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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

          Thursday, September 12, 2019, Vol. 20, No. 183

                           Headlines



C R O A T I A

ZAGREBACKI HOLDING: S&P Affirms 'B+' Long-Term ICR, Outlook Stable


C Y P R U S

LAIKI BANK: Resolution Delay Cost Creditors Over EUR200MM


D E N M A R K

[*] DENMARK: Reports 7,155 Company Bankruptcies in 2018


F R A N C E

PICARD GROUPE: S&P Affirms 'B' Rating on Senior Secured Debt


G E R M A N Y

WITTUR INTERNATIONAL: Moody's Affirms B3 CFR, Outlook Stable
WITTUR INTERNATIONAL: S&P Affirms 'B-' LT ICR, Outlook Stable


I T A L Y

CMC DI RAVENNA: S&P Withdraws 'D' Long-Term Issuer Credit Rating


P O L A N D

URSUS SA: Agrees to Terms of PLN6.8MM Opalenica Sale to Trioliet


R U S S I A

SDM-BANK PJSC: Fitch Upgrades LT IDR to 'BB', Outlook Stable


S P A I N

SABADELL CONSUMO 1: Moody's Rates EUR25MM Class D Notes (P)B1


S W E D E N

INTRUM AB: Fitch Rates New EUR750MM Sr. Notes Issue 'BB(EXP)'


U N I T E D   K I N G D O M

FLEET MIDCO I: Moody's Assigns B2 CFR, Outlook Stable
INTERNATIONAL GAME: S&P Rates New EUR500MM Sr. Sec. Notes 'BB+'
NEWDAY FUNDING 2019-2: Fitch Puts B+(EXP) Rating to Series F Notes
NORD ANGLIA: Moody's Affirms B2 CFR; Alters Outlook to Negative
ONCILLA MORTGAGE 2016-1: Moody's Affirms Class E Notes Rating at B2

PINEWOOD GROUP: Fitch Places 'BB' LT IDR on Rating Watch Positive
PINEWOOD GROUP: S&P Raises Long-Term ICR to 'BB-', Outlook Stable
THOMAS COOK: Hedge Funds Plan to Challenge Fosun Rescue Deal
[*] UK: High Street Store Closures Hit Record Levels in 1H 2019
[*] UK: Three Profit Warnings Frequently Followed by Collapse


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C R O A T I A
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ZAGREBACKI HOLDING: S&P Affirms 'B+' Long-Term ICR, Outlook Stable
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S&P Global Ratings said it affirmed its 'B+' long-term issuer
credit rating on Croatia-based multi-utility Zagrebacki Holding
d.o.o (ZGH). The outlook is stable.

S&P said, "The rating action reflects our expectations that ZGH's
debt will remain high, with little improvement in 2019-2020
compared with 5.5% FFO-to-debt and 11x debt-to-EBITDA in 2018. The
affirmation also reflects our view that the company will not face
any material liquidity disruptions thanks to ongoing support from
its owner, the city of Zagreb, because we expect it to continue
rolling over its large short-term bank lines.

"Following increasing operating expenses, continued pressure on gas
supply and sales revenues, and higher planned staff expense for the
waste disposal business over 2019-2020, we do not expect
performance to improve in 2019-2020.

"After the divestment of its public transport companies in 2018,
Zagreb Electric Tram and Zagreb Fairs, ZGH's EBITDA and debt have
dropped by about 13% and 10%, respectively. Assuming no further
material changes in the group structure, we forecast EBITDA at 450
million-500 Kuna (HRK) million over 2019-2020. We expect debt to be
broadly stable, at HRK4.6 billion compared with HRK4.9 billion at
year-end 2018, due to broadly neutral discretionary cash flow
forecast in 2019-2020.

"We believe the likelihood of ZGH receiving timely and
extraordinary support from Zagreb remains very high, so we add a
two-notch uplift to the 'b-' SACP."

The city of Zagreb is the company's full owner, guarantees its
bonds, and significantly influences key strategic decisions. In
addition, ZGH has a very important role for the city, because they
are monopoly providers of critical city infrastructure services
(gas distribution and supply as well as water treatment and waste
recycling).

S&P said, "We will continue to monitor whether the gas sector
liberalization, as well as the increasing focus on investments in
the cleaning and waste segment to comply with EU guidelines on
waste management, would affect ZGH's strategy and role for the
city's economy, or the government's policy regarding the utility.
We continue to see ZGH as a relatively autonomous business, and
factor in both positive and negative sides of its relationships
with the city, including ongoing subsidies and guarantees, a weak
regulatory environment, and the city's tolerance to relatively high
debt at the utility level.

"The stable outlook on ZGH reflects that on Zagreb and, ultimately,
on Croatia. It also reflects our expectation of no significant
changes in the group structure, the city's policy to support the
company, or ZGH's stable operating performance. We expect
FFO-to-debt of 5%-12%, no material increase in debt and no
deterioration in liquidity, given ongoing support from the city and
continuing rollover of short-term bank lines.

"A downgrade could follow a material deterioration in liquidity,
which is not our base-case scenario as long as support from the
city continues.

"We could also lower the rating if we downgrade the city to 'BB-'
or we perceive a material weakening of government support, for
example, due to unexpected changes to the group structure or the
city's policy in the gas or waste management sector.

"An upgrade could follow us upgrading Zagreb to 'BB+', which is not
in our base-case scenario given the stable outlook on the city. We
view an upgrade because of ZGH's stand-alone credit metrics in the
next two years as unlikely. We would consider raising the ratings
if we see a track record of improved performance with FFO-to-debt
sustainably above 12%, more predictable financial results, at least
neutral free operating cash flow, and prudent liquidity management,
assuming no change in ongoing and extraordinary support from the
city government."

ZGH is a diversified conglomerate created in 2006 to streamline
control over 22 existing municipal companies and raise external
funding for the municipal investment program.

ZGH is 100% owned by the City of Zagreb and is the largest
corporate employer in Croatia.

The group includes 15 branches and eight affiliates owned 100% and
one affiliate owned 51% by ZGH. These divisions and subsidiaries
have quasi-monopolistic positions in providing essential municipal
services such as gas supply and distribution, water supply and
sewerage, road maintenance, waste disposal, and real estate
projects.



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C Y P R U S
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LAIKI BANK: Resolution Delay Cost Creditors Over EUR200MM
---------------------------------------------------------
George Psyllides at Cyprus Mail reports that the House ethics
committee heard on Sept. 4 stricken Laiki Bank depositors are so
far looking at receiving five or six cents for every euro they lost
when the lender was shuttered in 2013 as part of Cyprus' bailout.

MPs heard that the huge delay in resolving the bank has cost
creditors over EUR200 million, Cyprus Mail relates.

In total, Laiki creditors lost EUR4 billion--everything over
EUR100,000--when the bank was placed in resolution, Cyprus Mail
discloses.

Since then, revenues from assets sold by the administrator reached
EUR192 million, Cyprus Mail states.  Assets also include a 4.8%
stake in the Bank of Cyprus worth EUR34 million, raising potential
revenues to EUR224 million, Cyprus Mail notes.

According to Cyprus Mail, from experience, committee chairman
Zaharias Zahariou said, the bank's resolution should have been
finished in two years at the latest.  Laiki's is now in its sixth
year with no end in sight, Cyprus Mail states.

The governor of the central bank, which also acts as the resolution
authority, said they wanted the process finished as soon as
possible, Cyprus Mail relays.

The assets had been valued in March 2013 at EUR663 million, with
Laiki's share in the Bank of Cyprus estimated at EUR382 million
during the same period, Cyprus Mail discloses.

The resolution authority sold 50% of the share for around EUR65
million with the remainder currently valued at EUR34 million,
Cyprus Mail states.

Governor of the central bank Constantinos Herodotou said EUR283
million out of the EUR663 million were lost due to the changes in
the price of the Bank of Cyprus shares, according to Cyprus Mail.

Mr. Herodotou, as cited by Cyprus Mail, said the central bank was
now looking for a liquidator, a process he expects to complete by
November.

The assets sold include operations in Serbia at EUR2.2 million,
Ukraine at EUR2.5 million, Romania at EUR14.3 million, Malta at
EUR47.5 million and Greece at EUR73.5 million, Cyprus Mail
discloses.

Around EUR13 million have been frozen by Malta due to pending court
cases, Cyprus Mail notes.

Administrator Kleovoulos Alexandrou said more money would have been
made if the assets were sold faster, Cyprus Mail relates.  He said
EUR250 million were lost by the reduction in the Bank of Cyprus
share price, according to Cyprus Mail.  There were also the
operating losses of the subsidiaries, the value attached by
prospective investors, and the passion of foreign supervisors who
tried to withdraw the licenses, Cyprus Mail says.

According to Cyprus Mail, the head of the Laiki depositors'
association, Adonis Papaconstantinou, said the main reason for the
loss in value was the delay in selling the subsidiaries abroad.



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D E N M A R K
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[*] DENMARK: Reports 7,155 Company Bankruptcies in 2018
-------------------------------------------------------
Xinhua, citing figures released on Sept. 5 by Denmark's Statistics,
reports that a total of 7,155 Danish companies went bankrupt in
2018.

The figures also showed that small or inactive companies accounted
for the majority of bankrupt ones, Xinhua notes.

According to Xinhua, of the active companies which went bankrupt,
entrepreneurial and private companies rank particularly high, and
more than half of active sole proprietorship and limited liability
companies had at least a 10-year history.

Moreover, half of the bankrupt companies had no employees during
their last five years, Xinhua states.  Larger companies suffered
from a significantly shorter revenue-fall period than smaller ones,
Xinhua discloses.




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F R A N C E
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PICARD GROUPE: S&P Affirms 'B' Rating on Senior Secured Debt
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' rating on Picard Groupe S.A.S,
its 'B' rating on its senior secured debt, and its 'CCC+' rating on
its unsecured debt.

The affirmation reflects S&P Global Ratings' view that France-based
French frozen food retailer Picard Groupe will return to modest
revenue growth of close to 2% over the next 12 months, and maintain
strong adjusted EBITDA margins of over 17%.

Picard's underperformance in fiscal 2019 (fiscal year ending March
31, 2019) was mostly attributed to weak consumption in France
during the Yellow Vests protests at the end of 2018 and beginning
of 2019, especially during the year-end holiday season that
represents over 40% of the group's EBITDA. A significant negative
calendar effect also hampered results. S&P said, "We expect a
turnaround in fiscal 2020 as the trading environment improves and
Picard continues to adapt its offer to changing consumer behaviors,
such as an increased uptake of organic products, snacking bars, and
preference for digital customer relationship management systems.
Consequently, we expect positive like-for-like revenue growth for
Picard in 2019, supported by GDP growth in France and in line with
the 2.6% like-for-like growth in first-quarter fiscal 2020, or 1.4%
excluding calendar effect."

S&P said, "In our view, Picard is a mature business with stable
revenue growth and profitability, deriving over 98% of its revenue
from France. Picard has demonstrated a resilient operating
performance and niche positioning, which offsets its small size and
lack of geographic diversity compared with some of its larger
competitors in France. The group's high quality food offering at
affordable prices has built strong brand recognition, translating
into high margins and reported free cash flow relative to its
peers. Picard continues to sustain its market share and is the
leading frozen-food retailer in France, with 1016 stores across the
country. While the group is subject to some seasonality in revenue
and is potentially vulnerable to food safety and supply chain
issues, we believe management has a strong operating performance
record. The group's business model is also cash flow supportive,
with moderate capital expenditure (capex; about 3% of sales) and
structurally negative working capital requirements."

Nonetheless, the company's competitive position is constrained by
significant structural weaknesses as the macroeconomic environment
in France weakens and major grocers increasingly focus on
competitive pricing and expanding their convenience store network.
In addition, the company will have to adapt to changes in consumer
behaviors, particular the rapid growth in the fresh and organic
segments, in a French frozen-food market that has never fully
recovered from the horsemeat scandal in 2013.

S&P said, "In this context, we believe that margins will continue
to erode slightly, with sluggish revenue growth only partially
compensating for inflation in rent, energy, and labor costs.
Consequently, we forecast little-to-no growth in EBITDA over the
next 12 months and expect only slow deleveraging in the long run."

The company's S&P Global Ratings adjusted debt to EBITDA increased
to 7.4x in fiscal 2019 from 6.8x in fiscal 2018 on the back of two
debt-funded dividend distributions for a total of EUR188 million,
resulting in two consecutive years of negative discretionary cash
flow. S&P said, "We view Picard's leverage as high for the current
rating level, leaving very limited headroom to accommodate any
material weakening of the operating performance. However, we view
its strong cash generation, absent of any further dividend
distribution, and comfortable liquidity buffer as supportive
factors."

S&P said, "Our view of the group's financial risk is constrained by
our assessment of the shareholders' financial policy, which we
consider aggressive in light of a weak operating performance.
Private equity sponsor Lion Capital has been a shareholder since
2010, and in 2015 disposed of a 49% stake to listed Swiss food
producer Aryzta AG, which has publicly mentioned its intention to
dispose of its stake in the near future. As a result, we have
limited visibility over any evolution of the shareholding structure
and financial policy. That said, we believe an additional dividend
distribution is unlikely in the near future, given the already
elevated leverage arising from the recent years' dividends."

Further additional dividends will also be constrained by the terms
of the existing debt documentation. An eventual change of control
would not necessarily entail a refinancing, since the current bonds
are portable. However for this to be the case the consolidated net
leverage should be less than 6.9x, against 7.5x at the end of
fiscal 2019.

S&P said, "The stable outlook reflects our view that, despite
continued competition in the French grocery market, Picard will
defend its niche market position and achieve revenue growth of
roughly 2%-3% over the coming 12 months thanks to new store
openings and return to like-for-like growth. We also expect Picard
will maintain an S&P Global Ratings-adjusted EBITDA margin at the
current level of about 17%. We anticipate reported free operating
cash flow (FOCF) and discretionary cash flow of about EUR50 million
and EUR30 million respectively in fiscal 2020. We forecast adjusted
debt to EBITDA of about 7.4x for fiscal 2020 and a ratio of EBITDAR
to cash interest plus rent of about 2.2x over the next 12 months.

"We could lower the ratings if Picard's growth is lower than we
anticipate, or if its operating performance deteriorates, leading
to adjusted debt to EBITDA rising sustainably above 7.5x or EBITDAR
cash interest coverage weakening toward 1.8x. This could result
from an economic downturn in France, intensified price competition
in the French grocery market, a food safety scare damaging Picard's
brand reputation, a supply chain disruption, or an inability to
pass on cost inflation to customers or adapt to changing consumer
behaviors. We could also lower the ratings if Picard's credit
metrics were to deteriorate as a result of further aggressive
financial policy, either by way of increasing its debt level or
continuing shareholder distributions.

"Due to the high level of adjusted debt arising from the dividends
payment and weak rating headroom under the credit metrics, we
consider an upgrade unlikely over the next year.

"We could raise the ratings if, on the back of strong trading and
cash conversion, as well as positive discretionary cash flow from a
prudent financial policy, Picard deleveraged such that its adjusted
debt to EBITDA improved sustainably to below 6.0x." An upgrade
would also be contingent on management and shareholders
demonstrating a commitment to a more conservative financial
policy.




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G E R M A N Y
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WITTUR INTERNATIONAL: Moody's Affirms B3 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
and B3-PD probability of default rating of German elevator
components manufacturer Wittur International Holding GmbH. Moody's
has further assigned new instrument ratings to the group's proposed
new debt facilities, including B2 ratings to a proposed EUR530
million senior secured first lien Term Loan B and EUR90 million
senior secured first lien revolving credit facility (RCF), maturing
2026, and a Caa2 rating to a proposed EUR240 million senior secured
second lien Term Loan, maturing 2027, issued by Wittur Holding
GmbH, a direct subsidiary of the group. The outlook remains
stable.

Funds from the new debt instruments will be used to repay all
existing indebtedness of the group, including the outstanding
EUR225 million senior unsecured notes due 2023, the EUR519 million
senior secured term loan B due 2022, and to cover costs for the
early bond redemption and transaction fees and expenses.

RATINGS RATIONALE

The affirmation of Wittur's B3 CFR with a stable outlook reflects
the proposed broadly leverage-neutral transaction, given an only
marginal increase in total debt by around EUR20 million and an
expected slight reduction in interest costs post the refinancing.
The stable outlook reflects Moody's expectation of a notable
reduction in financial leverage ratios over the next quarters,
driven by operating performance improvements and positive free cash
flow generation.

The rating is currently weakly positioned following the group's
mixed and overall weaker than expected operating performance during
the first half of 2019, due to a less favourable product mix,
especially in the Chinese new installation segment with lower sales
in the higher margin high-rise sector, adverse currency effects and
a delay in the expected ramp-up of new businesses with one of
Wittur's multinational customers. Also owing to an unforeseen cyber
security incident, which negatively affected topline and earnings
growth in the first quarter of 2019 (Q1-19), Wittur's adjusted
EBITDA in H1-19 therefore declined by 4.3% to EUR57 million from
EUR60 million in the prior year. This resulted in Moody's-adjusted
leverage increasing to around 9.7x gross debt/EBITDA for the 12
months ended June 2019 (including certain projected related costs,
classified by Wittur as non-recurring), while Moody's expects the
ratio to remain above the defined 7.5x maximum level for a B3
rating also over the next 12-18 months. At the same time, Wittur's
free cash flow (FCF) generation was EUR29 million negative in the
12 months through June 2019, constrained by the operating profit
deterioration, higher than anticipated one-off costs, and its
sizeable interest burden. Moody's expects Wittur's FCF to turn
modestly positive over the next 12 months as non-recurring items
will decrease and the demand situation continue to normalize, as
already shown by a solid second quarter 2019 when Wittur's adjusted
EBITDA increased by 0.2% year-over-year, or 2.3% at constant
currencies. Demand growth should also be stimulated by the ongoing
outsourcing activity of multinational corporation elevator
installers (MNCs) and a further roll-out of Wittur's latest "Core
door" platform for low-rise buildings in Eurasia and India after
its successful introduction in China last year.

Although Moody's believes that longer-term demand fundamentals
remain favourable for Wittur, the group's current rating
positioning would not tolerate any additional underperformance in
the near future, especially as its already high leverage and
negative FCF are concerned.

LIQUIDITY

Wittur's liquidity is solid, supported by EUR75 million of cash on
the balance sheet and EUR84 million available under its existing
committed RCF as of June 30, 2019. Moody's further projects funds
from operations in the EUR40-50 million range over the next 12-18
months to cover annual capital spending of around EUR20 million,
working capital needs and short-term liabilities of around EUR18
million, consisting mainly of bank loans and finance leases.

The new RCF is subject to a springing senior net leverage covenant
(8.0x senior secured net debt/EBITDA), tested when the facility is
drawn by more than 40%. Moody's expects Wittur to maintain adequate
capacity under this covenant at all times.

OUTLOOK

The stable outlook reflects Moody's expectation of Wittur's
operating performance to benefit from ongoing outsourcing by global
MNCs, rising modernization and replacement demand, particularly in
China, and a gradual reduction in non-recurring cost items. This
should facilitate constant EBITDA growth and de-leveraging towards
7.5x over the next 18 months. The stable outlook also assumes that
Wittur's liquidity will remain at least adequate, FCF turn positive
and its financial policy primarily focus on de-leveraging.

WHAT COULD CHANGE THE RATINGS - UP/DOWN

An upgrade would require Wittur to (1) deleverage to below 6.5x
Moody's-adjusted debt/EBITDA, (2) improve free cash flow generation
with FCF/debt ratios strengthening towards the mid-single-digits,
whilst maintaining its solid liquidity.

Conversely, Moody's could downgrade Wittur, if (1) leverage were to
sustainably exceed 7.5x Moody's-adjusted debt/EBITDA, (2) free cash
flow remained consistently negative, (3) liquidity were to
deteriorate.

PRINCIPAL METHODOLOGY

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

Wittur International Holding GmbH, the indirect parent company of
the Wittur group, is as a private-equity-owned manufacturer of
elevator components, based in Germany. Wittur produces and sells
elevator components such as automatic elevator doors, lift cars,
safety components, drives, elevator frames and complete elevators
to customers that include major multi-national corporations as well
as independent companies. Wittur is owned by funds advised by Bain
Capital Europe Fund IV L.P. and Canada's Public Sector Pension
Investment Board ("PSP Investments"), which acquired a 32% stake in
Wittur from Bain Capital in March 2019.

WITTUR INTERNATIONAL: S&P Affirms 'B-' LT ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Germany-based elevator component manufacturer Wittur
International Holding GmbH (Wittur). S&P also assigned preliminary
'B-' issue ratings to Wittur's first-lien debt. S&P will withdraw
the rating on the existing debt once it is paid off. The
second-lien debt is not rated.

S&P said, "The affirmation reflects our view that despite slightly
increased leverage following the refinancing, Wittur International
Holding GmbH's (Wittur's) underlying business performance supports
EBITDA growth and positive free operating cash flow (FOCF)
generation. We estimate that the company's S&P Global
Ratings-adjusted leverage will be about 8.0x-8.5x in 2019 and
7.5x-8.0x in 2020, and its funds from operations (FFO) to adjusted
debt will be approximately 5.5%-6.0% in 2019 and 6.5%-7.0% in 2020.
We view positively the company's solid cash flow generation
capabilities, and forecast that it will generate about EUR35
million-EUR40 million of FOCF in 2020. We expect that the company's
FFO cash interest coverage ratio will gradually improve
year-on-year to 2.0x in 2019 and 2.1x in 2020, up from 1.6x in
2018.

"In calculating Wittur's credit metrics, we include EUR10.0 million
of pension adjustments, about EUR13.5 million of lease liabilities,
and factoring facilities of about EUR37 million, including related
interest. Our adjusted metrics do not net any cash, as is usual
with a financial sponsor-owned company, as we believe excess cash
will either be used to grow the business through acquisitions, or
upstreamed to the financial sponsor via dividend distributions. Our
financial risk profile assessment reflects the company's highly
leveraged capital structure. This is partly mitigated by the low
capital-intensity of the business, with replacement capital
expenditures (capex) estimated at only about 1.5% of sales, and
moderate working capital needs, which result in solid FOCF
generation.

"We consider that Wittur's business risk is supported by its clear
global leadership position in the elevator component industry,
having the broadest product portfolio and regional presence among
elevator component suppliers. Wittur's global market share for
elevator doors is about 22%, while the No.2 supplier has under 10%
of the market. Although we note that Wittur has a larger scale and
geographic diversification than its competitors within the elevator
component industry, the company's business risk profile is, in our
view, constrained by its concentrated business in terms of scope,
end markets, and customers relative to other companies in the wider
capital goods industry.

"Wittur's sales exposure to its top four customers is around 75%,
which we consider relatively high." This concentration, together
with Wittur's relatively limited size compared with global capital
goods peers that operate across many markets and sectors, makes the
company more vulnerable to external changes and economic downturns.
This is, however, partly mitigated by the company's solid
geographic diversification--Europe accounts for 53% of total
revenues, Asia for 38%, and remaining revenues are generated across
the rest of the world. Wittur also has well established and
longstanding relationships with its key customers, which provide
barriers to entry.

The growth in the elevator component market is supported by
population growth and urbanization, increasing safety regulations,
growing outsourcing trends among original equipment manufacturers
(OEMs) in the global elevator industry, and the need to modernize
the installed base in the industry. S&P said, "The order backlog
covers only six-to-nine months of sales, which we consider quite
short-term for the capital goods industry, but is consistent with
other elevator component producers. Therefore, we believe that the
visibility of sales is somewhat limited, although framework
contracts provide a link to the OEMs' production volumes, with a
low likelihood of supplier replacement. This provides good business
inflow and a high level of recurring customers. We take a positive
view of the fact that about 40% of Wittur's sales come from more
stable replacement and modernization sales."

Wittur's profitability was constrained by integration costs and
other restructuring-related costs totaling about EUR137 million
over 2015-2018. The company also had material costs related to
issues with the implementation of its enterprise resource planning
system over 2017 and 2018. S&P understands that the company has
resolved its enterprise resource planning issues in 2018, and that
the restructuring costs will reduce over time. However, they will
remain higher than S&P expected in 2019 due to cybersecurity issues
that the company faced in the first quarter of 2019. Wittur's
profitability will be also affected by a change in the product mix
in China, with the predominant share of sales now stemming from
lower-margin residential markets.

S&P said, "We acknowledge that leverage will remain high after
refinancing, and we do not anticipate any deleveraging efforts,
which limits the rating to the current level. We view as positive
the company's consistent FOCF generation, despite ongoing
operational issues, and high cash balances of about EUR75 million
as of June 30, 2019.

"All the ratings depend on our review of the final transaction
documentation. If we do not receive the final documentation within
a reasonable time frame, or if the final documentation departs from
materials we have reviewed, we reserve the right to withdraw or
revise our ratings. Potential changes include, but are not limited
to, the use of proceeds, interest rate, maturity, size, and
financial and other covenants.

"The stable outlook reflects our expectation of stabilizing
financial and operational performance, driven by the current order
book, introduction of new product lines, continuous demand, as well
as gradually dwindling restructuring costs over the next 12 months.
The outlook further reflects our expectations that Wittur will
maintain adequate liquidity, with cash sources covering uses by
more than 1.2x over the 12 months following the transaction. We
also expect that Wittur will maintain adequate headroom under its
financial covenants."

Downside scenario
A lower rating could result from a deterioration of the company's
liquidity or weaker operating and financial performance than S&P's
expect, such that the capital structure becomes unsustainable.
These scenarios could materialize in the event of a contraction in
revenues and EBITDA, for instance due to the loss of a major
customer, or continued restructuring costs at a significantly
higher magnitude than we anticipate.

Upside scenario

S&P could raise the rating by one notch if Wittur manages to
significantly improve its operating and financial performance, such
that FFO cash interest coverage improves to above 2.5x, and
leverage decreases to below 6.5x on a sustained basis. This could
result from a stronger improvement in operational and financial
performance than we expect, for instance thanks to winning further
volumes from global OEMs, with a relative reduction of the cost
base leading to higher operating margins.



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I T A L Y
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CMC DI RAVENNA: S&P Withdraws 'D' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings said that it withdrew its 'D' long-term issuer
credit rating on CMC di Ravenna at the company's request.

S&P also withdrew its 'D' issue ratings on the company's senior
unsecured bonds.

S&P had downgraded CMC di Ravenna to 'D' on Dec. 6, 2018, following
its application for composition with creditors.




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P O L A N D
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URSUS SA: Agrees to Terms of PLN6.8MM Opalenica Sale to Trioliet
----------------------------------------------------------------
Reuters reports that Ursus SA w Restrukturyzacji said on Sept. 10
that it has agreed terms of selling part of its enterprise in
Opalenica division to Trioliet for about PLN6.8 million.

According to Reuters, the price will be decreased by the cost of
fixing sewerage elements of about PLN160,000.

The deal will comprise real estate, crew, stock, and agreed current
production, Reuters discloses.

As reported by the Troubled Company Reporter-Europe on Sept. 10,
2019, Reuters related that Ursus said on Sept. 5 it received a
court decision discontinuing the company's accelerated arrangement
proceedings.  The company, as cited by Reuters, said that the court
has named delay or not settling current obligations, high turnover
in composition of the management board and too slow costs
restructuring as reasons to discontinue the proceedings.

Ursus SA is a Polish producer of agricultural machinery located in
Lublin.




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R U S S I A
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SDM-BANK PJSC: Fitch Upgrades LT IDR to 'BB', Outlook Stable
------------------------------------------------------------
Fitch Ratings upgraded SDM-Bank PJSC's Long-Term Issuer Default
Ratings to 'BB' from 'BB-'. The Outlook is Stable.

The upgrade reflects SDM's extended track record of stable and
profitable performance combined with good asset quality and capital
metrics, and solid liquidity buffers. It is also underpinned by the
bank's conservative business model and a prudent risk management
policy.

The rating action is also supported by Fitch's view that the
operating environment in Russia has improved due to the
implementation of a consistent and credible policy framework that
should deliver improved macroeconomic stability and better
resilience to shocks, which will be beneficial for the bank's
credit profile.

KEY RATING DRIVERS

SDM's 'BB' IDRs are driven by the standalone credit profile of the
bank, as reflected by its 'bb' Viability Rating (VR). The latter
factors in the bank's reasonable financial metrics as well as a
limited franchise with a focus on the higher-risk SME segment and
exposure to market risk given the bank's large and long-term
securities portfolio.

The bank's good asset quality is underpinned by a high proportion
of liquid investment-grade securities (mostly 'BBB' rated Russian
sovereign debt and corporate Eurobonds) and cash balances, which
made up two-thirds of total assets at end-1H19. Furthermore, the
loan book (29% of total assets) is of reasonable quality as
impaired loans (classified as Stage 3 loans under IFRS9) equalled a
modest 3.7% of gross loans at end-1H19 (down from 5.3% at end-2018)
and were 1.4x covered by total loan loss allowances (LLAs). Asset
quality is supported by conservative underwriting procedures and
hard collateral in most cases.

Net interest margin (5.2% in 2018) is lower than in other
Fitch-rated Russian mid-sized banks due to SDM's large holdings in
liquid assets and focus on corporate lending. Positively, low loan
impairment charges and stable operating expenses (median
cost-to-income ratio of 59% in 2015-2018) provide reasonable
bottom-line profitability, with return on average assets and equity
averaging 2% and 16% in 2015-2018, respectively.

Capitalisation is reasonable, with a Fitch Core Capital (FCC) ratio
of 16% at end-1H19 (end-2018: 13%). Regulatory capital (under Local
GAAP) is also solid, with Tier 1 and total capital ratios equalling
12.9% and 15% of regulatory risk-weighted assets (RWAs) at
end-7M19, respectively. The ratios were comfortably above the
required minimums of 8% and 10%, respectively, providing good loss
absorption capacity.

SDM is predominantly customer-funded (91% of total liabilities at
end-1H19) with a focus on attracting deposits from longstanding
high net-worth clients and corporates. Current accounts form around
a third of total customer funding, providing low cost of funding
(4% in both 2018 and 1H19). SDM enjoys a solid liquidity cushion
(RUB30 billion, or 48% of assets at end-1H19) of investment-grade
bonds and cash balances, covering a high 62% of customer accounts
at end-1H19.

The bank's '5' Support Rating and 'No Floor' Support Rating Floor
reflect Fitch's view that support from the shareholders or the
Russian authorities, although possible, cannot be relied upon in
case of need.

RATING SENSITIVITIES

Downward pressure on SDM's VR and Long-Term IDRs could result from
significant erosion of capital, triggered by significant fair value
losses on investments; material deterioration of asset quality; or
worsening of the bank's liquidity position, due to large customer
deposit outflows. However, none of this is currently expected by
Fitch. Potential for a further upgrade is currently limited and
would require a strengthening of SDM's franchise and a reduction of
the bank's exposure to market risk.



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

SABADELL CONSUMO 1: Moody's Rates EUR25MM Class D Notes (P)B1
--------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to Notes to be issued by Sabadell Consumo 1, Fondo De
Titulizacion:

EUR[875]M Class A Floating Rate Asset Backed Notes due March 2031,
Assigned (P)Aa3 (sf)

EUR[35]M Class B Floating Rate Asset Backed Notes due March 2031,
Assigned (P)Baa3 (sf)

EUR[35]M Class C Floating Rate Asset Backed Notes due March 2031,
Assigned (P)Ba2 (sf)

EUR[25]M Class D Floating Rate Asset Backed Notes due March 2031,
Assigned (P)B1 (sf)

Moody's has not assigned any rating to the EUR [30]M Class E
Floating Rate Asset-Backed Notes due March 2031, EUR [9]M Class F
Floating Rate Asset-Backed Notes due March 2031 and the EUR [80]M
Class Z Variable Return Asset-Backed Notes due March 2031.

RATINGS RATIONALE

The transaction is a static cash securitisation of consumer loans
extended to obligors in Spain by Banco Sabadell, S.A. ("Banco
Sabadell") (Baa3 SU/Baa2 LT Bank Deposits/Baa1(cr)) used for
several purposes, such as property improvement, car acquisition or
repair and other undefined or general purposes. [55.9]% of the
portfolio correspond to pre-approved unsecured loans. Pre-approved
loans require the borrower to be a Banco Sabadell active customer.

Banco Sabadell also acts as servicer and collection account bank.

The provisional portfolio of underlying assets consists of consumer
loans originated in Spain by Banco Sabadell through its branches,
with fixed rates and a total outstanding balance of approximately
EUR [1.20] billion. The final portfolio will be selected at random
from the provisional portfolio to match the final Note issuance
amount. As at [August 26, 2019], the provisional pool cut had
[172,748] loans with a weighted average seasoning of [21.41]
months. The average remaining term is [4.34] years, and the current
average loan size is EUR [6.969].

According to Moody's, the transaction benefits from credit
strengths such as the granularity of the portfolio, the excess
spread-trapping mechanism through a 6 months artificial write off
mechanism, the high average interest rate of [7.45]% and the
financial strength and securitisation experience of the
originator.

However, Moody's notes that the transaction features some credit
weaknesses such as a complex structure including interest deferral
triggers for juniors notes, pro-rata payments on all classes of
notes from the first payment date. Commingling risk is partly
mitigated by the transfer of collections to the issuer account
within two days. If Societe Generale's long term deposit rating is
downgraded below Baa3, it will either transfer the issuer account
to an eligible entity or guarantee the obligations of Societe
Generale.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the Notes
would not be offset with higher collections from the pool. The
transaction therefore benefits from an interest rate cap, linked to
Three-month EURIBOR, with Deutsche Bank AG (A3(cr)/P-2(cr)) acting
through its London Branch as cap counterparty. The cap will have a
strike of [1.0]% and its premium has been paid upfront. The
interest rate cap is subject to an amortization schedule of the
portfolio assuming 0% CPR and 0% defaults.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on Banco
Sabadell's total book and past consumer loan ABS transactions;
(iii) the credit enhancement provided by subordination, excess
spread and the reserve fund; (iv) the liquidity support available
in the transaction by way of principal to pay interest; and (vi)
the overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of [4.5]%, expected recoveries of [15.0]% and a portfolio credit
enhancement ("PCE") of [17.5]%. The expected defaults and
recoveries capture its expectations of performance considering the
current economic outlook, while the PCE captures the loss Moody's
expects the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of [4.5]% is lower than
the Spanish consumer loan transactions and is based on Moody's
assessment of the lifetime expectation for the pool taking into
account (i) historic performance of the loan book of the
originator; (ii) strict eligibility criteria, (iii) benchmark
transactions, and (iv) other qualitative considerations.

Portfolio expected recoveries of [15]% are in line with Spanish
consumer loan average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator; (ii) benchmark
transactions; and (iii) other qualitative considerations such as
quality of data provided and asset security provisions.

The PCE of [17.5]% is lower than other Spanish consumer loan peers
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of [17.5]% results in an implied coefficient
of variation ("CoV") of [51]%.

METHODOLOGY

The principal methodology used in these ratings was 'Moody's
Approach to Rating Consumer Loan-Backed ABS' published on March
2019.

Moody's issues provisional ratings in advance of the final sale of
securities and the above ratings reflects Moody's preliminary
credit opinions regarding the transaction only. Upon a conclusive
review of the final documentation and the final Note structure,
Moody's will endeavour to assign definitive ratings to the above
Notes. A definitive rating may differ from a provisional rating.
However, this aspect should not fundamentally impact the ratings as
credit enhancement and portfolio credit features are expected to be
consistent.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (1) better than expected performance
of the underlying collateral; (2) significant improvement in the
credit quality of Banco Sabadell; or (3) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
Banco Sabadell; or (3) an increase in Spain's sovereign risk.



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

INTRUM AB: Fitch Rates New EUR750MM Sr. Notes Issue 'BB(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Intrum AB's proposed issue of EUR750
million eight-year senior unsecured fixed-rate notes an expected
rating of 'BB(EXP)'.

The rating is in line with Intrum's existing 'BB' Long-Term Issuer
Default Rating, which is unaffected by the proposed issue.

The assignment of the final rating is contingent on the receipt of
final documents conforming to information already received.

KEY RATING DRIVERS

The equalisation of the senior unsecured notes' expected rating
with Intrum's Long-Term IDR reflects Fitch's expectation of average
recovery prospects, given that Intrum's funding is largely
unsecured.

Intrum's Long-Term IDR reflects the entity's high leverage, which
is characteristic in the debt purchasing sector and, in Intrum's
case, more specifically related to the combination with the
Lindorff group in 2017, and subsequent corporate activity.

The rating also recognises Intrum's market-leading franchise in the
European debt purchasing sector, leveraging a presence across 25
countries, and its diversified business model. The latter is
illustrated by Intrum's fairly balance sheet-intensive debt
purchasing activities being balanced with fee-based credit
management services.

The proceeds of the new senior unsecured notes will principally be
used to refinance an equivalent of 50% of EUR1.5 billion notes due
in 2022. Consequently, Fitch does not expect the transaction to
impact Intrum's leverage ratios, but recognises the positive impact
on the company's debt maturity profile, with around 15% of Intrum's
total debt shifting to longer- dated maturities. Coupled with the
other recently concluded EUR600 million refinance of senior notes
in July 2019, this further reduces concentration of refinancing
requirements over the medium-term.

In 1H19 Intrum reported a 41% yoy rise in profit before tax to
SEK2.1 billion, significantly boosted by SEK675 million of income
from joint ventures. This principally relates to the company's
partnership with Intesa Sanpaolo, which only contributed to
earnings from 2H18 onwards. Revenues grew by a slower 12%, as they
do not include joint ventures, but reflecting increases within both
portfolio investments (on-balance sheet debt purchasing) and in
credit management services (off-balance sheet debt collecting).

New investments have returned to a more normal level after rising
rapidly in 2018. Geographically revenue growth in 1H19 was fastest
in Intrum's western and southern Europe segment, mainly Italy,
while the Iberian Pensinsula and Latin America saw a contraction as
a result of a loss of volumes from former customer contracts.

Leverage under Intrum's core internal net debt-to-rolling 12-month
cash EBITDA metric rose to 4.3x at end-1H19 from 4.0x at end-1Q19
following dividend payments and completion of the acquisition of
Solvia Servicios Inmobiliaros. However, management has maintained
its 2020 target of 2.5x-3.5x, with EBITDA expected to rise as
acquisitions make fuller contributions and the company exploits the
potential for further cost synergies.

Fitch assesses leverage primarily as measured by gross
debt-to-adjusted EBITDA (including adjustments for portfolio
amortisation). The ratio when calculated on the basis of annualised
first half earnings decreased to around 4.2x at end-1H19 from 4.6x
(after adjustment for non-recurring items) at end-2018, principally
on account of higher reported profit in 1H19.

RATING SENSITIVITIES

The senior unsecured notes' rating is primarily sensitive to
changes in Intrum's Long-Term IDR.

A sustained reduction in Intrum's cash flow leverage resulting in a
lower gross debt-to-EBITDA that is consistent with a 'bb' category
(2.5x-3.5x) could lead to an upgrade of Intrum's Long-Term IDR.
Conversely Intrum could be downgraded if leverage shows a sustained
increase from the current level, or if performance weakens as a
result of its acquired debt portfolios not delivering the
anticipated returns or other adverse operational event.

Changes to Fitch's assessment of recovery prospects for senior
unsecured debt in a default (e.g. introduction to Intrum's debt
structure of a materially larger revolving credit facility, ranking
ahead of senior unsecured debt) could also result in the senior
unsecured notes' rating being notched down below the IDR.



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

FLEET MIDCO I: Moody's Assigns B2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default rating to Fleet Midco I Limited
("Argus Media" or "the group"), the price reporting agency.
Concurrently, Moody's has assigned B2 instrument ratings to the
USD500 million Senior Secured Term Loan due 2026 and GBP50 million
Senior Secured Revolving Credit Facility due 2026, borrowed by
Fleet Bidco Limited and Fleet U.S. Bidco Inc. The outlook on all
ratings is stable.

The proceeds from the TLB will be used to refinance existing bank
debt and return capital to shareholders.

The rating action reflects the following drivers:

Solid market position as the second largest price reporting agency
by revenue, with global footprint and well-established long-term
relationships with its blue chip customers.

Argus' modest scale and product concentration with its top four
products accounting for a sizeable proportion of group
subscriptions.

High degree of revenue visibility given subscription based model,
with limited exposure to the cyclicality of its underlying
commodity markets given the mission critical nature of the product
offering.

Argus' leverage, as measured by Moody's-adjusted debt/EBITDA, is
high at 5.5x as of fiscal year 2019, ended June 30, 2019, pro forma
for the transaction.

Moody's expectation that the group will reduce leverage in the next
12-18 months driven by strong market fundamentals and operational
leverage.

RATINGS RATIONALE

The B2 CFR is supported by (1) the critical nature to customers of
the product offering, as independent price assessments are required
to price commodity trades; (2) the good revenue visibility provided
by the subscription based model of revenues (c.90% of total), with
contracts typically billed one year in advance; (3) the sound free
cash flow generation due to negative working capital and modest
capital expenditure.

Conversely the rating is constrained by (1) Argus' relatively small
size as measured by revenue; (2) concentration of revenue among top
four products, which represent 43% of group subscriptions as at
fiscal 2019; (3) relatively high Moody's-adjusted debt/EBITDA at
5.5x as of fiscal 2019, pro forma for the transaction.

Governance risks Moody's considers in Argus' credit profile include
the potential for conflicts of interest and key man risk as the CEO
is also one of the main shareholders. Moody's understands that the
group's governance structure includes sufficient checks and
balances to counter these potential concerns, including the
presence of non-executive directors on the Board and an experienced
steering committee that works with the CEO on strategic and
operational matters.

LIQUIDITY PROFILE

Moody's considers that Argus benefits from good liquidity position
pro forma for the transaction. Cash balances at closing are
expected to be around GBP11 million, further supported by the
undrawn GBP50 million RCF. There is one springing senior secured
net leverage covenant on the RCF, tested if drawings under the RCF
exceed 40%. Moody's expects the group to retain sufficient headroom
under the covenant.

The majority of the group's cash is readily accessible to
management as it is held in the UK or the US (c.76% of total cash
balances).

STRUCTURAL CONSIDERATIONS

The B2 ratings assigned to the TL and RCF, in line with the CFR,
reflect the all senior capital structure. The facilities are
guaranteed by the group's subsidiaries (80% guarantor test) and the
security includes pledges over shares, bank accounts, intra-group
receivables, material intellectual property and fixed assets, as
well as debentures granted by the parent and the English borrower.

RATING OUTLOOK

Moody's views Argus as solidly positioned within the rating
category. The stable rating outlook reflects Moody's expectations
that the group's leverage will trend below 5x in the next 12 months
while remaining visibly free cash flow generative. The outlook also
incorporates Moody's expectation that Argus will not embark on any
debt-funded acquisition or make any further debt-funded shareholder
distributions.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure on the ratings could develop over time if Moody's
adjusted free cash flow to debt increases above 10% for a sustained
period of time, Moody's adjusted debt/EBITDA decreases sustainably
below 5x, accompanied by continued stability of the group's market
position and conservative financial policies.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on the ratings could arise if Moody's adjusted
free cash flow to debt was to deteriorate below low single digits
for a sustained period of time; Moody's adjusted debt/EBITDA
increases sustainably above 6x or there is lack of growth,
potentially due to a loss of a key benchmark and/or some key
customers.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

CORPORATE PROFILE

Founded in 1970 and headquartered in London, Argus Media is the
second-largest price reporting agency in the global commodity
markets by revenue, and provides essential price and market data to
market participants across the full commodity value chain. Argus is
privately owned with key shareholders including General Atlantic
(53%), Adrian Binks, CEO (42%) and management/employees (5%).

Revenue for fiscal year 2019, ended June 30, 2019, totaled
c.GBP203.6 million and EBITDA totaled c.GBP73 million. The group
has a global footprint with 23 offices worldwide, with the Americas
and Europe accounting for the bulk of the subscriptions, although
Asia is growing rapidly.

INTERNATIONAL GAME: S&P Rates New EUR500MM Sr. Sec. Notes 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to International Game Technology PLC's (IGT)
proposed EUR500 million senior secured notes due 2028. The '3'
recovery rating indicates S&P's expectation for meaningful recovery
(50%-70%; rounded estimate: 65%) for noteholders in the event of a
payment default.

The company plans to use proceeds from the notes to repay balances
outstanding ($81 million of outstanding principal as of June 30,
2019) under its revolver, and for general corporate purposes, which
may include the EUR320 million amortization payment due January
2020 under IGT's term loan. S&P said, "The proposed financing
transaction does not affect our 'BB+' issuer credit rating since
the transaction is largely debt for debt. However, the transaction
will improve IGT's maturity profile by freeing up revolver
capacity, which we expect it to use along with free cash flow
generation to fully repay its EUR387.9 million 4.75% senior secured
notes that are due in March 2020."

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors

-- S&P assumes the company will use proceeds from the proposed
notes to free up revolver capacity and fund its January 2020
amortization payment under its term loan, so that it can then use
cash flow to repay principal amounts outstanding under its 4.75%
senior unsecured notes that mature in March 2020.

-- S&P's simulated default scenario contemplates a default
occurring in 2024 because of a significant decline in the installed
base of the company's gaming machines due to a significant loss in
market share, the loss of one or more major lottery contracts,
and/or a severe and sustained economic decline that leads to a
substantial drop in gaming machine yield and purchases of new
machines.

-- IGT's capital structure consists of $1.05 billion and EUR625
million in total revolving commitments, a EUR1.5 billion term loan,
and several secured notes tranches at IGT. In addition, there are
also two tranches of notes issued at IGT's subsidiary,
International Game Technology. All of the debt shares the same
guarantors and the notes issued at International Game Technology
are also guaranteed by IGT. In addition, the collateral for the
debt is a pledge of stock in International Game Technology and
Lottomatica Holding S.ar.l., a subsidiary of IGT, and any
intercompany loans in excess of $10 million. Although the notes
issued by International Game Technology only benefit from its and
its subsidiaries stock and intercompany notes, S&P does not view
this limitation in the collateral relative to the rest of the
capital structure as significant enough to warrant a distinction in
recovery prospects between the International Game Technology notes
and the remaining debt at IGT. S&P therefore assumes that recovery
prospects are aligned for all the debt in the capital structure.

-- S&P assumes the total revolving credit facility is 85% drawn at
default.

Simplified waterfall

-- Emergence EBITDA: about $1.0 billion
-- EBITDA multiple: 6.5x
-- Gross recovery value: $6.4 billion
-- Net recovery after administrative expenses (5%): $6.1 billion
-- Value available for secured debt: $6.1 billion
-- Secured debt: $9.2 billion
    --Recovery expectation: 50%-70% (rounded estimate: 65%)
Note: All debt amounts include six months of prepetition interest.

  Ratings List

  International Game Technology Plc
   Issuer Credit Rating  BB+/Stable/--

  New Rating

  International Game Technology Plc
   Senior Secured
   EUR500 mil nts due 2028 BB+
    Recovery Rating      3(65%)


NEWDAY FUNDING 2019-2: Fitch Puts B+(EXP) Rating to Series F Notes
------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding's Series 2019-2 notes
expected ratings as follows:

Series 2019-2 A: 'AAA(EXP)sf'; Outlook Stable

Series 2019-2 B: 'AA(EXP)sf'; Outlook Stable

Series 2019-2 C: 'A(EXP)sf'; Outlook Stable

Series 2019-2 D: 'BBB(EXP)sf'; Outlook Stable

Series 2019-2 E: 'BB(EXP)sf'; Outlook Stable

Series 2019-2 F: 'B+(EXP)sf'; Outlook Stable

The notes are to be issued by NewDay Funding 2019-2 plc and are
collateralised by a pool of non-prime UK credit card receivables.

The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.
Fitch expects to affirm the ratings of NewDay Funding's existing
tranches when final ratings are assigned.

KEY RATING DRIVERS

Non-Prime Asset Pool

Due to the non-prime nature of the underlying assets and non-reward
credit card products, NewDay Funding's charge-off performance is
higher and its payment-rate performance is lower than other rated
UK credit card trusts that are backed by prime credit card
receivables that may feature reward schemes. Fitch assumes a steady
state charge-off rate of 18%, with a stress on the lower end of the
spectrum (3.5x for AAAsf), considering the high absolute level of
the steady state assumption and lower historical volatility in
charge-offs. We applied a steady state payment rate assumption of
10%, with a median level of stress (45% at AAAsf).

Pool Dominated by Open Book

The portfolio primarily consists of an open book (93% of the
portfolio as of end-June 2019) and a closed book, which have
displayed different historical performance trends. The overall pool
performance has migrated towards the open book as the closed book
amortises, which has been incorporated into Fitch's steady-state
asset assumptions.

Variable Funding Notes Add Flexibility

In addition to Series VFN-F1 providing the funding flexibility that
is typical and necessary for credit card trusts, the structure
employs a separate originator VFN, purchased and held by NewDay
Funding Transferor Ltd (the transferor). It provides credit
enhancement to the rated notes, adds protection against dilution by
way of a separate functional transferor interest, and meets the EU
and US risk retention requirements.

Key Counterparty Reliance Mitigated

The NewDay Group acts in several capacities through its various
entities, most prominently as originator, servicer and cash manager
to the securitisation. In most other UK trusts, these roles are
fulfilled by large institutions with strong credit profiles. The
degree of reliance is mitigated in this transaction by the
transferability of operations, agreements with established card
service providers, a back-up cash management agreement and a
series-specific liquidity reserve.

Stable/Negative Outlook

Fitch has a Stable/Negative asset performance outlook for the UK
unsecured consumer ABS sector. This outlook reflects the risks that
a no-deal Brexit poses to asset performance and rising consumer
debt levels compromising the ability of UK households to respond to
external shocks.

However, Fitch maintains its stable ratings outlook for the sector,
as performance remains benign and that any potential deterioration
should remain fully consistent with Fitch's steady-state
assumptions for UK credit card trusts.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate

Increase base case by 25% / 50% / 75%

Series 2019-1 A: 'AAsf' / 'AA-sf' / 'A+sf'

Series 2019-1 B: 'A+sf' / 'Asf' / 'BBB+sf'

Series 2019-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

Series 2019-1 D: 'BB+sf' / 'BBsf' / 'BB-sf'

Series 2019-1 E: 'B+sf' / 'Bsf' / NA

Series 2019-1 F: NA / NA / NA

Rating sensitivity to reduced monthly payment rate (MPR)

Reduce base case by 15% / 25% / 35%

Series 2019-1 A: 'AAsf' / 'AA-sf' / 'Asf'

Series 2019-1 B: 'A+sf' / 'Asf' / 'A-sf'

Series 2019-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

Series 2019-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'

Series 2019-1 E: 'BB-sf' / 'B+sf' / 'B+sf'

Series 2019-1 F: 'Bsf' / 'Bsf' / 'Bsf'

Rating sensitivity to reduced purchase rate (ie aggregate new
purchases divided by aggregate principal repayments in a given
month)

Reduce base case by 50% / 75% / 100%

Series 2019-1 D: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'

Series 2019-1 E: 'BB-sf' / 'BB-sf' / 'B+sf'

Series 2019-1 F: 'Bsf' / 'Bsf' / 'Bsf'

No rating sensitivities are shown for classes A to C, as Fitch is
already assuming a 100% purchase rate stress in these rating
scenarios

Rating sensitivity to increased charge-off rate and reduced MPR

Increase base case charge-offs by 25% and reduce MPR by 15%

Increase base case charge-offs by 50% and reduce MPR by 25%

Increase base case charge-offs by 75% and reduce MPR by 35%

Series 2019-1 A: 'A+sf' / 'A-sf' / 'BBB-sf'

Series 2019-1 B: 'A-sf' / 'BBBsf' / 'BB+sf'

Series 2019-1 C: 'BBBsf' / 'BB+sf' / 'BB-sf'

Series 2019-1 D: 'BBsf' / 'B+sf' / NA

Series 2019-1 E: 'Bsf' / NA / NA

Series 2019-1 F: NA / NA / NA

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on observing and comparing specific loan level
data contained in a sample of credit card receivables. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall and together with the assumptions referred to above,
Fitch's assessment of the asset pool information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

NORD ANGLIA: Moody's Affirms B2 CFR; Alters Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Nord Anglia
Education, Inc. and Fugue Finance B.V.'s ratings to negative from
stable.

At the same time, Moody's has affirmed Nord Anglia's B2 corporate
family rating and the B1 senior secured rating on the term loan
facility at Fugue Finance B.V.

RATINGS RATIONALE

"The change in outlook mainly reflects the slower-than-expected
improvement in Nord Anglia's financial leverage, with
Moody's-adjusted debt/EBITDA (pro forma for acquisitions) staying
elevated at around 8.5x-8.7x for the fiscal year ended August 2019,
which is outside the tolerance level for its B2 CFR," says Sean
Hwang, a Moody's Analyst.

Despite the company's improving operating performance, backed by
solid demand for its premium education services, deleveraging
remains below Moody's expectations.

Moody's estimates Nord Anglia's Moody's-adjusted EBITDA (after
adding back lease expenses and the full-year impact of acquired
schools) increased to around $460 million in fiscal 2019 from $384
million in fiscal 2018. Moody's expects EBITDA will grow further in
fiscal 2020, reflecting robust growth in enrollments and tuition
fees, as well as contributions from schools set to open during the
year.

While such earnings growth could gradually reduce the company's
elevated financial leverage over time, uncertainty remains around
the magnitude and pace of such deleveraging, because of (1) the
company's strong appetite for inorganic growth; and (2) some
inherent uncertainty over the company's ability to sustain its
strong margins amid its rapid expansion and slowing macro
conditions.

Nord Anglia's ratings continue to reflect the company's (1) strong
premium position as one of the larger players in the fragmented
private-pay education industry; (2) predictable and stable cash
flow and strong margins, underpinned by robust demand; (3) high
degree of geographic diversification; and (4) good liquidity.

These strengths are counterbalanced by (1) the company's high
financial leverage; and (2) its exposure to evolving regulatory and
economic environments in emerging markets.

Nord Anglia's ratings also factor in its partial private-equity
ownership, reflected in its financial policy of tolerance for high
leverage and its pursuit of aggressive debt-funded growth. That
said, this risk is partly offset by Moody's understanding that
Baring Private Equity Asia and the other major investor, Canada
Pension Plan Investment Board, have a long-term investment horizon,
as well as by their more recent history of equity support for Nord
Anglia's acquisitions in 2019.

An upgrade is unlikely over the next 12-18 months, given the
negative outlook. Nevertheless, the outlook could return to stable
if the company (1) maintains stable business conditions; (2)
pursues acquisitions in a prudent manner; (3) reduces leverage,
such that adjusted debt/EBITDA remains below 7.5x on a sustained
basis; and (4) sustains free cash flow to debt in the low single
digits.

The rating could be downgraded if (1) Nord Anglia's business
conditions deteriorate; (2) adjusted debt/EBITDA fails to decrease
below 7.5x on a sustained basis; or (3) its liquidity deteriorates
and free cash flow generation falls towards zero.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Nord Anglia Education, Inc. is headquartered in London and operates
66 international premium schools in Asia, Europe, the Middle East,
and North and South America, with more than 64,000 students ranging
in level from pre-school through to secondary school. Nord Anglia
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the 12 months ended May 2019, Nord Anglia reported
revenues of $1.3 billion.

ONCILLA MORTGAGE 2016-1: Moody's Affirms Class E Notes Rating at B2
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Moody's Investors Service upgraded the ratings of Class B Notes and
Class C Notes in Oncilla Mortgage Funding 2016-1 plc. The rating
action reflects the increased levels of credit enhancement for the
affected Notes.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain the current ratings on the affected
Notes.

LIST OF AFFECTED RATINGS

GBP173.6M Class A Notes, Affirmed Aaa (sf); previously on Jun 9,
2016 Definitive Rating Assigned Aaa (sf)

GBP29.7M Class B Notes, Upgraded to Aa1 (sf); previously on Jun 9,
2016 Definitive Rating Assigned Aa2 (sf)

GBP13.5M Class C Notes, Upgraded to A1 (sf); previously on Jun 9,
2016 Definitive Rating Assigned A3 (sf)

GBP10.2M Class D Notes, Affirmed Baa3 (sf); previously on Jun 9,
2016 Definitive Rating Assigned Baa3 (sf)

GBP11.5M Class E Notes, Affirmed B2 (sf); previously on Jun 9, 2016
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

The rating action also took into account the increased uncertainty
relating to the impact of the performance of the UK economy on the
transaction over the next few years, due to the on-going
discussions relating to the final Brexit agreement.

Increase in Available Credit Enhancement

Sequential amortization and the non-amortizing reserve fund led to
the increase in the credit enhancement available in this
transaction.

Thus, the credit enhancement for Class B Notes and C Notes affected
by the rating action increased from 23.2% and 17.9% to 31.5% and
24.4% respectively since closing. The credit enhancement includes
accrued overcollateralization of 1.3% as a percentage of the
portfolio balance.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.

PINEWOOD GROUP: Fitch Places 'BB' LT IDR on Rating Watch Positive
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Fitch Ratings has placed Pinewood Group Limited's Long-Term Issuer
Default Rating of 'BB' on Rating Watch Positive. Fitch has also
assigned an expected rating of 'BBB(EXP)' to Pinewood Finco plc's
proposed benchmark secured bond guaranteed by Pinewood.

The bond would be rated one notch higher than Pinewood's
prospective IDR of 'BBB-' (when the RWP is resolved). The
assignment of a final rating is contingent on the bond being
issued, the concomitant dividend recapitalisation of Pinewood, and
its final terms and conditions being in line with the information
received. The new bond will prepay Pinewood Finco plc's existing
GBP250 million secured bond and fund a GBP234 million shareholder
distribution after paying financing fees and transaction costs.

The rating action reflects the transformation of Pinewood's
business profile following the recent signing of two long-term
leases with a subsidiary of Walt Disney Co. (A/Stable) and Netflix,
which Fitch calculates will constitute virtually all of the group's
end-March 2021 (FY21) EBITDA. These new leases ensure high levels
of occupancy and provide stability of income over the long-term.

The planned bond issue and dividend recapitalisation will increase
net debt-to-EBITDA to 9.3x in FY21, but we expect the metric to
stabilise around 8x in FY22 when planned development spend results
in rental income generation. Fitch believes that Pinewood's profile
is now more akin to an investment-grade property company.

KEY RATING DRIVERS

Long-term Leases Signed: The signing of long-term leases for space,
at the Pinewood location to Disney, and at Shepperton to Netflix,
will substantially improve the portfolio's lease maturity profile
and provide stability of rental income. The weighted average lease
length of the signed leases is over 10 years. Of the two leases,
Fitch calculates that the Disney lease forms the majority of the
combined entities' contribution to FY21 EBITDA.

Leverage to Rise: Following the signing of the long-term leases,
proposed bond issue, repayment of the existing bond and planned
GBP234 million dividend recapitalisation, Pinewood's leverage will
increase. Pro-forma for the new leases, incremental EBITDA and
capex, we expect net debt-to-EBITDA to be 9.3x in FY21 (normalising
to around 8x in FY22 once developments' rental income flows with a
funds from operations (FFO) interest cover of around 3x). At around
GBP30 million of FFO after debt interest expense, cash flow is
strong.

Unique/Specialised Asset Class: The Pinewood group has unique
studios and campus facilities at outer-London Pinewood and
Shepperton, which receive infrastructure-like rental income. Even
before the recently signed leases, this profile is enhanced by an
under-supply of studio space around London, limited availability of
land, a restrictive planning regime for new space and Pinewood's
locations having an established English-speaking non-unionised
creative workforce, all of which creates a conducive environment
that is difficult to replicate. Demand for studios is expanding
with the increase in TV streaming content.

Attractive Location: The film tax relief is a supportive tax
concession for UK-filmed content by film production companies,
which continues to have broad political support given the spectrum
of employment the industry creates and its contribution to the UK
economy. Recently, with Brexit, sterling depreciation has helped
attract overseas studios to film in the UK. The lack of stages near
London for efficient filming of multiple scenes for high-budget
films supports the media conurbation and demand for the large
multiple-stage infrastructure that Pinewood provides. Nearby
Leavesden Studios is a Warner Bros studio (which owns TV streamer
HBO) and is also reportedly full.

Expanded Land Bank: Although Pinewood management has not outlined
the cost or timing for further expansion, having recently completed
Pinewood East Phase I (around 300,000 sq ft of total space) and
Phase II (around 205,000 sq ft), land adjacent to Pinewood and
Shepperton has been procured. Shepperton South, which received
outline planning consent in July 2019, has received planning
consent for an additional 1.2 million sq ft of space including
around 0.6 million sq ft of stage space.

Expansion Likely: To date, Pinewood had been an independent studio,
although heavily used by Disney and its franchises. Now with
Pinewood's Disney and Netflix bespoke leases having displaced other
existing users of Pinewood, Fitch believes that industry demand may
prompt management to build-out further space, particularly at
Shepperton South. Whether these new developments are pre-let, or
retained as independent studio space for other film industry
occupiers, Fitch believes that expansion capex will limit the
group's ability to deleverage.

HETV v. Cinema Blockbuster Films: Recently, UK cinema attendance
has been broadly flat. According to the British Film Institute, in
the UK, gross inflation-adjusted film revenue across all delivery
platforms has remained about GBP3.5 billion since 2011. Fitch
believes that high-end TV content will partially complement
existing cinema film sequels and franchises, thus cannibalism is
not expected. Equally, Fitch expects consolidation among competing
existing and prospective TV streamers (Netflix, HBO, Sky, Disney+,
Amazon, and Apple) after their negative free cash flow (FCF) spend
model is exhausted. Netflix's use of Shepperton illustrates the
demand for space in the UK and the attraction of Pinewood's
sizeable facilities and media conurbation.

Valuation Increase: The recent independent valuation of Pinewood's
assets reflects the credit strength of one of the two newly
signed-up tenants, longevity of revenue from both leases and the
UK's broader increase in the value of property assets due to a
lower interest rate environment. The value of Pinewood bond's
collateral has increased to GBP1.1 billion currently from GBP0.6
billion in 2017. Including the proposed GBP500 million secured bond
and dividend recap, we expect Fitch-calculated loan-to-value (LTV)
to be 42% at FYE20.

Secured Bond Rated 'BBB(EXP)': The bond rating is secured over,
inter alia, shares in Pinewood and subsidiary guarantors, and the
group's freehold property. Currently, only the group's GBP50
million revolving credit facility (RCF) is super-senior. The rating
of 'BBB(EXP)' includes a one-notch uplift for high recoveries.

DERIVATION SUMMARY

Pinewood does not have any direct EMEA real estate peers due to the
specialised nature of its film studio assets, but following the
signing of two long-term leases in 2019 virtually all of FY21's
EBITDA will be derived from contractual long-term rent. Pinewood
has an infrastructure-like position in the film industry and is
supported by the UK's film tax relief, which enhances the UK's
attraction for film makers.

At 8x to 9x net debt-to-EBITDA, larger and more diversified EMEA
REITs' IDRs can be investment-grade. However, Pinewood is smaller,
has two main assets, is sector-concentrated and now has two main
tenants (albeit 'A' and low 'BB' rating category in quality) in a
specialised asset class. Fitch believes that Pinewood's prospective
'BBB-' IDR (when the current 'BB' RWP is upgraded) allows for
sector risks and incremental leverage for the likely development
spend for some Shepperton South expansion and at Pinewood too. This
is despite unknowns such as timing, phased or pre-let letting, or
to what extent private-equity owner Aermont Capital plans to inject
equity into the resultant capital structure.

KEY ASSUMPTIONS

  - Revenue growth of around 25% from FY19 to FY22, the majority of
which is related to the Pinewood East Phase II development
(completion October 2019) and planned additional stages at Pinewood
West pre-let under a long-term lease

  - EBITDA margin to improve to around 57% in FY22 from 53% in FY19
as a greater share of revenue is derived from higher-margin rental
income

  - Scheduled and expansion capex of around GBP165 million from
FY20 to FY22

  - Issue of a GBP500 million secured bond and a GBP234 million
shareholder distribution in FY20

  - No regular dividends

RATING SENSITIVITIES

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

  - Increase in tenant and asset diversification

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

  - Major adverse change in the group's tenant lease profile

  - Normalised net debt-to-EBITDA above 9x (FY20 pro-forma: 8.9x)

  - Rental-focused FFO-based fixe charge cover ratio below 2.0x
(FY20 pro-forma: 3x)

  - Undue speculative development risk

  - Weakening of the UK film industry and its fundamentals,
including UK film tax relief

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At FYE19, Pinewood had readily available cash of
GBP40 million and access to an undrawn super-senior RCF of GBP50
million due in May 2023. It will have no medium-term debt
maturities after prepayment of its existing GBP250 million 2023
bond with proceeds from the proposed five- to seven-year GBP500
million bond. Planned capex to deliver Pinewood East Phase II
(completion autumn 2019) and the new stages at Pinewood West
pre-let under a long-term lease (completion 2022) is expected to be
financed by cash on the balance sheet and FCF.

PINEWOOD GROUP: S&P Raises Long-Term ICR to 'BB-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
U.K.-based filming facilities provider Pinewood Group Ltd. to 'BB-'
from 'B+'.

S&P are also assigned its 'BB' issue rating on Pinewood's proposed
senior secured notes. S&P assigned a '2' recovery rating to these
notes, reflecting its rounded estimate of 85% recovery in the event
of default.

The upgrade follows Pinewood's new lease agreements with Disney
(A/Stable/A1) and internet television network Netflix
(BB-/Stable/--). These two leases are at least 10 years in length,
with no break clauses. They cover 100% of Pinewood's stage and
other production accommodation space, and also include indexation
(fixed and inflation) clauses, which will help fuel future rental
growth. This considerably improves Pinewood's revenues'
predictability, which had been largely reliant on short-term hire
agreements previously signed with production companies. Due to the
new leases, which help ensure occupancy of near 100%, Pinewood
compares favorably to other rated real estate companies.

S&P said, "Our rating on Pinewood is also supported by our view of
the company's globally recognized brand and strong reputation in
the movie industry. The Pinewood and Shepperton studios, which are
large compared with competitors, combine with on-site
infrastructure and service provisions to make the company a global
leader in hosting blockbusters. This has led to the development of
a complex ecosystem around Pinewood's facilities, which potential
competitors would find hard to replicate. We also expect the U.K.
government to maintain its tax incentives for the industry, which
help offer the company a competitive advantage."

Additionally, the new leases also cover the space being built by
Pinewood as it expands one of its sites, Pinewood East, adding
approximately 200,000 square feet. Preletting this entire space has
now de-risked this development, and S&P expects the company will
continue to spend capital expenditure (capex) to enlarge its
portfolio in the future. S&P believes the signing of tenants to
long-term leases demonstrates the solid demand for Pinewood's
facilities.

That said, Pinewood continues to operate within a narrow range of
activities, mainly focused on its two sites near London, and the
company continues to have limited tenant diversification, which is
compounded by the new lease agreements. This compares negatively to
other commercial real estate companies, which generally have a
well-diversified tenant base with limited single-tenant
concentration (usually less than 10% of total revenues). However,
we note that Pinewood's two tenants are of good credit quality and
that they operate their businesses under separated units (for
example, Disney's Marvel and Lucas Film divisions).

S&P also notes that, while the increased valuation from GBP605
million to GBP1.11 billion has boosted the scale of the business,
it is still relatively small when compared globally with other
rated real estate companies.

Additionally, the revised valuation has prompted Pinewood to issue
a new GBP500 million senior secured bond to repay the existing
GBP250 million bond and fund a GBP250 million dividend to its
shareholder. S&P views this as a riskier capital structure, because
debt to EBITDA should reach 10x, from 5.3x as of June 30, 2019.
However, we already factored this more aggressive approach into our
rating, because we view Pinewood's ultimate shareholder, a fund
advised by Aermont Capital, as a financial sponsor owner. While the
increased leverage remains moderate in our view, because loan to
value should remain below 50%, S&P will continue to monitor for any
sign of a more aggressive financial policy from the shareholder.

S&P said, "The stable outlook reflects our view that Pinewood's
assets will likely continue to generate stable income, supported by
the growing demand for media content. The company's performance
will also continue to benefit from the new long-term contracts with
Disney and Netflix. However, we note the more aggressive financial
strategy of its shareholder, by taking a debt-financed dividend,
which we have not factored in our base case to occur again.
Consequently, we project that Pinewood's EBITDA interest cover
should remain above 2.4x, with debt-to-EBITDA around 10x over the
next 12 months.

"We might lower the rating if we believe Pinewood's shareholder was
adopting a more aggressive financial policy, and issued additional
debt, leading to weaker credit metrics than we currently
anticipate. For example, we would consider downgrading Pinewood if
its debt-to-EBITDA ratio increased to above 13x or EBITDA interest
coverage remained well below 2.4x. We would also take a negative
view if Pinewood's loan-to-value ratio increased above 50%.

"We might also lower the rating if we saw evidence of deterioration
in Pinewood's rental activities, which could be caused by sluggish
demand linked to a downturn in the media industry. We would also
view negatively a substantial delay in phase 2 of Pinewood East
that would affect the company's performance.

"We view rating upside as limited at this point.

"We could consider a positive rating action on Pinewood if the
ownership structure changes, and Pinewood's credit metrics and the
financial policy set up by the new owner are commensurate with a
higher rating." Rating upside could also come from a significant
increase in its tenant-base diversification, or in the scale and
scope of its portfolio.

THOMAS COOK: Hedge Funds Plan to Challenge Fosun Rescue Deal
------------------------------------------------------------
Katie Linsell at Bloomberg News reports that holders of credit
insurance on Thomas Cook Group Plc are drawing up plans to
potentially block the U.K. travel agent's US$1.1 billion rescue in
order to ensure they get a payout.

According to Bloomberg, people familiar with the plan said the
group of hedge funds, including Sona Asset Management and XAIA
Investment GmbH, may vote against a bailout led by Fosun Tourism
Group at a creditor meeting on Sept. 18 if they don't secure their
payment before then.  Fosun's rescue includes a debt-for-equity
swap that could prevent compensation on their default insurance,
Bloomberg states.

The hedge funds are drawing up the plans because they fear the
conversion into equity swap that's central to the restructuring may
leave their holdings of credit-default-swaps with no debt to
insure, Bloomberg discloses.  This would prevent a payout in
accordance with the contracts, Bloomberg notes.

Law firm Fieldfisher LLP is representing them, the people, as cited
by Bloomberg, said asking not to be named discussing private
information.  The investors also bought Thomas Cook bonds entitling
them to attend the meeting, Bloomberg states.

Under the rules of schemes of arrangement--a U.K. court
procedure--the investors will need to hold at least 25% of Thomas
Cook's bonds to influence the debt restructuring, Bloomberg states.
Investors hold about US$261 million of swaps on Thomas Cook in
total, Bloomberg relays, citing the latest data from the
International Swaps & Derivatives Association.

People familiar with the matter said the group has already
contacted Thomas Cook's financial adviser PJT Partners and the
bondholders' legal adviser Milbank, Bloomberg notes.


[*] UK: High Street Store Closures Hit Record Levels in 1H 2019
---------------------------------------------------------------
Laura Onita at The Telegraph reports that shops are shutting at a
rate of up to 16 a day across the country, with closures hitting
record levels as the crisis engulfing the high street escalates.

According to The Telegraph, the first half of this year saw 2,868
store closures, almost twice as many as openings, as retailers
increasingly resort to controversial rescue deals to cut rents and
shut unprofitable stores.

The net fall in the six-month period was 1,234 sites, the highest
number in nine years, with fashion retailers, pubs, bars and
restaurants the worst hit, The Telegraph relays, citing PwC and the
Local Data Company.

Bricks-and-mortar retailers have been struggling with rising
business rates, fewer shoppers visiting stores and a shift to
online orders, The Telegraph discloses.


[*] UK: Three Profit Warnings Frequently Followed by Collapse
-------------------------------------------------------------
Irene Garcia Perez at Bloomberg News, citing a 20-year study by EY,
reports that a run of three profit warnings is frequently followed
by boardroom firings and the arrival of administrators at U.K.
firms.

According to Bloomberg, EY said within a year of issuing three or
more profit warnings, 18% of U.K. companies will face a
restructuring event such as insolvency proceedings.  It also found
that by the morning of a third warning, a quarter of chief
executive officers have left the firm, Bloomberg states.

U.K. firms are also calling in the administrators and entering
talks with creditors quicker after a run of warnings, Bloomberg
discloses.

The report said the median time period between a third profit
warning and a restructuring event, such as a company voluntary
arrangement or debt restructuring, has shrunk to 91 days since
2016, compared to 156 days previously, Bloomberg notes.

The study, covering a period which saw major market shocks such as
the dot-com crash, the Sept. 11 attacks and the 2008 to 2009
financial crisis, also warns Brexit may have a similar impact on
British corporations, Bloomberg relays.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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