---

       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, October 24, 2019, Vol. 20, No. 213

                           Headlines



F R A N C E

CASINO GUICHARD-PERRACHON: S&P Affirms 'B' ICR, Outlook Negative
CASPER MIDCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Pos.
CROWN EUROPEAN: Moody's Rates 3-Yr Sr. Unsecured Euro Notes 'Ba2'
CROWN EUROPEAN: S&P Rates New EUR550MM Senior Notes 'BB+'


I R E L A N D

ARMADA EURO IV: Fitch Assigns B-(EXP) Rating on Cl. F Debt
CVC CORDATUS V: Moody's Affirms B2 Rating on EUR13MM Cl. F-R Notes
CVC CORDATUS V: S&P Assigns B-(sf) Rating on Class F-R Notes
USIL EUROPEAN 36: Fitch Assigns B(EXP) Rating on Class F Notes


I T A L Y

F-BRASILE SPA: S&P Gives 'B' Issuer Credit Rating, Outlook Stable


K A Z A K H S T A N

FREEDOM FINANCE: Fitch Upgrades Insurer Fin. Strength Rating to B
LEASING GROUP: Fitch Affirms B LongTerm IDR, Outlook Stable


L U X E M B O U R G

CAMELOT FINANCE: Moody's Rates Proposed $500MM Sr. Sec. Notes 'B2'


N E T H E R L A N D S

AFFIDEA BV: Moody's Assigns B2 CFR, Outlook Stable


N O R W A Y

PGS ASA: Fitch Puts B- IDR on Rating Watch Neg. on Liquidity Issues


R U S S I A

EURASIA CAPITAL: Fitch Assigns B-(EXP) to Add'l. Tier 1 Notes
NATIONAL STANDARD: S&P Alters Outlook to Stable & Affirms B/B ICRs


S P A I N

DIA GROUP: Spain's High Court to Investigate Russian Tycoon


U N I T E D   K I N G D O M

AZURE FINANCE 1: Moody's Affirms Caa1 Rating on Class X Notes
BRITISH STEEL: Rescue Deal in Danger of Collapsing
GOALS SOCCER: Board Accused by Sports Direct of "Skulduggery"
PRAESIDIAD GROUP: Moody's Lowers CFR to Caa1, Outlook Negative
STIRLING INDUSTRIES: Opts to Wind Up Business Due to Funding Woes

THOMAS COOK: Former Chief Executive Denies Role in Collapse
WOODFORD EQUITY: Investors Seek Advice on Hargreaves Legal Action

                           - - - - -


===========
F R A N C E
===========

CASINO GUICHARD-PERRACHON: S&P Affirms 'B' ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit ratings on Casino
Guichard-Perrachon, and assigned a negative outlook.

Casino has taken several positive steps over the past year aimed at
improving its capital structure, funding, and liquidity. Namely,
the group cut dividends for the next 18 months, continued its
assets disposal program, and its project to simplify its corporate
structure in Latin America (Latam). This has helped the company buy
time to continue with its deleveraging program while it tries to
improve its weak cash flow generation in France. As such, S&P
believes that the pressure on the company's credit quality has
eased, leading it to take the 'B' rating on the company off
CreditWatch negative.

S&P said, "We also believe that the proposed refinancing
transaction, if successful, will be beneficial, since it will
strengthen the company's liquidity and debt maturity profile. The
new capital structure, nonetheless, will somewhat constrain
Casino's financial profile going forward given its secured funding
structure and the covenants attached to it. In particular, under
the new RCF documentation, the restricted group will have to comply
with a gross leverage maintenance ratio. In addition, the terms of
the proposed RCF documentation will restrict the company's ability
to pay dividends to Rallye subject to a 3.5x gross debt-to-EBITDA
ratio calculated based on a restricted group excluding the Latam
operations.

"Our negative outlook reflects our view that the outcome of the
safeguard procedure can still indirectly damage Casino's credit
standing. Under its safeguard procedure, Rallye has announced a
targeted agreement with its lenders by March 2020 although we
understand that the procedure can last until November 2020 at the
latest. The preliminary plan presented by Rallye and its holding
companies in September 2019 mentions a 5% annual payment on all
liabilities outstanding starting in 2022. Given the company's
stated plan to deleverage to EUR1.5 billion of net debt in France
by 2020, we believe this suggests the company expects to reach a
3.5x gross debt-to-EBITDA ratio (for the restricted group) by then,
as required under the restricted payment clause of the RCF
documentation, which thereby removes restrictions on dividends to
its shareholders. We understand that until Casino reaches this
ratio, annual dividends will be limited by the new debt
documentation.

"Our negative outlook primarily reflects the ongoing uncertainty
arising from the safeguard procedure affecting Casino's parent
companies, which can still indirectly hurt its credit standing. The
outlook also reflects the group's weak cash flow generation,
notably in France, and the execution risk associated with its
restructuring and deleveraging plans.

"Any rating upside will likely require more clarity about the
outcome of safeguard procedure. We could revise the outlook to
stable if the safeguard procedure of the holding companies is
resolved without negative implications for Casino. Our upside
scenario also envisages Casino executing on its deleveraging plan
such that its leverage returns and sustainably remains below 4x on
an adjusted proportional basis, together with a meaningful
improvement to its cash flow generation in France.

"We would lower the rating if Rallye's safeguard procedure
translated into a plan that would be detrimental to Casino's credit
quality. We could also lower the rating if Casino's operating
performance and profitability or liquidity weakens, or if the group
encounters difficulties in executing its disposal plan, such that
its leverage remained high."


CASPER MIDCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Pos.
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to B&B
Hotels' parent company, Casper MidCo SAS, its 'B' issue rating to
the first-lien term loan B (TLB), and its 'CCC' issue rating to the
second-lien TLB, issued by Casper Bidco SAS.

The rating actions follow the acquisition of B&B Hotels by the
private equity investor Goldman Sachs Merchant Banking Division
(GSMBD) from private equity firm PAI Partners, for EUR1,971
million. The transaction-financing package includes the EUR120
million RCF, EUR665 million first-lien TLB, and EUR155 million
second-lien TLB. The debt was issued by Casper Bidco SAS, the 100%
owned subsidiary of Casper Midco SAS, the newly created parent
company of B&B Hotels. The financing also includes about EUR8
million of convertible debt expiring in 2020 (which S&P expects
would be repaid in cash), an equity injection of EUR791 million at
closing and deferred equity consideration of EUR313 million in
2020. The total equity contribution comprises 90% of preference
shares owned by GSMBD and 10% ordinary shares owned by the
management. The deferred equity consideration will be paid by
GSMBD. S&P considers the preference shares as an equity-like
instrument and exclude them from adjusted debt.

S&P said, "Our rating analysis on B&B Hotels reflects the company's
high fixed-cost and asset-heavy business model. This is because the
company leases almost all of its properties under long-term
contracts, leaving limited flexibility in case of revenue decline.
As such, we anticipate profit volatility over the lodging cycle,
since the industry is cyclical, competitive, and vulnerable to
global security and financial events. Similarly, B&B Hotels'
limited scale and modest business diversification constrain its
creditworthiness, in our view. In 2018 the group generated EUR541
million in revenue and operated across 476 hotels. This footprint
is relatively small compared with other globally diversified
lodging companies. Moreover, we believe concentration risk stems
from B&B Hotels' single-brand operating focusing on the budget and
economy segment. In addition, we note the group has modest
geographic diversification, with limited presence outside Europe,
since it generates about 85% of EBITDA in France and Germany.

"These factors are partly mitigated by B&B Hotels' improving brand
awareness and recognition, thanks to the company's rapid expansion
across Europe, and its sound market positions in the budget and
economy hotel segment. We believe that this sector is less volatile
than the luxury and upmarket hotel sector, despite, in our view,
the lower barriers to entry. In addition, we believe the focus on
the business travelers segment makes the business model more
resilient, because it is less exposed to disruption and event risks
than the leisure travelers segment.

"Furthermore, thanks to the group's lean cost structure, we regard
its profitability as sound and aligned with the average among its
lodging peers. B&B Hotels reported EBITDA margins of about 20% in
2018. This is further underpinned by the successful execution of
its growth strategy and the current supportive economic
environment. We have observed this in France, the group's core
market, where operating performance significantly improved,
reflecting both favorable market trends and the positive outcome of
a room renovation program. Following the renovation of 142 hotels
in France, revenue per available room (RevPAR) increased by 12.1%
between 2017 and 2018.

"We consider the group's capital structure to be highly leveraged.
This stems from our projections of S&P Global Ratings-adjusted debt
to EBITDA of about 7.6x in 2019 following the successful completion
of the transaction. High operating and financial leverage minimize
flexibility. Furthermore, we see limited headroom for any potential
underperformance and execution risks as B&B Hotels continues its
aggressive expansion plan. This is accentuated by the long ramp-up
cycle of new hotel openings (usually two-to-three years) as well as
the cyclical nature, competitiveness, and susceptibility to
external events of the lodging industry.

"B&B Hotels plans to open 49 hotels (17 franchises) in 2019 and 70
hotels (15 franchises) in 2020, which indicates continued rapid
expansion. We expect that the ongoing EBITDA growth, on the back of
these openings, will enable B&B Hotels to deleverage toward 7x in
the medium term.

"Nevertheless, we believe this ambitious expansion plan will
continue to weigh on FOCF in the medium term because of the
material capital expenditure (capex) needs. However, cash flow
generation should be positive in 2019-2020 after adding the
proceeds from sale and leaseback transactions under the company's
lease model. In our view, the company will rely on its planned
asset sales to sustain adequate liquidity. In addition, we believe
that B&B Hotels would have room to reduce growth capex if
necessary.

"The positive outlook reflects our view that B&B Hotels will likely
continue to execute its expansion strategy. We expect this would
translate into rapid EBITDA growth, better margins, and FOCF
generation. We believe that Europe's lodging market trend should
remain positive, and B&B Hotels will continue to exhibit solid
operating performance.

"We could revise the outlook to stable if B&B Hotels fails to
deleverage toward 7x in the next 18 months. This could occur if the
group did not successfully execute its growth strategy, operating
performance weakened due to macroeconomic pressures, geopolitical
events, or competition resulting in a substantial decline in RevPar
and the EBITDA margin, or higher-than-anticipated exceptional costs
led to lower-than-expected EBITDA and/or cash flows. We could also
revise the outlook to stable if liquidity weakened. This could
occur if the company faced delays in executing its sale and
leaseback transactions while being unable to adjust its development
capex to accommodate these delays.

"Evidence of a more aggressive financial policy focused on
debt-financed dividends or acquisitions, or a move toward a
considerably capital-intensive business model, could also prompt us
to revise the outlook to stable.

"We could raise the rating if, over the coming 18 months, the
company successfully deleveraged toward 7x, with a clear path to
below 7x in the ensuing 12 months. This would happen if B&B Hotels'
growth plan translated into revenue and EBITDA growth as planned.
An upgrade is contingent on the company maintaining at least
adequate liquidity and positive FOCF generation after proceeds from
sale and leaseback transactions.

"We would also expect management's continued commitment to maintain
a deleveraging path that supports improved credit metrics, with
sufficient headroom to cushion any unforeseen events in the lodging
industry. The company's new owner would also need to follow a
prudent financial policy with regard to leverage targets,
debt-funded acquisitions, and dividends."


CROWN EUROPEAN: Moody's Rates 3-Yr Sr. Unsecured Euro Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the 3 year
Senior Unsecured Euro notes issued by Crown European Holdings S.A,
a subsidiary of Crown Holdings, Inc. The Ba2 Corporate Family
Rating, Ba2- PD Probability of Default rating, all other instrument
ratings, the SGL-2 rating and the Stable Outlook for Crown
Holdings, Inc. remain unchanged. The proceeds will be used to repay
Euro Term Loan B which part of their existing senior secured credit
facilities. The transaction is credit neutral since it will not
increase debt.

Assignments:

Issuer: Crown European Holdings S.A.

  Gtd Senior Unsecured Regular Bond/Debenture, Assigned Ba2 (LGD3)

RATINGS RATIONALE

Crown's credit profile (Ba2 Corporate Family Rating) reflects the
oligopolistic industry structure, high exposure to relatively
stable end markets and high percentage of business under contract
with strong raw material cost pass-through provisions in the
company's can segment. The credit profile also reflects the high
quality/margin product strategy, base of installed equipment and
high percentage of consumables in the transit packaging segment.
Crown also benefits from higher margin growth projects in emerging
markets and good liquidity. The company's broad geographic
exposure, including a high percentage of sales from faster growing
emerging markets, is both a benefit and a source of some potential
volatility.

Crown's credit profile is constrained by the company's
concentration of sales, exposure to cyclical end markets and the
ongoing asbestos liability. The credit profile is also constrained
by the high foreign currency exposure and risks inherent in Crown's
strategy to grow in emerging markets. Additionally, the transit
segment operates in a fragmented and competitive industry and has
limited raw material cost pass-through provisions. Crown has high
exposure to segments which can be affected by weather, crop
harvests and economic cycles (steel, chemicals, lumber). Moreover,
the company has a high exposure to the declining carbonated soft
drinks segment. Metal cans are also subject to substitution with
other substrates in certain markets depending on relative pricing
and new technologies.

The ratings outlook is stable. The stable outlook reflects an
expectation that Crown will dedicate substantially all free cash
flow to debt reduction until credit metrics are restored to
pre-acquisition levels.

An upgrade is unlikely as leverage remains elevated following the
Signode acquisition. However, the ratings could be upgraded if
Crown achieves a sustainable improvement in credit metrics within
the context of a stable operating and competitive environment and
maintains good liquidity including sufficient cushion under
existing covenants. Specifically, the ratings could be upgraded if
adjusted debt-to-EBITDA declines below 4.0 times, EBITDA interest
coverage improves to over 5.5 times, and funds from operations to
total debt improves to over 17%.

The ratings could be downgraded if Crown fails to improve credit
metrics over the intermediate term, there is a deterioration in the
cushion under existing financial covenants, and/or a deterioration
in the competitive or operating environment. Additionally, a
significant acquisition or change in the asbestos liability could
also trigger a downgrade. Specifically, the rating could be
downgraded if adjusted debt-to-EBITDA remains above 4.6 times,
EBITDA interest coverage remains below 4.5 times and/or funds from
operations to debt remains below 14%.

Crown's SGL-2 Speculative Grade Liquidity Rating reflects the
company's good free cash flow and ample availability under its
credit facilities. Cash is held in local bank accounts at high
credit-quality institutions. Crown's senior secured revolving
credit facilities due November 2024 are available in an aggregate
principal amount of up to $1.65 billion, of which up to $600
million is available to Crown Americas in U.S. dollars, up to $1000
million is available, subject to certain sublimits, to Crown
European Holdings and the subsidiary borrowers in Euro and Pound
Sterling, and up to $50 million is available to Crown Metal
Packaging Canada LP, a Canadian indirect subsidiary of Crown in
Canadian dollars. Financial covenants in the credit facility
include a total leverage covenant with step downs. Crown also has
receivables securitization facilities and the latest matures in
July 2020. The term loan A annual amortization over the life of the
loan is approximately 2.5%/2.5%/5%/5%/5%. The nearest significant
debt maturity is the large term loan payments and the Crown
European Holdings S.A. senior unsecured notes due in 2023. The
secured debt leaves little in the way of assets the company could
liquidate as an alternative source of liquidity.

Crown manufactures both plastic and metal packaging and is subject
to a broad range of federal, state, provincial and local
environmental, health and safety laws, including those governing
discharges to air, soil and water, the handling and disposal of
hazardous substances and the investigation and remediation of
contamination resulting from the release of hazardous substances.
The company has a broad international footprint and manufactures
products in developed markets which nave more regulations and
emerging markets which have less. While packaging manufacturers
mostly produce products to customer specifications and primarily
operate a tolling model (passing through most costs to customers
and just getting paid to convert raw materials into containers),
increasing regulation will require continued attention and
vigilance. The company will need to continue to focus on building
quality products and adapting to an evolving regulatory
environment.

Crown, and the packaging sector in general, has overall moderate
social risk. The primary risks driving this are employee health and
safety risks and demographic and societal trends offset by many low
risks in customer relations and human capital. Crown's human
capital risks are moderate despite the level of unionization given
the generally good relations with the unions that are active. The
company's health and safety risks are moderate reflecting the usual
risks found in a manufacturing environment offset by the lack of
exposure to toxic substances or dangerous processes found in many
other manufacturing plants. This also reflects OSHA regulations to
which all manufacturers are subject. Responsible production risk is
moderate given the current focus on sustainability and
recyclability of metal. Demographic and societal trends risk is low
given the sustainability of metal packaging . Given the
predominance of food and beverage packaging, the impact of
demographic trends is considered moderate.

Governance risks are less than the most other companies in the
sector due to the lack of PE ownership (public company).

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.


CROWN EUROPEAN: S&P Rates New EUR550MM Senior Notes 'BB+'
---------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Crown
European Holdings S.A.'s proposed EUR550 million senior notes. The
company's parent, Crown Holdings Inc., will guarantee the notes.
S&P said, "We expect the company to use the proceeds to repay
borrowings under its existing term loans. All of our other ratings
on Crown Holdings and its subsidiaries remain unchanged, including
our 'BB+' issuer credit rating."





=============
I R E L A N D
=============

ARMADA EURO IV: Fitch Assigns B-(EXP) Rating on Cl. F Debt
----------------------------------------------------------
Fitch Ratings assigned Armada Euro CLO IV DAC expected ratings. The
assignment of final ratings is contingent on the receipt of final
documents conforming to information already reviewed.

ARMADA EURO CLO IV DAC  

Class A; LT AAA(EXP)sf;  Expected Rating

Class B; LT AA(EXP)sf;   Expected Rating

Class C; LT A(EXP)sf;    Expected Rating

Class D; LT BBB-(EXP)sf; Expected Rating

Class E; LT BB-(EXP)sf;  Expected Rating

Class F; LT B-(EXP)sf;   Expected Rating

Sub.;    LT NR(EXP)sf;   Expected Rating

Class X; LT AAA(EXP)sf;  Expected Rating

Class Z; LT NR(EXP)sf;   Expected Rating

TRANSACTION SUMMARY

Armada Euro CLO IV DAC is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes will
be used to purchase a portfolio of EUR400 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by Brigade Capital Europe Management LLP. The CLO envisages
a 4.5-year reinvestment period and an 8.5-year weighted average
life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B' range. The Fitch- weighted average
rating factor (WARF) of the indicative portfolio is 32.9.

High Recovery Expectations: At least 90% of the portfolio comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-weighted average recovery rate (WARR)
of the indicative portfolio is 67.6%.

Diversified Asset Portfolio: The transaction is expected to contain
covenants that limit the top 10 obligors, and fixed-rate assets (0%
and 10%), depending on the matrix point chosen by the asset
manager. This ensures that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management: The transaction is governed by collateral
quality and portfolio profile tests. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cap Limits Interest Rate Mismatch: The transaction includes a
seven-year, EUR15 million interest rate cap with a 2% strike rate.
This partially mitigates the fixed-floating mismatch between the up
to 10% in fixed-rate assets allowable and 0% fixed-rate liabilities
in the transaction.

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

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to three notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to four notches for the rated notes.

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, 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.


CVC CORDATUS V: Moody's Affirms B2 Rating on EUR13MM Cl. F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to 2019 Refinancing Notes issued by
CVC Cordatus Loan Fund V Designated Activity Company:

  EUR263,000,000 Class A Senior Secured Floating Rate
  Notes due 2030, Definitive Rating Assigned Aaa (sf)

  EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes
  due 2030, Definitive Rating Assigned Aa2 (sf)

Together the "2019 Refinancing Notes".

At the same time, Moody's affirmed the ratings of the outstanding
notes which have not been refinanced:

  EUR32,000,000 Class B-1-R Senior Secured Floating Rate
  Notes due 2030, Affirmed Aa2 (sf); previously on Jul 21,
  2017 Definitive Rating Assigned Aa2 (sf)

  EUR30,000,000 Class C-R Senior Secured Deferrable
  Floating Rate Notes due 2030, Affirmed A2 (sf);
  previously on Jul 21, 2017 Definitive Rating Assigned
  A2 (sf)

  EUR23,000,000 Class D-R Senior Secured Deferrable
  Floating Rate Notes due 2030, Affirmed Baa2 (sf);
  previously on Jul 21, 2017 Definitive Rating Assigned
  Baa2 (sf)

  EUR28,000,000 Class E-R Senior Secured Deferrable
  Floating Rate Notes due 2030, Affirmed Ba2 (sf);
  previously on Jul 21, 2017 Definitive Rating Assigned
  Ba2 (sf)

  EUR13,000,000 Class F-R Senior Secured Deferrable
  Floating Rate Notes due 2030, Affirmed B2 (sf);
  previously on Jul 21, 2017 Definitive Rating Assigned
  B2 (sf)

RATINGS RATIONALE

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

The Issuer will issue the 2019 Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A-R Notes
and Class B-2-R Notes due 2030, previously issued on July 21, 2017.
On the 2017 Refinancing Date, the Issuer also issued the Class
B-1-R Notes, the Class C-R Notes, the Class D-R Notes, the Class
E-R Notes and the Class F-R Notes out of refinancing proceeds. On
the refinancing date, the Issuer will use the proceeds from the
issuance of the refinancing notes to redeem in full the 2017
Refinancing Notes. The Class B-1-R Notes, the Class C-R Notes, the
Class D-R Notes, the Class E-R Notes and the Class F-R Notes will
not be refinanced.

On May 21, 2019, the Issuer also issued EUR 47.8 million of
subordinated notes which are not refinanced and will remain
outstanding following the refinancing date. The terms and
conditions of these notes will be amended in accordance with the
refinancing notes' conditions.

As part of this refinancing, the Issuer decreased the spread or
coupon paid on the 2019 Refinancing Notes and increased the
weighted average life covenant by 15 months to 7.5 years.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans and up to 10% of the
portfolio may consist of unsecured senior loans, second-lien loans
and mezzanine loans. The underlying portfolio is expected to be
fully ramped as of the closing date.

CVC Credit Partners European CLO Management LLP ("CVC") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR 452,000,000

Defaulted Par: EUR 0 as of September 2019

Diversity Score: 41

Weighted Average Rating Factor (WARF): 3038

Weighted Average Spread (WAS): 4.00%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 44.90%

Weighted Average Life (WAL): 7.50 years

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


CVC CORDATUS V: S&P Assigns B-(sf) Rating on Class F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan
Fund V DAC's (CVC V's) class A-RR and B-2-RR notes. At the same
time, S&P has affirmed its ratings on all other classes of notes
from this transaction.

On Oct. 21, 2019, the issuer refinanced the original class A-R and
B-2-R notes by issuing replacement notes of the same notional.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except for the following:

-- The replacement notes have a lower spread over Euro Interbank
Offered Rate (EURIBOR) than the original notes.

-- The portfolio's maximum weighted-average life has been extended
by 15 months.

The ratings assigned to CVC V's refinanced notes reflect S&P's
assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

  Portfolio Benchmarks
  Current
  S&P Global Ratings'
    weighted-average rating factor          2,763.13
  Default rate dispersion                   553.53
  Weighted-average life (years)             4.77
  Obligor diversity measure                 98.09
  Industry diversity measure                15.41
  Regional diversity measure                1.29

  Transaction Key Metrics
  Current
  Total par amount (mil. EUR)               448.73
  Defaulted assets (mil. EUR)               4.3
  Number of performing obligors             132
  Portfolio weighted-average
    rating derived from our CDO evaluator   'B'
  'CCC' category rated assets (mil. EUR)    19.50
  'AAA' weighted-average recovery
    calculated on the performing assets (%) 37.41
  Weighted-average spread of the
    performing assets (%) (with floor)      3.86
  Weighted-average coupon of the
    performing assets (%)                   4.20

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement could withstand stresses commensurate
with the same or higher rating levels than those we have assigned.
However, as the CLO will be in its reinvestment phase, during which
the transaction's credit risk profile could deteriorate, we have
capped our ratings assigned to the notes."

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

S&P said, "Following the application of our structured finance
sovereign risk criteria, we consider the transaction's exposure to
country risk to be limited at the assigned ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure is
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-RR and B-2-RR notes."

CVC V is a broadly syndicated CLO managed by CVC Credit Partners
Group Ltd.

  Ratings List

  CVC Cordatus Loan Fund V DAC    
  Class   Rating    Amount    Interest rate     Interest rate
                 (mil. EUR)  pre-refinancing    post-efinancing
  A-RR    AAA (sf)  263.00  0.89% + 3M EURIBOR  0.65% + 3M EURIBOR
  B-1-R   AA (sf)   32.00   1.50% + 3M EURIBOR  1.50% + 3M EURIBOR
  B-2-RR  AA (sf)   30.00   2.00%               1.80%
  C-R     A (sf)    30.00   2.05% + 3M EURIBOR  2.05% + 3M EURIBOR
  D-R     BBB (sf)  23.00   2.95% + 3M EURIBOR  2.95% + 3M EURIBOR
  E-R     BB (sf)   28.00   5.07% + 3M EURIBOR  5.07% + 3M EURIBOR
  F-R     B- (sf)   13.00   6.65% + 3M EURIBOR  6.65% + 3M EURIBOR

  3M EURIBOR--Three-month Euro Interbank Offered Rate.


USIL EUROPEAN 36: Fitch Assigns B(EXP) Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings assigned Usil (European Loan Conduit No. 36) DAC's
notes expected ratings.

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

Usil (European Loan Conduit No. 36) DAC

Class A1;  LT AAA(EXP)sf; Expected Rating

Class A2;  LT AA+(EXP)sf; Expected Rating

Class B;   LT AA-(EXP)sf; Expected Rating

Class C;   LT A-(EXP)sf;  Expected Rating

Class D;   LT BBB(EXP)sf; Expected Rating

Class E;   LT BB(EXP)sf;  Expected Rating

Class F;   LT B(EXP)sf;   Expected Rating

Class RFN; LT AAA(EXP)sf; Expected Rating

Class X;   LT NR(EXP)sf;  Expected Rating

TRANSACTION SUMMARY

The transaction finances 95% of a EUR679.1 million commercial
mortgage loan advanced by Morgan Stanley Bank, N.A. (MS) and Morgan
Stanley Principal Funding, Inc. to entities related to Blackstone
Real Estate Partners, as well as a EUR44.8 million capital
expenditure loan. The originator is retaining a 5% interest in the
loans. The RFN class will be issued to finance 95% of the liquidity
reserve.

KEY RATING DRIVERS

Mixed Quality, Capex Required: On the whole the portfolio comprises
secondary-quality properties in good locations. Many of the assets
are old, albeit functional for mostly local SME tenant demand.
Capex of about EUR25 million has been identified as essential to
achieve rental value, and Fitch has accounted for this by assuming
this portion of the capex line is drawn. The rest is
value-enhancing and therefore considered credit-neutral.

High Leverage Refinancing: The senior loan-to-value (LTV) ratio is
71% (excluding portfolio premium). Based on Fitch's base-case
estimate of collateral value and including drawings on the capex
line for essential works, the CMBS LTV is around 95%, which is
consistent with the class F note rating of 'Bsf'. With the
mezzanine loan the total LTV is 82%. Including the capex line, the
overall refinancing leaves little equity invested versus at
acquisition in 2017.

Limited Adverse Selection Scope: The portfolio is fairly
homogeneous, limiting scope for adverse selection despite pro-rata
principal allocation. Should the aggregate allocated loan amount
(ALA) of disposed properties exceed 10% of the original loan
balance, release pricing rises to 110% from 105%. Senior notes are
insulated from the weakest cohort by a switch to sequential pay
after 75% of the loan has been repaid.

No Impact from Mezzanine: The mezzanine lender holds an option to
purchase the senior loan, which is exercisable within 15 business
days of notification of a material senior loan event of default).
Fitch rates the class F notes at the senior loan breakeven rating
(rather than a notch lower as in some CMBS 2.0 deals) as the option
cannot be exercised for six months following the senior purchase
election date and at any time during or after an actual enforcement
action.

RATING SENSITIVITIES

The change in model output that would apply if the capitalisation
rate assumption for each property is increased by a relative amount
is as follows:

Current ratings: class A1/A2/B/C/D/E/F:
'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'Bsf'

Increase capitalisation rates by
10%:'AA+sf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'B+sf'/'CCCsf'

Increase capitalisation rates by 20%:
'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BB-sf'/'Bsf'/'CCCsf'

The change in model output that would apply if the rental value
decline (RVD) and vacancy assumption for each property are
increased by a relative amount is as follows:

Increase RVD and vacancy by 10%:
'AA+sf'/'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'BB-sf'/'Bsf'

Increase RVD and vacancy by 20%:
'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'B+sf'/'CCCsf'

The change in model output that would apply if the capitalisation
rate, RVD and vacancy assumptions for each property are increased
by a relative amount is as follows:

Increase in all factors by 10%:
'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'B+sf'/'CCCsf'

Increase in all factors by 20%:
'AAsf'/'A-sf'/'BBB-sf'/'BBsf'/'Bsf'/'CCCsf'/'CCCsf'

This does not apply to the class RFN rating as it is not sensitive
to these variables.

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

Fitch was provided with Form ABS Due Diligence-15E as prepared by
KPMG LLP. The third-party due diligence described in Form 15E
focused on a comparison of certain characteristics with respect to
the 100 properties in the portfolio. 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.

Overall, 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.




=========
I T A L Y
=========

F-BRASILE SPA: S&P Gives 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit and issue ratings
to Carlyle Group-owned Italy-based aero-engine part maker F-Brasile
S.p.A (FB) and the proposed $505 million senior secured notes,
which are co-issued by FB and its U.S. financial vehicle.

S&P said, "Our 'B' rating with a stable outlook reflects the
company's position in the aerospace and defense (A&D) markets as a
tier-two supplier and its limited and concentrated product
offering, which relies on a few key new engine platforms. The
company is primarily exposed to Rolls-Royce and its Trent XWB
engine platform, with about 45% of consolidated revenue directly or
indirectly linked to the company. More positively, FB's S&P Global
Ratings-adjusted EBITDA margins are higher than other rated peers'
within the same rating category. This is thanks to its role as a
parts supplier for the Trent XWB program life, which allows good
revenue visibility, and its currently negligible exposure for the
LEAP 1B--related to the grounded Boeing 737 MAX aircraft. We expect
FB's FFO to debt to remain below 10% in the coming two years, with
FFO interest coverage of more than 2.5x and debt to EBITDA of below
6.0x in 2020, and FOCF turning slightly positive by year-end 2020.
Furthermore, we see the company's adequate liquidity position, with
limited drawings under the newly signed, multi-currency, and super
senior secured $80 million revolving credit facility (RCF)
essential to the rating."

Limited business diversity in terms of engine platforms is
constraining FB's business risk, but this is balanced by good
profit margins of about 20% for 2019-2020.

Forgital Italy SpA's (Forgital's) business risk profile is
supported by its second-tier position as a maker of aero-engine
components for leading global engine manufacturers. FB holds an 8%
market share in the open die and rings niche market dominated by
bigger players. The company's products serve about 40 different
engine platforms and don't have patents, therefore relying
primarily on clients' research and development efforts. FB also has
limited business diversity, with its top-five clients representing
about 60% of the group's consolidated revenue in 2018. Moreover,
the company's products are primarily for wide-body engines, unlike
other peers such as MB Aerospace Holdings, whose products can be
used for more engine types. That said, S&P views positively the
company's production of new engine models such as the Trent 7000,
Trent XWB, LEAP 1B, and LEAP 1AC. The company's production of the
LEAP 1B, used on the Boing 737 MAX, was negligible in 2018.

Forgital has higher margins (about 20%) than peers such as Dynamic
Precision or Triumph Group. Supplier concentration is high, since
the largest supplier of titanium covers about 88% of its titanium
needs, which represent about 41% of total raw materials costs for
2018. This is because A&D raw materials need to be qualified by the
original equipment manufacturers (OEMs). In 2018, FB experienced a
defective supply of titanium that resulted in a higher-than-average
percentage of defective components. This resulted in sales slightly
decreasing and more scrap, affecting its working capital, which
absorbed about EUR50 million of cash during the same year. This was
not tied to any issue with FB's production process and did not
affect its longstanding, solid relationships with A&D OEMs. S&P
said "FB's contracts have an average duration of three-to-seven
years, which we believe enhances revenue visibility. Existing
contracts cover the vast majority of revenue for 2019 and 2020.
Moreover, the company's backlog will bring in about EUR659 million
between 2020 and 2026. Furthermore, FB has a risk- and
revenue-sharing agreement (RRSA) with Rolls-Royce for its Trent
XWB. We believe this agreement supports revenue development since
the Trent XWB is a relatively new engine."

S&P expects management to strengthen its focus on A&D, with capital
goods sales and order intake not a priority.

A&D sales at year-end 2018 represented about 65% of FB's
consolidated revenue. The company stated it intends to take
advantage of its industrial division--focusing specifically on
energy, power generation, and capital goods end markets--to fill
spare capacity from its A&D division on a spot-basis, selecting
orders with acceptable margins. That said, we believe the
industrial division's profitability is lower than the A&D
division's. Although revenue from the industrial segment represents
about 35% of FB's revenue, the company doesn't consider the growth
of this division a strategic priority. Under S&P's base case, it
assumes industrial sales will be relatively flat, at EUR130
million-EUR150 million in 2019-2020. The A&D portion should
increase more prominently in 2019, with expected consolidated sales
up 16% year on year to about EUR450 million, after a 1.8% decrease
to EUR387 million in 2018 due to defective titanium from its main
supplier. Sales should then increase about 1.2% in 2020 to about
EUR455 million.

FFO to debt is expected to be below 10% in 2019, with FFO cash
interest cover above 2.5x and debt to EBITDA sustainably below 6.0x
in 2020.

S&P said, "We expect the company's credit metrics, notably FFO to
debt, to remain below 10% for 2019 and 2020. The company's 2019
cash flow from operations will be affected by one-off costs from
the transaction totaling EUR35 million, which have been fully
funded in the proposed takeover. For 2020 we expect credit metrics
to slightly improve, supported by the company's resilient margins
of about 20%, with FFO interest coverage of sustainably more than
2.5x and S&P Global Ratings-adjusted debt to EBITDA sustainably
below 6.0x. Moreover, management expects cost savings through
2019-2023, which should support margin improvement. In recent
years, the company has invested to improve its production capacity
and efficiency, including about EUR100 million in expansionary
capex over the past three years. We expect capex needs to
moderately decrease to about EUR40 million in 2019 and EUR35
million in 2020, versus more than EUR50 million in 2018 and 2019
per year. We also expect the new 12KTonne press to come online
after the summer.

"FB is still obtaining A&D OEMs' certifications to start its A&D
production. This, in our view, poses some risks to starting
production on time that could result in margin dilution if the new
additional capacity is instead deployed by the industrial division.
We expect working capital outlays to stabilize at lower levels
after cash absorption of more than EUR50 million in 2018 caused by
an increase in defective titanium products stock, which is expected
to be released this year. We expect some working capital absorption
of about EUR20 million in 2019, decreasing to EUR10 million-EUR15
million in 2020. We therefore expect cash flow after capex and
dividends to turn slightly positive by 2020. We do not expect FB to
embark on any acquisitions or distribute dividends under our base
case.”

FB, along with its U.S. financial vehicle, has issued $505 million,
7.375%, senior secured notes due 2026 and an EUR80 million RCF to
sustain its liquidity.

The $505 million senior secured notes have a seven-year tenor,
while the EUR80 million, super senior, multi-currency RCF has a
six-and-a-half-year tenor and will come due six months ahead of
maturity. The senior secured RCF ranks contractually ahead of the
notes. Both the super senior RCF and the bondholders will have Fly
SpA as a guarantor once Forgital and FB merge, which S&P expects to
occur in the months after transaction closing, resulting in a new
combined entity. The transaction is subject to customary closing
conditions.

S&P said, "The stable outlook reflects our expectation that FOCF
will turn slightly positive in 2020 and that the company will
maintain FFO interest coverage of more than 2.5x and S&P Global
Ratings-adjusted debt to EBITDA below 6.0x. The outlook currently
does not factor in any revenue or working capital disruptions that
a no-deal Brexit could cause. That said, we believe any major
Brexit-related disruptions would put pressure on the rating. We
regard maintaining an adequate liquidity to be essential for the
rating.

"We could lower the rating if the group failed to sustain its
improved operating performance, for example, if it was not able to
post positive FOCF generation by 2020 or if its margins fell below
18% with no prospects of recovery in the short term. This could
materialize if a no-deal Brexit weighed on the company's working
capital or revenue, as well as if increased unexpected capex
affected the company's cash generation. This would translate to
debt to EBITDA above 6.0x and FFO cash interest coverage failing to
increase above 2.5x in 2020.

"We view rating upside as remote over the next 12 months given some
geopolitical risks, FB's exposure to Rolls-Royce, and its
private-equity ownership. We could consider a positive rating
actions if FB and its management adhere to what we believe is a
more conservative financial policy and demonstrate solid growth in
revenue and margins through successfully expanding the A&D segment.
We would also need to see steady deleveraging, with sustained FFO
to debt of well above 15%, FFO interest coverage above 3.0x, and
positive cash flow after capex and dividends."




===================
K A Z A K H S T A N
===================

FREEDOM FINANCE: Fitch Upgrades Insurer Fin. Strength Rating to B
-----------------------------------------------------------------
Fitch Ratings upgraded Kazakhstan-based Joint-Stock Company Life
Insurance Company Freedom Finance Life's Insurer Financial Strength
Rating to 'B' from 'B-' and National IFS Rating to 'BB(kaz)' from
'BB-(kaz)'. The Outlooks are Stable

KEY RATING DRIVERS

The upgrade of Freedom Life reflects the strengthening of its
risk-adjusted capital position, the recovery of its business model
and its improved financial performance.

In September 2019 Freedom Life's controlling shareholder injected
KZT1 billion to support the growth of the company. As a result the
company's equity increased to KZT4.5 billion at end-9M19 from KZT3
billion at end-2018, and its regulatory solvency margin grew to
197% at end-9M19 from 160% at end-2018. Freedom Life score in
Fitch's Prism Factor-based Capital Model (Prism FBM) remained
'Somewhat Weak' at end-2018, but Fitch expects it to strengthen by
end-2019 following the recent capital injection.

Fitch views the insurer's business model as resilient with the
three-month licence suspension in 4Q18 having limited impact on
business continuity.

Freedom Life managed to maintain its franchise although there were
significant changes to the list of key customers and distribution
partners. A regulatory ban to transfer the workers' compensation
risks to non-life insurers introduced in July 2018 helped local
life insurers, such as Freedom Life, to grow their net premiums
volumes. It explains the insurer's slower growth rate of 36% in
9M19 (2018: 242%). However, Fitch notes that Freedom Life has been
somewhat aggressive in writing some large accounts, resulting in
potentially higher levels of loss ratios.

Life written premiums, including pension annuities and savings-type
life insurance, grew by 95% in 9M19. In the savings-type life
insurance FX-denominated products with an average guaranteed
investment yield of 4% drove the growth in this particular line. At
the same time, in 9M19 Freedom Life renewed sales of pension
annuities products that were previously put on hold. As a result,
the share of annuity insurance increased to 15% of gross written
premiums.

Freedom Life saw an improvement in its net income to KZT528 million
in 9M19 (2018: KZT393 million) and an annualised net income return
on equity (ROE) to 19% in 9M19 (2018: 15%; 2017: 2%). Consistent
with 2018, investment income was the main contributor to the
company's net result.

The company remains exposed to a meaningful duration mismatch in
its pension annuity book. The average duration of the
liabilities-related annuity business was over 10 years at end-9M19,
while the duration of its assets was significantly lower. The
company's ability to reduce this is limited by a lack of long-dated
assets in the local capital market.

At end-2018 and end-9M19, Freedom Life continued to improve the
average credit quality of its investment portfolio, further
increasing the share of fixed-income instruments of higher credit
quality to 77% of all invested funds at end-9M19. At the same time
the company significantly decreased its exposure to equity
holdings.

RATING SENSITIVITIES

The ratings could be downgraded if Freedom Life's capital position
or financial performance weakens significantly.

The ratings could be upgraded if Freedom Life substantially
improves its business diversification while maintaining its current
level of capitalisation. However, Fitch views this scenario as
unlikely in the medium-term.


LEASING GROUP: Fitch Affirms B LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed private Kazakhstani leasing company Leasing
Group JSC's Long-Term Issuer Default Ratings at 'B' with Stable
Outlook.

KEY RATING DRIVERS

The IDRs of LG reflect its small franchise, limited pricing power,
volatile performance, concentrated and unseasoned portfolio with a
focus on high-risk segments, as well as a short record under new
management. At the same time, the ratings are underpinned by the
company's leverage profile, which Fitch considers as a relative
strength, adequate profitability, access to favourable government
funding and solid liquidity.

LG's IDRs are driven by the company's standalone creditworthiness.
The assessment does not factor in potential support from the
company's two largest shareholders, Samruk-Kazyna Invest (SK
Invest), a 100% subsidiary of Kazakhstan's sovereign wealth fund
Samruk-Kazyna (BBB/Stable/F2), which holds a 49% stake in LG and
Tengri Capital (not rated) and its affiliates (TC). Fitch
understands from LG management that SK Invest's stake is a
portfolio investment with a probable exit horizon within the next
two to three years and not a strategic holding.

LG has a short operation history under current shareholders, with
its strategy still evolving and the performance track record is
short and untested through the credit cycle.

LG is largely funded through equity. Non-equity funding is
denominated in Kazakhstani tenge and is from state-owned funds JSC
Agrarian Credit Corporation (ACC: BB+/Stable/B) and DAMU. Funding
is at favourable conditions with low interest rates and long
maturities. However, all funding was secured by 40% of LG's lease
book as at end-August 2019. Liquidity buffers were equivalent to
40% of total liabilities at end-August 2019.

LG's lease book is highly concentrated. The top 10 borrowers
accounted for 43% of the book at end-1H19. The lease book is
unseasoned with high asset growth at an average rate of 60% since
2016. The lease portfolio by asset has a high share of standard and
fairly liquid equipment (motor vehicles accounted for 39% at
end-1H19), which partly mitigates residual value risks in case of
lessor defaults. Exposure to agricultural equipment benefits from
government subsidies on interest rates and/or purchase prices,
which partly reduces default risk on these contracts.

LG's ratio of impaired (Stage 3) leases increased to 14% at
end-8M19 from 7% (90 days overdue) at end-2018. This was due
largely to IFRS9 impact and agricultural exposures. Provisioning of
impaired leases was at 35% at end-August 2019.

LG's profitability is strong, supported by a wide net interest
margin of 23% and annualised pre-tax return on average assets at 9%
in 1H19. This is partly a function of low leverage leading to
minimal interest expenses. Performance can be volatile, growing
from a low base with significant exposures to cyclical sectors.

LG's absolute capital level was modest (USD11.5 million-equivalent
at end-8M19), but the company's leverage metrics is a strength with
a debt-to-tangible equity at 0.5x and an equity-to-assets at 67%.
The company has not paid dividends. Management intends to maintain
strong capital ratios with no dividend pay-outs to support
projected high growth in the medium term.

RATING SENSITIVITIES

IDRS AND NATIONAL RATING

Upgrade potential is limited by the scale of the business, but
diversification of the loan portfolio away from single-name
concentrations and cyclical sectors coupled with maintenance of
sound performance and sustainably greater franchise could lead to
an upgrade.

Sharp growth of leverage to above 2x debt/tangible equity would
weigh on ratings given leverage is considered a key strength to the
current rating. Additional factors that could negatively impact
ratings include a further material increase of lease book
concentrations, a significant rise of residual value risk (e.g. due
to higher share of non-standard leased assets) and a further
worsening of asset quality.

The rating actions are as follows:

Leasing Group JSC

  Long-Term Foreign- and Local-Currency IDRs
  affirmed at 'B'; Outlook Stable

  Short-Term Foreign- and Local-Currency IDRs
  affirmed at 'B'

  Long-Term National Rating affirmed at 'BB+(kaz)';
  Outlook Stable




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

CAMELOT FINANCE: Moody's Rates Proposed $500MM Sr. Sec. Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed $500
million senior secured notes to be issued by Camelot Finance SA, a
wholly-owned intermediate holding company subsidiary of Camelot UK
Holdco Limited. The company's rating outlook is unchanged at
stable.

Proceeds from the new senior secured notes together with the
recently launched first-lien credit facilities will be used to
refinance $1.346 billion of Clarivate's existing outstanding debt,
pay a $200 million fee to terminate the tax receivable agreement
previously established with Clarivate's private equity sponsors and
other shareholders prior to the company's NYSE listing, fund
transaction-related expenses and pay unpaid interest and the call
premium associated with early redemption of the existing 7.875%
senior unsecured notes.

Following is a summary of the rating actions:

Assignments:

Issuer: Camelot Finance SA

$500 Million Gtd Senior Secured Notes due 2026, Assigned B2 (LGD3)

The assigned rating and outlook are subject to review of final
documentation and no material change to the terms and conditions of
the transaction as advised to Moody's. Ratings on the existing
credit facilities ($846 million outstanding senior secured term
loan and $175 million senior secured revolver) and 7.875% senior
unsecured notes ($500 million outstanding) remain unchanged as
these debt instrument ratings and their LGD assessments will be
withdrawn at transaction close.

RATINGS RATIONALE

Issuance of the new senior secured notes in conjunction with the
proposed first-lien credit facilities will increase Clarivate's pro
forma financial leverage to approximately 6.4x total gross debt to
EBITDA (includes Moody's standard and non-standard adjustments for
one-time items) from 5.7x as of June 30, 2019. While there is
capacity at the B2 level to absorb the higher debt load given
Moody's expectation for improving EBITDA, Clarivate will have no
flexibility to incur additional debt prior to higher EBITDA
realization because the downgrade threshold is set at greater than
6.5x.

Clarivate's B2 CFR reflects Moody's expectation that the company
will de-lever over the rating horizon, albeit delayed as a result
of the higher debt quantum. This will be driven by improved
earnings quality and positive free cash flow generation, which
Moody's anticipates will be used in part for debt reduction. Free
cash flow will be positive this year and beyond as a result of
interest expense savings from the reduced weighted average cost of
debt and substantial reduction in one-time cash costs, despite
modestly higher capital expenditures.

The B2 rating is supported by Clarivate's leading global market
positions across its core scientific/academic research and
intellectual property businesses. It also considers the high
proportion of subscription-based recurring revenue (>80% of
revenue) and high switching costs derived from Clarivate's
proprietary data extraction methodology, which facilitates
development of value-added databases that are considered the
"gold-standard" among its clients. Given that its mission-critical
subscription products are embedded in customers' core operations
and research workflows, customer renewals and weighted average
retention rates have remained above 90%. Clarivate also benefits
from good diversification across end markets, geography and
customers and relatively high EBITDA margins in the 30-35% range
(Moody's adjusted, excluding one-time cash items). With meaningful
reduction of one-time cash costs, the company's low net working
capital and "asset-lite" operating model should facilitate good
conversion of EBITDA to positive free cash flow.

Factors that constrain the rating include Clarivate's low
single-digit percentage organic growth rate, influenced by
transactional revenue declines partially offset by subscription
revenue growth. The rating also reflects competitive challenges
from industry players that are amassing scale as well as new
technology entrants, and regulatory changes that could restrict
Clarivate's access to data. Low single-digit percentage revenue
growth at North American universities coupled with consolidation
across the pharmaceutical industry could lead to customer budget
constraints in the future. While Moody's expects that Clarivate
will adhere to a disciplined financial strategy, which includes a
commitment to reduce leverage from current levels, the B2 rating
also considers the possibility of event risks related to private
equity ownership, such as sizable debt-financed cash distributions
to shareholders or growth-enhancing acquisitions, which could pose
integration challenges and lead to volatile credit metrics.

Over the next 12-18 months, Moody's expects Clarivate will pursue
small tuck-in acquisitions. To facilitate debt reduction from free
cash flow generation, Moody's anticipates the company will avoid
dividend recapitalizations and shareholder distributions. Moody's
projects Clarivate will maintain good liquidity. Moody's expects
the company will maintain a balanced financial strategy with the
bulk of free cash generation to be allocated for debt reduction
until target leverage is achieved.

Rating Outlook

The stable rating outlook reflects Moody's view that Clarivate will
capitalize on good industry growth prospects in the range of 3%-5%
per annum, realize cost savings and implement actions to improve
its product offerings and sales strategy with more customer-focused
investments to move up the value chain. Moody's also expects the
company to expand market share from new client wins and further
penetration into existing accounts. Barring another leveraging
event, this should allow Clarivate to sustain leverage in the 5x-6x
range (Moody's adjusted), generate solid free cash flow and
maintain good liquidity.

Factors That Could Lead to an Upgrade

  -- Organic revenue growth in the mid-single digit range.

  -- EBITDA expansion that leads to consistent and growing free
cash flow generation of at least 6% of total debt (Moody's
adjusted).

  -- Sustained reduction in total debt to EBITDA leverage below
4.5x (Moody's adjusted).

  -- Exhibit prudent financial policies and good liquidity.

Factors That Could Lead to a Downgrade

  -- Total debt to EBITDA leverage sustained above 6.5x (Moody's
adjusted).

  -- Free cash flow were to materially weaken below 2% of total
debt (Moody's adjusted).

  -- Market share erosion, liquidity deterioration, significant
client losses or if Clarivate engages in debt-financed acquisitions
or shareholder distributions resulting in leverage sustained above
Moody's downgrade threshold.

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

With principal offices in Philadelphia, PA, Clarivate Analytics
provides comprehensive intellectual property and scientific
information, decision support tools and services that enable
academia, corporations, governments and the legal community to
discover, protect and commercialize content, ideas and brands. The
company's portfolio includes Web of Science, Derwent Innovation,
Cortellis, CompuMark Watch and MarkMonitor Domain Management.
Formerly the Intellectual Property & Science unit of Thomson
Reuters Corporation, Clarivate was a carve-out purchased by Onex
and Baring Asia for approximately $3.55 billion in October 2016.
Following the May 2019 merger with Churchill Capital Corp.,
Clarivate operates as a publicly traded company and its management
and private equity sponsors retained 100% of their investment and
converted it to 74% of the combined entity's outstanding shares
with the remaining 26% held by public shareholders and founders.
GAAP revenue for the twelve months ended June 30, 2019 was $964.5
million (includes the deferred revenue adjustment and excludes the
sale of IPM).




=====================
N E T H E R L A N D S
=====================

AFFIDEA BV: Moody's Assigns B2 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service assigned a corporate family rating of B2
and a probability of default rating of B2-PD to Affidea B.V.
Concurrently, Moody's has assigned a B2 rating to the EUR450
million Senior Secured Term Loan B due 2026 and the EUR130 million
senior secured Revolving Credit Facility also due 2026 raised by
Affidea and certain subsidiaries. The outlook is stable.

The proceeds from the loans will be used to repay the existing
financial debt of the company and for related fees and expenses.

RATINGS RATIONALE

The B2 CFR assigned to Affidea is supported by (1) its standing as
the largest provider of advanced diagnostic imaging services in
Europe, with leading positions in its main markets; (2) a
relatively high level of revenue diversification, given its
presence in 16 countries across Europe and the provision of a
variety of service modalities; (3) growing demand for Affidea's
services, given favourable demographic and outsourcing trends; (4)
the opportunity for the company to continue to participate in the
consolidation of the European diagnostic imaging industry; and (5)
its ability to generate a good level of organic free cash flow.

Conversely, the B2 CFR rating is constrained by its (1) limited
size, when compared to Moody's-rated peers; (2) significant
exposure to public sector clients, which potentially limits pricing
power; (3) execution risk related to organic EBITDA growth, given a
mixed track record; (4) high gross leverage, measured by
Moody's-adjusted (gross) leverage, which the rating agency
forecasts at 5.5x as at the end of 2019, reflecting adjustments for
capitalized operating leases as well as other items.

Moody's expects that Affidea will deleverage slowly over the next
12-18 months, though the extent of deleveraging will ultimately be
determined by management's capex policy. On an organic basis, the
rating agency expects revenue growth of approximately 2% per annum
over the next 2 years, driven almost entirely by gains in private
segment revenue, and organic EBITDA growth of 1-2% per annum, on
the back of more restrained cost base inflation when compared to
the period from 2016 to 2018. Constant-perimeter revenue and EBITDA
in 2019 and 2020 are also expected to benefit from the full-year
impact of certain acquisitions completed in 2019.

Inorganic growth, via acquisitions and greenfield investments, has
historically been a key driver of Affidea's growth and Moody's
expects this will most likely continue, leading to expansion capex
levels that are broadly in line with those witnessed over the last
three years. The rating agency anticipates that the company will
most likely use the majority of its positive organic free cash
flow, as well as a significant amount of its cash on balance and
potentially a portion of its RCF, to fund additional bolt-on
acquisitions and opportunistic greenfield capex. Overall,
Moody's-adjusted (gross) leverage is expected to slowly decline
towards 5x, driven by increasing EBITDA, partly offset by rising
operating lease obligations, as management shifts towards financing
a significant amount of machine maintenance capital expenditure via
asset leasing.

Moody's expects Affidea's liquidity profile will remain
satisfactory over the next 12-18 months. The company's liquidity,
pro forma for the transaction, is supported by cash at closing of
approximately EUR102 million and access to a fully undrawn EUR130
million RCF. Moody's forecasts Affidea's liquidity sources to fully
cover the company's annual maintenance capex of around EUR20
million as well as the growth capex expected in the next two years.
Growth capex is mainly related to acquisitions and greenfield
investments. The RCF will be subject to a net leverage financial
covenant set at 5.75x, compared to 3.7x company-adjusted leverage
at transaction close, which will be tested if the more than 40% of
the RCF is drawn.

Moody's would like to draw attention to certain governance
considerations with respect to Affidea. The company is controlled
by Waypoint Capital Group which, as majority owner, controls the
board. In highly levered, private equity sponsored deals, owners
have a high tolerance for leverage/risk and governance is
comparatively less transparent. Moody's believes that Waypoint,
given the nature of its owners is, to a certain degree, more
conservative in terms of overall approach to leverage/risk when
compared to traditional private equity firms and has factored this
consideration into its assessment of the credit risk associated
with Affidea.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to both the EUR450 million senior secured
term loan B and the EUR130 million senior secured RCF reflects
their pari-passu ranking in the capital structure and the upstream
guarantees from material subsidiaries of the group. The B2-PD PDR,
in line with the CFR, reflects Moody's assumption of a 50% family
recovery rate typical for bank debt structures with a loose set of
financial covenants.

In its rating assessment, Moody's has assumed that Affidea B.V. is
funded with only common equity from its parent.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that (1) Affidea
will continue to grow, mainly through bolt-on acquisitions and
greenfield investments; (2) organic revenue gains remain positive
and organic EBITDA improves on the back of more restrained cost
base inflation; and (3) Moody's-adjusted (gross) leverage remains
below 6.0x. The stable outlook also reflects its expectation that
the company will continue to generate healthy levels of free cash
flow, prior to spending on acquisitions or greenfield expansion,
and maintains an adequate liquidity profile.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive pressure could arise if (1) Affidea significantly
increases its scale to levels commensurate with its rated peer
group; (2) the company's Moody's-adjusted (gross) leverage ratio
falls to well below 5.0x on a sustained basis while delivering
solid operating performance, including the smooth integration of
bolt-on acquisitions; (3) Affidea maintains a strong liquidity
profile, including free cash flow generation well in excess of 5%
of Moody's-adjusted (gross) debt on a sustained basis, prior to
spending on acquisitions.

Affidea is well positioned in the B2 rating category. However,
negative pressure could arise if (1) the company's Moody's-adjusted
(gross) leverage rises above 6.0x on a sustained basis; (2) its
profitability were to deteriorate due to regulatory developments,
competitive pressure or significant cost inflation; (3) its free
cash flow generation and liquidity profile were to deteriorate; or
(4) the company performs large debt-financed acquisitions or
engages in material distributions to shareholders.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Affidea is the leading, pan-European provider of advanced
diagnostic imaging, outpatient and cancer care. Headquartered in
Amsterdam, the company operates a network of 260 centres, as at
August 2019, across 16 countries, with key markets including Italy,
Portugal, Poland, Romania, Switzerland and Hungary.

Affidea is 100% owned by Waypoint Capital Group since 2014.
Waypoint Capital Group is a holding company, controlled by the
Bertarelli family, established to manage the USD8.5 billion of
proceeds from the sale of Serono, a global biotech leader led by
Ernesto Bertarelli, to Merck in 2007.




===========
N O R W A Y
===========

PGS ASA: Fitch Puts B- IDR on Rating Watch Neg. on Liquidity Issues
-------------------------------------------------------------------
Fitch Ratings placed PGS ASA's 'B-' Issuer Default Rating on Rating
Watch Negative to reflect uncertainty regarding the group's
liquidity and ability to refinance 2020 debt maturities.

PGS's USD350 million revolving credit facility (USD170 million
drawn at September 30, 2019) and USD212 million Notes come due in
3Q20 and 4Q20, respectively, and the group's rating trajectory will
depend on its ability to refinance this debt as its liquidity,
including its forecast positive free cash flow, will not be
sufficient to meet these obligations. Fitch understands from
management that the company is working towards a new refinancing
exercise.

A proposed notes issuance was withdrawn in June 2019 due to market
volatility and weak investor sentiment and the Rating Watch
Negative reflects the heightened liquidity and refinancing risk.
Absence of progress in obtaining new funding by end-2019 would
likely result in a further negative rating action.

PGS is domiciled in Norway and is a leading global marine seismic
company with a market share of around 35%. The company operates
eight 3D seismic vessels, two of which are used selectively as the
market improves. PGS will operate all its eight vessels during the
coming winter season (4Q19, 1Q20), while six vessels were active
during the previous winter season. In 2018, the company generated
USD544 million in EBITDA (as reported).

KEY RATING DRIVERS

Market Gradually Improving: The recovery in the market has taken
longer than Fitch anticipated but Fitch now sees evidence that the
seismic sector is improving, which supports its financial
forecasts. PGS reported its 3Q19 order book at USD336 million,
USD36 million higher than in 2Q19, and more than double the 3Q18
level. The group also reported a near 40% increase year on year in
prices for contracts booked in 2019. Utilisation has also improved
to 100% in 4Q19 (based on eight active vessels) compared to 83% in
4Q18 (based on six vessels, as expected at end-3Q18).

Mixed 9M19 Results: PGS's year-to-date results, however, have been
mixed, as the improved market conditions are yet to fully feed into
the company's reported numbers. PGS's segment revenue improved by
4% yoy while the segment EBITDA remained unchanged. This reflected
a 20% drop in MultiClient revenue over the period offset by
contract revenue almost doubling. Fitch expects the company to
generate about USD50 million in FCF in 2019 (excluding proceeds
from the sale of the Ramform Sterling vessel) given the strong
order book.

Deleveraging Capacity: PGS's debt is high as a result of the large
capital programme it started when the market was strong. At
end-2018, the company's funds from operations (FFO) adjusted net
leverage (including capitalised investments in the library and
operating leases) improved to 3.6x from 5.6x in 2017. Fitch
forecasts a further reduction in net leverage to 2.4x by 2022, with
gross balance sheet debt falling to about USD1.0 billion at end-
2021 from USD1.22 billion at end- 2018. Given market volatility,
Fitch puts more emphasis on the absolute debt dynamics when
assessing the company's leverage.

Commitment to Debt Reduction: PGS updated its financial policy to
target an absolute amount of net debt (before IFRS 16 lease
adjustments) no higher than USD500 million-USD600 million, compared
with around USD1.1 billion at end-2018. Fitch views PGS's focus on
debt reduction as credit-positive, although its ability achieve
this goal will depend greatly on market conditions.

Premium Niche OFS Market Company: PGS generates revenue through
three major channels: (i) Marine Contract, where data is acquired
based on a contract and the customer acquires exclusive ownership
of the data; (ii) MultiClient pre-funding, where the data is sold
to a group of customers but PGS retains the right to use it; and
(iii) MultiClient late sales, where PGS licenses out data to
customers from its seismic data library. The MultiClient business
provides some revenue stability in downturns, as demonstrated
during the collapse in oil prices in 2014-2015; however, it
requires substantial investments to keep the library up to date.

More Flexible Business Model: PGS's response to the market downturn
has been less radical than that of some of its competitors, which
should benefit the company as the market recovers. The group
stacked some of its vessels, but the amount of active streamers has
remained broadly stable. In 2019, PGS sold one of its vessels to
Japan Oil, Gas and Metals National Corporation (JOGMEC) and signed
a long-term service agreement with the company. However, PGS's
strategy remains to continue to own most of the vessels it
operates.

The group also reduced its workforce, centralised some functions
and closed some offices. This helped it to reduce costs in
2018-2019 and supports the margin improvement forecast in its base
case.

DERIVATION SUMMARY

PGS's rating direction will largely depend on its ability to
refinance its debt. Given its scheduled maturities start in
September 2020, Fitch placed its 'B-' rating on the Rating Watch
Negative and may downgrade it if the company has not made any
progress on obtaining new funding by end-2019.

PGS's leverage was still high at 3.6x at end-2018 but Fitch expects
it to gradually fall to 3.1x at end-2019 and to gradually reduce
further on increasing FCF as the market continues to improve and
given the group's commitment to debt reduction. By comparison, FFO
adjusted net leverage was 7.1x for JSC Investgeoservis (B-/Rating
Watch Negative) and 2.7x for Anton Oilfield Services Group
(B/Stable).

PGS is a leading global marine seismic company with a market share
of about 35%, offering both MultiClient and Contract services.
PGS's leadership derives from its young and high-capacity vessels
(Ramform) fully equipped with GeoStreamers, a proprietary
technology that allows for higher clarity and accuracy of images.
However, it focuses only on the offshore segment of the market, so
it does not benefit from diversification, unlike other oilfield
services companies with exposure to both offshore and onshore, such
as Nabors Industries, Inc. (BB-/Stable).

KEY ASSUMPTIONS

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

  - Eight vessels in operation

  - Utilisation rate (active vessel time) for 2019-2020
    conservatively assumed at 78%, rising to above 80% in
    2021-2022 (PGS' actual utilisation rate for 9M19 at 81%);

  - Profitability (measured as FFO minus investments into library
    to revenue) improving from 0% in 2017 and 13% in 2018 to
    20% or above from 2019 and beyond

  - MultiClient investment at around USD250 million a year

  - Capex (without library) at USD75 million for 2019, USD120
    million a year in 2020-2022

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action Affirmation at 'B-' with a Stable Outlook: -
Successful refinancing by end-2019 with liquidity ratio comfortably
above 1x in the next two years, but without other improvements
Affirmation at 'B-' with a Positive Outlook or Upgrade to 'B': -
FFO adjusted net leverage (assuming investments in the
multi-library are capitalised) consistently below 3.5x (2017: 5.6x;
2018: 3.6x) - FFO margin (adjusted for investments in the library)
broadly at or above 20% (2017: 0%; 2018: 13%) - Consistently
positive FCF leading to balance sheet debt stabilising at or
falling below USD1 billion - Successful refinancing by end-2019
with a liquidity ratio comfortably above 1x in the next two years
Developments that May, Individually or Collectively, Lead to
Negative Rating Action - Inability to refinance debt and improve
its liquidity position by the end of 2019

LIQUIDITY AND DEBT STRUCTURE

Refinancing Critical: PGS has minimal liquidity headroom as its USD
350 million RCF (USD170 million drawn) comes due in September 2020,
followed by its USD212 million Notes in December 2020, hence the
decision to place the rating on Rating Watch Negative. Fitch may
downgrade PGS if the company does not show any progress in
obtaining additional sources of funding by the end of 2019. At
September 30, 2019, PGS's cash on balance sheet amounted to USD74.6
million compared to scheduled debt repayments of USD433 million in
2020 and USD420 million in 2021. Fitch forecast FCF although
positive will be insufficient to cover debt repayments.

PGS has been in compliance with quarterly covenants under the RCF
though the headroom for net debt to EBITDA was minimal in 3Q19
(2.55x vs. 2.75x as defined in the loan agreement). Fitch expects
PGS to be in compliance with the covenant in 4Q19 given its
expectation of better 4Q19 performance compared to 4Q18.




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

EURASIA CAPITAL: Fitch Assigns B-(EXP) to Add'l. Tier 1 Notes
-------------------------------------------------------------
Fitch Ratings assigned Eurasia Capital's SA upcoming issue of US
dollar-denominated perpetual additional Tier 1 (AT1) notes an
expected long-term rating of 'B-(EXP)'. These notes are to be used
solely for financing a US dollar-denominated loan to Home Credit &
Finance Bank Limited Liability Company. The final rating is
contingent upon the receipt of final documents conforming to
information already received.

The amount of the issue is not yet defined. The notes will not have
an established redemption date. However, Home Credit will have an
option to repay the notes every five years starting from 2025
subject to the Central Bank of Russia's approval.

KEY RATING DRIVERS

Fitch rates AT1 perpetual notes three notches below the bank's
'bb-' Viability Rating (VR). According to Fitch's Bank Rating
Criteria, this is the highest possible rating that can be assigned
to deeply subordinated notes with fully discretionary coupon
omission issued by banks with a VR anchor of 'bb-'. The notching
reflects the notes' higher loss severity in light of their deep
subordination and additional non-performance risk relative to the
VR given a high write-down trigger and fully discretionary
coupons.

The upcoming notes should qualify as AT1 capital in Home Credit's
regulatory accounts due to a full coupon omission option at the
bank's discretion and full or partial write-down in case either (i)
CET1 falls below 5.125% (versus a 4.5% regulatory minimum); or (ii)
the CBR approves a plan for the participation of regulator in
bankruptcy prevention measures for the bank. Fitch believes the
write-down is possible as soon as the bank breaches any of its
mandatory capital or liquidity ratios. This is currently not
expected, given Fitch affirmed Home Credits' Long-Term Issuer
Default Ratings (IDRs) at 'BB-' with Stable Outlook earlier this
month.

Fitch expects the coupon omission to occur before the bank breaches
the notes' 5.125% CET1 trigger, which is more likely if the capital
ratios fall below the minimum capital requirements with buffers
(CET1 of 7% and Tier 1 of 8.5% applicable from January 1, 2020).
This risk is reasonably mitigated by Home Credit's stable financial
profile, healthy profitability and reasonable headroom over capital
minimums including buffers (consolidated CET1 and Tier 1 ratios
were both 10.7% at end-1H19, comparing favourably with the minimum
requirements).

RATING SENSITIVITIES

The issue rating could be downgraded if Home Credit's VR is
downgraded, which is not expected by Fitch at present, given the
Stable Outlook on the bank's ratings.

Fitch may widen the rating notching if non-performance risk
increases. For example, this could arise from Home Credit failing
to maintain reasonable headroom over the minimum capital adequacy
ratios (including the buffers) or from the instrument becoming
non-performing, i.e. if the bank cancels any coupon payment or at
least partially writes off the principal. In that case, the issue
will be downgraded based on Fitch's expectations about the form and
duration of non-performance.

Upside for the notes is limited as, per Fitch's criteria, the
minimum notching of deeply subordinated instruments will increase
up to four notches, should the VR be upgraded to 'bb' from 'bb-'.


NATIONAL STANDARD: S&P Alters Outlook to Stable & Affirms B/B ICRs
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based Commercial
Bank National Standard JSC (NSB) to stable from negative. S&P
affirmed its 'B/B' long- and short-term issuer credit ratings on
the bank.

S&P said, "We believe that NSB's operating performance and asset
quality metrics have stabilized following deterioration in
2015-2016. We have also observed signs of sustainable improvements
in NSB's diversity and granularity on the back of the bank's
largely completed strategic transition. As such, we no longer apply
a one-notch positive adjustment for additional factors into the
rating.

"We think that NSB's current business model is relatively better
diversified, as demonstrated by improved concentrations on both
sides of its balance sheet. The bank's clientele used to consist of
large and midsize Russian corporations. Thanks to the bank's
efforts to diversify by focusing on small and midsize enterprises
(SMEs) in regions where it operates, however, its single-name
concentration have dropped by more than half. Furthermore, we take
into account an improvement of asset quality and the decrease of
nonperforming loans in 2018-2019.

"These supporting factors have led us to see an improvement in the
bank's risk position, which we now regard as adequate and
comparable to the system average. We acknowledge the reduced risks
related to NSB's previously very high lending concentrations, as
well as the bank's relatively conservative provisioning and
collateral policies.

"We believe, that the risks of high single-name and sector loan
concentrations reduced noticeably over 2017-2019. The 20-largest
borrowers accounted for about 41% of the bank's overall loan
portfolio at mid-2019versus 52% a year earlier and 70% in 2016. In
addition, the current level is now more in line with the Russian
banking sector average. To further improve its lending
diversification, NSB aims to continue developing lending to SMEs
with stable revenue. The bank also plans to work closely with the
Ministry for Economic Development of Russia and a number of
regional funds within the framework of programs for SMEs, under
which it will receive funding to lend to these clients in this
segment.

"In our opinion, the quality of NSB's loan portfolio is also now in
line with the sector average in Russia and that of peers' in
countries with similar economic risks. On June 30, 2019, according
to International Financial Reporting Standards 9, the bank's Stage
3 loans reached about 8.94% of the total loan book compared with
approximately 15.0% in 2018 (Stage 2 loans accounted for 25.5% in
the first half of 2019 versus 24% at end-2018). We expect the level
of problem loans to remain largely stable in the next 12-18 months
despite the bank's heightening exposureto the more risky SME
segment, in our view, owing to the bank's generally conservative
underwriting practices relative to its peer group.

"We also noticed that percentage of foreign currency loans in the
loan book decreased materially from 17% in 2015 to less than 1% in
2019.

"We expect that NSB's business franchise will remain relatively
narrow in the next 12 months, given the bank's cautious expansion
strategy. NSB plans to focus on improving the efficiency of its
business operations over the coming two years, rather than on
increasing its assets.

"In the first half of 2019, NSB reported net profit of Russian
ruble (RUB) 347 million versus the marginal RUB30 million for the
first six months of 2018. This is also a jump from the net losses
of RUB717 million in 2017. We assume NSB's net profit will likely
be positive for 2019-2020 and comparable with that of 2018.

"The stable outlook reflects our view that NSB's financial profile,
especially its loss-absorption capacity and asset quality, will
likely remain stable over the next 12-18 months.

"We would consider a downgrade if we observed that the bank's
earnings generation had worsened by more than we currently expect,
resulting in our risk-adjusted capital (RAC) ratio falling below
5%. We could also lower the ratings if the bank's asset quality
indicators deteriorated significantly.

"A positive rating action appears remote in the next 12 months,
unless the bank demonstrates a substantial improvement in its
capital buffer and can sustain a RAC ratio well above 10%. We
believe that further substantial improvements in the bank's
operating performance will be challenging to achieve in the next 12
months, due to tightening competitive environment in Russia."




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

DIA GROUP: Spain's High Court to Investigate Russian Tycoon
-----------------------------------------------------------
Emma Pinedo and Isla Binnie at Reuters report that Spain's High
Court will investigate allegations that Russian tycoon Mikhail
Fridman acted to depress the share price of DIA when trying to take
control of the supermarket chain.

According to Reuters, Fridman's LetterOne fund denied the
allegations on Oct. 22, saying in a statement they were "untrue and
defamatory".

LetterOne rescued DIA from the brink of insolvency this year after
the retailer's market value fell by 90% in 2018 as it lost out to
rising competition, Reuters recounts.

Spain's Supreme Court gave the High Court a mandate to investigate
anonymous accusations which it said indicated Mr. Fridman may have
acted to manipulate prices, engaged in insider trading and damaged
the interests of minority shareholders, the court document seen by
Reuters showed.

"The reality is that DIA has suffered from mismanagement and
previously disclosed accounting irregularities that have negatively
impacted all shareholders, including LetterOne," LetterOne said in
a statement emailed to Reuters.

The court document cites a police report alleging that Mr. Fridman
acted in a coordinated and concerted way through a network of
corporations to create short-term illiquidity in the company and
lower the share price before launching his takeover, Reuters
discloses.

DIA shareholders met on Oct. 22 and approved a capital hike, the
proceeds of which will be partially used to pay back LetterOne's
loan, Reuters relates.




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

AZURE FINANCE 1: Moody's Affirms Caa1 Rating on Class X Notes
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three Notes and
affirmed the ratings of three Notes in Azure Finance No. 1 plc.

GBP242.7M Class A Notes, Affirmed Aaa (sf); previously on Jul 12,
2018 Definitive Rating Assigned Aaa (sf)

GBP69.3M Class B Notes, Upgraded to Aa1 (sf); previously on Jul 12,
2018 Definitive Rating Assigned Aa2 (sf)

GBP23.7M Class C Notes, Upgraded to A2 (sf); previously on Jul 12,
2018 Definitive Rating Assigned Baa1 (sf)

GBP11M Class D Notes, Upgraded to Baa3 (sf); previously on Jul 12,
2018 Definitive Rating Assigned Ba1 (sf)

GBP18.3M Class E Notes, Affirmed B1 (sf); previously on Jul 12,
2018 Definitive Rating Assigned B1 (sf)

GBP40.2M Class X Notes, Affirmed Caa1 (sf); previously on Jul 12,
2018 Definitive Rating Assigned Caa1 (sf)

Azure Finance No.1 plc is a static cash securitisation of auto
receivables extended by Blue Motor Finance Limited to obligors
located in the United Kingdom. The portfolio consists of Hire
Purchase agreements extended to private obligors.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
available for the affected tranches and better than expected
collateral performance.

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

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

Total delinquencies remained stable with 60 days plus arrears
currently standing at 0.40% of current pool balance. Cumulative
defaults currently stand at 3.56% of original pool balance.

Moody's assumed a Default Probability of 12% of the current
portfolio balance. This corresponds to a default Probability
assumption of 10.4% as of the original pool balance, down from the
previous assumption of 12%. Moody's left the assumption of the
portfolio credit enhancement and recovery rate unchanged both at
35%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the tranche B affected by
the rating action increased to 25.8% from 14.7% since closing, the
credit enhancement for the tranche C increased to 14.2% from 8.1%
since closing, and the credit enhancement for the tranche D
increased to 8.8% from 5.0% since closing.

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.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
March 2019.

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, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

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.


BRITISH STEEL: Rescue Deal in Danger of Collapsing
--------------------------------------------------
Michael Pooler, Andy Bounds and Jim Pickard at The Financial Times
report that a deal to save British Steel is in danger of collapsing
as a crunch date looms because some of its biggest suppliers are
refusing to accept price cuts, said people aware of the situation.

Ataer Holding, an investment arm of Turkey's military pension
scheme, has been poring over the stricken steelmaker's books since
being named preferred bidder in August, the FT relates.

According to the FT, it wants cost reductions from key providers of
materials and services as a condition of any final bid to acquire
the company, which employs 5,000 people mostly at the large
Scunthorpe steelworks in Lincolnshire.

With the 10-week period that Ataer was granted to exclusively
pursue a deal set to expire on today, Oct. 24, some suppliers to
British Steel are refusing to budge on contract terms, the FT
relays, citing people familiar with the matter.

According to the FT, one person familiar with the company said some
of British Steel's contracts were priced at "multiple" times the
going market rates.

The impasse threatens to derail the government's efforts to find a
buyer for the UK's second-largest steel producer, which entered
insolvency in May after requests for an emergency public loan were
rejected, the FT notes.

The uncertainty over the Turkish rescue has led the UK government
to renew contact with Liberty House, the industrial conglomerate
led by businessman Sanjeev Gupta, which initially lost out to
Ataer, the FT states.

Separately, BBC News reports that the government is ready to open
talks with bidders for British Steel after failing to agree terms
with the Turkish company granted exclusivity in August.

According to BBC, the Official Receiver said on Oct. 23 that while
discussions with Ataer were continuing, it was now possible to talk
to other potential bidders.

Ataer owns nearly 50% of Erdemir, Turkey's biggest steel producer,
and is the investment vehicle of the Turkish Armed Forces
Assistance Fund (known as Oyak), the pension fund for the country's
armed forces, BBC discloses.

The Official Receiver, as cited by BBC, said: "While discussions
with Ataer are continuing, discussions with other parties who have
expressed continued and renewed interest in acquiring the whole
British Steel business will now be possible.

"I have instructed the 'special managers' [at accountants EY] to
engage with these additional interested parties.

"Diligence team members from these parties are expected to visit
the company's sites over the coming days and weeks.

"Meanwhile, Ataer remain very much interested in acquiring the
business and we remain in detailed discussions with them to
conclude a sale."

                         About British Steel

British Steel Limited is a long steel products business founded in
2016 with assets acquired from Tata Steel Europe by Greybull
Capital.  The primary steel production site is Scunthorpe
Steelworks, with rolling facilities at Skinningrove Steelworks,
Teesside and Hayange, France.

British Steel has about 5,000 employees.  There are 3,000 at
Scunthorpe, with another 800 on Teesside and in north-eastern
England.  The rest are in France, the Netherlands and various sales
offices round the world.

British Steel was placed in compulsory liquidation on May 22, 2019.
The liquidation came after the Company failed to obtain an
emergency state loan of about GBP30 million.

The Government's Official Receiver has taken control of the company
as part of the liquidation process.  Accountancy firm EY has been
named Special Manager in the case, and will be assisting the
Receiver.

The Company will be trading normally as its search for a buyer is
ongoing.


GOALS SOCCER: Board Accused by Sports Direct of "Skulduggery"
-------------------------------------------------------------
Henry Saker-Clark and Scott Reid at The Scotsman report that Sports
Direct has condemned Goals Soccer Centres, the Scottish five-a-side
football pitch operator, accusing its management of wiping out
shareholders through "skulduggery".

Mike Ashley's retail business hit out at the East Kilbride-based
group, just days after confirming he had no intention to buy the
business, The Scotsman relates.

According to The Scotsman, the high street tycoon said Goals and
its board "did not truly engage" with the offer process, describing
their co-operation as "limited and fitful".

Sports Direct, which is Goals' largest single shareholder, had been
mulling a GBP4 million swoop for the operator of about 50
five-a-side sites in the UK and the US, The Scotsman discloses.

The retail behemoth denied reports that Goals said it provided
Sports Direct with all the information needed, The Scotsman notes.

In its latest statement, Sports Direct, as cited by The Scotsman,
said: "From the beginning, the attitude of the Goals board made no
sense, including proclamations to senior management of Sports
Direct that the issues impacting on, and leading to the
catastrophic failure of, the business had only been perpetuated by
one person.

"Yet again, the independent shareholders of a UK-listed company get
wiped out through the skulduggery of others.

"As these constant corporate failures show, the current rules and
regulations do not do enough to protect independent shareholders or
to prevent fiscal irresponsibility."

The Scottish firm hit trouble in March when its shares were
suspended after it revealed GBP12 million of accounting errors, The
Scotsman recounts.  The company admitted "improper behaviour" and
was delisted from the Alternative Investment Market in September,
The Scotsman relays.


PRAESIDIAD GROUP: Moody's Lowers CFR to Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Praesidiad Group Limited's
corporate family rating to Caa1 from B3 and the company's
probability of default rating to Caa1-PD from B3-PD. Concurrently,
Moody's has also downgraded the senior secured bank facilities
issued by subsidiary ERPE BIDCO LIMITED to Caa1 from B3. The
outlook remains negative.

RATINGS RATIONALE

The downgrade primarily reflects the continued weakened
profitability in the first half, particularly the second quarter,
and the resulting rise in Moody's-adjusted debt/EBITDA to above
10x. Moody's also views the cash flow profile as weak given the
reduction in profitability, but Moody's also notes that the company
generated marginally positive free cash flow after interest and
capex in the first half of 2019 and liquidity remains currently
adequate although a turnaround in profitability is required in
Moody's view to avoid a weakening in the company's liquidity
profile.

The weakness in EBITDA in the second quarter 2019 was driven by a
number of factors including -17% lower revenue due to reduced
volumes in the HESCO division and some project delays in the
Guardiar division, and some additional investments to strengthen
the Betafence division management team and Guardiar division
commercial teams. Revenue for the first half of 2019 was down 20%
and first half company-adjusted EBITDA 41% due to the same factors,
although the profit improvement initiatives in the Betafence
division have started to positively contribute and resulted in a
positive EBITDA trajectory for the division in Q2 2019 and after a
period of negative performance in 2018. While there are some
developments that could support a stabilisation and improvement in
company-adjusted EBITDA for the second half of 2019, including
continued benefits from profit improvement initiatives in the
Betafence division and the delivery of projects that were delayed
in the first half, uncertainty regarding the magnitude and pace of
recovery remains. Even in a case of some EBITDA growth
Moody's-adjusted leverage is likely to remain high and further
significant improvements would be required to reach more normalised
leverage levels.

Cash flow performance in the first half of 2019 was more stable
despite the weakened profitability. The large working capital
inflow, with some increased factoring, together with lower
exceptional costs and lower capex supported this development.
However, Moody's also expects some reversal of the high working
capital inflow in the first half while the company is likely to
catch up on some of the delayed spending in the first half, for
example around capex. Positively, Moody's understands that the
Drehtainer acquisition has been discontinued and hence the large
potential acquisition payment was not made in the third quarter of
2019 as anticipated previously.

Accordingly, the liquidity profile is currently adequate although
profitability improvements are required to avoid pressure on
liquidity in Moody's view. As of June 2019, Praesidiad had EUR23
million of cash on the balance sheet and access to the committed
EUR80 million revolving credit facility (RCF) due 2023, which was
only drawn for EUR7.5 million of guarantees as of June 2019.
Moody's notes that there is a springing financial maintenance
covenant that is tested if 35% of the RCF is drawn. While there is
some headroom under this covenant, Moody's considers it limited and
any further weakening in EBITDA could increase the risk of both the
covenant being tested and breached. The next larger debt maturities
are the bank facilities in 2024.

Governance considerations factored into the rating include the
company's private equity ownership, which has resulted in an
aggressive financial strategy characterized by high financial
leverage and may also include, at times, the pursuit of debt-funded
acquisitions.

RATING OUTLOOK

The negative outlook reflects the execution risks in turning around
the company's profitability and return to visible revenue growth.
It also reflects the risks of covenant breaches and weakening
liquidity if performance were to weaken further. For a
stabilization of the outlook, Moody's would expect a sustained
improvement in revenue and EBITDA, resulting in a visible
deleveraging trajectory, while also maintaining and improving the
company's liquidity profile.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive pressure on the rating would require a sustained and
substantial improvement in revenue and EBITDA so that Moody's
adjusted debt/EBITDA falls sustainable well below 8.0x. It would
also require an at least breakeven and sustained free cash flow
after capex and interest payments as well as an adequate liquidity
profile. Conversely, further negative pressure could build if
revenue fails to stabilise, EBITDA fails to improve, free cash flow
and liquidity weaken and if the risk of a covenant breach would
rise.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Praesidiad Group Limited, headquartered in London, United Kingdom,
is an outdoor perimeter security systems and solutions provider.
The group is ultimately controlled by the Carlyle Group. As of
December 2018, the group reported EUR389 million in revenue and
employed around 1,500 people in 11 production and assembly
facilities globally. The group operates two main businesses: high
security, with two main brands HESCO and Guardiar (formerly known
as Betafence High Security); and baseline (Europe only, covered by
Betafence). High security (40% of revenues) generates sales mostly
from utilities, oil and gas, military and other high security
events. Betafence (60% of revenues) provides residential, temporary
fencing systems, farming, cable and wire, as well as low- and
medium-security perimeter protection and control products.


STIRLING INDUSTRIES: Opts to Wind Up Business Due to Funding Woes
-----------------------------------------------------------------
Adriano Marchese at Dow Jones Newswires reports that Stirling
Industries PLC said on Oct. 16 that it is making preparations for
the winding up of the company as it does not have the financial
resources to explore further opportunities to fund what would have
been its first acquisition.

According to Dow Jones, the company said that it is taking steps to
reduce its cost base and making preparations to return any net
proceeds to shareholders, unless a deliverable proposal emerges
soon to support the acquisition of Ipsen International GmbH.

Stirling blames institutional investors taking a cautious stance in
the face of deteriorating capital-market conditions caused by
global trade and geopolitical tensions, Dow Jones relates.

Headquartered in the United Kingdom, Stirling Industries Plc
operates as an investment company.


THOMAS COOK: Former Chief Executive Denies Role in Collapse
-----------------------------------------------------------
BBC News reports that a former Thomas Cook chief executive has
denied contributing to the collapse of the travel firm.

Manny Fontenla-Novoa told MPs looking into the demise that a series
of acquisitions under his watch had not left the firm with
unmanageable debt, BBC relates.

But Harriet Green, who succeeded him, told the hearing on Oct. 23
she inherited a "huge wall of debt", BBC notes.

The most recent chief executive, Peter Fankhauser, has also blamed
debt as a contributory factor in the collapse, BBC states.

According to BBC, Mr. Fontenla-Novoa told MPs on the business,
energy and industrial strategy select committee that his strategy,
including acquisitions such as a 2007 merger with MyTravel, had
left the company "in great shape" for future growth.

When challenged by committee chair Rachel Reeves, who cited
evidence to MPs by Mr. Fankhauser that he had "had his hands tied"
and found his job "impossible" due to the debt, Mr. Fontenla-Novoa,
as cited by BBC, said: "I can't accept that, because if Peter felt
that, then maybe they should have done something about that debt.

"They should have looked at what we did in 2010 in disposing of
some assets. Maybe they should have done that earlier.  If they'd
believed that they could not service that debt, they should have
done something about it before 2019."

Ms. Reeves cited Mr. Fankhauser's comments that Thomas Cook could
not have grown because it was spending GBP150 million to GBP170
million per year servicing debt, BBC relays.

However, Mr. Fontenla-Novoa, as cited by BBC, said it "was not
about buying businesses or investing in technology, it's about the
capacity that you put onto the marketplace."

According to BBC, former chief executive Harriet Green said she had
inherited in 2012 "three profit warnings, a huge wall of debt, and
a business model that was entirely out of sync with the industry."

"That's what I fought for 28 months, 22 hours a day, to change. And
my responsibility is that I failed to complete that.  This is a
brand that was loved, with staff as loyal and as amazing as I've
seen anywhere in the world."

Mr. Fankhauser last week told MPs on the committee that the company
was dragged down by its debts, which reached over GBP1.4 billion in
2018, BBC recounts.  

"I'm sorry for not being able to turn around this company at pace
and to really pay back this debt.

"Since 2012, we paid GBP1.2 billion of interest costs and
refinancing costs. Imagine if we had only half of that reinvested
in the business, we could have been faster," BBC quotes Mr.
Fankhauser as saying.

Former senior Thomas Cook executives told BBC the company's debt
problems began with the MyTravel merger.

                       About Thomas Cook Group

Thomas Cook Group Plc is the ultimate holding company of direct and
indirect subsidiaries, which operate the Thomas Cook leisure travel
business around the world.  TCG was formed in 2007 following the
merger between Thomas Cook AG and MyTravel Group plc.
Headquartered in London, the Group's key markets are the UK,
Germany and Northern Europe.  The Group serves 22 million customers
each year.

The Group operates from 16 countries, with a combined fleet of over
100 aircraft through five entities holding air operator
certificates in the UK, Germany, Denmark and Spain.  The Group has
2,800 owned and franchised retail outlets (including 555 shops in
the UK) and operates 199 own-brand hotels across the world.

As of Dec. 31, 2018, the Group had 21,263 employees, including
9,000 in the U.S.

The travel agent originally proposed a restructuring.  It was
scheduled to ask creditors Sept. 27, 2019, for approval of a scheme
of arrangement that involves (a) substantially deleveraging the
Group by converting GBP1.67 billion of RCF and Notes debt currently
outstanding into new shares (15%) and a subordinated PIK note (at
least GBP81 million) to be issued by the recapitalized Group in
proportions still to be agreed; and (b) the transfer of at least a
75% interest in the Group Tour Operator and an interest of up to
25% in the Group Airline to Chinese investor Fosun Tourism Group.

Representatives of the company filed a Chapter 15 petition in New
York on Sept. 16, 2019, to seek U.S. recognition of the UK
proceedings as foreign main proceeding.  The Chapter 15 case is In
re Thomas Cook Group Plc (Bankr. S.D.N.Y. Case No. 19-12984).
Latham & Watkins, LLP is the counsel.

But after last-ditch rescue talks failed, on Sept. 23, 2019, Thomas
Cook UK Plc and associated UK entities announced that they have
entered Compulsory Liquidation and are now under the control of the
Official receiver.  The UK business has ceased trading with
immediate effect and all future flights and holidays are cancelled.
All holidays and flights provided by Thomas Cook Airlines have
been cancelled and are no longer operating.  All Thomas Cook's
retail shops have also closed.  

Separate from the parent company, Thomas Cook's Indian, Chinese,
German and Nordic subsidiaries will continue to trade as normal.


WOODFORD EQUITY: Investors Seek Advice on Hargreaves Legal Action
-----------------------------------------------------------------
Jonathan Jones at The Telegraph reports that investors burned by
the failure of famed stock-picker Neil Woodford have sought advice
on taking legal action against Hargreaves Lansdown over its part in
the events that led to them being trapped in the Woodford Equity
Income fund.

According to The Telegraph, the law firm Leigh Day has confirmed it
is investigating how much Britain's most powerful stockbroker knew
about the situation within the fund while it continued to publicly
back it.

Hundreds of thousands of Hargreaves customers bought units in Mr.
Woodford's flagship fund, which along with the smaller Income Focus
portfolio appeared on the broker's Wealth 50 list of recommended
funds, The Telegraph discloses.

The Woodford Equity Income fund was suspended in June and its star
manager was sacked, The Telegraph recounts.



                           *********


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.


                * * * End of Transmission * * *