/raid1/www/Hosts/bankrupt/TCREUR_Public/190815.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, August 15, 2019, Vol. 20, No. 163

                           Headlines



A R M E N I A

LYDIAN: Raises Going Concern Doubt Over Armenia Gov't. Disputes


B U L G A R I A

FIRST INVESTMENT: Fitch Affirms Then Withdraws 'B' IDR


C Y P R U S

LAIKI: Uninsured Depositors Likely to Get 6% of Money


G E R M A N Y

IREL BIDCO: Fitch Assigns Final LT IDR of  'B+', Outlook Stable


N E T H E R L A N D S

STEINHOFF INT'L: Refinances EUR9-Bil. Debt in Overseas Operations


P O R T U G A L

AZORES: Moody's Alters Outlook on Ba1 LT Issuer Rating to Positive
INFRAESTRUTURAS DE PORTUGAL: Moody's Affirms Ba1 CFR, Outlook Pos.


R U S S I A

JSC INVESTGEOSERVIS: Fitch Maintains 'B-' IDR on Rating Watch Neg.
QISHLOQ QURILISH: Fitch Assigns BB- LT IDR, Outlook Stable
TEKHNOSERV AS: Moscow Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

BURY FC: EFL Suspends Gillingham Game on Financial Uncertainty
IWH UK: Fitch Affirms B Issuer Default Rating, Outlook Stable
PUNCH TAVERNS: Fitch Affirms 'B' Rating on 3 Note Classes
SOLARPLICITY: Collapses Following Rising Customer Complaints
SPORTS DIRECT: Grant Thornton Intends to Quit as Auditor


                           - - - - -


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A R M E N I A
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LYDIAN: Raises Going Concern Doubt Over Armenia Gov't. Disputes
---------------------------------------------------------------
Lydian International Limited ("Lydian" or "the Company") on Aug. 12
announced its results for the three and six months ended June 30,
2019.  All dollar amounts referenced in this news release are,
unless otherwise indicated, in United States dollars.

Second Quarter 2019 and recent developments include:

Illegal Blockades - The blockades continue at Lydian's Amulsar Gold
Project, having been in place since June 22, 2018.  As a result,
two of Lydian's subsidiaries formally notified the Government of
Armenia on March 11, 2019 of the existence of disputes with the
Government of Armenia under the UK bilateral investment treaty and
the Canada bilateral investment treaty.

Financing - The Company entered into the Second Amended and
Restated Forbearance Agreement ("Second A&R Forbearance Agreement")
on July 1, 2019 with its senior lenders, stream financing providers
and equipment financiers.  Pursuant to the Second A&R Forbearance
Agreement, on July 8, 2019 the Company (a) issued 27,782,460
ordinary share purchase warrants to certain of its equipment
financiers which represented 3.5% of the Company's issued and
outstanding ordinary shares (on a fully diluted basis), (b) made a
$1.0 million payment on the Term Facility with Cat Financial (the
"Cat Term Facility") and reserved $2.0 million of Term Facility B's
remaining capacity for payment of the Cat Term Facility.  Also, on
July 1, 2019, the Company entered the Fourteenth Amendment to the
Term Facility whereby the lenders agreed to extend the availability
period and the maturity date under the Company's existing Term
Facility B.

New NI 43-101 Technical Report Feasibility Study ("Feasibility
Study") - The Company has contracted with a firm to develop a new
NI 43-101 Technical report. The Company expects the Feasibility
Study to be substantially completed during the third quarter of
2019.

Third Audit - In March 2019, the Government of Armenia commenced
its third-party assessment of the Amulsar Gold Project's
environmental impact on water resources, geology, biodiversity, and
water quality.  On August 8, 2019 the Government of Armenia
announced that they had received the final results from the
third-party regarding the audit and will be ready to come to a
conclusion on the matter shortly.  The Company has not yet received
a copy of the final audit results.  The Company does not accept the
need or legal basis for this audit but continues to cooperate fully
with this audit as it progresses.

Court Rulings - Armenian courts have issued two rulings in Lydian's
favour:

On April 10, 2019, the Administrative Court of the Republic of
Armenia ruled in favour of Lydian and instructed the Armenian
Police ("Police") to remove trespassers and their property from the
Company's Amulsar Project site.  Since the Police had not appealed
the Court's decision within 30 days after the Court's ruling, the
Company was expecting the trespassers and their belongings to be
removed by the Armenian Police, and the Company's access to the
site restored.  This did not happen, despite the Police re-locating
some of the trespassers' trailers blocking the Amulsar access roads
to other locations, the Company's access to site has not been
restored.  The Company has filed a motion with the Court asking for
an additional ruling in the dispute. The Administrative Court
declined the motion on two occasions; and

The Criminal Court of Appeal of the Republic of Armenia ruled on
April 19, 2019 that the Police are to initiate a criminal
investigation against certain protesters.  On May 29, 2019, the
Company received notification of an appeal by the Prosecutor to the
Cassation Court (Armenian Supreme Court).  The Company does not
know if or when the Cassation Court will accept the case.

Going Concern Implications

Following a change in the Government of Armenia in May 2018,
demonstrations and road blockades occurred sporadically throughout
the country.  These initial protests primarily targeted the mining
sector, including the Amulsar Gold Project. Despite court rulings
in favor of the Company, a continuous illegal blockade at Amulsar
has been in place since June 22, 2018, causing construction
activities to be suspended since this date.  The Company has been
dislocated from the Amulsar site and its access has been limited to
contractor demobilization and winterization during the fourth
quarter of 2018 and one day of limited, Police escorted access in
the second quarter of 2019.

The Government of Armenia has not enforced the rule of law to
remove the illegal blockades at Amulsar and prosecute other illegal
acts carried out against the Company.  Furthermore, the Government
of Armenia has taken certain actions and failed to act on other
matters.  The Government of Armenia's actions and inactions have
substantially restricted the Company's access to capital and caused
conditions to occur that were deemed events of default by the
senior lenders, stream financing providers, and equipment
financiers.  As a result, the Company entered into several
agreements with its senior lenders, stream financing providers, and
equipment financiers.  More detailed information about these
agreements can be found in the Company's unaudited interim
condensed consolidated financial statements for the period ended
June 30, 2019.  As a result of these circumstances, the Company has
incurred significant dislocation-related costs.

The Company's ability to continue as a going concern is dependent
upon the Government of Armenia resolving the disputes it has
created with the Company and making the Company whole.  It will
also be necessary for the Company to continue to receive
forbearance under the Second A&R Forbearance Agreement and funding
under the Fourteenth Amending Agreement.  Dislocation-related costs
will continue to be incurred until the illegal blockades are
removed and unrestricted access for all purposes is available to
the Company.  Thereafter, the Company anticipates additional time
and funding will be needed for site restoration, sourcing of
financing, if available, for completing construction and working
capital until positive cash flows from operations can be achieved.
Alternatively, funding will be required until a strategic
alternative can be arranged, if at all, or to support the Company's
legal alternatives.

While the Company has entered into the Second A&R Forbearance
Agreement with its senior lenders, stream financing providers, and
equipment financiers, as a result of the actions and inactions of
the Government of Armenia there is no assurance that the Company
will be able to meet its obligations under the applicable credit or
loan agreements with its senior lenders, stream financing
providers, and equipment financiers and that the Company will avoid
further events of default as contemplated under such agreements.
As a result, the Company may not be able to receive forbearance and
continuing funding from the same parties under the Second A&R
Forbearance Agreement, the Fourteenth Amendment, and the A&R Stream
Agreement.  Therefore, there is a risk that the Company will be in
default under its agreements with its senior lenders, stream
financing providers, and equipment financiers, which may ultimately
result in one or more secured parties exercising rights to demand
repayment and enforcing security rights, which may result in
partial or full loss of the assets of the Company.  During this
forbearance period, the Company will continue to engage with its
lenders and stream financing providers to address the issues
resulting from the illegal blockades and seek continuing
forbearance and funding, while at the same time evaluating a range
of strategic, financing, and legal alternatives.

Although the Company has obtained sufficient financing to date,
including during the period of the illegal blockades and as
provided in the Second A&R Forbearance Agreements, the Fourteenth
Amendment, and the A&R Stream Agreement, as a result of the actions
and inactions of the Government of Armenia there can be no
assurance that adequate financing will be available when needed at
commercially acceptable terms and that the Company will ultimately
be able to generate sufficient positive cash flow from operations,
find an acceptable strategic alternative, or fund legal
alternatives.  Furthermore, there are no assurances of future
forbearances or lenders not demanding repayment and exercising
security rights under the respective credit agreements.  These
circumstances indicate the existence of material uncertainties that
create significant doubt as to the Company's ability to meet its
obligations when due, and accordingly, continue as a going concern.
Changes in future conditions could require additional material
write downs of the carrying values of certain assets.

At March 31, 2019, the Company recognized an additional non-cash
impairment loss of $28.0 million.  More detailed financial and
other information can be found in the Company's unaudited interim
condensed consolidated financial statements and management's
discussion and analysis for the three and six months ended
June 30, 2019, which are available on SEDAR under the Company's
profile (www.sedar.com).

               About Lydian International Limited

Lydian (TSX: LYD) -- http://www.lydianinternational.co.uk--  
is a gold developer focused on construction at its 100%-owned
Amulsar Gold Project, located in south-central Armenia.  However,
illegal blockades have prevented access to Amulsar since late June
2018.  Amulsar is expected to be a large-scale, low-cost operation
with production targeted to average approximately 225,000 ounces
annually over an initial 10-year mine life.  Estimated mineral
resources contain 3.5 million measured and indicated gold ounces
and 1.3 million inferred gold ounces as outlined in the Q1 2017
Technical Report.  Existing mineral resources beyond current
reserves and open extensions provide opportunities to improve
average annual production and extend the mine life.  Lydian is
committed to good international industry practices in all aspects
of its operations including production, sustainability, and
corporate social responsibility.




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B U L G A R I A
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FIRST INVESTMENT: Fitch Affirms Then Withdraws 'B' IDR
------------------------------------------------------
Fitch Ratings affirmed First Investment Bank AD's Long-Term Issuer
Default Rating at 'B' with Stable Outlook and subsequently
withdrawn the ratings for commercial reasons.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING (VR)

FIBank's IDRs are driven by its standalone financial strength, as
expressed by its VR. The Stable Outlook reflects its opinion that
risks related to FIBank's intrinsic creditworthiness are broadly
balanced.

The VR primarily reflects FIBank's weak asset quality and
capitalisation. This is illustrated by a high ratio of impaired
loans and non-income-generating repossessed assets, high capital
encumbrance by unreserved problem assets and significant
single-name concentration in the loan book. The VR also reflects
FIBank's reduced credit risk appetite, reasonable strategy for
2017-2021, stable recent profitability and comfortable liquidity
position, underpinned by stable funding in the form of granular
retail savings accounts. However, these factors have lower
influence on the VR than the bank's weak asset quality and
capitalisation.

On July 26, 2019, the ECB announced the results of its asset
quality review (AQR) and stress test of six Bulgarian banks,
including FIBank. In its view these results are broadly neutral for
its assessment of the bank's overall credit risk profile, although
the AQR revealed that FIBank's asset quality is weaker than Fitch
previously assessed. FIBank's post-AQR common equity Tier 1 capital
ratio shrank to 4.5% from 15.7% at end-2018 due to a material
increase in non-performing exposures and loan loss allowances. The
AQR's adjustments are roughly in line with its previous assessment
that FIBank's asset quality and capitalisation are key rating
weaknesses.

FIBank may reflect some selected AQR adjustments in its financial
accounts, which would likely materially inflate its stock of Stage
3 loans, but the impact on capitalisation should be moderate. In
1H19, FIBank had already covered half of the EUR260 million capital
shortfall identified in the adverse stress scenario. The remainder
will be covered through de-risking in the corporate book, profit
retention and other measures.

SUPPORT RATING AND SUPPORT RATING FLOOR

FIBank's Support Rating Floor (SRF) of 'No Floor' and the Support
Rating (SR) of '5' express Fitch's opinion that although potential
sovereign support for the bank is possible, it cannot be relied
upon. This is underpinned by the EU's Bank Recovery and Resolution
Directive, transposed into Bulgarian legislation, which requires
senior creditors to participate in losses, if necessary, instead of
or ahead of a bank receiving sovereign support.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

The following ratings have been affirmed and withdrawn:

Long-Term IDR: 'B'; Outlook Stable

Short-Term IDR: 'B'

Support Rating: '5'

Support Rating Floor: 'No Floor'

Viability Rating: 'b'



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C Y P R U S
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LAIKI: Uninsured Depositors Likely to Get 6% of Money
-----------------------------------------------------
Xinhua News reports that uninsured depositors of the wound down
Cyprus Popular Bank, commonly known as Laiki, is likely to get back
6 cents for every euro they lost in the 2013 bail-in of the lender,
its special administrator said on Aug. 13.

According to Xinhua, Kleovoulos Alexandrou, who presided over the
liquidation of the bank, wound down as part of Cyprus's bailout at
the peak of the meltdown in 2013, said that he was able to raise
approximately EUR220 million (US$247 million) from the sale of
Laiki's assets.

Mr. Alexandrou told local financial news outlet Stockwatch that an
additional EUR32 million could be expected from the sale of Laiki's
remaining stake of 4.8% in Bank of Cyprus Holdings, Xinhua
relates.

Six years after the closing down of the bank, the total amount
collected from its assets comes to about 6% of the EUR4 billion of
uninsured deposits which were lost when the lender was wound down
and folded into Bank of Cyprus, Xinhua discloses.

That means that Laiki's uninsured depositors will lose almost 90%
of their deposits, compared with the loss of 47.5% of uninsured
deposits in Bank of Cyprus, which was used to recapitalize the
lender in the world's first bail-in, on the instructions of the
Eurogroup and the International Monetary Fund, Xinhua states.

Insured savings were untouched and transferred to Bank of Cyprus,
Xinhua notes.

Laiki was nationalized in May 2012, after the government pumped
EUR1.8 billion to recapitalize it, a move which proved futile,
Xinhua recounts.

By the time Laiki was put under liquidation, it had amassed about
EUR9 billion in Emergency Liquidity Assistance (ELA) from the
European Central Bank, Xinhua discloses.

Laiki's debt in ELA was transferred to Bank of Cyprus, which took
on most of Laiki's operations, Xinhua relays.

Bank of Cyprus repaid the remaining part of Laiki's ELA debt in
2017, according to Xinhua.




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G E R M A N Y
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IREL BIDCO: Fitch Assigns Final LT IDR of  'B+', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Irel BidCo S.a.r.l a final Long-Term
Issuer Default Rating of 'B+' with a Stable Outlook. Fitch has also
assigned a final rating to the the USD1,395 million equivalent
first-lien senior secured loans, issued by Irel AcquiCo GmbH of
'BB-'/'RR3'/51%-70%. The conversion of the ratings into final
ratings follows the receipt and review of the final documentation.

The ratings reflect the company's leading market position in
reusable plastic container (RPC) pooling solutions, the stable,
non-cyclical demand of its end-markets, coupled with sound organic
growth prospects. The ratings also factor in high financial
leverage (funds from operations (FFO) gross leverage), which Fitch
expects to be just in excess of 6.0x pro forma for the transaction,
as well as some concentration in terms of customers and services
offered.

KEY RATING DRIVERS

Sound Growth Expected: With pooled RPC only accounting for 19% of
global fresh produce shipping volumes and the majority still
shipped in one-way carton-board containers, the RPC market is far
from mature. Ongoing retailer trends such as automation, supply
chain efficiencies, environmental awareness, growing population and
healthier living will all support the conversion to a system that
is better in preserving the quality of in particular fresh fruit
and vegetables.

Stretched Opening Leverage: At closing, FFO adjusted gross leverage
is expected to be slightly above 6.0x and FFO fixed charge cover to
be just below 3.0x. These financial metrics are more in line with
the low end of the 'B' rating category. However, Fitch expects the
underlying cash flows will remain stable and able to support the
capital structure, even while adding new customers and increased
capex. While there is deleveraging capacity due to strong free cash
flow (FCF; around 7% margin), Fitch expects IFCO will use the cash
flow to invest in the company or for potential acquisitions
(partially funded by debt, using the USD250 million available capex
facility). The 'B+' IDR reflects manageable refinancing risk as the
main bullet maturities are in seven years and the FCF cushion is
sufficient to absorb a higher cost of debt, in its view.

Stable, Non-cyclical Demand: The majority of IFCO's revenues derive
from the packaging of fruit and vegetables. Fitch sees good growth
prospects due to population growth, replacement of cardboard
packaging and healthier lifestyle choices. IFCO also has exposure
to other fresh products such as meat, bread and eggs. Like all
fresh food through retailer chains, demand is non-cyclical.
Experience from earlier recessions indicates that in times of
cyclical lows people increasingly eat at home.

Global Niche Market Leader: IFCO is the market leader with a 60%
share of the European pooled RPC market and 65% in North America.
The company's strong international coverage offers retailers a
network that is stronger than its competitors. IFCO's size and
coverage offers further scale benefits and it is price leader and
renowned for building strong relationships with larger retail
chains. Competition comes from single-use packaging, from which
IFCO is taking market share, retailers' own pools as well as small
regional RPC providers. Proprietary pools and insourcing risk is
viewed as limited as retailers prefer to invest in front-house
capex.

Narrow Service Offering: IFCO's offering is confined to the
delivery of RPCs, primarily to fruit and vegetable producers for
further transport to retailer warehouses or shops. This
single-service offering is mitigated by the company's strong market
position as well geographic diversification (strong position across
central and southern Europe (71%), the US and Canada (21%), Latin
America (4%) and China/Japan (3%). There is also some
concentration, with the top 10 customers accounting for more than
20% of revenues. This is expected to diminish, and diversification
to improve, as North American retailers increasingly transition to
reusable containers. Overall, Fitch views IFCO's business profile
as solid and in line with a 'BB' rating given its solid market
position and long-term customer relationships in a sector with low
cyclicality risk.

Latent M&A Risk: A very fragmented market for pooled logistics
services provides ample scope for bolt-on acquisitions to leverage
IFCO's leading market position. Based on historical acquisitions,
together with a list of potential targets, Fitch sees possibilities
for further M&A activity through 2019-2023, although Fitch
understands from management that the acquisition approach is more
opportunistic in nature. Fitch projects IFCO will generate
sustainable FCF, which could allow for bolt-on acquisitions of up
to USD40 million-USD60 million per year, if funded with internal
cash flow, provided these acquisitions reveal no integration risks.
A larger target would represent event risk.

DERIVATION SUMMARY

There are no direct rated peers. Peers are manufacturers of plastic
containers (suppliers of IFCO), manufacturers of plastic packaging
or producers of non-plastic containers. Corrugated board producers
include the substantially larger Stora Enso (BBB-/Stable) and
Smurfit Kappa (BB+/Stable) who are more diversified, with lower
margins but are also lower levered with FFO gross leverage near 2x
and 3x, respectively end 2018 compared to near 6x for IFCO.

IFCO compares well against Fitch-rated mid-sized companies in niche
markets, including Nordic building products distributor Quimper AB
(Ahlsell; 'B(EXP)'/Stable) and property damage restoration service
provider Polygon (B/Positive). IFCO's FFO gross leverage is
substantially lower than Ahlsell's (7.0x-8.0x) and more in line
with Polygon (5.3x). Both Ahlsell and Polygon show comparable
exposure to low-cyclical markets but generate a lower FCF margin
(low-single digit) and are less geographically diversified.

KEY ASSUMPTIONS

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

  - Organic growth in the mid-high single digit CAGR of 4.7%
FY19-FY23.

  - Group EBITDA margin stabilising around 25-26% by 2020.

  - Net capex at around 8% of sales.

  - No dividend payment.

  - No acquisitions.

  - Working capital of -1% of sales.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action:

  - FFO adjusted gross leverage is sustainably below 5.0x.

  - FFO fixed charge cover above 3.5x

  - FCF margin sustainably at high single-digits.

  - Larger scale while maintaining an EBITDA margin over 20% and
reduced customer concentration would strengthen the business
profile.

Developments that may, individually or collectively, lead to
negative rating action include:

Operating underperformance could come from the loss of large
customers, significant pricing pressure, technology risk or
margin-dilutive debt-funded acquisitions such that:

  - FFO adjusted gross leverage is at or above 6.0x on a sustained
basis.

  - FFO fixed charge coverage is sustainably below 2.0x.

  - FCF margin is sustainably in the low single digit of sales.

RECOVERY ANALYSIS

Above-Average Recoveries for Senior Secured Lenders: Fitch views
IFCO as an asset-light business that is likely to be restructured
as a going concern rather than be liquidated following a
hypothetical default situation. Fitch estimates that an EBITDA of
USD217 million (i.e. around 25% below the 2019 forecast EBITDA of
USD289 million, pro forma transaction already completed) would
represent a restructured going concern EBITDA, after a substantial
shock to operating performance and cash flow triggered a default -
albeit still positive FCF margin.

Fitch estimates that IFCO's market position and extensive,
diversified customer relationships would be attractive
characteristics to a buyer in a going concern scenario. IFCO's
acquisition of Triton suggests a valuation multiple of around 9.2x
EBITDA which is consistent with a number of performing listed peers
in the business services sector. However, in a distressed scenario,
Fitch has assumed a lower multiple of 5.0x, reflecting the
execution risk of a restructuring plan.

Fitch deducts 10% of administrative claims from the enterprise
value, and assumes full drawing of the EUR150 million RCF, 50%
drawing of the USD250 million capex facility in addition to the
USD1,395 million TLB that rank pari passu. These assumptions result
in a recovery rate for the TLB and the RCF with the 'RR3' range,
which results in a one-notch uplift from the IDR.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Bullet Debt Profile: IFCO's liquidity
position is comfortable with company reported cash and equivalents
fully available for debt service as there is no operational
restricted cash. Fitch does not make any adjustment to available
cash because WC is not seasonal.

Fitch forecasts a healthy FCF margin over the rating horizon at
around 6%-7% and flexible capex growth gives headroom to IFCO's
liquidity.

Fitch notes that IFCO's liquidity position is enhanced by a EUR150
million RCF, fully undrawn at closing and a capex facility of
USD250 million. Financial flexibility is also helped by the
non-amortising nature of the TLB, and no debt maturity before 2026.



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N E T H E R L A N D S
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STEINHOFF INT'L: Refinances EUR9-Bil. Debt in Overseas Operations
-----------------------------------------------------------------
Nqobile Dludla at Reuters reports that scandal-hit Steinhoff said
on Aug. 14 it had refinanced some EUR9 billion (US$10 billion) of
debt in its overseas operations which include brands such as
Poundland in Britain and France's Conforama, after pushing the
deadline date back repeatedly.

"Implementation of the restructuring is a major milestone on our
recovery journey, bringing with it the stability that will allow us
to turn the page and concentrate fully on maximizing value from our
operating companies," Reuters quotes Group Chief Executive Louis du
Preez as saying in a statement.

Mr. Du Preez on Aug. 13 delivered a stark assessment of Steinhoff's
options at the South African company's first public investor
presentation since a US$7 billion accounting fraud scandal broke,
saying its only hope for survival is to sell off assets to become a
retail-focused holding company.

Its Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH
(SFHG) operations had entered into a company voluntary arrangement
(CVA) with its creditors last year.

SEAG's EUR5.6 billion of debt, plus around EUR2.8 billion from SFHG
and a further EUR400,000 from another business has been reissued
with maturities from Dec. 2021 and no cash interest payments.

Steinhoff International Holdings NV's registered office is located
in Amsterdam, Netherlands.




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P O R T U G A L
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AZORES: Moody's Alters Outlook on Ba1 LT Issuer Rating to Positive
------------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba1 long-term
issuer rating of the Autonomous Region of Azores, as well as the
Ba3 long-term issuer rating of the Autonomous Region of Madeira to
positive from stable, while concurrently affirming the issuer
ratings of both regions.

Moody's also upgraded the Baseline Credit Assessment (BCA) of
Azores to ba3 from b1 and the BCA of Madeira to caa1 from caa2.

The rating actions on the Portuguese sub-sovereigns were triggered
by: (1) the expectation of reduced systemic risk as captured by the
outlook change of Portugal's rating of Baa3 to positive from stable
on August 9, 2019; (2) Portugal's positive economic growth and
ongoing fiscal improvement, which will also help strengthen the
credit profile of both autonomous regions; and (3) a high
likelihood of support from the central government towards these two
autonomous regions.

RATINGS RATIONALE

RATIONALE FOR THE OUTLOOK CHANGES

Moody's believes that the strengthening of the sovereign's
creditworthiness -- captured by the change of Portugal's rating
outlook to positive from stable -- will also impact the regions
through a decrease in systemic risk. The environment in which
Azores and Madeira operate has a significant influence on their
credit risk given the significant macroeconomic and financial
linkages between the sovereign government and the regional
governments.

Moody's notes that the revenue base for both autonomous regions
will increase as the country's positive economic prospects will
gradually result in higher shared tax revenue (mainly Value Added
Tax and Personal Income Tax), as well as growing state transfers
for these two Portuguese regional governments. This will assist the
regions' efforts to improve their fiscal outcomes, resulting in
better gross operating balances and reduced budgetary deficits. At
the same time, higher operating revenue will help regions to reduce
their current high debt burdens.

RATIONALE FOR THE RATING AFFIRMATIONS

  -- AUTONOMOUS REGION OF AZORES

The affirmation of Azores's Ba1 long-term issuer rating is the
combination of its standalone credit profile, as reflected in its
BCA of ba3, and Moody's assumption of a high likelihood of
extraordinary support from the central government.

The upgrade of Azores's BCA to ba3 from b1 mainly reflects the
improvement in the region's gross operating balance to EUR97
million, close to 11% of its operating revenue, at year end 2018.
This compares to EUR48 million in 2017 (5.6% of operating revenue).
This stronger outcome helped to maintain Azores's deficit level at
levels similar to previous years (around 7% of operating revenue in
2018 and 2017). Moody's believes that Azores's positive gross
operating balance will continue to improve in the next two to three
years, aided by the strengthening national economy and tax
transfers, helping the region's finances to reduce its financing
deficit.

While Moody's believes that Azores's net direct and indirect debt
is very high at 220% of operating revenue in 2018, or around 40% of
the regional GDP, the rating agency expects a decrease in these
ratios in one to-two years as the economy improves.

Nonetheless, while these positive developments translate into an
improved BCA, they are relatively modest. Moody's considers that
Azores's creditworthiness, which includes Moody's assumptions on
support from the central government, remains consistent with the
Ba1 rating relative to peers.

  -- AUTONOMOUS REGION OF MADEIRA

The affirmation of Madeira's Ba3 long-term issuer rating is due to
the combination of its standalone credit profile, as reflected in
its BCA of caa1, as well as Moody's assumption of a high likelihood
of extraordinary support from the central government.

The upgrade of Madeira's BCA to caa1 from caa2 mainly reflects the
improvement in the region's fiscal performance in 2018; the
region's gross operating balance improved to -0.1% of operating
revenue in 2018 from -12% in 2017, while its financing deficit
stood narrowed to -7% of operating revenue in 2018, compared with
-24% in 2017. In addition, the region recorded a financing surplus
in European System Accounts terms for the fourth consecutive year
at EUR107.3 million, compared with EUR79.6 million in 2017.

Moody's notes that Madeira's debt metrics are very high, with a net
direct and indirect debt ratio of 389% of operating revenue in 2018
(vs. 431% in 2017). While this ratio decreased for first time on a
year-over-year comparison since the onset of the economic crisis in
2008, outstanding debt is still very high by international
standards at around 103% of debt/GDP. Madeira's debt affordability
is aided by the fact that 86% of the region's direct debt was
either guaranteed, or was a direct loan from the national treasury,
as of June 2019. This has helped provide Madeira with more
favourable interest rates than otherwise would have been the case.

The strong linkage with Portuguese government is also noticeable
through the region's cooperation with the central government on a
long-term plan to reduce its high debt levels and commercial debt
stock. Although commercial debt levels are still high, Moody's
recognises the efforts that the region has taken to reduce its
accumulated commercial debt to EUR409 million at year-end 2018 from
close to EUR3 billion in 2012. The rating agency expects commercial
debt will continue to reduce by year-end 2019.

Despite these modest improvements, which are reflected in the
change of BCA, Moody's considers that the standalone
creditworthiness of Madeira remains weak. The affirmation of the
Ba3 rating reflects Moody's view that the creditworthiness of
Madeira, which includes the extraordinary support of the central
governments, has not materially changed at this point relative to
peers.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The strengthening of Portugal's credit profile, as reflected by an
upgrade of the sovereign rating, could have positive credit
implications for the Portuguese sub-sovereigns in general via
further reductions in the systemic risk. In addition, upward
pressure would develop on the ratings of Azores and Madeira if
their fiscal and financial performance were to improve, reflected
in positive and growing gross operating balances, financing
surpluses and a significant reduction in their debt burdens.

A downgrade of Portugal's sovereign rating, indicating a weakening
ability of the government to support the regions, or a
deterioration in their fiscal performance with higher budgetary
deficit levels and significant higher debt to operating revenue
ratios, would likely lead to a downgrade of the sub-sovereign
entities.

The specific economic indicators, as required by EU regulation, are
not available for these entities. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.

Sovereign Issuer: Portugal, Government of

GDP per capita (PPP basis, US$): 32,006 (2018 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.1% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.6% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -0.5% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -0.6% (2018 Actual) (also known as
External Balance)

External debt/GDP: [not available]

Level of economic development: High level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On August 08, 2019, a rating committee was called to discuss the
rating of the Azores, Autonomous Region of; Madeira, Autonomous
Region of. The main points raised during the discussion were: The
issuers' fiscal or financial strength, including their debt
profiles, have not materially changed. The systemic risk in which
the issuers operates has materially decreased.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

INFRAESTRUTURAS DE PORTUGAL: Moody's Affirms Ba1 CFR, Outlook Pos.
------------------------------------------------------------------
Moody's Investors Service changed the outlook on Infraestruturas de
Portugal, S.A. to positive from stable. Concurrently, Moody's has
also affirmed the Ba1 corporate family rating and senior unsecured
rating, the (P)Ba1 rating on its EUR3 billion euro medium-term
notes programme, and the Ba1-PD probability of default rating.
Moody's has also affirmed the Baa3 rating on IP's
government-guaranteed senior unsecured notes and (P)Baa3 on its
EUR3 billion EMTN programme.

The rating action follows Moody's change in outlook on the Baa3
rating of the Government of Portugal to positive from stable, on
August 9, 2019.

RATINGS RATIONALE

The change of IP's rating outlook to positive from stable reflects
Moody's view that the government's ability to support IP has
strengthened. This recognises the strong linkages between IP and
the Government of Portugal, which has provided significant support
in the form of capital injections to the company over the years
since the financial crisis started. Without this support, IP would
be unable to fully cover its operating and financing requirements.
Moody's expects these capital injections to continue, thus enabling
IP to cover its ongoing investment programme as well as upcoming
debt repayments. The outlook on IP's ratings is positive, in line
with the outlook on the Government of Portugal's rating.

Moody's considers the credit quality of IP to be closely linked
with that of the sovereign given (1) its critical role in the
management of the railway and road networks in Portugal and its
strategic importance to the national economy as the provider of an
essential public service; (2) its limited financial autonomy and
close oversight by the government, with the company currently
included in the National State Budget; and (3) the expectation that
the Government of Portugal will continue to step in with timely
financial support if required, considering that according to the
general principles applicable under the Portuguese Companies Code,
the Government of Portugal would remain indirectly liable for IP's
obligations as long as the company is 100% state-owned.

Moody's continues to make a one-notch rating distinction between IP
and the Government of Portugal, recognising the residual risk,
albeit small, that the sovereign, in potential stress case
scenarios that simultaneously affected various issuers requiring
support, may not be able to provide timely support, or that IP's
unguaranteed debt may not be treated as part of government debt in
a potential restructuring process. Absent such payments, IP would
likely have minimal value as a standalone enterprise given its high
indebtedness and very weak financial profile.

IP's government-guaranteed debt continues to be rated at the same
level as the Government of Portugal. This reflects the
unconditional and irrevocable guarantee provided by the government
and the application of Moody's cross-sector methodology Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts, published in May
2017.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of the rating of the Government of Portugal would likely
result in an upgrade of the ratings of IP, with the one-notch
differential between the company's unguaranteed debt ratings and
the government rating expected to be maintained.

A downgrade of the rating of the Government of Portugal would
likely result in a downgrade of the rating of IP. Furthermore, any
evidence that the provision of financial support from the
government would not be forthcoming to IP if required would result
in a downgrade of the ratings of IP.

The principal methodology used in these ratings was
Government-Related Issuers published in June 2018.

COMPANY PROFILE

Infraestruturas de Portugal, S.A. is responsible for the design,
construction, financing, maintenance, operation, restoration,
widening and modernisation of the national road and rail networks
in Portugal. The company is 100% owned by the Government of
Portugal.



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

JSC INVESTGEOSERVIS: Fitch Maintains 'B-' IDR on Rating Watch Neg.
------------------------------------------------------------------
Fitch Ratings has maintained JSC Investgeoservis's Long-Term
Foreign- and Local-Currency 'B-' Issuer Default Ratings on Rating
Watch Negative.

The rating action continues to reflect uncertainties over IGS's
liquidity position, which remains weak and dependent on the
company's ability to secure additional funding. IGS has not
obtained any new credit lines since the date of its last review
(February 20, 2019), but it has met its debt service obligations
and Fitch understands from management that it has been in constant
dialogue with lenders and expects progress on refinancing to
accelerate in the next one-to-two months, following the release of
its consolidated 1H19 IFRS results.

IGS continues to be non-compliant with some of its covenants; the
banks have not issued formal waivers but have not demanded an
earlier repayment of the loans. The 1H19 results are expected to
signal a strong improvement in operational performance and cash
flow generation, which in turn should support the company's ability
to refinance upcoming maturities.

IGS continues to win new tenders with its largest customer, PAO
Novatek (BBB/Stable), and Fitch projects funds from operations
(FFO) net leverage to normalise in 2019 and beyond, after a peak at
7.1x in 2018 due to a series of technical issues.

Fitch will continue to monitor IGS's liquidity position and may
downgrade the company if it does not improve in the next one-to-two
months. A positive rating action, including assigning a Stable
Outlook, is contingent on IGS rebuilding its liquidity buffers
through refinancing, agreeing new funding and/or positive free cash
flow (FCF) generation before working capital changes.

IGS is a privately owned oilfield services provider operating
predominantly in the Yamal region and focusing on natural gas-rich
wells. At end-June 2019 it operated 32 drilling rigs.

KEY RATING DRIVERS

Improved Performance in 2019: Based on management accounts for
1H19, Fitch expects IGS's performance to significantly improve in
2019 and beyond compared with 2018. 2018 was marred by a series of
non-related technical delays and accidents, which translated into a
decline of EBITDA and FFO to RUB1.1 billion (RUB3.9 billion in
2017) and RUB223 million (RUB2.4 billion) respectively. FCF
generation was aided by a working capital release of RUB1.9 billion
as IGS secured extended terms of payments. Preliminary financial
figures for 1H19 show RUB2.2 billion in EBITDA and around RUB800
million in FCF after working capital outflows of roughly RUB700
million.

FCF has mostly been used to repay debt maturities falling due over
1H19. In 2019, Fitch projects IGS to generate RUB4.3 billion in
EBITDA and RUB1.3 billion in FCF after working capital outflows of
RUB900 million. Fitch expects IGS's FFO adjusted net leverage to
stabilise below 2.5x in 2019-2022, after peaking at 7.1x in 2018.
IGS's policy is to maintain net debt-to-EBITDA below 2x through the
cycle, and no higher than 3x in any given year.

Liquidity & Refinancing Risk: Fitch understands from management
that IGS is in talks with existing and new lenders regarding
extending upcoming maturities or securing new credit lines. Fitch
estimates that IGS will need to refinance some it is loans to meet
maturities in 4Q, with a forecast liquidity gap of around RUB1.8
billion in 2H19 compared with total repayments of RUB2.3 billion.
The liquidity gap could partially be closed by working capital
management although this is not assumed under its base case. Fitch
understands from management that the company expects to achieve
more progress towards refinancing following the release of its 1H19
IFRS report in the next one-to-two months.

Working Capital Management: In 2018 IGS's cash flows benefited from
working capital inflows of around RUB1.9 billion, stemming
primarily from concessions granted by IGS's subcontractors with
regard to payment terms. Fitch understands from management that
their intention is to gradually reduce the amount of overdue
payables. In its projections Fitch conservatively assumes working
capital outflow to average around RUB1.1 billion per annum over
2019-2022.

IGS's liquidity is also supported by advance payments received from
customers. In 1H19, the company received RUB300 million in advance
payments from Novatek for drilling works, and it expects to receive
a further RUB750 million in 3Q19, which Fitch includes as part of
the rating case.

Limited Scale and Geographical Diversification: IGS's small scale
and geographical concentration constrain the rating in the 'B'
rating category. The company has a fleet of 32 drilling rigs and
Fitch estimates its share of the Russian onshore market at about
2%. This is partly mitigated by IGS's stronger position in the
Yamal region where the company's market share by volume was an
estimated 15% in 2018. Its rating case assumes limited competitive
pressures in the region as the dominant player, Gazprom Burenie,
mainly caters to Gazprom PJSC (BBB-/Positive).

Reliance on Novatek: IGS has diversified away from Novatek, its
only customer prior to 2014, but its exposure to the company
remains high with Novatek accounting for 69% of revenue in 2018.
IGS's customer base also includes Rosneft Oil Company, PJSC Gazprom
Neft (BBB-/Positive) and other upstream companies.

Its base case assumes that the revenue stream from Novatek will be
above 70% in the next several years. This is mitigated by the
long-standing relationship between both companies, IGS's
specialisation in complex gas wells and fairly high switching
costs, as moving equipment in Russia's north is time-consuming and
expensive. Fitch understands from management that Novatek and other
customers continue to cooperate with the company, as confirmed by
the recently won tenders and IGS's improved order backlog for 2020
and beyond.

Limited Revenue Visibility: IGS's order book is predominantly
short-term, which is mitigated by the company's long-term record of
cooperation with Novatek. For 2019 IGS has been almost fully
booked, and contracts agreed for 2020 cover around 50% of the
revenue forecast under its base case. IGS expects the order book
for 2020 to increase substantially in the next three months.

Upstream companies in Russia can cut their orders with limited
penalties to be paid. In mitigation, Fitch deems drilling volume
reduction unlikely in the medium term in Russia as local oil and
gas producers, and Novatek in particular, are set to continue
intensive drilling to develop its greenfields and stabilise
production declines in brownfields. Novatek also expects to take a
final investment decision on its Arctic LNG 2 project this year and
is considering other LNG projects, which has increased demand for
drilling services in the region.

DERIVATION SUMMARY

Fitch downgraded IGS's ratings to 'B-' from 'B+' and placed the
ratings on Rating Watch Negative in February 2019 in view of the
company's weakened near-term liquidity position. IGS has not yet
achieved much progress with refinancing though its financial
performance significantly improved in 1H19. Management believes
that progress will be achieved in its ongoing refinancing
discussions after the banks have an opportunity to review its 1H19
IFRS report. Fitch aims to resolve the RWN once Fitch has more
information on IGS's liquidity position, in particular access to
new credit lines or extension of existing ones.

Other than liquidity, IGS's ratings are constrained by the
company's fairly small scale and dependence on a single customer,
Novatek, as well as a short-term order book and high fluctuations
of working capital. Eurasia Drilling Company Limited (BB+/Stable)
is rated higher mainly because of its larger scale and greater
geographical diversification, and the absence of liquidity
constraints.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Liquidity position gradually improving on refinancing of
existing maturities

  - Average price indexation in low single digits annually

  - Growing share of day-rate contracts

  - Cash outflow, due to working capital reduction, totalling RUB2
billion in 2019-2020

  - Capex averaging RUB0.9 million per year in 2019-2022

  - No dividends in 2019-2022


RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to a
Positive Rating Action:

  - Improved liquidity with near-term maturities and projected
working capital outflows covered by available committed facilities,
cash and cash-flow generation.

Developments that May, Individually or Collectively, Lead to a
Downgrade to 'CCC+' or below:

  - Inability to secure funding or extensions on maturing debt
obligations in the next one-to-two months.

  - Evidence of Novatek or other large customers reducing their
cooperation with IGS.

LIQUIDITY AND DEBT STRUCTURE

Poor Liquidity: Fitch believes that IGS's liquidity is only partly
funded, and that its cash balances and FCF generation may not be
sufficient to meet upcoming debt maturities in 4Q and fund forecast
working capital outflows. Specifically, the company faces debt
maturities of RUB2.5 billion over the next six months against
RUB294 million in cash at June 30, 2019 (management accounts) and
Fitch-projected positive FCF of RUB404 million.

QISHLOQ QURILISH: Fitch Assigns BB- LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings assigned Uzbekistan-based Joint-Stock Commercial Bank
Qishloq Qurilish Bank Foreign and Local Currency Long-Term Issuer
Default Ratings of 'BB-'. The Outlook on the IDRs is Stable. The
agency has also assigned the bank a Viability Rating of 'b'.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

QQB's 'BB-' Long-Term IDRs reflect Fitch's view of a moderate
probability of support from the Uzbekistan government (BB-/Stable)
in case of need, as reflected in the bank's Support Rating (SR) of
'3' and Support Rating Floor of 'BB-'. This view is based on the
bank's 97% state ownership, which has a high influence on the
ratings, the low cost of potential support relative to the
sovereign's foreign currency (FC) reserves. It is also underpinned
by QQB's role as a policy bank providing most mortgage loans in
rural areas of Uzbekistan and a track record of state support for
the country's public sector banks, which dominate the banking
sector.

The sovereign's ability to provide support is solid, in its view,
given the moderate size of the banking sector relative to the
economy (total banking sector assets of USD25 billion with a
loans/GDP ratio of 41% at end-2018), while Uzbekistan's FC reserves
are relatively large at around USD27 billion. However, support
considerations also factor in high concentration risks in
state-owned banks representing over 80% of sector assets, sector
loan dollarisation at above 60% and in a commodities-based economy
whose external finances rely on remittances, exposing it to
external shocks.

QQB's franchise is fairly small. It is the seventh-largest bank in
Uzbekistan with a 4% share of system assets and deposits and 5% of
system loans at end-1H19.

Fitch understands from management that the government of Uzbekistan
has no current plans to privatise QQB. The bank will likely remain
under strategic state ownership in the foreseeable future.

VR

QQB's 'b' VR is heavily influenced by a challenging operating
environment in Uzbekistan, potential deficiencies in underwriting
standards, the bank's specialised franchise, and rapid loan
growth.

QQB has a share of around one-third of the local residential
mortgage market. It is the main operator of the state-funded
affordable housing programme for rural communities whereby mortgage
loans are extended at subsidised rates and on preferential terms.
The programme is due to close by end-2021 and the government
intends to promote market-based mortgage lending in the country
from 2020, but in its view QQB will likely continue to retain its
strong position in rural mortgage lending.

Like many state-owned banks in Uzbekistan, QQB is reliant on state
capital and funding support. The bank received over USD150 million
of common equity from the state over the period 2013-2017.
Additionally, over 70% of the bank's liabilities at end-2018
comprised state-related funds or wholesale borrowings received by
the government and passed through to the bank.

At end-2018 QQB reported impaired loans (Stage 3 loans under IFRS9)
equivalent to 2.7% of gross loans, which is slightly above the
median for other Fitch-rated Uzbek state-owned banks (2%). However,
asset quality figures are distorted by high annual loan growth of
over 30% over the past four years. Strong loan growth is currently
a feature of Uzbekistan's banking sector. In addition, the bulk of
new mortgage loans are issued under grace periods and at lower
interest rates during the first five years, which eases borrowers'
debt servicing needs. Its assessment is that a truer picture of
asset quality will emerge across the sector once loan books
season.

Positively, QQB's loan book is granular, with the 25-largest
borrowers accounting for a small 9% of gross loans at end-1Q19.
These comprise loans to local developers and SMEs in manufacturing,
services and textile industries. QQB also benefits from low
dollarisation of the loan book (10% at end-1H19), which is far
below the sector average (around 60%).

Performance is moderate, with a return on average assets and equity
respectively of 1.1% and 12.3% during 2018. QQB reports stable
profitability metrics because it earns a fixed margin on long-term
subsidised mortgages. The cost-to-income ratio was high at 70% in
2018.

Capitalisation levels are determined by the state, as is the case
for peers, and regular capital injections ensure that regulatory
capital adequacy ratios are maintained above minimum requirements.
QQB's capitalisation is quite tight for the bank's risks. Fitch
Core Capital (FCC) equalled 12.2% of regulatory risk-weighted
assets (RWAs) at end-2018. As the bank continued to pursue active
loan growth in 1H19, regulatory Tier 1 and Total capital ratios
declined to 10.3% and 13.2%, levels which are only marginally above
the regulatory minimums of 10% and 13%, respectively. Fitch
understands from management that additional capital injections are
likely in 2H19.

The bank relies on state funding in the form of direct loans and
deposits from government and quasi-government institutions as well
as on funds provided by international financial institutions and
channelled through the Ministry of Finance. These accounted for
about three-thirds of end-2018 total liabilities. Non-state
customer funding represented a moderate 17% of end-2018
liabilities. The bank's liquidity buffer, comprising cash, and
short-term placements with the Central Bank of Uzbekistan and local
banks, amounted to a tight 6% of end-2018 assets. Liquid assets,
net of upcoming wholesale debt repayments, were sufficient to cover
only 4% of total customer deposits. However, liquidity risks are
manageable given the stable and predictable nature of funding
provided by the state.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

Rating actions on QQB's support-driven IDRs, SR and SRF will likely
result from a strengthening or weakening of the sovereign's credit
profile and will mirror changes to Uzbekistan's sovereign ratings.
A weakening of the state's propensity to support the bank may
result in a downgrade, although this is currently not expected by
Fitch.

VR

QQB's VR could be downgraded as a result of deterioration in asset
quality, excessive loan growth or capital weakness in the absence
of fresh capital injections. An upgrade of the VR would require a
substantial improvement in Uzbekistan's operating environment and
strengthening of the bank's commercial franchise and business
model.

Fitch has assigned the following ratings:

Joint-stock commercial bank Qishloq Qurilish Bank

Long-Term Foreign- and Local-Currency IDRs: assigned at 'BB-';
Outlooks Stable

Short-Term Foreign- and Local-Currency IDRs: assigned at 'B'

Support Rating: assigned at '3'

Support Rating Floor: assigned at 'BB-'

Viability Rating: assigned at 'b'

TEKHNOSERV AS: Moscow Court Commences Bankruptcy Proceedings
------------------------------------------------------------
Telecompaper, citing Cnews.ru, reports that Moscow Arbitrage Court
has started bankruptcy proceedings for Russian integrator
Tekhnoserv AS, controlled by the Tekhnoserv group, reports
Cnews.ru.

According to Telecompaper, five claims have been submitted by
creditors of the company, totalling RUB3.45 billion.  The company
Sibenergomash has submitted the largest claim at RUB1.98 billion,
Telecompaper discloses.




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

BURY FC: EFL Suspends Gillingham Game on Financial Uncertainty
--------------------------------------------------------------
Samuel Lovett at The Independent reports that Bury's match against
Gillingham on Saturday,
Aug. 17, has been suspended by the English Football League.

This is the fourth Shakers game to be called off, with the League
One club failing to prove its financial viability to the EFL by the
Aug. 13, 9:00 a.m. deadline, The Independent discloses.

According to The Independent, a statement from the EFL read:
"Clarity is still required on plans to meet the Club's commitments
to football creditors, payment to unsecured creditors as part of
the Company Voluntary Arrangement (CVA), alongside source and
sufficiency of funding for season 2019/20.

"As a result of the necessary evidence not being made available,
the fixture has been suspended in accordance with EFL Regulation
28.2 and is the Club's fourth game of the season not to take place
as originally scheduled."

The decision by the EFL comes a day after Bury owner Steve Dale
said he would consider selling the club after a "lifeline" takeover
offer was made on Aug. 12, The Independent notes.

The Shakers, deducted 12 points for entering into a company
voluntary arrangement (CVA), have been issued with a notice of
withdrawal of membership by the EFL and are currently working
towards an Aug. 23 deadline to avoid expulsion, The Independent
relates.

IWH UK: Fitch Affirms B Issuer Default Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed IWH UK Midco's senior secured debt
facilities, including the company's incremental EUR50 million term
loan B at 'B+'/'RR3'. This holding company owns Theramex HQ UK Ltd,
the UK-based supplier of women's health medication.

At the same time, Fitch has affirmed IWH UK Finco's Issuer Default
Rating at 'B' with Stable Outlook.

The IDR of 'B' reflects the mid-cap nature of Theramex with
concentrated operations in several European markets. It has a
fairly narrow but targeted product portfolio focusing on women's
health. The group operates an asset-light business model, focusing
on life-cycle management of mostly off-patent drugs and their
marketing.

The Stable Outlook reflects Theramex's solid free cash flow (FCF)
and moderate financial leverage for the rating, mitigating the lack
of meaningful scale, exposure to competition, and execution risks
associated with establishing the operation as an independent
business.

KEY RATING DRIVERS

Upcoming Transaction Leverage-Neutral: Theramex has upsized its
existing TLB through a EUR50 million add-on, which it intends to
use to repay expected drawings under a revolving credit facility
(RCF) for a prospective acquisition, as well as adding cash to the
balance sheet. Given the incremental earnings from the acquisition,
Fitch expects the increased TLB to be neutral to Theramex's
leverage overall. The prospective acquisition, focused on menopause
drugs, will provide further scale and reinforce its sales force in
existing geographies. Fitch views expected procurement synergies of
around EUR3 million as reasonable.

Carve-out More Disruptive than Expected: Its rating reflects the
ongoing execution risks associated with establishing Theramex as an
independent business, fully separated from its previous owner Teva
Pharmaceuticals Industries Limited (BB-/Negative). Fitch expects
the group will continue to be subject to exceptional costs in 2019,
of up to EUR50 million (includes recent acquisition related one-off
expenses). This transition was not as smooth as Fitch had
previously expected as disruptions in the supply chain for key
products Zoely, Lutenyl and Fem7 led to lower-than-expected revenue
(-7.6% YoY in 2018 versus Fitch's prior estimate of 2%) and
higher-than-expected exceptional costs (EUR75 million paid in 2018
versus Fitch's prior forecast of EUR63 million).

Despite this, Fitch views management's proactive response
positively. Since November 2018, Theramex has taken full
responsibility for all suppliers and products (previously managed
by Teva) and Fitch expects a rebound in its financial performance
in 2019 as most of the supply chain issues have been resolved by
1Q19.

Mature Profitable Product Portfolio: In its view, Theramex benefits
from a portfolio of mature and profitable brands supported by an
established base of prescribers and customers, and facilitated by a
dedicated sales force. Fitch estimates that the mature product
portfolio covering osteoporosis, menopause and contraception
solutions contributes between 80% and 90% to Theramex's sales. The
stability of core products' earnings is evident in overall steady
gross margins and EBITDA, despite volume and price volatility of
individual brands.

Growth Products Key for Ratings: Proprietary new-generation drugs
complement the product base, with patent-protected income streams
projected by Fitch to continue contributing the remaining 10%-20%
to Theramex's sales. Fitch views the contribution from growth
products as a material support of the 'B' IDR. Delays in
introducing new products in target markets, price/volume erosion
arising from competing products, or inefficient sales and marketing
initiatives will affect the group's earnings and cash flows, and
may put the ratings under pressure.

Focus on Women's Health: Fitch regards Theramex's clear strategic
niche focus on women's health as positive for the group's business
risk profile although Fitch does not view it as immune from generic
competition. Its product portfolio faces volume and price
challenges in a fragmented and competitive women's health market
ranging from global pharmaceutical companies to mid- and small-cap
local market constituents. Fitch forecasts that the group will be
able to compensate for possible weaknesses in individual products
through active management of its brand portfolio, leading to
overall stable EBITDA margins of around 34%.

Scale Constrains Ratings: The mid-cap nature of Theramex's
operations will keep the IDR in the 'B' rating category in the
medium- to long-term. Fitch expects the financial sponsor will
develop the asset both organically and through complementary
product or licence acquisitions of around EUR12 million a year.
However, Fitch does not project any material change in the scale of
Theramex's current product portfolio over its four-year rating
horizon to 2022.

Strong Underlying FCF: Its ratings reflect Theramex's
cash-generative business model supported by high and stable
operating margins, in combination with manageable working capital
and low capital intensity. Fitch projects funds from operations
(FFO) margins will average 24% over the rating horizon, which is
solid for the ratings. Low working capital requirements, in
combination with modest capex needed for maintenance of business
infrastructure and intellectual property, will result in
pre-exceptional FCF margins above 15%, leading to a strong implied
pre-exceptional FCF/EBITDA conversion rate in excess of 50%.

Leverage Aligned with IDR: Its projected leverage at around 5x-6x
on an FFO-adjusted gross basis over the rating horizon is
commensurate with the IDR of 'B' and in line with other Fitch-rated
mid-cap European generic pharmaceutical companies. In the absence
of committed contractual repayments, Fitch forecasts no material
de-leveraging on a gross basis, but a mild deleveraging path net of
accumulated cash, with FFO-adjusted net leverage trending to 4.5x
by 2021.

DERIVATION SUMMARY

Fitch considers Theramex in the framework of the Ratings Navigator
for pharmaceutical companies, despite some consumer angle of its
branded products, where demand is generated through a
pull-marketing strategy at the level of drug prescribers. Compared
with Nidda Bondco GmbH (Stada, B/ Stable), Theramex is considerably
smaller with a fairly concentrated product and country exposure;
however, Stada is materially more leveraged than Theramex. The
latter's profitability and cash flow margins are high in the
context of the pharmaceuticals sector risk profile although in line
with other mid-cap asset-light pharma peers. Fitch therefore
attributes such strong margins to Theramex's selected in-house
competences avoiding costly product innovations, and investment in
capital-intensive, commoditised manufacturing processes.

Theramex's financial risk profile with an FFO adjusted gross
leverage of around 5.5x is well placed for a 'B' IDR and in the
context of its Ratings Navigator fully consistent with the 'B'
rating category. Cheplapharm Arzneimittel GmbH (B+/Stable) exhibits
a more established sales platform of off-patent drugs and
demonstrated solid FCF generation capabilities. While Cheplapharm
shows a similar leverage profile as Theramex, it has pursued a more
aggressive external growth strategy.

KEY ASSUMPTIONS

  - Revenue growth of 9% in 2019 based on launch of new products
and resolution of supply chain issues. Post 2019, Fitch assumes
revenue growth of around 3-5%, based on 1% organic growth
(contraction in osteoporosis offset by growth in fertility and
contraception) and 2-4% from launch of new products

  - EBITDA margin stable at around 34%

  - Working capital cash outflows of around EUR2 million per annum

  - Capex of around EUR11 million-EUR12 million per year (5% of
sales), including EUR3 million-EUR4 million in licencing capex to
support new product launches

  - EUR36 million of M&A spend in 2019. From 2020-2022, Fitch
assumes EUR8 million of M&A spend per annum

  - No dividend payments

Key Recovery Assumptions:

Theramex's recovery analysis is based on the going-concern
approach. This reflects Theramex's asset-light business model
supporting higher realisable values in a distressed scenario
compared with a balance sheet liquidation. For the going-concern
analysis enterprise value (EV) calculation, Fitch has applied a 35%
discount to Fitch-estimated 2018 pro-forma (for prospective
acquisition) EBITDA of EUR82 million, leading to a post-distress
EBITDA of EUR53 million, as a post-distress cash-flow proxy.

Fitch has then applied a 5.5x distressed EV/EBITDA multiple,
considering Theramex's estimated multiple in the recent LBO
transaction, as well as broader sector trading benchmarks.

Based on the payment waterfall the revolving credit facility (RCF)
of EUR55 million ranks pari passu with the upsized EUR425 million
term loan B (TLB). Therefore, after deducting 10% for
administrative claims, its waterfall analysis generates a ranked
recovery for the senior secured debt in the 'RR3' band, indicating
a 'B+' instrument rating for the TLB and RCF. The waterfall
analysis output percentage on current metrics and assumptions is
55%.

RATING SENSITIVITIES

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

  - Successful completion of the separation from Teva as evidenced
in an efficiently functioning new senior management team, an
appropriately sized international sales force, fully internalised
business support functions and intact supply and distribution
networks,

  - Increase in scale with a concurrent sustained expansion of
EBITDA and margins

  - FCF trending towards EUR50 million p.a., with FCF margins
sustainably of at least 5%

  - FFO adjusted gross leverage below 5.0x on a sustained basis

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

  - Further delays or material challenges to the separation process
evidenced in an incomplete key senior management team, an
inadequately staffed sales force, or disruptions in outsourced or
in-house business processes

  - Declining sales and EBITDA with margins falling below 30%

  - Declining FCF in combination with larger scale, debt-funded
M&A

  - FFO adjusted leverage above 6.5x on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Growing Liquidity Buffer: The liquidity profile is supported by
Theramex's strong cash generation, access to an undrawn (pro-forma
to the current transaction) EUR55 million revolving credit
facility, long-dated debt maturities (2024) and lack of working
capital seasonality. The group is still expected to incur some
one-off costs in 2019 (around EUR51 million) related to its
separation from Teva but should be able to cover these costs using
internal FCF generation.

PUNCH TAVERNS: Fitch Affirms 'B' Rating on 3 Note Classes
---------------------------------------------------------
Fitch Ratings has affirmed Punch Taverns Finance B Limited's class
A3, class A6 and class A7 notes at 'B'. The Outlooks are Stable.

The transaction is a securitisation of tenanted pubs in the UK,
owned by Punch Taverns Limited.

KEY RATING DRIVERS

The ratings reflect the transaction's exposure to discretionary
spending and a leased/tenanted business model, which makes it
challenging to adapt to the dynamic eating-and- drinking out market
in the UK. Partial scheduled amortisation and the excess cash being
trapped in the structure partially mitigates the refinancing risk.
In its view, default risk is present, but a limited margin of
safety remains. Coverage and leverage metrics are well- aligned
with its criteria's and peers'.

Structural Decline but Strong Culture - Industry Profile: Midrange
The pub sector in the UK has a long history, but trading
performance for some assets has shown significant weakness in the
past. The sector has been in a structural decline for the past
three decades due to demographic shifts, greater health awareness
and the growing presence of competing offerings. Exposure to
discretionary spending is high and revenues are therefore
inherently linked to the broader economic cycle. Fitch views
competition as stiff, including off-trade alternatives, and
barriers to entry are low, despite increasingly demanding
regulations. Nevertheless Fitch views the UK pub sector as
sustainable in the long term, despite the on-going contraction,
supported by the strong pub culture in the UK.

Sub KRDs: Operating environment - Weaker; Barriers to entry -
Midrange; Sustainability - Midrange

Tenanted Model, Pub Disposals - KRD: Company Profile - Midrange
EBITDA per pub has stabilised and increased over the past five
years, mainly as a result of extensive disposals of
under-performing pubs and increased investments in the estate
following years of capex underspend. The leased/tenanted business
model makes it more challenging for the operator to adapt to the
growing eating-out market in the UK, as it reduces control over
publicans' strategy and leaves less cash for capex due to
performance declines. Limited visibility with respect to tenants'
profitability means that sustainability of the cash flows generated
by tenanted pubs is more difficult to estimate. However, Fitch
expects continued disposals of non-core pubs, combined with
increased core estate capex, to result in an overall improved
quality of the estate in the foreseeable future.

Sub-KRDs: Financial performance - Weaker; Company operations -
Midrange; Transparency --Weaker; Dependence on operator - Midrange;
Asset quality - Weaker

Refinancing Risk - Debt Structure: Midrange

The rated notes are senior-ranking and fixed-rate. However, they
amortise only partially and have significant bullet maturities in
2021, 2022 and 2024. These cannot be met out of excess cash flows
in the Fitch rating case (FRC), thus requiring either a debt
refinancing or significant disposals of core pubs. Only the unrated
junior class B3 notes can defer interest payments.

The security package is standard for UK whole business
securitisations. Operational and financial covenants are
satisfactory, although Fitch notes the exclusion of the bullet
repayments for the purpose of calculating the reported free cash
flow (FCF) debt service coverage ratio (DSCR) as well as the
possibility of preventing a covenant breach through the
availability of disposal proceeds as part of the FCF definition.
This weakness is mititgated by the inclusion of a leverage
covenant. A liquidity facility is structured to cover 18 months of
peak debt service. However, this is effectively only interest
payments and scheduled principal excluding final bullets.

Sub-KRDs: Debt profile: Weaker; Security package: Stronger;
Structural features: Midrange

Financial Profile

Under the latest FRC, the projected minimum of average and median
synthetic FCF DSCR remains unchanged at 0.8x for the class A notes.
Fitch forecasts net debt-to-EBITDA of 5.9x for the class A notes as
of May 2020.

PEER GROUP

Unique Pub Finance Company plc (class A notes rated BB+', class M
notes and class N notes rated B+) and Wellington Pub Company plc
(class A notes rated B+) are the closest peers. Both issuers are
also linked to the broader UK economic cycle and have a large
portfolio of mainly tenanted pubs. Punch B class A notes have
comparable projected FCF DSCR to Unique's class M notes but higher
leverage. In addition, its refinance risk, unusual in UK WBS,
justifies the difference between ratings for Punch B senior class A
and Unique junior class M notes. Wellington's FCF DSCRs are more
solid, but the ratings take into account the company's weaker
business model and debt structure.

RATING SENSITIVITIES

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

  - Further deterioration in projected DSCR and leverage metrics
for the class A notes. This could be driven by declining
performance or disposal proceeds being insufficient for
deleveraging via prepayments, leading to a material increase in
default risk.

  - Failure to refinance maturing debt tranches.

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

  - The notes are unlikely to be upgraded in the foreseeable future
due to refinancing risk of the maturing debt tranches.

CREDIT UPDATE

Improving Per Pub EBITDA

Punch's trailing 12-month revenue to May 2019 grew 2.5%. EBITDA in
the same period stood at GBP65.6 million, a marginal decline
compared with previous year due to a declining number of pubs and
an increase in operating costs. Revenues per pub and EBITDA were
stronger, growing 7% and 4% respectively, and were driven primarily
by ongoing disposals. The EBITDA margin declined to 42% from 43%
during the same period.

Investments in Excess of Covenants

Investment continued during the year with Punch spending around
GBP32 million on the Punch B estate over the past four quarters,
totalling around GBP26,200 per pub, which is well in excess of the
minimum required spend of around GBP8,000 and should bolster
performance. Investments are granular and concentrate on the
kitchen area, adding trading space or even accommodation.

Liquidity Facility Novated

In March 2019, the liquidity facility was novated to HSBC Bank Plc
(AA-/RWN/F1+) from NatWest Markets Plc (A/RWN/F1). Fitch assesses
the novation as credit-neutral.

Exposure to "No-deal" Brexit Limited in the Short-term

The securitisation is not exposed to a potential short-term
disruption in supply of products in a "no-deal" Brexit scenario as
it sources almost all of its drinks from the UK. However, the
transaction remains exposed to discretionary spending and general
economic development. If Brexit has a dampening effect on the UK
economy, this could lead to lower consumer confidence and
discretionary spending. Patronage levels may decline as a result,
weakening the ability of the publicans to pay rent. In addition,
refinancing of the partly amortising debt could be more challenging
if capital markets become less liquid in the event of an
unfavourable outcome to Brexit negotiations.

Metrics above Covenant Levels

Reported metrics remain above covenant levels. At May 26, 2019, the
FCF ratio stood at 1.2x but declined from 1.9x a year earlier due
to higher capital investments. At May 26, 2019, net senior leverage
was 5.8x, down from 6.0x a year earlier as the transaction
continues to deleverage.

Fitch Cases

Under the FRC Fitch envisages gradually declining FCF due to low
growth in beer and rental income over the long term, increasing
opex and ongoing capex above the minimum covenanted levels. Fitch
also ran a stress case scenario whereby sales declined 5% p.a. for
four years. The FCF DSCR metrics based on scheduled debt service
fell towards 1x, indicating FCF would be sufficient to cover debt
service until the maturity of the class A3 notes. However, ultimate
repayment will still depend on refinancing of the outstanding debt
balances at that time.

Asset Description

As of May 2019 the transaction consisted of 1,199 pubs (1,055 pubs
in the core estate and 144 in the non-core).

SOLARPLICITY: Collapses Following Rising Customer Complaints
------------------------------------------------------------
Jillian Ambrose at The Guardian reports that thousands of homes and
hundreds of companies have been left without an energy provider
after Solarplicity became the 13th firm to collapse out of the
energy market since the start of last year.

It ceased trading two weeks after selling most of its customers to
a rival amid a rising number of complaints and a deepening row with
the energy regulator, The Guardian discloses.

Solarplicity, which also installs home solar panels, was left with
7,500 home energy customers and 500 business customers after
agreeing to hand over 43,000 of them to Toto Energy in July, The
Guardian recounts.

The company's remaining customers will be moved to a new supplier
through the regulator's "safety net" process, which has been used
seven times this year because of energy supplier collapses, The
Guardian states.

According to The Guardian, David Elbourne, the chief executive of
Solarplicity, blamed its demise on the "overcrowded, highly
regulated market" and the regulator's "overly onerous
interventions".

Ofgem cracked down on the supplier this year because of customer
complaints and unpaid bills for renewable energy subsidies, which
Solarplicity collected from customers but failed to pass on to the
regulator's coffers, The Guardian relates.

The regulator also banned Solarplicity from taking on new customers
because of poor customer service and problems with customer
switching, The Guardian notes.

Matthew Vickers, the chief executive of Ombudsman Services, said it
was no surprise the supplier had gone bust after rising customer
complaints, The Guardian relays.

The ombudsman has received 3,324 complaints about Solarplicity this
year, including 583 in July, according to The Guardian.  It
received about 1,000 complaints last year, The Guardian discloses.


SPORTS DIRECT: Grant Thornton Intends to Quit as Auditor
--------------------------------------------------------
Tabby Kinder and Jonathan Eley at The Financial Times report that
Sports Direct has asked the UK government to clarify how it might
act if the troubled retailer becomes the first major listed
business to fail to appoint an auditor.

Grant Thornton, which has audited Sports Direct since it floated on
the London Stock Exchange in 2007, has told regulators that it
intends to quit after the retailer's annual meeting of shareholders
in September, the FT relates.

According to the FT, the decision leaves Sports Direct struggling
to appoint a replacement auditor, as it admitted that it had not
previously persuaded rival accounting firms to tender for its audit
contract.

Sports Direct, founded by tycoon Mike Ashley, has asked the
Department for Business, Energy and Industrial Strategy for clarity
on the powers of the secretary of state to appoint an auditor to a
public company, the FT relays, citing two people with knowledge of
the matter.

The people said the Financial Reporting Council, the audit
watchdog, has also been involved in the talks, the FT notes.

According to the FT, under the UK Companies Act, the secretary of
state for the department for business, Andrea Leadsom, has the
power to appoint an auditor to a quoted company if it fails to
appoint one itself.  The company must notify the department within
a week via a notice to Companies House., the FT states.

Sports Direct, as cited by the FT, said during its annual results
that all of the Big Four firms--Deloitte, PwC, KPMG and EY--had
claimed to be conflicted from auditing it.



                           *********


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
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