TCREUR_Public/140618.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 18, 2014, Vol. 15, No. 119

                            Headlines

F R A N C E

BUT SAS: S&P Assigns 'B-' Long-Term Corporate Credit Rating
DECOMEUBLES PARTNERS: Moody's Assigns 'B2' CFR; Outlook Negative
HOLDING BERCY: Moody's Raises CFR to 'B1'; Outlook Positive


G E R M A N Y

PHOTON HOLDING: Operations Not Affected By Insolvency Process
* GERMANY: Robust Economy Leaves Fewer Businesses Bankrupt


H U N G A R Y

GULLIVER: Court Orders Liquidation Following Bankruptcy


I R E L A N D

ADAGIO III: S&P Lowers Rating on Class D Notes to 'B+'
ARBOUR CLO: Moody's Assigns 'B2' Rating to Class F Notes
RADISSON BLU: Bought Out of Receivership by iNua for EUR3.5-Mil.


L U X E M B O U R G

BRAAS MONIER: S&P Raises CCR to 'B' on Capital Structure Changes
TIGERLUXONE SARL: Moody's Assigns '(P)B2' CFR; Outlook Stable


N E T H E R L A N D S

ADRIA BIDCO: S&P Revises Outlook to Stable & Affirms 'B' CCR
ASM INTERNATIONAL: S&P Raises CCR to 'BB+'; Outlook Stable


R U S S I A

MECHEL OAO: To Explore Debt Payment Options with State Banks


S P A I N

FONDO DE TITULIZACION: Moody's Rates EUR195MM C Notes '(P)Ca'


S W E D E N

DOMETIC GROUP: Moody's Hikes CFR to 'B3'; Outlook Stable


U K R A I N E

BANK FORUM: In Liquidation; Banking License Revoked


U N I T E D   K I N G D O M

ALMONDALE GROUP: Iain Mercer Steps Down Following Administration
AVANTI COMMUNICATIONS: S&P Affirms 'B' Rating on Proposed Tap
HARBOROUGH SCREEN: Backer Goes Into Liquidation
MISSOURI TOPCO: S&P Revises Outlook to Stable & Affirms 'B-' CCR
NORTH WEST CONCRETE: Director Banned For 8 Years

VIACLOUD UK: Goes Into Liquidation
* UK Finalizes Post-Lehman, MF Global Client Asset Rule Fixes


                            *********


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F R A N C E
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BUT SAS: S&P Assigns 'B-' Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
long-term corporate credit rating to France-based furniture and
electrical goods retailer BUT S.A.S and placed it on CreditWatch
with positive implications.

At the same time, S&P assigned its 'B' issue rating to the
proposed senior secured notes due 2019.  The recovery rating on
the notes is '3' reflecting S&P's expectation of meaningful
(50%-70%) recovery prospects.

S&P also assigned its 'B+' issue rating to the proposed super
senior revolving credit facility (RCF) due 2018.  The recovery
rating is '2', indicating S&P's expectation of substantial
(70%-90%) recovery prospects.

The rating reflects S&P's view of the company's business risk
profile as "weak" and its financial risk profile as "highly
leveraged," as S&P's criteria define the term.  S&P expects that,
upon successful refinancing through placement of a EUR170 million
bond and syndication of a EUR30 million revolving credit facility
(RCF) and the resulting consolidation of a more sustainable
capital structure, S&P will likely raise its assessment of the
ccompany's financial risk profile from "highly leveraged" to
"aggressive."

During the nine months of fiscal 2014 ending in June, revenues
increased by 6.4% to approximately EUR1.0 billion and reported
EBITDA increased by 29% year on year corresponding to a 90 basis
points (bps) increase in reported EBITDA margin to 5.1%,
restoring to some extent previously lost profitability.  S&P
expects the adjusted EBITDA margin to improve to 9.6% for fiscal
2014 and above 10% for fiscal 2015, thanks to an ongoing
efficiency plan consisting of flexible pricing policy, cost
control, and logistics focus.

Although BUT's credit ratios have historically shown fairly
moderate leverage based on interest coverage ratios, other
metrics based on payback, or cash-flow-based ratios, display
weaker metrics, especially for 2013.  Given the company's weak
free operating cash flow (FOCF) generation and the risk of a
releveraging of its capital structure, S&P qualifies the
financial risk profile as highly leveraged.  That said, S&P
believes that upon successful refinancing and the associated
dividend recap transaction, the risk that the company will
re-leverage to levels that S&P classifies in its highly leveraged
category -- above 5.0x on an adjusted basis -- will have
significantly diminished.  After successful refinancing, S&P will
also factor in the benefits of a more consolidated and long-term
capital structure and liquidity position, which should be
sustainable in view of BUT's recent operating improvements.

Based on the contemplated capital structure, S&P forecasts that
BUT's Standard & Poor's-adjusted debt-to-EBITDA ratio should be
about 3.7x in fiscal 2014 ending June 2014, and remain below this
level in fiscal 2015 ending June 2015.  At the same time, the
company's Standard & Poor's-adjusted FOCF-to-debt ratio should
reach about 15% in fiscal 2014, although S&P notes that most of
its calculated FOCF is generated by our operating lease
adjustment.

S&P's 'b' anchor reflects the relative strength of BUT's
financial profile within the highly leveraged category.  The use
of S&P's comparable rating analysis modifier leads it to apply a
one notch downward adjustment to the anchor to reflect the
pretransaction short-term capital structure and the company's
weak cash conversion.

S&P aims to resolve the CreditWatch placement upon successful
placement of the EUR170 million bond and syndication of the EUR30
million RCF, which S&P expects to happen in the next few weeks.

S&P will likely raise the rating on BUT to 'B' on the successful
completion of the proposed refinancing, to reflect S&P's view
that BUT's improved capital structure and liquidity, combined
with ongoing operating improvements, should enable the company to
achieve and maintain business and financial profiles compatible
with our 'B' rating.  This includes improved profitability in
excess of 4.5% on a reported basis, positive reported FOCF
generation, and FFO to cash interest above 2.0x on a reported
basis.


DECOMEUBLES PARTNERS: Moody's Assigns 'B2' CFR; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) and B2-PD probability of default rating (PDR)
to Decomeubles Partners SAS, the direct holding company of BUT
SAS. Concurrently, Moody's has assigned a provisional (P)B3
rating, with a loss given default (LGD) assessment of LGD4, 63%,
to the proposed EUR170 million worth of senior secured notes due
2019 to be issued by BUT. The outlook on the rating is negative.

The proceeds from the proposed issuance will be used to (1) repay
almost all existing debt, including a mezzanine facility and a
shareholder loan; and (2) fund a reduction of the share capital
of Decomeubles, and related refinancing fees and expenses.

"The B2 rating reflects the group's relatively modest size and
French market concentration, exposure to discretionary spending,
weak profitability levels and high leverage", says Marie
Fischer-Sabatie, a Moody's Vice President - Senior Credit Officer
and lead analyst for BUT. "However this is mitigated by BUT's
extensive store network, good brand recognition and growing
market share in the fragmented French home equipment market",
adds Ms Fischer-Sabatie.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation, Moody's will endeavor to assign definitive
ratings. A definitive rating may differ from a provisional
rating.

Ratings Rationale

-- B2 CFR/B2-PD PDR --

The B2 CFR reflects BUT's modest size compared with other rated
retail peers and the full reliance of its operations upon the
French market. The rating also captures a risk of operating
volatility as customers tend to reduce their discretionary
spending in economic downturns. BUT's profitability lags behind
its main peers, with an EBITDA margin in the high single digits
in percentage terms reflecting (1) a less profitable product mix
than peers (including lower margin products such as white and
brown goods); and (2) continuous pressure on margins, against the
backdrop of the very competitive French home equipment market.

Furthermore, the B2 rating factors in a high leverage -- defined
as debt/EBITDA, after Moody's adjustments principally for
capitalized operating leases -- which the rating agency estimates
will be close to 6.5x at the end of the current financial year
pro forma for the refinancing. This level is deemed by Moody's to
be stretched and positions the company weakly in its rating
category. Franchisees acquisitions have been used by BUT as a
means to defend competitive positions and have weighed on its
financial profile. Moody's may not exclude the possibility of
further acquisitions. In particular, BUT's largest franchisee has
a put option on the 18 stores that it operates which can first be
exercised in November 2015 and could potentially further
constrain, if not deteriorate, the company's credit metrics.

More positively, the B2 rating acknowledges BUT's long
established presence in the French home-equipment market. The
company has the largest home-equipment retail network in France,
with 258 stores expected at the end of March 2014, of which 176
are fully owned and 82 under franchisee agreements. Since its
creation in 1972, it has built a well-known brand name in France,
especially in secondary cities and rural areas where its stores
are mostly located. BUT ranks third in the French home equipment
market and continuous market share gains illustrate a successful
marketing and operational strategy since its acquisition in 2008.
Since then the company also managed to shift its product range
towards a more profitable mix, including more furniture and
decoration items. However, the very competitive market puts
negative pressure on the company's operating performance, as was
the case in the financial year ended June 2013.

Moody's expect BUT to have cash of around EUR55 million post-
refinancing. Given the seasonality of its working capital
requirements, BUT is reliant upon external sources of liquidity,
in particular in the peak Christmas and January sales periods,
when it will have access to a new EUR30 million revolving credit
facility, including a financial covenant (with an expected leeway
around 35-40%). Moody's cautions that BUT's liquidity is not
adequately sized to fund the potential acquisition of its largest
franchisee, should it exercise its put option in November 2015
and that it would need to put additional financing in place to
fund this cash outflow.

The PDR of B2-PD reflects the use of a 50% family recovery
assumption, consistent with a capital structure including a mix
of bond and bank debt.

-- (P)B3 Rating On Senior Secured Notes --

The (P)B3 rating (LGD4, 63%) assigned to the company's proposed
senior secured notes due 2019 reflects their position behind a
committed EUR30 million super senior revolving credit facility
and a significant amount of trade payables, which are both ranked
ahead of the senior secured notes in Moody's waterfall. The
proposed notes and the RCF will ultimately benefit from a similar
maintenance guarantor package, including upstream guarantees from
guarantor subsidiaries representing approximately 95% of BUT's
consolidated EBITDA. Both instruments will also be secured, on a
first-priority basis, by certain share pledges, intercompany
receivables, bank accounts and certain inventory of BUT
International S.A.S. However, the notes will be contractually
subordinated to the RCF with respect to the collateral
enforcement proceeds. Moreover, Moody's cautions that there are
significant limitations on the enforcement of the guarantees and
collateral under Luxembourg and French law.

Both the notes and amended bank debt contain portability
features, which allow for a one-off change in ownership of BUT
without triggering change of control provisions subject to
meeting certain tests, which, according to Moody's estimates,
will be met immediately following the refinancing.

Rationale For The Negative Outlook

The negative outlook reflects the company's weak credit metrics
for its B2 rating, with high leverage expected around 6.5x for
FYE June 2014 (pro forma the refinancing). It also reflects (1)
some execution risks relating to the strategy being implementing
by the new management (e.g. supply chain rationalization, store
openings and efficiency improvements) and (2) the still limited
prospects for growth in BUT's market, which could hamper the
deleveraging path of the company.

What Could Change The Rating Up/Down

Moody's could consider stabilizing BUT's outlook, if its ratio of
adjusted (gross) debt/EBITDA reduces towards 6x. Moody's could
upgrade the rating if BUT makes evidence of its ability to (1)
sustainably enhance its profitability while (2) maintaining
market shares and (3) sustaining positive free cash flow post
acquisitions. Quantitatively, stronger credit metrics, such as
adjusted (gross) debt/EBITDA below 5.5x on a sustainable basis,
could trigger an upgrade.

Moody's could downgrade the ratings if BUT's cash consumption in
capex and acquisitions was to exceed the group's cash from
operations for a sustained period of time as a result of a
weakened operating performance or higher-than-expected
investments. Quantitatively, an adjusted (gross) debt/EBITDA
ratio remaining above 6.5x for a prolonged period could trigger a
downgrade. Any weakening of the liquidity profile would also
exert immediate downward pressure on the rating.

Principal Methodology

The principal methodology used in these ratings was the Global
Retail Industry published in June 2011. 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 France (Emerainville), BUT is one of France's
largest home equipment retailers, with revenues of EUR1.2 billion
in FYE June 2013. BUT's business model is based on a one stop
shop concept, offering its customers furniture, electrical/home
appliances and home decoration products. In FYE June 2013,
furniture, electrical goods and decorative products represented
63%, 30% and 7% of BUT's store revenues, respectively.


HOLDING BERCY: Moody's Raises CFR to 'B1'; Outlook Positive
-----------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Holding Bercy Investissement SCA (Elior) to B1 from B2, and its
probability of default rating to B2-PD from B3-PD. Moody's also
upgraded the ratings on Elior and and its subsidiaries' senior
secured bank facilities and senior secured notes (due 2020) to B2
from (P)B3. The ratings outlook has also been changed to positive
from stable.

Ratings Rationale

The rating upgrades follow the successful completion of Elior's
IPO with net proceeds of approximately EUR746 million to be used
to prepay a combination of senior secured bank loans and the
senior secured notes. Post-IPO, the private equity firm
Charterhouse retains around 40% of the equity, and the cofounder
(Mr. Zolade) around 20%.

The material debt reduction will significantly improve Elior's
credit metrics. Moody's adjusted gross leverage will fall to
around 5.3x, with an expectation of further reduction to around
4.5x over the next year through EBITDA growth. The company has
publicly articulated an expectation to deleverage (on a net,
reported basis) to 3.25x over the near term, implying somewhat
limited reduction of about 0.3x. However, Moody's expects Elior's
net debt reduction over the next 18 months to remain constrained
by the company's continued expansion plans through bolt-on
acquisitions. Furthermore, dividend payments are expected to be
about 40% of net income.

Elior's credit profile remains supported by its scale, with
geographic diversification of its revenue base having improved
following the majority acquisition in 2013 of TrustHouse Services
in the US.

The company's liquidity profile remains adequate, supported by
availability under its bank revolver, despite the modest free
cash flow generation.

The positive outlook reflects Moody's view that Elior is likely
to deleverage through 2015, meeting triggers for a ratings
upgrade, albeit with risks remaining over M&A activity and
operational performance given ongoing weak economic conditions in
Europe, where the group derives the majority of its revenues.

What Could Change The Rating Up/Down

Negative pressure on the ratings could occur if adjusted leverage
rises sustainably above 5.5x and/or if the free cash flow turns
negative for an extended period. In addition, concerns over
liquidity or covenants could exert negative ratings pressure. The
ratings could be upgraded if adjusted leverage falls below 4.5x
on a sustainable basis, with the free cash flow to debt
approaching 5%.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology 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 France, Elior is a global player in contract and
concession catering and support services.



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G E R M A N Y
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PHOTON HOLDING: Operations Not Affected By Insolvency Process
-------------------------------------------------------------
Edgar Meza at pv-magazine reports that Photon Holding said the
assets and operations of its subsidiaries, including Photon
Publishing and PV construction division Photon Power AG, are not
affected by preliminary insolvency proceedings begun earlier this
month.

The report relates that Photon said the Aachen District Court
opened preliminary insolvency proceedings for the company due to
a tax obligation to the tax office of Aachen. While the group
stressed that it did not dispute the tax obligation, it said it
had submitted tax refund claims approximately equal to the amount
owed but which have yet to be validated, pv-magazine relates.

Photon added that its management did not request the opening of
proceedings and that it believed the move was "unnecessary,"
according to the report.

pv-magazine notes that according to Berlin-based insolvency
attorney Jan Heckmann of Anwaltskanzlei Heckmann, the
administrator will determine during the provisional insolvency
proceedings whether business can be continued or whether the
company is liquidated.

In Photon's case, it remains to be seen how the preliminary
insolvency proceedings play out, the report says. However,
Mr. Heckman said that if Photon's preliminary insolvency
proceedings indeed resulted from the fact that tax refund claims
were not validated, the number of creditors is likely just one
and therefore manageable, which in turn makes a rescue of the
company possible, the report relates.

Mr. Heckmann added that while it's theoretically possible that a
company continues normal operations following the opening of
court ordered preliminary insolvency proceedings, the firm's
business partners run a high risk of foregoing payment for
continued services, according to the report. Indeed, Mr. Heckmann
stressed that firms that continue to do business with an
insolvent company should only do so under expert counsel and with
the inclusion of the preliminary insolvency administrator, pv-
magazine relates.

The operational business of an insolvent company very much
depends on whether it has enough assets to carry on normal
trading -- something which the preliminary insolvency
administrator would have to review, Mr. Heckmann, as cited pv-
magazine, said.

Any creditors that are owed payment by an insolvent company would
be paid from its assets during the actual insolvency proceedings
that follow preliminary insolvency proceedings, the report adds.

Photon Holding's other subsidiaries include product test lab
Photon Laboratory GmbH as well as a 60% stake in consulting group
Photon Consulting LLC, pv-magazine discloses.

As reported in the Troubled Company Reporter-Europe on June 11,
2014, RechargeNews said that a German court has opened
preliminary insolvency proceedings for Photon Holding, the parent
company of Photon Publishing GmbH, which produces several solar
magazines and websites.  The court appointed attorney Andreas
Schmitz as preliminary insolvency administrator, RechargeNews
related.


* GERMANY: Robust Economy Leaves Fewer Businesses Bankrupt
----------------------------------------------------------
dw.de reports that four consecutive years of economic growth have
strengthened German businesses to the point that ever fewer are
declaring bankruptcy.  The last quarterly rise in corporate
insolvencies dates back to 2010.

In the first quarter of this year, some 6,156 German firms filed
for bankruptcy protection, dw.de relates, citing latest figures
released by the German statistics office, Destatis.

The figure was down by 6.8 percent compared with the same quarter
a year ago, Destatis said, and marked the beginning of the fourth
consecutive year of falling bankruptcies in Germany, dw.de
relates. The last rise in the quarterly insolvency figure was
recorded in the first quarter of 2010, the agency added.

dw.de notes that according to Destatis data the highest number of
failed businesses was reported from the retail sector, including
car maintenance, in which 1181 firms went bust between January
and March. This was followed by insolvencies in the construction
sector, 1027 cases, and technical services with 727 bankruptcies.

Consumer insolvencies had also gone down, Destatis said, slipping
by 4.2 percent to a total of 22,115 cases, dw.de relays.

On balance, bankrupt firms and individuals owed their creditors
about EUR6 billion ($8.1 billion), which was slightly more than
the debt of EUR5.6 billion owed in the quarter a year ago, the
report adds.



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H U N G A R Y
=============


GULLIVER: Court Orders Liquidation Following Bankruptcy
-------------------------------------------------------
Budapest Business Journal reports that the court has ordered the
liquidation of Gulliver, which went bankrupt at the end of 2013.

According to BBJ, bailiff Zoltan Kovacs of liquidation firm Duna
Libra said the deadline for creditors to report their claims
expired on June 15 and the claims are still being processed.

Gulliver applied for bankruptcy protection and closed its 27 toy
shops and suspended operation of its webstore in December 2013,
BBJ recounts.

It was then reported that the company owed almost HUF3 billion to
148 creditors, BBJ relays.  Gulliver had losses of HUF307 million
in the business year ending at the end of June 2013, BBJ
discloses.

Gulliver is a Hungarian toy retailer.



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I R E L A N D
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ADAGIO III: S&P Lowers Rating on Class D Notes to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Adagio III CLO PLC.

Specifically, S&P has:

   -- raised its ratings on the class A1A, A1B, A2, A3, and B
      notes;

   -- lowered its ratings on the class D and E notes;

   -- affirmed its rating on the class C notes; and

   -- withdrawn its rating on the class V combination notes.

The rating actions follow S&P's analysis of the transaction using
data from the trustee report dated March 31, 2014 and the
application of its relevant criteria.

Since S&P's previous review on Nov. 6, 2012, the transaction has
ended its reinvestment period.  The total collateral amount
(portfolio of assets plus cash to be distributed as principal)
decreased to EUR449.12 million (euro-equivalent) from EUR500.91
million (euro-equivalent).  The class A1A, A2, and A3 notes have
started to amortize by an aggregate amount of EUR42.38 million.

As a result, S&P has observed that the overcollateralization for
the class A1A, A1B, A2, A3, and B notes has improved.  The
overcollateralization for the class C notes has remained stable,
while the overcollateralization for the class D and E notes has
decreased.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level.  The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still fully pay interest and principal to the
noteholders.

S&P used the collateral amount that it considers to be performing
and the weighted-average recovery rates calculated in line with
its 2009 criteria update for corporate cash flow collateralized
debt obligations (CDOs).  Since the portfolio is no longer
subject to reinvestments, S&P believes it is exposed to the risk
of reduced weighted-average spread.  Therefore, in scenarios
above the initial ratings, S&P has assumed the portfolio of
performing assets paid a weighted-average spread of 2.55%,
instead of the current weighted-average spread of 4.18%.

AIG Financial Products Corp. (A-/Stable/A-2) is a hedging
counterparty for the transaction.  The documented downgrade
provisions are not in line with S&P's current counterparty
criteria.  Therefore, in rating scenarios above 'A', S&P has
assumed the nonperformance of the hedging counterparty.

The results of S&P's analysis show that the class A1A, A1B, A2,
A3, and B notes' available credit enhancement is now commensurate
with higher ratings than those currently assigned.  S&P has
therefore raised its ratings on these classes of notes.

"Our analysis also indicates that the available credit
enhancement for the class C, D, and E notes is now commensurate
with higher ratings than those currently assigned.  However, the
application of the largest obligor default test constrains our
ratings on the class C, D, and E notes at 'BBB+ (sf)', 'B+(sf)',
and 'CCC+ (sf)', respectively.  This test measures the effect of
several of the largest obligors defaulting simultaneously.  We
introduced this supplemental stress test in our 2009 criteria
update for corporate CDOs.  We have therefore affirmed our 'BBB+
(sf)' rating on the class C notes and lowered our ratings on the
class D and E notes to 'B+ (sf)' from 'BB+ (sf)' and to 'CCC+
(sf)' from 'B+ (sf)', respectively," S&P said.

The trustee confirmed that the class V combination notes had been
decoupled into their individual components.  Therefore, S&P has
withdrawn its 'AA-p (sf)'rating on the class V combination notes.

Adagio III CLO is a cash flow collateralized loan obligation
(CLO) transaction managed by AXA Investment Managers Paris S.A.
It is backed by a portfolio of loans to primarily speculative-
grade corporate firms.  The transaction closed in August 2006 and
its reinvestment period ended in September 2013.

RATINGS LIST

Adagio III CLO PLC
EUR575.242 mil, US$5 mil senior and
subordinated deferrable floating-rate notes

                            Rating       Rating
Class        Identifier     To           From
A1A          00534PAA7      AAA (sf)     AA+ (sf)
A1B          00534PAG4      AA+ (sf)     AA- (sf)
A2           00534PAB5      AA+ (sf)     AA- (sf)
A3           00534PAH2      AA+ (sf)     AA- (sf)
B            00534PAC3      AA- (sf)     A (sf)
C            00534PAD1      BBB+ (sf)    BBB+ (sf)
D            00534PAE9      B+ (sf)      BB+ (sf)
E            00534PAF6      CCC+ (sf)    B+ (sf)
V Combo      00534PAM1      NR           AA-p (sf)

NR-Not Rated.


ARBOUR CLO: Moody's Assigns 'B2' Rating to Class F Notes
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following ratings to notes issued by Arbour CLO Limited:

EUR208,750,000 Class A Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR26,250,000 Class B-1 Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR19,950,000 Class B-2 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR11,250,000 Class C-1 Senior Secured Deferrable Fixed Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

EUR10,750,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

EUR19,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Baa2 (sf)

EUR26,675,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba2 (sf)

EUR12,125,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by the legal final maturity of the notes in
2027. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Oaktree Capital Management
(UK) LLP ("Oaktree"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Arbour CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 10% of the portfolio may consist of senior
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be 70% ramped up
as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

Oaktree will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes which is not
rated.

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

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

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR 365,312,190

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2875

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.60%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling of A1 or below. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries local currency
country risk ceiling of Baa1 or below cannot exceed 5% (with none
allowed below Baa3). As a result and in conjunction with the
current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with single A local currency
country ceiling and 5% in Baa2 local currency country ceiling.
The remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling of Aaa. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class
of notes as further described in the methodology. The portfolio
haircuts are a function of the exposure size to peripheral
countries and the target ratings of the rated notes and amount to
0.75% for the Class A notes, 0.50% for the Class B notes, 0.375%
for the Class C notes and 0% for Classes D, E and F.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3306 from 2875)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Fixed Rate Notes: -2

Class B-2 Senior Secured Floating Rate Notes: -2

Class C-1 Senior Secured Deferrable Fixed Rate Notes: -2

Class C-2 Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3738 from 2875)

Class A Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Fixed Rate Notes: -3

Class B-2 Senior Secured Floating Rate Notes: -3

Class C-1 Senior Secured Deferrable Fixed Rate Notes: -3

Class C-2 Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -3

Class F Senior Secured Deferrable Floating Rate Notes: -2


RADISSON BLU: Bought Out of Receivership by iNua for EUR3.5-Mil.
----------------------------------------------------------------
Irish Independent reports that Irish hotel firm iNua hospitality
has bought the Radisson Blu Hotel and Spa outside Limerick for
EUR3.5 million.

The deal secures close to 60 jobs at the hotel, which had been in
receivership for just over a year, Irish Independent discloses.

According to Irish Independent, the hotel will be taken over as a
going concern.

The Radisson Blu Hotel and Spa is a 154-bedroom hotel that sits
on 20 acres of grounds close to Thomond Park and a number of golf
clubs including Doonbeg and Lahinch.  The hotel was built in 1970
and refurbished in 2002.



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


BRAAS MONIER: S&P Raises CCR to 'B' on Capital Structure Changes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxembourg-registered building materials
manufacturer Braas Monier Building Group S.A. to 'B' from 'B-'.
At the same time, S&P placed the rating on CreditWatch with
positive implications.

S&P also raised the issue ratings on the EUR315 million senior
secured floating-rate debt instruments, EUR100 million revolving
credit facility, and EUR250 million term loan to 'B' from 'B-'.
The recovery rating on these facilities is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.  S&P also placed the issue ratings on
CreditWatch positive.

The upgrade follows the change in Braas Monier's capital
structure resulting from the cancellation of EUR411 million of
profit participating loans.  S&P treats such loans as debt under
its criteria and now forecast that the loan cancellation will
result in the group's leverage ratio improving to about 4.5x for
the financial year ending Dec. 31, 2014, compared with S&P's
previous expectation of about 6.4x for the same period.

The above change in capital structure preceded Braas Monier's
announcement on June 10, 2014, that it would file an IPO on the
Frankfurt stock exchange.  S&P understands that, as part of the
IPO, the company will raise approximately EUR100 million from the
issue of new shares, while the cash raised from the sale of
existing shares will go to the shareholders directly.  S&P
understands that the company will use the EUR100 million from the
issue of new shares to repay EUR40 million drawn on the revolver,
and will use the rest for general corporate purpose.

If the proposed IPO (including overallotment) completes as
planned, about 58% of the company's shares will be freely traded
on the stock exchange.  This means that private equity groups
Apollo Management International LLP, TowerBrook Capital Partners
L.P., and York Capital Management LLC, which currently own a
combined stake of more than 50%, will see their interest decline
to about 20%-25%.  At that stage, S&P will also reassess its
financial policy assessment for the group.  For financial
sponsored companies and companies with "weak" or "vulnerable"
business risk profiles, S&P do not give any benefit for the
surplus cash adjustment in its leverage calculation.  If S&P
reassess these factors for Braas Monier, it will also review its
surplus cash adjustment in its leverage calculation.

The CreditWatch placement reflects S&P's view that the rating
could rise because of likely improved financial policy
expectations following the proposed transaction.

In S&P's base case it forecasts:

   -- Modest revenue growth resulting from stable volumes and
      support from modest price increases.

   -- Reported EBITDA margins that stabilize in the region of
      13%-15% as the benefits of the restructuring program are
      realized.

   -- A focus on organic growth, with no material acquisitions.

   -- No dividend payouts assumed, but this assumption will be
      reviewed if the proposed transaction is completed.

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

   -- An adjusted ratio of debt to EBITDA of about 4.5x in 2014;
      and

   -- Adjusted funds from operations (FFO) to debt of about 15%
      over the next two years.

S&P aims to resolve the CreditWatch placement over the next
couple of months following Braas Monier's completion of the IPO.
In addition, S&P will also seek clarification on the group's
revised financial policy and governance structure.  S&P currently
anticipates potential upside to be restricted to one notch and
could result from improved credit metrics and financial policy.


TIGERLUXONE SARL: Moody's Assigns '(P)B2' CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating (CFR) to TigerLuxOne S.a.r.l. (TeamViewer
or the company). Concurrently, Moody's has assigned a (P)B1
rating to the USD310 million First Lien Term Loan due 2021 and
USD35 million Revolving Credit Facility (RCF) due 2019 and a
(P)Caa1 rating to the USD125 million Second Lien Term Loan due
2022 raised by Regit Eins GmbH and New Co Delaware LLC. In
addition, Moody's has assigned a (P)B1 rating to the EUR100
million First Lien Term Loan due 2021 raised by Regit Eins GmbH.
The outlook on all ratings is stable.

Together with the contribution in the form of common equity and
preferred equity certificates from the sponsor Permira, the term
loan proceeds will be used to fund the share purchase from
existing shareholder GFI Software GmbH and transaction costs. The
RCF will be used for working capital needs and general corporate
purposes.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the facilities. A definitive rating
may differ from a provisional rating.

Ratings Rationale

"TeamViewer's (P)B2 CFR is weakly positioned in the rating
category and reflects the company's concentration of billings in
a single product, the relatively low barriers to entry and
switching costs, and the high leverage at closing of the
transaction", says Sebastien Cieniewski, Moody's lead analyst for
TeamViewer. These weaknesses are, however, mitigated by the
company's leading competitive positioning in the niche market of
small- and medium-sized businesses (SMBs) with high brand
awareness thanks to an effective marketing strategy, track record
of new licenses signings with potential to grow further driven by
favorable market dynamics, and good free cash flow (FCF)
generation.

TeamViewer's rating is constrained by the company's small scale
with billings of EUR100 million in 2013 concentrated in one
single product -- remote control and remote support application.
Moody's considers that the market where TeamViewer operates is
highly competitive. First, barriers to entry are relatively low
as demonstrated by the periodic entry of new local players.
Second, switching costs are low due to the single-purpose nature
of the application, its limited integration with other business
software, and the presence of other products with similar
functionalities that are easily available. Players in the market
are numerous ranging from larger companies, including Microsoft
Corporation (Aaa, stable) and Cisco Systems, Inc. (A1, stable),
to smaller specialized companies, including TeamViewer and
LogMeIn. Moody's note, however, that the high growth of the
overall market has so far alleviated some of the competitive
pressure.

Despite operating in a competitive market, TeamViewer has shown
strong growth since inception in 2005 thanks to its niche
positioning focusing on SMBs, its attractive pricing, high
customer satisfaction, and successful marketing strategy. The
company aims at reaching to users through viral marketing by
offering a fully featured free version of its core remote access
and support product for non-commercial purposes. While not
directly monetized, free users help popularize the product and
influence adoption by business users to whom the product is sold
under a perpetual license with updates launched every year. Going
forward, the outbound sales and key account management teams set
up recently will complement the company's historical viral
marketing strategy. Fast product adoption resulted in total
active users reaching 130 million by 2013 with business customers
increasing to approximately 240,000 in Q1 2014 from 90,000 three
years earlier.

High business users growth translated into fast increasing
billings to EUR100 million in 2013 from EUR46 million in 2010.
Concurrently, the viral adoption of TeamViewer's product has
allowed for growth with minimal sales force investment resulting
in a high cash EBITDA margin well above 70% between 2011 and
2013. With the increasing spend on sales personnel and marketing
going forward, Moody's project cash EBITDA margins to decline,
however, from a very high level.

Moody's considers that TeamViewer should continue benefitting
from a positive growth momentum due to the favorable dynamics of
the remote access and support market -- a credit positive.
According to International Data Corporation (IDC), TeamViewer's
core total addressable market should continue growing at a mid
double-digit compound annual growth rate (CAGR) over the next
four years. Favorable growth drivers include (1) the increasing
penetration of remote access and support applications as an
internal IT tool among SMBs; (2) the increasing outsourcing of IT
support functions among SMBs; and (3) the mobile proliferation
within the corporate environment requiring add-on licenses.

A high level of new license signings is necessary to support
TeamViewer's de-leveraging. TeamViewer's pro-forma adjusted
leverage is high at 5.5x based on LTM Q1 2014 cash EBITDA (as
reported by the company) of EUR79 million -- a constraint on the
ratings. Going forward, TeamViewer will report its audited
results under IFRS from fiscal year (FY) 2014 -- adjusted pro-
forma leverage based on IFRS reporting at the closing of the
transaction will be higher at above 10x due to the impact of
deferred revenues as the international accounting standard
establishes that the value stream from the sale of a perpetual
license should be recognized over a four-year period. Moody's
notes that earnings and de-leveraging are exposed to currency
volatility as the company raises debt which is mainly denominated
in USD while the majority of earnings are generated in EUR and
other currencies. Nonetheless, Moody's expect USD interest
payments to be effectively hedged by USD generated cash flows.

Moody's notes, however, that as TeamViewer's customer base grows,
billings from updates (existing customer paying for software
version updated only) and add-ons (existing customer buying
additional channel or workstations to increase remote access
capacity) will account for an increasing proportion of total
billings. While updates and add-ons are sold at a fraction of the
price of new licenses, these provide greater billings
predictability compared to the signing of new customers as
demonstrated by the relatively stable update rate over the last
three years at around 70%.

TeamViewer's liquidity is good. The company's pro-forma cash
balance at only approximately EUR5 million at the closing of the
transaction is mitigated by the strong FCF generation driven by
the business' high margin and limited capex and working capital
requirements. Moody's expects FCF to represent approximately 10%
of total adjusted debt (as adjusted by Moody's) in the first
year. While scheduled debt amortization is minimal -- only 1% of
initial principal of first lien loans -- Moody's expects
management to use a significant portion of its accumulated cash
to prepay debt in the absence of acquisitions. In addition,
liquidity is supported by a USD35 million RCF -- undrawn at
closing. The RCF has a springing leverage covenant that
effectively acts as a draw stop, tested only once 30% of the
facility is utilized.

The (P)B1 rating assigned on the first lien term loan facilities
and RCF, one notch above the CFR, reflects the cushion offered by
the sizeable second lien term loan facility ranking behind. The
preferred equity certificates issued by TigerLuxOne S.a.r.l. have
been considered by Moody's as analytically equivalent to equity
given the terms of this instrument.

The stable outlook reflects Moody's expectation that TeamViewer
will continue benefiting from a positive momentum in terms of new
license signings while maintaining stable update rates. While the
rating is constrained by the limited size of the business and its
reliance on one single product, positive ratings pressure could
arise if (1) the company demonstrates sustained growth in
earnings, (2) outstanding debt significantly reduces due to pre-
payments from excess cash flow, and (3) FCF-to-debt increases
above 15% on a sustainable basis. The ratings could be downgraded
if (1) new license signings decelerate materially or update rates
decrease on a sustainable basis, (2) FCF-to-debt decreases to
below 5% for an extended period of time, or (3) TeamViewer adopts
a more aggressive financial policy.

The principal methodology used in these ratings was the Global
Software Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Based in Goeppingen, Germany, TeamViewer develops and markets its
eponymous software product for remote support, access and
administration. Paying customers comprise mainly help desk teams
that need to remotely access a user's computer or mobile device
to provide technical support. Non-commercial use is free while
businesses are required to buy perpetual licenses. The company's
most important markets are Germany (22% of 2013 billings) and the
US (16%) although TeamViewer has customers globally.



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


ADRIA BIDCO: S&P Revises Outlook to Stable & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Adria Bidco B.V., The Netherlands-based investment
holding company and owner of cable and direct-to-home TV company
Slovenia Broadband S.a.r.l., to stable from positive.  At the
same time, S&P affirmed the long-term corporate credit rating on
the company at 'B'.

The outlook revision follows the company's plans to issue a
EUR175 million payment-in-kind (PIK) loan at Adria Topco B.V.,
the group's top holding company, and distribute the funds to its
shareholders.  Following this transaction, we anticipate that the
capital structure will be highly leveraged, with adjusted debt to
EBITDA remaining above 5x for the foreseeable future.  S&P
estimates that there is a material risk that the company's
controlling shareholders may constrain the use of performance-
related growth for deleveraging.  S&P notes, however, that the
terms of the group's debt facilities currently limit further
increases in leverage.

"The planned PIK loan issuance has led us to revise downward our
assessment of Adria Bidco's financial risk profile to "highly
leveraged" from "aggressive," as our criteria define the terms.
However, we still anticipate solid organic growth prospects for
the group.  This reflects our base-case assumptions that Slovenia
Broadband will continue to meaningfully grow its subscriber base
in Serbia and Bosnia and Herzegovina, following continued
expansion of its network footprint and higher pay-TV and
broadband penetration.  We also expect the group to increase
market penetration of its "triple play" (broadband, TV, and fixed
line) offers in Slovenia," S&P said.  S&P continues to assess the
business risk profile as "fair."

S&P anticipates that that growth-related deleveraging will more
than offset any potential foreign exchange volatility arising
from the company's meaningful exposure to the Serbian dinar, and
that EBITDA cash interest coverage will remain solid at more than
3x.

S&P's base case for 2014-2015 assumes:

   -- Continued meaningful organic top-line growth of 10%-12%,
      mainly on the back of growth in subscribers, thanks to
      continued network expansion, increased penetration, and new
      products.

   -- Reported EBITDA margins of 43%-45%, as S&P assumes that
      operating leverage will be offset by ongoing acquisition-
      related costs, which S&P would generally not adjust for.

   -- Capital expenditure (capex) at a very meaningful 27%-29% of
      sales due to continued network expansion and high degree of
      customer premises equipment.

   -- Continued small bolt-on acquisitions of about EUR10 million
      per year.

   -- No dividends over the medium term at Adria Bidco level, as
      S&P anticipates barely break-even free cash flow generation
      after growth-related investments.

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

   -- Debt to EBITDA of 5.6x in 2014, declining to about 5.3x in
      2015, including the accrual of the PIK loan interest;

   -- EBITDA interest coverage of about 2.4x, including the PIK
      interest;

   -- Funds from operations to debt of 10%-11%; and

   -- EBITDA cash interest coverage of 3.4x in 2014, increasing
      to 3.6x-3.7x in 2015.

S&P assess Adria Bidco's liquidity as "adequate" under its
criteria.  S&P forecasts that the group's ratio of liquidity
sources to uses will be higher than 1.2x over the next 12 months.

Under S&P's base-case scenario, it projects the following sources
of liquidity over the 12 months starting March 31, 2014:

   -- Backup super senior revolving credit facilities of about
      EUR60 million maturing in 2019; and

   -- Funds from operations of about EUR80 million-EUR90 million.
      S&P projects the following uses of liquidity over the same
      period:

   -- Capex of about EUR70 million-EUR80 million;

   -- Small annual bolt-on acquisitions of about EUR10 million;
      And

   -- Potential small working capital requirements over the
      period.

The stable outlook reflects S&P's anticipation that Slovenia
Broadband will continue to deliver solid organic growth over the
next two-to-three years.  S&P anticipates that this will help the
group to maintain adjusted leverage comfortably lower than 6x,
with headroom for potential foreign exchange volatility, and
EBITDA cash interest coverage of more than 3x.

S&P may lower the rating if the company meaningfully
underperforms compared with its current growth assumptions,
resulting in significant cash burn and adjusted leverage of more
than 6x.  S&P could also lower the rating if EBITDA cash interest
coverage falls below 2x.

S&P is unlikely to raise the rating over the next two-to-three
years, given its view of the company's limited size and country-
related risks, and its view that the capital structure will
likely remain highly leveraged due to the group's aggressive
financial policy.


ASM INTERNATIONAL: S&P Raises CCR to 'BB+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on The Netherlands-based semiconductor equipment
manufacturer ASM International N.V. (ASMI) to 'BB+' from 'BB'.
At the same time, S&P removed the rating from CreditWatch, where
it had placed it with positive implications on March 14, 2014.
The outlook is stable.

The upgrade reflects ASMI's reported operating results for 2013
and the first quarter of 2014, which were stronger than S&P
expected.  S&P also factors in its anticipation that the group's
free cash flow generation and operating margins could further
improve in the next 24 months.  This strengthening would likely
follow the increasing adoption of atomic layer deposition (ALD)
technologies by high-volume manufacturers, the continuous
miniaturizing of semiconductor chips, improving industry demand,
and the group's ongoing outsourcing program.  S&P thinks the
outsourcing somewhat reduces volatility in ASMI's operating
margins and cash flow generation through the industry cycle.  As
a result, and coupled with S&P's expectations that ASMI continues
to maintain a strong net cash position -- standing at EUR371
million on March 31, 2014 -- S&P has revised its financial risk
profile assessment upward to "modest" from "intermediate."
Furthermore, S&P expects ASMI to follow a conservative financial
policy that targets sustainable dividend payments and strong
liquidity.

S&P has also revised its assessment of ASMI's management and
governance to "satisfactory" from "fair," primarily reflecting
the group's solid execution of its strategy aiming for sustained
improvement in its operating efficiency.

S&P's assessment of ASMI's financial risk profile reflects the
absence of meaningful operating lease and unfunded pension
obligations, and S&P's expectations of positive free operating
cash flow (FOCF) generation through the industry cycle, partly
helped by moderate dividend payments from its 40% stake in its
Hong Kong subsidiary, ASM Pacific Technology Ltd. (ASMPT).  This
is partly offset by still potentially wide swings in the group's
FOCF generation, due to the volatile industry demand.

S&P's "weak" business risk profile assessment primarily continues
to reflect:

   -- the highly cyclical and competitive nature of the industry;
   -- the relatively small scope of ASMI's front-end operations;
   -- still slightly weaker margins relative to larger peers,
      such as Applied Materials Inc., Lam Research Corp., or
      KLA-Tencor Corp.;
   -- substantial technology risks; and
   -- a concentrated customer base.  In 2013, the 10 largest
      customers accounted for 86% of revenues at the group's
      front-end segment.

These factors are partly offset by what S&P sees as the group's
established niche market positions, particularly for ALD
equipment and plasma enhanced ALD (PEALD) equipment, and a solid
technological product portfolio.

In S&P's base case, it assumes:

   -- about 15% growth in semiconductor equipment spending in
      2014, based on its forecast of mid-single-digit
      semiconductor sales growth, in turn based on S&P's forecast
      of improving global economic growth, particularly in the
      U.S. and Europe.

   -- S&P expects group revenues will continue to outperform the
      overall semiconductor equipment market's in 2014, following
      strong year-on-year revenue growth of 22% in 2013 and very
      strong revenue growth of 88% in the first quarter of 2014.

   -- continued strong demand for ALD and PEALD equipment will
      largely underpin growth.

   -- S&P expects a modest improvement in the group's gross
      margin to 41%-42% in the next two years, from 39% in 2013,
      primarily due to higher revenues and the group's operating
      leverage.

   -- S&P estimates that research and development expenses will
      total about 12%-13% of sales.

   -- S&P foresees moderately increasing dividends compared with
      EUR32 million in 2014 and moderate share buybacks to
      distribute excess cash to shareholders.

   -- S&P don't expect a reduction of the group's 40% stake in
      ASMPT.  Dividends upstreamed from ASMPT will likely
      increase toward EUR20 million in 2015, versus EUR10 million
      in 2013.

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

   -- a stable net cash position of about EUR0.3 billion in 2014
      and 2015, compared with EUR312 million at year-end 2013.

   -- about EUR80 million to EUR100 million in FOCF in 2014 and
      2015, including dividends from ASMPT, compared with EUR51
      million in 2013 on a pro forma basis for the front-end
      operations.

The stable outlook reflects S&P's expectation that ASMI will
maintain a conservative balance sheet, including a strong net
cash position of more than EUR200 million and limited financial
debt. In addition, S&P expects the group's Standard & Poor's-
adjusted gross debt-to-EBITDA ratio to remain below 1.5x through
the cycle. Lastly, S&P thinks ASMI will likely generate positive
FOCF of between EUR40 million and EUR90 million, excluding
dividends from ASMPT through the cycle.

Although not foreseen at this stage, S&P could lower the ratings
if ASMI were to substantially reduce its cash holdings or raise
material amounts of financial debt to finance large shareholder
distributions or acquisitions.  In addition, only break-even FOCF
generation and reported operating margins below 5% through the
cycle could lead S&P to lower the ratings.

Rating upside is currently limited, primarily due to S&P's
business risk profile assessment.  S&P could consider raising the
ratings if ASMI improved its reported operating margins
sustainably to about 15%-25%, increased the diversity of its
product portfolio, and maintained its current market-leading
position in the growing ALD and PEALD equipment markets.



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


MECHEL OAO: To Explore Debt Payment Options with State Banks
------------------------------------------------------------
Yuliya Fedorinova at Bloomberg News reports that OAO Mechel is
discussing options with state banks to enable the company to meet
debt obligations.

According to Bloomberg, two people with knowledge of the matter
said the company is in talks with its three biggest creditors --
OAO Gazprombank, OAO Sberbank and VTB Bank -- and government
officials on issuing about RUR180 billion (US$5.2 billion) in
Mechel shares or bonds convertible into its stock.

The people, as cited by Bloomberg, said another option under
discussion is for Vnesheconombank, the state development lender,
to buy Mechel shares or bonds rather than the creditor banks.
The state banks may provide a RUR35 billion bridging loan to
assist the company before a final decision on the broader aid is
taken, Bloomberg says, citing Kommersant newspaper.

Mechel, which employs about 70,000 people, is among Russia's
most-indebted mining companies, with liabilities of about US$9
billion, Bloomberg notes.

The people said details of the financing plan may be discussed at
a government meeting today, June 18, Bloomberg relays.

Mechel OAO is a Russian steel and coking coal producer.

As reported by the Troubled Company Reporter-Europe on April 2,
2014, Moody's Investors Service downgraded Mechel OAO's corporate
family rating (CFR) and probability of default rating (PDR) to
Caa1 and Caa1-PD, respectively.  Moody's said the outlook remains
negative.



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


FONDO DE TITULIZACION: Moody's Rates EUR195MM C Notes '(P)Ca'
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
three classes of notes to be issued by Fondo de Titulizacion de
Activos, RMBS Santander 1:

EUR962M Serie A Notes, Assigned (P)A2 (sf)

EUR338M Serie B Notes, Assigned (P)B3 (sf)

EUR195M Serie C Notes, Assigned (P)Ca (sf)

The transaction is a securitisation of Spanish prime mortgage
loans originated by Banco Santander S.A. (Spain) (Baa1 / P-2) to
obligors located in Spain. The portfolio consists of high Loan To
Value ("LTV") mortgage loans secured by residential properties
including a high percentage of renegotiated loans (36%).

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal for the serie A and B notes and the ultimate
payment of principal for the serie C notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other non credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk. Moody's will monitor this transaction on an ongoing
basis.

Ratings Rationale

FTA RMBS Santander 1 is a securitization of loans granted by
Banco Santander S.A. (Spain) (Banco Santander, Baa1 / P-2) to
Spanish individuals. Banco Santander is acting as Servicer of the
loans while Santander de Titulizacion S.G.F.T., S.A. is the
Management Company ("Gestora").

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Credit Enhancement and the portfolio expected loss.

The key drivers for the portfolio expected loss of 13.5% are (i)
benchmarking with comparable transactions in the Spanish market
via analysis of book data provided by the seller, (ii) the very
high proportion of renegotiated loans in the pool (36%), and
(iii) Moody's outlook on Spanish RMBS in combination with
historic recovery data of foreclosures received from the seller.

The key drivers for the 40% MILAN Credit Enhancement number,
which is higher than other Spanish HLTV RMBS transactions, are
(i) renegotiated loans represent 36% of the portfolio and 26.8%
of the pool corresponds to loans in principal grace periods; (ii)
the proportion of HLTV loans in the pool (33.0% with current LTV
> 80%) with Current Weighted Average LTV of 73.5%; (iii)
approximately 13% of the portfolio correspond to self employed
debtors; (iv) 65% of the loans have been in arrears less than 90
days at least once since the loans was granted (v) weighted
average seasoning of 5.5 years and (vi) the geographical
concentration in Andalusia (21.8%) and Madrid (17.9%).

According to Moody's, the deal has the following credit
strengths: (i) sequential amortization of the notes (ii) a
reserve fund fully funded upfront equal to 15% of the serie A and
B notes to cover potential shortfall in interest and principal.
The reserve fund may amortise if certain conditions are met.

The portfolio contains floating-rate loans linked to 12-month
EURIBOR, and most of them reset annually; whereas the notes are
linked to three-month EURIBOR and reset quarterly. There is no
interest rate swap in place to cover this interest rate risk.
Moody's takes into account the potential interest rate exposure
as part of its cash flow analysis when determining the ratings of
the notes.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

At the time the rating was assigned, the model output indicated
that the Serie A notes would have achieved an A2 even if the
expected loss was as high as 15.5% and the MILAN CE was 40% and
all other factors were constant.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS using the MILAN Framework" published in
March 2014.

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

Factors that may lead to an upgrade of the rating include a
significantly better than expected performance of the pool,
together with an increase in credit enhancement for notes.

Factors that may cause a downgrade of the ratings include
significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
Finally, a change in Spain's sovereign risk may also result in
subsequent upgrade or downgrade of the notes.



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


DOMETIC GROUP: Moody's Hikes CFR to 'B3'; Outlook Stable
--------------------------------------------------------
Moody's Investors Service upgraded the ratings of Dometic Group
AB, including the corporate family rating (CFR) to B3 from Caa1
and probability of default rating (PDR) to B3-PD from Caa1-PD,
and the rating of 12.75% EUR202 million Senor PIK Notes due 2019
("existing PIK Notes") to Caa2 from Caa3. Concurrently, Moody's
assigned a (P)Caa2 rating to the proposed EUR314 million Senior
PIK Toggle Notes due 2019. The ratings outlook has been changed
to stable from positive.

Proceeds from the new PIK Toggle Notes, together with cash, will
be used to fund a tender offer for the existing PIK Notes, a
redemption of any remaining existing PIK Notes and to pay fees
and expenses related to the refinancing.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavour to
assign a definitive rating to the senior secured acquisition debt
facilities. A definitive rating may differ from a provisional
rating.

Ratings Rationale

The rating actions follow the launch of the new PIK Toggle Notes
and commencement of the tender offer by Dometic to repurchase the
existing PIK Notes with those proceeds. The company has also
received unanimous consent from its bank lenders to amend the
Senior Facilities Agreement (SFA) to: (1) allow cash interest
payment on the Notes; (2) reduce term loan A amortisations and
(3) reset covenant headroom to reflect the ability to pay cash
interest on the Notes.

The ratings upgrade reflects the improvement in the company's
operating performance demonstrated during the last three
quarters. Following a strong second half of 2013 the company
managed to close the gap in revenue and EBITDA versus prior year
driven by continued market recovery in the US and product
launches in Europe and Asia-Pacific. The market environment in
Recreational Vehicles (RV) in Europe continued to be weak,
although stabilisation was observed in some countries. Good
momentum continued during Q1 2014, with LTM revenue and
management Adjusted EBITDA at SEK7,984 million and SEK1,148
million respectively showing a slight growth over 2013 and margin
holding up due to improvements in manufacturing and purchasing
operations.

The (P)Caa2 rating assigned to the new PIK Toggle Notes reflects
their structural subordination to all other indebtedness of
Dometic's bank restricted group, with Dometic Koncern AB, a
subsidiary of Dometic Group AB, as the top entity. The notes are
not guaranteed and security is limited to share pledges in
Dometic Koncern AB and intercompany loan from the issuer to
Dometic Koncern AB. The new PIK Toggle Notes mature in 2019,
beyond the maturities of Dometic's bank debt. Moody's notes that
the PIK Toggle mechanism of the new PIK Toggle Notes requires
payment of interest in cash subject to certain conditions being
met, including satisfaction of forward and back-looking financial
net leverage and cash flow cover tests and a minimum liquidity
test. The first and last interest payment on the new PIK Toggle
Notes will be paid in cash. Although cash interest payments under
the new PIK Toggle Notes (as opposed to PIK interest) negatively
impact the group's cash flows, the pay-if-you-can structure
avoids re-leveraging through PIK accrual, should the company
perform as expected.

Moody's adjusted gross leverage as of December 2013 remains high,
at approximately 5.7x, although improved from 6.8x as of the end
of 2012 (primarily due to a higher amount of exchange rate gain
included in EBITDA related to FX denominated debt). The stable
outlook reflects Moody's expectation that the company will
deleverage over the medium term supported by a stable business
environment and further cost savings and new product launches
initiated by the new management team.

The company's liquidity is adequate, comprising of SEK405m cash
as of March 31, 2014, SEK327m availability under the SEK595
million equivalent Revolving Credit Facility (RCF) and SEK13
million availability under SEK447 million equivalent capex
facility. Although some of the cash will be used as part of the
proposed transaction, Moody's expects the liquidity to remain
sufficient and free cash flow to stay positive, covering intra-
year working capital swings, PIK notes cash interest payments and
further restructuring charges, which Moody's expects to increase
in 2015 and 2016 as the company continues to rationalise its
manufacturing footprint. Financial maintenance covenants under
the senior bank facilities are expected to be set with a minimum
headroom of approximately 22.5%.

Positive rating pressure could develop if Dometic's: (1) Moody's
adjusted debt/EBITDA reduces sustainably below 6.0x; and (2) Free
cash flow (FCF) to adjusted debt approaches 5%.

Negative pressure could be exerted on the ratings if Dometic's:
(1) Moody's adjusted debt/EBITDA increases above 7.0x; or (2) FCF
turns negative; or (3) if there are any liquidity or covenant
headroom concerns.

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 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 Sweden, Dometic is a leading manufacturer of
leisure products for the caravan, motor home, automotive, truck,
hotel and marine markets in almost 100 countries. In 2013, the
company had approximately 6,000 employees and generated SEK 7,808
million in net sales. Dometic sells its products under Dometic,
Waeco, Marine Air Systems, Condaria, Cruisair and Sealand brands.
EMEA and Americas are the company's key geographies, accounting
for 51% and 36% of net sales respectively for the year ended
December 31, 2013.



=============
U K R A I N E
=============


BANK FORUM: In Liquidation; Banking License Revoked
---------------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine has
decided to liquidate Bank Forum (Kyiv).

"Given the proposals of the Individuals' Deposit Guarantee Fund,
the NBU board has decided to revoke the banking license and
liquidated PJSC Bank Forum," Interfax Ukraine quotes an NBU
report as saying.

Alfa-Bank studied the possibility of becoming an investor in Bank
Forum, Interfax-Ukraine relays.

Bank Forum was founded in 1994.  On January 1, 2014, Smart-
holding owned 98.6764% of its charter capital through Cypriot
Yernamio Consulting Ltd.  According to the National Bank of
Ukraine, on January 1, 2014, by total assets the bank ranked 24th
(UAH10.404 billion) among 180 banks in Ukraine.



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


ALMONDALE GROUP: Iain Mercer Steps Down Following Administration
----------------------------------------------------------------
Terry Murden at The Scotsman reports that property developer
Iain Mercer has resigned from the company founded by his late
father, blaming the "banking sector" for it being placed in
administration.

Mercer, who took over on the death of former Hearts owner Wallace
in 2006, issued a short statement on Monday confirming that he
had resigned as managing director of Almondale Group, which
includes Almondale Investments and Cosmopolitan Investments, The
Scotsman relates.

The Scotsman understands the debt was called in by Cerberus
Capital Management which acquired Almondale's debt from Lloyds
Banking Group.  The administrator, FTI Consulting, was called in
last Tuesday, The Scotsman recounts.

Almondale Group has a portfolio of retail, office, industrial and
research and development premises across Scotland.


AVANTI COMMUNICATIONS: S&P Affirms 'B' Rating on Proposed Tap
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' issue rating and '2' recovery rating on the existing senior
secured notes issued by U.K.-based fixed satellite services
provider Avanti Communications Group PLC (Avanti) after the
company announced that it proposed to tap the notes for $150
million.  The recovery rating on the senior secured notes of '2'
reflects S&P's expectation of substantial (70%-90%) recovery
prospects in the event of a hypothetical default, although
recoveries are expected to be at the lower end of this range.

The notes will be a tap on the existing senior secured notes,
with terms that are fully fungible with the existing notes and
therefore will benefit from the same security package as the
existing senior secured notes and will be governed by the same
documentation.

S&P's recovery and issue ratings on the senior secured notes
reflect its view that the security package provided to senior
secured lenders is comprehensive, including pledges over Avanti's
satellites, and its view that the U.K. jurisdiction is relatively
favorable for senior secured lenders in the event of a default.

S&P's hypothetical default scenario contemplates a default in
2016, caused by Avanti's inability to increase utilization rates
and generate positive free cash flow; cash flow is also expected
to be affected by the company's planned capital expenditure
(capex).  S&P believes that this could be exacerbated by a loss
of key customers, most likely the result of increased competition
from satellite service providers or a technical fault resulting
in service outages.

S&P values Avanti on a going-concern basis, but it anticipates
that recovery values are likely to be intrinsically linked to the
value of the company's key assets, such as its satellites, ground
stations, and orbital slots.  S&P has therefore used a discrete-
asset valuation to estimate the value available to creditors.
S&P has taken a 40% haircut on the company's current operating
assets to account for potential depreciation and a reduction in
value due to a distressed sale.

S&P has revised upward its valuation of the group in a default
scenario, reflecting its expectation that the proceeds of the tap
will be used to fund a capex program to build a new Ka-band
satellite, Hylas 4.

Under S&P's default scenario, a payment default is unlikely to
occur before 2016.

S&P estimates the stressed enterprise value at default will be
about $475 million.  S&P then deduct priority liabilities of
about $40 million, consisting mainly of enforcement costs.

Assuming $545 million outstanding at default (including six
months of prepetition interest), coverage for the senior secured
debt is at the low end of the 70%-90% range.  This translates
into a recovery rating of '2', indicating S&P's expectation of
substantial (70%-90%) recovery for senior secured creditors in
the event of a default.


HARBOROUGH SCREEN: Backer Goes Into Liquidation
-----------------------------------------------
Danny Mitchell at Lutterworth Mail reports that the company
behind Harborough's cinema screen project has gone into
liquidation.

The Mail relates that the scheme was intended to create a
permanent one-screen cinema in town and received about GBP80,000
in grants including thousands of pounds from residents who bought
memberships to support the plan.

A meeting of creditors was held on June 4, 2014, after the
Harborough Screen Community Interest Company (HSCIC), which was
behind the project, ceased to trade, the report says.

Peter Windatt -- pwindatt@briuk.co.uk -- and John Rimmer --
jrimmer@briuk.co.uk -- of Business Recovery and Insolvency were
appointed joint liquidators at the meeting, according to the
report.

"The assets of HSCIC will now be sold with the proceeds being
paid into the liquidation estate.  Sadly, based on the
information available, and due to the costs and expenses of
liquidation, it does not appear likely that a dividend will be
paid to the creditors," the firm said in a statement, the report
relays.

The Mail understands about 150 firms and individuals backed the
scheme.

When it was revealed the company would cease to trade last month,
the directors released a statement to the Mail saying it was a
great shame.

It added: "We would like to take this opportunity to thank the
volunteers involved with the project.  We would also like to
thank the businesses and general public for their support over
the last few years."

The Mail says fears had surrounded the project for some time,
with the district council delaying a decision to hand over a
grant in April due to concerns about its viability.

The liquidators said advice will be sent out to all creditors,
the report adds.


MISSOURI TOPCO: S&P Revises Outlook to Stable & Affirms 'B-' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on U.K. apparel retailer Missouri Topco Ltd.
(Matalan) and affirmed its 'B-' long-term corporate credit rating
on Matalan.

At the same time, S&P assigned its 'B-' issue rating to the
GBP342 million senior secured notes issued by Matalan Finance.
The recovery rating on these notes is '3', reflecting S&P's
expectation of meaningful (50%-70%) recovery for senior secured
noteholders in the event of a default.

Finally, S&P assigned its 'CCC' issue rating to the GBP150
million second-lien notes issued by Matalan Finance PLC.  The
recovery rating on these notes is '6', reflecting S&P's
expectation of negligible (0%-10%) recovery prospects in the
event of a default.

In addition, S&P withdrew its 'B' issue rating on the GBP250
million senior secured notes and 'CCC' issue rating on the GBP225
million senior unsecured notes issued by Matalan Finance PLC.

The outlook revision reflects Matalan's proactive refinancing of
its revolving credit facility (RCF) and existing notes, which has
improved headroom under its RCF covenants, lowered interest
costs, and extended its debt maturity profile.  S&P has revised
its liquidity assessment to "adequate" from "less than adequate"
as a result of the increased headroom on the RCF covenants.

The long-term rating on Matalan is based on S&P's 'b-' anchor,
which in turn reflects its assessment of the company's "weak"
business risk profile and "highly leveraged" financial risk
profile.  S&P do not apply any modifiers to the 'b-' anchor, so
the rating is at the same level.

S&P's assessment of Matalan's business risk profile as "weak"
takes into account the company's position in the highly
competitive U.K. value clothing segment; a limited, but growing,
online presence; and exposure to the discretionary spending
habits of value-conscious U.K. consumers.  These constraints are,
in S&P's view, partially mitigated by the size of Matalan's
established out-of-town store portfolio; the relatively low risk
that changing fashions pose for Matalan's clothing range; and
Matalan's ability to source most of its goods directly from
manufacturers, which enables it to maintain comparatively low
selling prices.  S&P's business risk assessment also takes into
account the "fair" volatility of Matalan's profitability,
measured by EBITDA margin.  Nevertheless, in S&P's view,
Matalan's profitability is still above-average relative to its
retail industry peers.

S&P anticipates that Matalan will be able to achieve moderate
revenue and EBITDA growth thanks to strategic initiatives such as
significant investment in its supply chain and distribution
capabilities, online sales growth, and a moderate store
expansion, incorporating new city center formats and Sporting Pro
stores.  In the financial year ending Feb. 28, 2014 (FY2014),
Matalan's revenues were flat at about GBP1.12 billion, and
reported EBITDA before exceptional items was down 5% on the
previous year, at GBP95.4 million.

S&P's assessment of Matalan's financial risk profile as "highly
leveraged" reflects its forecast that in FY2015, Matalan's
Standard & Poor's-adjusted debt to EBITDA will be about 6.5x,
with funds from operations (FFO) to debt of about 8.0%. Matalan's
new capital structure includes two nonamortizing, high-yield
bonds totaling GBP492 million -- of which GBP342 million matures
in 2019 and GBP150 million in 2020 -- and a GBP50 million RCF.
S&P makes an adjustment to debt of GBP780 million for capitalized
operating leases, and do not provide any credit for surplus cash
because of the company's "weak" business risk profile and high
seasonal working capital requirements.

S&P's base-case operating scenario for Matalan assumes:

   -- a consumer-led recovery in the U.K., with GDP growth of
      2.7% in 2014 and 2.4% in 2015, based on an increase in
      household consumption.

   -- revenue growth of 3% in FY2015, based on an improving
      macroeconomic environment in the U.K., online sales growth,
      and new store openings.

   -- capital expenditure (capex) of GBP40 million in FY2015.

   -- a reported EBITDA margin of about 8.5%.

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

   -- adjusted debt to EBITDA of about 6.5x.

   -- adjusted interest coverage of more than 2.0x.

   -- FFO to debt of about 8.0%.

The stable outlook reflects S&P's expectation that Matalan will
be able to achieve moderate EBITDA growth in FY2015 and maintain
an "adequate" liquidity position.

S&P could raise the rating if Matalan can achieve sustainable
reduction in adjusted leverage on the back of revenue and EBITDA
growth.  Specifically, S&P would raise the rating if Matalan
reduced its adjusted leverage to below 6.0x while generating
sustainable positive free operating cash flow and maintaining
"adequate" liquidity.

S&P could lower the rating if Matalan's operating performance
deteriorates and its liquidity position weakens as a result of an
inability to increase revenues and EBITDA.  This could result
from unseasonal weather; rising input prices; increased
discounting reducing gross margins; or mismanagement of working
capital.


NORTH WEST CONCRETE: Director Banned For 8 Years
------------------------------------------------
Gurpeage Singh Bhatti, also known as Jason Singh, who ran a
reinforced concrete frame subcontractor company from a unit in
Miles Platting, Manchester, has been disqualified from acting as
a company director for eight years, following an investigation by
the Insolvency Service.

Mr. Bhatti, 40, of Manchester, who was the director of North West
Concrete Limited which went into liquidation on Feb. 29, 2012,
with estimated debts of almost GBP300,000, has given an
undertaking to the Secretary of State that he will not act as a
company director, manage, or in any way control a limited company
until April 2022.

The investigation found that Mr. Bhatti failed to maintain and/or
preserve adequate accounting records for the company, and to
deliver up adequate records to the liquidator as he was required
to do. The absence of proper accounting records has meant that it
has not been possible to verify the financial dealings of the
company and in particular, to account for over GBP150,000
withdrawn in cash and more than GBP400,000 transferred to
Mr. Bhatti's personal account.

Commenting on the matter, Robert Clarke, Group Leader of
Insolvent Investigations North at the Insolvency Service,
commented:

"Directors have a clear, statutory duty to ensure that their
companies maintain proper accounting records, and, following
insolvency, deliver them to the office-holder in the interests of
fairness and transparency.

"Without a full account of transactions it is impossible to
determine whether a director has discharged his duties properly,
or is using a lack of documentation as a cloak for impropriety.
Mr Bhatti has paid the price for failing to do that, as he cannot
now carry on in business for the duration of his ban other than
at his own risk."

North West Concrete Limited was incorporated on Sept. 4, 2007,
and went into liquidation on Feb. 29, 2012.

Gurpeage Singh Bhatti, also known as Jason Singh, was the only
director of the company between Sept. 4, 2007 and the date of
liquidation.


VIACLOUD UK: Goes Into Liquidation
----------------------------------
Telecom.paper, citing Insolvency News, reports that liquidators
have been appointed to UK telecoms group Viacloud after it unable
to secure the required funding for MVNO contracts.

Telecom.paper relates that Viacloud has decided to discontinue
its current investment and operations in the UK.

Liquidators were appointed on June 4 for certain member companies
of the Viacloud UK Group, including Viacloud UK, Viacloud UK
Platforms Services, Viacloud UK Wholesale Mobile Services and
Viacloud UK Retail Services, Telecom.paper says.


* UK Finalizes Post-Lehman, MF Global Client Asset Rule Fixes
-------------------------------------------------------------
Law360 reported that the U.K. Financial Conduct Authority said it
has finalized changes to rules on handling client money and
assets, in light of problems that arose after the collapse of
Lehman Brothers International Europe and other firms.

According to the report, in a 410-page policy statement, the
regulator outlined its responses to a consultation paper it
issued last year seeking input on how to protect client accounts
in the event of bankruptcy and hasten the distribution of
customer assets that get tied up in the process.


                            *********

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 Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *