---

        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

           Wednesday, July 25, 2018, Vol. 19, No. 146


                            Headlines


F R A N C E

PROMONTORIA MCS: S&P Alters Outlook to Stable & Affirms 'BB-' ICR


G E R M A N Y

SKW GROUP: Creditors' Committee Approves Insolvency Plan
SOLARWORLD INDUSTRIES: Faces Closure if No Investor Found
STADA ARZNEIMITTEL: Bank Debt Trades at 2% Off


G R E E C E

FOLLI FOLLIE: Court Grants Provisional Creditor Protection
GREECE: S&P Alters Outlook to Positive & Affirms 'B+/B' SCRs


I R E L A N D

VOYA CLO 2015-2: Moody's Assigns Ba3 Rating to Class E-R Notes
* IRELAND: Building Insolvency Crisis Hits 17 Schools


K A Z A K H S T A N

BANK CENTERCREDIT: S&P Affirms 'B/B' ICRs, Outlook Stable


N E T H E R L A N D S

ALME LOAN V: Moody's Assigns B2 Rating to Class F Notes
ARES EUROPEAN X: Moody's Gives (P)B2 Rating to EUR12MM Cl. F Notes
DRYDEN 32: Moody's Assigns (P)B2 Rating to EUR13MM Cl. F-R Notes
NORTH WESTERLY IV 2013: S&P Affirms BB Rating on Cl. E-R Notes


P O L A N D

COGNOR HOLDING: S&P Raises ICR to 'B-', Outlook Stable
GETBACK SA: Seeks to Repay Debt in Cash Installments


S E R B I A

HIP AZOTARA: Serbia Launches Insolvency Proceedings v. Firm


S P A I N

CASTELLANA FINANCE: S&P Affirms B- on Cl. C2 Notes, Off Watch Pos.
FT SANTANDER 2016-2: Moody's Affirms Ba1 Rating on Class E Notes


U K R A I N E

STATE SAVINGS: Fitch Affirms B- Long-Term IDRs, Outlook Stable


U N I T E D   K I N G D O M

AI LADDER: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
FORTRESS CREDIT VI: Moody's Gives Ba3 Rating to Class E-R Notes
JOHNSTON PRESS: Urges Biggest Investor to Draw Up Rescue Plan
* UK: Number of Companies in Significant Financial Distress Up


                            *********



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


PROMONTORIA MCS: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on France-based debt-
purchasing and -servicing company Promontoria MCS to stable from
negative. At the same time, S&P affirmed its 'BB-' long-term
issuer credit rating on MCS.

S&P said, "We also affirmed our 'BB-' issue rating on the group's
senior secured notes. We revised the recovery rating on the notes
to '3' from '4', indicating our expectation of meaningful recovery
(50%-70%) in the event of a payment default. Our recovery analysis
includes recoveries attributable to the value of the debt
servicing activity. We will provide more details on our recovery
analysis as issuance details are known."

The outlook revision follows MCS' announcement of the acquisition
of DSO by MCS' nonoperating holding company (NOHC) Louvre Bidco.
S&P understands this acquisition will be approximately 35%-40%
financed with a combination of equity rollover by DSO's current
shareholders and management, and new cash equity from funds
advised or managed by BC Partners' and MCS' management. The
remaining funding will come primarily in the form of committed
debt financing, which is expected to be refinanced in the high-
yield bond market.

S&P said, "If executed in line with our expectations, we believe
the transaction will have a marginally negative impact on MCS'
credit ratios in 2018, but that it will support MCS' position and
scale in the French debt-purchasing and -servicing market, and
improve the stability, and quality, of revenues through the cycle
by increasing the share of MCS' capital-light servicing revenue.
Over time, we believe this acquisition will increase cash
generation capabilities and therefore credit metrics should
improve starting 2019. Conversely, though we recognize that the
DSO acquisition will enhance MCS' business stability and
resilience, we do not believe that it is material enough, be it in
terms of incremental size or geographic diversification, to
support a higher rating.

"MCS' credit ratios improved more than we expected in 2017,
supported by the repayment of a convertible bond from ex-
shareholder Cerberus, and solid collections performance. In our
view, shareholders' equity contribution as part of the financing
of this LBO (35%-40%) will limit releveraging (pro forma debt to
EBITDA to about 4.1x, gross of cash, from 3.8x, at end-March
2018). Combined with expected organic growth and supportive cash-
flow generation, this should lead, all else equal, to debt to
EBITDA trending toward the lower end of the 3.0x-4.0x range and
fund from operations (FFO) to debt trending toward the upper end
of the 20%-30% range by end-2019. Based on MCS' publicly stated
targets, we believe that the group and its shareholders have
limited appetite to push these metrics outside of the
abovementioned ranges. However, given the potential for growth and
market opportunities in France, as well as MCS' ambitions to
expand to other parts of Europe, we believe there is limited scope
for material improvements in credit ratios beyond these ranges."

S&P's forecasts are supported by MCS' track record of meeting its
targets and good cash collections performance. S&P's expectation
of a positive trend in credit ratios over its 12-month outlook
horizon is based on:

-- Sustained organic growth, with combined total cash revenues
    growing on average by more than 20% per year over 2018-2019,
    on a pro forma basis including DSO;

-- Strong growth in debt servicing revenue (on pro forma basis),
    which has lower investment requirements;

-- A decline in the group's EBITDA margin from a relatively high
    level, reflecting the increased proportion of lower margin
    servicing revenue; and

-- No further significant debt-financed acquisitions.

S&P said, "We understand that, following this transaction, BC
Partners will remain the group's majority and controlling
shareholder, alongside Montefiore Investment, another private
equity investor and current shareholder of DSO, and both
companies' managers. Given the relatively small share of
nonprivate-equity investors, with no exit in sight, we continue to
recognize the risk that financial sponsor-owned institutions tend
to have more aggressive financial policies that can reduce the
predictability of long-term credit ratios, despite MCS' relatively
conservative current cash-flow leverage metrics.

"Our rating on MCS also reflects our expectation that the group's
asset-servicing revenue will increase after the DSO acquisition.
More than 80% of DSO's revenues are from asset servicing. The
revenue profile of the combined group will therefore be balanced,
almost equally, between asset-servicing and debt-purchasing
activities. Coupled with the companies' complementary asset class
positioning, we believe that this acquisition has the potential to
strengthen MCS' leadership position on the French debt-purchasing
and -servicing market, and lead to a business profile that is less
exposed to debt purchasing trends resulting from changes in
competitive dynamics or supply. However, our rating also accounts
for MCS' small scale and limited geographic diversification
relative to peers. While the French market currently offers
opportunities for growth, MCS' concentrated focus means it is
exposed to the trends in this market, which we believe will
continue to become more exposed to competitive trends as it
becomes more mature.

"We regard MCS as having adequate liquidity over the next 12
months, based on our assessment of likely sources and uses of
liquidity. We expect sources of liquidity will exceed uses by at
least 1.2x in the coming 12 months."

S&P estimates that liquidity sources over the 12 months following
the close of the transaction, which S&P expects in September 2018,
will be:

-- EUR85 million of cash (S&P Global Ratings' assumption);

-- EUR50 million available under the super senior revolving
    credit facility (RCF), increased in connection with the
    transaction from EUR40 million (S&P Global Ratings'
    assumption); and

-- EUR107 million of FFO.

For the same period, S&P estimates that liquidity uses include:

-- EUR126 million of portfolio acquisitions;
-- EUR6 million of capex; and
-- No dividend payment.

S&P said, "The stable outlook reflects our view that MCS' credit
ratios will remain in a range we view as relatively conservative
over the next 12 months, with debt to EBITDA in the 3.0x-4.0x
range and FFO to debt ratios of 20%-30%, supported by the
successful integration of DSO, stable debt collection performance,
and constrained risk appetite."

S&P could lower its rating on MCS if:

-- The integration of DSO results in meaningful operational and
    financial challenges;

-- MCS expands significantly in countries we view as higher
    risk; MCS' leverage increases significantly, such that debt
    to EBITDA is above 4.0x or FFO to debt is below 20%; or

-- MCS' growth or margins meaningfully deteriorate, potentially
    as a result of prolonged adverse pricing developments in the
    French distressed debt market.

S&P said, "We could upgrade MCS if deleveraging exceeds our
expectation, with debt to EBITDA sustainably below 3.0x and FFO to
debt above 30%. We could also raise the rating if MCS establishes
a geographically more diverse and larger-scale business. We view
both scenarios as very remote in the next two years."



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


SKW GROUP: Creditors' Committee Approves Insolvency Plan
--------------------------------------------------------
SKW Group has taken an important step towards its financial
restructuring.  The creditors' meeting of the parent company, SKW
Stahl-Metallurgie Holding AG on July 23 approved the insolvency
plan after intensive discussion with great majority.  The approval
was granted by all groups of creditors, except for the
shareholders, who will exit the Company during the intended
financial restructuring.  Within the framework of the ongoing
insolvency procedure under self-administration, the insolvency
plan sets out all measures aimed at the financial restructuring of
the Company.  For this purpose, a significant share of the credit
claims, which the US-American financial investor Speyside Equity
holds against SKW Holding will be swapped into equity of the
Company.  It is planned that in the future, Speyside will hold
100% of the shares.  The credit claims which remain with Speyside
will be converted into a long-term shareholder loan and thus
remain at the Company's perusal.  Thereby, SKW Holding would be
significantly, deleveraged and sufficiently capitalized once more.

As a next step, the insolvency court Munich now needs to confirm
the insolvency plan.  Provided that no remedies are lodged against
this resolution and the insolvency plan can therefore become
legally binding, its implementation can be initiated.  For all
non-subordinated insolvency creditors, the insolvency plan
provides for full economic satisfaction of their claims in the
amount of 100%.  Insolvency proceedings under self-administration
had been opened with regard of SKW Holding on December 1, 2017.

Dr. Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG, comments:
"I am very happy about the approval of the insolvency plan by the
creditors.  This is an important step on our way to conclude the
insolvency proceeding and to lead SKW Group into calmer waters
once more.  The fact that even though, more than eight months have
passed since the insolvency filing, our operative business
continues without impediments, shows that our company
operationally runs very stable and its restructuring is thus
worthwhile."

Dr. Christian Gerloff (Law Firm Gerloff Liebler RechtsanwÑlte,
MÅnchen), trustee of SKW Holding: "From SKW's creditors point of
view, the full economic satisfaction of insolvency claims, which
the insolvency plan provides for, is an optimal result.  The
creditors' meeting could have approved the insolvency months ago,
if it had not been for the actions of individual shareholders, who
have tried to prolong the insolvency proceeding further and
further.  Thereby, the insolvency plan is the only alternative and
also in the best interests of creditors, SKW-Group and its
employees."


SOLARWORLD INDUSTRIES: Faces Closure if No Investor Found
---------------------------------------------------------
Sandra Enkhardt at pv-magazine.com reports that taken at the
District Court of Bonn, the decision of the creditors' meeting
could be crucial for the more than 500 employees of the insolvent
Solarworld Industries GmbH.

pv-magazine.com relates that the creditors, in fact, have approved
the proposal of insolvency administrator, Christoph Niering and
the provisional committee of creditors to stop the loss-making
business by the end of September at the latest, if an investor
cannot be found.

In addition to the current economic situation, Niering also
addressed the lack of prospects for maintaining the manufacturer's
current strategy, the report says.

Overall, SolarWorld currently has more than 500 employees at its
three German locations in Bonn, Arnstadt and Freiberg. In
preparation for possible closure, a reconciliation of interests
and a social plan are already being negotiated with local works
councils, pv-magazine.com states.

In agreement with the German Federal Employment Agency
(Bundesagentur fÅr Arbeit), two transfer companies, which are
usually aimed at relocating workforce, and in which affected
SolarWorld employees could switch from August 1, were also set up,
according to pv-magazine.com. These would continue to receive
financial support in the next six months. Niering will personally
inform the employees in the coming weeks about further procedures,
the report says.

According to pv-magazine.com, the insolvency administrator
presented his proposal at the creditors' meeting, speaking of the
bad prospects for solar technology in Germany. The last major
manufacturer of solar cells in Germany is facing its immediate
end. "The Federal Government seems to have given up research,
development and production of solar cells in Germany. Otherwise, I
cannot explain the lack of political reaction to the insolvency of
SolarWorld as the last major German developer and manufacturer of
solar cells," the report quotes Niering as saying.

He also pointed out that with the "Microelectronics Research
Factory" the federal government had succeeded in preserving an
important key industry in a difficult market environment, the
report relays. "The project Forschungsfabrik Photovoltaik not only
secured many jobs, but above all the years of research know-how
and the resulting patents could be maintained in Germany,"
Niering, as cited by pv-magazine.com, said.

SolarWorld Industries GmbH filed a request to open insolvency
proceedings at the district court of Bonn in April 2018.


STADA ARZNEIMITTEL: Bank Debt Trades at 2% Off
----------------------------------------------
Participations in a syndicated loan under which Stada Arzneimittel
AG is a borrower traded in the secondary market at 97.88 cents-on-
the-dollar during the week ended Friday, June 29, 2018, according
to data compiled by LSTA/Thomson Reuters MTM Pricing. This
represents a decrease of 1.39 percentage points from the previous
week. Stada Arzneimittel pays 450 basis points above LIBOR to
borrow under the $266 million facility. The bank loan matures on
August 21, 2024. Moody's withdraw the rating of the loan and
Standard & Poor's gave a 'B+' rating to the loan. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, June 29.

Stada Arzneimittel AG is a pharmaceutical company based in Bad
Vilbel, Germany which specializes in the production of generic and
over-the-counter drugs.



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


FOLLI FOLLIE: Court Grants Provisional Creditor Protection
----------------------------------------------------------
Luca Casiraghi and Christos Ziotis at Bloomberg News report that a
Greek court granted Folli Follie provisional protection against
creditors' actions as the company seeks to restructure its
finances.

The pre-insolvency filing would allow the Greek retailer, listed
in Athens under the name FF Group SA, to "propose a comprehensive
restructuring plan with a view to safeguarding its long-term
sustainability in all areas of its operations," Bloomberg quotes
the company as saying in a statement.

According to Bloomberg, under Greek law, the company will have as
many as four months to present a debt restructuring plan.

Folli Follie hired Rothschild as advisers and EY and Alvarez &
Marsal to review its financial statements after a short-seller
questioned the reach of its store network and sales figures,
Bloomberg relates.

The Athens stock exchange suspended trading on the retailer's
shares after it lost 70% of market capitalization in May,
Bloomberg recounts.


GREECE: S&P Alters Outlook to Positive & Affirms 'B+/B' SCRs
------------------------------------------------------------
On July 20, 2018, S&P Global Ratings revised the outlook on its
foreign and local currency long-term sovereign credit ratings on
Greece to positive from stable. At the same time, S&P affirmed its
'B+' foreign and local currency long-term ratings on Greece, as
well as its 'B' foreign and local currency short-term sovereign
credit ratings.

OUTLOOK

The positive outlook on Greece reflects the likelihood of an
upgrade should the government implement reforms to broaden the tax
base and improve the business environment, leading to a stronger
economic recovery. Another potential trigger for an upgrade would
be a marked reduction in nonperforming assets in Greece's impaired
banking system, alongside the elimination of all remaining capital
controls. Healthier banks could provide credit to the more
productive parts of Greece's critically important small and
midsize enterprise (SME) sector.

S&P said, "We could revise the outlook back to stable if, contrary
to our expectations, there are reversals of previously implemented
reforms, or if growth outcomes are weaker than we expect,
restricting Greece's ability to continue fiscal consolidation,
debt reduction, and financial sector restructuring."

RATIONALE

S&P said, "The positive outlook reflects our opinion that Greece's
policy predictability is improving, as are its economic prospects.
During 2016 and 2017, the government ran primary fiscal surpluses
while the multiyear recession ended last year. However, in our
view growth policies rather than additional fiscal measures will
be the key determinants of long-term debt sustainability for
Greece. Over the next three years, we project real GDP growth of
2.0%-2.5%. However, we see potential for stronger outcomes if the
government does more to improve the business environment so as to
attract stronger investment inflows from abroad."

Over the near term, there is room for optimism. S&P thinks planned
increases to public spending on key infrastructure projects in
transport, including ports and airports, could contribute to
stronger growth by galvanizing private investments in Greece's
most competitive sectors including tourism, shipping, and
logistics. Other sectors such as pharmaceuticals and food
processing are also increasingly shifting their focus to export
markets, seen in last year's 13.5% year-on-year increase in
exports in euro terms (excluding the value of ships) versus three
consecutive annual declines between 2013 and 2016. Over the long-
term, however, in the absence of reforms to the business
environment, the ability of GDP growth to exceed 3% on a sustained
basis appears constrained, not least by administrative burdens and
anti-competitive behavior across the economy--particularly
concentrated in the services sector.

In June, Greece's official creditors agreed to extend maturities
and defer interest payments on EUR96.9 billion of European
Financial Stability Facility (EFSF) debt (about one-third of
Greece's debt stock) for another decade. The Eurogroup also made a
conditional promise to consider further debt relief measures in
2032, subject to Greece's fiscal progress. In terms of maturity
and average interest costs, Greece has one of the most
advantageous debt profiles of all our rated sovereigns. Our rating
pertains to the commercial portion of Greece's central government
debt, which is less than 20% of total Greek debt, or less than 40%
of GDP.

S&P said, "The final program disbursement will also provide Greece
with a sizable cash buffer, which we estimate will meet central
government debt servicing into 2022. We project that Greece's
debt-to-GDP ratio will decline from 2019 onward, aided by a
recovery in nominal GDP growth. Even so, given our growth
expectations and our assumption that the primary surplus is likely
to settle at around 2% of GDP by 2023, we don't project gross
general government debt to decline below 100% of GDP until 2030--
except under the scenario of outright debt write-offs."

Were official lenders to consider additional debt relief, for
example in the event of far weaker growth leading to
underperformance on fiscal targets, they could potentially call
for private sector involvement (PSI). In S&P's opinion, this
theoretical risk of PSI may limit the maturity of new commercial
financing available to Greece to bonds that expire before 2033 and
2034 that is, before the EFSF and European Stability Mechanism
(ESM) official loans begin to amortize respectively. Even so, the
current refinancing schedule does not look strenuous, with no
single year's redemptions exceeding EUR11.8 billion or 6.3% of
GDP, excluding Treasury bills. Once Greece graduates from the
third economic adjustment program (the program or the ESM program)
in August, it will also be free to increase the outstanding amount
of treasury bills, a potential source of additional liquidity over
and above its sizable cash buffer.

Institutional and Economic Profile: Greece will exit the ESM
program this year, with an improving growth and labor market
outlook

-- Greece graduates from its ESM program in August 2018, having
    secured further debt relief and a sizable cash buffer.

-- Enhanced post-program surveillance will incentivize reform,
    albeit on a less ambitious scale than before.

-- S&P projects that the economy will grow by 2.3% on average
    over 2018-2021, with risks to the upside.

Greece's expansive bureaucracy, ineffective judiciary, unequal tax
burden, and weak creditor protections have contributed to prolong
its decade-long economic crisis. Frequent policy shifts, including
the decision to hold a referendum on a desperately needed EU
financing line in 2015, both deterred capital inflows and prompted
large deposit outflows from the banks. The cost of these decisions
was a further prolongation of Greece's recession back in 2015,
larger capital requirements for the banks, and, hence, an even
higher stock of public debt.

Since 2015, policy uncertainty has receded. On August 20, the
Syriza-led government will graduate from its third lending program
having overseen large fiscal and external adjustments. Its success
sets up the Greek economy well for a cyclical recovery over the
next few years. That said, in the absence of reforms to its
product and services markets, S&P continues to project 2018-2021
GDP growth of just over 2%, following real GDP growth of 1.4% in
2017. While this is a welcome turnaround, that pace of recovery
does not compare well to several other EU member states that
suffered protracted downturns in 2011-2013, including Croatia,
Ireland, Slovenia, and Spain. Over the last few years, those
economies have seen GDP growth of well over 3%, partly reflecting
their far healthier banking systems.

One of the key differences between Greece and its peers is that
the Greek authorities have made limited progress in improving the
country's business environment. While its labor market is arguably
highly flexible, Greece compares poorly to its peers due to its
many impediments to competition in its product and professional
services markets, alongside relatively weak property rights,
complex bankruptcy procedures, an inefficient judiciary, and the
low predictability of the enforcement of contracts. As a
consequence, net FDI inflows have only recently improved, and may
not be sufficient to fund a more powerful economic recovery. At
the same time, a possible reversal of labor reform, which could
reintroduce collective wage negotiations at the national level,
might weaken the ongoing recovery in the jobs market by reducing
flexibility at the company level to navigate a tough economic
situation.

The inability of Greece's banks to finance the economy is weighing
on the strength of the recovery. Without access to working
capital, the broader SME sector -- the economy's largest employer
-- remains in varying degrees of distress. Private sector default
is widespread, including on tax debt, and the process of declaring
bankruptcy is particularly convoluted relative to EU norms.
Despite the recent accelerated progress in reducing the stock of
nonperforming exposures (NPEs), about one-third of banks' loan
books are likely to remain impaired until 2021 even if their
ambitious plans to tackle NPEs succeed. While deposits into the
banking system have been growing -- household and corporate
deposits grew by 4% in 2017 -- confidence has not returned to the
extent that would enable a full dismantling of capital controls in
the next year, although controls have been eased. Moreover, the
economy's ability to attract foreign investment to finance growth
remains weak. Complacency in addressing structural problems may
not adversely affect macroeconomic outcomes or sovereign debt
servicing ability in the medium term, but would likely cap
Greece's growth prospects in the long run.

In April, the Greek government published a "Growth Strategy for
the Future," which aims to close what it terms the productivity
deficit. The objective is to move away from wage/price competition
toward an economy that increases value-added in Greece's most
advantaged sectors (tourism, agriculture, pharmaceuticals,
shipping, ports, and logistics). The strategy looks at how to
broaden the tax base to reduce high corporate and personal income
tax rates, and to benefit private investment and employment.
However, S&P views the proposed reintroduction of collective wage
negotiations as appearing to contradict other parts of the
strategy, in particular the focus on reducing informality. One
risk is that by reducing employers' flexibility to set pay
packages at the company level, authorities may inadvertently push
employers to hire and pay via informal channels.

After Greece's graduation from the ESM program, it will be subject
to quarterly reviews by its European creditors and the
International Monetary Fund. Ongoing debt relief and the return of
profits on Greek bonds held by the European Central Bank (ECB) and
the eurozone's national central banks will be subject to ongoing
compliance with the program's objectives. The use of the cash
buffer for purposes other than debt servicing will have to be
agreed with European institutions. S&P therefore believes that the
Greek authorities will be strongly incentivized to avoid
backtracking markedly on most previously legislated reforms.

Flexibility and Performance Profile: Greece will continue to run
fiscal surpluses and pay down debt through 2021

-- S&P projects general government debt will decline from 2019
    onward, both in nominal terms and relative to GDP.

-- The creation of cash buffers via the final ESM program
    disbursement will reduce risks to debt repayments over S&P's
    four-year forecast horizon.

-- Greek banks made faster progress in reducing the stock of
    impaired loans in 2017.

Greece has established a track record of exceeding budgetary
targets via rigid expenditure controls. This culminated in a
primary budgetary surplus of 4% of GDP last year. During the first
five months of 2018, the government has posted a substantial cash
fiscal outperformance.

S&P said, "We project that in 2018-2021 Greece will report general
government primary surpluses that should see gross general
government debt decrease to about 160% of GDP in 2021 from an
estimated 184% in 2018. Net of its cash buffers, we project that
net general government debt will decline below 150% of GDP in
2021. Even in nominal terms, we forecast gross general government
debt to decline from 2019, in line with the central government
amortization schedule and our expectation of headline fiscal
surpluses. We include commercial bond issuance in our projections,
noting the authorities' desire to build up the yield curve.
However, we do not include in our calculations any use of cash
buffers to prepay official loans or buy back outstanding
commercial debt.

"We project lower primary surpluses than targeted because we don't
rule out the possibility of a more flexible approach from Greece's
creditors toward its compliance with the highly ambitious and
potentially self-defeating medium-term primary surplus target of
3.5% of GDP. Greece has run primary surpluses of nearly 4% in both
2016 and 2017, well over target. Although revenues grew, a large
part of the adjustment was due to spending restraints. Progress in
broadening the tax base, and reducing evasion particularly by the
self-employed, has been mixed at best. While the headline
consolidation progress has been dramatic, it is notable that key
components of spending on human capital, particularly on education
and health, have been cut sharply to below European averages since
2008."

Despite the size of its debt, at 1.7% the average cost of
servicing this debt is significantly lower than the average cost
of refinancing for the majority of sovereigns rated in the 'B'
categories. S&P said, "We anticipate that, even with increasing
commercial debt issuance, the proportion of commercial debt will
remain less than 20% of total general government debt through
year-end 2021. We therefore expect a gradual reduction in interest
costs relative to government revenues. We estimate the average
remaining term of Greece's debt at over 18 years, although this is
set to increase further with the implementation of the debt relief
measures granted in June."

In 2017, Greek banks accelerated progress on reducing their NPE
stocks, moderately outperforming the operational target set by the
Bank of Greece. While NPEs still constitute nearly one-half of
systemwide loans, in absolute terms domestic NPEs reduced by
nearly EUR8.5 billion. Initiatives to tackle the high stock of
NPEs are underway, including the implementation of out-of-court
restructuring, the development of a secondary market, and
electronic auctions. S&P thinks, however, that write-offs are
likely to remain one of the most important means of reducing these
exposures over the next few years.

S&P said, "The large stock of NPEs constrains the effective
transmission of ECB monetary policy into the Greek economy, in our
opinion. We note that price trends continue to differ in Greece
from the rest of the eurozone." For instance, throughout 2018,
inflation has continued to lag the eurozone average. With the
exception of January, inflation in Greece has been below 1%
(measured as 12-month average increase) for 2018 to date.

Over the past year, Greece's systemically important banks have
issued covered bonds--like the sovereign, this was their first
market foray since 2014. From January to May this year, the banks
continued to reduce their reliance on official ECB financing,
including on the more costly emergency liquidity assistance. An
uptick in deposits has helped, as have repurchase transactions
with international banks. Financing remains predominantly short
term, though. With Greece graduating from the ESM program, its
banks are likely to lose the waiver that allows them to access
regular ECB financing using Greek government bonds as collateral.
Given that this financing is relatively small (about EUR4 billion)
S&P does not anticipate a disruption to the banks' funding from
the loss of this waiver.

Greece has had a significant adjustment in its external deficit.
The current account narrowed to 0.8% of GDP in 2017, from a
deficit of nearly 14.5% in 2008, with much of the adjustment
coming via significant import compression. In 2017, despite a
widening of the trade deficit, prompted by a higher oil deficit
and import growth, the overall current account deficit narrowed
thanks to the higher surplus on the services account, owing
predominantly to the strong growth in tourism receipts. S&P
projects the current account surplus will widen slightly over its
four-year forecast period with increased imports from
strengthening domestic demand.

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.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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

  Ratings Affirmed; Outlook Action
                                          To            From
  Greece
   Sovereign Credit Rating           B+/Positive/B   B+/Stable/B
   Senior Unsecured                       B+            B+
   Commercial Paper                       B             B

  Transfer & Convertibility Assessment    AAA           AAA



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


VOYA CLO 2015-2: Moody's Assigns Ba3 Rating to Class E-R Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of refinancing notes issued by Voya CLO 2015-2, Ltd.:

US$335,500,000 Class A-R Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

US$71,500,000 Class B-R Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa1 (sf)

US$41,250,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

US$33,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Baa3 (sf)

US$24,750,000 Class E-R Junior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba3 (sf)

Moody's also affirms the existing rating of combination notes
issued by the Issuer, which is not affected by this refinancing:

US$50,000,000 Combination Notes (composed of components
representing U.S.$12,500,000 Class B-R Notes, U.S.$27,500,000
Class C-R Notes and U.S.$10,000,000 subordinated notes) due 2027
(current rated balance of $40,494,384), Affirmed A1 (sf);
previously on Dec 6, 2016 Confirmed at A1 (sf)

The Class A-R Notes, the Class B-R Notes, the Class C-R Notes, the
Class D-R Notes, the Class E-R Notes are referred to herein,
collectively, as the "Rated Notes".

RATINGS RATIONALE

Moody's definitive ratings of the Rated Notes address the expected
losses posed to noteholders. The definitive ratings reflect the
risks due to defaults on the underlying portfolio of assets, the
transaction's legal structure, and the characteristics of the
underlying assets.

Voya CLO 2015-2 is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 90.0% of the portfolio
must consist of senior secured loans and eligible investments, and
up to 10.0% of the portfolio may consist of second lien loans and
unsecured loans. As this is a refinancing, the portfolio is 100%
ramped as of the closing date.

Voya Alternative Asset Management LLC will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 2-year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal
payments and proceeds from sales of credit risk assets, subject to
certain restrictions.

In addition to the Rated Notes, the Issuer has issued on the
original closing date subordinated notes and combination notes
which remain outstanding. The transaction incorporates interest
and par coverage tests which, if triggered, divert interest and
principal proceeds to pay down the notes in order of seniority.

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $548,173,294.00

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2826

Weighted Average Spread (WAS): 3.10%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 7.25 years

Stress Scenarios:

Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was a component in
determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on 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), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2826 to 3250)

Rating Impact in Rating Notches

Class A-R Senior Secured Floating Rate Notes: 0

Class B-R Senior Secured Floating Rate Notes: 0

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -2

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Class E-R Junior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF -- increase of 30% (from 2826 to 3674)

Rating Impact in Rating Notches

Class A-R Senior Secured Floating Rate Notes: 0

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

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -3

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E-R Junior Secured Deferrable Floating Rate Notes: -1


* IRELAND: Building Insolvency Crisis Hits 17 Schools
-----------------------------------------------------
Independent.ie reports that the insolvency crisis among Irish
contractors has hit 17 school-building projects, with the number
of education projects halted by financial problems up 750% so far
in 2018.

Examinerships and liquidations of builders have hit schools in 13
counties, Independent.ie relates citing Department of Education
data. In 2016 no such projects experienced difficulty due to
insolvencies. In 2017 there were just two.

But so far in 2018, 17 different projects have been hit, Education
Minister Richard Bruton said.

According to Independent.ie, the information was released in
response to a parliamentary question by Fianna Fail education
spokesperson Thomas Byrne about the number of school projects that
have experienced difficulty or delay due to issues with
contractors.

Independent.ie says a number of projects faced problems when the
Sammon Group went into liquidation in June. It had subcontracted
on a number of Irish schools projects on behalf of collapsed
British building giant Carillion, which originally won a bundle of
school projects, the report states.

But there is also huge concern in the sector that over 40 building
companies have failed so far this year, even as turnover at the
biggest contractors has jumped by over EUR700 million, reports
Independent.ie.



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


BANK CENTERCREDIT: S&P Affirms 'B/B' ICRs, Outlook Stable
---------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B/B' long and short-
term issuer credit ratings and outlook on Kazakhstan-based Bank
CenterCredit. S&P also raised its long-term Kazakhstan national
scale rating on the bank to 'kzBBB-' from 'kzBB+'. The outlook on
the global scale rating is stable.

S&P said, "The global scale rating affirmation reflects our
expectation that the bank's asset quality indicators will continue
to gradually improve through recoveries and write-offs. We raised
the local scale rating because we now view the bank's relative
creditworthiness as stronger than other comparable local peers
with the same global scale rating.

"Our assessment of BCC's business position balances the bank's
decent market share (6% of the system's retail deposits as of June
1, 2018) and its track record of very low profitability over the
past 10 years. We see the recent change in the bank's ownership as
neutral for the future development of its business and strategy.
In March 2018, Tsesnabank and Financial Holding Tsesna sold their
respective 27.96% and 13.42% stakes in BCC, which they acquired
about a year earlier from Kookmin Bank and International Finance
Corporation. As a result, BCC's long-standing owner Mr.
Baiseitov's stake increased to 48%, and the bank's former CEO's
Vladislav Lee to 10% as of June 1, 2018. The rest of the shares
are widely held by minority shareholders.

"We expect BCC's capital and earnings to remain a negative rating
factor because we believe its earnings are insufficient to rebuild
historically low capital levels and provide sufficient loss
absorption capacity if loan portfolio quality deteriorates. The
bank's RAC ratio reached 5.3% at year-end 2017 compared with 4.4%
at year-end 2016, due to a significant one-off capital gain. The
latter was underpinned by subordinated debt of KZT60 billion
(about $180 million) provided by the National Bank of Kazakhstan
for 15 years. However, we believe the IFRS 9 provisions incurred
by BCC in the first quarter of 2018 will dissipate these capital
gains and therefore project the RAC ratio to hover around 4.0%-
4.5% in the next 12-18 months. In addition, any downward movement
in interest rates in Kazakhstan could reduce these capital gains
and introduce some volatility in the bank's total adjusted
capital.

"We expect gradual improvement in the bank's asset quality
indicators through recoveries and write-offs of legacy problem
loans. BCC's reported NPLs are currently at system average, and
still relate mostly to legacy problem loans generated before 2008.
According to consolidated accounts prepared under International
Financial Reporting Standards (IFRS), BCC's NPLs decreased to 9.7%
as of March 31, 2018 from 14.6% two years earlier. Restructured
loans accounted for an additional 17% of total loans as of year-
end 2017, which is in line with domestic peers. Our view of BCC's
risk position also reflects the bank's sizable single-name and
sector lending concentrations and comparable loan-loss experience
to other midsize Kazakh banks.

"We consider BCC's funding to be comparable to other Kazakh banks,
reflecting funding by retail and corporate customer deposits
complemented by local senior unsecured bonds and subordinated
debt. The bank's average stable funding ratio over the past five
years of 122% (as calculated by S&P Global Ratings) supports this
assessment. We view BCC's liquidity position as adequate
reflecting its adequate share of broad liquid assets, which
covered wholesale debt maturing in the next 12 months by 5.7x as
of March 31, 2108. In addition, broad liquid assets covered about
one-third of all customer deposits, which compares positively to
deposit outflows of 7% in 2017.

"Given BCC's market position as the seventh-largest Kazakh bank by
assets and its sizable market share in lending and retail
deposits, we consider the bank to have moderate systemic
importance for the Kazakhstan banking sector. We believe it would
likely receive extraordinary support from the government if
required. Accordingly, the issuer credit rating is one notch
higher than the stand-alone credit profile to reflect potential
extraordinary government support.

"The stable outlook on Bank CenterCredit reflects our expectation
that its business and financial profiles will remain broadly
unchanged over the next 12 months.

"We could take a negative rating action, in the next 12 months, if
we see a significant decline in the bank's capitalization with its
RAC ratio dropping below 3% or if we see material deterioration in
its asset quality indicators coming from the bank's large stock of
restructured loans."

A positive rating action appears remote in the next 12 months but
could follow an unexpected significant strengthening of the bank's
capitalization through a capital injection or a material
strengthening of its profitability.



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


ALME LOAN V: Moody's Assigns B2 Rating to Class F Notes
-------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to eight classes of refinancing notes issued by ALME Loan
Funding V B.V.:

EUR223,000,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR47,947,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR21,053,000 Class B-2 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR15,526,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR9,474,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR19,700,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

EUR22,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR10,600,000 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, Apollo Management International LLP, has
sufficient experience and operational capacity and is capable of
managing this CLO.

The Issuer issued the Refinancing Notes in connection with the
refinancing of the following classes of notes: Class A Notes,
Class B-1 Notes, Class B-2 Notes, Class C Notes, Class D Notes,
Class E Notes and Class F Notes due 2029, previously issued on
June 22, 2016. On the Refinancing Date, the Issuer will use the
proceeds from the issuance of the Refinancing Notes to redeem in
full its respective Original Notes. On the Original Closing Date,
the Issuer also issued the EUR34.8 million Participating Term
Certificates due 2046, which will increase to EUR41.3 million.

ALME V is a managed cash flow CLO. The issued notes are
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans and eligible investments, and up
to 7.5% of the portfolio may consist of second lien loans,
unsecured loans, mezzanine obligations and high yield bonds.

Apollo manages the CLO. It directs the selection, acquisition, and
disposition of collateral on behalf of the Issuer. After the
reinvestment period, which ends in July 2022, the Manager may
reinvest unscheduled principal payments and proceeds from sales of
credit risk obligations, subject to certain restrictions.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
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.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: EUR400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2720

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44%

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 a currency country risk
ceiling (LCC) of A1 or below. As per the portfolio constraints,
exposures to countries with a LCC of A1 or below cannot exceed
10%, with exposures to countries with LCCs of Baa1 to Baa3 further
limited to 5%. Following the effective date, and given these
portfolio constraints and the current sovereign ratings of
eligible countries, the total exposure to countries with a LCC of
A1 or below may not exceed 10% of the total portfolio. As a worst
case scenario, a maximum 5% of the pool would be domiciled in
countries with LCCs of Baa1 to Baa3 while an additional 5% would
be domiciled in countries with LCCs of A1 to A3. The remainder of
the pool will be domiciled in countries which currently have a LCC
of Aa3 and above. Given this portfolio composition, the model was
run with different target par amounts depending on the target
rating of each class of notes as further described in the
methodology. The portfolio haircuts are a function of the exposure
size to countries with local a LCC of A1 or below and the target
ratings of the rated notes, and amount to 0.75% for the Class A
notes, 0.50% for the Class B notes, 0.375% for the Class C notes
and 0% for Classes D, E and F.


ARES EUROPEAN X: Moody's Gives (P)B2 Rating to EUR12MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Ares European CLO X B.V.:

EUR1,750,000 Class X Senior Secured Floating Rate Notes due 2031,
Assigned (P)Aaa (sf)

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

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

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional 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, Ares European Loan
Management LLP ("AELM"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Ares European CLO X B.V. is a managed cash flow CLO. At least
96.0% of the portfolio must consist of senior secured loans and
senior secured bonds and up to 4.0% of the portfolio may consist
of unsecured obligations, second-lien loans, mezzanine loans and
high yield bonds. The portfolio is expected to be approximately
75% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

AELM 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 4.5-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations, and are subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 38.3M of subordinated notes, which will not
be 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.

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.

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. AELM's 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: EUR 400,000,000

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS): 3.57%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. Given the portfolio
constraints and the current sovereign ratings in Europe, such
exposure may not exceed 10% of the total portfolio. 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 ceiling of
Aaa or Aa1 to Aa3.


DRYDEN 32: Moody's Assigns (P)B2 Rating to EUR13MM Cl. F-R Notes
----------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to refinancing notes to be issued by Dryden 32 Euro CLO
2014 B.V.:

EUR5,000,000 Class X Senior Secured Floating Rate Notes due 2031,
Assigned (P)Aaa (sf)

EUR232,845,000 Class A-1-R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR12,255,000 Class A-2-R Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR39,000,000 Class B-R Senior Secured Fixed Rate Notes due 2031,
Assigned (P)Aa2 (sf)

EUR24,500,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR22,500,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)

EUR30,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR13,100,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional 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, PGIM Limited has
sufficient experience and operational capacity and is capable of
managing this CLO.

Dryden 32 is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 93% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

PGIM Limited will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 4.5 year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk, and are subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer issued EUR 39.45M of Subordinated Notes on the original
closing date which will remain outstanding.

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

Methodology Underlying the Rating Action:

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

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. PGIM Limited's investment decisions and
management of the transaction will also affect the notes'
performance.

Loss and Cash Flow Analysis:

Moody's modelled 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.

Par amount: EUR 401,800,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2820

Weighted Average Spread (WAS): 3.7%

Weighted Average Coupon (WAC): 4.5%

Weighted Average Recovery Rate (WARR): 41.0%

Weighted Average Life (WAL): 8.75 years (Maximum Weighted Average
Life of 8.5 years, increased for modelling purposes due to
amortisation steps of 0.25 years)

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) or foreign currency country risk
ceiling (FCC) of A1 or below. As per the portfolio constraints,
exposures to countries with an LCC or FCC of A1 or below cannot
exceed 10% and per the Eligibility Criteria obligors domiciled in
countries with an LCC or FCC below Baa1 is prohibited. As a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with an LCC or FCC of Baa1. The remainder of the pool
will be domiciled in countries which currently have an LCC or FCC
of Aa3 and above. Given this portfolio composition, the model was
run with different target par amounts depending on the target
rating of each class of notes as further described in the
methodology. The portfolio haircuts are a function of the exposure
size to countries with a LCC or FCC of A1 or below and the target
ratings of the rated notes and amount to 1.5% for the Class X,
Class A-1-R and A-2-R notes, 1.00% for the Class B-R notes, 0.75%
for the Class C-R notes and 0% for Classes D-R, E-R and F-R.


NORTH WESTERLY IV 2013: S&P Affirms BB Rating on Cl. E-R Notes
--------------------------------------------------------------
S&P Global Ratings took various credit rating actions in North
Westerly CLO IV 2013 B.V.

The rating actions follow S&P's credit and cash flow analysis of
the transaction and the application of its relevant criteria.

Since S&P's previous review, the transaction benefited from the
following positive developments:

-- The issuer recovered at least 46% of its investment in the
    term loan B of Schneider - Creatrade Holding GMBH, well above
    the loan's market value reported by the trustee in July 2017
    (25%). As a result, and taking into account asset sales and
    purchases, S&P estimates of the aggregate collateral balance
    increased to EUR299.31 million from EUR296.97 million at its
    previous review.

-- As the transaction's reinvestment period ended in January
    2018, S&P expects the rated notes to start amortizing. S&P's
    estimate of the portfolio's weighted-average life decreased
    to 5.10 years from 5.19 years at our previous review.

S&P said, "Following the application of our corporate cash flow
and synthetic collateralized debt obligations criteria, our credit
and cash flow analysis indicates that the class B-1-R, B-2-R, C-R,
and D-R notes can achieve higher ratings than those currently
assigned. We have therefore raised our ratings on these classes of
notes.

"Our analysis also indicates that the class A-1-R, A-2-R, and E-R
notes can withstand the stresses we apply at the currently
assigned ratings. We have therefore affirmed our ratings on these
classes of notes."

North Westerly CLO IV 2013 is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans granted to
primarily speculative-grade corporate firms. The transaction is
managed by NIBC Bank N.V.

  RATINGS LIST

  North Westerly CLO IV 2013 B.V.

  EUR306 mil senior secured floating- and fixed-rate notes
  (including unrated notes)

                                        Rating          Rating
  Class            Identifier           To              From
  -----            ----------           ------          ------
  A-1-R            XS1643883793         AAA (sf)        AAA (sf)
  A-2-R            XS1643884411         AAA (sf)        AAA (sf)
  B-1-R            XS1643885228         AA+ (sf)        AA (sf)
  B-2-R            XS1643885905         AA+ (sf)        AA (sf)
  C-R              XS1643886622         A+ (sf)         A (sf)
  D-R              XS1643887430         BBB+ (sf)       BBB (sf)
  E-R              XS1643887356         BB (sf)         BB (sf)



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


COGNOR HOLDING: S&P Raises ICR to 'B-', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Poland-based steel producer Cognor Holding S.A. to 'B-' from
'CCC+'. The outlook is stable.

The short-term issuer credit rating was raised to 'B' from 'C'.

S&P said, "At the same time, we raised our issue rating on
Cognor's senior secured notes due 2020 to 'B-' from 'CCC+'. The
recovery rating is '3', indicating our expectation of 50%-70%
recovery (rounded estimate 55%) in the event of a default. We
expect to withdraw the rating on the senior secured notes
following their redemption.

"We withdrew our 'CCC-' and '6' issue and recovery ratings on the
exchangeable notes due 2021 at the issuer's request."

Both instruments were issued by Cognor International Finance PLC.
The upgrade stems from Cognor's ongoing refinancing and stronger
cash flows, supported by healthy steel market conditions. S&P now
considers the company's capital structure to be sustainable, with
adjusted debt to EBITDA at about 3x by the end of 2018, compared
with close to 5x in 2017 and an unfavorable debt profile.

S&P views the refinancing as pivotal for the company, with a
positive impact on the size of its absolute debt, maturity
profile, cash generation, and liquidity. The main features of the
refinancing include:

-- A reduction of debt by about Polish zloty (PLN) 140 million
    (about EUR32.5 million), funded partly by the recent PLN40
    million equity issue and available cash.

-- Extension of debt maturity to December 2022 from February
    2020.

-- A material reduction in interest expenses (by about PLN30
    million), due to much lower interest rates on the term loan
    compared with 12.5% on the existing notes.

After the refinancing, the company would have adjusted debt of
PLN505 million, comprising a EUR60 million term loan, EUR20
million of exchangeable notes (original amount EUR25 million) due
February 2021, and PLN122 million of trade receivables. As part of
S&P's adjustments it doesn't deduct cash, which is expected to
increase materially to PLN80 million-PLN100 million by 2019, from
the currently modest level of about PLN20 million after the
refinancing.

During 2017, Cognor saw strong demand for its products (scrap,
billets, and finished products), with shipments increasing by 16%
and revenues by 30%. Overall, steel demand in Poland increased by
4.6% on average last year. S&P said, "Under our base case, we
project EBITDA of PLN160 million-PLN170 million in 2018, a
material rise from our previous forecast of about PLN110 million.
We have increased our projection because, in the first quarter of
2018, the company's adjusted EBITDA amounted to PLN58 million,
with the first-half EBITDA likely to reach PLN100 million-PLN120
million. Looking ahead, we expect a decrease to PLN130 million-
PLN140 million in 2019, due to a slight decline in steel prices
and somewhat softer demand from the company's construction and
automotive end markets. Those levels are well above the company's
EBITDA of PLN50 million-PLN100 million in 2014-2016."

S&P said, "We expect that through the renewed flexibility,
provided by a more sustainable capital structure and higher cash
flow generation, Cognor may consider enhancing its liability
management, such as by prepaying borrowings, to further reduce its
vulnerability to price swings. We believe it could also consider
new growth opportunities or higher dividends, although the latter
are currently restricted in the term loan documentation.
Refinancing of the term loan in the future may open the way for a
more aggressive financial policy.

"We continue to view Cognor's business risk profile as vulnerable,
owing to its small scale (capacity of only 0.6 million tons out of
10.3 million tons of production in Poland overall in 2017), lack
of geographic diversification, largely commoditized products, and
exposure to cyclical end markets. On the positive side, the
company has increased its capacity utilization to almost 100% and
benefits somewhat from its vertical integration with scrap
collection activities.

"The stable outlook reflects Cognor's sustainable capital
structure after its refinancing, and its ability to build some
headroom under the rating in the currently favorable steel
environment. Under our base case, the company will post EBITDA of
about PLN170 million in 2018, translating into adjusted debt to
EBITDA of 3.0x. This compares with adjusted debt to EBITDA of 3x-
4x that we believe is commensurate with the current rating, given
prevailing market conditions.

"We could lower the rating if an economic downturn or other
operational setback were to erode Cognor's credit metrics,
resulting in an unsustainable capital structure. This would be
indicated, for example, by adjusted debt to EBITDA well above 5x
or concentration of debt maturities without a clear refinancing
plan. In addition, any deterioration of the liquidity position
could result in a downgrade, such as inability to roll over trade
receivables factoring. A negative rating action could also result
from higher-than-expected dividend payments or capex.

"We view the likelihood of an upgrade as remote in the short to
medium term. A higher rating would require larger operations and a
track record of conservative financial policy. In this respect, we
see adjusted debt to EBITDA of 3x or lower during normal industry
conditions, or 4x-5x during a downturn, to be commensurate with a
higher rating. In addition, we would expect the company to show
adequate liquidity."


GETBACK SA: Seeks to Repay Debt in Cash Installments
----------------------------------------------------
Polska Agencja Prasowa reports that listed troubled debt collector
GetBack will seek to repay from 10 to 43% of its debt in cash
installments, including 27% for unsecured bond holders and 43% for
secured debt holders provided they accept the restructuring
proposal, and will offer debt to equity conversion for the
remaining debt, according to the firm's updated restructuring
proposal published in a market filing.

According to PAP, the proposal shows the company will repay mere
10% to, among others, creditors with claims related to receivables
portfolio management (investment funds managed by Trigon TFI,
participants of Fundusz Altus Wierzytelnosci 2 NS FIZ and
Centauris Windykacji NS FIZ), entities within the GetBack's
capital group.

The document specified that GetBack intends to repay its debt in
16 installments due every 6 months, which translates into an
8-year repayment period, PAP relates.

The company, PAP says, will offer debt to equity conversion for
the remaining debt, without interest, owned by holders of
company's unsecured bonds, secured debt and bonds issued by other
entities (but not a fund controlled by GetBack) and secured by
Getback.

GetBack and its creditors have discussed changing the mode of the
ongoing company restructuring proceedings to reorganization
proceedings from accelerated arrangement proceedings, PAP
discloses.

GetBack will issue a decision on the matter "in the coming days,"
PAP relays, citing the justification for the updated arrangement
proposals provided by the company.



===========
S E R B I A
===========


HIP AZOTARA: Serbia Launches Insolvency Proceedings v. Firm
-----------------------------------------------------------
SeeNews reports that Serbia's government plans to launch
insolvency proceedings and sell the assets of state-controlled
fertiliser maker HIP Azotara, energy minister Aleksandar Antic
said.

SeeNews relates that Antic said the launch of insolvency
proceedings of Azotara is in line with the government's
commitments to the International Monetary Fund (IMF) and to the
Serbian citizens, as the company's losses should be compensated
through the state budget.

Despite the efforts of the government to increase the efficiency
of Azotara and reduce the raw material costs, the company is not
generating positive results, Antic noted, SeeNews relays.

According to SeeNews, Antic added the assets of Azotara will be
put up for sale which will enable the new owners to reorganise the
production activities without worrying about outstanding
liabilities.

In September, the IMF urged state-owned gas monopoly Srbijagas to
dispose of non-core assets by selling its shareholding interest in
MSK Kikinda, HIP Azotara Pancevo and ceramics producer Toza
Markovic.

Srbijagas owns 85.06% stake in Azotara, SeeNews discloses citing
data from the Serbian economy ministry.



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


CASTELLANA FINANCE: S&P Affirms B- on Cl. C2 Notes, Off Watch Pos.
------------------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on castellana finance Ltd.'s class B1 and B2
notes. At the same time, S&P has affirmed and removed from
CreditWatch positive its ratings on the class C1 and C2 notes.

S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transaction's current structural features. We have also considered
our updated outlook assumptions for the Spanish residential
mortgage market

"Following the sovereign upgrade, on April 6, 2018, we raised to
'BBB+' from 'BBB' our long-term issuer credit rating (ICR) on
Bankinter S.A., which is the credit default swap provider and
guaranteed investment contract (GIC) provider in this transaction.

"Bankinter, as GIC provider, is capping the ratings on the notes
as according to the downgrade language in the transaction
documents the GIC provider has to be rated at least 'A-1'.
Consequently, our current counterparty criteria cap our ratings in
this transaction at the long-term ICR on the GIC provider.

"Our European residential loans criteria, as applicable to Spanish
residential loans, establish how our loan-level analysis
incorporates our current opinion of the local market outlook. Our
current outlook for the Spanish housing and mortgage markets, as
well as for the overall economy in Spain, is benign. Therefore, we
revised our expected level of losses for an archetypal Spanish
residential pool at the 'B' rating level to 0.9% from 1.6%, in
line with table 87 of our European residential loans criteria, by
lowering our foreclosure frequency assumption to 2.00% from 3.33%
for the archetypal pool at the 'B' rating level.

"After applying our European residential loans criteria to the
underlying Bankinter transactions, our credit analysis results
generally showed an improvement of the credit figures. The overall
effect is a decrease in the required credit coverage for each
underlying transaction."

One of the underlying transactions fully amortized at its July
2017 payment date, leading to an increase in the available credit
enhancement for the class B1 and B2 notes, to 94.44% and 81.91%,
respectively, from 76.13% and 66.04% at S&P's previous review.
This increase is also due to the rated notes' sequential
amortization, as well as the unrated class D notes, which are at
97.5% of their closing balance, following the partial use of two
reserve funds in the underlying transactions.

  Class         Available credit
                 enhancement (%)

  B1                       94.44
  B2                       81.91
  C1                       33.42
  C2                        3.48

This transaction does not have a reserve fund, but the unrated
class D notes provide additional credit enhancement. This class of
notes functions in a similar way to a reserve fund, in that its
outstanding balance reduces in line with any defaults in the
underlying transactions and as it can be topped up again if
performance improves. Currently, the class D notes represent just
over 3.48% of the reference pool's outstanding balance.

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

"Although the class B1 and B2 notes could achieve a higher rating
because of the increased available credit enhancement, our current
counterparty criteria cap our ratings on these notes at the long-
term ICR on the GIC provider, Bankinter. We have therefore raised
to 'BBB+ (sf)' and removed from CreditWatch positive our ratings
on the class B1 and B2 notes.

"The application of our European residential loans criteria,
including our updated credit figures, determine our rating on the
class C1 notes at 'B+ (sf)'. We have therefore affirmed and
removed from CreditWatch positive our 'B+ (sf)' rating on this
class of notes.

"Credit enhancement has increased for the class C2 notes because
of the class D notes' increased outstanding balance. However,
following the application of our "Criteria For Assigning 'CCC+',
'CCC', 'CCC-', And 'CC' Ratings," we believe that payments on this
class of notes depend on favorable financial and economic
conditions, which constrains the rating level. We have therefore
affirmed and removed from CreditWatch positive our 'B- (sf)'
rating on the class C2 notes."

castellana finance is a synthetic Spanish transaction that closed
in July 2007. The underlying transactions comprise first-ranking
loans granted to prime Spanish borrowers.

  RATINGS LIST

  Class             Rating
              To               From

  castellana finance Ltd.
  EUR185.15 Million Asset-Backed Floating-Rate Credit-Linked Notes

  Ratings Raised And Removed From CreditWatch Positive

  B1          BBB+ (sf)        BBB (sf)/Watch Pos
  B2          BBB+ (sf)        BBB- (sf)/Watch Pos

  Ratings Affirmed And Removed From CreditWatch Positive
  C1          B+ (sf)          B+ (sf)/Watch Pos
  C2          B- (sf)          B- (sf)/Watch Pos


FT SANTANDER 2016-2: Moody's Affirms Ba1 Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of four
tranches and upgraded the rating of one tranche in FT Santander
Consumer Spain Auto 2016-2.

EUR552.4M Class A Notes, Affirmed Aa1 (sf); previously on Apr 25,
2018 Upgraded to Aa1 (sf)

EUR26M Class B Notes, Upgraded to A1 (sf); previously on Apr 25,
2018 A2 (sf) Placed Under Review for Possible Upgrade

EUR35.8M Class C Notes, Affirmed Baa1 (sf); previously on Dec 9,
2016 Definitive Rating Assigned Baa1 (sf)

EUR19.5M Class D Notes, Affirmed Baa3 (sf); previously on Dec 9,
2016 Definitive Rating Assigned Baa3 (sf)

EUR16.3M Class E Notes, Affirmed Ba1 (sf); previously on Dec 9,
2016 Definitive Rating Assigned Ba1 (sf)

FT Santander Consumer Spain Auto 2016-2 is a revolving
securitisation of auto loans granted by Santander Consumer EFC SA,
owned by Santander Consumer Finance S.A. (A2/P-1 Bank Deposits;
A3(cr)/P-2(cr)), to private and corporate obligors in Spain.
Santander Consumer is acting as originator and servicer of the
loans while Santander de Titulizacion S.G.F.T., S.A. (NR) is the
Management Company.

RATINGS RATIONALE

The rating action concludes the review of Class B Note placed on
review for upgrade on the April 25, 2018.

The Class B Notes were placed on review following the upgrade of
the Government of Spain's sovereign rating to Baa1 from Baa2 and
the raising of the country ceiling of Spain to Aa1 from Aa2.

Since the transaction is revolving, the credit enhancement levels
remain unchanged since closing. Collateral performance is in line
with expectations, with the cumulative losses currently standing
at 0.07% of the original pool and replenishments and the 60 days
plus delinquencies at 0.73% of the current pool balance. Moody's
notes that performance is in line with expectations, and the
upgrade of Class B is driven chiefly by the effects of the
increase of the country ceiling of Spain. Moody's took into
consideration a revolving period ending in February 2021, which is
longer than most revolving periods for this asset class.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was 'Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS'
published in October 2016.

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, (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 CE and (4) deterioration
in the credit quality of the transaction counterparties.



=============
U K R A I N E
=============


STATE SAVINGS: Fitch Affirms B- Long-Term IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of JSC State Savings Bank
of Ukraine (Oschadbank) and JSC The State Export-Import Bank of
Ukraine (Ukreximbank), including their 'B-' Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) with Stable Outlook.

The affirmation of the ratings reflects limited changes to these
banks' standalone credit profiles and Fitch's view of potential
support to these institutions, if required, from the government of
Ukraine (B-/Stable).

KEY RATING DRIVERS

VIABILITY RATINGS, IDRS AND NATIONAL RATINGS

The banks' Long-Term IDRs are underpinned by each of the banks'
'b-' Viability Ratings (VRs) and, simultaneously, continue to be
aligned with their 'B-' Support Rating Floors (SRFs). Their
National Long-Term Ratings of 'AA(ukr)' are mapped to their 'B-'
Long-Term Local Currency IDRs.

The 'b-' VRs reflect the exposure and strategic commitment of
Oschadbank and Ukreximbank to the vulnerable Ukrainian market
where they operate as some of largest institutions. Government
ownership and large exposures to the sovereign and state-
controlled companies further underpin their strong correlation
with the state and the broader public sector. Sovereign debt and
claims on the National Bank of Ukraine made up 51% of total assets
at Oschadbank and 46% at Ukreximbank at end-1Q18.

Loans to state-controlled companies equalled a further 10% and 16%
of total assets, respectively. At end-1Q18 Oschadbank and
Ukreximbank ranked the second- and third-largest banks by deposits
in Ukraine with 17% and 6%, respectively, market shares.

Fitch views high impaired loans, which were little changed
recently at both banks, as moderate constraints on their credit
profiles relative to the operating environment and company profile
assessments. IFRS impaired loans equalled to a high 68% at end-
1Q18 at Oschadbank, the same ratio as at end-1Q17. Stage-3 loans
made up 63% of gross loans at Ukreximbank; its impaired loans were
at 64% at end-1Q17. These included non-performing loans (NPLs;
loans overdue by more than 90 days) at 45% of gross loans at
Oschadbank and a lower 38% at Ukreximbank at end-1Q18 (43% and
37%, respectively, at end-1Q17).

At the same time, reserve coverage has been moderately improving.
Loan loss allowances (LLAs) at Oschadbank edged higher to 47% of
gross loans at end-1Q18 (43% at end-1Q17) and Fitch expects this
to further increase to about 60% once the bank completes its
transition to IFRS 9 and releases its 1H18 financial statements.
LLAs rose to 52% at end-1Q18 from 45% at end-1Q17 for Ukreximbank,
which completed its transition in 1Q18.

Equity capital injections by the state in 2017 helped both banks
maintain moderate capitalisation levels. Ukreximbank's Fitch Core
Capital (FCC) fell to a moderate 11% of Basel I risk-weighted
assets (RWAs) at end-1Q18 from 18% at end-1Q17. Fitch calculates
Oschadbank's FCC ratio would be at about 10% instead of end-1Q18's
19% if equity and RWAs were already adjusted for the planned
expected loss (EL) reserves.

Regulatory Tier I ratios were 11.7% at Oschadbank and 9.1% at
Ukreximbank at end-1Q18 and were already affected by EL reserves
at both banks. RWAs for both were moderately supported by zero
risk weights on certain Ukrainian sovereign bonds. Oschadbank may
receive in the medium term a fresh equity injection to moderately
strengthen its capitalisation, but no further injections into
Ukreximbank are currently planned.

Profitability stabilised in 2017 at Ukreximbank (in 2016 at
Oschadbank) after several consecutive years of operating losses.
Ukreximbank's net profits were at 6% of average equity in 2017 and
an annualised 8% in 1Q18 and those of Oschadbank were at 2% and
0.5%, respectively, driven by moderately positive pre-impairment
profit and significant reductions in loan impairment charges. In
Fitch's view, already sizeable LLAs, together with a moderately
improving economy, should help Oschadbank and Ukreximbank report
modest net profits in 2018.

Funding profiles continued to be constrained by material foreign-
currency (FC) liabilities. These made up 58% of total liabilities
at Oschadbank and a higher 83% at Ukreximbank at end-2017 (62% and
83% at end-2016). Ukreximbank's higher share of FC funding was
partly due to the bank's large wholesale foreign funding sources,
which accounted for 41% of liabilities at end-2017.

In Fitch's view, full repayments of Oschadbank's USD1.2 billion
and Ukreximbank's USD1.5 billion of Eurobonds, which start
amortising in 2019, will depend on the banks' ability to receive
timely and full repayment due on their respective USD3.3 billion
and USD2.6 billion sovereign bond portfolios. However, both banks
also hold significant FC liquidity cushions (24% of FC deposits at
Oschadbank and 23% at Ukreximbank at end-1Q18), mainly in the form
of balances in foreign banks, which could also be used in part to
service the Eurobonds.

SUPPORT RATINGS AND SRFS

The 'B-' SRFs reflect Fitch's view of the Ukrainian authorities'
limited ability to provide support to the banks, in particular in
FC, in case of need, as indicated by the sovereign's low 'B-'
ratings. This is illustrated in the state's failure to provide FC
liquidity support to Oschadbank and Ukreximbank in 2015 when the
banks restructured their Eurobonds.

The propensity to provide support to Oschadbank and Ukreximbank
remains high, in Fitch's view, particularly in local currency.
This view takes into account the banks' 100%-state ownership, high
systemic importance, and the record of capital support to both
banks under different governments. Fitch does not expect the
potential sale of a minority stake in Oschadbank to the European
Bank for Reconstruction and Development (EBRD; AAA/Stable) as the
first stage of a planned privatisation affect the SRF.

SENIOR AND SUBORDINATED DEBT RATINGS

The 'B-' ratings of senior unsecured debt of Ukreximbank, issued
by UK-registered BIZ Finance PLC, and that of Oschadbank, issued
by UK-registered SSB No.1 PLC, are aligned with the Long-Term FC
IDRs due to the average recovery expectations captured by the
Recovery Ratings at 'RR4'. The rated notes are restructured
issues.

The 'B-' long-term debt rating of Biz Finance Plc's UAH-
denominated senior unsecured Eurobond (ISIN of XS1713473517) is
aligned with Ukreximbank's Long-Term Local-Currency IDR.

The 'CCC' subordinated loan participation notes (LPNs) issued by
Biz Finance PLC are rated two notches below Ukreximbank's 'b-' VR,
due to moderate incremental non-performance risks and likely
below-average recoveries in case of default as a result of
subordination to senior unsecured obligations.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

The IDRs, National Ratings, senior debt ratings and the SRFs of
Ukreximbank and Oschadbank are highly correlated with the
sovereign's credit profile. The ratings could be downgraded and
SRFs revised downwards in case of a sovereign downgrade. An
upgrade of the sovereign could result in an upgrade of the banks'
ratings if Fitch takes the view that the sovereign's ability to
provide support to the banks in FC has also materially improved.

Upside for the banks' VRs is currently limited. The VRs could be
downgraded if additional loan impairment recognition undermines
capital positions without sufficient support being provided by the
authorities, or if deposit outflows sharply erode the banks'
liquidity, in particular in FC. Further stabilisation of the
sovereign's credit profile and the country's economic prospects
will reduce risks to the ratings.

Ukreximbank's subordinated debt rating is sensitive to the same
considerations that might affect the bank's VR and will move in
tandem with it.

List of Ratings

Ukreximbank

  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B-',
  Outlook Stable

  Short-Term Foreign-Currency IDR: affirmed at 'B'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'B-'

  Viability Rating: affirmed at 'b-'

  National Long-Term Rating: affirmed at 'AA(ukr)'; Outlook Stable

  Biz Finance PLC

  Senior unsecured debt: affirmed at 'B-'/ Recovery Rating 'RR4'

  Subordinated debt: affirmed at 'CCC', Recovery Rating at 'RR5'

Oschadbank

  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B-',
  Outlook Stable

  Short-Term Foreign-Currency IDR: affirmed at 'B'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'B-'

  Viability Rating: affirmed at 'b-'

  National Long-Term Rating: affirmed at 'AA(ukr)'; Outlook Stable

SSB No.1 PLC

  Senior unsecured debt: affirmed at 'B-'/ Recovery Rating 'RR4'



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


AI LADDER: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term issuer
credit rating to U.K.-based electronics and technology company AI
Ladder (Luxembourg) Subco S.a.r.l. and its financing subsidiary
Laird PLC (together, Laird). The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating to
both the first-lien term loan and revolving credit facility (RCF)
borrowed by AI Ladder (Luxembourg) Subco. The recovery rating on
the first-lien term loan and the RCF is '3', indicating our
expectation of substantial recovery (50%-70%; rounded estimate:
65%) in the event of a payment default.

"Our rating on Laird primarily reflects the company's highly
leveraged capital structure, limited scale compared with larger
key customers, presence in fragmented markets, exposure to
cyclical end-markets, and modest profitability. At the same time,
our rating considers the company's leading position in a number of
specialized products, its attractive growth fundamentals, and
long-lasting relationships with key clients."

Laird is a British global technology business generating roughly
$1.2 billion in annual sales, and is split into three divisions:

-- Performance Materials (48% of FY2017 sales [year-end Dec.
    31]), which specializes in customized components protecting
    smart devices from electromagnetic interference and heat.

-- Connected Vehicle Solutions (34% of FY2017 sales), which
    sells smart car antennas and car connectivity systems to
    large auto original equipment manufacturers (OEMs) such as
     Ford and General Motors. S&P is aware that the new owner
     Advent International may sell this division, but it has not
     factored a divestment into its base case.

-- Wireless and Thermal Systems (18% of FY2017 sales), which
    provides systems, components, and solutions enabling
    connectivity in mission-critical wireless applications.

S&P's assessment of Laird's business risk profile is constrained
by its relatively limited scale compared to larger key customers,
its presence in fragmented markets with many players, its exposure
to cyclical end-markets, relatively low revenue visibility,
moderate client concentration, and modest profitability.

Laird competes in a variety of relatively small markets, for
instance, antennas (market size of $1.1 billion) and precision
metals ($1.4 billion-$2.8 billion). Many of Laird's clients, which
include auto and smartphone OEMs, are very large, limiting Laird's
bargaining power. Furthermore, the segments in which Laird
operates are generally quite fragmented, with Laird typically
holding a market share below 20% per product.

S&P said, "We believe that Laird's operational performance is
sensitive to the business cycle due to the company's high exposure
to cyclical end-markets, with the auto and smartphone industries
accounting for roughly 55% of the company's total sales in 2017.
This sensitivity is heightened, in our view, by the fact that
revenue visibility is relatively limited due to the short product
lifecycle and short lead time on customer orders in the
Performance Materials division." This is partly balanced by better
revenue visibility in the company's Connected Vehicle Solutions
division due to the longer lifecycle of the products sold to large
auto OEMs, which usually last four-to-five years.

Laird is exposed to some customer concentration; its largest
client accounts for roughly 14% of total sales. This is partly
mitigated by the fact that Laird is actively pursuing ways of
diversifying its customer base.

S&P said, "We consider that Laird's profitability is modest. The
company has an S&P Global Ratings-adjusted EBITDA margin of below
12% in 2017 and 2018, and would have little flexibility during a
downturn due to its relatively fixed cost structure. Of total
operating costs, we consider 50% to be fixed. This is despite the
company's recent efforts to simplify its operations by closing
eight manufacturing sites since the third quarter of 2015. We
expect that profitability will increase in the coming years, on
the back of operating leverage and a reduction in the company's
fixed cost base.

"These weaknesses are partly offset, in our opinion, by Laird's
No. 1 position in a number of high-value-added products,
attractive growth fundamentals across most of its end-markets, its
established relationships with key clients, and some degree of
diversification. Laird is the market leader in several products,
including precision metals, vehicle antennas, and mobile radios
for public safety, which account for over half of the company's
total sales. We believe that some of these products are high-
value-added, such as smart antennas in the company's Connected
Vehicle Solutions division and wireless automation and control
systems in its Wireless and Thermal Systems division. Over the
medium term, we expect that the company's divisions will benefit
from trends such as the miniaturization of devices, the increased
electrification and communication capability of vehicles, and the
development of Internet of Things applications, which affect a
number of industries in which Laird operates such as consumer
electronics, auto, medical, and safety.

"The company also benefits from proven co-development abilities,
as well as long and established relationships with a number of
large smartphone and auto OEM clients. We view Laird as being
well-diversified by end-market (which could partly offset the
impact on revenues of a business downturn), as well as
geographically, with revenues generated across a broad range of
industries in North America, Europe, and Asia.

"In our assessment of Laird's financial risk profile, we factor in
the company's ownership and control by financial sponsor Advent
International, its highly leveraged capital structure following
the leveraged buyout, and positive but relatively modest free
operating cash flow (FOCF). However, these factors are offset by
our expectation of gradually stronger ratios and growing FOCF in
the coming years, and EBITDA interest coverage at about 2.5x."

In S&P's base case, it assumes:

-- GDP growth of 2.8% and 2.6% in North America, 2.4% and 2.1%
    in Europe, and 5.6% and 5.6% in Asia for 2018 and 2019,
    respectively. S&P said, "Our outlook for the automotive
    industry is broadly stable, reflecting steady sales globally
    for auto OEMS. Our outlook for global technology companies is
    also stable, and we expect mid-single-digit revenue growth
    for hardware companies, partly driven by improving
    smartphones sales."

-- A revenue decline of 1.1% in 2018, followed by growth of
    6%-7% in 2019, compared to growth of 16.8% in 2017. S&P said,
    "For 2018, we expect some sales headwinds due to pricing
    pressure in the Performance Materials division coming from a
    large customer and from the divestment of the Model Solutions
    division, which generated sales of $45 million in 2017. From
    2019, we expect that the Performance Materials division will
    return to growth at a mid-single-digit rate due to high-
    single-digit growth in electromagnetic interference and
    thermal interface materials products, supporting the
    division's sales growth. For the Connected Vehicle Solutions
    division, we expect high-single-digit growth for 2018 and
    2019, driven by 10%-12% growth in vehicle antennas, and an
    order book of roughly 2x 2017 sales. We also expect high-
    single-digit growth in the Wireless and Thermal Systems
    division, driven by at least 6% growth across the majority of
    the division's products."

-- Adjusted EBITDA margins of 10.0% in 2018 and 11.4% in 2019,
    down from 11.8% in 2017. The decline in margins in 2018 is
    driven by one-off operational costs and higher capitalized
    development costs. S&P said, "We expect some improvements
    driven by strong sales growth, reduced central costs, and an
    improvement in the company's manufacturing footprint as the
    sponsor implements its value creation plan. We expect this
    will deliver roughly $50 million of cost savings from 2017 to
    2022."

-- Improved working capital outflows of $10 million per year,
    versus outflows of roughly $45 million in 2017, on the back
    of improved inventory management.

-- Yearly capital expenditure (capex; excluding capitalized
    development costs) of 3%-4% of sales.

-- No dividends and no acquisitions.

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

-- Adjusted debt to EBITDA of about 7.9x in 2018, decreasing to
    about 6.4x in 2019.

-- Funds from operations (FFO) to debt of about 6.2% in 2018 and
    7.3% in 2019.

-- EBITDA interest coverage of 2.6x in 2018 and 2.2x in 2019.

-- FOCF close to breakeven on a pro forma basis for 2018,
    followed by 3.5% in 2019.

S&P said, "We assess Laird's liquidity as adequate. We estimate
that the company's liquidity sources over the next 12 months will
cover uses by more than 1.2x, and by at least 1.0x even if EBITDA
declined by 15%. We view Laird's relationships with banks as sound
and believe that management exhibits generally prudent risk
management. Our liquidity analysis starts in the third quarter of
2018 and does not include proceeds from the potential sale of the
Model Solutions division, which Laird classifies as an asset held
for sale."

Principal liquidity sources for the next 12 months are:

-- Roughly $35 million of cash on balance sheet at transaction
    closing;

-- $133 million of undrawn bank lines available under the new
    RCF; and

-- Cash FFO of about $100 million.

Principal liquidity uses over the same period are:

-- Mandatory yearly amortization of $7.5 million, as per the
    first-lien loan documentation;

-- Intra-year working capital outflows of $50 million; and

-- S&P's estimate of roughly $75 million of capex, including
    capitalized development costs.

S&P said, "The stable outlook reflects our expectation of
continued revenue and EBITDA growth, resulting in adjusted debt to
EBITDA below 6.5x in 2019, growing, albeit modest, FOCF, and
EBITDA interest coverage of about 2.2x-2.3x.

"We could lower the rating if adjusted debt to EBITDA remained
above 7.0x and adjusted EBITDA interest coverage declined below
2x, as well as FOCF approaching zero. This could materialize if
Laird's revenues and EBITDA were affected by a downturn affecting
one of the main divisions, price pressure from key customers, or
intensified competition.

"We view an upgrade as remote in the next 12 months. We could
consider raising the rating if adjusted debt to EBITDA approached
5x and FOCF to debt was well above 5%. This could occur through
the combination of meaningful growth and an improvement in the
company's EBITDA margin."


FORTRESS CREDIT VI: Moody's Gives Ba3 Rating to Class E-R Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to two
classes of refinancing notes issued by Fortress Credit BSL VI
Limited.

Moody's rating action is as follows:

  USD315,000,000 Class A-R Senior Floating Rate Notes due 2031,
  Definitive Rating Assigned Aaa (sf)

  USD29,750,000 Class E-R Deferrable Junior Floating Rate Notes
  due 2031, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

Moody's ratings of the Notes addresses the expected losses posed
to noteholders. The ratings reflects the risks due to defaults on
the underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.

Fortress Credit BSL VI is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated
senior secured corporate loans. At least 92.5% of the portfolio
must consist of senior secured loans and eligible investments, and
up to 7.5% of the portfolio may consist of first lien last out
loans, second lien loans or senior unsecured loans. Moody's
expects the portfolio to be 100% ramped as of the closing date.

FC BSL VI Management LLC will direct the selection, acquisition
and disposition of the assets on behalf of the Issuer and may
engage in trading activity, including discretionary trading,
during the transaction's 5 year reinvestment period. Thereafter,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets, subject to certain
restrictions.

In addition to the Class A-R Notes and Class E-R notes, the Issuer
issued four other classes of secured notes and one class of
subordinated notes.

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

Methodology Underlying the Rating Action:

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

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
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.

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

Par amount: $560,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.25%

Weighted Average Life (WAL): 9.0 years


JOHNSTON PRESS: Urges Biggest Investor to Draw Up Rescue Plan
-------------------------------------------------------------
David Sharman at HoldTheFrongPage.co.uk reports that Johnston
Press has challenged its biggest shareholder to come up with a
rescue plan for the company -- after he claimed its board may be
planning to place it in administration.

Christen Ager-Hanssen, whose Custos Group owns more than 20% of
the newspaper publisher, has written to its board over what he
called "speculation among investors" about its future, HTFP
relates.

According to HTFP, he has threatened legal action if rumors that
the company is to be placed in administration before being sold-on
by the administrators in what he termed a "pre-packaged sale" turn
out to be true.

JP, which publishes more than 200 regional and local newspapers,
has responded by challenging Mr. Ager-Hanssen to come up with a
"workable proposal" to refinance the business, HTFP discloses.

The company, whose titles include the i newspaper, The Scotsman
and the Yorkshire Post, has been in discussions for months over
ways of refinancing GBP220 million worth of debt that becomes
repayable on June 1, 2019, HTFP relays.

In his letter to the JP board, which has been seen by HTFP,
Mr. Ager-Hanssen demands answers to two questions by the end of
July 23, HTFP notes.

Firstly, he asks whether the board has or intends to direct the
company to appoint administrators, according to HTFP.

Secondly, he asks whether, if the company is placed into
administration, whether it is intended that a "separate entity"
acquire the business and assets of the company from the
administrators in a "pre-packaged sale?", HTFP states.

JP has told HTFP it will respond to Mr. Ager-Hanssen "this week"
but has declined to confirm or deny the veracity of his claims,
according to HTFP.


* UK: Number of Companies in Significant Financial Distress Up
--------------------------------------------------------------
Lucy Burton at The Telegraph reports that new research shows the
number of UK companies suffering "significant" financial distress
has increased nearly 10% compared with last year and London-based
firms are feeling the biggest strain.

More than 470,000 businesses felt the pinch at the end of June,
according to insolvency specialist Begbies Traynor, an increase of
9% on last year, The Telegraph relates.

Those based in London are struggling the most, The Telegraph
notes.  The capital was the country's worst performing region,
with the rate of firms facing serious financial difficulty
rocketing 17% compared with June last year, The Telegraph states.



                            *********

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 * * *