TCREUR_Public/140702.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, July 2, 2014, Vol. 15, No. 129

                            Headlines

B U L G A R I A

BULGARIA: European Commission Approves Emergency Credit Line


F I N L A N D

PAROC GROUP: Moody's Assigns 'B2' Corporate Family Rating


G E O R G I A

GEORGIA: EU Deal No Impact on Fitch's Sovereign Credit Profile


G E R M A N Y

AS SOLAR: Files for Temporary Insolvency in Hanover Court
SUNWAYS AG: Prospects Positive, Insolvency Administrator Says


G R E E C E

TITAN CEMENT: S&P Affirms 'BB/B' Corporate Credit Ratings


I R E L A N D

ALPSTAR 1 CLO: Moody's Raises Rating on Class D Notes to 'Ba1'
CARLYLE GLOBAL 2014-2: Moody's Assigns 'B2' Rating to Cl. E Notes
CELF LOAN IV: S&P Lowers Rating on Class E Notes to 'CCC+'
PHOENIX PARK: Fitch Rates EUR14MM Class E Notes 'B-(EXP)sf'


I T A L Y

FIAT CHRYSLER: Expands Recall Tied to Ignition Switch Issues


N E T H E R L A N D S

ARES EUROPEAN II: S&P Raises Rating on Class D Notes From 'BB+'
DALRADIAN EUROPEAN III: S&P Affirms 'CCC+' Rating on Cl. E Notes
DRYDEN 29: S&P Affirms 'B-' Rating on Class F Notes
HELIOS TOWERS: Fitch Rates Proposed Sr. Unsecured Notes 'B(EXP)'
HYDE PARK: S&P Lowers Rating on Class E Notes to 'B+'


P O R T U G A L

BANIF BANCO: S&P Affirms 'BB' Rating on EUR200 Million Debt


R O M A N I A

ASTRA ROMANA: Enters Insolvency Process


S P A I N

FONCAIXA FTGENCAT: Fitch Affirms 'CCsf' Rating on Class E Notes
FTPYME BANCAJA 6: Fitch Affirms 'Csf' Rating on Class D Notes
GC FTGENCAT: Fitch Lowers Rating on Class C Notes to 'Csf'
KUTXABANK BANK: Fitch Affirms 'BB+' Support Rating Floor
NCG BANCO: Moody's Lowers Long-Term Deposit Ratings to 'Caa1'


U N I T E D   K I N G D O M

BRUNTWOOD ALPHA: Fitch Affirms 'BBsf' Rating on Class C Notes
COMET: Deloitte May Face Prosecution Over Redundancies
IGLO FOODS: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
IMO CAR WASH: S&P Assigns Preliminary 'B' CCR; Outlook Stable
LA SENZA: In Administration for Second Time; 752 Jobs at Risk

MICRODAT LTD: Enters Administration; 74 Jobs at Risk
RUTHIN CASTLE: Sold Out of Administration Via Pre-Pack Deal
SERVE & VOLLEY: Event Organisers Seek Professional Advice
TOLERANT SYSTEMS: Calls in Insolvency Practitioner


                            *********


===============
B U L G A R I A
===============


BULGARIA: European Commission Approves Emergency Credit Line
------------------------------------------------------------
Matthew Day at The Telegraph reports that the European Commission
has approved an emergency GBP1.35 billion credit line to Bulgaria
as the country struggled to contain a banking crisis caused by
what the president has described as a "criminal attack".

Queues again formed on Sunday outside banks in the Balkan country
as members of the public sought to remove their savings amid a
swirl of rumors surrounding the health of some of Bulgaria's
biggest banks, The Telegraph relays.

According to The Telegraph, the credit line will allow the
Bulgarian state to prop up the banks to ensure, the Commission
said in a statement, "sufficient liquidity in the banking system
in particular circumstances".

Just what has triggered the crisis of confidence in Bulgaria's
banks remains unclear but authorities arrested five people on
Friday, alleging they had spread damaging and false information
about the health of the banking sector, The Telegraph discloses.

Some First Investment customers had apparently received text
messages and emails on Friday urging them to withdraw their
savings, The Telegraph states.

In an effort to calm the public, Bulgarian President Rosen
Plevneliev, as cited by The Telegraph, said "there is no banking
crisis but a crisis in confidence and criminal attacks".



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F I N L A N D
=============


PAROC GROUP: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a definitive B2 corporate
family rating (CFR) and B1-PD probability of default rating (PDR)
to Paroc Group Oy, the parent company of Paroc group ("Paroc" or
"the company"). Moody's also assigned a definitive B2 rating to
the EUR430 million senior secured notes due 2020 issued by Paroc
Group Oy. The outlook on all ratings is stable.

Ratings Rationale

The final terms of the Notes are in line with the drafts reviewed
for the provisional ratings assignments.

The B1-PD PDR, one notch above CFR, reflects a 35% expected
family recovery rate due to the predominance of the notes in the
capital structure and a single springing maintenance covenant
under the revolving credit facility agreement set with
significant headroom.

The principal methodology used in this rating was the Global
Manufacturing Industry methodology published in Decemeber 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 Helsinki, Paroc is a Finland-based stone wool
insulation producer, serving multiple end-markets including
construction (both residential and commercial, new build and
renovation), HVAC, Process Industries (O&G, Power Generation),
Marine and OEMs. Paroc's products include building insulation,
technical insulation, marine and offshore insulation, sandwich
panels and acoustic products. The company generated EUR433
million sales and EUR80 million management-adjusted EBITDA in
2013.



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G E O R G I A
=============


GEORGIA: EU Deal No Impact on Fitch's Sovereign Credit Profile
--------------------------------------------------------------
The signing of an EU Association Agreement will be a positive
long-term development for Georgia's sovereign credit profile,
Fitch Ratings says.  But it does not have an immediate impact on
Fitch's ratings assessment, which remains focused on the nearer-
term prospects for external finances and economic growth.

In time, the Association Agreement, which includes a Deep and
Comprehensive Free Trade Area (DCFTA) agreement covering trade in
goods including energy and services, will open up EU markets for
Georgia's exporters, potentially boosting growth. In 2012, an EU-
commissioned study said that, if implemented and sustained, the
DCFTA could increase exports to the EU by 12%, and imports by
7.5%. In the long run, it could boost national income by EUR292
million.

"We already factor strong growth potential into our assessment of
Georgia's creditworthiness. The country's GDP growth rate slowed
sharply in 2013 due to under-execution of large public investment
programs, but renewed investment growth should help growth to
average 5% in 2014 and 5.5% in 2015. Better relations with Russia
boosted exports in 2H13, which combined with the slowdown in
import-intensive investment helped Georgia's current account
deficit (CAD) to narrow sharply. But we think structural
weaknesses of the export base and the need to import essential
goods will keep the CAD well above the 'BB' category median,
although it should shrink gradually from 2014. The government
forecasts the CAD to remain above 7% of GDP until 2017," Fitch
said.

While the lifting of Russian embargoes on some products such as
wine boosted exports last year, the long-term benefits may be
limited as Russia receives a small share of Georgia's goods
exports, and accounted for just 3% of net FDI in 2009-2013. This
should, however, limit the impact of a Russian economic slowdown
on Georgia's growth prospects. It is not yet clear what action if
any Russia will take in response to the Association Agreement,
but relations have improved under the Georgian governments of
Bidzina Ivanishvili and Irakli Garibashvili.

The chief driver of FDI in the near term is likely to be the
recent launch of the Georgia Co-Investment Fund, in which
billionaire and former Prime Minister Ivanishvili is the main
shareholder. This could see FDI grow substantially. Further
improvements in the CAD and in FDI inflows should boost foreign-
exchange reserves, reducing external vulnerability and supporting
exchange rate stability.

The Association Agreement is also positive in providing a policy
anchor for structural reform. Georgia has already adopted a new
competition law and the authorities are planning labor market
reform to meet EU requirements. The experience of other countries
that have signed Association Agreements suggests that they do
promote structural reform, although this can be uneven -- it may
be more focused on institutional than economic reforms, for
example.

"We affirmed Georgia's sovereign rating 'BB-' with Stable Outlook
on May 9. Our next scheduled review is on October 17," Fitch
said.



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G E R M A N Y
=============


AS SOLAR: Files for Temporary Insolvency in Hanover Court
---------------------------------------------------------
John Parnell at PV-Tech reports that AS Solar has filed for
temporary insolvency with a district court in Hannover.

The papers were filed with the court one day before Germany's
Bundestag approved the latest reforms to its EEG energy
transition, PV-Tech relates.

AS Solar CEO Thomas Rust warned in February this year that the
reforms would lead to the "total collapse" of the German solar
industry unless major changes were made, PV-Tech recounts.

The German parliament approved the changes on June 27, PV-Tech
discloses.

AS Solar is a German installer and distributor.


SUNWAYS AG: Prospects Positive, Insolvency Administrator Says
-------------------------------------------------------------
pv-magazine reports that the court-appointed insolvency
administrator of Sunways AG has expressed optimism for the future
of the company after finding two major investors who acquired the
firm's core businesses.

A subsidiary of China's Shunfeng Photovoltaic International
snapped up Sunways' solar inverter division in the city of
Konstanz last month.

And more recently, Bluecell GmbH took over the company's solar
cell facility in the city of Arnstadt, where all the employees
are set to keep their jobs. A newly founded company for the
specific purpose of the acquisition, Bluecells is headed by Swiss
exec Marc Gion Berthoud, pv-magazine relates.

pv-magazine notes that insolvency administrator Thorsten Schleich
sees long-term prospects in both cases.

According to the report, Mr. Schleich said the company faced
difficult conditions at the start of insolvency proceedings some
few weeks ago. "After the proceedings were opened, the employees
only had a legal right to insolvency pay for a little more than
one month. And a continuation of operations after proceedings had
been opened was not possible given the financial state of the two
companies. That's why I'm happy that we have managed in a short
space of time to find investors for a continuation solution in
Konstanz as well as Arnstadt," he added, the report relays.

The Shunfeng subsidiary has also acquired the "Sunways" brand
along with the inverter and building-integrated PV businesses.
The takeover saved the jobs of about 50% of the company's
employees in Konstanz, the report relays.

"We are pleased that Shunfeng's acquisition of Sunways has been
completed," Suntech CEO Eric Luo, who is overseeing the
integration and operations of companies acquired by Shunfeng.
Mr. Luo added that the move allowed Shunfeng to expand into the
area of services and complete solutions. "We realize that as grid
parity approaches, the service and solution business is becoming
more and more important so we are expanding in this segment.

"Similar to Suntech, which now has the strongest financial
footing in the solar industry with nearly zero debt since its
acquisition by Shunfeng, this deal will allow Sunways to continue
to make R&D investments in their inverter business," Mr. Luo, as
cited by pv-magazine, said.

As reported in the Troubled Company Reporter-Asia Pacific on
March 24, 2014, PV-Tech said Sunways AG entered insolvency
proceedings for the second time.  The company filed for
insolvency on March 21, 2014, at a court in Konstanz.

Sunways narrowly avoided bankruptcy proceedings in August after
BW Bank withdrew its insolvency action, PV-Tech recounted.  It
was able to cancel a long-term supply deal with a wafer
manufacturer in order to save itself around EUR10 million
(US$13.8 million), PV-Tech disclosed.

Headquartered in Konstanz, Germany, Sunways AG develops,
produces, and distributes technological solutions for the
generation of electricity from photovoltaics.

Sunways is a German subsidiary of stricken Chinese firm LDK
Solar.



===========
G R E E C E
===========


TITAN CEMENT: S&P Affirms 'BB/B' Corporate Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB/B' long- and short-term corporate credit ratings on Greece-
based cement producer Titan Cement Co. S.A.  At the same time,
S&P is assigning its 'BB' issue rating to the proposed new
EUR300 million fixed-rate notes, issued by its 100%-owned
subsidiary Titan Global Finance PLC, in line with the long-term
ratings on Titan Cement Co. S.A.

Titan Cement's stand-alone credit profile is 'bb', based upon
S&P's assessment of the group's business risk profile as "fair",
its financial risk profile as "aggressive", and its management
and governance as "strong."

S&P's assessment of Titan Cement's business risk profile
incorporates its view of the building materials industry's
"intermediate" risk and "moderately high" country risk.  S&P
assess Titan Cement's competitive position as "fair," partly
owing to the group's smaller size when compared with several of
its higher-rated, heavy material peers.  This translates into a
higher exposure to local construction cycles and country risk.
Titan remains vulnerable to construction end markets that are
highly cyclical and seasonal, as well as highly capital and
energy intensive.

However, Titan Cement benefits from good regional positions.  In
Greece, the group holds a strong market share of about 40%-45%.
However, Titan Cement's locally installed capacity for cement
production in Greece is much greater than local consumption,
making the group somewhat dependent on exports to international
markets to manage capacity and cover fixed costs.

Titan Cement's "aggressive" financial risk profile reflects S&P's
view of credit metrics that have historically deteriorated due to
falling cement volumes and cash flows.  These weaknesses resulted
from the prolonged downturn in Titan Cement's construction end
markets and political and economic disruption in its key markets.
That said, the group has consistently reduced net debt throughout
the industry downturn.  S&P expects management to slow the pace
of deleveraging and anticipate that Titan's credit metrics will
stabilize at a level comfortably commensurate with the existing
"aggressive" financial risk profile.  This view is supported by
the proposed new EUR300 million notes issue, the announcement of
a two-year share buyback program and S&P's expectations that the
group will ramp up capital expenditure as the global cement
industry continues its patchy recovery.

Titan Cement has "strong" management and governance according to
S&P's criteria.  S&P bases its assessment on the group's very
prudent and proactive risk management, particularly with regards
to liquidity.  The "strong" management and governance modifier
also reflects the group's solid track record of achieving
targets, and its consistent reduction of debt throughout the
financial crisis, despite very challenging operations and a
portfolio of markets that have all been hit by severe demand
declines and/or political disruption.  In addition, S&P has not
found any weaknesses in the company's governance practices.  For
Titan Cement, this assessment leads to a positive one-notch
adjustment to our initial anchor of 'bb-'.

"We apply our "Ratings Above The Sovereign" criteria to Titan
Cement because we assess the group as having material (over 25%)
exposure to the lower-rated sovereigns of both Greece
(B-/Stable/--) and Egypt (B-/Stable/--).  The group passes stress
tests on its operations in both of these jurisdictions.  We apply
the criteria using Greece as the relevant sovereign as, although
domestic revenues derived from Greece are currently lower than
25%, we consider Titan Cement's exposure to its domicile as being
the most material in terms of capacity and asset base.  We assess
the group's sensitivity to Greek country risk as "moderate"
because we classify Titan Cement as an exporting natural-resource
producer," S&P said.

S&P's base case assumes:

   -- Low-to-mid single-digit volume growth, driven primarily by
      demand recovery in the U.S., although S&P expects Greek,
      Egyptian, and South Eastern European markets to remain
      challenging.

   -- Small margin improvement in 2014, driven by a stabilizing
      share of exports, further cost reductions, and price
      increases.

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

   -- Debt/EBITDA stabilizing at just less than 3.5x; and

   -- Funds from operations (FFO) to debt in the high-teens.

The stable outlook reflects S&P's view that Titan Cement's credit
metrics will stabilize at a level commensurate with an
"aggressive" financial risk profile and the 'BB' rating category.
S&P believes that the group will be able to sustain positive
discretionary cash flow and "adequate" liquidity over the next 12
months.

Upside to the ratings remains somewhat limited while the long-
term rating on Greece remains at 'B-'.  This is because S&P
applies its "Ratings Above The Sovereign" criteria to Titan,
which caps the ratings on the group at four notches above that on
Greece.  For S&P to upgrade Titan Cement, S&P would expect to see
the group exhibit credit metrics, on a sustained basis, at a
level S&P views as commensurate with a "significant" financial
risk profile.  S&P will evaluate any future ratings upside in the
context of the group's continuously evolving exposure to Greece.

S&P could consider taking a negative rating action if it sees a
sustained weakening of Titan Cement's credit metrics toward the
lower end of an "aggressive" financial risk profile.  Metrics
might include FFO to debt persisting at low double digits.  This
could occur if economic recovery, and therefore demand, in some
of Titan's main markets, notably the U.S., was to falter.
Downward pressure on the ratings could also arise if Titan
Cement's liquidity deteriorates such that S&P revises downward
its liquidity assessment from "adequate."



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I R E L A N D
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ALPSTAR 1 CLO: Moody's Raises Rating on Class D Notes to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Alpstar 1 CLO
PLC:

  EUR177M (current outstanding balance of EUR59.9m) Class A1
  Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
  previously on Oct 8, 2013 Affirmed Aaa (sf)

  EUR44.9M Class A2 Senior Secured Floating Rate Notes due 2022,
  Affirmed Aaa (sf); previously on Oct 8, 2013 Upgraded to
  Aaa (sf)

  EUR33.2M Class B Deferrable Senior Secured Floating Rate Notes
  due 2022, Upgraded to Aa1 (sf); previously on Oct 8, 2013
  Upgraded to A1 (sf)

  EUR8.4M Class C-1 Deferrable Senior Secured Floating Rate Notes
  due 2022, Upgraded to A3 (sf); previously on Oct 8, 2013
  Upgraded to Baa2 (sf)

  EUR6.8M Class C-2 Deferrable Senior Secured Fixed Rate Notes
  due 2022, Upgraded to A3 (sf); previously on Oct 8, 2013
  Upgraded to Baa2 (sf)

  EUR13.2M Class D Deferrable Senior Secured Floating Rate Notes
  due 2022, Upgraded to Ba1 (sf); previously on Oct 8, 2013
  Affirmed Ba2 (sf)

  EUR13.5M Class E Deferrable Senior Secured Floating Rate Notes
  due 2022, Affirmed B1 (sf); previously on Oct 8, 2013 Affirmed
  B1 (sf)

  EUR10M (current outstanding balance of EUR5.4m) Class P
  Combination Notes due 2022, Upgraded to A3 (sf); previously on
  Oct 8, 2013 Upgraded to Baa1 (sf)

Alpstar CLO 1 Plc, issued in April 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
high yield European loans. The portfolio is managed by Alpstar
Management Jersey Limited. This transaction ended its
reinvestment period on April 27, 2012. It is predominantly
composed of senior secured loans.

Ratings Rationale

According to Moody's, the upgrades of the notes are primarily a
result of significant deleveraging of the Class A1 notes and the
subsequent increase in the overcollateralization ratios ("OC
ratios") of the rated notes. The Class A1 notes were paid down by
EUR71.9 million (66.2% of its closing balance) since October
2013.

As a result the OC ratios for all classes of notes have
increased. As of the trustee report dated May 2014, the Class A,
B, C, D and E overcollateralization ratios are 182.59%, 138.67%,
124.91%, 115.00% and 106.37%, respectively, as compared to
148.74%, 125.21%, 116.76%, 110.29% and 104.38%, respectively, in
September 2013 just prior to the payment date.

The rating of the Class P Combination Notes addresses the
repayment of the Rated Balance on or before the legal final
maturity. For Class P, which does not accrue interest, the 'Rated
Balance' is equal at any time to the principal amount of the
Combination Note on the Issue Date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee. The rated balance of the Class P note is
currently overcollateralized by the Class C notes.

The credit quality of the collateral pool has remained steady as
reflected in the average credit rating of the portfolio (measured
by the weighted average rating factor, or WARF). As of the
trustee's May 2014 report, the WARF was 2984, compared with 2865
in September 2013. The reported diversity score reduced to 25 in
May 2014 from 31 in September 2013.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
pool with performing par and principal proceeds balance of
EUR187.27 million, and defaulted par of EUR5.13 million, a
weighted average default probability of 22.5% (consistent with a
10 years WARF of 3,287 and a weighted average life of 4.0 years),
a weighted average recovery rate upon default of 47.52% for a Aaa
liability target rating, a diversity score of 23 and a weighted
average spread of 4.06%.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 5.51% of obligors in Italy whose LCC is A2 and
11.05% Spain whose LCC is A1, Moody's ran the model with
different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 2.62% for the Class A notes, 1.64% for
the Class B notes, 0.66% for the Class C notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 92.9% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes.
Moody's ran a model in which it diminished the base case WAS to
3.76%; the model generated outputs that were within one notch of
the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

2) Around 34.15% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

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

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


CARLYLE GLOBAL 2014-2: Moody's Assigns 'B2' Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Carlyle Global
Market Strategies Euro CLO 2014-2 Limited (the "Issuer" or " CGMS
Euro CLO 2014-2"):

  EUR234,600,000 Class A-1 Senior Secured Floating Rate Notes due
  2027, Definitive Rating Assigned Aaa (sf)

  EUR31,400,000 Class A-2A Senior Secured Floating Rate Notes due
  2027, Definitive Rating Assigned Aa2 (sf)

  EUR11,600,000 Class A-2B Senior Secured Fixed Rate Notes due
  2027, Definitive Rating Assigned Aa2 (sf)

  EUR26,000,000 Class B Senior Secured Deferrable Floating Rate
  Notes due 2027, Definitive Rating Assigned A2 (sf)

  EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2027, Definitive Rating Assigned Baa2 (sf)

  EUR27,300,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2027, Definitive Rating Assigned Ba2 (sf)

  EUR11,000,000 Class E 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 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, CELF Advisors LLP ("CELF
Advisors"), has sufficient experience and operational capacity
and is capable of managing this CLO.

CGMS Euro CLO 2014-2 is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior obligations and up
to 10% of the portfolio may consist of unsecured senior 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. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR39,100,000 of subordinated notes. Moody's has
not assigned rating to this class of notes.

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.

Loss and Cash Flow Analysis:

Moody's modeled 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.

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

Par Amount: EUR391,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.05%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8.0 years.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the 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 3220 from 2800)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Class A-1 Senior Secured Floating Rate Notes: -1

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

Class A-2B Senior Secured Fixed Rate Notes: -3

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

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

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

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. CELF Advisors' investment
decisions and management of the transaction will also affect the
notes' performance.


CELF LOAN IV: S&P Lowers Rating on Class E Notes to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+ (sf)' from
'B+ (sf)' its credit rating on CELF Loan Partners IV PLC's class
E notes.  At the same time, S&P has affirmed its ratings on the
class A-1, A-2a, A-2b, B, C, and D notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated May 16,
2014, and the application of its relevant criteria.

"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level.  The BDR represents our estimate of the maximum level of
gross defaults, based on our stress assumptions, that a tranche
can withstand and still pay interest and fully repay principal to
the noteholders.  We used the portfolio balance that we consider
to be performing, the reported weighted-average spread, and the
weighted-average recovery rates that we considered to be
appropriate.  We incorporated various cash flow stress scenarios
using our standard default patterns and timings for each rating
category assumed for each class of notes, combined with different
interest stress scenarios as outlined in our 2009 corporate
collateralized debt obligation (CDO) criteria," S&P said.

The portfolio's credit quality has improved since S&P's 2012
review and the proportion of assets rated 'BB-' and above has
increased by 12.0%.  However, the available credit enhancement
for the transaction has decreased for all classes of notes due to
previous losses in the portfolio.

The portfolio contains non-euro-denominated assets which make up
26.5% of the performing portfolio.  The class A-1 variable
funding notes, which were drawn in euros, U.S. dollars, or
British pound sterling to fund these notes, create a natural
hedge.  Any foreign exchange mismatches that could result from
defaults in the portfolio or from coverage test failure are
hedged by a euro-denominated option.  In S&P's opinion, the
downgrade provisions in the option agreement do not fully comply
with its current counterparty criteria.  In S&P's cash flow
analysis, for ratings above the issuer credit rating (ICR) plus
one notch on the options counterparty, Goldman Sachs Group
International, S&P has therefore considered scenarios where such
counterparty does not perform, and where, as a result, the
transaction may be exposed to greater currency risk.

S&P's credit and cash flow analysis indicates that the available
credit enhancement for the class A-1, A-2a, A-2b, B, C, and D
notes is commensurate with their currently assigned ratings.  S&P
has therefore affirmed its ratings on these classes of notes.

Under S&P's cash flow analysis, the class E notes' scenario
default rates (SDRs) exceed their BDRs at its currently assigned
rating level.  The SDR is the minimum level of portfolio defaults
that S&P expects each CDO tranche to be able to support the
specific rating level using CDO Evaluator.  S&P has therefore
lowered to 'CCC+ (sf)' from 'B+ (sf)' its rating on the class E
notes.

The application of both the largest obligor and industry default
tests does not constrain S&P's ratings on any of the notes.  S&P
introduced these supplemental stress tests in its 2009 corporate
CDO criteria.

CELF Loan Partners IV PLC is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans granted to
primarily speculative-grade corporate firms.  The transaction
closed in May 2007 and entered the end of its reinvestment period
in May 2014. CELF Advisors LLP manages the transaction.

RATINGS LIST

Class        Rating            Rating
             To                From

CELF Loan Partners IV PLC
EUR600 Million Secured Floating-Rate Notes

Ratings Affirmed

A-1          A+ (sf)
A-2a         AA+ (sf)
A-2b         A+ (sf)
B            A+ (sf)
C            BBB+ (sf)
D            BB+ (sf)

Rating Lowered

E            CCC+ (sf)         B+ (sf)


PHOENIX PARK: Fitch Rates EUR14MM Class E Notes 'B-(EXP)sf'
-----------------------------------------------------------
Fitch Ratings has assigned Phoenix Park CLO Limited notes
expected ratings, as follows:

EUR236.0m class A-1: 'AAA(EXP)sf'; Outlook Stable
EUR47.0m class A-2: 'AA+(EXP)sf'; Outlook Stable
EUR24.0m class B: 'A(EXP)sf'; Outlook Stable
EUR23.0m class C: 'BBB(EXP)sf'; Outlook Stable
EUR24.0m class D: 'BB+(EXP)sf'; Outlook Stable
EUR14.0m class E: 'B-(EXP)sf'; Outlook Stable
EUR45.25m subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

Phoenix Park CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO). Net proceeds from the issuance of the
notes will be used to purchase a EUR400 million portfolio of
European leveraged loans and bonds. The portfolio is managed by
Blackstone/GSO Debt Funds Management Europe Limited. The
transaction features a four-year reinvestment period.

Key Rating Drivers

Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
range of 'B'/'B-'. The agency has public ratings or credit
opinions on 51 of 53 obligors in the initial portfolio. The
covenanted maximum Fitch weighted average rating factor (WARF)
for assigning the expected ratings is 34.0. The WARF of the
initial portfolio is 33.4.

Above-average Recoveries
The portfolio will comprise a minimum 90% senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned recovery ratings to all obligations in
the initial portfolio. The covenanted minimum weighted average
recovery rate (WARR) for assigning the expected ratings is 70%.
The WARR of the initial portfolio is 72.5%.

Payment Frequency Switch
The notes pay quarterly while the portfolio assets can reset to a
semi-annual basis. The transaction has an interest-smoothing
account, but no liquidity facility. Liquidity stress for the non-
deferrable class A-1 and A-2 notes, stemming from a large
proportion of assets resetting to a semi-annual basis in any one
quarterly period, is addressed by switching the payment frequency
on the notes to semi-annual in such a scenario, subject to
certain conditions.

Limited Interest Rate Risk
No more than 10% of the portfolio may consist of fixed-rate
assets; consequently, the majority of this risk is naturally
hedged, as all notes are floating rate. Fitch modelled a 10%
fixed-rate bucket in its analysis and the rated notes can
withstand the excess spread compression in a rising interest rate
environment.

Limited FX Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 20% of the
portfolio in non-euro-denominated assets.

Participation Agreement
The issuer will purchase the initial portfolio from
Blackstone/GSO Corporate Funding Limited (BGCF). At closing, the
issuer will enter into a participation agreement regarding the
initial portfolio assets. Under the participation agreement, BGCF
will transfer the economic risk and benefits of the assets to the
issuer while retaining title to the assets. Immediately after
closing BGCF will begin transferring the title to the assets to
the issuer via assignment. The assignment process is expected to
last several months.

This arrangement differs from other comparable Fitch-rated CLO
transactions since the seller of the initial portfolio is not a
bankruptcy-remote warehouse SPV. BGCF is an operating company
whose business activities are not limited to dealing with the
issuer. BGCF will grant the issuer a fixed charge over the
initial portfolio assets while title is being transferred to the
issuer. A fixed charge over financial assets is generally
debatable given the lack of control. However Fitch received a
strong legal opinion that the fixed charge in this case is likely
to be upheld. Fitch considers that the fixed charge coupled with
the relatively short risk horizon adequately mitigate the risk of
the assets becoming trapped in the insolvency estate of BGCF
before the title transfer is completed.

Documentation Amendments
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.

Rating Sensitivities
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of one to three notches for the rated notes.



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


FIAT CHRYSLER: Expands Recall Tied to Ignition Switch Issues
------------------------------------------------------------
Joseph B. White, writing for The Wall Street Journal, reported
that Fiat Chrysler Automobiles NV is expanding a recall of
minivans and sport-utility vehicles to fix ignition switches that
could abruptly rotate out of the on position causing a stall and
possibly loss of power to the air bags.

According to the report, the National Highway Traffic Safety
Administration said it has asked Fiat Chrysler's Chrysler Group
for more information about the ignition switch problems and the
potential for air bags to lose power.  The agency said it has
also asked Chrysler for more information about ignition switch
problems in 2006-2007 Jeep Commander and 2005-2006 Jeep Grand
Cherokee models, the report related.

Chrysler said it would now recall more than 695,957 Dodge Journey
SUVs from the 2009-2010 model years, 2008-2010 Dodge Grand
Caravan minivans and 2008-2010 Chrysler Town and Country minivans
after receiving 32 customer complaints and 465 warranty claims
because the vehicles inadvertently shut off while driving, the
report further related.

                      About Chrysler Group

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand
vehicles and products.  Headquartered in Auburn Hills, Michigan,
Chrysler Group LLC's product lineup features some of the world's
most recognizable vehicles, including the Chrysler 300, Jeep
Wrangler and Ram Truck.  Fiat will contribute world-class
technology, platforms and powertrains for small- and medium-sized
cars, allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  The U.S. and Canadian governments provided
Chrysler LLC with $4.5 billion to finance its bankruptcy case.

In connection with the bankruptcy filing, Chrysler reached an
agreement to sell all assets to an alliance between Chrysler and
Italian automobile manufacturer Fiat.  Under the terms approved
by the Bankruptcy Court, the company formerly known as Chrysler
LLC in June 2009, formally sold substantially all of its assets
to the new company, named Chrysler Group LLC.

In January 2014, the American car manufacturer officially became
100% Italian when Fiat Spa completed its deal to purchase the 40%
it did not already own of Chrysler.  Fiat has shared ownership of
Chrysler with the health care fund of the United Automobile
Workers unions since Chrysler emerged from bankruptcy in 209.

                           *     *     *

Standard & Poor's Ratings Services raised its ratings on U.S.-
based auto manufacturer Chrysler Group LLC, including the
corporate credit rating to 'BB-' from 'B+' in mid-January 2014.
The outlook is stable.



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


ARES EUROPEAN II: S&P Raises Rating on Class D Notes From 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Ares European CLO II B.V.'s class A, B, C, and D notes.

The rating actions follow S&P's assessment of the transaction's
performance using data from the April 30, 2014 trustee report.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
of notes at each rating level.  The BDR represents our estimate
of the maximum level of gross defaults, based on our stress
assumptions, that a tranche can withstand and still fully repay
the noteholders.  In our analysis, we used the portfolio balance
that we consider to be performing (EUR388,188,884), the current
and covenanted weighted-average spreads (3.86% and 3.15%,
respectively), and the weighted-average recovery rates calculated
in line with our corporate collateralized debt obligation (CDO)
criteria.  We applied various cash flow stresses using standard
default patterns, in conjunction with different interest and
currency stress scenarios," S&P noted.

Since S&P's June 11, 2012 review, the aggregate collateral
balance has decreased by EUR6.30 million -- to EUR388.19 million
from EUR394.46 million due to the amortization of the class A
notes.  In S&P's view, class A notes' amortization has increased
the available credit enhancement for all rated classes of notes.

S&P's review of the transaction highlights that the portfolio of
performing assets' credit quality has improved since its June
2012 review, as the average rating of the performing assets has
increased to 'B+' from 'B'.  The performing pool's percentage of
'CCC' rated assets (debt obligations of obligors rated 'CCC+',
'CCC', or 'CCC-') has decreased, and the percentage of 'BB' rated
assets has increased since S&P's June 2012 review.  In addition,
overcollateralization and the weighted-average spread have all
increased.

Non-euro-denominated assets currently make up 16.15% of the total
performing assets in S&P's analysis.  The transaction hedges
approximately 13.95% of the non-euro-denominated assets in the
portfolio through asset-specific currency swaps.  In S&P's
opinion, the documentation for the derivative counterparties does
not fully comply with S&P's current counterparty criteria.
Therefore, in S&P's cash flow analysis, for ratings above the
long-term issuer credit rating plus one notch on each derivative
counterparty, S&P has considered scenarios where the counterparty
does not perform, and where, as a result, the transaction may be
exposed to greater currency risk.

S&P's analysis of the class A, B, C, and D notes indicates that,
due to the transaction's improved credit quality since its
previous review, the available credit enhancement is commensurate
with higher ratings than previously assigned.  S&P has therefore
raised its ratings on these classes of notes.

Ares European CLO II is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

RATINGS LIST

Class       Rating         Rating
            To             From

Ares European CLO II B.V.
EUR411 Million Senior Secured Floating-Rate Notes

Ratings Raised

A           AA+ (sf)       AA (sf)
B           A+ (sf)        A (sf)
C           BBB+ (sf)      BBB- (sf)
D           BBB- (sf)      BB+ (sf)


DALRADIAN EUROPEAN III: S&P Affirms 'CCC+' Rating on Cl. E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Dalradian European CLO III B.V.'s variable funding notes and
class A2, B, and C notes.  At the same time, S&P has affirmed its
'B+ (sf)' rating on the class D notes and its 'CCC+ (sf)' rating
on the class E notes.

The rating actions follow S&P's review of the transaction's
performance.  S&P performed a credit and cash flow analysis and
has applied its relevant criteria.  In S&P's analysis, it used
data from the April 30, 2014 trustee report.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
of notes 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 repay
the noteholders.  In S&P's analysis, it used the reported
portfolio balance that we considered to be performing
(EUR191,797,704.87), the current and covenanted weighted-average
spreads (3.76% and 2.85%, respectively), and the weighted-average
recovery rates calculated in line with S&P's 2009 corporate
collateralized debt obligation (CDO) criteria.  S&P applied
various cash flow stress scenarios, using standard default
patterns, in conjunction with different interest rate and
currency stress scenarios.

Since S&P's March 22, 2012 review, the aggregate collateral
balance has decreased by 49.40%, to EUR191.80 million from
EUR379.06 million, due to the amortization of the variable
funding notes and the class A1 and E notes.  In S&P's view, the
amortization of these classes of notes has increased the
available credit enhancement for all classes of the notes.  In
addition, overcollateralization, the transaction's weighted-
average recovery rates, and its weighted-average spread have all
increased since our March 2012 review.

S&P has observed that non-euro-denominated assets currently make
up 19.32% of the total performing assets.  These assets are
hedged by drawing in the same currency from the multicurrency
revolving liabilities.  The transaction has currency call
options, which hedge any currency mismatches.

In S&P's opinion, the available credit enhancement for the
variable funding notes and the class A2, B, and C notes is
commensurate with higher ratings than previously assigned.  S&P
has therefore raised its ratings on these classes of notes.

S&P's ratings on the class D and E notes are constrained by the
application of the largest obligor default test, a supplemental
stress test that S&P introduced in its 2009 corporate CDO
criteria.  S&P has therefore affirmed its 'B+ (sf)' rating on the
class D notes and its 'CCC+ (sf)' rating on the class E notes.

Dalradian European CLO III is a managed cash flow collateralized
loan obligation (CLO) transaction that securitizes loans to
primarily European speculative-grade corporate firms.  The
transaction closed in March 2007 and is managed by Elgin Capital
LLP.

RATINGS LIST

Class    Rating         Rating
         To             From

Dalradian European CLO III B.V.
EUR450 Million Floating-Rate Notes

Ratings Raised

VFN      AAA (sf)       AA+ (sf)
A2       AAA (sf)       AA (sf)
B        AAA (sf)       A+ (sf)
C        A+ (sf)        BBB+ (sf)

Ratings Affirmed

D        B+ (sf)
E        CCC+ (sf)

VFN-Variable funding notes.


DRYDEN 29: S&P Affirms 'B-' Rating on Class F Notes
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Dryden 29 Euro CLO 2013 B.V.'s class A-1A, A-1B, B-1A, B-1B, C,
D, E, and F notes following the transaction's effective date as
of April 30, 2014.

Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral.  On the closing date, the collateral
manager covenanted to purchase the remaining collateral within
the guidelines specified in the transaction documents to reach
the target level of portfolio collateral of EUR400.00 million.
The CLO transaction documents specified that the targeted level
of portfolio collateral must be reached within six months from
the closing date.  The "effective date" for a CLO transaction is
usually the earlier of the date on which the transaction acquires
the target level of portfolio collateral and meets other
conditions, or the date defined in the transaction documents.
Most transaction documents contain provisions directing the
trustee to request the rating agencies that have issued ratings
upon closing to affirm the ratings issued on the closing date
after reviewing the effective date portfolio (typically referred
to as an "effective date rating affirmation").

"An effective date rating affirmation reflects our opinion that
the portfolio collateral purchased by the issuer, as reported to
us by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that we assigned on the transaction's
closing date.  The effective date reports provide a summary of
certain information that we used in our analysis and the results
of our review based on the information presented to us," S&P
said.

S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction.  This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more
diverse portfolio of assets.

For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about
the transaction's investment guidelines.  This is because not all
assets in the portfolio have been purchased.

"We performed quantitative and qualitative analysis of the
transaction in accordance with our criteria to assess whether the
initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  Our analysis
relied on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P added.

In S&P's published effective date report, it discusses its
analysis of the information provided by the transaction's trustee
and collateral manager in support of their request for effective
date rating affirmation.

On an ongoing basis, S&P will periodically review whether, in its
view, the current ratings on the notes remain consistent with the
credit quality of the assets, the credit enhancement available to
support the notes, and other factors, and take rating actions as
S&P deems necessary.

RATINGS LIST

Ratings Affirmed

Dryden 29 Euro CLO 2013 B.V.
EUR414.75 Million Floating-Rate, Fixed-Rate, And Subordinated
Notes

Class                 Rating

A-1A                  AAA (sf)
A-1B                  AAA (sf)
B-1A                  AA (sf)
B-1B                  AA (sf)
C                     A (sf)
D                     BBB (sf)
E                     BB (sf)
F                     B- (sf)


HELIOS TOWERS: Fitch Rates Proposed Sr. Unsecured Notes 'B(EXP)'
----------------------------------------------------------------
Fitch Ratings expects to assign telecom infrastructure group
Helios Towers Nigeria Limited (HTN) a Long-term Issuer Default
Rating (IDR) of 'B(EXP)' with a Stable Outlook. Fitch has also
assigned expected ratings of 'B(EXP)'/'RR4' to the proposed
senior unsecured notes to be issued by Helios Towers Finance
Netherlands B.V..

HTN plans to issue USD225 million of senior unsecured notes
maturing in 2019 through a fully owned Dutch finance subsidiary,
Helios Towers Finance Netherlands B.V. The notes will be
guaranteed by HTN and Tower Infrastructure Company Limited, a
fully owned subsidiary of HTN, which owns part of the group's
tower infrastructure assets.

The notes are rated at the same level as the company's IDR of
'B(EXP)' as they constitute a direct, unconditional and unsecured
obligation of HTN and the other guarantor, and rank pari passu
with all existing and future unsecured obligations of HTN. The
bond documentation includes cross-default and change of control
provisions as well as incurrence tests limiting additional
indebtedness and restricted payments.

The expected IDR assumes the successful issue of the proposed
notes and full repayment of HTN's existing debt. Final ratings
are contingent upon receipt of final documents conforming
materially to the preliminary documentation that Fitch has
received.

HTN is the second-largest independent tower company in Nigeria
(based on the number of towers) with 1,187 towers at end-2013.
The company leases space to telecoms operators at its tower sites
for antennas and other wireless transmission equipment and
provides full site maintenance, including power management and
security services, under long-term lease agreements.

Key Rating Drivers

Strong Growth Potential
The Nigerian economy is seeing rapidly increasing demand for
mobile and broadband communication services. Given a distinct
lack of fixed-line infrastructure, poor mobile coverage and
regulatory pressure to improve quality of service, mobile
operators are expected to continue investing in voice and data
capacity and deploy more base stations to benefit from this
growth potential. Operators are also looking to free up capital
to invest in their networks by divesting their tower assets,
following a wider shift in Africa towards co-location and leasing
towers from independent tower operators. HTN should be able to
capitalize on these trends, mainly by adding more tenants to its
portfolio of live and dormant towers, as it has successfully done
over the past few years. This should help HTN realise significant
economies of scale and improve its free cash-flow generation and
leverage profile.

Revenue Visibility
HTN benefits from a visible revenue stream driven by long-term
lease agreements, which comprise embedded contractual escalators
and, in some cases, cost pass-through mechanisms. Following the
shift in the market from CDMA to GSM operators, over 75% of
revenues are derived from three major Tier 1 GSM players, MTN,
Etisalat, and Airtel, which are all backed by investment-grade
parents. As at December 31, 2013, the average remaining life of
all tenancy agreements was 4.8 years, and HTN had total
contracted revenues of USD352 million.

Changes to Competitive Environment
HTN has a strong market position protected by high barriers to
entry, switching costs, and quality of service. However, the
intent of GSM operators to sell their towers represents both an
opportunity and a threat. HTN will likely be compelled to compete
against other independent tower companies for any potential deal.
A successful bid by HTN or its affiliated companies could
consolidate HTN's strong position in the Nigerian towers market.

However, these potential transactions could result in the
introduction of another independent tower operator, which could
change competitive dynamics over the medium-term. An additional
threat is potential further consolidation among operators as this
may lead to lower demand for base stations and co-location
requirements.

HTN's Size and Evolution
HTN is a small but rapidly growing company. A successful bond
issue to refinance HTN's existing debt and the setting up of a
new revolving credit facility would improve the company's
maturity profile and liquidity, and form a solid foundation for
future growth. Free cash-flow generation is presently weak and
leverage is high, but if the business can successfully activate
its portfolio of dormant towers, continue to grow its tenant base
and increase the number of co-locations per tower, then HTN will
realise the economies of scale inherent in its tower business
model and move strongly into positive FCF territory. This should
lead to strong deleveraging.

Rating Sensitivities

Future developments that may, individually or collectively, lead
to positive rating action include:

-- FFO adjusted net leverage below 4.0x on a sustainable basis
   (FYE13: 6.2x)
-- FFO fixed charge cover of greater than 2.5x (FYE13: 1.3x)
-- Significant and sustainable improvement in FCF generation
-- Sustained strong market position in the Nigerian towers
   industry as the market develops

Future developments that may, individually or collectively, lead
to negative rating action include:

-- Failure to reduce FFO adjusted net leverage, on a sustainable
    basis, to 5.0x
-- FFO fixed charge cover less than 2.0x on a sustainable basis
-- Continued weak FCF due to limited EBITDA growth, higher capex
    and shareholder distributions, or adverse changes to HTN's
    regulatory or competitive environment

Full List of Rating Actions:

Helios Towers Nigeria Limited

Long-term Foreign Currency IDR: 'B(EXP)'/Outlook Stable
Senior unsecured rating: 'B(EXP)'/'RR4'
National Long-term rating: 'A-(EXP)(nga)'/Outlook XX

Helios Towers Finance Netherlands B.V.

Senior unsecured notes: 'B(EXP)'/'RR4'


HYDE PARK: S&P Lowers Rating on Class E Notes to 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Hyde Park CDO B.V.'s class A-1, A-2, B-1, B-2, C, and D notes.
At the same time, S&P has lowered its rating on the class E
notes.

The rating actions follow S&P's analysis of the transaction using
data from the trustee report dated April 22, 2014, and the
application of its relevant criteria.

Since S&P's Feb. 22, 2013 review, and following further
amortization of the class A-1 and A-2 notes,
overcollateralization has increased for the class A-1, A-2, B-1,
B-2, C, and D notes, and remained stable for the class E notes.

The portfolio's weighted-average spread increased to 4.06% from
3.86% since S&P's previous review, which benefited the break-even
default rates (BDRs).  BDRs represent our estimate of the maximum
level of gross defaults, under S&P's stress assumptions, that
notes can withstand and still fully pay interest and principal to
the noteholders.

"In our cash flow analysis, we gave credit to an aggregate
collateral amount of EUR313.2 million, and assumed weighted-
average recovery rates calculated in line with our 2009 corporate
collateral debt obligation (CDO) criteria and 2012 structured
finance CDO criteria.  We applied various cash flow stresses
using our standard default patterns, combined with different
interest stress scenarios as outlined in our criteria.  Since the
portfolio is no longer subject to reinvestments, we believe it is
exposed to the risk of reduced weighted-average spread.
Therefore, in scenarios above the initial ratings, we have
assumed the portfolio of performing assets paid the covenanted
weighted-average spread of 2.90%, instead of the current
weighted-average spread of 4.06%," S&P said.

JPMorgan Chase Bank N.A. (A+/Stable/A-1) acts as the asset swap
counterparty for the non-euro-denominated assets, which represent
8% of the aggregate collateral amount.  S&P has reviewed the
downgrade provisions in the swap agreement, and they do not
comply with S&P's current counterparty criteria.  Therefore, in
scenarios above 'AA-', S&P assumed the nonperformance of the
counterparty.

S&P's analysis shows that the available credit enhancement for
the class A-1, A-2, B-1, B-2, C, and D notes is commensurate with
higher ratings than previously assigned.  S&P has therefore
raised its ratings on these classes of notes.

Since S&P's previous review, the portfolio concentration
increased, as the number of distinct obligors decreased to 58
from 91.  As a result, the application of the largest obligor
default test constrained S&P's rating on the class E notes at 'B+
(sf)'. This test measures the effect of several of the largest
obligors defaulting simultaneously.  S&P introduced this
supplemental stress test in its 2009 criteria update for
corporate CDOs.  S&P has therefore lowered to 'B+ (sf)' from 'BB-
(sf)' its rating on the class E notes.

Hyde Park CDO is a cash flow CDO transaction managed by
Blackstone Debt Advisors L.P. A portfolio of loans to primarily
speculative-grade corporate firms backs the transaction.  Hyde
Park CDO closed in February 2006 and its reinvestment period
ended in June 2012.

RATINGS LIST

Hyde Park CDO B.V.
EUR500 mil fixed- and floating-rate notes
                     Rating
Class   Identifier   To          From
A-1     448647AA5    AAA (sf)    AA+ (sf)
A-2     448647AJ6    AAA (sf)    AA+ (sf)
B-1     448647AB3    AA+ (sf)    AA- (sf)
B-2     448647AE7    AA+ (sf)    AA- (sf)
C       448647AC1    A (sf)      BBB+ (sf)
D       448647AD9    BBB- (sf)   BB+ (sf)
E       448647AF4    B+ (sf)     BB- (sf)



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


BANIF BANCO: S&P Affirms 'BB' Rating on EUR200 Million Debt
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB' issue rating on the EUR200 million of debt due July 19, 2014
(ISIN: PTBAFUOE0006), issued by Portugal-based BANIF Banco
Internacional do Funchal S.A. (not rated by Standard & Poor's)
under the guarantee scheme of the Republic of Portugal
(BB/Stable/B unsolicited ratings).  At the same time, S&P
withdrew the issue rating at the issuer's request.

The affirmation reflects that, based on S&P's review of the form
of the state guarantee, it believes that BANIF's issuance
continues to qualify for S&P's rating substitution treatment.

Standard & Poor's does not rate BANIF, therefore the 'BB' issue
rating on the debt at the time of withdrawal solely reflected the
unconditional, irrevocable, and timely guarantee of payment of
scheduled interest and principal provided by the Portuguese
government.  In case of a default by the issuer, the guarantor
will, upon notification of the noteholder, perform all the
payments regarding the guaranteed obligations.  The guarantee
expires 30 working days after the maturity date.

At the same time, and following the request from the issuer, S&P
has withdrawn its rating on the issue due in July 19, 2014.

Standard & Poor's sovereign credit and issue ratings on Portugal
and its debt were converted into unsolicited on Feb. 5, 2014.
S&P subsequently withdrew all its ratings on Portugal's
individual sovereign debt issues on March 12, 2014.



=============
R O M A N I A
=============


ASTRA ROMANA: Enters Insolvency Process
---------------------------------------
The Diplomat reports that Astra Romana Ploiesti refinery entered
insolvency upon the shareholders' request, the first court term
being in October.

Shareholders of Astra Romana Ploiesti approved in the
extraordinary general assembly of June 2 the request to enter
insolvency, The Diplomat, citing Act Media, relates.

The Diplomat relates that the measure was introduced on the
meeting agenda upon the request of Kreyton Ltd, registered in the
British Virgin Islands which owns 48 per cent of company shares.
A package of 41.66% shares is held by Kalatse Investments Ltd,
registered in Cyprus. The rest of 10.33% shares are owned by
other shareholders.

Prahova Court appointed the company Via Insolv SPRL of Ploiesti
to be judicial administrator.  The report notes that the first
court term will be October 10, 2014.

Astra Romana concluded 2013 with losses of RON3.55 million
compared to a negative result of RON4.85 million in 2012 and
debts of RON19.3 million, The Diplomat discloses.



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


FONCAIXA FTGENCAT: Fitch Affirms 'CCsf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has revised Foncaixa FTGENCAT 3 FTA's class A(G)
and B notes, and Foncaixa FTGENCAT 4 FTA's class A(G) and B
notes' Outlook as follows:

Foncaixa FTGENCAT 3 FTA:

  Class A(G) notes (ISIN ES0337937017): affirmed at 'A+sf',
  Outlook revised to Negative from Stable

  Class B notes (ISIN ES0337937025): affirmed at 'BBB+sf',
  Outlook revised to Negative from Stable

  Class C notes (ISIN ES0337937033): affirmed at 'BBsf', Negative
  Outlook

  Class D notes (ISIN ES0337937041): affirmed at 'Bsf', Negative
  Outlook

  Class E notes (ISIN ES0337937058): affirmed at 'CCsf', RE0%

Foncaixa FTGENCAT 4 FTA:

  Class A(G) notes (ISIN ES0338013016): affirmed at 'BBBsf',
  Outlook revised to Negative from Stable

  Class B notes (ISIN ES0338013024): affirmed at 'BBsf', Outlook
  revised to Negative from Stable

  Class C notes (ISIN ES0338013032): affirmed at 'Bsf', Outlook
  Negative

  Class D notes (ISIN ES0338013040): affirmed at 'CCCsf', RE0%

  Class E notes (ISIN ES0338013057): affirmed at 'CCsf', RE0%

The Negative Outlooks on all classes of notes reflects the
relatively low levels of credit enhancement for both deals
compared to other Spanish SME CLO transactions. In addition, both
Foncaixa FTGENCAT 3 (Foncaixa 3) and Foncaixa FTGENCAT 4
(Foncaixa 4) continue to have material exposures to the volatile
real estate and buildings and materials sector, at 48% and 25%
respectively, which continue to present some risk to the
transactions.

While credit enhancement levels have increased for both
transactions since Fitch's previous rating action, arrears and
defaults also continue to show an increasing trend over the
period. Greater than 90 day arrears are up to 4.3% and 3.4%, from
2.3% and 2.7%, while greater than 180 days arrears are up to 2.6%
and 1.6% from 1.4% and 1.0% for the Foncaixa 3 and Foncaixa 4
transactions respectively. Current defaults are also up for both
deals, by EUR130,000 in Foncaixa 3 and a more significant EUR3.4m
for Foncaixa 4. The reserve funds continue to be drawn in both
deals and are currently funded to 80% and 84% of their target
levels, respectively.

Both transactions are very granular in terms of obligor
concentration, but do face regional concentration as all loans in
both deals are advanced to borrowers exclusively in Cataluna.
Currently, Foncaixa 3 and 4's top ten obligors account for 4.5%
and 5.2%, respectively. The transactions benefit from almost 100%
security with the majority comprised of mortgage collateral.
Observed average recovery rates stands at 65% (Foncaixa 3) and
54% (Foncaixa 4).

Approximately two thirds of Foncaixa 3 and 4's outstanding pools
comprises flexible loans that offer the borrower the option of
redrawing up to a maximum amount. The redraws will not be
securitized in the pool but will rank on a pari passu basis with
the securitized loans in the event of the obligor defaulting.
Fitch assumed in its recovery analysis that all flexible loans
would be withdrawn to the maximum limit.

Both transactions feature a swap whereby under the terms of the
swap agreement, the issuer pays the swap counterparty interest
only on the non-defaulted portion of the collateral, but receives
the weighted average spread of the A to D notes plus a guaranteed
spread of 50bp multiplied by the class A to D notes notional.
Such as swap provides credit support to the structure by making
good the loss of interest arising from loans that default over
the life of the deal. Fitch however considers this swap to be
relatively illiquid and has given no credit to the receipt of
interest payments from defaulted assets for rating scenarios
above the swap provider CaixaBank S.A. rated BBB/Negative/F2.

Rating Sensitivities

Applying a 1.25x default rate multiplier or a 0.75x recovery rate
multiplier to all assets in the portfolio would result in a
downgrade of between one and three notches for all of the notes
in both transactions.


FTPYME BANCAJA 6: Fitch Affirms 'Csf' Rating on Class D Notes
-------------------------------------------------------------
Fitch Ratings has affirmed all of FTPYME Bancaja 6, FTA's notes
and revised the Outlook on the class A3(G) notes to Stable as
follows:

Class A3(G) notes (ES0339735021): affirmed at 'Asf', Outlook
revised to Stable from Negative

Class B notes (ES0339735039): affirmed at 'B-sf', Outlook
Negative

Class C notes (ES0339735047): affirmed at 'CCsf', Recovery
Estimate revised to 0% from 20%

Class D notes (ES0339735054): affirmed at 'Csf', Recovery
Estimate 0%

FTPYME Bancaja 6 is a cash flow securitization of loans to small-
and medium-sized Spanish enterprises (SMEs) granted by former
Caja de Ahorros de Valencia, Castellon y Alicante, now Bankia
S.A.

KEY RATING DRIVERS

The revision of the Outlook on class A3(G) notes reflects the
substantial increase of credit enhancement on the notes since the
previous review in July 2013 and its subsequently decreased
sensitivity to the transaction's overall performance. Credit
enhancement increased to 55% from 42% as of April 2014, due to
the full amortization of the class A2 notes, as well as partial
amortization of the class A3(G) notes. The rating of the class
A3(G) is guaranteed by the Kingdom of Spain (BBB+/Stable/F2) and
the guarantee has been drawn by EUR11m to support the
amortization of the class A3(G). The transaction is capped at
'Asf' due to payment interruption risk due to its exposure to
Bankia, S.A. (BBB-/Negative/F3) as servicer.

The affirmation of the notes reflects the stable performance of
the transaction since the previous review. Credit enhancement
levels increased sufficiently to cover for the increase in
current defaults to 30% from 21% as of July 2013. The class B
notes' Negative Outlook has been maintained due to the notes'
sensitivity to the overall transaction's performance as well as
the repayment of the guarantee. However, delinquencies of over 90
days, as well as over 180 days, decreased significantly to 5.5%
and 2% from 14% and 13% of the outstanding portfolio balance,
respectively.

Class B and C notes are currently deferring interest due to
breached interest deferral triggers based on cumulative defaults.
The reserve fund, which initially was funded by class D notes,
has been fully depleted since beginning of 2013 and is not
expected to recover in the near future. The recovery estimate of
class C notes has been revised to 0% from 20%, reflecting the
increase of overall default levels.

Rating Sensitivities

The analysis incorporated two stress tests in order to test the
ratings sensitivity to a potential change of underlying
assumptions. The first test addressed a reduction of the recovery
rates by 25%, whereas the second analyzed the rating impact of an
increase in default rates. Both tests indicated that no rating
action would be triggered on the class A3(G) notes. However,
class B and C notes could be subject to negative rating actions
should either scenario materialize.


GC FTGENCAT: Fitch Lowers Rating on Class C Notes to 'Csf'
----------------------------------------------------------
Fitch Ratings has downgraded GC FTGENCAT Caixa Sabadell 1, FTA
class B and C notes, and revised the Outlook on class A(G) notes
as follows:

EUR35.9 million class A(G): affirmed at 'BBB-sf', Outlook revised
to Stable from Negative

EUR11.5 million class B: downgraded to 'CCsf' from 'CCCsf,
Recovery Estimate reduced to 0% from 50%

EUR11.5 million class C: downgraded to 'Csf' from 'CCsf',
Recovery Estimate 0%

EUR4.1 million class D: affirmed at 'Csf', Recovery Estimate 0%

GC FTGENCAT Caixa Sabadell 1, FTA is a cashflow securitization of
a two-year revolving pool which at closing amounted to EUR300
million and consisted of 1,351 of secured and unsecured loans
(the collateral) granted to small and medium-sized enterprises
(SME) originated by Caixa Sabadell. The collateral is entirely
concentrated in the region of Catalonia.

KEY RATING DRIVERS

The Outlook revision of the class A(G) note reflects improved
credit enhancement (CE) due to deleveraging. The transaction is
able to cover principal shortfall by drawing on a guaranteed
amount, provided by guarantor Catalonia (BBB-/Stable/F3), equal
to the original outstanding balance of the A(G) note. The Stable
Outlook reflects that on Catalonia.

The current amount drawn under the guarantee is EUR17.7 million.
The transaction is required to repay this amount as soon as it is
able to. This in effect represents an additional liability for
the transaction, which ranks senior to the class B and C notes.
This means the transaction has EUR53.6 million outstanding senior
to the class B and C notes compared with only EUR55.4 million of
performing loans. This has resulted in today's downgrade of the
class B and C notes.

The class D notes were used to fund the reserve fund, which is
depleted. As repayment of the class D notes is contingent on the
release of the reserve fund the notes have been affirmed at
'Csf'.

Current defaults continued to rise, peaking at 42.3% of the
performing balance in April this year. The recovery rate has been
decreasing since few recoveries have been recorded since May
2012. It was only in the last three months that the recovery rate
saw a slight pick-up with EUR3.4 million in realised recoveries.

Loans that are 90+ days and 180+ days in arrears are lower at
8.8% (13.1% last year) and 5.7% (8.6%) respectively. However,
this reduction is almost entirely due to the arrears rolling into
default. As it takes six months for loans that are180+ days in
arrears to roll into default it is likely that current defaults
as a percentage of the performing balance will continue to
increase unless offset by further recoveries.

Rating Sensitivities

Fitch has run two sensitivity scenarios. In the first the default
probability (PD) was increased by 25% and in the second the
recovery rate was reduced by 25%. Neither sensitivity run had an
effect on the class A(G) notes as these notes are supported by
the rating of the guarantor. The class B and C note are already
at distressed rating levels and are likely to default.


KUTXABANK BANK: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------------
Fitch Ratings has affirmed Kutxabank S.A.'s Long-term Issuer
Default Rating (IDR) at 'BBB', the Viability Rating (VR) at 'bbb'
and the Short-term IDR at 'F3'. The Outlook on the Long-term IDR
has been revised to Positive from Negative. At the same time the
agency has affirmed the bank's Support Rating (SR) and Support
Rating Floor (SRF) at '3' and 'BB+' respectively.

The Outlook revision reflects Fitch's view that the Long-term IDR
could be upgraded if the bank manages to reduce its risk appetite
as planned by reducing equity stakes, and if earnings stabilize.

Key Rating Drivers - IDRs AND VR

Kutxabank's IDRs are driven by its standalone credit fundamentals
as expressed by its VR. The bank's VR primarily reflects
Kutxabank's sound capitalization and signs of a reduction in its
overall risk appetite. The VR also reflects adequate funding and
profitability and the bank's company profile.

Kutxabank's capitalization improved in 2013, which underpins the
ratings. At end-2013, its Fitch Core Capital (FCC) ratio stood at
11.45%, while the tangible common equity to tangible asset ratio
was 7%, which Fitch considers to be sound. Fitch expects capital
ratios to benefit from further asset de-risking, particularly in
its equity investment portfolio, and risk weight optimization.

Kutxabank's non-performing loans (NPL) ratio stood at 11.24% at
end-2013 (13.43% including foreclosed assets), which reflects its
exposure to real estate development lending and the relatively
weaker quality of its southern Spanish bank subsidiary's (CajaSur
Banco) loan book. The group's NPL ratio compares well
domestically helped by the fact that Kutxabank's home region, the
Basque Country, has proved more resilient during the economic
downturn. Fitch expects asset quality deterioration to slow down
significantly in the short term as the gap between gross NPL
entries and recoveries continue to narrow.

Since 2H13, the inflow of new NPLs has begun to slow and Fitch
expects this trend to continue in 2014. However, Kutxabank will
still face the challenge of disposing of the stock of problematic
real estate development assets. Equity investments, which at an
equivalent of 76% of FCC remain large, should decline as the bank
plans to continue the divestment of these stakes, which have
already been reduced by 15% since 2012.

Kutxabank's funding is adequate for its business profile. The
bank funds mainly long-term residential mortgages largely with
stable retail customer deposits, but also with some covered bonds
issued in the market. We consider the funding mix to be balanced
overall and with limited reliance on short-term wholesale
funding. The bank also holds adequate liquid assets and the
refinancing risk is low given the diversification of debt
maturities.

Rating Sensitivities - IDRs and VR

Kutxabank's IDRs are driven by the VR and are therefore sensitive
to the same factors. The Positive Outlook indicates Fitch's view
that there is upside potential to the rating.

Further progress in selling equity stakes and thereby reducing
the bank's exposure to market risk would indicate a reduced risk
appetite and would put its VR on upward pressure.

Fitch expects the bank's operating profitability to benefit from
lower loan impairment charges in 2014 as the economy has
stabilised. Kutxabank's VR could benefit from improved operating
profitability and resilient pre-impairment profit. Improvements
in asset quality could also support a VR upgrade.

Downward pressure on the VR, which we do not expect in the short-
term, could arise if profitability and earnings suffered more
than expected, which could arise from higher margin pressure or
the inability to control costs adequately. The VR would also come
under pressure if the bank failed to improve asset quality
gradually.

Key Rating Drivers and Sensitivites
- Support Rating And Support Rating Floor

Kutxabank's SR of '3' and SRF of 'BB+' reflect Fitch's view that
there is a moderate likelihood of support for the bank from the
authorities, if needed. This is because of the bank's regional
systemic importance to Spain with a deposit market share of
around 33% in the Basque Country.

The SR and SRF are sensitive to a weakening of the assumptions
around Spain's ability and propensity to provide timely support
to the group. Of these, the greatest sensitivity is to progress
made in implementing BRRD and SRM. Fitch expects to downgrade
Kutxabank's SR to '5' and its SRF to 'No Floor' either during
2014 or 1H15. Timing will be influenced by progress made on bank
resolution legislation.

Key Rating Drivers and Sensitivities - Subordinated Debt

Subordinated debt issued by Kutxabank and CajaSur Banco are
notched down from Kutxabank's VR in accordance with Fitch's
assessment of non-performance and relative loss severity risks,
reflecting below average loss severity of this type of debt when
compared with average recoveries. Debt ratings are sensitive to
changes in Kutxabank's VR.

The rating actions are as follows:

Kutxabank

  Long-term IDR: affirmed at 'BBB'; Outlook revised to Positive
  from Negative

  Short-term IDR: affirmed at 'F3'

  Viability Rating affirmed at 'bbb'

  Support Rating affirmed at '3'

  Support Rating Floor affirmed at 'BB+'

  Senior unsecured debt long-term rating: affirmed at 'BBB'

  Senior unsecured debt short-term rating: affirmed at 'F3'

  Subordinated debt: affirmed at 'BBB-'

CajaSur Banco, S.A. Unipersonal:

  Senior unsecured debt long-term rating: affirmed at 'BBB'

  Subordinated debt: affirmed at 'BBB-'


NCG BANCO: Moody's Lowers Long-Term Deposit Ratings to 'Caa1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term deposit
ratings of NCG Banco S.A. to Caa1 from B3. The outlook on the
Caa1 rating is negative.

The rating action, which concludes the review for downgrade --
initiated in December 2013 and extended in March 2014, follows
the transfer on June 25 of NCG Banco's ownership to Banesco Group
(unrated) from a majority ownership by the Spanish government via
the Fund for Orderly Bank Restructuring (FROB), and reflects
Moody's assessment of a lower probability of systemic support
following the exit of the FROB from the bank's capital.

NCG Banco's E standalone bank financial strength rating (BFSR;
equivalent to a caa2 baseline credit assessment or BCA), the
short-term deposit ratings and government backed long-term
ratings are not affected by the rating action.

Ratings Rationale

The rating action follows the transfer on June 25 of the 88.33%
of NCG Banco's capital owned by the FROB and the Spanish Deposit
Guarantee Fund to Spain-based Banco Etcheverria, which is part of
Banesco Group (both entities are not rated). The transfer of NCG
Banco's shares follows the European Commission's approval of the
sale of NCG Banco to Banesco Group, which had been the most
relevant obstacle until now for the completion of the
acquisition.

Since NCG Banco was nationalized in September 2011 and supported
by public capital injections of overall EUR9 billion, Moody's had
assessed a high probability of systemic support for the bank,
resulting in a two-notch uplift from the caa2 BCA. However, the
exit of the FROB from the capital of NCG Banco translates into
the return to a standard assessment of systemic support, which
warrants an uplift of only one notch from the bank's caa2 BCA.

Moreover, at this stage Moody's lacks visibility on the ability
and/or willingness of the new parent company to support NCG
Banco, that could, to some extent, offset the rating agency's
assessment of the reduced probability of systemic support.

Currently, Moody's does not anticipate that the sale of NCG Banco
will have any impact on the bank's standalone credit profile,
which is driven by the bank's very weak profitability and asset
quality indicators as well as the challenges arising from the
fulfilment of the restructuring plan approved by the European
Commission. As such, the rating action does not affect NCG
Banco's BCA of caa2.

Negative Outlook

The long-term deposit ratings carry a negative outlook, which
reflects (1) the challenges that NCG Banco faces in terms of
asset quality and earning generation capacity; and (2) the recent
adoption of the Bank Recovery and Resolution Directive (BRRD) and
the Single Resolution Mechanism (SRM) regulation in the EU, which
increases the risk of burdensharing with unsecured creditors in
order to reduce the public cost of bank resolutions.

What Could Change The Rating Up/Down

Given NCG Banco's negative outlook, Moody's does not currently
expect any upward rating pressure. Nevertheless, Moody's
acknowledges that the provision of capital support by Banesco
Group to NCG Banco could have upward rating implications.

Moody's could downgrade NCG Banco's senior debt and deposit
ratings as a consequence of (1) any weakening of its credit
fundamentals; or (2) as a result of the evolution of systemic
support prospects in Spain and in the EU, in light of recent
developments associated with the aforementioned resolution
mechanisms and burden sharing for European banks.

Headquartered in La Coruna, Spain, NCG Banco reported total
audited consolidated assets of EUR53 billion as of 31 December
2013.



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


BRUNTWOOD ALPHA: Fitch Affirms 'BBsf' Rating on Class C Notes
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Bruntwood Alpha PLC's
CMBS class B and C floating-rate notes due 2019 to Positive as
follows:

  GBP140.4 million class A (XS0283194792) affirmed at 'Asf';
  Outlook Stable

  GBP13.4 million class B (XS0283196490) affirmed at 'BBBsf';
  Outlook revised to Positive from Stable

  GBP13.6 million class C (XS0283199593) affirmed at 'BBsf';
  Outlook revised to Positive from Negative

Bruntwood Alpha is a CMBS transaction secured by the sole
Bruntwood 2000 (B2000) loan backed by office properties in
Northern England.

Key Rating Drivers
The revision of Outlook reflects improved prospects of
refinancing after equity injection as part of the restructuring
of the B2000 loan, all of which underlines the sponsor's
commitment.

The increase in equity was brought about by the borrower
converting GBP13.5 million of retained class B and C notes into a
subordinated loan. In addition, there is a cash sweep and a
commitment from the borrower to inject further equity of GBP5m by
October 2015.


Following the repayment of the Bruntwood Estates (BE) loan in
October 2013, only the GBP181 million B2000 loan remains in the
transaction. Its collateral consists of 18 office properties
located in Manchester (84%), Leeds (8.5%), Warrington (5.3%) and
Liverpool (2.2%). Fitch views the majority of properties to be of
high quality, occupying strong locations in major cities that are
benefiting from a recovery in sentiment.

A small number of properties are weak, which could grow as the
sponsor delivers on its business plan to reduce the debt balance
ahead of loan maturity in October 2016. With the sponsor able to
release equity from proceeds of property sales, noteholders could
be exposed to some risk of adverse selection. A release premium
of 15% on property disposals helps to mitigate this risk,
particularly as the premium is paid exclusively to noteholders on
a sequential basis.

While the B2000 loan is performing, the subordinated loan
receives interest and principal (including allocated loan amounts
from property sales proceeds) pari passu with the class B and C
notes (corresponding to the original retained holdings). Upon
loan maturity or default, however, it becomes fully subordinated
to the notes.

While the loan restructuring is a positive development for the
transaction, some risks remain. Reported market value fell 5%
following the September 2013 valuation. Also, at the April
payment date reported vacancy rose to 18% from less than 10%.
While the drop in value (driven by broader market movements) is
likely to have reversed with the improvement in regional UK
sentiment, the vacated space (for an aggregate floor area of
88,000 square feet) presents a greater challenge. The borrower,
an experienced operator in the regional office market, is taking
the opportunity to refurbish the space, which should facilitate
re-letting.

Rating Sensitivities

The Positive Outlook indicates Fitch's expectation of further
improvements in loan credit metrics, which, as and when realised,
may result in an upgrade of the class B and C notes. This would
be contingent on progress in selling down the portfolio in line
with the business plan and also on restoring occupancy back to
market levels.

Estimated 'Bsf' proceeds are GBP227m.


COMET: Deloitte May Face Prosecution Over Redundancies
------------------------------------------------------
Sarah Butler at The Guardian reports that lawyers for workers
sacked when electrical goods retailer Comet collapsed in 2012
have asked a government investigation to consider whether
Deloitte, the administrators involved, should face criminal
charges.

The Guardian relates that the lawyers have passed on the details
of a tribunal judgment, published this month, which states that
Chris Farrington, one of three Deloitte administrators, signed a
letter to the secretary of state, Vince Cable, in November 2012
stating that there were "no proposed redundancies at present" at
Comet.

According to the report, the tribunal found that redundancies
were being actively considered at this time. The judgment noted
that failure to notify the business secretary is a criminal
offence under section 194 of the Trade Union and Labour Relations
(Consolidation) Act 1992, the report notes.

The Guardian says the law makes clear that it is the employer who
must make the notification. However, Victoria Robertson --
victoria.robertson@needlepartners.com -- a lawyer at Needle
Partnership who acted for sacked staff at the tribunal, said:
"The law needs clarifying on this matter. The employer makes the
redundancies but the administrator signs the form," the report
relays.

She said the company's directors could not be held liable as they
step aside during the insolvency process, The Guardian says.

According to The Guardian, the investigation is being handled by
the Insolvency Service, a government body which will have to pay
out millions of pounds in compensation to workers as a result of
the mishandling of redundancies at Comet. As part of that
investigation, which has so far taken 18 months, it is
considering whether to refer the matter to police or the
administrators' authorising body.  The report notes that anyone
found guilty of a criminal offence under Section 194 could face a
fine of up to GBP5,000.

The report says the administrators' authorizing body, the
Institute of Chartered Accountants (ICAEW), has powers to issue
fines in certain cases. If an insolvency practitioner is found to
have acted dishonestly, it can withdraw its licence.

At a Leeds employment tribunal this month, Judge Forrest ruled
that former Comet employees should receive compensatory payments
of 90 days' pay which could reach GBP25 million, after finding
that the company and its administrator Deloitte failed to
organise proper consultations when 7,000 people were made
redundant in 2012, the report recalls.

The Guardian relates that Mr. Forrest will decide next month
exactly how many ex-Comet workers will receive additional
compensation, as 4,000 staff did not stake a claim within the
time limit. If he rules that all 7,000 staff are eligible, the
total will reach GBP25 million, with the bill being footed by the
taxpayer since Comet is insolvent, The Guardian notes.

Deloitte declined to comment on the potential criminal charges,
the report notes.  According to The Guardian, Comet's joint
liquidators Neville Kahn and Chris Farrington of Deloitte said
last week they were disappointed with the tribunal ruling. "Comet
Group Limited made significant efforts to consult with its nearly
7,000 employees across more than 250 sites during the
administration, whilst a purchaser for the business was sought."


IGLO FOODS: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on U.K.-based food supplier, Iglo Foods
Holdings Ltd.  The outlook is stable.

At the same time, S&P assigned a 'B+' issue rating to the
proposed EUR621 million euro term loan and EUR500 million British
pound sterling term loan -- both to be issued by Iglo Foods MidCo
Ltd. -- and the EUR500 million proposed fixed- and floating-rate
notes to be issued by Iglo Foods BondCo PLC, all due in 2020.
S&P assigned a recovery rating of '3' to the proposed notes,
indicating its expectation of meaningful (50%-70%) recovery in
the event of a payment default.

In addition, S&P assigned a 'B+' issue rating and '3' recovery
rating to the proposed EUR80 million revolving credit facility.

The issue and recovery ratings on the proposed term loans and
notes are based on preliminary information and are subject to the
successful issuance of the notes and our satisfactory review of
the final documentation.

The affirmation reflects S&P's view that the refinancing will not
weaken Iglo's debt protection metrics beyond the levels S&P
assumes under its base case, and that it is therefore neutral to
our assessment of Iglo's financial risk profile.

Iglo plans to refinance its existing financial debt of about
EUR1.7 billion with new proposed term loans of EUR621 million and
EUR500 million and proposed notes of about EUR500 million.  Iglo
will refinance the remaining EUR100 million balance using cash on
its balance sheet.  The new debt would be due in 2020 and S&P
notes that Iglo's revolving credit facility (RCF) will expire in
2019.  Based on this, in S&P's view, Iglo's leverage ratio will
improve slightly to about 11.2x in 2014 from 12.1x in 2013.  In
addition, S&P considers the EUR1.2 billion shareholder loan at
Iglo Foods Holdco Ltd. as debt.

S&P projects under its base case that Iglo will maintain Standard
& Poor's-adjusted funds from operations (FFO) cash interest
coverage of about 2.7x in 2014, improving thereafter.

S&P derives its 'B+' long-term corporate credit rating on Iglo
from its anchor of 'b+', which in turn is based on S&P's
assessments of Iglo's business risk profile as "satisfactory" and
its financial risk profile as "highly leveraged."

S&P's assessment of Iglo's business risk profile as
"satisfactory" incorporates its view of the group's leading
position in all of its main categories, including fish,
vegetables, and poultry. Iglo's geographic outreach further
supports its "satisfactory" business risk profile as the company
holds the largest branded share in many of the countries in which
it operates, including the U.K., Germany, and Italy -- three
countries that make up over half of the Western European frozen
food market.

S&P believes that the group's strategic overhaul, improved focus
on the value added segment, and concentration on further research
and development to expand and develop its product offerings
should result in margin stabilization and should provide
stability to the top line.

S&P's assessment of Iglo's business risk profile at the low end
of "satisfactory" also incorporates its view of the group's
successful product innovation and modification, which has enabled
it to pass on input price rises to the consumer.  S&P expects
that Iglo will continue to focus on its growth strategy by
building in brand equity and innovation to further strengthen its
market leadership positions.

On the negative side, Iglo is concentrated in European markets
and lacks exposure to faster growing emerging markets.  The
European frozen foods industry is mature and exhibits low-single-
digit growth.  In addition, Iglo's product range competes with
cheaper private label products and discounters, which creates
pricing pressure.  Italy also continues to face weak consumer
spending which significantly affected the Findus business, Iglo's
Italian operating division, in 2013.

In view of the mature nature of the frozen food industry,
increasingly competitive operating environment, and currently
challenging European economy, S&P believes that Iglo's sales
growth will improve slightly in 2015 to the low single digits
following a marginal deterioration in 2014.  S&P anticipates that
continued investment in product innovation and spending on
advertising and marketing (on an increasing trend from 2014
onward) will enable the group to maintain its branding power,
charge premium prices for some of its products, and protect its
margins over the next few years.

Iglo has a highly leveraged balance sheet following a leveraged
buyout and a debt-financed acquisition.  In S&P's leverage
calculation, it treats the EUR1.2 billion of shareholder loans as
debt.  S&P views the high accruing interest on the shareholder
loans as a potential incentive for the group to convert to cash-
paying, lower-interest debt.

Adjusted FFO cash interest coverage declined to 2.6x from 3.2x in
2012.  S&P projects that it will remain well above 2.5x, more
than the minimum band commensurate with the current rating, which
is 2.0x-2.5x.  The group also has a track record of stable cash
flow generation.

S&P estimates that adjusted leverage will remain significantly
higher than 5x in line with its assessment of the group's
financial risk profile as "highly leveraged."

S&P's base case assumes:

   -- Revenues will decline by 2% in 2014 followed by a modest
      improvement in 2015, reflecting an overall sales increase
      of 1%.

   -- EBITDA margins will remain flat at about 18%-19% in 2014
      and 2015.

   -- Capital expenditure (capex) of about EUR30 million.

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

   -- Debt to EBITDA at about 11.2x for 2014 and about 11.3x for
      2015.

   -- FFO to cash interest coverage of around 2.7x for 2014 and
      about 2.8x for 2015.

The stable outlook on U.K.-based Iglo Foods Holdings Ltd.
reflects Standard & Poor's Ratings Services' view that the group
is able to maintain "adequate" liquidity and its reported EBITDA
margins at about 18%-20% over the next 12-18 months.  S&P expects
Iglo to generate reasonable cash flow and to maintain cash
interest coverage of 2.0x-2.5x -- the minimum range commensurate
with the current rating -- in the medium term.

S&P could lower the ratings if the group's leading market
positions and premium pricing ability weakens materially over the
next 12-18 months, against heavy growth of discounter channels
that could pressure the trade terms for the company and/or
commodity inflation.  This could occur if the group fails to
innovate or if its brand power weakens such that the group is
unable to protect its EBITDA margins in the medium term.  In
addition, S&P could also lower the ratings if the group
refinances the rest of its shareholder loans into cash-paying
loans or bonds such that cash interest coverage falls to less
than 2x.

S&P could consider an upgrade if adjusted leverage falls to, and
remains at, less than 5x. Due to the scale of deleveraging this
would require, S&P do not anticipate such a change unless Iglo
revises its financial policy.  S&P views an upgrade as remote at
this stage because financial-sponsor ownership makes a revision
of the current "highly leveraged" financial profile unlikely.


IMO CAR WASH: S&P Assigns Preliminary 'B' CCR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to U.K.-based car wash company
IMO Car Wash's holding company Rose Holdco Ltd. (IMO).  The
outlook is stable.

At the same time, S&P assigned its 'B' preliminary long-term
issue rating to Boing Group Financing Plc's proposed EUR240
million (GBP190 million) senior secured notes.  S&P has assigned
a recovery rating of '4' to the notes, indicating its expectation
of average (30%-50%) recovery prospects in the event of a payment
default.

The final ratings will be subject to the successful closing of
the transaction under terms similar to those currently indicated,
and will depend on S&P's receipt and satisfactory review of all
final transaction documentation.  Accordingly, the preliminary
ratings should not be construed as evidence of the final ratings.
If the terms and conditions of the final transaction depart from
the material S&P has already reviewed, of if the transaction does
not close within what it considers to be a reasonable time frame,
S&P reserves the right to withdraw or revise its ratings.

The preliminary rating on IMO reflects S&P's assessments of the
group's "weak" business risk profile and "highly leveraged"
financial risk profile.  The combination of these assessments
leads to an anchor selection of 'b/b-' under S&P's corporate
criteria.  S&P selects an anchor of 'b' for IMO due to its
comparatively stronger cash flow/leverage ratios, based on its
view of the group's cash interest and fixed-charge coverage
ratios and positive free cash flow generation.

S&P's assessment of IMO's business risk profile incorporates its
views of "intermediate" risk for the business and consumer
services industry and "very low" country risk for the group.
IMO's operations are primarily based in very low risk countries
such as Germany and the U.K., which together account for around
two-thirds of the group's revenues, with the remainder coming
from other European countries and Australia.

The assessment of IMO's business risk profile is constrained by
its small scale and narrow scope of operations, limited to
conveyor car wash services.  Furthermore, the group is reliant on
two key markets for almost 80% of its EBITDA; Germany and the
U.K. The most significant factor affecting IMO's business is the
weather, with rainfall and mild winters potentially having an
adverse effect on the group's profitability through lower volumes
and lower-margin wash types.  Ultimately, weather is
unpredictable, and IMO's exposure to weather conditions increases
the volatility of the group's profitability during downturns.
Also, despite occupying a market leading position within the
conveyor category, the overall car wash industry is highly
fragmented; the majority of the market is dominated by petrol
stations in Germany and commercial hand car washes in the U.K.

These weaknesses are partly offset by the high EBITDA margins
that IMO generates, at around 40% on an adjusted basis.  The
company is able to achieve this through its operator model,
whereby it does not bear the costs of staff employed at its
sites.  IMO provides equipment, consumables and chemicals to the
site operators, whom are self-employed and earn a commission for
each wash, augmented for the type of wash.  Site operators are
also able to earn additional income through offering ancillary
services such as car vacuuming or wheel cleaning.  The flexible
nature of the site operators is an additional positive factor, as
they only work when weather conditions are suitable to do so.  In
addition, capital expenditure requirements are typically quite
low, and IMO has maintained adequate ability to flex this in
order to preserve free cash flow generation.

The financial risk profile is underpinned by IMO's financial
sponsor ownership by TDR Capital under the proposed capital
structure.  The transaction would be financed through the issue
of EUR240 million (GBP190 million) of senior secured notes and
injecting GBP100 million of equity.  S&P understands that the
financing structure will also include a GBP20 million revolving
credit facility.  The main part of the equity injection takes the
form of preference shares and shareholder loans.

S&P projects that IMO's Standard & Poor's-adjusted debt-to-EBITDA
ratio will be about 8x over the next 12-18 months, including its
debt-like treatment of the preference shares and shareholder
loans, under its criteria.  Excluding these debt-like
instruments, IMO's financial risk profile would remain in line
with a "highly leveraged" assessment, as S&P's criteria defines
the term, with debt-to-EBITDA of around 6x by Dec. 31, 2015.  S&P
do however, recognizes the cash-preserving function of these
instruments and forecast that IMO's funds from operations (FFO)
cash interest coverage will exceed 3x.

S&P includes in its calculation of debt about GBP100 million of
operating lease commitments.  S&P anticipates gradually
increasing debt going forward due to the payment-in-kind nature
of the preference shares and the shareholder loan notes, and
S&P's view that IMO's rent obligations are likely to steadily
increase over time.

S&P estimates that IMO will achieve adjusted EBITDA of about
GBP50 million in 2014 and GBP55 million in 2015.  This will cover
annual fixed charges, comprising cash interest payments and
rents, by 1.6x and 1.7x, respectively, which is a level S&P
considers commensurate with the 'B' rating.  S&P also considers
positive free operating cash flow, FFO cash interest coverage of
more than 3x and "adequate" liquidity as commensurate with a 'B'
rating.

S&P's base case assumes:

   -- Low-to-mid single digit revenue growth in 2014 and 2015.
   -- Stable operating margins at around 40%-42% in 2014 and
      2015.
   -- Capital expenditures of GBP15 million-GBP20 million, the
      majority of which is associated with the renovation of
      existing sites and development of new sites.
   -- S&P assumes no dividends are paid.

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

   -- Debt to EBITDA of 7.5x-8x.
   -- FFO cash interest coverage of 3.5x-4x.
   -- Fixed charge cover of 1.6x-1.7x.

The stable outlook reflects S&P's view that IMO's market position
in its niche market of conveyor car wash services will enable it
to generate growing revenues and EBITDA over the next 12-18
months.  The outlook also assumes that IMO will maintain stable
operating performance such that free operating cash flow is
positive.  S&P believes that IMO will be able to service its debt
and operating lease obligations and maintain a fixed charge
coverage ratio of 1.6x-1.7x over the coming 12-18 months, a level
that S&P considers commensurate with the rating.  S&P also
considers positive free operating cash flow, a FFO cash interest
coverage ratio of more than 3x, and "adequate" liquidity as
commensurate with a 'B' rating.

S&P could take a negative rating action if IMO's ability to
service its debt and operating lease obligations weakens, or if
its FFO cash interest coverage ratios or liquidity deteriorates.
S&P could also lower the ratings if IMO is unable to generate
positive free operating cash flows.  The most likely cause of
such deterioration would be the operating performance of the
group coming under significant pressure due to unfavorable
weather conditions constraining revenues, or intensifying
competitive pressure in the car wash industry.

S&P considers a positive rating action as remote, due to IMO's
highly leveraged balance sheet.  S&P could consider an upgrade if
IMO's adjusted leverage decreases to less than 5x on a
sustainable basis and fixed charge coverage strengthens to
comfortably more than 2x.


LA SENZA: In Administration for Second Time; 752 Jobs at Risk
-------------------------------------------------------------
Graham Ruddick at The Telegraph reports that La Senza has
collapsed into administration for the second time in two years,
putting 752 jobs at risk.

Alshaya, the Middle-Eastern retail investor, has called in PwC
after failing to turnaround the chain, The Telegraph relates, The
Telegraph relates.

Alshaya acquired struggling La Senza through a pre-pack
administration deal in 2012 and claimed "every effort" had been
made to revitalize the retailer since then, The Telegraph
recounts.  More than 1,300 staff lost their jobs in the first
administration in 2012, The Telegraph relays.

Administrations have been appointed to Marnixheath Limited, which
holds La Senza's UK assets, The Telegraph discloses.  This
includes 55 La Senza stores and three Pinkberry outlets, The
Telegraph notes.

Robert Moran -- robert.j.moran@uk.pwc.com -- joint administrator
at PwC, as cited by The Telegraph, said there were "no immediate
plans to close any stores" and that the search was on for a buyer
to rescue La Senza's 58 UK stores.

According to The Telegraph, Mr. Moran said: "The challenging
conditions in the UK high street are well documented.  Like many
other retailers, La Senza has been hit hard by the difficult
economic environment and a slowdown in consumer spending."

"Every effort has been made for two and a half years to transform
and revitalize the La Senza UK business, but it has continued to
experience difficult trading conditions, against the backdrop of
a challenging economy and the changing dynamics of the UK retail
market," The Telegraph quotes  representatives of Alshaya as
saying in a statement.

"We have, therefore, decided with regret that there is no
alternative to administration.

"We will work closely with the administrators as they explore
their options for the business and if they choose to close all or
part of the business, every effort will be made to support staff
in finding alternative opportunities for employment."

PwC said staff at La Senza would be paid and the business will
trade as normal while the administrators look for buyers, The
Telegraph relays.

La Senza is a lingerie retailer.


MICRODAT LTD: Enters Administration; 74 Jobs at Risk
----------------------------------------------------
According to Business Sale Report's Dominic Pollard, Microdat
Ltd. has entered administration despite announcing plans to
expand its business premises with a GBP100,000 investment earlier
this year.

Ian Schofield and Graham Newton, business restructuring partners
at BDO LLP, have been appointed as joint administrators to the
brewing equipment supplier, Business Sale Report relates.  The
company, which has been trading for more than 25 years, employs
74 staff, with all the jobs at risk as a result of this news,
Business Sale Report discloses.

Yorkshire-based Microdat Ltd. specializes in engineering and
project management, specifically around the automation and
process management of brewing and distilling alcohol.


RUTHIN CASTLE: Sold Out of Administration Via Pre-Pack Deal
-----------------------------------------------------------
Janet Harmer at Caterer and Hotelkeeper reports that the Ruthin
Castle hotel in Ruth, North Wales, has been sold via a pre-pack
agreement after falling into administration.

On being appointed as administrator of the Grade II-listed
building, accountancy firm KPMG immediately sold the business to
a joint venture company, Ruthin Castle Estates, incorporating
private equity firm Kepler Capital, Prima Hotel Group and
existing management, Caterer and Hotelkeeper relates.

The sale will ensure the security of all 100 jobs at the hotel,
which is now being operated and branded as a Prima hotel, Caterer
and Hotelkeeper discloses.

Ruthin Castle hotel has 60 bedrooms and is known for
accommodating Prince Charles en route to his investiture as
Prince of Wales in 1969.


SERVE & VOLLEY: Event Organisers Seek Professional Advice
---------------------------------------------------------
Eileen Blackburn -- e.blackburn@frenchduncan.co.uk -- partner and
head of business recovery at leading mid-tier accountancy firm
French Duncan, has been appointed to act on behalf of Serve &
Volley Ltd, organiser of the cancelled Champions of Tennis
tournament which was scheduled to begin on June 19.

This year's unavoidable cancellation of the four-day event in
Edinburgh was as a result of problems regarding the roof for the
structure. Despite strenuous efforts on the part of the
organisers, a workable solution could not be found. With
reluctance, a final decision to cancel the event had to be taken.

Ms. Blackburn said: "It is such a shame that this popular
tournament, with top players from the tennis world has
experienced technical problems which unfortunately, resulted in
the cancellation of the tournament and disappointment to tennis
fans. The director of Serve & Volley has worked incredibly hard
to try and stage such a prestigious event in the heart of
Edinburgh which could have generated income to local business in
the Stockbridge area.

"We are working closely with Serve & Volley to expedite the best
possible solution for all parties concerned. I will be contacting
all suppliers to the tournament and other interested parties as
soon as practicably possible and can confirm that sponsor firm,
Brodies LLP, has kindly agreed to refund the cost of tickets to
individual ticket holders who cannot claim through their debit or
credit card companies."


TOLERANT SYSTEMS: Calls in Insolvency Practitioner
--------------------------------------------------
Doug Woodburn at CRN reports that fears are growing over the fate
of fledgling security VAR Tolerant Systems following its move to
call in an insolvency practitioner.

According to the report, the Newcastle-under-Lyme-based McAfee
partner -- run by popular industry figure Robert Cavan -- is
working with insolvency firm Wilson Field, and a creditors'
meeting has been set for 3 July.

Despite having only been launched last April, the Tolerant name,
and team behind it, has a rich history in the channel, the report
says.

In 2011, the report discloses, Mr. Cavan led a GBP1 million MBO
of RMS IT Security, the security VAR arm of Redstone, although
just a year later sold it on to Pinnacle for less than half that
sum. RMS IT Security was actually based on a security VAR called
Tolerant Systems that Redstone acquired in 2006.

On his Linked In page, Mr. Cavan said he founded Tolerant with
key members of the core Tolerant/Redstone and RMS IT Security
team last April. According to its webpage, it is a Premier
partner of McAfee and also works with the likes of IBM, BT and
CA.Robert Cavan is managing director of RMS IT Security

CRN says Cris Pikes, chief executive of rival McAfee partner
Sysec, sympathised with Tolerant's plight.

"It's sad to see a reseller hit the wall and Sysec will certainly
be interested in looking at any McAfee clients that need to be
supported," CRN quotes Mr. Pikes as saying.

A representative of Wilson Field confirmed the firm's involvement
in the case but said it has "not yet been formally appointed in
any capacity," the report relays.

CRN adds that one source said he understood that staff there have
been let go, the firm will be liquidated and assets will be sold
off.


                            *********

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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


                 * * * End of Transmission * * *