TCREUR_Public/140326.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 26, 2014, Vol. 15, No. 60



CITYWEST: CW Hotel Sued Over Failure to Complete EUR28MM Sale


ACC COMPRESSORS: Bids for Sale of Business Due by April 18


IDEAL STANDARD: Moody's Lowers CFR to 'Ca'; Outlook Negative


TARA HILL: Moody's Affirms Caa1 Rating on EUR17MM Class IV Notes
TELEFONICA EUROPE: Moody's Assigns Ba1 Rating to New Securities
TELEFONICA EUROPE: S&P Assigns 'BB+' Rating to Hybrid Notes


AIKB TATFONDBANK: S&P Assigns 'B' Counterparty Rating
KOSMOS: Two Companies File Bankruptcy Suits
SOBINBANK: Moody's Withdraws 'B3' Local & Foreign Deposit Rating


NCG BANCO: Moody's Extends Review for 'B3' Ratings Downgrade
OBRASCON HUARTE: Moody's Rates EUR400MM Senior Notes 'Ba3'

U N I T E D   K I N G D O M

ALBEMARLE & BOND: Goes Into Administration
MF GLOBAL: Creditors Have Until April 11 to Submit Claims
TALVIVAARA MINING: To Delay Publication of Financial Statements
YULIJA MARKETING: Creditors Have Until April 30 to Submit Claims



CITYWEST: CW Hotel Sued Over Failure to Complete EUR28MM Sale
Tim Healy at reports that Martin Ferris, receiver
of certain Citywest assets held by HSS, Jeffel, Rattler Ltd. and
Citywest Resort Ltd., is suing CW Hotel Investments 2013 Ltd. for
alleged failure to complete the purchase of the complex.

According to, Mr. Ferris is seeking court orders
requiring CW Hotel Investments 2013 Ltd. to complete the EUR28
million purchase.

The case was admitted to the Commercial Court list on consent
between the parties, relays.

Mr. Ferris said on October 18 last year, Fadi Gemayel of
Broadwalk, London, acting in trust for CW (formerly Celleron
Ltd.), entered into a contract with the Citywest companies to buy
the property, recounts.  The price for the hotel,
conference centre, its leisure center and attached buildings and
land was EUR26.5 million and a EUR2.75 million deposit was paid, discloses.  The golf course price was EUR1.5
million and a 10% deposit was paid, notes.

Mr. Ferris said in an affidavit that the contract was to close on
December 11 but CW did not complete the purchase,

On Jan. 13, lawyers for CW wrote saying the Citywest companies
were not ready to proceed, which was denied, but that they were
willing to complete once certain matters were dealt with, recounts.

The firms denied there were any impediments and were not
agreeable to further delay, states.


ACC COMPRESSORS: Bids for Sale of Business Due by April 18
Maurizio Castro, acting in his capacity as Extraordinary
Commissioner of ACC Compressors, S.p.A., invites all interested
parties to bid for the sale of the Company's entire business.

The sale of the business was authorized by the Italian Ministry
of Economic Development by a decree dated Feb. 5, 2014,
authorizing the Extraordinary Commissioner to start the plan for
the sale of the Business.

The Extraordinary Commissioner invites interested parties to
examine and download the Disciplinare (with and English
Translation named "Tender Regulation"), published on the
dedicated area of the Company's website, ,
under the Section Focus; and to evaluate, under the terms and
conditions established in the said Tender Regulations, the
participation to the ongoing sale procedure of the business of
ACC Compressors.

Admitted Bidders must send their binding and definitive offers so
as to be received by Notary Public dott. Giorgio Gottardo no
later than April 18, 2014.

To be admitted to the sale procedure under the Tender Regulation,
interested parties shall have to accept the Tender Regulation.

For any clarification, parties may contact ACC Compressors' legal
counsel via e-mail at or the
Company's CFO at

                       About ACC Compressors

ACC Compressors is an independent European provider of
compressors for domestic refrigerators seated in Pordenone,
Italy, with manufacturing facility in Mel (Belluno).  The Company
designs, manufactures and markets the most advanced compressors
used in household appliances.

On August 27, 2013, ACC Compressors was admitted by the Court of
Pordenone to the extraordinary administration procedure pursuant
to the Italian Legislative Decree July 8, 1999, n. 270, (the EA

Maurizio Castro was appointed Extraordinary Commissioner of ACC
Compressors on September 4, 2013 by the Ministry of Economic
Development (MED).


IDEAL STANDARD: Moody's Lowers CFR to 'Ca'; Outlook Negative
Moody's Investors Service downgraded the ratings of Ideal
Standard International S.A., including the corporate family
rating (CFR) to Ca from Caa3 and probability of default rating
(PDR) to Ca-PD from Caa3-PD. Moody's also downgraded Ideal
Standard's rating of the EUR275 million senior secured notes due
2018 to Ca from Caa3. The outlook for all ratings is negative.

Ratings Rationale

The rating action follows the company's recent announcement that
it launched a debt restructuring by way of an exchange offer on
the outstanding notes. If successful, the exchange offer will
constitute a distressed debt exchange, which is a default event
under Moody's definition.

Under the proposed debt restructuring, holders of existing notes
will be offered the opportunity to exchange their existing notes
either for new notes, or a combination of new notes and equity.
The company has reached an agreement with a holder of
approximately 60% of its senior secured notes due 2018 to
undertake the exchange offer. The exchange offer will expire on
April 17, 2014.

The downgrade of the PDR to Ca-PD reflects the expectation that
Ideal Standard is likely to default in the near term either
through the planned distressed debt exchange or through a payment
default under the Existing Notes in the absence of any
refinancing solution, given the company's very weak liquidity

Moreover, the downgrade of the CFR and the rating of the Existing
Notes reflects the uncertainty regarding the company's liquidity
profile and capital structure (and therefore the expected loss)
following the completion of the exchange offer. It also
incorporates Moody's view that there is limited visibility on the
company's near-term market outlook, which impacts Ideal
Standard's recovery prospects. At the same time, the company's
ability to undertake restructuring measures remains constrained
by the tight liquidity situation.

The company's revenue continued to decline year-on-year, at the
rate of 5% in 2013. Management adjusted EBITDA (before
restructuring cost) at EUR20 million stayed stable due to cost
control and rationalization, as well as continued restructuring
measures. Moody's notes however that most of 2013 EBITDA was
generated by the company's MENA division, of which a 51% stake
was sold by the company during 2013. The company's capital
structure remains unsustainably highly leveraged, at c. 16x as of
the end of 2013, based on management adjusted EBITDA.

Provided the exchange offer is successful, liquidity is expected
to improve following the reduction in the company's cash interest
expense and a new EUR40 million facility expected to be raised as
part of the exchange offer. However, the degree of the
improvement in liquidity will depend on the outcome of the
exchange offer, in particular the achieved level of consent from
the existing noteholders, and may remain stressed.

The negative outlook factors in uncertainty over the company's
liquidity position and recovery prospects even if the exchange
offer and consent solicitation will be successfully completed.

The principal methodology used in this rating was the Global
Consumer Durables published in October 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Luxembourg, Ideal Standard is a manufacturer of
bathroom fixtures, fittings and furniture, including ceramic
fixtures (sinks, toilets), brass fittings (taps), acrylic
fixtures (spa and whirlpool tubs) and furniture (towel racks,
toilet seats). The company operates under the brand names of
Ideal Standard, Armitage Shanks, Jado, Porcher, Vidima and
Ceramica Dolomite. Ideal Standard generated EUR666 million sales
over the twelve-month period ended June 2013.


TARA HILL: Moody's Affirms Caa1 Rating on EUR17MM Class IV Notes
Moody's Investors Service has taken the following rating actions
on the following notes issued by Tara Hill B.V.:

  EUR71M (current outstanding balance of EUR35,663,459) Class II
  Senior Floating Rate Notes, Upgraded to Aaa (sf); previously on
  Jun 14, 2013 Upgraded to Aa1 (sf)

  EUR35M (current outstanding balance of EUR 35,000,000) Class
  III Mezzanine Fixed Rate Notes, Upgraded to Baa3 (sf);
  previously on Jun 14, 2013 Affirmed Ba1 (sf)

  EUR17M (current outstanding balance of EUR8,989,918) Class IV
  Mezzanine Fixed Rate Notes, Affirmed Caa1 (sf); previously on
  Jun 14, 2013 Downgraded to Caa1 (sf)

Tara Hill B.V., issued in January 2001, is a Collateralised Loan
Obligation ("CLO") backed by a portfolio of mostly high yield
European leveraged loans. The portfolio is managed by GSO Capital
Partners International LLP. This transaction's reinvestment
period ended in January 2009. It is predominantly composed of
senior secured loans.

Ratings Rationale

The actions on the notes are primarily a result of deleveraging
of the senior notes and subsequent improvement of over-
collateralization ratios. Notably, the Class I has fully paid
down, therefore Class II is now the most senior class, and has
paid down by approximately EUR 35.3 million (49.7%) on 24 January
2014 payment date.

As a result of the deleveraging, over-collateralization has
increased. As of the trustee's January 2014 report, the Class II
had an over-collateralization ratio of 192.94%, compared with
157.66% 9 months ago, and the Class III, an over-
collateralization ratio of 120.89%, compared with 115.54%. The
reported OC ratios don't reflect the payment that took place on
January 24, 2014.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR86.2 million,
defaulted par of EUR12 million, a weighted average default
probability of 23.07% (consistent with a WARF of 3620 with a
weighted average life of 3.41 years) a weighted average recovery
rate upon default of 47.59% for a Aaa liability target rating, a
diversity score of 12 and a weighted average spread of 3.57%.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 18.85% of obligors in Ireland and Spain, whose LCC
are A2 and A1, Moody's ran the model with different par amounts
depending on the target rating of each class of notes, in
accordance with Section 4.2.11 and Appendix 14 of the
methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 3.54% for the Class II notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 93.10% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

Factors that would Lead to an Upgrade or Downgrade of the Rating:

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
8.2% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 3880
by forcing ratings on 25% of the refinancing exposures to Ca; the
model generated outputs that were in line with the base-case

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy especially given that the portfolio has an 18.85%
exposure to obligors located in Ireland and Spain and 2) the
concentration of lowly-rated debt maturing between 2014 and 2015,
which may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in the legal interpretation of CDO documentation by
different transactional parties because of embedded ambiguities.

Additional Uncertainty about Performance is Due to the Following:

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

Around 61.04% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

Long-dated assets: The presence of assets that mature beyond the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of
the asset as well as the extent to which the asset's maturity
lags that of the liabilities. Liquidation values higher than
Moody's expectations would have a positive impact on the notes'

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

TELEFONICA EUROPE: Moody's Assigns Ba1 Rating to New Securities
Moody's Investors Service has assigned a Ba1 long-term rating to
Telefonica Europe B.V.'s proposed issuance of "Undated 6 and 10
Year Non-Call Securities Deeply Subordinated Guaranteed Fixed
Rate Reset Securities" (the "hybrid debt"), which are fully and
unconditionally guaranteed by Telefonica S.A. (Telefonica) on a
subordinated basis. The outlook on the ratings is negative. The
size of the hybrid securities remains subject to market
conditions. All other ratings of Telefonica and its guaranteed
subsidiaries, as well as the negative outlook on those ratings,
remain unchanged.

"The Ba1 rating we have assigned to the hybrid debt is two
notches below Telefonica's senior unsecured rating of Baa2,
primarily because the instrument is deeply subordinated to other
debt in the company's capital structure," says Carlos Winzer, a
Moody's Senior Vice President and lead analyst for Telefonica.

Ratings Rationale

The Ba1 rating assigned to the hybrid debt is two notches below
the group's senior unsecured rating of Baa2. The two-notch rating
differential reflects the deeply subordinated nature of the
hybrid debt. The instrument (1) is a perpetual instrument; (2) is
senior only to common equity; (3) provides Telefonica with the
option to defer coupons on a cumulative basis; and (4) has no
step-up prior to year 10 and up to 100 basis points (bps)
thereafter. The Issuer does not have any Preferred Shares of the
Issuer outstanding and the Issuer's Articles of Association do
not provide for the issuance of such shares by the Issuer. For so
long as any of the hybrid instruments remain outstanding, the
Guarantor and the Issuer do not intend to issue any Preferred
Shares of the Issuer.

In Moody's view, the notes have equity-like features that allow
them to receive basket "C" treatment, i.e., 50% equity and 50%
debt for financial leverage purposes (please refer to Moody's
Rating Implementation Guidance "Revisions to Moody's Hybrid Tool
Kit" of July 2010).

Moody's notes that Telefonica plans to use the hybrid debt for
general corporate purposes, to diversify its capital structure
and substitute senior unsecured debt with instruments that carry
partly equity characteristics.

Telefonica's Baa2 rating primarily reflects (1) the group's large
size and scale; (2) the diversification benefits associated with
its strong positions in many different markets; (3) management's
track record and ability in terms of executing a well-defined and
concise business strategy; and (4) its operating cash flow
generation and management's stated commitment to maintain its
reported net debt/EBITDA ratio at 2.35x in the medium term and
reported net debt below EUR43 billion in 2014.

Telefonica's Baa2 rating also continues to reflect the following
assumptions: (1) management will continue to execute a strategy
that offsets Spain's challenging macroeconomic environment and
contraction in consumer spending, which will continue to affect
Telefonica's domestic revenues and exert pressure on credit
metrics; (2) the group will deliver the financial policy
(including cash preservation measures and a non-core assets
disposal program) that management has publicly committed to,
which supports its deleveraging and strategy to strengthen its
finances; and (3) Telefonica will maintain its access to the debt
capital markets and as such retain adequate liquidity, supported
by recent bond issuances and asset sales.

Rationale For Negative Outlook

The negative outlook on the ratings reflects Moody's expectation
that Telefonica will continue to operate in a challenging
domestic market (Spain). Despite the fact that Telefonica's
international diversification enhances its credit profile, the
group's exposure to the Spanish market puts it at risk given the
weak macroeconomic conditions in Spain, exacerbated by the
contraction in consumer spending resulting from austerity

What Could Change The Rating Up/Down

As the hybrid debt rating is positioned relative to another
rating of Telefonica, either (1) a change in Telefonica's senior
unsecured rating or (2) a re-evaluation of its relative notching
could affect the hybrid debt rating.

Although not currently expected in light of the negative outlook,
the weak macroeconomic conditions in Spain and constraints
related to the sovereign rating, Moody's could consider an
upgrade of Telefonica's senior unsecured rating to Baa1 if the
company's credit metrics were to strengthen significantly as a
result of improvements in its operational cash flows and a
further reduction in debt. Provided sovereign-related concerns
were to abate, the rating could benefit from positive pressure if
it became clear that the group would achieve sustainable
improvements in its debt ratios, such as an adjusted retained
cash flow (RCF)/net debt ratio above the mid-twenties in
percentage terms and adjusted net debt/EBITDA comfortably below

Conversely, a rating downgrade could result if (1) Telefonica
deviates from its financial-strengthening plan, as a result of
weaker cash flow generation or the incurrence or assumption of
further substantial debt in conjunction with the pursuit of
acquisitions or more aggressive shareholder distribution
policies; and/or (2) the group's operating performance in Spain
and other key markets continues to deteriorate and there is no
likelihood of an improvement in underlying trends in the short
term. Resulting metrics would include an RCF/net adjusted debt
ratio of less than 18% or a net adjusted debt/EBITDA ratio
trending towards 3.0x.

Principal Methodologies

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.

Other Factors used in this rating are described in and Updated
Summary Guidance for Notching Bonds, Preferred Stocks and Hybrid
Securities of Corporate Issuers published in February 2007.

Telefonica S.A. is the leading integrated telecommunications
provider in Spain, delivering a full range of services and
products including telephony, data exchange, interactive content
and information and communications technology solutions.
Telefonica is also one of the world's leading telecommunications
carriers, with some 320 million customers worldwide. Total
reported group revenues and EBITDA amounted to EUR57.0 billion
and EUR19.0 billion respectively as of December 2013.

TELEFONICA EUROPE: S&P Assigns 'BB+' Rating to Hybrid Notes
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term issue rating to the proposed six-year and 10-year
noncall hybrid notes to be issued by Telefonica Europe B.V., the
Dutch finance subsidiary of Spain-based telecommunications group
Telefonica S.A. (BBB/Negative/A-2), also the guarantor of the

The completion and size of the issue will be subject to market

"We classify the two proposed hybrids as having "intermediate"
equity content until their first-call dates, falling in 2020 for
the six-year noncall notes and in 2024 for the 10-year noncall
notes, because they meet our criteria in terms of their
subordination, permanence, and optional deferability during this
period," S&P said.

Consequently, in S&P's calculation of Telefonica's credit ratios,
it will treat 50% of the principal outstanding and accrued
interest under the proposed hybrids as equity rather than as
debt, and 50% of the related payments on these securities as
equivalent to a common dividend, in line with S&P's hybrid
capital criteria.

According to S&P's criteria, the two-notch difference between its
'BB+' rating on the proposed hybrid notes and its 'BBB' corporate
credit rating (CCR) on Telefonica reflects:

   -- One notch for the proposed notes' subordination because the
      CCR on Telefonica is investment grade; and

   -- An additional notch for the optional deferability of

The notching of the proposed securities takes into account S&P's
view that there is a relatively low likelihood that Telefonica
will defer interest payments.  Should S&P's view change, it may
significantly increase the number of downward notches that it
applies to the issue rating, and more quickly than S&P might take
a rating action on the CCR.

The interest to be paid on the proposed securities will increase
by 25 basis points in 2024, and a further 75 basis points in 2040
and in 2044.  S&P considers the cumulative 100 basis points as a
material step-up, which provides an incentive for Telefonica to
redeem the instruments on the 2040 and the 2044 call dates.

Consequently, in accordance with S&P's criteria, it will no
longer recognize the proposed instruments as having intermediate
equity content after the first call dates in 2020 and in 2024,
because the remaining period until their economic maturity would,
by then, be less than 20 years.


Although the proposed securities are perpetual, Telefonica can
redeem them as of the first call dates in 2020 and 2024, and
every year thereafter.  If any of these events occur, the company
intends to replace the proposed instruments, although it is not
obliged to do so.


The proposed securities will be deeply subordinated obligations
of Telefonica, ranking junior to all unsubordinated or
subordinated obligations, and only senior to common shares, as
well as to any preferred shares of the issuer; S&P notes,
however, that Telefonica has expressed its intent not to issue
any such preferred shares, and in this case the hybrids
previously issued in 2013 will rank pari passu with the proposed
securities.  Also, the proposed instruments will rank pari passu
with the about EUR59 million still outstanding preferred
securities issued in 2002 and guaranteed by Telefonica S.A.


In S&P's view, the issuer's option to defer payment of interest
on the proposed securities is discretionary, thus it may elect
not to pay accrued interest on an interest payment date because
it has no obligation to do so.  However, any outstanding deferred
interest payment would have to be settled in cash if an equity
dividend or interest on equal-ranking securities is paid, or if
common shares or equal-ranking securities (except the 2002
preferred securities) are repurchased.

That said, this condition remains acceptable under S&P's rating
methodology because, once the issuer has settled the deferred
amount, it can choose to defer payment on the next interest
payment date.

The issuer retains the option to defer coupons throughout the
instrument's life.  The deferred interest on the proposed
securities is cash cumulative and compounding.

   -- rating affirmation is appropriate.  Historically, many CLOs
      transaction documents contain provisions that require the
      trustee to request the rating agencies to affirm the
      closing date ratings within a certain timeframe after the
      effective date has occurred.

   -- The effective date report provides a summary of certain
      collateral characteristics and liability ratings at the
      effective and closing dates.


AIKB TATFONDBANK: S&P Assigns 'B' Counterparty Rating
Standard & Poor's Ratings Services said that it had assigned its
'B/B' long- and short-term counterparty credit ratings to Russia-
based JSC AIKB Tatfondbank.  The outlook is stable.  At the same
time, S&P assigned a 'ruA-' Russia national scale rating to

S&P bases its rating on Tatfondbank on its 'bb' anchor for a
commercial bank operating only in Russia, as well as the bank's
"moderate" business position, "weak" capital and earnings, "weak"
risk position, "average" funding, and "adequate" liquidity, as
S&P's criteria define the terms.  The stand-alone credit profile
(SACP) is 'b-'.

S&P considers Tatfondbank to be a government-related entity (GRE)
but do not factor any government support into the rating.
Nevertheless, S&P considers that Tatfondbank's links to its
shareholders, including the government of Russia's Republic of
Tatarstan, and material market share in its home region support
its business development and reduce the confidence sensitivity of
its funding.  These are relative strengths compared with its
peers at the same rating level.

Tatfondbank is a midsize regional bank located in Tatarstan.  On
Feb. 1, 2014, it had Russian ruble (RUB) 121 billion (about
US$3.5 billion) of assets in accordance with Russian generally
accepted accounting principles.  Tatarstan's economy is highly
concentrated in oil extraction and refining.  The bank has a good
market presence and competitive position in Tatarstan, where its
market shares stand at a respectable 14% of retail deposits and
12% of the corporate loan portfolio.  At the same time,
Tatfondbank's share in the country's systemwide assets remains
below 1%, thus S&P considers Tatfondbank to be of "low" systemic

Although part of the bank's ownership structure is not
transparent, S&P understands that a group of individuals holds
the controlling stake and that Tatarstan holds an additional 26%
of Tatfondbank's stake directly or indirectly.  S&P expects that
Tatfondbank's links to its shareholders -- including the
government of Tatarstan -- and its market share in Tatarstan will
support its business development.  This ongoing support
strengthens the business model compared with those of similarly
rated peers.

The outlook on Tatfondbank reflects S&P's view that the bank will
maintain its sound market position in Tatarstan and will
gradually improve its structurally mediocre operating

Although S&P sees some downward pressure on the bank's
capitalization, its base-case scenario implies that the bank's
capital will not worsen significantly, and that S&P's projected
RAC ratio will remain above 3% in 2014-2015.

Should the bank's capital position erode more than S&P expects,
because of higher credit costs or lower-than-expected margins,
S&P may consider a negative rating action on Tatfondbank.

S&P currently considers a positive rating action to be remote.
However, S&P could consider an upgrade if it saw significant
reduction in the bank's risk exposures, namely to investment
property and lower credit costs, or if the bank received
considerable capital support from the shareholders.  In S&P's
view, the latter would lead to a RAC ratio sustainably above 5%.

KOSMOS: Two Companies File Bankruptcy Suits
The Moscow Times reports that two companies have filed bankruptcy
suits against Kosmos.

According to The Moscow Times, Vedomosti reported that
Moskapstroi-Nedvizhimost, a Sistema subsidiary, said it paid
Kosmos RUR100 million (US$2.7 million) last fall as part of a
reconstruction project in central Moscow, but that work had still
not begun.

A Sistema employee said that the two sides had reached a
settlement agreement and that the money would be returned, The
Moscow Times relates.  The second bankruptcy case, filed by
Tsniis, a civil engineering company, is due to be heard April 4,
The Moscow Times discloses.

Kosmos is one of Russia's oldest construction firms.

SOBINBANK: Moody's Withdraws 'B3' Local & Foreign Deposit Rating
Moody's Investors Service has withdrawn Sobinbank's B3 long-term
local and foreign-currency deposit ratings, Not Prime short-term
deposit ratings and E+ standalone bank financial strength rating
(BFSR), equivalent to a b3 baseline credit assessment. At the
time of the withdrawal all the bank's long-term ratings and its
BFSR carried a stable outlook.

Ratings Rationale

Moody's has withdrawn the ratings for its own business reasons.

Moody's has not adjusted these Credit Ratings before their


NCG BANCO: Moody's Extends Review for 'B3' Ratings Downgrade
Moody's Investors Service has extended the review for downgrade
of the B3 long-term debt and deposit ratings of NCG Banco S.A.,
which was initiated on December 30, 2013. The initial review had
been triggered by the decision on December 18, 2013 by the Fondo
de Reestructuracion Ordenada Bancaria (FROB) to sell NCG Banco to
Spain-based Banco Etcheverria (unrated), which is part of the
Banesco Group (unrated).

Moody's decision to extend the rating review process is driven by
the fact that, to date, the necessary approvals for the sale of
NCG Banco to Banco Etcheverria have not been obtained,
particularly the approval by the European Union competent
authorities. This has prompted Moody's decision to extend the
review process of NCG Banco's ratings as the outcome of Moody's
review will be dependent on the completion of the sale of NCG
Banco to Banco Etcheverria.

Ratings Rationale

On December 30, 2013, Moody's initiated a review for downgrade of
the long-term debt and deposit ratings of NCG Banco, following
the FROB's decision on December 18, 2013 to sell NCG Banco to
Banco Etcheverria, which is part of the Banesco Group (both
entities are not rated). Upon completion of the sale, the Banesco
Group will take possession of 88.33% of NCG Banco's capital
(currently owned by the FROB and the Spanish Deposit Guarantee
Fund). The exit of the FROB from the capital of NCG Banco's
translates into downward rating pressure, consistent with the
return to a standard assessment of systemic support from the high
systemic support assumption Moody's has been assessing for NCG
Banco since the bank was nationalized in September 2011.

Moody's usually concludes a rating review process within a time
period of three months. During the following three months,
Moody's expects to gain enough visibility on the completion of
the sale of NCG Banco to Banco Etcheverria that will allow the
rating agency to conclude the rating review process.

What Could Move The Rating Up/Down

Given the review for downgrade of NCG Banco's ratings, Moody's
does not currently expect any upward rating pressure.

NCG Banco's long-term debt and deposit ratings could be
downgraded if Moody's assesses that a lower probability of
systemic support for the bank will not be mitigated by the
demonstrated support (e.g. upfront capital injections) from the
Banesco Group.

Headquartered in La Coruna, Spain, NCG Banco reported total
consolidated assets of EUR60 billion as of June 30, 2013.

The principal methodology used in this rating was Global Banks
published in May 2013.

OBRASCON HUARTE: Moody's Rates EUR400MM Senior Notes 'Ba3'
Moody's Investors Service has assigned a definitive Ba3 rating
with a Loss Given Default assessment of 4 (LGD4) to the EUR400
million worth of senior notes due 2022 issued by Obrascon Huarte
Lain S.A. (OHL). The company's Ba3 corporate family rating (CFR),
Ba3-PD probability of default rating (PDR), as well as the Ba3
ratings on its existing senior unsecured debt instruments, remain
unchanged. The outlook on all ratings is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation is in line with
the provisional rating assigned on March 5, 2014.

OHL expects to use the proceeds from this offering to refinance
an equivalent amount of its outstanding EUR524 million worth of
senior notes due 2015. The new notes rank pari passu with OHL's
existing senior unsecured notes.

The Ba3 instrument ratings reflect their senior unsecured status
and pari-passu ranking with OHL's existing senior unsecured

The company's ratings and outlook remain unchanged after this
offering, given that the transaction is leverage-neutral.
However, Moody's notes positively that the proposed transaction
improves OHL's debt maturity profile, as the company has pushed
most of its 2015 debt maturities to 2022.

OHL's Ba3 CFR takes into account (1) OHL's high leverage, both on
a recourse and consolidated basis; (2) its sustained negative
free cash flow generation; (3) the macroeconomic situation
affecting its business in Spain and the fact that the company has
a degree of reliance on the domestic banking sector; (4) the
group's complex debt structure, with margin loans used
extensively at intermediate holding companies; and (5) that the
company's order backlog has a degree of concentration on large

However, this is also partially offset by OHL's (1) position as
one of Spain's leading construction companies and one of the
world's largest concessions operators; (2) portfolio of
businesses, through which it balances cyclical construction
activities with more predictable concession-generated revenues;
(3) exposure to multiple geographies, with a growing portfolio of
international construction projects; (4) large order backlog,
which supports the high visibility of the company's construction
activities; and (5) value embedded in its equity stakes in
Abertis and OHL Mexico.


The stable rating outlook incorporates Moody's expectation that
OHL's credit metrics will likely improve in 2014, supported by
the initial cash flows from some of the company's large projects,
for which the design phase will soon finish and the construction
phase begin. The outlook also reflects the embedded value in
OHL's portfolio of listed concession assets.

In addition, the outlook assumes that the company will continue
to have strong access to bank financing for working capital

What Could Change The Rating Up/Down

Upward rating pressure could develop if OHL's credit metrics
improve on a sustainable basis such that (1) net consolidated
debt/EBITDA (as adjusted by Moody's) falls below 4.5x; (2) gross
recourse debt/recourse EBITDA drops below 4.0x; and (3) net
recourse debt/recourse EBITDA falls well below 3.0x. Upward
rating pressure would also need to be supported by a solid
liquidity profile.

Moody's could downgrade the Ba3 rating if OHL's credit metrics
weaken on a sustained basis such that the company's (1) net
consolidated debt/EBITDA (as adjusted by Moody's) increases above
5.5x; (2) gross recourse debt/recourse EBITDA rises above 5.0x;
and (3) net recourse debt/recourse EBITDA stays above 3.5x. The
rating could also come under downward pressure if the LTV ratio
of OHL's equity stakes in Abertis and OHL Mexico approaches 50%.
In addition, downward pressure could be exerted on the rating if
there are signs that the group's liquidity is becoming
constrained, including, but not limited to, a further reduction
in covenant headroom.

Principal Methodology

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Madrid, OHL is one of Spain's leading
construction companies and one of the largest concessions
operators in the world, with a significant concessions business
in Mexico and a 18.9% equity stake in Spanish infrastructure
operator Abertis. In 2013, OHL reported sales of EUR3.7 billion
and EBITDA of EUR1.2 billion.

U N I T E D   K I N G D O M

ALBEMARLE & BOND: Goes Into Administration
Alistair Osborne at The Telegraph reports that Albemarle & Bond,
the 30-year old pawnbroker brought to its knees by reckless
expansion and the plunge in the gold price, has officially
collapsed into administration.

The company's lending banks, Barclays and Lloyds Banking Group,
to which the loss-making A&B owes GBP51 million, told the company
on Monday night that they were pulling the plug, The Telegraph

According to The Telegraph, A&B said on Tuesday morning that it
now intended to "appoint four insolvency practitioners from
PriceWaterhouse Coopers as joint administrators . . . as soon as
is practically possible."

PwC has already been advising the banks on its options, The
Telegraph notes.

A&B, as cited by The Telegraph, said: "The company's lenders
informed the board [Monday] night that they do not consider the
possible options being explored by the lenders and the board as
capable of being completed."

It added that, "due to the continuing trading losses", the board
had decided not request a third extension of the covenant date
for its banking facilities, which falls next Monday, and that the
company "will shortly be unable to meet its liabilities as they
fall due."

Albemarle & Bond Holdings PLC provides pawnbrokering services.
The Company, through its subsidiaries, provide pawnbroking, check
cashing services, retail jewelry sales and unsecured lending.
Albemarle operates in the United Kingdom.

MF GLOBAL: Creditors Have Until April 11 to Submit Claims
Creditors of MF Global UK Limited, currently in Special
Administration, may submit creditor claims no later than
April 11, 2014.

Creditors claims may be submitted using creditor claim forms or
by returning signed settlement agreements to the Administrators.
Copies of the creditor claim form and instructions explaining how
to submit a creditor claim are available in the "Creditors and
Clients" section of the Administrators' website,

Creditors who have not submitted a creditor claims by April 11
will not be entitled to share in the proposed dividend.

The Administrators intend to declare and make an interim
distribution to creditors within two months of the claims

The Administrators also intend to make a third interim
distribution to client money claimants with agreed client money
claims.  For further information on the intended distribution and
how to submit client money claims if not already done so, please
see the "Creditors and Clients" section of the Administrators'

For further information on the special administration of MFGUK
and the intended distributions, please see the Administrators'
website at or contact:

  (i) by email:

(ii) by post: MF Global UK Limited (in special administration)
               5 Churchill Place, Canary Wharf
               London, EI4 5HU, England

(iii) by telephone: +44(0)20 7785 0308.

                 The Administration and MFGUK

The MFGUK special administration proceedings are being conducted
in The High Court of Justice, Chancery Division, Companies Court,
No: 9527 of 2011, FCA reference: 106052.  MFGUK's registered name
is MF Global UK Limited, MFGUK's company number is 01600658, and
it's registered office and principal trading address is 5
Churchill Place, Canary Wharf, London EI4 5HU.

The Administrators are Richard Heis, Michael Pink and Richard
Fleming, each of KPMG LLP, 8 Salisbury Square, London, EC4Y 888.
Date of appointment: October 31, 2011.  The Administrators'
Insolvency practitioner numbers are 8618, 8004 and 8370,
respectively.  The Administrators can be contacted using the
details set out above.

TALVIVAARA MINING: To Delay Publication of Financial Statements
Talvivaara Mining Company Plc has applied from the Finnish
Financial Supervisory Authority for an exemption on the basis of
Chapter 7, Section 18, Subsection 2 of the Finnish Securities
Markets Act to defer the publication of the Financial Statements
Release, the Financial Statements and the Board of Directors'
review for the financial period from January 1, 2013 to
December 31, 2013 until April 30, 2014.  The Company will apply,
on the basis of the rules of the stock exchange, for a similar
exemption from NASDAQ OMX Helsinki Ltd.  The Company has
previously announced that it would publish its Financial
Statements Release on March 27, 2014 and its Annual Report, which
includes the Financial Statements and the Board of Directors'
review, on March 31, 2014.

The Finnish Financial Supervisory Authority granted on
January 24, 2014 an exemption for Talvivaara from the publication
deadline of the Financial Statements Release for the financial
period from January 1, 2013 to December 31, 2013 until
March 31, 2014, provided that the Company will no later than on
February 28, 2014 publish information for the period of
January 1, 2013 to December 31, 2013 that is equivalent to the
contents of an interim management statement as described in
Chapter 7, Section 14, Subsection 3 of the Finnish Securities
Markets Act.  Talvivaara published the statement referred to
above on February 28, 2014. NASDAQ OMX Helsinki Ltd. granted, on
the basis of the rules of the stock exchange, a similar exemption
to the Company in January 2014.

As previously announced in the release published on February 28,
2014 by the Company, Talvivaara had as at December 31, 2013 cash
and cash equivalents amounting to EUR5.9 million.  As a result of
cash generated from nickel and cobalt sales since then, and the
cost savings made by restricting operations, the Company has been
able to continue operations for the time being.  However, in the
absence of further funding, the Company's liquidity situation
remains critical.  Talvivaara continues, together with the
Administrator of the corporate reorganisation, active discussions
with certain parties regarding bridge funding and will inform the
markets about the progress of these in due course.  In addition,
the Company is also in discussions with certain parties regarding
a long-term financing solution for Talvivaara.  As also stated in
connection with the Company's Q3 2013 results and in the release
published on February 28, 2014, the Directors have in the current
circumstances concluded that there exists a material uncertainty
that casts significant doubt upon the Company's ability to
continue as a going concern and that, therefore, the Company may
be unable to realize its assets and discharge its liabilities in
the normal course of business.  Therefore, Talvivaara is not
currently in a position in which it could prepare and approve its
Financial Statements Release, Financial Statements and the Board
of Directors' Review for 2013 applying the going concern basis.
The Company aims to clarify the uncertainties relating to the
going concern basis of its accounts and publish its Financial
Statements Release, Financial Statements and the Board of
Directors' Review for 2013 as soon as possible, however, within
the extended timeline to be possibly granted by the Finnish
Financial Supervisory Authority and NASDAQ OMX Helsinki Ltd.

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

YULIJA MARKETING: Creditors Have Until April 30 to Submit Claims
Creditors of Yulija Marketing Limited who have not yet submitted
their claims are required, on or before April 30, 2014, to submit
their claims to Vivian Murray Bairstow and Neil John Mather, the
Joint Liquidators of the Company, at Begbies Traynor (Central)
LLP, 32 Cornhill, London EC3V 3BT, England, or in default
thereof, they will be excluded from the benefit of any
distribution made before such claims are agreed.  All claims must
be made by creditors using a proof of debt form (form 4.25) which
can be obtained from the Joint Liquidators' representative, Nick
Boulton on +44(0)20 7398 3739.


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

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  Go to 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, and Peter A. Chapman,

Copyright 2014.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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