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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

          Tuesday, September 3, 2019, Vol. 20, No. 176

                           Headlines



G E O R G I A

JSC EVEX: Fitch Affirms B+ Issuer Default Rating, Outlook Stable


I R E L A N D

CARLYLE GLOBAL 2015-1: Moody's Affirms B2 Rating on Class E Notes
SOUND POINT II: Fitch Assigns B-sf Rating to Class F Notes
SOUND POINT II: Moody's Assigns B3 Rating to EUR9MM Class F Notes


I T A L Y

UNIPOL BANCA: Moody's Affirms Ba3 Sr. Unsec. Rating, Outlook Pos.


P O L A N D

URSUS SA: Creditors to Support Appeal on Restructuring Decision
ZAKLADY MIESNE: Files Updated Restructuring Plan


R U S S I A

BALTINVESTBANK: Moody's Withdraws Caa1 LT Bank Deposit Ratings
YAROSLAVL: Fitch Affirms BB- LT IDRs, Outlook Stable


U N I T E D   K I N G D O M

AMIGO: To Overhaul Business Model Following FCA Scrutiny
BRITISH STEEL: Rescue Deal to Take TSP Out of Liquidation
BURY FC: IPA to Investigate CVA Following EFL Expulsion
DEBENHAMS PLC: Sports Direct Funds CVA Legal Challenge
TATA STEEL: Set to Close South Wales Operations, 400 Jobs at Risk


                           - - - - -


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G E O R G I A
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JSC EVEX: Fitch Affirms B+ Issuer Default Rating, Outlook Stable
----------------------------------------------------------------
Fitch Ratings affirmed Georgia-based healthcare provider JSC Evex
Hospital's Long-Term Issuer Default Rating at 'B+' with Stable
Outlook.

The 'B+' IDR of Evex reflects its leading market position as the
largest hospital operator in Georgia and its expectation that Evex
will start generating positive free cash flow (FCF) and
deleveraging in 2019, following the completion of its sizeable
investment programme and the ramp-up of its two newly renovated
hospitals. The rating, however, remains constrained by Evex's
limited scale and diversification, the small addressable market and
the less mature regulatory environment Evex operates in.

Fitch also assumes that Evex will maintain good access to external
liquidity to cover refinancing needs, which is reflected in the
Stable Outlook on the rating.

KEY RATING DRIVERS

Demerger Neutral for Ratings: Fitch views the demerger of JSC
Medical Corporation Evex into JSC Evex Hospitals and JSC Evex
Clinics (Evex Clinics) in March 2019 as neutral for the rating as
most of the debt and EBITDA have remained with Evex and the
transaction was cashless. The demerger followed the decision of
Evex's parent, Georgia Healthcare Group PLC (GHG), to update its
group structure to ensure better management and oversight over its
businesses. Based on its estimates, the difference between Evex's
funds from operations (FFO) adjusted gross leverage and the one
taking into account also the clinics business is around 0.1x,
primarily because of lower capitalised leases for its hospitals
operations.

Rating Not Impacted by Clinics Guarantee: Evex Clinics remains the
guarantor for a substantial part of Evex's debt (60% at end-June
2019); however Fitch will not treat the cash flows of this entity
as being available for Evex's debt service as the guarantor has a
weaker credit profile and GHG's strategy is to manage these
businesses separately and reduce guaranteed debt over time.

Projected Deleveraging: Fitch projects Evex's FFO adjusted gross
leverage to fall in 2019 after having remained above its negative
rating sensitivity of 3.5x in 2017 and 2018 (4.1x and 3.7x
respectively). Deleveraging will be supported by its expectation
that the company will start generating positive FCF from 2019 due
to lower capex on completion of investments in hospitals and their
renovation. As Evex's new strategy is focused on profitability
improvements and organic revenue growth, Fitch expects capex not to
exceed GEL70 million in total over 2019-2021 (2016-2018: GEL242
million).

Dividends Assumed from 2020: Fitch expects the company to start
paying dividends from 2020 once it deleverages and creates
comfortable headroom under the covenants within its loans from
development banks (maximum net debt-to-EBITDA of 2.5x). Fitch
assumes dividends to be 30% of net profit, which is aligned with
GHG's recently adopted dividend policy of a 20%-30% payout ratio.

Largest Healthcare Provider in Georgia: The rating reflects Evex's
strong market position as the largest healthcare provider in
Georgia with a network of hospitals. Its business profile benefits
from an established position with a 21% market share by number of
beds as of June 2019, with a wide gap with its closest competitor
and a lack of visible threat from international players entering
the market. Evex also enjoys opportunities from growing demand for
healthcare services and from the consolidation of a highly
fragmented market. This balances the company's small scale (2018
EBITDAR: GEL74 million or USD28 million) compared with
international peers'.

Dependence on Government Reimbursements: Evex's business risk
profile is supported by a major part of the company's revenue
(1H19: 69%) being derived from government reimbursements under
state healthcare programmes favouring private health care
investments. Fitch views this as positive for Evex's credit
profile, taking into account a smooth reimbursement mechanism and
the ability of healthcare providers to set their own prices.

Regulatory Risk: The rating incorporates risks from potential
adverse changes in the regulatory environment, which is still
evolving in the country, as illustrated in 2017, when the
government reduced coverage under its Universal Healthcare
Programme and reimbursements for intensive care.

EBITDA Growth Forecasted: Fitch's rating case assumes that Evex
will continue growing its EBITDA over 2019-2022. This is based on
improving occupancy rates leading to positive operating leverage,
market share gains in existing and new medical services, increasing
patient admissions from synergies with polyclinics and development
of medical tourism. Fitch believes that cost savings from
digitalisation of billing system and other initiatives will be
sufficient to fund investments in marketing and other potential
cost increases, such as pension contributions under new pension
system effective from 2019.

Limited FX Risks: In its peer analysis, Evex stands out from other
rated Georgian corporates due to its limited exposure to FX risks.
At end-June 2019, 72% of its debt was in Georgian lari, matching
the currency of its operating cash flows while around half of the
remaining hard-currency exposure was hedged with derivatives. Also,
the company fixes exchange rates in import contracts for medical
supplies and devices.

Ring-Fenced From GHG: The rating assumes that Evex remains
ring-fenced from its parent, GHG, and sister companies (except the
clinics business), as outlined in its agreements on long-dated
loans from development banks. Its view on ring-fencing is supported
by a recent cancellation of the guarantee Evex previously provided
for a loan raised by its sister-company operating pharmacies. Any
material loosening of the current arrangements, including
larger-than-expected upstreaming of dividends and/ or cash deployed
for other GHG activities may constitute a negative rating event.

DERIVATION SUMMARY

Evex operates in a less mature regulatory environment and has
substantially smaller scale (as measured by revenue and EBITDAR)
than other Fitch-rated healthcare providers, which does not allow
it to tolerate similar levels of leverage. This weakness in
business risk profile explains the differences in ratings between
Evex and Germany-based leading international healthcare company
Fresenius Medical Care AG & Co. KGaA (BBB-/ Stable) and US-based
Universal Health Services, Inc. (BB+/ Stable), despite Evex's
conservative capital structure. Evex is rated one notch above
US-based Tenet Healthcare Corp. (B/ Positive) and Finland-based
Mehilainen Yhtyma Oy (B/ Stable) primarily due to its substantially
lower leverage.

No Country Ceiling, parent-subsidiary linkage or operating
environment aspects were applied to this rating.

KEY ASSUMPTIONS

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

  - No reduction in government healthcare spending or adverse
change in industry regulation

  - Revenue to grow 11% in 2019, supported by the ramp-up of
renovated hospitals and introduction of new services, then 5%-7%
over 2020-2022 on market growth and the company's focus on medical
tourism

  - Gradual improvement in EBITDA margin, driven by operational
excellence, digitalisation and the ramp-up of new hospitals

  - Capex declining to around GEL20 million-GEL 25 million a year
over 2020-2022, resulting from the completion of the investment
cycle and no material capital-intensive projects in the medium
term

  - No material deterioration in working capital turnover

  - No dividends until 2020, with a 30% payout thereafter

  - No buyout of minorities stakes in hospitals

  - No material debt-funded M&A or cash support to GHG or sister
companies

RATING SENSITIVITIES

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

  - Stable operating environment and supportive regulation leading
to increasing occupancies at renovated hospitals and growth of
existing business in line with business plan

  - EBITDA margin improving to around 28%-30% (2018: 27.9%)

  - FFO adjusted gross leverage trending below 2.5x on a sustained
basis

  - FCF turning and remaining positive

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

  - Reduction in government healthcare spending or regulatory
action leading to increasing revenue volatility or a reduction of
profitability and cash-flow generation

  - No evidence of deleveraging with FFO adjusted gross leverage
above 3.5x on a sustained basis due to, for instance, weak
operating performance or a more aggressive financial policy

  - Material debt-funded M&A by Evex or GHG if funded by Evex

LIQUIDITY AND DEBT STRUCTURE

Weak but Manageable Liquidity: At end-June 2019 Evex's cash balance
of GEL2.9 million and Fitch-estimated positive FCF were not
sufficient to cover short-term debt of GEL33.6 million, consisting
primarily of amortisation payments under loans from development
banks. Local bond placement planned in September 2019 may
strengthen the company's liquidity. Otherwise, Fitch expects the
company to be able to obtain necessary funding from local banks to
cover liquidity needs. Maintaining good relationship with local
banks is key to Evex's liquidity access as the company has no
undrawn committed lines, which is common among Georgian corporates.



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CARLYLE GLOBAL 2015-1: Moody's Affirms B2 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service taken a variety of rating actions on the
following notes:

EUR273,500,000 (current outstanding amount of EUR 269.1 M) Class
A-1A-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on Apr 18, 2017 Definitive Rating Assigned Aaa
(sf)

EUR5,000,000 (current outstanding amount of EUR 4.9 M) Class A-1B-R
Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Apr 18, 2017 Definitive Rating Assigned Aaa (sf)

EUR53,900,000 Class A-2A-R Senior Secured Floating Rate Notes due
2029, Affirmed Aa1 (sf); previously on Apr 18, 2017 Definitive
Rating Assigned Aa1 (sf)

EUR12,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2029, Affirmed Aa1 (sf); previously on Apr 18, 2017 Definitive
Rating Assigned Aa1 (sf)

EUR28,600,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A1 (sf); previously on Apr 18, 2017
Definitive Rating Assigned A2 (sf)

EUR27,600,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Baa1 (sf); previously on Apr 18, 2017
Definitive Rating Assigned Baa2 (sf)

EUR28,600,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2029, Affirmed Ba2 (sf); previously on Apr 18, 2017 Affirmed
Ba2 (sf)

EUR16,800,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2029, Affirmed B2 (sf); previously on Apr 18, 2017 Affirmed B2
(sf)

Carlyle Global Market Strategies Euro CLO 2015-1 Designated
Activity Company, closed in 2015 and refinanced in 2017, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment period
ended in April 2019.

RATINGS RATIONALE

The upgrade of the notes is primarily a result of the transaction
having reached the end of the reinvestment period in April 2019 and
Classes A-1A-R and A-1B-R having started to amortise in July 2019.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 476.7M, a
weighted average default probability of 22.79% (consistent with a
WARF of 3006 over a WAL of 4.90 years), a weighted average recovery
rate upon default of 44.79% for a Aaa liability target rating, a
diversity score of 55 and a weighted average spread of 3.79%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability.

Methodology Underlying the Rating Action:

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

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in January 2019. Moody's concluded
the ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior and 2) divergence in the legal interpretation of
documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

SOUND POINT II: Fitch Assigns B-sf Rating to Class F Notes
----------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO II Funding
Designated Activity Company final ratings.

The transaction is a cash flow collateralised loan obligation (CLO)
of mainly European senior secured obligations. Net proceeds from
the issuance of the notes will be used to fund a portfolio with a
targeted amount of EUR400 million. The portfolio is managed by
Sound Point CLO-C MOA LLC. The CLO features a 4.66-year
reinvestment period and an 8.5-year weighted average life (WAL).

Sound Point Euro CLO II Funding DAC
   
Class A;    LT AAAsf New Rating;  previously at AAA(EXP)sf

Class B-1;  LT AAsf New Rating;   previously at AA(EXP)sf

Class B-2;  LT AAsf New Rating;   previously at AA(EXP)sf

Class C;    LT A+sf New Rating;   previously at A+(EXP)sf

Class D;    LT BBB-sf New Rating; previously at BBB-(EXP)sf

Class E;    LT BB-sf New Rating;  previously at BB-(EXP)sf

Class F;    LT B-sf New Rating;   previously at B-(EXP)sf

Sub. Notes; LT NRsf New Rating;   previously at NR(EXP)sf

Class X;    LT AAAsf New Rating;  previously at AAA(EXP)sf

KEY RATING DRIVERS

'B+/B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B+/B'
category. The weighted average rating factor (WARF) of the
identified portfolio is 30.8.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Recovery prospects for these assets are typically more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-weighted average recovery rating (WARR) of the identified
portfolio is 68.9%.

Diversified Asset Portfolio

The transaction will include fourr Fitch test matrices
corresponding to two top 10 obligor concentration limits at 18% and
25% and maximum fixed rate obligations limit at 0% and 7.5%. The
manager can interpolate within and between the matrices. The
transaction also includes various other concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40% with 17.5% for the top industry.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management

The transaction has a 4.6-year reinvestment period and includes
reinvestment criteria similar to other European transactions.
Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Analysis

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

RATING SENSITIVITIES

A 25% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to three notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to fourr notches for the rated notes.

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

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

SOUND POINT II: Moody's Assigns B3 Rating to EUR9MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Sound Point Euro
CLO II Funding DAC:

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

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

EUR24,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned A2 (sf)

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

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Ba3 (sf)

EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

Sound Point Euro CLO II Funding DAC is a managed cash flow CLO. At
least 90.0% of the portfolio must consist of senior secured loans
and senior secured bonds and up to 10.0% of the portfolio may
consist of unsecured obligations, second-lien loans, mezzanine
loans and high yield bonds. The portfolio is expected to be
approximately 75% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled in
Western Europe.

Sound Point CLO C-MOA, LLC, will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.66-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from the sale of credit risk
obligations, and are subject to certain restrictions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR 333,333.34 over six payment dates
starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 33,750,000 of subordinated notes which will
not be rated.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Par amount: EUR 400,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2990

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.50%

Weighted Average Life (WAL): 8.5 years

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



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UNIPOL BANCA: Moody's Affirms Ba3 Sr. Unsec. Rating, Outlook Pos.
-----------------------------------------------------------------
Moody's Investors Service upgraded the long-term deposit ratings of
Unipol Banca S.p.A. to Baa3 from Ba1 and affirmed the bank's senior
unsecured rating at Ba3. The outlook on the long-term deposit
ratings has been changed to positive from ratings under review, the
outlook on the senior unsecured rating remains positive. The rating
action concludes the review for upgrade on Unipol Banca's ratings
and assessments initiated on February 13, 2019. Moody's also
withdrew Unipol Banca's Baseline Credit Assessment (BCA) and
Adjusted BCA of b2 and b1 respectively. The rating action follows
the finalisation of the acquisition of 100% of Unipol Banca by BPER
Banca S.p.A. (BPER) on July 31, 2019.

RATINGS RATIONALE

WITHDRAWAL OF THE BCA AND ADJUSTED BCA

Moody's has decided to withdraw the ratings for its own business
reasons.

The withdrawal of Unipol Banca's BCA and Adjusted -BCA reflects
Moody's view that the bank's standalone characteristics have
limited credit significance, given that Unipol Banca is now 100%
owned by BPER and will be merged by incorporation into its parent
in the next few months.

DEPOSIT AND SENIOR UNSECURED RATINGS

Unipol Banca's deposits and senior unsecured ratings were aligned
with those of BPER (Baa3 positive/Ba3 positive/ba3), given that the
two entities will shortly be merged and their liabilities thus
indistinguishable. Moody's expects to withdraw Unipol Banca's
ratings following its merger by incorporation into BPER, expected
in the next few months, when the legal entity Unipol Banca S.p.A.
will cease to exist.

OUTLOOK

The outlook on Unipol Banca's long-term deposit and senior
unsecured debt ratings is positive, reflecting the positive outlook
on BPER's ratings.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Unipol Banca's ratings could be upgraded or downgraded following an
upgrade or downgrade of BPER's ratings.

BPER's BCA could be upgraded if (1) the bank were able to
significantly reduce its stock of problem loans while maintaining
strong levels of capitalisation; and (2) showed a sustained
increase in profitability. An upgrade in the BCA would likely lead
to an upgrade of all ratings.

BPER's BCA could be downgraded if: (1) problem loans failed to
decline materially; (2) the bank reported material capital-eroding
losses. A downgrade in the BCA would likely lead to a downgrade of
all ratings. The long-term ratings could also be downgraded if the
stock of bail-in-able debt fell faster than anticipated, increasing
loss-given-failure for creditors.

LIST OF AFFECTED RATINGS

Issuer: Unipol Banca S.p.A.

Upgrades:

Long-term Counterparty Risk Ratings, upgraded to Baa3 from Ba1

Short-term Counterparty Risk Ratings, upgraded to P-3 from NP

Long-term Bank Deposits, upgraded to Baa3 from Ba1, outlook changed
to Positive from Rating under Review

Short-term Bank Deposits, upgraded to P-3 from NP

Long-term Counterparty Risk Assessment, upgraded to Baa3(cr) from
Ba1(cr)

Short-term Counterparty Risk Assessment, upgraded to P-3(cr) from
NP(cr)

Affirmations:

Senior Unsecured Regular Bond/Debenture, affirmed Ba3, outlook
remains Positive

Withdrawals:

Baseline Credit Assessment, withdrawn, previously b2

Adjusted Baseline Credit Assessment, withdrawn, previously b1

Outlook Actions:

Outlook changed to Positive from Rating under Review

PRINCIPAL METHODOLOGY

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



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URSUS SA: Creditors to Support Appeal on Restructuring Decision
---------------------------------------------------------------
Reuters reports that Ursus SA W Restrukturyzacji said on Aug. 29
the committee of creditors has resolved to support the company's
appeal against the decision of the court in Lublin that ruled to
discontinue its restructuring proceedings.

According to Reuters, Ursus said the committee of creditors has
also supported continuing the company's restructuring proceedings
in the form of further accelerated arrangement proceedings.

Ursus SA W Restrukturyzacji is based in Poland.



ZAKLADY MIESNE: Files Updated Restructuring Plan
------------------------------------------------
Reuters reports that Zaklady Miesne Henryk Kania SA said on Aug. 30
it has filed an updated restructuring plan and updated arrangement
proposals.

According to Reuters, under the said arrangement proposals, the
company's creditors are divided into eight groups.

Claims of the creditors that have been assigned to Groups 1 to 7
will be satisfied by liquidation of the company's assets, Reuters
discloses.

Claims of the creditors whose claims have been assigned to Group 8
will be converted into newly issued shares, Reuters states.

As a result of the conversion, the company's capital will be
increased by no more than PLN1.3 million via issue of no more than
PLN25.0 million of new F Series shares, Reuters notes.

The new shares will constitute no more than 20% of the company's
share capital, Reuters says.

Zaklady Miesne Henryk Kania SA is a Polish poultry processing
company.



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BALTINVESTBANK: Moody's Withdraws Caa1 LT Bank Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service withdrawn the following ratings and the
stable outlook of Baltinvestbank (BIB):

  - Long-term bank deposit ratings of Caa1

  - Short-term bank deposit ratings of Not Prime

  - Long-term Counterparty Risk Ratings of B3

  - Short-term Counterparty Risk Ratings of Not Prime

  - Long-term Counterparty Risk Assessment of B3(cr)

  - Short-term Counterparty Risk Assessment of Not Prime(cr)

  - Baseline Credit Assessment (BCA) of caa3, and

  - Adjusted Baseline Credit Assessment of caa2

At the time of the withdrawal, the bank's long-term deposit ratings
carried a stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Headquartered in Saint Petersburg, BIB is a medium-sized
institution, ranked 71st among Russian banks by total assets as of
July 1, 2019 according to Banki.ru ranking. Since December 2015 BIB
has been under financial rehabilitation led by Absolut Bank (B2
negative, b3) and sponsored by the Deposit Insurance Agency (DIA).

YAROSLAVL: Fitch Affirms BB- LT IDRs, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed the Russian Yaroslavl Region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'
with Stable Outlooks.

Yaroslavl Region is located in the north-east of the European part
of Russia with a population of 1.3 million residents. The region's
capital, the city of Yaroslavl, is 282km north-east of Moscow. The
region's economic profile slightly exceeds the average Russian
region and its gross regional product (GRP) per capita was 8% above
the national median in 2017. According to budgetary regulation,
Yaroslavl region can borrow on domestic market. The budget accounts
are presented on a cash basis while the budget law is approved for
three years.

KEY RATING DRIVERS

Revenue Robustness (Weaker)

The 'Weaker' assessment is derived from the region's revenue
volatility due to dependence on the economic cycles and relatively
moderate revenue generating capacity of the local tax base.
Corporate income tax (CIT), the most volatile tax revenue item,
averaged 23% of the region's total revenue in 2014-2017 (2018:
26%). At the same time, Yaroslavl's economic profile is slightly
above the average Russian region due to its diversified economy
with a developed industrial sector. Fitch expects continued
expansion of the region's tax base in line with projected growth of
the local economy.

Yaroslavl region's revenue is primarily composed of taxes (83.6% of
total revenue in 2018), most of which are income-based taxes linked
to economic cyclicality. Transfers from the federal budget,
contributed 14.9% of total revenue in 2018. Federal transfers are
split between formula-based general purpose grants (30% of the
total transfers received in 2018) and other intergovernmental
grants, which are to some extent exposed to volatility. In its
view, intergovernmental transfers slightly enhance the region's
fiscal capacity necessary to cover expenditure, as evidenced by the
prolonged track record of fiscal deficits, averaging 7% of total
revenue in 2012-2018.

Revenue Adjustability (Weaker)

Fitch assesses Yaroslavl's ability to generate additional revenue
in response to possible economic downturns as limited. Federal
government in Russia holds significant tax-setting authority, which
limits local and regional governments' (LRG) fiscal autonomy and
revenue adjustability. The regional governments have limited
rate-setting power over three regional taxes: corporate property
tax, transport tax and gambling tax. The proportion of these taxes
in Yaroslavl's budget revenues was about 12% in 2018. Russian
regions formally have the rate-setting power over these taxes,
although the limits are set in the National Tax Code.

Expenditure Sustainability (Midrange)

Yaroslavl region's management controls opex and capex, and the
spending dynamic closely followed that of revenue in 2014-2018. The
region's operating margin averaged 3.0% in 2014-2018 while the
deficit before debt variation on average was 5.6% of total revenue
during the period. Fitch expects Yaroslavl region to maintain a
prudent approach to managing finances in the medium term.

Like other Russian regions, Yaroslavl has responsibilities in
education, healthcare, provision of some types of social benefits,
public transportation and road construction. Education and
healthcare, being counter- or non-cyclical expenditure items,
accounted for 36% of total spending in 2018. In line with other
Russian regions, Yaroslavl is not required to adopt anti-cyclical
measures, which would inflate expenditure related to social
benefits in a downturn. At the same time, the budgetary policy of
Russian regions is dependent on the decisions of the federal
authorities, which could lead to acceleration of expenditure.

Expenditure Adjustability (Weaker)

Like most Russian regions, Fitch assesses Yaroslavl's expenditure
adjustability as low. The vast majority of spending
responsibilities are mandatory for Russian subnationals, which
leaves little room for manoeuvre for Yaroslavl region in response
to potential revenue shortfalls. Fitch notes that Yaroslavl's
flexibility to cut capex is also very limited, particularly due to
the low proportion of capital spending, which averaged 8.3% in
2014-2018. Additionally, the region's ability to cut expenditure is
also constrained by the low level of per capita expenditure (USD866
at end-2018) compared with international peers.

Liabilities and Liquidity Robustness (Midrange)

The assessment is supported by a national budgetary framework with
strict rules on the region's debt management. Russian LRGs are
subject to debt stock limits and new borrowing restrictions as well
as limits on annual interest payments. Use of derivatives on debt
instruments are prohibited for LRGs in Russia. The limitations on
external debt are very strict and in practice no Russian region
borrows externally.

Yaroslavl's debt policy is aimed at maintaining manageable debt
level at affordable costs of debt servicing. In 2018, the region's
debt declined to 58% of current revenue from a historical peak of
69% in 2016. This was due to a lower deficit before debt variation
of 1.7% of total revenue et end-2018 (2016: deficit 6.6%). The
region's weighted average life of debt at end-1H19 was fourr years,
while 62% of the debt stock is scheduled to mature in 2019-2023. As
of end-1H19, the debt stock was split between intergovernmental
loans (43%), domestic bonds (47%) and bank loans (10%). The
region's contingent's liabilities are low and well-controlled.

Liabilities and Liquidity Flexibility (Midrange)

Yaroslavl's cash position was satisfactory in 2014-2018, with
end-year cash reserves averaging RUB464 million. Fitch expects the
region to carry comparable level of cash reserves in 2019-2023. The
region's liquidity is additionally supported by federal treasury
loans covering intra-year cash gaps. Fitch assesses Yaroslavl's
access to domestic capital market as reasonable allowing the region
to borrow in case of need, as evidenced by the track record of
domestic bond issues. Nonetheless, as the counterparty risk is
associated with domestic liquidity providers rated 'BBB', Fitch
assesses this risk factor as 'Midrange'.

Debt Sustainability Assessment: 'a'

Under its Rating Criteria for International Local and Regional
Governments, Fitch classifies Yaroslavl like other Russian LRGs as
a Type B LRG, which are required to cover debt service from cash
flow on an annual basis. The assessment of debt sustainability is
driven by a primary metric - payback ratio (net adjusted
debt/operating balance), which under Fitch's rating case, would
gradually deteriorate from 8.7x toward 12.5x over the five-year
scenario.

DERIVATION SUMMARY

Fitch assesses Yaroslavl's standalone credit profile (SCP) at 'b+',
which reflects a combination of a Weaker assessment of the region's
risk profile (result of three Weaker and three Midrange assessments
of Key Risk Factors) and a 'a' assessment of debt sustainability.
The notch-specific SCP positioning is assessed against Yaroslavl's
international peers (Russian, Italian, Colombian and Brazilian
LRGs). Fitch applies a single-notch upward adjustment for the
potential extraordinary support in the form of ad-hoc
intergovernmental loans from the federal government, which is based
on the historical track record of such support. In Fitch's view,
this ad-hoc support would be provided based on the discretional
decision of the federal government. As a result, the region's IDR
is 'BB-'.

KEY ASSUMPTIONS

Fitch's key assumptions within its base case for Yaroslavl region
include:

  - 2019 revenue outturn close to the region's budget

  - Tax revenue growing in line with the local economy's nominal
growth in 2020-2023

  - Operating expenditure growth in line with inflation

  - Proportion of capex to average 8.5% of the region's total
expenditure over the rating horizon

Fitch's rating case envisages the following stress compared with
the base case:

  - Stress on CIT by -1.5 pp annually in 2019-2023 in case of
weaker economic environment to reflect historical CIT volatility

  - Stress on operating expenditure by +0.9 pp annually in
2019-2023 to reflect historical opex volatility.

Federal government tends to stop new intergovernmental lending,
which is factored in Fitch's scenario analysis. Meantime, Fitch
expects the intergovernmental lending facility to resume in case of
deterioration of economic or financial stance of LRGs.

RATING SENSITIVITIES

Sustainable debt payback below nine years according to Fitch's
rating case could lead to an upgrade. A positive reassessment of
Yaroslavl's risk profile could also be positive for the ratings.

A deterioration of the region's fiscal debt payback to beyond 13x
during the majority of Fitch's rating case or a change in Fitch's
expectation of ad-hoc support by central government could lead to a
downgrade.



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

AMIGO: To Overhaul Business Model Following FCA Scrutiny
--------------------------------------------------------
Nicholas Megaw at The Financial Times reports that specialist
lender Amigo has warned it will change its business model to head
off a regulatory crackdown, sending its shares plunging more than
50% on Aug. 29.

According to the FT, the UK company, which lends to people with
poor credit ratings as long as they have someone to step in should
they fail to repay, has drawn the scrutiny of the Financial Conduct
Authority over concerns that its customers risk becoming trapped as
repeat borrowers on interest rates of close to 50%.

As a result, Amigo said it would almost halve the share of business
that comes from repeat borrowers to about 20%, from 38%, a move
that will slow lending growth and drive up advertising costs as it
spends more to lure new customers, the FT relates.  It will also
tighten its credit checking policies and increase investment in
areas such as compliance and complaints-handling, the FT
discloses.


BRITISH STEEL: Rescue Deal to Take TSP Out of Liquidation
---------------------------------------------------------
Michael Pooler at The Financial Times reports that a rescue deal
has been agreed that will take an infrastructure design consultancy
owned by British Steel out of liquidation saving some 400 jobs,
according to three people aware of the situation.

According to the FT, TSP Projects is being bought by the French
engineering and consultancy group Systra, even as Turkey's military
pension fund ploughs ahead with plans to acquire the rest of the
stricken steelmaker.

The decision to sell the subsidiary was taken by the Official
Receiver, who has been in control of the UK's second-largest
steelmaker since it collapsed into insolvency in May, the FT
relates.

Ataer Holding, an investment group owned by the Turkish military
pension fund Oyak, is undertaking final due diligence after being
named preferred bidder for the rest of British Steel, which
collapsed when the government rejected its pleas for a state
bailout, the FT discloses.

The UK's second-largest steelmaker employs more than 4,000 people
across its large Scunthorpe plant and other sites throughout
north-east England, France and the Netherlands.

The deal for TSP Projects obtained the green light after an agent
acting on behalf of senior secured creditors to British Steel
agreed to lift the security it held over the subsidiary, in effect
removing a claim over the business, the FT states.


BURY FC: IPA to Investigate CVA Following EFL Expulsion
-------------------------------------------------------
David Conn at The Guardian reports that the Insolvency
Practitioners Association has announced it will investigate the
company voluntary arrangement organized to cut the debts of Bury,
who were expelled by the English Football League on Aug. 27.

The IPA said its decision to "consider the operation of the CVA",
followed concerns expressed in the Guardian by the Bury North MP,
James Frith, and the Football Supporters' Association, The Guardian
relates.

According to The Guardian, Mr. Frith has said he assumes it will
also be "standard practice" that the Insolvency Service, a
government agency, will investigate.  Mr. Frith's and the FSA's
concerns center on a GBP7 million claim admitted into the CVA as a
debt owed by Bury to a company, Mederco, owned by Stewart Day, the
club's former owner, which collapsed into administration in
February, The Guardian discloses.

In December, shortly before Mr. Day declared insolvency at Mederco
and several other of his property companies, he sold Bury for GBP1
to Steve Dale, the owner in whose tenure the 134-year-old club has
been expelled, The Guardian recounts.  In July, Dale, who never
satisfied the EFL that he had the necessary money to pay the club's
debts and run it, worked to secure the CVA, which offered creditors
25p for every pound owed, The Guardian states.

The insolvency practitioner supervising the CVA, Steven Wiseglass,
included in Bury's total creditors a GBP7.1 million debt stated to
be owed to Mederco for loans to the club during Day's ownership,
The Guardian relays.  Creditors were told that this debt had been
bought by RCR Holdings Ltd, a company formed two days before the
meeting to consider the CVA, according to The Guardian.  The scale
of the GBP7.1 million debt was crucial to the CVA being passed, The
Guardian notes.

The sole owner and director of RCR Holdings, Kris Richards, 41,
confirmed to BBC Radio Manchester that he is the partner of Steve
Dale's daughter, The Guardian recounts.

According to The Guardian, the Mederco administrator, the firm
Leonard Curtis, had told that company's creditors that it could not
establish how much money, if any, was owed by Bury.  It said there
was a "lack of evidence as to the accuracy and proof of the quantum
of any debt" and had sold RCR the potential claim to any debt for
GBP70,000, The Guardian notes.

Mr. Dale told the Guardian that RCR Holdings, having had that
GBP7.1 million admitted to the Bury CVA, would be seeking a quarter
of that full sum alongside other creditors--GBP1.75 million,
despite having paid only GBP70,000.

The IPA responded by saying it was issuing a statement, announcing
an investigation into the Bury CVA, following the Guardian's report
of Mr. Frith's and the FSA's calls for an inquiry.


DEBENHAMS PLC: Sports Direct Funds CVA Legal Challenge
------------------------------------------------------
Sam Tobin at The Irish Times reports that Sports Direct boss Mike
Ashley is funding a legal challenge to a deal which rescued
Debenhams from administration in order to "eliminate a competitor",
the High Court has heard.

The retailer gained approval for rent cuts and store closures
through a company voluntary arrangement (CVA) earlier this year,
paving the way for 50 store closures and 1,200 job losses, The
Irish Times discloses.

The CVA, which will see some landlords' rents reduced by between
35% and 50%, is being challenged by Combined Property Control Group
(CPC), which is the landlord of six Debenhams stores in England,
The Irish Times states.

At a hearing in London on Sept. 2, Debenhams' barrister, Tom Smith
QC, said the retailer considered that Sports Direct was funding the
case because it "wants to drive its principal competitor out of
business", The Irish Times notes.

According to The Irish Times, Mr. Smith told Mr. Justice Norris
that Sports Direct seemed to want to "drive Debenhams into
administration so that it can pick up its assets on the cheap",
adding that such an objective "would be consistent with Sports
Direct's recent modus operandi".

In written submissions, Mr. Smith, as cited by The Irish Times,
said Sports Direct's role in funding the case was "highly unusual
and a matter of significant concern to the company".

He added that Sports Direct was a major shareholder in the
Debenhams group and had "voiced grievances that its own proposals
for the restructuring/refinancing of the group were not accepted",
The Irish Times relays.

Mr. Smith submitted that Sports Direct "is obviously doing this
(funding the case) because it thinks it is in its own commercial
interests to do so", and suggested that Sports Direct's conduct
"may be borne of a desire to 'punish' the company and its lenders
for rejecting Sports Direct's proposals", The Irish Times
recounts.

According to The Irish Times, Daniel Bayfield QC, representing the
landlords, argued that the CVA was void as it "goes beyond the
jurisdiction" set out in the Insolvency Act, and that it "unfairly
prejudices the interests of the applicants", according to The Irish
Times.

Mr. Bayfield submitted that most of the applicant landlords held
the properties "on trust for various charities", adding:
"Challenging a CVA is an expensive and uncertain process,
particularly for a charity, The Irish Times notes.

"In those circumstances, [Sports Direct] has agreed to fund the
legal fees of the applicants and to pay any adverse costs order
made against the applicants."

The CVA was approved by nearly 95% of creditors by value who voted
on the proposed deal, The Irish Times recounts.

But Mr. Bayfield said those figures should be "treated with great
caution", as many of those who voted for it "were not affected by
it, and expect to be paid in full at the expense of the most
impaired categories of landlords", The Irish Times relays.

In a statement ahead of the hearing, a Debenhams spokesman, as
cited by The Irish Times, said: "We remain extremely confident this
challenge is without merit and expect it to fail.

"In the meantime, we are progressing with our restructuring, which
was approved by the vast majority of creditors, including 80% of
landlords."


TATA STEEL: Set to Close South Wales Operations, 400 Jobs at Risk
-----------------------------------------------------------------
Alan Tovey at The Telegraph reports that hundreds of steelmaking
jobs are at risk as Tata prepares to shut part of its operations in
south Wales and sell another unit in Canada as part of a fresh
cost-cutting plan.

According to The Telegraph, industry sources say that Tata will
this week announce the closure of its Newport-based Cogent arm
which makes components for the electrical sector.  Four hundred
staff at the plant could be offered alternative jobs within the
wider business, The Telegraph discloses.

Cogent's much smaller Swedish offshoot will be retained by Tata,
while a Canadian unit with about 300 employees is set to be sold to
a Japanese buyer, The Telegraph states.

The sale and closure comes as restructuring experts from Alvarez
and Marsal seek to trim Tata's UK and European operations, The
Telegraph notes.




                           *********


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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

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