/raid1/www/Hosts/bankrupt/TCREUR_Public/190904.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, September 4, 2019, Vol. 20, No. 177

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

VITEZIT: Bosnia Gov't. Agrees to Launch of Liquidation Proceedings


B U L G A R I A

NATSIONALNA ELEKTRICHESKA: S&P Affirms B+ ICR, Outlook Now Neg.


C R O A T I A

3 MAJ: HBOR Conditionally Approves HRK150-Mil. Loan
AGROKOR: 22 Affiliates' Crisis Management Proceedings Concluded


C Y P R U S

KLPP INSURANCE: S&P Affirms 'BB' Issuer Credit Rating, Outlook Pos.


F R A N C E

AIGLE AZUR: Files for Bankruptcy, Air France May Make Offer


I R E L A N D

SMURFIT KAPPA: S&P Rates New EUR500MM Sr. Unsecured Notes 'BB+'


L U X E M B O U R G

NETS TOPCO: S&P Affirms 'B' ICR, Alters Outlook to Developing


N E T H E R L A N D S

E-MAC PROGRAM III: S&P Affirms CCC(sf) Rating on Class D Notes


P O R T U G A L

DOURO LITORAL: Creditors Reach Agreement with Brisa


R U S S I A

TITANIUM INVESTMENTS: Moscow Court Adjourns Bankruptcy Case Hearing


U K R A I N E

INTERPIPE INT'L: Majority of Creditors Back Debt Restructuring


U N I T E D   K I N G D O M

ELIZABETH FINANCE 2018: DBRS Confirms BB Rating on Class E Notes
GENESIS MORTGAGE 2019-1: DBRS Finalizes BB(high) Rating on E Notes
GREAT HALL 2007-2: S&P Raises Class Eb Notes Rating to 'B (sf)'
TAURUS 2019-2: DBRS Assigns Prov. BB (low) Rating to Class E Notes

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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VITEZIT: Bosnia Gov't. Agrees to Launch of Liquidation Proceedings
------------------------------------------------------------------
SeeNews reports that Bosnia's Federation government said it has
agreed to the launch of liquidation proceedings at troubled arms
and explosives manufacturer Vitezit.

The government said in a statement that in the past ten years,
Vitezit has received more than BAM15 million of government
financing for different projects aimed at reviving its production
and preventing its liquidation, but the aid has failed to produce
the expected results, SeeNews relates.

It is, therefore, authorizing the Federation's energy ministry to
give its consent to the municipal court in Travnik where Vitezit is
located, to launch liquidation proceedings at the company, SeeNews
discloses.

The move aims to reorganize the indebted company, solve its
outstanding issues with creditors, and enhance its production
afterwards, SeeNews notes.



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B U L G A R I A
===============

NATSIONALNA ELEKTRICHESKA: S&P Affirms B+ ICR, Outlook Now Neg.
---------------------------------------------------------------
S&P Global Ratings revised the outlook on Natsionalna Elektricheska
Kompania EAD (NEK) to negative from stable and affirmed its 'B+'
issuer credit rating on the company.

The outlook revision reflects S&P's view that Bulgarian Energy
Holding EAD’s (BEH) ability to provide extraordinary and ongoing
support to its subsidiary NEK could deteriorate in the coming
years. Given high leverage at the NEK level, the BEH group's credit
quality and group support remain the key drivers of the rating on
NEK.

The affirmation of the 'B+' rating on NEK reflects the balance
between still weak--albeit stabilized--performance on the
stand-alone level, and our expectation of continuing ongoing and
extraordinary support from its parent BEH and, indirectly, from the
Bulgarian government.

There is a lack of clarity regarding the actual timing, amount of
investments, project structure, and additional government support
for BEH and its large new projects. S&P said, "We also understand
that exact terms are still under negotiation. However, we think
that the projects are in line with the Bulgarian government's
energy strategy, which focuses on security of gas supply and
diversification of gas flows to Balkan and Eastern European
regions."

Since BEH represents a main support for NEK, S&P takes into
consideration the consolidated group's key projects when assessing
the rating on NEK. These include the construction of the
Greece-Bulgaria gas interconnector project (IGB) and the
construction of gas transmission infrastructure to connect the
markets between Turkey and Serbia.

Bulgartransgaz, BEH's subsidiary, is now looking to find the main
contractor for the expansion of the existing Bulgartransgaz gas
transportation system between Turkey and Serbia, which will cost
about Bulgarian lev (BGN) 2.8 billion, according to management's
preliminary estimates. S&P said, "We understand that the
engineering, procurement, and construction (EPC) contractor should
provide long-term interest-bearing funding to Bulgartransgaz to
cover the full project cost. We view such contractor financing as
debt-like. We also understand that BEH will consolidate this EPC
contractor funding in its financial statement and repay it with
transit revenue from the project once it is commissioned. In
addition, BEH has a 50% stake in the IGB, but we understand that
grants from the European Energy Programme for Recovery and the
Operational Programme "Innovation and Competitiveness", along with
the EUR110 million secured by a state-guaranteed loan, will
effectively cover the EUR260 million project cost."

S&P said, "Due to the size of these investments, we think that
BEH's credit quality could come under pressure, with FFO to debt
declining well below 20% in 2020-2021. BEH's consolidated adjusted
debt in 2020 could rise by about 50% compared to Dec. 31, 2018. We
also understand that tenders for the construction of new Belene
power plant are under way, although the timing and size of this
project remain unclear.

"That said, we understand that BEH has yet to decide the capex
schedule for the Balkan Gas Hub, and the appeal on the EPC
contractor process adds uncertainty. We also expect BEH's
stand-alone performance to improve, with EBITDA increasing to
BGN885 million-BGN895 million in 2019-2020 from BGN479.7 million in
2018. If BEH's performance improves beyond our current
expectations, this could further offset the impact on BEH's
consolidated financials and improve its ability to support NEK.

"We view NEK's stand-alone credit quality as relatively stable,
despite much weaker-than-expected results in 2018. We understand
that these were harmed by one-off factors, including a significant
increase in carbon dioxide allowances and the fully provisioned
BGN60 million litigation claim from WorleyParsons Nuclear Services
JSC.

"We think that NEK's performance will likely recover, with its
debt-to-EBITDA ratio decreasing to 20x-25x by end-2021 from 46.7x
currently." Given continuing market liberalization in Bulgaria,
from July 1, 2019, NEK is obliged to purchase power only from RES
and highly efficient combined heat and power producers with
installed capacity of 1 megawatt and lower. This should improve
NEK's cost structure. In addition, the Security of the Electricity
System Fund remains in place and it will cover NEK's current tariff
deficit going forward.

That said, the state has not yet fully implemented the energy
reforms, and its strategic decision regarding the company's
historical tariff deficit (accumulated before 2016) is still
pending. The estimated deficit is between BGN1.4 billion (Energy
and Water Regulatory Commission's decision in June 2014) and BGN1.9
billion (the World Bank's estimate in 2015). Overall, S&P does not
expect NEK will be able to reduce leverage quickly, given its very
large accumulated historical debt (BGN2.5 billion reported at Dec.
31, 2018).

S&P said, "The key positive factor for our stand-alone assessment
of NEK is the favorable structure of NEK's debt portfolio. NEK owes
most of its debt to its parent, BEH (71.1%) and the government
(26.5%), with loans to banks making up less than 2.5% of total debt
(amounting to BGN64.2 million as of Dec. 31, 2018). We treat the
loans from the government and BEH as debt, rather than equity,
because they are not structurally subordinated to other
liabilities. However, we still think that NEK has some flexibility
regarding repayments to its parent, and that it will be able to
make debt payments to banks according to schedule. We therefore
assess NEK's stand-alone credit profile (SACP) at 'b-', factoring
in ongoing support from the parent.

"We continue to regard NEK as a strategically important subsidiary
of BEH and consequently add two notches of uplift from NEK's 'b-'
SACP. We cap our rating on NEK one notch below the 'bb-' group
credit profile (GCP). Although we do not rate BEH, we factor its
credit quality into our rating on NEK. We regard BEH as a
government-related entity with a moderate likelihood of receiving
extraordinary state support. The 'bb-' GCP takes into account our
view of potential extraordinary state support.

"The negative outlook reflects our view that the parent's ability
to support NEK could reduce. This could happen if the
abovementioned sizable investment projects lead to meaningful
deterioration of BEH's credit quality, and improvements in BEH's
performance beyond our current expectations, state support, capex
delays, and the project structure are not sufficient to offset this
deterioration. The outlook revision also reflects our view that NEK
will likely remain highly dependent on parental support.

"We would likely lower the rating on NEK if BEH's credit quality
deteriorates to 'b+', based on weaker operating performance, higher
leverage, weaker liquidity, or a sovereign downgrade. We could also
lower the rating if parental support from BEH diminishes
meaningfully. Finally, we could downgrade NEK if we saw a
significant deterioration in its liquidity and in its ability to
generate sufficient cash flow to repay its relatively modest
external debt. However, this is not part of our base case."

A revision of the outlook to stable would largely depend on BEH's
performance stabilizing at the 'bb-' level. This would mainly
depend on:

-- The actual terms of coming investment projects--in particular,
the timing and volume of investments or potential government
support;

-- Debt-to-EBITDA dropping below 4.0x and FFO to debt rising above
20% on a sustainable basis; and

-- Maintenance of adequate liquidity.

S&P could also take a positive rating action on NEK if it saw the
successful implementation of market liberalization in Bulgaria,
strategic decisions by the company to remove its old accumulated
tariff deficit or to dispose of its assets in Belene, and the
consequent repayment of the loan to the Bulgarian government.




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C R O A T I A
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3 MAJ: HBOR Conditionally Approves HRK150-Mil. Loan
---------------------------------------------------
SeeNews reports that the Croatian Bank for Reconstruction and
Development (HBOR) has conditionally approved a HRK150 million
(US$22 million/EUR20 million) loan to help troubled 3. Maj shipyard
restart production and complete vessels already under construction,
economy minister Darko Horvat said.

Mr. Horvat said in a statement on Sept. 2, the loan awaits to see
3. Maj meeting by Thursday, Sept. 5, all conditions that the
government has set earlier in order to issue state guarantees on
the loan, SeeNews relates.

"Starting Thursday, we are ready to pay salaries to employees,
enable the shipyard for operations and continue talks on the final
price of delivering ships, so that in about two years, we arrive at
a situation in which [the shipyard] will repay this credit to HBOR
in a single tranche, just as we have approved it," SeeNews quotes
Mr. Horvat as saying.

He also welcomed news that more than 90% of 3. Maj's creditors have
so far agreed to get paid only 15% of their claims against the
shipyard from the HBOR loan and to wait two more years for the
repayment of the remaining 85%, SeeNews notes.

The government said last month that it will issue a state
guarantees only if 3. Maj meets several conditions by Sept. 5, the
first of which is an agreement with all creditors to postpone
repayment of their claims over unpaid debt until September 1, 2021,
SeeNews recounts.

The second condition is to negotiate with state-owned HBOR, or any
other bank, a credit agreement at market terms, whose validation
will depend on the issuance of the state guarantee, SeeNews
discloses.

In addition, 3. Maj should also hire Croatian Shipbuilding
Corporation - Jadranbrod (CSC) as a supervisor on the works for
completion of vessels already under construction, SeeNews states.

Zagreb-based CSC was established by the government with the main
task of providing expert monitoring of the restructuring process
and modernization programs of Croatian shipyards, SeeNews notes.

The fourth and final condition is that 3. Maj submits to the
ministries of finance and economy a detailed analysis of how it
will spend the funds it will receive thanks to the pledged state
guarantees, and to elaborate on the effect this will have on the
company's operations and on the resulting decrease of the
government's guarantee exposure at 3. Maj, SeeNews discloses.

At the beginning of August, after the government first announced
its plans to support 3. Maj, the commercial court in Rijeka decided
to postpone to Sept. 26 a hearing on the launch of bankruptcy
proceedings against the struggling shipyard, SeeNews relays.

AGROKOR: 22 Affiliates' Crisis Management Proceedings Concluded
---------------------------------------------------------------
SeeNews reports that Croatia's Fortenova Group, the successor to
failed Agrokor concern, said the crisis management proceedings at
22 companies affiliated with Agrokor have been concluded.

According to SeeNews, Fortenova said in a statement the proceedings
at these companies and the role of the crisis manager have been
terminated definitely and now these companies can continue their
operations within Fortenova Group.

The companies on the list include meat processor PIK-Vinkovci,
Zagreb-based Agrokor-Energija, Porec-based Agrolaguna which is
active in wine making, olive growing and cattle breeding,
Dubrovnik-based Gulliver Travel, and Zagreb-based wholesaler
Zitnjak, among others, SeeNews discloses.

Agrokor, which employs some 60,000 people in the region, has been
undergoing restructuring led by a court-appointed crisis manager
under Croatia's special law on companies of systemic importance
passed in April 2017 with the aim of shielding the country's
economy from big corporate bankruptcies, SeeNews relays.

Back in June 2017, the troubled food-to-retail concern signed a
roll-up financing arrangement of up to EUR1.06 billion (US$1.18
billion) with over 30 creditors, SeeNews recounts.

Agrokor's business operations were transferred to newly formed
Fortenova Group in April 2019 under a settlement agreement with
creditors endorsed by a Zagreb court in June 2018, SeeNews
discloses.



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C Y P R U S
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KLPP INSURANCE: S&P Affirms 'BB' Issuer Credit Rating, Outlook Pos.
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term insurer financial
strength and issuer credit ratings on Cyprus-based KLPP Insurance
and Reinsurance Co. The outlook is positive.

Outlook

S&P siad, "The positive outlook reflects our view that KLPP may be
able to continue executing its strategic plan to broaden its
sources of premium and risk diversity. We also assume the company
will maintain its extremely strong capital adequacy and
conservative investment strategy."

Upside scenario

S&P said, "We could raise the ratings over the next 6-12 months if
KLPP demonstrates a sustainable competitive advantage in attracting
profitable open-market business, with increasing regional and
business diversification. An upgrade would also depend on an
unchanged financial risk profile, with capital adequacy in the
'AAA' range, and a continued conservative investment strategy."

Downside scenario

S&P said, "We could revise the outlook to stable if we see
weakening of KLPP's competitive position, such as less
diversification or an unprofitable business mix. We may take
similar action if large or unexpected losses lead us to believe the
company's risk controls are insufficient to manage its exposures."

Rationale

The ratings reflect KLPP's competitive position, which is gradually
improving thanks to the development of its franchise in the
international reinsurance market. In 2018, KLPP's gross written
premiums (GWP) reached $39.7 million compared with $20.8 million in
2017. At the same time, its business mix is becoming more
diversified by regions and cedants. S&P said, "We believe KLPP will
further diversify its franchise in 2019 and become less dependent
on the Russian market. In 2018, about 60% of the company's business
was still generated in Russia. Moreover, we believe the company has
strengthened its relationships with brokers and remains committed
to investing in its underwriting capabilities."

S&P said, "KLPP has a strong financial risk profile, in our view,
backed by sound excess capital at the 'AAA' level according to our
capital model, and a Solvency II ratio higher than 800% at year-end
2018. In addition, we expect the company will maintain a
conservative investment strategy, focusing on relatively
short-duration fixed-income instruments (over 80% of the portfolio
assets mature in less than two years). For 2019-2020, we forecast
in our base case, GWP of about $20 million-$30 million, factoring
in the planned decrease in Russian business, and greater
diversification by regions and business lines. During that period,
we expect KLPP will achieve a combined ratio about 95%, a return on
equity of 2.5%-3.0% due to its very high capital base, and net
income of about $10 million annually."



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F R A N C E
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AIGLE AZUR: Files for Bankruptcy, Air France May Make Offer
-----------------------------------------------------------
Dow Jones Newswires, citing Le Monde, reports that French private
airline Aigle Azur filed for bankruptcy on Sept. 2 with losses of
more than EUR40 million.

According to Dow Jones, Martin Surzur, president of Aigle Azur's
pilot union, as cited by Le Monde, said Air France has shown
interest in the company and could make an offer.



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I R E L A N D
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SMURFIT KAPPA: S&P Rates New EUR500MM Sr. Unsecured Notes 'BB+'
---------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB+' issue rating
with a '3' recovery rating to the proposed EUR500 million senior
unsecured notes due 2027 to be issued by Smurfit Kappa Treasury
Unlimited Co. The limited amount of prior ranking liabilities
supports the issue rating.

Smurfit Kappa will use the proceeds of the proposed note issuances
to repay the outstanding EUR250 million senior unsecured notes due
October 2020 and about EUR250 million of the unsecured notes due
June 2021. S&P will withdraw its 'BB+' issue rating and '3'
recovery rating on the existing EUR250 million senior unsecured
notes due October 2020 upon completion of the refinancing
transaction.

S&P siad,"Our view of Smurfit Kappa's business risk profile remains
unchanged and continues to reflect the group's leadership in the
corrugated container markets, especially in Europe and Latin
America. The group is highly vertically integrated since it
produces most of its paper in its own mills, with 75% of its
containerboard based on recycled fiber. This allows Smurfit Kappa
to exhibit better profit margins than its peers because it reduces
its exposure to volatile containerboard prices. Smurfit Kappa's
proven ability to generate cost efficiencies, along with its focus
on the manufacturing of boxes (85% of sales) rather than paper,
further support profit margins.

"Our view of Smurfit Kappa's financial risk profile also remains
unchanged. We continue to expect the group's medium-term investment
program to weigh on cash flow generation and most likely limit any
significant improvement in credit metrics in the near term. We
expect S&P Global Ratings adjusted net debt to EBITDA of 2.5x-3.0x
and funds from operations to debt of 25%-30% by year-end 2019."



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

NETS TOPCO: S&P Affirms 'B' ICR, Alters Outlook to Developing
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Nets Topco 3 S.a.r.l. (Nets), but changing the outlook to
developing.

Although the disposal weakens S&P's assessment of Nets' business,
this could be offset by a significant gross debt reduction that
could become possible using the EUR2.85 billion proceeds
(equivalent to about 85% of gross financial debt). However, Nets
will determine the allocation of the funds only around the time of
closing, which we expect in first-half 2020.

S&P said, "We do not rule out a significant debt reduction, but
have doubts about the level of deleveraging that will eventually
occur. This is because Nets is controlled by financial sponsors
that have a track record of operating the business under high
leverage and have not set any long-term leverage targets for the
company. We could lower the rating if Nets used less than half of
the disposal proceeds to prepay debt, preventing our pro forma
adjusted gross debt to EBITDA from improving toward 8.0x in 2020,
compared with 10.5x–11.5x and 8.0x–9.0x in our forecast for
2019 and 2020, respectively, without the sale."

The transaction involves Nets' operations and clearing
infrastructure offered mostly to banks for account-to-account and
instant payments, as well as its e-billing solutions for corporate
clients. These operations jointly constitute 20%-25% of the group's
consolidated net revenue, and 25%-30% of EBITDA before special
items, as defined by Nets. Apart from reducing the company's scale
compared with other rated payment service providers, the sale would
reduce the breadth of Nets' product offering, which is a key
element in our assessment of the company's business.

S&P said, "Moreover, we think Nets would relinquish operations that
have a strong market position and are well integrated into the
payments infrastructure in Denmark and Norway. We estimate the sale
will dilute the company's net revenue EBITDA margins before special
items by about 3 percentage points to 33%-35% (2019 pro forma),
compounding the margin dilution from the acquisition of German
merchant acquirer Concardis, which closed in January 2019. These
considerations would likely cause us to lower our business risk
assessment for Nets upon the transaction's closing, absent any
acquisitions that strengthen the quality of the business.
Importantly, however, we note that Nets' ability to offer
account-to-account payments in merchant services is not affected."
Therefore, it can continue to provide its merchant customer base
with a full range of payment methods. Moreover, the disposal
somewhat reduces Nets' customer concentration.

The EUR2.85 billion of cash from the sale would theoretically allow
Nets the flexibility to repay more than 80% of its EUR3.4 billion
gross debt at the end of second-quarter 2019. S&P said, "We
consider this scenario unlikely, since we believe Nets' financial
sponsor owners will continue to pursue aggressive financial
policies and maintain high leverage. However, ratings upside could
result if the sponsors decided to prepay gross debt such that our
adjusted debt to EBITDA fell sustainably below 7.0x, coupled with a
commitment to maintain leverage at this level. We estimate this
would require prepayments using 60% or more of the proceeds."

S&P said, "Although some debt repayment may occur, we see a
meaningful risk of the majority of the cash being paid to
shareholders. This is because the company has not made any
commitment regarding the use of the funds and we understand that
the debt documentation potentially grants a high level of
flexibility. In particular, if Nets is able to designate the sale
as a disposal of a noncore asset, as defined in the facilities
agreements, and completes the transaction within two years from the
leveraged buy-out(by February 2020), the first- and second-lien
facility agreements do not require it to prepay debt. Furthermore,
we believe in this case these agreements permit distributions from
the proceeds subject to covenant leverage being no higher than 6.5x
(6.75x for the second-lien facility). Moreover, the inter-creditor
agreement does not introduce additional safeguards over and above
those set out in the first-lien documents, as per our
interpretation. In our forecast, this could allow up to 75% of the
proceeds to be used for distributions, translating into our pro
forma adjusted debt to EBITDA calculation of 9.0x–10.0x in 2020.
In light of the weaker business risk profile after closing, we are
unlikely to consider this leverage to be commensurate with the
current rating."

The developing outlook reflects the uncertainty as to the
proportions of the disposal proceeds Nets will allocate to debt
repayments, acquisitions, and shareholder returns. The outlook also
incorporates S&P's forecast that Nets will report 2%-4% organic net
revenue growth in the next 12 months (excluding the divested
assets) and gradually declining exceptional costs. This would
enable it to achieve adjusted EBITDA margins on net revenue of more
than 24% in 2020.



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N E T H E R L A N D S
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E-MAC PROGRAM III: S&P Affirms CCC(sf) Rating on Class D Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on all classes from
E-MAC Program III B.V. Compartment NL 2008-II.

S&P said, "Upon publication of our revised criteria for assessing
counterparty risk in structured finance transactions, we placed our
ratings that could be affected by the change in criteria under
criteria observation. Following our review of this transaction, our
ratings on the class A and B notes are no longer under criteria
observation.

"The swap counterparty in the transaction is Natwest Markets PLC.
The remedial actions defined in the swap agreement were in line
with option one of our previous counterparty criteria. Under our
revised criteria, we assess the collateral framework as adequate.
Based on the combination of the replacement commitment and the
collateral-posting framework, the maximum potential rating
supported by the swap counterparty in this transaction is 'AA-
(sf)'. All other rating dependent counterparties do not constrain
our ratings on the notes.

"The transaction's performance has been in line with our
expectations since our previous review. Note payment is currently
sequential, but should the performance triggers pass in the future,
this transaction could switch to paying pro rata. Although it is
expected to continue paying sequentially given that the reserve
fund is fully utilized, we have factored this into our analysis.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A and B notes can support higher
ratings than those currently assigned. However, considering the
high proportion of interest-only loans in the pool, which is
becoming less granular, the pro rata switch feature, and the
abovementioned rating cap, we have affirmed our ratings on these
classes of notes.

"The class C notes fail our 'BB' cash flow stress due to immaterial
interest shortfalls in a number of scenarios, which are cured on
the subsequent interest payment date. Given the low level of
arrears, increasing credit enhancement available to this class of
notes, and current macroeconomic outlook for the Dutch market, we
have affirmed the rating at 'BB (sf)'.

"The class D notes do not pass our 'B' cash flow stresses.
Therefore we applied our 'CCC' criteria (see "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct.
1, 2012), to assess if either a 'B-' rating or a rating in the
'CCC' category would be appropriate. According to our 'CCC'
criteria, for structured finance issues, expected collateral
performance and the level of credit enhancement are the primary
factors in our assessment of the degree of financial stress and
likelihood of default. We performed a qualitative assessment of the
key variables, together with an analysis of performance and market
data, and we consider repayment of the class D notes to be
dependent upon favorable business, financial, and economic
conditions. We have therefore affirmed our 'CCC (sf)' rating on the
class D notes."

E-MAC Program III B.V. Compartment NL 2008-II is a Dutch RMBS
transaction backed by Dutch residential mortgages originated by
CMIS Nederland (previously GMAC-RFC Nederland).

  Ratings List

  E-MAC Program III B.V. Compartment NL 2008-II

  Class  Rating to Rating from
  A2     A+ (sf)  A+ (sf)
  B      BBB+ (sf) BBB+ (sf)
  C      BB (sf)  BB (sf)
  D      CCC (sf) CCC (sf)




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P O R T U G A L
===============

DOURO LITORAL: Creditors Reach Agreement with Brisa
---------------------------------------------------
Joao Lima at Bloomberg News, citing an emailed statement, reports
that Portuguese highway operator Brisa and the creditors of the
Douro Litoral and Brisal highway concessions have reached an
agreement.

According to Bloomberg, creditors are recognized as shareholders of
Douro Litoral, controlling and naming its management.

Brisa will remain majority shareholder of Brisal, Bloomberg
discloses.

The refinancing process of Brisal will lead to the replacement of
the existing creditors, with credit restructuring, Bloomberg
states.

The agreement still needs to get authorization from the Portuguese
state, Bloomberg notes.



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R U S S I A
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TITANIUM INVESTMENTS: Moscow Court Adjourns Bankruptcy Case Hearing
-------------------------------------------------------------------
Interfax-Ukraine reports that the Moscow Arbitration Court on Aug.
22 adjourned until Nov. 18 the case on declaring bankruptcy of
Titanium Investments LLC belonging to Dmytro Firtash.

This decision was made at the request of the administration of the
city of Armyansk (Crimea), supported by other participants in the
process, including VTB, Interfax-Ukraine discloses.

The representative of the administration explained that on May 16
an appeal was sent to the Crimean authorities to issue a guarantee
for the obligations of the debtor, however, the necessary changes
to the Crimean budget can be made only in September,
Interfax-Ukraine relates.

According to Interfax-Ukraine, the judge said Crimean authorities
submitted a postponement of the hearing to the case file.

Answering a judge's question, the representative of the Armyansk
administration was unable to report whether the Crimean authorities
plan to issue a guarantee, Interfax-Ukraine relays.

At the same time, the representative of the debtor at the meeting
said that negotiations are underway for a peaceful settlement of
the dispute, according to Interfax-Ukraine.  The representative of
VTB did not confirm this, but did not refute the fact that
negotiations are underway, Interfax-Ukraine notes.

The court adjourned the hearing and ordered the Crimean authorities
to submit their position on the dispute to the next hearing,
Interfax-Ukraine discloses.

The court in May attracted the Crimean authorities to participate
in the bankruptcy case of Titanium Investments LLC, since the
Armyansk city council was unable to provide guarantees for the
obligations of the debtor and appealed to the Crimean authorities,
Interfax-Ukraine recounts.

Earlier, the court decided to conduct bankruptcy proceedings of
Titanium Investments LLC as a city-forming enterprise,
Interfax-Ukraine notes.  The court then invited the Armyansk city
administration to participate in the bankruptcy case of the
company, Interfax-Ukraine states.

The monitoring procedure for Titanium Investments LLC was
introduced on February 20, 2018 at the request of VTB,
Interfax-Ukraine discloses.  The company's debt to the bank,
included in the register, is RUR2.5 billion, Interfax-Ukraine
discloses.




=============
U K R A I N E
=============

INTERPIPE INT'L: Majority of Creditors Back Debt Restructuring
--------------------------------------------------------------
Interfax-Ukraine reports that the Interpipe international
vertically integrated pipe and wheel company has obtained consent
of the majority of creditors for restructuring of the company's
debt on its 2017 bonds.

According to a company announcement on Aug. 28, most holders of
secured bonds guaranteed by Interpipe Nyzhniodniprovsky Pipe
Rolling Plant (NTZ), Interpipe Niko-Tube and Interpipe Ukraine in
the amount of US$200 million at 10.25% per annum due in 2017 gave
their consent to the terms of the restructuring conditions proposed
by Interpipe.

At the same time, the company said that the consent was obtained on
the terms and subject to the conditions contained in the memorandum
of consent dated August 14, 2019, Interfax-Ukraine relates.




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

ELIZABETH FINANCE 2018: DBRS Confirms BB Rating on Class E Notes
----------------------------------------------------------------
DBRS Rating Limited changed the trend on Class B, C, D, and E Notes
issued by Elizabeth Finance 2018 DAC (the Issuer) to Negative from
Stable. The trend on the Class A Notes remains Stable.
Additionally, DBRS confirmed the ratings on the classes of notes as
follows:

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

The trend change is a result of the further deterioration of the UK
retail sector, which could affect the performance of the Maroon
loan by increasing: (1) the re-letting risk for the upcoming lease
break options of some of the largest tenants in the portfolio and
(2) the number of retailers entering into company voluntary
arrangements or deciding to consolidate their space across the
country.

Elizabeth Finance 2018 DAC is a securitization of two British
senior commercial real estate loans that were advanced by Goldman
Sachs International Bank. The two loans are the GBP 68.9 million
Maroon loan (GBP 69.6 million at inception), which was advanced to
three borrowers, and the GBP 20.9 million (GBP 21.1 million at
inception) MCR loan that was advanced to Cypresshawk Limited. Both
loans were refinancing facilities and have partially amortized
since the origination date. The collateral securing the Maroon loan
comprises three shopping centers located in England and Scotland;
each property is held by property holding companies under the
respective Maroon borrower. The MCR loan is secured by a
campus-style office building located in Manchester, England.
Oaktree Capital Management is the sponsor for the Maroon loan while
the sponsor of the MCR loan is Ms. Naeem Kauser as trustee of the
Mussarat Children's Trust.

The Maroon loan was transferred to special servicing on 4 June 2019
due to a loan-to-value (LTV) financial covenant breach based on the
latest valuation dated on 31 January 2019, which saw the
portfolio's market value drop by 17.9% to GBP 86 million. However,
the mezzanine lender cured the breach by depositing an equity cure
amount of GBP 1.1 million to the cure account; as a result, the
Maroon loan was transferred back to primary servicing on 15 July
2019 as a corrected loan. DBRS does not expect the servicer to
commission another valuation in the next six months. As such, the
LTV covenant breach will likely be cured by releasing the equity
cure amount as well as the cash trap proceeds (currently at
approximately GBP 1.0 million based on servicer's data) as
principal receipts in order to pay down the loan and ultimately the
notes on a pro-rata basis. The prepayment would bring the Maroon
loan's leverage within the 75.0% default-level covenant (DBRS's LTV
will also decrease from 94.7% to 90.4%), although DBRS anticipates
surplus cash trapping to continue, as the loan would still be
breaching its 70.0% cash trap covenant. In accordance with the
senior cash trap mechanism, the payment of mezzanine interest would
still be allowed.

In DBRS's view, the current challenging UK retail environment
coupled with an increased possibility of a hard Brexit is expected
to maintain a strong downward pressure on the loan's performance,
hence the Negative trends. Conversely, the upcoming opening of an
H&M at the Vancouver Shopping Centre (the asset registering the
highest value decline since origination at -22.0%) as well as a
weighted-average unexpired-lease-term-to-break (WAULTB) of over
four years as at Q2 2019 are expected to stabilize the performance
of the portfolio and reduce the cash flow volatility in the near
future.

Contrary to the Maroon loan, the MCR loan has demonstrated good
performance since inception. The vacancy at the MCR office property
has decreased to 5.3% in Q2 2019 from 15.6% at issuance while the
net rent has increased to GBP 3.2 million from GBP 2.7 million
during the same period. The WAULTB of 3.3 years also provides DBRS
with additional comfort regarding cash flow stability. DBRS views a
potential prepayment of the MCR loan as credit negative for the
transaction, as it would leave the noteholders fully exposed to the
performance of the Maroon loan.

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

GENESIS MORTGAGE 2019-1: DBRS Finalizes BB(high) Rating on E Notes
------------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the notes
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 is a securitization collateralized by 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 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 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. DBRS does
not rate Classes G, X, and Z issued by the Issuer.

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 proceeds of Class A to Class G notes were used to fund the
purchase of loans from Bluestone. 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 deposited
the excess proceeds from the issuance of the notes into the
pre-funding account.

The general reserve fund (2% of the transaction) was funded from
the proceeds of Class Z Notes and partly from the proceeds of Class
X Notes. This allowed 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 was 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 issued 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 mortgage portfolio
consisting of loans that were in the Originator's portfolio as of
30 June 2019. The portfolio consists of 1,147 loans with an
aggregate principal balance of GBP 204.8 million extended to 1,135
borrowers.

The mortgage loans in the asset portfolio are classified as
owner-occupied (80.2% of the portfolio by loan amount) and BTL
(19.8%) 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
(55.9%), five (34.0%) or three (4.6%) years. Furthermore, 17.3% of
the portfolio consists of interest-only loan parts, and 35.4% of
the mortgage portfolio is granted to borrowers grouped as either
self-employed, retired or not classified. The majority of loans
(99.4%) are classified as performing or current and the remaining
0.6% of loans are less than three months in arrears. Lastly, about
27.7% 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 from
the 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.


GREAT HALL 2007-2: S&P Raises Class Eb Notes Rating to 'B (sf)'
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on the class Ca, Cb,
Da, Db, Ea, and Eb notes from Great Hall Mortgages No. 1 PLC's
series 2007-2. At the same time, S&P affirmed its ratings on all
other classes from this transaction.

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

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

"Our weighted-average foreclosure frequency assumptions have
dropped for all levels but the 'B' stress since our previous
review. This is due to our updated assumptions for buy-to-let loans
and updated assumptions for arrears, which balance our higher
originator adjustment. Our weighted-average loss severity
assumptions at each rating level have also decreased over the same
period due to the lower current weighted-average loan-to-value
ratio and our revised assumptions for jumbo valuations."

  WAFF And WALS Levels
  Rating level WAFF (%) WALS (%)
  AAA        28.24    43.91
  AA            22.29    35.48
  A            18.87    21.52
  BBB           14.89    13.86
  BB           10.31    9.37
  B          9.10     6.33

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

S&P said, "Under our revised counterparty criteria, our ratings on
the notes continue to be capped by the rating on the guaranteed
investment contract (GIC) provider, Danske Bank (A/Negative/A-1).
The transaction account also does not have replacement language,
which introduces another rating cap on the notes at that on the
transaction account provider, Bank of New York Mellon
(AA-/Stable/A-1+).

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

"We have reviewed the currency and basis swap agreements under our
revised counterparty criteria and assess the collateral framework
as weak. In combination with the 'BBB-' replacement trigger, these
agreements cap our ratings on the notes exposed to currency risk at
the resolution counterparty rating (RCR) on the swap provider,
JPMorgan Chase Bank N.A. ('A+').

"The application of the stresses specific to U.K. residential loans
in our updated global residential loans criteria, including our
updated credit figures and our cash flow analysis, indicates that
the available credit enhancement for all classes of notes is now
commensurate with higher ratings than those currently assigned.
However, our counterparty criteria constrain our ratings on classes
A, B, and C at the 'A' ICR on the GIC account provider.

"Moreover our analysis indicates that the class D and E notes could
withstand our stresses at higher rating levels than those assigned
and would still be within the counterparty constraints. However,
our ratings reflect the credit enhancement available for class D
and E at 7.37% and 2.92% respectively, with little increase since
our previous review. Our ratings also reflect their relative
position in the capital structure, especially in light of both the
sequential payment structure and the high proportion of
interest-only loans in the pool, which make these junior classes
particularly vulnerable to tail risk."

  Ratings List

  Great Hall Mortgages No. 1 series 2007-2
  
  Class  Rating to       Rating from
  Aa     A (sf)   A (sf)
  Ab     A (sf)   A (sf)
  Ac     A (sf)   A (sf)
  Ba     A (sf)   A (sf)
  Ca     A (sf)   A- (sf)
  Cb     A (sf)   A- (sf)
  Da     A- (sf)   BBB (sf)
  Db     A- (sf)   BBB (sf)
  Ea     B (sf)   B- (sf)
  Eb     B (sf)   B-(sf)


TAURUS 2019-2: DBRS Assigns Prov. BB (low) Rating to Class E Notes
------------------------------------------------------------------
DBRS Ratings Limited assigned the following provisional ratings to
the notes to be issued by Taurus 2019-2 UK Designated Activity
Company (Taurus 2019-2 UK DAC; the Issuer):

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

All trends are Stable.

Taurus 2019-2 UK DAC is a securitization of a 76.1% interest in a
GBP418.1 million (63.9% loan-to-value or LTV) five-year senior
commercial real estate facility advanced by Bank of America Merrill
Lynch International DAC (BofA Merrill Lynch DAC; the seller) to
refinance the indebtedness of 126 urban logistics and multi-let
industrial properties in the United Kingdom, which are ultimately
owned by Blackstone Group Inc. (Blackstone or the Sponsor).

The 126 assets securing the loan are held by three borrowers:
Treforest Trustee (Jersey) Limited, Sunflower UK Logistics Propco
S.a.r.l. and Sunflower Estate (GP) Limited. Additionally, Planeta
Industries S.A. has provided a co-terminus GBP 65.0 million
mezzanine term loan with an LTV of 73.9%. However, the mezzanine
loan is structurally and contractually subordinated to the senior
facility and is not part of the transaction.

Blackstone acquired the collateral for the loan from Brockton
Capital (Brockton) in August 2017 for a purchase price of
approximately GBP 560.0 million. It was subsequently securitized in
the DBRS-rated Taurus 2017-2 UK DAC transaction, which has
performed within DBRS's expectations since issuance. Brockton
accumulated the assets by combining three portfolios it had
purchased between 2013 and 2015.

As of the 30 April 2019 cut-off date, the portfolio generated a
total of GBP 38.4 million gross rental income from 126 assets. The
portfolio's net rent (pre-rent free) is reported to be GBP 36.7
million, translating into a day-one debt-yield (DY) of
approximately 8.8%. As of the cut-off date, the senior loan's
Issuer LTV was 63.9% while it's market value (MV) was GBP 653.8
million.

Cushman & Wakefield (the valuer) valued the assets individually at
GBP 622.7 million (67.1% LTV) but applied a portfolio premium of
7.5% for a total value of GBP 669.5 million (62.4% LTV); however,
the Issuer has capped the premium at 5.0%, and accordingly valued
the portfolio at GBP 653.8 million (63.9% LTV). The only change in
the underlying collateral compared with the Taurus 2017-2 UK DAC
securitization was the sale of one asset, 30-64 Pennywell Road,
which is located in Bristol and had an MV of GBP 2.6 million.

The DBRS net cash flow (NCF) for the portfolio is GBP 29.0 million,
which represents a 20.9% haircut to the pre-rent-free net operating
income by the arranger. DBRS applied a blended capitalization rate
of 6.54% to the aggregate DBRS NCF to arrive at the DBRS stressed
value of GBP 443.7 million, which represents a 33.7% discount to
the MV of the portfolio provided by the valuer.

The loan carries a floating interest rate with a LIBOR benchmark
providing an interest rate coverage in the range of >2.0x at the
hedged rate and >2.5x at current LIBOR. The loan will be [95.0%]
hedged with a LIBOR interest cap with a strike rate of [1.75%]. The
cap will be provided by Bank of America N.A., London branch.

The CMBS transaction benefits from a liquidity facility provided by
Bank of America N.A., London branch that can be used to cover
interest shortfalls on Class A and Class B notes. The initial
liquidity facility commitment amount is GBP 8.0 million and equals
4.1% of the total outstanding balance of the covered notes.
According to DBRS's analysis, the commitment amount as at closing
is expected to be equivalent to approximately 14.7 months and 9.3
months of coverage on the covered notes based on the cap rate of
[1.75%] and the LIBOR notes cap of 5.0% after loan maturity,
respectively.

In addition to the liquidity reserve, the transaction also features
a GBP [50,000] Issuer reserve to cover the Issuer's senior
expenses.

The Class E notes are subject to an available funds cap where the
shortfall is attributable to interest due on the loan not being
sufficient to pay senior costs and interest due on the notes.

The loan's expected maturity is on November 15, 2021. However, the
borrower can exercise three one-year extension options provided
that the following conditions have been met: (1) there is no
payment default and (2) the transaction is compliant with the
required hedging conditions (see the Hedging section of the related
presale report for further details). The loan's final maturity date
is on or before 15 November 2024. A special servicing transfer
event will occur should the loan fail to be repaid by its maturity.
The transaction will have a five-year tail period to allow the
special servicer to work out the loan by November 2029 at the
latest, which is the legal final maturity of the notes.

The transaction includes a Class X diversion trigger event, meaning
that if the Class X diversion triggers — set at [6.75%] for DY
and [78.9%] for LTV — were breached, any interest and prepayment
fees due to the Class X noteholders will instead be paid directly
to the Issuer transaction account and credited to the Class X
diversion ledger. However, such funds can potentially be used to
amortize the notes only following a sequential payment trigger
event or the delivery of a note acceleration notice.

BofA Merrill Lynch DAC intends to sell approximately 76.1% of the
senior facilities to the Issuer and retain an ongoing material
economic interest of not less than 5.0% to maintain compliance with
applicable regulatory requirements.

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

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

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *