/raid1/www/Hosts/bankrupt/TCREUR_Public/181025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 25, 2018, Vol. 19, No. 212


                            Headlines


D E N M A R K

DKT HOLDINGS: Moody's Affirms B1 CFR, Outlook Stable
DKT HOLDINGS: Fitch Hikes Long-Term Issuer Default Rating to BB-


F R A N C E

OBOL FRANCE 2: Moody's Changes Outlook on B2 CFR to Stable


I R E L A N D

CONTEGO CLO VI: Moody's Assigns (P)B2 Rating to Class F Notes
DILOSK RMBS 2: Moody's Assigns (P)Caa3 Rating to Class F Notes
HALCYON LOAN 2016: Moody's Assigns B2 Rating to Class F Notes
HOLLAND PARK: Fitch Affirms B- Rating on EUR17.5MM Class E Debt
LAURELIN 2016-1: Moody's Gives B2 Rating to EUR10.2MM F-R Notes

SUTTON PARK: Moody's Assigns B2 Rating to EUR12MM Class E Notes


I T A L Y

ALITALIA SPA: Many Private Investors Eye Relaunch


K A Z A K H S T A N

KASPI BANK: Moody's Hikes Long-Term Deposit Ratings to Ba3
KAZAKHSTAN KAGAZY: Rehabilitation Procedure Resumes


L U X E M B O U R G

ARDAGH GROUP: S&P Alters Outlook to Stable & Affirms 'B+' ICR


N E T H E R L A N D S

EA PARTNERS I: Fitch Cuts Senior Secured Notes Rating to 'C'
JUBILEE CLO 2018-XXI: Moody's Assigns (P)B2 Rating to Cl. F Notes
TOPCO COOPERATIEF: Fitch Assigns B+ LT IDR, Outlook Stable


R U S S I A

RIAL CREDIT: Put on Provisional Administration, License Revoked
RUSHYDRO PJSC: Moody's Affirms Ba1 CFR, Outlook Positive


S P A I N

HOME MEAL: Enters Insolvency Proceedings After Refinancing Fails
OBRASCON HUARTE: Fitch Alters Outlook on B+ LT IDR to Stable


T U R K E Y

GLOBAL LIMAN: Fitch Alters Outlook on BB- Notes Rating to Stable


U N I T E D   K I N G D O M

PATISSERIE VALERIE: High Court Dismisses Winding-Up Order
POSITIVE HEALTHCARE: Appoints KSA Limited as Liquidators
RMAC PLC 2: Moody's Assigns Ca Rating to GBP6.4MM Class X Notes


                            *********



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D E N M A R K
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DKT HOLDINGS: Moody's Affirms B1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and B1-PD probability of default rating of DKT Holdings
ApS, the indirect parent of Danish telecom operator TDC A/S.
Moody's has also affirmed the Ba3 ratings on the Term Loan B and
revolving credit facility raised by TDC, as well as the B3 ratings
on the senior secured notes issued by DKT Finance ApS (a
subsidiary of DKT and indirect parent company of TDC).
Concurrently, Moody's has upgraded to Ba3/(P)Ba3 from B1/(P)B1 the
rating on TDC's senior unsecured notes and MTN programme,
respectively, and aligned them with the ratings on TDC's Term Loan
B and RCF. The outlook on all ratings is stable.

The rating action follows TDC's announcement that it plans to use
a substantial part of the cash proceeds from the completed sale of
its Norwegian business Get (Get AS and its subsidiaries including
the Norwegian B2B business, TDC Norway) to Telia Company AB (Baa1,
stable) to partially prepay at par its Term Loan B under TDC's
senior secured credit facilities. Out of the DKK 17.0 billion cash
consideration, TDC said it will use approximately DKK 15 billion
(equivalent) to repay its Term Loan B. The company also said that
it is currently reviewing its capital structure and governing
documents related to the outstanding debt of TDC and that it will
make a final determination of the application of the remaining
proceeds of around DKK 2 billion (equivalent) in the coming
months. The company further noted that any sales proceeds not
applied towards debt reductions at the level of TDC or DKT Finance
ApS may be applied for reinvestment in TDC's Danish activities and
other general corporate purposes.

RATINGS RATIONALE

RATIONALE FOR AFFIRMATION OF DKT's B1 RATINGS

Moody's has affirmed DKT's B1 CFR with a stable outlook to reflect
that while the use of a substantial amount of the proceeds from
the sale of Get to repay debt is credit positive, as the group's
adjusted debt/EBITDA will reduce to 5.0x on a pro-forma basis (an
improvement of around 1.2x), its credit metrics will remain within
the expectations for the current B1 rating and the debt reduction
offsets the company's weakened business profile following the sale
of TDC's only international asset.

The ratings of DKT reflect the combination of the group's strong
business profile and expectation of improved operating
performance, offset by the impact on the group's credit metrics
from the substantial debt incurred to finance the buyout by a
consortium of Danish pension funds and Macquarie Infrastructure
and Real Assets in May 2018, despite the proposed partial
repayment of its bank facility. Moody's expects that the group
will continue to be managed with a somewhat aggressive financial
profile under its current ownership structure with limited
expected deleveraging given limited free cash flow generation.

The rating also reflects the strength of TDC's market position in
Denmark, as demonstrated by a 63% market share in landline
telephony (retail and wholesale), 51% in broadband, 56% in TV
(combining CATV, PayTV and internet protocol TV) and 41% in mobile
voice services. Competition in the Danish mobile market remains
intense but TDC has sustained price increases while maintaining
relatively stable churn levels and defending its market share. TDC
has strong fixed and mobile network platforms owing to high capex
levels in recent years and is the owner of the majority of the
critical telecom infrastructure in Denmark, including cable
assets, a differentiating factor compared to other European
telecom peers.

The rating also takes into consideration the expectation that the
company's EBITDA will stabilize in 2018 and 2019, building on the
recovery of its organic EBITDA in 2017. Moody's expects revenue
declines to persist in 2018, but growth to reach near
stabilization in 2019. This will be supported by the continued
recovery in consumer mobile ARPU trends amid growth in demand for
data and market repair, and a gradual recovery in its small and
medium-sized business segment in Denmark, under pressure for a
number of years due to intense competition. Moody's expects
further upside to be provided by the cost-saving initiatives
implemented by management, designed to maintain margins at or
above 40%.

RATIONALE FOR UPGRADE TO Ba3 OF TDC's SENIOR UNSECURED NOTES AND
MTN PROGRAMME

TDC's senior unsecured notes and MTN programme are now rated Ba3,
at the same level as TDC's EUR3.9 billion Term Loan B and EUR500
million revolving credit facility. Moody's said that the previous
rating differentiation reflected the benefits of the security
package, including a pledge over the shares of Get. Following the
sale of Get, the benefit provided by the Norwegian security
package of the credit facilities falls away and therefore Moody's
has aligned the ratings on the Term Loan B, revolving credit
facility and TDC's senior unsecured notes and MTN programme.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that TDC's
operating performance will gradually improve through a combination
of an improving pricing environment in mobile, more focused and
agile marketing strategy, efficiency gains and capital spending
optimisation. The outlook also reflects Moody's expectation that
TDC will execute its strategy, which will enable the company to
stabilise its operating performance in 2018 and deliver growth
from 2019 onwards. It also takes into account Moody's expectation
that the group's leverage is likely to remain stable at around
5.0x over time.

WHAT COULD CHANGE THE RATING UP/DOWN

DKT's ratings could be upgraded as a result of improvements in the
company's credit metrics, such as adjusted debt/ EBITDA improving
to below 5.0x on a sustainable basis, and adjusted retained cash
flow/gross debt improving sustainably to a level in the mid-teens,
in an improved business environment.

DKT's ratings could be lowered if: (1) the company was to deviate
from the execution of its new strategy; (2) the company was to
embark on an aggressive expansion/acquisition programme, most
likely outside its existing footprint, leading to higher
financial, business and execution risk; or (3) its credit metrics
were to deteriorate, including adjusted retained cash flow/gross
debt falling to below 8% or adjusted gross debt/EBITDA trending
towards 6.0x on an ongoing basis.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: DKT Holdings ApS

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Issuer: DKT Finance ApS

BACKED Senior Secured Global Notes, Affirmed B3

Issuer: TDC A/S

Senior Secured Bank Credit Facility, Affirmed Ba3

Upgrades:

Issuer: TDC A/S

Senior Unsecured Regular Bond Debenture, Upgraded to Ba3 from B1

Senior Unsecured MTN Program, Upgraded to (P)Ba3 from (P)B1

Outlook Actions:

Issuer: DKT Holdings ApS

Outlook, Remains Stable

Issuer: DKT Finance ApS

Outlook, Remains Stable

Issuer: TDC A/S

Outlook, Remains Stable

COMPANY PROFILE

TDC A/S is the principal provider of fixed-line, mobile, broadband
data and cable television services in Denmark. In 2017, the
company generated revenue and EBITDA of DKK20.3 billion and DKK8.2
billion, respectively.

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


DKT HOLDINGS: Fitch Hikes Long-Term Issuer Default Rating to BB-
----------------------------------------------------------------
Fitch Ratings has upgraded DKT Holdings ApS's Long-Term Issuer
Default Rating to 'BB-' from 'B+' following the announcement that
the Danish telecoms company will spend a major part of the
proceeds from the sale of its Norwegian business on the prepayment
of its term loan B to reduce leverage.

DKT's subsidiary TDC A/S will prepay an equivalent DKK15 billion
of the DKK29 billion TLB, which Fitch expects will reduce pro-
forma funds from operations adjusted net leverage to 5.5x at end-
2018 compared with an estimated 6.7x without the disposal. Fitch
expects DKT's leverage to remain largely stable as strong cash
flow generation will primarily be used for shareholder
remuneration while excessive dividend payments are constrained by
debt covenants. The usage of the remaining equivalent of DKK2
billion of proceeds is yet to be determined. DKT completed the
sale of Get AS (Get) to Telia Company AB on October 15, 2018.

KEY RATING DRIVERS

Debt Reduction: On a pro-forma basis the sale of Get and TLB
prepayment reduce DKT's FFO adjusted net leverage to 5.5x at end-
2018, below the upgrade threshold of 5.7x, compared with 6.7x
expected at the time of the review in May 2018. Fitch expects
leverage to remain largely stable in 2019-2021. The company
generates stable pre-dividend free cash flow (FCF), most of which
will likely be spent on dividends to DKT's shareholders. Excessive
dividends distributions are unlikely as they are constrained by a
notes convenant of net debt/EBITDA of less than 4.5x,which Fitch
projects DKT to remain at, corresponding to Fitch-calculated 5.5x
FFO adjusted net leverage.

Uptake on HY Offer Unlikely: DKT's subsidiary TDC A/S (TDC) sold
its Norwegian business (Get AS and its subsidiaries including the
Norwegian B2B business and TDC Norway) for NOK21 billion (around
DKK17 billion) on a cash and debt-free basis valuing Get at 12x
its 2017 EBITDA. Following the prepayment on TLB DKT Finance ApS
is required, under its bond documentation, to make a buyout offer
to the holders of its high-yield notes due 2023. The offer should
be made at par, out of any proceeds from the sale of Get that are
not used to prepay TDC's debt, making any uptake unlikely given
that they are currently trading significantly higher.

Reduced Diversification: The disposal has a moderately negative
impact on DKT's operating profile as it reduces the company's
geographic diversification. The Norwegian business contributed
about 16% and 17% to TDC's 2017 revenue and EBITDA, respectively,
and demonstrated higher organic growth than its Danish business.

Instrument Ratings Change: Fitch downgraded the senior secured
rating at TDC level to 'BB' from 'BB+' as TLB no longer benefits
from superior security package of which the shares of Get were a
main component along with bank accounts, intra-group receivables
and the shares in TDC. The reduction of the total amount of debt
improves underlying recoveries for the senior secured and
unsecured notes. As a result the senior unsecured notes are
upgraded to 'BB-' from 'B+' and are rated in line with DKT's IDR.
The rating of the senior secured notes at DKT Finance ApS is
upgraded to 'B+', one notch below IDR, reflecting the structural
subordination of the instrument to the debt at TDC and a
substantial amount of prior-ranking debt totalling above 2x
EBITDA.

Fixed-Line Supportive: TDC owns both the incumbent copper network
and around half of the cable infrastructure in Denmark. This gives
it a stronger domestic fixed-line position than its European
peers. Fitch views the position as structurally supportive for the
company's long-term credit profile due to the lack of competing
fixed-line infrastructure. Combined with its number-one domestic
market position, this enables TDC to sustain slightly higher
leverage than peers. Competitive pressures are more prevalent in
the mobile and B2B segments.

Network Separation Plan: Fitch understands from management that
the disposal of the Norwegian assets is part of the shareholders'
long-term strategy. The shareholders intend to split the company
into two, creating a customer-facing service unit and a wholesale
network company. Fitch expects these changes to take a few years.
Fitch has not incorporated these long-term changes into its rating
and treat such a development as event risk due to a large number
of uncertainties including regulation, the terms of network
separation and impact on capital structure.

DERIVATION SUMMARY

DKT's ratings reflect the company's leading position within the
Danish telecoms market. The company has strong market shares in
both the fixed and mobile segments. Ownership of both cable and
copper-based local access network infrastructure reduces the
company's operating risk relative to that of domestic European
incumbent peers, which typically face infrastructure-based
competition from cable network operators.

DKT is rated lower than peer incumbents, such as Royal KPN N.V
(BBB/Stable), due to notably higher leverage, which puts it more
in line with cable operators with similarly high leverage, such as
VodafoneZiggo Group B.  (B+/Stable), Unitymedia GmbH (B+/RWP),
Telenet Group Holding N.  (BB-/Stable) and Virgin Media Inc. (BB-
/Stable). DKT's incumbent status, leading positions in both the
fixed and mobile markets, and unique infrastructure ownership
justify higher leverage thresholds than cable peers.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Stabilisation of revenue in 2018 and a flat trend thereafter

  - Broadly stable EBITDA margin at around 39%-40%% in 2018-2021

  - Capex at around 21%-22% of revenue in 2019-2021 (including
    spectrum)

  - Moderate dividends keeping leverage at around 4.5x net
    debt/EBITDA

RATING SENSITIVITIES

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

  - Expectation that FFO adjusted net leverage will fall below
    5.2x on a sustained basis

  - Maintaining strong and stable FCF generation, reflecting a
    stable competitive and regulatory environment

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

  - FFO adjusted net leverage above 5.7x on a sustained basis

  - Significantly weaker FCF generation due to competitive and
    regulatory pressures

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: DKT has comfortable liquidity, which is
supported by a EUR500 million revolving credit facility (RCF) at
TDC and a EUR100 million RCF at DKT Finance ApS. The maturity
profile is comfortable with the first large debt repayment only in
2022. The company's liquidity profile is also supported by strong
pre-dividend FCF generation.



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OBOL FRANCE 2: Moody's Changes Outlook on B2 CFR to Stable
----------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook on the B2 corporate family rating and B2-PD probability of
default rating assigned to Obol France 2 SAS, a holding company
owner of French funeral services company OGF. At the same time,
Moody's has affirmed these ratings, as well as the B2 rating
assigned to the EUR960 million senior secured Term Loan B and the
EUR60 million senior secured revolving credit facility (RCF), both
borrowed by Obol France 3 SAS, which is fully owned by Obol France
2 SAS. The outlook of Obol France 3 SAS has also been changed to
stable from positive.

"The decision to stabilize the outlook on OGF's ratings reflects a
slower than initially anticipated deleveraging trajectory as a
result of softer operating performance, which is not in line with
its expectations for a B1 rating", said Giuliana Cirrincione,
Moody's lead analyst for OGF. Nonetheless, Moody's also recognizes
that the recently proposed repricing of OGF's EUR960 million Term
Loan B would be credit positive if completed, because the lower
cost of debt would result in a slight improvement in the company's
interest coverage ratio and free cash flow going forward.

RATINGS RATIONALE

Despite a positive volumes and sales evolution compared to prior
year, in the five months to August 31, 2018 OGF reported a below-
budget operating performance on account of a lower number of
funerals and monuments sold, with revenue and (company-reported)
EBITDA down respectively by ca. 8% and 16% compared to the
management's business plan.

While acknowledging that mortality rate will likely increase
during the Autumn and Winter season thereby supporting volumes
throughout the full year, Moody's believes the company is unlikely
to meet by the FYE March 2019 the EBITDA level assumed in its
original expectations. According to the Moody's revised estimates,
the lower EBITDA growth will result in a Moody's-adjusted gross
debt to EBITDA ratio of around 6.0x in March 2019, which is not in
line with the rating agency's guideline to envisage a B1 rating
category. Moody's also expects that OGF's debt to EBITDA ratio
will remain high reducing marginally towards 5.7x over the next
12-18 months.

The slower than anticipated deleveraging path reflects Moody's
expectations that the relatively low-volume growth environment in
the competitive funeral services industry in France are the main
headwinds to consistently fast growth in profitability. In this
respect, Moody's cautions that OGF's continued need for
acquisitions to increase volumes and protect its market position
entails execution risks, mainly in the form of acquisition-related
extraordinary costs that may offset the impact of EBITDA accretion
and hence slow down further the company's deleveraging.

The B2 CFR remains supported by (1) OGF's leading market position
in France; (2) its solid margins, underpinned by its integrated
business model and positive track record in upselling and
implementing prices increases; and (3) successful integration of
bolt-on acquisitions in the past. The B2 CFR also takes into
account the defensive long-term dynamics of the funeral industry,
with favorable demographic trends in France, as well as OGF's
adequate liquidity.

In this respect, Moody's acknowledges that OGF is contemplating a
repricing of its EUR960 million Term Loan B due April 2023,
seeking a 50 basis point reduction in the interest margin to E+325
bps from E+375. If and when the transaction closes, Moody's would
expect interest payments on the debt to reduce by ca. EUR5 million
annually, with ca. 30 basis point improvement in its interest
coverage ratio (measured as Moody's-adjusted EBITA to interest
expense) and moderately higher free cash flow generation going
forward, a credit positive.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company
will report low-single digit revenue and EBITDA growth rates,
through a mix of acquisitions and price increases, with a Moody's-
adjusted (gross) debt to EBITDA trending towards 5.7x over the
next 12-18 months. The stable outlook also reflects Moody's
expectations of sound and improving free cash flow generation
(i.e. before any acquisitions).

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure could occur if the company continues to grow
profitably such that Moody's-adjusted leverage trends towards 5.0x
over the next 12-18 months, provided that the liquidity profile
remains adequate and free cash flow is consistently positive.

Conversely, negative rating pressure could materialize if the
company fails to generate EBITDA growth, due to increasing volume
pressure or market share reduction, such that the Moody's-adjusted
leverage remains sustainably above 6.0x. Negative pressure could
also arise if OGF's cash generation after acquisitions turns
negative or if its liquidity profile deteriorates significantly,
in case of material shareholder distribution or more aggressive
acquisition spending.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Paris, OGF's activities include funeral services,
monuments (to enable coffins' burial and funeral urns' integration
into specific spaces), and other activities comprising cemetery
works, crematorium management, pre-need services and coffins
manufacturing. In the 12 months to March 31, 2018, OGF generated
revenues of EUR629 million and EBITDA of EUR156 million (as
adjusted by the company).



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CONTEGO CLO VI: Moody's Assigns (P)B2 Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Contego CLO
VI Designated Activity Company:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2032,
Assigned (P)Aaa (sf)

EUR15,000,000 Class A-1 Senior Secured Fixed Rate Notes due 2032,
Assigned (P)Aaa (sf)

EUR233,000,000 Class A-2 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR10,500,000 Class B-1 Senior Secured Fixed Rate Notes due 2032,
Assigned (P)Aa2 (sf)

EUR29,500,000 Class B-2 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)A2 (sf)

EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Baa3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, 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 reflect the risks
from 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
considers that the collateral manager, Five Arrows Managers LLP,
has sufficient experience and operational capacity and is capable
of managing this CLO.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to 10%
of the portfolio may consist of unsecured senior obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 95% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6-month ramp-up period in compliance with the portfolio
guidelines.

Five Arrows 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 credit improved obligations, and are subject
to certain restrictions.

Interest and principal amortisation amounts due on the Class X
Notes are paid pro rata with payments to the Class A. The Class X
Notes amortise in four installments, starting from the second
payment date.

In addition to the nine classes of notes rated by Moody's, the
Issuer will issue Class M Notes and EUR 38,500,000 of Subordinated
Notes, both of which are not rated. The Class M Notes accrue
interest in an amount equivalent to a certain proportion of the
subordinated management fees and its payment is pari passu with
the payment of the subordinated management fee.

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. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

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

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

Par Amount: EUR 400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2715

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.35%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints, exposures to countries with LCC of
A1 or below cannot exceed 10%, with exposures to LCC of Baa1 to
Baa3 further limited to 2.5% and with exposures of LCC below Baa3
not greater than 0%.


DILOSK RMBS 2: Moody's Assigns (P)Caa3 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term credit
ratings to the following Notes to be issued by Dilosk RMBS No.2
DAC:

EUR[ ] Class A Residential Mortgage Backed Floating Rate Notes due
December 2057, Assigned (P)Aaa (sf)

EUR[ ] Class B Residential Mortgage Backed Floating Rate Notes due
December 2057, Assigned (P)Aa1 (sf)

EUR[ ] Class C Residential Mortgage Backed Floating Rate Notes due
December 2057, Assigned (P)A1 (sf)

EUR[ ] Class D Residential Mortgage Backed Floating Rate Notes due
December 2057, Assigned (P)Baa3 (sf)

EUR[ ] Class E Residential Mortgage Backed Floating Rate Notes due
December 2057, Assigned (P)B3 (sf)

EUR[ ] Class F Residential Mortgage Backed Floating Rate Notes due
December 2057, Assigned (P)Caa3 (sf)

Moody's has not rated EUR[ ] Class Z1 Residential Mortgage Backed
Notes due December 2057, EUR[ ] Class Z2 Residential Mortgage
Backed Notes due December 2057, EUR[ ] Class R Residential
Mortgage Backed Notes due December 2057 and EUR[ ] Class X
Residential Mortgage Backed Notes due December 2057.

The subject transaction is a static cash securitisation of
residential mortgage loans, extended to obligors located in
Ireland, originated by Leeds Building Society (A3/P-1 and
A1(cr)/P-1(cr)) and Pepper Finance Corporation (Ireland) DAC
(formerly GE Capital Woodchester Home Loans Limited) (NR). Between
April 2017 and June 2017, the sellers Dilosk Funding No. 4 DAC and
Dilosk Funding No. 5 DAC (both set up as a Special Purpose Vehicle
and wholly owned subsidiaries of Dilosk DAC) purchased the loans
originated by GE Capital Woodchester Home Loans Limited (approx.
EUR [132]M within the pool) from Windmill Funding DAC and Pepper
Finance Corporation (Ireland) DAC. In November 2018, Dilosk
Funding No.5 DAC, with Barclays Bank PLC as Sponsor, will purchase
the loans originated by Leeds Building Society (approx. EUR[158] M
within the pool) from Leeds Building Society. The portfolio sold
to the issuer consists of [1,810] mortgage accounts extended to
[1,744] primary borrowers with the total pool balance of around
[290] million as of the cut-off date (July 31, 2018).

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 12.0% and the MILAN CE of 30.0%, serve as input
parameters for Moody's cash flow model and tranching model, which
is based on a probabilistic lognormal distribution.

The key drivers for the portfolio's expected loss of 12.0%, which
is higher than the Irish residential mortgage-backed securities
(RMBS) sector average, are as follows: (i) the collateral
performance of the loans to date, as provided by the sponsor; (ii)
restructured loans accounting for 42.1% of the portfolio; (iii)
seasoning of the pool with a WA seasoning of around 11 years; (iv)
the current macroeconomic environment in Ireland; (v) the stable
outlook that Moody's has on Irish RMBS; and (vi) benchmarking with
other comparable Irish RMBS transactions.

The key drivers for the MILAN CE number of 30.0%, which is higher
than the Irish RMBS sector, are as follows: (i) the WA LTV at
around 55.8%; (ii) the restructured loans accounting for 42.1% of
the portfolio; (iii) loans in arrears with approx. [6]% of the
pool being one month or more in arrears. There are no loans more
than three months in arrears in the pool at closing (iv) the well-
seasoned portfolio of around 11 years; and (v) benchmarking with
other comparable Irish RMBS transactions.

Transaction structure: the transaction benefits from an amortising
Liquidity Reserve Fund and a General Reserve Fund, both funded at
closing via the Class Z2 Note. The Liquidity Reserve Fund Required
Amount is equal to 1.5% of the outstanding balance of Class A and
will be available to cover senior expenses and interest on Class A
Notes and Class X Notes. The General Reserve Fund is equal to 3%
of the Class A, B, C, D, E, F and Z1 Notes at closing, minus the
Liquidity Reserve Fund Required Amount, and will be used to cover
interest shortfalls and to cure PDLs on the rated Notes and the
interest on Class X Notes. Through this mechanism, the amount that
is available to cure credit losses within the General Reserve Fund
increases through time as the amounts held in the Liquidity
Reserve Fund decrease as the Class A Notes amortise. The
transaction benefits from the equivalent of approx. 12 months of
liquidity coverage provided by the Liquidity Reserve Fund and the
General Reserve Fund. Principal is also available to most senior
class of notes outstanding.

Operational risk analysis: Pepper Finance Corporation (Ireland)
DAC acts as the servicer of the portfolio during the life of the
transaction. Dilosk DAC acts as master servicer, performing an
oversight function and is involved in the decision process
relating to actions to deal with individual arrears cases. In
addition, CSC Capital Markets (Ireland) Limited (unrated) acts as
back-up servicer facilitator. Citibank, N.A., London Branch
(A1(cr)/P-1(cr)) was appointed as independent cash manager at
closing. To ensure payment continuity over the transaction's
lifetime, the transaction documents incorporate estimation
language according to which the cash manager, will prepare the
payment report based on estimates if the servicer report is not
available.

Interest Rate Risk Analysis: The portfolio comprises floating rate
loans linked to standard variable rate 46.4%, loans linked to ECB
Base Rate 52.9% and 3 month EURIBOR loans 0.7%, whereas, the rated
Notes pay 3-month Euribor plus a spread. There is no swap in the
transaction to hedge the fixed-floating rate risk and the basis
risk. Moody's has taken those risks into consideration in deriving
the portfolio yield.

In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity with respect to the Class A to F Notes. Other non-credit
risks have not been addressed, but may have significant effect on
yield to investors.

Principal methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may lead to an upgrade of the ratings include,
significantly better than expected performance of the pool and
increase in the credit enhancement of the Notes.

Factors that may cause a downgrade of the ratings include,
significantly different realized losses compared with its
expectations at close, due to either a change in economic
conditions from its central scenario forecast or idiosyncratic
performance. For instance, should economic conditions be worse
than forecast, the higher defaults and loss severities resulting
from a greater unemployment, worsening household affordability and
a weaker housing market, could result in downgrade of the ratings.
A deterioration in the Notes available credit enhancement could
result in a downgrade of the ratings. Additionally, counterparty
risk could cause a downgrade of the ratings due to a weakening of
the credit profile of transaction counterparties. Finally,
unforeseen regulatory changes or significant changes in the legal
environment may also result in changes of the ratings.


HALCYON LOAN 2016: Moody's Assigns B2 Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Halcyon Loan Advisors European Funding 2016 Designated Activity
Company:

EUR3,000,000 Class X Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR219,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR23,100,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR11,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes reflect the risks
from 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
considers that the collateral manager Halcyon Loan Advisors (UK)
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-1 Notes,
Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes,
Class E Notes and Class F Notes due 2030, previously issued on
December 20, 2016. On the refinancing date, the Issuer used the
proceeds from the issuance of the refinancing notes to redeem in
full the Original Notes.

On the Original Closing Date, the Issuer also issued EUR 36.5
million of subordinated notes, which remain outstanding. The terms
and conditions of the subordinated notes was amended in accordance
with the refinancing notes' conditions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A. The Class X
Notes amortise by EUR 375,000 over the first eighth payment dates,
starting on the first payment date. In addition to the Class X
Notes scheduled amortisation period, the Class X Notes benefits
from a turbo mechanism whereby the excess proceeds that would have
been distributed to subordinated noteholders is first used to
repay the Class X Notes principal.

Interest and principal payments due to the Class A-2 Notes are
subordinated to interest and principal payments due to the Class X
Notes and Class A-1 Notes. The Class A-2 Notes' EURIBOR is capped
at 2.2%.

As part of this reset, the Issuer increased the target par amount
by EUR 45 million to EUR 370 million, set the reinvestment period
to 4.25 years and the weighted average life to 8.5 years. In
addition, the Issuer amended the base matrix and modifiers that
Moody's took into account for the assignment of the definitive
ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately
91% ramped as of the closing date.

Halcyon 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 4.25 year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations, and are 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 rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

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

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

Target Par Amount: EUR 370,000,000

Defaulted Par: EUR 0 as of September 2018

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2830

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints, exposures to countries with LCC
below Aa3 cannot exceed 10%, with exposures to LCC below A3
further limited to 5% and with exposures of LCC below Baa3 not
greater than 0%.


HOLLAND PARK: Fitch Affirms B- Rating on EUR17.5MM Class E Debt
---------------------------------------------------------------
Fitch Ratings has affirmed Holland Park CLO DAC series of notes as
follows:

EUR275 million class A-1-R affirmed at 'AAAsf'; Outlook Stable

EUR58.75 million class A-2-R affirmed at 'AAsf'; Outlook Stable

EUR30 million class B-R affirmed at 'A+sf'; Outlook Stable

EUR23.75 million class C-R affirmed at 'BBB+sf'; Outlook Stable

EUR37.5 million class D affirmed at 'BB+sf'; Outlook Stable

EUR17.5 million class E affirmed at 'B-sf'; Outlook Stable

Holland Park CLO Limited is a cash flow collateralised loan
obligation (CLO) of European leveraged loans and bonds. The
portfolio is actively managed by Blackstone/GSO Debt Funds
Management Europe Limited (DFME), an affiliate of The Blackstone
Group LP. The transaction featured a four-year reinvestment period
that lapsed in May 2018.

KEY RATING DRIVERS

Portfolio Complies with Covenants: All covenants have been
respected to date. The 10-largest obligors represent 18% of the
portfolio and the three-largest industries 34%. None of the
underlying loans pay a fixed rate. The portfolio has been stress-
tested based on the current covenants, a 35 weighted average
rating factor (WARF), a 64.7% weighted average recovery rate
(WARR) and a five-year weighted average life (WAL). The
transaction is still able to reinvest any unscheduled principal
proceeds and the sale proceeds of credit risk obligations.
However, the manager has decided to pay down the senior notes
instead of reinvesting on the last payment date.

CLO Started to Deleverage: After a 4-year reinvestment period,
which concluded in May 2018, the present transaction has started
to pay down the notes. Class A-1-R notes were paid down by EUR16
million, leading to an increase in available credit enhancement.

B+'/'B' Portfolio Credit Quality: Fitch places the average credit
quality of current obligors in the 'B+'/'B' range, which is better
than the borderline stress portfolio tested at closing. Recoveries
are high as no senior unsecured obligations or mezzanine
obligations are included in the portfolio.

RATING SENSITIVITIES

Fitch has incorporated two stress tests to simulate the ratings'
sensitivity to changes of the underlying assumptions.

A 25% increase in the expected obligor default probability would
lead to a downgrade of one notch for the rated notes. A 25%
reduction in the expected recovery rates would lead to a downgrade
of up to two notches for the rated notes.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any third-
party assessment of the asset portfolio information or conducted a
review of origination files as part of its ongoing monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.


LAURELIN 2016-1: Moody's Gives B2 Rating to EUR10.2MM F-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued Laurelin
2016-1 Designated Activity Company:

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR238,800,000 Class A-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR21,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR26,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR26,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

EUR23,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR10,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes reflect the risks
from 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
considers that the collateral manager Golden Tree Asset Management
LP 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 Notes, Class C Notes, Class D Notes, Class E Notes and
Class F Notes due 2029, previously issued on July 21, 2016 . On
the refinancing date, the Issuer used 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 EUR 44.4 million of subordinated notes, which remain
outstanding. The terms and conditions of the subordinated notes
were amended in accordance with the refinancing notes' conditions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-R Notes. The
class X Notes amortise by EUR 250,000 over the eight payment
dates.

As part of this reset, the Issuer has decreased the target par
amount by EUR 2 million to EUR 398 million, has set the
reinvestment period to 4.5 years and the weighted average life to
8.5 years. In addition, the Issuer amended the base matrix and
modifiers that Moody's will take into account for the assignment
of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 96% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 4% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date.

Golden Tree Asset Management LP manages the CLO. It directs 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 years
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.

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. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

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

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

Target Par Amount: EUR 398,000,000

Defaulted Par: EUR 0 as of August 2018

Diversity Score: 39*

Weighted Average Rating Factor (WARF): 2830

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8.5 years

*The covenanted base case diversity score is 40, however Moody's
has assumed a diversity score of 39 as the deal documentation
allows for the diversity score to be rounded up to the nearest
whole number whereas usual convention is to round down to the
nearest whole number.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints, exposures to countries with LCC of
A1 or below cannot exceed 10%, with exposures to LCC of below A3
not greater than 0%. In addition the eligibility criteria requires
that the obligor is domiciled in countries or jurisdictions with a
LCC above A3.


SUTTON PARK: Moody's Assigns B2 Rating to EUR12MM Class E Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Sutton Park CLO
DAC:

EUR1,400,000 Class X Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR242,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR4,000,000 Class A-1B Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR23,000,000 Class A-2A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

Moody's definitive rating of the rated notes address the expected
loss posed to noteholders by 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, Blackstone / GSO Debt Funds Management
Europe Limited, has sufficient experience and operational capacity
and is capable of managing this CLO.

Sutton Park CLO DAC is a managed cash flow CLO. At least 96% of
the portfolio must consist of senior secured obligations and up to
4% of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be up to 70% ramped up as of the closing
date and to be comprised predominantly of corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

Blackstone / GSO Debt Funds Management Europe 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 four and a half-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 nine classes of notes rated by Moody's, the
Issuer issued EUR 36,000,000 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.

The rating action also reflects correction to Moody's prior
analysis. In the September 2018 rating action, Moody's modelled
the trigger for the Interest Diversion Test incorrectly. This
error has been corrected, and the rating action reflects this
change.

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. Blackstone / GSO Debt Funds Management Europe
Limited's investment decisions and management of the transaction
will also affect the notes' performance.

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

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

Par amount: EUR 400,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 43.5%

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 local currency
government bond ratings of A1 or below. According to the portfolio
constraints, the total exposure to countries with a local currency
country risk bond ceiling below Aa3 shall not exceed 10% and per
Eligibility Criteria obligors domiciled in countries with a LCC
below A3 is not allowed.



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


ALITALIA SPA: Many Private Investors Eye Relaunch
-------------------------------------------------
Angelo Amante at Reuters reports that Italian Deputy Prime
Minister Luigi Di Maio said on Oct. 23 many private investors are
interested in Alitalia and will take part in a relaunch of the
airline which will be spearheaded by the state-controlled rail
company.

Alitalia was put under special administration last year and Rome
has since been looking for a buyer, Reuters relays.  The sale was
supposed to be concluded by April, but the deadline was moved to
the end of October, Reuters notes.

Earlier this month, the Italian railway group Ferrovie dello Stato
(FS) presented a non-binding expression of interest for Alitalia,
Reuters cites.

"The partnership with FS is the starting point.  Other investors
will join because we have had some very important contacts,"
Reuters quotes Mr. Di Maio, who also serves as industry and labour
minister in the coalition government, as saying.



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


KASPI BANK: Moody's Hikes Long-Term Deposit Ratings to Ba3
----------------------------------------------------------
Moody's Investors Service upgraded Kaspi Bank JSC's global scale
ratings: the long-term local and foreign currency deposit ratings
to Ba3 from B1, long-term local currency senior unsecured Medium
Term Notes (MTN) program rating to (P)B1 from (P)B2, long-term
local currency subordinate debt rating to B2 from B3, as well as
subordinate MTN program rating to (P)B2 from (P)B3. The outlook on
the global scale long-term deposit ratings was revised to stable
from positive.

Kaspi Bank's Baseline Credit Assessment (BCA) and adjusted BCA
have been upgraded to b1 from b2. Incorporating a high probability
of government support into the bank's deposit ratings results in a
one-notch uplift above its BCA.

Moody's has also upgraded Kaspi Bank's long-term Counterparty Risk
Assessment (CRA) to Ba2(cr) from Ba3(cr) and its long-term
Counterparty Risk Ratings (CRRs) to Ba2 from Ba3. The bank's
short-term deposit ratings and CRRs of Not Prime as well as short-
term CRA of Not Prime(cr) were not affected by this action.

In addition, Moody's Investors Service has upgraded Kaspi Bank's
national scale long-term deposit rating to A3.kz from Baa2.kz, and
national scale long-term CRR to A1.kz from A3.kz.

Moody's upgrade of Kaspi Bank's ratings reflects (1) the
demonstrated resilience of the bank's business model and its
capital position through the cycle, (2) an improvement of asset
quality indicators, with decreased credit costs and strengthened
coverage of problem loans; (3) a strong recovery of profitability
metrics, and (4) a reduction in foreign currency (FX) risk
exposure.

RATINGS RATIONALE

Moody's rating action primarily reflects the demonstrated
resilience of Kaspi Bank's business model and its capital position
through the cycle. Kaspi Bank's robust non-interest income, with
fees and commissions covering approximately 200% of operating
costs, allowed Kaspi Bank to avoid bottom-line losses even in
2016, when its net interest margin (NIM) bottomed and credit costs
peaked. Kaspi Bank consistently maintains solid capital adequacy
metrics, with a Tier 1 ratio of 14-15% and a total capital
adequacy ratio exceeding 20% for the last 4-5 years, under Basel I
standards. This is despite (1) severe asset quality deterioration
in 2015-2016; (2) a sufficiently conservative approach to
provisioning (problem loans coverage ratio at 128% as of June 30,
2018); (3) the recent return to rapid loan growth (30% in 12
months ending on June 30, 2018); and (4) no capital support from
the government or shareholders, with the bank paying dividends.

The upgrade of Kaspi Bank's ratings also reflects the recent
positive trends in the bank's asset quality indicators and
profitability metrics, as well as its reduced exposure to foreign
currency risk.

Kaspi Bank's asset quality has improved in the last 12 months,
amid stabilizing operating environment and renewed lending growth,
primarily among the existing clientele with good credit history.
The bank's problem loans (all past due loans to legal entities
plus retail loans overdue more than 90 days) plus net charge-offs
decreased to 9.7% of gross loans as of June 30, 2018 from the peak
level of 24.1% at the end of 2015. Loan loss reserves coverage of
problem loans was restored to the level of 2014, and credit costs
declined from 9-9.5% in 2015-2016 to 3-3.5% in the last 18 months.
Moody's expects that Kaspi Bank's asset quality metrics will be
stable in the next 12 months, with credit costs normalizing at 5-
6%.

Kaspi Bank's profitability metrics have recovered to pre-crisis
levels, with pre-provision income at 10.3% of average assets, the
reported return on average assets (RoAA) at 6.3% and return on
average equity (RoAE) at 50.7% in the first half of 2018 (up from
6.8%, 0.4% and 4.0%, respectively, in 2016). This positive dynamic
was driven by a recovery in net interest margin (5.1% in the first
half of 2018) and lowered credit costs. Moody's expects the bank's
ROAA to normalize at 4-4.5% in the next 12 months, as pre-
provision profitability remains strong and credit costs stabilize.

Finally, Kaspi Bank's exposure to FX risk has reduced
substantially, as its short FX balance sheet position shrank to
69% of shareholders' equity as of June 30, 2018 from 127% a year
previously. This was driven by reduced reliance on FX customer
deposits: their share in the bank's deposit base was 27% as of
June 30, 2018 (down from 63% at the end of 2015). While Kaspi
Bank's dollarization remains significant, it is below the system
average of 46%.

GOVERNMENT SUPPORT

Moody's incorporates one notch of government support uplift into
Kaspi Bank's deposit ratings, given the rating agency's assessment
of a high probability of government support for the bank's deposit
holders. This assessment primarily reflects the Kazakhstan
government's track record of providing public funds to bail-out
depositors of its largest banks. As of September 1, 2018, Kaspi
Bank's systemic importance to Kazakhstan's banking system is
supported by its 11.7% market share in retail deposits and 6.4% in
total banking system assets. The recent significant increase in
the bank's retail deposit market share has led Moody's to revise
the probability of government support to Kaspi Bank to high from
moderate.

WHAT COULD MOVE THE RATINGS UP/DOWN

Kaspi Bank's BCA could be upgraded in case of successful
diversification of its revenue base. The concentration of the
bank's revenues in unsecured consumer lending, which comprises
more than 70% of its gross loans, makes Kaspi bank vulnerable to
the sector specific risks and remains a rating constraint. The
bank's deposit ratings could also be upgraded if its retail
deposit market share is sustained at its current high level or
increased further.

The bank's ratings could be downgraded if (1) the bank fails to
sustain its credit costs at the expected level amid rapid loan
growth; (2) profitability worsens and/or capital adequacy
decreases below its current expectations; and (3) the government's
propensity or ability to provide support in case of stress
significantly weakens.

LIST OF AFFECTED RATINGS

Issuer: Kaspi Bank JSC

Upgrades:

NSR LT Bank Deposits, Upgraded to A3.kz from Baa2.kz

NSR LT Counterparty Risk Rating, Upgraded to A1.kz from A3.kz

LT Bank Deposits, Upgraded to Ba3 from B1, Outlook changed to
Stable from Positive

Adjusted Baseline Credit Assessment, Upgraded to b1 from b2

Baseline Credit Assessment, Upgraded to b1 from b2

LT Counterparty Risk Assessment, Upgraded to Ba2(cr) from Ba3(cr)

LT Counterparty Risk Ratings, Upgraded to Ba2 from Ba3

Subordinate, Upgraded to B2 from B3

Subordinate MTN Program, Upgraded to (P)B2 from (P)B3

Senior Unsecured MTN Program, Upgraded to (P)B1 from (P)B2

Outlook Actions:
Outlook Changed To Stable From Positive

PRINCIPAL METHODOLOGY

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


KAZAKHSTAN KAGAZY: Rehabilitation Procedure Resumes
---------------------------------------------------
The civil division of the Supreme Court of the Republic of
Kazakhstan annulled the decisions of the lower instance courts
declaring Kazakhstan Kagazy JSC bankrupt and cancelling the
company's rehabilitation procedure. The rehabilitation procedure
has therefore been resumed.

The management of Kazakhstan Kagazy Group is satisfied with the
Supreme Court's decision, which has impartially confirmed
Kazakhstan Kagazy JSCs solvency and prospects for repaying
creditors.  The appeal was supported by all of Kazakhstan Kagazy
JSCs major creditors.

KK Groups management considers that the Supreme Court victory,
together with the enforcement of the $315 million judgment given
by the London High Court, will allow Kazakhstan Kagazy JSC to
fulfill its obligations to creditors.

Kazakhstan Kagazy is grateful to the Groups creditors for their
patience and participation in the appeal against bankruptcy, and
also to the Groups employees and partners for their support.



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


ARDAGH GROUP: S&P Alters Outlook to Stable & Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings revised to stable from positive the outlook on
Luxembourg-registered glass and metal packaging manufacturer
Ardagh Group S.A. (Ardagh), and its rated subsidiaries. At the
same time, S&P affirmed the 'B+' long-term issuer credit rating on
Ardagh and its subsidiaries.

S&P said, "We also affirmed our 'BB' issue rating on Ardagh's
senior secured debt instruments. The recovery rating is unchanged
at '1', indicating our expectation of very high recovery (90%-
100%; rounded estimate 95%) in the case of default.

"We affirmed our 'B' issue rating on Ardagh's senior unsecured
debt instruments. The recovery rating is unchanged at '5',
indicating our expectation of modest recovery (10%-30%; rounded
estimate 15%) in the case of default.

"In addition, we affirmed our 'B-' issue rating on the
structurally subordinated payment-in-kind (PIK) toggle notes and
the PIK notes. The recovery rating on these instruments is
unchanged at '6', indicating our expectation of negligible
recovery (0%-10%; rounded estimate 0%) in case of default.

"The outlook revision reflects our view that Ardagh's aggressive
financial policy and current margin pressures will result in
leverage staying well above 7.0x over the next two years.
Furthermore, we continue to assess Ardagh's business risk profile
as satisfactory.

"The rating on Ardagh reflects our view that it is highly
leveraged, with net debt to EBITDA expected to remain at or above
7.0x and funds from operations (FFO) to debt at around 7% over
2018-2020."

Ardagh is the third-largest global manufacturer of metal beverage
cans, with leading positions in glass food and beverage packaging
and metal food packaging. The group derives about 63% of sales
from metal and 37% from glass packaging. The group's revenues are
fairly well-diversified and spread between Europe (54%), North
America (39%), and the rest of the world (7%). Ardagh focuses on
the relatively stable beverage and food end-markets (93% of sales)
and operates in relatively consolidated markets. S&P's business
risk assessment also reflects Ardagh's relatively strong
profitability, longstanding customer relationships, scale, and
efficient cost base.

Partially offsetting these strengths is a degree of customer
concentration; the capital-intensive nature of Ardagh's glass
operations; and its exposure to volatile raw material, freight,
and energy costs, despite the group's prudent hedging strategy.
This exposure could erode Ardagh's profitability if the group
fails to effectively pass cost inflation on via sales price
increases. Raw material price rises are largely mitigated by
contractual price-adjustment mechanisms, albeit with a three-to-
six-month lag. However, freight and logistics costs are typically
not fully contractually passed on to customers; Ardagh is still
seeking to pass the recent rise in these costs on to customers.
The group's sales also depend largely on mature Western markets,
which have limited growth prospects, albeit with highly stable
end-markets.

Weighing on the group's credit profile is Ardagh's considerable
adjusted debt of over $10.8 billion, which translated into
adjusted debt to EBITDA of 7.7x as of June 30, 2018. S&P expects
leverage of around 7.6x by year-end 2018, reducing to 7.3x by
year-end 2019. S&P expects the group to continue to generate
strong annual free operating cash flow (FOCF) of $375 million-$400
million in the coming years. The group will use around $132
million of these to upstream dividend payments, which will
primarily fund the interest on the PIK toggle notes issued at the
ARD Finance S.A. level.

S&P continues to view Ardagh's financial policy as aggressive, as
demonstrated by the $350 million debt-funded shareholder
distributions payment made in January 2018. The latter was funded
by a $350 million note issuance by ARD Securities Finance SARL.

Debt at the Ardagh Group level (so excluding the PIK toggle notes
issued by the holding company ARD Finance, the PIK notes issued by
ARD Securities Finance SARL, and our adjustments) is forecast at
around 6.1x at year-end 2018.

S&P has not assumed any further debt-funded dividend payments or
large acquisitions into our forecasts, but do not rule them out.
Opportunistic acquisitions have historically been core to the
group's growth strategy.

S&P said, "The stable outlook reflects our expectation that
Ardagh's credit metrics will remain commensurate with the highly
leveraged category in the short term. It also reflects that we
expect to continue viewing its business risk as satisfactory in
the short term.

"We could raise the rating if our view of Ardagh's business risk
improved. This would most likely be as a result of its
profitability improving materially on a sustainable basis. We
could also raise the ratings on Ardagh if its credit metrics
improved substantially, with S&P Global Ratings-adjusted net debt
to EBITDA improving to 5.0x or below. An upgrade would also be
contingent on our belief that the group's financial policy had
become more creditor-friendly.

"While we view it as less likely, we could downgrade Ardagh if its
profitability deteriorated due to freight or raw material cost
increases that the group could not pass on to customers, or a
substantial decline in demand for glass packaging in the U.S. We
could also lower the rating if the business faced material quality
problems, or a key customer loss."



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


EA PARTNERS I: Fitch Cuts Senior Secured Notes Rating to 'C'
------------------------------------------------------------
Fitch Ratings has downgraded EA Partners I B.V.'s notes' senior
secured rating to 'C' with a Recovery Rating of 'RR4' from
'CC'/'RR3'. Fitch has also affirmed EA Partners II B.V.'s (EAP II)
notes' senior secured rating at 'C' with a Recovery Rating of
'RR4'.

The downgrade of the senior secured rating for EAP I's notes
incorporates the deterioration of recovery prospects for the
notes, which is reflected in the Recovery Rating of 'RR4' compared
to the previous 'RR3'.

The senior secured ratings are derived from the creditworthiness
of the obligor of the weakest credit quality (Alitalia and Air
Berlin in default), and its assessment of the recovery prospects
of the notes.

KEY RATING DRIVERS

Failed Remarketing: The remarketing of the Alitalia notes and the
Air Berlin debt obligation by EAP I and EAP II was unsuccessful.
The received bids along with the funds available in the liquidity
pool were insufficient to partially redeem the notes at par,
including accrued interest. Therefore, a note event of default
occurred at both EAP I and II. EAP I and II are convening meetings
with noteholders on October 31, 2018 to pass resolutions related
to, among other things, the decision on the bids for defaulted
debt obligations.

Notes Restructuring: Broadly, there are two options for
restructuring of the notes. The first option includes the
remarketing of all obligations (performing and non-performing) and
the redemption of all notes outstanding. This would likely result
in the affirmation of the 'C' senior secured ratings. The second
option provides for the sale of the defaulted obligations at the
available bid price, partial redemption of the notes at a
discount, and resetting of the interest on the outstanding notes.
This could lead to an upgrade as the weakest credit quality would
be driven by a non-defaulted obligor. As a variant to the second
option, the bondholders could choose to carry on in the structure
supported only by the performing loans without rebalancing the
structure. This would likely result in the affirmation of the 'C'
senior secured ratings.

Weakest Obligor Credit: Given the transactions' recourse to each
obligor on a several basis, the notes' ratings reflect the
creditworthiness of the obligor of the weakest credit quality and
the notes' recovery prospects. This is because the sole cash flow
for the service and repayment of the notes is the individual cash
flow streams from the obligors under their respective loans. The
transactions' noteholders are thus exposed to the underlying
creditworthiness of each individual obligor.

Cross Default: The notes do not have a cross-default provision,
which means that a default by one obligor under its debt
obligation does not constitute an event of default under other
debt obligations incurred under the transaction by other obligors.
However, events of default under each debt obligation include a
customary cross-default provision, which states that a failure by
the respective "obligor or any of its material subsidiaries to pay
any of its own financial indebtedness when due" would lead to an
event of default under the debt obligations of this obligor but
not of any other obligor other than in the case of Etihad Airways
PJSC and Etihad Airport Services.

Etihad Airport Services is considered a material subsidiary of
Etihad Airways under these transactions' documentation. Therefore,
an uncured failure by Etihad Airport Services to make payments
under these transactions' debt obligations would constitute an
event of default under Etihad Airways' debt obligations under
these transactions.

This lack of a legal obligation to support other entities
underpins these transactions' rating approach based on the credit
profile of the weakest obligors rather than on the stronger
entities supporting the weakest.

DERIVATION SUMMARY

The notes' ratings reflect its view of the creditworthiness of the
obligor of the weakest credit quality and the recovery prospects
for the notes. The credit quality of the obligors varies
substantially depending on their business profiles and financial
profiles that Fitch generally sees as weak compared with peers.
Both Alitalia and Air Berlin have filed for insolvency
proceedings. Etihad Airways is rated 'A'.

KEY ASSUMPTIONS

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

  - The proceeds from the notes' issue were on-lent to obligors.

  - The notes are secured over assets that represent senior
    unsecured claims to respective obligors.

  - The notes do not have a cross-default provision.

  - Unsuccessful remarketing under EAP I and II.

Key Recovery Rating Assumptions

  - Alitalia's entry into administration, Air Berlin's insolvency.

  - No committed financial support from Etihad Airways to its
    equity airline partners.

  - Continuous performance of performing and financially sound
    obligors and recoveries upon default for other obligors and
    other features of the transactions.

  - Fitch applied a bespoke recovery analysis for most of the
    obligors. The recoveries were driven by the liquidation value
    for most of the obligors. Fitch has assumed a 10%
    administrative claim. The advance rates applied for inventory
    (50%), accounts receivable (50%-80%) and property, plant and
    equipment (50%-75%) are in line with peers and depend on
    company-specific characteristics. Capital leases are not in
    recovery waterfall.

RATING SENSITIVITIES

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

  - Following a note event of default, the noteholders choose to
    rebalance (eg reset the interest) and maintain the structure.

  - Sustained improvement of recovery prospects of the obligors,
    unless there are limitations due to country-specific treatment
    of Recovery Ratings, could be positive for the notes' ratings.

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

  - Unlikely given Fitch's definition of debt instruments ratings
    and Recovery Ratings.

LIQUIDITY

Liquidity Pool: The transactions feature a liquidity pool, their
only cross-collateralised feature (excluding the ratchet account
component, which is not cross-collateralised), which is available
to service the interest or principal on the notes, if an obligor
fails to pay interest or principal on their respective debt
obligation when due. Contractually, the liquidity pool does not
have to be replenished if it is used to service the notes. The
liquidity pool has a 75% threshold that triggers a remarketing of
the debt obligation.

Insufficient Liquidity: The liquidity pool is not sufficient to
cover all the coupon payments of Alitalia and Air Berlin for the
whole duration of the notes under EAP I and EAP II. Assuming that
all other obligors will remain performing, the amount of the total
liquidity pool only covers Alitalia's and Air Berlin's coupon
payments until March 2019 under EAP I (notes due in September
2020) and until December 2018 under EAP II (notes due in June
2021).


JUBILEE CLO 2018-XXI: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service, announced that it has assigned the
following provisional ratings to notes to be issued by Jubilee CLO
2018-XXI B.V.:

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2032,
Assigned (P)Aaa (sf)

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR5,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR37,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2032, Assigned (P)A2 (sf)

EUR24,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2032, Assigned (P)Baa3 (sf)

EUR21,900,000 Class E Deferrable Junior Floating Rate Notes due
2032, Assigned (P)Ba2 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2032, Assigned (P)B2 (sf)

RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2032. 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, Alcentra Limited, has
sufficient experience and operational capacity and is capable of
managing this CLO.

Jubilee CLO 2018-XXI B.V. is a managed cash flow CLO. At least 96%
of the portfolio must consist of senior secured loans and senior
secured bonds and up to 4% of the portfolio may consist of
unsecured obligations, second-lien loans, mezzanine loans and high
yield bonds. The portfolio is expected to be approximately at
least 65% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

Alcentra will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four and a half 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 37.2 million 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. Alcentra's investment decisions and management of
the transaction will also affect the notes' performance.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017. Moody's
used the following base-case modeling assumptions:

Par amount: EUR 400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.65%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

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


TOPCO COOPERATIEF: Fitch Assigns B+ LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Starfruit Topco Cooperatief U.A. a
final Long-Term Issuer Default Rating of 'B+' with a Stable
Outlook. Fitch has also assigned Starfruit Finco BV's senior
secured term loans a final rating of 'BB-'/'RR3'/61% and senior
unsecured notes a final rating of 'B-'/'RR6'/0%.

The rating actions follow the completion of the leveraged buyout
by The Carlyle Group and GIC. There have been no material changes
to the financing documentation since its assignment of expected
ratings in September 2018 and financial performance remains in
line with Fitch's forecasts. Fitch notes that co-borrowers
alongside Starfruit Finco BV are Starfruit US Holdco LLC and
Starfruit Swedish Bidco AB.

The IDR reflects ANSC's elevated financial risk and robust
business model. The Stable Outlook reflects its expectation of
slow deleveraging toward 7.0x by 2021 on the back of low single-
digit revenue growth, gradually improving margins and reduced
capex.

KEY RATING DRIVERS

See the Rating Action Commentary titled "Fitch Affirms Starfruit
Topco Cooperatief U.A.'s 'B+(EXP)' Rating on Capital Structure
Change" published September 19, 2018.

DERIVATION SUMMARY

See the Rating Action Commentary titled "Fitch Affirms Starfruit
Topco Cooperatief U.A.'s 'B+(EXP)' Rating on Capital Structure
Change" published September 19, 2018.

KEY ASSUMPTIONS

See the Rating Action Commentary titled "Fitch Affirms Starfruit
Topco Cooperatief U.A.'s 'B+(EXP)' Rating on Capital Structure
Change" published September 19, 2018.

RATING SENSITIVITIES

See the Rating Action Commentary titled "Fitch Affirms Starfruit
Topco Cooperatief U.A.'s 'B+(EXP)' Rating on Capital Structure
Change" published September 19, 2018.

LIQUIDITY

See the Rating Action Commentary titled "Fitch Affirms Starfruit
Topco Cooperatief U.A.'s 'B+(EXP)' Rating on Capital Structure
Change" published September 19, 2018.



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


RIAL CREDIT: Put on Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2717 dated
October 19, 2018, revoked the banking license of Moscow-based
credit institution Commercial Bank RIAL CREDIT Limited Liability
Company, or CB RIAL CREDIT LLC (Registration No. 3393).  According
to financial statements, as of October 1, 2018, the credit
institution ranked 417th by assets in the Russian banking system.
CB RIAL CREDIT LLC is not a member of the deposit insurance
system.

CB RIAL CREDIT LLC business model was focused on deriving
commission income from currency exchange operations and individual
money transfers.  The share of the credit portfolio in the bank's
asset structure accounted for no more than 17% and was
characterized by low quality: about 50% of issued loans were bad
or impaired.

The operations of CB RIAL CREDIT LLC were found to be non-
compliant with the law and Bank of Russia regulations on
countering the legalization (laundering) of criminally obtained
incomes and the financing of terrorism with regard to the
completeness and reliability of information provided to the
authorized body about operations subject to obligatory control. In
2018 Q3, the bank was largely involved in suspicious transit cash-
out transactions.  Given the situation, the bank's AML/CFT
internal control system did not correspond to the risks related to
servicing the shadow sector of the economy.

The Bank of Russia repeatedly (3 times over the last 12 months)
applied supervisory measures against CB RIAL CREDIT LLC.

Under these circumstances, the Bank of Russia took the decision to
revoke the banking licence from CB RIAL CREDIT LLC.

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

The Bank of Russia, by virtue of its Order No. OD-2718, dated
October 19, 2018, appointed a provisional administration to CB
RIAL CREDIT LLC for the period until the appointment of a receiver
pursuant to the Federal Law "On Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies were suspended.

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


RUSHYDRO PJSC: Moody's Affirms Ba1 CFR, Outlook Positive
--------------------------------------------------------
Moody's Investors Service has upgraded RusHydro PJSC's baseline
credit assessment to ba1 from ba2. Concurrently, the agency
affirmed RusHydro's corporate family rating and the rating of the
ruble-denominated senior unsecured loan participation notes,
issued by RusHydro Capital Markets DAC for the sole purpose of on-
lending the proseeds to RusHydro, at Ba1, and probability of
default rating at Ba1-PD. The outlook on all the ratings is
positive.

RATINGS RATIONALE

The upgrade reflects Moody's view that RusHydro's standalone
credit positioning has improved considerably as a result of a
reduction in leverage, enhancement of liquidity position and
strong operating performance.

In February 2018 a RUB26.0 billion guarantee issued in favour of
Vnesheconombank (Ba1 positive) with respect to the loan extended
to PJSC Boguchanskaya hydropower plant, was withdrawn following
commissioning of the plant. RusHydro does not envisage any
contingent obligations relating to the plant which is currently
operating at capacity and servicing its debt. The plant is 50%
owned by RusHydro and is accounted for by equity method. As a
result of the guarantee withdrawal, the leverage of RusHydro
measured as Moody's adjusted debt/EBITDA decreased to below 2.0x
as of June 30, 2018 from 2.3x as of end-2017.

Moody's expects that RusHydro will apply around RUB17.0 billion
received as proceeds from the sale of a 4.915% stake in Inter RAO
PJSC (Baa3 stable) to capital investments and debt repayments.
This will improve the company's liquidity and reduce its
dependence on external funding for debt refinancing.

Moody's expects RusHydro's revenue to continue growing in the next
12 months underpinned by new capacity launches and state
subsidies. The agency positively notes that the surcharge
mechanism introduced by the government in 2017 to compensate for
discounts provided to customers of the Far East operations reduces
RusHydro's working capital needs. Moody's expects this mechanism
to remain in place beyond 2019.

Moody's notes risks associated with the company's complex
investment programme in the Far East, which the agency expects to
be mitigated by contemplated new capacity delivery agreements that
will guarantee an up to 14% return on investment over a 15-year
period.

RATIONALE FOR THE POSITIVE OUTLOOK

The outlook on RusHydro's ratings is positive in line with the
outlook on the sovereign bond rating of its support provider, the
government of Russia (Ba1 positive), and indicates that an upgrade
of the sovereign rating is likely to lead to an upgrade of
RusHydro's ratings, subject to other upgrade triggers.

WHAT COULD CHANGE THE RATING UP/DOWN

RusHydro's ratings could be upgraded subject to an upgrade of
Russia's sovereign rating, and provided that (1) the company's
operating and financial performance and liquidity remain robust;
(2) macroeconomic environment and regulatory framework are
supportive and provide sufficient predictability over the
company's cash flow generation capacity for the medium to long
term; and (3) there are no adverse changes in the probability of
the Russian government providing extraordinary support to the
company in the event of financial distress.

Conversely, downward pressure on RusHydro's ratings could arise
from a downgrade of the sovereign rating or a downward assessment
of the probability of government support for RusHydro in the event
of financial distress. Downward pressure on RusHydro's BCA would
materialize on the back of (1) a negative shift in the evolving
regulatory framework; or (2) weakening financial profile,
resulting in a Moody's-adjusted debt/EBITDA ratio increasing to
3.0x or above on a sustained basis. In addition, inability to
maintain adequate liquidity could also pressure the company's BCA
and the final rating.

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Unregulated Utilities
and Unregulated Power Companies published in May 2017, and
Government-Related Issuers published in June 2018.

CORPORATE PROFILE

Headquartered in Moscow, RusHydro, PJSC, 60.56% owned by the
Russian state, is one of the world's largest hydropower companies
and accounts for 12% of energy generation in Russia. The company
consolidates RAO Energy System of East, the monopoly integrated
electric utility in the Far East region. In the last twelve months
ended June 30, 2018, RusHydro generated RUB349.5 billion
(approximately $5.9 billion) of revenue and RUB114.9 billion
(approximately $2.0 billion) of Moody's-adjusted EBITDA.



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


HOME MEAL: Enters Insolvency Proceedings After Refinancing Fails
----------------------------------------------------------------
Reuters reports that Home Meal Replacement SA on Oct. 23 said it
is entering insolvency proceedings after deal to refinance debt
falls apart.

According to Reuters, the company said that the refinancing deal
from Sept. 21 which covered around EUR10 million of debt with nine
financial entities fell apart after one of the creditors decided
to seize accounts of home meal, preventing the company from
operating normally.

Home Meal Replacement SA is a Spain-based company engaged in the
management of restaurants.


OBRASCON HUARTE: Fitch Alters Outlook on B+ LT IDR to Stable
------------------------------------------------------------
Fitch Ratings has revised Spain-based construction company
Obrascon Huarte Lain SA's Outlook to Stable from Negative, while
affirming the Long-Term Issuer Default Rating at 'B+'.

The revision of the Outlook reflects the disposal of OHL
Concesiones, which allows OHL to use the proceeds to reduce its
gross debt quantum and simultaneously simplify the group structure
considerably as a result. Its legacy projects, which had been
contributing to EBITDA losses, have largely been resolved and
Fitch expects OHL to return to positive EBITDA by 2019.

KEY RATING DRIVERS

Concession Disposal Transformational: With the sale of OHL
Concesiones, OHL has terminated its concessions business that was
established in early 2000. The new OHL structure is a pure
construction player focused on its home market of Spain, the US,
selected central and Latin American countries and eastern Europe.
While Fitch will not rule out future equity investments in
concessions, Fitch sees the divestment and accompanying
deleveraging as positive. The successful completion of the
concession sale has allowed OHL to significantly reduce its gross
debt at a time when the construction division had suffered from
legacy project delivery issues and unprofitable projects.

Group Complexity Reduced: The layered, complex group structure had
been a negative feature of OHL in the last few years, especially
compared with some of its peers. While the recourse and non-
recourse activities were technically separate, cash leakages
between the businesses had occurred in the past as the group
sought to support the concession business. The disposal of the
concession division and the elimination of higher-risk margin
loans that sat outside the recourse group help simplify the group
structure.

Gross Debt Reduced: OHL used part of the sale proceeds to reduce
gross debt. Virtually all the bank debt has been repaid (EUR700
million) and the outstanding amount of its three bonds fell to
EUR666 million at end-June 2018 from EUR895 million at end-2017.
With high levels of cash on the balance sheet, OHL is now net
cash-positive.

Legacy Projects: OHL had a number of large problematic legacy
projects that weighed heavily on profits. The risk of these
projects on the balance sheet has now largely been eliminated,
with only one project, Centre hospitalier de l'Universite de
Montreal (CHUM), leading to a EUR76 million charge in 2018 owing
to significant snags in the start-up phase. OHL has now
transferred the contract for Phase II of the project to a local
contractor and no longer has any pending works on CHUM.

New Management Team: The senior management team of OHL has seen
significant turnover over recent years, including five CEOs in two
years. A new management team was put in place this summer and is
currently formulating a business plan and group strategy. The team
intends to focus on reducing overhead costs and gradually
recovering business activity. It expects to begin implementing the
strategy from 2019. In Fitch's view a reduction in the turnover of
senior management and a consistent approach to operations is an
important factor in enabling the group to deliver on its
operational and profitability improvements.

Business Reorganisation: With margins in the construction and
services industries under pressure, strong contract discipline has
become increasingly important. Despite management changeover, OHL
has continued to improve internal risk management procedures,
including a more stringent monitoring of the bidding process,
improving contract structures, and shifting toward a more balanced
portfolio with smaller, lower-risk projects to reduce
concentration risk. The focus on projects that are easier to
deliver will aid profitability improvements, while working capital
and cash-flow volatility should also decline, boosting cash
conversion. Implementing these measures will be fundamental in
stabilising and improving OHL's operating and financial profiles.

DERIVATION SUMMARY

Following the sales of its concession business, OHL is now a pure
engineering and construction company that is focussed on several
key markets. This is similar to Salini S.p.A. (BB+/Stable), which
has limited concessions, but has a stronger position, a sound
order backlog and a healthier financial position. Most other E&C
peers still operate large concession portfolios, including
Ferrovial SA (BBB/Stable) and Vinci SA (A-/Stable) and benefit
from the contribution of recurring dividends from infrastructure
assets. Prior to OHL's concession business disposal, the group had
a weak financial profile that was similar to Astaldi S.p.A.(C),
which has now entered into creditor protection after failing to
sell key assets to reduce its high leverage. OHL, in contrast, has
managed to dispose of its concession business and use the proceeds
to significantly reduce debt, dealt with a number legacy projects
and is successfully restructuring the business.

KEY ASSUMPTIONS

  - Resizing the business with a revenue base below EUR3 billion

  - Regional focus on key markets in the US, Spain, Latin America
    and eastern Europe

  - Improved risk management policies reflected in careful
    selection of projects

  - EBITDA margin trending towards 5% by 2021, with legacy
    contract issues settled and reorganisation process completed
    in the next 18 months

  - No dividends until profitability of the construction business
    is restored

RATING SENSITIVITIES

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

  - Maintaining a net cash position until the restoration of
    sustainable positive EBIT and free cash flow generation by the
    construction division

  - Successful implementation of strategic plan to improve the
    bidding and monitoring processes, better manage the financial
    structure, as well as re-orientate the E&C business to
    smaller, lower-risk projects

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

  - Failure to restore positive EBIT margins and free cash flow

  - Material equity injections into new concessions

  - Material losses arising from new projects or claims related to
    legacy projects


LIQUIDITY AND DEBT STRUCTURE

Abundant Liquidity: Liquidity is strong with reported cash in
excess of EUR1 billion as at end-June 2018 and no significant
maturities in the next 18 months.

SUMMARY OF FINANCIAL STATEMENT ADJUSTMENTS

  - Lease equivalent debt was calculated at EUR118 million using
    an average multiple of 8x

  - Cash of EUR150 million was treated as restricted cash for
    operational purposes



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


GLOBAL LIMAN: Fitch Alters Outlook on BB- Notes Rating to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Global Liman Isletmeleri
A.S.'s (Global Liman, or GLI) USD250 million senior unsecured
notes due 2021 to Stable from Negative and has also affirmed the
rating at 'BB-'.

The revision of the Outlook to Stable reflects its view that, even
under a conservative rating case, GLI's leverage will remain below
3.5x, a level commensurate with the current 'BB-' rating. GLI's
exposure to the Turkish economy is diminishing, as its largest
Turkish cruise port, Ege Port, only accounts for around 5% of
overall revenue, while its major Turkish commercial port, Akdeniz,
has a largely export-driven traffic structure.

KEY RATING DRIVERS

GLI's 'BB-' rating reflects structural exposure to two volatile
business segments: the commercial segment (about 60% of 2017
EBITDA), with significant exposure to the containerised export of
marble from Akdeniz, and the cruise segment (about 40% of EBITDA).
Fitch views both sectors as sensitive to business cycles. The
rating is also constrained by GLI's historical acquisitive
corporate profile and unsecured bullet debt structure, with
material exposure to refinancing risk.

Global Ports Holding (GPH Plc), the parent company of GLI,
indirectly operates 15 cruise ports and two commercial ports in
nine countries. The rating analysis focuses on the consolidated
credit profile of the group.

Concentration Risk, Volatile Business - Revenue Risk (Volume):
Weaker

Port Akdeniz, an export-driven port with exposure to containerised
marble exports to China, accounts for about 60% of total EBITDA.
In 2017, about 90% of the port's volume was export-driven, and the
main revenue was generated from marble and cement exports to
China.

The cruise segment is entirely driven by tourism, a sector which
is sensitive to business cycles. In 2017, 84% of cruise revenue
was generate by EU ports with more stable cash flows and 16% by
Turkish ports, which have high volatility.

The concentration risk of commercial revenue and the exposure to
more volatile cruise and commercial segments suggest a 'Weaker'
assessment for revenue risk.

Some Flexibility, Low Visibility - Revenue Risk (Price): Midrange
GPH's Turkish ports benefit from full pricing flexibility, in both
the commercial and cruise segments. Turkish laws, including those
by the Turkish Competition Authority, only prevent 'excessive and
discriminatory pricing', for which there is no history of
enforcement. For some of the non-Turkish ports, GPH would need
approval from the Port Authorities to set up tariffs. GPH's
management typically favours short-term contracts with its
customers, including incentives at times. Pricing flexibility is
balanced by the lack of long-term visibility and results in a
'Midrange' assessment.

Sufficient Capacity - Infrastructure Development and Renewal:
Stronger

Most of the ports within GPH's portfolio have sufficient capacity
headroom to deliver the expected throughput. Only the ports of
Barcelona and Valletta would consider expansionary capex. In its
view, GPH's investment plan is well-equipped, as it has experience
in delivering capex on its port network. This results in a
'Stronger' assessment.

Bullet Debt, Refinancing Risk - Debt Structure: Weaker

Rated debt consists of USD250 million senior unsecured corporate-
style bond issued by GLI and maturing in 2021. GLI's concentrated
and back-ended repayment maturity profile creates refinancing
risk. Furthermore, this bullet bond does not benefit from
significant covenant protection, apart from the restrictions
imposed on the raising of additional indebtedness if gross
debt/EBITDA exceeds 5x and the customary limitation of
distributions at 50% of cumulated net income. There are no current
limitations on acquisitions, but Fitch believes the September 2015
primary equity investment of approximately 11% of the parent
company GPH Plc by the European Bank for Reconstruction and
Development (after the May 2017 IPO reduced to 5.03%) is providing
additional oversight, corporate governance and due diligence for
any new acquisitions.

Financial Profile

Under the revised Fitch rating case, which uses more conservative
assumptions than the management, mainly on volume, tariffs, opex
and dividends received from joint ventures, GPH's adjusted
leverage averages at 3.3x over a five-year forecast period.

Fitch rates GPH on the basis of its consolidated credit profile.
This approach considers GPH's extensive strategic, operational and
financial control over its subsidiaries, lack of tight ring
fencing features in most of its operating companies (except
Barcelona Ports Investments, S.L./Creuers that are funded with
project finance-like debt) as well as the potential cross default
of GPH bonds with debt raised by consolidated subsidiaries (except
Valletta Cruise Port and Malaga Cruise Port).

PEER GROUP

Fitch compared GPH with a series of Fitch-rated single site ports
and larger port groups with varying levels of structural
protection for creditors.

Mersin Uluslararasi Liman Isletmeciligi A.S. (BB+/Negative) is a
Turkish peer with a more diversified business profile, a strong
operational sponsor (PSA International), lower leverage (max 1.2x)
and less acquisitive profile. Mersin is capped at Turkey's Country
Ceiling (BB+).

Global Ports Investments PLC (BB/Stable), which compared with GPH,
has a 'Midrange' assessment of volume and debt structure, a
dominant position in its reference market but slightly higher
leverage.

LLC DeloPorts (BB-/Stable) is also a close peer as it has a
'Weaker' volume risk assessment, but GPH has arguably more volume
concentration than DeloPorts. Furthermore, GPH is more leveraged
than DeloPorts' five-year average leverage at 2.9x. DeloPorts'
consolidated credit profile is rated one notch higher (BB) than
GPH.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:

  - Failure to prefund GPH's debt 24 months in advance of its
maturity could be rating negative

  - A Fitch adjusted leverage consistently above 3.5x under the
Fitch rating case

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:

  - A Fitch adjusted leverage consistently below 2.5x under the
Fitch rating case


CREDIT UPDATE

Performance Update

1H18:

Consolidated revenue and EBITDA have grown by 14% and 21%,
respectively, supported by both cruise and commercial business
lines. The cruise sector had a revenue increase of 21% in 1H18 and
EBITDA increase of 45.5%. The commercial sector's revenue
increased by 9.3% and EBITDA by 16%. Akdeniz Port's revenue was
flat due to a 0.4% decline in TEU throughput volumes and a 6%
decline in general cargo and bulk volumes. Nonetheless, EBITDA
increased by 8%, given the depreciation of the Turkish lira.

FY17:

Total revenue increased by 1.3%. Cruise ports revenue decreased by
6% and commercial revenue increased by 8%. The weakness in Turkish
cruise ports was offset by commercial business and non-Turkish
cruise ports' performance (9.9% growth in revenue). Commercial
EBITDA increased by 9.7%, offsetting the cruise ports' EBITDA
decrease of 12.7%. Total EBITDA was mainly flat.

Fitch Cases

The Fitch base case assumes revenue growth of 3.5% CAGR in 2018-
2022 and Fitch adjusted EBITDA increase of 5%. The Fitch rating
case takes a more prudent stance and assumes a revenue growth of
2% and Fitch adjusted EBITDA increase of 4%. Capex are in line
with management case. The projected Fitch adjusted five-year
average leverage is 2.9x in Fitch's base case and 3.3x in Fitch's
rating case.

Asset Description

GPH operates, through GPI, 15 cruise ports and two commercial
ports in nine countries. Three of these ports are based in Turkey
(Port Akdeniz, Ege Ports and Bodrum).



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


PATISSERIE VALERIE: High Court Dismisses Winding-Up Order
---------------------------------------------------------
Oliver Gill at The Telegraph reports that the High Court has
dismissed a winding-up order that threatened the existence of
stricken coffee chain Patisserie Valerie, but the company has been
forced to open a probe into discrepancies relating multimillion-
pound bonuses handed out to top executives.

According to The Telegraph, holding company Patisserie Holdings
said on Oct. 24 a petition lodged by tax authorities against the
company's main operating unit was dismissed by the High Court.

But the chain admitted it was "seeking to understand" why share
options from 2015 and 2016 "have not been appropriately disclosed
and accounted for in its financial statements", The Telegraph
relates.

Shares in the Aim-quoted company were suspended two weeks ago, The
Telegraph recounts.


POSITIVE HEALTHCARE: Appoints KSA Limited as Liquidators
--------------------------------------------------------
Positive Healthcare Plc on Oct. 12 disclosed that Eric Walls --
ericw@ksagroup.co.uk -- and Wayne Harrison --
WayneH@ksagroup.co.uk -- of KSA Limited, C12 Marquis Court,
Marquis Way, Team Valley, Gateshead NE11 0RU have been appointed
as liquidators to the Company.

The Directors of Positive Healthcare accept responsibility for
this announcement.

Positive Healthcare PLC operates as a healthcare recruitment
consultancy.


RMAC PLC 2: Moody's Assigns Ca Rating to GBP6.4MM Class X Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term credit
ratings to Notes issued by RMAC No. 2 plc:

GBP201.0M Class A Mortgage Backed Floating Rate Notes due June
2046, Definitive Rating Assigned Aaa (sf)

GBP6.8M Class B Mortgage Backed Capped Rate Notes due June 2046,
Definitive Rating Assigned Aa3 (sf)

GBP6.8M Class C Mortgage Backed Capped Rate Notes due June 2046,
Definitive Rating Assigned A3 (sf)

GBP5.7M Class D Mortgage Backed Capped Rate Notes due June 2046,
Definitive Rating Assigned Baa3 (sf)

GBP6.4M Class X Mortgage Backed Capped Rate Notes due June 2046,
Definitive Rating Assigned Ca (sf)

Moody's has not assigned ratings to the GBP 8.0M Class Z1 Mortgage
Backed Notes due June 2046 and GBP 3.5M Class Z2 Mortgage Backed
Notes due June 2046.

The portfolio backing this transaction consists of UK non-
conforming residential loans originated by GMAC-RFC Limited
(currently known as Paratus AMC Limited) and Amber Homeloans
Limited (not rated). The current pool balance is approximately
equal to GBP 233.1M as of the end of September 2018. 97.0% of the
pool was securitised in 12 RMAC securitisations. The portfolio
securitised in RMAC No.1 PLC, which closed in April 2018, was
randomly selected from the total portfolio of the 12 legacy RMAC
transactions. The portfolio securitised in RMAC No. 2 plc is what
remains outstanding of the total portfolio.

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement (CE) and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 3.0% and the MILAN CE of 15.0% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution.

The portfolio expected loss of 3.0%, which is lower than other
recent UK non-conforming transactions and takes into account: (i)
the historical performance of the collateral backing the RMAC
transactions; (ii) the number of loans in arrears at closing,
25.0% of the pool is in arrears at the end of September 2018, of
which 8.2% is less than 30 days in arrears and 10.2% is more than
90 days in arrears; (iii) the weighted-average current LTV of
69.4% and the weighted-average indexed LTV of 48.2%; (iv) the
proportion of interest-only loans, 78.1% of the pool, of which
2.3% are part and part loans; (v) the current macroeconomic
environment and its view of the future macroeconomic environment
in the UK; and (vi) benchmarking with similar transactions in the
UK non-conforming sector.

The MILAN CE for this pool is 15.0%, which is lower than other
recent UK non-conforming transactions and takes into account: (i)
the weighted-average current LTV of 69.4% and weighted-average
indexed LTV of 48.2% which are lower compared to the average of
the UK non-conforming sector; (ii) the presence of 77.4% of the
loans where the borrower income is either self-certified or was
not verified; (iii) the presence of 42.2% of loans in the pool
that were modified at some point in the past, as result of loss
mitigation techniques used by Paratus; (iv) the weighted average
seasoning of the pool of 13.8 years; and (v) the level of arrears
around 25.0% at the end of September 2018, of which 8.2% is less
than 30 days in arrears and 10.2% is more than 90 days in arrears.

A non-amortising reserve fund is funded at closing and is equal to
1.5% of the Class A, B, C, D and Z1 Notes at closing. It consists
of two components; the first is a liquidity component, which is
funded at closing and is sized at 1.63% of Class A and B Notes'
balance at closing. The liquidity component of the reserve fund
will amortise to the lesser of 1.63% of Class A and B Notes'
balance at closing and 2.0% of the currently outstanding balance
of Class A and B Notes during the life of the transaction. The
liquidity component of the reserve will be available to cover
senior fees and interest on Class A and B (subject to no PDL on
the Class B). The liquidity component of the reserve will be
replenished in the revenue waterfall below the Class B interest
payments.

The second component of the reserve fund is sized at 1.5% of the
Class A, B, C, D and Z1 Notes at closing, minus the balance of the
liquidity reserve component from time to time. This means that at
closing, the credit component of the reserve fund will be residual
and increase throughout the life of the transaction as the
liquidity component amortises. The general component of the
reserve fund is available upon conditions to cover both credit and
interest and senior fee shortfalls.

Operational Risk Analysis: Paratus AMC Limited will be acting as
servicer and is not rated by Moody's. In order to mitigate the
operational risk, the transaction will have a back-up servicer
facilitator (Intertrust Management Limited (not rated)). Elavon
Financial Services DAC (Aa2 /P-1), acting through its UK Branch,
will be acting as an independent cash manager from closing. To
ensure payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language, whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation, in case no servicer report is
available. Class A Notes benefit from principal to pay interest,
and the liquidity component of the reserve fund. The liquidity
component of the reserve provides the Class A Notes with the
equivalent of 2 quarters of liquidity.

Interest Rate Risk Analysis: The transaction is unhedged with
46.0% of the pool balance linked to Bank of England Base Rate
(BBR), 47.3% linked to three-month LIBOR and 6.7% SVR-linked
loans. Moody's has taken into account the absence of basis swap in
its cashflow modelling.

The definitive ratings address the expected loss posed to
investors by the legal final maturity of the Notes. In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par for Class A, B and C Notes on
or before the rated final legal maturity date and ultimate payment
of interest and principal on or before the rated final legal
maturity date for Class D and X Notes. Other non-credit risks have
not been addressed, but may have a significant effect on yield to
investors.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Significantly different loss assumptions compared with its
expectations at close, due to either a change in economic
conditions from its central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market, could result in a downgrade of the ratings.
Downward pressure on the ratings could also stem from: (i)
deterioration in the Notes' available credit enhancement; (ii)
counterparty risk, based on a weakening of a counterparty's credit
profile; or (iii) any unforeseen legal or regulatory changes.
Conversely, the ratings could be upgraded: (i) if economic
conditions are significantly better than forecasted; (ii) upon
deleveraging of the capital structure; or (iii) a better than
expected performance could also lead to upgrade.



                            *********

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
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *