
been able to secure their employment contracts "for the time
being".

Staff are continuing a sit-in which began last week, as
administrators were appointed to the business by the High Court,
Belfast Telegraph discloses.

According to Belfast Telegraph, trade unions GMB and Unite have
said that nationalization is the best option for the shipyard,
which has run out of money after financial difficulties at its
parent company.

Dolphin Drilling had put the yard on the market in December though
it failed to attract any viable offers, Belfast Telegraph
recounts.

Insolvency experts Brian Murphy and Michael Jennings from business
advisory firm BDO are now running the business, Belfast Telegraph
notes.

And it's understood that the majority of the 123 staff have been
able to opt for temporary lay-offs, a move which maintains their
employment contracts, Belfast Telegraph states.  However, some have
already opted for redundancy, and the position of the other staff
is being subject to daily review, according to Belfast Telegraph.

Trade unions on Aug. 6 met the administrators, and later held a
conference call with Secretary of State Julian Smith. Michael
Mulholland, organizer at trade union GMB, said the meeting with
administrators had been amicable, Belfast Telegraph relays.

The administration does not mean that the business has been
mothballed or closed, Belfast Telegraph says.  Instead, the
administrators are expected to find out if there's any chance of
other work being carried out, or of a buyer being found for the
business or some of its assets, Belfast Telegraph discloses.

BDO was first engaged by Harland & Wolff in December to see if a
buyer could be found--and is now expected to go back to any
interested parties to see if a deal can be salvaged, Belfast
Telegraph states.


PEAK JERSEY: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Peak Jersey Holdco (Peak Jersey) and its 'B-' issue rating to
the first-lien facilities of GBP50 million first-lien revolving
credit facility (RCF), US$400 million first-lien term loan, and a
US$140 million second-lien loan.

Formed from the merger of U.S.-based STATS with the sports data
operations of U.K.-based Perform Group (DAZN), Peak Jersey provides
data, live content, and artificial intelligence (AI) solutions to
broadcasters, gaming companies, and sports professionals. Peak
Jersey has a highly leveraged capital structure due to its
ownership by private-equity firm, Vista Equity Partners (Vista).
Moreover, S&P sees uncertainties relating to Peak Jersey's future
EBITDA and free operating cash flow (FOCF) generation due to likely
significant integration costs, despite potential synergies.

The high leverage resulted from Vista's 2019 buyout of DAZN's
sports data business and the merger with STATS, which Vista
acquired in 2014. Peak Jersey's reported debt includes a seven-year
$400 million first-lien term loan, with annual amortization of only
$4 million; an eight-year $140 million second-lien term loan; and a
five-year GBP50 million RCF, which was undrawn at the transaction's
close. In addition, S&P adds almost $60 million of operating leases
to Peak Jersey's reported debt to calculate our adjusted debt
figure. Since Peak Jersey is owned by a private equity firm, we
exclude the group's $61 million of cash balances, except for close
to $8 million earmarked to meet severance costs. S&P also adjusts
reported EBITDA for operating leases, and include $8 million of
expenses related to severance costs in 2019.

In S&P's view, Peak Jersey's future combined reported EBITDA could
significantly exceed the $48 million posted in 2018. However, the
timing and magnitude remain uncertain, because:

-- S&P understands that the group's future growth depends on new
industry characteristics and technology advancements, these
include: 1) Viewing habits are changing in the fragmenting media
landscape, while the younger, technology savvy population is
fueling demand for data; 2) The potential legalization of
sports-betting across the U.S. could have a significant effect on
the group's future growth. S&P understands that just prior to the
transaction's close, sports-betting had been legalized in eight
states, and three more had passed bills making sports-betting
legal, but not yet implemented them; 3) Vista has been investing in
AI-powered products since it acquired STATS in 2014 and will launch
a number of these over the coming months. Peak Jersey could
strengthen entry barriers to future competitors through its large
proprietary major sports database, accumulated over recent decades,
and its team of data scientists.

-- There could be significant costs associated with the
transaction, including related to the carve-out of Perform content
from DAZN, and the merger with STATS, whereas the timing and scope
of synergies may differ from our forecast.

Peak Jersey's operations are relatively small, generating less than
$260 million of revenue and $50 million of EBITDA in 2018, pro
forma the merger of the two entities. S&P believes this leaves it
vulnerable to underperformance, during which credit metrics could
quickly deteriorate. Peak Jersey also relies heavily on its No.1
customer, which represents close to 20% of sales, though reliance
is less on the rest of the customer base (the second-largest client
accounts for only 3% of sales).

This is somewhat tempered by the group's long-term contracts and
high renewal rate, which offers some visibility of revenue and cash
flows. S&P understands, for example, that more than two-thirds of
2019 revenue is contracted. Peak Jersey also has a strong position
versus competitors, due to its full product offering, including
historical data, betting data, video streaming, team performance,
and odds data.

S&P said, "Overall, we believe that, despite its entrenched niche
position in the expanding sport data and digital content market,
Peak Jersey's future cash generation will likely be limited in the
near term and uncertain thereafter. We estimate that Peak Jersey
will operate with a highly leveraged capital structure, including
an expensive second-lien tranche, resulting in total interest
exceeding $45 million annually. This will leave very limited room
for underperformance or delayed realization of synergies.

"The ratings are in line with the preliminary ratings we assigned
on May 15, 2019.

"The stable outlook reflects our view that Peak Jersey will
successfully integrate its operations and begin delivering on
planned efficiencies over the next 12 months. This will likely
result in sufficient funds from operations (FFO) to cover cash
interest by more than 1.5x and enable deleveraging below 7x by
end-2020, down from close to 10x at end-2019, pro forma the
transaction. We also anticipate limited FOCF generation in 2019 and
2020.

"We could lower the ratings if Peak Jersey was unable to cover its
interest expenses, such that FFO to cash interest fell below 1.5x,
or if its capital structure became unsustainable. We could also
consider a downgrade if the company's cash generation or liquidity
position deteriorated for a long period. This could occur through
operational underperformance, loss of key contracts, debt-financed
acquisitions, or shareholder returns.

"We consider an upgrade remote over the next 12 months because in
our base case, we assume the successful execution of the
transaction and merger, as well as significant growth and synergies
beginning right after the transaction closes." However, we could
raise the rating if Peak Jersey reported solid organic growth,
while also delivering on its integration and efficiency targets,
leading to a sustainable reduction in debt to EBITDA toward 6.0x
and an improvement in FFO cash interest coverage to above 2x. An
upgrade would also hinge on Peak Jersey generating sustained
positive and significant FOCF.


SVS SECURITIES: Enters Administration After FCA Investigation
-------------------------------------------------------------
Justin Cash at Money Marketing reports that the FCA is
investigating a wealth firm that has fallen into administration.

According to Money Marketing, a note on the regulator's website
shows that SVS Securities Plc has collapsed after "urgent
supervisory work" was conducted by the FCA.

The note does not detail the specific reasons why the FCA is
probing the firm, however, Money Marketing states.

The FCA banned SVS from conducting regulated activities and
restricted it from disposing of its own or its clients' assets,
Money Marketing relates.  The directors then decided to place the
firm into administration, Money Marketing discloses.

"The joint special administrators are currently considering the
options for the business going forward, including a sales process
of the whole or part of the business," Money Marketing quotes the
FCA as saying.  "They will be speaking with interested parties
about this."



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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-
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