TCREUR_Public/140604.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, June 4, 2014, Vol. 15, No. 109



ANDORRA BANC: Fitch Affirms 'BB' Preferred Stock Rating


ONTEX IV: Moody's Places B2 CFR Under Review for Upgrade


BDZ: Creditors in Zugzwang Position
UNITED BULGARIAN: Fitch Affirms 'B' IDR; Outlook Stable


ALCATEL-LUCENT: Moody's Rates New Convertible Notes 'Caa1'
ALCATEL-LUCENT: S&P Assigns B- Rating to EUR1BB Convertible Bonds
FCT ERIDAN 2010-01: Fitch Affirms BB+ Rating on Class B Notes


HEAT MEZZANINE: Moody's Withdraws Ratings on 3 Note Classes
VG MICROFINANCE: Fitch Affirms 'B+' Rating on EUR30.3MM Sr. Notes


NATIONAL BANK: Fitch Puts 'B+' Rating on Bonds on Watch Positive


AVONDALE SECURITIES: Moody's Affirms Ba1 Rating on Cl. A-2 Notes
FAXHILL HOMES: NAMA Appoints Receiver Over EUR77-Mil. Debts
HARVEST CLO V: S&P Raises Ratings on Two Note Classes to 'BB'


KAZAKH AGRARIAN: S&P Assigns 'BB+' Rating to KZT10BB Sr. Bond


LIEPAJAS METALURGS: Court Opens Legal Protection Process for Unit


CID FINANCE: Fitch Maintains Watch Negative on 'BB-sf' Rating
SMILE SECURITISATION 2007: Fitch Affirms CC Rating on Cl. E Notes


BANCO BPI: S&P Lowers Preference Shares Rating to 'C'


INSTITUT CATALA: S&P Revises Outlook to Stable & Affirms 'BB' ICR
INSTITUTO VALENCIANO: S&P Revises Outlook & Affirms 'BB-' ICR

U N I T E D   K I N G D O M

INTERNATIONAL PERSONAL: Fitch Affirms 'BB+' Issuer Default Rating
NEW WORLD: Draws Up Debt Restructuring Plan
R BENNETT: Building Contractor Calls In Administrators
SAGA PLC: S&P Assigns 'B+' CCR Following IPO & Deleveraging
W ROBINSON: Goes Into Liquidation

* UK: UKAR Repays Government GBP10.4 Billion
* UK: IT Supplier Insolvencies Fall For First Time in 2014



ANDORRA BANC: Fitch Affirms 'BB' Preferred Stock Rating
Fitch Ratings has affirmed Andorra Banc Agricol Reig's (Andbank),
Credit Andorra's, and Mora Banc Grup, SA's (MoraBanc) Long-term
Issuer Default Ratings (IDR) at 'A-' and Viability Ratings (VR)
at 'a-', and Banca Privada d'Andorra's (BPA) Long-term IDR at
'BB+' and VR at 'bb+'. The Outlooks on the Long-term IDRs of
Andbank and BPA are Stable. The Outlook on Credit Andorra has
been revised to Stable from Negative. The Outlook on Morabanc is

Key Rating Drivers - IDRS and VRS

The banks' Long-term IDRs are driven by their intrinsic credit
profiles, reflected by their VRs. All four banks focus on
developing their private banking and asset management franchises
and had positive net new money inflows in 2013, which supported
their continued assets under management (AuM) growth. Andbank,
Credit Andorra and BPA focused on growing through their foreign
subsidiaries, while MoraBanc's international presence is more
limited and its growth strategy lies in attracting private
banking clients to Andorra. Credit Andorra reached EUR12.4
billion AuM (up by 10%), Andbank EUR13.5 billion (up by 22%),
MoraBanc EUR6.7 billion (up by 5%) and BPA EUR7.2 billion (up by
35%). Fitch believes that the onshore nature of Andorran banks'
recent AuM growth reduces the potential impact from future
automatic tax information exchange agreements that Andorran banks
may be subject to.

Although Andorran banks concentrate on wealth management
activities, they are also active in domestic retail banking.
Their asset quality deteriorated during the recession of the
Andorran economy. As GDP is expected to start growing moderately
in 2014, Fitch expects pressure on banks' asset quality to ease,
but asset quality ratios are likely to deteriorate further,
albeit at a significantly slower pace. Together with the banks'
generally healthy profitability, this should enable them to
provide for impairment needs and build up capital through
retained earnings.

Andbank's strong capitalization has a high influence on its VR.
Its Fitch core capital (FCC) ratio was 20.8% at end-2013. The
acquisition of the Spanish private banking business of Inversis
Banco, which is expected to be completed by end-2014, will
initially have a negative impact on capital ratios as it will
generate EUR120 million goodwill. The VR is based on Fitch's
assumption that Andbank will recover its capital position within
a short period of time through stronger internal capital
generation, helped by a reduction in the dividend pay-out ratio.
The bank's VR also considers healthy profitability and cost
efficiency, as well as its deteriorated asset quality. The ratio
of problematic assets (defined as non-performing loans and loans
in arrears plus foreclosed assets) was 6.5% at YE13 and
problematic loans (non-performing loans and loans in arrears)
were well covered by provisions at 56%.

The Outlook on Credit Andorra has been revised to Stable from
Negative, supported by the bank's increased problematic asset
coverage levels and capitalization, which in Fitch's view largely
outweighed the asset quality deterioration in 2013. The bank was
able to increase coverage and capitalization due to its strong
and recurrent earnings generation capacity, which has relatively
higher importance for its VR, combined with a conservative
provisioning and earnings retention policy. Nevertheless, Fitch
acknowledges that the bank's relatively large exposure to the
domestic retail market affects its asset quality. Credit
Andorra's problematic asset ratio was 8% at end-2013, with
problematic loans 34% covered. The VR is based on Fitch's
expectation that the bank will continue to increase its
impairment reserve coverage following the provisioning approach
set in 2013.

Fitch considers capitalization and leverage to have a high
influence on MoraBanc's VR. The agency considers MoraBanc's
capitalization is strong compared with its peers, with an FCC
ratio of 28.5% at end-2013. Combined with a sovereign debt
securities portfolio that has higher average ratings than those
of its peers, this compensates for the weaker quality of the
bank's loan book. Its non-performing loans and loans in arrears
represented 5.1% of loans, with a low 15% coverage, underscoring
its reliance on the valuation of collaterals. Including
foreclosed assets, its problematic assets ratio was 9%.
MoraBanc's growth strategy, which consists of attracting private
banking clients to Andorra instead of incrementing its
international footprint, has resulted in relatively lower
business growth in recent years.

BPA's VR reflects its respectable domestic and growing
international franchise, which is beginning to be reflected in
profitability, and adequate liquidity. Capitalization and
leverage and asset quality have a high influence on BPA's VR.
Fitch considers capitalization tight as BPA only maintains
moderate buffers. The bank's FCC/RWA ratio declined to 9.2% at
end-2013 from 10.3% at end-2012.

BPA's asset quality has been affected by a change in the bank's
criteria for recognizing problematic loans and a smaller loan
book. Problem loans were 9.5% of gross loans at end-2013, and
Fitch considers that relatively high concentration in the loan
book and exposure to hybrid securities adds to the bank's credit
risk. The VR also factors in a still weak cost/income ratio,
which weighs on profitability.

The Stable Outlooks on Andbank, Credit Andorra and BPA reflect
Fitch's expectation that the banks' overall financial and credit
profiles will remain stable. The Outlook on BPA also reflects the
group's increase in AuM, which Fitch expects will support
earnings generation and thus help build capital.

The Negative Outlook on MoraBanc reflects continued asset quality
deterioration amid the difficult operating environment in
Andorra. It also reflects Fitch's view that the limited
contribution of international business together with
international pressure on off-shore banking business may
debilitate margins and profitability in the medium to long term.


The banks' IDRs are sensitive to changes in their VRs. All four
banks' VRs are sensitive to the development of the domestic
economy and its impact on their loan books. Further asset quality
deterioration resulting in capital erosion, as reflected by a
weaker unreserved problematic asset to FCC ratio could trigger a
downgrade of the VR. The ratings would also come under pressure
should any unexpected operational or legal cost jeopardize banks'
current capital positions.

Andbank's ratings are sensitive to the successful completion of
the acquisition of Inversis Banco's private banking business.
Fitch expects that the negative impact on capital ratios from the
acquisition will be transitional as the bank plans to increase
the earnings retention rate to restore capital within a
relatively short period of time. If the bank fails to restore
capitalization as planned, the VR would likely be downgraded.
Andbank's VR would also be downgraded should the acquired
business be smaller than initially expected or should any
additional cost related to the transaction (other than those
already budgeted) arise.

MoraBanc's VR is sensitive to the evolution of its AuM. Downward
rating pressure may also arise if its international business or
its other diversification initiatives do not increase their
contribution to earnings and business volumes, because in Fitch's
view this may limit the entity's long-term earnings generation
capacity. An increase in Fitch's assessment of its business risk
as a consequence of the roll-out of diversification activities
could also put pressure on the ratings.

Upward rating potential on BPA's VR could arise from a
stabilization in asset quality indicators, including foreclosed
assets, which together with expected enhanced profitability and
capital, would lead to a lower net problematic assets to equity
ratio. A reduction of its exposure to hybrid instruments would
also be a positive rating driver.

An upgrade of Credit Andorra's and Andbank's VR is unlikely given
its still modest franchise internationally and high risk
concentration given the small size of the Andorran economy.


The banks' Support Ratings of '5' and Support Rating Floors of
'No Floor' reflect Fitch's view that the probability of Andorran
banks receiving support in case of need is low.

Although Fitch does not publish a rating for Andorra, the banking
system's large size relative to the Andorran economy means that
while the authorities' propensity to provide support may be high,
it cannot be relied upon given the limited resources at their


The SRs are potentially sensitive to any change in assumptions
around the propensity or ability of Andorran authorities to
provide timely support to the banks. This might arise if there is
a significant increase in resources available at authorities'
disposal or if there is a change in ownership, which Fitch views
as unlikely.

Key Rating Drivers - Credit Andorra's Preferred Stock
Credit Andorra's preferred stock is rated five notches below its
VR to reflect higher loss severity than the average for senior
unsecured creditors and the higher than average risk of non-
performance given that the payment of coupons is discretionary.
It has been affirmed due to the affirmation of Credit Andorra's

Rating Sensitivities - Credit Andorra's Preferred Stock

Credit Andorra's preferred stock ratings are broadly sensitive to
the same considerations that might affect its VR.

The rating actions are as follows:

Credit Andorra

  Long-term IDR affirmed at 'A-'; Outlook revised to Stable from

  Short-term IDR affirmed at 'F2'

  Viability Rating affirmed at 'a-'

  Support Rating affirmed at '5'

  Support Rating Floor affirmed at 'No Floor'

  Preferred stock affirmed at 'BB'


  Long-term IDR affirmed at 'A-'; Outlook Stable

  Short-term IDR affirmed at 'F2'

  Viability Rating affirmed at 'a-'

  Support Rating affirmed at '5'

  Support Rating Floor affirmed at 'No Floor'


  Long-term IDR affirmed at 'BB+'; Outlook Stable

  Short-term IDR affirmed at 'B'

  Viability Rating affirmed at 'bb+'

  Support Rating affirmed at '5'

  Support Rating Floor affirmed at 'No Floor'


  Long-term IDR affirmed at 'A-'; Outlook Negative

  Short-term IDR affirmed at 'F2'

  Viability Rating affirmed at 'a-'

  Support Rating affirmed at '5'

  Support Rating Floor affirmed at 'No Floor'


ONTEX IV: Moody's Places B2 CFR Under Review for Upgrade
Moody's placed all ratings of Ontex IV S.A. under review for
upgrade, including the corporate family rating (CFR) of B2,
probability of default rating (PDR) of B2-PD, the instrument
rating of the senior secured notes of B1 and the senior unsecured
notes of Caa1. The rating action follows the announcement of the
IPO launched by Ontex Group N.V., the holding company of the
Ontex group of companies.

Ratings Rationale

On May 28, 2014, Ontex Group N.V. announced the expected amount
of primary proceeds to be raised from the proposed IPO of the
company's shares on the Euronext Brussels. The total size of the
IPO is expected to result in a free float of at least 25% of the
issued share capital and is expected to consist of a EUR325
million primary issuance and a secondary sell down by the current
shareholders of existing shares. The proceeds from the offering
will be used to repay EUR280 million of its existing debt. This
will significantly decrease the company's adjusted leverage ratio
to around 5.0x at the closing of the IPO (based on 2013 EBITDA
including Moody's adjustments) compared to 6.3x prior to this

Before placing the ratings on review Moody's had indicated that
upward pressure on the rating could develop if Ontex reduces (on
a sustained basis) its gross leverage in terms of debt/EBITDA to
below 5.5x.

Moody's review will focus on the deleveraging impact of the IPO.
The review will also evaluate the company's new ownership
structure, financial policy (including dividend policy expected
at 35% to 40% of net income) and strategic objectives.

The principal methodology used in this rating was the Global
Packaged Goods published in June 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Ontex IV S.A., based in Zele, Belgium, is a leading manufacturer
of private-label hygienic disposable products in Europe. About
62% of the company's 2013 sales came from private-label products,
with the remaining 38% from branded products. Ontex operates
three core divisions: baby products (which accounted for 53% of
2013 revenue), adult incontinence products (33%) and feminine
care products (13%).


BDZ: Creditors in Zugzwang Position
FOCUS News Agency, citing Standart Daily, reports that creditors
of Bulgarian State Railways Company (BDZ EAD) -- KA Finanz AG,
FMS Wertmanagement, BNP Paribas, Dexia and Fibank -- are in a
zugzwang position.

Standart Daily explained that in the theory of chess, a player is
said to be "in zugzwang" when any possible move will worsen their
position, FOCUS News relates.  The reason for  this is the fact
that there aren't many buyers of second hand diesel carriages on
the local market, FOCUS News notes.

The newspaper reminds that back at their extraordinary general
meeting on May 26, the creditors decided to sell off 25 diesel
driving engines and 3,407 freight carriages in order to cover the
company's second bond loan of EUR120 million, FOCUS News relays.

Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country.  The company's headquarters are
located in the capital Sofia.

UNITED BULGARIAN: Fitch Affirms 'B' IDR; Outlook Stable
Fitch Ratings has affirmed United Bulgarian Bank A.D.'s (UBB)
Long-term foreign currency Issuer Default Rating (IDR) at 'B'.
The Outlook on the IDR has been revised to Stable from Negative

Key Rating Drivers - IDRS, VR

UBB's IDRs are driven by the bank's intrinsic financial strength,
as expressed by its 'b' Viability Rating (VR). The VR reflects
mostly UBB's weak asset quality, marked by high non-performing
loans (NPLs) and exposures to construction and real estate
sectors, but decent loss absorption capacity. Deposit based
funding and comfortable liquidity buffer support the bank's
credit profile.

UBB's Long-term IDR is one notch above that for its parent
National Bank of Greece (NBG; B-/Stable/b-/5). This reflects
Fitch's view of only limited contagion risk to UBB from its
parent. This is primarily based on no significant reliance on
parental funding and only limited exposures to NBG and related

The revision of the Outlook to Stable from Negative mainly
reflects the fact that the inflow of new NPLs has largely
subsided and the bank has returned to profitability. The combined
effect of these two factors reduces pressure on UBB's capital

At end-2013, UBB's 32.2% NPL ratio (based on loans overdue by
more than 90 days) was the weakest among its peers rated by Fitch
and significantly worse than the sector average. Moreover, there
were restructured loans not included in NPLs (at 4.5% of total
gross loans), which in Fitch's view are more likely to default
than standard exposures. In Fitch's opinion, UBB's high NPLs are
due to the combined effect of fast lending growth and loose
underwriting standards before the crisis, high exposure to the
troubled construction and real estate sectors and some single-
name concentrations. The new NPL inflow was small in 2013.
However, Fitch believes that the cleaning up of the legacy
portfolio will be difficult, at least in the short to medium
term, due to the limited liquidity of the underlying collateral
and a lengthy legal foreclosure process.

UBB's capital position provides a sizeable buffer to absorb
potential additional provisioning required for existing NPLs, but
is only modest in light of still substantial risks embedded in
the bank's loan book and weak internal capital generation. The
Fitch core capital ratio (FCC) of 25.8% reflects only a 48%
coverage ratio of NPLs with IFRS reserves. Fitch views this
proportion as low, especially given the still quite difficult
operating environment in Bulgaria. However, according to Fitch's
calculations, as of end-2013 an increase of NPL coverage to 80%
would result in the FCC ratio falling to an acceptable 15.8%. The
regulatory Tier 1 capital ratio, which reflects the impact of
quite stringent and conservative local provisioning criteria
under which NPLs were 84% covered with provisions, was 14.8% at

UBB's locally sourced deposit based funding is a rating strength.
At end-2013, customer deposits accounted for a high 93% of total
funding (2009: 60%), 69% of which were sourced from private
individuals. Fitch believes that UBB has sufficient liquid assets
to mitigate potential deposit fluctuations, particularly from
non-bank financial institutions (9% of all deposits). At end-
2013, highly liquid assets covered 25% of total customer
deposits. UBB is not reliant on its parent for funding.
Outstanding subordinated loans from NBG (4% of total
liabilities), granted back in 2007 as capital support, mature in

UBB's weak profitability reflects its high NPLs, still elevated
loan impairment charges (LICs), continuing loan book contraction
(4.7% in 2013) and falling market interest rates. A swing to
positive bottom line profitability in 2013 was fully attributable
to a fall in LICs (down by 41% yoy), while the pre-impairment
profit remained subdued.

Rating Sensitivities - IDRS, VR
UBB's IDRs are sensitive to changes in its VR. The VR could be
downgraded if UBB's asset quality and/or capital position weaken.
Any significant deterioration in the bank's liquidity position
could also put downward pressure on its VR (not Fitch's base
case). An upgrade of the VR would require improvements in asset
quality and capitalization metrics combined with sustainable

Key Rating Drivers - Support Rating

UBB's Support Rating of '5' reflects Fitch's view that support
cannot be relied upon from the bank's parent, NBG, or the
Bulgarian authorities. Parental support is not factored into
UBB's ratings due to NBG's weak credit profile. The sovereign
propensity to support banks is likely to weaken following the
expected national implementation of the provisions of the Bank
Recovery and Resolution Directive.


An upgrade of UBB's Support Rating would require a multi-notch
upgrade of NBG's IDR and Fitch's view of the parent's strong
propensity to support UBB. Fitch considers such an upgrade
unlikely at present.

The rating actions are as follows:

  Long-term IDR affirmed at 'B'; Outlook revised to Stable from

  Short-term IDR affirmed at 'B'

  Viability Rating affirmed at 'b'

  Support Rating affirmed at '5'


ALCATEL-LUCENT: Moody's Rates New Convertible Notes 'Caa1'
Moody's Investors Service had assigned a Caa1 rating to the
proposed new convertible notes to be issued by Alcatel-Lucent.
Moody's has also affirmed Alcatel-Lucent's B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR). The
outlook on all the ratings is stable.

The rating agency expects that the proceeds of the issuance will
in whole or in part fund the redemption of the senior secured
facility (maturing January 2019) of approximately EUR1.3 billion
(equivalent amount).

"Our rating assignment reflects the junior position of the
convertible notes in Alcatel-Lucent's capital structure," says
Roberto Pozzi, a Moody's Vice President - Senior Analyst and lead
analyst for Alcatel-Lucent. "At the same time, our affirmation of
the company's B3 ratings reflects the continued pressure on
revenues and prices as well as negative cash flow challenges.
However, our decision also factors in the company's strong
relations with its customers, its broad product offering and
continued cost reduction efforts."

"While there are benefits to the group's recently announced
refocus on IP Networking and Ultra Broadband, additional
restructuring efforts could delay Alcatel-Lucent's target of
generating positive free cash flows. The successful issuance of
these notes is credit positive for the group as it further
extends Alcatel-Lucent's debt maturity profile and helps reduce
financial costs somewhat, thereby contributing positively to the
consistently weak free cash flow generation of the group," adds
Mr. Pozzi.

Ratings Rationale

The Caa1 rating assignment is based on Alcatel-Lucent's B3 CFR,
which reflects the company's persistent negative profitability
and large negative free cash flows stemming from a highly
competitive industry, subdued investments from telecom operators
and major competitors' aggressive marketing strategies. These
credit negatives are to some extent mitigated by the company's
entrenched market position and long-standing customer
relationships, its large installed base and a solid liquidity
position with moderate leverage on a net of cash basis. In
June 2013, Alcatel-Lucent announced a new strategic plan that, in
essence, will (1) reposition the company's focus predominantly on
becoming an IP Networking and Ultra Broadband specialist and (2)
manage its Access activities for cash.

The B3 CFR also incorporates Moody's expectation that Alcatel-
Lucent will generate low but improving levels of operating
profitability as a result of its ongoing cost reduction plan and,
longer term, its recent strategic re-focusing towards Core
Networking (IP routing, IP transport and IP platforms).
Nevertheless, the rating agency believes that it will be
challenging for Alcatel-Lucent to achieve its targets, taking
into account the company's historical track record and the
competitive industry environment.

Since the beginning of 2013, Alcatel-Lucent has tapped the debt
capital markets several times and refinanced a major part of its
2014-16 debt maturities. The recent transactions have allowed the
company to extend the maturity profile of its debt, thus gaining
flexibility to implement cost reduction measures and to exit or
restructure unprofitable managed services contracts and
geographic markets. The recent refinancing also gives the company
additional room for underperformance within the B3 rating
category, although significant uncertainty remains about the
company's ability to reduce its free cash outflows and move
towards a break-even point.


Alcatel-Lucent's liquidity profile is adequate based on the
availability of around EUR5.3 billion in cash, cash equivalents
and marketable securities reported at the end of March 2014.
After repaying a EUR0.3 billion maturity in April, estimated cash
needs for operations of around EUR450 million (3% of revenue) and
about EUR0.6 billion of cash and cash equivalents held in
countries subject to exchange controls, the company's liquidity
comfortably covers debt maturities in the next 12 months and
potential continued negative free cash flows in 2014.

At the end of March 2014, the company had debt maturities of
around EUR500 million in each of the next five years through 2018
except in 2015 with approximately EUR100 million coming due.
Recent transactions have allowed the company to extend the
maturity profile of its debt, thus gaining flexibility to
implement cost reduction measures and to exit or restructure
unprofitable managed services contracts and geographic markets.
Management might also raise additional funds from disposals of
non-core assets. Given the previous sizeable disposals of
performing assets, the proceeds of which have helped to maintain
the company's robust liquidity position, it may become more
difficult going forward for the company to identify similarly
valuable assets should further liquidity be needed due to ongoing
cash burn.

What Could Change The Rating -- Up/Down

Upward rating pressure would develop if Alcatel-Lucent shows
evidence of sustained positive free cash flows, operating margins
in the mid-single digits (as adjusted by Alcatel-Lucent) and
improved leverage, as evidenced by a debt/EBITDA ratio of
approximately 6.0x.

Negative pressure would be exerted on the B3 CFR if Alcatel-
Lucent's ongoing restructuring plan fails to gain traction, such
that (1) the company's operating margin (as adjusted by Alcatel-
Lucent) fails to trend towards the mid-single digits in
percentage terms; (2) it is unable to reduce its negative free
cash flows (Moody's-adjusted) over the next 12-18 months; (3) the
company's debt/EBITDA ratio does not improve towards 6.0x
(Moody's-adjusted); or (4) it is unable to maintain adequate

The principal methodology used in this rating was the Global
Communications Equipment Industry published in June 2008. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

ALCATEL-LUCENT: S&P Assigns B- Rating to EUR1BB Convertible Bonds
Standard & Poor's Ratings Services assigned its 'B-' issue rating
to the proposed EUR1 billion convertible bonds to be issued by
French telecommunications equipment supplier Alcatel-Lucent.  The
recovery rating on the proposed bonds is '4', indicating S&P's
view of average (30%-50%) recovery prospects in the event of a
payment default.

At the same time, S&P placed its 'CCC+' issue rating on the
existing senior unsecured notes issued by Alcatel-Lucent and
Alcatel Lucent USA on CreditWatch with positive implications.
The recovery rating on the existing notes is unchanged at '5',
indicating S&P's expectation of modest (10%-30%) recovery
prospects in the event of a payment default.

The CreditWatch positive placement signals that on completion of
the proposed issuance, S&P expects to raise the issue rating on
the existing senior unsecured notes to 'B-' from 'CCC+' and
revise upward the recovery rating on these notes to '4' from '5'.
This reflects S&P's understanding that Alcatel-Lucent will use
the entire proceeds from the proposed EUR1 billion convertible
bonds to repay first-lien debt, which, in S&P's opinion, will
improve the recovery prospects for all the unsecured notes issued
by Alcatel-Lucent and Alcatel Lucent USA.

The issue and recovery ratings on the existing senior secured
debt borrowed by Alcatel Lucent USA are unchanged.


Alcatel-Lucent will issue the proposed convertible bonds on an
unsecured and unguaranteed basis.

While S&P do not differentiate between the recovery ratings on
the different unsecured instruments with different guarantees and
the unguaranteed convertible bonds, it sees the potential for the
senior noteholders with a stronger guarantee package to obtain
higher recoveries (specifically, holders of the US$1 billion,
US$0.65 billion, and US$0.5 billion notes issued by Alcatel-
Lucent USA during 2013).  This is in part because S&P believes
that the majority of Alcatel-Lucent's value currently resides in
its U.S. operations.  That said, because S&P sees less than full
recovery prospects for the debt issued by Alcatel-Lucent USA, it
do not distinguish further between the claims of the guaranteed
and unguaranteed notes (including the convertible bonds) issued
by Alcatel-Lucent.

Furthermore, since S&P assumes that the default scenario for
Alcatel-Lucent would be driven by a restructuring process
involving both the European and U.S. operations ahead of a
payment default, S&P believes that the differences between the
guarantee structures may have less impact on the recovery
prospects for the different instruments at the time of default.
In S&P's view, there would be enough value available for each
unsecured instrument to obtain at least 30% recoveries.

The documentation for the proposed convertible bonds is
relatively weak, in S&P's view, containing a negative pledge
provision that provides limited restrictions on further

S&P estimates the group's stressed enterprise value at the
hypothetical point of default in 2016 at about EUR3.25 billion.
S&P deducts about EUR290 million of enforcement costs and about
EUR1.0 billion of priority liabilities, predominately related to
discounted receivables of approximately EUR750 million.

This leaves a net value of about EUR1.95 billion for lenders.
S&P envisage EUR220 million of senior secured debt outstanding at
default, including six months of prepetition interest.

S&P do not assume any additional repayments from asset disposals.
S&P do, however, assume that about EUR5.45 billion of senior
unsecured debt would be outstanding at our hypothetical point of
default (including the group's EUR504 million unsecured revolving
credit facility, which S&P assumes to be fully drawn and
outstanding at the point of default).

S&P values Alcatel-Lucent as a going concern, although it do not
see a meaningful difference in recovery prospects using a
discrete asset valuation.

FCT ERIDAN 2010-01: Fitch Affirms BB+ Rating on Class B Notes
Fitch Ratings has affirmed FCT Eridan 2010-01's notes, as

  Class A (ISIN FR0010979385): affirmed at 'AAAsf'; Outlook

  Class B (ISIN FR0010979393): affirmed at 'BB+sf'; Outlook

FCT Eridan 2010-01 is a static cash flow SME CLO originated by
BRED Banque Populaire (A+/Negative/F1+).  At closing, the issuer
used the note proceeds to purchase a EUR950 million portfolio of
secured and unsecured loans granted to French small and medium
enterprises and self-employed individuals.

Key Rating Drivers

The rating action reflects stable portfolio performance over the
past 12 months. Loans in arrears for more than 90 days remain at
0.04% of the portfolio and cumulative defaults as a percentage of
the initial balance is approximately 2%. The portfolio remains
granular, with the largest obligor representing 0.56% of the
portfolio balance.

Fitch has applied a rating cap to the class B notes, in line with
its published criteria, 'Criteria for Rating Caps in Structured
Finance Transactions' published in May 2014. Under the sequential
and accelerated amortization scenarios, the class B notes could
experience temporary interest shortfalls as allowed by the
transaction's documentation. The transaction is currently
amortizing pro-rata according to its amortization triggers.

Rating Sensitivities

The agency incorporated two additional stress tests in its
analysis to determine the ratings' sensitivity. The agency
applied a 1.25x default rate multiplier and a 0.75x recovery rate
multiplier to all assets in the portfolio. In both stress tests,
the notes are likely to be downgraded up to four notches.


HEAT MEZZANINE: Moody's Withdraws Ratings on 3 Note Classes
Moody's Investors Service announced that it has withdrawn the
ratings of three classes of notes issued by H.E.A.T Mezzanine

EUR233M A Notes, Withdrawn (sf); previously on Apr 17, 2014
Downgraded to Ca (sf)

EUR31M B Notes, Withdrawn (sf); previously on Apr 7, 2011
Downgraded to C (sf)

EUR25.5M C Notes, Withdrawn (sf); previously on Sep 3, 2010
Downgraded to C (sf)

H.E.A.T Mezzanine S.A. - Compartment 3 Notes is a static CDO of a
portfolio of German SME mezzanine loans with bullet maturities
that reached its scheduled redemption date on February 22, 2014.

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Moody's has been advised that, following the failure to redeem
Class A, Class B and Class C notes in full on scheduled maturity
date, the issuer has, with the consent of the note-holders, made
certain amendments to the trust deed in order to reduce the
ongoing expenses relating to the notes and to provide the issuer
with greater flexibility to restructure or sell the remaining
defaulted collateral in the transaction. As part of this
restructuring, the listing of the rated notes on the Irish stock
exchange is being terminated, and the issuer will no longer be
making available to Moody's quarterly investor reports with
detailed information on the transaction assets and liabilities.

Consequent to this restructuring, Moody's does not have
sufficient information to monitor this transaction and maintain
its ratings, which are accordingly being withdrawn.

VG MICROFINANCE: Fitch Affirms 'B+' Rating on EUR30.3MM Sr. Notes
Fitch Ratings has affirmed VG Microfinance Invest Nr.1 GmbH
EUR30.3 million senior notes at 'B+sf' with a Negative Outlook.

The transaction consists of subordinated credit exposure against
20 (initially 21) microfinance institutions globally distributed
across 15 jurisdictions. The institutions were selected by
Deutsche Bank AG (A+/Stable/F1+) in its role as seller and
protection buyer.

Key Rating Drivers

The affirmation reflects the transaction's stable performance
since the last review. The portfolio composition is static and
unchanged. Rating migration has been limited and the portfolio's
average rating is in the 'B'/'CCC' range.

The Negative Outlook reflects the substantial refinancing risk of
the underlying loans. All assets have a bullet amortization
profile and are scheduled to mature in December 2014. One asset's
maturity has been restructured and half of its balance (EUR1
million) will be repaid between January and June 2015. Fitch
expects a clustering of defaults on the loans' maturity date
given most obligors' low credit quality. Fitch does not expect
any recoveries in case of default of the assets given their
subordinated nature.

Since the last review, Fitch has been unable to assign an updated
credit opinion to three underlying assets as it has not been
provided with updated information on the assets.  "We have
assumed that two of these assets were 'CCC*' for the analysis,
and considered the other one to be at last year's credit opinion
of 'CC*'," said Fitch.

Rating Sensitivities

A downgrade of all assets in the portfolio by one notch would
result in a downgrade of the notes to 'B-sf' from 'B+sf'.


NATIONAL BANK: Fitch Puts 'B+' Rating on Bonds on Watch Positive
Fitch Ratings has placed National Bank of Greece S.A.'s (NBG,
B-/Stable/B; Viability Rating: b-) Programme I mortgage covered
bonds' 'B+' rating on Rating Watch Positive (RWP).

The rating action follows the upgrade of Greece's Sovereign Long-
term Issuer Default Rating (IDR) to 'B' and the increase of the
Country Ceiling to 'BB'.  Fitch has placed the rating of NBG
Programme I, currently at the 'B+' Structured Finance (SF) rating
cap, on RWP as it is reviewing this cap.  Depending upon the
outcome of the review, the covered bonds could be upgraded to a
maximum rating of 'BB', provided that the program's asset
percentage (AP) is lower than the breakeven AP for that rating

The potential upgrade up to 'BB' also takes into account the IDR
uplift that Fitch has assigned to NBG Programme I due to the
issuer's large size in the domestic market and its
interconnectedness with the country.


In line with Fitch's 'Criteria for Sovereign Risk in Developed
Markets for Structured Finance and Covered Bonds', SF and covered
bond ratings are constrained at the lower of the Country Ceiling
and the SF rating cap.  The Country Ceiling has been increased
and Fitch is reviewing the SF rating cap based upon the updated
macroeconomic outlook.

The Programme I mortgage covered bonds' rating is based on NBG's
IDR of 'B-', an IDR uplift of '1', an unchanged Discontinuity Cap
(D-Cap) of '0' (full discontinuity risk) and the 55% AP that
Fitch takes into account in its analysis and published by the
issuer in the investor report.  This level of AP provides more
protection than the 75% breakeven AP for a 'B+' rating, and would
allow the covered bonds to achieve a three-notch uplift based on
the recovery prospects on the covered bonds assumed to be in
default being in excess of 91%.


Further changes to Greece's Country Ceiling or SF rating cap may
result in corresponding changes to NBG Programme I's rating.
NBG Programme I's rating would be vulnerable to downgrade if any
of the following occurred: (i) NBG's IDR was downgraded by two or
more notches; (ii) the program AP went above Fitch's 'B+'
breakeven AP of 75%.


AVONDALE SECURITIES: Moody's Affirms Ba1 Rating on Cl. A-2 Notes
Moody's Investors Service announced that it has upgraded Avondale
Securities SA's senior secured Class A-1 Emergence Offset Notes
(senior tranche) to Baa1(sf) from Baa2(sf). Moody's has also
affirmed Avondale's Class A-2 Notes (junior tranche) at Ba1(sf).
The outlook has been changed to stable from negative for both
Class A-1 and Class A-2 notes.

Ratings Rationale

The rating action follows the improvement of the Irish
government's creditworthiness, as captured by Moody's upgrade of
Ireland's sovereign rating to Baa1 from Baa3 with stable outlook.

The payment of the Notes references the emergence of surplus on a
unit-linked book of business ("the securitised book") written at
New Ireland Assurance Company plc ("Bank of Ireland Life"), an
Irish life insurance company, wholly owned by Bank of Ireland
(senior unsecured: Ba3, negative outlook, baseline credit
assessment: b1).

Upgrade of Senior Tranche Follows Improvement of Irish Sovereign

The upgrade of Avondale's senior tranche follows the improvement
in Irish sovereign creditworthiness and reflects the linkage
between the factors that drive the sovereign credit profile --
economic strength, institutional strength, government financial
strength and susceptibility to event risk -- with that of life
insurers such as Bank of Ireland Life and consequently the notes'
credit profile. In particular, Ireland's improving economic
growth and improvement in government financial metrics will
likely continue to benefit Irish financial markets, reducing Bank
of Ireland Life's investment volatility and reducing the risk of
negative policyholder behavior or surrenders, a credit positive
for the notes. Weak investment returns and risk of higher
surrender rates (negative persistency) are the main risks
affecting the surplus of the securitized book, and therefore the
improvement in both factors will lower the risk of losses for the

The improvement in Ireland's financial markets and the reduction
in surrender rates has already resulted in a stronger level of
surplus emergence on the securitized book, which led to a
significant amortization of the notes (total nominal outstanding
down to EUR126 million at year-end 2013 from EUR181 million at
year-end 2012). At the same time, the collateralization of the
class A-1 notes (the future surplus expected to emerge from the
securitized book versus the notes' nominal outstanding) improved
to 483% at year-end 2013, compared with 335% at year-end 2012 and
308% at inception in 2007. Moody's expect that the improvement in
Ireland's economic outlook will continue to support a strong
level of collateralization and surplus emergence.

Affirmation of Junior Tranche

The affirmation of the EUR20 million Class A-2's Ba1(sf) notes
reflects the underlying strength, including the subordinated
nature, and the potential parental constraints from Bank of

Although the improvement in Ireland's economic outlook is also a
credit positive for the junior tranche thanks to the
aforementioned positive effects on the future surplus expected to
emerge, this is offset to a higher degree than for the Class A-1
notes by parental constraints from Bank of Ireland, given their
junior position in the structure.

Outlook Changed to Stable from Negative

The outlook on the senior and junior tranche has been changed to
stable from negative.

The stable outlook is aligned to that of Ireland's sovereign
rating, which reflects the linkages between the main risks for
securitized book's value of in-force and Ireland's sovereign

The stable outlook also reflects the strong level of
collateralization for the overall structure, which mitigates
further potential ownership constraints from Bank of Ireland,
whose debt ratings remain on negative outlook.

Rating Drivers

Positive rating pressure is unlikely to arise in the short to
medium term given the current rating levels and the linkages with
Bank of Ireland, whose debt ratings remain on negative outlook.
In the long term, positive rating pressure could arise if the
credit profile of Bank of Ireland stabilizes and if Ireland's
macro-economic environment continues to improve.

Downward rating pressure could arise from 1)- a deterioration in
the financial strength of Bank of Ireland Life, 2)-substantial
deterioration in value of in-force due to sharp falls in
investment markets and/or a deterioration in persistency.

The following rating has been upgraded and the outlook changed to
stable from negative:

  EUR380,000,000 Class A-1 Floating Rate Emergence Offset Notes
  due 2032 -- long-term secured rating upgraded to Baa1(sf) from
  Baa2(sf) outlook changed to stable from negative

The following rating has been affirmed and the outlook changed to
stable from negative:

  EUR20,000,000 Class A-2 Floating Rate Emergence Offset Notes
  due 2032 -- long-term secured affirmed at Ba1(sf); outlook
  changed to stable from negative

Avondale is a special purpose Luxembourg societe anonyme
sponsored by Bank of Ireland.

The Emergence Offset Notes' ratings were assigned by evaluating
factors believed to be relevant to the credit profile of the
Notes such as (i) the financial strength of Bank of Ireland Life,
(ii) historical performance of the securitized book of business,
(iii) review of independent actuarial report, including
assumptions underlying projected cash flows, (iv) expected loss
and probability of default estimated via stochastic and
deterministic modeling of the cashflows, focusing principally on
equity risk, persistency risk and mortality risk, and (v) other
factors believed to be applicable to the assessment of the
creditworthiness of the transaction, such as a review of the
structural, legal, and regulatory risks.

FAXHILL HOMES: NAMA Appoints Receiver Over EUR77-Mil. Debts
Mark Paul at The Irish Times reports that the National Asset
Management Agency (NAMA) has installed a receiver to Faxhill

According to The Irish Times, documents filed recently in the
Companies Registration Office show that NAMA has appointed Jim
McStay of accountants McStay Luby as receiver, following a
refusal by the High Court to give Faxhill protection from its

Faxhill, which owes the agency about EUR77 million, had applied
for examinership in April along with two other companies it owns,
Craigfort Taverns and Marchford, The Irish Times recounts.

The agency objected to Faxhill's examinership application on the
grounds that the process should not "be used as a kind of
receivership just to sell off properties", The Irish Times

It told the court that Faxhill's assets, which include
development lands around the hotels in Naas, are worth
"substantially less" than its debts to NAMA, The Irish Times
relates.  Mr. Tierney is personally liable for EUR16 million of
NAMA debts, The Irish Times discloses.

Faxhill Homes is a building company run by the developer Jack

HARVEST CLO V: S&P Raises Ratings on Two Note Classes to 'BB'
Standard & Poor's Ratings Services raised its credit ratings on
Harvest CLO V PLC's class A-D, A-R, A-2, B, C-1, C-2, D, E-1,
E-2, P combination, and T combination notes.

The rating actions follow S&P's assessment of the transaction's
performance using data from the Feb. 28, 2014 trustee report.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
of notes at each rating level.  The BDR represents our estimate
of the maximum level of gross defaults, based on our stress
assumptions, that a tranche can withstand and still fully repay
the noteholders.  In our analysis, we used the portfolio balance
that we consider to be performing (EUR582,435,252), the current
and covenanted weighted-average spreads (4.29% and 2.85%,
respectively), and the weighted-average recovery rates calculated
in line with our corporate collateralized debt obligations (CDOs)
criteria.  We applied various cash flow stresses using standard
default patterns, in conjunction with different interest and
currency stress scenarios," S&P said.

S&P's review of the transaction highlights that the portfolio of
performing assets' credit quality has improved since its previous
review, as the proportion of assets rated 'BB-' and above has
increased by 7.93%.  In addition, overcollateralization,
weighted-average recovery rates, and the weighted-average spread
have all increased since S&P's previous review.

Non-euro-denominated assets currently make up 20.0% of the total
performing assets in S&P's analysis.  This transaction has
multicurrency revolving liabilities intended to match the non-
euro-denominated assets and revolving loans purchased by the
issuer.  The transaction hedges approximately 3% of the non-euro-
denominated assets in the portfolio with asset-specific currency
swaps.  The transaction features currency options, which hedge
any currency mismatches.  In S&P's opinion, the documentation for
the derivative counterparties is not in line with its current
counterparty criteria.  Therefore, in S&P's cash flow analysis,
for ratings above the long-term issuer credit rating plus one
notch on each derivative counterparty, it has considered
scenarios where the counterparty does not perform, and where, as
a result, the transaction may be exposed to greater currency

S&P's analysis of the class A-D, A-R, A-2, B, C-1, C-2, D, E-1,
E-2, P combination, and T combination notes indicates that the
available credit enhancement is commensurate with higher ratings
than previously assigned.  Due to the transaction's improved
credit quality since S&P's previous review, it has raised its
ratings on these classes of notes.

Harvest CLO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms.  The transaction closed in April 2007 and is
managed by 3i Debt Management Investments Ltd.


Class             Rating
            To             From

Harvest CLO V PLC
EUR697.55 Million Senior Secured Notes Including EUR65 Million
Subordinated Notes, And EUR47.55 Million Combination Notes

Ratings Raised

A-D         AA+ (sf)       AA (sf)
A-R         AA+ (sf)       AA (sf)
A-2         AA (sf)        A+ (sf)
B           A+ (sf)        A- (sf)
C-1         A- (sf)        BBB- (sf)
C-2         A- (sf)        BBB- (sf)
D           BBB (sf)       BB+ (sf)
E-1         BB (sf)        B (sf)
E-2         BB (sf)        B (sf)
P Combo     A- (sf)        BB+ (sf)
T Combo     BBB (sf)       BB+ (sf)



KAZAKH AGRARIAN: S&P Assigns 'BB+' Rating to KZT10BB Sr. Bond
Standard & Poor's Ratings Services related on Nov. 8, 2013 that
it will assigned its 'BB+' long-term issue rating and 'kzAA-'
Kazakhstan national scale rating to the proposed Kazakhstani
tenge (KZT) 10 billion (about US$56 million) senior unsecured
bond to be issued by Kazakh Agrarian Credit Corp. (KACC;
BB+/Stable/B; Kazakhstan national scale 'kzAA-').  The issuance
was delayed, and is now expected during June 2014.  KACC is the
Kazakhstan government's tool for providing cheap lending to the
agricultural sector.

KACC is issuing the bond under its KZT30 billion second issuance
program.  The bond will have a maturity of 8.5 years and will
bear a 8.5% fixed interest rate with semiannual coupon payments
during this period.

The ratings on the bond mirror those on the issuer.

The ratings on KACC reflect its stand-alone credit profile, which
S&P assess at 'b+', and its opinion of a "high" likelihood of
timely and sufficient extraordinary support from the Kazakh
government in the event of financial distress.


LIEPAJAS METALURGS: Court Opens Legal Protection Process for Unit
The Baltil Course, citing LETA/, reports that Liepaja
Court on May 27 launched legal protection proceedings for Liepaja
Special Economic Zone company Liepajas osta LM.

"I had said several times that Liepajas osta LM was experiencing
serious difficulties with honoring its debt liabilities following
the insolvency of Liepajas metalurgs. The legal protection
proceedings are necessary to fully restructure Liepajas osta LM
and come to agreement with the creditors. The legal protection
proceedings give the creditors an opportunity to coordinate
restructuring of the company and reach agreement on the further
process of debt repayments by the company," the report quotes
Haralds Velmers, the insolvency administrator for the insolvent
joint-stock metallurgical company Liepajas metalurgs, as saying.

Mr. Velmers said Liepajas osta LM shares will be available for
purchase in the near future, the report relates.

"It is important for Liepajas osta LM to find a new owner as soon
as possible," said Mr. Velmers adding that the new owner would
hold 91.6 percent of the company's shares, the report relays.

The Baltic Course recalls that on April 29 Velmers notified
Liepajas metalurgs creditors that Liepajas osta LM would not be
sold at auction.

According to the report, Mr. Velmers said a notice about the sale
of Liepajas osta LM shares will be printed in at least one
business newspaper and portal in Latvia, and bids will be
accepted for one month after that.

Liepajas osta LM and Liepajas metalurgs are two different
companies, and selling and restructuring the former requires a
different and complex approach, Mr. Velmers, as cited by The
Balti Course, said. This will help solve problems regarding
Liepajas osta LM future operations as well as the Liepajas
metalurgs sales process, the report notes.  The report notes that
separate sale of Liepajas osta LM will make it easier to sell the
company and therefore help it solve its critical financial
problems. On the other hand, if Liepajas metalurgs was sold along
with Liepajas osta LM's major financial liabilities, this could
have a negative effect on the company's price, Mr. Velmers

Liepajas osta LM is the largest stevedoring company in Liepaja.
The company's turnover decreased significantly last year, by
45 percent, after its parent company Liepajas metalurgs was ruled

Liepajas Metalurgs is a Latvian metallurgical company.

Liepaja Court commenced Liepajas metalurgs' insolvency process on
Nov. 12 last year.  Haralds Velmers was appointed insolvency
administrator.  Over 1,500 Liepajas metalurgs workers have been
laid off so far.  Liepajas metalurgs halted production last


CID FINANCE: Fitch Maintains Watch Negative on 'BB-sf' Rating
Fitch Ratings has affirmed one credit-linked note (CLN), while
maintaining another CLN on Rating Watch Negative (RWN) as listed

  EUR150 million Credit Suisse Bond with Japan-Credit Linked
  Notes 2 Series 287: affirmed at 'BBB+sf'; Outlook Stable

  EUR14.5 million CID Finance B.V. Series 54: 'BB-sf' remains
  on RWN

Key Rating Drivers

The rating on Credit Suisse Bond with Japan-CLN 2 Series 287
reflects the transaction's credit links to Credit Suisse
International (A/Stable/F1) and Japan's Long-term local currency
Issuer Default Rating (A+/Negative).

CID Finance B.V. Series 54's 'BB-sf' on RWN reflects the RWN
status of Unicaja Banco S.A.U., (BBB-/F3 on RWN), one of the
portfolio's three risk-presenting entities credit-linked to the
transaction. Unicaja Banco S.A.U is also the lowest-rated entity
within the portfolio. The other two entities are Banco Bilcao
Vizcaya Argentaria S.A. (BBVA; A-/Stable/F2), Deutsche Bank AG

Over the last few months, Deutsche Bank AG has had its Outlook
revised to Negative from Stable (March 26, 2014) and BBVA has
been upgraded to 'A-sf' from 'BBB+sf' (May 29, 2014).

As the covered bond securing the notes is not rated by Fitch,
Unicaja Bano S.A.U.'s rating provides a rating floor for the
covered bond.

Rating Sensitivities

Fitch monitors the performance of the underlying risk-presenting
entities and adjusts the rating of each transaction accordingly.
Fitch tested the impact of a category downgrade for the weakest
entity in the CLNs, and this would lead to a downgrade of up to
one category.

SMILE SECURITISATION 2007: Fitch Affirms CC Rating on Cl. E Notes
Fitch Ratings has affirmed Smile Securitisation Company 2007 B.V.
notes, as follows:

  Class A (NL0000169142): affirmed at 'BBBsf'; Outlook Stable

  Class B (XS0288450736): affirmed at 'BBsf'; Outlook Negative

  Class C (XS0288453599): affirmed at 'Bsf'; Outlook Negative

  Class D (XS0288455370): affirmed at 'CCCsf'; Recovery Estimate
  (RE) 0%

  Class E (XS0288455883): affirmed at 'CCsf'; RE 0%

The transaction is a cash flow securitization of a static pool of
originally EUR4.91bn of loans to SMEs, originated by ABN AMRO
Bank N.V (A+/Negative/F1+) in the Netherlands.


The affirmation of the notes reflects increased credit
enhancement for the class A to D notes over the last 12 months,
as well as the transaction's switch to a sequential pay-down
structure.  During this period the transaction saw EUR214 million
being repaid, of which 97% was allocated to the class A notes.
This has reduced its portfolio factor (defined as current
portfolio balance/original portfolio balance) to 22.5% from
27.3%.  Principal payments switched to sequential from pro rata
after cumulative defaults (currently 2.36% of the transaction's
initial balance) exceeded the closing trigger level (2.2%).

The portfolio's lowest-rated bucket (loans which the originator
believes are or are close to defaulting on their obligations)
increased marginally to 12.1% from 11.6%, although the weighted
average recovery of defaulted assets remains high at 72% (down
marginally from 75%).  Cumulative net losses from worked out
obligations remain low at 0.4%, up marginally from 0.29%, and
continue to be covered by the reserve fund.

The uncapped reserve fund balance is currently reported at EUR6.7
million, down from EUR10.1 million a year ago and provides
further subordinated protection to the senior notes.  The
principal deficiency ledger remains at zero as it has since
closing in 2007.

Rating Sensitivities

A 0.75x recovery rate multiplier, or a 1.25x default rate
multiplier, would lead to a two-notch downgrade for all note


BANCO BPI: S&P Lowers Preference Shares Rating to 'C'
Standard & Poor's Ratings Services took the following rating
actions on Portugal-based Banco BPI S.A.'s hybrid instruments:

   -- It lowered to 'C' from 'CCC-' its rating on the preference
      shares issued by BPI Capital Finance Ltd. and guaranteed by
      Banco BPI (ISIN: XS0174443449).

   -- It affirmed its 'B-' rating on the dated subordinated notes
      due in 2017 issued by Banco BPI (ISIN: PTBPM9OM0001).

The rating actions follow the formal launch by Banco BPI on
May 28, 2014, of a tender offer to holders of its preference
shares and dated subordinated debt issued or guaranteed by the
bank.  The terms of the offer are in line with the initial
communication made by the bank in early 2014, which S&P has
already commented on.  The offer affects five debt instruments
with a reported aggregate nominal amount of about EUR127 million.
However, Standard & Poor's only rates one preference share and
one dated subordinated note, whose total outstanding value was a
reported EUR57.7 million on May 28, 2014.

In line with what S&P communicated in February 2014, it considers
the tender offer to holders of preference shares a "distressed
exchange".  This is because investors will receive less value
than the promise of the original securities, as instruments will
be valued at 75% of its nominal value, and investors will receive
in exchange a junior instrument (ordinary shares to be issued by
Banco BPI S.A.).

S&P do not consider the offer to be "opportunistic" under its
criteria as the bank is making the offer to strengthen its core
capital base and, ultimately, to enable it to repay the remaining
EUR420 million of contingent convertible securities that the
government injected into the bank.  By converting the outstanding
hybrids into equity, the bank would also reduce the risk of the
European Commission (EC) banning future coupon payments on these
instruments.  Although the EC has not yet taken any such action
on BPI's hybrids, its general policy has been to restrict to the
extent possible coupon payments on hybrids of European banks that
received financial assistance from the state, including some of
BPI's Portuguese peers.

By lowering the rating on the preference shares to 'C', S&P is
indicating that the distressed exchange will ultimately lead to a
default ('D') rating on the securities, upon completion.

At the same time, S&P has affirmed its 'B-' rating on the dated
subordinated notes.  These notes are subject to the same offer,
but S&P do not consider it as a "distressed exchange" as
investors will receive an amount of shares that does not imply a
meaningful loss.  Furthermore, the subordinated notes are not
deferrable; thus we do not anticipate that the issuer would skip
future coupon payments if the exchange does not take place.

The rating actions do not affect S&P's counterparty credit
ratings on Banco BPI.  On completion of the tender offer, S&P
will review its ratings on any untendered Banco BPI preferred


INSTITUT CATALA: S&P Revises Outlook to Stable & Affirms 'BB' ICR
Standard & Poor's Ratings Services revised its outlook on
Institut Catala de Finances (ICF), based in Spain's Autonomous
Community of Catalonia, to stable from negative.  At the same
time, S&P affirmed its 'BB/B' long- and short-term issuer credit
ratings on ICF.

The outlook revision on ICF follows a similar action on

S&P rates ICF in accordance with its criteria for government-
related entities (GREs).  S&P's long-term rating on ICF reflects
its opinion that there is an "almost certain" likelihood that
Catalonia, ICF's owner, would provide timely and sufficient
extraordinary support to ICF in the event of financial distress.
As a result, S&P equalizes the ratings on ICF with those on
Catalonia.  S&P's opinion is based on its view of ICF's:

   -- "Integral" link with the Catalan government (the
      Generalitat).  ICF is a public entity, created by law,
      fully owned, and tightly controlled and supervised by the
      Generalitat.  S&P understands it cannot be privatized
      without a change in its bylaws, and, if dissolved, the
      Generalitat would be ultimately liable for its obligations.

      Moreover, in 2011, the Catalan parliament approved an
      explicit, irrevocable, unconditional, and direct guarantee
      from the Generalitat on ICF's debt.  In S&P's view, this
      guarantee reinforces the integral link between ICF and
      Catalonia's government.

   -- In light of this link, S&P thinks that the financial market
      would perceive a default of ICF as tantamount to a default
      of the region; and

   -- "Critical" role for the government.  In S&P's view, the
      guarantee provided by the Catalan government to ICF
      highlights what S&P sees as ICF's central role in meeting
      the government's key political and economic objectives,
      mainly supporting Catalan small and midsize enterprises
      (SMEs).  In S&P's opinion, the Catalan government is
      gradually enhancing ICF's role following the example of
      Instituto de Credito Oficial (ICO).

   -- ICO is the central government's financial agency, which S&P
      rates at the same level as Spain and which benefits from a
      similar type of government guarantee.  S&P understands
      that, in this vein, the Catalan government intends ICF to
      obtain a banking license.  S&P takes the view that ICF
      operates on behalf of the Catalan government and its main
      purpose is to implement the financial side of public
      policies.  This role, in S&P's view, cannot be easily
      replaced by a private entity. ICF takes on public lending
      policies, including long-term financing to SMEs.

   -- S&P believes that the regional government's strong
      supervision of ICF and stable financial support further
      underpin ICF's importance to Catalonia.

The rating also factors in S&P's assessment of ICF's stand-alone
credit profile (SACP), which is 'bb-', based on its criteria for
rating finance companies.  The SACP reflects S&P's view of ICF's
creditworthiness before taking into account the potential for
extraordinary government intervention, but factoring in the
effect of regular ongoing interactions with the regional
government, especially regular capital and liquidity injections
provided by the regional government as needed.  S&P considers
ICF's business profile to be weak due to its meaningful business
and geographic concentration and its very small size in

S&P assess ICF's financial profile as weak.  S&P considers that
the agency's liquidity remains vulnerable, given its dependence
on the wholesale funding markets.  This is despite ICF's
deleveraging strategy and its ability to access the market in the
recent months, which we acknowledge is likely to strengthen its

S&P considers that ICF's credit risk remains high and that its
asset quality deteriorated in 2013, with a nonperforming loans
ratio that increased to 13.9% from 10.4% in 2012.  S&P also takes
into account that, despite some reduction, single-name
concentration remains significant, which may potentially add
volatility to ICF's asset quality performance.  That said, the
improving economic environment in Spain is likely to favor a
progressive stabilization of ICF's stock of nonperforming assets.

In S&P's opinion, high ratios of loan-loss provisions to
nonperforming loans of 63% and ICF's strong capitalization (its
Tier 1 ratio stood at 25.5% on Dec. 31, 2013) partly offset these
risks.  S&P's assessment of ICF's capitalization takes into
account Catalonia's past ongoing capital support, which S&P
believes will continue underpinning ICF's solvency if necessary.

The stable outlook on the long-term rating on ICF mirrors that on

The stable outlook on Catalonia incorporates S&P's expectation
that Catalonia's budgetary and economic performance will be in
line with its 2014-2015 forecast horizon, and that the region
will deviate only moderately from official fiscal targets.  S&P's
outlook on Catalonia also incorporates its assumption that the
region will continue receiving funds from the central
government's liquidity facility known as the Fondo de Liquidez
Autonomico in a smooth and timely manner.

S&P believes that ICF cannot be rated above its government owner

   -- According to its criteria for rating GREs, it does not
      fulfill the conditions to be rated higher than its
      government, which include, among others, that the GRE
      should be a fairly independent enterprise operating in a
      competitive environment; and

   -- ICF receives, when needed, ongoing capital injections from
      Catalonia that underpin its SACP.

INSTITUTO VALENCIANO: S&P Revises Outlook & Affirms 'BB-' ICR
Standard & Poor's Ratings Services revised its outlook on
financial agency Instituto Valenciano de Finanzas (IVF), based in
Spain's Autonomous Community of Valencia (Valencia), to stable
from negative.  At the same time, S&P affirmed its 'BB-/B' long-
and short-term issuer credit ratings on IVF.

The rating action follows S&P's outlook revision on the
Autonomous Community of Valencia.

The ratings on IVF continue to reflect S&P's view of the strength
of Valencia's explicit statutory guarantee, under which it
considers IVF's liabilities as its own debt.

IVF is included in Valencia's European Accounting Standards
(EAS)-95 public sector consolidation scope.  Consequently, IVF's
debt owed to international banks or capital markets is covered by
the liquidity support that Spain's central government provides to
Valencia though Spain's regional liquidity fund, Fondo de
Liquidez Autonomico (FLA).

In addition, S&P considers IVF as a government-related entity
(GRE).  S&P considers that there is an "almost certain"
likelihood that Valencia would provide timely and sufficient
extraordinary support to IVF if needed.  S&P bases its view on
its assessment of IVF's:

   -- "Critical" role for the region.  IVF carries out key
      functions that a private entity could not undertake, such
      as managing regional debt and public credit policy.

   -- Consequently, S&P thinks that the markets would perceive a
      default by IVF as tantamount to a default by the region,
      especially considering Valencia's financial guarantee
      covering IVF's debt.  In S&P's view, IVF's importance to
      Valencia is also reflected in the regional government's
      strong involvement in IVF's management and stable financial
      support; and

   -- "Integral" link with Valencia, considering that it exerts
      total control over IVF's strategy and day-to-day
      operations, and carries out extremely tight financial

Based on IVF's "critical" role for and "integral" link with
Valencia, as defined by S&P's GRE criteria, it equalizes the
ratings on IVF with those on Valencia.

The stable outlook on IVF mirrors that on Valencia.

If S&P downgraded Valencia, it would downgrade IVF, all other
things being equal.

S&P could upgrade IVF if we upgraded Valencia, and if it
continued to view IVF's GRE status as unchanged.

U N I T E D   K I N G D O M

INTERNATIONAL PERSONAL: Fitch Affirms 'BB+' Issuer Default Rating
Fitch Ratings has affirmed UK-based International Personal
Finance Plc's (IPF) Long-term Issuer Default Rating (IDR) at
'BB+', Short-term IDR at 'B' and senior unsecured debt rating at
'BB+'.  The Outlook on the IDR is Stable.


The ratings reflect IPF's proven track record in providing
unsecured home-collected loans to non-standard borrowers in
emerging markets.  IPF has demonstrated to be a high-margin cash-
generative business and has consistently reported strong and
stable recurrent profitability over the years.  Profits have
regularly fed into capital, leading to modest leverage which in
Fitch's view supports the ratings.

The ratings also reflect IPF's high credit, operational,
regulatory and FX risks arising from its presence in and exposure
to emerging markets as well as IPF's modest business scale and
full reliance on market funding.  These risks and the unsecured
nature of its business currently cap the ratings below investment

Continuing regulatory scrutiny on consumer credit acts as a
potential negative rating driver for IPF.  In particular, it
continues to face significant regulatory risks stemming from
fairly frequent investigations into high-cost credit.

IPF reported sound pre-tax profits (PBT) in 2013, backed by
business expansion across all operating countries.  Group
revenues grew 10.6% (at constant exchange rates, CERs) mostly
driven by Poland, Mexico and the Czech Republic.  Although Fitch
expects revenue growth and diversification to continue as IPF
expands into new markets and develops new products, it will
likely take several years for new initiatives to contribute
materially to results. Poland and the Czech Republic will
continue to be main contributors to the group's PBT.  Fitch
expects earnings to remain exposed to FX volatility.

IPF's business model is characterized by significant arrears, but
the proportion of impairment to revenues has remained stable over
time.  IPF's risk controls and management are robust but Fitch
acknowledges that IPF is rapidly growing its business and
receivables in some of its markets, including Mexico, and has
relaxed credit conditions in some other markets such as Hungary.
Rapid growth could eventually put pressure on leverage and asset
quality through higher impairments.  Nonetheless, the level of
impaired receivables over 90 days overdue has remained stable at
25% of gross receivables and impairments have been within the
target of 25%-30% of revenues.

IPF is not allowed to take deposits and is fully reliant on
market funding.  Although Fitch acknowledges that the company has
made efforts to achieve diversification through market issuance,
it remains fully reliant on bonds and bank facilities.  However,
refinancing risk is somewhat mitigated by the short duration of
the credit it provides and the company's sound track record of
wholesale market access in its operating countries.  During 2013
IPF continued to issue bonds in its local markets and in
April 2014 it managed to refinance its eurobond maturing in 2015
at a much lower cost, extending the maturity of a significant
portion of its funding to 2021.  Moreover, IPF had GBP175 million
funding headroom at end-2013, which in Fitch's view provides an
additional funding source to fund business expansion should
wholesale markets become disrupted.

At end-2013, the group revised the targeted equity/receivables
ratio to 50% from 55% and aims to gradually reduce the ratio to
45%.  However, Fitch continues to view this level as comfortable
for the rating level and slightly more conservative than peers.


Fitch does not envisage taking positive or negative rating action
in the medium term on IPF, as reflected in the Stable Outlook.
Upside potential to the IDRs is limited given IPF's reliance on
home-collected credit, significant risks from unsecured lending
in emerging markets and lack of revenue diversification.

The ratings could be downgraded should there be an increase in
leverage; a significant deterioration in its funding position; if
IPF faces greater refinancing risk because of weakened market
conditions; if arrears increase significantly and performance
deteriorates materially or if the business model is threatened by
further regulatory or competitive challenges.

IPF's senior debt rating is driven by the company's Long-term IDR
and is therefore sensitive to changes in the latter.

NEW WORLD: Draws Up Debt Restructuring Plan
James Wilson at The Financial Times reports that New World
Resources put forward plans for a debt restructuring and rights
issue and warned insolvency could otherwise loom as the European
coalminer battles low commodity prices.

According to the FT, the UK-listed group, which mines in the
Czech Republic, said a conditional agreement involving creditors
and its largest shareholder would cut outstanding gross debt from
EUR775 million to EUR450 million, as well as making a further
EUR185 million available through equity and a new credit

NWR's largest shareholder, the BXR vehicle of Czech investor
Zdenek Bakala, owns 64% and is backing the restructuring,
pledging to provide EUR75 million of the equity, the FT
discloses.  NWR also said the proposal was supported by holders
representing 56% of its senior secured debt, the FT notes.

The company, as cited by the FT, said that an alternative
contingency plan, if conditions for the restructuring were not
met, was being finalized but could lead to insolvency and
"severely diminished" returns for debt and equity holders.

The restructuring would see NWR's debt repurchased through a
tender and exchanged for EUR300 million of new senior debt and
EUR150 million of debt convertible into shares, the FT says.

As part of the restructuring, NWR has moved its main offices from
the Netherlands to the UK, the FT states.  Such a step makes it
more likely the restructuring plan can be implemented under UK
company law, according to the FT.

NWR lost EUR970 million last year as revenues fell 28%, while net
debt rose from EUR551 million to EUR625 million, the FT relays.

New World Resources Plc is a Central European hard coal producer.
The Company produces quality coking and thermal coal for the
steel and energy sectors in Central Europe through its subsidiary
OKD, a.s., the largest hard coal mining company in the Czech

R BENNETT: Building Contractor Calls In Administrators
------------------------------------------------------ reports that Paul Boyle -- -- and Tony Murphy -- -- of Harrisons Business Recovery &
Insolvency (London) Limited, were appointed joint administrators
of R Bennett & Co on May 16, 2014.

R Bennett & Co which opened its doors for business in 1945 and
has been in the same family for four generations, provided a full
service to the brewing industry, employed around 50 members of
staff and reported an annual turnover of EUR7 million in 2013.

Initially, the company carried out maintenance works for
Wolverhampton & Dudley Breweries Plc, which remained one of its
longstanding clients, the report says.

According to the report, a tough economic environment forced R
Bennett & Co to take every opportunity to boost declining
revenues, which resulted in the firm winning large new contracts.
However, these failed to deliver the high margins required to
keep the business afloat.

"We have tried every available option to sell this quality, long-
established business; however, this has not been possible," the
report quotes Mr. Murphy as saying.

R Bennett & Co is a Dudley-based building contractor and joinery

SAGA PLC: S&P Assigns 'B+' CCR Following IPO & Deleveraging
Standard & Poor's Rating Services assigned a higher final long-
term corporate credit rating of 'B+' to U.K.-based specialized
consumer services provider Saga PLC.  The outlook is stable.

At the same time, S&P assigned a higher final issue rating of
'B+' to the GBP700 million senior secured loans (term loan A;
originally GBP825 million), due 2019 issued by Saga Mid Co Ltd.
The recovery rating on term loan A is '3', indicating S&P's
expectation of meaningful (50%-70%) recovery prospects in the
event of a payment default.

The GBP425 million senior secured loan (term loan B) due 2020,
also issued by Saga Mid Co Limited, has been repaid.

The rating action follows Saga's successfully completed IPO, on
May 23, 2014, which raised GBP512 million in net proceeds.  Along
with GBP38 million of balance-sheet cash, Saga used GBP550
million to repay its recently raised GBP425 million term loan B
due 2020 and GBP125 million of its term loan A due 2019.  The
latter is issued by Saga Mid Co Ltd., a wholly owned subsidiary
of Saga PLC. Credit metrics have therefore improved as a result
of this transaction.  Additionally, S&P applies a positive
comparable ratings analysis modifier of one notch, lifting the
anchor to 'b+', owing to the improved credit metrics and the
broadened shareholder base following the IPO.

As a result of the transaction, S&P's fully adjusted debt figure
for the year ending January 2015 reduces to GBP2.5 billion and is
comprised of GBP700 million of term loan A, about GBP10 million
in post-retirement benefit obligations and operating lease
adjustments, as well as nearly GBP1.8 billion in subordinated
preference certificates held above Saga.  S&P's adjusted debt-to-
EBITDA ratio for Saga is 11x (or 3.1x excluding shareholder
instruments) and its adjusted funds from operations (FFO) to debt
is near 6% (or near 20% excluding shareholder instruments).
These metrics support S&P's assessment of the financial risk
profile as "highly leveraged."  Saga also generates significant
levels of free operating cash flow, which it now forecasts to be
close to GBP85 million in financial year 2015, as a result of
reduced interest costs following the IPO.

S&P continues to assess Saga's business risk profile as "fair,"
which reflects the various segments in which it operates
(insurance, travel, health care), as well as its geographic focus
on the U.K.  S&P's view of the business incorporates the
commoditized nature of motor insurance, reputational risk to
brands (particularly in health care) and the fragmented nature of
the travel sector.  S&P's assessment is supported by the well-
known and easily recognizable brand, the company's leading market
positions for motor insurance and domiciliary health care,
resilient demand from its target customer segment of the over
50s, and high client retention rates with multi-year
relationships.  Additionally, S&P considers the travel and health
care segments to have good growth potential as the target
population segment will increase over time.  Some barriers to
entry are attributed to a marketing database of a significant
portion of the group's target market, which would be difficult to
replicate in the near term.

S&P assess Saga's management and governance as "fair," reflecting
its experienced management team and clear growth plans.

S&P's base case assumes:

   -- Revenue growth in the low single digits for 2014 and 2015;
   -- An adjusted EBITDA margin of approximately 17%-19% for 2014
      and 2015;
   -- Capital expenditure (capex) of GBP30 million per year;
   -- Annual cash interest costs of GBP50 million per year;
   -- No dividends paid in financial year ending Jan. 31, 2015;
   -- GBP1.5 billion in shareholder loans treated as debt at the
      operating company level, as per our criteria.

Based on these assumptions, S&P arrives at the following credit

   -- FFO to debt of near 6% (or near 20% when excluding
      shareholder loans);
   -- Debt to EBITDA of over 9x (or 3x when excluding shareholder
   -- EBITDA interest coverage of nearly 4x; and
   -- Strong unadjusted free operating cash flow of over GBP80
      million in financial 2015, and rising thereafter.

The stable outlook reflects S&P's view that Saga's operating
performance and credit metrics will remain commensurate with the
rating for 2014 and 2015 and that no material releveraging will
occur.  S&P views the company's flexibility to adjust its
strategy across the business lines, consistent track record of
achieving targets, and supportive demand trends as underpinning
the rating.

S&P considers rating upside to be limited in the near term.
Rating upside could result from further reductions in private
equity ownership and a corresponding significant decrease in the
level of shareholder instruments held above Saga.  Specifically,
a sustained adjusted FFO-to-debt ratio firmly established in the
mid-teens and adjusted debt to EBITDA of less than 5x including
shareholder loans, could provide the basis for an upgrade.

"We think a downgrade is currently unlikely, but we could
consider one should margins fall, stemming from an increase in
insurance claims or an increase in pricing competition.  This
could lead to a reduction in cash flow generation and tightening
liquidity. Additionally, debt-financed acquisitions, shareholder
distributions, event risk relating to the travel or health care
segments, or a material reduction in FFO cash interest coverage
could lead us to lower the rating," S&P noted.

W ROBINSON: Goes Into Liquidation
ChronicleLive reports that W Robinson's book store, in the
Grainger Market, is said to have gone into liquidation, bringing
to an end more than 130 years of trading.

According to ChronicleLive, a spokesman on Monday said the
authority had been informed that the business had gone into
liquidation and said he believed support would be being provided
to the owners.

The store, described as Newcastle's largest independent book
shop, sold bargain and second hand items and at one stage stocked
over 30,000.

* UK: UKAR Repays Government GBP10.4 Billion
Richard Partington at Bloomberg News reports that UK Asset
Resolution Ltd., which owns Britain's fully nationalized banks,
paid the government GBP6.2 billion (US$10.4 billion) in debt
repayments, interest, fees and taxes since the start of 2013.

According to Bloomberg, UKAR said in a statement on Tuesday that
the sum includes GBP5.1 billion of its government loan.

UKAR, formed out of collapsed lenders Bradford & Bingley Plc and
Northern Rock Plc in 2010 after they were taken over by the
state, has repaid GBP10.4 billion of government funding in total,
reducing its outstanding taxpayer debt to GBP38.3 billion,
Bloomberg relates.  It plans to run off or sell the majority of
its customer loans, Bloomberg says.

* UK: IT Supplier Insolvencies Fall For First Time in 2014
Tim Wood and Henry Kirby at report that
collapses among information and communication companies have
fallen year-on-year for the first time in 2014.

And the number of businesses that entered the early stages of the
insolvency process in the sector has dropped sharply, according
to the Exaro Insolvency Index, the report says. relates that it marks a change in direction
for information and communication companies, which have suffered
year-on-year rises in insolvencies every month since December.

The Exaro Insolvency Index, the most comprehensive survey of
company failures in the UK, shows a similar pattern for the wider
economy, the report notes.

According to the report, insolvency specialists said banks and
investors are showing a growing willingness to call time on
struggling businesses as an economy pulls out of a recession.

"Business confidence is at an all-time high. This is when
companies start to invest and the IT sector will benefit from
this," the report quotes Clive Lewis, head of enterprise at the
Institute of Chartered Accountants in England and Wales, as
saying.  "I am confident there will be a continuing reduction in
the number of insolvencies in this sector."


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.

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
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

                 * * * End of Transmission * * *