---

       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

          Friday, August 9, 2019, Vol. 20, No. 159

                           Headlines



D E N M A R K

DKT HOLDINGS: Moody's Downgrades CFR to B2, Outlook Stable


G E R M A N Y

LEONI: Hires External Advisor to Monitor Restructuring


I R E L A N D

CASTLE PARK: Fitch Upgrades Class E Notes to Bsf
EUROPEAN RESIDENTIAL 2019-NPL1: DBRS Finalizes BB Rating on C Notes


I T A L Y

A-BEST 14: DBRS Confirms BB (low) Rating on Class E Notes
BRIGNOLE CO 2019-1: DBRS Finalizes B (low) Rating on Class X Notes
UNIPOL BANCA: Fitch Downgrades LT IDR to BB, Outlook Positive


P O L A N D

ONICO SA: Two Bondholders Demand Earlier Repayment
TAX CARE: Prepares Application for Restructuring Proceedings


S P A I N

ADVEO GROUP: Liquidation Process to Resume After Sale Talks Fail


S W I T Z E R L A N D

CEVA LOGISTICS: S&P Assigns 'B+' Rating to $475MM Sec. Term Loan B


U N I T E D   K I N G D O M

AVOCET MINING: To Liquidate Company; General Meeting on Aug. 15
CO-OP BANK: Narrows First-Half Losses, Still in Recovery Mode
FINSBURY SQUARE 2019-2: Fitch Puts Final BB+sf Rating to Cl. E Note
GEMGARTO 2018-1: DBRS Confirms C Rating on Class X Notes
INEOS ENTERPRISES: S&P Assigns 'BB' ICR, Outlook Stable

MAZARIN FUNDING: S&P Cuts Class MAZA_2008_1 Notes Rating to D (sf)
POCHIN CONSTRUCTION: Contract Issues Prompt Administration


X X X X X X X X

[*] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW

                           - - - - -


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

DKT HOLDINGS: Moody's Downgrades CFR to B2, Outlook Stable
----------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the corporate
family rating and to B2-PD from B1-PD the probability of default
rating of DKT Holdings ApS, the indirect parent of Danish telecom
operator TDC A/S. Moody's has also downgraded to B1 from Ba3 the
rating on TDC's senior unsecured notes as well as the ratings on
the senior secured Term Loan B3 and revolving credit facility (RCF)
raised by TDC, and downgraded to (P)B1 from (P)Ba3 the senior
unsecured MTN programme rating. Concurrently, Moody's has
downgraded to Caa1 from B3 the rating on the senior secured notes
issued by DKT Finance ApS. The outlook remains stable.

"The downgrade reflects our view that TDC will operate with
sustained high leverage as a consequence of weaker than expected
operating performance, the costs incurred to execute the
reorganization of the group, and a larger amount of IFRS16 leases
relative to our previous lease adjustment. In addition, the need to
increase capex to support the company's competitive position as
well as payments for spectrum in auctions will lead to negative
free cash flow generation over the next two to three years. As a
result, we expect the company's adjusted leverage to remain high,
in excess of the thresholds for the previous B1 rating," says
Carlos Winzer, a Moody's Senior Vice President and lead analyst for
DKT. Moody's estimates that the company's Moodys-adjusted
Debt/EBITDA will remain close to 6x in 2019 and around 6.4x in 2020
and 2021.

RATINGS RATIONALE

Moody's expects TDC's EBITDA and revenue growth to remain weak in
2019 and improve gradually through 2021, when operating performance
will stabilise on the back of upselling and price increases across
key segments, leading to higher ARPUs, and continued focus on opex
reduction. The Danish market is characterized by being a very
competitive market in which prices have been under pressure for
some time and despite some improvement in 2019, TDC will continue
to suffer in both the consumer and business segments.

Free cash flow will also be under pressure as the company will
step-up capex investments in 2019-2020 to accelerate the deployment
of fiber to enhance the company's competitive position and in
preparation for 5G across Denmark. This strategic move reflects
management's decision to make use of the financial flexibility
created following the sale of GET in late 2018, to boost
investments and support TDC's positioning in the very competitive
Danish telecom market.

With slower revenue growth, increased capital spending and the
impact from the newly implemented lease accounting standard (IFRS
16), TDC's credit metrics have weakened and are no longer
commensurate with a B1 rating. Moody's expects TDC's adjusted
leverage to raise to around 6x in 2019 and increase further in 2020
and 2021 to around 6.4x. In addition, there could be some
additional pressure on leverage depending on the result of the
spectrum auction expected in 2020. Moody's also expects that the
group will continue to be managed with a somewhat aggressive
financial profile under its current ownership structure.

The B2 CFR rating continues to reflect the strength of TDC's market
position in Denmark, as evidenced by strong market shares in the
fixed, broadband and mobile segments. Competition in the Danish
mobile market remains intense but TDC has managed to sustain price
increases while maintaining relatively stable churn levels and
defending its market share. TDC has strong fixed and mobile network
platforms owing to high capex levels in recent years, however it
needs to further invest to keep its technological advantage in a
very competitive market. Also, TDC is the owner of the majority of
the critical telecom infrastructure in Denmark, including cable
assets, a differentiating factor compared to other European telecom
peers.

The rating also takes into account the following environmental,
social and governance (ESG) considerations. From a corporate
governance perspective, Moody's notes that DKT's new shareholders
have implemented a more aggressive strategy with regards to
leverage appetite, while pursuing the reorganization of the
company, which includes an innovative separation of the
infrastructure and the service provision. The downgrade also
reflects uncertainties around the future business profile of the
company after the completion of the legal separation between the
company's NetCo and the service operating subsidiary, nuuday.

DKT's liquidity position is adequate and supported by a cash
balance of DKK2,351 million as of March 31, 2019 and by two undrawn
revolving credit facilities of EUR100 million (issued at DKT
Finance) and EUR500 million (issued at TDC), respectively. Absent
any new financing, Moody's anticipates that TDC will have to make
use of its undrawn bank facilities to cover its cash needs over the
next 12 months, as the large capex plan and potential cash outflows
for spectrum will lead to negative free cash flow generation. The
first bond maturity will be in 2022.

DKT's B2 CFR reflects (1) the strength of TDC's operations in
Denmark, with strong market shares in mobile, TV, broadband and
fixed voice; (2) TDC's highly advanced fixed and mobile network
infrastructure; (3) TDC's ownership of most of the critical telecom
infrastructure in Denmark; and (4) its adequate liquidity supported
by undrawn credit facilities.

However, the B2 CFR also reflects (1) the aggressive financial
policy of its new owners, as demonstrated by DKT's sustained high
leverage; (2) the expectation that free cash flow will remain
constrained; (3) TDC's relatively small size and revenue
concentration in Denmark, following the divestment of GET in
Norway; (4) intense competition in the Danish mobile market, which
may limit its ability to increase ARPU; and (5) continued pressures
in the business segment.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that TDC's
operating performance will gradually improve after 2019, as
performance over the current year will be impacted by the financial
effects of the network separation. It also takes into account
Moody's expectation that the group's leverage is likely to remain
stable at around 6.0x-6.5x.

WHAT COULD CHANGE THE RATING UP/DOWN

DKT's ratings could be upgraded if the company demonstrates a
sustainable improvement in operating performance that leads to
stronger credit metrics, such as adjusted debt/ EBITDA remaining
well below 6x on a sustainable basis, and positive free cash flow
generation.

DKT's ratings could be lowered if its operating performance weakens
beyond current expectations or the company executes debt-financed
acquisitions or shareholder remuneration policies that weaken
credit metrics, including adjusted gross debt/EBITDA sustainably
above 6.5x. The rating could also be downgraded if there is a
material deterioration in the company's liquidity profile.

LIST OF AFFECTED RATINGS

Issuer: DKT Finance ApS

Downgrades:

BACKED Senior Secured Regular Bond/Debenture, Downgraded to Caa1
from B3

Outlook Actions:

Outlook, Remains Stable

Issuer: DKT Holdings ApS

Downgrades:

LT Corporate Family Rating, Downgraded to B2 from B1

Probability of Default Rating, Downgraded to B2-PD from B1-PD

Outlook Actions:

Outlook, Remains Stable

Issuer: TDC A/S

Downgrades:

Senior Unsecured Medium-Term Note Program, Downgraded to (P)B1 from
(P)Ba3

Senior Secured Bank Credit Facility, Downgraded to B1 from Ba3

Senior Unsecured Regular Bond/Debenture, Downgraded to B1 from Ba3


Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

TDC A/S is the principal provider of fixed-line, mobile, broadband
data and cable television services in Denmark. In 2018, the company
generated revenue and EBITDA of DKK17.4 billion and DKK6.7 billion,
respectively.

In May 2018, TDC was acquired by DKT, a company controlled by a
consortium of Danish pension funds (PFA, PKA, ATP) and Macquarie
Infrastructure and Real Assets.



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

LEONI: Hires External Advisor to Monitor Restructuring
------------------------------------------------------
Alexander Huebner at Reuters reports that Leoni has hired an
external adviser to monitor its ongoing restructuring, two sources
said on Aug. 8.

According to Reuters, magazine WirtschaftsWoche reported that
representatives of Leoni's creditors had met on Aug. 8 to discuss
the firm's liquidity situation.

Leoni has hired Hans-Joachim Ziems as an external expert for the
restructuring, the sources told Reuters, adding that Leoni managed
to reassure its creditors.

Leoni said it was in constructive talks with its creditors but
declined to provide details, adding that its lenders supported its
saving and strategy scheme, Reuters relates.

Leoni AG is a German car parts maker.





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

CASTLE PARK: Fitch Upgrades Class E Notes to Bsf
------------------------------------------------
Fitch Ratings has upgraded Castle Park CLO DAC's class A-2-R, B-R,
C-R and E notes and affirmed the rest. The transaction is a
cash-flow collateralised loan obligation backed by a portfolio of
mainly European leveraged loans and bonds.

Castle Park CLO Limited

Class A-1-R XS1571957197;  LT AAAsf Affirmed; previously AAAsf

Class A-2A-R XS1571957510; LT AA+sf Upgrade;  previously AAsf

Class A-2B-R XS1571957783; LT AA+sf Upgrade;  previously AAsf

Class B-R XS1571957940;    LT A+sf Upgrade;   previously Asf

Class C-R XS1571958161;    LT BBB+sf Upgrade; previously BBBsf

Class D XS1139269887;      LT BBsf Affirmed;  previously BBsf

Class E XS1139270034;      LT Bsf Upgrade;    previously B-sf

KEY RATING DRIVERS

End of Reinvestment Period

The upgrade reflects the end of the reinvestment period, the
transaction's shorter weighted average life (WAL) and satisfactory
performance. The transaction is passing all the par value and
coverage tests, collateral quality tests (except the WAL test,
which it is marginally failing) and portfolio profile tests.

'B+/B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B+'/'B'
range. The weighted average rating factor (WARF) of the current
portfolio is 31.47, below the current maximum WARF covenant of 33.

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 of the current portfolio
is 66.54%, above the minimum WARR covenant of 60.5%.

Portfolio Management

The reinvestment criteria allow the manager to reinvest proceeds
from prepayments and sale of credit-risk and -improved obligations
post reinvestment period, subject to satisfaction of the WAL test
and all other portfolio profile tests, and collateral quality tests
being maintained or improved, if failing.

Cash Flow Analysis

All liabilities are floating-rate while fixed-rate assets may
represent between 0% and 10% of the target par respectively. Fitch
tested both 0% and 10% fixed-rate assets and found the rated notes
can withstand the interest rate mismatch associated with each
scenario.

The calculation of the effective spread of assets having an
interest rate floor does not floor Euribor at zero and therefore
will lead to an inflated weighted average spread due to a negative
Euribor. This overstatement of weighted-average spread (WAS) is
offset by Euribor not being floored at zero in the calculation of
the notes' floating interests.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to three notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to four notches for the rated notes.

EUROPEAN RESIDENTIAL 2019-NPL1: DBRS Finalizes BB Rating on C Notes
-------------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings of the notes
(the Rated Notes) issued by European Residential Loan
Securitization 2019-NPL1 DAC (ERLS 2019-NPL1 DAC or the Issuer):

-- Class A at A (sf)
-- Class B at BBB (high) (sf)
-- Class C at BB (sf)

The Class P and Class D notes are unrated and retained by the
sellers. The rating on the Class A notes addresses the timely
payment of interest and ultimate payment of principal by the final
legal maturity date. The ratings on the Class B and Class C notes
address the ultimate payment of interest and principal. The
transaction benefits from an amortizing Class A reserve fund, a
separate non-amortizing Class B reserve fund and a Class C reserve
fund that provide liquidity support to the Class A, Class B, and
Class C notes, respectively, and provide principal support to the
Rated Notes at maturity, if available.

Proceeds from the issuance of Class A to Class D notes were used to
purchase non-performing Irish residential mortgage loans, which
comprise the majority of the portfolio, and a small proportion of
first-charge performing loans. The mortgage portfolio purchased
under ERLS 2019-NPL1 comprises a large part of the portfolio
securitized in European Residential Loan Securitization 2017-NPL1
DAC; the remaining loans were securitized from the LSF IX Java
Investments DAC (Java Investments) and of LSF IX Paris Investments
DAC (Paris Investments) portfolios. Java Investments acquired the
legal and beneficial titles of the loans from Investec Bank plc and
Nua Mortgages Limited in September 2014. Paris Investments acquired
the legal and beneficial titles of the loans from Bank of Scotland
(Ireland) Limited (BoSI) in October 2014.

The outstanding balance of the final mortgage portfolio is EUR
455.9 million. Approximately 94.2% of the final mortgage portfolio
is in various stages of the arrears/litigation process. A small
proportion of about 5.4% of the portfolio is classed as
"performing" while 9.3% is in the modifications pipeline.

The mortgage loans were originated by BoSI, Start Mortgages DAC
(Start) and Nua Mortgages Limited, and are secured by Irish
residential properties. Servicing of the portfolio is done by
Start. Hudson Advisors Ireland DAC was appointed as the Issuer
Administration Consultant and as such acts in an oversight and
monitoring capacity and provides input on asset resolution
strategies.

The credit enhancement available to the Class A notes is 55.7% of
the total portfolio. Likewise, the credit enhancement available to
the Class B notes is 48.2% and that for Class C is 41.7%.

Following the step-up date in June 2022, the margin above one-month
Euribor payable on the Rated Notes is expected to increase. The
Issuer has entered into an interest rate cap agreement with
Barclays Bank Plc. The cap agreement will terminate on July 10,
2023. On the termination date of the cap agreement, the coupon cap
on the notes will become applicable. The Issuer paid the interest
rate cap fees in full on the closing date and will receive payments
to the extent one-month Euribor is above 0.5% for the relevant
interest period in return. The Issuer can unwind or sell part of
the interest rate cap at the mark-to-market position provided that
the notional amount of the interest rate cap does not fall below
the outstanding balance of the Rated Notes.

The Issuer may sell part of the portfolio subject to sale
covenants. The sale price must be at least 80.0% of the aggregate
current balance of the mortgage loans that are subject to a sale.
The use of such sale proceeds, net of any sale costs, to pay the
principal outstanding of the notes will be subject to the
following:

-- Using 70% of the current balance of the loans sold toward the
pay down of the principal on the Class A notes,

-- Using 5% of the current balance of the loans sold toward the
pay down of the principal on the Class B notes,

-- Using an additional 5% of the current balance of the loans sold
toward the pay down of the principal on the Class C notes, and

-- Any sale proceeds representing above 80% of the current balance
of the loans sold will be used toward the pay down of the principal
on the Class P notes.

In the event of a pay down of the outstanding principal of the
notes as stated above, the credit enhancement on the notes is only
expected to improve notwithstanding the pay down of the junior
notes along with the senior ones.

If the sale proceeds net of the sale costs together with any
amounts standing to the credit of the various reserve funds are
enough to redeem the Class A, Class B, Class C, Class P, and Class
D notes, then the above conditions do not apply, and the sale
proceeds will be applied as available funds.

Elavon Financial Services DAC (Elavon) acts as the account bank for
this transaction. DBRS privately rates Elavon and has concluded
that it meets DBRS's criteria to act in such capacity. The
transaction documents contain downgrade provisions relating to the
transaction account bank where, if downgraded below BBB (low) (sf),
the Issuer will have to replace the account bank. The downgrade
provision is consistent with DBRS's criteria for the initial rating
of A (sf) assigned to the Class A notes. The interest rate received
on cash held in the account bank is not subject to a floor of 0%,
which can create potential liability for the Issuer. DBRS has
assessed potential negative interest rates on the account bank in
its cash flow analysis.

The ratings are based on the following analytical considerations:

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

-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection and resolution
activities. DBRS stressed the expected collections from the
mortgage portfolio based on the business and resolution strategies.
The expected collections are used as an input into the cash flow
tool. The mortgage portfolio was analyzed in accordance with DBRS's
"Rating European Non-Performing Loan Securitizations" methodology
and "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 Rated Notes according to the terms of
the transaction documents. The transaction cash flows were analyzed
using the expected collections from the mortgage loans. The
transaction structure was analyzed using the Intex DealMaker.

-- The current sovereign rating of the Republic of Ireland, which
DBRS rates at A (high)/R-1 (middle) with Stable trends as of the
date of this report.

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

Notes: All figures are in Euros unless otherwise noted.



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

A-BEST 14: DBRS Confirms BB (low) Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
issued by Asset-Backed European Securitization Transaction Twelve
S.r.l. (A-BEST 12), Asset-Backed European Securitization
Transaction Fourteen S.r.l. (A-BEST 14) and Asset-Backed European
Securitization Transaction Fifteen S.r.l. (A-BEST 15):

A-BEST 12:
-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AAA (sf) from AA (high) (sf)

A-BEST 14:
-- Class A Notes confirmed at AA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at BBB (high) (sf)
-- Class D Notes confirmed at BB (high) (sf)
-- Class E Notes confirmed at BB (low) (sf)
-- Commingling Reserve Facility confirmed at BBB (high) (sf)

A-BEST 15:
-- Class A Notes upgraded to AAA (sf) from AA (sf)
-- Class B Notes upgraded to AAA (sf) from AA (low) (sf)
-- Class C Notes upgraded to AA (sf) from BBB (sf)
-- Class D Notes upgraded to A (high) (sf) from BBB (low) (sf)
-- Class E Notes upgraded to A (low) (sf) from BB (sf)
-- Commingling Reserve Facility upgraded to BBB (high) from BBB
(sf)

The ratings address the timely payment of interest and ultimate
payment of principal on or before the final legal maturity dates on
the payment dates in July 2029, April 2030 and April 2031 for
A-BEST 12, A-BEST 14 and A-BEST 15, respectively.

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

-- Portfolio performance in terms of delinquencies and defaults.

-- Probability of default (PD), recovery rate and prepayment loss
assumptions.

-- The credit enhancement available to the notes to cover the
expected losses at their respective rating levels.

All three transactions are securitizations of auto loan portfolios
granted to Italian individual borrowers and companies originated
and serviced by FCA Bank S.p.A. (FCA Bank), a joint venture that is
50.0% owned by Fiat Group and 50.0% owned by Credit Agricole
Consumer Finance. A-BEST 12 and A-BEST 15 were originally
structured with revolving periods that ended on October 2017 and
May 2019, respectively, and the two transactions have been
amortizing since then. A-BEST 14 is still in its revolving period,
which was extended to May 2020 via an amendment in April 2018.

PORTFOLIO PERFORMANCE

Performance trends are consistent across the three portfolios in
terms of delinquencies, defaults, recoveries and prepayments and
remain with DBRS's expectations.

Delinquencies have been trending upward but remain low. As of the
May 2019 payment date, for A-BEST 12, A-BEST 14 and A-BEST 15,
loans that were two to three months in arrears represented 0.2%,
0.4% and 0.1% of the outstanding portfolio balance, respectively,
and the 90+ delinquency ratios were 0.3%, 0.1%, and 0.1%,
respectively. Under the servicer definition, loans are classified
as defaulted once the borrower becomes insolvent, the loans are
written-off by the servicer or they exceed 240 days in arrears for
A-BEST 12 and 210 days in arrears for A-BEST 14 and A-BEST 15.
Under this definition, defaults remain low, reaching cumulative
amounts of 0.5% of the total receivables purchased since closing
for A-BEST 12, 0.3% for A-BEST 14 and 0.2% for A-BEST 15.
Recoveries stand at 20.1%, 7.8% and 4.5% of the cumulative default
amount, for A-BEST 12, A-BEST 14 and A-BEST 15, respectively.

PORTFOLIO ASSUMPTIONS

For A-BEST 12, DBRS has updated its base case PD assumption to 2.2%
from 2.4% and maintained its loss given default (LGD) assumption at
87.0%. For A-BEST 14, DBRS has maintained its base case PD and LGD
assumptions at 3.0% and at 87.0%, respectively. For A-BEST 15, DBRS
has updated its base case PD assumption to 2.3% from 3.0% and
maintained its LGD assumption at 87.0%.

The default and recovery assumptions were based on quarterly
historical vintage data from FCA Bank, which cover Q1 2008 to Q1
2017 and are broken down into categories reflecting the composition
of the portfolio according to vehicle condition and borrower type.
The updates of the PD and LGD assumptions for A-BEST 12 and A-BEST
15 are driven by a shift in portfolio composition toward lower
default rate categories and drive the upgrades in these two
transactions.

CREDIT ENHANCEMENT

As of the June 2019 payment date, for A-BEST 12, credit enhancement
to the Class A Notes was 41.2%, up from 21.9% last year while
credit enhancement to the Class B Notes was 14.5%, up from 7.8%.
For A-BEST 15, credit enhancement to the Class A, Class B, and
Class C Notes was 9.3%, 8.8%, and 4.3%, respectively, up from 9.0%,
8.5% and 4.2% last year, respectively, and whereas credit
enhancement to the Class D and Class E Notes remained at 2.7% and
1.7%, respectively, since the revolving period ended in May 2019.
Lastly, for A-BEST 14, credit enhancement to the Class A, Class B,
Class C, Class D, and Class E Notes remained at 10.0%, 7.0%, 5.0%,
2.4%, and 1.3%, given that the transaction is still in its
revolving period.

For all transactions, the credit enhancement for each class of
notes comes from the subordination of its respective junior notes.
Each transaction benefits from a non-amortizing cash reserve
currently at its target amount, which for A-BEST 12 is EUR 11.2
million, for A-BEST 14 is EUR 23.1 million and for A-BEST 15 is EUR
14.0 million. The cash reserves provide liquidity support to the
notes and credit support upon the legal final maturity date.

The commingling reserve in each transaction was funded by FCA Bank
when the transaction closed. It can only be drawn in the event that
the servicer is unable to perform the daily transfer of collections
as a result of the insolvency of FCA Bank or if FCA Bank cannot
indemnify the transaction for the non-payment of insurance
premiums. The ratings of the Commingling Reserve Facilities are
based on the credit strength of FCA Bank, the account banks where
the funds are deposited and the Class C Notes, which rank senior to
the Commingling Reserve Facilities in the priority of payments. The
ratings of the Commingling Reserve Facilities assess the likelihood
of a facility drawing and the capacity of the transaction to make
timely interest payments on the facility.
DBRS factored into its analysis the loss of insurance premium
payments not covered by the Commingling Reserve due to borrower
prepayments.

Elavon Financial Services DAC (Elavon) acts as the account bank in
A-BEST 12 and A-BEST 14 and BNP Paribas Securities Services, Milan
Branch (BNP Milan) acts as the account bank in A-BEST 15.

Based on the DBRS private ratings of Elavon and BNP Milan, the
downgrade provisions outlined in the transaction documents and
other mitigating factors inherent in the transaction structures,
DBRS considers the risk arising from the exposure to the account
bank to be consistent with the ratings assigned to the notes, as
described in DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology.

FCA Bank is the swap counterparty in A-BEST 12 and A-BEST 15.
UniCredit and Credit Agricole Corporate & Investment Bank S.A. (CA
CIB) are the joint standby swap counterparties in A-BEST 12. CA CIB
is the sole standby swap counterparty in A-BEST 15. The DBRS
private rating of FCA Bank is below the first rating threshold
given the rating assigned to the senior notes as described in
DBRS's "Derivative Criteria for European Structured Finance
Transactions" methodology. The swap counterparty risk is mitigated
through the existence of the standby swap counterparties.

Notes: All figures are in Euros unless otherwise noted.

BRIGNOLE CO 2019-1: DBRS Finalizes B (low) Rating on Class X Notes
------------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings of the
following classes of notes 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)

Provisional ratings were initially assigned by DBRS on 12 July
2019.

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 a EUR 6.4 million cash
reserve funded with part of the proceeds of subscription of 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 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 rating on 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 on 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 origination, underwriting, servicing, and financial strength.

-- The appointment upon closing of a backup servicer.

-- DBRS conducted an operational risk review at Credits 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.

Notes: All figures are in Euros unless otherwise noted.

UNIPOL BANCA: Fitch Downgrades LT IDR to BB, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has downgraded Unipol Banca S.p.A.'s Long-Term Issuer
Default Ratings to 'BB' from 'BB+' following the completion of the
acquisition by BPER Banca S.p.A. The Long-Term IDR has been removed
from the Rating Watch Negative. A Positive Outlook has been
assigned, mirroring that of BPER.

At the same time the agency has maintained the Rating Watch
Positive on the bank's Viability Rating and affirmed the bank's
Support Rating at '3'.

The rating action follows the completion of the acquisition of
Unipol Banca by BPER in line with last February announcements.

KEY RATING DRIVERS

IDRs and SR

The acquisition by BPER (BB/Positive) has resulted in a change of
Unipol Banca's provider of institutional support from previous
owner Unipol Gruppo (UG, BBB/Negative) and consequently in a
downgrade of Unipol Banca's Long-Term IDR.

Unipol Banca's Long-Term IDR and Positive Outlook are now aligned
with BPER's, reflecting that the bank will become an integral part
of BPER, reinforcing the latter's franchises in target geographies
and market segments. Unipol Banca will be merged into its new
parent by end-2019.

The SR reflects Fitch's expectation of a moderate probability of
support from BPER. BPER's full ownership of the bank and the high
reputational risk that a default of Unipol Banca would carry for
the parent contribute to its assessment of support propensity.
However, the ability of BPER to support Unipol Banca is limited by
its standalone creditworthiness, as reflected in its 'bb' VR.

VR

The VR of Unipol Banca reflects its business model as a traditional
commercial bank in Italy with nominal franchises domestically and
its gradual recovery in financial performance following its
restructuring completed in 1Q18.

Fitch believes that the bank is keeping asset quality under
control, with an impaired loans ratio that Fitch estimates would
have fallen below 10% since end-2018. At this level, the ratio is
broadly in line with the domestic average, but remains high by
global industry averages. Impaired loans are adequately reserved
and the bank's coverage ratio is at the higher end of the domestic
peers' range. Its assessment of Unipol Banca's asset quality also
takes into account concentration risks in the loan portfolio, due
to legacy exposures in the higher-risk real estate and construction
sectors.

Fitch believes that Unipol Banca's capitalisation is not entirely
commensurate with risks, despite acknowledging the benefits of the
recent spin-off of doubtful loans. Its assessment also reflects the
small size of Unipol Banca's capital base, which renders the bank
vulnerable to moderate shocks, in its view.

In 2018 the bank reported its first operating profit following
several years of losses, mainly supported by normalised loan
impairment charges and slightly improved earnings from its
fee-intensive business. However, Fitch believes that its operating
profitability remains weak. A full turnaround of the bank's
profitability has not yet been achieved and Fitch still believes
the bank's ability to generate profits is sensitive to the economic
and interest rate cycles.

Unipol Banca is mainly deposit-funded and its deposit franchise
should strengthen once it is integrated into BPER. To date, Unipol
Banca's standalone liquidity profile has benefited from the bank
being part of the UG group and from large amounts of deposits it
has received from UG group entities.

The RWP reflects plans to fully merge Unipol Banca into BPER, which
has a higher VR, as well as Fitch's view that the latter will not
be materially impacted by the acquisition of Unipol Banca and the
subsequent merger.

DEPOSIT RATING

Unipol Banca's long-term Deposit Rating is aligned with the bank's
Long-Term IDR because debt buffers do not afford any obvious
incremental protection to deposits over and above the institutional
support benefit already factored into the bank's Long-Term IDR,
which is rated well above the bank's 'b' VR.

RATING SENSITIVITIES

IDRS, SR and VR

Fitch expects to withdraw Unipol Banca's ratings upon completion of
the merger into BPER as the bank will cease to exist as a separate
legal entity.

Prior to withdrawal Unipol Banca's IDRs and SR are sensitive to a
change in BPER's ability and propensity to support the newly
acquired subsidiary. Unipol Banca's IDRs are therefore primarily
sensitive to changes in BPER's ratings.

Prior to being withdrawn, Unipol Banca's VR will be upgraded to be
in line with that of BPER upon the completion of the merger.
Changes to the VR ahead of the merger are unlikely, unless the
merger is delayed considerably. An upgrade would require evidence
of materially stronger capitalisation and profitability combined
with a further significant reduction in the bank's impaired loans
ratio. Conversely, large unexpected losses or deterioration in its
asset quality could result pressure on the VR, especially if these
weigh heavily on capitalisation.

DEPOSIT RATING

The long-term Deposit Rating is primarily sensitive to changes in
the bank's Long-Term IDR and to any factors that would affect
BPER's Long-Term Deposit Rating.

The rating actions are as follows:

Unipol Banca

Long-Term IDR: downgraded to 'BB' from 'BB+', off RWN, Outlook
Positive

Short-Term IDR: affirmed at 'B'

Viability Rating: 'b' maintained on RWP

Support Rating: affirmed at '3'

Long-Term Deposit Rating: downgraded to 'BB' from 'BB+', off RWN



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

ONICO SA: Two Bondholders Demand Earlier Repayment
--------------------------------------------------
Konrad Krasuski at Bloomberg News reports that two bondholders,
together holding PLN16 million of Onico SA's debt, have demanded
earlier repayment amid the risk of the company’s insolvency
following it being cut off from bank financing, the company said in
a regulatory filing.

According to Bloomberg, one of the bondholders is the sole investor
in PLN12 million of notes maturing on July 31.

Onico has adjourned its annual general meeting three times already
as it seeks ways to overcome financial shortages, including search
for investor, Bloomberg discloses.

Onico SA is a Polish company listed on the Warsaw Stock Exchange in
the NewConnect alternative trading system.  Its activities include
trading in fuels, with special focus on supply of LPG, diesel and
biofuels to international companies and individual customers.

TAX CARE: Prepares Application for Restructuring Proceedings
------------------------------------------------------------
Piotr Bujnicki at Bloomberg News reports that Tax Care took steps
to prepare an application for opening restructuring proceedings,
troubled Polish lender Idea Bank commented in a regulatory filing.

According to Bloomberg, a request is expected to be filed in court
"soon".

Tax Care is Idea Bank's advisory unit.




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

ADVEO GROUP: Liquidation Process to Resume After Sale Talks Fail
----------------------------------------------------------------
Jim Silver at Bloomberg News reports that Adveo's talks to sell its
Italian unit have failed, the company said on July 26 in a Spanish
regulatory filing.

According to Bloomberg, with the conclusion of the sale process,
the process of liquidating the company will be resumed.




=====================
S W I T Z E R L A N D
=====================

CEVA LOGISTICS: S&P Assigns 'B+' Rating to $475MM Sec. Term Loan B
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating to the $475
million secured term loan B due 2025 issued by CEVA Logistics AG
(B+/Positive/--) through Ceva Logistics Finance B.V. CEVA used the
proceeds of the issuance to refinance its former secured term loan
B of the same amount subject to the change of control clause, as a
result of the acquisition by the French container liner CMA CGM
S.A. S&P said, "The issue rating reflects our view of CEVA's
creditworthiness after its acquisition by CMA CGM. The recovery
rating on the term loan B is '4', indicating our expectation of
average recovery (30%-50%; rounded estimate: 45%) in the event of a
payment default. At the same time, we withdrew the issue ratings on
the previous and refinanced $475 million term loan B and repaid
EUR300 million senior secured notes."

The issue rating reflects the term loan B's subordination to a
significant amount of prior-ranking liabilities, namely the U.S.,
European, and Australian receivable securitizations and a
non-recourse factoring facility. The term loan B ranks pari passu
with the $510 million senior revolving credit facility (RCF) and
EUR297 short-term bridge facility used to repay the former senior
secured notes, which, if not refinanced, will be automatically
converted into term loans due 2025.

The term loan B has the same terms and conditions as the former
term loan B.

S&P said, "In our hypothetical scenario, we assume a default
resulting from an extended trading downturn and the loss of major
customers with no timely replacement, combined with a deteriorating
macroeconomic environment resulting in price pressure from lower
utilization rates and increasing competition.

"We value CEVA as a going concern, given its established market
position in the highly fragmented logistics market and valuable
customer base."

Simulated default assumptions

-- Year of default: 2023
-- Jurisdiction: The Netherlands

Simplified waterfall

-- Emergence EBITDA: $171 million

-- Maintenance capital expenditure (capex) is 1% of historical
three-year annual average revenues, representing the recurring
capex required to maintain the business.

-- Standard cyclicality adjustment of +5% for the railroad and
package express industry.

-- Implied enterprise value multiple: 5.5x

-- Gross recovery value: $939 million
-- Net recovery value for waterfall after administration expenses
(5%): $892 million

-- Priority claims: $309 million (1)(2)

-- Estimated secured debt claims: $1,257 million (1)

-- Recovery expectations: average 30%-50% (rounded estimate: 45%)

(1) All debt amounts include six months of prepetition interest,
the RCF, and the term loan B.
(2) Asset-backed loans and factoring facilities assumed to be 60%
drawn.



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

AVOCET MINING: To Liquidate Company; General Meeting on Aug. 15
---------------------------------------------------------------
Adria Calatayud at Bloomberg News reports that Avocet Mining PLC
said on Aug. 26 that it has called a general meeting to seek
approval from shareholders to liquidate the company before running
out of cash.

According to Bloomberg, the mining company said that its cash
resources provide headroom only for a few weeks of running costs
and that it will seek to implement a voluntary liquidation to avoid
an insolvent liquidation.

The company said the meeting has been scheduled for Aug. 15,
Bloomberg relates.

Avocet, as cited by Bloomberg, said it is not expected that there
will be any returns to shareholders in the event of the proposed
voluntary liquidation being implemented, nor if the company is
placed into a formal insolvency process.

Headquartered in London, the United Kingdom, Avocet Mining plc
operates as a gold mining and exploration company in West Africa.
It operates through UK, Burkina Faso, and Guinea segments. The
company primarily holds a 90 per cent interest in the Inata gold
mine located in the Belahouro district of northern Burkina Faso;
and five exploration permits cover approximately 1,660 km
surrounding the Inata gold mine in the broader Belahouro region.
It also holds interest in the Tri-K project that is located in the
northeast Guinea.

CO-OP BANK: Narrows First-Half Losses, Still in Recovery Mode
-------------------------------------------------------------
Lucy Burton at The Telegraph reports that City analysts have warned
that Co-op Bank still has a long way to go before making a full
recovery despite narrowing first-half losses.

According to The Telegraph, the lender, which remains in recovery
mode after a brush with collapse in 2013, posted a pre-tax loss of
GBP38.5 million for the period, slightly lower than last year.

Chief executive Andrew Bester said its focus was now on winning
over more small businesses so that it can become a "genuine
alternative" to the UK's big lenders, The Telegraph relates.  It
won a GBP15 million pot of cash to increase lending to small
companies earlier this year, The Telegraph discloses.

However, John Cronin, an analyst at Goodbody, said there was still
some way to go before the Manchester-based bank had fully
recovered, The Telegraph notes.



FINSBURY SQUARE 2019-2: Fitch Puts Final BB+sf Rating to Cl. E Note
-------------------------------------------------------------------
Fitch Ratings has assigned Finsbury Square 2019-2 plc's notes final
ratings.

Finsbury Square 2019-2 PLC is a securitisation of owner-occupied
(OO) and buy-to-let (BTL) mortgages originated by Kensington
Mortgage Company Ltd in the UK. The transaction features recent
originations of both OO and BTL loans originated up to June 2019
and the residual origination of the Gemgarto 2015-1 PLC
transaction.

Finsbury Square 2019-2

Class A XS2021448886; LT AAAsf New Rating; previously AAA(EXP)sf

Class B XS2021449421; LT AAsf New Rating;  previously AA(EXP)sf

Class C XS2021449694; LT Asf New Rating;   previously A(EXP)sf

Class D XS2021449777; LT BBBsf New Rating; previously BBB(EXP)sf

Class E XS2021449850; LT BB+sf New Rating; previously BB+(EXP)sf

Class F XS2021449934; LT CCsf New Rating;  previously CC(EXP)sf

Class X XS2021450437; LT CCCsf New Rating; previously CCC(EXP)sf

Class Z XS2021450510; LT NRsf New Rating;  previously NR(EXP)sf

KEY RATING DRIVERS

Prefunding Mechanism

The transaction's prefunding mechanism means further loans may be
sold to the issuer, with proceeds from the over-issuance of notes
at closing standing to the credit of the prefunding reserves. Fitch
has received loan-by-loan information on additional mortgage offers
that could form part of the collateral, once advanced by the
seller. However, Fitch assumed the additional pool was based on the
constraints outlined in the transaction documents.

Product Switches Permitted

Eligibility criteria govern the type and volume of product
switches, but these loans may earn a lower margin than the
reversionary interest rates under their original terms. Fitch has
assumed that the portfolio quality will migrate to the weakest
permissible under the product switch restrictions.

Help-to-Buy, Young Professional Products

Up to 15% of the prefunding pool may comprise loans in which the UK
government has lent a proportion (up to 40% inside London and 20%
outside London) of the property purchase price in the form of an
equity loan. This allows borrowers to fund a 5% cash deposit and
mortgage the remaining balance. When determining these borrowers'
foreclosure frequency (FF) via debt-to-income (DTI) and sustainable
loan-to-value (sLTV), Fitch has taken the balances of the mortgage
loan and equity loan into account.

In addition, a product targeting young professionals, launched in
October 2018, could be included in the pre-funding pool (up to
5%).

Self-employed Borrowers

Kensington may lend to self-employed individuals with only one
year's income verification completed or the latest year's income if
profit is rising. Fitch believes this practice is less conservative
than that at other prime lenders. Fitch applied a 30% increase to
the FF for self-employed borrowers with verified income instead of
the 20% specified in criteria.

GEMGARTO 2018-1: DBRS Confirms C Rating on Class X Notes
--------------------------------------------------------
DBRS Ratings Limited confirmed the ratings of the notes issued by
Gemgarto 2018-1 PLC (the Issuer) as follows:

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

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

The confirmations 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 the June 2019 payment date.

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

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

-- No revolving termination events have occurred.

The Issuer is a securitization of UK first-ranking owner-occupied
residential mortgages originated and serviced by Kensington
Mortgage Company Limited (KMC). The transaction is currently in its
four-year replenishment period, which is scheduled to end on
September 2022. During the replenishment period, principal funds
are first allocated toward the amortization of the Class A Notes to
the target notional amount before applying any remaining principal
funds to purchase additional loans.

DBRS has analyzed a stressed collateral portfolio to represent
potential deterioration in the characteristics that can impact the
transaction, subject to portfolio-wide covenants.

PORTFOLIO PERFORMANCE

As of June 2019, loans that were two- to three months in arrears
represented 0.2% of the outstanding portfolio balance and the 90+
delinquency ratio was 0.2%, both up from 0.0% at closing. As of
June 2019, the cumulative loss ratio was 0.0%.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis of the remaining pool of
receivables and updated its base case PD and LGD assumptions to
9.0% and 15.7%, from 8.2% and 17.1%, respectively.

CREDIT ENHANCEMENT

As of the June 2019 payment date, Class A CE was 18.6%, up from
18.1% at the DBRS initial rating. Class B CE was 13.5%, up from
13.1% at the DBRS initial rating. Class C CE was 10.9%, up from
10.6% at the DBRS initial rating. Class D CE was 8.8%, up from 8.6%
at the DBRS initial rating. Class E CE was 5.2%, up from 5.1% at
the DBRS initial rating. CE is provided by the subordination of the
junior notes and a General Reserve Fund (GRF).

The GRF is non-amortizing and available to cover senior fees and
senior swap payments as well as interest and principal losses via
the principal deficiency ledgers on Class A to Class E Notes. The
GRF is currently funded to its target level of GBP 5 million, equal
to 2% of the initial Class A to Class F Notes.
If the GRF balance falls below 1.5% of the outstanding Class A to F
Notes, a Liquidity Reserve Fund (LRF) will be funded through
available principal funds to 2% of the outstanding Class A and
Class B Notes balance. The LRF will be available to cover senior
fees, senior swap payments and interest on the Class A and Class B
Notes.

Citibank N.A., London branch acts as the account bank for the
transaction. Based on the DBRS private rating of the 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.

BNP Paribas, London branch acts as the swap counterparty for the
transaction. DBRS's private rating of the BNP Paribas, London
branch 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.

INEOS ENTERPRISES: S&P Assigns 'BB' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned a 'BB' issuer credit rating to INEOS
Enterprises Holdings Ltd. and 'BB' issue rating to the dual-tranche
EUR980 million equivalent term loan B due 2026. The recovery rating
of '3' implies recovery prospects of 50%-70% (rounded estimate:
60%).

S&P said, "We base our 'BB' long-term issuer credit rating on INEOS
Enterprises Holdings Ltd., a specialty and commodity chemical
producer headquartered in the U.K, on its leading market positions
in several end markets and the depth and breadth of its product
offerings.

"The company's new long-term capital structure comprises a
five-year EUR420 million unrated senior secured term loan A and a
seven-year EUR980 million equivalent senior secured dual currency
term loan B, to which we have assigned a 'BB' rating. The term loan
B tranches have been issued by two intermediate holding and finance
subsidiaries: INEOS Enterprises Holdings II Ltd. issued the EUR580
million euro tranche, and INEOS Enterprises Holdings US FinCo LLC
issued the $450 million tranche (about EUR400 million equivalent).
The '3' recovery rating indicates that we expect meaningful
recovery (50%-70%; rounded estimate: 60%) in the event of a payment
default."

Completing the acquisition of Ashland Global's composites business
will make INEOS Enterprises a diversified producer of commodity and
specialty chemical products. Its revenues, pro forma the
acquisition, will be about EUR2.5 billion in 2019. Of this, 51%
stems from Europe, 42% from the Americas (primarily the U.S.), and
7% from Asia.

This is the latest in a string of acquisitions by INEOS
Enterprises. The company also acquired Flint Hills Resources'
chemical intermediates business in November 2018 and the Ashtabula
titanium dioxide complex from Tronox in April 2019.

INEOS Enterprises has a strong track record in integrating
acquisitions. These latest acquisitions will make it:

-- The second-largest producer of titanium dioxide and derivatives
in North America (with an estimated 14% market share in 2018);

-- The largest producer of VER (vinyl esther resin) and Gelcoat
globally;

-- The largest producer of isopropyl alcohol (IPA) in Europe (with
a 37% market share); and

-- The second-largest producer of trimellitic Anhydridelamine
(TMA) globally (25% market share).

The company is expected to have a diversified product offering,
with a sizable range of high-grade products within its titanium
dioxide and solvents segments, and a moderate range of specialty
chemicals and intermediate products.

The pigments division (39% of pro forma 2019 EBITDA) manufactures
titanium dioxide and derivatives that are mainly used as pigments.
Applications of titanium dioxide include paints and varnishes as
well as paper and plastics, which account for about 80% of the
world's titanium dioxide consumption. The solvents division (21% of
2019 pro forma EBITDA) produces: butanediol (BDO), isopropyl
alcohol, secondary butyl alcohol (SBA), and methyl ethyl ketone
(MEK), all primarily used in paints and coatings and in the
pharmaceutical industry.

The chemicals produced by the composites division (27% of 2019 pro
forma EBITDA) can be found in a wide range of end-use products,
from recreational boats to tub and shower surrounds, counter tops,
window lineals, and doors. The chemical intermediates division (13%
of 2019 pro forma EBITDA) encompasses products used in the
production of engineered polymers (including common plastics) and
polyurethanes, and as specialty process solvents in a wide array of
applications, including electronics and pharmaceuticals.

S&P said, "Although INEOS Enterprises' products will be serving a
variety of industries and sectors, we view the business as somewhat
exposed to cyclical end-markets, such as construction, painting,
and coatings. Its large-scale, high-quality assets across Europe,
North America, and Asia, combined with its competitive cost
position, are a strength for the business. The company benefits
from an integrated and centralized model and a long-term contract
sourcing strategy for key raw materials. It also has potential for
some synergies across the divisions.

"We estimate that EBITDA margins will trend toward 14%-15% over the
next two years, which will make its profitability average, relative
to other global commodity chemicals producer. Our assessment also
reflects a more-balanced exposure between titanium dioxide,
composite products, intermediates, and solvents. In the long term,
we expect margins to reflect the cyclical nature of the industry
and end-markets.

"We consider that commodity-type products, like titanium dioxide,
will remain sensitive to supply and demand patterns, potential
temporary disruptions, and high pricing competition. That said,
INEOS Enterprises' diversified business may be more resilient than
less-diversified producers, which are more reliant on titanium
dioxide. In our view, product diversification can reduce the impact
of cyclicality in any single product.

"We project INEOS Enterprises will report S&P Global
Ratings-adjusted EBITDA of EUR340 million-EUR360 million in 2019
(pro forma the transaction) and EUR360 million-EUR390 million in
2020. The company will also generate continued strong positive cash
flows of about EUR100 million per year over this period. This
primarily reflects the company's ability to generate strong
earnings, its significant fixed costs savings, and its relatively
low capital expenditure (capex) requirements.

"We estimate that INEOS Enterprises' aggregate adjusted debt will
be about EUR1,350 million when the transaction closes over the
third quarter of 2019, which translates into an adjusted
debt-to-EBITDA leverage ratio of about 4.0x in 2019 and 3.5x in
2020. Total adjusted debt in 2019 will include senior secured debt
for an aggregate of EUR1,400 million, EUR80 million of underfunded
pensions after tax, EUR50 million of capitalized operating leases,
and about EUR115 million of unrestricted cash which we deduct from
gross debt. Our adjustments to EBITDA in 2019 and 2020 include
approximately EUR10 million (added back) in relation to operating
leases. The capital structure also includes a securitization
facility of EUR300 million, which is expected to be undrawn at
closing. We consider a contribution from INEOS Enterprises'
shareholders in the form of EUR536 million loan notes with
payment-in-kind (PIK) interest as equity under our noncommon equity
criteria.

"We view INEOS Enterprises as a moderately strategic subsidiary of
the INEOS Ltd. parent group, in line with two of the other rated
entities within the group: INEOS Styrolution (BB/Stable) and Inovyn
(BB-/Positive). This has no additional impact on our rating on
INEOS Enterprises as its current stand-alone credit profile (SACP)
is 'bb'.

"The stable outlook signifies that we expect INEOS Enterprises to
report adjusted EBITDA of EUR340 million-EUR360 million in 2019 and
EUR360 million-EUR390 million in 2020. We also expect the company
to sustain adjusted debt to EBITDA at about 4.0x in 2019 and at
about 3.5x in 2020. We see this as commensurate with the rating
level. The outlook also factors in our expectation that the company
will manage its growth plans, financial policies, and dividends to
maintain adjusted leverage below 4.0x throughout the cycle.

"We could lower the rating if we see significant underperformance,
an abrupt deterioration in titanium dioxide demand and prices, or
significant new capacities, leading adjusted debt to EBITDA exceed
4.0x without clear prospects of recovery. We could also lower the
rating if the company diverged materially from its stated financial
policy and raised substantial amounts of debt to fund growth or
dividends.

"Rating upside is constrained by INEOS Ltd.'s group credit profile.
Upside potential would therefore arise from an improvement of INEOS
Ltd.'s credit quality. We could take a positive rating action on
the company if we saw a reduction in debt and strong cash flow
generation following the successful integration of recent
acquisitions. This could occur if free operating cash flow
increases, based on strong EBITDA growth and sustainable margin
improvement. A key aspect of any potential upgrade would be a
proven track record of resilience to bottom-of-the-cycle conditions
and a commitment to maintain adjusted debt to EBITDA below 3.0x
throughout the cycle."


MAZARIN FUNDING: S&P Cuts Class MAZA_2008_1 Notes Rating to D (sf)
------------------------------------------------------------------
S&P Global Ratings took various rating actions on Mazarin Funding
Ltd., HSBC's Mazarin funding vehicle, following its early
liquidation.

Earlier this year S&P received confirmation from the issuer that it
intended to liquidate the portfolio and use the proceeds to repay
the notes in the order of the documented payment priority.
According to the liquidation notice, most of the transaction's
notes were fully repaid on June 25, 2019. S&P has therefore
withdrawn its ratings on the fully repaid notes.

The outstanding senior-fast and senior-slow notes were not repaid
in full. Consequently, S&P has lowered to 'D (sf)' from 'CCC- (sf)'
its ratings on these classes of notes. Following 30 days from
today's downgrades, S&P will subsequently withdraw these ratings.

Mazarin Funding is an HSBC-sponsored vehicle that securitizes a
portfolio of predominantly structured finance securities. Mazarin
Funding was launched because of a restructuring of a structured
investment vehicle (SIV). Similar to traditional SIVs, the
super-senior liabilities comprised commercial paper issued from
euro and U.S. dollar programs.

  Ratings List
  
  Mazarin Funding Ltd.
  
  Class      Rating to

  S3_T8      NR
  S4_T10     NR
  S5_T12     NR
  S6_T14     NR
  S7_T16     NR
  S8_T18     NR
  S9_T20     NR
  S10_T22    NR
  S11_T24    NR
  S12_T26    NR
  S13_T28     NR
  S14_T30    NR
  S15_T32    NR
  S16_T34    NR
  S17_T36    NR
  S18_T38    NR
  S19_T40    NR
  S20_T42    NR
  S21_T44    NR
  MAZA_2008_12 NR
  
  Class      Rating to Rating from

  MAZA_2008_1 D (sf)*  CCC- (sf)
  MAZA_2008_9 D (sf)*  CCC- (sf)
  MAZA_2008_4 D (sf)*  CCC- (sf)
  MAZA_2008_10 D (sf)*  CCC- (sf)
  MAZA_2008_2 D (sf)*  CCC- (sf)
  MAZA_2008_5 D (sf)*  CCC- (sf)
  MAZA_2008_7 D (sf)*  CCC- (sf)

* S&P will withdraw its 'D' (sf) ratings on the notes, 30 days
following the publication.
NR--Not rated.


POCHIN CONSTRUCTION: Contract Issues Prompt Administration
----------------------------------------------------------
Business Sale reports that the majority of North West based
Pochin's Group has gone into administration as a result of contract
issues.

Administrators Grant Thornton UK LLP have taken charge of eight
divisions of the construction group, including the main trading
companies Pochin's Ltd and Pochin Construction Ltd., Business Sale
relates.

According to Business Sale, the administrators are currently
looking for a buyer for the divisions, either as a group or
individually.

Last year, the construction arm of Pochin's lost GBP6.2 million on
GBP50 million revenue as a result of a single loss-making contract
in Manchester, leaving it struggling to stay afloat, Business Sale
recounts.

The new management team in charge of the business have reportedly
explored a number of options ahead of entering administration,
including the injection of additional capital from shareholders and
the sale of the construction group's property portfolio, Business
Sale discloses.  However, none of these measures proved to be
significant enough to save the group from administration, Business
Sale notes.

Joint administrator Sarah O'Toole added that they would continue to
review the options to find the best possible outcome for creditors,
including the potential sale of the affected divisions, Business
Sale states.




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

[*] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW
-----------------------------------------------
Author: John E. Tracy
Publisher: Beard Books
Soft cover: 470 pages
List Price: $34.95

Order a copy today at https://is.gd/fSX7YQ

Originally published in 1947, The Successful Practice of Law still
ably serves as a point of reference for today's independent lawyer.
Its contents are based on a series of non-credit lectures given at
the University of Michigan Law School, where the author began
teaching after 26 years of law practice. His wisdom and experience
are manifest on every page, and will undoubtedly provide guidance
for today's hard-pressed attorney.

The Successful Practice of Law provides timeless fundamental
guidelines for a successful practice. It is intended neither as a
comprehensive reference work, nor as a digest of law. Rather, it is
a down-to-earth guide designed to help lawyers solve everyday
problems -- a ready-to-tap source of tested proven methods of
building and maintaining a sound practice.

Mr. Tracy talks at length about developing a client base. He
contends that a firemen's ball can prove just as useful as an
exclusive party at the country club in making contacts with future
clients. He suggests seeking work from established firms as a way
to get started before seeking collections work out of desperation.

In his chapter on keeping clients, Mr. Tracy gives valuable lessons
in people skills: "(I)f a client tells you he cannot sleep nights
because of worry about his case, you will ease his mind very much
by saying, 'Now go home and sleep. I am the one to do the worrying
from now on.'" Rather than point out to a client that his legal
predicament is partly his fault, "concentrate on trying to work out
a program that will overcome his mistakes." He cautions against
speculating aloud to clients on what they could have done
differently to avoid current legal problems, lest they change their
stories and suddenly claim, falsely, that they indeed had done that
very thing. He also advises against deciding too quickly that a
client has no case: "After you have been in practice for a few
years you will be surprised to find how many seemingly desperate
cases can be won."

Mr. Tracy advises studying as the best use of downtime. He quotes
Mr. Chauncey M. Depew: "The valedictorian of the college, the
brilliant victors of the moot courts who failed to fulfill the
promise of their youth have neglected to continue to study and have
lost the enthusiasm to which they owed their triumphs on mimic
battle fields." Mr. Tracy advises against playing golf with one's
client every time he asks: "My advice would be to accept his
invitation the first time, but not the second, possibly the third
time but not the fourth."

Other topics discussed by Mr. Tracy, with the same practical, sound
advice, include fixing fees, drafting legal instruments, examining
an abstract of title, keeping an office running smoothly, preparing
a case for trial, and trying a jury case. But some of best counsel
he offers is the following: You cannot afford to overlook the fact
that you are in the practice of law for your lifetime; you owe a
duty to your client to look after his interests as if they were
your own and your professional future depends on your rendering
honest, substantial services to your clients. Every sound lawyer
will tell you that straightforward conduct is, in the end, the best
policy. That kind of advice never ages.

John E. Tracy was Professor Emeritus and Member of University of
Michigan Law School Faculty from 1930 to 1969. Professor Tracy
practiced law for more than a quarter century in Michigan,
New York City, and Chicago before joining the Law School faculty in
1930. He retired in 1950. He was born in 1880. He died in December
1969.



                           *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *