/raid1/www/Hosts/bankrupt/TCREUR_Public/190614.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, June 14, 2019, Vol. 20, No. 119

                           Headlines



B E L A R U S

BELARUSBANK: Fitch Affirms 'B' Foreign Currency IDRs


F I N L A N D

AMER SPORTS: S&P Assigns 'B+' ICR on Acquisition Deal


N E T H E R L A N D S

DRYDEN 69: Fitch Assigns 'B-sf' Rating on Class F Notes
DRYDEN 69: Moody's Assigns B2 Rating on EUR10.3MM Class F Notes
LEBARA GROUP: Creditors May Take Over Amid Audit Delays


N O R W A Y

AKER BP: S&P Assigns 'BB+' Rating on New Senior Unsecured Bond


R O M A N I A

BUCHAREST: Under "Undeclared Bankruptcy", Seeks EUR250 Million


R U S S I A

LOCKO-BANK: Moody's Alters Outlook on B1 Deposit Ratings to Pos.


S P A I N

DIA GROUP: Creditors Seek Up to 10% Interest on EUR380MM Loan


U N I T E D   K I N G D O M

CURIUM BIDCO: Fitch Assigns 'B+(EXP)' LT IDR, Outlook Stable
CURIUM BIDCO: Moody's Assigns B2 CFR, Outlook Stable
KDC TRADING: Business Shut Down After Failure to File Accounts
LEEDS RUGBY: Proposes Company Voluntary Arrangement
SELECT: Unveils Details of Company Voluntary Arrangement

WOODFORD PATIENT: Hedge Fund Circles Following Trading Freeze


X X X X X X X X

[*] BOOK REVIEW: AS WE FORGIVE OUR DEBTORS

                           - - - - -


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B E L A R U S
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BELARUSBANK: Fitch Affirms 'B' Foreign Currency IDRs
----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
Belarusbank (BBK), Belinvestbank, OJSC (BIB), and Development Bank
of the Republic of Belarus (DBRB) at 'B'. The Outlooks on the
ratings are Stable.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS (SR) AND SUPPORT RATING FLOORS (SRF)

The affirmation of the 'B' Long-Term IDRs, '4' SRs and 'B' SRFs
reflects Fitch's view of a limited probability of extraordinary
support for BBK, BIB and DBRB being made available in a timely
manner to the banks from the authorities of the Republic of Belarus
(B/Stable) in case of need. Fitch has equalised the Long-term IDRs
and SRFs of the banks with the respective Long-Term IDRs of the
sovereign as it believes that the sovereign has a high propensity
to support these institutions, if required. However, Fitch also
views the ability of the authorities to provide such support as
limited, especially if support has to be provided in foreign
currencies (FC).

Fitch's view of the state's potentially high propensity to support
the rated banks primarily reflects the following factors:

  - BBK's exceptional systemic importance, based on the bank's 40%
market share of the system's customer deposits at end-1Q19 and
largest, by far, market shares in virtually all business segments
of the local financial market. Its policy role in implementing the
state's economic and social policy objectives as well as its 98.76%
government ownership through the State Property Committee of the
Republic of Belarus also support its view.

  - DBRB's legally defined policy role in implementing the state's
economic and social policy objectives, further supported by the
bank's government ownership through a 96.2% stake owned by the
Council of Ministers of Belarus. The government has a subsidiary
liability on DBRB's bond obligations

  - The majority (86.3%) state ownership through the State Property
Committee of the Republic of Belarus in BIB.

In all cases, Fitch notes the oversight of the banks' activities by
senior state officials, including supervision through supervisory
board representation. There has also been a track record of support
being made available to all banks to date in various ways. The
government was the main subscriber of BBK's most recent share
issuance in 2015 and DBRB's in 2018. In 2018 BIB received an equity
injection from the state-owned Belarusian Republican Unitary
Insurance Company (Belgosstrakh, B/Stable) and it swapped its
government-held subordinated debt into equity in 2016. BBK and BIB
also benefitted from transfers of bad loans, partly to DBRB, a few
years ago.

However, Fitch believes that the authorities have a limited ability
to provide support to banks, as indicated by the sovereign's
Long-Term IDR of 'B', which in turns reflects Belarus's weak
external position and potentially significant contingent
liabilities associated with the wider public sector. The three
banks' domestic FC deposits (an aggregate USD5 billion at
end-2018), sizeable FC non-deposit liabilities (USD4.8 billion, of
which USD2.1 billion is short-term), and limited own FC liquid
assets (USD1 billion) could also make them difficult to support by
the government, especially in a deep stress scenario, given limited
sovereign FC reserve assets (USD7.6 billion at end-April 2019).

The possibility of local-currency (LC) support for BBK, BIB and
DBRB is also constrained, in Fitch's view, by the sovereign's
limited financial flexibility although the banks' more comfortable
LC liquidity buffers and availability of the National Bank of
Belarus's (NBB) short-term repo funding to close any unexpected
liquidity shortages reduce the need for such support.

In Fitch's view, the prospects of a long-planned disposal of a 25%
equity stake in BIB to European Bank for Reconstruction and
Development have limited implications for the state authorities'
propensity to support BIB. Fitch also believes that some pre-sale
support and cleaning might be provided to BIB from the government
of Belarus to facilitate a potential share sale.

VIABILITY RATINGS (VRS)

The affirmation of the 'b-' VRs of BBK and BIB reflects Fitch's
continued view of these banks as being closely correlated with the
sovereign and the small and vulnerable Belarusian state-controlled
economy due to their large direct and indirect exposures to the
government and state-owned companies. The VRs are further
constrained by these banks' credit profiles being still burdened by
material impaired and stressed loans and exposures to highly
leveraged borrowers. These exposures appear to have stabilised, as
the economy slowly improves, but remain moderately provisioned
for.

Tight linkage with the sovereign makes BBK's and BIB's financial
profiles dependent on the state's finances and the ability of the
authorities to maintain macroeconomic stability and support the
public sector. Exposure to sovereign bonds and NBB's FC-denominated
notes made up 12% of total assets or 1.0x Fitch Core Capital (FCC)
at BBK and 19% and 1.6x, respectively, at BIB at end-2018. Loans to
state-controlled companies totalled 62% of gross loans at BBK and
33% at BIB.

Fitch sees significant asset quality and reserve risks at both
banks. BBK's Stage-3 and purchased or originated credit-impaired
(POCI) loans stood at a moderate 11% of gross loans at end-2018 but
Stage-2 loans were equal to 20%; BIB's Stage-3 was at 9% and
Stage-2 at 24% at end-1Q19. BBK's loan loss allowances were a
modest 8% of gross loans and BIB's at 9%. More generally, high
risks stem from the banks' bulky FC loans (including those
classified as Stage-1 loan exposures) to financially vulnerable and
highly leveraged local borrowers. Hard-currency revenue derived
from stable export markets remains limited for Belarus-based
companies.

BBK's low reported 0.5% and BIB's 1.4% non-performing loan (NPL)
ratios (loans overdue by more than 90 days/gross loans) at end-2018
were due to, in Fitch's view, extensive loan restructurings and
previous bad loan transfers out of balance sheets in exchange for
the sovereign, municipal bonds and bonds of DBRB. Furthermore,
continued refinancing of distressed or weak companies, enabling
these borrowers to make regular debt payments without deleveraging,
and the government subsidising loan interest payments for some of
the borrowers and projects, have also been helpful in keeping NPLs
low.

Fitch assesses BBK's and BIB's capitalisation in the context of the
banks' high levels of under-provisioned problem loans. Both banks'
headline Fitch Core Capital (FCC) ratios were stable, at 15% of
Basel I risk-weighted assets (RWA) at end-2018. Net of specific
loan loss allowances BBK's Stage 3 and POCI loans equalled 0.5x FCC
and Stage 2 loans made up 1.1x FCC at end-2018. BIB's Stage 3 loans
were almost fully provisioned for but the bank's Stage 2 loans
equalled to FCC at end-1Q19.

However, Fitch believes a cliff capital erosion risk is potentially
mitigated for both banks in light of their long track record of
regulatory forbearance. Both banks have been able to delay reserve
creation so far on the majority of problem loans, which has helped
them maintain solid regulatory capital. BBK's regulatory Tier I
capital and Total capital ratios stood at 14.6% and 16.7%,
respectively, at end-1Q19. The difference between BIB's 11.2% Tier
I and 19.9% Total capital ratios was partly due to the
government-held subordinated debt, which might also be a source of
future core capital injections.

Profitability strengthened in 2018 due to lower funding costs and
growth of retail revenue sources as both banks' pre-impairment
profits reached a solid 7% of average gross loans. BBK's 4%
operating profit/RWA ratio was stronger than BIB's 0.6% because of
deferred provisioning for problem loans. However, the levels of
collectable loan interest at both banks, should extensive loan
refinancing for the high-risk borrowers be ceased, could be
significantly lower.

Liquidity risks mostly result from potentially constrained access
to foreign exchange, high dollarisation of liabilities and high
volumes of wholesale non-resident funding, particularly at BBK. LC
liquidity position is more comfortable with the systemic status of
both banks and their government ownership helping deposits'
stability.

FC liabilities made up a high 68% of total liabilities at BBK and
59% at BIB at end-2018. Near-term refinancing risks were
considerable for both institutions. BBK's highly liquid and
externally held FC assets equalled to a moderate (although slightly
higher than under the previous rating review) 13% of FC liabilities
at end-2018, covering 64% of wholesale repayments due within 12
months. BIB's lower 7% FC liquid assets covered 42% of the bank's
short-term wholesale obligations.

Fitch has maintained BBK's and BIB's ESG relevance scores at their
previous levels, with the governance structure score of '4'
reflecting significant state-directed lending.

Fitch has not assigned a VR to DBRB due to the bank's special legal
status, a policy role of a development institution, and its close
association with the state authorities.

SENIOR UNSECURED DEBT

DBRB's senior unsecured debt rating is aligned with the bank's
Long-Term FC IDR, reflecting Fitch's view of average recovery
prospects, in case of default.

RATING SENSITIVITIES

IDRs, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The IDRs could be upgraded, if Belarus is upgraded, or downgraded,
in case of a sovereign downgrade. The banks' IDRs could also be
downgraded, and hence notched off the sovereign, if timely support
is not provided, when needed, or if the cost of potential support
increases significantly relative to the sovereign's ability to
provide it.

VRs

BBK's and BIB's VRs could be downgraded in case of un-remedied
capital erosion at these banks potentially caused by marked
deterioration in asset quality or a significant tightening of these
banks' FX liquidity.

The potential for positive rating actions on either the IDRs or VRs
is limited in the near term, given weaknesses in the economy and
external finances.

SENIOR UNSECURED DEBT

DBRB's senior unsecured issues' ratings would likely move in tandem
with the bank's Long-Term FC IDR.

The rating actions are as follows:

Belarusbank

  - Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook Stable

  - Short-Term Foreign-Currency IDR affirmed at 'B'

  - Viability Rating affirmed at 'b-'

  - Support Rating affirmed at '4'

  - Support Rating Floor affirmed at 'B'

Belinvestbank

  - Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook Stable

  - Short-Term Foreign-Currency IDR affirmed at 'B'

  - Viability Rating affirmed at 'b-'

  - Support Rating affirmed at '4'

  - Support Rating Floor affirmed at 'B'

Development Bank of the Republic of Belarus

  - Long-Term Foreign- and Local-Currency IDRs affirmed at 'B';
Outlook Stable

  - Short-Term Foreign-Currency IDR affirmed at 'B'

  - Support Rating affirmed at '4'

  - Support Rating Floor affirmed at 'B'

  - Senior unsecured debt: affirmed at 'B'/'RR4'




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F I N L A N D
=============

AMER SPORTS: S&P Assigns 'B+' ICR on Acquisition Deal
-----------------------------------------------------
S&P Global Ratings assigned its 'B+' ratings to Finland-based
sporting goods group Amer Sports (Mascot Midco 1 Oy) and the
group's EUR1.7 billion first-lien senior secured term loan due 2026
and EUR315 million revolving credit facility (RCF) due 2025.

The ratings are line with the preliminary ratings S&P assigned on
Feb. 8, 2019.

S&P said, "Our rating assignment follows the closing of the
voluntary public cash offer made by a consortium of investors to
purchase all the group's issued and oustanding shares for a total
consideration of EUR4.6 billion (EUR40 per share). The consortium
is led by the China-based sporting goods company ANTA, which holds
57.9% of equity shares. Co-investors will be private equity
FountainVest (15.8% of total shares), Anamered Investments Inc.
(the investment vehicle of Mr. Chip Wilson, Lululemon Athletica's
founder; with 20.7% shares), and global leading provider of
internet services Tencent (5.6% shares). Co-investors currently
have approximately 98.73% of all the shares and votes in Amer
Sports."

According to the Finnish limited liability companies act, an
arbitral tribunal has been appointed to govern the purchase of the
shares from minority shareholders at redemption price of EUR40 per
share.

S&P acknowledges that the final term loan documentation includes
revised clauses that, in its view, enhance the investors'
protection. Revised terms primarily include: a) improved security
package including intellectual property, such as Major Brands
Salomon, Arc'Teryx, Wilson, Atomic, and Precor; b) the provision
that any proceeds from the disposal of Principal Brands Salomon,
Arc'Teryx, and Wilson will be used to repay debt; and c) any
drawdown on the RCF will be included in the consolidated debt
calculation for the covenant purposes.

The transaction has been funded with an equity contribution of
about EUR2.7 billion and EUR3.0 billion of debt. It includes a
EUR1.3 billion term loan A issued by the consortium's investment
vehic le and Amer's parent Mascot JVCo Ltd. (guaranteed by ANTA),
as well as a EUR1.7 billion term loan B issued by Amer.

The rating on Amer incorporates the group's solid position in the
sports equipment market (hardgoods) and the growing presence in
footwear and apparel segments (softgoods), with a diversfied
portfolio of well-known brands including Salomon, Arc'teryx,
Wilson, Atomic, Peak Performance, and Suunto. At year-end 2018, the
group reported about EUR2.7 billion of sales, well spread globally
but mainly focused on mature markets (about 90% of the group's
sales) such as the U.S., Canada, Finland, France, Germany, and
Japan.

The global sportswear market is highly competitive and fragmented,
with the top-three players--Nike, Adidas, and VF (through its key
brands Vans, The North Face, and Timberland)--holding 30% of the
global market by retail value in 2018, according to Euromonitor.
S&P expects Amer to succesfully compete in the market, leveraging
its consistent value proposition based primarily on
performance-focused brands, supporting global leading market
positions in some product categories, such as trail shoes with the
Salomon brand. At the same time, the group enjoys global leading
market share in sports equipment categories such as baseball
(DeMarini and Louisville brands) and tennis (Wilson brand).

These factors underpin the group's premium price positioning and
the solid organic compound annual revenue growth of about 5%-6%
over 2013-2017, according to our calculations. S&P said, "We note
that this result was achieved despite the group's only limited
presence in fast-growing emerging markets such as China (just 5% of
total sales at year-end 2018). We anticipate the group will further
expand its presence in China, supported by the new majority
shareholder ANTA, which ranks No. 3 in terms of sales in the
Chinese sportswear market where its two major brands are Anta and
Fila (limited to the chinese market)."

In particular, Amer's growth in China will be fueled by expansion
of the network of mono-brand stores (primarily Salomon and
Arc'teryx) in the footwear and apparel segments. In S&P's view,
ANTA's support will materialize into stronger bargaining power with
suppliers, easier access to the retail network, and improved
efficiency in logistics.

The strategy will result in higher marketing costs and additional
costs associated with the new store openings (staff and rental
costs). But this is mitigated by an improved sales mix, with higher
sales from the more profitable apparel and footwear categories
versus hardgoods, as well as premium price positioning in China.

The group has posted fairly stable profitability, with an S&P
Global Ratings-adjusted EBITDA margin of 9%-11% over 2013-2017.
However, profitability is below that of other players in the
sportswear industry, such as Nike (16%-17%). The gap indicates
Amer's significant exposure to the hardgoods division (60% of total
sales at year-end 2018). Despite the premium price positioning of
its products, the hardgoods division has a heavier cost structure,
reflecting research and development expenses and relatively higher
manufacturing costs, since these products are mainly manufactured
internally to preserve high quality and performance.

In the softgoods segment, the group competes via three major
brands--Salomon, Peak Performance, and Arc'teryx--covering apparel
and footwear product categories. These brands enjoy higher
profitability than the group's average, mainly supported by premium
price positioning and outsourced production.

Amer is primarily active in the wholesale channel (mainly through
mass-market retail partners), accounting for about 76% of the
group's sales. Third-party e-commerce providers generate 14% of the
group's sales. Overall, the direct to consumer (DTC) channel
accounts for only 10% of total sales, driven by 364 owned brand
retail stores (6% of total sales) and 100 online stores (4% of
sales) at year-end 2018. This approach supports a relatively
flexible cost structure, but the wholesale model constrains the
group's control over the product positioning at the point of sale,
in S&P's view. In addition, this model requires strong control over
retailers' pricing policies to avoid unauthorized price discounts
that could affect the group's brand equity.

In the third-party e-commerce channel, Amer recently decided to
focus on a few large customers to avoid strong price competition in
the channel. One of the pillars of the group's stategy is the
acceleration into the DTC channel, including the expansion of
digital presence and the owned retail network, mainly in China in
the sportswear category (Salomon and Arc'teryx).

S&P said, "In our view, the expansion in the DTC channel will
reduce the group's business seasonality, since Amer will have
greater control over the range of products offered in stores,
making them available throughout the year. We note that sales are
concentrated in the second half of the year, reflecting some
exposure to winter sports equipment (13% of total sales), which is
only partially offset by the counterseasonality of the ball sports
segment. This leads to strong intrayear working capital
requirements in the third quarter of the year that Amer typically
manages through factoring programs and reverse factoring
agreements. We expect the expansion in DTC will affect working
capital because of the inventory build-up required to support new
store openings and the e-commerce activities.

"Our financial risk profile assessment reflects the highly
leveraged capital structure post transaction. We project that debt
to EBITDA will remain at 8.5x-9.0x over 2019-2020, including our
adjustments. Our debt calculation primarily includes the EUR1.7
billion term loan B issued by Amer and the EUR1.3 billion
intercompany loan received by Mascot JVCo Ltd., funded with
proceeds from the EUR1.3 billion term loan A. Our assessment takes
into consideration our view that Amer--through permitted
payments--will ultimately service the debt issued at Mascot JVCo
level.

"Excluding the EUR1.3 billion intercompany loan, we expect adjusted
debt to EBITDA will be slightly above 5.0x over 2019-2020. Our
assessment is underpinned by the group's relatively solid EBITDA
interest coverage of about 3.0x-3.5x and annual free operating cash
flow (FOCF) above EUR25 million over 2019-2020, including the cash
interest payment on the intercompany loan.

"The 'B+' rating stands one notch above our assessment of the
group's stand-alone credit profile, reflecting our view that the
group is likely to receive extraordinary support from its majority
owner ANTA, should it experience financial stress. Our assessment
reflects our view that ANTA has higher creditworthiness than Amer,
primarily due to our calculation of lower leverage post
transaction. While we acknowledge the absence of formal incentives
from ANTA to support Amer (such as cross-default clauses), we
believe that Amer is a moderately strategic investment for ANTA,
considering the sizable exposure to the investment of about EUR2.8
billion (about EUR1.5 billion equity contribution and a guarantee
on EUR1.3 billion term loan A). This leads us to believe that Amer
is unlikely to be sold in the near term.

"The stable outlook on Amer reflects our view that the group will
successfully deliver its strategy to expand its footwear and
apparel division, mainly driven by new store openings in China,
supporting a fairly stable adjusted EBITDA margin of 12%-13%. Over
the next 12 months, we estimate adjusted debt to EBITDA will remain
well above 5.0x (in the range of 8.5x-9.0x) and EBITDA interest
coverage slightly higher than 3.0x.

"We could lower the rating if Amer's credit metrics weakened such
that EBITDA interest coverage deteriorated below 2.5x and FOCF
neared zero in the next 12 months. This could result from a
material contraction of profitability of more than 200 basis points
(bps), in case of higher costs to support the retail-network
expansion, or if we were to observe lower footfall at wholesale
partners. A negative rating action could also arise if we were to
observe a lower commitment from ANTA to support Amer's expansion
strategy in China or in case of a lack of financial backing during
a period of financial stress.

"We could raise the rating if Amer improved its profitability by
more than 150 bps compared with our base case at the end of 2019,
while keeping high working capital control, enabling annual FOCF to
remain sustainably above EUR50 million. This would likely result
from an improved sales mix toward the most profitable footwear and
apparel division and earlier-than-expected cost savings generated
by operations in China. In this case, we would likely observe a
stronger deleveraging path toward 5x on a fully adjusted basis.
Although we consider it unlikely in the next 12 months, we could
raise the rating if we believed that Amer's strategic importance
for ANTA group had increased."




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

DRYDEN 69: Fitch Assigns 'B-sf' Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has assigned Dryden 69 Euro CLO 2018 B.V. final
ratings.

Dryden 69 Euro CLO 2018 B. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes are
being used to purchase a EUR400 million portfolio of leveraged
loans and bonds. The portfolio is actively managed by PGIM Limited.
The CLO envisages a 4.5-year reinvestment period and an 8.5-year
weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 31.7.

High Recovery Expectations

At least 96% of the portfolio comprises senior secured obligations
while the class A notes are outstanding, and 90% after the class A
notes have paid off. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-weighted average recovery rate (WARR)
of the identified portfolio is 63.7%.

Interest Rate Exposure

Fixed-rate liabilities represent 11.25% of the target par, while
unhedged fixed-rate assets can represent up to 20% of the
portfolio. However, the transaction also has a cap of EUR15 million
(3.75% of target par) for seven years with a strike rate of 2%. The
transaction is therefore partially hedged against rising interest
rates.

Diversified Asset Portfolio

The transaction includes four Fitch matrices from which the manager
may choose, corresponding to matrices for which the top 10 obligor
concentration is limited to 15% and 27.5%, and in turn for each,
additional limits on fixed-rate-assets of 0% and 20%. The
transaction also includes limits on maximum industry exposure based
on Fitch's industry definitions. The maximum exposure to the three
largest Fitch-defined industries in the portfolio is covenanted at
40%.

Portfolio Management

The transaction has a 4.5-year reinvestment period and includes
reinvestment criteria similar to other European transactions.
Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Analysis

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

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to four notches at the 'BB-' level and up to two notches for all
other rating levels.

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

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

DATA ADEQUACY

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

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

Entity/Debt                  Rating

Dryden 69 Euro CLO 2018 B.V.
Class A-1 (XS1984216009)     LT AAAsf   New Rating
Class A-2 (XS1984217072)     LT AAAsf   New Rating
Class A-3 (XS1984218120)     LT AAAsf   New Rating
Class B-1 (XS1984218807)     LT AAsf    New Rating
Class B-2 (XS1984219441)     LT AAsf    New Rating
Class C-1 (XS1984220456)     LT Asf     New Rating
Class C-2 (XS1984221348)     LT Asf     New Rating
Class D (XS1984222155)       LT BBB-sf  New Rating
Class E (XS1984222585)       LT BB-sf   New Rating
Class F (XS1984222742)       LT B-sf    New Rating
Subordinated (XS1984223120)  LT NRsf    New Rating
Class X (XS1984213915)       LT AAAsf   New Rating


DRYDEN 69: Moody's Assigns B2 Rating on EUR10.3MM Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to eleven
classes of notes issued by Dryden 69 Euro CLO 2018 B.V.:

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

EUR226,100,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR11,900,000 Class A-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR8,000,000 Class A-3 Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR22,900,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR13,100,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR6,000,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR20,000,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR26,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

EUR22,600,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Ba2 (sf)

EUR10,300,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Dryden 69 Euro CLO 2018 B.V. is a managed cash flow CLO. For so
long as any of the Class A Notes remain outstanding, at least 96%
of the portfolio must consist of secured senior obligations and up
to 4% of the portfolio may consist of unsecured senior loans,
unsecured senior bonds, second lien loans, mezzanine obligations
and high yield bonds; and thereafter, at least 90% of the portfolio
must consist of secured senior obligations and up to 10% of the
portfolio may consist of unsecured senior loans, unsecured senior
bonds, second lien loans, mezzanine obligations and high yield
bonds. At closing, the portfolio is expected to be at least 85%
ramped up and to be comprised predominantly of corporate loans to
obligors domiciled in Western Europe.

Interest of the Class X Notes will be paid pari passu with Class
A-1 and Class A-2 Notes interest in the interest waterfall,
amortized principal of Class X Notes will be paid after interest of
Class X, Class A-1 and Class A-2 Notes in the interest waterfall.
Prior to the occurrence of a Frequency Switch Event, the Class X
Notes will amortise EUR 500,000 on the first payment date and then
by EUR 250,000 over the following six payment dates; where such
Payment Date is following the occurrence of a Frequency Switch
Event, the Class X Notes will amortise EUR 500,000 each payment
date.

PGIM Limited will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 4.5 year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk, and are subject to certain restrictions.

In addition to the eleven classes of notes rated by Moody's, the
Issuer issued EUR 40.4M of subordinated notes which are not rated.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

Moody's used the following base-case assumptions:

Target Par Amount: EUR400,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2853

Weighted Average Spread (WAS): 3.80%

Weighted Average Fixed Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 41.75%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency government bond ratings of A1 or
below. According to the portfolio eligibility criteria, obligors
must be domiciled in a jurisdiction which has a Moody's local
currency country risk ceiling ("LCC") of "A3" or above. In
addition, according to the portfolio constraints, the total
exposure to countries with a local currency country risk bond
ceiling ("LCC") below "Aa3" shall not exceed 10.0%. As a result, in
accordance with its methodology, Moody's did not adjust the target
par amount depending on the target rating of each class of notes.


LEBARA GROUP: Creditors May Take Over Amid Audit Delays
-------------------------------------------------------
Thomas Beardsworth at Bloomberg News reports that Lebara Group BV
may now fall into the hands of its creditors after a year of
delayed audits, reporting errors and an exodus of senior
executives.

A majority of bondholders approved a resolution to enforce a share
pledge, effectively taking control of the SIM-card seller,
Bloomberg relays, citing a statement from the bond trustee dated
June 11.

The trustee, as cited by Bloomberg, said bondholders will swap
their notes for shares and new debt.

According to Bloomberg, the statement said Palmarium, the
little-known Swiss fund that issued the bonds to finance its
takeover of Lebara in 2017, has three business days to pay EUR359.8
million (US$407 million) of debt and accrued interest, Bloomberg
notes.  Failing that, the bond trustee will apply to a Dutch court
to transfer 100% of the shares to creditors, Bloomberg notes.

The statement said VIEO, the holding company for Lebara, is in
default because it hasn't provided 2018 accounts and missed a EUR6
million coupon due last week, Bloomberg discloses.

Headquartered in the Netherlands, Lebara Group B.V. provides mobile
telecommunication products and services.




===========
N O R W A Y
===========

AKER BP: S&P Assigns 'BB+' Rating on New Senior Unsecured Bond
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the proposed
senior unsecured bond to be issued by Norway-based exploration and
production company Aker BP ASA (BB+/Positive/--). S&P understands
that Aker BP will use the proceeds to repay a portion of its
revolving credit facility. The new notes will rank equally with the
company's other senior unsecured debt, including the revolving
credit facility, existing senior notes due in 2022 and 2025, and a
bond denominated in Norwegian krone.





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

BUCHAREST: Under "Undeclared Bankruptcy", Seeks EUR250 Million
--------------------------------------------------------------
Iulian Ernst at BNE Intellinews reports that Romania's Finance
Minister Eugen Teodorovici has reportedly signed and circulated
among ministries a letter requesting them to "reduce the number of
employees and/or the total salaries", according to a document
published on Facebook by opposition MP Vlad Alexandrescu of the
Save Romania Union (USR).

According to BNE Intellinews, the letter was published shortly
after Bucharest Mayor Gabriela Firea announced that the Romanian
capital is under "undeclared bankruptcy", and asked Mr. Teodorovici
for an additional EUR250 million for the municipality.

The document revealed by the opposition MP shows that the finance
ministry has earmarked the funds for the public payroll for each
quarter but the money allotted for the last quarter of this year
"cannot fully cover the payment of salaries, BNE Intellinews
discloses.

To government's rising expenditures, Bucharest municipality added
its request for EUR250 million, shortly after Mr. Firea (seen by
some as the ruling party's possible candidate for this year's
presidential election) has borrowed EUR100 million from the
government's treasury to pay municipality's bills and avoid hot
water shortages, BNE Intellinews BNE relays.

Mr. Firea admitted at the end of last week that the municipality
faces a RON1 billion (EUR210 million) budget deficit this year,
0.1% of the country's GDP, BNE Intellinews notes.  He claims that
weaker allocations from central government this year explain this,
but this is only partly true: the allocations dropped by RON460
million while RON1.9 billion were simply earmarked as potential
incomes never to be collected, BNE Intellinews states.

On top of this, power and heating company Elcen wants to ask in
court for EUR3.7 billion from Bucharest municipality to cover the
city hall's unpaid bills, according to BNE Intellinews.  Elcen, BNE
Intellinews says, will select a legal consultant to file a court
action.




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

LOCKO-BANK: Moody's Alters Outlook on B1 Deposit Ratings to Pos.
----------------------------------------------------------------
Moody's Investors Service affirmed the B1/Not Prime long-term and
short-term local and foreign currency deposit ratings of Locko-bank
(Russia) and changed the outlook on the long-term deposit ratings
to positive from stable. Concurrently, Moody's affirmed the bank's
b1 Baseline Credit Assessment (BCA) and adjusted BCA. Moody's also
affirmed Locko-bank's Ba3(cr)/Not Prime(cr) long-term and
short-term Counterparty Risk Assessment (CR Assessment) and its
Ba3/Not Prime long-term and short-term local and foreign currency
Counterparty Risk Ratings.

RATINGS RATIONALE

Moody's affirmation of Locko-bank's ratings reflects on the one
hand its strong financial metrics and on the other hand the
significant recent changes in the bank's business model that reduce
its business diversification and may lead to increased asset risk.

Locko-bank demonstrates strong financial fundamentals. As of 31
December 2018, its ratio of tangible common equity to risk-weighted
assets was robust at 21.9%, helped by earnings retention.
Profitability benefits from a wide net interest margin (6.6% in
2018), strong fee and commission income, and moderate credit losses
(2.2% of loans in 2018). The share of Locko-banks' problem loans
(including both corporate and retail loans) reduced to 7.6% of
total gross loans at 31 December 2018 from 9.5% a year before,
while the coverage of the problem loans by loan loss reserves
improved to 86% from 64% over the same period. Locko-bank is fully
deposit-funded. Although one-third of customer deposits have a
maturity of less than one month, the resultant liquidity risks are
mitigated by Locko-bank's ample stock of cash and marketable assets
which consistently exceed 25% of the bank's total assets.

Set against this, over the last three years, the bank has
significantly changed its business model towards consumer credit,
growing its retail portfolio faster than the market average. As of
December 31, 2018, Locko-bank's retail loans accounted for 83% of
total loans, of which 78% were consumer loans. The focus on
consumer lending and shift away from a more diversified asset mix
expose the bank to the risks of overheating on the retail lending
market, as well as to other segment-specific risks, such as changes
in regulation. These risks are underscored by the bank's rapid
growth in the past, although Moody's recognizes that this fast
growth rate began from a low base and slowed in early 2019. The
rating agency also understands that Locko-bank's credit
underwriting practices have remained tight.

OUTLOOK

The positive outlook reflects the possibility that Moody's may
upgrade the bank's long-term deposit ratings over the next 12 to 18
months if the bank proves it can sustain strong financial
fundamentals as loan book growth slows and its new loans season.

WHAT COULD MOVE THE RATINGS UP / DOWN

Locko-bank's BCA and deposit ratings could be upgraded if the bank
demonstrates sustainable robust financial fundamentals and good
asset quality through the credit cycle.

The outlook may revert to stable if Moody's considers that the
bank's recent stronger financials are not likely to be sustained.

Affirmations:

LT Bank Deposits, Affirmed B1, Outlook Changed to Positive from
Stable

Adjusted Baseline Credit Assessment, Affirmed b1

Baseline Credit Assessment, Affirmed b1

LT Counterparty Risk Assessment, Affirmed Ba3(cr)

LT Counterparty Risk Ratings, Affirmed Ba3

ST Bank Deposits, Affirmed NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

ST Counterparty Risk Ratings, Affirmed NP

Outlook Action:

Outlook Changed to Positive from Stable

PRINCIPAL METHODOLOGY

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

Headquartered in Moscow, Russia, Locko-bank reported -- at year-end
2018 - total assets of RUB84.4 billion and total shareholder equity
of RUB17.4 billion, according to its audited financial statements
prepared under International Financial Reporting Standards (IFRS).
The bank's IFRS net profits for 2018 was RUB1.9 billion.




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

DIA GROUP: Creditors Seek Up to 10% Interest on EUR380MM Loan
-------------------------------------------------------------
Jeannette Neumann at Bloomberg News, citing Cinco Dias, reports
that DIA Group's creditors are asking the company to pay 7% to 10%
annual interest on its EUR380 million loan.

According to Bloomberg, the newspaper said DIA's largest
shareholder, Letterone, is insisting on a 5% annual interest rate.

As reported by the Troubled Company Reporter-Europe on May 22,
2019, Reuters related that struggling Spanish retailer DIA reached
an eleventh-hour agreement to secure financing on May 20, new owner
LetterOne said in a statement, staving off the imminent risk of
having to start insolvency proceedings.  DIA's failure to compete
with domestic and foreign rivals that have invested more heavily in
their stores has hit the company's market share and left it with
negative equity and towering debt, Reuters disclosed.

Distribuidora Internacional de Alimentacion, S.A. (DIA) is a
Spanish multinational company specializing in the distribution of
food, household and personal care products.  It operates in Spain,
Portugal, Argentina and Brazil and China with more than 6,100
stores. In 2018, its sales were EUR9.3 billion.




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

CURIUM BIDCO: Fitch Assigns 'B+(EXP)' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned the nuclear medicine specialist Curium
Bidco S.a.r.l a first-time expected Long-Term Issuer Default Rating
of 'B+(EXP)' with a Stable Outlook. Fitch has also assigned a
senior secured rating of 'BB-(EXP)'/'RR3' to instruments issued by
Curium.

The assignment of the final instrument rating is subject to
transaction execution terms materially conforming to the draft
terms.

The 'B+(EXP)' IDR reflects Curium's market leading position in a
niche and defensive industry that benefits from significant
barriers to entry, evident in Curium's strong EBITDA margins.
Unlike other highly-leveraged private equity sponsored healthcare
groups, the financial profile also underpins the 'B+' rating given
a relatively moderate (versus 'B' category rated peers) post
transaction funds from operations (FFO) adjusted leverage of 5.5x.
Additionally, Curium's capacity to deleverage is facilitated by
high free cash flow (FCF) margins that are forecast to remain above
10% over the four-year rating horizon. The rating also considers
Curium's product concentration to the nuclear medicine industry as
well as the moderate execution risks associated with an acquisitive
strategy with a limited track record.

The Stable Outlook reflects its expectation of steady underlying
operations with sustainably positive organic revenue growth
underpinning the launch of new product lines and acquired
revenues.

KEY RATING DRIVERS

Strong Position in Niche Market: The rating reflects Curium's solid
market leadership in the nuclear medicine industry, with no other
competitor able to service Curium's current geographical footprint
or product range. The constituent parts of what now forms Curium,
have demonstrated historical retention rates (over 95%), with
client contracts averaging three years. Contractual annual
re-pricing is inherent in the majority of US contracts, supporting
profit stability. The company's vertical integration allows Curium
to have control from the sourcing of radioactive substances to the
distribution of products to end users underpinning a robust
business model.

Industry with High Barriers to Entry: In Fitch's opinion, the
creation of Curium consolidated key markets (US and EU), further
entrenching the position of existing players, as entry into the
niche industry would require a significant up-front capital
investment, which acts as a key deterrent to new entrants including
larger medical devices conglomerates. Additionally, the nuclear
medicine industry exhibits very high barriers to entry as strict
regulatory approvals are required from both nuclear and medical
agencies, as well as clearance at various customs for
transportation. Fitch expects that new entrants to the market would
have to obtain similar regulatory approvals even if they are only
competing against one particular part of Curium's integrated
model.

Moderate Execution Risks: Fitch believes that Curium will continue
its acquisitive strategy as this is central to the value creation,
particularly from the sponsors' perspective. Its view of moderate
execution risks reflects the broad scope of possible future
acquisitions, and subsequent integration, of which there is a
limited track record. Being vertically integrated offers a variety
of opportunities for further consolidation, which creates some
uncertainty as to how the business model will evolve over the
rating horizon. This is because the integration of further
acquisitions will be key as invariably additional acquisitions may
not operate in the same protective environment that yield high
EBITDA margins, diminishing FCF generation and the group's ability
to deleverage.

Limited Product Diversification: Product diversification and scale
currently constrains Curium's rating at 'B+'. Despite being a
dominant player in a niche industry, ratings progression is
currently unlikely as there is limited scope for growth beyond a
nuclear medicine speciality. A meaningful increase in Curium's
scale would most likely be achieved via debt-funded M&A, which in
turn would likely change the company's leverage profile. Moreover,
demand driving for higher volume may be curtailed by high switching
costs involved for existing users of alternative scanners (CT and
MRI).

High FCF Supports Deleveraging: Fitch projects that the FCF margin
will materially increase to 10% over the rating horizon from low
single digits in FY18. A combination of a lower cost of debt (part
of the transaction), margin improvement and lower capex will drive
the increase in FCF. High FCF margins would allow the group to
pursue non-debt funded M&A (depending on its size). Nevertheless,
there is significant headroom in the senior facilities agreement
documentation for dividend payments that may quickly erode the
capacity for non-debt funded M&A.

Modest Leverage versus Peers: Fitch views starting FFO adjusted
leverage at 5.5x at end-2019 as adequate for the rating, and
expects it to reduce to 4.0x over the rating horizon. Fitch-rated
peers such as European Lab Testers Synlab and Biogroup (both
B/Stable), have around 3.0x more leverage than Curium, but,
well-established business models combined with longer track records
compared to Curium, offset the higher leverage for the ratings.

DERIVATION SUMMARY

Fitch applies its rating navigator framework for producers of
medical products and devices in assessing Curium's rating strength,
also against peers. Larger medical devices focused peers such as
Boston Scientific (BBB/Stable) and Fresenius Medical Care
(BBB-/Stable) do not necessarily relate to Curium's line of
business; nevertheless, both issuers clearly illustrate the
benefits of size upon ratings ( over EUR10 billion revenue) and
diversified product offering, which in the case of Fresenius
offsets around 4.0x FFO adjusted leverage for an investment grade
rating.

Compared with specialist generic pharmaceutical producers such as
Stada (B/Stable), Curium's business risk profile benefits from
operating in protected niche markets, albeit with lower scale and
diversification. However, this is also compensated by lower
financial leverage at Curium, which supports the higher rating.

The differentiating factors between Curium and "buy and build"
European lab testing companies such as Synlab and Biogroup are the
higher levels of leverage both companies (8.0x), Curium's
diversified geographic footprint and evident protected position in
a niche market relative to European lab testers.

KEY ASSUMPTIONS

  - Mid to high single digit growth (7.5%) CAGR with the launch of
new product lines and M&A acquired revenues underpinned by organic
growth;

  - Gradual improvement in the EBITDA margin reflecting the spare
capacity in Curium's existing infrastructure and integration of
further bolt-on acquisitions;

  - EUR50million of bolt-on acquisitions per year from FY20,
purchased at 10x EV/EBITDA multiples;

  - Pre-factoring working capital outflow equivalent to 1% of
revenues;

  - Moderate capital intensity of 5%;

  - TLB in both euro and US dollar tranches priced at a margin of
450bp over respective reference rates;

  - Receivable factoring treated as debt with incremental use of
the facilities to maintain total drawings at 7.5% of revenues;

  - RCF to remain undrawn;

  - No dividends expected to be paid.

Recovery Assumption

  - The recovery analysis assumes that Curium would be restructured
as a going concern rather than liquidated in a hypothetical event
of default;

  - Curium's post-reorganisation, going-concern EBITDA reflects
Fitch's view of a sustainable EBITDA that is 33% below the 2019
Fitch forecast EBITDA of EUR165 million. In such a scenario, the
stress on EBITDA would most likely result from of operational
or/and regulatory issues;

  - Distressed EV/EBITDA multiple of 6.0x has been applied to
calculate a going-concern enterprise value; this multiple reflects
the group's strong infrastructure capabilities, leading market
positions and FCF;

  - Fitch assumes a 10% administrative claim deducted from the
going-concern enterprise value;

  - For the estimation of the creditor mass, Fitch has included
both planned TLBs of USD485million and EUR250 million, and in
accordance with Fitch's methodology, assumed 100% all of the
revolving credit facility of EUR120 million will be drawn as well a
total of EUR42million of factoring facilities (balance at
end-2018). All facilities rank pari passu in its recovery
analysis.

Its calculations against the distressed enterprise value result in
a 'RR3' assumption on Fitch's recovery scale, leading to an
instrument rating of 'BB-(EXP), one notch above the IDR.

RATING SENSITIVITIES

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

  - Better Product and geographical diversification indicative of
successful operational integration and execution of acquisitions;

  - Enhanced profitability evident in improved scale and pricing
power;

  - Maintenance of a conservative policy leading to limited
dividend payments and/or debt-funded M&A driving FFO adjusted gross
leverage below 4.0x on a sustained basis.

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

  - FFO adjusted gross leverage above 5.5x on a sustained basis;

  - Operational challenges or loss of contracts that would lead to
a stable decline in revenues eroding the EBITDA margin from its
current position;

  - Loss of regulatory approval relating to the handling/processing
of nuclear substances and/or key products in core markets (US and
EU);

  - FCF margin below 5% on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Pro-forma to the current transaction, Fitch
expects Curium to have access to around EUR29 million cash on
balance sheet as well as an undrawn EUR120 million revolving credit
facility. The group is inherently cash generative so depending on
M&A activity, Fitch expects positive FCF generation to add to the
cash buffer over the rating horizon. Available factoring facilities
in key markets also support Curium's liquidity position.


CURIUM BIDCO: Moody's Assigns B2 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD probability of default rating to radiopharmaceutical
products provider Curium Bidco S.a.r.l. Concurrently, Moody's has
assigned B2 ratings to the proposed senior secured first lien term
loans B maturing in 2026, split into a EUR485 million equivalent US
dollar-denominated tranche and a EUR250 million Euro-denominated
tranche. Moody's has also assigned a B2 rating to the proposed pari
passu ranking EUR120 million revolving credit facility maturing in
2025. Senior secured first lien facilities shall be co-borrowed by
Curium Bidco S.a.r.l., Curium Netherlands B.V. and Curium US
Holdings LLC. The outlook is stable.

The proceeds from the new facilities will primarily serve to
refinance the group's existing debt and pay for the transaction
fees and expenses.

The new rating assignments principally reflect the following
factors:

  - High pro forma Moody's adjusted leverage of 6.0x

  - Good cash flow generation

  - Highly defendable market position owing to material barriers to
entry

  - Short track record as a consolidated group

RATINGS RATIONALE

Curium's credit profile is supported by (1) the stable to growing
underlying market for diagnostic radiopharmaceuticals, estimated by
third party consultants to be worth EUR2.6 billion and in which
Curium holds around a 20% market share globally, (2) its scale and
vertical integration in the value chain enhancing the supply
reliability of the group towards its customers, (3) multiple
regulations spanning nuclear, pharmaceutical and transportation
also resulting in high barriers to entry, (4) multi-year contracts
in the US with share or volume commitments providing revenue
visibility. In addition and despite the limited historical
information, the cash flow profile of the group is good and Curium
has the potential to consistently generate at least EUR50 million
free cash flow (FCF) per annum (after interest and non-recurring
items).

However, the group's credit quality is constrained by (1) the high
Moody's adjusted gross debt/EBITDA of 6.0x at the end of 2018 pro
forma for the refinancing, (2) its short track record of
consolidated performance following the transformational acquisition
of Mallinckrodt's nuclear imaging business in Q1 2017, (3) a degree
of environmental risk reflected in the site decommissioning and
dismantling provisions on the balance sheet, (4) risk of a slower
deleveraging because of potential debt-funded acquisitions (in part
or in full) in line with the group's track record, (5) relatively
sizeable exceptional items historically (EUR19 million in 2018),
some of which the rating agency considers to be of a recurring
nature or part and parcel of normal operations.

Moody's believes that Curium's strong market position is highly
defendable owing to material barriers to entry. The supply chain
and manufacturing process for radiopharmaceuticals is complex and
very time-sensitive due to the rapidly declining activity of the
nuclear isotopes used in the diagnostics products. In single-photon
emission computer tomography (SPECT), Curium has direct and
indirect access to all six nuclear reactors globally which produce
unprocessed Molybdenum-99 (Moly), a key parent isotope, and is
vertically integrated because it has its own Moly processing
facility in the Netherlands, one of four in the world. Downtime at
nuclear facilities creates residual supply risk in the industry,
however. Final Moly is then loaded onto small generators at the
group's three main facilities in Europe and the US and shipped to
customers at least weekly along with cold kits which contain the
tracer necessary to target the appropriate cells. Nuclear isotopes
with even shorter radioactivity in positron-emission tomography
(PET) require local manufacturing capacities. Curium has an
extensive network of PET sites, particularly across France, Spain,
Italy and the Benelux. Manufacturing complexity also provides some
protection against potential competing products, even for
generics.

Barriers to entry are also heightened by the group's need to comply
with multiple regulatory regimes across nuclear, medical and
transportation. Adverse regulatory developments have been limited
in recent years. Reimbursement pressure is also modest given that
most nuclear medicine procedures are reimbursed as a whole, with
radiopharmaceuticals not representing the majority of the cost.

Pro forma for the proposed refinancing, Moody's adjusted gross
debt/EBITDA for Curium was 6.0x as of the end of December 2018. The
adjusted debt includes off-balance sheet drawings under factoring
lines and some of the site decommissioning provisions whilst the
rating agency expenses some items reported as non-recurring by
management into its EBITDA calculation. Barring any increase in
adjusted debt, Moody's forecasts that Curium will deleverage to
below 5.5x in the next 12 to 18 months on the back of EBITDA
growth. The group's contracts with large US customers (the top four
represent approximately 30% of group revenues) include share or
volume commitments and therefore provide visibility into the
forecasts.

Sales of Curium's main product Octreoscan for the diagnosis of
neuroendocrine tumours are fast declining due to competition from
Netspot (from Novartis AG, A1 stable) but Moody's anticipates that
revenues will be bottoming out in the next couple of years and the
product already represented less than 10% of Curium's revenues in
2018. Product concentration is limited but the two main therapeutic
areas (oncology and cardiology) represent around 60% of revenues.
The rating agency anticipates that Curium will be able to mitigate
any increase in competition in its existing products thanks to
recent product launches and several products in late stage
pipeline.

Moody's estimates that cash flow generation is good and FCF will
reach at least EUR50 million per annum (after interest and
non-recurring items). Interest will be the first use of cash whilst
capex, the second largest, is anticipated to decline after 2019
thanks to the completion of FDA-related compliance projects in one
of the main SPECT facilities. Nevertheless, Moody's forecasts that
Curium will incur annual non-recurring cash costs in the high
single digits to low double digits in Euro terms.

Curium has a short history as a consolidated group and focused
industry player. Moody's understands that the Mallinckrodt's
nuclear imaging business acquired in Q1 2017 had previously
experienced modest sales declines and volatility in EBITDA.

Moody's views Curium's liquidity profile as adequate. The proposed
refinancing transaction is expected to leave approximately EUR29
million of cash on balance sheet at closing circa the end of June
and will provide access to a new EUR120 million senior secured
first lien RCF due 2025, which will be undrawn at closing. It will
have a net senior leverage springing covenant, under which the
company will retain ample headroom.

The B2 ratings on the EUR120 million senior secured first lien RCF,
EUR485 million US dollar-denominated senior secured first lien term
loan B and EUR250 million senior secured first lien term loan B, in
line with the CFR, reflect the fact that they are the only term
debt instruments in the capital structure.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Curium will
(1) continue to grow revenue and Moody's EBITDA, with continuously
high contract renewal rates of around 95% and new product launches
more than offsetting the sales decline of certain products such as
Octreoscan, (2) record free cash flow (after exceptionals and
interest) of at least EUR50 million per annum and maintain adequate
liquidity and, (3) not make any debt-funded acquisitions or
shareholder distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Curium's ratings could experience positive pressure should the
group (1) continue to build a successful track record as a
consolidated business, supported by a longer history of
consolidated audited accounts, with (2) Moody's adjusted leverage
reducing below 4.5x and, (3) FCF/debt rising to around 10%.

Conversely, Curium's ratings could experience downward pressure if
(1) any of the conditions for the stable outlook were not to be met
or, (2) Moody's adjusted leverage failed to decline to below 5.5x
or, (3) FCF generation were to weaken towards zero on a sustainable
basis or the liquidity position deteriorated.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Curium, which will be based in London going forward, is a global
provider of nuclear medicine and radiopharmaceutical products to
around 6,000 imaging centres. The group focuses on the production
and supply of radioactive products and tracers to enhance the
outcome of diagnostic imaging. Curium's products are used primarily
in oncology, cardiology, as well as renal, lung and bone diseases.
The group was formed in January 2017 following the integration of
Mallinckrodt's nuclear imaging assets with IBA Molecular (IBAM),
after financial investor CapVest acquired IBAM in 2016. In 2018,
Curium reported revenue of EUR549 million.


KDC TRADING: Business Shut Down After Failure to File Accounts
--------------------------------------------------------------
Lucy Buglass at GoodtoKnow reports that Katie Price's clothing
company KDC Trading officially shut down on June 12.

According to GoodtoKnow, the 41-year-old model owned the company,
which sold equestrian and clothing lines, but government officials
have now struck it off after Ms. Price failed to file any accounts
for the business since 2017.

In April last year, Ms. Price was told that the firm would be
dissolved unless up-to-date books were received by Companies House,
the United Kingdom's registrar of companies, GoodtoKnow recounts.

The deadline has now passed, so Ms. Price's firm will be broken up
and any leftover money will go to HM Treasury, GoodtoKnow states.
Books for the period ending April 2017 showed debts of GBP22,000,
GoodtoKnow  discloses.

Her other company, Jordan Trading Ltd, is also being broken up due
to Ms. Price owing a total of GBP2.1 million, GoodtoKnow notes.
This company sold clothing and her perfume lines.  It was set up in
2003.

A liquidator report showed that Ms. Price owes a significant amount
of money in tax, GBP192,000 in total, and that she took out a large
loan she was unable to repay, GoodtoKnow relates.


LEEDS RUGBY: Proposes Company Voluntary Arrangement
---------------------------------------------------
Stephen Farrell at Insider Media reports that the company behind
the Yorkshire Carnegie rugby union side has put forward proposals
for a company voluntary arrangement (CVA).

Julian Pitts and Nick Reed of Begbies Traynor in Leeds have been
approached to act as joint nominees and supervisors in a CVA of
Leeds Rugby Union Football Club Ltd (LRUFC) which trades as
Yorkshire Carnegie, Insider Media relates.

The proposal follows a change in the shareholder structure, with
Yorkshire Tykes Ltd (YTL), the consortium of investors which had
supported the club since 2014, no longer able to continue funding
at previous levels, Insider Media notes.

In common with many clubs in the Championship, the operation of
Yorkshire Carnegie as a rugby club does not itself generate
sufficient income to sustain a full-time professional squad and was
reliant on support from YTL, Insider Media states.

According to Insider Media, the club and directors have worked to
replace the loss of funding support but have proved unable to do
so.  LRUFC, Insider Media says, is now proposing a CVA to its
creditors.

The proposed CVA would be achieved following a lump sum
contribution from YTL which will enable a dividend to be paid to
unsecured creditors, Insider Media relays.


SELECT: Unveils Details of Company Voluntary Arrangement
--------------------------------------------------------
Isabella Fish at Drapers reports that womenswear chain Select has
outlined the details of its latest company voluntary arrangement
(CVA), which was approved earlier this week.

The CVA was given the green light by 87% of the chain's creditors
and landlords at a meeting in Central London, Drapers discloses.

Select, as cited by Drapers, said the approval secures the current
employment of its 1,800 employees and preserves the operation of
its 169 stores, centralized head office and warehouse facilities.

Mr. Burke has since revealed to Drapers some of the CVA proposal
headlines for Select, which include rent reductions, Drapers
relays.

The proposal divides the company's leasehold site portfolio into
five main categories, determined by the commercial viability and
strategic importance of each site, Drapers states.

According to Drapers, Mr. Burke said: "The treatment of leases
varies from having no impact to rent reductions of 30%, 50% and
moving to rent free.

"In addition, the company will look to enter into new leases with
landlords where terms had already been agreed prior to the
administration . The company will pay landlords' service charges in
full going forward, and all landlord payments will be payable
monthly in advance."

Meanwhile, the amount payable to each "compromised" creditor, and
in respect of any landlord arrears, will be 10 pence to the pound
(10% of their agreed claim).

It comes after the company fell into administration on May 9,
Drapers recounts.  Following this, joint administrators Andrew
Andronikou, Brian Burke and Carl Jackson of business advisory firm
Quantuma, filed CVA proposals at the High Court on May 24, Drapers
relates.

Select filed a notice of intention to appoint administrators at the
High Court on March 29, Drapers discloses.

Select's turnover was GBP116.7 million for the 18 months to
December 2, 2017, and it made an operating loss of GBP15.5 million,
according to Drapers.


WOODFORD PATIENT: Hedge Fund Circles Following Trading Freeze
-------------------------------------------------------------
Owen Walker and Peter Smith at The Financial Times report that
hedge funds are circling Neil Woodford's investment trust, along
with several companies he invests in, as the fallout from the
trading freeze on his largest fund is set to continue into a second
week.

The Woodford Patient Capital Trust, a closed-ended vehicle that
focuses on companies with long-term prospects, is the most
bet-against investment trust in the FTSE 350 by some margin, the FT
discloses.  

According to the FT, analysts are also speculating about whether
its 28% discount to net asset value (NAV), a measure of an investor
sell-off, would invite attention from activist hedge funds.
Patient Capital shares sank to a fresh all-time low of 62.5p on
Friday, June 7, down more than 30% from their high in January, the
FT recounts.

"The discount will no doubt appeal to some bargain hunter," the FT
quotes Peter Sudlow, a financial adviser at Sapienter Wealth
Management, as saying.  "The boards of investment trusts are meant
to be independent and can change the investment manager. How long
until the board [of Patient Capital] feels shareholder pressure?"

The two investment managers with the biggest short positions in
Patient Capital are Leucadia Investment Management and Lombard
Odier, the Swiss group, the FT discloses.

Several companies in which Mr. Woodford invests have also been
targeted by hedge funds, which are anticipating a fire sale of
assets after the suspension of trading in Mr. Woodford's Equity
Income fund, the FT states.

On June 10, the Patient Capital Trust's board said it stood by Mr.
Woodford, the FT relays.

Another threat to the Patient Capital Trust is its leverage, the FT
says.  It is close to the maximum in its GBP150 million overdraft
with Northern Trust, the fund's depositary.  The overdraft was
extended this year and is due to expire in January, according to
the FT.

Repaying the overdraft would require liquidating about a sixth of
the trust's portfolio, the FT relays, citing one person with
knowledge of the business. "

Mr. Woodford said it expected the overdraft facility to continue
uninterrupted, the FT notes.




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

[*] BOOK REVIEW: AS WE FORGIVE OUR DEBTORS
------------------------------------------
Authors: Teresa A. Sullivan, Elizabeth Warren,
& Jay Westbrook
Publisher: Beard Books
Softcover: 370 Pages
List Price: $34.95

Order your personal copy today at https://is.gd/29BBVw
So you think you know the profile of the average consumer debtor:
either deadbeat slouched on a sagging sofa with a three day growth
on his chin or a crafty lower-middle class type opting for
bankruptcy to avoid both poverty and responsible debt repayment.

Except that it might be a single or divorced female who's the one
most likely to file for personal bankruptcy protection, and her
petition might be the last stage of a continuum of crises that
began with her job loss or divorce. Moreover, the dilemma might be
attributable in part to consumer credit industry that has increased
its profitability by relaxing its standards and extending credit to
almost anyone who can scribble his or her name on an application.

Such are among the unexpected findings in this painstaking study of
2,400 bankruptcy filings in Illinois, Pennsylvania, and Texas
during the seven-year period from 1981 to 1987. Rather than relying
on case counts or gross data collected for a court's administrative
records, as has been done elsewhere, the authors use data contained
in the actual petitions. In so doing, they offer a unique window
into debtors' lives.

The authors conclude that people who file for bankruptcy are, as a
rule, neither impoverished families nor wily manipulators of the
system. Instead, debtors are a cross-section of America. If one
demographic segment can be isolated as particularly debt prone, it
would be women householders, whom the authors found often live on
the edge of financial disaster. Very few debtors (3.7 percent in
the study) were repeat filers who might be viewed as abusing the
system, and most (70 percent in the study) of Chapter 13 cases fail
and become Chapter 7s. Accordingly, the authors conclude that the
economic model of behavior -- which assumes a petitioner is a
"calculating maximizer" in his in his decision to seek bankruptcy
protection and his selection of chapter to file under, a profile
routinely used to justify changes in the law -- is at variance with
the actual debtor profile derived from this study.

A few stereotypes about debtors are, however, borne out. It is less
than surprising to learn, for example, that most debtors are simply
not as well-off as the average American or that while bankrupt's
mortgage debts are about average, their consumer debts are off the
charts. Petitioners seem particularly susceptible to the siren song
of credit card companies. In the study sample, creditors were found
to have made between 27 percent and 36 percent of their loans to
debtors with incomes below $12,500 (although the loans might have
been made before the debtors' income dropped so low). Of course,
the vigor with which consumer credit lenders pursue their goal of
maximizing profits has a corresponding impact on the number of
bankruptcy filings.

The book won the ABA's 1990 Silver Gavel Award. A special 1999
update by the authors is included exclusively in the Beard Book
reprint edition.



                           *********


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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                * * * End of Transmission * * *