/raid1/www/Hosts/bankrupt/TCREUR_Public/181108.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, November 8, 2018, Vol. 19, No. 222


                            Headlines


C R O A T I A

ZAGREBACKA BANK: S&P Affirms 'BB+' Long-Term ICR, Outlook Pos.


C Y P R U S

URALS ENERGY: Launches Capital Review Amid Insolvency Risk


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Moody's Affirms B1 CFR, Outlook Stable


G R E E C E

GLOBAL SHIP: Moody's Affirms B3 CFR, Outlook Stable
GLOBAL SHIP: S&P Puts 'B' Long-Term ICR on Watch Negative


I R E L A N D

OZLME V: Moody's Assigns (P)B2 (sf) Rating to Class F Notes
OZLME V: Fitch Assigns B-(EXP)sf Rating to Class F Debt
TAIGA SHTOF: Court Appoints KMPG as Provisional Liquidator


I T A L Y

INTERNATIONAL DESIGN: Fitch Assigns B+(EXP) Long-Term IDR
INTERNATIONAL DESIGN: S&P Assigns Prelim 'B' ICR, Outlook Stable


N E T H E R L A N D S

GAMMA INFRASTRUCTURE II: Moody's Affirms B3 CFR, Outlook Stable
INTERTRUST NV: S&P Assigns Prelim. 'BB+' ICR, Outlook Stable


P O L A N D

LED LEASE: Files Application to Open Restructuring in Court


R O M A N I A

* ROMANIA: 20% of Firms With Assets Over EUR1MM in Insolvency


S W E D E N

VERISURE MIDHOLDING: S&P Affirms 'B' LT Issuer Credit Rating


T U R K E Y

FLEETCORP OPERASYONEL: S&P Lowers Issuer Credit Ratings to 'D'


U N I T E D   K I N G D O M

ALLIED HEALTHCARE: On Brink of Collapse, Inspectors Warn
BEYOND VISION: Online Advertising Company Shut Down
BLACKHOUSE RESTAURANTS: To Close Grill on the Alley Store
NEW LOOK: Plans to Close 85 UK Stores Under CVA
NEWDAY FUNDING 2018-2: Fitch Assigns Bsf Rating to Series F Notes

PREZZO: Trading Remains Challenging Despite Restructuring
SCHRODERS PLC: Investors Seek to Pull Out Money on Brexit Fears


                            *********



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C R O A T I A
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ZAGREBACKA BANK: S&P Affirms 'BB+' Long-Term ICR, Outlook Pos.
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit and
resolution counterparty ratings on Zagrebacka bank dd (Zaba). The
outlook remains positive.

S&P said, "The affirmation follows our outlook revision, on Oct.
30, 2018, on Zaba's parent, UniCredit SpA (UCG), to negative from
stable, following an outlook revision on Italy. The affirmation
reflects our view that our negative expectations for the ratings
on Italy and UCG do not have an immediate effect on either Zaba's
strategic importance within UCG, or the level of eventual support
that UCG could provide Zaba in case of need. This is because we
do not perceive a downgrade as imminent, as the time horizon of
the negative outlook on Italy is 24 months. As such, potential
upside on the Croatian sovereign rating over the next 12 months
might still allow us to incorporate more parental support into
our ratings on Zaba, provided that UCG's overall creditworthiness
does not deteriorate from current levels.

"Under our criteria, we could rate Zaba three notches above its
stand-alone credit profile and up to one notch below the issuer
credit rating on UCG. That said, our long-term rating on Zaba
remains capped at the level of the rating on Croatia because we
think that Zaba is predominantly exposed to the economic risks of
Croatia.

"The positive outlook on Zaba mirrors that on Croatia. The
outlook incorporates our view that Zaba will preserve its
strategic role within UCG over the next 12 months as an important
conduit for the group's retail and corporate activities in
Croatia and Bosnia and Herzegovina.

"We could raise our long-term rating on Zaba following a similar
action on Croatia, all else being equal.

"We could revise our outlook back to stable following a similar
action on Croatia. We could also revise the outlook on Zaba if,
despite improving economic and operating conditions in Croatia,
UCG's credit profile deteriorated."


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C Y P R U S
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URALS ENERGY: Launches Capital Review Amid Insolvency Risk
----------------------------------------------------------
StockMarketWire.com reports that Russia-focused oil company Urals
Energy warned it was still at risk of going insolvent due to its
constrained working capital position.

According to StockMarketWire.com, Urals said it would shortly
appoint an independent firm of accountants to perform a short-
term working capital review -- and a review of any transactions
by its subsidiary JSC Petrosakh that were outside of the ordinary
course of business.

StockMarketWire.com relates that the company reaffirmed that the
proceeds from a looming tanker shipment would be of critical
importance to its shorter to medium-term working capital
position.

The tanker was expected to arrive at Kolguev Island on or around
October 27, the report relays.

"The board estimates that the group will receive the proceeds
from this shipment on or around the middle of November 2018,"
Urals said, notes the report. "The board notes that local weather
conditions may have a significant influence on the achievement of
the above timings."

StockMarketWire.com relates that Urals said that it had "a number
of pressing payment obligations which need to be made by the end
of November 2018", some of which were "very significant".

The company is also in dispute with an associate over the alleged
unauthorised payments by the subsidiary.

"Due to the unauthorised actions of Mr. Kononov . . . the board
estimates that even after the net cash inflow from the coming
tanker shipment the group will continue to face a working capital
deficit of approximately US$3m," it said, StockMarketWire.com
relates. "The renewal of certain of the group's loan facilities
over the coming months is also critical to the group's medium-
term future and the support of the group's banks will be
essential in this process."

Headquartered in Nicosia, Cyprus, Urals Energy Public Company
Limited (LON:UEN) -- http://www.uralsenergy.com/-- together with
its subsidiaries, operates as an independent exploration and
production company in Russia. Its primary exploration and
production operations are on the Kolguyev Island based in Timan
Pechora, on Sakhalin Island, and Komi region. The company has 2P
proved and probable reserves of 46.3 mmboe. It also processes
crude oil for distribution in Russia and internationally.


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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: Moody's Affirms B1 CFR, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed Cheplapharm Arzneimittel
GmbH's B1 Corporate Family rating and B1-PD Probability of
default rating as well as the B1 instrument ratings assigned to
the company's EUR530 million senior secured term loan B1 and
EUR310 million revolving credit facility. Concurrently Moody's
has assigned a B1 rating to a EUR300 million senior secured term
loan B2. The outlook is stable.

RATINGS RATIONALE

The rating affirmation was prompted by (i) Cheplapharm's good
operating performance and free cash flow generation year-to-date
June 2018 with an EBITDA growth of 3% y-o-y to EUR78.4 million
(10% above budget) and a free cash flow of EUR35 million, (ii)
the increased product, therapeutic and geographic diversity of
the group following five products acquisitions since the
assignment of the new rating in June 2018 (seven products if
Moody's includes two additional products to be acquired in Q1
2019), (iii) the timely transfer of marketing authorizations from
the pharmaceutical companies to Cheplapharm for products acquired
in early 2018 and before, (iv) a 2018 expected leverage as
measured by Moody's adjusted Debt/EBITDA of around 4.0x pro-forma
of the closing of the seven products acquisitions, which remains
within its leverage tolerance for the current rating and (v) the
management's commitment to a needed phase of consolidation during
the course of 2019 after a rapid pace of development over the
last 6 to 12 months.

Cheplapharm's rating remains constrained by the group's (i) small
size with 2018 expected pro-forma revenues of approximately
EUR320 million (less small based on EBITDA due to strong
profitability), (ii) very aggressive growth that will lead to a
turnover of close to EUR500 million by 2020, from EUR226 million
in 2017 which, Moody's believes, is a significant challenge to
manage, (iii) a degree of product concentration with the three
largest products accounting for around 35% of revenues although
revenue concentration has significantly reduced following the
recent five products acquisitions and the expected acquisitions
of two additional products in Q1 2019, (iv) very acquisitive
strategy in the recent past and need to pursue further
acquisitions in the future to sustain growth and counter-balance
typical sales erosion patterns of legacy off patent branded
products notwithstanding that the current portfolio of products
would be well sufficient to service and repay the debt under the
banking case; (v) relatively short track record of working
together with well-recognised big pharma companies such as Roche,
BMS, AstraZeneca and (v) somewhat elevated leverage with a 2018
pro-forma Moody's adjusted debt/EBITDA of around 4.0x.

Cheplapharm's B1 Corporate Family rating also continue to reflect
the company's (i) profitable and cash flow generative business
model focused on acquiring IP rights of branded off patent
products from big pharma companies with a strategy to outsource
both production and distribution to third parties, (ii) strong
portfolio of legacy and niche products with a good therapeutic
and geographical diversity despite the group's small size, (iii)
successful track record of running its business model, which has
enabled Cheplapharm to become a strong partner of well-
established big pharma companies looking to divest tail branded
products or small portfolios, (iv) strict investment criteria
focused on short payback periods, which should protect creditors
from sales erosion typical of off patent branded products in the
late stages of their life cycle, and (v) more conservative
financial policies than private equity owned companies and more
stringent terms and conditions under the loan documentation than
current market standards.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook assigned to the rating reflects Moody's
expectations that Cheplapharm will continue to maintain
conservative financial policies with a Moody's adjusted leverage
as measured by debt/EBITDA not exceeding 4.5x over time.

LIQUIDITY

The liquidity profile of Cheplapharm is adequate. Cheplapharm had
around EUR10 million of cash on balance sheet at June 30, 2018
and full availability under the group's EUR310 million revolving
credit facility. Coupled with EUR300 million proceeds from the
issuance of the term loan B2 and the group's strong operating
cash flow generation (around EUR120 million expected over the
next four quarters), this should be more than sufficient to cover
modest capex and product acquisitions expected for H2 2018 and Q1
2019. Assuming that Cheplapharm slows down its acquisition
activity in 2019, Moody's would expect the group's liquidity
position to improve swiftly supported by the group's strong free
cash flow generation.

Cheplapharm has only one springing covenant under its senior
facilities agreement, which is being tested if the revolving
credit facility is drawn more than 40%. This will be the case
when Cheplapharm closes its two additional products acquisitions
in Q1 2019. However Cheplapharm should maintain good covenant
headroom under its financial covenant.

STRUCTURAL CONSIDERATIONS

The pro-forma capital structure of Cheplapharm will mainly
consist of senior secured bank debt. The term loan amounting to
EUR830 million and the EUR310 million RCF will rank pari passu
and be secured over the same security package. There are certain
operating subsidiaries of Cheplapharm Arzneimittel AG, which are
outside of the restricted group. Under the senior facilities
agreement, Cheplapharm can give up to EUR10 million guarantees to
these non-restricted subsidiaries, which Moody's has added to its
Moody's adjusted debt.

Moody's has also included in its adjusted debt a shareholder loan
where Cheplapharm can elect to pay interest in cash to its
adjusted debt. The shareholder loan also offers some loss
absorption in a default scenario hence Moody's has included it in
its waterfall. The small size of this instrument (~EUR32 million)
does not lead to an uplift of the senior secured instrument
ratings from the corporate family ratings.

Moody's has used a family recovery rate of 50% despite an all
bank debt structure due to the covenant lite package offered to
lenders.

WHAT COULD CHANGE THE RATING UP / DOWN

Positive rating pressure is not considered in the short term.
Positive pressure would build if leverage as measured by
Debt/EBITDA would drop towards 3.5x. A higher rating would also
require a further diversification of the group's portfolio of
drugs coupled with an increase in size of the company.

Negative pressure would build if leverage as measured by
Debt/EBITDA would increase sustainably above 4.5x. A
deterioration in the group's profitability with EBITDA margins to
drop materially and sustainably below 45% could lead to negative
pressure on the rating. Beyond quantitative factors any delay in
marketing authorization transfers or sharp deterioration in the
profitability of products post TSA period indicating that
Cheplapharm is not running its business model effectively could
lead to negative rating pressure. A deterioration of the group's
liquidity profile could also exert negative pressure on the
ratings.

LIST OF AFFECTED

Issuer: Cheplapharm Arzneimittel GmbH

Affirmations:

LT Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Bank Credit Facilities, Affirmed B1


Assignments:

Senior Secured Bank Credit Facility, Assigned B1 (LGD 3)

Outlook Actions:

Outlook, Remains Stable

The principal methodology used in these ratings was
Pharmaceutical Industry published in June 2017.


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GLOBAL SHIP: Moody's Affirms B3 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
Global Ship Lease, Inc. at B3 and the probability of default
rating at B3-PD. The rating of GSL's senior secured notes was
also affirmed at B3. The rating outlook is stable.

This rating action reflects GSL's announcement of its all-stock
merger with Poseidon Containers Holding LLC ("Poseidon", unrated)
for a total transaction value of $780 million. As a result of
this combination, Poseidon Containers' shareholders would own
economic interests of 69.5% and existing GSL shareholders 30.5%
of the combined entity. The largest economic stake (56.4%) will
be held by Kelso, a US private equity firm, with voting power of
49.2%.

"This transaction increases GSL's fleet size and customer
diversification while reducing fleet age and adding new eco-
design ships," says Maria Maslovsky, a Moody's Vice President --
Senior Analyst and the lead analyst for GSL. "Although financial
leverage (Debt / EBITDA) will increase as a result of this
transaction, it is likely to remain at the level commensurate
with the B3 rating," adds Maslovsky. "Also, according to a recent
valuation of the fleet by the valuers approved under the GSL
notes indenture, leverage as measured by charter-free loan to
value for the combined fleet will improve to 92% (gross) / 81%
(net), from GSL standalone of 144% (gross) / 108% (net)."

RATINGS RATIONALE

The affirmation of GSL's ratings reflects the increased fleet
size and diversity resulting from the combination with Poseidon
and the introduction of new customers. The combined entity's
fleet will double to 38 vessels from the nineteen that GSL
currently owns and fleet age will reduce by approximately three
years to 10.7 years. The combined entity will also have eleven
charter customers instead of three for GSL currently. In
addition, Poseidon's fleet includes nine wide-beam, eco-design
vessels that are more attractive and marketable to charterers.

Offsetting these positives, the combined entity's leverage is
expected to be 6.0x debt/EBITDA on a pro forma last twelve months
basis which is significantly higher than 3.9x debt/EBITDA
reported by GSL in 2017. Going forward, leverage is expected to
reduce owing to approximately $80 million of combined
amortization per year; in addition, if charter rates improve, the
de-leveraging will accelerate. The significant increase in
leverage reduces the cushion in the company's credit profile;
however, the rating remains appropriately positioned at B3
because the company was previously conservatively leveraged for
the rating category and the rating was driven by expected cash
flow decline as above-market charters expire. This cash flow
decline will likely be diluted with the addition of Poseidon's
fleet.

The combined entity's liquidity is expected to be adequate owing
to cash-generative operations, de-minimus capex consisting only
of dry docking and no near-term maturities.

The senior secured note rating of B3 is in line with the
corporate family rating because all debt in the combined group is
secured on different pools of assets and effectively pari passu.

The stable rating outlook reflects Moody's expectation that the
combined company will manage successfully the cash flow
deterioration in the legacy GSL portfolio as its above-market
charters expire. Moody's further anticipates that the company
will re-charter Poseidon's legacy vessels profitably as a number
of their charters expire in the next twelve months.

Positive pressure could be exerted on the ratings or outlook in
case of improving market rates that would help GSL in its re-
chartering activity supporting credit metrics with debt/EBITDA
not to exceed 5x beyond 2017 on a sustainable basis.

Negative pressure on the ratings or the outlook could develop if
the company's (FFO + interest)/interest ratio is sustained below
1.5x and debt/EBITDA ratio exceeds significantly 6.0x for a
prolonged period of time. Immediate downward pressure on the
ratings could also result if GSL experiences constrained
liquidity and difficulties in terms of the re-chartering of
vessels when contracts expire.

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

Global Ship Lease, Inc. is a Republic of the Marshall Islands
corporation, with administrative offices in London. The company,
via its subsidiaries, owns a fleet of 19 container vessels. GSL
operates in the shipping container market as a pure lessor and
its entire fleet is chartered out to CMA CGM S.A., Maersk Line
and OOCL. GSL collected revenues of $107 million for the first
nine months of 2018.


GLOBAL SHIP: S&P Puts 'B' Long-Term ICR on Watch Negative
---------------------------------------------------------
S&P Global Ratings said that it placed on CreditWatch with
negative implications its 'B' long-term issuer credit rating on
Marshall Islands-registered container shipping company Global
Ship Lease, Inc. (GSL).

At the same time, S&P placed all its issue ratings on the
company's debt on CreditWatch negative, including the 'B' rating
on the $360 million senior secured bonds, and its 'BB' rating on
the senior secured term loan facility ($44.8 million outstanding
as of Sept. 30, 2018).

The CreditWatch placement follows GSL's Oct. 29, 2018
announcement that it will merge with Poseidon Containers Holdings
LLC and K&T Marine LLC (together Poseidon Containers) in a stock-
for-stock transaction.

The combined business will benefit from a larger and younger
fleet that will double the size of the operations (to 38 vessels
and 198,793 twenty-foot equivalent unit [TEU], from 19 vessels
and 85,136 TEU on a GSL stand-alone basis). The merger will also
provide a more diversified customer base and enable GSL to
increase exposure to short-term spot charters. The combined
business would have $264 million revenue and $164 million
management EBITDA for the 12 months that ended Sept. 30, 2018.
S&P understands that the merger would improve charter-free gross
loan-to-value to 92% for the combined fleet from 144% for GSL
stand-alone, providing additional financial flexibility.

S&P said, "However, with a gross debt of $971 million after the
transaction, our adjusted debt to EBITDA for the combined group
will increase beyond 5x from our current expectation of 4.5x for
GSL stand-alone. We would therefore reassess the combined
company's financial and operational strategy, capital structure,
and its prospective liquidity management especially in light of
certain debt maturities at Poseidon Containers in June and
December 2020, and assess how these factors are likely to affect
the credit quality on the combined group basis."

The combined group will be majority owned by financial sponsor
Kelso, which will hold a 56.4% economic interest, but with voting
power of 49.2%. The merger will also effectively dilute CMA CGM's
stake of the combined group to 13.3% from the current 44.4% of
GSL on a stand-alone basis. Public and private investors, as well
as the management, will hold the remaining diluted stake.

S&P said, "Our CreditWatch reflects that we are likely to either
affirm or lower our ratings on GSL once we have reassessed the
combined business prospects, capital structure, financial policy,
maturity profile, and liquidity position. The key drivers for our
CreditWatch resolution will depend on further information on the
merged fleet (that is, specification, age, and engine
efficiency); charter profile (relating to customer quality and
operating costs); and capital structure including the maturity
profile. We expect the transaction to complete in November 2018."


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

EUR 248,000,000 Class A Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR 19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR 20,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR 27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)A2 (sf)

EUR 24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Baa3 (sf)

EUR 22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Ba2 (sf)

EUR 12,000,000 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 Och-Ziff Europe
Loan Management Limited has sufficient experience and operational
capacity and is capable of managing this CLO.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to
7.5% of the portfolio may consist of senior unsecured
obligations, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be 80% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe.

Och-Ziff Europe 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 roughly four and
a half year reinvestment period. Thereafter, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit impaired obligations
and are subject to certain restrictions.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR40 million of Subordinated Notes which are
not rated.

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

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: 44

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors
domiciled in countries with local currency ceiling 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 5% and with exposures of LCC
below Baa3 not greater than 0%.


OZLME V: Fitch Assigns B-(EXP)sf Rating to Class F Debt
-------------------------------------------------------
Fitch Ratings has assigned OZLME V Designated Activity Company
expected ratings as follows:

EUR248 million Class A: 'AAA(EXP)sf'; Outlook Stable

EUR19 million Class B-1: 'AA(EXP)sf'; Outlook Stable

EUR20 million Class B-2: 'AA(EXP)sf'; Outlook Stable

EUR27 million Class C: 'A(EXP)sf'; Outlook Stable

EUR24 million Class D: 'BBB-(EXP)sf'; Outlook Stable

EUR22 million Class E: 'BB-(EXP)sf'; Outlook Stable

EUR12 million Class F: 'B-(EXP)sf'; Outlook Stable

EUR40 million subordinated notes: 'NR(EXP)sf'

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

The transaction is a cash flow collateralised loan obligation
(CLO). Net proceeds from the issuance of the notes, expected to
amount to EUR412 million, will be used to purchase a portfolio
with a target par of EUR400 million. The portfolio is primarily
made up of European senior secured loans (at least 92.5%) with a
component of senior unsecured, mezzanine, and second-lien loans.

The portfolio is actively managed by Och-Ziff Europe Loan
Management Limited. The CLO envisages a 4.6-year reinvestment
period (scheduled to end on July 14, 2023) and an 8.5-year
weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B' category. The weighted average rating factor (WARF) of the
identified portfolio is 32.4, below the covenanted maximum of
34.0.

High Recovery Expectations

At least 92.5% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rating (WARR) of the
identified portfolio is 68.5%, above the covenanted minimum of
64.0%.

Diversified Asset Portfolio

The maximum exposure to the top 10 obligors as indicated by the
manager for the closing date is 20% of the portfolio balance. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that
the asset portfolio will not be exposed to excessive
concentration.

Adverse Selection and Portfolio Management

The transaction features a 4.6-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Limited Interest-Rate Risk

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 5% of the target par. This
fixed-rate bucket covenant partially mitigates interest rate
risk. Fitch modelled both 0% and 10% fixed-rate buckets and found
that the rated notes can withstand the interest rate mismatch
associated with each scenario.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

OTHER CONSIDERATIONS

Limited Unhedged Non-Euro Exposure

The transaction is permitted to invest up to 2.5% of the
portfolio in non-euro assets, provided the aggregate collateral
balance is above the reinvestment target par. The principal
balance of these unhedged obligations is: (i) haircut by 70%
before settlement date and up to 180 days after settlement or
(ii) nil otherwise (for the purpose of coverage tests and
reinvestment target par). In addition, up to 20% of the portfolio
may be invested in non-euro assets, provided perfect swaps are
entered into as of the settlement date for each of them.

Effective Date Rating Event

If an effective date rating event occurs, the notes are usually
redeemed on the payment dates following the effective date out of
interest and principal proceeds until the effective date rating
event is cured or the rated notes are redeemed in full. This
transaction differs from other European CLOs rated by Fitch in
that the manager can apply the proceeds that would have been used
to redeem the notes to acquire additional assets in an amount
sufficient to cure the effective date rating event and up to
prior to the second payment date.

Trading Gains Limited

The manager is permitted to reclassify investment gains as
interest proceeds and apply them to the interest priority of
payments subject to certain conditions. These conditions include
that the aggregate portfolio balance is at least equal to or
greater than the product of 101% and the reinvestment target par
balance and class F par value test is no less than 107.5%. In
addition, the cumulative amount of trading gains designated as
interest proceeds cannot exceed 1% of the target par.

Senior Secured RCF Limit

The transaction features a 20% revolving credit facility (RCF)
limit to be considered while categorising the loan/bond as senior
secured for the purpose of portfolio profile tests. It also
envisages a Fitch senior secured obligation concept, which is
defined with a RCF limit at 15%. For the purpose of recovery
estimates, when no Fitch recovery estimate is assigned, senior
secured obligations with up to 15% RCF (ie. Fitch senior secured
obligations) will be assumed to have a strong recovery.

RATING SENSITIVITIES

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

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets 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 asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


TAIGA SHTOF: Court Appoints KMPG as Provisional Liquidator
----------------------------------------------------------
Tim Healy at The Independent reports that the High Court has
appointed a provisional liquidator to an Irish company that
makes, sells and distributes a premium Russian vodka.

According to the report, Ms. Justice Leonie Reynolds appointed
insolvency practitioner Shane McCarthy of KPMG as provisional
liquidator to Taiga Shtof Ltd, which has a registered address at
Laburnum House, Fairgreen Road, Ballymore, Co Sligo, after she
was satisfied it is insolvent and unable to pay its debts.

The vodka is made in Russia, marketed in exclusive handmade
bottles and shipped to its main market, the USA, via Latvia. The
court heard the firm got into difficulties after a dispute
between two of the firm's shareholders and a third shareholder,
Islam Magkometov, the report says.

The Independent relates that the dispute was due to production
deadlines not being met, lack of funding, unpaid production and
supplier expenses that resulted in delays in the business.

The report notes that the product was meant to be launched in
September 2016, but was not released until last December.
According to the report, the petition to appoint a liquidator was
made by two of the shareholders and promoters of the company,
Raman Gazine of Bouscat, France and Francisco Xavier Fermin De
Eizaguirre with an address in the French overseas territory of St
Martin. Kelley Smith BL, for the petitioners, said this was to
preserve the value of the company's main asset, its brand name
and intellectual property rights, for its creditors. Her clients,
who had advanced loans to the company, are also creditors,
counsel said.

Her clients had reached an impasse with Mr. Magkometov, she said,
the report relays.

The Independent adds that counsel said that the appointment of a
liquidator was also needed to secure an exclusive distribution
agreement for the US, which needs to be executed before
November 7. The judge, after confirming Mr. McCarthy as
provisional liquidator, adjourned it to a date next month, the
report says.


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


INTERNATIONAL DESIGN: Fitch Assigns B+(EXP) Long-Term IDR
---------------------------------------------------------
Fitch Ratings has assigned International Design Group S.p.A. a
first-time expected Long-Term Issuer Default Rating of 'B+(EXP)'.
Fitch has also assigned an expected senior secured rating of
'B+(EXP)' to the company's prospective EUR720 million bond issue.

IDG consolidates premium lighting and furnishing groups Flos, B&B
Italia and Louis Poulsen under the same holding company and
effectively establishes a platform for luxury goods commensurate
with larger conglomerates in luxury fashion. The combined group
will rank as the largest global operator by revenues in the
fragmented high-end furnishing design market.

The opening leverage, pro forma to the transaction, is high.
However, the 'B+' rating is supported by the consolidation of
premium brands, proven management and strong cash conversion and
deleveraging profile.

KEY RATING DRIVERS

Sustainable Market Growth: The global luxury market, including
the designer furniture segment, exhibited worldwide growth of 5%
during 2017. Most independent market sources expect growth at
average compounded rates of 4% to 5% over the next three years.
Luxury goods have historically proven resilient to economic
cycles, especially those owning premium rather than aspirational
brands. Obstacles to growth have materialised during economic
downturns in the form of polarisation between winning and losing
positions, where the former maintained growth and profit
generation. Varying economic trends and evolving consumer
preferences are creating a new competitive landscape, which
requires companies to focus on geographical expansion and on
addressing ongoing generational shifts, including digital
conversion, as key winning factors.

Strong Brand Positioning: IDG's key brands are widely appreciated
as commensurate with design excellence and premium quality.
Premium brand quality supports longstanding and resilient pricing
positions, as most of the group's products fit between the high
end of the aspirational segment and the luxury space. Several
products in the catalogue enjoy iconic status, having been
originally designed and brought to market in the 1950s/1960s, and
as early as the 1930s, enjoying the identification factor of both
the brand and the designer. Fragmentation in the various product
markets and low barriers to the design process create constant
pressure for innovation and consumer appeal.

High Leverage, Strong Cash Conversion: IDG's leverage for FY18,
pro forma to the transaction, is high at 7.3x on a funds from
operations (FFO) adjusted basis. However, Fitch projects a
reduction to 6.5x for FY19. This is at the upper threshold for a
'B+' rating in the consumer and business services sub sector.
Fitch calculates a free cash flow (FCF) ratio to sales of on
average of 7.6% between 2019-2022 under its rating case. This is
underpinned by moderate capex and low working capital
requirements. Interest costs limit deleveraging potential to
annual reductions of 0.3x from 2019.

Outsourcing and Wholesale Raise Risks: The high share of
outsourced production and the predominance of the wholesale
channel feed into advantages in terms of cost flexibility for the
group. In addition, the group controls the supply and
distribution chains, through the intermediation of a network of
shared architects among the group of about 15 thousand
professionals. The group remains somewhat exposed to risks from
the dissemination of design and industrial knowledge as well as
the monitoring of price levels and commercial practices. This can
result in counterfeiting as well as inconsistent commercial
actions from retailers not contractually bound to consistency in
their pricing strategies.

Limited Synergistic Potential: Under the coordination of the
newly incorporated IDG Flos, B&B Italia and Louis Poulsen will
maintain their independence and current management teams. A
certain degree of diversity among corporate cultures and
clientele of the brands may limit the potential for synergies,
although this is not a core strategic emphasis for the group.
Fitch believes that the synergies factored into the business plan
by management are prudent. Consequently there is some headroom
for the rating provided by the more conservative stance Fitch has
adopted for its rating case, mainly on cross selling expectations
and the timing for a full realisation. Its understanding is that
IDG will fund potential future bolt-on acquisitions with equity.

DERIVATION SUMMARY

IDG's rating is underpinned by its premium brands portfolio, high
opening leverage pro forma to the transaction and the healthy
cash conversion that supports deleveraging consistent with the
rating. Notwithstanding the product compatibility, the comparison
of the issuer with the publicly rated big brands of luxury such
as Tiffany (BBB+/Stable), Pernod Ricard (BBB/Stable) and Michael
Corrs (BBB-/Stable) appears limited, due to lower size and
material differences in the capital structure.

Compared with the highly levered 'B+' ratings of its European
leveraged credit portfolio, such as Latino Italy (B+/Stable) and
Evergood (B+/Stable) IDG's leverage is lower, although it
compares less favourably in terms of the size of its business and
its exposure to more competitive fragmented markets. Its proposed
downgrade guidance reflects these differentiating factors with
1.5x headroom on the FFO adjusted gross leverage.

KEY ASSUMPTIONS

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

  - Revenues: FY2017-21: 4.9% CAGR underpinned by organic
expansion and marginal effect from synergies;

  - EBITDA: FY2017-21 6.8% CAGR driven by costs savings, revenues
and costs synergies with an average margin of 22.5%;

  - Synergies: additional revenues up to around EUR20 million in
FY22 and EUR9 million of additional EBITDA from 2021 (around one-
third of management);

  - EUR12 million of cumulative cash outflow from working capital
over FY17-21;

  - Approximately EUR143 million of capex over FY18-22;

  - No dividends or M&A factored in.

Key recovery assumptions

  - The recovery analysis assumes that the group would be
considered a going concern in bankruptcy, and that the company
would be reorganised rather than liquidated, given the inherent
value behind the product portfolio, brands, the retail network
and clients. Fitch has also assumed there would be 10% of
administrative claims.

  - Fitch assesses the group's going concern EBITDA at
approximately EUR85 million, which is around 30% below the June
LTM figure or EUR122 million. Fitch factors an EBITDA discount of
30% to reflect IDG's asset light and cash generative business
model. With the resulting post-distress EBITDA of about EUR85
million, the company is still able to generate a single digit FCF
conversion but FFO adjusted leverage would exceed 9.0x. This
would lead to an unsustainable financial structure with
impossibility to serve the debt obligations, leading to a
restructuring.

  - Fitch uses a 6.0x multiple, towards the high end of its
distressed multiples distribution. Its choice is justified by the
premium valuations present in the sector whenever strong design
and luxury brands are involved. Fitch stresses that the security
package is centred on shares in the key operating subsidiaries
owned by IDG and hence pledged against the holding's debt
obligations. No security has been taken over the intellectual
property assets, whose access by creditors is however protected
by negative pledges and limitation of liens clauses. The
guarantor's coverage test is set at 80%.

  - The revolving credit facility (RCF) is assumed to be fully
drawn upon default. The RCF ranks super senior and ahead of the
senior secured notes.

  - Therefore, following a strict debt waterfall, Fitch assesses
recoveries for senior secured noteholders resulting in an
instrument rating of 'B+(EXP)'/'RR4'/50%.

RATING SENSITIVITIES

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

  - FFO adjusted gross leverage lower than 4.5x

  - Increase in scale with sales higher than EUR800 million and
EBITDA greater than EUR200 million

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

  - FFO adjusted gross leverage remaining higher than 6.5x either
due to under-performance or material debt-funded acquisitions

  - FFO fixed charge coverage lower than 2.5x sustainably

  - FCF margin lower than 5%

  - EBITDA margin lower than 20%

LIQUIDITY

At the closing of the merger, the available cash balance will be
close to zero. However, Fitch views positively the undrawn RCF of
EUR100 million and the sound cash flow generation. After the
transaction the company will keep about EUR6 million of short-
term financial liabilities on balance sheet. Post-closing, all of
the company's financial debt has long dated maturities, given the
seven-year tenor on the bond and 6.5 -year tenor on the RCF.
Assuming Fitch's rating case projections materialise, refinancing
risks should be manageable thanks to the strong cash flow
generation.

FULL LIST OF RATING ACTIONS

International Design Group SpA

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

  - Senior secured rating assigned at 'B+(EXP)'/'RR4'/50%


INTERNATIONAL DESIGN: S&P Assigns Prelim 'B' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to International Design Group SpA (IDG), an Italy-
based group operating in the high-end design market. The outlook
is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to the proposed EUR720 million senior secured notes
that will be issued in fixed and floating tranches and mature in
2025. The preliminary recovery rating on the notes is '3',
indicating our expectations of meaningful recovery prospects
(50%-90%; rounded estimate: 50%) in the event of payment default.

"The final ratings will be subject to our receipt and
satisfactory review of all the final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If the terms and conditions of the
final documentation depart from what we have already reviewed, or
if the financing transaction does not close within what we
consider to be a reasonable time frame, we reserve the right to
withdraw or revise the ratings."

IDG has been created by private equity groups Investindustrial
and The Carlyle Group, consolidating Flos, an Italian lighting
producer, Louis Poulsen, a Danish lighting producer, and B&B
Italia, an Italian furniture producer. Investindustrial and
Carlyle will jointly own a 90%-95% stake in the group, while
IDG's senior management will own the remaining 5%-10%.

Investindustrial acquired Flos and B&B Italia in 2014 and 2015
respectively and, leveraging their managerial capabilities, the
two companies reported solid revenue growth over 2015-2017 (about
a 10% compound annual growth rate [CAGR]) and stable
profitability of about 20% for B&B Italia and about 25% for Flos.
Recently, Investindustrial acquired Denmark-based Louis Poulsen.
The creation of IDG follows Carlyle's entry into the investment.
Caryle and Investindustrial will have a combined stake of 90%-95%
(equally split) in IDG's equity, supporting the group's expansion
over the following years, both organically and with selective
acquisitions.

S&P said, "This transaction is part of the consolidation trend we
have been observing in the high-end design market over the past
few years. The market is still characterized by several small
independent companies, which are desirable targets for industrial
or financial investors aiming to invest in iconic brands with
strong heritage in order to foster international growth and
improve financial strength.

"The high-end design market is very fragmented, and we consider
it to be subject to discretionary consumer spending in both
channels operated by the group. In the business-to-customer (B2C)
channel (about 73% of sales), demand stems from real GDP growth
and development in the housing market. The demand in B2C is also
subject to the risk that homeowners could defer purchases in an
economic downturn. In the business-to-business (B2B) channel
(about 27% of sales), demand for luxury furniture products is
linked to remodeling projects at commercial properties. While we
acknowledge the shorter replacement cycle in this segment than
with B2C, demand could be affected by the decision to defer
remodeling activities. Positively, the group enjoys a diversified
end-customer base, operating in multiple industries from
hospitality to luxury retail. Key customers in the B2B channel
are Apple, Bentley, Rolex, United Airlines, Bulgari Hotels, and
public administrations (mainly at Louis Poulsen).

"The group's product offerings are mainly high-end lighting
solutions, accounting for 60% of total sales, while the remaining
40% are generated from the high-end furniture market (about 28%
in the living and bedroom segment and the remaining in the
kitchen and other furniture segments). We evaluate positively the
group's omnichannel distribution strategy, as it enables the
group to reach a diversified customer base through its wholesale
partners (66% of sales), owned retail network (7% of sales), and
contracts with commercial clients (27% of sales). The direct
online channel is still very marginal, with about 1% of the
sales, but the development of this channel is part of the group's
strategy."

IDG has a premium-price positioning, reflecting positive brand
awareness and a high level of design, guaranteed by a product
portfolio comprising iconic and new products.

S&P said, "We understand that Flos, B&B Italia, and Louis Poulsen
have maintained longstanding relationships with famous designers
and architects over time and that several products in their
portfolio have a long lifetime." The ability to maintain a strong
brand awareness through iconic products while introducing
successful new ones represents a key competitive advantage, and
helps attract and retain new designers. In fact, despite the
popularity of iconic products, the group's success relies on its
ability to remain very contemporary, leveraging its research and
development capabilities and introducing new products to
accommodate new market trends in technology and new materials,
for example.

The group's sales increased by about 10% CAGR over 2015-2017,
posting EUR535 million in revenues and EBITDA of EUR122 million
in the 12 months ending June 30, 2018. This was supported by
organic and external growth via selective acquisitions to
diversify its product offerings and geographic footprint. The IDG
has a global presence, with no single country accounting for more
than 15% of sales (Italy represents 15%). The Americas and the
fast-growing Asia Pacific region account for 17% and 14% of sales
respectively, and rest of the world accounts for 5%. The rest of
Europe generates 49% of total sales, where IDG has relatively
strong exposure to solid economies like Germany and the Nordics.

IDG's pro forma reported EBITDA margin was in the range of 21%-
22% in 2017, mainly thanks an EBITDA margin of about 25% for
Flos. B&B Italia reported profitability close to 20%, while Louis
Poulsen's was about 19% at year-end 2017, supported by
significant improvements over the past few years in manufacturing
efficiency, price adjustments, and a strategic switch to the more
profitable B2C segment.

S&P said, "We note that IDG's EBITDA margin is higher than the
broad durable goods market average, and it compares well with
other rated luxury players in different segments. It is supported
by the group's premium price positioning, its flexible cost
structure (approximately 61% of variable costs), and its asset-
light business model. In fact, distribution relies mainly on
wholesales partners (66% of total sales) and production is mainly
outsourced to third-party suppliers. The group adopts a "make-to-
order" approach (63% of sales), limiting significant working
capital requirements.

"We anticipate that the combination of Flos, Louis Poulsen, and
B&B Italia under the same group will generate revenues synergies
(i.e. retail optimization, new multi-brand directly operated
store openings, and direct e-commerce) and cost optimization from
shared functions. We expect limited overlapping from Flos and
Louis Poulsen, reflecting their distinctive brand identities
based on different design philosophies, a slightly different
geographic focus, and Louis Poulsen's relatively greater focus on
the B2B segment.

"Our business risk profile assessment also incorporates execution
risks associated with the successful integration of the three
entities, including the deployment of a new joint direct e-
commerce platform, implementation of a centralized wholesale
database, and of new multi-brand store openings.

"Our financial risk profile assessment reflects IDG's financial
sponsor ownership, and our forecast that the group will post
adjusted debt to EBITDA of 6.0x-6.5x on average over 2019-2020.
Our debt calculation includes EUR720 million of proposed senior
secured notes, a limited amount of pension liabilities (EUR6
million-EUR7 million) and EUR65 million-EUR70 million of
operating leases liability. Our base case assumes, as indicated
by IDG, that the cash injected by the group's shareholder is
common equity, with no shareholder loan or other noncommon equity
instruments in or above the restricted group.

"The financial risk profile is supported by adjusted EBITDA
interest coverage of 2.5x-3.0x over 2019-2020, and by our
forecast of free operating cash flow (FOCF) of at least EUR25
million from 2019.

"We believe that part of the cash generation could be used to
finance some bolt-on acquisitions, since the group intends to
expand its geographic footprint and product offering.

"The stable outlook on IDG reflects our view that the group will
successfully combine Flos, B&B Italia, and Louis Poulsen without
incurring significant exceptional costs, maintaining a reported
EBITDA margin of 20.0%-20.5% in 2019 due to some integration
costs, but supported by premium price positioning and solid
relationships with architects. We assume that FOCF will be over
EUR25 million in 2019, supported by IDG's asset-light business
model.

"We project IDG will maintain S&P Global Ratings-adjusted debt to
EBITDA of 6.0x-6.5x in 2019 and EBITDA interest coverage of 2.5x-
3.0x.

"We could lower the rating if FOCF weakens and approaches zero,
and if EBITDA interest coverage falls to 2.0x or less. In our
view, this could happen if an economic downturn reduces demand
for high-end design products, or if the company experiences
significant disruption caused by the consolidation of Flos, B&B
Italia, and Louis Poulsen.

"A negative rating action could also occur if the group makes
large debt-funded acquisitions that materially increase leverage.
We could also downgrade the group if we observe deterioration in
the group's liquidity position.

"We could upgrade IDG if its credit metrics improve and adjusted
debt to EBITDA remains consistently below 5x and there is a clear
commitment from the private equity group owners to maintain the
leverage below this level."


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


GAMMA INFRASTRUCTURE II: Moody's Affirms B3 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating and the B3-PD probability of default rating of Gamma
Infrastructure II B.V., a cable operator in the Netherlands. At
the same time, Moody's has affirmed the B3 ratings of the senior
secured revolving credit facility (and the capital expenditure
facility at Gamma Infrastructure III B.V., a subsidiary of Gamma
Infrastructure II B.V. The outlook on all ratings is stable.

Moody's has also assigned a B3 rating to the new EUR595 million
senior secured Term Loan facility B3 tranche (due 2024; TLB3), in
line with the B3 rating of the existing EUR500 million Term Loan
B, which will be refinanced with the proceeds of TLB3. The
remainder of the proceeds will be used to refinance the drawings
under the capex facility (EUR80 million drawn as of September
2018). The company is also seeking consent to change the existing
EUR120 million capex facility terms to have revolving mechanics.

"DELTAFIBER's rating is weakly positioned in the B3 category due
to the elevated Moody's adjusted gross leverage of around 6.5x
(pro-forma for the refinancing transaction), the company's
aggressive financial policy, delays in its network build out
plan, and the higher than expected capex requirements in 2018,"
says Gunjan Dixit, a Moody's Vice President -- Senior Credit
Officer, and lead analyst for DELTAFIBER.

"The stable outlook on the rating is nevertheless supported by
the group's adequate liquidity profile, healthy operating
performance in its core network coverage areas, good progress
with the business' integration, and superior network quality. In
addition, DELTAFIBER is exploring options for a corporate action,
which should help the company fund its heightened capex
requirements to pursue network expansion in 2019/20," adds Ms.
Dixit.

RATINGS RATIONALE

For the first nine months of 2018, the company's existing
business grew in line with plan and the business' integration as
well as synergy realization was on track. However, it witnessed a
delay in the construction of the network expansion. The company
added less in homes passed until September 2018, due to a delay
in the start of construction activities, compared to its original
plan. It now aims to achieve its originally planned 2018 target
of homes passed only by H12019. Provided construction speeds
remain at current run-rate levels, Moody's believes that the
company should be able to achieve this target as it is well
supported by the healthy demand aggregation (which is ahead of
initial plan), as of September 2018.

Despite the slower network build-out in the first nine months of
2018, the company's capex has been higher than planned due to (1)
the significantly lower one-off infrastructure fee received from
customers (as it will now be received on home activation rather
than at contract signing) and (2) pre-funding of some of 2019
capex. This higher capex led to unanticipated drawings under the
capex facility during the nine month period ended September 30,
2018, leading to higher than expected leverage.

DELTAFIBER's Moody's adjusted gross leverage stood at 6.3x for
the LTM period ended September 30, 2018. Pro forma for the
refinancing, Moody's adjusted leverage would rise to 6.5x. Based
on the company's business plan, Moody's expects leverage to
remain slightly over 6.5x in 2018/19. In Moody's view, this
increased leverage will leave no headroom for under-performance
to the existing business plan. Moody's currently expects
meaningful de-leveraging to begin from 2020. While the one-time
network infrastructure fee from customers, drawings under the
capex facility and a potential corporate action resulting in cash
proceeds, should help fund capex in 2019/20, negative rating
pressure will arise if the company fails to execute the planned
network expansion in time or within its allocated capex budget
(net of one-time network infrastructure fee).

The company's EBITDA minus capex will remain materially negative
in 2019/20 largely due to the network expansion program related
capex. Moody's projects the company's capex to sales ratio to be
exceptionally high at around 70% on average in 2019/20. This
implies that free cash flow generation will also likely remain
significantly negative. While this heavy capex should translate
into future growth, during this period of increased capex
requirements, Moody's would expect the company to manage its
liquidity prudently.

The agency views the group's liquidity profile as adequate. It is
anticipated that, as of transaction closing, the company will
have around EUR31 million of cash on the balance sheet. The
company will also have a EUR120 million capex facility and a
EUR30 million RCF (of which EUR10 million will remain drawn at
transaction closing) both due 2024. Cash on hand, RCF and the
capex facility, one-time infrastructure fee from customers,
together with the cash proceeds from the planned corporate action
should provide adequate liquidity buffer. Moody's recognizes that
the expansion plan related capex is largely discretionary and can
be curtailed if liquidity comes under pressure.

DELTAFIBER's B3 CFR reflects (1) the solid market positions of
DELTA and CAIW within their network coverage areas; (2) the good
quality of its DOCSIS 3.0 enabled (on path to be upgraded to
DOCSIS 3.1) and/ or FTTH networks; (3) good operating performance
of the combined business with business integration being on
track; (4) no network overlap with VodafoneZiggo Group B.V.
(VodafoneZiggo, B1 negative) and network superiority over
Koninklijke KPN N.V.'s (KPN, Baa3 stable) in common coverage
areas; (5) good future growth potential fuelled by the planned
network expansion programme; and (6) the fact that for the
network expansion, CAIW is pursuing a demand aggregation model,
with deployment only starting once CAIW reaches a 50% committed
sign up (actual sign up level of 64% achieved thus far), reducing
demand risk.

However, the B3 CFR is constrained by (1) the company's small
scale in terms of revenues and network coverage (revenues of
EUR291 million in 2017) compared to KPN (revenues of EUR6.5
billion in 2017) and VodafoneZiggo (EUR4.5 billion 2017); (2)
high Moody's adjusted gross leverage with no or limited
deleveraging in the near future; (3) execution risks associated
with the successful roll-out of the network expansion plan (such
as further potential delays); and (4) the high capex
requirements, that will lead to negative free cash flow
generation in the first few years and constrain de-leveraging.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that (1)
the company's existing business will continue to see steady
healthy operating momentum; (2) it will be able realize
additional cash proceeds in 2019 from the planned corporate
action; and (3) will continue to expand its network in line with
its business plan and begin de-leveraging from 2020 onwards.

WHAT COULD CHANGE THE RATING DOWN/UP

Downwards rating pressure could arise if (1) the company is
unable to execute the corporate action as presented in the
business plan in 2019 or its liquidity profile were to
deteriorate materially; (2) the company's core business slows
down and it under-performs its business plan -- especially on the
network expansion; (3) Moody's adjusted Gross Debt/ EBITDA (based
on proportionate consolidation -- in line with audited results)
remains materially above 6.5x on a sustained basis; (3) its free
cash flow remains negative sustainably beyond 2020.

Upwards rating pressure could arise if (1) the network expansion
is executed in line its business plan translating into strong
organic revenue and EBITDA growth; and (2) Moody's adjusted Gross
Debt/ EBITDA (based on proportionate consolidation -- in line
with audited results) reduces to below 5.5x on a sustained basis.
Upwards pressure would also be dependent upon the company's
ability to return to positive free cash flow generation when
network expansion nears completion and maintenance of adequate
liquidity.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Gamma Infrastructure III B.V.

BACKED Senior Secured Bank Credit Facility, Assigned B3

Affirmations:

Issuer: Gamma Infrastructure II B.V.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Issuer: Gamma Infrastructure III B.V.

BACKED Senior Secured Bank Credit Facility, Affirmed B3

Outlook Actions:

Issuer: Gamma Infrastructure II B.V.

Outlook, Stable

Issuer: Gamma Infrastructure III B.V.

Outlook, Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.


INTERTRUST NV: S&P Assigns Prelim. 'BB+' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB+' long-term
issuer credit rating to Netherlands-based administrative services
provider, Intertrust N.V. and to its wholly owned subsidiary
Intertrust Group B.V. The outlook on both entities is stable.

S&P said, "We also assigned our preliminary 'BB+' issue level
rating and '3' recovery rating to the Intertrust Group B.V.'s
proposed EUR500 million seven-year senior notes. The '3' recovery
rating indicates our expectation of meaningful recovery (rounded
estimate: 50%) in the event of a payment default.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings." Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the loans, financial and other covenants,
and ranking.

The preliminary rating is supported by Intertrust's leading
position as a provider of corporate administrative services, its
industry-leading S&P Global Ratings-adjusted EBITDA margins
(estimated at around 42% in 2018), and pro forma adjusted debt to
EBITDA of around 3.7x. The preliminary rating is constrained by
Intertrust's relatively small scale, limited business
diversification, and its exposure to shifts in the regulatory and
tax landscape that it relies on to bring value to its customers.

Intertrust generates most of its revenue from providing
formation, domiciliation, and ongoing maintenance services for
corporate and fund entities. A smaller part of its business
serves high-net-worth individuals and family offices.
Intertrust's services are high-value-add to its customers because
the complexities of the global regulatory and tax landscape make
certain jurisdictions more attractive than others when forming a
corporate entity or fund. Of Intertrust's revenues, 90% are
generated from the maintenance services that it provides
throughout the life of each entity, which lasts seven to 10
years, on average.  Intertrust generates about a quarter of its
revenues in the Netherlands, which has a top five position in the
Global Competitiveness Index, a measure of the relative
attractiveness of each country's investment climate. Most of the
rest its revenues are generated in Luxembourg, the Americas, and
Jersey, which are also attractive investment climates for certain
purposes of formation.

Intertrust serves over half of the top 50 companies in the
Fortune 500 and, with revenues of EUR491 million in the 12 months
ended Sept. 30, 2018, is the largest company we rate in the
industry, followed by Vistra Group Holdings S.A. That said, the
market for administrative services is relatively small and it is
a relatively mature industry that we expect to grow in line with
global GDP. Although Intertrust serves an array of corporate
entities, funds, and family offices, giving it solid customer
diversity, we do not view the segments as highly uncorrelated.
Therefore, we view the scope of the business as relatively
narrow.

A significant differentiator between Intertrust and its rated
peers are its industry-leading EBITDA margins, estimated at 42%
in 2018. S&P said, "We anticipate that Intertrust will maintain
its high EBITDA margins given its scale relative to competitors,
which enables it to provide services more cheaply, especially in
its larger markets. However, we expect margin compression this
year due to lower growth in its highest-margin region, the
Netherlands, where the government is taking steps to avoid
becoming a haven for tax avoidance." A July 2018 Organization for
Economic Co-operation and Development report cited the
Netherlands' desire to avoid a "reputation issue linked to
aggressive tax planning." Although the efforts are still ongoing,
the uncertainty could make the Netherlands a less-attractive
domicile for investment. Although Intertrust's scale and global
presence position the company to adapt to these shifts, the
developments highlight how Intertrust's operating performance is
exposed to changes in government policy and regulations.

S&P's view of Intertrust's financial profile includes its
expectation that the proposed transaction will result in adjusted
debt amounting to approximately EUR775 million when the
transaction closes. This includes EUR500 million in seven-year
senior notes and the following proposed five-year senior
unsecured bank facilities:

-- $200 million (EUR171 million equivalent) term loan;
-- GBP100 million (EUR112 million equivalent) term loan; and
-- EUR150 million revolving credit facility (RCF) that will be
    undrawn at close.

S&P said, "In calculating our adjusted debt, we make adjustments
for operating leases liabilities (EUR47 million) and pension
liabilities (EUR1.5 million), net of cash of EUR70 million. As a
result, we forecast adjusted debt to EBITDA of around 3.7x and
expect that leverage will be sustained below 4x through 2019,
excluding any acquisition costs."

Intertrust has a public financial leverage target of 3.0x, but it
has stated that it is willing to temporarily exceed its leverage
target for mergers and acquisitions (M&A). The term loan and RCF
will have a net leverage covenant with a trigger of 4.5x, which
could spike to 5.0x in the event of M&A, although the company
does have a policy of maintaining a minimum headroom of 15%. S&P
expects the company will generate free operating cash flow (FOCF)
of around EUR150 million a year through 2019 and will prioritize
M&A and shareholder returns (in the form of share repurchases and
dividends) over debt repayment.

S&P said, "The stable outlook reflects our expectation that
global economic growth and the increasing complexity of the
global regulatory and tax landscape will support Intertrust's
growth. Despite slower growth in its higher-margin markets, we
expect Intertrust to maintain strong EBITDA margins of at least
35% through 2019 while sustaining adjusted debt to EBITDA below
4x.

"We could lower the rating if Intertrust's profitability is
eroded by the slower growth in its higher-margin regions or
operational missteps, such that EBITDA margins decline to below
35%. We might also lower the rating if the company adopts a more-
aggressive financial policy, such that adjusted debt to EBITDA
rises above 4x for a prolonged period.

"An upgrade is unlikely within the next year, but we could raise
the rating in the longer term if the company deleverages to below
3x on a sustained basis and demonstrates that it is committed to
a prudent financial policy, while sustaining industry leading
margins."


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


LED LEASE: Files Application to Open Restructuring in Court
-----------------------------------------------------------
Reuters reports that Luxima SA on Nov. 6 said its unit Led Lease
SA filed an application to open restructuring proceedings to
court in Warsaw.

Lead Lease SA supplies light as a service.  The service includes
new lamps, electricity, replacement and maintenance.


=============
R O M A N I A
=============


* ROMANIA: 20% of Firms With Assets Over EUR1MM in Insolvency
-------------------------------------------------------------
Business Review reports that Romania had 16,499 insolvencies in
2008, while the estimate for the end of this year is about 8,300,
or about half of the number recorded ten years ago.

Business Review, citing CITR, relates that at the same time,
between 2016-2018, the number of companies entering insolvency
annually remained constant, between 8,300-8,600. In the same
period, the number of impact companies (with assets exceeding
EUR 1 million) that went into insolvency stabilized between 175-
200.

Of the insolvency impact companies, 20 percent went into the CITR
portfolio on a yearly basis. As for the number of insolvency
companies in the total number of companies, Romania has a
percentage of 0.99 percent, in line with other European
countries.

"The Romanian insolvency market is a mature one, comparable to
that of Great Britain (0.93 percent) or France (1.78 percent)
from the point of view of companies becoming insolvent annually
compared to the total number of companies. Altogether, over the
past 10 years, nearly 179,000 companies have entered insolvency,
while over 800,000 have been set up. If in 2008 the insolvency of
a company was demanded by creditors, today 63 percent of debtors
are the ones asking for the procedure, which shows us that more
and more people understand insolvency as a state of affairs, as
it is defined by law," the report quotes Vasile Godinca-Herlea,
CITR CEO, as saying.

Business Review relates that the sectors that have consistently
formed the top impact of corporate insolvency in 2016-2017 were
industry (by 48 percent in 2017), services (17 percent) and real
estate (by 15 percent), the report discloses citing CAEN
classification. These remain the most exposed, and the trend
continues.

Of the total of 870,000 companies active in Romania in 2017, only
3 percent, about 23,000, were impact companies, Business Review
discloses. Of these, about 11,600 (50 percent) are in difficulty.
And of those in difficulty, about 4,500 are insolvent (20 percent
of the total of 23,000), Business Review adds.

"We have an important mass of companies in difficulty, and banks
have begun to show increased caution in terms of financing
companies in insolvency. So, I think it is important to turn our
attention to pre-insolvency procedures, such as the pre-match
arrangement and the ad-hoc mandate. I trust that they can
represent the future solutions for companies in difficulty in
Romania, just as reorganization has been a successful option in
the last 10 years. However, in order to be effective, an updated
legislative framework is needed, in the current economic
context," Vasile Godinca-Herlea, as cited by Business Review,
added.

In the decade since the onset of the crisis, the law on
insolvency has seen a number of changes, but continues to require
improvement, according to Business Review. International bodies
say that the current law of insolvency in Romania is one of the
most modern on the continent.

Even so, its adaptation to the changing economic realities, which
provide the appropriate premises for the growth of pre-insolvency
procedures, must also take place regularly and with the regular
consultation of specialists and specialized market organizations,
Business Review states.


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


VERISURE MIDHOLDING: S&P Affirms 'B' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Verisure Midholding AB and its subsidiary Verisure
Holding AB. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' long-term issue
rating to Verisure's proposed senior secured notes. The recovery
rating is '3', indicating our expectation of significant recovery
(50%-70%; rounded estimate: 60%) in the event of default.

"We also affirmed our 'B' long-term issue rating on Verisure's
outstanding senior secured debt. The recovery rating remains '3',
indicating our expectation of significant recovery (rounded
estimate: 60%) in the event of default.

"We also affirmed our 'CCC+' long-term issue rating on Verisure's
senior unsecured debt. The recovery rating remains '6',
indicating our expectation of negligible recovery (0%-10%;
rounded estimate 0%) in the event of default."

On Nov. 5, 2018, Verisure announced that it plans to issue EUR1
billion of senior secured debt and EUR100 million of unsecured
notes to refinance EUR630 million of callable outstanding senior
secured notes, and pay dividends of EUR350 million. The company
also intends to use the issuance to pay down current drawings on
the revolving credit facility (RCF) of about EUR100 million, with
the remainder going to transaction fees. The affirmation reflects
our view that the increase in leverage, stemming from the debt-
funded EUR350 million dividend payment, will be balanced by
Verisure's strong EBITDA growth, leaving leverage (debt to
EBTIDA) largely unchanged; S&P forecasts adjusted leverage of
about 7.7x at year-end 2018, compared with 7.9x at year-end 2017.

S&P said, "The transaction follows similar dividend
recapitalizations in 2017 and 2016, and, in our view, reflects an
aggressive financial policy. We therefore see an ongoing risk
that continued growth will be used for further shareholder
remuneration rather than leverage reduction, thereby constraining
rating upside. In addition, we forecast continued negative free
operating cash flow (FOCF) of about EUR50 million-EUR70 million,
stemming primarily from the substantial customer-acquisition
costs (estimated at nearly EUR600 million annually in 2018 and
2019, of which about 60% will be capitalized) needed to invest in
new installations associated with the company's customer growth.
We expect that transaction expenses relating to the
recapitalization will add additional pressure on Verisure's FOCF
in 2018, and we do not expect FOCF to breakeven until 2020 at the
earliest. However, we expect strong EBITDA growth, stemming from
the 12%-13% net subscriber growth and scale efficiencies from the
growing portfolio. We expect that Verisure's cash-generating
business from existing customers will result in funds from
operations (FFO) to debt above 10%, and EBITDA interest coverage
above 3x in 2018-2019.

"Our assessment of Verisure's business risk profile continues to
reflect its leading position in the European residential alarm-
monitoring market, strong growth prospects, and operating
efficiency. We note that Verisure's efficiency benefits from low
customer attrition of about 6.0%-6.5%, which is favorable
compared with industry peers like Prime Security Services
Borrower LLC. These factors are balanced by the company's
limited, albeit increasing, absolute scale, and exposure to
technology and reputation risk.

"In our view, scale is critical in the alarm-monitoring industry,
given the cost of adding or replacing a customer and the
typically high level of attrition. Although Verisure exhibited
double-digit growth in net subscribers, it is still about 3.0x
smaller than U.S. peer Prime Security. Furthermore, in our view,
Verisure is also exposed to both technology and reputation risks
over the medium term, because it has to continually incorporate
the latest technological advancements into its product offerings
to attract new customers while maintaining its service standards.
We also think the internet-of-things market could increase the
introduction of cheaper residential security alternatives from
competitors, though we do not see this as an imminent threat to
Verisure's customer growth."

However, Verisure is a clear leader in its key European markets,
including Spain, Sweden, Norway, and Portugal, being about 5x
larger than the nearest competitor. Moreover, we think the
customer attrition rate will remain below 7%, given relatively
low mobility of households in Europe and the company's integrated
business model, according to which Verisure has more interaction
with customers compared with its peers in the U.S., where alarm
companies outsource parts of the value chain. Finally, Verisure
benefits from growth opportunities in monitored residential and
small-business alarms in Europe (the penetration rate in the
addressable market is only 9%, compared with 33% in the U.S.) and
good revenue visibility from its portfolio of high-quality
customers.

S&P said, "The stable outlook reflects our expectation that, over
the next 12 months, Verisure will continue to increase its
subscriber base by 12%-13%, leading to strong revenue and EBITDA
growth, which should more than offsetting the modest rise in debt
that we expect from the planned dividend recapitalization, while
installation costs will result in FOCF remaining negative until
at least 2020.

"We could lower the rating if leverage exceeded 8.0x on a
prolonged basis, coupled with negative FOCF. We expect that such
a scenario would stem from a deterioration of Verisure's
operating performance for example through higher attrition or a
loss in market share, likely stemming from increased competition
or technological shifts in the industry.

"We see rating upside as remote over the next 12 months given
Verisure's track record of aggressive dividend recapitalizations.
We could raise the rating if continued growth in EBITDA reduces
adjusted debt to EBITDA to sustainably less than 7x, supported by
a more conservative financial policy. An upgrade would require
that revenue and EBITDA at least remain stable."


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


FLEETCORP OPERASYONEL: S&P Lowers Issuer Credit Ratings to 'D'
--------------------------------------------------------------
S&P Global Ratings lowered its global and national scale issuer
credit ratings on Turkey-based operational car leasing and fleet
management company Fleetcorp Operasyonel Tasit Kiralama ve Turizm
A.S. (Fleetcorp) to 'D' (default) from 'SD' (selective default).

The downgrade follows Fleetcorp's filing for "ordinary concordat"
(before bankruptcy), a bankruptcy protection scheme in the
Turkish legal system. S&P said, "The downgrade reflects our
understanding that Fleetcorp has defaulted on the majority of its
Turkish lira (TRY) 1.5 billion of debt with suppliers and
financial institutions.

S&P said, "We have received this information from Fleetcorp's new
management, which provided sufficient information to enable us to
form a rating opinion.

"We understand that Fleetcorp will not make any payments to
creditors and lenders at least until Dec. 11, 2018. The court
could decide to extend this period for another year, during which
time Fleetcorp would have to negotiate a debt restructuring with
its lenders.

"In our view, Fleetcorp's failure to make the payments, along
with its filing for concordat, follows the deterioration of its
liquidity position in 2018. This stemmed from the combination of
the company's sizable amount of wholesale debt in euros and a
change in its ownership structure in May 2018, against a backdrop
of a highly volatile currency crisis in Turkey.

"Once the terms of outstanding debt are amended and become
legally effective, we would raise the ratings from 'D', unless we
believe that a default under the amended terms is virtually
certain."


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


ALLIED HEALTHCARE: On Brink of Collapse, Inspectors Warn
--------------------------------------------------------
Stephen Matthews at Mail Online reports that inspectors have
warned Allied Healthcare, one of the biggest home care providers
in England, may be on the brink of collapse.

According to Mail Online, the Care Quality Commission (CQC) has
raised concerns that Allied Healthcare may not be able to
continue to operate after Nov. 30.

CQC said it has written to 84 English local authorities who
commission some sort of care services through Allied Healthcare
to notify them of its concerns, Mail Online relates.

But Allied Healthcare, whose headquarters is based in Stafford,
issued reassurances that its operations are "sustainable and
safe", Mail Online notes.

CQC, as cited by Mail Online, said the firm announced its
intention to seek a rescue plan in April, by applying for a
Company Voluntary Arrangement to restructure its debts.

The regulator said it has been monitoring the situation "closely"
to ensure that care continues for people who receive home care
from the company, Mail Online relays.

It said that it has not received "adequate assurance" that the
company can continue to operate from December onwards, according
to Mail Online.

Allied Healthcare, owned by German private equity firm Aurelius
since 2015, agreed on a rescue plan in May and said it is
"surprised" by the CQC's warning, Mail Online discloses.

The firm has blamed an increase in minimum wage and a squeeze on
social care budgets, Mail Online relays, citing the Financial
Times.

Allied Healthcare offers home care services across 84 councils to
around 9,300 people in England.  It provides care to 13,500 in
the UK, in total.


BEYOND VISION: Online Advertising Company Shut Down
---------------------------------------------------
Beyond Vision Media Ltd (BVM), becomes the fourth of a group of
connected companies to be shut down in the public interest.

BVM, a Manchester-based company and its sister companies, all
sold customers services to improve their online business
profiles, all, to little or no commercial benefit.

All four companies have been wound up following investigations by
the Insolvency Service.

In the case of BVM, the alleged customer offer was to manage
company business profiles on 'Google Places' for business.

The first of the four companies operating the model to be wound-
up (in April 2015), was On Line Platform Management Consultants
Ltd, following that the second was Movette Ltd in July 2017
before the third TBL (UK) Ltd, in August 2018.

BVM continued the same or a very similar business to that
previously carried on by Movette Ltd (Movette) (which was wound
up on July 28, 2017 on the grounds that it operated against the
public interest).

The Insolvency Service investigated the company's affairs
following complaints from customers. But the investigation was
severely limited due to a lack of co-operation from those in
control of BVM who failed to produce business documents.

The investigation established, and in winding up the company the
Court accepted, that BVM had continued the objectionable business
model previously carried on by Movette, by continuing to target
the former customers of Movette.

Similarly, customers received little or no commercial benefit
from the Google Places management service they purchased from BVM
on an annual basis.

Furthermore, the court heard that BVM employed inappropriate and
objectionable methods of debt collection and that the company had
been abandoned by those controlling its day to day operations.

On Oct. 2, 2018, the High Court sitting in Manchester heard the
petition presented on behalf of the Secretary of State for
Business, Enterprise and Industrial Strategy.

In the absence of evidence submitted by the company, who failed
to attend the hearing, Deputy District Judge Heseltine wound-up
the company, in the public interest.

Commenting, David Hope, Chief Investigator with the Insolvency
Service, said:

"Beyond Vision Media Ltd continued an objectionable business
model that used inappropriate methods of trading designed to
extract money from businesses under false pretences."

"The Insolvency Service will take action to shut down such rogue
businesses. Additionally, the business community should take
steps to verify the credentials of any third party that contacts
them claiming to be continuing the services previously provided
by Movette Ltd and/or Beyond Vision Media Ltd."

The petition to wind-up Beyond Vision Media Ltd was presented
under s124A of the Insolvency Act 1986 on Aug. 3, 2018. The
company was wound up on Oct. 2, 2018 and the Official Receiver,
Public Interest Unit (North) has been appointed as liquidator.


BLACKHOUSE RESTAURANTS: To Close Grill on the Alley Store
---------------------------------------------------------
Damon Wilkinson at Manchester Evening News reports that Grill on
the Alley is earmarked for closure as part of a restructure
announced by owners Blackhouse Restaurants on Nov. 6.

According to Manchester Evening News, it's thought up to to 30
staff could be affected by the proposed closure of the
steakhouse, on Ridgefield off Deansgate, which could take place
before the New Year.

Sister restaurant Grill on New York Street will remain open,
Manchester Evening News notes.

Blackhouse Restaurants' London eatery Grill on the Market is also
being axed as the firm seeks a Company Voluntary Arrangement -- a
formal agreement between a business and its creditors to pay all
or part of its debts, Manchester Evening News relates.

In a statement, Blackhouse Restaurants, which also runs
restaurants in Glasgow and Leeds, as cited by Manchester Evening
News, said: "Blackhouse Restaurants Limited can confirm it is
seeking a Company Voluntary Arrangement with its creditors."


NEW LOOK: Plans to Close 85 UK Stores Under CVA
-----------------------------------------------
Jill Geoghegan at Drapers Online reports that New Look has
confirmed it has closed or will close 85 UK stores, an increase
on the 60 planned closures outlined in its company voluntary
arrangement (CVA).

In March, New Look's CVA deal -- comprising 60 store closures and
almost 1,000 job losses -- was approved by creditors, Drapers
Online relates.

According to Drapers Online, the retailer has now said it is
shuttering 85 stores, while a further 13 remain in negotiation
with landlords.

Another 26 shops are trading rent free -- in these stores
New Look and the landlord have the right to terminate leases at
any time, Drapers Online discloses.

Underlying profits rose to GBP22.2 million, compared with a
GBP10.4 million operating loss in the same period last year,
Drapers Online states.

However, the retailer's sales continued to slow, Drapers Online
notes.  Revenue fell by 4.2% on the same period last year to
GBP656.9 million, Drapers Online says.


NEWDAY FUNDING 2018-2: Fitch Assigns Bsf Rating to Series F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding's Series 2018-2 notes
final ratings as follows:

USD150.0 million Series 2018-2 A1: 'AAAsf'; Outlook Stable

GPB33.3 million Series 2018-2 A2: 'AAAsf'; Outlook Stable

GBP23.1 million Series 2018-2 B: 'AAsf'; Outlook Stable

GBP33.9 million Series 2018-2 C: 'Asf'; Outlook Stable

GBP42.3 million Series 2018-2 D: 'BBBsf'; Outlook Stable

GBP23.7 million Series 2018-2 E: 'BBsf'; Outlook Stable

GBP19.8 million Series 2018-2 F: 'Bsf'; Outlook Stable

Fitch has simultaneously affirmed Series 2018-1, Series 2017-1,
Series 2016-1, Series 2015-2, Series VFN-F1 V1 and Series VFN-F1
V2.

The notes issued by NewDay Funding 2018-2 plc are collateralised
by a pool of non-prime UK credit card receivables.

KEY RATING DRIVERS

Non-Prime Asset Pool

The charge-off and payment rate performance of the portfolio
differs from that of other rated UK credit card trusts, due to
the non-prime nature of the underlying assets. Fitch assumes a
steady state charge-off rate of 18%, with a stress on the lower
end of the spectrum (3.5x for 'AAAsf'), considering the high
absolute level of the steady state assumption and lower
historical volatility in charge-offs. Fitch applied a steady
state payment rate assumption of 10%, with a median level of
stress (45% at 'AAAsf').

Changing Pool Composition

The portfolio consists of an open book and a closed book, which
have displayed different historical performance trends. Overall
pool performance is expected to migrate towards the performance
of the open book as the closed book amortises. This has been
incorporated into Fitch's steady-state asset assumptions.

Variable Funding Notes Add Flexibility

In addition to Series VFN-F1 providing the funding flexibility
that is typical and necessary for credit card trusts, the
structure employs a separate Originator VFN, purchased and held
by NewDay Funding Transferor Ltd (the transferor). It provides
credit enhancement to the rated notes, adds protection against
dilution by way of a separate functional transferor interest, and
meets the EU and US risk retention requirements.

Key Counterparties Unrated

The NewDay Group will act in several capacities through its
various entities, most prominently as originator, servicer and
cash manager to the securitisation. In most other UK trusts,
these roles are fulfilled by large institutions with strong
credit profiles. The degree of reliance is mitigated in this
transaction by the transferability of operations, agreements with
established card service providers, a back-up cash management
agreement and a series-specific liquidity reserve.

Stable Asset Outlook

Fitch maintains its stable sector outlook, as performance remains
benign and any potential deterioration would remain fully
consistent with the steady-state assumptions for UK credit card
trusts.

Weak real wage growth and changes to the benign unemployment
levels in the UK would put the repayment ability of borrowers
under pressure in the near future. However, receivables
performance did not deteriorate during the most recent multi-year
period of negative real wage growth, most likely due to the
robust labour market during that period. Fitch's expectation for
UK unemployment supports the stable rating outlook for credit
card trusts.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate

Increase base case by 25% / 50% / 75%

Series 2018-2 A: 'AAsf' / 'AA-sf' / 'A+sf'

Series 2018-2 B: 'A+sf' / 'Asf' / 'BBB+sf'

Series 2018-2 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

Series 2018-2 D: 'BB+sf' / 'BBsf' / 'B+sf'

Series 2018-2 E: 'B+sf' / 'Bsf' / NA

Series 2018-2 F: NA / NA / NA

Rating sensitivity to reduced Monthly Payment Rate (MPR)

Reduce base case by 15% / 25% / 35%

Series 2018-2 A: 'AAsf' / 'AA-sf' / 'Asf'

Series 2018-2 B: 'A+sf' / 'Asf' / 'A-sf'

Series 2018-2 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

Series 2018-2 D: 'BBB-sf' / 'BB+sf' / 'BBsf'

Series 2018-2 E: 'BB-sf' / 'B+sf' / 'B+sf'

Series 2018-2 F: NA / NA / NA

Rating sensitivity to reduced purchase rate (ie aggregate new
purchases divided by aggregate principal repayments in a given
month)

Reduce base case by 50% / 75% / 100%

Series 2018-2 D: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'

Series 2018-2 E: 'BB-sf' / 'BB-sf' / 'B+sf'

Series 2018-2 F: NA / NA / NA

No rating sensitivities are shown for class A to C, as Fitch is
already assuming a 100% purchase rate stress in these rating
scenarios

Rating sensitivity to increased charge-off rate and reduced MPR

Increase base case charge-offs by 25% and reduce MPR by 15% /
Increase base case charge-offs by 50% and reduce MPR by 25% /
Increase base case charge-offs by 75% and reduce MPR by 35%

Series 2018-2 A: 'A+sf' / 'A-sf' / 'BBB-sf'

Series 2018-2 B: 'A-sf' / 'BBBsf' / 'BB+sf'

Series 2018-2 C: 'BBBsf' / 'BB+sf' / 'BB-sf'

Series 2018-2 D: 'BBsf' / 'B+sf' / NA

Series 2018-2 E: 'Bsf' / NA / NA

Series 2018-2 F: NA / NA / NA

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on observing and comparing specific loan
level data contained in a sample of credit card receivables.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transactions. There were no findings that affected
the rating analysis.

Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information, and concluded that there were
no findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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


PREZZO: Trading Remains Challenging Despite Restructuring
---------------------------------------------------------
Jonathan Eley at The Financial Times reports that UK restaurant
chain Prezzo said trading remained challenging even after it
closed more than 100 restaurants, restructured its debts and its
main backer wrote off two-thirds of its investment.

The Italian-themed chain, which now has 186 rather than 300
restaurants, is majority owned by TPG, a private equity group
that bought it off the stock market for GBP304 million in 2014.
However, a debt-for-equity swap has diluted TPG's stake and
turned five debt providers into shareholders.

Karen Jones, the pub entrepreneur brought in as executive
chairman after the restaurant closures, said Prezzo was better
positioned but that market conditions were still tough.

The company's results for the year to December 2017, filed at
Companies House, refer to the restructuring and the risk that the
transformation plan will "take longer than forecast to positively
impact trading results".

The statement said that if this proved the case it would reduce
capital spending, but noted that internal cash flow forecasts "do
not indicate an issue" with a March 2020 test of covenants on its
GBP51 million debt facility.


SCHRODERS PLC: Investors Seek to Pull Out Money on Brexit Fears
---------------------------------------------------------------
Jack Sidders at Bloomberg News reports that investors in a
Schroders Plc real estate fund that owns some of London's
priciest offices are seeking to withdraw almost one-fifth of the
GBP836 million (US$1.09 billion) pool as Brexit-related worries
have mounted, people with knowledge of the matter said.

The people said some GBP150 million in redemption requests at the
West End of London Property Unit Trust have prompted
restructuring talks that could result in a sale of the fund or a
change of manager, among other options, Bloomberg relates.

According to Bloomberg, the fund has paid out the equivalent of
10% of assets to investors that submitted redemption requests in
each of the past two years, the maximum level it is required to
meet annually.  The people, as cited by Bloomberg, said it would
be the third straight year it will hit that limit.  They said the
fund, called Welput, has been forced to sell buildings in order
to pay investors seeking to pull their money, Bloomberg notes.

Investors' desire to exit shows wavering faith in London real
estate, even though the city's office market has proved resilient
in the past two years and largely confounded expectations of a
Brexit-induced slump, Bloomberg discloses.



                            *********

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

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

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


                            *********


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

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

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

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

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

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


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