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

                           E U R O P E

         Thursday, February 8, 2018, Vol. 19, No. 028


                            Headlines


A L B A N I A

ALBANIA: S&P Affirms B+/B LT Sov. Credit Ratings, Outlook Stable


G E R M A N Y

SC GERMANY 2015-1: DBRS Hikes Class D Notes Rating from BB(high)


I R E L A N D

CVC CORDATUS X: Moody's Assigns B2 Rating to Class F Senior Notes


I T A L Y

BORMIOLI PHARMA: S&P Assigns B Corp Credit Rating, Outlook Stable
POPOLARE BARI 2017: DBRS Assigns B(low) Rating to Class B Notes


L A T V I A

TOSMARES KUGUBUVETAVA: Creditor Submits Insolvency Petition


L U X E M B O U R G

ARCELORMITTAL: S&P Hikes Long-Term Corp. Credit Rating From BB+


N E T H E R L A N D S

ACCUNIA EUROPEAN I: S&P Lowers Rating on Class E Notes to BB-


R U S S I A

RASCHETNO-KREDITNY BANK: Put on Provisional Administration


S P A I N

CAIXABANK CONSUMO 2: Moody's Hikes Rating on Series B Notes to B2
SANTANDER CONSUMO 2: DBRS Confirms Cl. F Notes CCC (high) Rating
TDA SABADELL 4: DBRS Finalizes B(high) Rating on Class B Notes


S W E D E N

ITIVITI GROUP: Moody's Assigns B3 CFR, Outlook Stable


U N I T E D   K I N G D O M

CARILLION PLC: Ex-Chairman Takes Full Responsibility for Collapse
CELESTE MORTGAGE 2015-1: DBRS Hikes Cl. F Debt Rating to BB(high)
EAT: Mulls Shop Closures, CVA Among Possible Options
HIGHER EDUCATION NO.1: Fitch Affirms 'CCsf' Ratings on 2 Tranches
RPC GROUP: S&P Assigns 'BB+' Long-Term Corp. Credit Rating

THRONES PLC 2014-1: DBRS Confirms B Rating on Class F Notes
WARREN EVANS: Enters Administration, Almost 300 Jobs at Risk

* UK: Scottish Corporate Insolvencies Down 3.8% in 3Q 2017


                            *********



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A L B A N I A
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ALBANIA: S&P Affirms B+/B LT Sov. Credit Ratings, Outlook Stable
----------------------------------------------------------------
On Feb. 2, 2018, S&P Global Ratings affirmed its 'B+/B' long- and
short-term sovereign credit ratings on Albania. The outlook
remains stable.

OUTLOOK

S&P said, "The stable outlook balances our views on continuing
reforms to the country's institutional framework, as well as
steady economic growth and generally improving public finances,
with external and monetary vulnerabilities that remain high.

"We could raise our ratings on Albania if structural reforms,
potentially focused on EU accession, established a stronger track
record of more robust institutions and bolstered economic growth
prospects. A positive rating action could also follow further
fiscal consolidation efforts on the back of improving revenue
collection and a lessening interest bill as a share of government
revenues. This would lead to a marked decline of the government's
debt burden. A reduction in euroization of the economy, along
with a revitalized financial sector, could also prompt an
upgrade.

"In turn, we could lower the ratings if we observed a
deterioration in Albania's government finances, potentially
alongside resumed constraints on borrowing conditions. We would
also downgrade Albania in the event of a prolonged period of
repressed domestic credit growth, pointing to a weakened monetary
transition mechanism, or if we observed marked deterioration in
Albania's external position and ability to finance its high
current account deficit."

RATIONALE

The ratings on Albania are primarily constrained by the country's
ineffective institutional framework, weak rule of law, and
endemic corruption, as well as by its low level of economic
development.

The ratings are supported by Albania's improving fiscal
performance, thanks to solid economic growth and fiscal and
structural reform progress. In particular, improvements in
Albania's fiscal framework -- including the formalized deficit
brake, the "organic budget" law, and generally enhanced
institutional oversight -- helped to prevent renewed accumulation
of arrears and prevented fiscal slippage ahead of last year's
general elections. Sustained revenue growth, political
commitment, and declining interest spending will likely keep the
country's high public debt burden on a gradual downward
trajectory.

Institutional and Economic Profile: Political reform efforts
strengthen economic growth

-- S&P expects the government will move ahead on its structural
    reform agenda, in part because it aims to join the EU,
    gradually improving Albania's institutional effectiveness and
    predictability.

-- The economy will continue to grow at a relatively fast pace,
    albeit from a low base.

-- As the effects of large-scale investment projects on economic
    growth fade, domestic demand will become a more significant
    engine of economic development.

S&P said, "We expect Albania's re-elected government to continue
pushing structural reforms, which should gradually improve its
political and institutional framework. The Socialist party
emerged as the sole winner of last year's election and has formed
a government under the previous Prime Minister Edi Rama. We
expect policy continuity and sustained structural reform efforts
as the government continues to seek to join the EU. Meanwhile,
International Monetary Fund (IMF) programs have provided key
anchors to government policy and may continue to do so. The
Extended Fund Facility program with the IMF, which concluded in
February 2017, has led to significant improvements in Albania's
fiscal framework. We think Albania might agree on a follow-up
program with the IMF in 2018."

"In preparation for EU accession, the government has made
significant efforts to enhance the rule of law and combat the
informal economy. Still, we think potential EU membership is
unlikely to occur before the second half of the 2020s.

"We expect the government's reform efforts will focus on the
economy, public administration, and the energy sector, and
particularly on the judicial sector. The judicial reform passed
last year aims to create a more independent judiciary and should
improve the country's business environment, for example, by
increasing the effectiveness of enforcement of property rights
and offering a more effective bankruptcy resolution process.
Although the reform is slightly behind schedule, we expect that
the first real results, in the form of submission of judicial
cases to the respective courts, could be achieved this year.
Further structural reforms are necessary to strengthen Albania's
still-weak institutional framework, in our view. In general, the
country has a considerable shadow economy, with prevalent
corruption and constrained effectiveness of the rule of law.

"We project Albania's economy will grow by an average of 3.9% in
real terms between 2018 and 2021, albeit from a low base. Strong
domestic demand, with rising consumption and private investment,
will be a primary expansion engine.

A number of large-scale investment projects underpin growth,
including progress on the Trans-Adriatic Pipeline (TAP), which
will connect Albania with Italy and the Caspian Sea, as well as
the construction of a hydropower plant, which appear to remain on
track. In the long term, the government's reforms should support
an improved business environment and help the country to attract
foreign direct investment (FDI). Such conditions could, in turn,
help unlock Albania's economic potential in energy, tourism, and
agriculture.

Flexibility and Performance Profile: Fiscal consolidation is
improving debt sustainability

-- Albania's path of fiscal consolidation is clearly visible:
    revenues have risen and fiscal reforms have proven effective.

-- The country's relatively large stock of public debt still
    poses a key risk, but the debt burden is on a declining
    trend.

-- Restructuring in the banking sector continues and the
    nonperforming loan (NPL) ratio is declining, but high
    euroization limits monetary flexibility.

Fiscal reform and consolidation efforts are paying off. The
general government deficit hardly budged in 2017 despite the
general election, whereas in previous election years, deficits
and payment arrears increased markedly.

S&P said, "We expect the government will remain committed to
fiscal consolidation, with general government deficits declining
to 1.5% of GDP in 2020. Revenue growth has been solid, and tax
revenues have risen by almost 10% over the past year, on the back
of rapid nominal GDP growth and stronger tax enforcement. The
shadow economy continues to weigh on revenues, leaving further
room for improvement in tax compliance. In this vein, we will
particularly monitor the implementation of a new valuation-based
property tax in 2018. A successful introduction would signal
further strengthened capabilities of the public administration.

"On the expenditure side, we acknowledge Albania's successful
efforts to prevent the accumulation of government arrears through
tighter monitoring. Successful implementation and adherence to
the "organic budget" law, which stipulates limits on government
spending in an election year, have also delivered sound results.
The fiscal balance of negative 2.1% of GDP in 2017 also included
spending obligations due to environmental effects. Yet, the
deficit it was still significantly lower than in 2013-2014 when
election-driven arrears resulted in financing pressures for the
government. We expect Albania's general government net debt
burden will decline by about 109 percentage points over the next
few years, to around 612% in 2021 from 702% currently. Despite
the authorities' inroads in improving the sustainability of
public finances, several major risks to Albania's public debt
stock remain. The average maturity of government debt has
lengthened considerably over the past three years. Yet, for the
domestic portion of debt, average maturity remains relatively
short, at slightly above two years. Domestic debt currently
accounts for just slightly more than 50% of the total public-
sector debt stock, and approximately 49% of total government debt
is denominated in foreign currency. Albania's banking system
still holds the largest share of domestic debt, and about 24% of
the banking system's assets are government securities. We expect
these risks will abate as the government's debt burden declines."

Albania's external vulnerabilities remain elevated, reflected in
sizable current account deficits averaging 8.2% of GDP for 2017-
2021. Large-scale, import-intensive investment projects that are
mostly foreign funded fuel the current account deficits.
Albania's current account has benefited from growth of the
country's tourism industry, as well as from economic recovery in
Greece and Italy, the main origins of the country's sizable
remittances. S&P estimates net transfers will continue
contributing more than 7% of GDP to the current account over our
forecast horizon through 2021, albeit down from an average 13%
over 2004-2008.

FDI will remain Albania's main external financing source, and
large-scale investment projects will continue to a be a major
source of FDI. The TAP project stayed on schedule last year, and
the largest share of the project's needed investment, totaling
EUR1.5 billion, was executed in 2017. This contributed markedly
to net FDI inflow of around 9% of GDP in 2017. Improvements in
Albania's institutional and business environments could support
attracting further FDI, likely in the energy sector, particularly
for projects in hydropower, and in tourism.

Albania's external indebtedness is relatively low, reflecting
external funding relying on foreign equity. Narrow net external
debt declined to 8% of current account receipts (CARs) in 2017,
but we expect this ratio will pick up to 15% by 2020. Albania's
reliance on equity funding of current account deficits and
particularly the large stock of such external funding, with net
external liabilities at 113% of CARs in 2017, could leave the
country vulnerable to a change in investor sentiment should flows
stop or even reverse.

The deposit-funded financial sector has strengthened its position
as a net external creditor. The steady rise of the financial
sector's net foreign assets--partly reflecting high liquidity--
illustrates Albania's limited lending opportunities for banks in
recent years. S&P expects growth of domestic credit will trail
nominal GDP growth over our forecast horizon, making it a drag on
economic growth. Particularly if sustained over an extended
period, this trend might indicate a weakening of transition
mechanisms, which would constrain the central bank's monetary
flexibility.

Consolidation in the financial sector continues. The ratio of
NPLS to total loans had reduced to 14% at the end of 2017. The
NPL ratio varies widely between financial institutions, but the
consolidated figure already represents a large decrease from a
25% peak in September 2014. Although write-offs are mainly
driving reduction, capital buffers and liquidity in the banking
system remain well above minimum requirements. Subsidiaries of
Greek banks maintain a sizable presence in Albania, and the
authorities have taken measures to limit exposure to their Greek
parents and prevent contagion risks to the domestic banking
sector.

The high share of foreign currency deposits and loans further
impairs the effectiveness of Albania's monetary policy, as it
does in several economies across the region. Despite the Bank of
Albania's (BoA's) efforts to achievede-euroization, deposits in
foreign currencies will likely remain well above 50% of total
deposits throughout S&P's forecast horizon. However, loans in
foreign currencies have decreased in recent years and could dip
below 50% of total loans in the coming years.

The central bank has repeatedly missed its inflation target in
recent years. Despite the BoA's more accommodative policy stance,
S&P projects inflation will not reach the 3% target before 2020.

The Albanian lek remains a generally free-floating currency, and
this has been underscored recently by strong upward pressure on
the currency. The BoA has intervened only marginally in the
foreign exchange market in recent years, primarily with the
intent of increasing its foreign currency reserves in line with
its targets. The central bank's only significant open market
operations include three-month liquidity injections to help
enforce its policy rate, which remains historically low at 1.25%.

Overall, S&P notes that Albania fiscally outperforms its peers in
the same rating category. The current exchange rate regime is
more stable than peers', and Albania has made improvements to its
institutional set-up.

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

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

All key rating rating factors were unchanged.

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

RATINGS LIST

                                               Rating
                                          To           From
  Albania
   Sovereign Credit Rating
    Foreign and Local Currency          B+/Stable/B  B+/Stable/B
   Transfer & Convertibility Assessment   BB           BB
   Senior Unsecured
    Foreign Currency                      B+           B+


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G E R M A N Y
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SC GERMANY 2015-1: DBRS Hikes Class D Notes Rating from BB(high)
----------------------------------------------------------------
DBRS Ratings Limited upgraded the following Notes issued by SC
Germany Consumer 2015-1 UG (haftungsbeschrankt) (the Issuer):

-- Class A Fixed-Rate Notes upgraded to AAA (sf) from AA (sf)

-- Class B Fixed-Rate Notes upgraded to AA (high) (sf) from
    A (sf)

-- Class C Fixed-Rate Notes upgraded to AA (low) (sf) from
    BBB (high) (sf)

-- Class D Floating-Rate Notes upgraded to A (low) (sf) from
    BB (high) (sf)

DBRS does not rate the Class E Floating-Rate Notes of the Issuer.

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

-- The portfolio performance, in terms of level of delinquencies
and cumulative net losses, as of November 2017 payment date;

-- Updated default, recovery and loss assumptions on the
remaining receivables;

-- The increased levels of credit enhancement (CE) available to
the rated Notes to cover expected losses are in line with their
respective rating levels.

The rating of the Class A Notes addresses timely payment of
interest and ultimate repayment of principal by the Final
Maturity Date in December 2028. The ratings of the Class B, Class
C, and Class D Notes address ultimate payment of interest and
repayment of principal by the Final Maturity Date in December
2028.

SC Germany Consumer 2015-1 UG (haftungsbeschrÑnkt) is a
securitisation of German consumer loans originated and serviced
by Santander Consumer Bank AG (SCB), a subsidiary of Santander
Consumer Finance SA (SCF). The EUR 777.5 million portfolio, as of
the November 2017 payment date, consisted of both secured (24.8%)
and unsecured (75.2%) loans.

PORTFOLIO PERFORMANCE

The gross cumulative default ratio, as a percentage of the
original portfolio plus all subsequent portfolios, was 2.1% as of
November 2017 payment date, of which 3.2% has been recovered. The
90+ delinquency ratio was 0.2%.

PORTFOLIO ASSUMPTIONS

DBRS conducted an analysis of the remaining collateral pool and
lowered its cumulative net loss assumption to 5.4%.

CREDIT ENHANCEMENT

CE is provided primarily by the subordination of the respective
junior obligations. Additionally, the cash reserve may be applied
to principal shortfalls at Issuer default or final maturity. As
of November 2017, CE for the Class A Notes increased to 32.0%
from 18.0%; CE for the Class B Notes increased to 19.0% from
10.8%; CE for the Class C Notes increased to 13.9% from 8.0%; and
CE for the Class D Notes has increased to 8.1% from 4.7% since
closing. The increases have been driven partly by the high levels
of prepayment seen on the securitised loans.

The transaction benefits from a cash reserve available to cover
senior fees, expenses, swap payments and the interest due on the
Class A Notes. It has an amortising target of 0.5% of the
aggregate outstanding principal amount and currently stands at
EUR 3.9 million.

The deal is exposed to potential commingling and set-off risks as
debtors may open accounts with the Originator and collections are
swept to the Account Bank on each monthly payment date. As a
mitigant, in its capacity as Servicer and Originator, SCB must
fund separate Commingling and Set-Off Reserves, if the DBRS
rating of SCB's parent company -- SCF -- falls below specific
thresholds as defined in the legal documentation. However, these
reserves continue to be unfunded as no rating threshold triggers
have been breached to date.

DBRS notes that there is a fixed-to-floating interest rate swap
related to the lowest-ranked Classes D and E Notes between the
Issuer and the swap counterparty, Unicredit Bank AG. The swap
payments (other than termination payments when the swap
counterparty is the defaulting party under the swap agreement)
rank ahead of the Notes in the waterfall. DBRS has considered the
relevant interest rate scenarios and the impact of regular swap
payments on the cash flows in accordance with its methodologies.

The Bank of New York Mellon, Frankfurt Branch (BNY Mellon,
Frankfurt Branch) serves as the transaction's Account Bank.
DBRS's private rating of BNY Mellon, Frankfurt Branch complies
with the minimum institution rating, given the ratings assigned
to the Class A Fixed-Rate Notes, as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.


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CVC CORDATUS X: Moody's Assigns B2 Rating to Class F Senior Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by CVC Cordatus Loan
Fund X Designated Activity Company (the "Issuer"):

-- EUR206,000,000 Class A-1 Senior Secured Floating Rate Notes
    due 2031, Definitive Rating Assigned Aaa (sf)

-- EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due
    2031, Definitive Rating Assigned Aaa (sf)

-- EUR45,600,000 Class B-1 Senior Secured Floating Rate Notes
    due 2031, Definitive Rating Assigned Aa2 (sf)

-- EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2031, Definitive Rating Assigned Aa2 (sf)

-- EUR22,800,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR21,600,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned Baa2 (sf)

-- EUR23,200,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned Ba2 (sf)

-- EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CVC Credit
Partners European CLO Management LLP ("CVC Credit Partners"), has
sufficient experience and operational capacity and is capable of
managing this CLO.

CVC Cordatus Loan Fund X Designated Activity Company is a managed
cash flow CLO. At least 90% of the portfolio must consist of
senior secured loans and senior secured bonds and up to 10% of
the portfolio may consist of unsecured obligations, second-lien
loans, mezzanine loans and high yield bonds. The bond bucket
gives the flexibility to CVC Cordatus Loan Fund X Designated
Activity Company to hold bonds. The portfolio is expected to be
approximately 70% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe.

CVC Credit Partners 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 four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer issued EUR42.9M of M-1 and EUR1.0M of M-2 subordinated
notes, which are not rated.

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. This CLO has also
access to a liquidity facility of EUR2.25M that an external party
provides for four years (subject to renewal by one or two years).
Drawings under the liquidity facility are allowed to pay interest
in the waterfall and are reimbursed at a super-senior level.

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. CVC Credit Partners'
investment decisions and management of the transaction will also
affect the notes' performance.

Loss and Cash Flow Analysis:

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
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR400,000,000

Diversity Score: 39

Weighted Average Rating Factor (WARF): 2785

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with A3. The remainder of the pool will be domiciled in
countries which currently have a local currency country risk
ceiling of Aaa or Aa1 to Aa3.

To address the risk of amounts drawn under the liquidity facility
being flushed through the waterfall to subordinated noteholders,
Moody's has modeled such draws (which flow through the interest
waterfall to the equity) and repayments (on a senior basis)
assuming that the amount drawn under the liquidity facility in
each period equals a percentage of the interest received on the
underlying portfolio in that period.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3203 from 2785)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes.-2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3621 from 2785)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -4

Class B-2 Senior Secured Fixed Rate Notes: -4

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes.-3

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.


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BORMIOLI PHARMA: S&P Assigns B Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Italy-based Bormioli Pharma Bidco S.p.A. The outlook is
stable.

S&P said, "We also assigned our 'B+' issue rating and '2'
recovery rating to the EUR40 million super senior secured
revolving credit facility (RCF). The recovery rating indicates
our expectation of substantial (70%-90%; rounded estimate: 85%)
recovery of principal in the event of payment default.

"At the same time, we assigned our 'B' issue rating and '4'
recovery rating to the EUR280 million senior secured notes. The
recovery rating indicates our expectation of average (30%-50%;
rounded estimate: 30%) recovery of principal in the event of
payment default.

The ratings are in line with the preliminary ratings we assigned
on Oct. 30, 2017.

The long-term rating on Bormioli Pharma primarily reflects its
leading position as a provider of glass and plastic
pharmaceutical packaging products. The rating is based on the new
capital structure of the business following its acquisition by
Triton.

Bormioli Pharma's business risk profile is underpinned by its
leading niche position, technical knowhow, relatively strong
EBIDTA margins, long-standing customer relations, and high
customer retention rates. S&P assesses the group's business risk
profile as fair.

It has particularly strong niche positions in Italy, where it
generates 40% of its sales and where most of its manufacturing
plants are based. The group's plastic packaging product range
includes childproof closures, tamper evident closures, inhalers,
and bottles. Its glass product portfolio includes borosilicate,
soda, and tubular glass.

Customers include leading global pharmaceutical companies (58% of
revenues), contract manufacturing organizations (26%), and
wholesalers (16%). The company's end-markets are stable as the
purchase of pharmaceutical products is non-discretionary and
underpinned by an aging Western European population, expanding
emerging markets, and regulatory requirements.

Bormioli Pharma is able to manufacture products that comply with
the stringent requirements of the pharmaceutical industry (such
as resistance to heat, sunlight, chemicals, and reactivity with
content). It has a successful track record of complying with
lengthy and rigorous regulatory approval and customer validation
processes, which act as barriers to entry. It is one of the few
companies able to offer pharmaceutical companies both glass and
plastic packaging products.

S&P's assessment also reflects the group's small size, modest
geographic diversification (both in terms of revenues and
manufacturing footprint), high operational gearing, and exposure
to volatile raw material and energy prices.

The group's five production plants are primarily located in
Italy, with one in France. Bormioli Pharma generates most of its
revenues in Italy (40%), followed by Europe (41%) and the rest of
world (19%).

The glass packaging business is highly capital intensive. Glass
furnaces require regular refurbishments, which cause temporary
production stoppages and require a build-up of inventory levels
in advance to ensure the continuous supply to customers.

The company is also exposed to volatile energy and plastic resin
prices. It has historically been able to pass most of these
through to customers via contractual clauses or annual contract
renegotiations.

S&P said, "We assess Bormioli Pharma's financial risk profile as
highly leveraged, reflecting our view that it will maintain
leverage over 5x in the near term. Our assessment reflects S&P
Global Ratings' adjusted leverage of around 5.75x in 2018 and our
expectation that the company will generate positive free cash
flows each year. In 2018, we expect free operating cash flow
(FOCF) to debt to remain below 5% and interest coverage to remain
strong and above 4.0x."

S&P's base case assumes:

-- Ongoing economic recovery in Italy with real GDP growth of
    1.3%-1.5% over 2018-2020. S&P expects this growth to be
    supported by stabilizing domestic demand, a gradual
    improvement in the labor market, and favorable financial
    conditions.

-- S&P also expect positive real GDP growth in France (1.8% in
    2018 and 2019), Germany (real GDP growth of about 1.5%-2.0%
    over 2018-2020), and the U.S. (real GDP growth of 2.8% in
    2019 and about 2% for 2019-2020).

-- Revenue growth of about 2.0%-2.5%, based on additional sales
    of higher margin products in both the plastic and glass
    divisions.

-- S&P expects this to be supported by a more aggressive sales
    strategy under the new ownership and management team.

-- Adjusted EBITDA margins of around 24.5%. S&P views this level
    of EBITDA margin as sustainable, and reflective of the recent
    furnace refurbishments and operating efficiency improvements.

-- S&P expects capex for FYE December 2018 to be slightly higher
    compared with 2017 levels at EUR22.8 million as it will also
    include the refurbishment of a glass furnace at a plant in
    Bergantino, Massachusetts.

Based on these assumptions, S&P arrives at the following credit
measures:

-- Adjusted debt to EBITDA of 5.8x at FYE December 2018 and 5.6x
    at FYE December 2019.

-- Interest coverage of above 4x for FYE 2018 and 2019.

-- Forecast adjusted funds from operations (FFO) to debt of
     around 10.8% in 2018 and 11% in 2019.

S&P said, "The stable outlook reflects our expectation that
Bormioli Pharma will continue to capitalize on its solid client
relationships and leading niche position in its main markets.
This should support annual sales growth of about 2.0%-2.5%. As
the company benefits from its recent furnace refurbishments and
cost reductions, profit growth should support Bormioli Pharma in
maintaining positive FOCF over time, and S&P Global Ratings-
adjusted leverage declining to around 5.75x over the next 12
months.

"We could raise the rating if Bormioli Pharma showed a track
record of steady earnings growth and ability to consistently meet
its budget, including the top-line growth and profit margins. A
positive rating action would also need to be supported by
Bormioli Pharma retaining robust credit measures with leverage
declining sustainably below 5.0x, while maintaining positive
operating cash flows. An upgrade would be contingent on the
company's and owner's commitment to maintaining a conservative
financial policy that would support such improved ratios.

"We could lower the rating if Bormioli Pharma experienced
unexpected customer losses or operating setbacks due to furnace
shutdowns, or raw material price increases. We believe that this
could undermine the company's liquidity position in the medium
term. We could also lower the rating if the company's financial
policy became more aggressive (that is, if the company made a
large payment to shareholders or a large debt funded
acquisition), preventing any material deleveraging or if cash
flows turned negative."


POPOLARE BARI 2017: DBRS Assigns B(low) Rating to Class B Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned the following ratings to the Class
A and Class B notes (the Notes) issued by Popolare Bari NPLs 2017
S.r.l. (the Issuer):

-- EUR80,900,000 Class A at BBB (low)
-- EUR10,100,000 Class B at B (low)

The notes are backed by EUR 319.9 million (by gross book value,
GBV) portfolio consisting of unsecured and secured non-performing
loans originated by Banca Popolare di Bari s.c.p.a. (BPB), Cassa
di Risparmio di Orvieto S.p.A. (CRO), Banca Caripe S.p.A. (Banca
Caripe) and Banca Tercas S.p.A. (Banca Tercas). In July 2016,
Banca Caripe and Banca Tercas were fully consolidated into BPB.
All loans in the portfolio defaulted between 2000 and 2016 and
are in various stages of resolution. The portfolio is currently
serviced and will continue to be serviced by Prelios Credit
Servicing S.p.A. (Prelios). A back-up servicer, Securitisation
Services S.p.A., has also been appointed and will act as a
servicer in case of termination of the appointment of Prelios.

Approximately 56.1% (by GBV) of the pool is secured and 91.8% (by
GBV) of the secured loans benefit from a first-ranking lien. Most
of the secured loans included in the portfolio are backed by
properties primarily concentrated in the southern regions of
Italy, which typically have longer bankruptcy and settlement
processes. In its analysis, DBRS assumed that all loans are
disposed through the auction process, which generally has the
longest resolution timeline.

The Class B Notes, which represent mezzanine debt, may not be
repaid until the Class A Notes are repaid in full.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral, the historical
performance and expertise of the servicer, Prelios, the
availability of liquidity to fund interest shortfalls and
special-purpose vehicle expenses, the cap agreement with J.P.
Morgan AG and the transaction's legal and structural features.
DBRS's BBB (low) and B (low) ratings assume a haircut of 18.1%
and of 8.7%, respectively, to Prelios's business plan for the
portfolio.

Notes: All figures are in euros unless otherwise noted.


===========
L A T V I A
===========


TOSMARES KUGUBUVETAVA: Creditor Submits Insolvency Petition
-----------------------------------------------------------
The Board of Directors of AS Tosmares kugubuvetava declared that
on January 22, 2018, its creditor SIA KHL-Company submitted an
application to the court for insolvency proceedings against AS
Tosmares kugubuvetava for non-fulfillment of its debt commitments
in timely manner.

The Board of Directors of AS Tosmares kugubuvetava disclosed that
it has reached an agreement with SIA KHL-Company for fulfilment
of debt commitments of AS Tosmares kugubuvetava, and whereas SIA
KHL-Company disclaims its application submitted with the court
regarding to the initiation of insolvency proceedings.

Headquartered in Liepaja, Latvia, AS Tosmares kugubuvetava
engages in the building and repair of ships, yachts, catamarans,
roll trailers, containers, and technological equipment.


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


ARCELORMITTAL: S&P Hikes Long-Term Corp. Credit Rating From BB+
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on global integrated steel producer ArcelorMittal to 'BBB-' from
'BB+' and assigned a stable outlook. At the same time, S&P raised
the short-term corporate rating to 'A-3' from 'B'.

S&P also raised its issue-level ratings on ArcelorMittal's
unsecured debt to 'BBB-' from 'BB+'. Because these ratings are
now investment grade, S&P has withdrawn the associated recovery
ratings.

ArcelorMittal has committed to continue reducing its net debt to
$6 billion. This will further strengthen the resilience of its
balance sheet through industry cycles. The company has already
reduced its debt materially, with reported net debt falling by $1
billion in 2017 to $10.1 billion as of Dec. 31, 2017.
ArcelorMittal will continue to prioritize free cash flow not
needed for working capital toward debt reduction, which is
consistent with management's explicit commitment to achieving and
maintaining investment-grade ratings. S&P forecasts discretionary
cash flow after capital expenditure (capex) and dividends of at
least $1.5 billion in 2018.

After preliminary financial adjustments, ArcelorMittal's ratio of
funds from operations (FFO) to debt was 27.2% at year-end 2017,
which is above S&P's minimum threshold of 25% for a 'BBB-'
rating. Importantly, however, S&P projects that this ratio will
improve to at least 30% over 2018 and 2019.

S&P sees the supportive conditions in ArcelorMittal's key
markets -- namely Europe, NAFTA, and Brazil -- continuing into
2018. Specifically, we forecast 2018 GDP growth of 2.1%, 2.7%,
and 2.2%, respectively, in those regions. We expect steel demand
growth to be on a par with these levels in Europe and NAFTA and
in mid-single digits in Brazil, from a low base. In Europe,
demand across the construction, manufacturing, and automotive
sectors is continuing to expand. Moreover, steel inventory levels
are generally below average, implying that end-user demand growth
could be supplemented by some re-stocking. In addition, price
increases have continued to absorb the rising costs of raw
materials such as coal and iron ore.

China is a key sector driver, and high margins there are likely
to remain supportive for the global industry -- EU and U.S.
import tariffs notwithstanding. Reported Chinese steel production
capacity reductions of about 20% (including winter pollution-
control measures) have resulted in improved utilization and
domestic profitability there.

S&P now projects ArcelorMittal's EBITDA to be at least $8.5
billion for full-year 2018, up from $6.3 billion on an underlying
basis in 2016. This increase reflects growing shipments, stronger
average group steel margins, and the benefits of ArcelorMittal's
2020 efficiency projects. S&P continues to assess steel markets
as highly volatile despite its forecast of prevailing strong
performance continuing in 2018.

ArcelorMittal is exposed to the cyclical and capital-intensive
nature of the steel sector, balanced by the company's large scale
and the diversity of its operations. This is supported by
ArcelorMittal's partial vertical integration into iron ore and,
to a lesser extent, coal. In 2017, with production of 93.1
million tonnes of steel and own iron ore production of 57.4
million tonnes, ArcelorMittal remained the largest steel
producer.

Base case assumptions:

- A 2%-3% increase in steel shipments in 2018 in line with
   growth trends in key markets, with average annual pricing at
   least in line with 2017 but some softening of demand and
   pricing in 2019.

- Iron ore prices of $55 per tonne in 2018 and $50 per tonne for
   2019, with high-single-digit volume increases.

- EBITDA of $8.5 billion-$9.0 billion in both 2018 and 2019.

- Capex of up to $3.8 billion per year, including Ilva- and
   Mexico-related spending; and

- Modest equity dividend payments of $100 million in 2018. S&P
   sees dividends received broadly covering distributions to
   minority owners.

Based on these assumptions, S&P arrives at the following credit
metrics:

- FFO to debt of 30% in 2018 and about 30% to 35% in 2019;

- An adjusted debt-to-EBITDA ratio of below 3.0x in 2018 and
   2019; and

- Sustained positive cash-flow generation after working capital
   and investments, with discretionary cash flow above $1.5
   billion in 2018 and 2019.

ArcelorMittal's liquidity is strong, supported by limited short-
term maturities, committed lines, and positive FOCF. S&P
estimates the ratio of sources of liquidity to uses at above 1.5x
for the 12 months from Jan. 1, 2018, and above 1.0x for the
subsequent 12 months. S&P also factors in its view of
ArcelorMittal's generally prudent risk management, including
liability management, and demonstrated access to bank funding and
capital markets. S&P projects that the company should be able to
maintain significant headroom under the covenants of its medium-
term bank facilities.

For the 12-month period from Jan. 1, 2018, S&P estimates the
following principal liquidity sources:

- Cash of $2.8 billion;
- $5.5 billion availability under medium-term committed bank
   facilities that expire in December 2019 and December 2020; and
- Unadjusted FFO of $6.0 billion-$7.0 billion.

For the same period, S&P calculates the following principal
liquidity uses:

- Short-term debt maturities of $2.8 billion;
- Capital investment of about $3.8 billion (in line with company
   guidance);
- Up to $2.0 billion of intra-year working capital fluctuations,
   including a portion of the under true-sales-of-receivables
   commercial paper programs that S&P treates as short-term debt.
   In addition, a working capital requirement of $1.0 billion;
- Net dividend outflows of about $100 million; and
- Ilva-related pre-closing lease payments of about $0.2 billion.

The stable outlook reflects S&P's view that ArcelorMittal's
commitment to reduce net debt to $6 billion is rapidly bolstering
rating resilience and mitigating the impact of potential future
industry downturns. This focus on balance-sheet strengthening is
supported both by S&P's expectation of 2018 market conditions
generally at least in line with those of 2017 and by
ArcelorMittal's efficiency programs.

In its base case, S&P forecasts FFO to debt of about 30% in 2018
and higher in 2019. S&P believes continued strong industry
conditions will support reported annual EBITDA of at least $8.5
billion, with realized iron ore prices an important variable. S&P
projects discretionary cash flow generation of $1.5 billion-$2.0
billion in 2018 after capital investment of $3.8 billion and
working capital outflows of about $1.0 billion.

Another upgrade would likely reflect further deleveraging and
improvement in credit metrics. S&P said, "We could see a ratio of
FFO to debt comfortably above 30% throughout the cycle as
commensurate with a higher rating. This would be consistent with
FFO to debt approaching 45% in the current favorable market
environment. In addition, we would expect clearly positive FOCF
and improving EBITDA per tonne. Alternatively, over time, the
continuing realization of the company's 2020 cash-requirement
reduction plan could result in an upgrade if we observe
sustainably stronger performance than peers and improved cash
generation visibility, with less sensitivity to market conditions
in China and elsewhere."

S&P added, "Although unlikely in the next 12 months, we could
lower the rating if we believed the company's adjusted FFO to
debt was going to remain at or below the 25% minimum that we see
as commensurate with the 'BBB-' rating at the bottom of the
cycle, and if cash flows after investment and dividends turned
negative. This could result from, for example, unanticipated
material acquisitions and a reversal of prevailing supportive
industry conditions before a significant reduction in debt."


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


ACCUNIA EUROPEAN I: S&P Lowers Rating on Class E Notes to BB-
-------------------------------------------------------------
S&P Global Ratings lowered its credit rating on Accunia European
CLO I B.V.'s class E notes. At the same time, S&P has affirmed
its ratings on the class A, B, C, and D notes.

The rating actions follow S&P's assessment of the transaction's
performance using data from the October 2017 monthly report, and
the application of its relevant criteria.

Accunia European CLO I is a European cash flow corporate loan
collateralized debt obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
granted to broadly syndicated corporate borrowers.

Since its previous review, the portfolio's credit quality has
deteriorated, with the weighted-average rating decreasing to 'B'
from 'B+'. The erosion of credit quality is partially offset by
par build-up of about EUR200,000. As a result, the transaction is
slightly above the target par balance. The portfolio recovery
rates are more or less stable in comparison with those at the
effective date, albeit lower than the levels at closing. The par-
value and interest coverage tests are passing.

The weighted-average spread (WAS) earned on the portfolio,
excluding the up-tick provided by EURIBOR floors, has dropped to
3.92% from 4.29 at S&P's previous review (to 4.14% from 4.77%
when accounting for the benefit of EURIBOR floors). The fall in
WAS is mainly driven by spread tightening and repricing activity
on the underlying loans, a trend S&P has observed in other CLO
transactions in the same vintage as Accunia European CLO I. The
collateral manager, Accunia Credit Management Fondsmaeglerselskab
A/S, has fully utilized the fixed-rate asset allowance of 10%,
which yields a relatively higher weighted-average coupon of
5.70%.

CLO liability spreads have also tightened over this time horizon.
However, CLO issuers can typically only reprice their liabilities
after the expiry of the two-year non-call period. As a result,
excess spread levels in this transaction have reduced due to the
assets yielding less while the cost of debt remains static.
Furthermore, if Accunia European CLO I reprices its liabilities
within one year of the end of the non-call period (July 2018), it
has to pay a make-whole amount to the class A noteholders.
Therefore, Accunia European CLO I's repricing ability is further
constrained by an optimal spread level where the benefit of re-
pricing offsets the make-whole amount due to the class A
noteholders.

After taking into consideration the above credit factors, the
transaction's performance, and the results of our cash flow
analysis, S&P believes the available credit enhancement for the
class A, B, C, and D notes is commensurate with the currently
assigned ratings. S&P has therefore affirmed its ratings on these
notes.

The results of its credit and cash flow analysis implied a 'B+'
rating for the class E notes. However, S&P applied a one-notch
qualitative upward adjustment to the rating to incorporate that
the transaction is above its target par amount, that the par-
value and interest coverage tests are passing, and that the
portfolio recovery rates have not witnessed a material
deterioration. Therefore, S&P has lowered to 'BB- (sf)' from 'BB
(sf)' its rating on the class E notes.

The downgrade is driven by the fall in the portfolio's WAS, a
trend that is more likely to abate rather than reverse over the
medium term, to a level where interest proceeds from the
portfolio are insufficient to service the interest payments on
the class E notes in a 'BB' default scenario. In S&P's view, the
class E notes, which pay a coupon of 7.00% and are junior in the
capital structure, are more sensitive to the level of excess
spread, since
this is the first shock absorber against defaults.

Accunia European CLO I is a cash flow CLO transaction that closed
in August 2016, with a four-year reinvestment period that ends in
July 2020.

RATINGS LIST

Accunia European CLO I B.V.
EUR421.23 Million Senior Secured And Senior Secured Deferrable
Floating-Rate Notes

Class           Rating
          To             From

Rating Lowered

E         BB- (sf)       BB (sf)

Ratings Affirmed

A         AAA (sf)
B         AA (sf)
C         A (sf)
D         BBB (sf)


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


RASCHETNO-KREDITNY BANK: Put on Provisional Administration
----------------------------------------------------------
The Bank of Russia, by Order No. OD-242, dated February 2, 2018,
revoked the banking license of Moscow-based credit institution
Limited Liability Company Raschetno-Kreditny Bank Co. Ltd., or
RKB (Registration No. 103) from February 2, 2018.

Due to RKB's inefficient internal control system, the bank on
multiple occasions failed to comply with the laws and Bank of
Russia regulations on countering the legalisation (laundering) of
criminally obtained incomes and the financing of terrorism,
including with regard to identifying operations subject to
obligatory control and submitting reliable information to the
authorised body.  RKB's activities in 2016-2017 were largely
focused on dubious transit operations, which posed a real threat
to the interests of its creditors and depositors.

The Bank of Russia took supervisory action against the credit
institution on more than one occasion.

The management and owners of the bank failed to take any
effective measures to normalise its activities.  Under the
circumstances the Bank of Russia took the decision to withdraw
RKB from the banking services market.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, repeated violations within a year of Bank of Russia
requirements stipulated by Article 7 (excluding Clause 3 of
Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism" as well as Bank of Russia regulations issued in
accordance with the said law and repeated application, within one
year, of the measures stipulated by the Federal Law "On the
Central Bank of the Russian Federation (Bank of Russia)", taking
into account a real threat to the interests of creditors.

The Bank of Russia, by its Order No. OD-243, dated February 2,
2018, appointed a provisional administration to RKB for the
period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies have been suspended.

RKB is a member of the deposit insurance system.  The revocation
of the banking license is an insured event as stipulated by
Federal Law No. 177-FZ "On the Insurance of Household Deposits
with Russian Banks" in respect of the bank's retail deposit
obligations, as defined by law.  The said Federal Law provides
for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than a total of RUR1.4 million per
depositor.

According to the financial statements, as of January 1, 2018, the
credit institution ranked 184th by assets in the Russian banking
system.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


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


CAIXABANK CONSUMO 2: Moody's Hikes Rating on Series B Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on Series A
and Series B in CAIXABANK CONSUMO 2, FONDO DE TITULIZACION:

-- EUR1170M Series A Notes, Upgraded to Aa2 (sf); previously on
    Jun 27, 2016 Definitive Rating Assigned Aa3 (sf)

-- EUR130M Series B Notes, Upgraded to B2 (sf); previously on
    Jun 27, 2016 Definitive Rating Assigned B3 (sf)

The rating action reflects (1) the deleveraging of the
transaction and the build-up of credit enhancement since the
closing date of the transaction, as well as (2) better-than-
expected collateral performance.

CAIXABANK CONSUMO 2, FONDO DE TITULIZACION is a static cash
securitisation of unsecured consumer loans as well as consumer
loans backed by first lien and second lien consumer mortgages and
consumer drawdowns of related mortgage lines of credit extended
to obligors in Spain by CaixaBank, S.A. (Caixabank) (Baa1(cr)/P-
2(cr), Baa2 LT Bank Deposits).

RATINGS RATIONALE

The upgrades primarily reflect deleveraging since closing and the
better-than-expected collateral performance.

INCREASED CREDIT ENHANCEMENT LEVELS

Credit enhancement available to Series B Notes has increased
substantially since closing: from 14.0% to 24.85% in Series A
Notes, and from 4.0% to 7.1% in Series B Notes. Credit
enhancement takes the form of subordination as well as a reserve
fund, which is funded at its target level. This reserve fund is
available for shortfalls in interest and principal for Series A
during the life of the deal and for interest and principal
shortfalls for Series B, when Series A is fully amortised.

REASSESSMENT OF LIFETIME LOSS EXPECTATION

Collateral performance has been better than expected, with
relatively low levels of 90+ delinquencies slightly below 2% of
the current balance in recent observations, and cumulative
defaults at 0.7% of the original balance as of January 2018. As a
result, Moody's has lowered its lifetime default expectation. The
lifetime default expectation is a combination of default
assumption on the current balance and actual defaults to date.

Moody's default assumption for the current portfolio remains
unchanged at 6.5% of the current balance, translating into a
lower default assumption of 4.4% as of the original balance.
Moody's portfolio credit enhancement was left unchanged at 18.0%,
lowering the coefficient of variation to 53.0% from 55.7%.Moody's
recovery assumption was left unchanged as well, at 35%.

EXPOSURE TO COUNTERPARTY RISK

The rating action took into consideration the notes' exposure to
Caixabank as relevant counterparty, acting as originator,
servicer, collection account bank, issuer account bank,
calculation agent and paying agent of the transaction. The
ratings on Series A and Series B reflect counterparty exposure in
the transaction.

The rating of the notes are constrained by Spain's country
ceiling at Aa2.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS", published in
September 2015.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure and (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


SANTANDER CONSUMO 2: DBRS Confirms Cl. F Notes CCC (high) Rating
----------------------------------------------------------------
DBRS Ratings Limited confirmed the following ratings on the notes
issued by FT Santander Consumo 2 (the Issuer):

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

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations, as
described more fully below:

-- Portfolio performance, in terms of delinquencies and
defaults, as of October 2017;

-- No revolving termination events have occurred;

-- Portfolio default rate, loss given default (LGD) rate and
expected loss (EL) assumptions for the outstanding collateral
pool; and

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

The ratings on the Class A, Class B, Class C, Class D and Class E
notes address the timely payment of interest and ultimate payment
of principal payable on or before the Final Maturity Date in
April 2031. The rating on the Class F notes addresses ultimate
payment of interest and principal payable on or before the Final
Maturity Date in April 2031.

FT Santander Consumo 2 is a securitisation fund incorporated
under Spanish securitisation law in the context of a
securitisation transaction that closed on December 9, 2016. The
notes are backed by receivables related to consumer loan
contracts granted to individuals residing in Spain by Banco
Santander S.A. (Santander). The portfolio is serviced by
Santander and the transaction is managed by Santander de
Titulizacion S.G.F.T. S.A. The transaction has a 28 month
revolving period, scheduled to terminate on the April 2019
payment date, during which, if no termination events occur,
Santander may offer additional receivables that the Issuer will
purchase with collections deriving from the amortisation of the
portfolio, subject to eligibility criteria, performance targets
and other provisions of the transaction documents.

PORTFOLIO PERFORMANCE

The portfolio is performing well and within DBRS' expectations.
As of October 2017, loans more than 90 days delinquent accounted
for 1.4% of the outstanding collateral pool balance. No defaults
have been realised so far.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis on the outstanding
portfolio of receivables. Given the transaction is in its
revolving period, the base case probability of default (PD) is
still derived by applying the worst portfolio composition. PD and
LGD assumptions after applying sovereign stresses are 8.6% and
54.7%, respectively.

The Class F notes were issued for the purpose of funding the
reserve fund, and the rating is based upon DBRS's review of the
following considerations:

-- Given the characteristics of the Class F notes, as defined in
the transaction documents, they have been repaying during the
revolving period with excess spread, following a specific
amortisation plan.

-- During the amortisation period, if the Class F notes are
still outstanding, they will be in the first loss position.

CREDIT ENHANCEMENT

CE to the notes is provided by the portfolio
overcollateralisation and includes the reserve fund. As of
October 2017, CE to the notes was as follows:

-- 16.0% for the Class A notes (up from 15.0% as at closing);
-- 11.1% for the Class B notes (up from 10.0%);
-- 6.1% for the Class C notes (up from 5.0%);
-- 4.2% for the Class D notes (up from 3.0%);
-- 2.7% for the Class E notes (up from 1.5%);and
-- 1.7% for the Class F notes.

The CE increases is the result of the overcollateralisation
derived from some excess spread being used during the revolving
period to buy additional receivables.

The reserve fund, which is currently at its target level of EUR
15.0 million (1.5% of the outstanding balance of the Class A to
Class E notes), is available to pay senior fees, expenses, missed
interest on the Class A to Class E notes, and principal shortfall
on the Class A to Class E notes.

Santander acts as the Account Bank for the transaction. On the
basis of the DBRS public Long-Term Critical Obligations Rating of
Santander at A (high) and the mitigants outlined in the
transaction documents, DBRS considers the risk arising from the
exposure to the Account Bank to be consistent with the ratings
assigned to the notes.

Notes: All figures are in euros unless otherwise noted.


TDA SABADELL 4: DBRS Finalizes B(high) Rating on Class B Notes
--------------------------------------------------------------
DBRS Ratings Limited finalised ratings to the notes issued by TDA
SABADELL RMBS 4, Fondo de Titulizacion (the Issuer) as follows:

-- Class A Notes (ES0305299002) rated A (high) (sf)
-- Class B Notes (ES0305299010) rated B (high) (sf)

The rating of the Class A notes addresses timely payment of
interest and ultimate payment of principal and the Class B notes
addresses ultimate payment of interest and ultimate payment of
principal.

The Issuer will be a securitsation of residential mortgage loans
secured by first-lien mortgages originated by Banco de Sabadell
S.A. (Sabadell or the Seller) in Spain. The Issuer has used the
proceeds of the Class A and Class B notes to fund the purchase of
the mortgage portfolio from the Seller. In addition, Sabadell has
provided separate additional subordinated loans to fund both the
initial expenses and the Reserve Fund. The securitisation is in
the form of a fund, in accordance with Spanish Securitisation
Law.

The securitised mortgage loans were originated by Sabadell. The
mortgage loans are secured over residential properties located in
Spain. The transaction is managed by Titulizacion de Activos,
Sociedad Gestora de Fondos de Titulizacion, S.A.

The originator and servicer of the transaction is Sabadell. The
Account Bank and the Principal Paying Agent is also Sabadell.

The ratings are based upon a review by DBRS of the following
analytical considerations:

-- The transaction's capital structure, form and available
credit enhancement. The Class A Notes benefit from EUR570 million
(9.5%) subordination of the Class B Notes and the EUR294 million
(4.9%) from the Reserve Fund, which is available to cover senior
expenses as well as interest and principal of the Class A Notes
until paid in full. The Reserve Fund will amortise in line with
the Class A and Class B Notes, and becomes available for the
Class B Notes once the Class A Notes have been fully amortised.
The Reserve Fund will not amortise if certain performance
triggers are breached. The Class A Notes' principal is senior to
the Class B Notes' interest payments in the priority of payments.

-- DBRS was provided with the final portfolio equal to EUR6.0
billion, as of November 28, 2017. The main characteristics of the
total portfolio include: (1) 73.4% weighted-average current loan-
to-value (WACLTV) and 96.6% indexed WA CLTV (INE Q4 2015); (2)
the top three geographical concentrations of Catalonia (33.5%),
Valencia (19.2%), and Madrid (12.3%); (3) 3.7% of the borrowers
are non-nationals; (4) weighted-average loan seasoning of 8.1
years; and (5) the weighted-average remaining term of the
portfolio is 26.2 years with 28.9% of the portfolio having a
remaining term greater than 30 years.

-- 21.3% of the securitised mortgages products benefit from loan
margin reduction linked to additional products outstanding at
each interest determination date. In addition to these
contractual loan features, the transaction documentation allow
the servicer to grant loan modifications without consent of the
management company within the range of permitted variations. DBRS
stressed the margin of the portfolio to the minimum margin
allowed per the loan agreement.

-- The loans are floating-rate mortgages primarily linked to 12-
month Euribor (77.24%), the IRPH index of mortgage loans (2.11%),
others (1.33%) and fixed-for-life loans (19.33%), while the notes
are floating-rate liabilities indexed to three-month Euribor. The
interest rate risk is covered by a swap contract with Sabadell.

-- The credit quality of the mortgages backing the notes and the
ability of the servicer to perform its servicing
responsibilities. DBRS was provided with Sabadell's historical
mortgage performance data, as well with loan-level data for the
mortgage portfolio. Details of the probability of default (PD),
loss given default (LGD), and expected losses (EL) resulting from
DBRS's credit analysis of the mortgage portfolio at A (high) (sf)
and B (high) (sf) stress scenarios are detailed below.

-- The transaction's account bank agreement and respective
replacement trigger require Sabadell acting as the treasury
account bank to find (1) a replacement account bank or (2) an
account bank guarantor upon loss of a BBB Account Bank applicable
rating. The DBRS Critical Obligations Rating (COR) of Sabadell is
"A", while the DBRS rating for Sabadell's Senior Debt is BBB
(high). The Account Bank applicable rating is the higher between
one notch below Sabadell's COR or Sabadell's Senior Debt rating.

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


===========
S W E D E N
===========


ITIVITI GROUP: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) to
Swedish trading software provider Itiviti Group Holding AB. The
action follows the announcement that Itiviti Group AB was looking
to raise $725 million equivalent debt facilities comprising (1) a
$535 million equivalent Euro-denominated senior secured first
lien term loan B, (2) a pari passu ranking $50 million revolving
credit facility (RCF), and (3) a $140 million senior secured
second lien term loan.

The proceeds from the facilities, as well as from the issuance of
$65 million of preferred stock will be used to (1) fund the
acquisition of trading technology and infrastructure vendor
Ullink for a consideration of approximately $658 million, (2)
repay Itiviti's existing debt facilities, and (3) pay for
transaction fees and expenses.

The new ratings assignment mainly reflect the following factors:

-- High forecast adjusted leverage, remaining above 6.5x in the
    next 12 to 18 months

-- Very high recurring revenues offset by attrition above sector
    average

-- Positive free cash flow but forecast to remain below 5% of
    adjusted debt in the next 18 months

-- Well-positioned to address growing market needs, with high
    profitability

Concurrently, Moody's has assigned B2 ratings to the proposed new
$535 million equivalent Euro-denominated senior secured first
lien term loan B due in 2025 and pari passu ranking $50 million
revolving credit facility (RCF) due in 2024 and a Caa2 rating to
the proposed new $140 million senior secured second lien term
loan due in 2026, which shall be borrowed by Itiviti Group AB.
The outlook on all ratings is stable.

RATINGS RATIONALE

Itiviti's B3 CFR reflects the group's forecast high Moody's
adjusted leverage of 7.3x for the year ending in December 2017
pro-forma for the proposed transaction (10x before the
capitalisation of software development costs), in the context of
its small scale and exposure to the nature of financial trading
flows. Although Moody's expects attrition to reduce following
unusually high levels in some parts of the business in recent
years, it will remain high compared to peers and the industry.
Itiviti's credit profile is also constrained by some degree of
customer concentration and risks related to the consolidation of
buy-side institutions while the integration effort with Ullink
could create distraction and result in lower revenue and EBITDA
growth in the next 12 to 18 months.

However, the B3 CFR is supported by Itiviti's comprehensive and
complementary product offering relative to its size, which
positions the group favourably to address growing market needs.
The group's products are truly mission-critical and Itiviti
benefits from very high recurring revenues of over 90% through
subscriptions. It will generate positive free cash flow (FCF) but
it will be relatively low as a percentage of adjusted debt, in
the range of 3 to 5%.

"Itiviti's opening leverage is high and there is a substantial
risk that the group will not delever to below 6.5x in the next 12
to 18 months, in the absence of mandatory debt amortisation" says
Frederic Duranson, a Moody's Analyst and lead analyst for
Itiviti. "Deleveraging in the next eighteen months will be
challenged by low revenue growth in 2018 arising from recent one-
off contract cancellations in the trading segment and reduced
sales growth in connectivity solutions, whilst cost savings
related to the combination of Itiviti and Ullink could take time
to come through" Mr Duranson adds.

Moody's forecasts that the combined Itiviti-Ullink group will
generate up to 5% organic revenue growth per annum and management
EBITDA growth in the mid-to-high single digits in percentage
terms in 2018-2020. Connectivity and low touch solutions will
remain the growth drivers, albeit at lower levels than
historically and Moody's does expect that cost savings will help
lift EBITDA as it has in the past for the Itiviti group. Future
operating performance will also be supported by improved
attrition from around the mid-double digits to the mid-to-high
single digits in percentage terms although attrition for rated
financial services software vendors is typically in the low
single digits.

Moody's expects that Itiviti will generate positive FCF in the
next couple of years, of at least $15 million per annum (after
interest), resulting in FCF/debt remaining below 5%. Cash flow
generation will be supported by the absence of working capital
needs, owing to advance billing on subscriptions but capex spend
is high relative to software peers because of the significant
capitalisation of software development costs, which should not
decrease materially. Moody's anticipates that cash conversion
will also be suppressed by relatively high interest payments and
exceptional items related to the integration of Ullink,
especially in 2018-2019.

Although attrition is high, subscription contracts provide some
visibility on future revenues and cash flows. Itiviti is
increasingly focusing on larger customers and longer
subscriptions, which could increase customer concentration but
will help reduce attrition by relying less on smaller, volatile
trading firms.

The combined group's offering will be relatively comprehensive in
relation to its size and will make it a credible provider of
integrated solutions for trading activities of buy-side and sell-
side clients across cash equities, listed derivatives and FX.
Moody's estimates that the enlarged Itiviti group will hold
approximately 10% of the global market for third party trading
software applications and connectivity systems. Although the
market is fragmented and highly competitive, the only global
competitors are FIS (Baa2 stable) and Fidessa. Market growth will
be fuelled by the following factors: (i) pressure to cut costs by
outsourcing to third-party software vendors who are able to
provide less costly and more timely solutions, (ii) the
electronification of trading activities and the increasing need
for low latency, "low touch" solutions providing greater
automation, and (iii) heavy and increased regulatory compliance
requirements for financial institutions.

Moody's views Itiviti's liquidity as adequate. The transaction is
not expected to leave any cash on balance sheet at closing,
however, the liquidity profile will be supported by positive,
albeit somewhat seasonal, free cash flow generation. Moody's also
expects that Itiviti will ensure full availability under its new
6-year $50 million RCF.

The B2 (LGD3) ratings on the $535 million equivalent senior
secured term loan B and $50 million RCF, one notch above the CFR,
reflect their priority ranking ahead of the $140 million senior
secured second lien facility, which is rated Caa2 (LGD6), two
notches below the CFR, reflecting its contractual and lien
subordination.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on Itiviti's ratings reflect Moody's
expectation of (1) organic revenue growth up to mid-single digits
and attrition not exceeding the low double-digits (both in
percentage terms), (2) positive free cash flow generation in the
next 12 to 18 months, (3) adequate liquidity and, (4) absence of
material debt-funded acquisitions or shareholder distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Itiviti's ratings could experience positive pressure should (1)
organic revenue grow sustainably above mid-single digits in
percentage terms, (2) Moody's adjusted debt/EBITDA (before the
capitalisation of software development costs) sustainably
decreased to around 6.0x and, (3) FCF/debt rose to above 5% on a
sustainable basis.

Itiviti's ratings could experience downward pressure if (1) there
was a material deterioration in revenues, (2) adjusted leverage
increased materially from the opening level of 7.3x, (3) FCF
generation turned negative for a long period of time, or (4)
Itiviti's liquidity position deteriorated.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in December 2015.

Headquartered in Sweden, Itiviti is a trading software and
services provider serving primarily sell-side institutions in
Europe, albeit with global presence. The group's products cater
for principal and flow trading activities in cash equities,
listed derivatives and FX. France-based Ullink is also a global
organisation with a US bias and serves buy-side and sell-side
institutions for their trading, connectivity and order routing
network needs. The combined group will have approximately 1,000
employees and revenues of more than $200 million (approximately
SEK 1,825 million) in 2017.

Funds advised and ultimately controlled by Nordic Capital control
Itiviti, which is in the process of acquiring Ullink.


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


CARILLION PLC: Ex-Chairman Takes Full Responsibility for Collapse
-----------------------------------------------------------------
Paul Sandle and Sarah Young at Reuters report that Philip Green,
chairman of Carillion, said he took "full and complete"
responsibility for the construction firm's collapse, which has
put thousands of jobs on the line and left creditors,
suppliers and pensioners facing losses of millions of pounds.

According to Reuters, Mr. Green told a committee of lawmakers on
Feb. 6 in parliament "My responsibility is full and complete --
not necessarily culpability but no question about full
responsibility."

Mr. Green chaired the construction and support services firm from
2014 until it was put into liquidation after the government
refused to bail it out, Reuters notes.

Mr. Green, as cited by Reuters, said the company was unable to
reduce debt built up from previous acquisitions, and was left
with no "wriggle room" to cope with a drop in cash flow when four
major contracts rapidly deteriorated last year.

Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company.  The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).


CELESTE MORTGAGE 2015-1: DBRS Hikes Cl. F Debt Rating to BB(high)
-----------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the
bonds issued by Celeste Mortgage Funding 2015-1 PLC (the Issuer):

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

The ratings on the Class A to F Notes (together, the Rated Notes)
address the timely payment of interest and ultimate payment of
principal.

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

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

-- Updated default, recovery and loss assumptions on the
remaining receivables.

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective rating levels.

Celeste Mortgage Funding 2015-1 PLC is a securitisation of U.K.
Buy-to-Let and non-conforming residential mortgages originated by
Basinghall Finance Limited (BFL) and GMAC-RFC Limited. The
portfolio is currently being serviced by Bluestone Mortgages Ltd
(who acquired BFL in December 2014) and Homeloan Management
Limited.

PORTFOLIO PERFORMANCE

As of August 2017, two- to three-month arrears were 0.2%, down
from 0.4% in August 2016. The 90+ delinquency ratio was 0.4%,
down from 1.0% in August 2016. Current realised losses are low at
ú42,753.

CREDIT ENHANCEMENT

As of the September 2017 payment date, credit enhancement to the
Class A Notes was 46.0%, up from 37.2% at the DBRS initial
rating. Credit enhancement to the Class B Notes was 32.1%, up
from 25.7% at the DBRS initial rating. Credit enhancement to the
Class C Notes was 20.7%, up from 16.3% at the DBRS initial
rating. Credit enhancement to the Class D Notes was 15.6%, up
from 12.1% at the DBRS initial rating. Credit enhancement to the
Class E Notes was 11.3%, up from 8.5% at the DBRS initial rating.
Credit enhancement to the Class F Notes was 9.5%, up from 7.0% at
the DBRS initial rating. Credit enhancement to each class of
Rated Notes consists of subordination of junior classes and the
Credit Reserve portion of the Reserve Fund.

The transaction benefits from a Reserve Fund that is split into
two components, the Credit Reserve and the Liquidity Reserve. The
Credit Reserve forms part of available revenue funds and is
available to reduce any outstanding PDL balance on the Rated
Notes, while the Liquidity Reserve covers senior fees and
interest shortfall on the Rated Notes. The Reserve Fund has
increased up to its target level of ú5.37 million utilising
excess spread.

Citibank N.A., London Branch acts as the account bank for each
transaction. The DBRS private rating of Citibank N.A., London
Branch complies with the Minimum Institution Rating, given the
rating assigned to the Class A Notes.

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


EAT: Mulls Shop Closures, CVA Among Possible Options
----------------------------------------------------
Mark Kleinman at Sky News reports that Eat, one of Britain's
biggest sandwich chains, is considering a wave of shop closures
as it becomes the latest retailer to be forced to react to a
rising high street cost-base.

Sky News has learnt that the company is considering a
"substantial" reorganization of its store portfolio, which
comprises roughly 100 outlets.

KPMG, the professional services firm, is understood to have been
brought in by Eat's management several months ago to advise on
restructuring options, Sky News relates.

A company voluntary arrangement (CVA) -- a mechanism which
enables retailers to reduce their obligations to creditors such
as landlords -- is thought to be among the possible options
presented to Eat's management, although a spokesman for the chain
said it was not working on a CVA, Sky News notes.

Even without a CVA, Eat is likely to press ahead with plans to
reduce its costs by closing a number of stores, Sky News relays,
citing insiders.


HIGHER EDUCATION NO.1: Fitch Affirms 'CCsf' Ratings on 2 Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed The Higher Education Securitised
Investment No.1 Plc (Thesis) notes:

Class A3 notes: affirmed at 'CCsf'; Recovery Estimate (RE) 60%
Class A4 notes: affirmed at 'CCsf'; Recovery Estimate (RE) 60%

Thesis is a securitisation of income contingent floating-rate
student loan receivables, originated in the UK by the government-
owned Student Loan Company Limited. The transaction originally
closed in 1998 and final legal maturity of the notes is in April
2028.

KEY RATING DRIVERS

Stable but Weak Asset Performance
Defaulted loans (24+ months in arrears) have increased by GBP3
million over the last 12 months and the principal deficiency
ledger (PDL) rose to GBP65 million, further reducing available
credit enhancement for the rated notes. The portfolio largely
comprises deferred loans that are not in arrears (82%), while
loans deferred with arrears count for 3.8% of the pool. The
latter are not eligible for government cancellation.

Negative Excess Spread Probable
In Fitch's view the transaction is in negative excess spread,
indicating that some principal collections are used to pay senior
fees and interests accrued on the accrual facility and on
remaining notes. According to Fitch's calculations, excess spread
was minus 0.9% per year as of end-December 2017.

Revised Model Assumptions
Fitch uses its proprietary Granular Asset Loss Analyser model to
support its analysis of mortgage-style UK student loans such as
those of Thesis. Fitch has derived a remaining life default
expectation of 13.4% (reduced from 19.2% at the last rating
action) and has confirmed its recovery assumption at 20%. The
agency has stressed the delinquent balance and incorporated tail-
end risk. The default multiple and the recovery haircut applied
are 4x and 40% respectively, both at 'AAAsf' level. In addition,
the portfolio of loans in deferment status is assumed to exit
deferment (reinstate) at an annual rate of 3.5%, down from 4%.
The reinstatement assumption is reduced linearly year on year.

RATING SENSITIVITIES

A change in the default or recovery rates is unlikely to impact
the ratings given the high probability of default.


RPC GROUP: S&P Assigns 'BB+' Long-Term Corp. Credit Rating
----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term corporate credit
rating to U.K.-based rigid plastic packaging producer, RPC Group
Plc. The outlook is positive.

RPC produces plastic packaging from 194 sites in 34 countries.
Sales are primarily derived from Europe (75%); the remainder is
mainly from the U.S. and Asia. While RPC's historic focus has
been on rigid plastic packaging, its acquisition of BPI (GBP520
million of sales) in August 2016 gave it access to flexible
films, and the acquisition of Letica (a U.S.-based rigid plastic
packaging and foodservice packaging player) in March 2017
increased the group's North American presence and added GBP390
million revenues. These acquisitions, along with several others
(including GCS, ACE Corporation, ESE, and Jagtenburg) over the
past two years have improved RPC's scale. For the financial year
ending March 31, 2018, S&P Global Ratings expects pro forma sales
of about GBP3.7 billion.

RPC's operations are primarily split between Packaging and Non-
packaging. The Packaging business manufactures packaging used in
the food, non-food, personal care, beverage, and health care
markets. The Non-packaging business manufactures moulds, moulded
products, and technical components for specific market segments
(particularly in the horticulture and automotive sectors). The
company uses a range of polymer conversion technologies,
including injection moulding, blow moulding, blown film
extrusion, thermoforming, and rotational moulding.

RPC's business risk profile is supported by a diverse product
range and relatively stable and diverse end-markets (including
food, personal care, beverage, health care, and technical
components). RPC's customer and supplier base is well
diversified: The top 10 customers account for 18% of sales. Over
two-thirds of its sales relate to contracts, which allows for the
pass-through of raw material price fluctuations (typically with a
three-month lag).

These strengths are somewhat mitigated by exposure to the
relatively fragmented and highly competitive rigid plastic
industry in Europe. RPC's S&P Global Ratings-adjusted EBITDA
margins have historically been around 11.5%-13.5%, below those of
large global peers. S&P expects margin improvements from
synergies (in polymer procurement) to be somewhat offset by
acquisition costs (integration, restructuring, and transaction
costs). S&P expects S&P Global Ratings-adjusted EBITDA margins to
improve to 14.5% (2018) then 15.5% (2019) due to acquisition-
related synergies, lower exceptional costs, cost optimization
initiatives, and favorable industry dynamics.

As of March 2017, RPC had funds from operations (FFO) to debt of
23% and debt to EBITDA of 3.8x. These ratios are undermined by
the high level of acquisition-related costs (which S&P does not
classify as exceptional) and the fact that they do not reflect
the full-year benefit of these acquisitions. Although RPC will
incur some restructuring and integration costs in 2018 and 2019,
S&P expects gradual improvement in credit metrics with FFO to
debt to exceed 30% and adjusted debt to EBITDA of about 2.5x, by
the end of fiscal 2019. However, any improvement in credit
metrics could be moderated by higher-than-expected acquisition
costs, high capital expenditure, and share buybacks. RPC has so
far made GBP67 million share buybacks under the GBP100 million
buyback program, which expires in July 2018. Although the company
states that it does not plan to make any material acquisitions in
fiscal 2018, S&P believes it might consider more acquisitions as
consolidation opportunities arise. S&P views positively the
company's statement that it wants to achieve a target leverage of
2.0x in the medium term, although S&P recognizes that this
calculation excludes what the company considers to be exceptional
costs (which S&P would likely include in its calculation of
EBITDA).

In its base case, S&P assumes:

- Growth in GDP and consumer spending to remain the key drivers
   for the packaging industry. Demand is expected to remain
   fairly stable. For RPC, organic growth is broadly in line with
   the regional GDP estimates.

- GDP growth of 2% in 2018 and 1.7% in 2019 in the eurozone,
   compared with 2.3% in 2017. GDP growth of 2.8% in 2018 and
   2.2% in 2019 in the U.S, compared with 2.3% in 2017. 2018 pro
   forma sales of about ú3.7 billion, versus GBP2.7 billion
   during fiscal 2017. Revenue growth will be driven by the full
   year impact of acquisitions made in 2017 and organic growth
   notably from the ACE business (driven by electroplate capacity
   investments). Thereafter, S&P assumes organic growth of 2%-3%,
   supported by volume growth (in line with GDP) in the food and
   non-food segments, as well as secular trends (urbanization,
   time saving, and convenience).

- Adjusted EBITDA margin of around 14.5% in fiscal 2018 and
   15.5% thereafter due to recent acquisitions and related
   synergies and cost optimization initiatives, partly offset by
   the impact of acquisition-related integration and transaction
   costs, which are expected to be lower than in fiscal 2017.

- Modest working capital requirements of GBP30 million in fiscal
   2018 and GBP20 million-GBP25 million thereafter.

- Dividends of GBP100 million-GBP110 million in fiscal years
   2018 and 2019.

- For fiscal 2018, share buybacks are in line with the year to
   date spend at about GBP67 million. S&P assumes the ongoing
   GBP100 million share buyback program (expiring July 2018) to
   be fully utilized and forecast an additional purchase of about
   GBP30 million in fiscal 2019. S&P Global Ratings expects
   deferred consideration on acquisition-related earn-outs to
   vary in the range of GBP30 million-GBP40 million (ACE
   Corporation) in fiscal 2019 and GBP60 million-GBP70 million in
   fiscal 2020 (Letica Corporation).

- No acquisitions.

Based on these assumptions, S&P arrives at the following credit
measures:

- Pro forma adjusted debt to EBITDA of about 2.8x and 2.5x as of
fiscal 2018 and 2019, respectively; and

- FFO to debt of about 28% and 32% for fiscals 2018 and 2019,
respectively.

The positive outlook indicates that S&P could raise the long-term
rating to 'BBB-' within the coming 12 months if S&P feels
confident that RPC's credit metrics strengthen.

The positive outlook reflects the possibility of an upgrade if
the company records a substantial and sustained improvement in
credit metrics. This could occur, for instance, if the company
meets S&P'S base-case expectations and achieves an S&P Global
Ratings-adjusted EBITDA margin of around 14.5% in 2018, resulting
in improved free operating cash flow generation, adjusted debt to
EBITDA of about 2.5x, and FFO to debt of above 30%, on a
sustained basis.

S&P said, "We could revise the outlook to stable if RPC's credit
metrics remain around current levels. This scenario could
materialize, for example, if RPC incurred larger-than-expected
restructuring costs and lower-than-expected synergies from the
recent acquisitions, resulting in margins not improving to the
extent we expect under our base case. We could also revise the
outlook to stable if we think that it is unlikely that RPC will
pursue a financial policy commensurate with an investment grade
rating, for example by engaging in large-scale share buybacks or
additional fully debt-funded acquisitions, resulting in FFO to
debt remaining below 30%."


THRONES PLC 2014-1: DBRS Confirms B Rating on Class F Notes
-----------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the
Class A, Class B, Class C, Class D, Class E and Class F Notes
(together, the Notes) issued by Thrones 2014-1 plc (the Issuer):

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

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

-- The overall portfolio performance as of the November 2017
payment date;

-- Updated probability of default (PD), loss given default (LGD)
and expected loss assumptions for the remaining collateral pool;

-- The current levels of credit enhancement (CE) available to
the Notes to cover the expected losses assumed in line with their
respective rating levels.

The ratings assigned to the Class A, B, C and F Notes address the
timely payment of interest and ultimate repayment of principal by
the Final Maturity Date in November 2049. The ratings assigned to
the Class D and E Notes address ultimate payment of interest and
ultimate repayment of principal by the Final Maturity Date in
November 2049.

Thrones 2014-1 plc is a securitisation of first-ranking U.K. non-
conforming residential mortgages originated by Edeus Mortgages
Creators Limited and Victoria Mortgage Funding Limited. The
mortgage portfolio is serviced by Mars Capital Finance Limited,
with Homeloan Management Limited acting as the back-up servicer.

PORTFOLIO PERFORMANCE

As of the November 2017 payment date, 30-day to 60-day
delinquencies represented 3.3% of the outstanding portfolio
balance; 60-day to 90-day delinquencies represented 1.4%; and
delinquencies greater than 90 days represented 3.9% of the
outstanding discounted balance. Realised losses stand at 0.3% of
the initial portfolio balance.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis on the remaining pool and
updated its base case PD and LGD assumptions on the outstanding
portfolio to 21.5% and 22.7 %, respectively.

CREDIT ENHANCEMENT

CE for the Notes is provided by overcollateralisation,
subordination of the respective junior obligations and the
general reserve fund. CE for the Class A Notes increased to 56.8%
in November 2017 from 41.0% at closing in August 2014; CE for the
Class B Notes increased to 42.8% from 30.5%; CE for the Class C
Notes increased to 30.2% from 21.0%; CE for the Class D Notes
increased to 20.2% from 13.5%; CE for the Class E Notes increased
to 12.9% from 8.0%; while CE for the Class F Notes increased to
10.9% from 6.5%.

A non-amortising general reserve fund was funded at closing to
GBP 4.6 million using half of the proceeds from a subordinated
loan -- equal to 1.5% of the initial portfolio balance. It was
topped up using excess spread to its non-amortising target of GBP
9.8 million at which it has remained. A non-amortising liquidity
reserve was funded at closing to GBP 4.6 million using the other
half of the proceeds from the subordinated loan. It is available
to cover shortfalls in senior fees and interest on the most
senior class of notes and has remained at this non-amortising
target since closing.

Citibank N.A., London Branch acts as the Account Bank for the
transaction, holding both the collections and the reserve funds.
DBRS's private rating of Citibank N.A., London Branch complies
with the minimum institution rating, given the ratings assigned
to the Notes, as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.

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


WARREN EVANS: Enters Administration, Almost 300 Jobs at Risk
------------------------------------------------------------
Hannah Boland at The Telegraph reports that bed and furniture
retailer Warren Evans collapsed into administration on Feb. 6,
putting almost 300 jobs at risk.

Duff & Phelps, which had been searching for a new investment
partner for Warren Evans, said the search had proved "ultimately
unsuccessful", leaving no option but for the retailer to go into
administration, The Telegraph relates.

According to The Telegraph, joint administrators Allan Graham --
allan.graham@duffandphelps.com -- and Geoff Bouchier --
geoffrey.bouchier@duffandphelps.com -- from Duff & Phelps, said
sales had been strong in the pre-Christmas period, but that the
"picture moving into 2018 has been dramatically different and
this has impacted the search and scope for new investment".

"Trading conditions are exceptionally challenging with the
business hit by rising manufacturing costs and the continued
squeeze on consumer wallets and confidence."


* UK: Scottish Corporate Insolvencies Down 3.8% in 3Q 2017
----------------------------------------------------------
Pat Sweet at CCH Daily reports that the number of Scottish
companies going out of business is continuing to fall according
to the latest figures from the Accountant in Bankruptcy (AiB),
which show total corporate insolvencies down by 3.8% towards the
end of last year.

Total corporate insolvencies in the third quarter of 2017-18
dropped from 210 to 202 compared to the same quarter a year ago,
CCH Daily relates.  The figure is made up of 124 compulsory
liquidations and 78 creditor voluntary liquidations, CCH Daily
discloses.  No receiverships were recorded for the fifth quarter
in succession, CCH Daily notes.

According to CCH Daily, Paul Wheelhouse, Scottish government
minister for business, innovation and energy, said: "The shadow
of Brexit looms over businesses the length and breadth of
Scotland and it is clear this issue is having a negative impact
on both growth and investment by our companies.

"It is a testament to the resilience of our industries,
particularly in key sectors such as oil and gas, that we are
beginning to see economic conditions improving and this is
reflected in these encouraging corporate insolvency figures."

Separate research by KPMG found there were 832 corporate
insolvencies in Scotland 2017 -- a 15% drop on the previous year
and the lowest since 2008, CCH Daily states.

Administrations fell by 14%, to 83, while liquidations were down
by 16%, to 749, CCH Daily relays.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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 2018.  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 * * *