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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

         Wednesday, November 28, 2018, Vol. 19, No. 236


                            Headlines


A R M E N I A

AMERIABANK: S&P Assigns B+/B ICRs, Outlook Stable


G E R M A N Y

KLOECKNER PENTAPLAST: Bank Debt Trades at 6% Off
STABILITY CMBS 2007-1: S&P Cuts Class E Notes Rating to 'D (sf)'


G R E E C E

EUROBANK ERGASIAS: Mulls Troubled Loans Sale, Grivalia Merger


I R E L A N D

PENTA CLO V: Fitch Assigns B-(EXP)sf Rating to Class F Certs.


I T A L Y

FIRE BC: S&P Assigns 'B' Long-Term ICR, Outlook Stable


N E T H E R L A N D S

BARINGS EURO 2018-3: Fitch Assigns B-(EXP) Rating to Class F Debt


R U S S I A

BANK PERVOMAISKY: Put on Provisional Administration
KRASNOYARSK KRAI: S&P Affirms 'BB' Long-Term ICR, Outlook Stable


S L O V E N I A

NOVA LJUBLJANSKA: Fitch Hikes LT Issuer Default Rating to BB+


S P A I N

CAIXABANK PYMES: Moody's Assigns Caa2 Rating to Series B Notes
DISTRIBUIDORA INTERNACIONAL: S&P Cuts ICR to B, On Watch Negative
PYMES SANTANDER 13: Moody's Hikes Class B Notes Rating to B1(sf)
PYMES SANTANDER 14: Fitch Rates Class C Notes CC(EXP)sf


S W I T Z E R L A N D

GAM HOLDING: Investors Pull US$4.5BB from Funds Since September


T U R K E Y

TOPLU KONUT: Moody's Withdraws Ba3 Long-Term Issuer Rating


U N I T E D   K I N G D O M

WOLF MINERALS: Pala's Bid to Rescue Mine Faces Obstacle
WONGA: Collapse Boosts Amigo Loan's Business


                            *********



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A R M E N I A
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AMERIABANK: S&P Assigns B+/B ICRs, Outlook Stable
-------------------------------------------------
S&P Global Ratings assigned its 'B+/B' long-and short-term issuer
credit ratings to Armenia-based Ameriabank. The outlook is
stable.

S&P said, "The long-term rating on Ameriabank reflects high
economic and banking industry risks in Armenia, the bank's
leading positions in the Armenian market, and our expectations
that it will retain its strong business profile and strengthen
its capitalization over the next 12 months. The anchor is 'bb-',
derived from a combination of our economic risk score of '8' and
an industry risk score of '8' under our Banking Industry Country
Risk Assessment for Armenia (BICRA; our BICRAs are on a scale of
1 -- the strongest -- to 10 -- the weakest).

"In our view, economic risks are elevated in Armenia, reflecting
a low-income post-Soviet economy, dependent on a good economic
relationship with Russia. In 2018, we expect economic growth of
about 7%, in line with 2017, with average growth over 2019-2021
slowing to about 4%, nevertheless higher than that of peer
countries. We believe that the Armenian economy is in an
expansion phase, but growth in real residential property prices
and customer loans, adjusted for inflation, remains significantly
below real GDP growth. We view credit risk as a weakness for the
Armenian banking sector, taking into consideration its much
higher average level of loans in foreign currency than that of
peers, in particular to unhedged retail borrowers and companies,
and its still-developing judicial and legal systems. We consider
the economic risk trend for the banking sector in Armenia as
stable."

Banking industry risks are also high. S&P believes Armenian
banking regulation and supervision is one of the strongest in the
Commonwealth of Independent States (CIS), but weaker in an
international context. S&P views the banking system as stable,
with no apparent market distortions. External funding, mainly
from foreign parents and international financial institutions,
complements deposit retail and corporate funding, given the
narrow and shallow local capital market but with growing domestic
debt issuance. The trend for industry risk is also stable.

S&P views of Ameriabank's adequate business position balances its
leading market positions in Armenia (15.4% market share by assets
as of mid-2018) against limited potential for further growth in
the small Armenian banking market serving a population of about 3
million. Thus, the bank's absolute size of $1.5 billion (Armenian
dram [AMD] 710 billion at AMD480/$1) by assets is comparable with
large banks in Georgia and Azerbaijan but the bank is smaller and
less sophisticated than some large Russian banks.

Ameriabank has been majority owned by a prominent businessman,
Mr. Ruben Vardanyan, since 2007 through Ameria Group. Over the
past four years, a few international investors have become
minority shareholders: European Bank for Reconstruction and
Development owns 17.8% of capital, ESPS Holding Ltd. 11.62%, and
Asia Development Bank 13.98% -- thus reducing Mr. Vardanyan's
stake to 56.6%. S&P considers this positive for the bank's
corporate governance and transparency.

Ameriabank operates throughout Armenia, but has no foreign
operations. It has retained its strength in corporate banking,
with corporate loans accounting for 66% of total lending as of
Oct. 1, 2018. S&P views positively that, since 2014, the bank has
focused on developing its retail and small and medium enterprise
business in lending, which increased to 34% of total loans, as of
Oct. 1, 2018, as well as funding, which has improved its risk
profile and its revenue diversification.

S&P said, "We believe Ameriabank is well positioned to retain its
leading market positions in Armenia, in light of the favorable
and improving macroeconomic environment, and supported by its
professional management team and a wealthy controlling
shareholder with significant experience in banking and the
financial sector.

"We expect Ameriabank's capitalization, as measured by our risk-
adjusted capital (RAC) ratio, will strengthen to about 9% by
year-end 2020, from 6.4% at year-end 2017, supported by planned
new capital injections, stable profit generation, and reasonable
low dividend payouts. We consider Ameriabank's quality of
capital, comprising predominantly Tier 1 equity, as high. The
bank comfortably meets all local regulatory requirements for
capital adequacy." As of June 30, 2018, it reported a total
regulatory capital adequacy ratio of 13.3% (versus the minimum of
12%) and a Basel capital adequacy ratio of 18%.

Ameriabank has reported good profitability over the past six
years, with an average return on assets of 1.4%. The bank's cost-
to-income ratio was 40% at year-end 2017, comparing well with
that of local and international peers.

S&P's assessment of Ameriabank's risk position as adequate
balances its better-than-system-average credit quality through
the last credit cycle against potential risks coming from rapid
loan growth over the past six years, and a significant share of
loans in foreign currency to partially unhedged individuals and
companies.

The bank's nonperforming loans (NPLs; loans over 90 days overdue
according to International Financial Reporting Standards
accounts) averaged 3.0% over the past 5.5 years. S&P expects the
level of NPLs will remain stable at 3.0%-3.5% over the next 12-24
months, supported by favorable macroeconomic environment,
compared with 3.2% at mid-2018. The bank is proactive in
recovering and writing off legacy NPLs. S&P views positively that
the bank has increased provisions coverage of NPLs (90 days+) to
94.4% at mid-2018 from 33.6% at year-end 2015.

The ratio of net interest income received in cash to net interest
income accrued was 93% in 2017 and 119% in the first half 2018.
This compares well with rated banks in the CIS as well as other
Armenian banks, and supports our conclusion that the bank has
been proactively managing its asset quality and provides good
disclosure on problem loans.

S&P views the bank's fast loan growth track record as one of
potential key risks, which could lead to an increase in NPLs over
the next 12 months, when loans season and especially if
macroeconomic growth slows down significantly, which is not our
base-case scenario. In addition, the bank has high exposure to
foreign currency risk, with 82% of loans denominated in foreign
currency (mainly U.S. dollars) at mid-2018, partially to unhedged
individuals and companies. Positively, assets and liabilities in
foreign currency are very closely matched. Although this is not
currently our base-case scenario, in the case of a substantial
exchange rate shock, this high currency risk might translate into
an increase in credit risks.

S&P views Ameriabank's funding profile as well diversified across
maturities and funding sources compared with peers in Armenia.
The bank's average stable funding ratio has been 119% over the
past five years. Customer deposits accounted for 58% of total
funding, complemented by funding from institutional investors
(26%), domestic bonds, U.S. dollar denominated promissory notes
(8%), and subordinated debt (7%) at mid-2018. Deposits are fairly
evenly distributed between corporate and retail customers, as
well as between current accounts and term deposits.

Ameriabank has an ample liquidity cushion. Broad liquid assets
covered short-term wholesale funding by 1.6x at mid-2018, and
total customer deposits by 46%. Net broad liquid assets covered
short-term customer deposits by 23% on the same date. S&P
believes that in case of unexpected deposits outflows, which is
not our base-case scenario, and subsequent liquidity problems,
Ameriabank could rely on emergency liquidity support from the
Central Bank of Armenia, if needed, since it is the largest
domestic bank with a 14% customer deposit market share.
In our view, Ameriabank has high systemic importance as the
largest bank in the system with a market share of 15.4% by assets
and 14% by customer deposits at mid-2018. However, we classify
the Armenian government's support to the domestic banking sector
as uncertain, given the sovereign's current limited capacity to
provide sufficient support to the banking sector in view of low
liquid assets and high foreign debt. Therefore, we do not factor
any uplift for extraordinary government support into our ratings
on Ameriabank.

S&P said, "Our view of the economic and industry risks of
operating in a given country are incorporated in our anchor and
stand-alone credit profile (SACP), while the issuer credit
ratings also reflect our view of the sovereign's
creditworthiness. In the case of Ameriabank, we consider that our
view of the sovereign's creditworthiness reflects a constraint on
the ratings on Ameriabank." The 'B+' long-term rating on
Ameriabank is therefore one notch lower than its SACP. This
reflects the fact that the bank's exposures are predominantly
domestic, with strong links to the domestic economy from a
business, funding, and lending point of view, and therefore
Ameriabank is, to a large extent, exposed to the economic risks
of operating in Armenia.

S&P said, "The stable outlook over our rating horizon of the next
12 months reflects our expectation that the bank's business and
financial profiles will remain stable.

"We consider the creditworthiness of Ameriabank--the largest
domestic bank in the country, concentrated on servicing domestic
customers and with little business outside Armenia--as closely
linked to that of Armenia (not rated). Accordingly, we are
unlikely to raise the ratings on Ameriabank before we see
improvements in the sovereign's creditworthiness.

"We could lower the ratings on Ameriabank over the next 12 months
if the Armenian bank sector's operating conditions deteriorate,
resulting in weaker growth, deterioration in asset quality, and
increased banking sector vulnerability."


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G E R M A N Y
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KLOECKNER PENTAPLAST: Bank Debt Trades at 6% Off
------------------------------------------------
Participations in a syndicated loan under which Kloeckner
Pentaplast SA is a borrower traded in the secondary market at
94.31 cents-on-the-dollar during the week ended Friday,
November 16, 2018, according to data compiled by LSTA/Thomson
Reuters MTM Pricing. This represents a decrease of 1.33
percentage points from the previous week. Kloeckner Pentaplast
pays 425 basis points above LIBOR to borrow under the $835
million facility. The bank loan matures on June 17, 2022. Moody's
rates the loan 'B3' and Standard & Poor's gave a 'B' rating to
the loan. The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids
in secondary trading for the week ended Friday, November 16.

Kloeckner Pentaplast SA, headquartered in Montabaur, Germany and
with legal domicile in Luxembourg, is a leader in the
manufacturing of rigid plastic films for the pharmaceuticals,
food, medical, electronics, and other packaging industries.


STABILITY CMBS 2007-1: S&P Cuts Class E Notes Rating to 'D (sf)'
----------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' its credit rating on
STABILITY CMBS 2007-1 GmbH's class E notes.

On the October 2018 interest payment date, interest was not paid
in full as a principal loss allocation was applied to this class
of notes. Interest is now only calculated and paid on the current
note balance (excluding the principal loss allocation). S&P said,
"Because our ratings in this transaction address timely payment
of interest and repayment of principal no later than the May 2022
legal maturity date, we have lowered to D (sf) from 'CCC- (sf)'
our rating on the class E notes in accordance with our criteria."

STABILITY CMBS 2007-1 is a synthetic, partially funded commercial
mortgage-backed securities (CMBS) transaction, which transferred
credit risk associated with an initial portfolio of 218 mortgage
loans secured on commercial properties, located mainly in
Germany.


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G R E E C E
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EUROBANK ERGASIAS: Mulls Troubled Loans Sale, Grivalia Merger
-------------------------------------------------------------
Marcus Bensasson and Sotiris Nikas at Bloomberg News report that
Greece's Eurobank Ergasias SA isn't waiting around for a state
rescue, with a plan to sell about EUR7 billion (US$8 billion) of
troubled loans and merge with a real estate fund.

According to Bloomberg, the two companies said that as part of
the plan, the bank will merge with real estate fund Grivalia
Properties REIC to create a new business named Eurobank.  It will
then shift non-performing debt to a separate vehicle that will
issue senior, mezzanine and junior notes that the bank will
initially retain, Bloomberg discloses.  Some of the lower level
notes would then be sold off to investors, Bloomberg notes.

Eurobank is seeking its own solution to a mountain of bad debt
while Greece races to find a nationwide approach to accelerating
the sale of soured loans, Bloomberg states.  The government and
central bank are weighing solutions that include providing state
guarantees and easing payments for borrowers with modest means,
Bloomberg relates.



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PENTA CLO V: Fitch Assigns B-(EXP)sf Rating to Class F Certs.
-------------------------------------------------------------
Fitch Ratings has assigned Penta CLO V DAC's notes expected
ratings, as follows:

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

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

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

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

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

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

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

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

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

Subordinated notes: 'NR(EXP)sf'

Penta CLO V DAC is a cash flow collateralised loan obligation
(CLO). Net proceeds from the notes will be used to purchase a
portfolio of EUR400 million of mostly European leveraged loans
and bonds. The portfolio is actively managed by Partners Group
(UK) Management Limited. The CLO envisages a 4.1 year
reinvestment period and an 8.5 year weighted average life (WAL)

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

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the
'B'/'B-' range. The Fitch-weighted average rating factor (WARF)
of the identified portfolio is 33.38, below the indicative
maximum covenant WARF of 33.5 for assigning the expected ratings.

High Recovery Expectations

At least 92.5% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
current portfolio is 67.77%, above the indicative minimum
covenant WARR of 64.5% for assigning the expected ratings

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 limits on maximum industry exposure
based on Fitch's industry definitions. The maximum exposure to
the three largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

Reinvestment Criteria Similar to Peers

The transaction features a 4.1 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.

Ratings Resilient to Rate Mismatch

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.

A maximum of 5% of the portfolio can be invested in fixed-rate
assets, while fixed-rate liabilities represent 1.25% of the
target par. Fitch modelled both 0% and 5% fixed-rate buckets and
found that the rated notes can withstand the interest rate
mismatch associated with each scenario.

RATING SENSITIVITIES

A 125% 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 five 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 or risk-presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognised Statistical Rating Organisations and/or
European Securities and Markets Authority-registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.

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


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I T A L Y
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FIRE BC: S&P Assigns 'B' Long-Term ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
issuer credit rating to Fire (BC) S.a.r.l., the parent and owner
of Italmatch Chemicals S.p.A., a specialty chemicals manufacturer
headquartered in Italy (together Italmatch). The outlook is
stable.

S&P said, "At the same time, we assigned our 'B' long-term issue
rating to the group's EUR410 million senior secured floating rate
notes due 2024, to be issued by Fire (BC) S.p.A. The recovery
rating on the facilities is '3', reflecting our expectation of
50%-70% recovery (rounded estimate: 55%) in the event of a
payment default.

"The final ratings are in line with the preliminary ratings we
assigned on Sept. 17, 2018."

The private equity firm Bain Capital has acquired Italmatch from
Ardian, and refinanced its debt. As part of the refinancing,
Italmatch issued a EUR70 million revolving credit facility and
EUR410 million senior secured floating rate notes.

The rating on Italmatch primarily reflects S&P's view of the
group's strong niche positions and its longstanding relationships
with key customers, but also its relatively small size and highly
leveraged financial profile.

Headquartered in Genoa, Italy, Italmatch is specialized in the
manufacturing of performance additives mainly for the lubricant,
plastics, and water and oil markets. The products are used as
additives, or intermediates for additives to enhance the
performance of certain finished products, such as water or oil
solutions for industrial processes, industrial lubricants, and
electrical equipment. Italmatch was founded in 1997 through a
management buy-out of the phosphorus derivatives business of the
Saffa Group, based in Spoleto, Italy. The group gradually
expanded, notably through external growth, into a global chemical
specialty group in lubricant performance additives, flame
retardants, plastic additives, and performance products.

Over the years, Italmatch has developed niche market positions as
a leading player in the manufacturing of phosphonate-based water
antiscalants and corrosion inhibitors, with an estimated 25%
global market share. The group also displays a strong position in
the production of intermediates for engine oil antiwear and
antioxidant additives. This has enabled the group to establish
longstanding customer relationships, with which it can co-develop
products. S&P furthermore acknowledges Italmatch's exposure to
several end markets, like cleaning and industrial water
treatment, oil and gas, automotive, and mining industries.

The group's expansion over recent years has been possible through
external growth, with 10 mergers and acquisitions (M&A) in the
past six years. S&P said, "We believe that this activity has
played an integral part of the group's strategy and that it could
undertake further M&A activity in the future. As a result of this
expansion, the group now operates 17 manufacturing plants across
Europe, U.S., and Asia Pacific, as well as five research and
development centers. Mitigating our business risk assessment is
Italmatch's relatively small size compared with global specialty
chemicals leaders and some product concentration on phosphorus
derivatives."

S&P said, "In our view, after the buy-out, Italmatch will exhibit
a highly leveraged financial risk profile, and we expect adjusted
leverage to be more than 5x in the fiscal year ending Dec. 31,
2018. Italmatch is involved in expansionary projects, mainly in
China, to increase its production capacity and improve production
processes. We note that these additional capital expenditures
will weigh on free cash flow generation over the coming years.
Our financial risk assessment is also constrained by the group's
private equity ownership, which could result in an aggressive
financial policy. We adjust debt for the nonrecourse factoring
facility, with a utilized balance of around EUR15 million as of
Dec. 31, 2017.

"The stable outlook reflects our expectation that Italmatch will
continue to grow and post solid EBITDA margins while progressing
on its expansion plans. This could result in a moderate
deleveraging with adjusted debt to EBITDA of 5x-6x in 2019, which
is commensurate with the current rating.

"In our view, the probability of an upgrade over our 12-month
rating horizon is limited, given the group's high leverage and
potentially aggressive financial policy from the private equity
sponsor. We could raise the rating if the group were to post
adjusted debt to EBITDA sustainably below 5x and funds from
operations to debt consistently above 12%. In addition, a strong
commitment from the private equity sponsor to maintain leverage
at a level commensurate with a higher rating would be important
in any upgrade considerations.

"We could lower the rating if the group experienced severe margin
pressure or significant operational issues, resulting in adjusted
debt to EBITDA consistently above 6.5x and EBITDA interest
coverage below 3.0x." These credit metrics could worsen due to
large debt-funded acquisitions or unexpected shareholder returns.
A weakening in the liquidity position could also put pressure on
the company's creditworthiness.


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N E T H E R L A N D S
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BARINGS EURO 2018-3: Fitch Assigns B-(EXP) Rating to Class F Debt
-----------------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2018-3 B.V. expected
ratings, as follows:

EUR231.8 million Class A-1: 'AAA(EXP)sf'; Outlook Stable

EUR12.2 million Class A-2: 'AAA(EXP)sf'; Outlook Stable

EUR10 million Class B-1: 'AA(EXP)sf'; Outlook Stable

EUR30 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

EUR24 million Class E: 'BB-(EXP)sf'; Outlook Stable

EUR10 million Class F: 'B-(EXP)sf'; Outlook Stable

EUR39 million subordinated notes: 'NR(EXP)sf'

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

Barings Euro CLO 2018-3 B.V. is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, and second-lien loans. Net proceeds from
the issuance of the notes will be used to fund a portfolio with a
target par of EUR400 million. The portfolio will be managed by
Barings (U.K) Limited. The CLO envisages a 4.5 year reinvestment
period and an 8.5-year weighted average life.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor of the identified
portfolio is 32.2.

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 Fitch-weighted average recovery rating (WARR) of the
identified portfolio is 62.3%.

Diversified Asset Portfolio

The maximum exposure to the top 10 obligors assumed for assigning
the expected ratings is 20% of the portfolio balance. The
transaction also includes limits on maximum industry exposure
based on Fitch's industry definitions. The maximum exposure to
the three largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

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.

Limited Interest Rate Risk

Up to 20% of the portfolio can be invested in unhedged fixed-rate
assets, while fixed-rate liabilities represent 10.5% of the
target par. Fitch modelled both 0% and 20% fixed-rate buckets and
found that the rated notes can withstand the interest rate
mismatch associated with each scenario.

RATING SENSITIVITIES

A 125% 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 at the 'BB-' rating level and two
notches for other 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 or risk-presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognised Statistical Rating Organisations and/or
European Securities and Markets Authority-registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.

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


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R U S S I A
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BANK PERVOMAISKY: Put on Provisional Administration
---------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-3035, dated
November 23, 2018, revoked the banking license of Krasnodar-based
credit institution Bank PERVOMAISKY (Public Joint-stock Company)
Bank PERVOMAISKY (PJSC) (Registration No. 518) from November 23,
2018.  According to the financial statements, as of November 1,
2018, the credit institution ranked 204th by assets in the
Russian banking system.

The business model of Bank PERVOMAISKY (PJSC) was aimed at
lending to legal entities and individuals including those
affiliated with the bank.  These operations were financed from
borrowed household funds (approx. 70% of liabilities).  That
said, low-quality outstanding loans accounted for more than 40%
of the loan portfolio.  As the credit institution has
consistently underestimated credit risk assumed, the Bank of
Russia has repeatedly requested that it create additional
provisions for possible losses.  The due diligence check of
credit risk at the regulator's request established a substantial
decrease in capital and entailed the need for action to prevent
the credit institution's insolvency (bankruptcy), which created a
real threat to its creditors' and depositors' interests.

Also, Bank PERVOMAISKY (PJSC) repeatedly violated laws and Bank
of Russia regulations on countering the legalization (laundering)
of criminally obtained incomes and the financing of terrorism
with regard to the timely submission and accuracy of information
the credit institution submitted to the authorized body including
about operations subject to obligatory control. Besides, the bank
conducted dubious transit operations.

The Bank of Russia repeatedly (4 times over the last 12 months)
applied supervisory measures against Bank PERVOMAISKY (PJSC),
including two impositions of restrictions on household deposit
taking.  At the same time, the credit institution systemically
violated caps on liabilities to households, imposed by the
supervisor to protect depositors' interests.

Under these circumstances, the Bank of Russia took the decision
to revoke the banking license of Bank PERVOMAISKY (PJSC).

The Bank of Russia made this decision because of the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within a year of
requirements stipulated by Article 7 (excluding Clause 3 of
Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism" as well as Bank of Russia regulations issued in
accordance with the said law and application of the measures
stipulated by the Federal Law "On the Central Bank of the Russian
Federation (Bank of Russia)", taking into account a real threat
to the interests of creditors and depositors.

Following banking license revocation, the professional securities
market participant license of Bank PERVOMAISKY (PJSC) was
cancelled.

The Bank of Russia, by virtue of its Order No. OD-3036, dated
November 23, 2018, appointed a provisional administration to Bank
PERVOMAISKY (PJSC) for the period until the appointment of a
receiver pursuant to the Federal Law "On the Insolvency
(Bankruptcy)" or a liquidator under Article 23.1 of the Federal
Law "On Banks and Banking Activities".  In accordance with
federal laws, the powers of the credit institution's executive
bodies were suspended.

Bank PERVOMAISKY (PJSC) is a member of the deposit insurance
system.  The revocation of a banking license is an insured event
as stipulated by Federal Law "On the Insurance of Household
Deposits with Russian Banks" in respect of the bank's retail
deposit obligations, as defined by law.  The said Federal Law
provides for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than a total of RUR1.4 million per
depositor.

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


KRASNOYARSK KRAI: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
On Nov. 23, 2018, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on Krasnoyarsk Krai. The outlook is stable.

OUTLOOK

The stable outlook reflects S&P's view that, over the next 12
months, Krasnoyarsk Krai's management will maintain its prudent
approach to expenditures and post a positive operating balance,
while maintaining the debt burden at below 60% of consolidated
operating revenues through year-end 2020.

Downside scenario

S&P said, "We could take a negative rating action if, over the
next 12 months, pressures on budgetary performance resulted in a
materially higher deficit after capital accounts and larger debt
accumulation than we currently expect. We could also consider a
downgrade if the krai's liquidity position deteriorated, with the
debt-service coverage ratio dropping to below 80%."

Upside scenario

S&P said, "We could take a positive rating action on Krasnoyarsk
Krai within the next 12 months if management's prudent debt and
liquidity management resulted in liquidity coverage improving
structurally and sustainably to above 120%."

RATIONALE

S&P said, "We continue to assume that, in the coming three years,
Krasnoyarsk Krai will post operating surpluses and modest
deficits after capital accounts, thanks to sustained revenue
growth above the national rate and management's consistent
application of budget consolidation efforts. Furthermore, we
believe the region will maintain a low debt burden and preserve
its liquidity position."

Economic concentration and low budgetary flexibility in the
volatile and unbalanced institutional framework

Like other Russian regions, Krasnoyarsk Krai's financial position
depends highly on the federal government's decisions under
Russia's institutional setup, which remains unpredictable, with
frequent changes to tax mechanisms affecting regions. The new
presidential decrees of May 2018 will likely result in higher
operating and capital expenditures for most Russian local and
regional governments (LRGs) through 2024. These will focus mainly
on healthcare, education, and infrastructure.

Decisions regarding regional revenues and expenditures are
centralized at the federal level, leaving little budgetary
flexibility to the krai's authorities. More than 90% of tax
revenues are controlled by federal legislation, which makes it
especially difficult for the region to address potential revenue
volatility. S&P forecasts that Krasnoyarsk Krai's modifiable
revenues (mainly transport tax and nontax revenues) will remain
relatively low and account for less than 10% of the region's
operating revenues on average over the next three years. However,
S&P believes Krasnoyarsk Krai has wider flexibility on the
spending side than peers, due to its relatively large self-
financed capital program, which it thinks it could cut at least
by half if needed.

S&P said, "We estimate Krasnoyarsk Krai's gross regional product
per capita will remain below US$16,000. The region's economy
benefits from large reserves of metals--including Russia's
largest volumes of nickel, cobalt, and copper, as well as 16% of
its coal and 10% of its gold. We think that Krasnoyarsk Krai has
better long-term growth prospects than peers, thanks to its
abundant natural resources and a number of large industrial
projects executed in the region that will likely positively
impact the krai's economy over the next few years. We think,
however, that the economy will remain highly concentrated on oil
and metal extraction and production with two companies, Norilsk
Nickel and Rosneft, which both operate in cyclical industries
accounting for over 20% of the region's revenues.

"We note that over the past couple of years the management has
improved its expenditure management practices, with the
implementation of tighter controls over spending growth. At the
same time and similar to most Russian LRGs, the krai lacks
reliable long-term financial planning and doesn't have sufficient
mechanisms to counterbalance the volatility that stems from the
concentrated nature of its economy and tax base in an
international comparison."

Krasnoyarsk Krai will likely maintain operating surpluses and a
low debt burden

S&P said, "We expect the region will maintain operating surpluses
and a modest deficit after capital accounts in the coming three
years. The krai's budgetary performance will likely be supported
by strong revenue growth and continuous application of budget
consolidation measures. Tax collections in the region will likely
benefit from increased production at the new facilities.
The krai's management does not expect a large impact on the local
budget this year from the sanctions imposed on the largest
Russian aluminum producer Rusal by the U.S. Department of the
Treasury's Office of Foreign Assets Control (OFAC) in April 2018.
Rusal is currently not the major corporate profit tax contributor
in the region and the enforcement of the sanctions on Rusal has
been postponed, so that currently, there is no impact on
employment or on other industries. We assume that if Rusal faces
severe challenges related to debt service, operations or
employment, they will likely be addressed at the level of
Russia's federal government or large government related entities.

"We also think that the regional government's budgetary
consolidation efforts will likely allow the krai to maintain its
tax-supported debt below 60% of consolidated operating revenues
through 2020, with interest payments not exceeding 5% of
operating revenues.

"We view Krasnoyarsk Krai's contingent liabilities as very low.
The unitary enterprises and regional joint stock companies in
which Krasnoyarsk Krai owns 25% or more are mostly financially
healthy. None of the entities benefits from the krai's
guarantees. In our view, its government-related entities and
municipalities are unlikely to require significant extraordinary
financial support through year-end 2020. We estimate the maximum
loss under a stress scenario at less than 2% of the krai's
consolidated operating revenues.

"We expect that the krai's liquidity sources will continue to
cover more than 80% of its annual debt service in the next 12
months. At the same time, we incorporate the krai's limited
access to external liquidity in our overall assessment. This is
because of the weaknesses of the domestic capital market and
applies to all Russian LRGs. We also note that in the near term,
debt service will likely remain at a high 10% of operating
revenues on average, owing to important debt maturities."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision. After the primary analyst gave opening remarks and
explained the recommendation, the Committee discussed key rating
factors and critical issues in accordance with the relevant
criteria. Qualitative and quantitative risk factors were
considered and discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Krasnoyarsk Krai
   Issuer Credit Rating            BB/Stable/--


===============
S L O V E N I A
===============


NOVA LJUBLJANSKA: Fitch Hikes LT Issuer Default Rating to BB+
-------------------------------------------------------------
Fitch Ratings has upgraded Nova Ljubljanska Banka d.d.'s (NLB)
Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB' and
Viability Rating (VR) to 'bb+' from 'bb'. The ratings have been
removed it from Rating Watch Evolving.

KEY RATING DRIVERS

IDRS and VR

The IDRs of NLB are driven by its intrinsic credit strength, as
expressed by its VR. The resolution of RWE on NLB's ratings
follows the privatisation of a majority equity stake in NLB, in
accordance with its and the Slovenian government's commitment to
the European Commission (EC) (see 'Fitch Maintains Nova
Ljubljanska Banka on Watch Evolving' dated October 18, 2018 on
www.fitchratings.com). Earlier this month the Slovenian
authorities sold a 59% stake in NLB through a public offering of
shares, with an option of extending the offer to 65%.

The upgrade of NLB reflects a significant improvement of its
financial profile in 2017-1H18 due to an extended track record of
legacy impaired loan recoveries, stronger performance and solid
capital and liquidity buffers. In Fitch's view, NLB's credit
profile has remained largely stable over the past six months and
commensurate with a BB+ rating. Risks of financial costs or
operational restrictions due to a breach of original
privatisation commitments contained in NLB's restructuring
agreement from 2011-2013 have also materially diminished.

At end-1H18 NLB's headline impaired loans ratio equalled a
moderate 9.9% (end-2017: 10.8%) and were 70% covered with loan
loss allowances. Fitch believes that impaired loans are
conservatively defined and should be quite similar to Stage 3
loans under IFRS 9. Fitch believes that NLB's impaired loan ratio
adequately captures the magnitude of asset quality risks and do
not expect any downside to asset quality in the medium term. This
view is based on the strong quality of NLB's largest loans and
non-loan exposures and a track record of limited impairment of
newly issued loans in the recent years, reflecting a combination
of more conservative underwriting criteria and a strong cyclical
upswing of the Slovenian economy.

At the same time, around 30% of group assets are located in the
south east European (SEE) markets, with weaker economic and
regulatory environments than Slovenia's. Fitch understands from
management that NLB plans to gradually increase the SEE exposure,
particularly in SME and retail lending, as the interest margins
on these markets are higher. It should support performance, but
at a cost of higher asset quality risks due to significantly
greater cyclicality of these markets and generally weaker asset
quality in SEE.

Fitch expects the bank to post a strong return on average equity
(ROAE) in 2018 (1H18: 12.4%) although Fitch expects this to
moderate to single-digits in the next few years. NLB's bottom
line results should be viewed in light of one-off benefits from
recent loan recoveries and related loan impairment reversals
related to the bank's legacy impaired loan portfolio. NLB's pre-
impairment profit remains pressured by a low interest rate
environment and was a moderate 2.5% of average gross loans in
2017-1H18, providing the bank with only moderate loss absorption
capacity.

Due to the lack of meaningful loan growth in the past several
years, NLB has accumulated solid capital and liquidity buffers,
which are rating strengths. NLB's Fitch Core Capital (FCC) ratio
equalled a high 20.5% at end-1H18 and unreserved impaired loans
equalled only a moderate 12% of FCC. At end-1H18 NLB was
predominantly deposit-funded (94%) and liquidity was ample as
expressed by a low 76% gross loans-to-deposits ratio.

SUPPORT RATING AND SUPPORT RATING FLOOR

NLB's Support Rating Floor of 'No Floor' and Support Rating of
'5' reflect Fitch's opinion that potential sovereign support for
the bank cannot be relied on, despite NLB's high systemic
importance as expressed by the bank's high 23% domestic market
share. This view is underpinned by the EU's Bank Recovery and
Resolution Directive, which provides a framework for resolving
banks that is likely to require senior creditors participating in
losses, if necessary, instead or ahead of a bank receiving
sovereign support.

RATING SENSITIVITIES

NLB's ratings are primarily sensitive to changes in the bank's
asset quality. A continued reduction of legacy impaired loans or
their stronger coverage with LLAs may lead to moderate rating
upside. Conversely, renewed asset quality pressure may lead to a
downgrade, although this is currently not expected by Fitch,
given the currently favourable Slovenian economic environment. A
significant increase of NLB's exposure to SEE markets could also
be credit-negative.

The rating actions are as follows:

Nova Ljubljanska Banka d.d.

Long-Term IDR: upgraded to BB+ from BB; off RWE, Outlook Stable

Short-Term IDR: affirmed at 'B'

Viability Rating: upgraded to bb+ from 'bb'; off RWE

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'



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


CAIXABANK PYMES: Moody's Assigns Caa2 Rating to Series B Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debts issued by CAIXABANK PYMES 10, FONDO DE
TITULIZACION:

EUR 2,793M Series A Notes due October 2051, Defintive Rating
Assigned Aa2 (sf)

EUR 532M Series B Notes due October 2051, Definitive Rating
Assigned Caa2 (sf)

The transaction is a static cash securitisation of secured and
unsecured loans and draw-downs under secured and unsecured credit
lines granted by CaixaBank, S.A. ("CaixaBank", Long Term Deposit
Rating: Baa1 Not on Watch /Short Term Deposit Rating: P-2 Not on
Watch) to small and medium-sized enterprises and self-employed
individuals located in Spain.

RATINGS RATIONALE

The ratings of the Notes are primarily based on the analysis of
the credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external
counterparties and the protection provided by credit enhancement.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) performance of CaixaBank originated
transactions have been better than the average observed in the
Spanish market; (ii) granular and diversified pool across
industry sectors; and (iii) refinanced and restructured assets
have been excluded from the pool. However, the transaction also
presents challenging features, such as: (i) exposure to the
construction and building sector at around 23.2% of the pool
volume, which includes a 12.2% exposure to real estate
developers, in terms of Moody's industry classification; (ii)
strong linkage to CaixaBank as it holds several roles in the
transaction (originator, servicer and accounts bank); and (iii)
no interest rate hedge mechanism being in place.

  - Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 10%
over a weighted average life of 3.8 years (equivalent to a Ba3
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on: (1) the available historical vintage
data, (2) the performance of the previous transactions originated
by CaixaBank and (3) the characteristics of the loan-by-loan
portfolio information. Moody's also took into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained) of 43.2%, as a result of the analysis of
the portfolio concentrations in terms of single obligors and
industry sectors.

Recovery rate: Moody's assumed a stochastic recovery rate with a
42% mean, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 20%, that take
into account the current local currency country risk ceiling
(LCC) for Spain of Aa1.

As of October, the audited provisional asset pool of underlying
assets was composed of a portfolio of 65,807 contracts amounting
to EUR 3,466 million. The top industry sector in the pool, in
terms of Moody's industry classification, is the Construction and
Building sector (23.2%). The top borrower group represents 0.65%
of the portfolio and the effective number of obligors is over
2,000. The assets were originated mainly between 2014 and 2018
and have a weighted average seasoning of 2.6 years and a weighted
average remaining term of 6.7 years. The interest rate is
floating for 65.6% of the pool while the remaining part of the
pool bears a fixed interest rate. The weighted average interest
rate of the pool is 2.3%. Geographically, the pool is
concentrated mostly in the regions of Catalonia (30%) and
Valencia (11.9%). At closing, assets in arrears up to 30 days
will not exceed 5% of the pool balance, while assets in arrears
between 30 and 90 days will be limited to up to 1% of the pool
balance and assets in arrears for more than 90 days will be
excluded from the final pool.

Around 24.4% of the portfolio is secured by mortgages over
different types of properties.

  - Key transaction structure features:

Reserve fund: The transaction benefits from a EUR 157.94 million
reserve fund, equivalent to 4.75% of the balance of the Series A
and Series B Notes at closing. The reserve fund provides both
credit and liquidity protection to the Notes.

  - Counterparty risk analysis:

CaixaBank will act as servicer of the loans for the Issuer, while
CaixaBank Titulizacion S.G.F.T., S.A. will be the management
company of the transaction.

All of the payments under the assets in the securitised pool are
paid into the collection account at CaixaBank. There is a daily
sweep of the funds held in the collection account into the Issuer
account. The Issuer account is held at CaixaBank with a transfer
requirement if the rating of the account bank falls below Ba2.
Moody's has taken into account the commingling risk in its
analysis.

  - Principal Methodology:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in August 2017.

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

The Notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The evolution of the
associated counterparties risk, the level of credit enhancement
and Spain's country risk could also impact the Notes' ratings.


DISTRIBUIDORA INTERNACIONAL: S&P Cuts ICR to B, On Watch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'BB-' its long-term issuer
credit rating on Spain-based food retailer Distribuidora
Internacional de Alimentacion S.A. (DIA, or the group).

S&P said, "At the same time, we lowered our issue rating on DIA's
senior unsecured notes to 'B' from 'BB-'. The notes have a
recovery rating of '3', indicating our expectation of meaningful
recovery (50%-70%, rounded estimate: 60%) in the event of a
payment default.

"We maintained all our ratings on DIA on CreditWatch with
negative implications.

"The downgrade reflects our view of a heightened refinancing risk
for DIA, which had EUR760 million of short-term debt at the end
of September 2018, including EUR306 million bonds due in about
eight months. It also reflects a very high likelihood of
covenants breach at year-end 2018, together with ongoing
operating pressure that is likely to continue through 2019.

"We understand that the company is working on a comprehensive
refinancing plan with several banks. We believe that any bank
refinancing will likely require some kind of recapitalization of
the company and the sale of assets, a transaction that will
entail significant execution risk and an uncertain outcome.

"We also note the company's status in the capital markets has
weakened, as reflected in the significant fall of its share price
and bond trading levels in the last few weeks. This, in our view,
also indicates limited prospects for refinancing in the bond
market, thereby increasing the group's reliance on its banks for
refinancing the upcoming maturities.

"If DIA does not renegotiate the covenants under its EUR525
million revolving credit facility (RCF) in a timely manner, we
believe that there is a very high likelihood of a covenants
breach at year-end 2018. This is because we expect a sharp
contraction of about 40% of DIA's EBITDA, to EUR270 million-
EUR300 million in 2018 (including restructuring costs in the
region of EUR100 million) from EUR496 million in 2017. We also
forecast an increase of EUR370 million-EUR400 million in the
group's net debt, due in particular to the continuing net impact
of working capital on cash flows of about EUR150 million and high
capital expenditure (capex) for store refurbishment in 2018.

"We anticipate that DIA's underperformance will continue through
2019. The group's business model will need to undergo heavy
transformation in order to regain competitiveness and restore
margins. Such transformation will likely carry some execution
risks, especially with regard to the pace and scope of the
proposed implementation. DIA might also continue to incur
sizeable restructuring costs that could further weight on the
group's profitability on an ongoing basis. This is in a context
of extreme competitive pressure, in particular in Spain from the
market leader Mercadona, forcing the group to lower prices. We
also factor in ongoing negative impact of currency movements in
its Latin America operations that more than offset the healthy
underlying trend of its operations in that region."

Earlier this year DIA announced a profit warning. After a sharp
drop in reported EBITDA in 2017 of 16.0% in Iberia and 8.9%
across the whole group, DIA's profitability has continued to
decline significantly in 2018. During the first nine months of
2018, the group's EBITDA fell by 33.1% (including restructuring
costs).

DIA's margins were affected by a weak top-line performance and
the end of a procurement joint venture with Eroski in Spain, and
high restructuring costs. DIA also had to invest heavily in
reducing prices to secure its price perception in a highly
competitive market. Like other European food retailers that
operate in Spain, such as Carrefour and Auchan, DIA faces intense
price competition in the Spanish market from Mercadona, which
holds nearly one-quarter of the market in terms of sales, and
also from German discounter Lidl. Mercadona in particular has
aggressively cut its prices and improved its product offerings,
which has forced DIA to respond, thereby resulting in much lower
margins.

DIA also faces strong competition in Latin America from
Carrefour's and Casino's cash-and-carry subsidiaries in Brazil.
Like them, DIA has suffered from food price deflation and
transport strikes in Brazil and significant currency weakness in
Brazil and Argentina.

After falling from 7.3% in 2016, DIA's adjusted EBITDA margin
remained at 6.7% for 2017. Despite the decline, this margin was
still higher than that of several of DIA's rated peers in the
food retail sector, such as Europe-based Auchan (5.0%), Carrefour
(5.3%), Casino (5.6%), U.K.-based Tesco (6.1%), and U.S.-based
Kroger (6.0%) and Wegmans (6.3%). However, following the recent
profit warning and including restructuring costs that S&P
estimates to be at least EUR100 million in 2018, it forecasts
that DIA's adjusted EBITDA margin will now drop to about 5% for
2018 and 2019.

Until the end of 2017, DIA's higher profitability and balanced
financial policy supported relatively moderate leverage,
including adjusted debt to EBITDA of less than 2.5x and adjusted
funds from operations (FFO) to debt above 33%. S&P said,
"However, given the rapid decline in DIA's profits and cash
generation over the past few quarters, due to its extremely weak
operating performance, and its ongoing high capex for the
refurbishment of its stores, we expect a significant increase in
its leverage. We now forecast DIA's adjusted debt to EBITDA will
rise to 4.5x-5.0x, resulting in a much weaker financial profile
in the remainder of this year and in 2019."

S&P said, "We assess DIA's management and governance as weak in
view of the significant strategic, operational, and financial
missteps that have led to losses, the profit warning, and the
accounting restatement. The group's new CEO came in only in
August 2018 and a new chairperson has recently been appointed on
a provisional basis.

"We aim to resolve the CreditWatch within the next 90 days.
During this time, we expect to assess the progress of the group's
refinancing and renegotiation of its RCF covenants.

"We would consider removing the 'B' issuer credit rating from
CreditWatch and affirming it if DIA is able to refinance its
near-term debt maturities, put in place a sustainable and longer-
term capital structure, and maintain adjusted leverage below
4.5x. For an affirmation of ratings, we would also need to see a
stabilization of performance, resilience of operating margins
above 5%, and at least neutral reported discretionary cash flow
generation."

Conversely, if DIA is unable to refinance its debt maturities or
covenants in the short term, or if there is further weakness in
its operating performance or liquidity position, S&P could lower
the issuer credit rating by one or two notches, depending on its
assessment of the group's resulting liquidity.


PYMES SANTANDER 13: Moody's Hikes Class B Notes Rating to B1(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class A and
B notes on FONDO DE TITULIZACION PYMES SANTANDER 13:

EUR2254.5M (Current Outstanding amount EUR 1426.3M) Class A
Notes, Upgraded to Aa1 (sf); previously on May 17, 2018 Confirmed
at A1 (sf)

EUR445.5M Class B Notes, Upgraded to B1 (sf); previously on May
17, 2018 Confirmed at B2 (sf)

Moody's also affirmed the rating of the following tranche:

EUR135M Class C Notes, Affirmed Caa3 (sf); previously on May 17,
2018 Affirmed Caa3 (sf)

Pymes Santander 13 is a cash securitisation of standard loans and
credit lines granted by Banco Santander S.A. (Spain)
("Santander", Long Term Deposit Rating: A2 Not on Watch /Short
Term Deposit Rating: P-1 Not on Watch) to small and medium-sized
enterprises and self-employed individuals located in Spain.

RATINGS RATIONALE

The upgrade is prompted by the increase in the credit enhancement
available for the affected tranche due to portfolio amortization.

Class A credit enhancement level has increased to 31% from 21.5%
observed at last rating action in May 2018, a 49% increase in
relative terms since the closing date of the transaction in
January 2018. Class B credit enhancement has increased to 7.2%
from 5% in the same period.

Revision of key collateral assumption

As part of the review, Moody's reassessed its default
probabilities as well as recovery rate assumptions based on
updated loan by loan data on the underlying pools and
delinquency, default and recovery ratio update. Moody's
maintained its DP on current balance and RR assumptions as well
as portfolio credit enhancement due to observed pool performance
in line with expectations.

Exposure to counterparties

The rating action took into consideration the notes' exposure to
relevant counterparties, such as servicer and account bank.

Moody's also assessed the default probability of the account bank
providers by referencing the bank's deposit rating.

None of the ratings of the outstanding classes of Pymes Santander
13 are constrained by operational risk. Moody's considers that
the current back-up servicer and cash management arrangements as
well as the liquidity available are sufficient to support
payments in the event of servicer disruption.

There is no swap exposure in Pymes Santander 13.

Principal Methodology:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in August 2017.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral
that is better than Moody's expected, (2) deleveraging of the
capital structure, (3) improvements in the credit quality of the
transaction counterparties, and (4) reduction in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) performance of the underlying collateral
that is worse than Moody's expected, (2) deterioration in the
notes' available credit enhancement, (3) deterioration in the
credit quality of the transaction counterparties and, (4) an
increase in sovereign risk.


PYMES SANTANDER 14: Fitch Rates Class C Notes CC(EXP)sf
-------------------------------------------------------
Fitch Ratings has assigned Fondo De Titulizacion PYMES Santander
14 the following expected ratings:

EUR1,941.5 million class A notes: 'A+(EXP)sf'; Outlook Stable

EUR258.5 million class B notes: 'B+(EXP)sf'; Outlook Stable

EUR110.0 million class C notes: 'CC(EXP)sf'; Recovery Estimate
70%

FT PYMES Santander 14 is a securitisation of loans and drawings
from credit lines to Spanish large and medium entities (72.1%),
micro businesses (13.7%) and self-employed individuals (14.2%).
Banco Santander S.A. (Santander) originated 98% of the portfolio
with the remaining marginal portion originated before 2013 by
Banesto and Banif, prior to their acquisition by Santander. The
whole portfolio is serviced by Santander.

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

KEY RATING DRIVERS

Positive Performance Expectations

Fitch assumed an annual average probability of default on a 90
days past due basis for the portfolio of 2.45%. This is based on
the positive macro-economic in Spain, performance expectations
for the originator's loan book and the positive selection of the
securitised portfolio, which has a weighted average internal
regulatory probability of default of 0.94%. Fitch assumed a base
case cure rate of 40%, and 14% for the 'Asf' stress scenario.

Highly Granular Portfolio
The largest single borrower groups accounts for 0.64% of the
portfolio balance, whereas the largest 10 borrower groups account
for 4.8%. The portfolio is also fairly diversified across
industries, with the top industry concentration 12.4%. Portfolio
concentration levels are captured by the Portfolio Credit Model
(PCM) and reflected on a 'A+' rating default rate (RDR)
assumption of 17.2%.

Moderate Recovery Rates

Fitch derived a recovery rate expectation of 41.3%, relatively
close to the unsecured assumption of 30% as only 6% of the
portfolio is collateralised by mortgaged properties. This is
stressed up to a 'A+' rating recovery rate assumption of 22%,
resulting in a 'A+' rating loss rate of 13.4%.

Fast Amortisation Profile

29.9% of the portfolio comprises drawings from revolving credit
lines, which are bullet debt instruments with a weighted average
life of around seven months. Fitch has increased the weighted
average life of credit lines by two years to address the
refinancing risk of borrowers under stressed scenarios.

Sufficient Credit Enhancement (CE):

The class A notes will benefit from 16.75% CE provided by over-
collateralisation and a reserve fund equal to 5% of the initial
collateral balance, which is the only CE for the class B notes.
The class C notes will be issued to fund the reserve fund and
they are not collateralised by receivables. The transaction
features strictly sequential amortisation and CE for the class A
notes is expected to build up significantly over the first year
due to the fast amortisation of credit lines.

Counterparty Risk Cap:

The class A notes' rating is capped at 'A+sf' as per Fitch's
Structured Finance and Covered Bonds Counterparty Rating
Criteria, due to the account bank replacement trigger being set
upon downgrade at below 'BBB' and 'F2'. Apart from covering for
losses, the reserve fund is the primary source of liquidity for
the notes in case of interrupted servicing, for example due to a
servicer default, when no cash would be collected from the
portfolio. Fitch expects dedicated liquidity to cover this risk
for ratings of 'AAAsf' and 'AAsf'.

RATING SENSITIVITIES

Class A:

Current rating: 'A+sf'

Increase RDR by 250bp, reduce RDR by 25%: 'A-sf'

Increase RDR by 500bp, reduce RR by 50%: 'BBB-sf'

Class B:

Current rating: 'B+sf'

Increase RDR by 250bp, reduce RDR by 25%: 'CCCsf'

Increase RDR by 500bp, reduce RR by 50%: 'Csf'

The class C notes' rating is already at the distressed level of
'CCsf' but could be downgraded to 'Csf' if Fitch determines its
default to be inevitable based on the evolution of the
transaction.

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

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.

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.


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


GAM HOLDING: Investors Pull US$4.5BB from Funds Since September
---------------------------------------------------------------
Patrick Winters at Bloomberg News reports that GAM Holding AG
investors have pulled US$4.5 billion from the firm's funds since
the end of September in a sign that the damage from the
suspension of a top manager is far from over.

Clients withdrew the funds in the seven weeks through Nov. 16,
during which the Swiss asset manager parted ways with chief
executive officer Alex Friedman and began a restructuring plan,
Bloomberg relates.  Those outflows are from strategies unrelated
to the original scandal, according to Bloomberg data.  GAM had
about CHF146 billion (US$146 billion) under management at the end
of September, Bloomberg notes.

Bond manager Tim Haywood was suspended in July after the company
said he breached certain internal rules, prompting the first wave
of outflows and a tumbling share price, Bloomberg recounts.

Mr. Haywood's suspension came as GAM was already buffeted by
headwinds in the asset-management industry, Bloomberg states.
Volatile returns and an investor flight to low-fee products have
squeezed profits, forcing many money managers to consolidate,
Bloomberg relays.  Assets under management declined by about
US$18 billion in the third quarter as Mr. Haywood's funds were
liquidated and clients pulled money from other strategies,
according to Bloomberg.


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


TOPLU KONUT: Moody's Withdraws Ba3 Long-Term Issuer Rating
----------------------------------------------------------
Moody's Public Sector Europe has withdrawn the Ba3 global scale
and Aaa.tr national scale issuer ratings with negative outlooks
of Toplu Konut Idaresi Baskanligi for its own business reasons.

The following ratings and outlooks were withdrawn:

  - Long Term Issuer Rating: Ba3

  - Long Term NSR Issuer Rating: Aaa.tr

  - Negative outlook

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.


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


WOLF MINERALS: Pala's Bid to Rescue Mine Faces Obstacle
-------------------------------------------------------
Jon Yeomans at The Telegraph reports that an investment fund
based in Switzerland is looking to rescue the UK's only operating
metals mine from liquidation, but talks have hit a snag over the
cost of restoring the land after its working life has finished.

According to The Telegraph, Pala Investments, owned by
billionaire Vladimir Iorich, is understood to be willing to pump
GBP25 million into the Drakelands tungsten mine in Devon after
its owner Wolf Minerals went into liquidation last month.

However, it is thought a trio of banks that are among Wolf's
secured creditors are wrangling over the size of a bond being
held in account to pay for restoration of the site after mining
has finished, The Telegraph relates.


WONGA: Collapse Boosts Amigo Loan's Business
--------------------------------------------
Lucy Burton at The Telegraph reports that the chief executive of
Amigo Loans said the lender has indirectly cashed in on the
collapse of controversial payday giant Wonga as regulators direct
customers away from high-cost providers.

The business, which lends up to GBP10,000 to those with bad
credit histories provided payments are guaranteed by friends or
family, said pre-tax profits over the first half jumped 66pc
after an increase in customer numbers, The Telegraph relates.

According to The Telegraph, Chief executive Glen Crawford said
the results, the company's first since it floated on the London
Stock Exchange in June, were boosted by Wonga's downfall despite
the lenders offering very different products because its failure
caused the City watchdog to clampdown on the sector.



                            *********

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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