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

                           E U R O P E

           Friday, November 9, 2018, Vol. 19, No. 223


                            Headlines


F R A N C E

CMA CGM: S&P Affirms B+ Issuer Credit Rating, Outlook Positive


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: S&P Affirms 'B' ICR, Outlook Stable


I R E L A N D

AVOCA CLO XIX: Fitch Corrects September 7 Ratings Release
AVOCA CLO XIX: Fitch Assigns B-sf Rating to Class F Debt
ORANJE 32 DAC: S&P Assigns Prelim. BB+(sf) Rating to Cl. E Notes


N E T H E R L A N D S

IHS NETHERLANDS: Fitch Affirms B+ IDR, Alters Outlook to Stable


R U S S I A

RUSHYDRO CAPITAL: Moody's Rates Sr. Unsec. Notes Ba1, Outlook Pos
SPC KATREN: S&P Affirm 'BB-/B' ICR, Outlook Stable


S E R B I A

JAGODINSKA PIVARA: Bankruptcy Agency Invites Bids for Assets


S W I T Z E R L A N D

CEVA LOGISTICS: S&P Affirms 'BB-' Issuer Ratings, Outlook Neg.


T U R K E Y

AVSAR HALI: Gaziantep Court Awards Bankruptcy Protection
* TURKEY: More Companies File for Bankruptcy Protection


U N I T E D   K I N G D O M

AVOLON HOLDING: Moody's Hikes CFR to Ba1, Outlook Stable
GREENLIGHT ENVIRONMENTAL: Owes Creditors Up to GBP1.2 Million
NEATH RFC: Winding-Up Petition Hearing Scheduled for Nov. 26
PATISSERIE VALERIE: Chair Waives Salary Amid Shareholder Pressure
ZEPHYR MIDCO 2: S&P Assigns 'B' Long-Term ICR, Outlook Stable


X X X X X X X X

* BOOK REVIEW: Inside Investment Banking, Second Edition


                            *********



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F R A N C E
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CMA CGM: S&P Affirms B+ Issuer Credit Rating, Outlook Positive
--------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' issuer credit
rating on France-based container liner CMA CGM S.A. The outlook
remains positive.

S&P also affirmed its 'B-' issue rating on the company's senior
unsecured debt. The recovery rating remains '6', reflecting S&P's
expectation of negligible recovery in the 0%-10% range (rounded
estimate 0%) in the event of payment default.

The rating affirmation follows the announcement that CMA CGM has
entered into an agreement with Switzerland-based logistics
services provider CEVA Logistics AG to broaden their strategic
partnership. The affirmation also reflects the announcement that
CMA CGM, which currently owns about a third of CEVA's outstanding
shares, will make a voluntary public tender offer to CEVA's
shareholders that may result in CMA CGM becoming the controlling
shareholder of CEVA. Based on the cash offer of Swiss franc (CHF)
30 per share, S&P estimates a maximum potential acquisition cost
to CMA CGM of about $1 billion. The final acquisition cost will
depend on the final take-up, while CMA CGM intends to retain
approximately 30% free float in CEVA.

CEVA offers integrated logistics services and supply chain
management solutions, and has about 40,000 employees across more
than 160 countries. The group reported revenues of $6,994 million
and an adjusted EBITDA of $280 million in 2017. S&P believes the
combined CMA CGM and CEVA entity could benefit from larger scale,
an enhanced product offering, improved customer proposition, and
a closer integration of services. This could create operating and
revenue synergies across the two businesses that might help
offset some of the inherent volatility of the container liner
industry.

Although CMA CGM may take on additional debt to fund the
acquisition, we believe that, at the current CHF30 per share
offer price, the overall impact on financial leverage would be
broadly neutral thanks to the additional earnings from CEVA. S&P
said, "Based on our existing forecasts for both companies,
incorporating a recovery in CMA CGM's earnings in 2019 after the
company's weak EBITDA performance this year, coupled with
potential synergies, S&P estimates a pro forma combined S&P
Global Ratings-adjusted debt to EBTIDA and adjusted funds from
operations (FFO) to debt for the consolidated group of 4.3x-4.4x
and about 16%, respectively for 2019-2020. This compares to our
current base-case assumptions for CMA CGM of 4.6x debt to EBITDA
and about 15% FFO to debt. We would need to carefully evaluate
the impact of a successful acquisition if it goes ahead. That
said, we continue to believe that, all else being equal, there
remains at least a one-in-three chance that the pro forma two-
year (2019-2020) average FFO-to-debt ratio will reach 16%, which
would be consistent with a higher rating. We therefore maintain
our positive outlook on CMA CGM."

S&P said, "The transaction involves a number of steps before it
completes and the combined entity takes shape, and at this stage
we are not making significant revisions to our operational
forecast for CEVA on a stand-alone basis. We have, however,
revised our forecasts for CMA CGM downward, based on its
performance in the first half of 2018. We now forecast reported
EBITDA of about $1.2 billion for 2018 and about $1.8 billion-$1.9
billion in 2019 compared to our previous assumptions of $1.7
billion-$1.8 billion for 2018 and $2.2 billion for 2019.

"We understand there will be no immediate change to the
companies' respective underlying development strategies or
liquidity management."

As the third-largest industry player in terms of capacity, CMA
CGM benefits from a large, young, and diverse fleet, and strong
customer diversification. CMA CGM operates services globally
through a broad and strategically located route network that
helps it ride out regional downturns.

That said, CMA CGM continues to be exposed to the container
shipping industry's high risk. The company is heavily exposed to
fluctuations in bunker fuel prices and has little short-term
flexibility to adjust its operating cost base to falling demand
and freight rates. Combining with CEVA should aid CMA CGM's
earnings stability, as CEVA provides its logistics services
across a number of more stable markets including consumer and
retail, energy, and health care. Potential synergies arising from
the provision of CEVA's supply chain management services to CMA
CGM's customers should also help to ease volatility. This is
underpinned by CEVA's strong client retention rates and
longstanding relationships across broadly diversified end
markets.

The transaction is expected to complete in the second quarter of
2019. S&P will continue to monitor the situation and will update
our base case as more information becomes available.

The positive outlook reflects a one-in-three likelihood that we
could upgrade CMA CGM over the next 12 months.

S&P said, "We could raise the rating if we considered that
industry consolidation, the company's cost reductions, or greater
vertical integration will enable CMA CGM to achieve less volatile
profits through the industry cycle. A higher rating would also
depend on CMA CGM's investment policies continuing to support a
sustained improvement in its FFO-to-debt ratio to more than 16%
by 2019. Furthermore, we consider CMA CGM's maintenance of
adequate liquidity (including an ample headroom under the
financial covenants) to be a critical factor in an upgrade.

"We could revise the outlook to stable if CMA CGM's earnings
appeared to weaken below our base case, due to, for example,
lower freight rates than we anticipate or a larger surge in
bunker prices than we factor into our base case that CMA CGM was
unable to pass on to its customers via freight rates or
counterbalance by a significant reduction of unit costs. This
would preclude CMA CGM from achieving credit measures
commensurate with a 'BB-' rating, namely an FFO-to-debt ratio in
excess of 16%. An outlook revision to stable could also happen if
its investment strategy, including the acquisition of a
controlling stake in CEVA, was more aggressive than we
anticipated and resulted in debt increasing beyond our base
case."


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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: S&P Affirms 'B' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B' long-term issuer
credit rating on Germany-based branded pharmaceuticals company
Cheplapharm Arzneimittel GmbH. The outlook is stable.

S&P said, "At the same time, we affirmed our 'B' issue-level
rating on the company's EUR530 million term loan B due 2025. The
recovery rating is unchanged at '3', indicating recovery
prospects of 50%-70% (rounded estimate: 50%).

"We also assigned our 'B' issue-level rating and '3' recovery
rating to the proposed EUR300 million term loan B due 2025.
Again, the recovery rating indicates recovery prospects of 50%-
70% (rounded estimate: 50%)."

The affirmation follows Cheplapharm's announcement that it plans
to issue a EUR300 million term loan B2 incremental facility due
2025 to repay EUR300 million of its revolving credit facility
(RCF). It used the RCF to fund the following acquisitions in the
second quarter of 2018, which closed at the end of September
2018: Atacand (15% of total sales, estimated pro forma the
acquisitions), a legacy product for high blood pressure sourced
from AstraZeneca; and Fungizone (6%), an antifungal compound for
critical conditions acquired from Bristol-Myers Squibb.

When it closes its transaction, Cheplapharm will again draw part
of the RCF to fund two additional acquisitions. The agreements
will be signed in the last quarter of 2018 and the transactions
will close in the first quarter of 2019.

2018 was a transformational year for Cheplapharm. It spent about
EUR720 million in total on acquisitions throughout the year to
broaden its product diversification and therapeutic area. S&P
said, "We expect the acquisitions to contribute additional
revenues of about EUR290 million-EUR300 million and to add about
EUR80 million-EUR90 million to EBITDA (this including additional
acquisitions, not yet signed) by the end of 2019. We consider the
company is disciplined in its investment criteria and has not
overpaid for the products it acquired. It has focused on smaller,
niche products that are less likely to attract competition from
other generic players."

Founded in 1998, Cheplapharm reported revenues of about EUR226
million and EBITDA of about EUR134 million in 2017. The main
products acquired in the first half of this year were Cymevene
(8% of total sales), which is used for the treatment and
prophylaxis of cytomegalovirus and a portfolio from Roche. This
portfolio included Konakion, a treatment for hematology (5%);
Lariam, a treatment for malaria, and Inhibace, a cardiology
treatment. In the second half of 2018, Cheplapharm acquired
Atacand and Fungizone. Cheplapharm also made major acquisitions
in 2017, notably Xenical (15% of total sales, estimated pro forma
the acquisitions) and Dilatrend (12%). S&P said, "Given the size
and the speed of these acquisitions, we expect the company to
spend the next 12 months focusing on integrating its recent
acquisitions and reducing leverage. We expect it to reach our
adjusted debt to EBITDA of about 4.3x-4.5x in 2019-2020. After
2019, we assume that Cheplapharm will make further small bolt-on
acquisitions of carefully selected products."

S&P said, "Our adjusted debt includes about EUR1,016 million of
financial debt at year end 2018: the fully utilized term loan B1
(EUR530 million) and term loan B2 (EUR300 million), plus about
EUR185 million drawn under the RCF. By year end 2019, we expect
the drawings under the RCF to have reduced to EUR65 million. We
don't deduct cash sitting on balance sheet as we view the
business risk profile as weak."

One of the main strengths of the company is its asset-light
business model, focused on a buy-and-build strategy. Primarily,
the company identifies the right target, and then outsources
manufacturing by using a network of contract manufacturing
organizations (CMOs) and outsourcing distribution and marketing
to external networks. It then implements its experience of
managing product life cycles to optimize the process. The company
mainly acquires intellectual property (IP) rights from
pharmaceutical companies after the respective products have run
out of patent protection--when the products have relatively
stable revenues, limited competition, and pricing stability. This
combination of factors translates into strong profitability and
an adjusted EBITDA margin well above 40%. Given the asset-light
model, it also means good cash flow conversion.

S&P said, "We project that the company will generate free
operating cash flow (FOCF) of about EUR125 million-EUR130 million
in 2019 and EUR120 million-EUR125 million in 2020.

"Our assessment of Cheplapharm's business risk profile is
constrained primarily by its relatively small size compared with
other global generics-focused pharmaceutical companies." In
addition, its portfolio primarily comprises niche and older
legacy products that have lost patent protection. These products
are exposed to price erosion and their revenue naturally declines
by 3%-6% a year. The company also lacks in-house research and
development (R&D) capabilities. Its business model is solely
focused on sourcing assets from outside, which exposes it to a
potential lack of suitable assets and requires sufficient
liquidity to finance these acquisitions. It chiefly acquires
products from larger pharmaceutical companies that consider them
to be too small or not attractive enough in terms of returns.

Cheplapharm's focus on small niche drugs means that its products
face limited or no competition. They have been on the market and
off-patent for some time, and are familiar to prescribers and
patients. A high proportion of the company's products are subject
to patient co-payments or are fully paid for out of pocket. The
company's strategy of avoiding price-driven tenders in markets
such as Germany, offers a certain degree of revenue protection,
supported by its high degree of geographical diversification. No
country represents more than 15% of its revenues. This is
important as governments often change reimbursement mechanisms in
their efforts to curb costs.

The 2018 acquisitions improved Cheplapharm's product
diversification -- no single product now accounts for more than
15% of total sales. The biggest-selling drugs -- Xenical,
Atacand, and Dilatred -- together account for about 40% of total
sales. Although there is some degree of product concentration, it
is mitigated by good geographical diversification.

S&P said, "We apply a negative comparable rating analysis
modifier because Cheplapharm is relatively new in the capital
markets and its business model relies solely on the acquisition
of new drugs to deliver future growth. This could lead to the
company overspending on acquisitions and increasing leverage
above our base case.

"The stable outlook reflects our view that Cheplapharm's
geographically diversified portfolio and presence in niche
markets will protect it, to a certain extent, from price erosion,
enabling it to generate organic revenue growth of 2%-4% and
maintain stable profitability. We expect it to report an EBITDA
margin of above 40% over the next 12-18 months. We also expect
the company's adjusted debt-to-EBITDA ratio to remain at about 5x
and its FOCF to remain above EUR60 million. This should help
Cheplapharm to build resources with which to acquire assets to
support future growth and replenish lost sales from the existing
products portfolio.

"We could lower the rating if the group's ability to generate at
least EUR50 million-EUR60 million of FOCF per year diminishes.
This could happen if the company suffered from an operational
setback, either to the top line or to profitability. Either could
be hit by unexpected tightening of reimbursement terms;
increasing competition that put pressure on prices; or lower cost
synergies. We could also lower the ratings if Cheplapharm proved
unable to replace declining revenues with newly acquired
products; purchased products that we consider carry higher risk;
or overpaid for products, thus incurring a substantial increase
in leverage to above 5x.

"We could consider raising the rating if the company demonstrates
a sound track record of adjusted debt to EBITDA consistently
below 5x, supported by the ability to achieve revenue growth of
2%-3%, while maintaining profitability of above 40% and cash flow
generation of above EUR50 million."


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I R E L A N D
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AVOCA CLO XIX: Fitch Corrects September 7 Ratings Release
---------------------------------------------------------
Fitch Ratings replaced a ratings release published on
September 7, 2018 to correct the name of the obligor for the
bonds.

The revised release is as follows:

Fitch Ratings has assigned Avoca CLO XIX Designated Activity
Company expected ratings as follows:

EUR2 million Class X: 'AAA(EXP)sf'; Outlook Stable

EUR242 million Class A-1: 'AAA(EXP)sf'; Outlook Stable

EUR10 million Class A-2: 'AAA(EXP)sf'; Outlook Stable

EUR14.5 million Class B-1: 'AA(EXP)sf'; Outlook Stable

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

EUR28 million Class C: 'A (EXP)sf'; Outlook Stable

EUR24.25 million Class D: 'BBB-(EXP)sf'; Outlook Stable

EUR21.25 million Class E: 'BB-(EXP)sf'; Outlook Stable

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

EUR35.1 million subordinated notes: not rated

The assignment of the 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 will be used
to purchase a portfolio of mostly senior secured leveraged loans
and bonds with a target par of EUR400 million. The portfolio is
managed by KKR Credit Advisors (Ireland) Unlimited Company (KKR).
The CLO envisages a 4.5-year reinvestment period 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, below the covenanted maximum at 34.

High Recovery Expectations

At least 90% 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 67.4%, above the covenanted minimum at
63.5%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings 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 4.5-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.

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.

No Unhedged Non-Euro Exposure

The transaction is permitted to invest up to 20% of the portfolio
in non-euro assets, provided perfect swaps are entered into as of
the settlement date for each of them.

Different Waterfall Structure

The transaction has a slightly different waterfall structure than
the market standard waterfall. In the interest waterfall, the
deferred interest is being paid after the coverage tests. Fitch
has tested the impact of this feature and found the impact on the
notes to be negligible.

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.


AVOCA CLO XIX: Fitch Assigns B-sf Rating to Class F Debt
--------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XIX Designated Activity
Company final ratings as follows:

EUR2 million Class X: 'AAAsf'; Outlook Stable

EUR242 million Class A-1: 'AAAsf'; Outlook Stable

EUR10 million Class A-2: 'AAAsf'; Outlook Stable

EUR14.5 million Class B-1: 'AAsf'; Outlook Stable

EUR20 million Class B-2: 'AAsf'; Outlook Stable

EUR28 million Class C: 'Asf'; Outlook Stable

EUR24.25 million Class D: 'BBB-sf'; Outlook Stable

EUR21.25 million Class E: 'BB-sf'; Outlook Stable

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

EUR35.1 million subordinated notes: not rated

The transaction is a cash flow collateralised loan obligation.
Net proceeds from the issuance of the notes are used to purchase
a portfolio of mostly senior secured leveraged loans and bonds
with a target par of EUR400 million. The portfolio is managed by
KKR Credit Advisors Unlimited Company. The CLO envisages a 4.5-
year reinvestment period 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.

High Recovery Expectations

At least 96% 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 67.4%.

Diversified Asset Portfolio

The transaction includes two Fitch tests matrices the manager may
choose from, corresponding to the maximum fixed-rate asset limit
at 0% and 5%. The transaction also includes various concentration
limits, including the top 10 obligors at 20% and 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 4.5-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.

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.

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.


ORANJE 32 DAC: S&P Assigns Prelim. BB+(sf) Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Oranje
(European Loan Conduit No. 32) DAC's class A to E notes. At
closing, the issuer will also issue unrated class X certificates.

S&P said, "Our preliminary ratings reflect our assessment of the
underlying loans' credit, cash flow, and legal characteristics,
and an analysis of the transaction's counterparty and operational
risks.

"In our analysis, we evaluated the underlying real estate
collateral securing each loan to generate an "expected case"
value. This value constitutes the "S&P Value" that we determine
for each property -- or portfolio of properties -- securing a
loan (or multiple loans) in a securitization. It primarily
results from a calculation that considers each property's net
adjusted cash flows and an applicable capitalization (cap) rate.

"We determined each loan's underlying value, focusing on
sustainable property cash flows and cap rates. We assumed that a
real estate workout would be required throughout the five-year
tail period (the period between the date the last loan matures
and the transaction's final maturity date) needed to repay
noteholders, if the respective borrowers were to default."

The transaction is backed by five senior loans, which Morgan
Stanley Bank N.A. (Morgan Stanley) originated between September
2017 and June 2018 to facilitate the refinancing of three loans
as well as the acquisition of a property portfolio and a single
asset in the Netherlands.

At closing, the senior loans backing this true sale transaction
will equal EUR210.8 million. The loans will be secured by 78
(following the sale of one property between now and closing)
office, industrial, residential, and retail properties in the
Netherlands. S&P's preliminary ratings analysis reflects the
asset pool of 78 properties.

The appraisers have calculated a combined property value of the
78 properties at EUR343.9 million, and the current weighted-
average loan-to-value (LTV) ratio of the loans is 61.3%, with the
individual LTV ratios ranging from 56.1% (the Phoenix loan) to
67.9% (the Legion loan). Phoenix, the largest loan, accounts for
almost half of the total debt balance and is secured against a
portfolio of 18 office buildings in 11 Dutch cities.

Of the loans, four have a five-year term with one loan subject to
a three-year term plus two one-year extension options. The
Phoenix loan is interest-only while the other loans feature an
element of scheduled amortization.

The Phoenix loan has a current balance of EUR99.5 million
reflecting an initial LTV ratio of 56.1%. It is secured by a
portfolio of 18 office properties located across the Netherlands
with 11 assets, representing 59% of the gross rental income,
located within The Randstad region.

The Cheetah loan has a current balance of EUR46.7 million
reflecting an initial LTV ratio of 66.6%, and secured by 43 real
estate assets, split 72% retail/28% residential by gross rental
income. The portfolio contains properties across various Dutch
cities with 48% of market value concentrated in the Randstad
region and Eindhoven.

The Cygnet loan has a current balance of EUR24.2 million
reflecting an initial LTV ratio of 65.3%. Following the
anticipated sale of one property prior to closing, this loan will
be backed by 12 properties in 11 different cities, of which three
are in the Randstad region.

The Le Mirage loan has a current balance of EUR23.9 million
reflecting an initial LTV ratio of 67.8%, and is backed by a
single office property situated just south of the city center in
Utrecht.

The Legion loan, the smallest loan in the pool, has a current
balance of EUR16.5 million reflecting an initial LTV ratio of
67.9%. The loan is secured by four office buildings in Amsterdam,
The Hague, and Utrecht.

The issuer will create a 5% (of the securitized senior loans)
vertical risk retention loan interest (VRR loan) in favor of
Morgan Stanley to satisfy E.U. and U.S. risk retention
requirements.

  PRELIMINARY RATINGS ASSIGNED

  Oranje (European Loan Conduit No. 32) DAC

  Class     Rating        Amount (mil. EUR)

  A         AAA (sf)      130.8
  B         AA (sf)       18.0
  C         A- (sf)       27.8
  D         BBB- (sf)     19.5
  E         BB+ (sf)      4.2
  X         NR            0.1

  NR--Not rated.



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IHS NETHERLANDS: Fitch Affirms B+ IDR, Alters Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on IHS Netherlands Holdco
BV's Long-Term Issuer Default Rating to Stable from Negative and
affirmed the IDR at 'B+'.

The rating action was driven by the revision of the Outlook on
the Nigerian sovereign.

Through its fully owned subsidiaries, IHS Netherlands owned 6,107
telecommunications towers in Nigeria at end-2Q18. Collectively
these companies are the restricted group, as outlined in the bond
documentation, ultimately owned by IHS Holding Limited (IHS
Group), the mobile telecommunications infrastructure company
operating around 23,000 towers across Africa.

Developments in the past 12-18 months demonstrate that IHS
Netherlands' free cash flow (FCF) generation is resilient in the
face of FX volatility and despite one of its key customers
getting into financial distress.

KEY RATING DRIVERS

Sovereign Constraint and Liquidity: Fitch assesses IHS
Netherlands' ratings as being constrained by the Nigerian Country
Ceiling of 'B+'. This reflects that the group's operations and
customers are wholly based in Nigeria. The restricted group
currently benefits from cash in US dollars held outside of
Nigeria, which Fitch estimates could be used to fund around one
year of interest on the USD800 million notes due 2021 issued by
IHS Netherlands. Further resources - cash and an undrawn
revolving credit facility (RCF) of USD120 million - remain
available at the parent, IHS Group. Fitch would expect at least
some of these to be available to cover debt service in the event
of a lack of liquidity at IHS Netherlands. However, these
resources are not dedicated to the restricted group.

FX Change and Restricted Cash: IHS's adoption of the Nigerian
Autonomous Foreign Exchange Rate (NAFEX) of NGN360/USD results in
the use of an 15.5% weaker FX rate. With a majority of IHS's
revenue denominated in US dollars, and major US dollar-linked
customer contracts using the CBN rate, this change results in an
increase in leverage metrics as reported revenue and EBITDA are
reduced. Fitch estimates that this FX change increases both gross
and net debt-to-EBITDA ratios at end-2017 by 0.7x and 0.5x to
4.3x and 3.5x, respectively (this excludes the impact of
restricted cash, but includes the benefit of the USD70 million
cash held offshore).

IHS has also reported that access to certain bank accounts has
been restricted due to instructions received by IHS's banks from
the Nigeria Economic and Financial Crimes Commission (EFCC). This
impacted USD75 million (equivalent) of cash as at end-June 2018.
As of July 2018, the EFCC deemed it fit to release USD50 million
(equivalent). Adjusting its calculations to assume USD25 million
of restricted cash for the purpose of calculating its leverage
metrics, this increases end-2017 net debt/EBITDA by 0.1x to 3.6x.

Headroom Remains Despite Changes: Fitch forecasts an FX driven
reduction in revenue and a contraction in EBITDA margin by 13.5%
and 2.7%, respectively. Despite the operational weakness, Fitch
expects end-2018 net debt/EBITDA of 3.9x and FFO adjusted net
leverage of 3.8x providing IHS with reasonable headroom against
their downgrade trigger of funds from operations (FFO) adjusted
net leverage of 5.5x.

Strong Demand and Potential Growth: Fitch expects the restricted
group to continue growing strongly, in line with the
telecommunications market in Nigeria, driven by the strong demand
for mobile services, especially for 3G and 4G data connections.
IHS's 1H18 results support this expectation, as underlying
revenue grew 3.9%. This was driven by the construction of 212 new
towers, bringing the total to 6,107, as well as further growth in
new tenants and lease amendments. The restricted group also
receives management fees for managing around 10,000 towers in
Nigeria acquired by IHS Group from MTN.

9mobile Uncertainty: 9mobile, formerly trading as Etisalat
Nigeria and a key customer of IHS Netherlands, continues to run
its mobile network to serve around 15 million subscribers, even
as it looks for a way out of its financial difficulties. To date,
the sale of 9mobile to Teleology Holdings has been drawn out,
with the Nigerian press reporting that the sale only received the
approval of the Nigerian Communications Commission (NCC) and the
Central Bank of Nigeria in August 2018, the transaction has yet
to close.

Fitch believes IHS Netherlands faces some short-term financial
risk from 9mobile. The group may experience delays in collecting
payments from 9mobile over the short term, which could impact
EBITDA and cash flow generation in 2018 and may result in
temporarily higher leverage. However, medium-term prospects
should remain broadly intact. With the overall mobile market in
Nigeria continuing to grow in terms of subscribers as well as
data traffic, Fitch believes that the majority of 9mobile's
network infrastructure will remain in use to provide much needed
network capacity, regardless of 9mobile's eventual owners.

FX Reset Managed Exposure: The majority of the restricted group's
revenue is linked to the US dollar. However, further weakening of
the NAFEX rate could have a negative impact on the restricted
group as most of the current contracts remain linked to the CBN
rate. Payments are made in naira, with the US dollar component
converted to naira for settlement at a fixed conversion rate for
a stated period. Depending on the contract, the conversion rate
is reset after a period of three, six or 12 months. These FX
resets were effective in 2017. A significant part of the group's
EBITDA is linked to the US dollar as most of the group's
operating costs are either naira-denominated or related to the
cost of diesel, where there are some pass-through components.
Capex is paid in naira, with elements linked to the US dollar.

Despite the FX resets in the group's main contracts, risk could
still arise from the FX mismatch between the restricted group's
debt and cash flow as the Nigerian FX regime evolves. Fitch
believes this risk is commensurate with the 'B+' rating.

DERIVATION SUMMARY

IHS Netherlands' 'B+' rating is constrained by Nigeria's Country
Ceiling. IHS Netherlands is well positioned within the Nigerian
tower market as it commands the number-one position within the
largest telecoms market in Africa. Including towers bought from
MTN, Fitch estimates that IHS Group has an approximate 70% market
share of the independent tower market or 54% share of all
Nigerian towers. Underlying demand is strong. With fixed-line
population penetration of 0.1% in Nigeria in 2016, 3G and LTE
networks are the main way of providing high-speed broadband
connectivity. IHS Netherlands is reasonably positioned with
strong margins and moderate leverage compared with its
investment-grade international peers, such as American Tower
(BBB/Stable), Cellnex Telecom S.A. (BBB-/Negative) and PT
Profesional Telekomunikasi Indonesia (BBB-/Stable).

KEY ASSUMPTIONS

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

  - Revenue decline in US dollars of over 13% in 2018, driven by
adoption of the NAFEX over the more favourable Central Bank of
Nigeria rate, with strong underlying growth;

  - Mid-single digit revenue growth in 2019 and 2020 driven by
continued demand for mobile infrastructure, assuming no further
devaluation of the naira;

  - EBITDA margin decreasing to 61% in 2018 from 63.7% in 2017,
driven by, but to a lesser extent, the change in reported FX
rates.

  - EBITDA margin is expected to slightly increase to 62% by 2020
as increasing demand drives profitability;

  - Restricted cash of USD25 million related to the 'post no
debit' instructions from the EFCC;

  - Capex-to-revenue of 21% in 2018, averaging 20% over the
rating horizon as the rate of new tower construction picks up;
and

  - No dividends paid in 2018-2020

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes that IHS Netherlands would be
considered a going concern in bankruptcy and that the group would
be reorganised rather than liquidated;

  - Fitch has assumed a 10% administrative claim;

  - The going-concern EBITDA estimate of USD200 million reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level
upon which Fitch bases the valuation of the company;

  - The going-concern EBITDA is 20% below forecast 2017 EBITDA,
assuming likely operating challenges/currency devaluation during
a time of distress;

  - An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation and reflects a conservative mid-
cycle multiple;

  - IHS Netherland's recovery prospects for USD1 billion
equivalent of senior unsecured debt is limited to 'RR4' and a 50%
rate of recovery due to country considerations.

RATING SENSITIVITIES

IHS Netherlands Holdco BV

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

  - Upgrade of the Nigerian sovereign rating, together with FFO-
adjusted net leverage below 5.0x (2017: 3.0x) on a sustained
basis, and FFO fixed charge cover greater than 2.5x (2017: 2.7x).

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

  - FFO-adjusted net leverage above 5.5x on a sustained basis.

  - FFO fixed charge below 2.0x.

  - Weak free cash flow due to limited EBITDA growth, higher
capex and shareholder distributions, or adverse changes to the
restricted group's regulatory or competitive environment.

  - Downgrade of the Nigerian sovereign rating.

Nigeria - Sovereign Rating - 2 November 2018

The main factors that could lead to positive rating action are:

  - A reduction of the fiscal deficit and the government
debt/revenue ratio.

  - Implementation of structural reforms and macroeconomic policy
adjustments that increase economic growth potential.

The main factors that could lead to negative rating action are:

  - Failure to achieve a sustainable fiscal consolidation leading
to a marked rise in the government debt/revenue ratio.

  - A loss of foreign exchange reserves that increases
vulnerability to external shocks.

  - Worsening of political and security environment that reduces
oil production for a prolonged period.

LIQUIDITY AND DEBT STRUCTURE

As of June 2018, IHS reported readily available cash of USD113.1
million, excluding USD74 million of cash restricted due to the
"post no debit" restriction imposed by the EFCC due to the on-
going investigation. In July 2018, the EFCC unfroze the group's
naira cash, effectively releasing USD50 million equivalent.



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


RUSHYDRO CAPITAL: Moody's Rates Sr. Unsec. Notes Ba1, Outlook Pos
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the
proposed ruble- and renminbi-denominated senior unsecured loan
participation notes to be issued by RusHydro Capital Markets DAC.
The Issuer will in turn on-lend the proceeds to RusHydro, PJSC
(RusHydro, Ba1 positive).

The outlook on the rating is positive.

RATINGS RATIONALE

The notes will be issued by RusHydro Capital Markets DAC, an
orphan vehicle, created for the sole purpose of financing a loan
to RusHydro under the terms of an underlying loan agreement (the
Loan Agreement) between the Issuer and RusHydro. RusHydro will
use the proceeds of the loan for general corporate purposes and
refinancing of debt maturities. Noteholders will only have
limited recourse to the Issuer and will rely solely on RusHydro's
credit quality to service and repay the debt.

The Ba1 rating assigned to the notes is in line with RusHydro's
corporate family rating and reflects Moody's view that RusHydro's
obligations under the Loan Agreement, which will mirror the
Issuer's obligations under the proposed notes, will rank pari
passu with other outstanding unsecured debts of RusHydro.

The noteholders will have the benefit of a negative pledge and
certain covenants granted by RusHydro in the underlying Loan
Agreement, including restrictions on mergers and disposals. The
cross-default clause embedded in the bond documentation will
cover, inter alia, a failure by RusHydro or any of its
subsidiaries to pay any of its financial indebtedness in the
amount exceeding $50 million.

Moody's understands that the renminbi-denominated amount will be
converted into Russian roubles via a cross currency swap to avoid
any foreign currency exposure (including interest payments) for
the company during the entire Issue period. The agency does not
expect an increase in leverage over the next 12-18 months given
that the company will largely use proceeds from the issuance for
refinancing.

RusHydro PJSC's credit quality is supported by (1) the company's
strategic role in the Russian electricity market as one of the
largest power producers; (2) the company's low cost hydropower
generation fleet; and (3) relatively modest leverage measured by
Moody's adjusted debt/EBITDA of below 2.0x as of June 30, 2018.

However, RusHydro's credit quality is constrained by its
operating environment, which is characterised by (1) weak
prospects of electricity consumption growth in the next two to
three years; (2) a material excess of generation capacity
negatively affecting electricity prices; and (3) a developing
regulatory framework. Moody's expects RusHydro to continue to
exhibit negative free cash flow in the next 12-18 months, owing
to its significant investment programme and a higher dividend
payout. Liquidity is supported by material accumulated cash
balances, and RUB17.2 billion proceeds from the sale of a stake
in Inter RAO, PJSC (Baa3 stable).

RATING OUTLOOK

The positive outlook is in line with the outlook on Russia's
government bond rating and reflects its view that a sovereign
upgrade could result in an upgrade of RusHydro provided that it
maintains strong financial profile and liquidity.

WHAT COULD CHANGE THE RATING UP/DOWN

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

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

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

CORPORATE PROFILE

Headquartered in Moscow, RusHydro, PJSC, 60.56% owned by the
Russian state, is one of the world's largest hydropower companies
and accounts for 16% of energy generation in Russia (including
the production of Boguchanskaya HPP) . The company consolidates
RAO Energy System of East, the monopoly integrated electric
utility in the Far East region. In the last twelve months ended
June 30, 2018, RusHydro generated RUB348.1 billion (approximately
$5.9 billion) of revenue and RUB114.9 billion (approximately $2.0
billion) of Moody's-adjusted EBITDA.


SPC KATREN: S&P Affirm 'BB-/B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-/B' long- and
short-term issuer credit ratings on Russian pharmaceutical
distributor SPC Katren JSC (Katren, or the company). The outlook
is stable.

The rating affirmation reflects S&P's view that Katren's S&P
Global Ratings-adjusted leverage will remain moderate and stable,
with an adjusted debt-to-EBITDA ratio of about 2.3x in the next
two years. This is despite the continuing debt-financed buyback
of OAO Katren's (the parent) shares from the European Bank of
Reconstruction and Development (EBRD). Katren spent Russian
rubles (RUB) 7.1 billion in 2017 to buy back the approximate 10%
stake in OAO Katren, and its adjusted debt-to-EBITDA ratio
increased to 2.3x in 2017 from 0.6x in 2016. In 2018-2020, Katren
will use new long-term unsecured bank loans and its own cash to
pay for the remaining stake in almost equal annual installments.

S&P said, "We expect that the adjusted EBITDA margin will improve
to about 2.2% in 2018-2019 from 1.7% in 2017, supporting moderate
EBITDA growth. This will mitigate the debt increase caused by the
share buyback. We assume that management will focus on boosting
profitability by enhancing the margin and increasing the
proportion of sales coming from higher-margin goods, such as
parapharmaceuticals, which accounted for about 5% of the total
sales in 2017. Margins for parapharmaceuticals are at least
double those for medicines, which accounted for 85% of Katren's
sales in 2017. We expect this focus on higher-margin goods will
support Katren's margin growth.

"We also expect Katren's investment of about RUB4.6 billion
(equivalent to about $75 million) in 2015-2017 will support
efficiency gains stemming from the company's reinforced logistics
capabilities and increased automation. Katren uses 17 warehouses
and owns 15 of these, with a total area of 106,900 square meters.
Almost all of the warehouses are equipped with modern, efficient
conveyors.

"Furthermore, we anticipate that Katren's online sales portal,
Apteka.ru, will contribute to topline growth while adding only
incremental costs, since orders placed via Apteka.ru will be
fulfilled via deliveries to partner pharmacies (14,800 in 2017,
an 11% year-on-year [yoy] increase). We expect this will have a
synergistic effect -- Katren already operates through a vast
wholesale distribution network, working with more than 50,000
pharmacies located in 85 Russian regions."

Additional rating support comes from Katren's rich product
portfolio, which has increased by about 20% compared to 2016 and
now includes 23,000 items. This makes Katren's portfolio at least
40% bigger than those of its Russian peers, according to Katren's
management.

S&P said, "At the same time, we expect that the conditions in the
Russian market, where all of Katren's sales are concentrated,
will remain challenging due to stringent competition among
existing players. We believe that a change in regulation
permitting general retailers to sell over-the-counter
pharmaceuticals will increase direct-to-consumer distribution,
presenting an additional competitive challenge. That said, Katren
could also benefit if it were to supply this new channel. We note
that the aggregated market share of the top five Russian
wholesale distributors -- including Katren, which held a 16.5%
market share in the first half (H1) of 2018, level with its
largest competitor Protek -- has already declined to 56.1% in H1
2018 from 61.5% in 2016, not least owing to the increasing
involvement of state-controlled organizations in the hospital
market, in which Katren does not operate. We also assume that the
pressure on the market share of the largest Russian
pharmaceutical distributors -- including Katren -- will persist,
which could constrain the company's growth.

"We expect gradual slowdown of the market growth rate to below 5%
in 2018-2019, from 8.7% in 2017 (which exceeded the Russian
consumer price index [CPI] growth rate) and 7% in 2016. In our
view, consumers' increasing preference for less expensive generic
versions of common medicines, prescribed via primary care, will
contain market growth. According to Rosstat, H1 2018 average drug
prices decreased by 2.6% yoy while CPI increased by 2.1%. We also
note that demand for pharma products is more sensitive to
disposable income in Russia compared to some other countries
because Russian state health insurance programs provide lower
reimbursement shares. Furthermore, we factor in that 35% of the
Russian pharma market is represented by vital medicines, the
price of which is controlled by the state. This price cap limits
about 35% of Katren's sales, in line with the market average."

With its revenues of about EUR2.5 million, Katren is still a much
smaller player than most of its rated peers in Europe, the Middle
East, and Africa. Furthermore, we note that Katren does not have
its own production line, and its operations are concentrated in
Russia, where country risk is high.

S&P said, "Our financial risk profile assessment of Katren
factors in that its product mix expansion and somewhat slower
working capital turnover in 2017-2018 will result in cash flow
from operations close to breakeven in 2018, improving to about
RUB2 billion in 2019, compared with about RUB3.4 billion in 2017.
This will drive discretionary cash flow (before the share
buyback) into negative figures in 2018, before they recover to
about RUB0.5 billion-RUB1 billion in 2019, as per our estimates.
As a result, we expect that Katren's adjusted debt (mostly
comprising long-term bank loans) will increase to about RUB10
billion-RUB10.5 billion in 2018-2019 from RUB8.6 billion at the
end of 2017. Our calculation of Katren's adjusted debt includes a
moderate operating lease adjustment and an approximate RUB1.1
billion guarantee that Katren provides for related parties.
However, we do not adjust Katren's debt for reverse factoring
because the terms of these facilities do not extend payment terms
beyond the industry average.

"We assume that Katren's deleveraging capacity will be limited in
2018-2020 because the company will need to finalize its share
buyback from the EBRD. That said, we expect that management will
pursue a supportive financial policy, which we think will remain
unchanged, despite the absence of the EBRD following its gradual
sale of shares."

S&P's base case factors in the following assumptions:

-- Low single-digit percentage pharmaceutical distribution
    market growth in 2018-2019 and Katren's relatively stable or
    slightly decreasing market share;

-- About 6% topline yoy decline in 2018 and 2%-3% growth in
    2019. S&P said, "We expect that revenues from wholesale
     distribution will contract by about 10%-11% yoy in 2018 with
     low recovery potential in 2019. In our view, growth of
     revenues from Katren's online sales portal Apteka.ru -- which
     we expect will demonstrate double-digit percentage annual
     growth in 2018-2020 (in line with a 44% yoy increase in 2017
     to about RUB6.5 billion) -- will balance wholesale topline
     decline.

-- Slightly improving operating margins in 2018-2020, supported
    by the company's focus on higher-margin goods (including
    parapharmaceuticals) and despite the expected inflation of
    salaries and higher marketing expenses in 2018, which Katren
    is primarily using to promote Apteka.ru.

-- Working capital outflow to finance growth.

-- Annual capital expenditure (capex) of about RUB800 million in
    2018, declining to RUB400 million-RUB500 million thereafter
    (compared with RUB1.1 billion in 2017 and RUB1.9 billion in
    2016).

-- Annual dividends of RUB600 million-RUB800 million per year in
    2018 and 2019 compared with RUB767 million in 2017.

-- About RUB800 million cash inflow from related companies in
    2018.

-- Share buyback in 2018-2020.

Based on these assumptions, we arrive at the following credit
measures over the next 12-18 months:

-- Adjusted debt to EBITDA of about 2.2x-2.4x in 2018-2020,
    compared with 2.3x in 2017 and 0.6x in 2016.

-- EBITDA-to-interest ratio of 4.0x-4.5x in 2018-2019 (compared
    with 4.9x in 2017 and 8.1x in 2016).

S&P said, "The stable outlook on Katren is supported by our
forecast that the company's cost-efficient business model should
enable it to maintain its adjusted EBITDA margin at about 2.2%.
This underpins our expectation that Katren will maintain an
adjusted debt-to-EBITDA ratio of less than 3x over the next two
years and its EBITDA-to-interest ratio comfortably between 3.0x
and 6.0x.

"We could downgrade Katren if its debt to EBITDA were to exceed
3x or its EBITDA interest coverage approached 3.0x due to weaker
operating performance caused by unfavorable industry or
macroeconomic trends. Additionally, we could downgrade Katren if
its external financial flexibility deteriorated and its overall
liquidity management became more aggressive.

"We see an upside scenario as remote, given the increase in
leverage following the buyback of EBRD shares."


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


JAGODINSKA PIVARA: Bankruptcy Agency Invites Bids for Assets
------------------------------------------------------------
SeeNews reports that Serbia's Bankruptcy Supervision Agency said
it is inviting bids for the sale of the assets of insolvent
state-controlled beer and soft drinks producer Jagodinska Pivara.

According to SeeNews, the Bankruptcy Supervision Agency said in a
statement the estimated value of the production facilities of
Jagodinska Pivara is RSD711 million (US$6.9 million/EUR6 million)
and interested investors will be able to place their bids until
Dec. 4.

The list of assets put up for sale includes a beverage production
factory, yeast and bottling factories, silos and storage
facilities in Nis, Krusevac and Pozarevac, an office building and
machinery, SeeNews discloses.  A deposit of RSD142.2 million is
required to participate in the tender, SeeNews states.



=====================
S W I T Z E R L A N D
=====================


CEVA LOGISTICS: S&P Affirms 'BB-' Issuer Ratings, Outlook Neg.
--------------------------------------------------------------
S&P Global Ratings revised to negative from positive its outlook
on Switzerland-based integrated logistics services provider CEVA
Logistics AG and its subsidiaries. At the same time, S&P affirmed
its 'BB-' long-term issuer ratings on the CEVA entities.

S&P also affirmed its 'BB-' issue ratings on CEVA's senior
secured debt. The '4' recovery ratings are unchanged and indicate
recovery prospects of 30%-50% in the event of a default (rounded
estimate 40%).

The rating action follows the announcement that CEVA and CMA CGA
have entered into an agreement to broaden their strategic
partnership and that CMA CGM, which currently owns about a third
of CEVA's outstanding shares, will make a voluntary public tender
offer of Swiss franc (CHF) 30 per share to CEVA's shareholders.
The offer may result in CMA CGM becoming the controlling
shareholder of CEVA.

S&P said, "If CMA CGM gains control over CEVA, we would assess
CEVA's overall credit quality within the context of the
creditworthiness of the two entities combined, and CEVA's group
status within the enlarged group. We are therefore likely to cap
our rating on CEVA at the level of the combined entity's group
credit profile (GCP) once the transaction closes and we can
clearly see the ultimate shape of the larger group and the depth
of relations between its subsidiaries within the group.

"Based on our preliminary view of the combined entity, we expect
the combined group's GCP to be in line with, or one notch lower
than our rating on CEVA. The GCP would primarily be constrained
by higher levels of debt and financial leverage. However, we also
consider that the closer partnership could bring benefits beyond
larger scale, such as an enhanced product offering; improved
customer proposition; and closer integration of services,
resulting in potential operating and revenue synergies across the
two businesses that could help offset the impact of this higher
leverage.

"We estimate that the pro forma combined S&P Global Ratings-
adjusted leverage for the consolidated group would be 4.3x-4.4x
for 2019-2020, and the ratio of adjusted funds from operations
(FFO) to adjusted debt would be about 16%. Our current base-case
assumptions for CEVA alone are 3x and 25%-27%, respectively.
Our base-case and liquidity assumptions for CEVA on a stand-alone
basis are unchanged.

"The transaction is expected to complete in early 2019 and we
will continue to monitor the situation and will update our base
case as more information becomes available.

"The negative outlook reflects our view that if CMA CGM becomes
CEVA's controlling shareholder, we see a risk that the credit
profile of the enlarged combined group could be one notch lower
than that of CEVA on a stand-alone basis, and that this could
then cap our rating on CEVA.

"We could lower our issuer credit rating on CEVA if CMA CGM
becomes the controlling shareholder and we did not consider the
combined group's leverage consistent with a 'BB-' rating. In our
view, a ratio of adjusted FFO to debt sustainably above 16% would
be commensurate with a 'BB-' rating on the larger group. We could
lower the ratings if, for example, there were substantial
deviations from our operational base case for CMA CGM such as
lower freight rates or a larger surge in bunker prices than we
factor into our base case (that CMA CGM could not pass on to its
customers via freight rates or counterbalance by a significant
reduction of unit costs); or significant pressures from
intensified competition for CEVA's operations.

"We could also lower the rating if the combination of the two
entities did not cause the anticipated synergies to materialize
or it took longer to stabilize the earnings of the combined group
and improve the combined financial risk profile.

"We could revise the outlook on CEVA to stable if the transaction
does not go ahead, or if we were to conclude that the combined
entity's financial risk profile was commensurate with a higher
rating, such that its S&P Global Ratings-adjusted FFO to debt
remains above 16% on a sustainable basis."



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


AVSAR HALI: Gaziantep Court Awards Bankruptcy Protection
--------------------------------------------------------
Ahval reports that Avsar Hali, a leading Turkish carpet maker
whose rugs adorn the floors of Istanbul's luxury hotels and the
region's biggest mosque, has filed for bankruptcy.

According to Ahval, Sozcu newspaper reported on Nov. 7 that Avsar
Hali was awarded bankruptcy protection by a court in Gaziantep in
southeastern Turkey, the city where it is based.

Many Turkish companies are struggling to make ends meet during a
sharp economic downturn, Ahval discloses.  The lira has lost
about a third of its value against the dollar this year while
interest rates on loans have surged after inflation more than
doubled to 25%, Ahval relates.


* TURKEY: More Companies File for Bankruptcy Protection
-------------------------------------------------------
Ahval reports that 10 more Turkish companies joined the thousands
to have filed for bankruptcy protection.

According to Ahval, of the over 3,000 Turkish firms to have filed
for bankruptcy protection this year, 75% are construction
companies.

This year severe problems have hit the economy and the sector has
been hard hit, Ahval relates.

High inflation and interest rates have discouraged buyers from
the housing market, while heavy losses in the lira's value have
made it much more difficult for companies to repay loans taken
out in foreign currencies, Ahval discloses.


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


AVOLON HOLDING: Moody's Hikes CFR to Ba1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Avolon Holdings Limited to Ba1 from Ba2 and the senior unsecured
ratings of its subsidiaries Avolon Holdings Funding Limited and
Park Aerospace Holdings Limited to Ba2 from Ba3. The outlook was
revised to stable from ratings under review. This follows the
November 5 announcement that Avolon's parent Bohai Capital
Holding Co., Ltd. has sold a 30% interest in Avolon to ORIX
Corporation (A3 stable) for $2.2 billion (based on net asset
value at March 2018). This rating action concludes the review for
upgrade that was initiated on August 8, 2018.

Upgrades:

Issuer: Avolon Holdings Funding Limited

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Ba3

Issuer: Avolon Holdings Limited

Corporate Family Rating, Upgraded to Ba1 from Ba2, Stable From
Rating Under Review

Issuer: Avolon TLB Borrower 1 (US) LLC

Senior Secured Bank Credit Facility, Upgraded to Baa3 from Ba1

Issuer: Park Aerospace Holdings Limited

Senior Unsecured Regular Bond/Debentures, Upgraded to Ba2 from
Ba3

Outlook Actions:

Issuer: Avolon Holdings Funding Limited

Outlook, Changed To Stable From Rating Under Review

Issuer: Avolon Holdings Limited

Outlook, Changed To Stable From Rating Under Review

Issuer: Avolon TLB Borrower 1 (US) LLC

Outlook, Changed To Stable From Rating Under Review

Issuer: Park Aerospace Holdings Limited

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Moody's upgraded Avolon's ratings based on the strengthening of
the company's shareholder profile and reduction of governance
risks that results from ORIX's significant investment and
associated revision of Avolon's governance structure. Moody's
expects that ORIX will have a positive influence on Avolon's
strategy and operational and financial controls through its
appointed board directors and will enhance Avolon's business and
funding opportunities.

Moody's also anticipates that Bohai will use sale proceeds to
reduce debt, improving its financial condition and further
reducing risks to Avolon's financial stability. Bohai will likely
repay debt issued by intermediate holding companies that funded
an equity injection into Avolon, resulting in Avolon double
leverage. Bohai has also pursued other actions to improve its
funding structure and reduce leverage.

ORIX's representation on Avolon's revised board of directors
provides an effective counterbalance to the influence of Bohai
and its controlling shareholder HNA Group over matters of concern
to Avolon's creditors. The board includes two ORIX appointed
directors, three directors named by Bohai, Avolon's chief
executive Domhnal Slattery and an independent director. Certain
voting matters require unanimous consent of shareholder
directors, including budget and business plan (including
dividends), financial transactions and expenditures above certain
limits, and related party transactions above $25 million.
Importantly, Moody's believes that ORIX is strongly committed to
Avolon achieving an investment grade financial profile.

Avolon's franchise strength as the third largest company in the
commercial aircraft leasing sector will be further strengthened
by ORIX's ownership interest, based on ORIX's established
strength in aircraft leasing, management and trading through
operating subsidiary ORIX Aviation Systems. ORIX oversees a
portfolio of $10 billion of leases on 200 aircraft, approximately
75% of which are managed on behalf of others. ORIX maintains
customer relationships with airlines that have above average
credit quality, reflecting its investors' low credit risk
orientation. Benefits to Avolon will likely include new leasing
opportunities and enhanced access to capital, particularly in the
Japanese financial markets.

Avolon has improved funding diversification by issuing unsecured
debt, including a $1 billion five-year issuance in September
2018. However, the company's ratio of secured debt to tangible
assets, which measured 46% at September 30, 2018 (including
Moody's adjustments), is above the measures of higher rated peers
and Moody's 30% threshold for compatibility with investment grade
ratings. Moody's expects that Avolon will continue to seek
opportunities to increase its mix of unsecured debt and reduce
encumbered asset levels.

Avolon's ratings are also supported by its strong profitability,
ample liquidity buffer and moderate leverage. Rating constraints
include the firm's high mix of secured debt funding and
confidence sensitivity relating to the evolving financial
condition of ultimate controlling shareholder HNA Group.

Moody's could consider further ratings improvements if Avolon 1)
reduces its ratio of secured debt to gross tangible assets to
less than 30%, while also maintaining a strong liquidity buffer,
2) maintains profitability measures comparable to strong peers,
3) maintains a ratio of debt to tangible net worth of not more
than 3x, 4) effectively manages the financing and lease risks of
its committed aircraft orders, and 5) governance risks stabilize.

Moody's could downgrade Avolon's ratings if 1) the company's
ratio of debt to tangible net worth increases to more than 3x, 2)
liquidity runway weakens materially, 3) profitability measures
weaken materially below strong peers, and 4) parent related risks
increase as a result of a deterioration in credit profile.

The principal methodology used in these ratings was Finance
Companies published in December 2016.


GREENLIGHT ENVIRONMENTAL: Owes Creditors Up to GBP1.2 Million
-------------------------------------------------------------
Tara Fitzpatrick at Daily Record reports that Greenlight
Environmental Ltd, an Alexandria-based recycling company
collapsed with debts of up to GBP1.2 million.

According to Daily Record, RSM Restructory Advisory LLP say the
company, which made 109 workers redundant when it entered
administration in August, has received claims for cash.

These include from trade creditors, Her Majesty's Revenue and
Customs (HMRC) and employees to the tune of GBP1.2 million, Daily
Record discloses.  The debt-ridden firm owed GBP300,000 to HMRC,
Daily Record states.

Paul Dounis and Steven Ross, of RSM, were appointed joint
administrators of Greenlight, which processed 15,000 tonnes of
recycling a year and carried out garden maintenance across the
area, Daily Record relates.

A spokesman for RSM, as cited by Daily Record, said: "It would be
accurate to say that the amounts owed to creditors, that we are
aware of, amounts to GBP1.2 million and is made up of trade
creditors, HMRC and employees."

He said the figure could be lowered as some of the claims may not
be "wholly correct".

"The joint administrators have provided their proposal report to
all creditors as required by insolvency legislation," Daily
Record quotes the RSM spokesman as saying.

"The value at which creditors' claims are stated in the estimated
outcome statement accompanying the joint administrators'
proposals are GBP1.2 million.

"It is our view that some balances may not be wholly correct.

"In addition, certain claims may be subject to reduction in
respect of mitigation, set-off or retention of title."


NEATH RFC: Winding-Up Petition Hearing Scheduled for Nov. 26
------------------------------------------------------------
Kate Morgan at BBC News reports that one of Wales' oldest rugby
clubs Neath RFC, which trades as Neath Rugby Limited, is facing a
winding-up petition in court at the end of the month.

It follows the collapse of the club's owner Mike Cuddy's
construction business Cuddy Group, BBC notes.

A hearing to decide the club's future will be held at Port Talbot
Justice centre on Nov. 26, BBC discloses.

The Cuddy Group went into administration in July this year, BBC
recounts.  Mr. Cuddy, 54, its managing director, blamed his ill
health and no-one stepping in to help run the business, BBC
relays.  At the time, he reassured Neath RFC fans and partners
that it would not have a negative impact on the fortunes of the
club, BBC notes.

The accounts for Neath Rugby that must be reported to Companies
House are three months overdue, according to BBC.

Records show four directors left the club in the last two months,
with the remaining director listed as Yasmin Cuddy, BBC states.

The finance company Jardine Norton brought the petition against
the club, BBC relates.  It has a charge, which is effectively a
mortgage, on Neath Rugby Ltd from July this year, BBC discloses.

The petition will be heard at Port Talbot Justice Centre at the
end of the month, BBC relays.


PATISSERIE VALERIE: Chair Waives Salary Amid Shareholder Pressure
-----------------------------------------------------------------
Sarah Butler at The Guardian reports that the chair of Patisserie
Valerie, Luke Johnson, has waived his salary and pledged to give
up some of his other jobs as he battles to turn around the cake
shop after an accounting scandal.

According to The Guardian, the multimillionaire has told the
board of the chain's listed parent company that he will not
collect his GBP60,000 annual salary for his remaining time at the
group.  Mr. Johnson, 56, has been under pressure from angry
shareholders since the group's shares were suspended last month,
The Guardian discloses.

Patisserie Holdings, the cake shop's parent company, which has
more than 200 cafes and nearly 3,000 staff, has been forced to
raise more than GBP25 million in new cash through discounted
share placings and an emergency loan from Mr. Johnson after
saying that "fraudulent activity" had been uncovered that left
the business close to collapse, The Guardian relates.

The Serious Fraud Office has confirmed that it has opened a
criminal investigation into an individual but has not given
further information, The Guardian notes.


ZEPHYR MIDCO 2: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term issuer
credit rating to Zephyr Midco 2 Ltd. (Zephyr; or "the group"), a
wholly owned indirect subsidiary of funds managed by Silver Lake
and co-investors. The outlook is stable.

S&P said, "We also assigned our 'B' issue rating to the group's
GBP150 million revolving credit facility (RCF) and the GBP740
million equivalent term loan B issued by Zephyr Bidco Ltd., a
subsidiary of Zephyr. The recovery rating is '3', indicating our
expectation of average recovery (50%-70%; rounded estimate 55%,
down from 60% previously) in the event of a payment default.

"The ratings are in line with the preliminary ratings we assigned
on June 4, 2018.

"Our ratings on Zephyr primarily reflect the high leverage that
it incurred in acquiring ZPG PLC; the group's strong positions in
the U.K.'s property search segment (Zoopla) and household service
comparison segment (uSwitch); the subscription-based revenue from
the property segment; and EBITDA growth prospects and strong free
operating cash flow (FOCF) generation."

Zephyr is a well-established leading player in the U.K.'s online
property search and household service comparison segments. It
generated GBP244.5 million of revenues in the financial year
ending Sept. 30, 2017 (FY2017). In property, the group's websites
such as Zoopla and PrimeLocation enable consumers to search for
properties listed by estate agents. The property segment
primarily generates revenues by selling advertising packages to
real estate agents, which allow them to advertise properties for
rent or for sale on Zoopla's digital properties. In this regard,
the segment's performance is driven by: the number of real-estate
agent customers; pricing of marketing packages and services; and
indirectly through the underlying impact of letting and sales
volumes in the U.K. on estate agent customers over time.

In the group's household and financial services comparison
segment, which represents about 50% of the group's revenue, the
uSwitch and Money platforms provide consumers with comparison
information and deals on services such as utilities, broadband,
TV, mobile, credit cards, and loans. The comparison segment
provides product diversification and cross-selling opportunities
that many competitors do not offer. uSwitch has the leading
market position in energy and telecoms switching (broadband,
mobiles, pay TV, and fixed telephone line), while Money has the
No. 2 position in switching credit cards and loans.

The group acquired ZPG for GBP2.2 billion in a public-to-private
leveraged buyout transaction. Financing for the acquisition
included a GBP150 million RCF, GBP740 million equivalent term
loan B, and a GBP180 million second-lien loan. In addition to the
debt financing, the group funded the remaining purchase
consideration with an equity contribution of about GBP1.7
billion, which was contributed as common equity.

S&P said, "We expect Zephyr's total revenue to exceed GBP300
million and reported EBITDA before exceptional costs to reach
GBP120 million in FY2018. We forecast that S&P Global Ratings-
adjusted debt to EBITDA will be around 8.5x in FY2018, before
declining to 8x in FY2019." Any further reduction in leverage
will depend on Silver Lake's financial policy regarding
acquisition and shareholder returns.

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

-- S&P said, "Our forecast of U.K. real GDP growth falling to
    1.2% in 2018 and 1.4% in 2019 from 1.8% in 2017, in
    anticipation of Brexit. We also forecast that consumer price
    index inflation will rise to 2.5% in 2018 and 1.9% in 2019
     from 2.7% in 2017. Overall, growing consumer price
     sensitivity provides a generally supportive trading
     environment in the comparison segment, while the health of
     the broader economy can influence turnover volumes in the
     housing market and thus demand for property advertising
     services."

-- S&P forecasts that Zephyr's revenue will experience
    significant growth of about 25% in FY2018 (from GBP244.5
    million in FY2017) mostly stemming from the acquisition of
    Money, a former competitor that specializes in consumer
    financial service comparison; the acquisition of Calcasa, the
    major residential property valuation provider in the
    Netherlands; and offset by the disposal of the Australian
    operation of Hometrack to Australian REA Group.

-- Absent further acquisitions, S&P expects revenue growth to be
    6%-7% in FY2019, which reflects increasing traffic in Zoopla,
    PrimeLocation, uSwitch, and Money, as well as cross-
    advertising and cross-selling opportunities.

-- S&P said, "We also expect that the group will benefit from
    its increasing economies of scale, resulting in our adjusted
    EBITDA margin improving to around 36%-37% in FY2018 and
    FY2019, from 31% in FY2017. Excluding our adjustment on
    operating leases as well as capitalized website and software
    development costs, this would translate into our reported
    EBITDA margin of around 34% in FY2018 and 36% in FY2019, from
    30% in FY2017 after deducting exceptional costs and share-
    based payments."

-- Capital expenditure (capex) of around GBP8 million in FY2018
    and FY2019, increasing from GBP7 million in FY2017, based on
    the group's tendency to expand via acquisition rather than
    heavy internal growth capital investment.

-- Limited working capital needs with the group's receivables
    and payables relatively well matched year-to-year and low
    relative to operating cash flows (typically less than 10%).

-- Sufficient cash balance to cover deferred and earn-out
    consideration for previous acquisitions in FY2019 and FY2020.

-- No further dividends after ZPG delisted from the London Stock
    Exchange in July 2018, as a result of the public-to-private
    acquisition by Silver Lake.

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

-- After the acquisition of ZPG, S&P forecast its adjusted debt
    to EBITDA will reach around 8.5x in FY2018 based on cash-
    interest paying debt. After the full-year consolidation of
    Money and Calcasa, leverage could improve to around 8x in
    FY2019. Any prospects for further deleveraging will depend on
    the execution of Silver Lake's financial policy regarding
    acquisition and shareholder returns.

-- Adjusted funds from operations (FFO) cash interest coverage
    of around 2.9x in FY2018 reducing to 2.0x in FY2019.

-- Positive reported FOCF of around GBP50 million-GBP60 million
    in FY2018 and FY2019, and RCF to remain undrawn.

S&P said, "The stable outlook reflects our view that Zephyr will
achieve sound EBITDA growth and strong FOCF generation, supported
by organic growth through cross-selling opportunities. The high
leverage after the transaction will leave little headroom under
the current ratings should the group encounter softening
performance or incur additional debt.

"Due to the high level of debt after the refinancing, we could
lower the ratings if management's growth plan does not translate
into sufficient profit growth and cash flow generation, resulting
in a failure to reduce leverage, as measured by our adjusted debt
to EBITDA. This could result in adjusted FFO cash interest
coverage approaching 2x or adjusted FOCF to debt falling below 5%
over the next 12 months. Any further debt-funded acquisition or
shareholder returns could also weigh on our ratings.

"We are unlikely to upgrade Zephyr over the next 12 months due to
its very high leverage. We could raise the ratings if Zephyr
proactively reduces debt such that we forecast that it will
sustain adjusted debt to EBITDA below 5x while maintaining strong
FOCF generation. Prospects for a higher rating also depend on the
group adopting a conservative financial policy regarding debt-
funded acquisitions and shareholder returns."


===============
X X X X X X X X
===============


* BOOK REVIEW: Inside Investment Banking, Second Edition
--------------------------------------------------------
Author: Ernest Bloch
Publisher: Beard Books
Softcover: 440 Pages
List Price: US$34.95
Order your personal copy at
http://www.beardbooks.com/beardbooks/inside_investment_banking.ht
ml

Even though Bloch states that "no last word may ever be written
about the investment banking industry," he nonetheless has
written a definitive book on the subject.

Bloch wrote Inside Investment Banking after discovering that no
textbook on the subject was available when he began teaching a
course on investment banking. Bloch's book is like a textbook,
though one not meant to be limited to classroom use. It's a
complete, knowledgeable study of the structure and operations of
the field of investment banking. With a long career in the field,
including work at the Federal Reserve Bank of New York, Bloch has
the background for writing the book. He sought the input of many
of his friends and contacts in investment banking for material as
well as for critical guidance to put together a text that would
stand the test of time.

While giving a nod to today's heightened interest in the
innovative securities that receive the most attention in the
popular media, Inside Investment Banking concentrates for the
most part on the unchanging elements of the field. The book takes
a subject that can appear mystifying to the average person and
makes it understandable by concentrating on its central
processes, institutional forms, and permanent aims. The author
shows how all aspects of the complex and ever-changing field of
investment banking, including its most misunderstood topic of
innovative securities, leads to a "financial ecology" which
benefits business organizations, individual investors in general,
and the economy as a whole. "[T]he marketplace for innovative
securities becomes, because of its imitators, a systematic
mechanism for spreading risk and improving efficiency for market
makers and investors," says Bloch.

For example, Bloch takes the reader through investment banking's
"market making" which continually adapts to changing economic
circumstances to attract the interest of investors. In doing so,
he covers the technical subject of arbitrage, the role of the
venture capitalist, and the purpose of initial public offerings,
among other matters. In addition to describing and explaining the
abiding basics of the field, Bloch also takes up issues regarding
policy (for example, full disclosure and government regulation)
that have arisen from the changes in the field and its enhanced
visibility with the public. In dealing with these issues, which
are to a large degree social issues, and similar topics which
inherently have no final resolution, Bloch deals indirectly with
criticisms the field has come under in recent years.
Bloch cites the familiar refrain "the more things change, the
more they remain the same" and then shows how this applies to
investment banking. With deregulation in the banking industry,
globalization, mergers among leading investment firms, and the
growing number of individuals researching and trading stocks on
their own, there is the appearance of sweeping change in
investment banking. However, as Inside Investment Banking shows,
underlying these surface changes is the efficiency of the market.

Anyone looking for an authoritative work covering in depth the
fundamentals of the field while reflecting both the interest and
concerns about this central field in the contemporary economy
should look to Bloch's Inside Investment Banking.
After time as an economist with the Federal Reserve Bank of New
York, Ernest Bloch was a Professor of Finance at the Stern School
of Business at New York University.



                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *