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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, August 21, 2019, Vol. 20, No. 167

                           Headlines



G E R M A N Y

SGL CARBON: Moody's Affirms B3 CFR; Alters Outlook to Negative
THYSSENKRUPP AG: S&P Cuts LT Rating to 'BB-', Outlook Developing


I R E L A N D

EIRCOM HOLDINGS: Fitch Affirms B+ IDR, Outlook Stable


K A Z A K H S T A N

SAMUK-KAZYNA CONSTRUCTION: Fitch Asigns BB+ LT IDRs, Outlook Stable


N E T H E R L A N D S

AURORUS 2017: DBRS Confirms B(sf) Rating on Class F Notes


R U S S I A

CHELINDBANK: Fitch Upgrades LT IDR to BB-, Outlook Stable


S W E D E N

DOMETIC GROUP: Moody's Hikes CFR to Ba2; Alters Outlook to Stable


U N I T E D   K I N G D O M

GENESIS MORTGAGE 2019-1: DBRS Gives Prov. B(low) Rating to F Notes

                           - - - - -


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G E R M A N Y
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SGL CARBON: Moody's Affirms B3 CFR; Alters Outlook to Negative
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Moody's Investors Service affirmed SGL Carbon SE's corporate family
rating at B3 and affirmed SGL's probability of default rating at
B3-PD. Concurrently Moody's has affirmed the B2 instruments rating
of SGL Carbon's outstanding EUR250 million guaranteed senior
secured notes due 2024. The outlook has been changed to negative
from stable.

The outlook change follows an Ad-Hoc notification, in which the
company stated that it now expects company defined recurring EBIT
to be EUR10 million lower than previously guided. Furthermore the
company announced that it will revise its 2020/22 guidance and the
departure of its CEO.

RATINGS RATIONALE

The change of the outlook reflects its expectation that leverage
will be in the range of 7.5x to 8.0x in 2019 and only decrease to
7.0x in 2020. This leaves the company with no headroom for further
operational underperformance or additional increases in gross debt.
Furthermore the change in the outlook reflects the fact, that in
the light of the company's ambitious capex plans FCF will remain
negative and it will now be challenging for the company to balance
capex spending for future growth and at the same time maintaining
its current balance sheet structure, i.e. not incurring additional
gross debt. The company has some flexibility with regards to
modulating its capex spending and intends to continue to emphasize
working capital discipline, which could be necessary to contain
negative FCF at levels allowing the company to maintain its current
balance sheet structure.

SGL Carbon's B3 rating remains supported by solid long-term demand
fundamentals, which, however, takes time to come through to the
company's turnover and profits. The company still maintains an
adequate liquidity profile. SGL has refocused its business towards
high growth applications in the automotive, aerospace, industrial
applications and semiconductor as well LED markets. In the medium
term, Moody's expects the company to be able to leverage on its
know how in graphite materials and systems and composites - fibers
and materials business units, resulting in mid-single-digit revenue
growth in percentage terms and gradual improvements in
profitability beyond 2020. SGL's B3 rating positively reflects
demonstrated shareholder support in the past by its main
shareholder, SKion GmbH and Bayerische Motoren Werke
Aktiengesellschaft (A1 stable), who fully subscribed a rights
issuance in 2016.

OUTLOOK

The negative outlook reflects Moody's expectation that leverage
will be in the range of 7.5x-8.0x in 2019 and only return to levels
commensurate with the B3 rating in 2020. This leaves the company
with no headroom for any further operational underperformance. In
the light of the company's need to invest in future growth any
further shortfall in cash generation might leave the company in a
situation where it needs to strike the balance between
significantly reducing growth investments or incurring additional
indebtedness to support growth investments.

LIQUIDITY

Moody's views SGL's liquidity as adequate. SGL's liquidity sources
consist of an undrawn EUR175 million RCF, around EUR144 million
cash on balance sheet as at June 30, 2019 and forecasted internal
cash generation. These sources are sufficient to cover the
company's capital expenditure (around EUR100 million forecasted for
2019 and around EUR85 million forecasted for 2020), working cash
needs and to accommodate unexpected swings in working capital in
the next 12-18 month. Furthermore Moody's modeled a cash outflow
for the outstanding payment for shares of SGL Composites USA
amounting to EUR52 million. The company's RCF contains two
financial maintenance covenants and Moody's expects that the
company will be able to meet its covenants in the next 12 to 18
month, provided there is no further operating underperformance.

STRUCTURAL CONSIDERATIONS

SGL Carbon's outstanding guaranteed senior secured notes are rated
B2, i.e. one notch above the CFR, as they are, similarly to the
obligations under the RCF, effectively senior to the EUR159 million
2023 convertible bonds. This reflects the fact that, the senior
secured notes are guaranteed by subsidiaries representing in
aggregate at least 70% of the consolidated EBITDA of the group and
are secured by share pledges.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings could be upgraded should SGL returns to positive FCF on
a sustainable basis, supporting further decrease in leverage with
Moody's-adjusted total debt to EBITDA falling below 5.0x, while
maintaining adequate liquidity.

Downward ratings pressure could occur if (1) SGL fails to grow its
earnings and return to positive FCF despite a normalisation of
capex; (2) its liquidity deteriorates, as it continues to generate
negative FCF; and (3) SGL's Moody's-adjusted total debt to EBITDA
ratio to remain above 7.0x for a prolonged period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

THYSSENKRUPP AG: S&P Cuts LT Rating to 'BB-', Outlook Developing
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S&P Global Ratings lowered its long-term rating on thyssenkrupp AG
to 'BB-' from 'BB', and affirmed its 'B' short-term rating.

S&P said, "The downgrade reflects our view that thyssenkrupp's FFO
to debt in 2020 will be around 15%, despite the planned partial IPO
of its elevator technology division, due to ongoing negative free
cash flow and currently weak market conditions. This ratio is no
longer in line with the previous rating level. We view adjusted FFO
to debt of 12%-16% to be in line with a 'BB-' issuer credit rating,
and 16%-20% with a 'BB' rating, with thyssenkrupp's current
business mix.

"Despite the risks related to the planned partial IPO in currently
volatile capital market conditions, we believe thyssenkrupp will be
able to execute the transaction, due to the attractive and stable
profile of its elevators business, and therefore include the
transaction in our base case. We also understand that the group
plans to use the proceeds to strengthen its balance sheet. The
preparations for the transaction are well underway, and we assume
thyssenkrupp will dispose around 20% of the elevators division
shares and continue to consolidate the new listed entity. Should
the transaction not materialize and operating performance not
materially improve, we would likely lower our ratings on
thyssenkrupp."

The minority IPO was unanimously approved by thyssenkrupp's board,
but under the condition that management evaluates offers for a
disposal of the division as a whole. The group has since confirmed
it will run a dual-track process for the elevators division by
simultaneously assessing offers regarding a private trade sale as
an alternative for the IPO. The full sale of the division--which
S&P considers a realistic scenario due to interest expressed both
by strategic and financial investors--would significantly weaken
the business risk profile of the remaining group, since the
elevators division provides more than 50% of the group's reported
EBITDA.

A full sale of the division would enable the group to readjust its
capital structure due to the expected sale proceeds, which
according to available estimates could amount to around EUR13
billion to EUR17 billion in gross value. thyssenkrupp's net
pension-related obligations (as of June 30, 2019) sit at EUR7.3
billion (including our adjustments), which limits rating upside.
S&P said, "With our forecast of thyssenkrupp's 2020 performance
excluding the elevators division's contribution to group EBITDA,
the capital structure, including pensions, would need to be reset
and leverage reduced for rating stability at the current level or
potential ratings upside. However, we view it unlikely that the
group's management and shareholders would embrace the prospect of
running the remaining business, which would have increased
volatility, without adjusting the gearing accordingly. Our
understanding is that in case of a full sale of the elevators
business management would seek to use the proceeds both to redeem
debt and fund the group's pension deficit."

The developing outlook encompasses the current range of rating
outcomes, which depend on the group's ability to improve its
operating performance and on the outcome of the planned IPO or a
trade sale of the elevators business.

S&P said, "In our base case, we assume that thyssenkrupp will
successfully execute the planned partial IPO of its elevators
business, and thereby generate around EUR2.0 billion of net cash
inflow from the transaction, as well as flexibility to monetize its
remaining holding on the new listed entity in case needed. We
further assume that the group will be able to gradually improve its
operating performance and margins, which currently are at an
all-time low, and reach modestly positive free operating cash flow
(FOCF) by 2021. We view adjusted FFO to debt between 12% and 16%
over the next 12 months as in line with a 'BB-' rating, provided
that we start to see improvement in the group's operating
performance.

"Ratings downside over the 12-month outlook horizon would likely
materialize, if the group did not succeed with the partial IPO and
its operating performance did not improve according to our
base-case expectations. Should the transaction not materialize,
thyssenkrupp would not be able to offset the negative free cash
flow of 2019 and 2020 with the proceeds, which in light of our
forecast performance would lead to FFO to debt of around 12% by
2020 all else equal."

Should also operating performance not improve, the credit ratios
would further weaken, which would likely hamper the group's ability
to refinance with attractive conditions, and lead to an imminent
downgrade.

S&P said, "We currently see limited ratings upside for thyssenkrupp
over the next 12 months from a purely operational perspective,
since we do not envision a fast turnaround of the business toward
generating positive free cash flow. However, as the group has
communicated plans to engage in a dual-track process on its
elevator business, we view a full sale of the business as a
realistic option. With currently available estimates of an
enterprise value of around EUR13 billion to EUR17 billion, and
adjusted debt at the end of 2019 at around EUR12 billion (including
pensions and leases), a full sale would enable the group to reset
its balance sheet structure to reflect the cash flow generation
capacity of the remaining business at a desired credit risk level.
For an upgrade, we would need to see FOCF turning positive, which
enables debt repayment and effective management of the capital
structure.

"We understand that management aims to strengthen the group's
credit risk profile from its current level and that using the bulk
of sales proceed for this purpose is management's preferred option
in a full-sale scenario."



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I R E L A N D
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EIRCOM HOLDINGS: Fitch Affirms B+ IDR, Outlook Stable
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Fitch Ratings has affirmed Irish telecoms incumbent eircom Holdings
Limited's (eir) Long-Term Issuer Default Rating at 'B+' with a
Stable Outlook, and assigned a final senior secured rating of
'BB-', following the finalisation of the capital structure with the
May refinancing and July amend and extend transaction.

Fitch's view remains unchanged following the amend and extend, as
the transaction was leverage neutral and there is no impact on
ratings or recoveries. eir has improved its capital structure
through the paydown/refinancing of the remaining TLB due 2024 and
subsequent extension to 2026, and Fitch views positively the
associated reduction of the interest expense and extension of
maturities.

Fitch has assigned a final senior secured rating of 'BB-' to the
TLB due 2026. The 'BB-' senior secured rating and recovery rating
of 'RR3'/70% reflect the pari passu ranking of the new loans and
notes with all present and future senior secured obligations.

As the TLB due 2024 was refinanced in the July amend and extend,
the issue rating is being withdrawn.

KEY RATING DRIVERS

Temporary Leverage Pressure: eir's May refinancing of the EUR700
million bond due 2022 and EUR200 million of the EUR1,600 million
term loan due 2024, as well as the subsequent payment of a EUR400
million special dividend pushes funds from operation (FFO) adjusted
net leverage to above 5.0x. Management funded the transactions
through a combination of senior secured loans and senior secured
notes, equal to EUR1,150 million, temporarily drawing the EUR100
million revolving credit facility (RCF) with an additional EUR60
million of cash from the balance sheet. As a result, Fitch expects
a breach of its FFO adjusted net leverage downgrade sensitivity of
5.0x for the financial year ending June 2019.

The subsequent July amend and extend was leverage neutral,
extending/refinancing the entire remaining 2024 tranche of EUR455
million in line with the 2026 tranches (now totaling EUR1,800
million).

Expected Deleveraging: Operational improvements achieved YTD, with
successful cost-cutting supporting profitability and ongoing cash
flow generation, should mean leverage pressures will be temporary.
Growing EBITDA and materially reduced restructuring costs should
support FFO improvements beyond FY19, allowing eir to reduce FFO
adjusted net leverage to below 5.0x in FY20. The IDR will come
under pressure should the company fail to reduce leverage below
5.0x. An increasing cash balance by FY21 increases the potential
for further equity outflows, which may compromise deleveraging.

Ownership Change Broadly Positive: In April 2018, Xavier
Niel-controlled NJJ and Iliad together acquired a 64.5% stake in
eir. The emphasis on operational efficiency, in line with Mr.
Niel's record in other countries, is broadly positive for eir's
credit profile. The new management has completed its staff
reduction programme while also implementing significant process
simplification and IT improvements, together with customer service
and network investment. These changes over the next two to three
years should further improve eir's financial performance, although
some execution risks remain in achieving these ambitious plans.

Competitive Irish Market: eir continues to defend its market
position against intense competition. In YTD FY19, underlying
revenue has fallen 1%, while EBITDA has increased 11%. The
company's convergence strategy has underpinned the introduction of
higher-value customer bundles, with 32% of eir's customers on a
triple/quad play bundle. Its mobile subscriber base is altering
with 54% of eir's mobile customers now on a post-paid contract.
Fitch expects average revenue per user (ARPU) to gradually improve
in the next two years given the emphasis on higher-value products,
continued fibre take-up, against the backdrop of a stronger economy
in Ireland.

FCF Generation to Improve: Fitch expects a reduction in personnel
costs, among other things, to support margin expansion into FY19.
FFO adjusted net leverage has historically been constrained by
limited EBITDA growth and weak free cash flow (FCF) generation.
Over the next three years, growing EBITDA from stabilising revenue
and a lower cost base with falling restructuring costs and a stable
capex profile should increase FCF and therefore eir's deleveraging
capacity.

Ongoing Capex: Fitch expects capex excluding spectrum at around 23%
of FY19 revenue, before easing to 21% until FY22. eir initiated a
EUR150 million mobile network investment programme, which includes
site upgrades across 2,000 towers, coupled with the build of 500
new towers, expected to be completed over two years. At the same
time, eir announced a five-year, EUR500 million plan to expand its
fibre to the home (FTTH) footprint across urban and suburban
Ireland. Historically, eir has invested heavily in its network to
become Ireland's leading fibre and fixed-mobile convergence
network. LTE mobile deployment covered 96% of the population as at
December 2018 and the company's fibre network (mainly fibre to the
cabinet) passed 1.86 million premises (79% of Irish premises),
connecting 670,000 customers, with a customer penetration rate of
36%.

FTTH Roll-Out Plans: eir intends to roll out FTTH technology more
extensively into urban and suburban areas, challenging Virgin
Media's cable service. Starting in July 2019, this EUR500 million
project targets the rollout of FTTH to an additional 1.4 million
premises across the country. Fitch believes that this will help
cement eir's position as Ireland's leading fixed-network provider,
improve its broadband market share and ultimately grow revenue. In
its view, eir's withdrawal from the National Broadband Plan (NBP)
is neutral for the company's credit profile given that expected
winners, such as enet, are likely to rely on eir's infrastructure
to meet its NBP obligations.

DERIVATION SUMMARY

Relative to its European telecoms incumbent peers, Royal KPN N.V
(BBB/Stable) and Telenet Group Holding N.V (BB-/Stable) eir has
higher leverage, smaller size, a largely domestic focus, and a lack
of leadership in the mobile segment. Its EBITDA margin is similar
to peers, but pre-dividend FCF margin has historically been lower
due to higher capex as a percentage of revenue and cash
restructuring costs. Leveraged peers include Wind Tre SpA
(BB-/Rating Watch Positive, one notch uplift due to parental
linkage) and DKT Holdings ApS (B+/Stable), with eir maintaining
higher margins than Wind but in line with DKT and displaying
materially better deleveraging capacity compared with both.

The ratings also reflect eir's position as the leading telecoms
operator in the competitive Irish market. Fitch believes the recent
change in ownership is broadly credit-positive given the strategic
focus on customer service, network investment and cash flow
generation, albeit with execution risks. Growing EBITDA from
stabilising revenue and a lower cost base with declining
restructuring costs should increase eir's deleveraging capacity in
the medium term.

KEY ASSUMPTIONS

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

  - Revenue declines of 1.8% in each of the next two years,
followed by gradual stabilisation;

  - EBITDA margin expansion to 45.6% in 2019 due to cost saving
initiatives;

  - Capex excluding spectrum as a percentage of revenue of around
23% in 2019 and 21% beyond, with an additional spectrum payments
anticipated in 2021;

  - Dividends maintained at 2018 levels;

  - No forecast M&A.

Key Recovery Rating Assumptions

  - The recovery analysis assumes that eir would be considered a
going concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

  - eir's recovery analysis assumes a post-reorganisation EBITDA of
EUR413 million, 25% below the company's reported December 2018 LTM
EBITDA.

  - For its recovery analysis, Fitch applies a distress enterprise
value multiple of 5.0x, which is comparable with peers and reflects
a conservative assumption based on the 6.5x multiple paid for eir
in 2017.

  - Fitch has included in this analysis total senior secured debt
of EUR2,650 million, comprised of eir's total senior secured TLB
tranches of EUR1,800 million (including extended and new money
tranches due 2026, after complete paydown/refinancing of the TLB
due 2024), new EUR750 million senior secured notes due 2026, and
fully drawn EUR100 million RCF due 2023, all ranked pari passu.
This results in a recovery percentage of 70%, an 'RR3' rating. The
senior secured debt is therefore rated one notch higher than the
IDR.

RATING SENSITIVITIES

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

FFO adjusted net leverage expected to remain at or below 4.5x on a
sustained basis when combined with:

  - FCF margin expected to be consistently in the mid-single digit
range, with ongoing revenue stability and EBITDA improvement;

  - Strengthened operating profile and competitive capability
demonstrated by stable fixed broadband market share with increasing
fibre penetration and mobile market share.

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

  - FFO adjusted net leverage above 5.0x on a sustained basis. Slow
progress with deleveraging to below 5.0x may also be negative;

  - Weaker cash flow generation with FCF margin expected to remain
in the low single digit percentages, driven by lower EBITDA or
higher capex;

  - Deterioration in the regulatory or competitive environment
leading to a material reversal in positive operating trends.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Liquidity at end-December 2018 was supported
by EUR219 million of cash, an undrawn EUR100 million RCF maturing
in 2022 and forecasted positive pre-dividend FCF of EUR40
million-EUR150 million over the next four years. Given the
refinancing of eir's EUR700 million notes due in 2022 and the
refinancing/extension of the existing term loan due 2024 to 2026
(in line with the new TLB tranche due 2026), the next significant
bullet debt maturity has been pushed back to 2026. Additionally, as
part of the transaction, eir has temporarily drawn its RCF.
However, Fitch expects this will be repaid down from free cash flow
in the coming quarters.



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K A Z A K H S T A N
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SAMUK-KAZYNA CONSTRUCTION: Fitch Asigns BB+ LT IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan's Samuk-Kazyna Construction
Long-Term Foreign and Local Currency Issuer Default Ratings of
'BB+' and a National Long-Term Rating of 'AA(kaz)'. The Outlooks
are Stable.

SKCN is a government related entity that provides essential public
services such as affordable housing provision, support of private
developers, and overall development of the construction sector.

KEY RATING DRIVERS

Status, Ownership and Control Assessed as Strong

SKCN is authorised by the government to implement its state housing
policy but operates under a general legal regime. SKCN is a
joint-stock company indirectly owned by the government via the
fully state-owned National Wealth Fund Samruk-Kazyna
(BBB/Stable/F2). Operating and financing activities are controlled
by the government and SKCN coordinates its operations with National
Wealth Fund Samruk-Kazyna, Ministry on Investment and Development
and The National Bank of Kazakhstan. Fitch does not expect any
changes to SKCN's legal status, control and ownership over the
medium term.

Support Track Record Assessed as Very Strong

The operations and adequate financial profile of SKCN are
underpinned by consistent state support. The company almost
entirely relies on state funding to implement several long-term
state programmes with little exposure to market debt. As the agent
of several state programmes, it has been receiving continuous
financial support since its inception in 2009 in the form of 100%
charter capital (KZT23.4 billion) and subsidised loans from the
state via its parent company. As of July 2019, state-loans
accounted for KZT112 billion or 95% of the company's total
financial liabilities. The majority of state funding was allocated
to the affordable housing programme "Nurly Zher", which currently
is SKCN's main responsibility. Debt repayment runs until 2032 and
the state loans carry subsidised interest rates of 0.15% to 2%.

Socio-Political Implications of Default Assessed as Strong

Fitch views SKCN as strategically important to the state due to its
key role in providing affordable housing. According to Fitch's
estimates, the company provides about 25% of rental housing in the
country and its role is difficult to substitute in the short-term.
Under Kazakhstan's "Nurly Zher", SKCN continues to be a
government-appointed agent in the development of rental and
affordable housing in the republic, fully funded by the state. This
means financial distress of SKCN would jeopardise the
implementation of the state housing programme, leading to serious
socio-political implications, in Fitch's view.

Financial Implications of Default Assessed as Moderate

SKCN has a separate budget and its debt is not consolidated in the
general government's accounts. As it is not a large and regular
participant in debt capital markets a default would have only
modest impact on the availability and cost of finance for the
government and other GREs. In Fitch's view the share of market debt
exposure should remain low over the medium term.

Standalone Credit Profile Assessment

Revenue-Defensibility Assessed at Midrange

Since demand for residential real estate in Kazakhstan is much
higher than supply due to such factors as migration, demographic
improvement and urbanisation, Fitch assesses demand as 'Midrange'.
It is Fitch's view that SKCN has limited flexibility in increasing
prices of their affordable housing activities, which are controlled
by the shareholder and the government. Rental rates and housing
prices are outside the control of SKCN, making the entity a
price-taker.

Operating Risk Assessed as Weaker

Fitch assesses operating risks as 'Weaker' due to cost volatility
in an evolving Kazakh housing market. Fitch expects staff costs to
exceed 30% of operating expenditure from 2020 onwards, once the
sale of completed residential and commercial properties under the
state construction programmes are completed, unless the government
assigns new projects.

Financial Profile assessed Weaker

SKCN is highly leveraged with net debt-to-EBITDA in 2018 of18x.
Fitch's rating case expects the ratio to be close to 20x by 2023.
Under its debt policy, the company fully relies on long-term state
funding, which is sourced from the National Fund of the Republic of
Kazakhstan and channeled through Samruk-Kazyna. Funding in turn is
invested in private developers for the construction of affordable
housing and rental properties.

DERIVATION SUMMARY

Fitch rates SKCN based on its GRE Criteria, reflecting its strong
links with the state, its ultimate (albeit indirect) 100% state
ownership and its important public mission in providing affordable
housing. This results in a GRE score of 30. Combined with SKCN's
'b' standalone credit profile (SCP), which is assessed based on its
Public Sector Entities-Revenue Supported Criteria, this leads to
SKCN's IDR being two notches lower than the sovereign's 'BBB' IDR.

RATING SENSITIVITIES

Positive rating action on the sovereign's IDRs would lead to a
similar action on SKCN's ratings, provided that company's links to
the government are unchanged. Tighter integration with the
sovereign could also be positive for the company.

Changes to SKCN's status, leading to a weakening of support by the
sovereign could cause the rating notching to widen, resulting in a
downgrade. Negative rating action on the Republic of Kazakhstan
would also be reflected in SKCN's ratings.



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N E T H E R L A N D S
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AURORUS 2017: DBRS Confirms B(sf) Rating on Class F Notes
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DBRS Ratings Limited confirmed its ratings of the notes issued by
Aurorus 2017 B.V. (the Issuer) as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

The ratings address the timely payment of interest and ultimate
payment of principal on or before the legal final maturity date.

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

-- Portfolio performance, in terms of charge-off rates, principal
payment rates, and yield rates.

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

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

-- No revolving termination events have occurred.

Aurorus 2017 B.V. is a securitization of unsecured credit cards,
revolving credit facilities and installment loans originated by
Qander Consumer Finance B.V. in the Netherlands. The receivables
are serviced by Qander, with Vesting Finance Servicing B.V. acting
as the backup servicer. The transaction is currently in its
revolving period, which is scheduled to end on August 2020.

PORTFOLIO PERFORMANCE

As of July 2019, the monthly principal payment rate (MPPR) was
4.1%, the annualized yield rate was 7.7% and the annualized
charge-off rate was 1.1%. Loans that were two- to three-month in
arrears represented 0.2% of the outstanding portfolio balance, down
from 0.3% in July 2018. The 90+ delinquency ratio was 0.1%, down
from 0.2% in July 2018. The cumulative default ratio was 2.0% and
the cumulative loss ratio was 1.9%.

PORTFOLIO ASSUMPTIONS

DBRS maintained its base case charge-off rate at 5.5% for both
revolving loans and credit cards. DBRS maintained it is base case
MPPR at 1.7% for revolving loans and 7.5% for credit cards. DBRS
maintained its base case yield rate at 7.0% for revolving loans and
12.0% for credit cards. DBRS maintained its base case PD at 8.2%
for fixed-term loans and its base case recovery rate of 25.0% for
all portfolio subsets. Given the revolving period, the portfolio
assumptions continue to be based on the worst-case portfolio
composition.

CREDIT ENHANCEMENT AND RESERVES

Class A CE is 45.4%, Class B CE is 36.8%, Class C CE is 31.8%,
Class D CE is 24.2%, Class E CE is 14.0% and Class F CE is 8.7% and
has remained stable due to the revolving period. CE is provided by
the subordination of the junior notes.

The transaction benefits from a cash reserve funded to its target
level of EUR 3.7 million, which covers shortfalls of senior fees,
senior swap payments and interest on Class A to D notes. The
reserve amortizes to a target level of 1.5% of the sum of the
outstanding Class A to D notes, subject to a floor of EUR 250,000.
The Pre-Funded Reserve is used to purchase further advance
receivables and new loan receivables during the revolving period
and is currently funded to EUR 4.7 million.

ABN AMRO Bank N.V. acts as the account bank for the transaction.
Based on the account bank reference rating of ABN AMRO Bank N.V. at
AA (low), which is one notch below the DBRS Long-Term Critical
Obligations Rating of AA, 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 Class A Notes, as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.

BNP Paribas SA acts as the swap counterparty for the transaction.
DBRS's Long-Term Critical Obligations Rating of BNP Paribas SA at
AA (high) is above the First Rating Threshold as described in
DBRS's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.



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

CHELINDBANK: Fitch Upgrades LT IDR to BB-, Outlook Stable
---------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings of
PJSC Chelindbank, Primsotsbank, Novosibirsk Social Commercial Bank
Levoberezhny, PJSC and Bank Avers to 'BB' from 'BB-'. The Outlooks
are Stable.

KEY RATING DRIVERS

IDRS AND VIABILITY RATINGS

The upgrades reflect the banks' continued track record of stable
performance, while maintaining prudent risk appetites and solid
liquidity and capital buffers. They also reflect Fitch's view that
the operating environment in Russia has improved due to the
implementation of a consistent and credible policy framework that
should deliver improved macroeconomic stability and better
resilience to shocks, which will be beneficial for the banks'
credit profiles.

At the same time, the ratings factor in the banks' limited
franchises in the concentrated Russian banking sector, although
their market shares are notable (around 5% of loans, lower for
Avers) in their respective home regions. The credit profiles of
PSCB and LB are closely correlated given their common ownership and
similar business models, although transactions and risk-sharing
between the banks have been limited. Avers' franchise is more
limited, as it is focused on providing treasury functions for its
sister group TAIF, a large oil refining/petrochemical holding in
the Republic of Tatarstan (BBB/Stable), which is ultimately
controlled, like the bank, by individuals close to republic
authorities, Fitch understands from media reports.

The Stable Outlooks on all four banks reflect Fitch's expectations
that their metrics will remain relatively stable in the medium
term, and that any potential moderate asset quality deterioration
could be absorbed by significant pre-impairment profit without
eroding their capital buffers. The Stable Outlooks also factor in
the banks' stable funding profiles and ample liquidity.

Asset quality is good at all four banks. Stage 3 loans made up a
moderate 7.5% of total loans at Chelind, 5.4% at PSCB, 7.7% at LB
and a low 1.2% at Avers at end-1Q19. These largely comprised legacy
loans and Fitch considers them to be the most problematic exposures
in their loan books. Coverage of Stage 3 loans by total loan loss
allowances was reasonable (over 120%, but a higher 2x at Avers).
Occasional related party lending to TAIF by Avers bears limited
risks as the group is highly cash generative and typically these
loans are cash covered. The banks' relatively high non-loan
exposures, ranging from 30% to 40% of total assets for Chelind,
PSCB and LB and over 80% for Avers at end-1Q19, are positive for
their asset quality as these were mostly represented by interbank
placements and securities with relatively high credit quality
(rated 'BB' and above).

Profitability is robust at Chelind, PSCB and LB with return on
average assets of 2%-3% in 2018. Avers' performance was more
moderate, at 1.6%. Profitability is supported by healthy net
interest margins - 7% at Chelind and PSCB, a high 9% at LB, but a
more moderate 4% at Avers - strong fee income generation
(especially at PSCB and LB) and low impairment charges.

Capitalisation is comfortable at Chelind (regulatory Tier 1 capital
ratio of 16% at end-1H19) and Avers (28%) and more moderate at PSCB
and LB (around 11% for both), but supported by robust earnings
generation (ROAE of above 15%). These ratios are also well above
the regulatory minimum level of 8.125% including buffers.

Funding and liquidity is healthy at all banks. Chelind, PSCB and LB
rely mostly on granular retail deposits (about 70% of end-1Q19
liabilities), which are price-sensitive, but have proven to be
sticky through the cycle. Avers is funded predominantly by related
parties, including TAIF, but these deposits have also been
stable/predictable. Liquidity buffers were solid across the board
covering 88% of customer accounts at Avers and 30%-40% at the other
three banks.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The banks' Support Ratings of '5' and Support Rating Floors of 'No
Floor' reflect their limited market shares and systemic importance,
as a result of which support from the Russian authorities cannot be
relied on, in Fitch's view. Support from the banks' private
shareholders is also not factored into the ratings.

RATING SENSITIVITIES

Upside for the ratings is currently limited given the banks' narrow
franchises. Downward pressure could result from large loan losses
eroding banks' capital, or a considerable increase in risk
appetite. Avers' ratings could be also downgraded if the current
benefits of cooperation with TAIF diminish, resulting in weaker
profitability and higher-risk asset exposures.



===========
S W E D E N
===========

DOMETIC GROUP: Moody's Hikes CFR to Ba2; Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded Dometic Group AB's corporate
family rating to Ba2 from Ba3 and its probability of default rating
to Ba2-PD from Ba3-PD. Concurrently, its senior unsecured Euro
Medium Term Notes rating was upgraded to Ba2 from Ba3 and its
senior unsecured Euro MTN program rating was also upgraded to
(P)Ba2 from (P)Ba3. The outlook was changed to stable from
positive.

"The upgrade to Ba2 reflects the company's ability to sustain high
profitability and a strong free cash flow despite a significant
contraction in the US recreational vehicle (RV) market over the
last twelve months, partly owing to the company's efforts in the
last years to decrease exposure to that market", says Daniel
Harlid, lead analyst for Dometic. "At the same time, the high cash
balance reflects the company's ambition to be prepared for smaller
bolt on acquisitions that further brings down RV exposure and could
lead to an increase in EBITDA over time", Harlid added.

RATINGS RATIONALE

Dometic's Ba2 CFR reflects the company's (1) strong operational
track record, turning its number one market position into high
profitability with Moody's-adjusted EBITA margin consistently above
13%; (2) high cash conversion rates, with double digit
Moody's-adjusted free cash flow / debt, owing to low capital
spending requirements and continued prudent working capital
management; (3) an expanding number of addressed markets owing to
previous M&A activity reducing dependency on highly cyclical RV
markets, albeit debt funded; and (4) attractive leisure and
recreational spending trends globally supporting long term volume
growth.

The rating also reflects the following challenges: (1) sales
exposure of 60% to original equipment manufacturers (OEM) of RVs,
powerboats and commercial/passenger vehicles (CPVs), and the
inherent cyclicality of these industries; (2) somewhat elevated
Moody's-adjusted debt/EBITDA of 4x, partly offset by a high cash
balance equivalent to 14% of sales with an expectation of leverage
to reduce towards 3.5x in the next 12-18 months; (3) exposure to
foreign-currency fluctuations (although typical for Sweden based
companies reporting in SEK); and (4) slightly aggressive dividend
policy, with at least 40% of net income distributed to shareholders
annually.

RATIONALE FOR OUTLOOK

The stable outlook rests on its projections of sustained EBITA
margins of 14% - 15% on a Moody's-adjusted basis over the next
12-18 months despite a continued weak RV OEM market in the US for
the remainder of 2019. Furthermore, Moody's has clear expectations
on debt/EBITDA being below 4x irresectable on how the company uses
the large cash balance, thus leaving room for a mix of debt
repayments and M&A activity. The outlook also assumes an unchanged
financial policy, including a dividend payout ratio of 40% of net
income.

WHAT COULD CHANGE THE RATING UP

An ability to demonstrate sustained profitability through the cycle
accompanied by prioritization of debt repayments. Sustained
measures that could reflect this include:

  -- Dometic's leverage, as measured by Moody's-adjusted
debt/EBITDA, comfortably below 3.0x

  -- Moody's-adjusted EBITA Margin at or above 15%

  -- Moody's-adjusted free cash flow/debt above 10%

WHAT COULD CHANGE THE RATING DOWN

  -- Dometic's leverage, as measured by Moody's-adjusted
debt/EBITDA, sustained above 4.0x

  -- Signs of the EBITA margin falling towards low double digit
teens

  -- Moody's-adjusted free cash flow/debt decreasing towards 5%

  -- Weakening of currently solid liquidity profile

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

PROFILE

Dometic Group AB, headquartered in Solna, Sweden, is a leading
global manufacturer of various products in the areas of Food &
Beverage, Climate, Power & Control and Other Applications. Dometic
operates in the Americas, EMEA and Asia Pacific, providing products
for use in recreational vehicles, trucks and premium cars, pleasure
and workboats, and for a variety of other uses. The company
manufactures its products across 28 manufacturing sites in twelve
countries under various brands including Dometic (the core brand)
and other supporting brands. For the last twelve month ending June
2019, the company reported revenue of SEK18.5 billion and EBITDA of
SEK3.2 billion. The company is listed on the Stockholm Stock
Exchange with a market cap of SEK25 billion.



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

GENESIS MORTGAGE 2019-1: DBRS Gives Prov. B(low) Rating to F Notes
------------------------------------------------------------------
DBRS Ratings GmbH assigned the following provisional ratings to the
notes to be issued by Genesis Mortgage Funding 2019-1 plc (Genesis
or the Issuer):

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

The Issuer will securitize a portfolio of high-yield United Kingdom
owner-occupied and buy-to-let (BTL) residential mortgage loans
granted by Bluestone Mortgages Limited (Bluestone or the
Originator). All of the loans in the portfolio are secured by a
first-ranking mortgage.

The provisional rating assigned to the Class A Notes addresses the
timely payment of interest and ultimate payment of principal on or
before the final maturity date in December 2056. The provisional
ratings assigned to the Class B, Class C, Class D, Class E, and
Class F notes address the timely payment of interest when most
senior but otherwise address the ultimate payment of interest and
principal.

An increased margin on the rated notes is payable from the step-up
date in September 2022. The ratings also address the additional
interest amounts that are payable after the step-up date.

On the step-up date, the residual certificate holders have the
option to redeem the notes in full. However, if this option is not
exercised, Bluestone is required to auction the portfolio in the
market with the help of an independent advisor. Any such portfolio
sale has to be at a minimum price, which ensures that all notes
outstanding together with accrued interest and senior cost are paid
in full.

The transaction will have a pre-funding period until the first
interest payment date. Additional loans added to the transaction
are expected to amount to GBP 10 million to GBP 20 million. At
closing, the Issuer will deposit the excess proceeds from the
issuance of the notes into the pre-funding account. Thus, the
proceeds of Class A to Class G notes will be used to fund the
purchase of loans from Bluestone.

Additionally, Genesis will issue Class Z Notes to fund the general
reserve fund. This will allow the transaction to build up 2.0%
credit enhancement at closing. This reserve fund is available to
cover fees, expenses and interest shortfall on the rated notes. The
transaction also features a liquidity reserve fund that is
available to cover fees, expenses and interest shortfall on the
Class A Notes and will be initially funded from available principal
funds. If there is further interest shortfall on the senior-most
notes, it will be covered from the use of principal receipts.

Genesis will issue Class X Notes to fund the pre-funding revenue
reserve, fees and expenses for the Issuer with respect to the
issuance of the notes.

The initial credit enhancement on the Class A, Class B, Class C,
Class D, Class E and Class F notes is sized at 18.5%, 14.0%, 11.5%,
9.0%, 6.5% and 4.5%, respectively. This credit enhancement is
provided in the form of over-collateralization by the portfolio
(including excess proceeds) and the general reserve fund.

DBRS was provided with information on the provisional mortgage
portfolio consisting of loans that are currently in the
Originator's portfolio as of 31 May 2019 and an offers pipeline
with data as at 21 June 2019. At closing, DBRS will also receive
detailed information on the entire universe of the loans in the
offers pipeline that may be sold by the seller to the Issuer during
the pre-funding period.

The current provisional portfolio (excluding the offers pipeline)
consists of 1,111 loans with an aggregate principal balance of GBP
198 million extended to 1,101 borrowers. The aggregated balance of
the current offers pipeline stands at EUR 26.7 million and consists
of 145 loans extended to 142 borrowers, as of June 21, 2019.

The mortgage loans in the asset portfolio are classified as
owner-occupied (80.8% of the portfolio by loan amount) and BTL
(19.2%) and are secured by a first-ranking mortgage right. The
portfolio consists of fixed-rate mortgage loans (94.5%) with
different reset intervals, most of the loans reset after two
(56.2%), five (33.9%) or three (4.5%) years. Furthermore, 16.5% of
the portfolio consists of interest-only loan parts, and 35.8% of
the mortgage portfolio is granted to borrowers grouped as either
self-employed, retired or not classified. The majority of loans
(99.3%) are classified as performing or current and the remaining
0.7% of loans are less than three months in arrears. Lastly, about
26.1% of the loan borrowers have had prior county court judgments.

The notes pay a floating-rate interest rate indexed to
daily-compounded Sterling Overnight Interbank Average Rate (SONIA)
plus a margin. To mitigate the interest rate risk that arises due
to fixed-floating mismatch, the Issuer will enter into a swap
agreement with National Australia Bank Limited (the swap
counterparty; rated AA with a Stable trend by DBRS). The Issuer
will pay the swap counterparty an amount equal to the swap notional
amount multiplied by the swap rate plus additional senior swap
amounts. The additional swap amount refers to the cost of novating
or offsetting the existing swap contracts over the existing loans
held in warehouses. These amounts are pre-determined at the time of
pricing and DBRS was provided a schedule of such payments. DBRS has
sized for these amounts in its analysis. The swap notional refers
to the aggregate balance of the fixed-rate mortgage loans with less
than three months in arrears.

Once the loan reaches the reset period, the borrowers will switch
to paying a floating interest rate linked to the Bluestone variable
rate (BVR) plus the revisionary margin. The BVR is expected to
reset or reviewed at least once every quarter and will be set such
that it at least exceeds the daily compounded SONIA over the
previous calendar month plus 1.0%, in accordance with the interest
rate policy. DBRS considered the basis risk between periodically
resetting BVR and daily compounding SONIA in its analysis.

The structure includes a principal deficiency ledger (PDL)
comprising seven sub-ledgers (Class A PDL to Class G PDL) that
provisions for realized losses as well as the use of any principal
receipts applied to meet any shortfall in payment of senior fees
and interest on the most senior class of notes outstanding. The
losses will be allocated starting from Class G PDL and then to
sub-ledgers of each class of notes in reverse sequential order.

The Issuer Account Bank is Citibank, N.A., London branch. Based on
the DBRS private rating of the account bank, the downgrade
provisions outlined in the transaction documents and structural
mitigants, DBRS considers the risk arising from the exposure to the
account bank to be consistent with the ratings assigned to the
notes, as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.

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, which
are used as inputs into the cash flow tool. The mortgage portfolio
was analyzed in accordance with DBRS's "European RMBS Insight: U.K.
Addendum".

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

-- DBRS's sovereign rating of the United Kingdom of Great Britain
and Northern Ireland is at AAA/R-1(high) with Stable trends as of
the date of this press release.

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

Notes: All figures are in British pound sterling unless otherwise
noted.


                           *********


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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