TCREUR_Public/131128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 28, 2013, Vol. 14, No. 236

                            Headlines

A U S T R I A

MEINL BANK: Fitch Affirms 'B' Long-Term IDR; Outlook Stable


F I N L A N D

TALVIVAARA MINING: Nyrstar Withdraws Support for Restructuring


F R A N C E

MORY DUCROS: In Receivership; 5,200 Jobs at Risk


G E R M A N Y

INFINITY 2007-1: Fitch Cuts Ratings on Two Note Classes to 'Csf'
PRAKTIKER AG: Globus Deal Likely to Save 58 Max Bahr Stores


I R E L A N D

AVOCA CAPITAL: Moody's Rates EUR19MM Floating Notes Ba2(sf)
TLT INTERNATIONAL: Marts Pessimistic They Will Get Paid


I T A L Y

ALITALIA SPA: Rebuffs Ryanair's Collaboration Offer
BANCA MONTE: Board Approves EUR3-Bil. Capital Increase
INTESA SEC: Moody's Lifts Rating on Class C Notes From Ba1(sf)


K A Z A K H S T A N

URANIUM ONE: Moody's Assigns 'Ba3' CFR & Sr. Sec. Notes Rating


N E T H E R L A N D S

GLOBAL TIP: S&P Assigns 'BB' Corp. Credit Rating; Outlook Stable
ORANGE LION 2013-9: Fitch Affirms 'BB+' Rating on Class E Notes


P O R T U G A L

LISBON CITY: Fitch Affirms BB+ LT Currency Ratings; Outlook Neg.


R U S S I A

GLOBEXBANK: S&P Lowers Counterparty Credit Rating to 'BB-'
SVIAZ-BANK: S&P Revises Outlook to Neg. & Affirms 'BB/B' Ratings


S P A I N

RIVOLI PAN EUROPE: Moody's Affirms Ba3 Rating on Class X Notes
TDA SA NOSTRA: Fitch Lifts Ratings on Series E Notes to 'BB+'


T U R K E Y

VAKIFBANK: Fitch Affirms 'BB+' Subordinated Debt Rating


U N I T E D   K I N G D O M

AIRPARKS MANAGEMENT: Goes Into Administration
AVOCA CAPITAL CLO X: S&P Assigns 'BB' Rating to Class E Notes
BLOCKBUSTER: Penarth Branch to Stay Open Despite Administration
HOLYSTONE CIVIL: In Administration, Cuts 40 Jobs
TANFIELD ENGINEERING: In Administration, Fails to Seek Buyer

UK: RBS Forced Firms Into Administration, Says Whistleblower
UK: Number of Zombie Companies Up 108% From Five Years Ago


X X X X X X X X

EUROPE: S&P Puts 22 EMEA Corp. Issuer Ratings on CreditWatch Pos.

* Upcoming Meetings, Conferences and Seminars


                            *********


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A U S T R I A
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MEINL BANK: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
-----------------------------------------------------------Fitch
Ratings has affirmed Meinl Bank AG's ratings including its Long-
term Issuer Default Rating (IDR) at 'B', and Viability Rating
(VR) at 'b'. The Outlook on the Long-term IDR is Stable.

Key Rating Drivers - IDRs and VR:

Meinl Bank's IDRs are driven by its VR. The VR largely reflects
the considerable legal and reputational risks Fitch believes
Meinl is exposed to following its involvement in Meinl European
Land (MEL, now Atrium European Real Estate Limited, BBB/Stable)
in 2007 to 2009. The VR also takes into account the bank's short
track record of operating under its revised business model as
well as its below-average corporate governance.

Meinl Bank's IDRs and VR also consider the bank's adequate,
short-term and largely collateralized balance sheet, its improved
funding profile and its acceptable capitalization. However, the
adequacy of capital must be viewed in the light of potential
contingencies which are, in Fitch's view, difficult to quantify.
High concentration risk is, to some extent, mitigated by
corresponding pledged deposits of the bank's largest borrowers.

During 9M13, Meinl Bank made progress in its legal settlement of
the outstanding MEL case, averaging around 200 settlements per
year. However, litigation exposure remains high with around 1,300
outstanding MEL-related legal cases and a cumulative claim value
of around EUR74 million. While the bank has created significant
legal provisions, contingent liabilities from these cases remain
difficult to quantify and potentially sizeable compared with the
bank's moderate absolute equity base. Consequently, legal and
reputational risks cannot be mitigated by positive rating
factors.

In the agency's view, Meinl Bank's ownership structure is overly
complex and related-party transactions are significant in
relation to the bank's size. Consequently, Fitch considers the
bank's corporate governance to be a moderately negative rating
driver.

Meinl Bank has made progress in implementing its revised business
model, focusing on niche corporate finance and investment
banking, largely in CEE and, to a lesser extent, on asset
management. For 9M13, Meinl Bank's operating profitability was
supported by acceptable operating revenue, well-controlled costs
and, notably, significantly lower litigation expenses. Fitch
expects the bank to report a small net profit for 2013 provided
there are no unexpected additional litigation costs.

Still, Fitch views the bank's business model as largely centered
on opportunistic corporate finance transactions, which makes
assessing the bank's strategic positioning difficult and could
result in significant earnings volatility. In addition, while
Fitch believes that Meinl Bank's CEE corporate finance
transactions at all times comply with relevant laws and
regulations, they are often motivated by regulatory or tax
arbitration considerations and expose Meinl Bank to what Fitch
considers to be additional reputational risk.

Meinl Bank has limited funding requirements and maintains an
adequate liquidity buffer. Capitalization is small in absolute
terms. Capital ratios are adequate but should be assessed in
light of the considerable contingent legal risks the bank is
exposed to.

The Stable Outlook on the Long-term IDR reflects Fitch's
expectation that Meinl Bank -- in the absence of unexpectedly
high litigation expenses -- will generate sufficient earnings
under its revised business model to maintain adequate
capitalization.

Key Rating Drivers - Support Rating and SRF:

Fitch does not believe that support from the Austrian authorities
for Meinl Bank, while possible, can be relied upon due to the
bank's small size and lack of domestic retail franchise.
Consequently, Fitch has assigned a Support Rating of '5' and an
SRF of 'No Floor' to Meinl Bank.

Rating Sensitivities - IDRs and VR:

Meinl Bank's IDRs and VR are predominately sensitive to
developments regarding the resolution of litigation relating to
the bank's role in MEL, a Jersey-domiciled Central and Eastern
European (CEE) real estate fund that ran into severe difficulties
in 2007-2009. Higher-than-expected litigation costs,
significantly exceeding legal provisions, or an inability to
successfully implement its revised business model could lead to a
downgrade of Meinl Bank's ratings. Continued progress in reducing
litigation exposure and strengthened earnings from its core
business resulting in sustained net profits could, in the medium
term, be positive for Meinl Bank's credit profile.

Rating Sensitivities - Support Rating and SRF:

Changes to Meinl Bank's Support Rating and SRF are unlikely in
the short- to medium-term given the bank's small size, niche
strategy and lack of a domestic deposit business.

Meinl Bank is a small privately-owned Vienna-based merchant bank.
It is ultimately owned by several trusts which represent the
interests of members of the Meinl family (including Julius Meinl
V, the bank's former CEO). Since 2009, the bank has been involved
in various court cases and other legal proceedings concerning its
role in the placement and subsequent buy-back of share
certificates in MEL in 2007. Meinl's revised niche strategy
focuses on corporate and investment banking, asset management &
private banking and sales trading & treasury, each segment
roughly accounting for a quarter of Meinl Bank's revenue.

The rating actions are as follows:

Meinl Bank AG

Long-term IDR: affirmed at 'B'; Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b'
Support Rating: affirmed '5'
Support Rating Floor: affirmed at 'No Floor'



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F I N L A N D
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TALVIVAARA MINING: Nyrstar Withdraws Support for Restructuring
--------------------------------------------------------------
Jussi Rosendahl at Reuters reports that Talvivaara said on
Tuesday its biggest creditor, zinc producer Nyrstar, has
withdrawn support for its court application for a corporate
restructuring, prompting the court to ask for more information.

Talvivaara, hit by falling nickel prices and chronic production
problems, earlier this month halted operations and petitioned the
Espoo District Court near Helsinki for a court-supervised
reorganization and warned it might face bankruptcy if the process
failed, Reuters relates.

But the court on Tuesday said it wanted the company to provide
more information and Talvivaara later confirmed that Nyrstar, the
world's largest zinc producer which had contracted to take
Talvivaara's future output of zinc concentrate, had withdrawn its
support, Reuters notes.

According to Reuters, court documents showed that Nyrstar had
paid Talvivaara EUR232 million (US$313 million) in advance for
zinc deliveries, making it the miner's biggest creditor.

The miner's other creditors include Nordea Pankki Suomi with
receivables of around EUR130 million, Reuters discloses.
Government agency Finnvera is owed EUR58 million and pension fund
Varma EUR34 million, while Canada-based uranium miner Cameco Corp
has advanced the company EUR54 million, Reuters states.

Atradius Credit Insurance N.V., Danske Bank, Pohjola and
Handelsbanken are also in the list with smaller receivables,
along with more than 200 other creditors, Reuters says, citing
court documents.

Talvivaara Mining Co. Ltd. is a Finnish nickel producer.



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F R A N C E
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MORY DUCROS: In Receivership; 5,200 Jobs at Risk
------------------------------------------------
Europe Online Magazine reports that Mory Ducros was placed under
receivership, four days after it filed for bankruptcy, with the
threatened loss of 5,200 jobs.

The company was given six months to overcome its difficulties or
find a new owner, according to Europe Online Magazine.

Mory Ducros, which was born out of the merger a year ago of Mory
and Ducros Express (formerly DHL France), has been losing EUR5
million (US$6.76 million) a month for the past year, Productive
Recovery Minister Arnaud Montebourg said, the report notes.

The report relates that Minister Montebourg said the company had
received expressions of interest in the business from potential
buyers but had yet to receive a firm offer.

Small-and medium-sized businesses in crisis-hit France are going
bust at an alarming pace, the report discloses.

Credit insurer Coface has forecast 62,500 corporate bankruptcies
this year, up from 60,500 in 2012, the report adds.

Mory Ducros is a courier company in France.



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G E R M A N Y
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INFINITY 2007-1: Fitch Cuts Ratings on Two Note Classes to 'Csf'
----------------------------------------------------------------
Fitch Ratings has downgraded Infinity 2007-1 (Soprano)'s
commercial mortgage-backed floating rate notes due 2019 as
follows:

  EUR444.1m class A (FR0010478420) downgraded to 'BBBsf' from
  'AAsf'; Outlook Negative

  EUR37.1m class B (FR0010478438) downgraded to 'Bsf' from 'Asf';
  Outlook Negative

  EUR29.0m class C (FR0010478446) downgraded to 'CCsf' from
  'BBsf'; Recovery Estimate 65% (RE65%)

  EUR23.4m class D (FR0010478453) downgraded to 'Csf' from 'Bsf';
  RE0%

  EUR29.0m class E (FR0010478479) downgraded to 'Csf' from
  'CCsf'; RE0%

Key Rating Drivers:

The downgrades reflect the default of the EHE 1A and 1B loans
(accounting for 62% and 6% of the note balance, respectively) at
their extended maturity dates in October 2013. This is in light
of depressed market conditions for secondary German retail
assets, particularly in the retail warehouse sector, as is
visible from valuations and slow progress with asset sales. Both
loans are highly leveraged, with securitized Fitch loan-to-value
ratios (LTV) in excess of 100% and additional B-note leverage.
Also, with a significant tenant, Praktiker, filing for
insolvency, operating income for these loans (particularly the
smaller 1B loan) will soon record a fall.

After failing to repay at maturity in 2011, both EHE borrowers
were granted two-year loan extensions. Further extension options
were available on condition the borrowers met repayment and LTV
targets in October 2013, which neither borrower achieved. This
resulted in the loans recently becoming due and payable. Downward
revaluations over 2013 increased reported securitized LTVs to
132% for 1A and 98% for 1B.

In addition to the wider market stress, it is unclear to Fitch
whether sequential note principal allocation will be triggered by
the sizeable loan defaults, as funds continue to be paid to
junior notes out of swept excess cash flow and piecemeal
disposals. Although sweeping cash, potentially for some years, is
a valuable source of credit enhancement for the issuer (given
interest rates are so low), the lack of clarity over how such
funds will be used contributes to the Negative Outlooks on the
senior notes (without boosting REs for junior notes).

The other seven loans are all sponsored by the same French
property investor, Altarea. They are all due in 2016 and will all
contribute principal exclusively on a sequential basis. Except
for one loan secured on a shopping centre close to Barcelona, the
collateral is located in France. The French loans have reported
LTVs ranging from 12% to 58%, and interest coverage over 2.9x.
The Spanish loan has a somewhat higher LTV at 70%, but interest
coverage of 3.5x remains healthy. Fitch expects these loans to
repay in full.

Rating Sensitivities:

Fitch estimates 'Bsf' principal proceeds of approximately
EUR500 million. Prolonged non-sequential principal pay from the
EHE loans could lead to further downgrades of the class A notes.


PRAKTIKER AG: Globus Deal Likely to Save 58 Max Bahr Stores
-----------------------------------------------------------
Reuters reports that 58 of the 73 stores of insolvent German home
improvement retailer Max Bahr are likely to be saved in a deal
with supermarket chain Globus.

According to Reuters, Max Bahr was due to start clearance sales
yesterday, like those currently being held at stores of its
parent company Praktiker, which has also filed for insolvency.

Reuters notes that one of two people familiar with the
negotiations said on Tuesday German group Globus has reached a
last-minute agreement with Royal Bank of Scotland, which owns 66
of Max Bahr's stores, and contracts were expected to be signed
yesterday.

The second source said talks were still ongoing and that the
situation looked promising, Reuters relays.

Praktiker, whose blue and yellow branded stores selling paints,
tools and gardening products are a familiar sight in Germany's
out-of-town shopping centers, filed for insolvency in July after
talks with creditors failed, Reuters recounts.

The creditors had hoped that selling the more profitable Max Bahr
chain could help them recover some of their losses, but those
hopes died when Max Bahr also filed for insolvency, Reuters
relates.

Talks to sell Max Bahr to rival Hellweg failed last week over
demands from RBS, Reuters recounts.  The administrator for Max
Bahr said at the time that 3,600 jobs were at risk, Reuters
notes.

Praktiker AG is a German home-improvement retailer.



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I R E L A N D
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AVOCA CAPITAL: Moody's Rates EUR19MM Floating Notes Ba2(sf)
-----------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
notes issued by Avoca Capital CLO X Limited:

  EUR166,000,000 Class A Senior Secured Floating Rate Notes due
  2026, Definitive Rating Assigned Aaa (sf)

  EUR47,500,000 Class B Senior Secured Floating Rate Notes due
  2026, Definitive Rating Assigned Aa2 (sf)

  EUR14,750,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2026, Definitive Rating Assigned A2 (sf)

  EUR20,000,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2026, Definitive Rating Assigned Baa3 (sf)

  EUR19,000,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2026, Definitive Rating Assigned Ba2 (sf)

Ratings Rationale:

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by legal final maturity of the notes in
2026. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Avoca Capital Holdings
("Avoca Capital"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Avoca CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 10% of the portfolio may consist of senior
unsecured loans, second-lien loans, mezzanine obligations, high
yield bonds and senior unsecured bonds. The portfolio is expected
to be at least 60% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.

Avoca Capital 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 four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations, and are subject to certain restrictions.

In addition to the five classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes.


TLT INTERNATIONAL: Marts Pessimistic They Will Get Paid
-------------------------------------------------------
The Irish Times reports that the chances of marts getting paid in
the receivership of livestock exporter TLT International are
getting slimmer by the day, ICOS, the umbrella group for co-
operative marts has acknowledged.

TLT International went into receivership earlier this month after
HSBC pulled its credit lines from the business, according to The
Irish Times.  The report relates that the company owes between
EUR3 million and EUR4 million to about 25 marts and more than a
dozen farmers.

The report relates that ICOS Marts Committee Secretary Ray Doyle
said it was unfortunate that it was taking so long to get clarity
on the situation.  Asked if he thought marts would get any money
back, Mr. Doyle said: "I think at this stage it's looking highly
negative in that regard," but added that this would not be known
until the receiver Gearoid Costelloe --
gearoid.costelloe@ie.gt.com -- of Grant Thornton had completed
his deliberations, the report relays.

The report discloses that Mr. Costelloe expressed concern about
the level of co-operation he was getting but Mr. Doyle said the
marts he was working with were co-operating fully "because they
see him as being the only recourse they have to possibly
recovering any or all of their money."

Asked if some marts could go out of business because of the
receivership, Mr. Doyle said he was confident no ICOS mart would
go to the wall, the report notes.



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I T A L Y
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ALITALIA SPA: Rebuffs Ryanair's Collaboration Offer
---------------------------------------------------
Independent.ie reports that Alitalia SpA has rebuffed an offer
from Ryanair to feed passengers into its long-haul routes and
help boost the Italian carrier's profitability.

"Alitalia . . . has its own strategy, an industrial plan, a fleet
and its own crew that allow it to have the necessary passenger
traffic to feed its international and intercontinental
connections leaving from the hub at Fiumicino airport,"
Independent.ie quotes Alitalia as saying in a statement.

Budget airlines are usually based further from city centers, and
Ryanair wanted to leverage the new routes it has secured from
Rome's Fiumicino, which is also Alitalia's hub.

"Ryanair believes that its offer to feed Alitalia's international
hub at Fiumicino, and seek opportunities to work together and
help Alitalia to recover, can help new investors and Alitalia's
management in returning to profitability and reliability,"
Ryanair, as cited by Independent.ie, said in a statement.

Alitalia, the target of a government-engineered EUR500 million
rescue plan, said it had its own restructuring plan in place and
offered similar prices to Ryanair, suggesting the two firms were
not natural partners, Independent.ie relates.

The deadline for shareholders to subscribe to a EUR300 million
capital increase, intended to buy the airline time as it looks
for a cash-rich foreign partner, was set to expire yesterday.

                         About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.


BANCA MONTE: Board Approves EUR3-Bil. Capital Increase
------------------------------------------------------
Rachel Sanderson at The Financial Times reports that the board of
Monte dei Paschi di Siena, Italy's third largest bank by assets,
on Tuesday voted for a EUR3 billion capital increase to gain
approval from Brussels for EUR4.1 billion in Italian state
bailout bonds.

The move by the board comes as MPS, which considers itself to be
the world's oldest bank, seeks to avoid nationalization by the
Italian state, the FT notes.

Joaquin Almunia, the EU commissioner who polices bank bailouts,
had demanded MPS undertake a capital increase of at least EUR2.5
billion and cut managers' salaries and operating costs in order
to receive the bailout bonds to keep it afloat, the FT relates.
According to the FT, still, some skepticism remains among
analysts about whether it will be able to get the offer away
ahead of the bank stress tests next year.  MPS's market
capitalization is just EUR2.3 billion, the FT notes.

The FT relates that people familiar with the matter said the
board approved the EUR3 billion capital increase, EUR500 million
more than anticipated, in order to start repaying its bailout
bonds.

The capital raising is expected to lead to a profound shake-up in
the shareholder structure that has existed at the bank since its
founding in 1472 in the Tuscan hill town of Siena, the FT states.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).

TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating.  S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'.  S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'.
At the same time, S&P removed the ratings from CreditWatch, where
it placed them with negative implications on Dec. 5, 2012.


INTESA SEC: Moody's Lifts Rating on Class C Notes From Ba1(sf)
--------------------------------------------------------------
Moody's Investors Service has upgraded the credit ratings to the
Class B and C notes issued by Intesa Sec. 3 S.r.l. (amounts
reflect initial outstandings) as follows:

Issuer: Intesa Sec. 3 S.r.l.

EUR72.9M Class B Notes, Upgraded to A2 (sf); previously on
Jun 14, 2013 Downgraded to Baa1 (sf)

EUR72.9M Class C Notes, Upgraded to Baa3 (sf); previously on
Nov 14, 2013 Ba1 (sf) Placed Under Review for Possible Downgrade

Built-up in available credit enhancement prompted rating actions.

Intesa Sec. 3 S.r.l. closed in March 2007 and represents the
third RMBS transaction originated by Intesa Sanpaolo Spa
("Intesa" Baa2/ Prime-2); Intesa is also swap counterparty to the
transaction. The assets supporting the notes are prime mortgage
loans secured on residential properties located throughout Italy.

Ratings Rationale:

The rating action follows the restructuring of Intesa Sec 3
completed on November 25, 2013 which comprised the following
amendments:

   -- Increase of the credit enhancement: The Cash Reserve,
      currently 2.66% of the notes is increased by EUR23.135M
      through an additional amount extended under the
      Subordinated Loan Agreement by the originator, the Cash
      reserve now represent 5.47% of the notes.

   -- Lowering of the Swap Second Trigger: the swap second
      trigger, triggering the replacement of the swap
      counterparty, will be lowered from A3/P-2 to Baa3/P-3,
      while the first trigger will remain at A2/P-1.

   -- Other Developments May Negatively Affect the Notes

In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increase portfolio
credit enhancement requirements for a given rating. The ratings
of structured finance notes remain exposed to the uncertainties
of credit conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.

Other Factors used in this rating are described in Approach to
Assessing Linkage to Swap Counterparties in Structured Finance
Cashflow Transactions, published in November 2013.

In reviewing these transactions, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed
scenarios



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


URANIUM ONE: Moody's Assigns 'Ba3' CFR & Sr. Sec. Notes Rating
--------------------------------------------------------------
Moody's Investors Service assigned Uranium One Inc. ("U1") a Ba3
Corporate Family rating (CFR), Ba3-PD Probability of Default
rating and SGL-3 speculative grade liquidity rating. Moody's also
assigned a Ba3, 42-LGD3 senior secured rating to U1's subsidiary,
Uranium One Investments Inc.'s ("Investment") proposed $350
million senior secured notes issue. The rating outlook for both
companies is stable. This is the first time Moody's has rated
Uranium One Inc.

Ratings Rationale:

Moody's regards U1 as a government-related issuer (GRI). In
accordance with Moody's GRI rating methodology, the CFR rating of
U1 incorporates 2 notches of uplift from its standalone credit
quality measured by a Baseline Credit Assessment (BCA) of 15 (on
a scale of 1 to 21 and equivalent to B2). The uplift to the BCA
is driven by the credit quality of the Russian government (Baa1
stable), which indirectly owns 100% of the company's shares
through Rosatom State Atomic Energy Corp., and Moody's assessment
of strong probability of state support in the event of financial
distress, as well as high default dependence between the company
and the government.

U1's BCA of 15 is constrained by its relatively small scale,
exposure to volatile Uranium (U3O8) pricing, the short proven
reserve life of its mines and its complex organizational
structure including a reliance on dividends from joint ventures
in Kazakhstan (Baa2, positive) for which unanimous owner approval
is required. However Moody's expects U1's leverage to remain
relatively modest at about 3.5x (on a proportionate basis), while
its joint venture uranium mines in Kazakhstan are low cost, and
the company should remain consistently free cash flow generative,
and with adequate liquidity, assuming U3O8 pricing remains around
US$40/pound.

The notes will rank pari-passu with a US$150 million revolving
bank credit facility (unrated) and superior to US$388 million
(USD equivalent) in unsecured notes (unrated), both issued by U1,
and subordinate to about US$175 million in proportionately
attributable debt (unrated) at the joint ventures in Kazakstan.
Investment's proposed notes' rating has been assigned pursuant to
Moody's loss-given-default (LGD) methodology. That methodology
indicates the notes would normally be rated Ba2, however Moody's
has applied a one notch override as a small increase in the
prior-ranking debt at the company's joint ventures would cause
the notes to be rated Ba3.

The stable rating outlook reflects Moody's view that U1 will
remain free cash flow generative and its leverage will remain
around 3.5x, assuming U3O8 prices of about US$40/pound.

What Could Change the Rating Up/Down:

U1's CFR could be upgraded if Moody's gained confidence that U3O8
pricing would recover towards $50/ pound and the company
increased its geographic diversity.

U1's CFR could be downgraded if Moody's expected U1's leverage to
be sustained above 4.5x or if the company's liquidity became
strained. The change in the Baa1 rating of the Government of
Russia would not affect U1's CFR rating unless it were to decline
below Investment Grade.

Uranium One produces uranium (U3O8), primarily from five joint
ventures (6 mines) in Kazakstan. The company is indirectly 100%-
owned by Rosatom State Atomic Energy Corp., which in turn is
owned by the Russian Government.



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


GLOBAL TIP: S&P Assigns 'BB' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Netherlands-based trailer services
provider Global TIP Holdings One B.V. (TIP).  The outlook is
stable.

At the same time, S&P assigned its 'BB+' issue ratings to:

   -- The EUR203 million senior secured term loan B and
      EUR55 million revolving credit facility (RCF) to be issued
      by Global TIP Finance B.V.

   -- The US$100 million senior secured term loan C to be issued
      by Global Finance America, LLC.

Global TIP Finance and Global Finance America are fully owned
subsidiaries of TIP.  The recovery rating on the term loan B,
RCF, and term loan C is '2', indicating S&P's expectation of
substantial (70%-90%) recovery prospects in the event of a
payment default.

The rating on TIP reflects S&P's assessment of its business risk
profile as "fair" and its financial risk profile as
intermediate."

"Our assessment of TIP's business risk profile reflects the
company's relative small size in what we consider to be a
fragmented and cyclical industry.  Conditions in the European
trailer operating lease industry are closely linked to economic
conditions.  Therefore, muted demand and oversupply, coupled with
TIP's fleet reduction in 2009, have weakened the company's
utilization rates and profitability.  Our assessment of TIP's
business risk profile is also constrained by the significant
number of long-term contracts that are due to expire in the next
two years and the challenge of renewing or closing new contracts
in current economic conditions.  That said, we consider that TIP
remained resilient during previous economic downturns," S&P said.

"Partly offsetting these weaknesses is TIP's position as one of
the largest pan-European providers of trailer services, with
leading positions in the 16 European countries where it operates.
Furthermore, TIP benefits from a resilient and somewhat
predictable cash flow profile owing to the long-term nature of
its operating lease contracts.  We believe that TIP's strategy to
focus on full-service, long-term leases (that is, leases
including maintenance and other services) will further support
the company's visibility of future earnings.  At the same time,
we anticipate that a shift in the fleet mix toward higher-value
trailer types will gradually increase lease rates," S&P added.

Additional support stems from TIP's large and diversified
customer base, which allows TIP to avoid significant exposure to
any single industry.  However, under S&P's base-case credit
scenario, it forecasts that TIP will strategically reduce the
size of its fleet to about 45,000 trailers from about 48,000
currently in the next few years, and will maintain a utilization
rate of between 82% and 85% due to tough economic conditions.
This could result in an operating margin of 6%-7% in the same
period.

Under S&P's base-case scenario for 2013 and 2014, it projects
that TIP will achieve Standard & Poor's-adjusted debt to EBITDA
of 2.2x-2.5x and adjusted funds from operations (FFO) to debt of
30%-35%.  S&P considers these metrics as commensurate with an
"intermediate" financial risk profile under S&P's criteria.  S&P
do not anticipate significant deleveraging from 2013 levels over
the next three years.

"In our base case we consider that TIP's financial ratios are
likely to remain commensurate with an "intermediate" financial
risk profile in the near to medium term.  Our base case includes
a stable or slightly lower utilization rate than the current 84%,
growth in the services business, and a smaller fleet size.  Our
assessment also incorporates our understanding that TIP's
shareholder, HNA Group, one of the largest private conglomerates
in China, does not intend to take dividend payments from TIP, or
to undertake any acquisitions in the medium term.  This is
because HNA Group deems that TIP's cash flows should be used
instead to fund capital expenditures (capex)," S&P noted.

TIP financed the acquisition of TIP Trailer Services using senior
secured term loans totaling EUR278 million, which will cover 58%
of the cost of the transaction and which have significantly
increased TIP's debt leverage.  S&P understands that the
shareholder provided the remaining EUR212 million (42% of the
total cost) for the acquisition in the form of equity.

   -- The issue rating on the senior secured term loan B and RCF,
      to be issued by Global TIP Finance, and on the senior
      secured term loan C, to be issued by Global Finance
      America, is 'BB+', one notch above the corporate credit
      rating on the company.  The recovery rating on these debt
      instruments is '2', indicating S&P's expectation of
      substantial (70%-90%)recovery prospects in the event of a
      payment default.

   -- The recovery rating is supported by the company's
      substantial asset base; a comprehensive security and
      guarantee package, including first-ranking security over
      TIP's transportation assets; share capital; and other
      tangible assets.

   -- S&P's simulated default scenario assumes a severe prolonged
      economic downturn that significantly lowers the utilization
      rates of TIP's fleet.

   -- S&P anticipates that this would occur at the same time as
      TIP being unable to grow revenues through tariff increases,
      due to a combination of a subdued competitive environment
      and increased competition, leading to a default in 2018.

   -- S&P values TIP as a going concern, because it considers
      that it has a strong market position and a "fair" business
      risk profile.  However, S&P values the business using a
      discrete asset valuation approach because it believes this
      provides the best insight into the company's value.

   -- S&P assumes the leased asset value at default would be
      about 50% below the current book value, allowing for
      depreciation, portfolio shrinkage, and distressed sale
      prices, and moderate ageing of the fleet.  That said, a
      more significant ageing of the fleet could further depress
      resale value compared with S&P's current assumptions.

The stable outlook reflects that according to S&P's base-case
operating scenario, TIP will be able to maintain adjusted FFO to
debt of at least 30% and debt to EBITDA of less than 3x, metrics
that are commensurate with the current rating.

S&P could lower the rating if demand weakens, leading to a
decline in utilization and lease rates.  S&P could also consider
a negative rating action if growth in the services business does
not materialize, or if liquidity deteriorates as a result of
higher capex or lower remarketing proceeds than S&P anticipates.
This would likely result in FFO to debt declining to less than
30% or debt to EBITDA exceeding 3x.  S&P could also lower the
rating if HNA Group's new financial policy is more aggressive
than it anticipates, for example, if it involves a change in
TIP's dividend policy.

An upgrade is unlikely at this point, but would primarily stem
from stronger demand and improved profitability, leading S&P to
revise upward its assessment of TIP's business risk profile.  A
positive rating action would also likely depend on stronger cash
flow generation, resulting in FFO to debt exceeding 40% and debt
to EBITDA falling to and staying at less than 2x.


ORANGE LION 2013-9: Fitch Affirms 'BB+' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed 31 tranches of Orange Lion IV, V,
2011-6, VII, 2013-8, 2013-9 and 2013-10, a series of Dutch RMBS
transactions.

Orange Lion IV, V, 2011-6, VII and 2013-9 comprise prime mortgage
loans originated and serviced by ING Bank (A+/Negative/F1).
WestlandUtrecht Bank, a wholly owned subsidiary of ING Bank, is
an originator and servicer in Orange Lion 2013-8 and 2013-10. A
full list of rating actions is at the end of this commentary.

Key Rating Drivers:

Performance Within Expectations
The affirmations reflect the performance of the underlying
assets, which is in line with Fitch's initial expectations. As of
the latest reporting periods, three-month plus arrears ranged
from 0% (Orange Lion 2013-10) to 1.42% (Orange Lion IV) of the
current pool balance, while gross cumulative defaults ranged from
0% (Orange Lion 2013-8, 2013-9 and 2013-10) to 0.37% (Orange Lion
IV) of the initial asset balance.

Reserve Fund and Liquidity Facility
The non-amortizing reserve funds in Orange Lion 2011-6, Orange
Lion 2013-8, 2013-9 and 2013-10 remain fully funded. The agency
expects these transactions to generate sufficient levels of
annualized gross excess spread to cover any realised loss
expected on the upcoming payment dates, thus no reserve fund
draws are likely to occur in the near term. Orange Lion IV, V and
VII benefit from non-amortizing and fully funded liquidity
facility, which can be used to cover interest shortfalls on the
class A notes.

Sequential Amortization
Note amortization in all these deals is purely sequential. As a
result, credit enhancement is expected to increase further as the
pools continue to deleverage.

Nationale Hypotheek Garantie (NHG) Loans
NHG loans comprise 100%, 17%, 28%, 23%, 28% and 25% of Orange
Lion V, 2011-6, VII, 2013-8, 2013-9 and 2013-10 assets,
respectively. A 10% reduction in base foreclosure frequency was
applied for the NHG loans originated by ING Bank and 15% by
WestlandUtrecht Bank , based on historical performance data.
Fitch also used historical claim data to determine the compliance
ratio assumption, which led to higher recovery rates for NHG
loans.

Rating Sensitivities:

Deterioration in asset performance could result from economic
factors, in particular the increasing effect of unemployment. A
corresponding increase in new defaults and associated pressure on
excess spread, reserve fund and liquidity facility could result
in negative rating action.

The rating actions are as follows:

Stichting Orange Lion IV RMBS
Class A1 (ISIN NL0009344928) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0009344936) affirmed at 'AAAsf'; Outlook Stable
Class A3 (ISIN NL0009344944) affirmed at 'AAAsf'; Outlook Stable
Class A4 (ISIN NL0009344951) affirmed at 'AAAsf'; Outlook Stable

Stichting Orange Lion V RMBS
Class A1 (ISIN NL0009689140) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0009689157) affirmed at 'AAAsf'; Outlook Stable
Class A3 (ISIN NL0009689165) affirmed at 'AAAsf'; Outlook Stable
Class A4 (ISIN NL0009689173) affirmed at 'AAAsf'; Outlook Stable

Stichting Orange Lion 2011-6 RMBS
Class A1 (ISIN NL0010016200) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0010016218) affirmed at 'AAAsf'; Outlook Stable

Orange Lion VII RMBS
Class A1 (ISIN NL0010159455) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0010159463) affirmed at 'AAAsf'; Outlook Stable
Class A3 (ISIN NL0010159471) affirmed at 'AAAsf'; Outlook Stable
Class A4 (ISIN NL0010159547) affirmed at 'AAAsf'; Outlook Stable

Orange Lion 2013-8 RMBS
Class A (ISIN NL0010365896) affirmed at 'AAAsf'; Outlook Stable

Orange Lion 2013-9 RMBS
Class A (ISIN NL0010395133) affirmed at 'AAAsf'; Outlook Stable

Orange Lion 2013-10 RMBS
Class A (ISIN NL0010525457) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN NL0010525465) affirmed at 'AA+sf'; Outlook Stable
Class C (ISIN NL0010525473) affirmed at 'A+sf'; Outlook Stable
Class D (ISIN NL0010525481) affirmed at 'BBB+sf'; Outlook Stable
Class E (ISIN NL0010525499) affirmed at 'BB+sf'; Outlook Stable



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


LISBON CITY: Fitch Affirms BB+ LT Currency Ratings; Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed the City of Lisbon's Long-term foreign
and local currency ratings at 'BB+'. The Outlooks are Negative.
Fitch has also affirmed the Short-term foreign currency rating at
'B'.

Key Rating Drivers:

Lisbon's ratings reflect the supportive institutional framework,
its status as political capital, some operating performance
volatility, declining debt and the comfortable debt repayment
schedule.

The Negative Outlook reflects that on Portugal's ratings.

Despite another decline in operating revenues in 2012, Lisbon has
improved its operating balance. Between 2010 and 2012 operating
revenue dropped by EUR81 million or 14.3%, principally due to a
decline in tax revenue. However, Lisbon was able to improve its
operating balance in 2012 due to salary cuts and a reduction of
several transfers and subsidies. The city generated an operating
balance equivalent to 21% of its operating revenue.

In 2012, Lisbon received EUR271 million extraordinary revenue,
which allowed the city to reduce its commercial liabilities by
EUR240 million. Outstanding debt at end-2012 was reportedly
EUR306 million, which represents 2.9x the current balance
generated (5.2 in 2009). In the past four years, financial debt
has declined and was equivalent to 60% of current revenues in
2012. Lisbon has traditionally had a favorable debt repayment
calendar, and has generally been able to cover a large part of
its debt servicing from its operating balance.

Rating Sensitivities:

If the sovereign's ratings were downgraded, Lisbon's rating would
also be downgraded. Lisbon could also be downgraded if there was
a drastic deterioration of budgetary performance, which Fitch
considers unlikely in the medium term.

An upgrade of the sovereign would be likely to lead to an upgrade
of Lisbon, provided that the fundamentals remain sound.



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


GLOBEXBANK: S&P Lowers Counterparty Credit Rating to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based GLOBEXBANK
to 'BB-' from 'BB' and affirmed the short-term counterparty
credit rating at 'B'.  The outlook is now negative.  At the same
time, S&P lowered the Russia national scale rating on GLOBEXBANK
to 'ruAA-' from 'ruAA'.

The downgrade reflects GLOBEXBANK's deteriorating financial
profile.  It also reflects S&P's expectations that the amount of
future financial support available for GLOBEXBANK from its
parent, state-controlled Vnesheconombank (VEB), may continue to
be difficult to predict and potentially be insufficient to offset
the deterioration in GLOBEXBANK's financial profile.

S&P has revised its assessment of GLOBEXBANK's stand-alone credit
profile (SACP) to 'b-' from 'b', as it doubts the bank will be
able in the next 12 months to reduce its persistently high
funding imbalances and improve its weaker liquidity metrics than
most peers'.  S&P believes that the bank's liquidity ratios, as
measured with Standard & Poor's liquidity metrics, are weaker
than the Russian banking sector average.

S&P continues to consider GLOBEXBANK as a "strategically
important" subsidiary of VEB, based on VEB's nearly 100%
ownership, track record of capital and liquidity support to
GLOBEXBANK, and announced long-term investment horizon.
Therefore, S&P incorporates three notches of support from VEB
into out ratings on GLOBEXBANK.

However, in S&P's view, it cannot rule out the risk of a
reduction of parental support owing to VEB's own financial
constraints.  If GLOBEXBANK's financial situation continues to
weaken and S&P do not see any signs of tangible support from VEB,
notably in terms of common equity, S&P might reconsider its
assessment of GLOBEXBANK's group status and reduce the number of
notches of uplift for parental support that we incorporate into
the long-term rating.

The negative outlook on GLOBEXBANK reflects S&P's expectation
that its SACP may further deteriorate in the next 12 months, and
that the amount of support available from VEB might be
insufficient, either because of VEB's own financial constraints,
or because of GLOBEXBANK's declining importance for VEB.

S&P could lower the long-term rating if it saw VEB's SACP
deteriorating, indicating lower capacity to support its
subsidiary, or that tangible support to GLOBEXBANK was not
forthcoming.

S&P could also lower the long-term rating if the negative trend
in GLOBEXBANK's SACP continued, including a worsening capital
position (with Standard & Poor's risk-adjusted capital ratio
falling below 3%), continuing risk-appetite growth (notably in
high-risk segments such as real estate), or significant
deterioration of the bank's competitive position.

S&P could revise the outlook to stable if it sees more
predictable financial support coming in.  This would imply the
maintenance of strong integration with the parent, the parent's
commitment to support the bank, and no deterioration in the
bank's SACP.


SVIAZ-BANK: S&P Revises Outlook to Neg. & Affirms 'BB/B' Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based Sviaz-Bank to negative from stable.  At the same time, S&P
affirmed the 'BB/B' long- and short-term counterparty credit
ratings and the 'ruAA' Russia national scale ratings on this
bank.

The rating action primarily reflects S&P's opinion that the
financial support available for the subsidiary from state-
controlled Vnesheconombank (VEB) remains difficult to predict and
may reduce within the coming 12-18 months if the financial
standing of VEB itself deteriorates.

VEB bailed Sviaz-Bank out during the financial turmoil of 2008-
2009, with the intention of revitalizing the bank and then
selling it.  VEB is a primary state development institution in
Russia, involved in big and complex state investment projects,
and Sviaz-Bank does not fully fit into its strategy.  At the same
time, S&P notes that VEB announced that Sviaz-Bank continues to
be its long-term investment and that Sviaz-Bank is going to stick
to its recently established development plan that covers the
period up to 2028.

"We continue to consider Sviaz-Bank to be a "strategically
important" subsidiary of VEB, based on VEB's almost 100%
ownership of the bank, the bank's track record of capital and
liquidity support from VEB, and VEB's announced long-term
investment horizon.  We do not believe Sviaz-Bank needs support
from VEB in the next 12 months, as its financial profile should
remain stable over this period.  Nevertheless, we think that
financial pressure stemming mostly from VEB's currently low
levels of capital might create uncertainties in the longer term
about VEB's capacity to support Sviaz-Bank if it were to become
necessary," S&P said.

"If we observe an increasing likelihood that VEB will proceed
with an early disposal of Sviaz-Bank -- which, however, is not
our base-case scenario -- or if we believe that further weakening
of VEB's financial profile could reduce capacity to support its
subsidiaries, we may reassess the bank's group status within VEB
and reduce the number of notches of uplift for parent support.
We continue to incorporate three notches of uplift for this
"strategically important" subsidiary of VEB," S&P added.

The stand-alone credit profile (SACP) for Sviaz-Bank is currently
'b'.  The bank is developing its business in line with S&P's
expectations, maintaining its relationships with strategic
clients and gradually diversifying its activities.  However, the
SACP primarily reflects the high concentration of risks and low
earnings generation.  These factors, combined with the gradual
weakening capitalization, notably affect the bank's capital and
earnings.  S&P believes that the bank's plans to expand its
business volumes is likely to challenge capitalization levels.
If these plans are not supported by sufficient earnings, the SACP
would be further constrained.

S&P's rating on Sviaz-Bank also incorporates its 'bb' anchor for
banks operating only in Russia, and S&P's view of Sviaz-Bank's
"moderate" business position, "weak" capital and earnings,
"moderate" risk position, "average" funding and "adequate"
liquidity.

The negative outlook reflects the risks stemming from a
deterioration of VEB's financial profile, which would indicate a
lower capacity to support its subsidiaries, including Sviaz-Bank.
It also reflects the likelihood of the bank's capital position
weakening if the growth of risky assets continues to outpace that
of earnings generation.

S&P may lower the ratings if it sees that VEB's financial profile
weakens to a level that creates uncertainties regarding VEB's
future capacity to support its subsidiaries.  S&P may also
consider a downgrade if Sviaz-Bank's risk-adjusted capital ratio
drops to close to or below 3% in the next two years, under the
pressure of growing volumes, low earnings generation, and the
absence of external support.

S&P may revise the outlook to stable if it sees that the
likelihood of the sale is remote and that the strategic
uncertainties regarding the future developments of Sviaz-Bank,
notably VEB's capacity to support its subsidiaries, decrease
materially.  If this occurs it would imply sustained, strong
integration within VEB and its commitment to support the bank.
Furthermore, S&P would not revise the outlook to stable if it
observed a deterioration in the bank's SACP, all other things
remaining equal.



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


RIVOLI PAN EUROPE: Moody's Affirms Ba3 Rating on Class X Notes
--------------------------------------------------------------
Moody's Investors Service has taken rating action on the
following classes of Notes issued by RIVOLI Pan Europe 1 plc
(amounts reflect initial outstanding):

Issuer: RIVOLI Pan Europe 1 plc

EUR413M A Notes, Affirmed Baa3 (sf); previously on Oct 22, 2012
Confirmed at Baa3 (sf)

EUR0.05M X Notes, Affirmed Ba3 (sf); previously on Aug 22, 2012
Downgraded to Ba3 (sf)

Moody's does not rate the Class B and Class C Notes.

Ratings Rationale:

Rating affirmation follows the full redemption of the EUR113.4
million Parque Principado loan and subsequent sequential
allocation of principal proceeds to the notes. Since the last
review, there has been an additional EUR11 million of
amortization from the Rive Defense and Blue Yonder loans. This
resulted in the Class A balance reducing to EUR170.98 million
from EUR295.38 million, whilst the Class A credit enhancement
correspondently rose to 28% from 18%.

Moody's views the paydown as credit positive. The agency had
factored in a 9% expected loss on the Parque Principado loan due
to concerns over the exposure to a single shopping centre in
Northern Spain in the current depressed Spanish retail market,
together with the lack of liquidity as evidenced outside of the
Madrid and Barcelona property investment markets.

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool. Based on Moody's
current assessment of these parameters, the loss expectation has
remained stable since last review.

Currently, upgrade potential remains constrained by the continued
uncertainty surrounding the remaining three loans. The Santa
Hortensia and Rive Defense loans both failed to repay at their
scheduled maturity date in January 2013 and are both secured by
large single tenanted offices in non-prime locations to tenants
who either have short remaining lease terms to expiry or have
indicated a willingness to leave. Any changes in the leasing
profile of either asset may result in a large movement in their
current reported market values, which could lead to a change of
the rating of Class A Notes.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realised losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) lending
will remain constrained over the next years, while subject to
strict underwriting criteria and heavily dependent on the
underlying property quality, (ii) strong differentiation between
prime and secondary properties, with further value declines
expected for non-prime properties, and (iii) occupational markets
will remain under pressure in the short term and will only slowly
recover in the medium term in line with anticipated economic
recovery. Overall, Moody's central global macroeconomic scenario
for the world's largest economies is for only a gradual
strengthening in growth over the coming two years. Fiscal
consolidation and volatility in financial markets will continue
to weigh on business and consumer confidence, while heightened
uncertainty hampers spending, hiring and investment decisions. In
2013, Moody's expects no growth in the Euro area and only slow
growth in the UK.

Moody's Portfolio Analysis:

RIVOLI Pan Europe 1 plc represents the securitization of
initially five commercial mortgage loans originated by CALYON
(currently known as "Credit Agricole Corporate and Investment
Bank"). Since closing, two loans have prepaid in full and the
pool balance has decreased by 51% to EUR237.4 million.

The EUR103.8 million Santa Hortensia loan is backed by a 46,928
sqm headquarter office property located in a secondary office
pitch in Madrid. The office was purpose-built in 1989 for the
tenant International Business Machines Corporation, Spain -- a
100% subsidiary of International Business Machines Corporation
(Aa3), who remains the sole tenant in occupation. Currently, the
landlord and tenant are in ongoing discussions concerning the
signing of a new lease.

A new valuation was procured in January 2013 highlighting the
relative sensitivity to these discussions, with market values
ranging from just EUR50 million if the property was left
completely vacant, to EUR115 million if a new 10 year lease was
signed on the current terms. Moody's anticipates a new lease
eventually being signed but on worse terms and expects losses in
the range of 0%-25% for the loan.

Rive Defense is the second largest loan in the pool. It is backed
by a 47,347 sq.m five story office built in 1992 and renovated in
2006, located in a fringe location, north-East of Nanterre and La
Defense, in Paris.

The building is 94% let to Societe Fran‡aise de Radiotelephonie
(SFR a subsidiary of Vivendi Baa2, and Vodafone Group Plc, A3)
until June 2018. It is however, likely that SFR will vacate prior
to lease expiry (by paying a lease surrender) as their new
offices being built in Saint Dennis are set to be delivered in
2015.

The loan (which represents 50% of a syndicated facility) failed
to repay at maturity in July 2012 and was extended until January
2013. The borrower has instigated Safeguard proceedings and the
court approved the safeguard plan including a three-year loan
extension until July 2016.

Moody's views the borrower entering Safeguard as mildly credit
negative. Although a quick resolution it normally favorable to
Class A noteholders in sequential paydown structures, in this
instance Moody's believes it prevents significant value erosion
by allowing the borrower to seek a superior medium term leasing
profile, which might include office reconfiguration to allow for
multiple occupants. Moody's expects a resolution prior to the
final legal maturity of the bonds in August 2018. The agency
expects losses in the range of 0%-25% on the loan.

The remaining Blue Yonder loan is secured by seven office, retail
and industrial assets which equate to Office (36%), Warehouse
(28%), Hangar (19%), and Catering (17%). All these various
airport buildings are located at Amsterdam airport and all are
fully let to the same tenant (KLM Royal Dutch Airlines, part of
AIR FRANCE-KLM GROUP) until August 2018. The assets are all well
maintained. The loan's low day-1 LTV (55%) and on-going
amortization continue to improve the ICR, which currently stands
at 7.42x. Since the last review, the loan has performed in line
with Moody's expectations, and the agency retains a very low
expected loss on the loan.

Other factors used in this rating are described in European CMBS:
2013 Central Scenarios, published in February 2013.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated October 22, 2012. The last Performance Overview for
this transaction was published on August 27, 2013.

In rating this transaction, Moody's used both MoRE Portfolio and
ABSROM to model the cash-flows and determine the loss for each
tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in ABSROM, where for each loss
scenario on the assets, the corresponding loss for each class of
notes is calculated taking into account the structural features
of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.

Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.


TDA SA NOSTRA: Fitch Lifts Ratings on Series E Notes to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded TDA SA Nostra Empressas 1 and 2, FTA's
most junior series and affirmed the remaining notes, as followed:

TDA SA Nostra Empresas 1, FTA

Series A (ISIN: ES0377969003): affirmed at 'Asf', Outlook Stable
Series B (ISIN: ES0377969011): affirmed at 'Asf', Outlook Stable
Series C (ISIN: ES0377969029): affirmed at 'BB+sf', off Rating
Watch Negative (RWN); Outlook Negative
Series D (ISIN: ES0377969037): affirmed at 'BB+sf', off RWN;
Outlook Negative
Series E (ISIN: ES0377969045): upgraded to 'BB+sf' from 'BBsf',
Outlook Negative

TDA SA Nostra Empresas 2, FTA

Series A (ISIN: ES0377957008): affirmed at 'Asf', Outlook Stable
Series B (ISIN: ES0377957016): affirmed at 'Asf', Outlook Stable
Series C (ISIN: ES0377957032): affirmed at 'BB+', off RWN;
Outlook Negative
Series D (ISIN: ES0377957024): upgraded to 'BB+' from 'BBsf',
Outlook Negative

Key Rating Drivers:

The ratings reflect the transactions' material exposure to Banco
Mare Nostrum (BMN, BB+/Negative/B). BMN services both
transactions and holds the reserve funds, whereas the role of
main issuer account bank has been transferred to BNP Paribas
Securities Services (A+/Stable/F1). Considering under-
collateralization, as well as potential future defaults, the
junior notes are heavily reliant on the reserve fund, which makes
up for 28% and 33% of the outstanding note balance for TDA SA
Nostra Empresas 1 and 2, respectively. In both cases, the
required reserve fund level is at its lowest possible amount.

Fitch addressed the associated risks by analyzing a scenario
where the reserve fund has been excluded for the analysis, which
resulted in best pass ratings below the bank's rating. Therefore
the rating for the junior notes is now credit linked to BMN's
rating.

The affirmation of the senior notes reflect their stable
performance since the last review in March 2013, as well as
increased credit enhancement due to natural amortization of the
notes. Their ratings are capped at the 'Asf' level as a result of
potential payment interruption risk. Both transactions have the
possibility of amortizing pro rata, but are currently amortizing
sequentially. It is likely that pro rata amortization would be
resumed if the reserve funds are replenished, which are currently
slightly underfunded.

Overall, 90 day delinquency levels have decreased for both
transactions and are currently 2.62% and 1.71% for TDA SA Nostra
Empresas 1 and 2, respectively. Current defaults remain below 1%
for both transactions, although for TDA SA Nostra Empresas 2 they
have increased to 0.53% from 0.06% since March 2013.

Rating Sensitivities:

The analysis included a stress test to analyze the ratings'
sensitivity to a change in the underlying assumptions. The first
stress simulated an increase of the default probability and did
not imply any impact on the ratings. The second stress test
addressed a reduction of recovery rates on the collateral and did
not indicate any material impact on the ratings.



===========
T U R K E Y
===========


VAKIFBANK: Fitch Affirms 'BB+' Subordinated Debt Rating
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of T.C. Ziraat Bankasi
A.S. Turkiye Halk Bankasi A.S. (Halkbank) and Turkiye Vakiflar
Bankasi T.A.O. (Vakifbank).

Key Rating Drivers and Sensitivities - IDRS, National Ratings,
Support Ratings, Support Rating Floors, Senior Debt Ratings:

The affirmation of the banks' support-driven ratings reflects
Fitch's opinion that the probability of state support for these
banks in case of need is high, underpinned by their state
ownership, systemic importance, the track record of support to
date and the still moderate size of the banks relative to
Turkey's GDP.

Key Rating Drivers - VRS:

The affirmation of the banks' 'bbb-' VRs reflects their broad and
stable franchises, their generally sound management and strong
financial metrics in terms of asset quality, performance,
liquidity and capitalization. Fitch believes the banks' sound
financial metrics, especially the depth and stability of their
deposit franchises, will help them to weather a tougher domestic
operating environment, with slower economic growth, higher
domestic interest rates and potential further Turkish lira
depreciation. At the same time, the ratings also reflect the
gradual increase in the banks' leverage during recent years and
risks resulting from their rapid growth.

The banks have extensive franchises. Ziraat is the largest
deposit taker and leader in the consumer loans segment, while
Halkbank and Vakifbank, are the fourth and sixth largest banks,
respectively, in terms of deposits. Ziraat and Halkbank are the
sole distributors of subsidized loans to the agricultural and SME
sectors, respectively, and only state-owned commercial banks are
eligible to receive savings deposits from certain state-owned
companies defined by law.

Loan growth throughout the Turkish banking sector was rapid
during 9M13, reaching 24.6%. Growth at Vakifbank and Halkbank was
slightly below this average but Ziraat's loan growth has been
rapid, as the bank has focused on changing the structure of its
balance sheet by decreasing the proportion of government
securities and expanding the loan book. The transformation of
Halkbank's and Vakifbank's balance sheets away from securities
and towards loans has been more gradual, occurring over the past
five years.

In Fitch's view, the three banks, along with the sector as a
whole, are likely to suffer only moderate asset quality
deterioration as loan books season due to (i) still positive GDP
growth (Fitch forecasts 3.7% in 2013 and 3.2% in 2014); (ii) the
relatively broad-based nature of the economy and reasonably
diversified loan books at the banks, with cyclical sectors such
as real estate and construction not representing an excessively
large proportion of loan portfolios; (iii) still moderate
corporate and household leverage; (iv) the absence of foreign
currency retail lending, especially important given the rapid
expansion of retail lending in Turkey; and (v) limited evidence
of directed lending at the banks, as financing of infrastructure
projects and privatizations is broadly in line with that at large
privately-owned banks.

At the same time, as in any banking system which has experienced
rapid loan growth for a sustained period, the risks of a more
marked deterioration in asset quality are significant. Fitch
views risks as being greatest in small business lending and
unsecured consumer finance, although they are somewhat less
pronounced for Ziraat and Halkbank, given their long track
records of operating in these segments. Fitch also views Ziraat's
recent rapid expansion in corporate lending as potentially high
risk, given the bank's limited experience in this area. However,
the agency gains some comfort from the fact that the composition
of this lending is broadly in line with peers. Foreign currency
corporate lending (around 25% of the banks' total books) is
another area of potential risk given that in Fitch's view, this
represents to a significant degree exposures to unhedged
companies.

Impaired loans at Ziraat and Halkbank are close to the banking
sector average of 2.8%, while Vakifbank's impaired loans were a
higher 4% at end-1H13. However, these banks do not write-off and
have not sold any impaired loans, unlike most banks in the
sector. Reported restructured and watch loans are limited at the
banks. However, in Fitch's view, their delinquency ratios, as for
the sector as a whole, are not necessarily indicative of
underlying asset quality, given that portfolios are yet to
season.

Impairment charges have so far been manageable, representing 13%
and 19% of pre-impairment operating profit at Halkbank and Ziraat
in H113, respectively. Vakifbank's impairment charges reached a
high 38% of pre-impairment profit in H113, but this was partially
due to the bank's policy of fully provisioning for loans that are
more than 180 days overdue regardless of collateral.

Capital and funding ratios have gradually weakened from
previously strong levels, but still remain sound, in Fitch's
view. The Fitch core capital/weighted risks ratios at end-1H13
were a comfortable 14.1% at Ziraat and 12.7% at Halkbank and a
lower, but still adequate, 11.3% at Vakifbank. Capitalisation is
supported by generally strong reserve coverage of impaired loans
(albeit somewhat lower at Ziraat) and healthy internal capital
generation.

Funding structures are a rating strength, in Fitch's view, with
around 68% of non-equity liabilities represented by stable,
granular deposits. Wholesale funding at Halkbank and Vakifbank is
diversified by sources and tenors, while Ziraat has not yet
tapped the international markets. Loans/deposits ratios have been
increasing and ranged from 119% at Vakifbank to a low 77% at
Ziraat at end-H113. In Fitch's view, these levels are still
reasonable, while liquidity is comfortable and refinancing risk
low.

Performance ratios remained sound in 1H13, with operating ROAA
and ROAE highest at Halkbank at 3.3% and 31.5%, respectively, and
lowest, but still high by international standards, at Vakifbank,
at 2% and 19%, respectively. However, due to revaluations of
government debt portfolios, there has been greater volatility in
banks' comprehensive income, with large negative revaluations (to
a lesser extent at Halkbank) booked in 2Q13. Net interest margins
at the four banks remained wide in 1H13, ranging from 5.6%
(Vakifbank) to 5.2% (Ziraat), but Fitch expects significant
tightening in 2H13 and into 2014 as deposits reprice quicker than
loans in a rising interest rate environment.

Rating Sensitivities - VRS:

The banks' VRs could be downgraded in case of a pronounced
economic slowdown and/or greater than expected asset quality
deterioration as loan books season. A downgrade of the sovereign
rating would also likely result in a downgrade of the banks' VRs.

Upside potential for the VRs is currently limited given the
sovereign rating and the banks' rapid expansion. However, a
moderation of growth rates, preservation of sound financial
metrics and limited deterioration of asset quality could be
positive for the banks' standalone credit profiles.

Key Rating Drivers and Sensitivities - Vakifbank Subordinated
Debt:

The affirmation of Vakifbank's subordinated debt rating at 'BB+'
reflects that this is notched once off the bank's 'bbb-' VR. This
reflects Fitch's usual approach to rating subordinated debt, and
also its view that government support for state-owned banks in
Turkey will not necessarily in all circumstances be extended to
subordinated creditors. Any change in Vakifbank's VR would likely
lead to a change in the subordinated debt rating.

The rating actions are as follows:

Ziraat, Vakifbank, Halkbank

  Long-term foreign currency IDRs: affirmed at 'BBB-'; Stable
  Outlook

  Long-term local currency IDRs: affirmed at 'BBB'; Stable
  Outlook

  Short-term foreign and local currency IDRs: affirmed at 'F3'

  Support Ratings: affirmed at '2'

  Support Rating Floors: affirmed at 'BBB-'

  National Long-term Ratings: affirmed at 'AAA(tur)'; Stable
  Outlook

  Senior unsecured debt issues (Halkbank, Vakifbank): affirmed at
  'BBB-'

  Viability Ratings: affirmed at 'bbb-'

  Subordinated debt rating (Vakifbank): affirmed at 'BB+'



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


AIRPARKS MANAGEMENT: Goes Into Administration
---------------------------------------------
traveldailymedia.com reports that one Airparks site has closed
and another taken over after Airparks Management Limited (AML)
entered administration.

The Glasgow site closed following the collapse of the company,
which is owned independently but leases its name from Holiday
Extras Investment Limited, according to traveldailymedia.com.

The report relates that the Gatwick site will now continue to
trade under new management but will continue to use the Airparks
name.

The report discloses that HEIL's owned sites in Luton and
Birmingham have not been affected and will continue to trade
under the Airparks name.  Its website is also trading as usual,
the report adds.


AVOCA CAPITAL CLO X: S&P Assigns 'BB' Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
Avoca Capital CLO X Ltd.'s floating-rate class A, B, C, D, and E
notes.  At closing, Avoca Capital CLO X also issued an unrated
subordinated class of notes.

S&P's ratings reflect its assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating.  S&P considers that the portfolio as of closing is
diversified, primarily comprising broadly syndicated speculative-
grade senior secured term loans and senior secured bonds.

S&P's ratings also reflect the credit enhancement available to
the rated notes through the subordination of cash flows payable
to the subordinated notes.  S&P subjected the capital structure
to a cash flow analysis to determine the break-even default rate
(BDR) for each rated class of notes.

To determine the BDR for each rated class, S&P used the target
par amount, the covenanted weighted-average spread, the
covenanted weighted-average coupon, and the covenanted weighted-
average recovery rates.  S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

Following S&P's credit and cash flow analysis, its assessment of
available credit enhancement is commensurate with its ratings.
S&P's analysis shows that the available credit enhancement for
each class of notes was sufficient to withstand the defaults that
S&P applied in its supplemental tests (not counting excess
spread) outlined in its corporate collateralized debt obligation
(CDO) criteria.

In S&P's analysis, it considered that the transaction documents'
replacement and remedy mechanisms adequately mitigate the
transaction's exposure to counterparty risk under its current
counterparty criteria.

Following the application of S&P's non-sovereign ratings
criteria, it considers that the transaction's exposure to country
risk is sufficiently mitigated at the assigned rating levels.
This is because the concentration of the pool comprising assets
in countries rated lower than 'A-' is limited to 10% of the
aggregate collateral balance.

The transaction's legal structure is bankruptcy-remote, in
accordance with S&P's European legal criteria.

Avoca Capital CLO X is a European cash flow collateralized loan
obligation (CLO), mainly comprising euro-denominated leveraged
loans and bonds issued by European borrowers.  Avoca Capital
Holdings is the collateral manager.

RATINGS LIST

Avoca Capital CLO X Ltd.
EUR310.75 Million Senior Secured Floating-Rate Notes
and Subordinated Notes

Class                 Rating            Amount
                                      (mil. EUR)

A                     AAA (sf)          166.00
B                     AA (sf)            47.50
C                     A (sf)             14.75
D                     BBB (sf)           20.00
E                     BB (sf)            19.00
Subordinated          NR                 43.50

NR--Not rated.


BLOCKBUSTER: Penarth Branch to Stay Open Despite Administration
---------------------------------------------------------------
Penarth Times relates that Penarth'S Blockbuster branch is to
remain open -- despite the video rental chain's parent company
going into administration and the recent announcement that 72
stores were due to close.

In January this year, the Hickman Road branch was given a
reprieve when it was announced by administrators that 160
branches were due to be closed, according to Penarth Times.

The report relates that the Penarth branch, which has six
employees, has recently been holding a clearance sale with signs
advertising "Everything Must Go" since its parent company TS
Operations Limited went back into administration.

The report notes that administrators are continuing to market the
business and have reassured customers that the remaining branches
will be open for business as usual.

Joint administrators Simon Thomas -- sthomas@moorfieldscr.com --
and Nick O'Reilly of Moorfields Corporate Recovery LLP said on
November 14: "The decision to close some stores has not been
taken lightly, however the remaining stores remain open for
business and we are continuing to market the business for sale as
a going concern.  Currently we are offering attractive discounts
which are generating additional sales," the report discloses.

They added: "We want to be as open and transparent as possible
throughout this process and will hopefully be in a position,
within the next seven days, to provide staff and customers with
another update very shortly," the report relays.


HOLYSTONE CIVIL: In Administration, Cuts 40 Jobs
------------------------------------------------
Construction Enquirer reports that parts of northeast-based civil
engineering specialist Holystone Civil Engineering have fallen
into administration with the loss of 40 jobs.

Administrators have now made all of the company's staff redundant
at the contracts and demolition divisions after being appointed
earlier this month, according to Construction Enquirer.  The
report relates that Holystone Civil Engineering continues to
trade from the company headquarters in Tyne and Wear.

Holystone Civil Engineering had been struggling financially for
some time and entered a Company Voluntary Arrangement (CVA) with
creditors earlier this year, the report notes.

"It had been in a CVA process, but had struggled to maintain
turnover, and cash flow proved to be an issue as a result of
suppliers requesting payment up front,"the report quoted a Baker
Tilly spokesman as saying.

The report discloses that under the CVA Holystone was due to make
contributions totaling GBP800,000 over a 60 month period.

But as of earlier this month, Holystone Civil Engineering was six
months in arrears and the administrators were called in, the
report adds.


TANFIELD ENGINEERING: In Administration, Fails to Seek Buyer
------------------------------------------------------------
vertikal.net reports that Tanfield placed its unit Tanfield
Engineering in administration after failing to find a buyer.

The business, while not large, posted losses of GBP732,000 last
year and negative net assets of around GBP367,000, according to
vertikal.net.  The administrator plans to run the company on
while it seeks a buyer, the report relates.

The report discloses that a statement from Tanfield said: "As
reported on November 5, the Company was investigating ways to
dispose of the loss making engineering unit, Tanfield Engineering
Services Limited.  No immediate buyers were identified and in
order to preserve the group's cash reserves to run the plc to
advance the strategy of realizing value from the company's two
principal investments in Snorkel and Smith Electric Vehicles, the
company has appointed Administrators for this business unit."

"The administrators are of the view that the best outcome for
creditors is served by trading the business for a period and
seeking a buyer.  The administrators are optimistic that they
will be able to find a buyer and preserve as many jobs as
possible. Henceforth this unit does not therefore form part of
the group's activities," Tanfield said, the report discloses.


UK: RBS Forced Firms Into Administration, Says Whistleblower
------------------------------------------------------------
BBC News reports that a former legal adviser to the Royal Bank of
Scotland risk department has claimed that RBS has forced "good"
and "viable" businesses into administration.

It follows an independent report into RBS which said it forced
some small businesses to default on loans, so that it could get
its hands on their assets at rock-bottom prices, according to BBC
News.

"Jenny" told BBC Radio 5 live's Stephen Nolan: "Many are good,
viable businesses that have been forced into administration or
forced into GRG . . .  they have no assets and they have no
money, and lots of these are family businesses."

In a statement, RBS said: "GRG successfully turns around most of
the businesses it works with, but in all cases is working with
customers at a time of significant stress in their lives.  Not
all businesses that encounter serious financial trouble can be
saved," BBC News discloses.


UK: Number of Zombie Companies Up 108% From Five Years Ago
----------------------------------------------------------
InsolvencyJournal.ie reports that the economy may finally be
turning a corner but for the UK's 'zombie' companies with debts
greater than their assets, there is little hope of a quick
recovery.

According to InsolvencyJournal.ie, new research from financial
health monitoring specialists Company Watch shows that there are
now over 227,000 zombie companies, a startling 108% increase from
five years ago, before the recession took hold when there were
only 109,000 zombies.

This means almost one in ten of the UK's 2.5 million active,
registered companies are at best only producing enough cash to
service their bank and supplier debts but not earning enough to
grow their businesses or restore their balance sheets to health,
InsolvencyJournal.ie states.  Needless to say, they are
incredibly vulnerable to rises in interest rates or unbudgeted
extra costs, InsolvencyJournal.ie notes.

According to InsolvencyJournal.ie, the Association of Business
Recovery Professionals said that 497,000 people are employed by
"zombie businesses", and 1.3 million by acutely distressed ones.
This constitutes about 4.4% of the British workforce,
InsolvencyJournal.ie states.

Collectively, these companies have negative net worth - i.e. their
liabilities exceed their net assets -- of almost GBP70 billion,
InsolvencyJournal.ie discloses.  Five years ago, this figure was
only GBP31 billion, InsolvencyJournal.ie relays.

"The problem with this ever-growing army of zombies goes well
beyond any immediate threat of insolvency.  These struggling
businesses distort fair competition right across the economy as
they underbid for contracts in their desperate ongoing battle to
generate cash to keep their creditors at bay.  The damage they
cause to healthier companies can be seen especially in sectors
like construction where suicide pricing is depressing the
profitability of the entire industry," InsolvencyJournal.ie
quotes Nick Hood, Business Risk Analyst at Company Watch, as
saying.

"The problem with the recent years of minimal growth in an
extended period of low interest rates and depressed asset values
is that the usual post-recession process of clearing out the dead
wood has been delayed, leaving this staggering level of dead
money languishing in unproductive businesses.

"As the economy improves, a proportion of these businesses will
be able to trade themselves into stronger positions.  But when
interest rates eventually rise and activity levels increase, the
lack of financial resources of many others will cause a surge in
insolvencies for the weak and rapidly rising bad debts for their
banks and other creditors."



===============
X X X X X X X X
===============


EUROPE: S&P Puts 22 EMEA Corp. Issuer Ratings on CreditWatch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has reviewed its
ratings on the corporate industrial and utility companies that
were labeled as "under criteria observation" (UCO) after the
publication of its revised corporate criteria on Nov. 19, 2013.
As a result of this review, S&P has placed the ratings on 22 EMEA
corporate entities, which represent about 3% of our EMEA
corporate ratings under criteria observation, on CreditWatch with
positive implications, meaning that the ratings will likely be
raised.

Over the coming weeks, S&P will publish individual analytical
reports on the companies identified below to resolve these
CreditWatch listings.

All other EMEA corporate issuer ratings are unaffected under the
revised corporate criteria, and their UCO labels will be removed.

RATINGS LIST

EMEA Issuer Ratings Placed On CreditWatch Due To Revised
Corporate Criteria*
                                   To                    From

Aeroporti di Roma SpA         BBB-/Watch Pos/A-3    BBB-/Pos/A-3

Autoliv ASP Inc.
Autoliv Inc.
Long-term rating             BBB+/Watch Pos        BBB+/Positive
Short-term rating            A-2                   A-2
Autoliv Inc.
Nordic scale short-term      K-1                   K-1

Autoroutes Paris-Rhin-Rhone
S.A.                         BBB-/Watch Pos/A-3  BBB-/Stable/A-3

AVG Technologies N.V.         BB-/Watch Pos/--      BB-/Stable/--

BMW AG
Long-term rating             A/Watch Pos           A/Stable
Short-term rating            A-1                   A-1

Boston Luxembourg II
S.a.r.l.                      B/Watch Pos/--        B/Stable/--

Continental AG                BB+/Watch Pos/B       BB+/Stable/B

Edison SpA
Long-term rating             BBB/Watch Pos         BBB/Positive
Short-term rating            A-2                   A-2

Geberit AG                    A-/Watch Pos/--       A-/Stable/--

Hellenic Telecommunications
Organization S.A.
Long-term rating             B+/Watch Pos          B+/Stable
Short-term rating            B                     B

HellermannTyton Alpha S.a.r.l.
HellermannTyton Beta S.a.r.l.
HellermannTyton Group PLC     BB-/Watch Pos/--      BB-/Stable/--

ISS A/S
ISS Global A/S
ISS World Services A/S
Long-term rating             BB-/Watch Pos         BB-/Positive
ISS World Services A/S
Short-term rating            B                     B

L'Air Liquide S.A.
Long-term rating             A/Watch Pos           A/Stable
Short-term rating            A-1                   A-1

Linde AG
Linde Finance B.V.
Long-term rating             A/Watch Pos           A/Stable
Short-term rating            A-1                   A-1

LVMH Moet Hennessy Louis Vuitton S.A.
                              A/Watch Pos/A-1       A/Pos/A-1

Metsa Board Corp.
Long-term rating             B/Watch Pos           B/Stable
Short-term rating            B                     B

N.V. Luchthaven Schiphol
Schiphol Nederland B.V.
Long-term rating             A/Watch Pos           A/Stable
Short-term rating            A-1                   A-1

North West Electricity
Networks (Holdings) Ltd.      BB+/Watch Pos/--      BB+/Stable/--

Syngenta AG
Long-term rating             A/Watch Pos           A/Stable
Short-term rating            A-1                   A-1

Titan Cement Co. S.A.
Long-term rating             BB-/Watch Pos         BB-/Stable
Short-term rating            B                     B

Unitymedia Hessen GmbH & Co. KG
Unitymedia KabelBW GmbH
Unitymedia Management GmbH    B+/Watch Pos/--       B+/Stable/--

Wind Acquisition Holdings
  Finance SpA
Wind Telecomunicazioni SpA    B+/Watch Pos/--       B+/Stable/--


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2013.  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 or Nina Novak at
202-241-8200.


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