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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, June 5, 2019, Vol. 20, No. 112

                           Headlines



C Y P R U S

GEOPROMINING INVESTMENT: S&P Assigns 'B+' Rating, Outlook Stable


F R A N C E

STELLAGROUP: S&P Affirms 'B' ICR on CRH S&A's Acquisition Closing
YOUNI 2019-1: S&P Assigns CCC Rating on Class G Debt


G E R M A N Y

GERRY WEBER: Creditor's Assembly Confirms Self-Administration


G R E E C E

ALPHA BANK: Fitch Affirms CCC+ LongTerm Issuer Default Rating
EUROBANK ERGASIAS: Fitch Hikes LT IDR to 'CCC+', Outlook Positive
NATIONAL BANK: Fitch Affirms 'CCC+' Issuer Default Rating
PIRAEUS BANK: Fitch Affirms 'CCC' Issuer Default Rating


N E T H E R L A N D S

DOMI 2019-1: Moody's Rates EUR11.244MM Class X Notes 'Caa3'
DOMI BV 2019-1: S&P Assigns CCC Rating on Class X Notes


R U S S I A

KEMSOCINBANK JSC: Put on Provisional Administration
LEXGARANT INSURANCE: S&P Affirms B+ LongTerm ICR, Outlook Stable


S P A I N

HIPOCAT 8: S&P Raises Rating on Class D Notes to B+
MADRID RMBS IV: S&P Raises Rating on Class E Notes to B
UCI 12: S&P Affirms B- Rating on Class C Notes


U N I T E D   K I N G D O M

BRITISH STEEL: Unions Lash at Greybull Following Collapse
EQUITY INCOME: Trading Suspended After High Investor Withdrawals
KIER GROUP: Issues Profit Warning, Net Debt Higher Than Expected
LENDY: Collapse Triggers Watchdog Monitor on Peer-to-Peer Lending
LENDY: Investors Launch Action Group Following Collapse

NEWDAY FUNDING: Fitch Gives 'B+(EXP)' Rating to 2019-1 Notes

                           - - - - -


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C Y P R U S
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GEOPROMINING INVESTMENT: S&P Assigns 'B+' Rating, Outlook Stable
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S&P Global Ratings noted that gold miner GeoProMining Investment
(CYP) Ltd. (GPM) is a producer of gold, copper, and several other
metals in Armenia and Russia, with 228 thousand ounces (koz) of
gold equivalent production in 2018. S&P's assessment of the group's
creditworthiness is constrained by its small size, high country
risk of operating in Russia and Armenia, and the inherent
volatility of the mining sector.
At the same time, the rating recognizes GPM's diversity by assets
and metals, low cost of production, and resulting solid
profitability, long reserve life, and moderate leverage.

According, S&P is assigning its 'B+' rating to GeoProMining
Investment (CYP) Ltd. (GPM).

The rating balances GPM's small size and high country risk in the
countries of operation, with its efficient operations, growing
asset diversity, and moderate leverage.

GPM's business risk is constrained by its small scale, as it is one
of the smallest gold miners that we rate, with just 228 koz of gold
equivalent produced in 2018 (of which gold was 149 koz), compared
with 422 koz at Petropavlovsk and 2,440 koz at Polyus. Inherent
volatility of the mining sector and high country risk in Russia and
Armenia also constrain the business risk of GPM.

However, S&P views the company's asset diversity as an important
mitigating factor to its small scale. The company has at least four
cash-generating assets, located in two different countries and
several uncorrelated metals, such as gold, copper, molybdenum,
antimony, and zinc. Gold currently accounts for about 62% of
revenues, and its share will decline further with the development
of the fifth asset in Russia. GPM's portfolio after 2020 will be
almost equally split between cyclical metals and countercyclical
gold. Such diversification also provides a hedge against an
operational issue at one of the assets, which is a risk that many
small gold producers face. From that perspective, GPM compares
favorably with larger peers such as Petropavlovsk, Eldorado Gold,
and New Gold.

S&P said, "We also recognize the low cost of production at GPM,
with total cash cost (TCC) reaching $561 per oz of gold equivalent,
which we view to be well positioned on a global scale, and
comparable with Barrick Gold, although still lower than the global
leader Polyus." Low costs are supported by good ore grades,
favorable currency exchange in Russia and Armenia, and application
of the Albion process for refractory gold ore. The group's reserves
contain up to 2 grams of gold equivalent per ton of ore, allowing
for efficient mining operations. The company has benefited from the
depreciation of local currencies (dram in Armenia and ruble in
Russia) in late 2014, as roughly 80% of GPM's costs are in local
currencies.

GPM Gold, an Armenian subsidiary, employs the Albion process to
extract gold from its refractory ore. GPM has pioneered the
process, which is mostly used for zinc and refractory copper, for
gold extraction and has achieved extraction levels of up to 85%
over the past few years. The key difference of Albion from other
refractory ore treatment processes is that leaching is performed at
atmospheric pressure, using supersonic oxygen injection into
concentrate, as opposed to autoclave leaching, such as pressure
oxidation, where high pressure is required. This results in lower
cost to construct and operate the plant, while reducing
technological risks of operation. S&P understands that the process
is gradually beginning to be accepted by other gold miners.

S&P said, "GPM's financial risk profile reflects our expectation of
the group's weighted average FFO to debt of 25%-28% and slightly
positive discretionary cash flow (DCF) in 2019-2020, compared with
26% FFO to debt and negative $1.3 million of DCF in 2018. Leverage
has been decreasing over the past few years as the group's EBITDA
generation has been improving. In our analysis, we reflect the
volatility of cash flows, which could materialize during market
downturns.

"We consider GPM's financial policy to be generally prudent. Over
the past few years the company has been growing organically with no
acquisitions. Also, its capex has generally been funded from
internal cash flows which allowed it to keep debt stable. We expect
the company to continue this strategy in the coming years. Finally,
the group has not been paying dividends recently and we don't
assume any in our base-case forecast.

"The group has a relatively short-term maturity profile with most
debt maturing within the next two years. We understand that GPM is
considering different refinancing options to extend its maturity
profile, including refinancing through public or bank debt
issuance.

"We forecast that the group's operating performance will improve
gradually after 2019, when we expect EBITDA will decrease to about
$105 million-$110 million, compared with $117 million generated in
2018, due to lower gold price assumptions and a transition to
slightly higher waste ratios at GPM Gold. We expect EBITDA to
improve to $108 million-$115 million in 2020 and $115 million-$120
million in 2021."

The stable outlook on GPM reflects S&P's view that the group will
continue to expand its production organically while maintaining its
low cost of production, which will help it mitigate slightly lower
gold and other metals prices. This should support FFO to debt
within the 25%-30% band and a slightly positive DCF in the next 12
months.

The stable outlook also assumes that the company will maintain
adequate liquidity at all times and will proactively refinance or
repay all maturing debt while maintaining sufficient credit lines
to cover upcoming maturities.

S&P said "We could lower the rating on GPM if there were a
meaningful deterioration of the pricing environment or cost
inflation leading to a sharp decline in EBITDA generation, if the
company paid an unexpected, large dividend, or made an acquisition
that pushed its FFO to debt below 20%.

"We could also lower our rating if the group's liquidity
deteriorated, with sources of liquidity, including cash on hand,
cash flows, and liquidity lines, not covering the upcoming
maturities."




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F R A N C E
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STELLAGROUP: S&P Affirms 'B' ICR on CRH S&A's Acquisition Closing
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S&P Global Ratings affirmed its 'B' rating on Stella's intermediate
parent company France-Based Stellagroup, as well as the 'B' issue
rating, with a '3' recovery rating, on the senior secured notes,
including the proposed add-on.

In April 2019, Stellagroup announced that it would acquire CRH's
Shutters & Awnings (S&A) operations, a leading manufacturer of
shutters, awnings, and garage doors in Western Europe.

Stella is raising a EUR220 million term loan add-on as part of the
acquisition, with its current shareholders also contributing
through an equity injection.

S&P believes the S&A acquisition will enable Stellagroup to enlarge
its footprint in Western Europe, and gain size and scope, and note
that the group's capital structure will remain highly leveraged.

On April 24, 2019, Stellagroup announced the takeover of the S&A
division of CRH plc (BBB+/Stable/A-2) for an estimated EUR300
million. This transaction comes a few months after the acquisition
of Stella by PAI Partners.

S&P said, "Following the acquisition, we believe that Stella will
go from being a solid French player to a European leader in rolling
shutters and other closure systems. The group will also enhance its
product offering, with outdoor living solutions (awnings, pergolas)
and trading components. Pro forma, we expect Stella to post revenue
of more than EUR450 million and adjusted EBITDA of more than EUR90
million for 2019.

"The new exposure to the Netherlands, Germany, and the U.K. will
significantly increase Stella's geographic diversification, with
45% of sales now coming from outside France. We note the leading
position of AVZ, the Dutch component trader and exterior sun
protection assembler, with an estimated market share of more than
50%. We understand that the other brands have more limited market
shares in their respective local markets. In addition, British
business, SWS, could be hindered by an adverse outcome after the
U.K.'s exit from the EU, but we note that it should represent only
5% of the overall group and that it is exposed mainly to the
less-cyclical residential segment.

"Conversely, we expect the group's profitability to contract. S&A
reports an EBITDA margin of about 14%. Based on this, pro forma the
acquisition we expect Stella to report an adjusted EBITDA margin of
about 20%, which is lower than our previous 23%-24% assumption.
Although Stella expects profitability to improve over time as S&A
is integrated, we include limited synergies in our base case. We
note that Stella has been able to improve the profitability of the
recently acquired entities, such as Sofermi in 2017 and Flip in
2018, and believe that it can successfully integrate S&A over
2019-2020.

"The highly leveraged structure remains a constraint on our
assessment of Stella's financial risk profile. Pro forma the
acquisition, we estimate adjusted debt to EBITDA of about 6.5x in
2019, before a gradual decrease on the back of slight operating
margin improvements."

Free operating cash flow (FOCF) for 2019-2020 could be affected by
restructuring costs linked to the transaction. That said, S&P still
projects robust FOCF on a normalized basis, supported by the
group's margins and limited working capital outflows and capital
expenditure (capex), which represents about 3%-4% of sales.

S&P said, "In addition, our financial risk profile continues to
reflect our view of the group's private-equity ownership and
potentially aggressive strategy in using debt and debt-like
instruments to maximize shareholder returns in the takeover
transaction and during the investment horizon. Our debt adjustments
include the EUR56 million payment-in-kind (PIK) instrument held by
the noncontrolling sponsor ICG, about EUR25 million of operating
leases, and about EUR15 million of existing debt in the new
structure. We understand that S&A carries limited pension
deficits.

"The stable outlook reflects our expectation that Stella will
continue to report robust operating margins and FOCF. We expect the
integration of S&A to see margins decline to about 20% in
2019-2020, with adjusted debt to EBITDA to remain at about 6.5x.

"We could lower the rating if Stella's profitability and cash flow
generation weakened due to deteriorating market conditions, or
operational issues linked to the integration of the acquired
business. We could also lower the rating if the company adopted
more aggressive financial policies--including debt-financed
dividend recapitalizations or acquisitions--that resulted in a
sizable increase in leverage, or interest coverage ratios declining
toward 2x with low prospects for improvement.

"In our view, an upgrade over the next 12 months is unlikely, given
the group's high leverage and potentially aggressive financial
policy from the private-equity sponsor. However, we could raise the
rating in the long term if the company reported adjusted leverage
sustainably below 5x (including the PIK instrument) and funds from
operations (FFO) to debt sustainably above 12%. In addition, a
strong commitment from the private-equity sponsor to maintain
leverage commensurate with a higher rating would be an important
consideration for an upgrade."


YOUNI 2019-1: S&P Assigns CCC Rating on Class G Debt
----------------------------------------------------
S&P Global Ratings assigned its credit ratings to YOUNI 2019-1's
class A to G-Dfrd asset-backed notes. S&P's ratings on the class
B-Dfrd to F-Dfrd notes address the ultimate payment of interest and
principal, while its rating on the class G-Dfrd notes addresses the
ultimate repayment of principal only.

YOUNI 2019-1 is a French asset-backed-securities (ABS) fund backed
by a pool of French consumer loans granted to individual private
borrowers, which Younited originated. The issuer is a French
securitization fund (fonds commun de titrisation, or FCT), which is
bankruptcy remote by law.

RATING RATIONALE

Economic Outlook

In S&P's base-case stress scenarios, it considered that the French
economy will increase by 1.4% and 1.5% in real terms in 2019 and
2020, respectively. Household spending should be more dynamic as
labor market conditions remain favorable, consumers are benefitting
from the fiscal loosening announced by the government after the
protests, inflation has slowed because of low energy prices, and
wage growth remains steady.

Credit Analysis

S&P said, "We analyzed credit risk under our European consumer
finance criteria, using cumulative gross loss vintage curves for
the personal loans and debt consolidation loan subpools. We used
static cohort data to size our base-case default rate. Based on the
historical data, the increase in volume in the last year by around
35% compared to the end of 2017, and the fact that the performance
information does not cover the entire life of the loans, we have
sized our base-case default rate at 10% in the securitized pool.
This base-case also incorporates our current French macroeconomic
forecast. We have used high-range multiples to address that the
originator is a new market player in the French consumer loan
market and that this is the first securitization transaction since
it started its business in 2011. In addition, we've considered that
the company has a riskier business plan and a high growth target to
make business profitable compared with typical French lenders.

"On the recovery side, we have received data split for
over-indebtness and non-over-indebtness borrowers. Over-indebtness
borrowers might benefit of protection arrangements by French law,
which might include measures to defer or reschedule debt payments.
Overall, we have assumed a base-case recovery rate at 32%, with a
25% rate after 28 months and the residual 75% after 40 months,
based on the recovery curves' patterns. The overall transaction
data we have received meets our minimum data standards, and we have
sufficient information to rate the transaction."

Payment Structure

S&P said, "We have analyzed the transaction's payment structure and
other structural features under our European consumer finance
criteria. The transaction has separate principal and interest
waterfalls. A PDL comprising seven subledgers (one each for the
class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes)
records defaults and principal used to cover senior interest
deficiency. The results of our cash flow runs are in line with our
ratings on the notes.

"The transaction has a liquidity reserve, being equal to 0.8% of
the outstanding aggregate balance of the class A, B, C, D, E, and F
notes, thus amortizing with the notes' amortization, with no floor.
It provides liquidity support to the class A and B-Dfrd notes as
long as they're outstanding and then to the other rated notes once
they become the most-senior notes outstanding. Furthermore, if
required, available principal proceeds can be applied to cover any
remaining interest deficiency on the most-senior classes. Any
interest shortfalls covered through the use of principal receipts
will result in a corresponding debit to the PDL.

"Interest on the class A to F-Dfrd notes is based on floating-rate
one-month (apart from the class G-Dfrd notes, which does not bear
any coupon). The loans pay a fixed rate of interest. An interest
rate cap with a strike rate of 1% partially mitigates the impact of
rising interest rates. Under our European consumer finance
criteria, we ran a high and low prepayment scenario, as well as up,
flat, and down interest rate vectors, and equal, front-loaded, and
back-loaded default curves. We also ran a sensitivity with interest
rate at the strike rate of 1% for life. Our cash flow runs at the
assigned rating levels show that the rated notes pay timely
interest and ultimate principal for the class A notes, while we
rated the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes
based on the payment of ultimate interest and principal.

"The class G-Dfrd notes do not bear any coupon and only receive any
residual excess spread under the interest waterfall. Since there is
no promise to pay interest on the class G-Dfrd notes under the
terms and conditions, our rating addresses only the repayment of
principal and not any payment of interest. Therefore, we have added
a qualifying subscript 'p' to the rating on class G-Dfrd notes.
This class of notes does not pass our stresses at the 'B' rating
level for full repayment of principal by maturity. Additionally,
the class G-Dfrd notes does not benefit from any hard credit
enhancement, just excess spread. It is currently vulnerable and
depend upon favorable financial and economic conditions to not
default, in our view. Therefore, we assigned a 'CCCp' rating on the
class G notes."

Counterparty Risk

The transaction's documented replacement language for all of its
relevant counterparties is in line with S&P's current counterparty
criteria.

S&P said, "Commingling risk is mitigated by the use of French
special dedicated accounts (SDAs), held by Credit Mutuel Arkea
(A/Negative/A-1), with proper downgrade language if we lower our
long-term rating on the SDA holder below 'BBB'. All of the
borrowers pay their collections by direct debit to the SDA, thus
protecting collections if Younited, as servicer, were to become
insolvent. We applied commingling risk for collections as a
liquidity stress in our analysis in case money is not immediately
dispensable. There is the risk that prepayments and recoveries
could get lost if the servicer becomes insolvent.

"Since roughly 30% of the prepayments are first paid to Younited,
and it takes one week before they are transferred to the SDA, we
have assumed a commingling loss over 30% of prepayments received in
one week, assuming a base-case constant prepayment rate of 15%. We
expect the monthly recovery inflows to be spread over the
transaction's life, and we assumed a limited amount of recoveries
in our stressed scenario. Therefore, we consider the commingling
risk arising from recoveries to be negligible."

S&P's analysis shows that counterparty risk does not constrain its
ratings on the notes.

Legal Risk

The issuer is an FCT and is considered bankruptcy remote under
French law and according to S&P's legal criteria. S&P has reviewed
the transaction documents and French legal opinions and it can
conclude that they are in line with its criteria.

Sovereign Risk Analysis

As S&P's current long-term unsolicited rating on France is 'AA',
the application of its structured finance sovereign risk criteria
does not cap its ratings on this transaction.

Ratings Stability

S&P has analyzed the effect of moderate stress on its credit
assumptions and its ultimate effect on the ratings that it has
assigned. The scenario results are in line with S&P's credit
stability criteria.

  RATINGS ASSIGNED

  YOUNI 2019-1

  Class    Rating      Amount
  A        AAA (sf)     88.40
  B-Dfrd   AA- (sf)     20.50
  C-Dfrd   A- (sf)      11.70
  D-Dfrd   BBB (sf)     11.50
  E-Dfrd   BB- (sf)      5.10
  F-Dfrd   B (sf)        6.80
  G-Dfrd   CCCp (sf)    12.00

  TBD--To be determined.




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G E R M A N Y
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GERRY WEBER: Creditor's Assembly Confirms Self-Administration
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On June 4, 2019, the report meeting of GERRY WEBER took place in
line with the ongoing proceedings of GERRY WEBER International AG.
The mandatory assembly is part of every self-administration
proceeding, aimed at finding a resolution by the creditors on the
position of trustee, the appointment and allocation of members of
the committee of creditors, as well as its continuation.  Further,
participants are being informed about the current state of the
proceedings.

Within the scope of the meeting, the creditor's assembly has
confirmed self-administration of GERRY WEBER in the ongoing
insolvency proceedings, opened on April 1, 2019.

Further, the creditor's assembly has confirmed lawyer Stefan Meyer
of PLUTA Rechtsanwalts GmbH as trustee for the further proceedings.
Previously, Meyer was already appointed provisional trustee as of
the application for preliminary insolvency proceedings by the
clothing company and has been appointed trustee at the opening of
the insolvency proceedings under self-administration.  Furthermore,
the composition of the committee of creditors was enlarged from
seven to ten members.  All initial members of the committee were
affirmed by the creditor's assembly.  Due to the ongoing
development of the proceedings, further three representatives of
the promissory note holders were appointed to the committee
increasing the number of its representatives to five in total.
With this decision, the Managing Board, complemented by Chief
Representative Dr. Christian Gerloff, retains its right of
administration and disposition under supervision by the trustee for
the ongoing proceedings.

Progress report by Managing Board and Trustee

At the beginning of the June 4 meeting, the Managing Board and
Chief Representative Dr. Christian Gerloff reported on the ongoing
operations, the implementation of the restructuring measures as
well as the current state of the investor process at GERRY WEBER
International AG.  Hereafter, Stefan Meyer, court-appointed
trustee, informed the creditors extensively about progress and
developments in the ongoing insolvency proceedings. He is tasked
with supporting the company throughout the entire proceedings and
assisting the restructuring process, while particularly preserving
the interests of the creditors.  GERRY WEBER International AG has a
total of about 1,500 creditors, who have lodged claims of around
EUR275 million.  Based on the represented claims, the majority of
creditors participated in the meeting.

Trustee Meyer said: "Business operations continue at full extend,
undisrupted and undisturbed by the ongoing self-administration
proceedings.  Within the past weeks, important restructuring
measures were implemented and launched, which are also viewed
positively by potential investors.  The measures, which were
developed by the Managing Board and its consultants already prior
to the self-administration proceedings -- adjusted for the new
circumstance of the self-administration -- will continue to be
implemented successively."

Investor process and insolvency plan procedure well-advanced

"With the confirmation by the committee of creditors, we have
further launched a professional and structured M&A process in
search of a suitable investor", explained PLUTA restructuring
expert Meyer the progress of the past weeks.  The investment bank
Macquarie was tasked with supporting and implementing the investor
process.  GERRY WEBER has received several indicative offers by
potential investors.  These currently non-binding purchase offers
will be thoroughly evaluated and further negotiated throughout the
upcoming weeks.  Through the course of June 2019, binding offers by
the investors are expected.

Simultaneously, the company is working on a restructuring solution
based on an insolvency plan, which would retain the legal entity of
GERRY WEBER International AG.  A combination of both restructuring
scenarios, participation of one or more investors while
implementing the insolvency plan, is also possible and feasible.
"We will compare both developed solutions -- an M&A process as well
as the insolvency plan.  All offers will be thoroughly evaluated
before entering into the debate with the committee of creditors on
the decision, which solution to implement", PLUTA lawyer and
Trustee Meyer further lined out.

"We are required to implement the best option for the creditors.
The highest goal of an insolvency proceeding, which equally always
applies to proceedings under self-administration, is the optimal
and best possible satisfaction of the creditors", the Trustee
continued.  As stated before, a decision on the future path of
GERRY WEBER Group shall be reached in June 2019.  The
implementation of the approved solution shall be finalized by the
end of 2019.

Scheduled closure of stores under preparation in line with
restructuring

After an intensive business analysis of the store portfolio, the
company started with the implementation of the announced clean-up
of its German retail business.  After informing employees of the
concerned stores throughout the past few days, the scheduled store
closures, which are an integral part of the ongoing restructuring
of GERRY WEBER Group, will be carried out until end of November
2019.

Due to the closure of 146 stores and sales spaces in Germany,
positions equivalent to 330 FTE will be made redundant in Germany.
Store closures are carried out in three phases on September 30,
October 31 and November 30 of this year, besides other factors to
provide best possible product distribution and availability.
Employees concerned will be made redundant correspondingly in three
phases on basis of still to be finalized compensation agreements
and redundancy schemes.  The Managing Board is already in
far-advanced and constructive negotiations with the works council
and its legal advisors.  The affected employees are almost
exclusively employed by GERRY WEBER Retail GmbH & Co. KG, a 100%
subsidiary of GERRY WEBER International AG. The report meeting as
part of the self-administration proceedings on the assets of GERRY
WEBER Retail GmbH & Co. KG takes place on June 25, 2019, also at
Stadthalle Bielefeld.

With regards to the also necessary streamlining of the headquarters
in Halle and the present overhead functions, and within the scope
of the ongoing proceedings surrounding GERRY WEBER International
AG, the Managing Board and workers representatives found agreement
on compensation and redundancy schemes for this segment already in
April 2019.  This affects around 140 FTE, as this particular
reduction of staff has already mostly been implemented.

Improved gross profit margin

Both in the retail as well as the wholesale segment, sales of GERRY
WEBER Core brands performed widely according to plan in the new
financial year 2018/19 (ending October 31) up to and including
mid-May 2019.

Within the frame of the ongoing restructuring of GERRY WEBER Group,
product development and product management have been substantially
adjusted since Summer 2018.  In the product development, a
"Go-to-Market" concept was implemented, which increases customer
and market proximity.  Since then, for instance, GERRY WEBER
employs a web-based "360-degree Product Performance Panel",
utilizing representative market feedback to allow for a continuous
and timely adjustment of the product and category strategy.
Further, due to the newly structured work processes, collection
planning has become more efficient and at the same time more
closely focused on customer demand. Consequently, the Group has
substantially increased accuracy of its collections, while
significantly reducing their complexity. As intended, the
implemented measures resulted in brand rejuvenation and a stronger
differentiation between Group brands. The new collections, which
were very well perceived by wholesale business partners by a better
than planned (pre-)order phase in the past months, will also be
sold in own retail spaces in the upcoming months.

"Since Fall last year, we see the success of our operational
business.  In the retail segment we have made very good progress in
the past months", explained Johannes Ehling, Spokesman of the
Managing Board of GERRY WEBER International AG and continued: "In
the retail segment we improved our gross profit margin
substantially compared to the previous year and are even slightly
above budget.  This success is a great motivation for our entire
team.  At the same time, we keep our promise to our customers to
reliably maintain the good quality and fit of GERRY WEBER in the
new collections.  This is well perceived."

Background

Since January 25, 2019, GERRY WEBER International AG undergoes
insolvency proceedings under self-administration.  Proceedings were
opened on April 1, 2019.  At the subsidiary GERRY WEBER Retail GmbH
& Co. KG, insolvency proceedings under self-administration were
opened on May 1, 2019.  In both cases, the respective court
appointed lawyer Stefan Meyer of PLUTA Rechtsanwalts GmbH as
trustee.  The Managing Board of GERRY WEBER International AG,
consisting of Johannes Ehling (Spokesman of the Supervisory Board
as well as Chief Sales Officer and Chief Digital Officer), Florian
Frank (Chief Restructuring Officer) and Urun Gursu (Chief Product
Officer) are supported by Chief Representative Dr. Christian
Gerloff, a lawyer well-versed in the fashion industry.  Regardless
of the ongoing insolvency proceedings, financing of the ongoing
operations of GERRY WEBER is secured well into the year 2020.

                     About GERRY WEBER Group

GERRY WEBER International AG, headquartered in Halle/Westphalia, is
a worldwide operating group, uniting four strong brand families
under one roof: GERRY WEBER, TAIFUN, SAMOON and HALLHUBER.




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G R E E C E
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ALPHA BANK: Fitch Affirms CCC+ LongTerm Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Alpha Bank AE's Long-Term Issuer Default
Rating at 'CCC+' and Viability Rating at 'ccc+'.

KEY RATING DRIVERS

IDR AND VR

Alpha's ratings reflect its exceptionally weak, albeit improving,
asset quality and high capital encumbrance by unreserved
non-performing exposures (NPEs). The ratings also factor in an
improving funding structure and liquidity position, although the
latter remains weak. Alpha's overall financial profile, like that
of other Greek banks, is sensitive to Greece's operating
environment, which remains highly volatile despite having improved
in the past year.

The bank's stock of NPEs reduced in 2018, supported by sales and
negative NPE formation, but still accounted for 49% of gross loans
at end-2018. This is high compared with most of its Greek peers.
Coverage was low at 48% at end-2018 given the large stock of NPEs
and exposes Alpha to collateral valuation shocks. In the absence of
a structural solution, such as a sector-wide NPE work-out scheme,
Alpha's asset quality will remain weak, despite an anticipated
recovery of the Greek economy.

Alpha targets a NPE ratio of 20% by end-2021, as submitted to the
Single Supervisory Mechanism (SSM) in March 2019. Like its peers,
Fitch expects Alpha to support NPE reduction largely through
increased NPE sales. Meeting the target entails high execution
risks, particularly given the bank's below-average NPE coverage
levels. Execution also depends on the continued stability of the
Greek operating environment, a well-functioning legal framework and
the existence of a secondary market for Greek NPE sales.
International investors have displayed increased appetite for Greek
distressed assets, as evidenced by several portfolio sales in 2018
achieved by Greek banks.

Alpha's fully loaded common equity Tier 1 (CET1) capital ratio was
14% at end-2018 and compares well with peers'. However, the bank's
capital remains highly vulnerable to unreserved NPEs, which
represented about 200% of the bank's fully loaded CET1 capital.
Alpha's capacity to generate capital internally is subdued given
large loan impairment charges.

Alpha's funding profile improved due to deposit inflows and the
ability to issue debt in the wholesale markets, supported by a
return of depositor and investor confidence. This has allowed the
bank to fully repay funding from the Emergency Liquidity Assistance
in February 2019. Alpha's liquidity remains weak as the bank is not
yet compliant with the minimum regulatory liquidity coverage ratio.
The bank's funding and liquidity profile, like other Greek banks,
remains sensitive to confidence shocks.

SENIOR PREFERRED

Alpha's long-term senior preferred debt ratings, including those
issued under debt programmes of its issuing vehicles, are notched
off the bank's Long-Term IDR. The two-notch difference is driven by
poor recovery prospects in the event of a senior preferred debt
default due to the bank's weak asset quality, high levels of
senior-ranking liabilities (comprising mainly insured retail and
SME deposits) and high asset encumbrance.

SUPPORT RATING AND SUPPORT RATING FLOOR

Alpha's Support Rating of '5' and Support Rating Floor of 'No
Floor' highlight its view that support from the state cannot be
relied upon, given Greece's limited resources and the
implementation of the EU's Bank Recovery and Resolution Directive.

HYBRID SECURITIES

Hybrid securities are notched off the bank's VR. The 'C'/'RR6'
rating on Alpha's legacy preferred securities, issued through a
funding vehicle, reflect exceptionally high credit risk and poor
recovery prospects. This explains the four-notch difference between
the bank's Long-Term IDR and the preferred securities ratings. The
issue is non-performing. In January 2019, the bank announced that
obligations under the securities would not be paid.

RATING SENSITIVITIES

IDR AND VR

Upside potential for the VR is limited. Rating upside could arise
over the medium term provided Alpha progresses with its NPE
disposals, while maintaining adequate capitalisation. Improved
capacity to generate capital internally and continued improvements
in the bank's liquidity position, including compliance with
regulatory requirements, would also be rating positive.

Downside rating risks could arise if asset quality and
capitalisation materially deteriorate or if depositor and investor
confidence weakens, compromising the bank's already weak liquidity
profile.

SENIOR PREFERRED DEBT

The ratings of senior preferred debt are sensitive to changes in
the Long-Term IDR and to the level of asset encumbrance. A material
shift of funding from secured debt to unsecured facilities could
result in an upgrade of senior preferred debt ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of the Support Rating and an upward revision of the
Support Rating Floor would be contingent on a positive change in
Greece's ability and propensity to support its banks. While not
impossible, this is highly unlikely, in Fitch's view.

HYBRID SECURITIES

The ratings of preferred securities issued by a funding vehicle
(and guaranteed by Alpha) could be upgraded if they become
performing and if there is an upgrade of Alpha's Long-Term IDR.

The rating actions are as follows:

Alpha Bank:

Long-Term IDR: affirmed at 'CCC+'

Short-Term IDR: affirmed at 'C'

Viability Rating: affirmed at 'ccc+'

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

Long-term Senior Preferred debt: affirmed at 'CCC-'/'RR6'

Short-term Senior Preferred debt: affirmed at 'C'

Alpha Credit Group PLC:

Long-term Senior Preferred debt: affirmed at 'CCC-'/'RR6'

Short-term Senior Preferred debt: affirmed at 'C'

Alpha Group Jersey Limited:

Preferred securities: affirmed at 'C'/'RR6'


EUROBANK ERGASIAS: Fitch Hikes LT IDR to 'CCC+', Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has upgraded Eurobank Ergasias S.A.'s Long-Term
Issuer Default Rating to 'CCC+' from 'CCC' and Viability Rating to
'ccc+' from 'ccc'. The Outlook on its Long-Term IDR is Positive.

The upgrade follows Eurobank's recent accelerated reduction of its
non-performing exposures, which means it has a lower NPE/gross
loans ratio than any of its Greek peers. The ratio is,
nevertheless, still very high. The encumbrance of capital from
unreserved NPEs has also decreased. The upgrade also reflects the
bank's improved funding and liquidity profile, though from a weak
position. Since February 2019 the bank has not been reliant on
Emergency Liquidity Assistance and deposit inflows are improving.

The Positive Outlook reflects its expectations that Eurobank's
asset quality will improve substantially over the next 12 to 24
months, easing pressure on capital and ultimately boosting
operating profitability. Eurobank updated its NPE ratio target and
it expects to achieve a ratio of 16% by end-2019 and a single digit
number by end-2021, by far the most ambitious for any of the Greek
banks. These targets have been submitted to the Single Supervisory
Mechanism in March 2019.

KEY RATING DRIVERS

IDRS AND VR

Eurobank's ratings reflect its exceptionally weak, though
improving, asset quality and high capital encumbrance from
unreserved NPEs. They also factor in an improving funding structure
and liquidity position, although the latter remains weak.
Eurobank's overall financial profile, like that of other Greek
banks, is highly sensitive to Greece's operating environment, which
remains highly volatile despite having improved in the last year.

In November 2018, Eurobank announced a 'Transformational Plan',
consisting of a merger with Grivalia, a leading Greek real estate
company, and an NPE reduction plan. The merger was completed on 17
May 2019 and resulted in an increase in the bank's common equity
Tier 1 (CET1) capital by around EUR0.9 billion. This will be used
to absorb the negative capital impact arising from the disposal of
a large stock of NPEs (EUR9 billion). Following this transaction,
Eurobank's stock of end-2018 NPEs will decrease by over 50%,
largely driven by two securitisation deals. Eurobank plans to
achieve further reduction in NPE stocks through recoveries,
write-offs and portfolio sales.

As part of the 'Transformational Plan', Eurobank will transfer all
its banking assets and liabilities into a newly created banking
subsidiary and the existing Eurobank will become the Holding
Company (HoldCo) of the new banking subsidiary. The rationale for
this is to enable existing Eurobank's shareholders to retain a
portion of the mezzanine and junior bonds from the large
securitisation transaction. This organisational change is expected
to be completed by end-2019.

Eurobank's ratings reflect its assessment of the bank's existing
credit profile. They do not express an opinion of the credit
profile of the yet-to-be-created banking subsidiary because the
asset and liability transfer has not yet occurred. In addition, its
ratings do not express an opinion of the creditworthiness of the
HoldCo.

The 'Transformational Plan' bears execution risks. Achieving
targeted NPE sales is dependent on the operating environment in
Greece which remains volatile. This could affect investors'
appetite for distressed Greek NPEs, an area in which trends have
been relatively positive.

Eurobank's asset quality metrics improved in 2018, supported by NPE
sales and write-offs. At end-2018 the bank's NPE/gross loans ratio
was still very high at 37% (end-2017: 43%), the lowest among the
four Greek systemic banks. Coverage of NPEs was 53%, which Fitch
views as low considering the high sensitivity of collateral values
to shocks in the real estate and housing markets.

Eurobank's earnings benefit from the positive contribution of its
international operations, which the bank did not have to divest as
part of the 2015 restructuring plan. However, overall profitability
is weak and heavily pressured by high loan impairment charges from
its poor asset quality. Fitch expects earnings pressure to ease in
the medium term, assuming Eurobank delivers on its NPE reduction
plan, which will result in lower loan impairment charges. This
should ultimately support internal capital generation.

The Grivalia merger added 210 basis points to Eurobank's fully
loaded common CET1 capital ratio, bringing it to 13.4%. This
positive impact will be offset by the negative impact from NPE
de-recognition resulting from the securitisation transactions. At
end-2018, unreserved NPEs accounted for around 1.5x pro-forma
fully-loaded CET1 capital (end-2017: 1.8x), meaning that capital is
still vulnerable to asset quality and collateral valuation shocks.
Fitch expects this ratio to come down substantially over the next
two years, in line with the bank's NPE reduction plan.

Eurobank's liquidity remains scarce while its funding profile
improved following some loan deleveraging, deposit inflows and
increased access to wholesale funding. The bank is still not
compliant with the minimum regulatory liquidity coverage ratio. As
with other Greek banks, Eurobank's funding and liquidity profiles
are sensitive to confidence shocks.

SENIOR PREFERRED

Eurobank's long-term senior preferred debt ratings, including those
on the debt issued out of its issuing vehicles, are notched off the
banks' Long-Term IDR. The two-notch difference between the
Long-Term IDR and senior preferred debt ratings is driven by poor
recovery prospects in the event of a default on senior preferred
debt given weak asset quality, high levels of senior-ranking
liabilities, (comprising mainly insured retail and SME deposits)
and high asset encumbrance.

SUPPORT RATING AND SUPPORT RATING FLOOR

Eurobank's Support Rating of '5' and Support Rating Floor of 'No
Floor' highlight its view that support from the state cannot be
relied on. This is because of Greece's limited resources and the
implementation of the Bank Recovery and Resolution Directive
(BRRD).

HYBRID SECURITIES

Hybrid securities are notched off Eurobank's VR. The ratings of
Eurobank's legacy preferred securities issued through a funding
vehicle have been upgraded in line with the upgrade of the bank's
Long-term IDR. The 'CC'/'RR6' ratings reflect exceptionally high
credit risk and poor recovery prospects, explaining the three-notch
difference between the bank's Long-Term IDR and the preferred
securities ratings. These instruments are performing.

RATING SENSITIVITIES

IDRS AND VR

Eurobank's ratings could be upgraded over the next 12 to 24 months
if it successfully completes its planned NPE securitisation deals
without undermining its capital position. Improved capacity to
generate capital internally and improvements in the bank's
liquidity position would also be rating-positive. A failure to
execute the securitisation deals would likely result in the Outlook
reverting to Stable.

Downside ratings risks could arise if depositor and investor
confidence weaken, compromising the bank's already weak liquidity
profile, or if asset quality and capitalisation materially
deteriorate.

In its assessment of Eurobank's ratings, Fitch does not reflect the
risks creditors will face once the new bank and holding company are
set up.

SENIOR PREFERRED DEBT

The ratings of senior preferred debt are sensitive to changes in
the Long-Term IDR and to the level of asset encumbrance. A material
shift of funding from secured debt to unsecured facilities could
result in an upgrade of senior preferred debt ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of the Support Rating and an upward revision of the
Support Rating Floor would be contingent on a positive change in
Greece's ability and propensity to support its banks. While not
impossible, this is highly unlikely in Fitch's view.

HYBRID SECURITIES

The ratings of preferred securities issued by a funding vehicle
(and guaranteed by Eurobank) could be upgraded if there is an
upgrade in Eurobank's Long-Term IDR.

The rating actions are as follows:

Eurobank:

  Long-term IDR: upgraded to 'CCC+' from 'CCC'; Outlook
  Positive

  Short-Term IDR: affirmed at 'C'

  Viability Rating: upgraded to 'ccc+' from 'ccc'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'

  Long-term Senior Preferred debt: upgraded to 'CCC-'/'RR6'
  from 'CC'/'RR6'

  Short-term Senior Preferred debt: affirmed at 'C'

ERB Hellas PLC:

  Long-term Senior Preferred debt: upgraded to ''CCC-'/'RR6'
  from 'CC'/'RR6'

  Short-term Senior Preferred debt: affirmed at 'C'

ERB Hellas (Cayman Islands) Ltd.:

  Long-term Senior Preferred debt: upgraded to 'CCC-'/'RR6'
  from 'CC'/'RR6'

  Short-term Senior Preferred debt: affirmed at 'C'

ERB Hellas Funding Limited:

  Preferred securities: upgraded to 'CC'/'RR6' from 'C'/'RR6'


NATIONAL BANK: Fitch Affirms 'CCC+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed National Bank of Greece S.A.'s Long-Term
Issuer Default Rating at 'CCC+' and Viability Rating at 'ccc+'.

KEY RATING DRIVERS

IDR AND VR

NBG's ratings of NBG reflect its exceptionally weak, although
improving, asset quality and high capital encumbrance by unreserved
non-performing exposures. The ratings also factor in a better
funding structure and liquidity position compared with peers,
although the latter still remains weak. NBG's overall financial
profile, like that of other Greek banks, remains sensitive to
Greece's operating environment, which remains highly volatile
despite having improved in the last year.

The bank's stock of NPE reduced in 2018, supported by sales and
negative NPE formation, but still accounted for 41% of gross loans
at end-2018. The coverage was better than that of Greek peers at
59% at end-2018 but vulnerable to large volumes of NPE and adverse
valuation of collaterals. In the absence of a structural solution,
such as a sector-wide NPE work-out scheme, the bank's asset quality
will remain weak in the next two years, despite an anticipated
recovery of the Greek economy.

On May 16, 2019, NBG presented its new 2019-2022 strategic plan.
This includes an NPE target ratio of below 15% by end-2021 and
around 5% at end-2022, largely supported by NPE portfolio sales and
securitisations. Meeting the new targets entails high execution
risks. NBG's higher than peers' NPE coverage levels may offset
risks of capital erosion from likely losses on these transactions.
Fitch also takes into account the increased appetite to Greek
distressed assets by international investors, evidenced in several
portfolio sales in 2018 made by Greek banks. However, execution is
dependent on the continued stability of the Greek operating
environment, a well-functioning legal framework and the existence
of a secondary market for Greek NPE sales.

NBG's fully loaded common equity Tier 1 ratio was 12.8% at
end-March 2019, which compares well with that of peers, but remains
vulnerable given the bank's weak credit-risk profile. Capital
encumbrance by unreserved NPEs represented around 150% of the fully
loaded common equity Tier 1.

Under its new strategic plan, NBG plans to support capital through
improved internal capital generation and further divestments in
subsidiaries (including its insurance company) in 2019-2020. All
this should help offset several negative impacts, including losses
from an accelerated asset-quality clean-up and the phase out of
some regulatory impacts. However, capital supportive measures are
not exempt from execution risks as evidenced by delays in selling
its insurance company, for example.

NBG's capacity to internally generate capital is currently subdued
given large loan impairment charges. However, profitability should
gradually improve as asset quality improves and the bank executes
its restructuring plan.

NBG's funding and liquidity profile is relatively better than that
of peers as it was the first systemic Greek bank to disengage in
ELA funding in November 2017, helped by deposit inflows and
increased access to wholesale funding. NBG has also been able to
restore the liquidity coverage ratio (151% at end-March 2019) above
the regulatory threshold ahead of peers. However, NBG's funding and
liquidity profile, like other Greek banks, remain sensitive to
confidence shocks.

SENIOR PREFERRED DEBT

The Long-Term rating on NBG's senior preferred debt programme,
issued through its funding vehicle, is notched off the banks'
Long-Term IDR. The two-notch is driven by poor recovery prospects
in the event of the senior preferred debt default. This is due to
the banks' weak asset quality, high levels of senior-ranking
liabilities (mainly comprising insured retail and SME deposits) and
high asset encumbrance.

SUPPORT RATING AND SUPPORT RATING FLOOR

NBG's Support Rating of '5' and Support Rating Floor of 'No Floor'
highlight its view that support from the state cannot be relied on,
given Greece's limited resources and the implementation of the Bank
Recovery and Resolution Directive.

RATING SENSITIVITIES

IDRS AND VR

Upside potential for the VR could arise in the medium term if NBG
progresses with its plans to accelerate the reduction of its NPE
ratio towards the targeted level in 2021 without undermining its
capitalisation. This includes capital encumbrance from unreserved
NPE. Improved capacity to generate capital internally and continued
improvements in the bank's liquidity position would also be
rating-positive.

Downside ratings risks could arise if depositor and investor
confidence weakens, compromising the bank's vulnerable liquidity
profile, or if asset quality and capitalisation materially
deteriorate.

SENIOR PREFERRED DEBT

The ratings of senior preferred debt are sensitive to changes in
the Long-Term IDR and to the level of asset encumbrance. A material
shift of funding from secured debt to unsecured facilities could
result in an upgrade of senior preferred debt ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of the Support Rating and an upward revision of the
Support Rating Floor would be contingent on a positive change in
Greece's ability and propensity to support its banks. This is
highly unlikely, in Fitch's view.

The rating actions are as follows:

NBG:

  Long-term IDR: affirmed at 'CCC+'

  Short-Term IDR: affirmed at 'C'

  Viability Rating: affirmed at 'ccc+'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'

NBG Finance PLC:

  Long-term Senior Preferred debt: affirmed at 'CCC-'/'RR6'

  Short-term Senior Preferred debt: affirmed at 'C'


PIRAEUS BANK: Fitch Affirms 'CCC' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Piraeus Bank S.A.'s Long-Term Issuer
Default Rating at 'CCC' and Viability Rating at 'ccc'.

KEY RATING DRIVERS

IDRS AND VR

Piraeus' ratings reflect its exceptionally weak asset quality and
very high capital encumbrance by unreserved non-performing
exposures. The ratings also factor in an improved funding profile
due to growing deposits and better, albeit still scarce, liquidity.
Piraeus' overall financial profile, like that of other Greek banks,
is sensitive to Greece's operating environment, which remains
highly volatile despite having improved in the last year.

Piraeus' NPE ratio moderately improved in 2018, supported by NPE
sales and write-offs. However, at end-2018 the bank's NPE ratio
accounted for a still very high 53.1% of gross loans, the highest
among the four Greek systemic banks. NPE reserve coverage reached
49%, which Fitch views as low considering the large volumes of NPE
and vulnerability to collateral valuation adjustments.

In the absence of a structural solution, for example a sector-wide
NPE work-out scheme, Piraeus' asset quality will remain weak in the
medium term despite the anticipated recovery of Greece's economy.

Piraeus' target NPE ratio of 23% by end-2021, which was submitted
to the Single Supervisory Mechanism in March 2019, is higher than
targets set by its domestic peers. NPE sales should support NPE
reductions but meeting targets entails high execution risks, given
relatively low NPE coverage and a high stock of NPEs.

Fitch also takes into account the increased appetite for Greek
distressed assets among international investors, indicated by
several portfolio sales in 2018 made by Greek banks. However,
execution depends on continued stability of the Greek operating
environment, a well-functioning legal framework and a secondary
market for Greek NPEs.

Piraeus' earnings remain under pressure from high loan impairment
charges. Fitch expects recurrent profitability to improve
marginally but to remain weak over the medium term, limiting the
bank's ability to generate capital internally.

Piraeus' capitalisation, including capital at risk from unreserved
NPEs, is worse than that of its Greek peers. At end-2018, Piraeus'
fully loaded CET1 capital ratio (pro forma, adjusting for
risk-weighted-assets relief achieved after the sale of the bank's
subsidiaries in Bulgaria, which is expected to be completed by
end-June 2019, and Albania, completed in February 2019) was 10.9%.

As part of a capital enhancement plan, Piraeus aims to issue EUR500
million Tier 2 debt instruments in 2019. Together with other
capital-strengthening actions, this would lead to an improvement in
the CET1 capital ratio of 160-200bp. However, capital-supportive
measures are not exempt from execution risks and successful
issuance is dependent on favourable market conditions.

Unreserved problem assets accounted for the around 2.9x pro forma
fully loaded CET1 capital at end-2018, reflecting very high capital
vulnerability to asset quality and collateral valuation shocks.
Fitch expects capital vulnerability to remain high in the medium
term.

Piraeus' on-balance-sheet liquidity remains scarce. However, the
bank's funding profile has improved following some loan
deleveraging, deposit inflows and increased access to wholesale
funding. The bank has not been reliant on Emergency Liquidity
Assistance since July 2018. Nevertheless, Piraeus' liquidity is
weak as the bank is not yet compliant with the minimum regulatory
liquidity coverage ratio. In addition, the bank's funding and
liquidity profiles, like those of other Greek banks, remain
sensitive to confidence shocks.

SENIOR PREFERRED

Piraeus' long-term senior preferred debt ratings, including debt
issued under programmes of its issuing vehicle, are notched off the
bank's Long-Term IDR. The two-notch difference between the
Long-Term IDR and senior preferred debt ratings is driven by poor
recovery prospects in the event of senior preferred debt default
due to weak asset quality, high senior-ranking liabilities
(comprising mainly insured retail and SME deposits) and high asset
encumbrance.

SUPPORT RATING AND SUPPORT RATING FLOOR

Piraeus' Support Rating of '5' and Support Rating Floor of 'No
Floor' highlight its view that support from the state cannot be
relied on, given Greece's limited resources and the implementation
of the Bank Recovery and Resolution Directive.

RATING SENSITIVITIES

IDRS AND VR

Upside rating potential is limited. An upgrade of Piraeus' ratings
would require a significant reduction of NPEs and capital
strengthening, resulting in a substantial reduction of capital
encumbrance by unreserved problem loans. Improved capacity to
generate capital internally and continued improvements in the
bank's liquidity position, including compliance with regulatory
requirements, would also be rating positive.

Downside rating risks could arise if asset quality and
capitalisation deteriorate or if depositor and investor confidence
weakens, compromising the bank's already weak liquidity profile.

SENIOR PREFERRED DEBT

The ratings of senior preferred debt are sensitive to changes in
the Long-Term IDR and to the level of asset encumbrance. A material
shift of funding from secured debt to unsecured facilities could
result in an upgrade of senior preferred debt ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of the Support Rating and an upward revision of the
Support Rating Floor would be contingent on a positive change in
Greece's ability and propensity to support its banks. While not
impossible, this is highly unlikely, in Fitch's view.

The rating actions are as follows:

Piraeus:

Long-Term IDR: affirmed at 'CCC'

Short-Term IDR: affirmed at 'C'

Viability Rating: affirmed at 'ccc'

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

Long-term senior preferred debt: affirmed at 'CC'/'RR6'

Short-term senior preferred debt: affirmed at 'C'

Piraeus Group Finance PLC:

Long-term senior preferred debt: affirmed at 'CC'/'RR6'

Short-term senior preferred debt: affirmed at 'C'




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

DOMI 2019-1: Moody's Rates EUR11.244MM Class X Notes 'Caa3'
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Domi 2019-1 B.V.:

EUR213.642 million Class A Mortgage Backed Floating Rate Notes due
June 2051, Definitive Rating Assigned Aaa (sf)

EUR13.743 million Class B Mortgage Backed Floating Rate Notes due
June 2051, Definitive Rating Assigned Aa2 (sf)

EUR8.745 million Class C Mortgage Backed Floating Rate Notes due
June 2051, Definitive Rating Assigned A1 (sf)

EUR4.998 million Class D Mortgage Backed Floating Rate Notes due
June 2051, Definitive Rating Assigned Baa2 (sf)

EUR4.997 million Class E Mortgage Backed Floating Rate Notes due
June 2051, Definitive Rating Assigned Ba2 (sf)

EUR11.244 million Class X Mortgage Backed Floating Rate Notes due
June 2051, Definitive Rating Assigned Caa3 (sf)

Moody's has not assigned a rating to the Class F Mortgage Backed
Notes or the Class Z Notes.

RATINGS RATIONALE

The Notes are backed by a static pool of Dutch buy-to-let mortgage
loans originated by Domivest B.V.. This represents the first
issuance of this originator.

The portfolio of assets amounts to EUR 250 million as of 30 April
2019. The Reserve Fund is funded at 1.0% of the Notes balance of
Class A to Class F at closing with a target of 2.0% of Class A to
Class F Notes balance. The total credit enhancement for the Class A
Notes at closing will be 14.5% in addition to excess spread and the
credit support by the reserve fund.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a static portfolio and an amortising reserve fund
sized on aggregate at closing at 1.0% of Class A to Class F Notes'
outstanding principal amount. However, Moody's notes that the
transaction features some credit weaknesses such as a small and
unregulated originator also acting as master servicer and the focus
on a small and niche market, the Dutch BTL sector. Domivest B.V.
with its current size and set-up acting as master servicer of the
securitised portfolio would not have the capacity to service the
portfolio on its own. However, the day-to-day servicing of the
portfolio is outsourced to Stater Nederland B.V. as delegate
servicer and HypoCasso B.V. (NR, 100% owned by Stater) as delegate
special servicer. Moody's notes that, on 23th of May ABN Amro Bank
N.V. (A1/P-1; Aa3(cr)/P-1(cr)) sold 75% of the shares in Stater
(NR) to Infosys Limited (A3). Stater and HypoCasso B.V. are obliged
to continue servicing the portfolio after a master servicer
termination event. This risk of servicing disruption is further
mitigated by structural features of the transaction. These include,
among others, the issuer administrator acting as a back-up servicer
facilitator who will assist the issuer in appointing a back-up
servicer on a best effort basis upon termination of the servicing
agreement. Moody's has applied adjustments in its MILAN analysis
including a haircut on property values to account for the
illiquidity of properties if sold in rented state.

Moody's determined the portfolio lifetime expected loss of 2.5% and
Aaa MILAN credit enhancement of 18.0% related to borrower
receivables. The expected loss captures its expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss it expects the portfolio to suffer in
the event of a severe recession scenario. Expected defaults and
MILAN CE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 2.5%: This is higher than the average in
the Dutch RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i)
that no historical performance data for the originator's portfolio
is available; (ii) benchmarking with comparable transactions in the
Dutch owner-occupied market and the UK BTL market; (iii)
peculiarities of the Dutch BTL market as the relative high
likelihood that the lender will not benefit from its pledge on the
rents paid by the tenants in case of borrower insolvency, and (iv)
the current positive economic conditions and forecasts in The
Netherlands.

The MILAN CE for this pool is 18.0%: Which is higher than that of
other RMBS transactions in The Netherlands mainly because of: (i)
the fact that no meaningful historical performance data is
available for the originator's portfolio and the Dutch BTL market;
(ii) the weighted average current loan-to-market value (LTMV) of
approximately 68.3%; and (iii) the high interest only (IO) loan
exposure (all loans are IO loans after being repaid to 60.0% LTV).
Moody's also considered the high maturity concentration of the
loans as 40.0% - 50.0% repay within a short period of 3 years.
Borrowers could be unable to refinance IO loans at maturity because
of the lack of alternative lenders. Furthermore, Moody's stresses
the property values due to the higher illiquidity of rented-out
properties when being foreclosed and sold in rented state. Due to
the small and niche nature of the Dutch BTL market and the high
tenant protection laws in The Netherlands it considers a higher
likelihood that properties have to be sold with tenants occupying
the property than in other BTL markets as in the UK.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2019.

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

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

Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of: (a) servicing or cash management interruptions; and (b) the
risk of increased swap linkage due to a downgrade of a currency
swap counterparty ratings; and (ii) economic conditions being worse
than forecast resulting in higher arrears and losses.


DOMI BV 2019-1: S&P Assigns CCC Rating on Class X Notes
-------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Domi 2019-1
B.V.'s mortgage-backed floating-rate class A, B-Dfrd, C-Dfrd,
D-Dfrd, E-Dfrd notes, and X notes (which is not collateralized). At
closing, Domi 2019-1 also issued unrated class F-Dfrd and Z notes.

S&P's ratings reflect timely receipt of interest and ultimate
repayment of principal for the class A notes. The ratings assigned
to the class B-Dfrd to E-Dfrd, and X notes are interest-deferred
ratings and address the ultimate payment of interest and
principal.

All of the loans in the pool have been originated by Domivest B.V.,
which is also the seller and master servicer in the transaction.
This is the first residential-mortgage-backed securities (RMBS)
transaction originated by this specialist BTL lender that we rate.


The collateral pool of EUR249,882,657 has a weighted-average
original loan-to-value (LTV) ratio of 69.3%. Of the loans, 87.3%
combine an interest-only loan part with a linear amortization
component to ensure that the loan's current LTV ratio is not more
than 60% after 10 years. Almost half of the loans are remortgages,
and the underwriting criteria exclude borrowers who have had a
negative credit record (a "Bureau Krediet Registratie"; BKR) within
the last three years.

S&P said, "Our ratings reflect our assessment of the collateral
pool's credit profile, cash flow mechanics, and the results of our
cash flow analysis to assess whether the notes would be repaid
under stress test scenarios. The transaction's structure relies on
a combination of subordination, excess spread, principal receipts,
and a reserve fund. We consider the rated notes' available credit
enhancement to be commensurate with the ratings that we have
assigned.

"The class X notes are not supported by any subordination or the
general reserve fund, relying entirely on excess spread. In our
analysis, the class X notes are unable to withstand the stresses
that we apply at our 'B' rating level. Consequently, we consider
that there is a one-in-two chance of a default on the class X notes
and that these notes are reliant upon favorable business conditions
to redeem. We have therefore assigned our 'CCC (sf)' rating to this
class of notes."

Interest on the rated notes is floating, while all the assets pay a
fixed rate of interest, which resets periodically, as is typical in
the Dutch mortgage market. There is a swap in place to cover the
interest rate mismatch between the assets and the liabilities.

  RATINGS ASSIGNED
  
  Domi 2019-1 B.V.

  Class          Rating             Tranche
                             percentage (%)
  A              AAA (sf)              85.5
  B-Dfrd         AA+ (sf)               5.5
  C-Dfrd         AA- (sf)               3.5
  D–Dfrd         A- (sf)                2.0
  E-Dfrd         BB- (sf)               2.0
  F-Dfrd         NR                     1.5
  X              CCC (sf)               4.5
  Z              NR                     N/A

  NR--Not rated.
  N/A--Not applicable.




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

KEMSOCINBANK JSC: Put on Provisional Administration
---------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1224, dated May
31, 2019, revoked the banking license of Joint-Stock Company
Kemerovo Social Innovation Bank, or JSC Kemsocinbank (Registration
No. 96, Kemerovo, hereinafter, Kemsocinbank). The credit
institution ranked 320th by assets in the Russian banking system.

The Bank of Russia took this decision in accordance with Clause 6
of Part 1 and Clauses 1, 2 of Part 2, Article 20 of the Federal Law
"On Banks and Banking Activities", based on the facts that
Kemsocinbank:

   -- understated the amount of provisions to be set up, in order
      to improve its financial indicators and conceal its actual
      financial standing. The Bank of Russia estimates that an
      adequate reflection in the credit institution's financial
      statements of credit risks taken may lead to a full loss of
      its equity capital;

   -- performed "scheme" operations to artificially maintain its
      capital to formally comply with the required ratios;

   -- violated federal banking laws and Bank of Russia
regulations,
      making the regulator repeatedly apply supervisory measures
over
      the past 12 months, including the impositions of restrictions

      on household deposit taking; and

  -- had a fractured ownership structure suggestive of nominal
     shareholding in the interest of third parties.

The balance sheet of Kemsocinbank contained considerable amounts of
low-quality loan debt and non-core assets in the form of real
estate which had been received as compensation for unserviced
loans.  The credit institution concluded numerous "scheme"
transactions which allowed it to formally comply with the
established capital requirements and required ratios.  The
above-mentioned transactions, along with the inferior quality of
the considerable part of the loan debt, were revealed in the course
of the Bank of Russia's inspection.  As a result of the inspection,
the bank received an order to make a proper assessment of risks
assumed and to reflect its financial standing in the financial
statements.

The Bank of Russia will submit information about the bank's
transactions suggesting a criminal offence to law enforcement
agencies.

The Bank of Russia appointed a provisional administration to
Kemsocinbank for the period until the appointment of a receiver or
a liquidator.  In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

Information for depositors: Kemsocinbank is a participant in the
deposit insurance system, therefore depositors will be compensated
for their deposits in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued).

Deposits are repaid by the State Corporation Deposit Insurance
Agency (hereinafter, the Agency).  Depositors may obtain detailed
information regarding the repayment procedure 24/7 at the Agency's
hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.


LEXGARANT INSURANCE: S&P Affirms B+ LongTerm ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' long-term issuer
credit and financial strength ratings on Russia-based insurer
LEXGARANT Insurance Co. Ltd. The outlook is stable.

S&P said, "In our view, LEXGARANT continues to benefit from
extremely strong risk-adjusted capital adequacy, according to our
model, sustained by prudent underwriting and net risk retention,
and a liquid investment portfolio. However, the company's capital
is small, at about $15 million, and so is its insurance portfolio;
however, fixed costs are relatively high. Furthermore LEXGARANT's
core business is aviation insurance, which is characterized by
low-frequency but high severity claims.

"We expect LEXGARANT will benefit from the hardening cycle in
aviation business and increase its premium base by about 20% in
2019-2020. We also expect the combined (loss and expense) ratio
will improve to 125% in 2019 from 133% in 2018, reflecting
increasing, albeit still limited, economies of scale and a stable
net loss ratio.

"LEXGARANT's overall business profile benefits from its geographic
diversification in Europe and the Middle East, and accordingly we
take a more positive view of its exposure to insurance industry and
country risks. Yet the company's competitive position is
constrained by its small size. Its gross premiums written (GPW)
totals slightly over $5 million, and gross premiums declined in
2015 to 2018. Also, low GPW and high administrative expenses have
led to combined ratios averaging more than 150% for the past five
years, compared with the 100% that signals break-even underwriting
performance. This offsets the company's very good net loss ratios,
averaging below 30% for the same period.

"In our view, LEXGARANT's small capitalization and focus on
aviation business exposes it to large claims in gross terms. Net
risk retention is conservative however, because LEXGARANT cedes
more than 50% of its total premiums to a high-quality reinsurance
panel, which provides significant capacity. This allows the company
to compete on the aviation insurance market with significantly
larger and stronger players, but makes it dependent on the
availability of reinsurance protection.

LEXGARANT benefits from having a liquid investment portfolio
comprising mostly cash and cash equivalents in current accounts
with Russian subsidiaries of foreign banks. It is therefore exposed
to volatility of foreign exchange rates, which may affect its
business profile, investments, and property. Property, LEXGARANT's
second largest investment holding, has generated healthy rent
yields over the past five years, covering roughly 50% of all
administrative expenses and resulting in overall positive
bottom-line results.

"The stable outlook reflects our view that LEXGARANT will maintain
solid capital adequacy over the next two years, although its total
capital and premiums will remain small versus its cost base and
gross exposure. We also expect premiums from aviation and other
insurance segments will increase over the next 12 months,
benefiting the expense ratio.

"We could take a positive rating action over the next 12 months if
the company's GPW and expense ratio improve sustainably faster than
we anticipate in our base case, while it maintains sound capital
adequacy and prudent underwriting.

"We could consider a negative rating action if LEXGARANT's
financial risk position worsened significantly, for example as
result of unexpected substantial retained losses or weakening
liquidity."




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

HIPOCAT 8: S&P Raises Rating on Class D Notes to B+
---------------------------------------------------
S&P Global Ratings raised its credit ratings on Hipocat 8, Fondo de
Titulizacion de Activos' class B, C, and D notes. At the same time,
S&P has affirmed its credit rating on the class A2 notes.

S&P said, "Upon revising our structured finance sovereign risk
criteria and our counterparty criteria, we placed our ratings on
Hipocat 8's class B notes under criteria observation. Following
S&P's review of the transaction's performance and the application
of these criteria, our rating on these notes is no longer under
criteria observation.

"The rating actions follow the implementation of our revised
structured finance sovereign risk criteria and counterparty
criteria. They also reflect our full analysis of the most recent
transaction information that we have received and the transaction's
current structural features.

"The analytical framework in our revised structured finance
sovereign risk criteria assesses a security's ability to withstand
a sovereign default scenario. These criteria classify the
sensitivity of this transaction as low. Therefore, the highest
rating that we can assign to the tranches in this transaction is
six notches above the Spanish sovereign rating, or 'AAA (sf)', if
certain conditions are met.

"Under our previous criteria, we could rate the senior-most tranche
in a transaction up to six notches above the sovereign rating,
while we could rate the remaining tranches in a transaction up to
four notches above the sovereign. Additionally, under the previous
criteria, in order to rate a tranche up to six notches above the
sovereign, the tranche would have had to sustain an extreme stress
(equivalent to 'AAA' benign stresses). Under the revised criteria,
these particular conditions have been replaced with the
introduction of the low sensitivity category. In order to rate a
structured finance tranche above a sovereign that is rated 'A+' and
below, we account for the impact of a sovereign default to
determine if under such stress the security continues to meet its
obligations. For Spanish transactions, we typically use asset-class
specific assumptions from our standard 'A' run to replicate the
impact of the sovereign default scenario.

"Banco Bilbao Vizcaya Argentaria S.A. provides the interest rate
swap contract, which is in line with our previous counterparty
criteria. As per our revised criteria, considering the collateral
arrangement's enforceability, the maximum supported rating is 'A',
unless we delink our ratings on the notes from those on the
counterparty.

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

Below are the credit analysis results after applying S&P's European
residential loans criteria to this transaction.

  Rating level     WAFF (%)    WALS (%)
  AAA                 7.28        43.16
  AA                  4.87        36.65
  A                   3.66        22.82
  BBB                 2.69        13.57
  BB                  1.72         2.00
  B                   0.99         2.00

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P said, "Credit enhancement available in Hipocat 8 has increased
since our previous review as the reserve fund has been replenished
to EUR11.58 million as of March 2019 (55% of the reserve fund
target level). The reserve fund was fully depleted from December
2013 to January 2018 as it was used to provision for loans in
foreclosure and in arrears over 18 months. In September 2018, the
trustee, representing the fund, sold 51 repossessed properties,
totalling around EUR3.4 million. Cash flows from the sale of these
properties and recoveries from defaulted assets during 2018 and
2019 contributed to the increase in the reserve fund. We consider
this sale and related revenues to be an unusual occurrence in the
transaction's life." Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
has been the servicer of this pool of loans since September 2016.
The trustee confirmed that the transaction's performance has
improved in the last three years due to the active servicing
policies put in place by BBVA, as well as the improved general
macroeconomic conditions, namely the unemployment rate decrease.

The class A2, B, C, and D notes' credit enhancement based on the
performing balances has increased to 40.24%, 30.24%, 16.66%, and
4.18%, respectively.

S&P said, "Following the application of our revised criteria, we
have determined that our assigned ratings on the classes of notes
in this transaction should be the lower of (i) the rating as capped
by our sovereign risk criteria; (ii) the rating as capped by our
counterparty criteria; or (iii) the rating that the class of notes
can attain under our European residential loans criteria.
Our ratings on the notes in this transaction are no longer capped
by the sovereign risk criteria.

"The application of our European residential loans criteria,
including our updated credit figures and our cash flow analysis,
indicates that our ratings on the class C and D notes could
withstand our stresses at a higher rating level than those
currently assigned. However, in reviewing our ratings on these
classes and applying our credit and cash flow analysis, we have
considered their position in the capital structure. We've also
considered the reserve fund's current status, which, although it
has improved, it remains at 55% of its target. Additionally, we've
considered the scope of the improved credit enhancement since our
previous review. We have therefore raised to 'BBB (sf)' from 'BB-
(sf)' and 'B+ (sf)' from 'B- (sf)' our ratings on the class C and D
notes, respectively.

"Our credit and cash flow results indicate that credit enhancement
available for class A2 is still commensurate with an 'AAA' rating.
We have therefore affirmed our 'AAA (sf)' rating on class A2.

"Our credit and cash flow results indicate that credit enhancement
available for class B is now commensurate with an 'AAA' rating. Our
rating on this class is no longer capped by our sovereign default
risk criteria. We have therefore raised to 'AAA (sf)' our rating on
the class B notes."

Hipocat 8 is a Spanish residential mortgage-backed securities
(RMBS) transaction, which closed in May 2005 and securitizes
first-ranking mortgage loans. Catalunya Banc (formerly named
Catalunya Caixa) originated the pool, which comprises loans secured
over owner-occupied properties, mainly located in Catalonia.

  RATINGS RAISED

  Hipocat 8, Fondo de Titulizacion de Activos
  
  Class             Rating
              To               From
  B           AAA (sf)         AA (sf)
  C           BBB (sf)         BB- (sf)
  D           B+ (sf)          B- (sf)

  RATING AFFIRMED

  Hipocat 8, Fondo de Titulizacion de Activos

  Class       Rating
  A2          AAA (sf)


MADRID RMBS IV: S&P Raises Rating on Class E Notes to B
-------------------------------------------------------
S&P Global Ratings raised its credit ratings on MADRID RMBS IV,
Fondo de Titulizacion de Activos' class C and E notes. At the same
time, S&P affirmed its ratings on the class A2, B, and D notes.

The rating actions reflect S&P's full analysis of the most recent
transaction information that it has received under its relevant
criteria and the transaction's current structural features.

S&P has applied its revised structured finance counterparty
criteria.

Bankia S.A. (BBB/Stable/A-2) holds the collection account in the
name of the servicer, which is also Bankia. The documents reflect
that two days after receiving the collections, which are evenly
distributed during the month, the available funds are transferred
to the transaction account in the name of the fund. Consequently,
the transaction is exposed to commingling risk. S&P said, "We have
therefore stressed commingling risk as a loss of one month of
interest and principal collections for rating levels above our
long-term issuer credit rating (ICR) on Bankia, in line with our
European residential loans criteria. As a consequence, in our
analysis, we have weak-linked our ratings on the class C, D, and E
notes to the long-term ICR on Bankia, as collection account
provider."

Bankia S.A. (BBB/Stable/A-2) is the transaction account provider.
S&P said, "Our counterparty criteria classify the support provided
by this counterparty as limited bank account support. The downgrade
language in the transaction account agreement caps the ratings on
the notes at 'A', in line with our current counterparty criteria.
We have therefore affirmed our 'A (sf)' ratings on the class A2 and
B notes."

S&P said, "Our European residential loans criteria, as applicable
to Spanish residential loans, establish how our loan-level analysis
incorporates our current opinion of the local market outlook. Our
current outlook for the Spanish housing and mortgage markets, as
well as for the overall economy in Spain, is benign.

"Our expected level of losses for an archetypal Spanish residential
pool at the 'B' rating level is 0.9% and our foreclosure frequency
assumption is 2.00% for the archetypal pool at the 'B' rating
level."

Below are the credit analysis results after applying S&P's European
residential loans criteria to this transaction.

  Rating level     WAFF (%)    WALS (%)
  AAA                36.94       51.11
  AA                 25.48       45.32
  A                  19.31       35.61
  BBB                14.31       29.79
  BB                  9.26       25.58
  B                   5.40       21.75

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P said, "The credit enhancement for all classes of notes has
increased since our 2018 review to 33.60%, 26.46%, 17.60%, 11.32%,
and 8.18%, from 30.91%, 24.21%, 15.91%, 10.01%, and 7.06%,
respectively, due to the collateral's amortization and the reserve
fund's partial replenishment.

"Following the application of our revised criteria, we have
determined that our assigned ratings on the classes of notes in
this transaction should be the lower of (i) the rating as capped by
our sovereign risk criteria; (ii) the rating as capped by our
counterparty criteria; and (iii) the rating that the class of notes
can attain under our European residential loans criteria.

"In our cash flow analysis the class A2 and B notes are able to
pass at higher ratings than those currently assigned, however the
application of our counterparty criteria caps our ratings on these
notes at 'A (sf)'. We have therefore affirmed our 'A (sf)' ratings
on these classes of notes.

"Our credit and cash flow results indicate that the available
credit enhancement for the class C and E notes is commensurate with
higher ratings than those currently assigned. We have therefore
raised to 'BBB+ (sf)' from 'BBB (sf)' and to 'B (sf)' from 'B-
(sf)' our ratings on the class C and E notes, respectively. The
class D notes have sufficient credit enhancement to withstand our
'B' stresses. We have therefore affirmed our 'B (sf)' rating on
this class of notes. We did not apply commingling loss at the 'BBB'
and below rating levels under our cash flow analysis. Therefore,
our ratings on the class C, D, and E notes are weak-linked to the
rating on Bankia as collection account provider."

MADRID RMBS IV is a Spanish residential mortgage-backed securities
(RMBS) transaction, which securitizes first-ranking mortgage loans
granted to individuals resident in Spain. Caja Madrid (now Bankia)
originated the loans in the pool between 1995 and 2007.

  RATINGS RAISED

  MADRID RMBS IV, Fondo de Titulizacion de Activos

  Class             Rating
              To               From
  C           BBB (sf)         BB+ (sf)
  E           B (sf)           B-(sf)

  RATINGS AFFIRMED

  MADRID RMBS IV, Fondo de Titulizacion de Activos

  Class       Rating
  A2          A (sf)
  B           A (sf)
  D           B (sf)


UCI 12: S&P Affirms B- Rating on Class C Notes
----------------------------------------------
S&P Global Ratings raised its credit ratings on Fondo de
Titulizacion Hipotecaria UCI 12's class A and B notes. At the same
time, S&P has affirmed its rating on the class C notes.

S&P said, "The rating actions follow the implementation of our
revised structured finance sovereign risk criteria, our
counterparty criteria, and our European residential loans criteria.
We have also considered our updated outlook assumptions for the
Spanish residential mortgage market.

"The analytical framework in our revised structured finance
sovereign risk criteria assesses a security's ability to withstand
a sovereign default scenario. These criteria classify the
sensitivity of this transaction as low. Therefore, the highest
rating that we can assign to the tranches in this transaction is
six notches above the Spanish sovereign rating, or 'AAA (sf)', if
certain conditions are met.

"In order to rate a structured finance tranche above a sovereign
that is rated 'A+' and below, we account for the impact of a
sovereign default to determine if under such stress the security
continues to meet its obligations. For Spanish transactions, we
typically use asset-class specific assumptions from our standard
'A' run to replicate the impact of the sovereign default scenario.

"The only counterparty risk in this transaction is related to the
guaranteed investment contract (GIC) account, which is provided by
Banco Santander S.A. (A/Stable/A-1). The replacement language in
the GIC account agreement is in line with our current counterparty
criteria. Therefore, our current counterparty criteria does not cap
our ratings in this transaction.

"Our European residential loans criteria, as applicable to Spanish
residential loans, establish how our loan-level analysis
incorporates our current opinion of the local market outlook. Our
current outlook for the Spanish housing and mortgage markets, as
well as for the overall economy in Spain, is benign."

Below are the credit analysis results after applying S&P's European
residential loans criteria to this transaction.

  Rating level     WAFF (%)    WALS (%)
  AAA                 29.92       14.70
  AA                  23.81       10.16
  A                   19.10        4.79
  BBB                 14.94        2.73
  BB                  11.75        2.00
  B                    9.02        2.00

UCI 12's class A, B, and C notes' credit enhancement has increased
to 19.2%, 15.23%, and 4.62%, respectively, from 17.64%, 13.96%, and
4.23% at S&P's previous review due to the notes' sequential
amortization of the notes.

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

"Our updated credit and cash flow results indicate that credit
enhancement available for the class A, B, and C notes is
commensurate with 'AA-', 'BBB-', and 'B-' ratings, respectively. We
have therefore raised our ratings on the class A and B notes, and
affirmed our rating on the class C notes.

"In our view, the available credit enhancement for the class C
notes and the stable credit performance are commensurate with our
currently assigned rating. Moreover, we do not expect the payments
of principal or interest when due to be dependent upon favorable
financial and economic conditions."
  
  RATINGS RAISED

  Fondo De Titulizacion de Activos UCI 12

  Class             Rating
              To               From
  A           AA- (sf)         A+ (sf)
  B           BBB- (sf)        BB (sf)

  RATING AFFIRMED

  Fondo De Titulizacion de Activos UCI 12

  Class       To
  C           B- (sf)




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

BRITISH STEEL: Unions Lash at Greybull Following Collapse
---------------------------------------------------------
Alan Tovey at The Telegraph reports that unions have attacked
British Steel's former owner Greybull as the turnaround investor
tries to cherry-pick parts of the business that collapsed into
administration under its management.

Greybull bought the firm from Tata for just GBP1 three years ago,
pledging to revive the Scunthorpe-based operation's fortunes, The
Telegraph recounts.

However, British Steel was taken over by the Official Receiver a
fortnight ago and placed into compulsory liquidation after running
into a financing crisis, putting 4,500 jobs in jeopardy and a
further 20,000 in the supply chain at risk, The Telegraph relates.

Rather than a straight liquidation, the Receiver is being
bankrolled by the Government to operate British Steel in the hope
of finding a buyer, The Telegraph notes.


EQUITY INCOME: Trading Suspended After High Investor Withdrawals
----------------------------------------------------------------
Jonathan Jones at The Telegraph reports that trading of veteran
fund manager Neil Woodford's flagship Equity Income fund has been
suspended "with immediate effect and until further notice" due to
high levels of withdrawals from investors.

It means investors with money in the portfolio that wish to sell
their units will be unable to until the ban is lifted, The
Telegraph states.

According to The Telegraph, the GBP3.7 billion fund has suffered
heavy outflows since its assets peaked at GBP10.2 billion in June
2017 -- with GBP560 million pulled out of the fund in the last
month alone.

It has been among the worst performing income funds since it peaked
in 2017 and for investors that bought at the launch positive
returns made at the start have been all-but wiped out, The
Telegraph discloses.


KIER GROUP: Issues Profit Warning, Net Debt Higher Than Expected
----------------------------------------------------------------
Gill Plimmer and Philip Georgiadis at The Financial Times report
that shares in Kier Group plunged 40% on Monday, June 4, as it
warned that profits would be about GBP40 million lower than
expected, adding to fears over the health of the UK outsourcing and
construction sector.

In an unscheduled trading update, Kier said it expected underlying
operating profit for the year to June 30 to be GBP40 million lower
than analyst estimates of GBP169 million, the FT relates.

According to the FT, it also warned that net debt would be
significantly higher than expected, raising concerns that the
company would need to sell assets or launch a second rights issue
just months after investors shunned a GBP264 million emergency cash
call.

The group ran into trouble after ramping up debt through a series
of acquisitions including Mouchel, May Gurney and McNicholas, the
FT notes.

This year, Kier had to revise up its net debt by GBP50 million as
at December 31 to GBP180.5 million after an "accounting error", the
FT discloses.

Kier has annual revenues of GBP4.5 billion and employs more than
20,000 people at its construction and support services divisions.
It has contracts for Britain's high-speed rail project, and the
Highways Agency, as well as collecting rubbish for local
authorities.


LENDY: Collapse Triggers Watchdog Monitor on Peer-to-Peer Lending
------------------------------------------------------------------
Lucy Burton at The Telegraph reports that the City watchdog has
unveiled a crackdown on peer-to-peer lending in a bid "to prevent
harm to investors" just weeks after one of the industry's biggest
names went bust.

According to The Telegraph, the Financial Conduct Authority has
introduced limits on how much money ordinary people can put into
peer-to-peer loans so those with limited understanding of the
sector do not "over-expose themselves to risk".

The new rules come just weeks after Lendy, which sponsored the
annual Cowes Week regatta, left 20,000 investors potentially out of
pocket after it collapsed into administration, The Telegraph notes.


The company came to the FCA's attention two years ago amid concerns
over its property valuations, The Telegraph discloses.


LENDY: Investors Launch Action Group Following Collapse
-------------------------------------------------------
Adam Williams at The Telegraph reports that investors in the failed
peer-to-peer platform Lendy, who face losing tens of thousands of
pounds in some cases, have launched an action group in their fight
to recover cash.

Lendy collapsed into administration at the end of May, leaving
20,000 investors potentially out of pocket, The Telegraph relates.

The firm had offered returns of 12% on property developments but,
rather than the bumper returns they expected, many investors are
facing huge losses following extensive issues with late and
non-paying borrowers on the platform, The Telegraph discloses.

According to The Telegraph, a total of GBP165 million was invested
in the firm at the time of its closure.


NEWDAY FUNDING: Fitch Gives 'B+(EXP)' Rating to 2019-1 Notes
------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding's Series 2019-1 notes
expected ratings as follows:

Series 2019-1 A: 'AAA(EXP)sf'; Outlook Stable

Series 2019-1 B: 'AA(EXP)sf'; Outlook Stable

Series 2019-1 C: 'A(EXP)sf'; Outlook Stable

Series 2019-1 D: 'BBB(EXP)sf'; Outlook Stable

Series 2019-1 E: 'BB(EXP)sf'; Outlook Stable

Series 2019-1 F: 'B+(EXP)sf'; Outlook Stable

The notes to be issued by NewDay Funding 2019-1 plc are
collateralised by a pool of non-prime UK credit card receivables.

The final rating is contingent on the receipt of final
documentation conforming to information already reviewed. Fitch
expects to affirm NewDay Funding's existing tranches when it
assigns final ratings.

KEY RATING DRIVERS

Non-Prime Asset Pool

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

Changing Pool Composition

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

Variable Funding Notes Add Flexibility

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

Key Counterparties Unrated

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

Stable/Negative Outlook

Fitch has a Stable/Negative asset performance outlook for the UK
unsecured consumer ABS sector. This outlook reflects the risks that
a no-deal Brexit poses to asset performance and rising consumer
debt levels compromising the ability of UK households to respond to
external shocks. However, Fitch maintains its stable ratings
outlook for the sector, as performance remains benign and any
potential deterioration would remain fully consistent with the
steady-state assumptions for UK credit card trusts.



                           *********


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 2019.  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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
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