/raid1/www/Hosts/bankrupt/TCREUR_Public/180424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, April 24, 2018, Vol. 19, No. 080


                            Headlines


F R A N C E

ELIS SA: S&P Raises Issuer Credit Rating to 'BB+', Outlook Stable


G E R M A N Y

POWER AUTOMATION: Seeks to Commence Insolvency Plan Proceedings


G R E E C E

MEGA CHANNEL: Employees to Receive EUR1,000 One-Off Handout


K A Z A K H S T A N

CENTRAS INSURANCE: A.M. Best Affirms 'C+' Fin. Strength Rating
KOMMESK OMIR: A.M. Best Hikes Fin. Strength Rating to 'B- (Fair)'


L A T V I A

RIGAS KUGU: Creditor Files Insolvency Petition to Court


L U X E M B O U R G

CORURIPE LUX: S&P Rates Proposed $425MM Sr. Unsecured Notes 'BB-'


N E T H E R L A N D S

SIGMA HOLDCO: Fitch Affirms 'B+(EXP)' LT Issuer Default Rating


P O L A N D

GETBACK SA: S&P Places 'B' ICR on CreditWatch Negative


R U S S I A

INNOVATIVE AND COMMERCIAL: Put on Provisional Administration
ROSGOSSTRAKH PJSC: S&P Affirms 'B' ICR, Off Watch Developing
RUSSIAN TRADE: Put on Provisional Administration, License Revoked


S P A I N

BANCAJA 9: Fitch Affirms 'CCsf' Rating on Class E Tranche
CAJA LABORAL 1: Fitch Affirms 'CCCsf' Rating on Class E Debt
SA NOSTRA EMPRESAS 1: Fitch Hikes Rating on 2 Tranches From BB


T U R K E Y

DOGUS HOLDING: S&P Cuts Issuer Credit Rating to B+, On Watch Neg.
TURKIYE IS BANKASI: Fitch Affirms BB+ Rating on Debt


U N I T E D   K I N G D O M

CAPITA: Launches GBP701MM Fundraising Following GBP513MM Loss
LEHMAN COMMERCIAL: May 8 Proof of Debt Filing Deadline Set
PRECISE PLC 2017-1B: Fitch Affirms BB+ Rating on Class E Debt
TOYS R US: Symths to Take Over Germany, Austria, Switzerland Unit


                            *********



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F R A N C E
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ELIS SA: S&P Raises Issuer Credit Rating to 'BB+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
France-based textile and appliances rental company Elis S.A. to
'BB+' from 'BB'. The outlook is stable.

S&P said, "At the same time, we raised our issue ratings on Elis'
EUR800 million senior unsecured notes to 'BB+' from 'BB'. The
recovery rating on the notes remains at '3', indicating our
estimate of meaningful recovery (50%-70%; rounded estimate: 60%)
in the event of a payment default."

The upgrade reflects the positive impact of Elis' consistent
robust operating performance and the group's efforts to quickly
and efficiently integrate recent acquisitions, including the
sizable U.K.-based Berendsen acquisition that it undertook in
September 2017. Elis has increased its forecast of related cost
and capital expenditure (capex) synergies, to EUR80 million from
EUR40 million previously. At the same time, the group
significantly reduced its capex expectations for Berendsen, which
combined with synergies, will support quicker-than-expected
recovery in free cash flow generation and deleveraging.

S&P said, "We now expect that Elis' credit metrics will reduce to
a level comfortably commensurate with a significant financial
risk profile, specifically funds from operations (FFO) to debt of
more than 20%, and debt to EBITDA of less than 4x. We also see
the group's recent refinancing efforts of replacing its EUR1.92
billion bridge facility with longer-term funding sources as
supportive for the overall credit quality of the group, since it
now has no major refinancing needs until 2022."

Following the acquisition of U.K.-based Berendsen, Spain-based
Indusal, and Brazil-based Lavebras in 2017, the company now holds
leading market positions in major European markets in its core
textile and appliances rental service offering, having generated
pro forma revenues of about EUR3.2 billion and reported adjusted
EBITDA of close to EUR1 billion in 2017. Significant market
shares are important, since density is a key competitive
advantage as it reduces travel time and leads to improved
purchasing conditions.

S&P also sees positively the group's increased geographic
diversity over recent years, with France making up about one-
third of revenues pro forma acquisitions in 2017, compared with
about two-thirds in 2016.

On the other hand, Elis' business risk profile remains
constrained by its operations in the fragmented textile and
appliances rental market, which is characterized by intense
pricing competition and high capex needs. The company also lacks
service offering and geographic diversity compared with some
peers that we rate in the wider business services industry. In
addition, sizable capex requirements, which averaged about 17% of
sales in the past three years, constrain the group's ability to
generate stronger free operating cash flow (FOCF) and hold back
the overall assessment.

The stable outlook reflects S&P's expectation that Elis' solid
operating performance and improving FOCF will allow it to
maintain adjusted debt to EBITDA below 4.0x and FOCF to debt of
more than 5% on a sustained basis.

S&P said, "We could consider a negative rating action if earnings
and cash flow generation weakened such that debt to EBITDA fell
below 4x and FFO to debt below 20% with limited prospects of
improvement. This could happen if Elis experienced unexpected
operating setbacks, possibly resulting from significant
deterioration of the trading conditions in the group's core
European business, along with inability to restore Berendsen's
subdued performance in the U.K., or significant setbacks in its
high-growth Latin American activities.

"Alternatively, we could also lower the rating on Elis if the
company were to engage in significant debt-financed acquisitions
or adopted an aggressive financial policy.

"We could consider a positive rating action if we observed a more
pronounced strengthening in profitability, beyond what we
currently forecast, likely stemming from additional cost
synergies from recent acquisitions or unexpected marked
improvement in the trading conditions of the group's core
European markets, such that adjusted debt to EBITDA fell below
3.0x while FFO to debt increased to above 30% on a sustained
basis. For an upgrade, we would also expect to see a strong
commitment from management to maintain the credit metrics at
these levels."


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


POWER AUTOMATION: Seeks to Commence Insolvency Plan Proceedings
---------------------------------------------------------------
Reuters reports that the executive board of PA Power Automation
AG is seeking to restructure the company through insolvency plan
proceedings

Based in Germany, PA Power Automation AG develops and markets
software and control systems for machinery.  The Company's
products include open platform, PC-based computer numeric
controls (CNC) and programmable logic controllers (PLC).  PA
Power Automation also licenses source-code and production rights
to other equipment manufacturers.



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G R E E C E
===========


MEGA CHANNEL: Employees to Receive EUR1,000 One-Off Handout
-----------------------------------------------------------
Kathimerini English Edition reports that Labor Minister Effie
Achtsioglou on April 17 signed a decision that will result in the
distribution of a one-off support handout of EUR1,000 to each
worker of bankrupt TV channel Mega, for a total of EUR470,000.

Mega, whose employees have gone for months without payment,
suspended its program in September 2016, weighed down by its
debts to banks, the report says.

Kathimerini notes that the broadcaster's shareholders did not
submit a bid for the new TV licensing tender called by the Greek
National Council for Radio and Television.

The banks in early 2017 froze Mega's accounts and called in the
loans, after the shareholders failed to pump in new capital,
according to The Sun Daily. The station also lacked the money to
apply for a new TV license issued by the government, The Sun
Daily notes.



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


CENTRAS INSURANCE: A.M. Best Affirms 'C+' Fin. Strength Rating
--------------------------------------------------------------
A.M. Best has affirmed the Financial Strength Rating of C+
(Marginal) and the Long-Term Issuer Credit Rating of "b-" of JSC
Insurance Company Centras Insurance (Centras) (Kazakhstan). The
outlook of these Credit Ratings (ratings) remains stable.

The ratings reflect Centras' balance sheet strength, which A.M.
Best categorizes as adequate, as well as its marginal operating
performance, very limited business profile and weak enterprise
risk management.

Centras' risk-adjusted capitalization improved in 2017, driven by
an increase in retained earnings. The company's risk-adjusted
capitalization has been volatile, and could deteriorate from the
level achieved in 2017, due to potentially material dividend
payments over the next two years. Factors that negatively affect
the balance sheet strength assessment are the company's weak
financial flexibility and its elevated investment risk profile,
due to the high financial system risk in Kazakhstan.

Centras' performance has been volatile, with return on equity
ranging between -22.7% and 39.7% over the 2012-2016 periods.
Technical performance is weak with losses in each of the past six
years, and demonstrated by a five-year weighted average combined
ratio of 115.4% (2012-2016). Underwriting performance in 2017
benefited from a rise in net earned premiums due to strong growth
in net written premiums (NWP) in 2016. The company generated net
profit of KZT 392.3 million (2016: KZT 153.3 million) for the
year, supported by a material income from exchange gains (KZT
228.8 million).

In 2017, Centras remained the seventh largest of 25 Kazakh non-
life insurers with a 4% market share, after posting gross written
premium (GWP) growth of 91.0% in 2016. The company saw a decline
in GWP in 2017 due to a reduction in its fronted third-party
liability business, while NWP remained largely flat due to stable
premium income in its core motor third-party liability portfolio.
The company's relatively small size and limited diversification
may limit its ability to defend its market position in
challenging market conditions.


KOMMESK OMIR: A.M. Best Hikes Fin. Strength Rating to 'B- (Fair)'
-----------------------------------------------------------------
A.M. Best has upgraded the Financial Strength Rating to B- (Fair)
from C++ (Marginal) and the Long-Term Issuer Credit Rating to
"bb-" from "b+" of Kommesk-Omir Insurance Company JSC (Kommesk)
(Kazakhstan). The outlook of these Credit Ratings (ratings) is
stable.

The ratings reflect Kommesk's balance sheet strength, which A.M.
Best categorizes as strong, as well as its marginal operating
performance, very limited business profile and marginal
enterprise risk management.

The rating actions reflect sustained improvement in Kommesk's
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Model Ratio (BCAR), which has been maintained at the
strongest level since 2015, when the company's capital was
boosted by a large foreign exchange gain. A.M. Best expects risk-
adjusted capitalization to remain at the strongest level,
supported by the company's policy to retain earnings. The
company's balance sheet strength is further supported by a
comprehensive reinsurance programme, backed by a reinsurance
panel of good credit quality. An offsetting rating factor is the
low credit quality and limited diversification of the company's
investment portfolio, partially reflecting the limited
availability of highly rated securities in Kazakhstan.

Kommesk is a small non-life insurer operating solely in the
fragmented and highly competitive Kazakh market. The company has
recorded a compound annual growth rate of 19% in net written
premiums (NWP) over the 2013-2017 periods, surpassing its
domestic non-life market. Despite this, the company's market
share remains small, at 3%, based on NWP as at year-end 2017.
Kommesk's underwriting portfolio is concentrated, with more than
half of its NWP sourced from compulsory motor third-party
liability business.

The company's operating earnings are somewhat volatile and
largely driven by high investment yields. Underwriting
performance has been weak, demonstrated by a five-year average
combined ratio of 108.5% (2013-2017), owing to a high expense
ratio, which is a common issue in the market and is a result of
high-cost distribution networks and a lack of scale. However,
overall earnings have been healthy, demonstrated by a five-year
weighted average return on capital of 22% over the same period.
A.M. Best expects underwriting performance to remain weak over
the medium term, while investment returns are expected to
decline, in line with declining interest rates in Kazakhstan.


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L A T V I A
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RIGAS KUGU: Creditor Files Insolvency Petition to Court
-------------------------------------------------------
The Board of Directors of AS Rigas kugu buvetava declared that on
March 16, 2018, its creditor SIA ZLTD submitted an application to
the court to commence insolvency proceedings against AS Rigas
kugu buvetava for non-fulfilment of its debt commitments in a
timely manner.

The Board of Directors of AS Rigas kugu buvetava informed that it
has reached an agreement with SIA ZLTD for fulfilment of debt
commitments of AS Rigas kugu buvetava, and whereas SIA ZLTD on
April 17, 2018, on the day of hearing disclaimed its application
submitted with the court regarding to the initiation of
insolvency proceedings.

AS Rigas kugu buvetava engages in the building and repair of
ships, yachts, catamarans, roll trailers, and technological
equipment in Latvia and internationally.


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


CORURIPE LUX: S&P Rates Proposed $425MM Sr. Unsecured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to
Coruripe Lux S.A.'s proposed senior unsecured notes due 2025 of
up to $425 million. S&P also assigned the recovery rating of '3'
to the proposed notes, which indicates an average recovery
expectation of 50%-70% (rounded 65%).

The notes reflect the credit quality of the group, and will be
fully and unconditionally guaranteed by the parent company, S.A.
Usina Coruripe Acucar e Alcool (Coruripe; BB-/Stable/--), as well
as Coruripe EnergÇtica S.A., the energy cogeneration company.
Coruripe will use the proceeds to prepay part of its refinanced
debt of about $550 million, replacing the remaining portion with
unsecured bank debt. S&P expects the issuance to lower Coruripe's
interest burden and further extend the company's overall debt
maturity profile.

RECOVERY ANALYSIS

Key analytical factors

S&P said, "We have assigned a 'BB-' rating to Coruripe Lux's
proposed senior unsecured notes, which reflects a recovery rating
of '3', given the recovery expectation of 50%-70% (rounded 65%).

"Our simulated path to default for Coruripe would encompass a
scenario in which the company's operations would suffer from
severe weather conditions, significantly lower sugar prices, more
expensive access to credit markets, and lower cane availability
due to unmaintained plantations over the years following minimum
capex levels."

Under such a scenario, Coruripe would be unable to generate
enough cash to service its debt, refinance short-term debt
maturities with banks, or access the capital markets.

S&P said, "Under a simulated default scenario, we believe that
Coruripe would be restructured rather than liquidated. In that
sense, we have continued using an EBITDA multiple valuation of
5x, which is the standard for the agribusiness companies."

The combination of R$408.6 million emergence EBITDA after
recovery adjustment with a 5.0x multiple results in a gross
enterprise value (EV) at emergence of R$2 billion, with a
recovery expectation at '3', between 50%-70% (rounded 65%).

Simulated default assumptions

-- Simulated year of default: 2022
-- EBITDA at emergence: R$408.6 million
-- EBITDA multiple: 5.0x
-- Estimated gross EV: R$2 billion

Simplified waterfall

-- Net EV, after 5% of administrative expenses: R$1.9 billion
-- Priority debt: R$143 million (ACC lines)
-- Senior secured debt: R$170.5 million (FINAME, FNE, Pr¢-Renova
    and Progeren loans)
-- Unsecured debt: R$2.4 billion (mainly composed of the new
    notes issuance and bank debt)
-- Recovery expectation of the proposed senior unsecured notes:
    65%

RATINGS LIST

C S.A. Usina Coruripe Acucar e Alcool

  Corporate credit rating                    BB-/Stable/--

  Ratings Assigned

  Coruripe Lux S.A.
    Senior unsecured                           BB-
     Recovery rating                           3(65%)


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


SIGMA HOLDCO: Fitch Affirms 'B+(EXP)' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Sigma HoldCo BV's (Flora Foods Group;
FFG) expected Long-Term Issuer Default Rating (IDR) at 'B+(EXP)'
with Stable Outlook. Fitch has also affirmed FFG's prospective
senior unsecured notes expected rating of 'B-(EXP)'/'RR6' and
FFG's senior secured EUR3,954 million equivalent term loan B
expected rating of 'BB-(EXP)'/'RR3'.

The 'B+' IDR reflects the sustainability of FFG's strong market
shares, good geographic diversification, historically high profit
margin and our expectation of continuing strong free cash flow
(FCF) generation. These operational and profit attributes are
offset by the challenge of reversing the recent trend of
developed market revenue declines and by elevated initial
leverage.

The rating of FFG's prospective notes reflects their junior
ranking to the EUR3,954 million term loan B and to the EUR700
million revolving credit facility (together the facilities) both
in contractual and structural terms. The notes will be guaranteed
on a senior subordinated basis by Sigma US LLC and Sigma MidCo
B.V., which are also guarantors of the facilities but on a senior
unsecured basis. They will also be guaranteed by Sigma BidCo B.V.
and Sigma US Corp, the borrowers of the facilities, which are
closer to the operating cash flow of the business. Finally, the
notes benefit from the same security package as the facilities
but based on the intercreditor agreement would only share any
proceeds received upon distribution of any enforcement action on
a subordinated basis.

Fitch said, "We estimate that in a default scenario, term loan B
creditors would benefit from a 65% recovery rate, which is
reflected in the 'RR3' assigned to the loan. Conversely, the
'RR6' assigned to the notes reflects the assumption that
noteholders will rank junior to term loan B and would not receive
any proceeds in the cash flow waterfall."

The notes will be funded before the expected date of completion
of the acquisition of Unilever's margarine and other plant-based
spreads assets by Flora Foods Group in 3Q18. The notes include a
provision that they will be prepaid at par if the acquisition
does not complete by early December 2018.

The affirmation of term loan B follows its pricing and its
increase by EUR54 million compared with the original expected
amount of EUR3,900 million equivalent.

The assignment of the final instrument ratings to the notes and
the loan is contingent on final documents conforming to
information already received and completion of the acquisition of
Unilever's assets by Flora Foods Group.

KEY RATING DRIVERS

Declining Demand for Margarine: The majority of FFG's products
have been in long-term decline in core developed markets due some
consumers' perception that they are artificial and not healthy,
shifting consumption patterns, with consumers eating less bread
and eating more out of home, as well as consumer perception of
the comparatively better taste of butter. However, compared with
butter, margarine continues to benefit from its lower price.
Also, we believe that provided the company continues to implement
its communication strategy effectively, margarine can benefit
from the recent trend towards consumption of plant-based
products.

Carve-out Execution Risks: FFG will be acquired in 3Q18 by KKR
and carved out of Unilever's organisation. While immediately
owning its manufacturing operations and brands, as well as
benefiting from dedicated manufacturing and marketing expertise,
the new entity will need to invest further in its own back-
office, head-quarters, information technology infrastructure and
dedicated sales-force. Most of these resources will initially be
provided on an interim basis by Unilever and charged by FFG as
part of its operating expenses. FFG will then gradually
internalise these services or set up new agreements with third
parties. We believe that execution risks are mitigated by KKR's
experience with other similar transactions and by the carve-out
process having commenced before the acquisition's close.

Upside from Cost Rationalisation: The new owners believe FFG can
re-organise operations in a more cost-effective manner than under
current ownership and have identified cost-savings opportunities
in each of the areas of operation. These include achieving lower
procurement costs, production efficiency improvements, lower
overheads and a more efficient allocation of current marketing
spend. Overall, management is targeting achieving around EUR200
million cost savings by 2021.

Fitch Haircuts to Projected EBITDA: While KKR has a strong track
record of implementing cost savings and Unilever could have
benefited from a lower cost structure, we have applied some
haircuts to management's planned figures and project an EBITDA
margin uplift to 27% post carve-out in 2018 and 31% in 2022 from
22% in 2017. Overall we believe an increase of EBITDA to EUR940
million in 2022 (from 2016's EUR680 million) is achievable.

Global Category Leader: FFG is the global number one player in
butter & margarine, with an 18% share of the global butter &
margarine retail market in 2016, which is over 4x larger than the
next two players in butter & margarine. The company enjoys strong
market shares of over 50% in the key margarine markets of the US,
Germany, the UK and Netherlands and is leader in another 40
markets. Additionally, it sells vegetable fat-based creams and
spreadable cheeses to complement its offer. However, FFG's
position has been challenged by innovative new entrants such as
St. Hubert in France and we believe that FFG will need to
continue demonstrating its innovation capability to defend its
strong position.

Likely Revenue Stabilisation: Fitch views the new owner's product
relaunch strategy as well-developed and appropriate for improving
the perception of margarine, regaining category leadership with
retailers and taking advantage of changing consumer preferences.
Fitch believes that the strategy for top line stabilisation is
not overly ambitious given legacy under-investment in innovation,
opportunities to leverage brand and distribution capabilities in
emerging markets and planned investments in the growing food
service channel. Further launches of innovative products,
increased investments in communication, new packaging and
labelling, and widening the product portfolio to plant-based
alternatives of adjacent dairy products are all achievable
objectives. These efforts should allow FFG to slow revenue
decline towards at worst 1% to 2% in developed markets compared
with declines in the mid-to-high single digits suffered over
2015-2017.

Superior Cash Flow Generation: The combination of a mature
business profile with very strong market positions has enabled
FFG to deliver EBITDA margins of approximately 22% over 2015-
2017. This is superior to many packaged food companies'. Even
assuming that not all cost-saving benefits are achieved and
taking into account cash cost savings and carve-out charges, as
well as extra marketing investments needed to relaunch the
business, we believe the company should be able to generate
EBITDA margins towards 26% and annual FCF of EUR250 million to
EUR350 million over 2018-2019, before gradually rising to over
EUR450 million in 2021. This is a strong support to an initially
high leverage position and should enable the company to withstand
market shocks.

High Initial Leverage: Fitch calculates that FFG will have
initial funds from operations- (FFO) adjusted gross leverage of
7.6x in 2018, which is high and aligned with weak 'B' category-
rated packaged food companies. However, assuming the deployment
of resources to improve cost structure proceeds as per
management's plans, and incorporating some haircuts, Fitch
projects that this high initial leverage should gradually decline
to 6.5x by 2022. There is also scope for gross leverage to fall
further in 2020 to a low 6.0x in the event that EUR850 million of
accumulated cash we project by 2020 is applied to early debt
repayment. Interest coverage ratios are in line with 'B+' rated
peers.

Instrument Expected Recoveries: Fitch assumed that enterprise
value (EV) of the company and resulting recoveries would be
maximised in a going concern scenario, given the value of the
brands, distribution network and the company's global leadership
in the spread business. Fitch applies a discount to 2018 EBITDA
of 25%, in line with peers in Fitch's leveraged finance portfolio
for food & beverage credits and an EV/EBITDA multiple of 6.0x,
which represents a discount of around 30% on the acquisition
multiple. According to Fitch's criteria, FFG's revolving credit
facility (RCF) is assumed fully drawn for recovery calculation
purposes.

DERIVATION SUMMARY

FFG is a highly cash-generative, globally competitive EUR3
billion revenue business that has faced declining demand for its
products in developed markets. High initial leverage combined
with execution risks in attempting to stabilise the top line and
achieve cost savings and efficiencies in the carve-out process
pose medium-term risks. These are largely mitigated by the upside
to EBITDA from cost savings and very strong and consistent FCF
generation.

The rating is one notch higher than UK packaged food peer Premier
Foods plc (B/Negative) which is more diversified by product but
less diversified by geography. Premier Foods also enjoys good,
but not as strong, EBITDA and FCF margins and suffers from
product portfolio maturity. Compared with Premier Foods, FFG
generates significantly more internal cash flow, which when
reinvested into the business to fund the new turnaround plan,
should allow the company to achieve its growth objectives and
improve its cost structure. The other 'B' category rated peer is
Yasar Holding A.S. (B/Stable), which suffers from persistently
negative FCF and also high, albeit lower, leverage than FFG.
Yasar is much smaller and does not benefit from as strong market
and brand positioning as FFG.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Revenue growth 1% CAGR 2018-2022, driven mostly by marketing
efforts and innovation included in the business plan.

- No major commodity price shocks.

- EBITDA margin (post all marketing costs) improving towards 31%
in 2022 (22% in 2017), driven mostly by cost base
rationalisation.

- Capex of around EUR40 million per year.

- No changes in working capital.

- No bolt-on M&A.

Recovery Assumptions

- The recovery analysis assumes that FFG would remain a going
concern in restructuring and that the company would be
reorganised rather than liquidated. We have assumed a 10%
administrative claim in the recovery analysis.

- The recovery analysis assumes a 25% discount to 2018 forecast
EBITDA, which includes the carve-out impact, resulting in a post-
restructuring EBITDA of around EUR565 million. At this level of
EBITDA we would expect FFG to generate positive FCF.

- Fitch also assumes a distressed multiple of 6.0x, reflecting
FFG's comparative size and distributional leverage versus sector
peers.

Fitch assumes the EUR700 million RCF would be fully drawn in a
restructuring scenario.

- These assumptions result in a recovery rate for the senior
secured debt within the 'RR3' range to allow a two-notch uplift
to the debt rating from the IDR, and a recovery rate for the
senior unsecured notes within the 'RR6' range that translates
into a two notch lower rating for the notes from the IDR.

RATING SENSITIVITIES

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

- Reversal of revenue decline evidenced by successful
stabilisation in core developed markets and mid-single digit
growth in emerging markets as well as clear evidence that the
cost-savings strategy is allowing EBITDA margin to remain above
24% without compromising marketing efforts.

- FFO adjusted gross leverage below 6.0x and FFO fixed charge
ratio above 3.0x

- Annual FCF growing to at least EUR350 million.

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

- Persistent retail revenue decline not sufficiently compensated
by growth in the food service and emerging markets channels.

- EBITDA margin deteriorating to below 20%.

- Expectation that FFO adjusted gross leverage would remain
above 7.0x beyond 2020.

- FFO fixed charge ratio below 2.0x.

- Annual FCF below 5% of revenue.

LIQUIDITY

Liquidity Supported by Cash-on-Balance Sheet: Liquidity is
satisfactory as high FCF generation allows rapid accumulation of
cash-on-balance sheet (to EUR1,969 million in 2022 from EUR259
million in 2018 based on Fitch's projections) and due to access
to a EUR700 million RCF. Fitch understands from management the
RCF will be partly drawn at the acquisition's closing on a one-
off basis for transaction purposes, and management expects this
to unwind quickly into cash within a few months.

Post-closing of the acquisition of FFG, which will be renamed
Sigma HoldCo, its debt structure will comprise the EUR3,954
million equivalent senior secured covenant-lite term loan B
priced in March 2018, the prospective EUR1.05 billion equivalent
senior unsecured notes, and a EUR700 million senior secured RCF.
The USD tranche of the term loan will amortise 1% per annum
(0.25% per quarter).

FULL LIST OF RATING ACTIONS

Sigma HoldCo BV

- Long-Term IDR affirmed at 'B+(EXP)'; Stable Outlook

- EUR1,050 million equivalent prospective notes affirmed at
   B-(EXP)' 'RR6'/0%

Sigma BidCo BV and Sigma US Corp

- EUR3,954 million equivalent term loan B facility affirmed at
   'BB-(EXP)'/'RR3'/65%


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P O L A N D
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GETBACK SA: S&P Places 'B' ICR on CreditWatch Negative
------------------------------------------------------
S&P Global Ratings placed its 'B' long-term and 'B' short-term
issuer credit ratings on Poland-based debt purchaser GetBack S.A.
on CreditWatch with negative implications.

The CreditWatch placement reflects a potential multiple-notch
downgrade or selective default of the company, as there is a risk
that GetBack may fail on its debt refinancing, further raising
capital, and issuing new debt to repay current liabilities and
finance growth. Getback is currently experiencing difficulties
with the full and timely repayment of at least one of its private
debt placements.

These developments could hinder the company's business
development and, in the worst-case scenario, lead to a default on
selective outstanding obligations. The latter would result in us
lowering the issuer credit rating to 'SD' (selective default),
unless the payment comes within five business days for issues
without a stated grace period, or if S&P believes that payment
will be made within the earlier of the stated grace period or 30
calendar days for issues with a grace period.

S&P said, "We believe that, even in case of timely repayment, the
company's future ability to collect funding and equity, and its
business model, reputation, and franchise, could be negatively
affected.

In addition, the CreditWatch placement also follows several
events and announcements on April 16-17 related to GetBack,
including a dispute that is being clarified by Financial
Supervision Authority (KNF) regarding potential market
disinformation. This relates to the allegedly pre-agreed
investment in the company by Poland's largest bank, PKO BP S.A.,
and the Polish State Development Fund of up to Polish zloty (PLN)
250 million (about $74 million) that had been immediately denied
by both of the potential investors.

This announcement by GetBack is currently being investigated by
the KNF and led to a suspension of the public trading of the
company's stock and debt instruments for an indefinite period in
accordance with the announcement by the Warsaw Stock Exchange as
of April 17, 2018.

On April 17, 2018, the supervisory board of GetBack dismissed its
CEO, with a temporary replacement by the president of the
supervisory board. Two other management board members resigned,
effective immediately. S&P said, "The company plans to announce
its 2017 annual results by the end of April, so we have not yet
updated our views on the full-year results. These developments,
together with the regulatory investigation, are raising doubts
about the company's financial position. Our previous positive
outlook on our 'B' rating on GetBack was based on our expectation
of the company's continued growth and its sound financial
metrics, as well as its previous relatively successful capital
issuance track record. Following the recent events, we no longer
see this scenario as feasible."

S&P said, "We intend to resolve the CreditWatch listing within
the next three months, after receiving greater clarity on
GetBack's liquidity position and on its financial and funding
situation. Also, given the investigation by KNF, we are waiting
on the supervisor board's decisions on GetBack's new management
appointments and further business strategy or any potential
regulatory sanctions. We would need to see clarification of the
current disputes and return of GetBack's instruments to the daily
public quotations on the market.

"Should GetBack not meet any of its maturing financial
obligations in a timely manner, we would revise our issuer credit
rating to 'SD' in accordance with our criteria.

"Also, in case of timely repayment, if after evaluation of the
company's 2017 financials and updated business and financial
prospects and clarification of the disputes we come to the
conclusion that GetBack's current business or financial profile
is impaired because of, for example, damage to the reputation and
franchise, we would lower the rating, eventually by multiple
notches."


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


INNOVATIVE AND COMMERCIAL: Put on Provisional Administration
------------------------------------------------------------
The Bank of Russia, by Order No. OD-1032, dated April 20, 2018,
revoked the banking license of Moscow-based credit institution
Limited Liability Company Innovative and Commercial Bank LOGOS,
or LLC ICB LOGOS (Registration No. 3233) from April 20, 2018.
According to the financial statements, as of April 1, 2018, the
credit institution ranked 514th by assets in the Russian banking
system.

The operations of LLC ICB LOGOS were found multiple times to be
non-compliant with the law and Bank of Russia regulations on
countering the legalisation (laundering) of criminally obtained
incomes and the financing of terrorism connected with the failure
to comply with the obligation of detecting operations subject to
obligatory control and to provide to the authorised body reliable
information in time.  The inspections also revealed that the
credit institution carried out currency exchange transactions
which were not recorded in accounting and statements submitted to
the Bank of Russia.  LLC ICB LOGOS was found multiple times to
carry out these transactions without obligatory identification of
retail customers.  Moreover, the bank was involved in suspicious
transit operations in 2018.

The Bank of Russia repeatedly applied supervisory measures
against LLC ICB LOGOS, which included restrictions (on two
occasions) to carry out certain transactions, including household
deposit taking.

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
LLC ICB LOGOS from the banking services market.

The Bank of Russia took this decision due to the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within one year
of the requirements stipulated by Articles 6 and 7 (except for
Clause 3 of Article 7) of the Federal Law "On Countering the
Legalisation (Laundering) of Criminally Obtained Incomes and the
Financing of Terrorism", and the requirements of Bank of Russia
regulations issued in pursuance thereof, and taking into account
repeated applications within one year of measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

The Bank of Russia, by its Order No. OD-1033, dated April 20,
2018, appointed a provisional administration to LLC ICB LOGOS 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.

LLC ICB LOGOS is a member of the deposit insurance system.  The
revocation of the banking licence 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.

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


ROSGOSSTRAKH PJSC: S&P Affirms 'B' ICR, Off Watch Developing
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
financial strength ratings on Russia-based insurer Rosgosstrakh
PJSC. The outlook is positive.

S&P said, "We removed the ratings from CreditWatch with
developing implications, where we placed them on Sept. 5, 2017.

"The rating actions reflect our view that the creditworthiness of
the group to which Rosgosstrakh belongs is gradually improving
following capital support to its parent Bank Otkritie Financial
Co. (BOFC) from the Bank of Russia in December 2017, which
extends to Rosgosstrakh. BOFC is the ultimate owner of
Rosgosstrakh, and we do not envisage any changes in the ownership
structure in 2018. Following direct capital support from BOFC,
which amounted to Russian ruble (RUB) 106 billion (about $1.8
billion) over 2017, Rosgosstrakh's regulatory solvency ratio
stood at 194% in 2017, above the minimum capital requirement of
100%. At the same time, this support helped Rosgosstrakh improve
its liquidity ratio from 2015-2016 levels. However, we consider
that Rosgosstrakh's capital and earnings remain weak and
liquidity less than adequate, due to the insurer's low amount of
capital and still-volatile level of liquid assets." This capital
support also covered a net loss of RUB56 billion in 2017, caused
by weak underwriting performance and one-time write-offs in its
investment portfolio.

Following Rosgosstrakh's strategy to improve underwriting
standards and clean up its portfolio, gross premiums written
dropped by 34% in 2017, in particular driven by a decline in
obligatory motor third party liability insurance (OMTPL). Due to
this deliberate decision to decrease the insurance portfolio,
Rosgosstrakh lost its leading position in the OMTPL segment to
Reso-Garantia in 2017. However, premiums could rise from 2019,
once high losses in the OMTPL sector no longer weigh on the
insurer's results, in particular if regulatory changes take place
in the next couple of years with regard to the deregulation of
insurance tariffs in the OMTPL segment.

S&P said, "We think that Rosgosstrakh's 2018-2019 operating
results could be better than 2017 figures, following the
insurer's strategy to focus on quality clients. Further
development will largely depend on the company's ability to
manage its insurance portfolio in problematic regions (where the
losses are quite high) and be selective in taking risks, as well
as on possible changes in legislation that could limit the amount
and frequency of claims.

"We do not currently incorporate any additional financial support
to be provided to Rosgosstrakh in 2018-2019 into our forecasts,
considering the substantial amount of funding already provided by
BOFC to Rosgosstrakh in 2017. However, we do not exclude the
possibility that BOFC may provide additional funds to
Rosgosstrakh in the near future, directly or indirectly, to cover
the insurer's losses (if the need arises).

"The positive outlook indicates that we could raise our ratings
on Rosgosstrakh in the next 12 months if we believe that the BOFC
group's creditworthiness is likely to gradually strengthen, most
probably owing to improvements in its risk profile, and that the
group's systemic importance, and therefore the probability of
extraordinary government support, might increase after its merger
with B&N Bank. This would indicate to us that Rosgosstrakh's
capital position had stabilized, driven by improvements in the
group's financial profile and the company's underwriting
performance.

"At the same time, we could revise the outlook to stable in the
next 12 months if we see that Rosgosstrakh's business position
and capital continue to be constrained, due to weak underwriting
performance or unexpected losses in the company's investment
portfolio. Should this occur and the insurer not receive
sufficient capital support from BOFC, we would consider
Rosgosstrakh's compliance with minimum capital requirements
doubtful."


RUSSIAN TRADE: Put on Provisional Administration, License Revoked
-----------------------------------------------------------------
The Bank of Russia, by its Order No. OD-1034, dated April 20,
2018, effective from the same date, revoked the banking license
of Moscow-based credit institution Russian Trade Bank Limited
Liability Company, or RTBK LLC (Registration No. 2842), further
referred to as the credit institution.  According to the
financial statements, as of April 1, 2018, the credit institution
ranked 215th by assets in the Russian banking system.

The credit institution's business model was high-risk and focused
on lending to related or shell companies.  Some borrowers bore
the marks of related parties.  The credit institution failed to
comply with the regulator's requirements that the real financial
position be reflected in its statements, submitting to the Bank
of Russia essentially unreliable financial statements which
concealed its operating problems necessitating the action to
prevent its insolvency (bankruptcy).

The Bank of Russia repeatedly applied supervisory measures to the
credit institution, including three impositions of restrictions
on household deposit taking.

The management and owners of the bank failed to take any
effective measures to normalise its activities.  More so, the
credit institution's operations showed signs of misconduct by the
management and owners who conducted withdrawal of assets to the
detriment of creditors' and depositors' interests.  The Bank of
Russia submitted the information about these facts bearing signs
of a criminal offence to law enforcement agencies.

As it stands, the Bank of Russia took the decision to withdraw
RTBK LLC from the banking services market.

The Bank of Russia takes this measure following the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, in view of essentially unreliable
reporting data submitted and taking into account that within a
year measures were applied as envisaged by the Federal Law "On
the Central Bank of the Russian Federation (Bank of Russia)", as
well as considering a real threat to the creditors' and
depositors' interests.

The evidence of essentially unreliable statements of the credit
institution will be submitted, in compliance with Part 1.2 of
Article 140 of the Criminal Procedure Code of the Russian
Federation and Article 75.1 of the Federal Law "On the Central
Bank of the Russian Federation (Bank of Russia)", to the
Investigative Committee of the Russian Federation for it to
decide on the opening of a criminal case for an offence under
Article 172.1 of the Criminal Code of the Russian Federation.

Following banking licence revocation, in accordance with Bank of
Russia Order No. OD-1034, dated April 20, 2018, the credit
institution's professional securities market participant licence
was cancelled.

The Bank of Russia, by its Order No. OD-1035, dated April 20,
2018, appointed a provisional administration to the credit
institution 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.

RTBK LLC is a member of the deposit insurance system. The
revocation of the banking licence 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.

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
=========


BANCAJA 9: Fitch Affirms 'CCsf' Rating on Class E Tranche
---------------------------------------------------------
Fitch Ratings has upgraded four tranches of Bancaja 9, FTA and
Bancaja 13, FTA and affirmed two tranches. All tranches have been
removed from Rating Watch Evolving (RWE).

The transactions are static securitisations of Spanish mortgage
loans, issued between 2006 and 2008, comprising seasoned loans
originated and serviced by Bankia, S.A. (BBB-/Positive/F3). The
removal of the RWE follows the implementation of Fitch's new
European RMBS Rating Criteria. The ratings were initially placed
on RWE on October 5, 2017.

KEY RATING DRIVERS

Stable Asset Performance
Both transactions show a stable asset performance with three-
month plus arrears (excluding defaults) as a percentage of the
current pool balance decreasing further or remaining stable at
low levels in the range of 1% for Bancaja 9 to 1.7% for Bancaja
13. This is in line with Fitch's expectation of an improved real
estate market and macroeconomic environment in Spain.

Payment Interruption Risk
Bancaja 9 is exposed to payment interruption risk as the
available structural mitigant - the reserve fund (reduced by
expected losses) - is considered insufficient to cover senior
fees, net swap payments and class A note interest in the event of
a servicer disruption. However, as collections are swept on a
daily basis to the issuer account and are held with a regulated
bank (Bankia S.A.), operational risks are minimised. In line with
Fitch's Structured Finance and Covered Bonds Counterparty Rating
Criteria, Bancaja 9's notes' ratings are only considered
commensurate with ratings in the 'Asf' category.

Counterparty Cap
Bancaja 13's class A notes' rating is capped at the 'Asf'
category, which is the maximum achievable rating where the
account bank replacement triggers are set at 'BBB+' or 'F2'.

Credit Enhancement Trends
Both transactions are currently amortising sequentially. However,
transaction documents include pro-rata amortisation triggers that
Fitch took into account when modelling the liability structure.

Reserve Fund Replenishment
Both Bancaja 9 and 13 reserve funds are below the required
amount. Gross excess spread and recoveries in Bancaja 9 and 13
have been sufficient to cover period defaults and partially
replenish the reserve funds, so that they currently stand at
around 60% and 73% of their respective targets.

RATING SENSITIVITIES
Deterioration in asset performance may result from economic
factors, in particular the increasing effect of unemployment. A
corresponding increase in new defaults and associated pressure on
excess spread levels and reserve funds could result in negative
rating action.

Fitch has taken the following rating actions:

Bancaja 9, FTA

Class A2 (ISIN ES0312888011): upgraded to 'A+sf' from 'Asf';
removed from RWE; Outlook Stable
Class B (ISIN ES0312888029): upgraded to 'A-sf' from 'BBBsf';
removed from RWE; Outlook Stable
Class C (ISIN ES0312888037): upgraded to 'BBB-sf' from 'BBsf';
removed from RWE; Outlook Stable
Class D (ISIN ES0312888045): affirmed at 'Bsf'; removed from RWE;
Outlook Stable
Class E (ISIN ES0312888052): affirmed at 'CCsf'; removed from
RWE; Recovery Estimate 0%

Bancaja 13, FTA

Class A (ISIN ES0312847009): upgraded to 'A+sf' from 'A-sf';
removed from RWE; Outlook Stable


CAJA LABORAL 1: Fitch Affirms 'CCCsf' Rating on Class E Debt
------------------------------------------------------------
Fitch Ratings has upgraded one tranche of IM Caja Laboral 1, FTA
and affirmed the others, as follows:

Class A (ISIN ES0347565006): upgraded to 'AAAsf' from 'AA+sf';
removed from Rating Watch Evolving (RWE); Outlook Stable

Class B (ISIN ES0347565014): affirmed at 'AA-sf'; removed from
RWE; Outlook Stable

Class C (ISIN ES0347565022): affirmed at 'A+sf'; removed from
RWE; Outlook Stable

Class D (ISIN ES0347565030): affirmed at 'BB+sf'; removed from
RWE; Outlook Stable

Class E (ISIN ES0347565048): affirmed at 'CCCsf'; removed from
RWE; Recovery Estimate 90%

This Spanish prime RMBS transaction comprises loans originated
and serviced by Caja Laboral Popular Cooperativa de Credito
(BBB+/Stable/F2). The removal of the RWE follows the
implementation of Fitch's new European RMBS Rating Criteria. The
ratings were initially placed on RWE on October 5, 2017.

KEY RATING DRIVERS

Sovereign Upgrade
Following the upgrade of Spain's Long-Term Issuer Default Rating
to 'A-'/Stable from 'BBB+'/Positive on 19 January 2018, the
maximum achievable rating of Spanish structured finance
transactions is 'AAAsf' for the first time since 2012,
maintaining a six-notch differential with the sovereign rating.
This is reflected in the upgrade of the class A notes to 'AAAsf'
from 'AA+sf'.

Stable Asset Performance
The transaction continues to show sound asset performance and
Fitch expects the credit performance to remain stable, especially
given the significant seasoning of the securitised portfolio of
more than 14 years. As of December 2017, three-month plus arrears
(excluding defaults) as a percentage of the current pool balance
stood at 0.6%, and gross cumulative defaults (defined as arrears
over 12 months) stood at 0.8% of the portfolio initial balance.

Credit Enhancement (CE) Trends
Current and projected levels of CE for the rated notes are
sufficient to mitigate the credit and cash flow stresses under
the relevant rating scenarios, and consistent with the rating
actions. CE ratios are expected to remain stable over the short
to medium term given the transaction's current pro-rata
amortisation mechanism. The amortisation of the notes will switch
to sequential when the outstanding portfolio balance represents
less than 10% of its original amount (currently 27%).

Geographic Concentration Risk
The securitised portfolio is exposed to geographical
concentration in the regions of Castilla Leon, Navarra and Basque
Country, which together account for approximately 90% of the
collateral balance. As per its criteria, Fitch has applied a
higher set of rating multiples to the base foreclosure frequency
assumption to the portion of the portfolio that exceeds two and a
half times the population within these regions.

RATING SENSITIVITIES

A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability. This could
have negative rating implications, especially for junior tranches
that are less protected by structural CE.


SA NOSTRA EMPRESAS 1: Fitch Hikes Rating on 2 Tranches From BB
--------------------------------------------------------------
Fitch Ratings has upgraded TDA Sa Nostra Empresas 1, FTA (Sa
Nostra 1) and TDA Sa Nostra Empresas 2, FTA (Sa Nostra 2).

Sa Nostra 1 and 2 are static cash flow securitisations of
portfolios of secured and unsecured loans granted by Caja de
Ahorros y Monte de Piedad de las Baleares (Sa Nostra; now Bankia;
BBB-/Positive/F3) to small and medium-sized enterprises (SMEs)
located in Spain.

KEY RATING DRIVERS

High Over-Collateralisation for Senior Tranches
Continuing over-collateralisation provided by subordinated
tranches has allowed senior tranches for both Sa Nostra 1 and 2
(66% and 82% respectively) to remain at rating levels above
Bankia's. This is the driving factor behind the upgrade of Sa
Nostra 1's class C notes and the affirmation of Sa Nostra 2's
class B notes.

Strong Portfolio Performance
Defaults remain low for both transactions, while recoveries have
been historically high. Sa Nostra 1's cumulative defaults have
remained stable at around 0.5% of the initial portfolio balance,
with high reported recoveries of approximately 90%. For Sa Nostra
2, both cumulative defaults and reported recoveries are close to
3.5% and 80%, respectively.

Concentrated Portfolios
Rating default rates are high for both transactions due to high
default correlation modelled in portfolio analysis. Both Sa
Nostra 1 and 2 have more than 90% of portfolio concentrated in
loans originated in the Balearic Islands. Sa Nostra 1 furthermore
has a high top 10 obligor concentration of 56%, due to its
seasoned portfolio (5.5% portfolio factor).

Improving Spanish Economy
Fitch expects performance of Spanish SME portfolios to improve,
as reflected by the reduction of the Spanish country benchmark to
3.5% from 4% in the latest update of the agency's SME Balance
Sheet Securitisation Rating Criteria published on 23 February
2018. This results in a decrease in annual average default
assumption to 2.2% for both portfolios, down from 2.7% and 2.8%,
respectively.

Payment Interruption Risk Rating Cap
The senior class notes are capped at 'Asf', as servicer Bankia
supports notes up to five notches above its rating, according to
our Structured Finance and Covered Bonds Counterparty Rating
Criteria. Payment interruption risk is otherwise not mitigated
due to lack of effective replacement triggers for the reserve
fund (RF), which is the only source of liquidity available to the
transactions.

Reserve Fund Account Rating Cap
The highest achievable ratings for Sa Nostra 1's class D and E
notes and Sa Nostra 2 class C and D notes are capped at the
rating of Bankia due to lack of effective replacement triggers
for the RF account bank. Because of this, no credit is given
during transaction cash flow modelling to RF for rating scenarios
above Bankia's.

RATING SENSITIVITIES

A 25% increase in obligor probability of default would lead to a
downgrade of Nostra 1's most senior tranche class C to 'BB+sf'
from 'A-sf'. For Nostra 2, a 25% increase in obligor probability
of default or a 25% decrease in recoveries would have no rating
effect on its most senior tranche class B.

For both Nostra 1 and Nostra 2, all junior tranches are currently
capped at Bankia's 'BBB-' rating, and could be upgraded or
downgraded following changes in Bankia's rating.

Fitch has taken the following rating actions:

TDA Sa Nostra Empresas 1, FTA

-- EUR4.9 million class C notes upgraded to 'A-sf' from 'BBBsf';
    Outlook Stable

-- EUR6.6 million class D notes upgraded to 'BBB-sf' from
    'BBsf'; off Rating Watch Positive (RWP); Outlook Positive

-- EUR3 million class E notes upgraded to 'BBB-sf' from 'BBsf';
    off RWP; Outlook Positive

TDA Sa Nostra Empresas 2, FTA

-- EUR9 million class B notes affirmed at 'Asf'; Outlook Stable

-- EUR31.9 million class C notes upgraded to 'BBB-sf' from
    'BBsf'; off RWP; Outlook Positive

-- EUR9.7 million class D notes upgraded to 'BBB-sf' from
    'BBsf'; off RWP; Outlook Positive


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


DOGUS HOLDING: S&P Cuts Issuer Credit Rating to B+, On Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings said that it has lowered its long-term issuer
credit rating on Turkey-based investment company Dogus Holding
A.S. to 'B+' from 'BB-'. The short-term issuer credit rating
remains at 'B'.

S&P said, "At the same time, we lowered our Turkey national scale
ratings on Dogus Holding to 'trBBB+/trA-2' from 'trA/trA-1'.

"We placed all our ratings on Dogus Holding on CreditWatch with
negative implications.

"We understand Dogus Holding has requested an extension of the
maturity dates of some of its loans. We believe this is a result
of lower-than-expected returns from some investee companies, and
the current market situation in Turkey, which makes it difficult
for management to execute asset sales as planned.

"We lowered the ratings because we see a risk that the value of
Dogus Holding's portfolio has declined significantly, and that
its loan to value (LTV) has increased to more than 30%. As such,
it's unclear whether Dogus Holding's management will be
successful in its strategy to dispose of assets, which implies
that it could become difficult to meet debt maturing in 2019. At
this stage, it's uncertain whether the banks will agree on the
proposed debt extensions. Therefore, we still see a risk of a
selective default.

"However, we currently view the proposed refinancing as
opportunistic. We believe Dogus Holding would be able to meet its
debt obligation in 2018 even if the proposed extension does not
materialize, but would be dependent on asset sales to meet
obligations due in 2019. The same is not necessarily true for all
the portfolio companies. We note that Dogus Holding's management
has recently sold 17% of its stake in D.Dream Group for about
$200 million, and understand it is evaluating further asset
sales. We regard as positive that Dogus Holding has relatively
significant assets that could be offered to banks as collateral,
as compensation for the proposed extension.

"We understand that several of Dogus Holding's investee companies
are in similar discussions with bank lenders. The group's
combined debt totals about $6 billion, according to management.
At this stage, we think that banks could get some security
packages for smoothing the debt-maturity schedule. However, it is
still unclear whether the negotiations will be successful, and
therefore also if we will assess the lenders as receiving
appropriate compensation.

"If Dogus Holding is able to extend its maturities, this could
improve its debt maturity profile. But we see a risk that if
banks agree to extend the maturity dates and, potentially, lower
interest charges, they could receive less than the amount
stipulated in the initial loan agreement. The Turkish lira has
weakened significantly against the U.S. dollar and euro, in which
Dogus Holding's main obligations are denominated. In the past,
this was somewhat mitigated by cash holdings in hard currency and
by part of the group's operating activities being in a currency
other than Turkish lira. However, the amount of cash at the
holding level has decreased following large investments. We
equally see a risk that cash flows in the form of dividends from
investee companies have been lower than expected. We understand
that management projects increased dividends from portfolio
companies from 2019, since more projects will be operational.

"We believe Dogus Holding's liquidity has weakened and anticipate
that its sources of funds will be below 0.9x uses of funds over
the 12 months started March 31, 2018. Therefore, we think that
Dogus Holding will be dependent on asset sales or refinancing of
its debt. We still believe, however, that the group has a good
standing in its local market, as shown by a recent Turkish lira
350 million bond issue. We also consider that management has a
sound relationship with local banks, although we believe that
Dogus Holding will face problems refinancing outside Turkey.

"We aim to resolve the CreditWatch on Dogus Holding within the
next three months. If the proposed debt maturity extension
materializes, we will evaluate to what extent the banks have been
compensated. If we conclude that the banks would receive less
than agreed in the initial loan contract, we could lower the
rating to selective default before subsequently raising it to
reflect any benefits of the restructuring; however, that is not
our base-case expectation.

"If the proposed debt maturity extension is unsuccessful, we
could potentially lower the rating by one or more notches if we
believe Dogus Holding will be unable to meet upcoming debt
maturities, or if the portfolio companies are generating
insufficient cash to improve Dogus Holding's cash flow ratios. We
could also lower the rating if we believe the value of Dogus
Holding's asset portfolio has weakened significantly relative to
loans outstanding.

"Alternatively, we may affirm the rating if Dogus Holding's
prospective liquidity position is materially bolstered by asset
sales, a successful refinancing, or other means, such that
upcoming debt maturities are comfortably covered on a continuing
basis."


TURKIYE IS BANKASI: Fitch Affirms BB+ Rating on Debt
----------------------------------------------------
Fitch Ratings has affirmed the rating on the issue of Turkiye Is
Bankasi A.S. (Isbank; ISIN: XS1578203462) at 'BB+', which for
technical reasons was missed from the publication of the rating
action commentary on the bank's ratings in June 2017 although the
debt class was affirmed at the time of publication.

The commentary in June 2017 affirmed the ratings of Isbank. The
Outlook on the bank is Stable.

KEY RATING DRIVER

The senior debt of Isbank is rated in line with its Long-Term
IDR, which is driven by the bank's standalone creditworthiness,
as captured by its 'bb+' Viability Rating. The notes are senior
unsecured and rank equally with Isbank's other senior unsecured
obligations.

RATING SENSITIVITIES

Isbank's senior debt rating is sensitive to changes in the bank's
Long-Term IDR.


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


CAPITA: Launches GBP701MM Fundraising Following GBP513MM Loss
-------------------------------------------------------------
Gill Plimmer at The Financial Times reports that outsourcer
Capita has launched a GBP701 million fundraising after announcing
a GBP513 million loss for last year, as it tries to recover from
a series of reputation-damaging contract bungles and repair its
balance sheet.

According to the FT, the company, which provides a range of
public services from collecting the BBC license fee to recruiting
for the British army, is issuing 1 billion new shares at 70p each
-- a 34% discount to the theoretical price that the shares should
trade at after the rights issue.

The three-for-two rights issue, which will raise GBP662 million
after fees to advisers, will be used to reduce Capita's GBP1.2
billion net debt, fund the company's restructuring and invest in
new technology, the FT discloses.  It has been fully underwritten
by Citi and Goldman Sachs, and Woodford and Investec, two of the
group's largest shareholders with a combined 15% stake, have
pledged their support, the FT states.

The company's shares have fallen almost 70% in the past year
following a string of profit warnings and contract problems,
which led to the ousting of former chief executive Andy Parker,
the FT relays.

Jon Lewis, the chief executive parachuted in to rescue the
business in December, plans to narrow the sprawling company's
focus from 40 markets to five, the FT discloses.


LEHMAN COMMERCIAL: May 8 Proof of Debt Filing Deadline Set
----------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales)
Rules 2016, Derek Anthony Howell, Anthony Victor Lomas, Steven
Anthony Pearson, Julian Guy Parr, Gillian Eleanor Bruce, all
Joint Administrators of Lehman Commercial Mortgage Conduit
Limited, intend to declare a ninth and final dividend to
unsecured non preferential creditors within two months from the
last date of proving, being May 8, 2018.

Such creditors are required on or before that date to submit
their proofs of debt to the Joint Administrators,
PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1
2RT, United Kingdom, marked for the attention of Harmeet Harish
or by email to lehman.affiliates@uk.pwc.com

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

For further information, contact details, and proof of debt
forms, please visit http://www.pwc.co.uk/services/business-
recovery/administrations/lehman/lcmc-limited-in-
administration.html.

Alternatively, please call Carly Barrington on +44(0)207 213
3387.

The Joint Administrators were appointed October 30, 2008.


PRECISE PLC 2017-1B: Fitch Affirms BB+ Rating on Class E Debt
-------------------------------------------------------------
Fitch Ratings has upgraded one tranche of Precise 2017-1B plc and
affirmed four others, as follows:

Class A affirmed at 'AAAsf'; Outlook Stable
Class B affirmed at 'AAsf'; Outlook revised to Positive from
Stable
Class C upgraded to 'A+sf' from 'Asf'; Outlook Stable
Class D affirmed at 'BBB+sf'; Outlook Stable
Class E affirmed at 'BB+sf'; Outlook Stable

The transaction is a securitisation of prime buy-to-let
mortgages. The loans were originated by Charter Court Financial
Services (CCFS), trading as Precise Mortgages (Precise) in the
UK.

KEY RATING DRIVERS

Strong Asset Performance
Asset performance has remained strong since close in April 2017,
with arrears levels lower than most comparable transactions. Only
one loan is two months in arrears and none are in late-stage
arrears. Given the strong asset performance the default
probabilities have improved since close, leading to the upgrade
of the class C notes and the Outlook revision for the class B
notes.

Credit Enhancement Build-up
Sequential amortisation has led to an increase in the credit
enhancement, also contributing to the one-notch upgrade of the
class C notes.

Interest Rate Risk Partially Mitigated
The transaction features a vanilla interest rate swap to mitigate
the exposure to rising interest rates during the term of the
fixed-rate loans (currently 45.5% of the portfolio). The swap is
based on a defined schedule, rather than the balance of fixed-
rate loans in the pool; in the event that loans prepay or
default, the issuer will be over-hedged. The excess hedging is
beneficial to the issuer in a high interest rate scenario and
detrimental in a declining interest rate scenario.

Prime Underwriting
At close, Fitch deemed the loans constituting the mortgage pool
to be consistent with its prime classification. These loans have
been granted to borrowers with no adverse credit, full rental
income verification and full property valuations, and with a
clear lending policy in place. The available data shows robust
performance, which would be expected of prime loans. Fitch
treated these loans as prime, but with an upward underwriting
adjustment of 10% to account for certain features in CCFS's
underwriting standards.

RATING SENSITIVITIES
The notes' ratings may be downgraded if asset performance
deteriorates in excess of Fitch's current expectations.


TOYS R US: Symths to Take Over Germany, Austria, Switzerland Unit
-----------------------------------------------------------------
Victoria Bryan at Reuters reports that Irish toys group Smyths
Toys has signed a deal to take over Toys 'R' Us in Germany,
Austria and Switzerland, the German arm of the insolvent retailer
said on April 21.

Once the largest U.S. toy retailer, Toys 'R' Us abandoned a plan
to emerge from bankruptcy last month and said it would try to
maintain more profitable locations in Europe and Asia as an
on-going business while liquidating its U.S. and UK operations,
Reuters recounts.

According to Reuters, Toys 'R' Us said in a statement on its
German website that family-owned Smyths will acquire 93 shops and
four online stores via the planned deal.  Financial details were
not disclosed, Reuters notes.

The Irish company, which runs 110 stores plus websites in Britain
and Ireland, plans to take on all the Toys 'R' Us units, staff
and management in Germany, Austria and Switzerland, Reuters
discloses.

The statement said the deal is subject to the approval of the
U.S. court and relevant authorities, Reuters relates.

                        About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders'
deficit of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland &
Ellis International LLP serve as the Debtors' legal counsel.
Kutak Rock LLP serves as co-counsel.  Toys "R" Us employed
Alvarez & Marsal North America, LLC as its restructuring advisor;
and Lazard Freres & Co. LLC as its investment banker.  It hired
Prime Clerk LLC as claims and noticing agent.  A&G Realty
Partners, LLC, serves as its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee
retained Kramer Levin Naftalis & Frankel LLP as its legal
counsel; Wolcott Rivers, P.C. as local counsel; FTI Consulting,
Inc. as financial advisor; and Moelis & Company LLC as investment
banker.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                    Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.



                            *********

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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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                 * * * End of Transmission * * *