---

       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, July 31, 2019, Vol. 20, No. 152

                           Headlines



F R A N C E

FRENCH PARENTCO: S&P Assigns Prelim 'B' LT ICR, Outlook Stable


G E R M A N Y

EISENMANN: Files for Insolvency in Stuttgart District Court
LEONI: In Talks with Potential Buyers for Wire & Cables Unit
NOVEM GROUP: S&P Assigns 'B+' LT ICR, Outlook Stable
SENVION GMBH: Has Enough Financing to Stay Afloat Until August
TACKLE S.A.R.L: S&P Assigns 'B' Long-Term ICR, Outlook Stable



I R E L A N D

ARDAGH PACKAGING: S&P Assigns 'BB' Rating to New Sr. Secured Notes
FINANCE IRELAND 1: DBRS Finalizes BB(sf) Rating on Class E Notes
HAYFIN EMERALD III: Fitch Rates Class F Debt B-(EXP)
HAYFIN EMERALD III: Moody's Rates EUR10MM Class F Notes (P)B3


I T A L Y

ASR MEDIA: S&P Puts Prelim 'BB-' Rating to EUR275MM Sr. Sec. Notes
BANCA POPOLARE: Fitch Rates EUR200MM Tier 2 Sub. Notes Final 'BB'
F-BRASILE SPA: S&P Assigns Preliminary 'B' ICR, Outlook Stable
MONTE DEI PASCHI: DBRS Assigns B (low) Rating to Subordinated Notes


L U X E M B O U R G

ALGECO GLOBAL: Fitch Affirms Then Withdraws 'B' LT IDR, Neg Outlook


N E T H E R L A N D S

EURO-GALAXY V: S&P Assigns Prelim B-(sf) Rating to Class F-R Notes
GREENKO DUTCH: Fitch Affirms US$1B Sr. Notes Rating at 'BB'
NORTH WESTERLY IV 2013: S&P Affirms BB(sf) Rating on Cl. E-R Notes


R U S S I A

RESO-LEASING: S&P Upgrades LT ICR to 'BB+' On Higher Group Status


S P A I N

CAIXABANK CONSUMO 3: DBRS Confirms CC(sf) Rating on Series B Notes
GRUPO EMBOTELLADOR: Fitch Ups IDRs to B; Alters Outlook to Stable
PROMOTORA DE INFORMACIONES: Fitch Affirms B LT IDR, Outlook Stable
WIZINK MASTER: DBRS Finalizes BB (high) Rating on C2019-02 Notes
WIZINK MASTER: DBRS Finalizes BB (high) Rating on C2019-03 Notes



S W I T Z E R L A N D

SWISSPORT GROUP: S&P Affirms 'B-' LT ICR on Proposed Refinancing


U N I T E D   K I N G D O M

BURY FC: Opening League One Match Suspended Amid Financial Woes
HARLAND & WOLFF: Faces Closure, Unions Call for Nationalization
RAC BOND: S&P Affirms B (sf) Rating on Class B1-Dfrd Notes
RESLOC U.K. 2007-1: S&P Affirms BB (sf) Rating on Class E1b Notes
[*] UK: Company Insolvency Figures Hit Five-Year High in 2Q19


                           - - - - -


===========
F R A N C E
===========

FRENCH PARENTCO: S&P Assigns Prelim 'B' LT ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigns its preliminary 'B' long-term issuer
credit rating to French ParentCo, the new parent company, and to
Marnix SAS, its wholly owned indirect subsidiary. S&P also assigned
its preliminary 'B' issue rating and '3' recovery rating to the
proposed term loan B.

On July 9, 2019, Groupe Bruxelles Lambert (GBL), a Belgium-based
investment holding company, announced it was in exclusive
negotiations to acquire a majority stake in Webhelp from KKR, along
with Webhelp's funders and management, for an enterprise value of
EUR2.4 billion. To finance the transaction, Marnix SAS, Webhelp's
new intermediate holding company, plans to issue EUR1.155 billion
of senior secured loans. GBL and Webhelp's funders and managers
will also contribute EUR1.260 billion of common equity, and GBL
will contribute EUR82 million in the form of a shareholder loan.
S&P said, "The transaction is subject to customary regulatory
approvals, and we expect it will close during the fourth quarter of
2019. We expect to withdraw the existing 'B' ratings on WowMidco
and WowBidco, the group's current parent and borrower, once the
transaction is completed and the existing debt facilities have been
repaid."

The preliminary 'B' rating reflects Webhelp's high debt leverage;
relatively high customer concentration; and operations in the
fragmented, competitive, and low-margin outsourced customer
relationship management (CRM) market, which has low barriers to
entry. These weaknesses are offset by Webhelp's leading positions
in Europe and improved geographic and end-market mix, following the
acquisition of Germany-based Sellbytel, which it completed at the
end of August 2018.

Webhelp generated pro forma revenue of about EUR1.37 billion in
2018, after combining with Sellbytel, which makes the group the
largest provider of outsourced CRM solutions in the European
market. The combined group is the No. 1 player in France and the
Netherlands, the No. 2 player in the U.K. and the Nordic region,
and holds positions among the top-five providers in other key
European markets, such as Germany and Spain. The acquisition of
Sellbytel was consistent with Webhelp's strategy to expand
externally and consolidate its market positions in Europe, while
diversifying away from its domestic French market and reducing
exposure to the telecommunications industry. Since 2012, Webhelp's
revenue has increased at a compound annual growth rate of about
35%, supported by 21 acquisitions.

S&P said, "Our business risk profile assessment is supported by the
group's improved end-market and geographic diversification.
Following the acquisition of Sellbytel, Webhelp's exposure to the
French market has reduced to about 29% from 37%; and the telecom
end market now only represents 21% of revenue compared with 34%
before the acquisition. Given Sellbytel's specialization in
multilingual solutions, Webhelp's language capabilities has
strengthened to 35 languages, including Asian languages. We view
language capabilities as a key competitive advantage in the global
CRM industry, considering the cross-border nature of the operations
of the group's blue-chip clients in many industries. We view the
group's larger scale and better overall diversification as a
protection against significant revenue losses. Sellbytel's
integration has also enhanced the group's underlying profitability
before nonrecurring expenses, thanks to Sellbytel's higher-value
business process outsourcing (BPO) services.

"Our view of the group's business risk profile is constrained by
Webhelp's predominant exposure to traditional CRM activities, which
we view as a fragmented and competitive market, with low barriers
to entry, given the asset-light nature of the business."

Webhelp also has relatively high customer concentration, with its
top-10 customers generating 32% of revenue. This poses the risk of
significant volume loss in the event of a client or contract loss,
as happened in 2016-2017 when Sky only partially renewed its
contract with Webhelp, causing a loss of nearly £45 million in
revenue. Finally, S&P considers that BPO CRM providers are exposed
to significant regulatory, technological, data-breach, and
reputational risks, owing to the sensitive nature of the customer
data that they handle on a daily basis.

S&P said, "Our view of Webhelp's financial risk profile primarily
reflects our expectation of high adjusted leverage of about 6.1x at
year-end 2019, following completion of the proposed transaction. We
expect adjusted leverage will decrease to about 5.5x by year-end
2020, coming from increased revenue and EBITDA. This will be
partially offset by expected costs for restructuring and other
nonrecurring operating items that we include in our adjusted EBITDA
calculation. In addition, transaction-related costs will burden
free operating cash flow (FOCF), which will be slightly negative in
2019, but we forecast FOCF will strengthen to about EUR60 million
in 2020. Only moderate working capital requirements and relatively
low capital expenditure (capex) needs of around 3%-4% of sales
should support Webhelp's positive FOCF generation capability and
its deleveraging potential.

"We consider GBL to be an investment-holding group that, along with
Webhelp's cofounding shareholders and management, has a long-term
investment strategy for Webhelp. The new investor's expected
holding period of about 10 years and the significant common equity
contribution (close to 50%) support this assessment. Despite high
leverage at transaction closing, we understand the new investor
intends to prioritize deleveraging and organic growth over dividend
distributions and acquisitions. We therefore assess the group's
financial policy as neutral. GBL will contribute EUR82 million in
the form of a shareholder loan as part of the transaction. Based on
the initial draft documentation we have received, we expect to
treat the shareholder loan as equity-like.

"The stable outlook reflects our view that Webhelp will generate
solid revenue growth as a result of recent acquisitions, commercial
wins, and cross-selling opportunities, and that adjusted EBITDA
margins will improve to about 16% in 2019, supported by the
cost-efficiency measures, improved business mix between onshore and
offshore operations, and the integration of higher-margin
Sellbytel. We expect that the group's adjusted debt to EBITDA will
be about 5.5x-6.0x in the next 12 months.

"We could lower the rating if the group's operating performance and
profitability deteriorated as a result of loss of key contracts or
failure to properly integrate new acquisitions, resulting in
higher-than-expected restructuring costs, which would likely result
in negative FOCF for a prolonged period. We could also take a
negative rating action if the group undertook further aggressive
transactions in the form of material debt-funded acquisitions or
cash returns to shareholders, such that we no longer expected the
company to deleverage. We could lower the rating if fund from
operations (FFO) cash interest coverage declined below 1.5x on a
sustained basis.

"We could raise the rating if Webhelp's credit metrics improved,
with adjusted leverage approaching 5.0x and FFO to debt improving
toward 12% on a sustained basis, along with sustainably positive
FOCF."




=============
G E R M A N Y
=============

EISENMANN: Files for Insolvency in Stuttgart District Court
-----------------------------------------------------------
Edward Taylor at Reuters reports that German auto supplier
Eisenmann, which supplied Tesla in 2015 with a new paint shop at
its Freemont plant in California, filed for insolvency late on July
29, in a sign of the growing economic problems crushing profits in
the auto sector.

Eisenmann, which has 3,000 employees and generated annual revenues
of EUR723 million (US$806 million) in 2017, filed for insolvency at
the Stuttgart District Court, Reuters relates.

According to Reuters, the Boeblingern, Germany-based company said
it was now looking for a strategic partner for its Paint &
Assembly, as well as its Application Technology businesses.
Eisenmann said potential buyers have already expressed interest,
Reuters notes.

Eisenmann said it ran into liquidity problems because major
projects started in 2018 led to a large year-on-year loss, Reuters
relates.


LEONI: In Talks with Potential Buyers for Wire & Cables Unit
------------------------------------------------------------
Arno Schuetze at Reuters reports that German car parts maker Leoni
has started holding meetings with prospective buyers for its wire
and cables division, which it has put on the block in a bid to
bolster its cash position, people close to the matter said.

According to Reuters, the people said after sending out information
packages earlier this month, Leoni's management is holding informal
talks with potential bidders.  They said reparations for a listing
of the unit have been put on the backburner given market
conditions, Reuters notes.

The report says Leoni needs to refinance Schuldschein notes worth
about EUR200 million (US$222.70 million) next year.  It said in May
that its liquidity had decreased by a quarter to EUR740 million at
the end of March, of which EUR120 million was in cash holdings,
Reuters recounts.

The company is expected to update investors on its liquidity when
it releases second-quarter earnings figures on Aug. 14, Reuters
states.

Brokerage Hauck & Aufhauser in May called the free cash flow
development at Leoni "alarming", while analysts at LBBW at the time
said that a valuation of only half of the company's book value was
adequate and a capital increase conceivable, Reuters relays.

Leoni said earlier this month that it would explore a listing or
sale of its Wire and Cable Solutions (WCS) business, which supplies
the healthcare, factory automation, transportation and automotive
markets, Reuters discloses.

For private equity groups, Leoni is a difficult target as banks
would struggle to finance such a buyout, another source, as cited
by Reuters, said, adding that investors could always buy up debt
and take control of the company in the event of a debt
restructuring.

According to Reuters, the people said Deutsche Bank and UBS are
advising Leoni on the unit sale, while Rothschild has been brought
in as restructuring advisor.

In March, Leoni abandoned its 2019 profit targets, announced job
cuts and said the company's finance chief would quit, Reuters
relates.

NOVEM GROUP: S&P Assigns 'B+' LT ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned Novem Group GmbH its 'B+' long-term
issuer credit rating, with a stable outlook.

S&P is also assigning its 'B+' issue rating, with a '3' recovery
rating (50%-70%, rounded estimate 60%) to Novem's EUR400 million
senior secured floating rate notes due 2024, and its 'BB' issue
rating, with a '1' recovery rating (90%-100%, rounded estimate 95%)
to the company's EUR75 million super senior revolving credit
facility (RCF).

Novem upsized its senior secured floating rate notes to EUR400
million from the EUR375 million initially considered. The company
has used the proceeds, alongside about EUR38 million of cash from
its balance sheet, to repay debt that it raised for a previous
dividend distribution and for shareholder returns through the
redemption of shareholder loans. The now slightly higher amount of
the notes is the only update to the preliminary documentation S&P
reviewed in May 2019, and the issuance remains in line with its
assessment of the group's financial risk profile and its 'B+'
issuer credit rating.

The rating primarily reflects Novem's leading position in the niche
market for high-end decorative trim elements and above-average
EBITDA margins. S&P also captured the company's narrow product
portfolio, high customer concentration reflective of premium
original equipment manufacturer (OEM) market, and S&P Global
Ratings-adjusted debt-to-EBITDA ratio of about 3.0x-3.5x.

Based on its own estimate, Novem holds a strong global market share
of above 40%. The company's EBITDA margin has been above the
industry average--in the high teens--for the past four years. This
is thanks to its competitive industrial footprint with about 75% of
employees in low-cost countries, an ongoing effort to reduce costs
through efficiency gains, and purchasing optimization. The benign
market environment also contributed to the company's strong
performance.

These strengths are offset by the highly concentrated customer mix,
with the top two customers representing about two-thirds of the
company's sales, and its narrow product offering. Novem's trim
elements can be made of different materials, including wood,
aluminum, carbon, and synthetic plastics. However, its addressable
market is narrow at around EUR1.5 billion-EUR2.0 billion.

S&P said, "We view Novem's customer concentration as a key rating
constraint. This is because the company's earnings are more exposed
than its peers' to potential production volume declines if its main
customers face operational headwinds.

"Pro forma the issuance, we expect Novem's free operating cash flow
(FOCF)-to-debt ratio will stand at about 10%, on the back of stable
EBITDA margins and lower capital expenditure (capex) needs of about
3%-4% of sales in the fiscal year ending March 31, 2020. We
forecast that its S&P Global Ratings-adjusted debt-to-EBITDA ratio
will remain at around 3.0x-3.5x.

"While the expected credit metrics look conservative for the
rating, we incorporate a slim cushion due to our perception of the
financial sponsor ownership. As a result, we do not net cash from
gross financial debt. The notes' documentation includes a specified
change of control clause under which the noteholders cannot put the
notes if consolidated net debt to EBITDA is below 2.5x (which was
already the case at launch).

"The capital structure includes a shareholder loan (EUR416.9
million) with terms that meet our requirements for equity
treatment. We have therefore excluded the shareholder loan from our
adjustments to Novem's reported debt. Our debt adjustments include
pension liabilities, operating lease liabilities, and factoring
liabilities."

Outlook

S&P said, "The stable outlook reflects our expectations than Novem
will maintain its EBITDA margin in the high teens over the next 12
months, despite the weakening auto market. In addition, we expect
the company to sustain S&P Global Ratings-adjusted debt to EBITDA
of around 3.0x-3.5x and FOCF to debt of about 10%."

Downside scenario

S&P could lower its ratings on Novem if its funds from operations
(FFO) to debt decreased to below 12% or if its debt to EBITDA
increased toward 4.5x. A large debt-financed acquisition or
additional dividend recapitalization could also lead to a negative
rating action.

Upside scenario

S&P could raise its ratings on Novem if it significantly decreased
its customer concentration and extended its product offering, while
maintaining EBITDA margin in the high teens and its FFO to debt
near 20%.


SENVION GMBH: Has Enough Financing to Stay Afloat Until August
--------------------------------------------------------------
Alexander Huebner at Reuters reports that bankrupt German wind
turbine manufacturer Senvion has sufficient financing to stay
afloat until the end of August, Chief Executive Yves Rannou said at
a townhall meeting, according to a person who attended the
meeting.

According to Reuters, the source said the company is hoping to
strike a deal to sell some of its assets but not the whole company
by then, Mr. Rannou said at the meeting on July 30, adding that
talks with staff would now start regarding units for which no buyer
can be found.

In April, Senvion filed for preliminary self-administration
proceedings after the Hamburg-based company, which has more than a
billion euros of debt, struggled following delays and penalties
related to big projects, Reuters recounts.

The company is hoping to strike a deal with one of its peers, who
have signalled interest in buying parts of the company, people
close to the matter have said in the past, Reuters discloses.


TACKLE S.A.R.L: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Tackle S.a.r.l (operating under the brand name Tipico) and its
'B' issue rating and '3' recovery rating to Tipico's senior secured
facilities--comprising a EUR890 million existing term loan B due
2022, a EUR550 million proposed term loan B due 2024, and a EUR25
million revolving credit facility due 2022.

S&P's rating on Tackle S.a.r.l (Tipico) reflects its multi-channel
presence in Germany--comprising online, mobile, and about 1,250
retail outlets--along with its strategic partnerships with multiple
partners, including Bundesliga and FC Bayern Munich, which support
very high brand recall value. The strength of Tipico's brand is
demonstrated by its market share--it receives more than 50% of
total bets staked on sports in Germany. These strengths are
mitigated by Tipico's limited geographical diversification, with
exposure to adverse regulatory changes introduced periodically in
Germany to address the underlying social risks from the gambling;
high concentration on the fast-growing sports betting market; and
its aggressive financial policy.

S&P considers German gaming regulations to be some of the most
conservative in Europe. The German interstate treaty introduced in
2012 had initially sought to limit the number of sports betting
licenses to 20, and Tipico was not one of the 20 successful
applicants. Tipico, along with other unsuccessful applicants,
challenged the decision in the court and continued its online
operations in the meantime. In May 2019, the federal states of
Germany agreed to abolish the limitation of 20 licenses. Instead,
the plan is for Germany to provide an unlimited number of separate
transitional sports betting licenses until June 2021. The states
will continue to discuss a comprehensive framework for regulating
gambling in Germany (including online casinos) from July 2021,
after the expiry of the current interstate treaty.

Tipico--like other gaming companies such as GVC Holding
PLC--continues to provide online casinos in Germany, despite the
current interstate treaty prohibiting such activity. Tipico does
this on the premise that such a prohibition is questionable under
European law. There are some speculations that operators that do
not currently adhere to German gaming regulation could be looked
upon adversely when the state comes to assign the sports betting
license in the coming months. However, S&P thinks that if the state
did not issue a sports betting license to Tipico for the transition
period on any ground, then Tipico would strongly challenge this in
court. Other examples of regulatory risks over the longer term
include a potential ban of certain in-play sports bets or a maximum
limit on the total sports betting spending each month.

Tipico's operations have a relatively narrow focus on the German
sports betting market, where it derives about 85% of its gross
gaming revenue. In S&P's opinion, Tipico has low diversification in
terms of products, services, and country of operation, which
constrain our assessment of the business.

Tipico's proprietory sports betting technology and its cloud-based
platform support its asset-light business model, with 70% of its
sportsbook stake generated through its online and mobile channel.
Its retail operations are mostly operated by franchisees (80% of
shops). Franchisees support all the operational costs and
investments while Tipico pays a commission on its hold (that is,
the amount staked less payouts) to the franchise, enabling it to
have a more flexible cost structure.

S&P said, "We acknowledge Tipico's strong growth over the past few
years, benefitting from the expansion of the sports betting market
in Germany. The strong operating trends continued in the first five
months of 2019, with the group reporting absolute EBITDA that was
50% higher than in the first five months of 2018. We expect the
strong growth to continue throughout 2019, despite the absence of
international tournaments such as the FIFA World Cup or UEFA
European Championship. In our view, Tipico could benefit from
untapped demand in German sports betting since spending per capita
is well below the levels in liberalized markets such as the U.K.

"We consider Tipico's cash flow generation as its particular
strength relative to other peers within the 'B' rating category."
Due to minimal working capital needs, capital expenditure (capex),
and tax payments, Tipico can generate free operating cash flow
(FOCF) of about EUR200 million per year. However, significant parts
of these cash flows are paid out as dividends, but also support
Tipico's bolt-on acquisitions.

S&P said, "Including the proposed loan issuance, we understand
Tipico will have paid more than EUR1.0 billion of cash to its
shareholders over the past three years. Funds controlled by private
equity firm CVC own 60% of the business, and CVC's share of the
total dividend will be larger than its equity injection at the time
of the business acquisition in 2016. Although we view the owner's
willingness to undertake debt-financed dividend distributions
periodically as aggressive, we think the risk is captured within
our current financial policy assessment of the group.

"The stable outlook reflects our view that Tipico's strong retail
and online presence will enable it to gain market share in the
German sports betting market and generate FOCF of about EUR200
million, absent any significant materially adverse legislative
developments, which we do not anticipate over the next 12 months.
The outlook also incorporates our assumption that the group will be
able to maintain adequate liquidity and will not pursue any further
debt-funded dividend distributions in the next 12 months.

"We could lower the rating if the group reports weak operating
results or undertakes further debt-financed dividend distributions
such that its leverage exceeds 6.5x or its FOCF declines below
EUR50 million for a sustained period. Such a scenario could arise
if the business faces a long period of bookmaker-unfriendly
results, a material negative regulatory pronouncement, or
competition from other betting operators that causes a material
reduction in Tipico's share of the German sports betting market.

"We consider rating upside to be remote over the next 12 months, in
light of the regulatory uncertainties and the financial sponsor's
track record of routinely taking out dividends. However, we could
consider a positive rating action if there is a favorable final
ruling on the legality of Tipico's online casino operations while
it sustains S&P Global Ratings-adjusted leverage below 4.5x." This
would have to be accompanied by a financial policy commitment from
the owner to maintain leverage at that level over the medium term.

Founded in 2004, Tipico is a German gaming operator with an
approximate 50% domestic market share in online sports betting. It
has a retail network of more than 1,250 outlets, as well as online
and mobile offerings. The shops are mostly operated by
franchisees--80% of shops--leading to a relatively asset-light
business model. Funds controlled by CVC hold about a 60% stake in
the business; the founders and the current management team account
for the rest.




=============
I R E L A N D
=============

ARDAGH PACKAGING: S&P Assigns 'BB' Rating to New Sr. Secured Notes
------------------------------------------------------------------
S&P Global Ratings said that it assigned a 'BB' issue rating and
'1' recovery rating to the proposed senior secured notes due 2026
to be co-issued by Ardagh Packaging Finance PLC and Ardagh Holdings
USA Inc. The proposed senior secured notes are in the amounts of
$600 million and EUR350 million. The ratings are supported by the
notes' security package, which S&P views as strong, as it includes
fixed and floating charges over almost all the assets of the
guarantors--including receivables, inventories, and real estate.

S&P said, "At the same time, we assigned a 'B' issue rating and '5'
recovery rating to the proposed $800 million senior unsecured notes
due 2027 co-issued by Ardagh Packaging Finance and Ardagh Holdings
USA. The ratings reflect the notes' unsecured and structurally
subordinated nature.

"Finally, we removed the 'B' issue ratings on the remaining rated
unsecured notes from CreditWatch positive, where we had placed them
on July 15, 2019, as we now expect recoveries well within the
10%-30% recovery range."

The issue ratings on ARD Finance S.A.'s approximately $1.7 billion
payment-in-kind (PIK) toggle notes and the $350 million PIK notes
issued by ARD Securities Finance S.a.r.l. remain unchanged at 'B-',
with a recovery rating of '6'. The deeply subordinated nature of
these notes constrains the ratings, which indicate our expectation
of negligible recovery (0%-10%; rounded estimate: 0%) in the event
of a payment default.

The proceeds of the three note issuances will repay the outstanding
$1.65 billion senior unsecured notes due 2024. S&P will withdraw
its 'B' issue and '5' recovery ratings on these notes on completion
of the refinancing.

S&P said, "Our view of Ardagh's business risk profile remains
unchanged and continues to reflect the group's leading market
position, large size, longstanding customer relationships, the
cost-efficient nature of its operations, its stable end-markets,
geographic diversity, as well as its exposure to two substrates
(glass and metal). At the same time, our assessment also reflects
the commoditized nature of Ardagh's products, its customer
concentration, and its exposure to volatile input costs.

"Our view of the financial risk profile also remains unchanged. We
expect pro forma leverage to reduce to 6.9x by year-end 2019, after
completion of the proposed refinancing and the disposal of the food
and specialty metal packaging division due in the fourth quarter of
2019. We have not assumed any material dividends or acquisitions in
our forecasts."

FINANCE IRELAND 1: DBRS Finalizes BB(sf) Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings Limited finalized the provisional ratings on the
following notes issued by Finance Ireland RMBS No. 1 DAC (the
issuer):

-- Class A notes rated AAA (sf)
-- Class B notes rated AA (high) (sf)
-- Class C notes rated A (high) (sf)
-- Class D notes rated BBB (sf)
-- Class E notes rated BB (sf)

The Class X, Class Y, and Class Z notes are not rated by DBRS.

The rating on the Class A notes addresses the timely payment of
interest and ultimate payment of principal. The ratings on Class B
to Class E notes address the timely payment of interest when they
are the most-senior notes and the ultimate payment of principal. An
increased margin on all the rated notes is payable from the step-up
date in June 2022.

The issuer is a bankruptcy-remote, special-purpose vehicle
incorporated Ireland. The issued notes were used to fund the
purchase of Irish residential mortgage loans originated by Finance
Ireland Credit Solutions DAC and Pepper Finance Corporation DAC.

As of May 31, 2019, the mortgage portfolio consisted of 1,364 loans
with a total portfolio balance of approximately EUR 290.2 million.
The weighted-average (WA) current loan-to-indexed value is 67.6%
with a WA seasoning of 12.4 months. Fixed-rate loans represent
approximately a third of the portfolio, while the notes pay a
floating rate of interest linked to three-month Euribor.

To address this interest rate mismatch, the transaction is
structured with an interest rate swap that swaps 0.08% for
three-month LIBOR. The swap notional will amortize in line with a
pre-defined schedule that aims to match the fixed-rate loans in the
portfolio at such time.

A portion of the loans in the portfolio (11.4%) have been
originated to buy-to-let (BTL) borrowers; the remaining 88.6% were
originated to owner-occupied borrowers. BTL loans are viewed as
riskier given borrowers who find themselves in difficulty are
likely to default on their BTL properties prior to their primary
dwelling. The recovery process associated with BTL loans is,
however, generally less intensive in Ireland compared with
owner-occupied loans; in addition, a BTL property can be placed
into receivership by the administrator.

The Class A notes will benefit from an amortizing liquidity reserve
fund providing liquidity support for items senior in the waterfall
to payments of interest on the Class A notes. The liquidity reserve
will have a target amount equal to 1.5% of the outstanding Class A
notes balance, and any amortized amounts will form part of
available revenue funds.

Liquidity support for the rated notes is provided by the general
reserve fund. The general reserve will have a target amount equal
to 1.5% of the outstanding balance of Class A to Class E notes less
the liquidity reserve amount. The general reserve will amortize
with no floor, in line with these notes.

Credit enhancement for the Class A notes is 15.5% and is provided
by the subordination of Class B notes to the Class Z notes. Credit
enhancement for the Class B notes is 10.0% and is provided by the
subordination of Class C notes to the Class Z notes. Credit
enhancement for the Class C notes is 7.0% and is provided by the
subordination of the Class D Notes to the Class Z notes. Credit
enhancement for the Class D notes is 4.3% and is provided by the
subordination of the Class E notes and the Class Z notes. Credit
enhancement for the Class E notes is 2.3% and is provided by the
subordination of the Class Z notes.

A key structural feature is the provisioning mechanism in the
transaction that is linked to the status of the arrears of a loan
besides the usual provisioning based on losses. The degree of
provisioning increases with the increase in the number of months in
arrears status of a loan. This is positive for the transaction, as
provisioning based on the status of the arrears traps any excess
spread much earlier for a loan that may ultimately end up in
foreclosure.

Borrower collections are held with The Governor and Company of the
Bank of Ireland (rated A (low) with a Stable trend by DBRS) and are
deposited on the next business day into the issuer transaction
account held with Elavon Financial Services DAC, U.K. Branch.
DBRS's private rating of the issuer account bank is consistent with
the threshold for the account bank outlined in DBRS's "Legal
Criteria for European Structured Finance Transactions" methodology,
given the ratings assigned to the notes.

The ratings are based on DBRS's review of the following analytical
considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
calculated the probability of default (PD), loss given default
(LGD) and expected loss outputs on the mortgage portfolio. The PD,
LGD and expected losses are used as an input into the cash flow
tool. The mortgage portfolio was analyzed in accordance with DBRS's
"Master European Residential Mortgage-Backed Securities Rating
Methodology and Jurisdictional Addenda."

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, and
Class E notes according to the terms of the transaction documents.
The transaction structure was analyzed using the Intex DealMaker.

-- The sovereign rating of A (high)/R-1 (middle) with Stable
trends (as of the date of this press release) of the Republic of
Ireland.

-- The consistency of the legal structure with DBRS's "Legal
Criteria for European Structured Finance Transactions" methodology
and the presence of legal opinions addressing the assignment of the
assets to the issuer.

Notes: All figures are in Euros unless otherwise noted.

HAYFIN EMERALD III: Fitch Rates Class F Debt B-(EXP)
----------------------------------------------------
Fitch Ratings assigned Hayfin Emerald III DAC expected ratings.

Hayfin Emerald CLO III DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. Note proceeds are being used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by Hayfin Capital Management LLP. The CLO has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL).

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

Hayfin Emerald CLO III DAC
   
Class X;      LT AAA(EXP)sf;  Expected Rating  

Class A;      LT AAA(EXP)sf;  Expected Rating  

Class B-1;    LT AA(EXP)sf;   Expected Rating  

Class B-2;    LT AA(EXP)sf;   Expected Rating  

Class C;      LT A+(EXP)sf;   Expected Rating  

Class D;      LT BBB-(EXP)sf; Expected Rating  

Class E;      LT BB-(EXP)sf;  Expected Rating  

Class F;      LT B-(EXP)sf;   Expected Rating  

Class M;      LT NR(EXP)sf;   Expected Rating  

Subordinated; LT NR(EXP)sf;   Expected Rating

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the 'B'
category. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 33, below the indicative covenanted maximum
Fitch WARF of 34.75.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 67%, above the indicative covenanted minimum Fitch
WARR of 65%.

Diversified Asset Portfolio

The transaction will include several Fitch test matrices
corresponding to two top 10 obligors concentration limits. The
manager can interpolate within and between two matrices. The
transaction also includes various concentration limits, including
the maximum exposure to the three-largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to those of 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

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 2.5% of target par. Fitch
modelled both 0% and 10% fixed-rate buckets and found that the
rated notes can withstand the interest rate mismatch associated
with each scenario.

HAYFIN EMERALD III: Moody's Rates EUR10MM Class F Notes (P)B3
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Hayfin
Emerald CLO III DAC:

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2032,
Assigned (P)Aaa (sf)

EUR29,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Assigned (P)Aa2 (sf)

EUR24,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)A2 (sf)

EUR27,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)Baa3 (sf)

EUR21,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)Ba3 (sf)

EUR10,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)B3 (sf)

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavour to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

RATINGS RATIONALE

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.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 56% ramped as of the
closing date and to comprise predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 6 month ramp-up period in
compliance with the portfolio guidelines.

Hayfin Emerald Management LLP 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 four year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes will amortise by EUR 250,000 over eight payment dates
starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 1.0m of Class M Notes and EUR 37.8m of
Subordinated Notes both of which will not be 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 CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 400,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2865

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 43.8%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.



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

ASR MEDIA: S&P Puts Prelim 'BB-' Rating to EUR275MM Sr. Sec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' long-term issue
rating to the proposed EUR275 million fixed-rate senior-secured
notes due August 2024 to be issued by Italian-based limited-purpose
entity ASR Media and Sponsorship S.p.A. The outlook is stable.

S&P's preliminary 'BB-' rating on the debt reflects its opinion of
MediaCo's ability to service the proposed debt, combined with its
view of TeamCo's creditworthiness. S&P's view considers that
MediaCo's cash flows depend on TeamCo's operational and financial
performance.

At present, the rating on the proposed debt is not constrained by
TeamCo's creditworthiness. However, the parent linkage may limit
potential positive rating actions and spur negative rating actions
on the proposed notes.

Final ratings will depend upon receipt and satisfactory review of
all final transaction documentation, including legal opinions.
Accordingly, the preliminary ratings should not be construed as
evidence of final ratings. If S&P Global Ratings does not receive
final documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, S&P Global Ratings
reserves the right to withdraw or revise its ratings.

S&P said, "The stable outlook reflects our expectation that A.S.
Roma will continue playing in Italian football's top division,
allowing MediaCo to benefit from sufficient cash flows to service
its new debt issuance and support its refinancing needs at that
point. We also anticipate TeamCo will adjust its relatively high
salary bill from fiscal 2019 (ended June 30) to strengthen its
operating cash flows in the coming season, especially since the
team has not qualified for the lucrative UEFA Champions League.

"We could lower the rating, possibly by more than one notch, if our
view of TeamCo's creditworthiness weakened or if TeamCo does not
fulfill its obligations under the contractual arrangements in place
with MediaCo. We could also lower the rating if MediaCo's
stand-alone credit profile (SACP) weakens. This could stem from a
change to the rules regarding the distribution of Serie A media
rights, which would increase revenue sensitivity to on-pitch
performance or result in a lower parachute payment to relegated
teams, or if existing sponsorship contracts are not renewed on
approximately similar terms. Additionally, we could lower the
rating if the capital structure becomes more aggressive due to
future refinancing or changes in the structural protections."

An upgrade is unlikely in the imminent future. This would require
an improvement of TeamCo's creditworthiness, which could occur if
the A.S. Roma group generates stronger cash flow, placing less
reliance on net player sales to fund liquidity needs. Additionally,
an upgrade would require greater visibility over MediaCo's
long-term cash flow generation supported by contracted revenue. An
upgrade could also stem from a substantial reduction in the group's
leverage.

Issuer Description And Key Credit Factors

The issuer was established in 2014 as part of the business
reorganization of Italian football club A.S. Roma. As a result, the
activities associated with media, broadcasting, and monetization of
TeamCo's trademarks, including sponsorship and commercial ventures,
were separated from TeamCo's core business of managing the football
club and distributed to MediaCo.

MediaCo is the A.S. Roma group's main financing vehicle and
services its loan through TeamCo's media and sponsorship contract
receivables. TeamCo, in turn, relies on the distributions it
receives from MediaCo to fund its operations.

Strengths:

-- A.S. Roma's participation in Serie A, Italian football's top
division, provides MediaCo with a solid revenue base.

-- The global A.S. Roma brand supports sponsorship revenue and
mitigates short-term contract renewal risk.

-- MediaCo has a structurally senior position to the majority of
A.S. Roma's financial and operational expenses, supporting its
ability to generate strong cash flow.

Risks:

-- A.S. Roma's on-pitch performance, which MediaCo is unable to
control, exposes MediaCo to cash flow volatility.

-- MediaCo's and TeamCo's financial conditions are closely
related. MediaCo's receivables rely on TeamCo's on-field
performance, which in turn is typically correlated with its
investment in players and salaries.

-- The terms of the proposed bond substantially increase
creditors' exposure to refinancing risk (91% of the debt to be
issued will remain outstanding on its maturity date).

-- S&P expects less liquidity in the secured accounts, due to
lower principal amortization and cheaper cost of debt, thereby
increasing MediaCo's exposure to unexpected revenue shocks.

-- The creation and perfection of security interests is more
challenging than for most rated peers because Italian law does not
permit the granting of security over the receivables arising from
future contracts or arrangements.

MediaCo's Stand-Alone Credit Profile

Following the proposed bond issuance, S&P assesses MediaCo's SACP
at 'bb-'. S&P expects that MediaCo's stand-alone creditworthiness
will weaken, mainly due to its more aggressive capital structure
that will increase creditors' exposure to refinancing risk.

This is in addition to its materially volatile cash flow available
to service debt over the long term, owing to short-term contracts
linked directly or indirectly to TeamCo's on-field performance.

Parent Linkage Dependency Assessment

MediaCo has been structured in order to provide creditor protection
against the risk associated with A.S. Roma's operating and
financial performance. Nevertheless, A.S. Roma's operations are
vital to MediaCo's business, operation results, financial
condition, and cash flows. As such, it is not possible, in S&P's
view, to fully isolate MediaCo's stand-alone credit standing from
that of its parent.

S&P said, "We expect that MediaCo's legal set-up and, most notably,
its ownership of the "A.S. Roma" brand and trademarks may support
debt repayment if its parent were to enter a financial distress
scenario. However, under such circumstances MediaCo may be exposed
to potential temporary cash flow disruptions that, combined with
high leverage and less-than-adequate liquidity, could make it more
financially vulnerable.

"Therefore, the rating on the proposed bond is also based on our
assessment of TeamCo's creditworthiness. Our current view of the
latter, combined with our recognition of the safeguards that
structurally enhance MediaCo's creditors compared to TeamCo's, also
limits MediaCo's proposed bond rating at 'bb-'."

BANCA POPOLARE: Fitch Rates EUR200MM Tier 2 Sub. Notes Final 'BB'
------------------------------------------------------------------
Fitch Ratings has assigned Banca Popolare di Sondrio - Societa'
Cooperativa per Azioni's issue of EUR200 million Tier 2
subordinated notes due 2029 a final rating of 'BB'.

The final rating is in line with the expected rating Fitch assigned
to the notes on July 22, 2019.

KEY RATING DRIVERS

The notes are rated one notch below Sondrio's 'bb+' Viability
Rating (VR) to reflect below-average recovery prospects for the
notes in case of a non-viability event. Fitch does not notch the
notes for non-performance risk because there is no coupon
flexibility in their terms.

The notes are issued under Sondrio's EUR5 billion EMTN programme
and qualify as Tier 2 regulatory capital. They contain contractual
loss absorption features that will be triggered only at the point
of non-viability of the bank and have no equity conversion
features. The terms of the notes include a reference to
noteholders' consent to be bound by subordination provisions
established by Italian law.

RATING SENSITIVITIES

The notes' rating is primarily sensitive to a change in the bank's
VR, from which it is notched. The notes' rating is also sensitive
to a change in notching should Fitch change its assessment of loss
severity or relative non-performance risk.

F-BRASILE SPA: S&P Assigns Preliminary 'B' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' issuer credit
rating to F-Brasile SpA (FB), 100% owned by The Carlyle Group, and
its preliminary 'B' issue rating to the proposed $505 million
senior secured notes, which will be co-issued by FB and its U.S.
financial vehicle.

S&P said, "Our preliminary 'B' rating with a stable outlook on
F-Brasile SpA (FB) reflects the company's position in the aerospace
and defense (A&D) markets as a tier-two supplier, its limited and
concentrated product offering relying on few key new engine
platforms, primarily exposed to Rolls-Royce (about 45% of
consolidated revenues directly or indirectly, more specifically its
Trent XWB engine platform). More positively, FB's S&P Global
Ratings-adjusted EBITDA margins are higher than other rated peers'
within the same rating category, thanks to the parts supply for the
entire Trent XWB program's life, allowing for good visibility into
its top line, and thanks to negligible current exposure for the
LEAP 1B (related to B737Max, which is currently grounded). Assuming
the transaction closes as planned, we expect FB's FFO to debt to
remain below 10% for the coming two years, FFO to debt of
sustainably more than 2.5x and debt to EBITDA sustainably below
6.0x in 2020, and FOCF to turn slightly positive by the end of
2020. Finally, we see company's adequate liquidity position, with
limited drawings under the newly signed multicurrency senior
secured revolving credit facility (RCF) of EUR80 million, as
essential to the rating."

The final rating will depend on the company's successful issuance
of the new $505 million senior secured notes, and EUR80 million
super senior revolving credit facility (RCF). S&P said, "The final
rating will also depend on our receipt and satisfactory review of
all final transaction documentation. Accordingly, the preliminary
rating should not be construed as evidence of the final rating. If
S&P Global Ratings does not receive final documentation within a
reasonable time frame, or if final documentation departs from
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to,
utilization of new notes proceeds, maturity, size and conditions of
the notes, financial and other covenants, security and ranking."

Forgital Italy SpA's (Forgital's; and FB's target) business risk
profile is supported by its tier 2 position as a maker of
aero-engine components for leading global engine manufacturers. FB
holds an 8% market share in the open die and rings niche market,
where bigger players are dominating. FB's products serve about 40
different engine platforms and don't have patents, and therefore
rely primarily on clients' research and development efforts. FB
also has limited business diversity, with its top five clients
representing about 60% of the group's consolidated revenues in
2018. Moreover, the company's products are primarily for wide-body
engines, unlike other peers such as MB Aerospace Holdings, whose
products can be used for more engine types. That said, S&P views
positively the company's production of new engine models such as
the Trent 7000, Trent XWB, LEAP 1B, and LEAP 1AC. The company's
production of the LEAP 1B, used on the B737Max, was negligible in
2018.

Forgital has higher margins (about 20%) than peers such as Dynamic
Precision or Triumph Group. Supplier concentration is high, as the
largest supplier of titanium covers about 88% of its titanium
needs, which represent around 41% of total raw materials costs for
2018. This is because A&D raw materials need to be qualified by the
original equipment manufacturers (OEMs). In 2018, FB experienced a
defective supply of titanium that resulted in a higher-than-average
percentage of defective components. This resulted in sales slightly
decreasing and more scrap, affecting its working capital, which
absorbed about EUR50 million of its cash in total during the same
year. This was not tied to any issue with FB's production process
and did not affect its longstanding, solid relationships with A&D
OEMs.

FB's contracts have an average duration between three and seven
years, which we believe enhances visibility into its top line.
Existing contracts cover the vast majority of revenues for 2019 and
2020. Moreover, the company's backlog will bring in about EUR659
million between 2020 and 2026. Finally, FB has a risk and revenues
sharing agreement (RRSA) with Rolls-Royce for its Trent XWB, we
believe this agreement supports revenue development since the Trent
XWB is a relatively new engine.

A&D sales as of the end of 2018 represented about 65% of FB's
consolidated revenue. The company stated it intends to take
advantage of its industrial division-- focusing specifically on
energy, power generation, and capital goods end markets--to fill
the spare capacity from its A&D division on a spot-basis, selecting
orders with acceptable margins. S&P said, "That said, we believe
the industrial division's profitability is lower than the A&D
division's. Although revenues from the industrial segment represent
about 35% of FB's revenues, the company doesn't consider the growth
of this division a strategic priority. Under our base case, we
assumed industrial sales to be relatively flat, ranging from EUR130
million-EUR150 million in 2019-2020, while the A&D portion should
increase more prominently in 2019 (consolidated sales for 2019 are
expected at about EUR450 million, or up 16% versus 2018) after a
slight decrease in 2018 due to the defective titanium from its main
supplier (in 2018 revenues reached EUR387 million, down 1.8% versus
2017), then stabilizing in 2020 (about EUR455 million, or up 1.2%
versus 2019)."

To fund Forgital's takeover, Orizzonti SpA (intermediate holding
company) will contribute equity sources of about EUR508 million to
FB. Moreover, FB proposes to issue either $505 million (or EUR454
million equivalent) senior secured. Finally, FB intends to utilize
EUR22 million cash at Forgital (as of the end of March 2019,
Forgital had about EUR33 million cash on the balance sheet). FB
will than use the capital raised to refinance about EUR171 million
debt at Forgital, EUR750 million to liquidate the former
shareholders, EUR28 million to acquire a 25% minority stake in Fly
S.p.A. (reaching full ownership and becoming a guarantor at deal
closing), and EUR35 million for transaction fees.

S&P said, "We understand there aren't any other shareholder loans,
preferred equity certificates (PECs), preference shares, tracking
PECS, or other payment-in-kind instruments between FB and the other
intermediate holding companies through to the Carlyle fund.
Moreover, the final acquisition price also hinges on a pre-agreed
adjusted mechanism based on Forgital's 2019 performance, which we
expect to be eventually funded via equity. We therefore expect debt
at closing to not materially depart from our preliminary assessment
of the company's capital structure, which would consist of $505
million (or EUR454 million) senior secured notes, EUR80 million
newly signed multicurrency super senior RCF (fully available),
about EUR20 million finance leases, and about EUR11 million debt
pertaining to nonguarantor subsidiaries that would be excluded from
the debt refinancing. This leads to our expectation of FFO to debt
for the end of 2019 of about 4%, affected by one-off
transaction-related cash costs, which we see as akin to
extraordinary cash interest expenses and therefore affecting FFO.

"Once the transaction closes, we expect FB and Forgital to merge,
resulting in a new combined entity. The transaction is subject to
customary closing conditions, and we expect it to happen before
year end.

"We expect company's credit metrics, notably FFO to debt, to remain
below 10% for 2019 and 2020. The company's cash flow from
operations in 2019 will be affected by one-off cash costs from the
transaction totalling EUR35 million, which have been fully funded
in the proposed takeover. For 2020 we expect credit metrics to
slightly improve, supported by company's resilient margins at
around 20%, with FFO interest cover of sustainably more than 2.5x
and S&P Global Ratings-adjusted debt to EBITDA sustainably below
6.0x. Moreover, management expects cost savings through 2019-2023,
which should support margin improvement."

Over the past couple of years the company invested in expansionary
capex aimed at improving its production capacity and efficiency. In
the past three years the company invested about EUR100 million in
capex. S&P said, "We expect capex needs to moderately decrease to
about EUR40 million in 2019 and EUR35 million in 2020, versus over
EUR50 million in both 2018 and 2019. We also expect the new
12KTonne press to come online after the summer. FB is still
obtaining the A&D OEMs' certification to start its A&D production,
which in our view poses some risks to starting production on time
that could result in margin dilution if the new additional capacity
will instead be employed by the industrial division."

S&P said, "Moreover, we expect working capital outlays to stabilize
at lower levels after a cash absorption of more than EUR50 million
in 2018 caused by an increase in stock of the defective titanium
products expected to be released this year. We expect some working
capital absorption of around EUR20 million in 2019, decreasing to
EUR10 million-EUR15 million in 2020. We therefore expect cash flow
after capex and dividends to turn slightly positive by 2020. We do
not expect FB to embark on any acquisitions and distribute
dividends under our base case."

The proposed $505 million senior secured notes are expected to have
a seven-year tenor, while the EUR80 million super senior
multicurrency RCF will have a 6.5-year tenor and hence will come
due six months ahead of maturity. Based on the preliminary
documentation, the senior secured RCF will rank contractually ahead
of the notes. S&P expects both the super senior RCF and the
bondholders will have Fly S.p.A. as guarantor once Forgital and FB
merge.

S&P said, "The stable outlook reflects our expectation that FOCF
for 2020 will turn slightly positive and that the company will
maintain FFO interest coverage sustainably more than 2.5x and S&P
Global Ratings-adjusted debt to EBITDA sustainably below 6.0x. The
outlook currently does not factor in any disruptions that a no-deal
Brexit could have for the company's top line or working capital.
That said, we believe any major Brexit-related disruptions would
put pressure on the rating. We regard the company's liquidity as
adequate to be essential for the rating.

"We could lower the rating if the group failed to sustain its
improved operating performance, for example if it was not able to
post positive free cash flow generation by 2020 or if its margins
fell below 18% with no prospects of recovery in the short term.
This could materialize if a no-deal Brexit weighed on the company's
working capital or top line, as well as if increased unexpected
capex affected the company's cash generation. This would translate
to debt to EBITDA above 6.0x and FFO cash interest coverage failing
to increase above 2.5x in 2020.

"We view rating upside as remote over the next 12 months given some
geopolitical risks, and FB's exposure to Rolls-Royce, as well the
private equity ownership. We could consider positive rating actions
if FB and its management adhere to what we believe is a more
conservative financial policy and demonstrate solid growth in
revenue and margins through successfully growing the A&D segment.
We'd also need to see progress on steady deleveraging, with FFO to
debt well above 15% on a sustained basis, FFO interest cover
sustainably above 3.0x, and positive cash flow after capex and
divided distributions on a sustained basis."

MONTE DEI PASCHI: DBRS Assigns B (low) Rating to Subordinated Notes
-------------------------------------------------------------------
DBRS Ratings GmbH assigned a B(low) rating with Stable Trend to the
Subordinated Notes issued by Banca Monte dei Paschi di Siena SpA
(the Issuer or the Bank) under its EUR 50,000,000,000 Debt Issuance
Programme. These include the EUR 300 million Fixed Rate Bullet
Subordinated (Tier 2) Notes due 2029 (ISIN: XS2031926731) and the
EUR 750 million Fixed Rate Reset Callable Subordinated Notes due
January 18, 2028 (ISIN: XS1752894292).

The B (low) rating assigned to the Subordinated Notes is two
notches below the Bank's intrinsic assessment (IA) of B (high), in
line with the Debt Obligations Framework set out in DBRS's Global
Banking Methodology (June 2019).

RATING DRIVERS

The rating is sensitive to any change in Banca Monte dei Paschi di
Siena's IA which is currently at B (high) with a Stable trend.

Notes: All figures are in Euros unless otherwise noted.



===================
L U X E M B O U R G
===================

ALGECO GLOBAL: Fitch Affirms Then Withdraws 'B' LT IDR, Neg Outlook
-------------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Algeco
Global S.a.r.l.'s Long-Term Issuer Default Rating at 'B' with
Negative Outlook. At the same time, Fitch has assigned Algeco
Investments 2 S.a.r.l. a Long-Term IDR of 'B' with Negative
Outlook.

Fitch has also affirmed the senior secured notes issued by Algeco
Global Finance plc at 'B+' with a Recovery Rating of 'RR3' and
senior unsecured notes issued by Algeco Global Finance 2 plc at
'CCC+' with a Recovery Rating of RR6'.

The affirmation and withdrawal of Algeco Global S.a.r.l.'s rating
follows a change in the company's consolidation perimeter with
primary consolidation for the group migrating from Algeco Global
S.a.r.l. to Algeco Investments.

Fitch revised the Outlook on Algeco Global S.a.r.l.'s Long-Term IDR
to Negative from Stable on November 27, 2018 when the company
announced the disposal of Target Lodging (Algeco's remote
accommodation business in North America). The transaction, which
closed in March 2019, led to a material increase in gross leverage
and a simultaneous reduction in net leverage due to Algeco's
retention of sale proceeds in the form of cash (EUR486 million) and
an equity stake in the spun-off business (Platinum Eagle
Acquisition Corp., EUR223 million equity stake; six-months lock-up
provision).

Algeco's North American business accounted for around 25% of the
group's adjusted EBITDA in 2018. Following the divestment, Algeco's
gross leverage (calculated as gross debt/adjusted EBITDA) was an
elevated 7.7x as at end-1Q19 (compared with 6.6x prior to
disposal), while net leverage (net of cash proceeds, excluding the
stake in Platinum Eagle) was 5.8x.

KEY RATING DRIVERS

IDR

The Negative Outlook on Algeco's Long-Term IDR primarily reflects
Fitch's view of the elevated leverage profile following the
conclusion of the Target Lodging transaction (on a gross debt
basis), the need to notably improve EBITDA (in the absence of
further debt repayments) to ensure deleveraging in line with
management projections, as well as uncertainty around the intended
use of the sales proceeds.

The affirmation of the Long-Term IDR reflects Fitch's view that
Algeco's high post-closing gross leverage is mitigated to an extent
by the company's projected deleveraging profile and lower net
leverage. Fitch's key leverage metrics under its non-bank financial
institutions criteria (gross debt/EBITDA at 7.7x at end-1Q19) is
not currently commensurate with Algeco's 'B' Long-Term IDR.
Management forecasts the gross debt/EBTIDA ratio will drop to
around 6x by mid-2020, with EBITDA generation underpinned by
Algeco's cash-generative franchise in a number of large and
developed modular space leasing markets (including France, Germany
and the UK).

Structural features in Algeco's funding documentation prevent
material dividend upstream to its owners in the short to medium
term and management has stated that it intends to deploy cash
reserves in a first instance for EBITDA-accretive acquisitions and
if acquisition opportunities are not available, that it would
consider opportunistic deleveraging. This supports its expectation
that cash reserves will remain sizeable (and mostly unrestricted)
or be used for deleveraging.

Although Algeco's debt service coverage is relatively weak
(EBITDA/interest expense at 1.9x in 1Q19), debt service capacity is
notably supported by the availability of unrestricted cash on
balance sheet.

Following the disposal of Target Lodging, Algeco's franchise is
centred on the European modular space leasing market, and to a
lesser extent, its more limited presence in the APAC region. While
this supports a greater level of geographical focus, its company
profile assessment is weighed down by the company's small absolute
size and the concentrated, monoline business model, which implies
exposure to cyclicality in the industries that Algeco services.

Algeco's financial performance in 1Q19 was adequate (5% improvement
in underlying EBITDA yoy), reflecting broadly stable leasing and
service revenue, improved sales revenue (both new and used units)
and acceptable cost control. Further EBITDA improvements will
largely depend on improvements in Algeco's utilisation rate (81% in
2018) and improvements in service revenue penetration (value added
products and services. Underlying profitability (and Algeco's
levered free cash flow ratio) is weighed down by Algeco's
considerable interest expense.

SENIOR SECURED AND UNSECURED NOTES

Fitch believes Algeco is more likely to be sold or restructured as
a going concern rather than liquidated as the industry is highly
fragmented and further consolidation is likely over the medium
term. As part of its recovery analysis, Fitch applied a 25%
discount to reported 2018 EBITDA. In a distressed scenario, Fitch
believes that a 5.5x multiple reflects a conservative view of
Algeco's forward-looking business value. This multiple is derived
from valuations of publicly traded comparable companies and also
takes into account the 8.8x EBITDA multiple realised as part of the
Target Lodging disposal. As part of its recovery analysis Fitch has
also assumed a 10% administrative claim.

Algeco's asset-based lending (ABL) facility has a first lien on
assets under certain jurisdictions (Australia, New Zealand and the
UK) and a second lien on the assets in the rest of the world. Fitch
assumes the assets under ABL jurisdiction will be able to cover the
EUR127 million outstanding ABL amount at year-end 2018 and
therefore views the instrument as super senior to the senior
secured notes. Recoveries for senior secured noteholders stand at
60%, resulting in a long-term rating of 'B+'/'RR3', one notch above
Algeco's Long-Term IDR. Recoveries for senior unsecured notes are
zero (RR6), resulting in a rating two notches below Algeco's
Long-Term IDR.

RATING SENSITIVITIES

IDR

The Negative Outlook on Algeco's Long-Term IDR reflects Fitch's
view that a downgrade could result from the following factors
(either individually or collectively):

  - Any material slippage in EBITDA targets against management's
short- to medium-term projections;

  - A material increase in net cash flow leverage if not
accompanied by a commensurate and sustained reduction in gross cash
flow leverage (implying the usage of existing cash reserves for
purposes other than debt repayment or EBITDA-accretive bolt-on
acquisitions);

  - An inability to sustainably improve interest coverage ratios,
in particular if accompanied with a material reduction in
unrestricted cash on balance sheet.

In addition, utilisation rate stress (in particular if combined
with unchanged capex) or inability to realise revenue improvements
due to re-pricing and increase of additional services would lead to
a downgrade. Furthermore, increased revenue concentration by client
or sector (notably construction) would also be rating negative.

Given the Negative Outlook, positive rating triggers are limited in
the short term. A notable reduction in the gross debt/adjusted
EBITDA ratio approaching 6x and/or a sustained improvement in
Algeco's EBITDA/interest expense ratio against current levels could
lead to a revision of the Outlook to Stable from Negative.

SENIOR SECURED AND UNSECURED NOTES

The ratings of the notes are sensitive to a change in Algeco's
Long-Term IDR. Changes leading to a material reassessment of
potential recovery prospects, for instance, change in equipment
valuation or competitive environment could trigger a change in the
rating.

The rating actions are as follows:

Algeco Global S.a.r.l.

Long-Term IDR affirmed at 'B'; Outlook Negative; withdrawn

Algeco Investments 2 S.a.r.l.

Long-Term IDR assigned at 'B'; Outlook Negative

Algeco Global Finance plc

Senior secured long-term rating (XS1767053884; XS1767052050;
USG0229BAH62) affirmed at 'B+'/'RR3'

Algeco Global Finance 2 plc (USG0231EAA13)

Senior unsecured long-term rating affirmed at 'CCC+'/'RR6'



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

EURO-GALAXY V: S&P Assigns Prelim B-(sf) Rating to Class F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Euro-Galaxy V CLO B.V.'s class A-R-R, A-R, B-R, C-R, D-R, E-R, and
F-R notes.

On Aug. 12, 2019, the issuer will refinance the original class A-R,
A, B, C, D, E, and F notes by issuing replacement notes of the same
notional.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except for the following:

-- The replacement notes have a lower spread over Euro Interbank
Offered Rate (EURIBOR) than the original notes except for the class
F notes, whose spread increased from 8.00% to 8.30%.

-- The portfolio's maximum weighted-average life has been extended
by one year.

-- The notes' optional redemption can occur on any business day.

The preliminary ratings assigned to Euro-Galaxy V CLO's refinanced
notes reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

S&P said, "We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A-R-R, A-R, B-R, C-R, D-R, E-R, and F-R notes."

Euro-Galaxy V CLO is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a revolving
pool, primarily comprising euro-denominated senior secured loans
and bonds, issued mainly by European borrowers. PineBridge
Investments Europe Ltd. is the collateral manager and Credit
Industriel et Commercial is the junior collateral manager.

  Ratings List

  Euro-Galaxy V CLO B.V.

  Class  Preliminary rating  Preliminary amount (mil. EUR)
  A-R-R     AAA (sf)            60.00
  A-R      AAA (sf)           184.00
  B-R      AA (sf)             49.20
  C-R      A (sf)              23.20
  D-R      BBB (sf)            19.20
  E-R      BB (sf)             23.30
  F-R       B- (sf)             12.30
  Sub notes NR              39.90
  
  NR--Not rated.


GREENKO DUTCH: Fitch Affirms US$1B Sr. Notes Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed Greenko Dutch B.V's USD1 billion senior
notes (USD350 million 4.875% due 2022 and USD650 million 5.25% due
2024) at 'BB'.

The rating reflects the credit profile of a restricted group of
operating entities under a holding company, Greenko Energy Holdings
(BB-/Stable) that benefits from restrictions on cash outflows and
additional indebtedness, management commitment towards
deleveraging, and a well-diversified portfolio of
renewable-generation assets in India with considerable operating
history. Fitch expects its financial profile to improve due to
management's commitment towards retaining cash generated from the
operations of assets or using the funds to add new renewable assets
to the restricted group with little or no additional debt. However,
receivable-day estimates that are higher and plant-load factors
that are lower than its previous expectations have significantly
reduced rating headroom.

GBV, a subsidiary of Greenko, used the note proceeds to subscribe
to Indian rupee debt issued by entities in the restricted group.
The issuer is only a secured lender to the restricted group and
does not hold any equity in the operating subsidiaries within the
restricted group. The operating entities continue to be held by
Greenko through Indian holding companies. GBV does not take on any
business activity other than investing in the rupee debt.

Greenko guarantees the notes, which currently does not enhance the
rating of the notes as the credit risk profile of Greenko is
assessed at 'BB-', a notch below GBV's notes. However, Greenko's
guarantee would be beneficial to noteholders as the assets of the
restricted group are not effectively owned by GBV.

KEY RATING DRIVERS

FY19 Weaker Than Expected: Total electricity sold by the restricted
group in the year ended March 31, 2019 (FY19) was about 13% lower
than its previous estimates though 9% higher than FY18. The
restricted group's average load factor of 26% fell short of its
estimate of 28%, weighed down by lower wind-power generation. The
receivable position deteriorated further to 218 days (FY18: 175
days) as receivables across solar assets and from Andhra Pradesh's
state utility were higher than its expectations. The company also
made USD4.5 million of provisions for receivables in the year,
without which the receivable days would have deteriorated to 228.

Financial Profile to Improve: Fitch expects the restricted group's
financial profile to improve, although delayed by a year from
previous estimates, as Fitch forecasts leverage, measured by net
adjusted debt/operating EBITDAR, will fall to around 3.5x by FY23
(FY19: 6.7x). This will be supported by management's commitment to
retain cash generated from assets for debt reduction beyond the
requirement of the notes' terms or to acquire new assets, if any,
with little or no additional debt. The financial profile should
also be helped in the medium term by gradual improvement in the
group's receivable position.

Retaining cash to reduce the debt stock associated with existing
assets will benefit the company in the long term because the debt
capacity of renewable assets is reduced with age and the remaining
life of power-purchase agreements (PPAs) shrinks. The US dollar
notes face refinancing risk as the cash balance at the restricted
group is not likely to be sufficient to repay the notes at
maturity. However, this risk is mitigated by GBV's relatively sound
access to funding, which is enhanced by the presence of strong and
supportive shareholders - GIC (Singapore's sovereign-wealth fund)
and Abu Dhabi Investment Authority - which hold 64.9% and 16.3% of
Greenko, respectively.

Seasoned, Well-Diversified Portfolio: The restricted group's
assets, which are all operational, have a total capacity of over
1GW. The power projects' diversity by type - hydro, wind and solar,
and geography - mitigates the risks from adverse climatic
conditions. The weighted-average life of hydro and wind assets is
about 10 and six years, respectively, while its solar assets
commenced operations within the last three to four years. The
portfolio is well-spread across six Indian states. The offtaker mix
is also diversified across state utilities (nine) and industrial
customers. The sound diversification provides support for
generation spread throughout the year and more stable cash flows.

About 60% of the hydro assets are built around rivers in northern
India, which are glacier fed and therefore more stable, while the
rest are mainly dependent on the monsoons for their performance.
The wind assets are spread across three states in India, though
wind patterns across larger geographic areas tend to be correlated.
The solar assets span four states in India with strong generation
spread over about nine months of a year.

Weak Counterparty Profile: The weak credit profiles of the
restricted group's key customers, state utilities, continue to be a
rating constraint. The restricted group also has an element of
concentration in its customer mix with its top three customers,
state utilities in Andhra Pradesh, Tamil Nadu and Karnataka,
accounting for about 50% of offtake by capacity. The utilities in
Andhra Pradesh and Tamil Nadu have already significantly delayed
payments to the restricted group. Cash receipts that were lower
than its expectations were partly responsible for the
underperformance in FY19. Fitch estimates gradual improvement in
receivable days in its rating case. A sustained deterioration of
the restricted group's receivable position may result in pressure
on the rating.

Price Certainty, Volume Risks: Long-term PPAs for most of the
restricted group's wind, hydro and solar assets offer visibility of
tariffs and support the credit profile of the restricted group.
GBV's PPAs have an average remaining period of more than 15 years.
The offtake spread across nine state utilities and industrial
customers also diversifies realisation risks. The long-term PPAs
provide protection from price risk, but production volume will vary
with seasonal and climatic patterns despite the diversification of
the assets.

Structural Enhancement to Notes: The structural features created
through the notes' indenture provide protection via restrictions
and limitations on the use of cash and additional indebtedness at
the restricted group level. The noteholders benefit from access to
cash generation and assets of the restricted group through the
rupee-denominated notes via the proceeds of the US dollar notes
that are lent to the asset owners of the restricted group.

The rupee-denominated notes have a first charge on all assets,
except the accounts receivable, of the restricted group. The
noteholders also benefit from the absence of substantial
prior-ranking debt in the restricted group, aside from a
working-capital debt facility of a maximum of USD50 million, which
will be secured against accounts receivable.

Foreign-Exchange Risk Largely Hedged: Foreign-exchange risk arises
as the earnings of the restricted group's assets are in Indian
rupees while the notes are denominated in US dollars. However, GBV
hedges its semi-annual coupon payments till the no-call period and
has substantially hedged the principal of its US dollar notes for
the tenor of the bonds.

DERIVATION SUMMARY

Adani Green Energy Limited's restricted pool of renewable assets
(restricted group Adani Green RG 1, US dollar notes: BB+) include
14 solar-power projects spread across eight states in India with
total capacity of 930MW, a much tighter transaction structure and
built-in checks and balances. Almost 57% of the restricted group's
capacity is contracted with sovereign-owned entities. GBV has
higher resource risk, in terms of more concentration in wind and
hydro than the more stable solar, and greater counterparty risk,
but its expected financial profile is much stronger. Fitch also
believes Greenko and its related entities have greater access to
capital, thanks to its strong sponsors. Therefore, just a notch of
difference is justified in their credit-profile assessment.

Greenko Solar (Mauritius) Limited (restricted group Greenko RG 3,
US dollar notes: BB-) is a restricted group of 15 renewable
projects spread across seven states in India. It has total capacity
of about 950MW with higher concentration on wind (85%) and the
balance on solar. Most of Greenko RG 3's capacity is contracted
with weaker state-owned distribution companies and there is
concentration in its customer mix with its top three customers,
state utilities in Andhra Pradesh, Madhya Pradesh and Karnataka,
accounting for 71% of offtake by capacity. GBV's notes are rated
higher than those of Greenko RG 3 due to the former's better
diversification across fuel types, lower counterparty risk and
slightly stronger financial profile.

Azure Power Energy Ltd. (restricted group Azure Power RG I, US
dollar notes: BB-) is a restricted group of 17 solar power projects
spread across eight states in India that have total capacity of
621MW. Around 39% of Azure Power RG I's capacity is contracted with
sovereign-backed entities while the rest is signed up with
state-owned distribution utilities with weak financial profiles.
Management plans to retain a part of cash generated within the
restricted group, while the rest will be used to add new projects.
GBV has higher resource risk, in terms of greater concentration in
wind and hydro than the more stable solar, and higher counterparty
risk, but its expected financial profile is much stronger. Fitch
also believes Greenko and its related entities have greater access
to capital due to its strong sponsors. Therefore, Fitch believes
these factors justify the one-notch difference in their
credit-profile assessment.

KEY ASSUMPTIONS

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

  - Average plant-load factors of 39% for hydro projects, 29% for
wind projects and 21% for solar projects

  - Plant-wise tariff in accordance with PPAs

  - EBITDA margins to reduce from 83% in FY20 to less than 80% in
FY25

  - Receivable days to gradually improve from 250 in FY20 to about
158 in FY25

  - Cash accruals to be retained within the restricted group

RATING SENSITIVITIES

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

Positive rating action is unlikely over the medium term as the
rating reflects anticipated improvement in credit metrics. The
business profile is also not expected to change materially due to
the restricted nature of the pool.

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

  - Failure to reduce net leverage, measured by net adjusted
debt/operating EBITDAR, to around 3.5x by FY23

  - Failure to improve EBITDAR net fixed-charge cover to above 2.0x
on a sustained basis

  - Significant sustained deterioration of the restricted group's
receivable position

  - Significant increase in refinancing risk, including that caused
by major weakening of the parent's credit profile.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The US dollar notes are due in 2022 and 2024,
resulting in minimal debt maturities during the interim period.
GBV's readily available cash balance stood at USD85 million at
end-FY19. Fitch expects GBV to generate average pre-dividend free
cash flow of USD57 million-95 million a year in the medium term.

NORTH WESTERLY IV 2013: S&P Affirms BB(sf) Rating on Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings took various credit rating actions in North
Westerly CLO IV 2013 B.V.

S&P said, "Upon the publication of our updated global corporate
collateralized loan obligation (CLO) criteria, we placed those
ratings that could be affected under criteria observation.
Following our review, our ratings on all classes of notes in this
transaction are no longer under criteria observation.

"The rating actions follow the application of our global corporate
CLO criteria and our credit and cash flow analysis of the
transaction, based on the trustee report as of July 2019.

"Our ratings address timely payment of interest and ultimate
payment of principal on the class A-1-R and A-2-R notes
(collectively, the class A notes), as well as the class B-1-R,
B-2-R notes (collectively, the class B notes), and the ultimate
payment of interest and principal on the class C-R, D-R, and E-R
notes."

Since S&P's last review in July 2018, the transaction has benefited
from the following positive developments:

-- The reinvestment period ended in January 2018, and the rated
notes started amortizing. The class A-1-R and class A-2-R notes
have amortized by EUR17.52 million and EUR1.74 million,
respectively.

-- The credit enhancement has increased for all the rated notes.

-- S&P's estimate of the portfolio's weighted-average life
decreased to 4.46 years from 5.10 years as of our last review.

-- The 'AAA' weighted-average recovery rate calculated on the
performing assets increased to 39.28% from 36.75% as of S&P's last
review.

  Portfolio Benchmarks
                                          July 2019 July 2018
  S&P weighted-average rating factor      2,552  2,609
  Default rate dispersion (%)          7.30   7.27
  Weighted-average life (years)           4.46   5.10
  Obligor diversity measure               66.33  70.60
  Industry diversity measure           15.08  17.59
  Regional diversity measure           1.60   1.55
  'AAA' scenario default rate (%)        58.84  64.10
  
  Transaction Key Metrics
                                          July 2019 July 2018
  Total par amount (mil. EUR)            278.95 299.31
  Defaulted assets (mil. EUR)             3.17    2.83
  Number of performing obligors           82          87
  Portfolio weighted-average rating
   derived from our CDO evaluator   'B'           'B'
  'CCC' category rated assets (mil. EUR)  0.75    2.25
  'AAA' weighted-average recovery
   calculated on the performing assets (%)39.28  36.75
  Weighted-average spread of the
   performing assets (%)                  3.79       3.83

S&P said, "Our credit and cash flow analysis shows that the class
C-R and D-R notes can withstand higher stresses than those we apply
at the currently assigned ratings. We have therefore raised our
ratings on these classes of notes.

"Our credit and cash flow analysis shows that the current credit
enhancement for the class A-1-R, A-2-R, B-1-R, B-2-R, and E-R notes
is commensurate with their current ratings. We have therefore
affirmed our ratings on these classes of notes.

"We have also considered the level of credit enhancement changes
for classes C-R, D-R, and E-R when taking the rating actions on
these classes of notes."

Cash Flow Results

Class Rating Subordination(%) BDR(%) SDR(% )BDR cushion(%)
A-1-R AAA (sf) 43.45            75.70  58.84  16.86
A-2-R AAA (sf) 43.45            75.70 58.84  16.86
B-1-R AA+ (sf) 30.19            67.16 52.79  14.37
B-2-R AA+ (sf) 30.19            67.16 52.79  14.37
C-R AA (sf)  23.92            54.91 50.47  4.44
D-R A (sf)          18.18            47.40 44.33  3.07
E-R BB (sf)  10.65            37.73 30.38  7.35

BDR--Break-even default rate.
SDR--Scenario default rate.

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.

North Westerly CLO IV 2013 is a cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. The transaction is managed by NIBC Bank N.V.

  Ratings List

  North Westerly CLO IV 2013 B.V.
  
  Class   Rating to Rating from

  A-1-R   AAA (sf) AAA (sf)
  A-2-R   AAA (sf) AAA (sf)
  B-1-R   AA+ (sf) AA+ (sf)
  B-2-R   AA+ (sf) AA+ (sf)
  C-R     AA (sf) A+ (sf)
  D-R    A (sf) BBB+(sf)
  E-R    BB (sf) BB (sf)




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

RESO-LEASING: S&P Upgrades LT ICR to 'BB+' On Higher Group Status
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BBB-' long-term insurer financial
strength and issuer credit ratings on the Russia-based insurer
RESO-GARANTIA. The outlook is stable.

Simultaneously, S&P raised its long-term issuer credit rating on
RESO-Leasing, 100% subsidiary of RESO-GARANTIA, to 'BB+' from 'BB'.
The outlook is stable. S&P also affirmed its 'B' short-term issuer
credit rating on RESO-Leasing.

S&P said, "In addition, we affirmed our 'BB' long-term issuer
credit ratings on Stanpeak Ltd. LLC, the Cyprus-based NOHC of
RESO-GARANTIA. The outlook is stable.

"We affirmed our ratings on RESO-GARANTIA because we believe that
it will continue to benefit from its market position as one of the
leading Russian property/casualty insurers in the next two years,
maintaining solid capitalization on the back of solid operating
performance. We expect that RESO-GARANTIA will keep its focus on
motor insurance lines, which accounted for 59.4% of the insurer's
gross premium written (GPW) in 2018. We also anticipate that RESO
group will keep the agents network as its key sales channel because
it allows the group to sustain the loyalty of the existing
clientele and maintain a stronger expense ratio than peers.

"RESO-GARANTIA over the past 12 months has been focusing on
profitability rather than portfolio volume. We expect that
RESO-GARANTIA's GPW will increase by around 5% annually in
2019-2021, close to our expectations for the Russian insurance
sector average. We forecast the company's combined ratio (loss and
expense) won't increase above 90% over this period and its
investment yield will be around 6.6% (including the contribution
from the leasing business and net of gains from revaluation of
foreign currency and securities), in line with what the company
earned in 2018. We expect that RESO-GARANTIA will perform a share
buyback in the amount of Russian ruble 8 billion in 2019 and will
pay out around 40% of net income as dividends in the next two
years.

"That said, we note that RESO group demonstrates a high appetite
for M&A, and increasingly uses debt leverage to finance the rapid
expansion of its financial leasing operations. In our view, this
has weakened the insurer's financial risk profile.

"The consolidated group's debt leverage ratio increased to 35.5% in
2018 from 19.6% a year before. In our forecast, the debt leverage
ratio may increase somewhat above 40% and the fixed-charge coverage
ratio may approach 4x by 2021 given the group's plans for debt
financing. However, we do not anticipate the debt leverage ratio
will exceed 50% or the fixed-charge coverage ratio will decrease
below 4x. Such ratios would be a trigger for a more conservative
view on the insurer's funding structure and its overall financial
risk profile.

"At the same time, we have revised our assessment of RESO-Leasing's
group status to highly strategic from strategically important,
factoring its growing size, contribution to overall performance,
and importance for the group's strategy. Leasing assets accounted
for 17% of the group's consolidated invested assets and net income
from leasing operations accounted for 13% of the group's
consolidated net income adjusted for gains from revaluation of
foreign currency and securities in 2018. We view RESO-Leasing's
growing importance as a positive rating factor and therefore we
raised our long-term rating on the company to 'BB+', one notch
below our assessment of the group credit profile (bbb-).

"Our rating on Stanpeak, NOHC that ultimately owns 56.6% of
RESO-GARANTIA, is two notches below our 'bbb-' assessment of
RESO-GARANTIA's group credit profile. This reflects our view of the
structural subordination of NOHCs' obligations, compared with those
of operating subsidiaries. In our analysis, we do not deduct
further notches, because Stanpeak has no debt issued--nor plans to
issue--either at the NOHC level or at the level of the intermediate
holding companies."

RESO-GARANTIA.

The stable outlook on RESO-GARANTIA reflects S&P's expectation that
the insurer will maintain its financial strength over the next two
years via its sustainable earnings generation from insurance and
investment and leasing operations, while the capital level will
remain solid and the group's debt leverage won't grow excessively.

S&P could lower the rating on RESO-GARANTIA in the next two years
if the company's business or financial risk profile deteriorated,
for instance due to:

-- An increasing involvement in M&A that would pressure the
insurer's capital position;

-- A riskier investment strategy that could lead us to shift our
assessment of RESO-GARANTIA's weighted-average investment quality
toward the 'BB' category;

-- A more conservative view on the insurer's funding structure
with leverage increasing above 50% or the fixed-charge coverage
ratio decreasing materially below 4x.

S&P considers a positive rating action on RESO-GARANTIA as remote
at this stage. It would depend on the insurer's ability to
strengthen materially its financial risk profile by improving its
capital position through strong earnings generation and moderate
appetite for dividends and M&A. For a positive rating action, S&P
would also need to observe the consolidated group's risk appetite
stabilizing, in particular in terms of attracting debt leverage and
business expansion. In addition, any positive rating action would
depend on whether RESO-GARANTIA passes the sovereign stress test,
given the level of Russia's sovereign credit ratings (foreign
currency BBB-/Stable/A-3; local currency BBB/Stable/A-2).

RESO-Leasing.

The stable outlook on RESO-Leasing mirrors that on its parent
RESO-GARANTIA. All else being equal S&P will rate RESO-Leasing one
notch below the rating on RESO-GARANTIA and any positive or
negative rating actions would follow that on the parent.

S&P said, "Though not our base-case scenario, we could also
consider a downgrade if the importance of RESO-Leasing for the
parent decreased. This could happen, for example, if the parent no
longer saw the leasing operations as important for the group's
overall strategy or if we observed a decreased commitment of
RESO-GARANTIA to provide support to RESO-Leasing in its day-to-day
operations and interaction with partner banks."

Stanpeak.

The stable outlook on Stanpeak mirrors that on RESO-GARANTIA and
assumes no debt at the holding company level. All else being equal,
S&P would maintain the two-notch difference between its long-term
rating on Stanpeak and that on its sole operating entity and any
positive or negative rating actions would mirror that on
RESO-GARANTIA.




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

CAIXABANK CONSUMO 3: DBRS Confirms CC(sf) Rating on Series B Notes
------------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Series A and Series
B notes issued by Caixabank Consumo 3 F.T. (the Issuer) at A (high)
(sf) and CC (sf), respectively.

The rating on the Series A notes addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal maturity date in March 2053. The rating on the Series B notes
addresses the ultimate payment of interest and repayment of
principal on or before the legal maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults and
losses as of the June 2019 payment date;

-- Probability of default (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables;

-- The current credit enhancement (CE) available to the notes to
cover the expected losses at their respective rating levels.

The Issuer is a securitization collateralized by a portfolio of
consumer loans granted by CaixaBank, S.A. (Caixabank) to
individuals in Spain. The portfolio consists of unsecured and
mortgage loans, including standard contracts and drawdowns from a
revolving credit line (Disposiciones de Credito Hipotecario). At
closing, the EUR 2.5 billion portfolios consisted of loans granted
to borrowers primarily in Catalonia (32.7% of the initial portfolio
balance), Andalusia (17.4%), and Madrid (11.9%). The transaction
closed in July 2017, with no revolving period.

PORTFOLIO PERFORMANCE

As of the June 2019 payment date, loans that were 30 to 60-days
delinquent represented 0.4% of the outstanding collateral balance
and 60 to 90-day delinquencies represented 0.2%, while
delinquencies greater than 90 days represented 3.8%. Gross
cumulative defaults were 1.9% of the original portfolio balance,
with cumulative recoveries of 1.6% to date.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis on the remaining pool of
receivables and updated its base case PD and LGD assumptions to
6.3% and 63.8%, respectively, for the unsecured consumer loans in
the portfolio, and to 8.6% and 29.9%, respectively, for the
mortgage loans in the portfolio.

CREDIT ENHANCEMENT

CE is provided to the Series A notes by the subordination of the
Series B notes and the cash reserve, while CE to the Series B notes
is provided solely by the cash reserve following the full repayment
of the Series A notes. As of the June 2019 payment date, CE to the
Series A notes increased to 23.2% from 11.0% at closing, while CE
to the Series B notes increased to 8.4% from 4.0%.

The transaction benefits from an amortizing reserve fund available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding. This reserve was funded to EUR 98.0
million at closing through a subordinated loan granted by CaixaBank
and, from the September 2019 payment date onwards, as long as the
reserve has been replenished to its target level on the previous
payment date, it will amortize to its target level of 4% of the
outstanding principal balance of the Series A and Series B notes.
Since closing, the reserve has remained at EUR 98.0 million.

CaixaBank acts as the issuer account bank provider for the
transaction. Based on the account bank reference rating of
CaixaBank at A (high), which is one notch below the DBRS Long-Term
Critical Obligations Rating of AA (low), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the rating assigned to the Series A notes, as described in DBRS's
"Legal Criteria for European Structured Finance Transactions"
methodology.

The transaction structure was analyzed in Intex DealMaker.

Notes: All figures are in Euros unless otherwise noted.

GRUPO EMBOTELLADOR: Fitch Ups IDRs to B; Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Grupo Embotellador Atic S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings to 'B' from 'B-'
and the senior unsecured notes of its subsidiary, Ajecorp B.V., to
'B'/'RR4' from 'B-'/'RR4'. In conjunction with these rating
actions, the Rating Outlook is revised to Stable from Positive. The
upgrade reflects a projected reduction in Atic's leverage to below
4.0x in 2019 due to positive FCF generation. The ratings continue
to be constrained by the company's moderate size and several
below-average environmental, social and governance (ESG) factors.

KEY RATING DRIVERS

Expected Deleveraging: Fitch expects Atic's adjusted debt/EBITDAR
to trend below 4.0x by YE19 from 5.1x at YE18, which is strong for
the 'B' rating category. Fitch expects the company to generate
positive FCF due to improved EBITDA generation, steady capex, and
no dividend payments. The company remains exposed to currency risks
because its raw material and debt are in U.S. dollars (98% of
debt).

Improved FCF: Atic's EBITDA increased during 1Q19 by 46% due to the
company's strong performance in Peru and Ecuador. The favorable
results were due to increased volumes, innovation (new formats),
reduced raw material costs, as well as lower discounts and
headcounts. For 2019, Fitch expects total capex to remain stable at
about EUR24 million. This should result in FCF climbing to more
than EUR50 million from EUR33 million in 2018.

Non-Core Assets: Atic reconsolidated in the financial statement its
Indonesian and Thailand operations with and adjusted EBITDA of -USD
0.6 million and USD3.7 million, respectively, during 1Q19. Fitch
understands that the company still intends to discontinue these two
businesses. Fitch is not factoring any cash proceeds from the sale
of non-core operations due to the lack of visibility in the
divestment process. The combined businesses are not a cash drain
for the group and carry little debt.

Geographic and Product Diversification: Atic is geographically
diversified in Latin America with Peru, Central America, Ecuador,
and Colombia representing about 43%, 23%, 13% and 11%,
respectively, of EBITDA as of 1Q19. The most profitable markets
were Ecuador and Central America, with EBITDA margins slightly
above 20%. Fitch expects profitability to rebound in 2019 due to
increased operating cash flow. The company's strategy is to move
its product mix toward non-carbonated soft drink products that have
higher potential growth in less mature markets than carbonated soft
drinks; about 53% of volumes consisted of soft drinks as of 1Q19,
and the other 47% included mainly citrus, water, isotonic, energy
drinks and nectar.

DERIVATION SUMMARY

Atic's 'B' rating is supported by the company's geographical
diversification in Latin America and its stable position in the 'B'
brand segment within most of its markets.

The company's business profile is constrained by the moderate size
compared with international peers, lower group EBITDAR margin than
other companies such as Arca Continental, S.A.B. de C.V.
(A/Stable), Coca-Cola FEMSA, S.A.B. de C.V. (A-/Stable), and
exposure to low-rated countries such as Ecuador and mostly
non-investment grade countries within its Central America division
(except Panama).

Leverage is low for the 'B' rating category; however, Atic's
ratings are tempered by the company's ongoing restructuring
process, limited financial flexibility due to the secured debt of
its syndicated bank loan and the need to refinance the bond by
2022, and various ESG concerns.

KEY ASSUMPTIONS

  -- Adjusted EBITDA of about USD150 million;

  -- Capex of about USD28 million;

  -- No dividends;

  -- Lease adjusted debt/EBITDAR below 4.0x by YE19.

Recovery Analysis:

Fitch has performed a going concern recovery analysis that assumes
that the company would be reorganized rather than liquidated. Fitch
believes that the company will sell its brands in a restructuring
scenario.

A distressed multiple of 6x was used in this analysis. This
multiple reflects the company's lower brand equity than larger
multinational companies with stronger business positions and higher
brand equity.

Fitch assumes a conservative post-restructuring EBITDA of about
EUR57 million, which assumes 40% distressed value on the group
EBITDA of EUR95 million as of FYE18, which gives an enterprise
value of EUR308 million (post a discount of 10% for administrative
costs).

The recovery performed under this scenario resulted in a recovery
level of 'RR3', which indicates a good recovery prospect. Atic's
recovery rating is capped at 'RR4' due to the location of the
group's operations; Fitch currently limits recovery ratings for
corporates located mainly in Peru and in most of South America
countries to 'RR4'. This recovery rating reflects average recovery
prospects.

RATING SENSITIVITIES

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

  -- Adjusted debt/EBITDAR below 3.5x or adjusted net debt/EBITDAR
below 3.0x on a sustained basis;

  -- Strong FCF;

  -- Refinancing of the 2022 senior unsecured bond.

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

  -- Total adjusted debt/EBITDAR above 4.0x on a sustained basis or
adjusted net debt/EBITDAR above 3.5x on a sustained basis;

  -- Negative FCF;

  -- Stress in liquidity.

  -- Lack of progress in the refinancing of the 2022 bonds by end
of 2020

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: The company had EUR64 million of cash and
cash equivalent as of 1Q19 and EUR24 million of short-term debt.
Atic has a manageable debt amortization program for the next few
years. The company faces a major refinancing hurdle in 2022 when
its USD450 million senior unsecured notes mature.

Atic signed a five-year secured loan with Citibank and Banco
Santander for USD52 million with an option to increase it up to
USD75 million in July 2018. The loan refinanced the previous term
loan and carried some restrictions in terms of capex and related
party transaction. The amortizing debt over the next four years is
related to the syndicated secured loan. The main source of
liquidity is the company's available cash and positive FCF.

ESG CONSIDERATIONS:

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Grupo Atic has an ESG Relevance Score of 4 for group structure due
to the existence of material related-party transactions with
Callpa, which have resulted in higher leverage than originally
projected for the company. The company has also received an ESG
Relevance Score of 4 for financial transparency due to its limited
public financial disclosure, which partially results from being
privately owned company. Both of these observations have a negative
impact on the credit profile and are relevant to the rating in
conjunction with other factors.

Grupo Atic has an ESG Relevance Score of 5 for management strategy
due to the numerous operational restructuring that have occurred in
the past years due to challenges the company has faced in
implementing its strategy and maintaining competitive positions in
market such as Indonesia, Thailand, Mexico, Brazil and Venezuela.
The company also has an ESG Relevance Score of 5 for group
structure due to the strong influence on Atic's owners upon its
management, which have resulted in decisions that have been made to
the detriments of its creditors. Both the ESG Relevance Score of 5
for management strategy and governance structure have resulted in
the ratings being lower than a leverage level of below 4.0x would
indicate for a beverage company that generates FCF in various
markets.

PROMOTORA DE INFORMACIONES: Fitch Affirms B LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Spanish-based Promotora de
Informaciones, S.A. a Long-Term Issuer Default Rating at 'B'. The
Outlook is Stable.

Prisa represents a portfolio of businesses combining education,
publishing and some largely unrelated media businesses. Santillana
(education) is by far the largest, contributing around 65% of 2018
EBITDA. The balance of operations representing 35% of 2018 EBITDA
is a mixed portfolio of media assets including free-to-air TV,
radio and press media.

Its affirmation is underpinned by Prisa's trading performance being
in line with Fitch's expectations and the continuing key role of
Santillana. The latter is confirmed by Prisa's acquisition of the
minority interest previously held by Victoria Capital Partners,
which closed in April. Shareholders subscribed EUR200 million of
rights issue to support Prisa in this acquisition, increasing the
total amount of new equity capital raised since the beginning of
2018 to over EUR750 million.

The rating reflects exposure to macroeconomic instability in Latin
America and the requirement to turn around the company's press
division. It also takes into account refinancing risk linked to the
potential increase in interest expenses after 2020 under Prisa's
debt restructuring agreement.

KEY RATING DRIVERS

2018 Performance: 2018 performance has been broadly in line with
Fitch's expectations, with a moderate decline in revenue due to
adverse FX effects in South America and the decline in the press
segment. Total leverage, on an funds from operations (FFO)-adjusted
gross basis, equalled 6.8x, compared with Fitch-forecasted 7.7x,
due to higher margins underpinned by cost savings. 1Q19 EBITDA,
which was restated for the effects of the application of IFRS 16,
was around 2% lower yoy, due to education campaigns being
back-ended towards 2H19.

Fragile Backdrop in LatAm: Modest growth, fiscal pressures and
rising debt levels leave Latin American countries exposed to global
macroeconomic conditions, particularly the Chinese slowdown, lower
commodity prices and trade wars. Around 60% of Prisa's EBITDA is
earned in the region with about 16% in Brazil (BB-/Stable), 9% in
Colombia (BBB/Negative), 7% in Chile (A/Stable), 6% in Mexico
(BBB/Stable) and 6% in Argentina (B/Negative).

Demand for education-related materials is biased towards the
private sector and does not appear at risk in this geography. Sharp
currency devaluations may, however, negatively impact free cash
flow (FCF) via adverse currency mismatch between debt and cash
flows. The risk is mitigated by conservative FX assumptions
embedded in the management plan and, also, by a fairly low exposure
to high-FX risk countries such as Argentina.

Refinancing Risk: Prisa's senior debt package is defined by a
post-restructuring agreement, including a full set of quarterly
covenants and a step-up margin structure to properly incentivise
deleverage via asset disposals. Fitch believes that, in absence of
cash potentially raised though asset disposals, Prisa would only
partially meet its voluntary prepayment of EUR275 million debt
before 2021, incurring an increase in interest margins, two thirds
of which will be on a pay-in-kind basis. An increase of refinancing
risk may lead to growing pressures to complete corporate disposals
over the next quarters, as 2022 debt maturities approach. A
consolidation, over the next four to six quarters, of positive
trading results and improved FCF, will help Prisa better tap the
debt markets.

Full Control of Santillana: The move to gain full control of
Santillana reflects the strategic importance of the education
business for Prisa. Santillana contributed in excess of 65% of
EBITDA in 2018, and remains a growth business, despite economic
instability in Latin America. The transaction, finalised in April,
totalled around EUR313 million, which valued the underlying
business at about EUR1.2 billion, and is funded by a EUR200 million
capital increase and cash on balance sheet. Fitch factors in
improving gross leverage metrics from 2020, on higher FFO as yearly
preferred dividend to Santillana's minority shareholders is halted
following the buyout of these shareholders.

Leverage Remains High: Fitch estimates FFO adjusted gross leverage
for 2019 at 6.3x, down from 6.8x for 2018 with a FFO fixed charge
cover of 2.4x. The latter is forecast to grow in the future years,
with limited impact from higher interest costs. Under its rating
case Prisa's deleverage capacity could see FFO-adjusted gross
leverage ease to 5.4x by 2021, albeit in proximity to key debt
maturities of 2022.

Subscription Model Critical: Fitch believes that higher investments
in subscription would be key to stabilising Prisa's margins and to
protecting the company from adverse secular trends, particularly in
press. Subscription-based learning systems, which account for
around 37% of education revenues, have achieved higher average
revenue per user (ARPUs) than the traditional business, with sales
usually on three-to-four-year contracts. Investments in press would
help stabilise earnings and margins by leveraging on a portfolio of
top ranking websites such as El Pais.com, in a context of sharply
declining circulation revenue and stable digital advertising.

DERIVATION SUMMARY

Prisa's rating is underpinned by the credit profile of the
different businesses within the company, led by the K-12 education
publisher Santillana, and by its capital structure. The latter is
defined by a 2018 post-restructuring debt agreement, followed by a
EUR500 million debt prepayment financed by a rights issue.

Prisa's business profile outlook is strongly influenced by the
education publishing business, which exhibits limited exposure to
cyclical media sector trends and compares comfortably with a high
'BB' rating. The remaining divisions show higher-risk profiles to
varying degrees in the 'B' category, with audio visuals the press
business up to the low 'BB' profile.

Prisa's business compares favourably with other diversified media
groups such as Daily Mail and General Trust (BBB-/Stable), as it is
less reliant on advertising-led businesses and more skewed towards
a B2B profile. It also compares well with education publishers such
as McGraw-Hill Global Education Finance (B+/Stable), which is also
exposed to professional and high-grade education on top of the K-12
business, although the latter's business and financial polices
translate into consistently higher leverage. The rating remains
constrained by Prisa's refinancing risk.

KEY ASSUMPTIONS

  - Revenue CAGR of 1.1% in 2018-23, driven by a switch to digital
education, news and FTA TV coupled with moderate growth in
advertising and audio visual revenue

  - EBITDA margin to improve by around 200bp to 22% over 2019-22 on
a more favourable product mix as Prisa transitions to a digital
product offering and a leaner cost structure

  - Capex on average at around 6% of sales annually

  - Working capital at 2.5% of sales

RATING SENSITIVITIES

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

  - FFO adjusted gross leverage below 5.5x (2018: 6.8x)

  - FFO fixed charge coverage consistently above 2.5x (2018: 3.0x)

  - FCF margin of 3% or more (2018: 3.8%)

  - Successful extension of debt maturity profile or material
prepayments under current capital structure

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

  - FFO adjusted gross leverage consistently above 7.0x

  - FFO fixed charge coverage below 2.0x

  - FCF margin sustainably around break even

  - Insufficient liquidity to meet significant voluntary prepayment
before 2021

  - Evidence of material deterioration of cash conversion due to
South American macroeconomic context

LIQUIDITY AND DEBT STRUCTURE

The increased availability of EUR80 million undrawn revolving
credit facility in combination with material cash on balance sheet
(Fitch restricts this amount by an average minimum requirement of
EUR30 million to run the business on a going-concern basis) suggest
a satisfactory liquidity profile. However, refinancing risk remains
high due to the approaching bulk of debt maturities in 2022, which
could impact the rating if a refinancing is not secured over the
next four to six quarters.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Financial debt in all years adjusted by fixed rental
obligations on long-life assets expensed during the year. The
relevant expense was multiplied by a weighted average multiple of
6.8x based on average lease length and geography

  - Fitch performed a recast of the application of IFRS 16,
expected from FY19 and, once determined, capitalised future
operating leases at the above multiple according to its Criteria
for Rating Non-Financial Corporates

  - 2018 reported cash reduced by EUR30 million required for
operations

- Reported EBITDA adjusted by the effect on non-recurrent expenses
in line with Fitch's criteria

WIZINK MASTER: DBRS Finalizes BB (high) Rating on C2019-02 Notes
----------------------------------------------------------------
DBRS Ratings Limited finalized provisional ratings on the Note
Series 2019-02 (the Notes), issued by Wizink Master Credit Cards
Fondo de Titulizacion (the issuer) as follows:

-- AA (high) (sf) on the Class A2019-02 Notes
-- BB (high) (sf) on the Class C2019-02 Notes

The ratings address timely payment of scheduled interest and
ultimate repayment of principal by the legal final maturity date.

The ratings are based on the following considerations:

-- Transaction capital structure including available credit
enhancement in the form of subordination, liquidity support, and
excess spread.

-- Sufficient credit enhancement levels to support DBRS's expected
performance under various stress scenarios.

-- The transaction's ability to withstand stressed cash flow
assumptions and repays the Notes.

-- Wizink Bank S.A. (the seller)'s capabilities with respect to
origination, underwriting, cash management, data processing, and
servicing.

-- The operational risk review of the seller, which is deemed by
DBRS to be an acceptable servicer.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality and concentration of the collateral and
historical and projected performance of the seller's portfolio.

-- The sovereign rating of the Kingdom of Spain, currently rated
'A' with a Stable trend by DBRS.

-- The consistency of the legal structure with DBRS's "Legal
Criteria for European Structured Finance Transactions" methodology
and the presence of legal opinions that address the true sale of
the assets to the issuer.

As the issuer is a master issuance programme where all series of
notes are supported by the same pool of receivables and generally
issued under the same requirements regarding servicing,
amortization events, priority of distributions and eligible
investments, DBRS notes that the issuance of the Notes will not
result in a downgrade or withdrawal of the ratings listed below:

-- AA (sf) for the Class A 2017-02 Notes
-- AA (high) (sf) for the Class A 2017-03 Notes
-- BB (high) (sf) for the Class C 2017-03 Notes
-- AA (sf) for the Class A 2018-01 Notes
-- BB (high) (sf) for the Class C 2018-01 Notes
-- AA (sf) for the Class A 2019-01 Notes
-- BB (high) (sf) for the Class C 2019-01 Notes

The transaction cash flow structure was analyzed with DBRS's
proprietary Excel-based tool.

Notes: All figures are in Euros unless otherwise noted.

WIZINK MASTER: DBRS Finalizes BB (high) Rating on C2019-03 Notes
----------------------------------------------------------------
DBRS Ratings Limited finalized provisional ratings on the Note
Series 2019-03 (the Notes) issued by Wizink Master Credit Cards
Fondo de Titulizacion (the issuer) as follows:

-- AA (sf) on the Class A2019-03 Notes
-- BB (high) (sf) on the Class C2019-03 Notes

The ratings address timely payment of scheduled interest and
ultimate repayment of principal by the legal final maturity date.

The ratings are based on the following considerations:

-- Transaction capital structure including available credit
enhancement in the form of subordination, liquidity support, and
excess spread.

-- Sufficient credit enhancement levels to support DBRS's expected
performance under various stress scenarios.

-- The transaction's ability to withstand stressed cash flow
assumptions and repays the Notes.

-- Wizink Bank S.A. (the seller)'s capabilities with respect to
origination, underwriting, cash management, data processing, and
servicing.

-- The operational risk review of the seller, which is deemed by
DBRS to be an acceptable servicer.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality and concentration of the collateral and
historical and projected performance of the seller's portfolio.

-- The sovereign rating of the Kingdom of Spain, currently rated
'A' with a Stable trend by DBRS.

-- The consistency of the legal structure with DBRS's "Legal
Criteria for European Structured Finance Transactions" methodology
and the presence of legal opinions that address the true sale of
the assets to the issuer.

As the issuer is a master issuance programme where all series of
notes are supported by the same pool of receivables and generally
issued under the same requirements regarding servicing,
amortization events, priority of distributions and eligible
investments, DBRS notes that the issuance of the Notes will not
result in a downgrade or withdrawal of the ratings listed below:

-- AA (sf) for the Class A 2017-02 Notes
-- AA (high) (sf) for the Class A 2017-03 Notes
-- BB (high) (sf) for the Class C 2017-03 Notes
-- AA (sf) for the Class A 2018-01 Notes
-- BB (high) (sf) for the Class C 2018-01 Notes
-- AA (sf) for the Class A 2019-01 Notes
-- BB (high) (sf) for the Class C 2019-01 Notes
-- AA (high) (sf) for the Class A 2019-02 Notes
-- BB (high) (sf) for the Class C 2019-02 Notes

The transaction cash flow structure was analyzed with DBRS's
proprietary Excel-based tool.

Notes: All figures are in Euros unless otherwise noted.



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

SWISSPORT GROUP: S&P Affirms 'B-' LT ICR on Proposed Refinancing
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Switzerland-based independent ground and cargo handling service
provider Swissport Group S.a.r.l. S&P also affirmed its issue and
recovery ratings on the group's existing debt and assigned its 'B-'
issue and '3' recovery ratings to the proposed five-year secured
term loan and five-year secured notes (EUR1,230 million combined),
and 'CCC' issue and '6' recovery ratings to the proposed EUR280
million unsecured notes.

S&P's affirmation follows Swissport's announcement that it intends
to refinance its capital structure. It will raise a combined
EUR1,230 million five-year secured term loan and five-year new
secured notes, and EUR280 million in 5.5-year unsecured notes.

The proceeds will be used to pay down most of the existing debt and
to increase the cash balance, making the refinancing largely
neutral from the net leverage perspective. It will also allow the
group to extend its debt maturities and reduce the cost of
borrowing. After the transaction (and accounting for early
redemption charges and transaction fees), S&P forecasts Swissport
will maintain 5.0x-5.5x S&P Global Ratings-adjusted debt to EBITDA
in 2019-2020.

Swissport will continue to increase its EBITDA and cash flow
generation over the next two years. Specifically, S&P forecasts
that Swissport's adjusted EBITDA will rise to about EUR420 million
in 2019 (implying an underlying EBITDA margin of 13.5%) from about
EUR370 million in 2018 (12.4% margin). In 2020, it is forecast to
improve further, to about EUR450 million (14% margin) as the
company retains it good grip on cost control and as exceptional
expenses are phased out. EBITDA will be supported by improving
profitability in Belgium, Netherlands, and Canada, which have been
underperforming. Swissport is achieving this by site management
changes, streamlined cost structures, and more careful contract
selections.

More importantly, S&P forecasts positive reported free operating
cash flow (FOCF) of EUR50 million-EUR60 million per year in 2019
and 2020 thanks to improving EBITDA and lower capital expenditure
(capex) needs. Positive FOCF will further underpin Swissport's
credit measures and liquidity, while providing a financial cushion
for potential bolt-on acquisitions.

Swissport continues to grow both organically and via acquisitions,
which include Aerocare and Apron in 2018, Aviation Fuel Services in
2015, Servisair in 2013, and Flightcare in 2012. In 2018, the group
achieved a strong 74% contract renewal rate and a net contract win
annualized revenue of EUR56 million (about 2% of group revenue).

The ground and cargo handling industry is fragmented--the top four
players account for only about 30% of the market, which implies
scope for consolidation. S&P said, "We expect that Swissport will
continue to gain market share via bolt-on acquisitions, which could
be supported by its FOCF generation, ample cash balance (about
EUR275 million), and EUR75 million delayed-draw loan facility,
after the proposed refinancing. As we no longer expect any major
debt-funded acquisitions that would increase the company's
financial leverage materially beyond our forecasts, we raised
Swissport's stand-alone credit profile (SACP) to 'b' from 'b-'."

S&P said, "However, Swissport is owned and controlled by HNA, which
we consider financially distressed. Our rating therefore considers
the potential for negative intervention by HNA. After aggressive
debt-funded acquisitions in 2017, HNA has been actively disposing
of assets to help service its near-term debt maturities. HNA's
disposals included key airline businesses, such as airline caterer
gategroup and low cost airline Hong Kong Express in March 2019.
Because of the potential that HNA could divest Swissport in the
medium term, we now view Swissport as a nonstrategic subsidiary of
HNA.

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

"The stable outlook reflects our view that Swissport will benefit
from the mainly organic expansion of its ground handling, cargo and
lounge operations. Combined with good cost control, these will
support the growth in EBITDA and cash flow generation, such that
debt to EBITDA remains at 5.0x-5.5x and reported FOCF turns
positive over the next 12 months. We also assume that the parent
HNA will not take any adverse actions that would affect Swissport's
financial profile and liquidity.

"We could lower our ratings if EBITDA generation trends
significantly below our base-case forecast, and FOCF remains
negative, putting pressure on liquidity. We could also lower our
rating if HNA adversely intervened, or if Swissport were drawn into
any potential insolvency or distressed restructuring as a result of
HNA's deteriorated credit position.

"Given the current ownership and control by the financially
distressed HNA, we see limited upside for our ratings on Swissport
unless HNA's credit standing significantly and sustainably improves
or Swissport is sold to a new controlling owner that has stronger
credit quality. Any rating upside under a new ownership will be
subject to our view of prudent leverage and financial policy,
assuming there is no risk of negative intervention."



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

BURY FC: Opening League One Match Suspended Amid Financial Woes
---------------------------------------------------------------
Tom Morgan at The Telegraph reports that Bury's opening League One
match has been suspended after the English Football League was
forced to take emergency action over the club's dire financial
troubles.

An emergency board meeting was arranged by the EFL after both Bury
and Bolton, who have been unable to pay their players for months,
were handed a 5:00 p.m. deadline on July 29 to provide documents
proving their financial viability, The Telegraph relates.

The league later confirmed that Bury's opening match against MK
Dons had been suspended, but Bolton, who have been in
administration since May 13, persuaded the board that they will be
able to play, The Telegraph discloses.

Bury had missed two deadlines to prove they were financially
equipped for the coming season and the EFL said in a statement that
it had no other choice than to postpone their opening match, The
Telegraph notes.

The league will also suspend Bury's away fixture at Accrington
Stanley on Aug. 10 if it does not receive any documentation by the
weekend, The Telegraph states.

According to The Telegraph, Bury needs to give details of how they
plan to settle their debts after a company voluntary arrangement
(CVA) was approved by creditors on July 18.

Bury Football Club is an English professional association football
club based in Bury, Greater Manchester, England.


HARLAND & WOLFF: Faces Closure, Unions Call for Nationalization
---------------------------------------------------------------
BBC News reports that the UK government has said that the crisis at
the Harland and Wolff shipyard in Belfast is "ultimately a
commercial issue".

According to BBC, unions say the yard is at imminent risk of
closure and have called for it to be nationalized.

A government spokesperson, as cited by BBC, said there was "every
sympathy for the workers".  They added that the government will "do
all it can" to offer support.

It is understood administrators are expected to arrive, BBC
discloses.

The firm's Norwegian parent company Dolphin Drilling is having
serious financial problems and put Harland and Wolff up for sale
late last year, BBC relays.

There were exclusive negotiations with a potential buyer but they
cooled in the last two weeks, BBC notes.

On July 29, workers said they had taken control of the site and
established a rota to ensure their protest continues around the
clock, BBC relates.

The yard employs about 130 people, specializing in energy and
marine engineering projects.

They said they would continue the protest until a solution is
found, according to BBC.

More than 100 workers attended a rally in east Belfast on July 30
in support of the shipyard workers, BBC discloses.

The Unite union said workers decided to take the action ahead of
the expected arrival of administrators, BBC relates.

Trade unions have been hoping that the yard could benefit from
plans to build more Royal Navy ships in the UK, BBC states.

But now there is a risk it will not survive for long enough to
benefit, BBC notes.

According to BBC, they have demanded Boris Johnson's government
renationalize the yard and save their jobs.


RAC BOND: S&P Affirms B (sf) Rating on Class B1-Dfrd Notes
----------------------------------------------------------
S&P Global Ratings affirmed its 'BBB- (sf)' credit ratings on RAC
Bond Co. PLC's class A1 and A2 notes, and its 'B (sf)' rating on
the class B1-Dfrd notes.

RAC Bond Co. PLC is a whole business securitization of RAC Bidco
Ltd.'s (RAC) operating businesses. RAC Bond Co.'s financing
structure blends a corporate securitization of RAC's operating
business in the U.K. with a subordinated high-yield issuance. The
transaction is backed by future cash flows generated by the
operating businesses, which include roadside services and insurance
& financial services, but exclude RAC Insurance Ltd. and RACMS
(Ireland) Ltd.

The transaction features two classes of notes (A and B), the
proceeds of which have been on-lent by the issuer to the borrower,
via issuer-borrower loans. The operating cash flows generated by
the borrowing group are available to repay its borrowings from the
issuer which, in turn, uses those proceeds to service the notes.

The transaction will likely qualify for the appointment of an
administrative receiver under the U.K. insolvency regime. An
obligor default would allow the noteholders to gain substantial
control over the charged assets prior to an administrator's
appointment, without necessarily accelerating the secured debt,
both at the issuer and at the borrower level.

Following S&P's review of RAC's performance, it has affirmed its
ratings on the class A and B notes issued by RAC Bond Co.

S&P said, "Our base-case forecasts of cash flow available for debt
service reflect our higher EBITDA expectation, based on expected
organic growth of 3.5%-4.0% in FY2019 in turn driven by 1%-2%
growth in membership in the breakdown services segment, 2-3% growth
in revenue per member, and no material change in EBITDA margins.
Our higher EBITDA expectations are coupled with higher capital
expenditures expectations (including customer acquisition costs),
increased investment in working capital, and higher cash tax
payments. The net effect is modest reduction in our projected cash
flow available for debt service over the near term and,
consequently, our minimum debt service coverage ratios in both our
base-case and downside analyses have decreased slightly. That said,
they remain above the lower end of the range for a 'bbb' anchor in
our base-case analysis, and above the breakpoint between a strong
and a satisfactory resilience score in our downside analysis. Our
satisfactory business risk profile remains unchanged.

"Our ratings on the class A notes address timely payment of
interest and ultimate payment of principal on the legal final
maturity date. Our rating on the class B1-Dfrd notes addresses
ultimate payment of interest and ultimate payment of principal on
the legal final maturity date."

  Ratings List

  RAC Bond Co. PLC

  Class     Rating
  A1       BBB- (sf)
  A2       BBB- (sf)
  B1-Dfrd   B (sf)

  Dfrd--Deferrable.


RESLOC U.K. 2007-1: S&P Affirms BB (sf) Rating on Class E1b Notes
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on ResLoC U.K. 2007-1
PLC's class A3a, A3b, A3c, M1a, M1b, B1a, B1b, C1a, and C1b notes.
At the same time, S&P has affirmed its ratings on the class D1a,
D1b, and E1b notes.

S&P said, "Upon publication of our revised criteria for assessing
counterparty risk in structured finance transactions and our global
residential mortgage-backed securities (RMBS) criteria following
the expansion of the criteria's scope to include the U.K., we
placed our ratings that could be affected by the change in criteria
"under criteria observation". Following our review of this
transaction, our ratings that could potentially be affected by the
criteria are no longer under criteria observation.

"The rating actions follow the implementation of our counterparty
criteria and our global RMBS criteria. We have analyzed the
transaction based on the March 2019 data received from the servicer
and the transaction's current structural features."

The transaction is currently paying pro rata, which has limited the
build-up of credit enhancement for the senior notes since S&P's
July 30, 2018, review. Credit enhancement has slightly increased to
42.25% (for the class A3a, A3b, and A3c notes), 26.60% (for the
class M1a and M1b notes), 18.70% (for the class B1a and B1b notes),
13.10% (for the class C1a and C1b notes), and 5.70% (for the class
D1a and D1b notes).

Delinquencies of more than 90 days remain low compared with other
U.K. nonconforming transactions of a similar vintage and have
decreased slightly since S&P's previous review, to 3.5% from 3.6%.

S&P said, "Our weighted-average foreclosure frequency (WAFF)
assumptions at the 'AAA' and 'AA' levels have remained stable since
our previous review, with a slightly higher originator adjustment
balancing increased seasoning, and have increased slightly in the
'A' to 'B' levels due to our updated assumptions for 90+ days
arrears for these stress levels. Our weighted-average loss severity
(WALS) assumptions at each rating level have decreased over the
same period due to the lower current weighted-average loan-to-value
ratio and our revised assumptions for jumbo valuations."

  WAFF And WALS Levels

  Rating level WAFF (%)WALS (%)
  AAA          27.82  40.98
  AA            21.93  33.94
  A             18.55  22.13
  BBB         14.78  15.51
  BB           10.84  11.26
  B            9.85   8.12

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

S&P said, "Our ratings on the notes were previously capped by the
rating on the liquidity facility provider, Lloyds Bank PLC
(A+/Stable/A-1), as the documentation did not reflect our criteria
to support a higher rating. In light of our updated counterparty
criteria, we can give full credit to the liquidity facility for all
rating levels.

"We have reviewed the currency swap agreements under our revised
counterparty criteria and assess the collateral framework as weak.
In combination with the 'BBB-/A-3' replacement trigger, these
agreements cap our ratings on the notes exposed to currency risk at
the resolution counterparty rating (RCR) on each of the swap
providers, Morgan Stanley & Co. International PLC ('A+') and
Barclays Bank PLC ('A+').

"The basis swap agreement references a 'BBB-/A-3' replacement
trigger and we assess the collateral posting framework as weak
under our revised counterparty criteria. Moreover, the agreement
was breached as in the past the basis swap counterparty was not
replaced based on the triggers defined in the contract.
Consequently, we cap our ratings on the notes at the RCR on the
swap provider, Morgan Stanley Capital Services LLC ('A+') when
taking the basis swap into account.

"We have modelled two months of collections' worth of commingling
due to the absence of a replacement language on the collection
account. Because there is a declaration of trust in the issuer's
favor, we model this commingling as a liquidity risk in rating
stresses that are at or below the issuer credit rating on the
collection account provider, Barclays Bank (A/Stable/A-1), and as a
loss for runs above that rating level.

"The application of the stresses specific to U.K. residential loans
in our updated global residential loans criteria, including our
updated credit figures and our cash flow analysis, indicates that
the available credit enhancement for the class A3a, A3b, A3c, M1a,
M1b, B1a, and B1b notes is now commensurate with higher ratings
than those currently assigned. However, our counterparty criteria
constrain our ratings on these classes of notes at the 'A+' RCR on
their respective currency swap providers. Because the class A3b
notes are pari-passu with the class A3a and A3c notes, the class
M1b notes with the class M1a notes, and the class B1b notes with
the class B1a notes, they are also indirectly exposed to currency
risk. We have therefore raised to 'A+ (sf)' our ratings on the
class A3, M1, and B1 notes.

"Our analysis indicates that the class C1a, C1b, D1a, D1b, and E1b
notes could withstand our stresses at higher rating levels than
those assigned. However, our ratings reflect the credit enhancement
available for each class of notes and their relative position in
the capital structure. We have therefore raised to 'BBB+ (sf)' from
'BBB (sf)' our ratings on the class C1a and C1b notes. At the same
time, we have affirmed our 'BB+ (sf)' ratings on the class D1a and
D1b notes, and our 'BB (sf)' rating on the class E1b notes."

ResLoC U.K. 2007-1 is backed by nonconforming residential mortgage
loans secured over U.K. freehold and leasehold properties. The
mortgage loans were originated by Morgan Stanley Advantage Services
(the trading name of Morgan Stanley Bank International Ltd.), GMAC
Residential Funding Co. LLC (now known as Paratus AMC Ltd.), Amber
Homeloans Ltd., and Victoria Mortgage Funding Ltd.

  Ratings List

  ResLoC U.K. 2007-1 PLC
  
  Class  Rating to Rating from

  A3a   A+ (sf)  A (sf)
  A3b   A+ (sf)  A (sf)
  A3c   A+ (sf)  A (sf)
  M1a   A+ (sf)  BBB+ (sf)
  M1b   A+ (sf)  BBB+ (sf)
  B1a   A+ (sf)  BBB (sf)
  B1b   A+ (sf)  BBB (sf)
  C1a   BBB+ (sf) BBB- (sf)
  C1b   BBB+ (sf) BBB- (sf)
  D1a   BB+ (sf) BB+ (sf)
  D1b   BB+ (sf) BB+ (sf)
  E1b   BB (sf)  BB (sf)


[*] UK: Company Insolvency Figures Hit Five-Year High in 2Q19
-------------------------------------------------------------
Andy Bruce at Reuters reports that the number of insolvent
companies in England and Wales hit its highest in more than five
years in the second quarter of 2019, according to data on July 30
that showed businesses under rising financial pressure as Brexit
nears.

According to Reuters, the Insolvency Service, a government agency,
said 4,321 companies entered insolvency in the April-June period on
an underlying basis, excluding bulk closures of personal service
companies.  This was up from 4,213 in the first quarter and marked
the largest total since early 2014, Reuters states.

"[Tues]day's figures are evidence of a difficult period for UK
businesses," Reuters quotes Duncan Swift, president of insolvency
and restructuring trade body R3, as saying.  "Businesses which
stockpiled items ahead of the original Brexit deadline of March 29
will now be seeing those decisions have an impact on their cash
flow levels."



                           *********


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 * * *