TCREUR_Public/140910.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, September 10, 2014, Vol. 15, No. 179

                            Headlines

G E R M A N Y

HECKLER & KOCH: Moody's Lowers Corporate Family Rating to 'Caa3'


I R E L A N D

INTERMEDIATE FINANCE: Moody's Raises Rating on Cl. D Notes to Ba3


I T A L Y

TELECOM ITALIA: Fitch Affirms 'BB' Subordinated Hybrid Rating


N E T H E R L A N D S

COUGAR CLO: Moody's Affirms 'B1' Rating on EUR45MM Class B Notes
EUROCREDIT CDO: Moody's Affirms 'B3' Ratings on 2 Note Classes
VISTAPRINT NV: S&P Assigns 'BB-' CCR; Outlook Stable


R O M A N I A

TEHNOLOGICA RADION: Files for Insolvency with Bucharest Court


R U S S I A

EUROPEAN BEARING: S&P Affirms 'BB-' CCR; Outlook Stable
SOLVEX TOUR: Falls Into Bankruptcy; 9,000 Customers Stranded


S E R B I A

SERBIA: Needs to Reschedule Debts to Avert Liquidity Crisis


S P A I N

HIPOCAT 7 FONDO: Moody's Cuts Rating on Class D Notes to 'Caa3'


U K R A I N E

ENERGY COMPANY: Cabinet Opts for Liquidation


U N I T E D   K I N G D O M

ALL3MEDIA FINANCE: S&P Maintains 'B' CCR on CreditWatch Positive
HBOS PLC: S&P Reinstates 'BB+' Ratings on 3 Jr. Sub. Notes
LA SENZA: Hanley Store to Shutdown Following Administration
RIVER HOUSE: In Administration, May Render Owner Homeless
STERECYCLE (ROTHERHAM): Creditor Payments Made in Administration

SUPERGLASS: Mulls Discounted Shares Issue on Lack of Funding
TURBO FINANCE 5: Moody's Assigns (P)Ba1 Rating to Class C Notes
YELLOW MAPLE: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable


                            *********



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G E R M A N Y
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HECKLER & KOCH: Moody's Lowers Corporate Family Rating to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service has downgraded Heckler & Koch GmbH's
Corporate Family Rating (CFR) to Caa3 from Caa2, Probability of
Default Rating (PDR) to Caa3-PD from Caa2-PD, and the rating on
the EUR295 million senior secured notes due 2018 to Caa3 from
Caa2. The outlook on all ratings remains negative.

Downgrades:

Issuer: Heckler & Koch GmbH

  Corporate Family Rating, Downgraded to Caa3 from Caa2

  Probability of Default Rating, Downgraded to Caa3-PD from
  Caa2- PD

  Senior Secured Regular Bond/Debenture, Downgraded to Caa3 from
  Caa2

Ratings Rationale

The rating action reflects the recent reduction in HK's
underlying liquidity owing to a marked weakening in the company's
operational performance. Unrestricted cash amounted to around
EUR8.3 million as of June 30, 2014, representing a new low in the
level of HK's cash balances. Moody's now believe there is a
heightened risk the company will be unable to pay the semi-annual
interest of around EUR14 million due on November 15, 2014 in
respect of its EUR295 million bond. Payment will be highly
dependent on favorable working capital movements, which can be
unpredictable, including the receipt of a EUR8 million customer
payment relating to the completion of a long-term project.

The current cash balance leaves minimal headroom to sustain any
further unexpected earning fluctuations and/or future volatile
working capital movements. It also provides the company with
minimal financial flexibility, in view of its need to secure bank
guarantees to acquire further orders and maintain its competitive
position.

Future free cash flow and the company's ability to make interest
payments in 2015, may be further impacted where pending export
licenses are not granted or where there are further delays in
their approval. As at June 2014 these pending export licenses
represented around EUR50 million (around 23% of 2013 revenues) in
both 2014 and 2015. The company expects the government to clarify
its export license policy by the end of September (which has been
already delayed from May 2014). Given evolving events in the
Middle East it is possible that decisions may further be
postponed. Ongoing investigations into claims HK violated export
licenses due to the unauthorized appearance of certain weapons in
some Mexican states, have as yet had no negative impacts on
export license approvals, but if HK is found at fault, these may
impair HK's ability to obtain export licenses to non-NATO-
countries. Nevertheless, Moody's recognize where approvals are
provided, this could lead to some upside in earnings in 2014. Our
forecasts assume that contributions from sales requiring export
licenses are generated only from 2015.

HK's rating benefits from its strong brand recognition and solid
position in the small arms market, which is also reflected in a
strong profitability such as EBIT margins of above the high teens
for the last couple of years. However, the company remains
exposed to a degree of customer concentration and ongoing legal
and regulatory risks. Furthermore, Moody's view the current
capital structure as unsustainable in the absence of capital
injections. With the exception of the last few months, where
earnings were impacted by the delay in export licenses, HK's
operating performance has been strong compared with peers, but
very burdensome interest payments have prevented, and are likely
to continue to prevent, positive free cash flow generation.

The company has access to a EUR4.7 million unused credit
facility, however, Moody's do not include this in our liquidity
analysis given this is cancellable at the option of the lender at
any time (month-end and with 3 months notice).

Rating Outlook

The negative outlook reflects the company's limited available
liquidity which leaves minimal headroom against any further
unexpected volatility in earnings or working capital. Free cash
flow generation is expected to remain insufficient in the short
to medium-term and there is a heightened risk that the company
will be unable to pay interest commitments falling due in
November. In the event the company does not receive export policy
approvals, semi-annual interest payments due in 2015 may be at
risk also.

What Could Change the Rating UP/DOWN

Positive rating action could follow if the H&K achieves sustained
improvements in the group's liquidity profile with readily
available cash on balance sheet (and available committed long-
term credit lines if these can be successfully negotiated)
sufficient to cover interest payments of EUR28 million per year
as well as seasonal swings in working capital and capex
investments. Moody's would expect a minimum cash balance of EUR20
million on average.

Further downward pressure is likely where cash balances fall
below EUR5 million, putting scheduled semi-annual interest
payments on the EUR295 million senior secured notes due 2018 at
further risk and also reducing the company's financial
flexibility. This may be on account of less favorable working
capital movements than expected, or rejection of export licenses
or operational issues, i.e. further delays in deliveries.

Structural Considerations

Despite the current all-bond capital structure Moody's has
aligned the CFR to the Probability of Default Rating (PDR) given
HK's weak liquidity which could accelerate a default. The Caa3
rating of the EUR295 million senior secured notes is in line with
the CFR given that the notes are issued by an operating entity
which conducts substantially all of the production and a
significant proportion of sales. Moreover, the notes benefit from
upstream guarantees of all direct and indirect subsidiaries and
are secured by share pledges which Moody's view as less valuable
than tangible assets.

Rating Methodology

The principal methodology used in this rating was Global
Aerospace and Defense Industry published in April 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.



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I R E L A N D
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INTERMEDIATE FINANCE: Moody's Raises Rating on Cl. D Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Intermediate Finance II PLC:

  EUR78 million (current balance of EUR55,049,938.75) Class C
  Secured Deferrable Floating Rate Notes due 2024, Upgraded to
  Baa1 (sf); previously on Nov 28, 2013 Upgraded to Ba1 (sf)

  EUR39 million Class D Secured Deferrable Floating Rate Notes
  due 2024, Upgraded to Ba3 (sf); previously on Nov 28, 2013
  Confirmed at B2 (sf)

Intermediate Finance II PLC, issued in July 2007, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Intermediate Capital Managers Limited. The transaction's
reinvestment period ended on July 15, 2013.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement in over-collateralization (OC) ratios since the
payment date in July 2014 and the significant amount of
deleveraging of the Class C notes following amortization of the
underlying portfolio. The senior Classes A and B notes have
redeemed in full and 70.6% of the original balance of Class C
remains outstanding. As a result of the deleveraging, the OC
ratios of the tranches have increased. According to the July 2014
trustee report the OC ratios of Classes C and D are 265.61% and
155.47% compared to 190.22% and 139.49% respectively in Jun 2014
prior to the payment date.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR128.7 million
and EUR23.5 million equivalent of non-EUR denominated assets,
defaulted par of EUR9.2 million, a weighted average default
probability of 28.83% (consistent with a WARF of 4699), a
weighted average recovery rate upon default of 15% for a Aaa
liability target rating, a diversity score of 11 and a weighted
average spread of 4.57%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 15% of the 100% non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
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,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
3.24% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 4812
by forcing the rating the refinancing exposure to Ca; the model
generated outputs that were within one notch of the base-case
results. Also Moody's ran a model in which it lowered the
weighted average spread by 30 basis points; 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
note, 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 behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

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

   * Around 84.92% of the collateral pool consists of debt
     obligations whose credit quality Moody's has assessed by
     using credit estimates.

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

   * Foreign currency exposure: The deal has unhedged exposures
     to non-EUR denominated assets. Volatility in foreign
     exchange rates will have a direct impact on interest and
     principal proceeds available to the transaction, which can
     affect the expected loss of rated tranches.

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.



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I T A L Y
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TELECOM ITALIA: Fitch Affirms 'BB' Subordinated Hybrid Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Telecom Italia SpA's (TI) Long-term
Issuer Default Rating (IDR) of 'BBB-'. The Outlook on the Long-
term IDR is Negative.

TI's ratings are supported by a strong domestic incumbent
business position in both fixed and mobile services and an
operating environment that although currently challenged, has
fewer pressures over the longer term than many of Europe's
incumbents face.

The Negative Outlook is driven by TI's leverage profile, which
continues to reflect the legacy of its past ownership structure,
weakened cash flow and few of the levers such as the potential
for non-core asset sales, that larger more diversified incumbents
enjoy, which limits near term deleveraging potential. Fitch's
base case currently envisages EBITDA declines from the domestic
business in the mid-high single digit range and FFO net adjusted
leverage in the region of 4.1x-4.2x for FYE14; both of which push
up against our downgrade guidelines.

Key Rating Drivers

Ratings Headroom, Negative Outlook

Fitch's downgrade guidelines include net debt to EBITDA leverage
consistently above 3.5x and 2014 domestic EBITDA contraction in
the high single digits. Our current base case for 2014 envisages
continued pressure in both metrics, most materially in domestic
EBITDA given 1H14 trends (negative 7.9%) although the pace of
decline has improved quarter on quarter. The disposal and
deconsolidation of TI's Argentinian business allows us to use an
FFO net adjusted leverage metric -- with a downgrade guideline
now set at 4.25x. "Our base case envisages TI being close to this
level by FYE14, which confirms the company has little headroom in
its ratings, underlining the Negative Outlook. Fitch recognizes
that management understands the importance of improving leverage
while operationally the business has the potential to improve its
cash flow generation over the medium term. Nonetheless, downward
pressures remain significant," Fitch said.

Domestic Trends Remain Weak

TI's domestic market position in both fixed and mobile services
is strong and relatively stable. However, competition is strong
in both with the presence of at least one challenger in each
segment. Revenue pressures, which are also a function of a
weakened domestic economy continue to run at high single digit
levels, which despite a reasonable control of costs is similarly
driving EBITDA contraction in high single digits. However, the
pace of decline is slowing and it will be important for these
trends to continue throughout 2H14 if TI is to avoid breaching an
important downgrade metric.

Operating Environment Less Challenged

Despite current operating pressures, Fitch recognizes that TI's
longer term competitive position is less challenged than for some
European incumbents. The absence of a cable operator reduces
competitive pressures in its residential fixed line business,
with the loss of fixed accesses where they happen more likely to
be recovered albeit in lower absolute terms in the form of
wholesale and ULL revenues. There are signs that the mobile price
war is abating while more generally the market has not
encountered the level of re-pricing driven by MVNOs and
convergent offers seen in some markets. We do not consider pay-TV
an important part of the telecoms offer at this stage, although
this could change, particularly given ownership changes taking
place at Sky Italia. However, this is more of a medium-term risk.

Brazilian Market Uncertainty

With Telefonica now in exclusive negotiations with Vivendi over
the sale of its fixed broadband business, GVT, there is the risk
of convergent fixed and mobile offers becoming a more important
service capability over the medium term. Despite its strong
mobile position, TIM Brazil may find itself at a competitive
disadvantage if this proves to be the case. In the meantime,
mobile termination rate cuts and the slow-down in the economy has
taken growth out of the mobile market. Spectrum auctions later
this year are also likely to add materially to capex spend in
Brazil, although Fitch expects that payments will be phased over
a number of years limiting the near term impact on cash flows.

Rating Sensitivities

Negative:

-- Leverage as measured by unadjusted net debt to EBITDA
    (excluding Telecom Argentina) sustainably above 3.5x could
    result in TI's Long-term IDR being downgraded.

-- FFO net adjusted leverage approaching 4.25x on a sustained
    basis.

-- Continued weakness in the domestic business with expectations
    of further high-single digit EBITDA declines in 2014 would
    lead to a downgrade -- recognizing the change in accounting
    treatment of SAC, measurement of the yoy decline to exclude
    the capitalized treatment of SAC from the 2013 EBITDA value.

-- A failure to maintain a reduction in the pace of domestic
    EBITDA decline in 2015 (measured on a last-12-months basis
    given the seasonality of margins).

-- Depending on cash flow trends fixed charge and interest cover
    will start to become an increasingly important consideration.
    Fitch's base case envisages FFO fixed charge cover in the
    region of 2.8x over the next two years.

Positive:

-- A sustained improvement in the company's domestic business's
    operating and improvement in the company's financial
    flexibility would be required before we would revise the
    Outlook to Stable.

Liquidity and Debt Structure

TI's liquidity profile is strong and adequate for the current
rating category with EUR6.3bn of cash and EUR6.5bn of undrawn
committed facilities respectively as of June 2014. This should
provide TI with sufficient liquidity to comfortably service its
existing debt maturities until 2016/2017. A EUR1.3bn mandatory
convertible (assigned zero equity credit under Fitch's
methodology) maturing in 2016 effectively acts as a source of
future equity and based on Fitch's current forecasts will provide
approximately 0.15x of leverage relief.

The rating actions are as follows:

Telecom Italia SpA

Long-term IDR: affirmed at 'BBB-', Outlook Negative
Senior unsecured rating: affirmed at 'BBB-'
Subordinated hybrid rating: affirmed at BB

Telecom Italia Capital and Telecom Italia Finance SA

Senior unsecured rating: affirmed at 'BBB-'



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COUGAR CLO: Moody's Affirms 'B1' Rating on EUR45MM Class B Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating on the following notes issued by COUGAR CLO II B.V.:

  EUR124.3 million Class A Senior Secured Floating Rate Notes due
  2025 (current balance of 51,723,853.65), Upgraded to Aa1 (sf);
  previously on Nov 20, 2012 Confirmed at Aa3 (sf)

Moody's also affirmed the rating of the following note issued by
Cougar CLO II B.V.

  EUR45 million Class B Subordinated Floating Rate Notes due 2025
  (current balance of 26,536,752.94), Affirmed B1 (sf);
  previously on Nov 20, 2012 Confirmed at B1 (sf)

Cougar CLO II B.V issued in April 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly senior secured European loans. The portfolio is managed by
M&G Investment Management Limited. This transaction exited its
reinvestment period on 28 May 2012.

Ratings Rationale

The upgrades of the notes are primarily a result of the
deleveraging of the Class A note. Since November 2013, class A
has paid down EUR41.1 million (33% of initial balance) resulting
in a significant increase in its over-collateralization level. As
of the July 2014 trustee report, Class A observed an over-
collateralization level of 147.8% compared with 126.6% in
November 2013.

The reported weighted average rating factor ("WARF") has slightly
increased from 2839 to 3043 since November 2013 whilst diversity
score has decreased from 26 to 22 during the same period.

The rating of Class B address the repayment of the Rated Balance
on or before the legal final maturity. The 'Rated Balance' is
equal at any time to the principal amount of the Class B 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 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) an EUR pool with performing par and principal proceeds
balance of EUR76.5 million, a defaulted par of EUR2.1 million, a
weighted average default probability of 22.6% (consistent with a
WARF of 3081 over a weighted average life of 4.6 years), a
weighted average recovery rate upon default of 47.6% for a Aaa
liability target rating, a diversity score of 20 and a weighted
average spread of 3.96%.

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,
for which it assumed a lower weighted average recovery rate in
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within two notches 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 behavior 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 18.1 % 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.


EUROCREDIT CDO: Moody's Affirms 'B3' Ratings on 2 Note Classes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Eurocredit CDO IV B.V.:

  EUR23 million (current balance of EUR7,034,567.39) Class A-2
  Senior Secured Floating Rate Notes due 2020 Bond, Upgraded to
  Aaa (sf); previously on Jan 22, 2014 Upgraded to Aa1 (sf)

  EUR8.5 million Class B-1 Senior Secured Deferrable Floating
  Rate Notes due 2020 Bond, Upgraded to Aaa (sf); previously on
  Jan 22, 2014 Upgraded to Baa3 (sf)

  EUR12.5 million Class B-2 Senior Secured Deferrable Fixed Rate
  Notes due 2020 Bond, Upgraded to Aaa (sf); previously on Jan
  22, 2014 Upgraded to Baa3 (sf)

Moody's also affirmed the ratings of the following notes issued
by Eurocredit CDO IV B.V.:

  EUR0.75 million Class C-1 Senior Secured Deferrable Floating
  Rate Notes due 2020 Bond, Affirmed B3 (sf); previously on Jan
  22, 2014 Downgraded to B3 (sf)

  EUR17.75 million Class C-2 Senior Secured Deferrable Fixed Rate
  Notes due 2020 Bond, Affirmed B3 (sf); previously on Jan 22,
  2014 Downgraded to B3 (sf)

Eurocredit CDO IV B.V., issued in November 2004, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Intermediate Capital Managers Limited. The transaction's
reinvestment period ended on 22 February 2010.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement in over-collateralization (OC) ratios since the
payment date in August 2014 and the significant amount of
deleveraging of the Class A notes following amortization of the
underlying portfolio. The Class A-1 notes have redeemed in full
and only 30.6% of the original balance of Class A-2 remains
outstanding. As a result of the deleveraging, the OC ratios of
the tranches have increased. According to the July 2014 trustee
report the OC ratios of Classes B and C are 134.43% and 107.72%
compared to 123.88% and 105.47% respectively in January 2014.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR49 million, a
weighted average default probability of 26.34% (consistent with a
WARF of 4335), a weighted average recovery rate upon default of
48.75% for a Aaa liability target rating, a diversity score of 11
and a weighted average spread of 3.58%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 96.42% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
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,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
6% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 4445
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results. Also Moody's ran a model in which it lowered the
weighted average spread by 30 basis points; 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
note, 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 behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

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

   * Around 40.62% of the collateral pool consists of debt
     obligations whose credit quality Moody's has assessed by
     using credit estimates. As part of its base case, Moody's
     has stressed large concentrations of single obligors bearing
     a credit estimate as described in "Updated Approach to the
     Usage of Credit Estimates in Rated Transactions," published
     in October 2009 and available at
     https://www.moodys.com/research/PBC_120461

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

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


VISTAPRINT NV: S&P Assigns 'BB-' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services assigned Venlo, Netherlands-
based e-commerce provider of marketing products and services to
global micro businesses Vistaprint N.V. a 'BB-' corporate credit
rating.  The outlook is stable.

At the same time, S&P assigned the company's secured credit
facility (consisting of a US$690 million revolving credit
facility and a US$160 million term loan A) a 'BB' issue-level
rating (one notch higher than the corporate credit rating), with
a recovery rating of '2', indicating S&P's expectation for
substantial recovery (70% to 90%) in the event of a payment
default.

In addition, S&P assigned the company's proposed US$250 million
senior unsecured notes a 'B' issue-level rating (two notches
lower than the corporate credit rating), with a recovery rating
of '6', indicating S&P's expectation for negligible recovery (0%
to 10%) in the event of a payment default.

The company will use the proceeds from the senior unsecured notes
to repay debt under the revolving credit facility and borrowings
under its uncommitted debt facility.

The 'BB-' rating S&P assigned to Vistaprint reflects the
company's niche market position as an e-commerce provider of
small order, customized paper and non-paper marketing materials,
solid EBITDA margin and free operating cash flow generation, and
S&P's expectation that leverage will remain below 4x despite the
company's intended acquisition strategy.  S&P views the company's
business risk profile as "weak" and the financial risk profile as
"significant."

Vistaprint has a niche market position within the marketing
products and services industry that competes against local
printing shops and other online providers that focus on
specialized offerings.  The company provides online product
ordering of customized printed products at extremely competitive
price points, supported by technological innovation and
investment to mass customize efficiently.  S&P views its barriers
to entry as moderately high, given the investment in production
capacity and the marketing intensity.  Nevertheless, S&P views
the company's business risk profile as "weak" because it will
need to sustain high marketing spending to drive revenue,
maintain capacity utilization, and reinforce its brand equity.
At the same time, it operates in a highly price-competitive,
highly fragmented industry in which few, if any players exercise
price leadership.  Although the products the company offers
(business cards, post cards, mobile phone cases, engraved pens)
are not subject to the same secular decline that other printing
companies face with the decline in magazines, printed books, and
catalogs, it is fundamentally a manufacturing business with
ongoing production investment requirements.  Roughly 50% of cash
flow from operations for the company is spent on capital
expenditures, of which roughly 40% is maintenance capital
expenditures.

The company has undertaken a brand repositioning initiative that
is intended to drive more repeat customers and higher average
order values by transitioning to affordable and professional
quality products from low price and basic quality.  S&P believes
this involves some risk to its pace of revenue growth, given the
price competition inherent in the marketing products business,
the difficulty of monetizing higher quality, and a shift in its
target customer profile.  S&P sees the potential for minor
revenue deceleration as the company continues this transition and
attempts to maintain the one-time, price-sensitive customer, but
S&P expects that revenue over the intermediate term will benefit
if the company can increase its repeat customers and higher
average order values.

S&P's assessment of the company's financial risk profile as
"significant" is based on its expectation that the company's
leverage will remain below 4x.  As of June 30, 2014 (the end of
the company's 2014 fiscal year), leverage was roughly 2.8x.  S&P
expects the company to continue acquiring companies at a similar
pace to fiscal year 2014, when it spent US$216 million on
acquisitions, but S&P do not expect the company to allocate cash
to dividend payments nor significant share repurchases.  The
company generates solid free operating cash flow (15% of debt,
pro forma for the financing), and S&P expects that cash the
company does not use for acquisitions will be used to repay debt.

S&P's base case assumes:

   -- 2.1% U.S. GDP growth in 2014 and 3.1% in 2015;
   -- 1.1% Eurozone GDP growth in 2014 and 1.6% in 2015;
   -- Revenue growth of roughly 15% to 20% in both 2015 and 2016
      driven by both organic growth and acquisitions;
   -- Stable EBITDA margin of roughly 15% in 2015 and 2016;
   -- Capital expenditures of US$90 million in 2015 and US$100
      million to US$115 million in 2016; and
   -- Ongoing annual acquisitions in the US$100 million to US$250
      million area.

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

   -- Leverage of roughly 3.3x in 2015 and 2.8x in 2016;
   -- EBITDA interest coverage in the 6x to 8x area in both 2015
      and 2016; and
   -- Discretionary cash flow to debt of roughly 15% in 2015 and
      2016.

The stable outlook reflects S&P's expectation that the company
will continue to achieve stable EBITDA margins and organic
revenue growth supported by the revenue and EBITDA contributions
from acquisitions, and that leverage will remain below 4x.  S&P
views an upside scenario as unlikely over the intermediate term
and S&P also views a downside scenario as unlikely over the
intermediate term, but more plausible than an upside scenario.

Downside scenario

S&P could lower the rating if it become convinced that the
company's brand repositioning efforts result in stalled revenue
for a prolonged period, if the company's acquisitions increase
leverage above 4x, or if the company shifts its capital
allocation strategy and undertakes significant dividends or share
repurchases.

Upside scenario

While unlikely over the near term, S&P could raise the rating
over the long term if it become convinced that the company's
acquisitions positively affect the business risk profile,
expanding its digital marketing services, increasing its
penetration of developing markets, and increasing its EBITDA
margin.



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


TEHNOLOGICA RADION: Files for Insolvency with Bucharest Court
-------------------------------------------------------------
SeeNews reports that Tehnologica Radion has filed for insolvency
with the Bucharest Court.

The court is scheduled to rule on the insolvency request on
Sept. 15, SeeNews discloses.

Tehnologica Radion had a net profit of RON3.9 million (US$1.1
million/EUR882,300) on a turnover of RON356.9 million last year,
SeeNews says, citing data from the finance ministry.

According to SeeeNews, local media has reported that Tehnologica
Radion's administrator and one of its main shareholders, Theodor
Berna, was arrested on Aug. 19 in a case of money laundering and
tax evasion.

Tehnologica Radion is one of the largest local road construction
companies in Romania.



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


EUROPEAN BEARING: S&P Affirms 'BB-' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating and 'ruAA-' Russia national scale rating
on Russia-based engineering company OJSC European Bearings
Corporation (EPK).  The outlook remains stable.

The affirmation reflects S&P's view that low debt will help EPK
to maintain healthy credit ratios, despite S&P's expectation of
somewhat lower EBITDA in 2014 and 2015 on the back of weaker end
markets.  It also reflects S&P's forecast of adequate
liquidity -- with Russian ruble (RUB) 1.4 billion of cash
covering RUB1 billion of short-term debt--and positive
discretionary cash flow due to moderate capital expenditure
(capex) and no planned shareholder distributions.

S&P takes into account that current geopolitical risks may lead
to a sudden and significant deterioration of EPK's end markets in
Russia.  S&P has therefore revised its assessment of EPK's
financial risk profile downward to "intermediate" from "minimal"
despite its base-case forecast that debt to EBITDA will remain
below 1x.

"We continue to assess EPK's business risk profile as "weak,"
constrained by its narrow geographical focus.  The company
derives more than 90% of its total revenues in Russia, while the
rest stems mostly from the other countries in the Commonwealth of
Independent States (CIS).  In addition, EPK faces weakness in
several of its key end markets, which are the rail, auto, and
industrial segments.  In 2013, the company reported a significant
decline in most of its markets apart from its special sector,
which serves Russian aerospace and defense.  The rail segment
will experience further weakness in 2014 as a result of new
Russian government regulations.  These will lead to old railcars
being written off, potentially causing EPK to lose some volumes
from the servicing contracts.  So far, sales to the Russian
aerospace and defense industry have been the most profitable and
didn't decline in 2013, but Russia's growing budget deficit may
constrain funding for the sector.  This could have an indirect
impact on EPK's performance in this segment," S&P said.

S&P's business risk assessment also reflects EPK's exposure to
cyclical end markets, its concentrated customer base, the small
size of its operations, and the less-advanced nature of its
products compared with those of international peers, which means
EPK lacks a technological competitive edge.

These factors are partly mitigated by EPK's good competitive
position in Russia and the high barriers to entry in EPK's
domestic markets, notably aerospace and defense.  EPK also
provides more than three-quarters of the rolling stock bearings
used by the dominant national railroad operator Russian Railways
JSC.  Another supporting factor is the group's healthy adjusted
EBITDA margin due to the significant (albeit reduced)
contribution of aerospace and defense.  S&P forecasts the margin
from this segment to stay above 20% in 2014 and 2015.

S&P's base-case scenario for EPK over 2014 and 2015 assumes:

   -- Flat or very low GDP growth for Russia in the rest of 2014
      and 2015.

   -- Single-digit revenue decline in 2014 and 2015, based on
      weakening conditions in the Russian bearings market.  S&P
      forecasts a decline in rail, auto, and industrial segments
      for EPK.

   -- EBITDA margins of about 20%-24% in 2014 and 2015 (thanks to
      the high contribution of EPK's aerospace and defense-
      related operations) despite rising operating costs and
      increased pricing pressures.

   -- Capex of about RUB1.2 billion in 2014 and RUB500 million in
      2015 due to the ongoing modernization program at EPK's
      Saratov plant, with relatively low maintenance capex.

   -- No shareholder distributions planned.

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

   -- Debt to EBITDA of about 0.5x;
   -- Funds from operations (FFO) to debt of more than 100%; and
   -- Free operating cash flow of about RUB1 billion;

"Although EPK's management currently doesn't expect any
shareholder distributions, we still see a risk of significant
dividend payouts or large investments in other of the main
shareholders' spheres of interest financed via raising debt at
EPK -- as happened in 2012, when the company provided a loan of
RUB2.5 billion to its shareholders that was repaid through the
company's dividend.  We therefore see a risk that leverage may
increase compared to our base-case scenario -- although we
consider that this risk has reduced.  We reflect this with a one-
notch downward adjustment to the rating (previously two notches)
for our financial policy modifier," S&P noted.

S&P assesses EPK's liquidity position as "adequate," in
accordance with its criteria.  This reflects S&P's forecast that
company's sources of liquidity will cover its uses by comfortably
more than 1.2x in the 12 months from June 30, 2014.  S&P also
anticipates that the liquidity sources will exceed liquidity uses
even if EPK's EBITDA was 15% short of S&P's expectations.

S&P understands that EPK doesn't currently plan to extend its
revolving credit facility with Sberbank that matures in 2015.
Therefore, S&P don't consider it as a source of liquidity in its
calculation.  This is mitigated by EPK's liquidity cushion,
positive cash flow generation, and comfortable debt repayment
schedule.

EPK's credit agreements with Sberbank and Commerzbank have a
number of maintenance covenants tested at least twice a year.
S&P expects EPK to maintain ample headroom under these covenants
over the next 12 months.

S&P forecasts these principal sources of liquidity over the next
12 months:

   -- About RUB1.4 billion in cash and cash equivalents;
   -- About RUB0.6 billion available under the committed export
      line maturing in beyond 2018; and
   -- FFO in excess of RUB2 billion.

Over the same period, S&P forecasts these principal liquidity
uses:

   -- Short-term debt of RUB1 billion as of June 30, 2014;
   -- Capex of about RUB1.2 billion; and
   -- Potential working capital volatility and outflow of about
      RUB0.5 billion.

The stable outlook reflects S&P's expectations that EPK's
operating performance will weaken only moderately and its EBITDA
margin will remain at about 20% or above.  It also factors in
S&P's forecast of continued low leverage, adequate liquidity, and
positive discretionary cash flow generation.

S&P could lower the rating on EPK if weaker end markets in Russia
cause the company's performance to weaken, with negative
discretionary cash flow leading to weaker liquidity.

S&P could also lower the rating if the company made a significant
shareholder distribution in the current environment, leading to
much higher leverage.

S&P does not foresee potential for an upgrade of EPK in the
medium term, given Russian country risks and EPK's limited scale
and geographic diversification.


SOLVEX TOUR: Falls Into Bankruptcy; 9,000 Customers Stranded
------------------------------------------------------------
Greek Reporter reports that the Association of Greek Tourism
Enterprises (SETE) warned of the danger from further Russian tour
operators bankruptcies threatening the Greek tourism market,
after the bankruptcy of Solvex Tour.

Solvex Tour has shut down, leaving 9,000 customers stranded
abroad, mostly in Bulgaria and Greece, Greek Reporter relates.

First data indicates approximately 3,000 Solvex Tour customers
have been stranded in Greece, Greek Reporter discloses.

SETE reiterates that priority should be given to aiding Solvex
Tour customers in Greece until they can return to Russia, Greek
Reporter notes.

St. Petersburg-based Solvex Tour is a major Russian tour
operator.



===========
S E R B I A
===========


SERBIA: Needs to Reschedule Debts to Avert Liquidity Crisis
-----------------------------------------------------------
Gordana Filipovic at Bloomberg News reports that Economics
Institute said the Serbian government should ask international
financial institutions, then banks and governments to reschedule
old debts to allow longer repayment and avoid external liquidity
crisis.

According to Bloomberg, Stojan Stamenkovic, Economics Institute
chief macroeconomist, said that agreement with the International
Monetary Fund, even if only precautionary, is necessary before
the end of 2014 to pave way for talks with creditors.

Mr. Stamenkovic, as cited by Bloomberg, said debt rescheduling is
required before liquidity crisis hits as FX reserves set to fall
to around EUR8.2 billion in 2017, equivalent to only four months
of imports.

Central bank data show that the government's foreign debt stood
at EUR12.8 billion end-June, including EUR4.7 billion to
international financial institutions, EUR3.85 billion to Eurobond
holders, EUR2.8 billion to other governments, EUR2.7 billion to
Paris Club and London Club creditors and development banks,
Bloomberg discloses.

According to Bloomberg, central bank governor Jorgovanka
Tabakovic on Sept. 3 said Serbia has been in talks with foreign
creditors on replacing some more expensive debt with cheaper
borrowing.



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


HIPOCAT 7 FONDO: Moody's Cuts Rating on Class D Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four notes,
downgraded the ratings of two notes and confirmed the ratings
four notes in three Spanish residential mortgage-backed
securities (RMBS) transactions: Hipocat 4, FTA, Hipocat 5, FTA
and Hipocat 7, FTA.

The rating action concludes the review of 10 notes placed on
review on March 17, 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase of
the local-currency country ceiling to A1 from A3. The sovereign
rating upgrade reflected improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.

Please refer to the end of the Ratings Rationale section for a
list of affected ratings.

Ratings Rationale

The upgrades reflect the increase in the Spanish local-currency
country ceiling to A1, while the downgrades reflect the
deterioration in collateral performance.

-- Reduced Sovereign Risk

The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's assigns to a domestic Spanish issuer
including structured finance transactions backed by Spanish
receivables, is A1 (sf).

-- Key collateral assumptions

The key collateral assumptions for Hipocat 4, FTA and Hipocat 5,
FTA have not been updated as part of this review. The performance
of the underlying asset portfolios remain in line with Moody's
assumptions. Moody's also has a stable outlook for Spanish ABS
and RMBS transactions.

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance of Hipocat 7, FTA to date. The
cumulative defaults as a percentage of the original pool balance
in Hipocat 7, FTA reached 2.0% versus 1.1% in July 2013. As a
result, the expected loss (EL) assumption as a percentage of
original pool balance has been increased from 2.10% to 2.45% in
Hipocat 7, FTA. The MILAN CE assumption for Hipocat 7, FTA has
also been increased from 15.0% to 19.0%.

-- Exposure to Counterparties

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. Including the roles of
servicer, account bank, and swap provider.

The rating action takes into account servicer commingling
exposure to Catalunya Banc SA.

Moody's also assessed the exposure to Catalunya Banc SA and
Cecabank S.A. acting as swap counterparties in each deal when
revising ratings.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of affected ratings:

Issuer: HIPOCAT 4

EUR278.2 million A Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR8.9 million B Notes, Upgraded to Baa3 (sf); previously on
Mar 17, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

EUR12.9 million C Notes, Confirmed at B3 (sf); previously on
Mar 17, 2014 B3 (sf) Placed Under Review for Possible Upgrade

Issuer: HIPOCAT 5 FONDO DE TITULIZACION DE ACTIVOS

EUR648.6 million A Notes, Upgraded to A2 (sf); previously on
Mar 17, 2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR26.8 million B Notes, Confirmed at Ba2 (sf); previously on
Mar 17, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade

EUR20.6 million C Notes, Confirmed at B3 (sf); previously on
Mar 17, 2014 B3 (sf) Placed Under Review for Possible Upgrade

Issuer: HIPOCAT 7 FONDO DE TITULIZACION DE ACTIVOS

EUR1148.3M A2 Notes, Upgraded to A1 (sf); previously on Mar 17,
2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR21.7M B Notes, Confirmed at Baa3 (sf); previously on Mar 17,
2014 Baa3 (sf) Placed Under Review Direction Uncertain

EUR42M C Notes, Downgraded to B1 (sf); previously on Mar 17,
2014 Ba2 (sf) Placed Under Review Direction Uncertain

EUR28M D Notes, Downgraded to Caa3 (sf); previously on Mar 17,
2014 B2 (sf) Placed Under Review for Possible Downgrade



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


ENERGY COMPANY: Cabinet Opts for Liquidation
--------------------------------------------
Interfax-Ukraine reports that the Ukrainian Cabinet of Ministers
has decided to liquidate national joint-stock company Energy
Company of Ukraine.

The Ministry of Energy and Coal Industry should inform the
cabinet about the results of the company elimination within five
months, Interfax-Ukraine says.

According to Interfax-Ukraine, the ministry will also be
transferred 78.29% of the shares of PJSC Centrenergo, 87.4% of
PJSC Dnistrovska hydroelectric pumped storage power plant, and
60.06% of Luhanskoblenergo.

At the same time, the office building located at 34 Khreschatyk
Street in Kyiv is to be passed to the authority of Nuclear Fuel
state concern, Interfax-Ukraine notes.

Director General of Nuclear Fuel state concern Serhiy Drobot has
been appointed head of the liquidation commission, Interfax-
Ukraine relates.

Energy Company of Ukraine, established in 2004, manages the
state's corporate rights in the electricity industry.  The
government owns 100% of the company.



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


ALL3MEDIA FINANCE: S&P Maintains 'B' CCR on CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services maintained its CreditWatch
with positive implications on the 'B' long-term corporate credit
rating on U.K. TV program producer All3Media Finance Ltd.

At the same time, S&P maintains its CreditWatch placement on the
'B' issue rating on the GBP290 million first-lien term loan
maturing in 2020.  The recovery rating on this loan is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery
prospects in the event of a payment default.

In addition, S&P affirmed its 'B+' preliminary long-term
corporate credit rating to DLG Acquisitions Ltd.  The outlook on
this entity is stable.

Finally, S&P affirmed its preliminary issue rating of 'B-' on the
proposed EUR100 million second-lien term loan maturing in 2022.
The recovery rating on this loan is '6', indicating S&P's
expectation of negligible recovery (0%-10%) if payment default
occurred.

The preliminary ratings and the resolution of the CreditWatch
placements are subject to the successful completion of the
acquisition of All3Media by DLG, which S&P understands is likely
to occur at the end of the third quarter or beginning of the
fourth quarter of 2014.

DLG Acquisitions Ltd. (DLG), a joint venture company 50% jointly
owned by Discovery Communications Inc. and Liberty Global PLC,
plans to acquire All3Media from current owners, Permira, and the
founders.  The ratings on All3Media reflect S&P's view of its
"highly leveraged" financial risk profile and "fair" business
risk profile.

S&P assess All3Media's pre-acquisition financial risk profile as
"highly leveraged."  Based on the current capital structure, S&P
estimates that All3Media has a Standard & Poor's-adjusted debt-
to-EBITDA ratio in excess of 12x.  This ratio calculation
includes the recently borrowed GBP290 million first-lien term
loan, GBP516 million of subordinated preference certificates
(SPCs) held by Permira and existing management, GBP26 million of
deferred considerations, and the net present value of GBP40
million operating leases.

S&P understands that, after the acquisition, DLG's capital
structure will include not only the GBP290 million first-lien
term loan (which will be moved up to DLG), but also an additional
EUR100 million second-lien term loan.  Meanwhile, the GBP516
million of subordinated preference certificates (SPCs) currently
sitting at the level of All3Media Finance Ltd. will be entirely
redeemed to the previous owners of All3Media as part of the
acquisition.

Pro forma for the acquisition, S&P estimates that DLG will run a
Standard & Poor's-adjusted debt-to-EBITDA ratio of 6.1x and an
adjusted funds from operations (FFO)-to-debt ratio of 9.6%.
These ratios, combined with modest but positive free operating
cash flow (FOCF) generation, are consistent with the "highly
leveraged" financial risk assessment and an overall 'b' anchor
and a 'b' stand-alone credit profile.

The rating is one notch higher, at 'B+', because under S&P's
group rating methodology, it expects to assess DLG as a
"moderately strategic" subsidiary of its new owners, Discovery
Communications Inc. and Liberty Global PLC.  S&P understands that
DLG is unlikely to be sold in the near term by its new
shareholders and that there is potential for some limited support
from the group should it fall into financial difficulty.

S&P's assessment of All3Media's "fair" business risk reflects the
group's leading position in the U.K., the ongoing growth in the
U.S. and Germany, and its balanced mix of more than 300
television programs annually from 18 independent production
studios.  S&P expects the company's growth momentum to continue
due to the increased revenue generation from recommissioned shows
with higher margins, as well as growth in the TV series
production market.  These positives are tempered by All3Media's
sole exposure to the TV program production market and its
relatively modest size. Moreover, in S&P's view, All3Media
operates in a highly competitive and fragmented industry.

S&P has revised its GDP projection for the U.K. upward on faster
growth momentum than it had previously anticipated.  S&P now
projects 2.7% real GDP growth this year.  In addition, because
S&P believes that the fundamentals of the economies have
improved, it assumes 2014 growth rates for the U.S. and Germany
to be 2.5% and 1.8%, respectively.  Furthermore, S&P assumes a
continued increase in demand for TV program production.

S&P's base case, pro forma for the successful completion of the
acquisition, assumes:

   -- Flat revenue growth in financial 2014 due to being at an
      early stage of the drama series production cycle.

   -- Fiscal 2015-2016 revenue to increase by 4% due to newly
      commissioned shows and larger digital income stream from
      secondary market opportunities.

   -- Slightly increasing EBITDA margin due to larger production
      of higher-margin recommissioned shows.

   -- Capital expenditures (capex) of about GBP2 million-GBP5
      million in fiscals 2014 and 2015.

   -- Purchase of subsidiaries (partly deferred considerations)
      of GBP25 million-GBP30 million in fiscal 2014.  This amount
      is assumed to steadily decrease in subsequent years.

Based on these assumptions, S&P arrives at the following credit
measures for 2015:

   -- Standard & Poor's-adjusted debt to EBITDA of 6.1x and FFO
      to debt of 9.6% at the end of financial 2014.

   -- EBITDA cash interest coverage of about 3.0x in financial
      2014.

Positive FOCF in the mid-single-digit million range in fiscal
2014.

S&P intends to resolve the CreditWatch on All3Media Finance Ltd.
after the proposed acquisition is completed.  Based on the
preliminary terms of the proposed transaction, S&P expects to
raise the corporate credit rating on All3Media to 'B+'.  At that
time S&P would also raise the issue-level ratings on the first-
lien term loan to 'B+'.

Under this scenario, S&P also expects to review the preliminary
'B+' ratings on DLG Acquisitions Ltd. and revise them from
preliminary to final and assign a stable outlook.

If the acquisition did not take place, a possibility S&P now sees
as unlikely, it would withdraw the rating on DLG Acquisitions
Ltd. and new issue-level ratings on the second-lien term loan,
and S&P would expect to affirm the existing 'B' corporate credit
rating on All3Media Finance Ltd. and its first-lien term loan.


HBOS PLC: S&P Reinstates 'BB+' Ratings on 3 Jr. Sub. Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has corrected by reinstating
its 'BB+' issue ratings on three junior subordinated notes of
HBOS PLC.

The notes include:

   -- EUR300 million fltg rate jr sub step-up perp nts (exch
      offer, current amt EUR72.60 mil) nts; ISIN: XS0111627112

   -- EUR500 million 6.05% fxd/fltg rt callable perp (exch offer,
      current amt EUR 75.38 mln); ISIN XS0138988042

   -- EUR67.6 million fxd/fltg rate perp ser HBOS 0016; ISIN
      XS0177955381


LA SENZA: Hanley Store to Shutdown Following Administration
-----------------------------------------------------------
The Sentinel reports that the La Senza lingerie retailer store at
The Potteries Shopping Centre (branded as Intu Potteries) located
in Hanley, Staffordshire, England, will soon close.

Hanley's La Senza announced that it is preparing to shut with
eight members of staff also set to lose their jobs, according to
The Sentinel.

The Sentinel recounts that the British arm of La Senza went into
administration in July this year for the second time in 2 1/2
years.  Now receivers are identifying shops to axe, with the
Potteries store on the list, The Sentinel notes.

The report discloses that administrator PricewaterhouseCoopers
confirmed that La Senza had been 'experiencing very difficult
trading conditions' with no buyer found to rescue the ailing
chain.

La Senza first went into administration in 2012, resulting in
1,300 redundancies and the closure of more than 100 outlets, the
report relates.

However, 1,100 jobs were saved when 60 of its stores were sold by
KPMG to the UK arm of Kuwait-based Alshaya, the report notes.

The UK business then changed its name to Marnixheath in 2013,
which operated 55 La Senza stores and three Pinkberry outlets in
the United Kingdom.

La Senza's UK business was formerly owned by Dragons' Den star
Theo Paphitis before he sold the chain to private equity firm
Lion Capital in 2006 for GBP100 million.  La Senza continues to
own and operate more than 150 stores throughout Canada and 330
through its franchise-operated stores in more than 30 other
countries around the globe.


RIVER HOUSE: In Administration, May Render Owner Homeless
---------------------------------------------------------
The Ascot Windsor and Eton Express reports that four pubs and a
restaurant in and around Windsor owned by businessman Nick Long
have gone into administration.

The River House Restaurant & Bar in Thames Side; Bar 51 in
Peascod Street and the Royal Oak in Datchet Road, Windsor; along
with the Royal Stag on the Green in Datchet and the Prince George
in Eton High Street are all in the hands of administrators,
according to the report.

Mr. Long has a high profile in Windsor, with the River House
becoming the first restaurant in the country to serve meat direct
from the royal farms, according to Windsor and Eton Express.

But in an email to the Express, Mr. Long said he and his wife,
Denise, now had significant debts after using their savings to
bolster the business and pay staff.  "We have no money and face
the possibility of being homeless," the report quoted Mr. Long as
saying.

Mr. Long had operated the Royal Oak for more than 26 years.

"They were our life, the pubs and staff were our passion.  I
worked seven days a week and the only day off I had this year was
for a family funeral -- we haven't had a holiday for years," Mr.
Long said, the report relates.

"We invested everything we had into the business and three times
this year, we paid wages from our pension fund.  There's nothing
left, we've lost everything," Mr. Long added.

Mr. Long, the report notes, explained he had been legally advised
not to go into details about the collapse of his company, WPC
Leisure, formerly WPC Inns Ltd.

David Thurgood -- dthurgood@menziesbr.co.uk -- of administrators
Menzies confirmed it was now running the bars and the restaurant,
Windsor and Eton Express relates.

Mr. Thurgood said there were no plans for redundancies, adding
the plan is to sell them all, the report relays.  "We want
tourists and local people to continue using the businesses and in
the meantime, we will continue running them," the report quoted
Mr. Thurgood as saying.


STERECYCLE (ROTHERHAM): Creditor Payments Made in Administration
----------------------------------------------------------------
Laurence Kilgannon at Insider Media Limited reports that the
outcome for creditors of a waste treatment business which fell
into administration after its performance was "significantly
affected" by a fatal accident in 2011 has been revealed by a new
report.

The administrators of Sterecycle (Rotherham) Ltd had been unable
to make any payments because of uncertainty about the outcome of
any possible damages claim, according to Insider Media Limited.
Sterecycle (Rotherham) has been charged with corporate
manslaughter.

In a new report, however, Mazars said it had advised the Crown
Prosecution Service (CPS), the Health and Safety Executive and HM
Treasury that there would be no payment made from the
administration and, in the absence of an appeal from any of the
parties, had proceeded with a first dividend, Insider Media
Limited discloses.

Accordingly, a payment of GBP1.15 million was issued in April to
all unsecured creditors whose claims had been agreed at that
time, representing a return of 28 pence in the pound.  The
distribution was based on claims totaling GBP4.1 million, the
report notes.

The report discloses that a further distribution of GBP37,882 on
claims totaling GBP135,291 will be made before a final
distribution of 15 pence in the pound by the end of September.

Secured creditor RBS Invoice Finance has been paid in full.

In October 2013, the CPS announced that it was charging
Sterecycle (Rotherham) Ltd with corporate manslaughter, the
report recalls.  The charge relates to an incident on January 11,
2011 when the door to an autoclave at Sterecycle's Rotherham
plant blew out under pressure killing Michael Whinfrey.  Another
operator was seriously injured as a result of the explosion.

The CPS also authorized charges under section seven of the Health
and Safety at Work Act against Kevin Goss (maintenance manager),
Steven Weaver (operations manager) and Paul Greenwell (operations
director) and a further charge of perverting the course of
justice against Kevin Goss, the report relays.

The trial is due to commence on October 2, 2014, at Sheffield
Crown Court.


SUPERGLASS: Mulls Discounted Shares Issue on Lack of Funding
------------------------------------------------------------
Gareth Mackie at The Scotsman reports that Superglass told
investors it was mulling a discounted share issue to address a
funding shortfall.

The company also revealed it had received unsolicited approaches
for its main trading subsidiary, but said the offers "would
provide unacceptable returns for shareholders", The Scotsman
relates.

Superglass has been hit by "negligible" demand for UK government-
backed energy efficiency schemes and is seeking to trim its costs
by GBP1.9 million a year by reducing manufacturing capacity, The
Scotsman discloses.

However, it warned that new banking facilities of up to GBP4.8
million, due to be in place before the end of this month, would
not be enough to cover these cost-saving initiatives, The
Scotsman notes.

As a result, it is now considering plans for a discounted share
issue to raise "not less than GBP5 million", and said the scheme
has the support of some major shareholders, The Scotsman relays.

Superglass is a Stirling-based insulation maker.


TURBO FINANCE 5: Moody's Assigns (P)Ba1 Rating to Class C Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the Notes to be issued by Turbo Finance 5 plc (the
"Issuer"):

GBP[ ]M Class A Floating Rate Asset Backed Notes due 2021,
Assigned (P)Aaa (sf)

GBP[ ]M Class B Floating Rate Asset Backed Notes due 2021,
Assigned (P)Aa3 (sf)

GBP[ ]M Class C Fixed Rate Asset Backed Notes due 2021, Assigned
(P)Ba1 (sf)

Moody's has not assigned ratings to the subordinated Class D
Notes. The proceeds of the Class D Notes are applied to fund the
reserve fund in the transaction.

Ratings Rationale

The transaction is a revolving cash securitization of hire
purchase agreements (auto leases) extended to obligors in the
United Kingdom by MotoNovo Finance, a division of FirstRand Bank
Limited ("FRB": Baa1/P-2/under review for possible downgrade)
acting through its London Branch ("FRB London"). This is the
fifth public securitization transaction in the United Kingdom
sponsored by FRB London. The originator will also act as the
servicer of the portfolio during the life of the transaction.

The portfolio of underlying assets consists of hire purchase
agreements granted to individuals and companies resident in the
United Kingdom collateralized by new and used vehicles. The
portfolio comprises receivables whereby the underlying obligor is
required to pay a monthly installment during the term of the
underlying contract. Certain hire purchase agreements in the
portfolio are also exposed to mandatory balloon payments,
although these make up a small portion of the portfolio and are
limited to a maximum 4% by the eligibility criteria. As of
June 30, 2014, the provisional portfolio consists of 61,548 hire
purchase contracts, with a weighted average seasoning of 8 months
and a weighted average remaining term of 45 months.

According to Moody's, the transaction benefits from credit
strengths such as a granular portfolio, relatively simple
waterfall and a 1.30% reserve fund which is fully funded at
closing and can amortize to a floor of 0.5% of the initial pool
balance. It is available to cover any liquidity shortfalls on
Classes A and B throughout the life of the transaction and can
serve as credit enhancement following repayment of the Class A
and B Notes. In addition, the transaction benefits from an
initial weighted-average effective rate of approx. 14.8% (minimum
13% during the revolving period) on the assets and thus an
estimated approximate 10.5% of excess spread at closing.
Available excess spread can be trapped to cover defaults through
the waterfall mechanism present in the structure.

However, Moody's notes some credit weaknesses. As with all auto
hire purchase agreement transactions in the UK, the portfolio is
exposed to the risk of voluntary termination ("VT"). The obligor
has the option to return the vehicle to the originator if the
obligor has made payments equal to at least one half of the total
amount which would have been payable under the contract. Moody's
did not receive gross VT default data from the originator, but
only net VT default data (i.e. with recoveries included). In
addition, Moody's did not receive static recovery but only
dynamic recovery data for the entire portfolio. These aspects
were factored in Moody's overall analysis.

Furthermore, the Class C Notes do not benefit from the cash
reserve until Classes A and B are repaid, and are subordinated to
principal payments on Classes A and B as in the waterfall. Hence,
this increases the likelihood of interest deferral on the Class C
Notes. Moody's took this into account in its quantitative
analysis.

Moody's analysis focused, among other factors, on (i) an
evaluation of the underlying portfolio; (ii) historical
performance information; (iii) the credit enhancement provided by
subordination, by the excess spread and the reserve fund; (v) the
liquidity support available in the transaction, by way of
principal to pay interest and the reserve fund; (vi) the back-up
servicing arrangement of the transaction; (viii) the independent
cash manager and (viii) the legal and structural integrity of the
transaction.

Main Model Assumptions

Moody's assumed a mean default rate of 4.0% for the entire pool,
which takes into account both defaults arising from normal
payment defaults by the obligors and losses arising from the
exercise of the obligors' voluntary termination right. The fixed
recovery rate assumption is 45.0%. A portfolio credit enhancement
(PCE) of 14.5% and a coefficient of variation of 52.0%,
respectively, are used as the other main inputs for Moody's cash
flow model ABSROM. Whilst the historical default rate for older
vintages showed default rates higher than the assumed gross loss
level, Moody's has given benefit to the lower default rate
observed in more recent vintages as a result of updated
underwriting methods used by the originator. Commingling risk and
set-off risk is assessed to be commensurate with the ratings
assigned on the Notes.

Methodology

The principal methodology used in this rating was Moody's
Approach to Rating Auto Loan-Backed ABS published in May 2013.

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

Factors that may cause an upgrade of the ratings include a
significant better than expected performance of the pool together
with an increase in credit enhancement of the Notes. Factors that
may cause a downgrade of the ratings include a significant
decline in the overall performance of the pool and a significant
deterioration of the credit profile of the originator.

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

Loss and cashflow analysis:

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each Class of the 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.

Stress Scenarios:

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested 9 scenarios derived from
the combination of the mean default rate: 4.0% (base case), 4.25%
(base case +0.25%), 4.5% (base case + 0.5%) and recovery rate:
45% (base case), 40% (base case - 5%), 35% (base case - 10%). The
4.0% / 45% scenario would represent the base case assumptions
used in the initial rating process. At the time the rating was
assigned, the model output indicated that Class A would have
achieved Aa1 even if mean default was as high as 4.5% with a
recovery as low as 35% (all other factors unchanged). Under the
same assumptions, the Class B would have achieved A3 and the
Class C would have achieved B1. Parameter sensitivities provide a
quantitative, model-indicated calculation of the number of
notches that a Moody's-rated structured finance security may vary
if certain input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged. It is
not intended to measure how the rating of the security might
migrate over time, but rather, how the initial rating of the
tranches might differ as certain key parameters vary. Therefore,
Moody's analysis encompasses the assessment of stress scenarios.

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


YELLOW MAPLE: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Yellow Maple Holding B.V., the
ultimate parent of global business publisher, Bureau Van Dijk
Electronic Publishing (BvD).  The outlook is stable.

At the same time, S&P assigned a 'B' issue rating to Yellow
Maple's proposed EUR595 million secured first-lien term loan B
due Sept. 2021 and EUR25 million revolving credit facility (RCF)
due Sept. 2020.  The recovery rating on these instruments is '3',
reflecting S&P's expectation of meaningful (50%-70%) recovery in
the event of default.  S&P also assigned a 'CCC+' rating to the
EUR225 million proposed second-lien term loan due March 2022.
The recovery rating on this loan is '6', reflecting S&P's
expectation of negligible (0%-10%) recovery in the event of
default.

The long-term corporate credit rating on BvD is mainly
constrained by its heavy debt burden: S&P estimates that its
adjusted gross-debt-to-EBITDA ratio will reach about 7.5x at
year-end 2014, pro forma for the proposed new capital structure.
As part of the proposed transaction, a significant amount of
financial sponsor-owned shareholder loans will be put in place.
S&P excludes the group's shareholder loans from its leverage and
coverage calculations, taking into account their terms and
conditions, including a "stapling" feature to common equity.

On the positive side, S&P views the group's fixed charge coverage
(adjusted funds from operations [FFO] to cash interest of about
2x, pro forma for the transaction), together with sound positive
free operating cash flow (FOCF), as commensurate with a 'B' long-
term rating, taking into account S&P's assessment of BvD's
business risk profile as "fair."  In addition, S&P expects the
group to demonstrate substantial deleveraging over the next few
years as a result of EBITDA growth and positive FOCF.

S&P views private business information as a niche industry,
estimated at about EUR1.5 billion worldwide, while the group's
small scale leaves it vulnerable to potential large changes in
the competitive landscape.  Furthermore, S&P views barriers to
entry as fairly low, as all the company data BvD publishes is
publicly available and clients could switch providers without
incurring high costs.  S&P's assessment of BvD's business risk
profile is therefore well anchored within the "fair" category.

The stable outlook reflects S&P's view that BvD will sustain
positive revenue and EBITDA growth over the next 12 months,
resulting in substantial deleveraging to about 7x (adjusted gross
debt to EBITDA) in 2015.  In addition, the outlook incorporates
S&P's view that BvD will maintain high profitability and healthy
FOCF.  Furthermore, the stable outlook also reflects S&P's
assumption that the competitive landscape will not change
materially, and that the group will maintain adequate liquidity,
with covenant headroom remaining above 15%.

S&P could lower the rating if BvD's liquidity weakened
significantly, with revenue and EBITDA growth falling materially
and leading to a significant tightening of financial covenant
headroom to below 15%.  S&P could also lower the rating if the
group's adjusted FFO to cash interest coverage dropped
substantially below 2x, or if FOCF weakened substantially.

At this level, S&P sees limited rating upside, due to BvD's
highly leveraged capital structure and the substantial
deleveraging already factored into S&P's rating.  S&P could
consider raising the rating, however, if adjusted FFO to cash
interest coverage sustainably exceeded 2.5x, while the group
maintained healthy FOCF and adequate liquidity.


                            *********

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

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

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


                            *********


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

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

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

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