TCREUR_Public/150225.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, February 25, 2015, Vol. 16, No. 40

                            Headlines


B E L A R U S

BELARUS: Moody's Puts B3 Govt Bond Rating on Review for Downgrade


B U L G A R I A

ALFA CAPITAL: Files for Insolvency in Lovech Court


F R A N C E

AREVA SA: Expects Net Loss to Widen Due to Project Delays
FAURECIA SA: Moody's Raises Corp. Family Rating to 'Ba3'
PARTS HOLDINGS: Moody's Raises Corp. Family Rating to 'B1'
PICARD BONDCO: Moody's Downgrades CFR to B2; Outlook Stable
TYROL ACQUISITION: S&P Puts 'B' CCR on CreditWatch Positive


G E R M A N Y

SPRINGER SBM: S&P Revises Outlook to Positive & Affirms 'B' CCR


G R E E C E

PISCES FINANCE 2006-02: S&P Lowers Credit Rating to 'BB+'


H U N G A R Y

HUNGARY: Differs in Resilience to External Shocks with Slovenia


N E T H E R L A N D S

AERCAP HOLDINGS: Moody's Alters Outlook to Pos. & Affirms Ba2 CFR
AERCAP HOLDINGS: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR


P O R T U G A L

NOSTRUM MORTGAGES 2003-1: S&P Cuts Rating on Class A Notes to BB


R O M A N I A

AMERICAN VILLAGE: Put Up for Sale at Starting Price of EUR9.3MM
OLTCHIM SA: Creditors to Discuss Reorganization Plan in March


S P A I N

AYT HIPOTECARIO II: Moody's Lifts Rating on Class C Notes to Ba1
* Moody's Says Spanish ABS SME Performance Improves


S W I T Z E R L A N D

UBS GROUP: Fitch Gives Final 'BB+' Rating to Tier 1 Capital Notes


T U R K E Y

ALTERNATIFBANK AS: Fitch Affirms 'b+' Viability Rating


U N I T E D   K I N G D O M

RANGERS FOOTBALL: Extraordinary General Meeting Set for March 6


                            *********


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B E L A R U S
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BELARUS: Moody's Puts B3 Govt Bond Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed Belarus's B3 issuer rating and
government bond rating on review for downgrade.

The key drivers of the rating action are:

   -- Increased strain on Belarus's external payments position.
      Belarus has lost more than 30 percent of its foreign
      exchange reserves since its currency came under pressure in
      December 2014.  The current level of official international
      reserves, among the weakest of rated sovereigns globally,
      makes the government and domestic debtors highly vulnerable
      to a sudden stop in credit and places the government in a
      position where it is again highly dependent on external
      sources of exceptional liquidity support.


   -- Increased risk of lower economic growth rates and the
      potential withdrawal of Russian financial support due to
      deteriorating economic conditions in Russia (Ba1 negative).
      As a consequence of the expected economic downturn in
      Russia, on which its economy is heavily dependent through a
      variety of channels, Belarus's economic growth in 2015 and
      2016 could slow or become negative, due to decreased demand
      in Russia or lower Russian foreign direct investment (FDI)
      inflows.  In addition, deteriorating economic conditions in
      Russia could make Russia less willing to continue providing
      Belarus with energy subsidies and emergency financing
      during periods of balance of payments stress and low
      reserves -- a situation Belarus now again finds itself in.

Belarus' country ceilings also remain unchanged.  The country
ceiling for foreign-currency bonds is B3/NP, and the country
ceiling for foreign-currency bank deposits is Caa1/NP.  The
local-currency bond and bank deposit ceilings are B1.

Moody's review of Belarus's rating will focus on changes in the
level of Belarus's foreign exchange reserves going forward and
projections of these levels for the next 6 months to one year,
including a study of Belarus's current account dynamics and its
ability to attract FDI and other non-public financing.  The
review will also examine in more detail the impact that the
growth slowdown in Russia will likely have on Belarus's economy,
including Russia's policy of providing subsidized energy to
Belarus and its willingness to provide emergency financial
assistance.

Belarus's currency came under pressure in late December and
January, due to devaluation expectations, driven by events in
neighboring countries and the sharp decline in the value of the
Russian ruble.  The Belarusian authorities' initial response was
to defend the exchange rate, however this policy proved
unsustainable as a result of an accelerated erosion of foreign
exchange reserves and was replaced a few days later by a series
of devaluations, but not before Belarus had lost 32 percent of
its foreign exchange reserves.  By Feb. 1, 2015, Belarus's
official foreign exchange reserves were at $2.5 billion.

In 2015, Belarus faces $4 billion in foreign-currency debt-
servicing payments, $3 billion of which are for external debt
servicing.  Hence, the current level of reserves can cover only
two-thirds of foreign-currency debt-servicing payments scheduled
in 2015.  In addition, the sum of total (public and private)
short-term external debt, currently maturing long-term external
debt, and total non-resident deposits over one year is estimated
at $17.9 billion.  The ratio of this amount to reserves indicates
a Moody's External Vulnerability Index (EVI) level of 713%, which
is among the highest of Moody's rated sovereigns and translates
into an elevated susceptibility to event risk.

Moody's current forecasts for growth in Belarus are 1.5% in 2015
and 2.0% in 2016, and are constrained by Moody's forecast of a
growth decline in Russia of -5.5% in 2015 and -3.0% in 2016.  In
2013, 45 percent of Belarus's exports went to Russia (with the
latter accounting for 23% of GDP), and Russia was the source of
39% of Belarus's FDI.  Belarus is also dependent on Russia for
subsidized energy, as Russia charges Belarus below-market prices
for the crude oil and gas that Belarus imports from Russia.

In addition, Russia has been a major provider of loans to Belarus
when its foreign reserves have fallen to low levels in the past.
For example, in September 2014, Russia provided Belarus with
another stabilization loan worth the equivalent of $1.55 billion
at the time.

Therefore, a deterioration in economic conditions in Russia will
likely depress economic growth in Belarus (through the trade and
FDI channels) and might lead to a reduction in energy subsidies
Russia provides to Belarus, as well as potentially a decline in
Russia's willingness to provide Belarus with loans in times of
external payments stress.

However, Moody's notes that Belarus has a number of credit
strengths to counter these external shocks, which could provide
credit support if the authorities' policy response proves
effective to the challenges the economy faces.  These strengths
include a diversified economic structure and a relatively high
per-capita income compared with rating peers.

Moody's would consider downgrading Belarus's B3 government bond
rating were it to conclude after the review that (i) there are
significant risks that foreign exchange reserves are inadequate
to meet external debt payments falling due in 2015, and that
external financial or balance-of-payments support from Russia or
other sources prove inadequate in reducing the risk of an
external payments crisis; or (ii) the growth slowdown in Russia
is having a major negative impact on Belarus's growth outlook for
2015 and 2016.

The rating would be confirmed at B3 negative if we perceive that
the risks and uncertainties discussed above are less likely to
materialize.

A return to a stable outlook could arise from (i) a significant
strengthening of the external liquidity position to the extent
that an external payments crisis becomes unlikely; (ii)
substantial progress made with structural reforms to move Belarus
towards a more market-orientated economy, with reduced
vulnerability to negative external growth shocks, for example
those emanating from Russia; or (iii) a more robust and
competitive financial system, less involved in funding government
social programs and less dependent on the government for capital
support.

  - GDP per capita (PPP basis, US$): 17,623 (2013 Actual) (also
    known as Per Capita Income)

  - Real GDP growth (% change): 1.1% (2013 Actual) (also known as
    GDP Growth)

  - Inflation Rate (CPI, % change Dec/Dec): 16.6% (2013 Actual)

  - Gen. Gov. Financial Balance/GDP: -0.9% (2013 Actual) (also
    known as Fiscal Balance)

  - Current Account Balance/GDP: -10.7% (2013 Actual) (also known
    as External Balance)

  - External debt/GDP: 54.2 (2013 Actual)

  - Level of economic development: Low level of economic
    resilience

  - Default history: No default events (on bonds or loans) have
    been recorded since 1983.

On Feb. 19, 2015, a rating committee was called to discuss the
rating of the Belarus, Government of.  The main points raised
during the discussion were: the sharp decline in the issuer's
foreign exchange reserves and how this impacts the issuer's risk
of future liquidity and balance of payments crises and the impact
that the growth slowdown in Russia could have on the issuer's
economic fundamentals.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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


ALFA CAPITAL: Files for Insolvency in Lovech Court
--------------------------------------------------
SeeNews, citing data from the country's commercial register,
reports that Alfa Capital has filed for insolvency with Lovech
district court.

The company applied for the launch of an insolvency proceeding at
end-2014 and asked the court to declare it unable to pay its
liabilities as of November 23, 2014, SeeNews relates.

According to SeeNews, the company is asking that Lovech court
appoint a financial expert to assess its assets, liabilities, and
liquidity.

Alfa Capital owes more than BGN105 million (US$60.8
million/EUR53.7 million) to delicensed Corporate Commercial Bank,
SeeNews discloses.  The bank has asked Alfa Capital for early
repayment of the debt, but it was unable to cover the amount,
SeeNews notes.  In addition, the company has BGN900,000 in
liabilities to another three companies that it is unable to
repay, SeeNews states.

The company says it does not have any intangible or tangible
fixed assets, SeeNews relays.  Meanwhile, it has BGN19,000 in
deposits, which are insufficient to cover its liabilities,
according to SeeNews.

Alfa Capital is a Bulgarian real estate investment company.



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F R A N C E
===========


AREVA SA: Expects Net Loss to Widen Due to Project Delays
---------------------------------------------------------
Inti Landauro at The Wall Street Journal reports that Areva SA
said it expects its 2014 net loss to widen to about EUR4.9
billion, or US$5.6 billion, from a year earlier, as delays to a
reactor project in Finland and low demand for nuclear projects
continue to hammer the company.

The company's latest profit warning follows three successive
years of reported losses stemming from delays to a nuclear
reactor project in Finland and a big write-off after a mine
acquisition went sour, the Journal notes.  The company was also
hampered by the aftermath of the 2011 Fukushima disaster in
Japan, when many utilities shelved or delayed plans for nuclear
power plant construction, the Journal states.

Areva, which is 85%-owned by the French state, on Feb. 23 said
preliminary financial information shows a full-year net loss of
about EUR4.9 billion, compared with a loss of EUR494 million in
2013, the Journal relays.  The estimated loss is bigger than
Areva's current market capitalization of about EUR3.7 billion,
raising speculation as to whether the French state will need to
inject capital into the company, the Journal discloses.

According to the Journal, French Energy Minister Segolene Royal
said on Feb. 23 that she wants Areva to find synergies with
state-controlled power utility Electricite de France SA and the
state Commission for Atomic Energy.

EDF Chief Executive Jean-Bernard Levy said last week that his
company was working with Areva to deepen operational links, the
Journal relates.  He added that no capital injection from EDF
into Areva was currently being discussed, the Journal notes.

Areva SA is a French engineering firm.


FAURECIA SA: Moody's Raises Corp. Family Rating to 'Ba3'
--------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
Faurecia SA to Ba3 from B1 and the Probability of Default Rating
to Ba3-PD from B1-PD.  At the same time, the ratings on the
company's EUR250 million senior notes due 2019 and its EUR250
million convertible notes due 2018 have been upgraded to B2 from
B3.  The rating on Faurecia's EUR490 million senior guaranteed
notes due 2016, which benefit from upstream guarantees of
operating subsidiaries, has been affirmed at Ba3.  The outlook on
all ratings remains stable.

Issuer: Faurecia SA

Upgrades:

  -- Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

  -- Corporate Family Rating, Upgraded to Ba3 from B1

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to B2 from
     B3

Affirmations:

  -- Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

  -- Outlook, Remains Stable

The rating action was prompted by (1) Faurecia's improved
profitability and cash flow generation primarily as a result of
restructuring measures taken during 2012 and 2013 and supported
by volume increases, (2) the company's ability to outperform
market growth in core markets, (3) the strong momentum in H2 2014
indicated by revenues and operating profit achieved in H2 2014
materially ahead of H1 results, and (4) the positive outlook for
Faurecia's markets given by its management.

"Moody's decision to upgrade Faurecia to Ba3 reflects our
expectation that Faurecia's credit profile will experience a
further strengthening supported by restructuring measures taken,
a strong project pipeline evidenced by a high level of
development and tooling revenues seen in 2013 and 2014, a
positive expectation for the development of the automotive
industry globally, and a strong management commitment to deliver
further improving results in the current financial year",
commented Oliver Giani, Moody's lead analyst for the European
automotive supplier industry. "In addition, the current exchange
rates and the low oil price level may add some additional
tailwind supporting a continuation of the positive trend seen for
Faurecia."

The Ba3 corporate family rating is supported by Faurecia's solid
business profile. In particular, Moody's views (i) the large size
of Faurecia's operations, (ii) its global presence, (iii) solid
market positions (among top three players in relevant markets
according to management data), and (iv) established customer
relationships with most of the global original equipment
manufacturers (OEMs) as credit strengths.

The ratings remain constrained by Faurecia's strong reliance on
cyclical new light vehicle production volumes as it lacks non-
automotive activities or a material aftermarket business.  Profit
margins are low compared to other automotive suppliers, leaving
little cushion for cyclical underperformance.  Moreover, the
group has a strong exposure to its European home market where it
generated 56% of product sales in 2014.  In addition, it is
strongly exposed to core customers Volkswagen Aktiengesellschaft
(A3 positive), Ford Motor Company (Baa3 stable) and Peugeot S.A.
(PSA) (Ba3 stable).  The rating also reflects Faurecia's weak
liquidity profile with large reliance on short-term funding as
well as the general risks to which virtually all automotive
suppliers are exposed, including the high level of competition
and strong bargaining power of OEM customers.

Moody's considers Faurecia's liquidity profile to be currently
rather weak as a result of the company's reliance on short-term
funding.  As of December 2014, Faurecia had a sizeable cash
position of more than EUR1.0 billion and full availability under
its new EUR1.2 billion long-term core credit facility due in
December 2019.  For 2015 Moody's expects Faurecia to further grow
its FFO generation from the EUR 775 million level seen in 2014.
Main cash uses during the next twelve months include capex
(around EUR840 million in 2014, including capitalized development
costs), sizeable short-term debt maturities (EUR965 million as of
December 2014), relatively high off-balance sheet short-term
factoring activities (EUR742 million) and a minimum cash level
assumed to be needed to manage day-to-day activities (estimated
by Moody's to be around 3% of turnover).  Moody's views
positively Faurecia's ability to rely on its relationship banks
during the 2009 recession and also the fact that, according to
management data, its factoring arrangements also worked well in
the middle of the industry downturn.

Faurecia is currently in the process of refinancing its debt
arrangements, a step which will assist to strengthen the
company's liquidity profile.  After having successfully arranged
a new EUR1.2 billion, 5-year credit facility in December 2014 the
company is contemplating to refinance its outstanding bonds at
better conditions.  Moody's expects that part of the proceeds
will be used by repaying in advance their 2019 bond.

The B2 rating of the company's EUR250 million convertible notes
and of its EUR250 million senior unsecured notes maturing in June
2019 is two notches below the Ba3 CFR which reflects their
structural subordination to the financial obligations of Faurecia
S.A.'s operating subsidiaries including financial debt, trade
payables and pensions, as well as to the EUR 1.2 billion
syndicated credit facility and the EUR 490 million of guaranteed
notes (rated Ba3), which benefit from upstream guarantees issued
by operating entities representing initially 75% of EBITDA.

The stable outlook reflects Moody's expectation that Faurecia
will be able to reap the benefits from substantial investments
and restructuring measures initiated in 2012, 2013 and 2014.
Supported by a continuation of solid revenue growth, as indicated
by a substantial increase in development and tooling business
during 2013 and 2014, and in line with management's guidance (+5%
for 2015) the rating agency expects Faurecia to further improve
its credit quality and to gradually build headroom within the Ba3
rating category.  Although capacity to reduce debt will remain
very limited in 2015 due to constrained FCF, Moody's expects a
strengthening of profitability so that Faurecia should be able to
reduce leverage below 4.0x debt/EBITDA (4.6x per FY 2014).

Albeit unlikely in the near future given today's upgrade, Moody's
would consider a positive move of the ratings should Faurecia
continue to sustainably achieve EBITA margins sustainably well
above 3%, if it materially improves FCF generation, indicated by
FCF/debt approaching mid single digits and if the company
achieves a leverage ratio of below 3.5x debt/EBITDA on a
sustainable basis.  An improvement of Faurecia's liquidity
profile is also a critical consideration for a possible upgrade.
The rating incorporates the expectation that profitability can be
further strengthened and FCF generation will materially improve
and turn positive in the near term.  Any indication, that this
cannot be achieved, indicated by EBITA margin approaching 2% or
recurring negative free cash flow would put downward pressure on
the ratings. Moody's would also consider downgrading Faurecia's
ratings if the company is unable to improve its leverage ratio to
a level of around 4.0x debt/EBITDA.  Likewise, a weakening
liquidity profile or a tightening of covenant headroom could
result in a downgrade.

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

Headquartered in Paris, France, Faurecia group is one of the
world's largest automotive suppliers for seats, exhaust systems,
exteriors and interiors. During 2014, group revenues amounted to
EUR18.8 billion.  The group operates along four divisions:
Emission Control Technologies (36% of 2014 group sales),
Automotive Seating (28%), Interior Systems (25%), and Automotive
Exteriors (11%).  The parent holding company, Faurecia S.A., is
listed on the Paris stock exchange.  The largest shareholder is
PSA Peugeot Citroen (PSA), which holds 51.1% of shares and 67.4%
of voting rights. The remaining shares are in free float.


PARTS HOLDINGS: Moody's Raises Corp. Family Rating to 'B1'
----------------------------------------------------------
Moody's Investors Service upgraded Parts Holdings (France)
S.A.S.'s corporate family rating to B1 from B2, and the
probability of default rating to Ba3-PD from B1-PD. Concurrently,
the rating agency has upgraded the instrument rating on the
EUR240 million senior secured notes issued by Autodis S.A. to B2
from B3.  The ratings outlook is stable.

The upgrade of Autodistribution's CFR to B1 is triggered by (1)
the successful integration of ACR, acquired in April 2014, which
strengthens the company's presence in growing IAM channels
(webdealers, autocenters and fastfitters); (2) the strong
improvement in profitability despite flat LFL sales for the 9-
month period to September 2014; (3) room for further margin
improvement in the next 12 months based on full year impact of
ACR integration, cost saving measures implemented on the truck
business (c. 17% of sales), and ongoing efficiency efforts across
the company; and (4) the companies expected Moody's adjusted
leverage of 5.0x at the end of 2014 (pro-forma for 12 months
trading of ACR).

In addition, Autodistribution's B1 CFR reflects the company's (1)
leading position in the French automotive aftermarket, which is
characterized by higher customer loyalty and less cyclicality
compared to the automotive sector; (2) relative size compared to
other independent players, manifesting itself in a dense
distribution network and leading to economies of scale; and (3)
fragmented customer base, consisting of local distributors and
garages.

The B1 CFR rating also considers the company's (1) exposure to
the economy of France which represents about 90% of the company's
sales in the 12-month period ended September 2014; (2)
competition in the sector leading to price pressure; (3) slow
deleveraging prospects; (4) sensitivity of the automotive
aftermarket to macroeconomic conditions and the oil price; (5)
the company's modest size compared to some of its suppliers,
which could potentially limit its bargaining power; and (6) risks
relating to potential further M&A activity.

Autodistribution's year-to-date (YTD) September 2014 revenues of
EUR868 million were up 2.6% versus prior year, mainly driven by
the integration of ACR from April 2014.  On a LFL basis
(excluding the ACR acquisition and a subsidiary disposed in June
2013 with EUR10 million revenue), YTD sales remained flat, with
the good performance of the collision business offset by weak
trading in the truck business -- for which a cost reduction
program has recently been launched. Compared to last period, YTD
EBITDA grew by 15.5%, of which 8.5% came from ACR consolidation
with higher standalone margins for the acquired entity and
purchasing savings related to additional volumes.  On a LFL
basis, YTD EBITDA improvement of 7.0% outperformed top line
growth (2.6%), as a result of ongoing focus on cost efficiencies
such as tight control of rents and travel expenses. Consequently,
in the last twelve months (LTM) to September 2014, Moody's-
adjusted EBITDA margin increased to 8.2%, compared to 7.5% in
2013.

Moody's considers Autodistribution's near-term liquidity position
as adequate.  The company's liquidity position is supported by a
unrestricted cash reserves of EUR28 million at the of September
2014 and a fully undrawn EUR20 million RCF.  We expect the
company's cash reserves to increase by the end of the year given
the seasonality of the its cash flows with working capital
requirements generally peaking in the first three quarters of the
year before reversing in the fourth quarter.

We consider Autodistribution's Moody's-adjusted Debt/EBITDA ratio
of 5.3x at September 2014 (including six months of ACR trading)
to be fairly high, but take comfort from the company's recent
track record of EBITDA growth through margin improvement.
Pro-forma for 12 months of ACR EBITDA and synergies, we forecast
leverage to be around 5.0x at the end of 2014.  Going forward,
Moody's does not anticipate significant gross deleveraging given
the absence of amortising debt in the capital structure and
modest growth in EBITDA.

The stable outlook reflects our view that the company's operating
performance would continue to improve in the next 12-18 months,
despite limited near-term growth expected in the French
automotive aftermarket. Profitability enhancement would be driven
by full year impact of ACR integration, ongoing productivity
efforts across the company and higher investments to enhance its
distribution network and IT systems.

The company is currently weakly positioned in the B1 category.
Positive pressure on the ratings, could arise if Moody's-adjusted
gross Debt/EBITDA ratio decreases sustainably below 4.0x,
(EBITDA-Capex)/Interest ratio rises above 2.5x and free cash flow
generation improves. Qualitatively, Moody's would consider an
upgrade if the company continues to increase its geographical
diversification.

Negative rating pressure could arise if due to underperformance,
Moody's-adjusted gross Debt/EBITDA ratio stays above 5.0x for an
extended period or (EBITDA - Capex)/Interest ratio falls towards
1.5x.  Any substantial debt-financed acquisitions could also have
a negative effect on the ratings.

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Parts Holdings (France) S.A.S. is the holding entity of the
Autodistribution group.  The company is a leading distributor of
aftermarket parts for light vehicles and trucks in the
independent automotive aftermarket in France.  The company also
has a regional presence in Poland. The company generated revenue
of EUR1,159 million for the LTM September 2014, through its
network of 48 wholly-owned and 44 affiliated independent
distributors in France, operating together on 489 distribution
sites and around 3,200 affiliated garages in France.


PICARD BONDCO: Moody's Downgrades CFR to B2; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service downgraded Picard Bondco S.A. corporate
family rating to B2 from B1 while the probability of default
rating was confirmed at B1-PD. Concurrently, Moody's downgraded
to B1 from Ba3 the rating on the senior secured notes issued by
Picard Groupe S.A.S. including the tap and assigned a definitive
B3 rating to the new senior unsecured notes issued by Picard
Bondco S.A.  The outlook on all ratings is stable.

The rating action follows on from the conclusion of Moody's
review of the final documentation and the completion of the
company's refinancing.  Moody's definitive rating for the senior
notes are in line with the provisional ratings assigned on
Feb. 5, 2015.  Moody's rating rationale was set out in a press
release on that date and the final terms of the notes were
broadly in line with the drafts reviewed for the provisional
instrument rating assignments.

As also anticipated in the press release, Moody's downgraded the
CFR to B2 from B1 principally due to the increased leverage of
the business from 5.1x to 7.1x on a Moody's-adjusted basis as at
LTM Sep. 30, 2014 pro forma for the transaction, combined with
Moody's view of the continuing weak trading environment for
French food retailers.

The stable outlook reflects Moody's expectation that Picard will
be able to maintain its current profitability levels and
liquidity profile despite the challenging trading environment in
France as well as continue adhering to its cautious approach in
terms of cost control and store expansion, both in France and
internationally.

Given the rating action, a rating upgrade over the short term is
unlikely.  However, over time, Moody's could upgrade the rating
if there is a visible improvement in operating performance
including positive LfL sales growth and improvement in margins.
Quantitatively, there would be positive pressures if Moody's-
adjusted debt/EBITDA ratio falls sustainably towards 5.5x whilst
generating positive free cash flow and keeping a solid liquidity
profile.

Moody's could downgrade the ratings if any of the conditions for
maintaining a stable outlook are not met, or if (1) the company's
Moody's adjusted debt/EBITDA ratio rises above 7.5x or if the
company fails to generate free cash flow.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.  Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in France, Picard is a leading specialist retailer
of its own private-label frozen foods in France.  The company is
owned since October 2010 by funds managed or advised by private
equity firm Lion Capital LLP.


TYROL ACQUISITION: S&P Puts 'B' CCR on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit and issue ratings on France-based broadcasting
and telecommunications infrastructure group Tyrol Acquisition 1
SAS (TDF) on CreditWatch with positive implications.

The CreditWatch placement reflects TDF's pending sale by its
current shareholders and S&P's view that the ownership change
will translate into a pronounced shift in financial policy and
strengthened liquidity.  S&P also thinks the transaction will
lead to a less leveraged financial structure for TDF, given S&P's
understanding that its debt will be refinanced with new debt.
S&P takes into account the recent announcement by Brookfield
Infrastructure, a member of the potential acquirers' consortium,
that the transaction could be completed by the end of March 2015,
as well as, since the announcement, the agreement obtained from
the EU merger authorities, while other regulatory processes are
still pending.

Under TDF's existing highly indebted capital structure, the
rating is constrained by a financial policy that S&P considers as
very aggressive, reflecting the group's majority control by
private equity groups, large and concentrated debt maturities,
limited refinancing track record beyond a successful amend-to-
extend agreement from its lenders in 2011, and shrinking headroom
under its tightening financial covenants.  S&P believes that the
group's ratio of debt to EBITDA (adjusted for pensions and
operating leases and including shareholder loans) under the
current ownership will continue to exceed 9.5x over the next two
years (more than 7.0x excluding the shareholder loan).  Under the
current ownership, S&P also anticipates relatively limited free
cash flow generation over the next three years, after heavy
interest charges, restructuring costs, and high capital
expenditures.

S&P assesses TDF's business risk profile as "strong," mainly
reflecting the group's position as the No. 1 player in the French
broadcasting and telecoms markets.  S&P's assessment also
reflects TDF's long-established record of delivering TV and radio
signals and providing telecoms site hosting to leading industry
players under long-term contracts that support revenue
predictability.  The group also benefits from high barriers to
entry in these markets, due to the scarcity of available
broadcasting sites, the technological and planning knowledge
required to compete, and the industry's significant capital
intensity.  Under the new ownership, TDF's business risk profile
will include these France-based businesses, excluding the group's
foreign operations.

Moreover, S&P sees some favorable demand prospects for third-
party telecoms infrastructure in France, on the back of the
continued 3G rollout, and the recently started 4G rollout.
However, due to the continued fierce competition and
uncertainties about potential consolidation in that market, S&P
anticipates relatively weak growth.  Furthermore, S&P sees only
modest growth potential from digital TV.

At the end of December 2014, TDF was compliant with its financial
covenants, but S&P thinks that, under the current ownership,
headroom within the net leverage ratio could shrink in 2015,
potentially leading to a breach if not resolved.  S&P does not
anticipate any pressure on the two other covenants -- the
interest coverage ratio and the fixed charge coverage ratio --
over the next two years.

S&P aims to resolve the CreditWatch when the ownership change is
completed and S&P has greater visibility on TDF's new financial
structure.

Given the group's strong business risk profile, S&P could upgrade
TDF by several notches.  The extent of any upgrade will
ultimately depend upon the group's financial policy and leverage,
as set by its new owners.

If the transaction doesn't close -- a risk S&P considers very
limited -- it would reassess TDF's liquidity taking into account
any alternative plan to address the 2016 maturities.



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


SPRINGER SBM: S&P Revises Outlook to Positive & Affirms 'B' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on German
publisher Springer SBM One Gmbh to positive from stable.  S&P
affirmed its 'B' long-term corporate credit rating on Springer.

At the same time, S&P assigned a 'B' issue rating to Springer's
proposed EUR600 million senior secured term loans, with a
recovery rating of '3', reflecting S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

S&P affirmed its 'B' issue ratings on Springer's proposed upsized
EUR250 million secured revolving credit facility and on the
group's existing senior secured debt.  The recovery ratings are
unchanged at '3'.

S&P also affirmed its 'CCC+' issue rating on the group's EUR640
million private high-yield facilities.  The '6' recovery rating
reflects S&P's expectation of negligible (0-10%) recovery in the
event of a payment default.

The outlook revision follows Springer's announcement in January
2015 that it will merge with the majority of Macmillan Science
and Education (MSE).  S&P anticipates that the integration of
Springer's and MSE's operations and the group's growth plan will
likely lead to improved credit metrics, over the 12 months
following the merger, to levels commensurate with a higher
rating.

In particular, S&P expects that the combined group's ratio of
adjusted funds from operations (FFO) to cash interest will
increase to almost 2.5x, compared with 2.2x in 2014 for Springer
alone; and adjusted debt to EBITDA will decrease to the 7.0x-7.5x
range, excluding shareholder loans, from S&P's estimate of about
8x at year-end 2014 for Springer alone.  As part of the announced
transaction, Springer will increase its senior credit facilities
by EUR600 million and its revolving credit facility (RCF) by
EUR100 million.  S&P expects that the RCF will be undrawn at
closing of the transaction.  At the same time, MSE will
contribute about EUR90 million of EBITDA, based on S&P's estimate
for 2014, and almost no debt.

S&P continues to view Springer's financial risk profile as
"highly leveraged" under S&P's criteria, reflecting the group's
very high debt.  Positive factors are sound free operating cash
flow (FOCF) that covers annual mandatory debt repayments and a
covenant-light debt structure.

Although the group will be larger following the merger, and
Springer and MSE complement each other in the scientific,
technical, and medical (STM) business, S&P will likely continue
to assess Springer's business risk profile as "satisfactory."
This reflects S&P's view of MSE's education segment as a weaker
business than STM publishing.  In S&P's opinion, the contribution
of MSE's flagship "Nature" journal will reinforce the group's
strong position as the world's largest publisher of STM books and
journals.  The STM unit, including "Nature," is expected to
account for about 70% of the combined group's revenues and an
even higher percentage of EBITDA.  The group will continue to
generate a high proportion of stable and recurring subscription
sales, and solid profitability through its STM business, which
offers moderate but steady growth prospects over the next few
years. Tempering these strengths is the exposure of MSE's
education segment to public-sector spending on education and
curriculum cycles, in S&P's view, and its markedly lower margin.
S&P also continues to regard Springer's smaller business-to-
business unit as weaker than the much larger STM operations
because it has some exposure to cyclical advertising spending.

S&P acknowledges that the integration of the two businesses will
dilute Springer's EBITDA margin, due to MSE's lower
profitability. That said, the group's EBITDA margin will remain
in line with the average of peers, in S&P's view.  For 2014, S&P
estimates Springer's reported EBITDA margin at close to 38%
compared with about 18% for MSE, excluding costs related to the
development of the new Ecosystem platform.  The difference is
mainly due to MSE's lower share of digital content and the lower
profitability of MSE's education publishing unit.

The combination of a "satisfactory" business risk profile and
"highly leveraged" financial risk profile leads to an anchor of
'b+' for Springer.  However, S&P regards Springer as having
higher leverage than peers in S&P's comparative rating analysis.
S&P consequently makes a downward adjustment of one notch to the
anchor.

S&P forecasts that Springer/MSE's revenue growth will be in the
mid-single digits in 2015, based on sound performance at the STM
business on the back of high and steady renewal rates.  S&P
believes other growth drivers will include the group's ability to
develop MSE's open-access publications, electronic book (eBook)
collection, and archive sales.  S&P also anticipates increasing
revenues from MSE's education segment, at least in line with
historical trends, thanks to refocusing on emerging countries
where education spending is high.

S&P believes that the continued migration of MSE's activities to
digital from print, and potential cost synergies of about EUR50
million expected to be achieved in full by 2018, will strengthen
the group's profitability over the 12 months following the
merger. This is despite S&P's anticipation of restructuring costs
related to the merger.  Moreover, S&P forecasts that
Springer/MSE's reported EBITDA margin will increase by about 100
basis points (bps) over that period.

In S&P's base case for the 12 months following the merger, it
assumes:

   -- A moderate GDP increase of about 1% in 2015 in the eurozone
      (European Economic and Monetary Union), stronger GDP growth
      of 3% in the U.S., and further improvement in both regions
      in 2016.  S&P's eurozone GDP growth forecast balances the
      faster growing U.K. and Spain economies, which S&P thinks
      could expand by 2.7% and 1.9%, respectively, in 2015,
      against slower growth of 0.2%-1.1% this year in France,
      Italy, and Germany.

   -- Mid-single-digit revenue growth, including low-single-digit
      growth for Springer's premerger operations, and higher
      revenue growth for MSE's operations, led by the development
      of online journals, eBooks, and archive sales.

   -- A higher reported EBITDA margin, S&P estimates by about 100
      bps, despite about EUR15 million of restructuring costs.

Based on these assumptions, S&P arrives at these credit measures
over the next 12 months following the merger:

   -- An adjusted debt-to-EBITDA ratio of 7.0x-7.5x.
   -- An adjusted FFO-to-debt ratio of 5.5x-6.0x.
   -- An adjusted FFO-to-cash interest ratio of about 2.5x.

The positive outlook reflects S&P's view that Springer's credit
metrics will likely strengthen over the next 12 months after the
merger with MSE.  In particular, S&P expects the group's adjusted
debt to EBITDA to decrease to 7.0x-7.5x from S&P's estimate of
about 8x, excluding shareholder loans, at year-end 2014.  S&P
also projects that the adjusted FFO-to-cash interest ratio will
be close to 2.5x, compared with 2.2x in 2014.

Hinging on the successful integration of Springer's and MSE's
operations, and the materialization of the combined group's
growth plan and synergies, is S&P's anticipation that
Springer/MSE's sound FOCF should enable the group to steadily
reduce the adjusted leverage ratio, excluding shareholder loans,
and maintain "adequate" liquidity during the 12 months following
the merger.

S&P could consider raising the ratings if Springer sustainably
achieved adjusted FFO to cash interest coverage of about 2.5x and
continued generating positive FOCF, while approaching adjusted
leverage of 6x, excluding shareholder loans.  An upgrade would
also hinge on S&P's perception that the group's financial policy
will remain supportive of higher ratings.

S&P could revise its outlook on Springer to stable if the
integration of the two businesses and progress on the growth plan
were slower than expected, resulting in adjusted FFO-to-cash
interest coverage materially below 2.5x, or an erosion of FOCF
and liquidity.  A substantial change in the group's financial
policy, including acquisitions that resulted in weaker credit
metrics than S&P expects, could also weigh on the ratings.



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


PISCES FINANCE 2006-02: S&P Lowers Credit Rating to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' from 'BBB-'
its credit rating on Pisces Finance Ltd.'s series 2006-02.

The downgrade follows S&P's Jan. 30, 2015 downgrade of CAP S.A.
CAP acts as one of the underlying obligors in series 2006-02.

Under S&P's repack criteria, its rating on Pisces Finance's
series 2006-02 is linked to its long-term issuer credit rating on
CAP.

Therefore, following S&P's recent downgrade of CAP, it has
consequently lowered to 'BB+' from 'BBB-' its rating on Pisces
Finance's series 2006-02.

Pisces Finance's series 2006-02 is a repack transaction that
closed in October 2006.



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


HUNGARY: Differs in Resilience to External Shocks with Slovenia
---------------------------------------------------------------
Subdued economic growth prospects and large debt stocks continue
to pose challenges for Slovenia (Baa3 stable) and Hungary (Ba1
stable), but the countries differ in their resilience to external
shocks, says Moody's Investors Service in a new peer comparison
report.

The rating agency's report is an update to the markets and does
not constitute a rating action.

According to Moody's, structural factors limit both Slovenia's
and Hungary's economic growth potential.  The rating agency
expects Slovenia's growth to remain weak as the recovery of part
of the corporate sector will likely take several years, while in
Hungary, challenges stem from rigidities in the labor market and
the weaknesses in the business environment.

That said, for both countries, economic growth in 2014 was
stronger than anticipated, because of stronger public sector
investment and improved absorption of EU funding, but this is
unlikely to be repeated in the coming years, according to
Moody's.

In addition, both countries' weak banking systems result in a
limited ability to support credit growth for those companies that
are able to borrow, says Moody's, although non-performing loans
(NPLs) levels are unlikely to worsen in 2015.  According to the
rating agency, Hungary's NPLs -- which stood at 21.3% of total
loans at the end of Q1 2014 -- could improve following recent
policy actions announced pertaining to the banking sector, while
Slovenia's NPLs -- 15.7% as of Q3 2014 -- will likely stabilize
in 2015.

Moody's notes that whereas Slovenia's growth outlook is subdued,
it is supported by the diversification of its exports, which
includes a strong focus on high value-added niche products, while
Hungary's flexible exchange rate supports its exporters' price
competitiveness, and its central bank funding scheme has helped
boost economic growth.

Both countries' debt burdens will likely continue to remain
sizeable in 2015, says Moody's.  It expects that Hungary's will
slowly decline to 76%, while Slovenia's will trend upward to 83%
until the end of this year before slowly reversing.  Slovenia's
debt burden has worsened following its efforts to stimulate the
economy and recapitalize banks since 2009.

Despite the diverging debt trends, risks stemming from external
shocks are higher for Hungary than for Slovenia, as the former is
more exposed to potential shocks stemming from a shift in
investor confidence due to the high level of foreign-currency-
denominated debt (40% for Hungary vs. less than 20% of total
government debt for Slovenia).  Moreover, Hungary's refinancing
needs in 2015 are greater than Slovenia's, at around 22% of GDP
and 17% of GDP, respectively.

However, external vulnerabilities have decreased for both
countries alongside an economic rebalancing.  Current accounts in
both countries have recorded sustained surpluses in recent years
-- a trend that will likely continue in 2015, respectively, says
Moody's, reflecting strong exports and still subdued domestic
demand.

Moreover, Hungary has large currency reserves -- with a foreign-
exchange buffer of EUR35 billion, or 35% of GDP at the end of
December 2014 -- while Slovenia benefits from access to euro area
backstop facilities like the European Stability Mechanism (ESM,
Aa1 stable).



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


AERCAP HOLDINGS: Moody's Alters Outlook to Pos. & Affirms Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 corporate family
rating of AerCap Holdings N.V. and revised the rating outlook to
positive from stable.  The ratings of AerCap's supported
subsidiaries were similarly affirmed and outlooks changed to
positive.

Moody's affirmed AerCap's ratings and changed its outlook to
positive to recognize AerCap's progress integrating the
operations of International Lease Finance Corporation and
reducing leverage toward target levels sooner than anticipated.

Since acquiring ILFC in May 2014, AerCap has combined the AerCap
and ILFC workforces while retaining key ILFC employees,
transitioned nearly all ILFC aircraft to lower-tax Ireland, and
consolidated core operating systems.  Moody's anticipates that
AerCap will make further strides during 2015 with respect to
achieving operating efficiencies that should reduce combined
operating expenses by approximately $100 million per year.
AerCap has already achieved its $1 billion annual earnings
objective, on the strength of higher than anticipated lease
revenues and lower funding costs.

AerCap has also steadily decreased its leverage toward its target
range of 2.7x -- 3.0x net debt/adjusted equity.  Moody's
anticipates that AerCap's leverage by this measure will decline
to 3x by the end of 2015 from 3.4x at year end 2014, even as the
company repurchases up to $250 million of shares during the year.
Moody's measure of AerCap's leverage at the end of 2014 is a
moderately higher 4.1x because the agency provides less equity
credit for the company's trust preferred securities and does not
net cash against outstanding debt.

AerCap has strengthened its liquidity during the past year by
increasing the size and extending the maturity of key liquidity
facilities.  AerCap's ratio of available sources (including
operating cash flow) to debt service plus aircraft acquisition
commitments increased to 1.6x at year end 2014, above its 1.2x
target.  Moody's estimates that AerCap has about 18 months of
liquidity in a stress scenario that assumes no access to the
capital markets.

Constraints on AerCap's ratings include performance risks
stemming from its ongoing integration of ILFC, significant
speculative aircraft purchase commitments, and reliance on market
funding.

Moody's could upgrade AerCap's ratings if the company's
integration of ILFC continues to progresses favorably, its
financial performance benefits from anticipated operating
synergies, it maintains strong liquidity, and if adjusted
leverage (per AerCap's calculation) declines to the company's 3x
target and Moody's effective leverage declines to less than 3.5x.

Moody's could downgrade AerCap's ratings if the company's
operating prospects weaken, it encounters meaningful difficulties
placing under lease the aircraft scheduled to deliver in coming
periods, liquidity weakens, or leverage increases from current
levels.

AerCap is a major commercial aircraft leasing company with
headquarters in the Netherlands and listed on the New York Stock
Exchange (AER).

Ratings affected:

AerCap Holdings N.V.:

  -- Outlook: to positive from stable

  -- Corporate Family: affirmed at Ba2

AerCap Ireland Capital Limited:

  -- Outlook: to positive from stable

  -- Backed senior unsecured: affirmed at Ba2

Delos Finance SARL:

  -- Outlook: to positive from stable

  -- Backed senior secured bank credit facility: affirmed at Ba1

Flying Fortress Inc.:

  -- Outlook: to positive from stable

  -- Backed senior secured bank credit facility: affirmed at Ba1

ILFC E-Capital Trust I:

  -- Outlook: to positive from stable

  -- Backed preferred stock: affirmed at B1(hyb)

ILFC E-Capital Trust II:

  -- Outlook: to positive from stable

  -- Backed preferred stock: affirmed at B1(hyb)

International Lease Finance Corporation:

  -- Outlook: to positive from stable

  -- Senior unsecured: affirmed at Ba2

  -- Senior unsecured shelf: affirmed at (P)Ba2

  -- Senior secured: affirmed at Ba1

  -- Preferred stock: affirmed at B1(hyb)

The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.


AERCAP HOLDINGS: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based aircraft lessor AerCap Holdings N.V. to
positive from stable, and affirmed all ratings on the company,
including the 'BB+' corporate credit rating.

"We base our outlook revision on lower-than-expected debt
leverage following AerCap's acquisition of ILFC on May 14, 2014,"
said Standard & Poor's credit analyst Betsy Snyder.  "As of Dec.
31, 2014, the company's debt-to-capital ratio had declined to
around 77%, approaching the mid-70% area we had cited as a
possible trigger for an upgrade.  We now expect AerCap's debt to
capital to reach that level within the next year, thanks to
greater-than-expected asset sales and a higher-than-expected
equity valuation at the time of the acquisition.  Our positive
outlook also incorporates the $250 million share repurchase
program in 2015 the company announced on Feb. 23, 2015."

AerCap is the largest aircraft lessor in terms of asset value,
and the second largest in terms of number of aircraft, behind
General Electric Capital Aviation Services.  As of Dec. 31, 2014,
the company owned 1,132 and managed 147 aircraft.  It has an
order book of 380 aircraft to be delivered through 2022,
comprising a large number of in-demand, new-technology Airbus
A350s and A320 neos (new engine option), and Boeing 787s.
However, like other aircraft lessors, AerCap faces cyclical
demand and lease rates for aircraft, and customer airlines' often
weak credit quality.  The integration of ILFC into AerCap, which
should result in $100 million of annual cost synergies, remains
on schedule.



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


NOSTRUM MORTGAGES 2003-1: S&P Cuts Rating on Class A Notes to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Nostrum Mortgages 2003-1 PLC's class A notes.  At the same time,
S&P has affirmed its ratings on the class B and C notes.

Upon publishing its updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received in
November 2014.  S&P's analysis reflects the application of its
residential mortgage-backed securities (RMBS) criteria and its
RAS criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'.  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as not all of the
conditions in paragraph 48 of the RAS criteria are met, S&P
cannot assign any additional notches of uplift to the ratings in
this transaction.

As S&P's unsolicited long-term rating on the Republic of Portugal
is 'BB', S&P's RAS criteria caps at 'BBB+ (sf)' the maximum
potential rating for all classes of notes in this transaction.

This transaction features an amortizing reserve fund, which
currently represents 1.04% of the notes' outstanding balance.

Severe delinquencies of more than 90 days at 0.56% are on average
lower for this transaction than our Portuguese RMBS index.
Defaults are defined as mortgage loans in arrears for more than
three months in this transaction.  Cumulative defaults are
slightly above 1%.  Prepayment levels remain low and the
transaction is unlikely to pay down significantly in the near
term, in S&P's opinion.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria.  In this
transaction, S&P's rating on the class A notes is constrained by
its rating on the sovereign.

Under S&P's RAS criteria, the available credit enhancement for
the class A notes is not sufficient to withstand the stresses
that S&P applies at rating levels higher than 'BB'.
Consequently, S&P has lowered to 'BB (sf)' from 'BBB (sf)' its
rating on the class A notes.

Taking into account the results of S&P's updated credit and cash
flow analysis, it considers the available credit enhancement for
the class B and C notes to be commensurate with S&P's currently
assigned ratings.  S&P has therefore affirmed its 'B(sf)' and
'B-(sf)' ratings on the class B and C notes, respectively.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its weighted-average
foreclosure frequency assumptions by assuming additional arrears
and fluctuations on house prices for one-year and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that S&P would
associate with each relevant rating level, as outlined in S&P's
credit stability criteria.

S&P expects severe arrears in the portfolio to remain at their
current levels due to moderate economic growth and high
unemployment.  S&P expects the real estate market to stabilize in
2015.  However, price rises will likely be limited to 1.0% in
2015, as housing demand will stay constrained.

Nostrum Mortgages 2003-1 is a Portuguese RMBS transaction, which
closed in November 2003 and securitizes first-ranking mortgage
loans.  Caixa Geral de Depositos S.A originated the pool, which
comprises loans granted to prime borrowers in Portugal.

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

S&P's ratings are based on its applicable criteria, including
those set out in the criteria article "Update To The Criteria For
Rating Portuguese Residential Mortgage-Backed Securities,"
published on Jan. 6, 2009.  However, these criteria are under
review.

As a result of this review, S&P's future criteria applicable to
rating transactions backed by Portuguese mortgage assets may
differ from S&P's current criteria.  These criteria changes may
affect the ratings on the outstanding RMBS transactions that S&P
rates.  Until such time that S&P adopts new criteria, it will
continue to rate and surveil these transactions using its
existing criteria.

RATINGS LIST

Class       Rating            Rating
            To                From

Nostrum Mortgages 2003-1 PLC
EUR1 Billion Mortgage-Backed Floating-Rate Notes

Rating Lowered

A           BB (sf)           BBB (sf)

Ratings Affirmed

B           B (sf)
C           B- (sf)



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


AMERICAN VILLAGE: Put Up for Sale at Starting Price of EUR9.3MM
----------------------------------------------------------------
Gabriela Stan at Ziarul Financiar reports that American Village,
developed by Mainrom Invest, was put up for sale at a starting
price of EUR9.3 million, representing 35% of the debts to lender
BCR, which funded the project.

American Village is a bankrupt residential compound in northern
Bucharest.


OLTCHIM SA: Creditors to Discuss Reorganization Plan in March
-------------------------------------------------------------
Gabriela Stan at Ziarul Financiar, citing Gheorghe Piperea,
partner of administrator RomInsolv, reports that creditors of
Oltchim SA will discuss the insolvent company's reorganization
plan in March, which includes the sale for EUR307 million.

Mr. Piperea said he hopes the company would be sold by year-end.

Oltchim SA is a Romanian chemical producer.



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


AYT HIPOTECARIO II: Moody's Lifts Rating on Class C Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 25 notes,
affirmed the ratings of three notes, and confirmed the rating of
one note in eight Spanish residential mortgage-backed securities
(RMBS) transactions: AyT Hipotecario BBK II, FTA (AyT BBK II),
Bankinter 3, FTH (Bankinter 3), Bankinter 4, FTH (Bankinter 4),
Bankinter 7, FTH (Bankinter 7), Bankinter 9, FTA (Bankinter 9),
BBVA RMBS 3, FTA (BBVA RMBS 3), GC Sabadell 1, FTH (Sabadell 1),
and IM Sabadell RMBS 3, FTA (Sabadell 3).

The rating action concludes the review of 26 notes initiated on
Jan. 23, 2015, following the upgrade of the Spanish country
ceiling to Aa2 from A1.

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

The rating upgrades reflect (1) the increase in the Spanish
local-currency country ceiling to Aa2, (2) the reduction in the
portfolio credit enhancement (MILAN CE) in all transactions
except BBVA RMBS 3.  The rating confirmations and affirmations
indicate that the credit enhancement is commensurate with current
ratings for the affected classes of notes

The country ceilings reflect a range of risks that issuers in any
jurisdiction are exposed to, including economic, legal and
political risks.  On Jan. 20, 2015, Moody's announced a six-notch
uplift between a government bond rating and its country risk
ceiling for Spain.  As a result, the maximum achievable rating
for structured finance transactions was increased to Aa2 (sf)
from A1 (sf) for Spain.

During this rating review, Moody's reassessed the loan-by-loan
information using the latest pool cut files to determine each
transaction's MILAN CE.  Additionally, on Jan. 20, Moody's
announced that the minimum portfolio CE is no longer applicable
for most EMEA markets following the updates to its ABS and RMBS
rating methodologies. Following the reassessment and the updated
methodology, Moody's reduced the MILAN CE to 8.0% from 12.5% for
AyT BBK II, to 6.0% from 10.0% for Bankinter 3, to 6.1% from
10.0% for Bankinter 4, to 6.1% from 10.0% for Bankinter 7, to
7.0% from 10.0% for Bankinter 9 P Pool, to 9.5% from 12.5% for
Bankinter 9 T Pool, to 6.0% from 10%% for Sabadell 1, and to 8.6%
from 10.0% for Sabadell 3.

Moody's reassessed its lifetime loss expectation taking into
account the collateral performance of the transactions to date
and increased the expected loss assumption on Bankinter 3 to
0.49% from 0.39% as of original pool balance.

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

BBVA RMBS 3 and Sabadell 3 have issuer account bank exposure to
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA, Baa2/P-2) and Banco
Santander S.A (Spain) (Baa1/P-2) respectively.  The senior notes
in these two transactions have strong linkage to the issuer
account bank and Moody's capped their rating at Aa3 (sf).

In all the Bankinter transactions, Bankinter, S.A. (Baa3/P-3)
acts as swap provider.  The exposure to the swap counterparty
constrains the ratings of Bankinter 3 Class C notes, Bankinter 7
Class B notes and Bankinter 9 Class B(P) notes.  BBVA (Baa2/P-2)
is the swap counterparty in BBVA RMBS 3.  The swap exposure
constrains the ratings of Class A3c notes. Banco Sabadell, S.A.
(Ba2/NP) acts as swap provider in the two Sabadell transactions.
The swap exposure constrains the ratings of Classes B and C notes
in Sabadell 1 and the ratings of Classes B and C notes in
Sabadell 3.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

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: AYT HIPOTECARIO BBK II FTA

   -- EUR918 million Class A Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR43.5 million Class B Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 Baa1 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR38.5 million Class C Notes, Upgraded to Ba1 (sf);
      previously on Jan 23, 2015 B1 (sf) Placed Under Review for
      Possible Upgrade

Issuer: BANKINTER 3, FONDO DE TITULIZACION HIPOTECARIA

   -- EUR1273.6 million Class A Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR33.7 million Class B Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A3 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR15.2 million Class C Notes, Upgraded to A2 (sf);
      previously on Jan 23, 2015 Baa3 (sf) Placed Under Review
      for Possible Upgrade

Issuer: BANKINTER 4 FONDO DE TITULIZACION HIPOTECARIA

   -- EUR987.6 million Class A Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR21.5 million Class B Notes, Upgraded to A1 (sf);
      previously on Jan 23, 2015 Baa3 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR15.9 million Class C Notes, Upgraded to Ba1 (sf);
      previously on Jan 23, 2015 B1 (sf) Placed Under Review for
      Possible Upgrade

Issuer: BANKINTER 7 FONDO DE TITULIZACION HIPOTECARIA

   -- EUR471.8 million Class A Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR13 million Class B Notes, Upgraded to Baa2 (sf);
      previously on Jan 23, 2015 Ba2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR5.2 million Class C Notes, Upgraded to Ba1 (sf);
      previously on Jan 23, 2015 B2 (sf) Placed Under Review for
      Possible Upgrade

Issuer: BANKINTER 9 FONDO DE TITULIZACION DE ACTIVOS

   -- EUR656 million Class A2 (P) Notes, Upgraded to A1 (sf);
      previously on Jan 23, 2015 A3 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR244.2 million Class A2 (T) Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR15.3 million Class B (P) Notes, Upgraded to Ba1 (sf);
      previously on Jan 23, 2015 B1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR17.2 million Class B (T) Notes, Upgraded to A1 (sf);
      previously on Jan 23, 2015 Baa1 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR7.1 million Class C (P) Notes, Upgraded to B1 (sf);
      previously on Jan 23, 2015 B3 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR7 million Class C (T) Notes, Upgraded to Baa3 (sf);
      previously on Jan 23, 2015 Ba2 (sf) Placed Under Review for
      Possible Upgrade

Issuer: IM SABADELL RMBS 3, FTA

   -- EUR1411.2 million Class A Notes, Upgraded to Aa3 (sf);
      previously on Jan 23, 2015 A1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR14.4 million Class B Notes, Confirmed at Baa2 (sf);
      previously on Jan 23, 2015 Baa2 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR14.4 million Class C Notes, Upgraded to Baa3 (sf);
      previously on Jan 23, 2015 Ba1 (sf) Placed Under Review for
      Possible Upgrade

Issuer: BBVA RMBS 3 FONDO DE TITULIZACION DE ACTIVOS

   -- EUR1200 million Class A1 Notes, Affirmed B1 (sf);
      previously on Sep 24, 2014 Upgraded to B1 (sf)

   -- EUR595.5 million Class A2 Notes, Affirmed B1 (sf);
      previously on Sep 24, 2014 Upgraded to B1 (sf)

   -- EUR681.0 million Class A3a Notes, Upgraded to Aa3 (sf);
      previously on Jan 23, 2015 A3 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR136.2 million Class A3b Notes, Upgraded to Baa2 (sf);
      previously on Jan 23, 2015 Ba1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR63.5 million Class A3c Notes, Affirmed B2 (sf);
      previously on Sep 24, 2014 Confirmed at B2 (sf)

Issuer: GC SABADELL 1 FONDO DE TITULIZACION HIPOTECARIO

   -- EUR1020.6 million Class A2 Notes, Upgraded to Aa2 (sf);
      previously on Jan 23, 2015 A1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR19.2 million Class B Notes, Upgraded to Baa2 (sf);
      previously on Jan 23, 2015 Ba1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR10.2 million Class C Notes, Upgraded to Ba2 (sf);
      previously on Jan 23, 2015 Ba3 (sf) Placed Under Review for
      Possible Upgrade


* Moody's Says Spanish ABS SME Performance Improves
---------------------------------------------------
The 90-360 day delinquency rate of Spanish asset-backed
securities backed by loans to small and medium-sized enterprises
(ABS SME) continued to decrease in December 2014, according to
the latest indices published by Moody's Investors Service.

The 90-360 day delinquencies decreased to 3.00% in December 2014,
their lowest level since the fourth quarter of 2011, from 4.65%
in December 2013.  Cumulative defaults increased slightly to
4.02% in December 2014 from 3.93% in September 2014.

For ABS SME transactions, Spanish management companies (gestoras)
usually report losses as part of the outstanding defaults,
although it is not possible to know the loss component in the
outstanding defaults.

The transactions issued by Catalunya Banc (B3 review for upgrade)
remain the worst performers among the indices in December 2014,
with a cumulative default rate of 10.23% in December 2014, up
from 9.89% in September 2014.

The Spanish economic environment will likely continue to improve,
according Moody's latest forecast, with an expected slight
decline in unemployment levels.

The Jan. 23, 2015, Moody's has taken positive rating actions on
Spanish ABS transactions following the increase of the local-
currency country risk ceiling to Aa2 from A1 in Spain on Jan. 20,
2015.

In December 2014, 51 transactions drew on their reserve fund.
Sixteen of these transactions reported a principal deficiency
ledger, and 14 reported a fully depleted reserve fund.

The portfolio of Spanish ABS SME contained 65 outstanding
transactions with an outstanding pool balance of EUR14,378
million, compared with EUR23,825 million in December 2013.



=====================
S W I T Z E R L A N D
=====================


UBS GROUP: Fitch Gives Final 'BB+' Rating to Tier 1 Capital Notes
-----------------------------------------------------------------
Fitch Ratings has assigned UBS Group AG's (A/Stable/F1/a) Tier 1
Capital Notes a final rating of 'BB+'. UBS Group AG issued a
EUR1 billion 5.75% note (ISIN CH0271428309), a USD1.25 billion 7%
note (ISIN CH0271428333) and a USD1.25bn 7.125% note (ISIN
CH0271428317). The final rating is in line with the 'BB+(EXP)'
expected rating Fitch assigned to the notes on February 12, 2015.

KEY RATING DRIVERS

The Tier 1 Capital Notes are additional Tier 1 (AT1) instruments
with fully discretionary interest payments and are subject to a
full and permanent write-off on breach of a consolidated 5.125%
(for the EUR1 billion 5.75% and the USD1.25 billion 7% notes; the
'low-trigger notes') or 7% (for the USD1.25 billion 7.125% 'high-
trigger notes') common equity Tier 1 (CET1) ratio, which is
calculated on a 'phase-in' basis. Fitch has assigned the same
ratings to the 'high-trigger' and the 'low-trigger' notes.

The rating of the securities is five notches below UBS Group AG's
'a' VR, in line with Fitch's 'Assessing and Rating Bank
Subordinated and Hybrid Securities' criteria. The securities are
notched twice for loss severity to reflect the full and permanent
write-off of the notes on a breach of the CET1 ratio trigger, and
three times for non-performance risk.

The notching for non-performance risk reflects the instruments'
fully discretionary coupon payment, which Fitch considers as the
most easily activated form of loss absorption. They expect that
any coupon omission on the 'high-trigger' and 'low-trigger'
instruments would occur at the same time. Under the terms of the
securities, the issuer will be prohibited from making interest
payments if the amount of distributable items at UBS Group AG is
insufficient, if UBS Group AG is not in compliance with minimum
capital adequacy requirements, or if the regulator requires the
group not to make payments. They expect a heightened risk of non-
payment of interest should UBS Group AG's consolidated CET1 ratio
fall below 10%, the level that the group will be required to meet
from 1 January 2019.

At end-2014, UBS Group AG reported a 13.4% fully loaded CET1
ratio, which is the strongest in its peer group. At the same
date, its phase-in CET1 ratio, which is relevant for triggering a
write-down, stood at 19.5%, providing a buffer of about CHF22bn
before the group would breach a 10% CET1 ratio. The group targets
a 13% full loaded CET1 ratio and a 10% stressed CET1 ratio (using
an internal stress test).

Fitch has assigned 50% equity credit to the 'low-trigger notes'
and 100% equity credit to the 'high-trigger notes'. The equity
credit reflects their full coupon flexibility, their permanent
nature and their subordination to all senior creditors. The
higher equity credit assigned to the 'high-trigger notes'
reflects Fitch's view that they can be converted into common
equity well before the bank would become non-viable.

RATING SENSITIVITIES - HYBRID SECURITIES

As the securities are notched down from UBS Group AG's VR, their
rating is primarily sensitive to any change to the VR. The
securities' rating is also sensitive to changes in their
notching, which could arise if Fitch changes its assessment of
the probability of their non-performance relative to the risk
captured in UBS Group AG's VR. This may reflect a change in
capital management in the group or an unexpected shift in
regulatory buffer requirements, for example.



===========
T U R K E Y
===========


ALTERNATIFBANK AS: Fitch Affirms 'b+' Viability Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of six small Turkish
banks: Alternatifbank A.S., Anadolubank A.S. , Arap Turk Bankasi
A.S. (A&T Bank), BankPozitif Kredi ve Kalkinma Bankasi A.S.
(BankPozitif), Sekerbank T.A.S., and Turkland Bank A.S.
The Outlook on Sekerbank has been revised to Stable from
Negative; the Outlook on Turkland remains Negative. The Outlooks
on the other banks are Stable.

Fitch has also maintained the ratings of Tekstil Bankasi
(Tekstilbank) on Rating Watch Positive. Alternatifbank's leasing
subsidiary, Alternatif Finansal Kiralama A.S. has also been
affirmed.

KEY RATING DRIVERS AND SENSITIVITIES - IDRS, NATIONAL RATINGS,
SUPPORT RATINGS

Institutional support drives the IDRs, National ratings and
Support ratings of Alternatifbank (74.25% owned by Commercial
Bank of Qatar, CBQ, A/Stable) and its leasing subsidiary
Alternatif Finansal Kiralama (100%% owned by Alternatifbank),
BankPozitif (around 70% controlled by Israel's Bank Hapoalim, A-
/Stable) and Turkland Bank (50% owned by Arab Bank PLC, BBB-
/Negative).

Fitch views Alternatifbank as a strategically important
subsidiary for its parent institution; however, its Long-term
foreign currency Issuer Default Rating (IDR) is constrained by
Turkey's 'BBB' Country Ceiling. The ratings of Alternatif
Finansal Kiralama are equalised with those of Alternatifbank,
reflecting its high integration with the parent. The IDRs of
Alternatifbank and Alternatif Finansal Kiralama could be upgraded
or downgraded in line with a revision in the same direction of
the Country Ceiling. The ratings could also be downgraded in case
of a multi-notch downgrade of CBQ.

Fitch also views Turkland Bank as a strategically important
subsidiary for Arab Bank, but its ratings are notched down twice
from those of the parent due to the latter's only 50% ownership,
which in some circumstances may moderately limit the probability
of support, in Fitch's view. The Negative Outlook on Turkland
reflects that on Arab Bank, and a downgrade of the parent would
likely result in a downgrade of the subsidiary. The remaining 50%
ownership is held by Lebanon's BankMed Sal.

Fitch views BankPozitif as being of limited importance to
Hapoalim because of its small size and limited development plans,
and the bank's Long-term IDRs are therefore three notches lower
than those of its parent. BankPozitif's IDRs are sensitive to
changes in the IDRs of Hapoalim and in the strategic importance
of the subsidiary for the parent. BankPozitif's National rating
has been downgraded to 'AA+ (tur)' from 'AAA(tur)' to bring it in
line with peers with the same IDRs.

The IDRs and National ratings of Anadolubank, A&T Bank, Sekerbank
and Tekstilbank are driven by their Viability Ratings (VRs). The
RWP on Tekstilbank's IDRs, National rating and Support rating
reflects the potential for these ratings to be upgraded if
Industrial and Commercial Bank of China (ICBC; A/Stable)
completes the acquisition of a 75.5% stake in the bank. The
acquisition is awaiting final regulatory approval and expected to
be completed in 1H15. Fitch will resolve the Watch on the bank's
ratings if and when ownership changes. Tekstilbank's Long-term
foreign currency IDR will most likely be upgraded to 'BBB',
Turkey's Country Ceiling, upon completion of the acquisition.

The IDRs of Anadolubank, A&T Bank and Sekerbank are sensitive to
changes in their VRs. The banks' '5' Support ratings and 'No
Floor' Support Rating Floors reflect Fitch's view that support
cannot be relied upon either from shareholders or from the
Turkish authorities. Potential parental support is not factored
into the ratings of either A&T Bank, majority-owned by The Libyan
Foreign Bank, or Sekerbank, around 22% owned by Kazakhstan's JSC
Sovereign Wealth Fund Samruk-Kazyna (SK, BBB+/Stable). SK
provides little strategic or operational support to the bank. The
banks' Support ratings could be upgraded in case of acquisition
by a highly rated institution.

KEY RATING DRIVERS AND SENSITIVITIES - VIABILITY RATINGS

The VRs of the seven banks reflect their limited franchises,
small absolute size, and limited competitive advantages. However,
the ratings also consider the banks' currently generally
reasonable financial metrics and the largely supportive near-term
economic outlook.

The higher VRs of Anadolubank (bb) and Sekerbank (bb-), relative
to peers, reflect their larger and somewhat more established
franchises and, for Anadolubank, a track record of better asset
quality and performance. The revision of the Outlook on Sekerbank
to Stable from Negative reflects reduced risk of deterioration of
the bank's asset quality and profitability, and a stabilisation
of capital ratios.

A&T Bank's 'bb-' VR reflects its long track record of small
credit losses and solid financial metrics; however, the rating is
constrained by significant exposure to Libyan risks. The 'b+' VRs
of the other four banks are constrained by their limited
franchises and by weak capitalisation (Alternatifbank), rapid
growth (Turkland), uncertainty about future strategy pending the
change in ownership (Tekstilbank) and wholesale funding
dependence and frequent strategic changes (BankPozitif).

The franchises of all seven banks are narrow; none of them
controls a deposit market share in excess of 1%. Most offer a
mixture of general commercial and retail banking services,
largely to small and medium-sized companies. Two are more
specialised, namely A&T Bank, which focuses on trade finance and
other financial services conducted primarily between Turkey and
Libya, and BankPozitif, which provides boutique transactional
loans to large and medium-sized companies and specialised
consumer loans.

Operating conditions in 2015 are expected to improve as Fitch
expects GDP to grow by 3.5% (2014: around 2.7%) and local
interest rates have fallen from the highs reached at the outset
of 2014. This should stimulate credit demand. Loan growth
expectations for the seven banks under review are varied,
dictated by strategic targets, business niche and timing of
capital injections, among other drivers.

Fairly ambitious growth targets are set for Alternatifbank and
Turkland Bank, in line with shareholders' objectives. The
remaining commercial banks are targeting loan growth of around
15%-20%, in line with our expectations for the sector.

The average impaired loan/total loan ratio for the banks rose to
around 5% at end-3Q14 (1Q14: 4%). Single name concentration risk
is fairly high across all banks, reflecting their moderate size
and customer base. Anadolubank's impaired loans ratio of 3.2% was
somewhat lower than peers, while A&T Bank's was a low 1.1%.

Fitch core capital (FCC)/weighted risks ratios are more moderate
than peers at Alternatifbank (9% at end-3Q14) and Sekerbank
(11.1%). Alternatifbank's capitalisation is supported by regular
injections from CBQ, but likely to remain moderate given growth
plans. Sekerbank's capital ratio has stabilised after falling in
2013, and equity injections of a planned TRY125m (0.8% of risk-
weighted assets) by end-1Q15 should provide moderate support;
management's commitment to operate with a regulatory capital
adequacy ratio of around 13.5% is positive.

Anadolubank's FCC/weighted risks ratio, at around 14%, is solid,
considering loan quality and management's expectations that loan
loss reserve cover should be around 75%, higher than at peers.
A&T Bank's FCC ratio of 12.5% is reasonable, although the bank's
asset quality could be exposed to tail risks given Libyan-related
exposures. The relatively high 17%-18% FCC ratios of Turkland
Bank, Tekstilbank and BankPozitif are positive for their credit
profiles.

Funding and liquidity ratios are in general reasonable at each of
the banks. However, risks related to short-term foreign currency
wholesale funding are somewhat greater at Anadolubank, Sekerbank
and Tekstilbank, in Fitch's view. Foreign-owned peers should be
able to rely on liquidity support from parent institutions in
case of need.

Upside potential for the VRs of Anadolubank, Sekerbank and A&T
Bank is limited, given their already somewhat higher level and
the specific franchises of Sekerbank and A&T. However, a
strengthening of key financial metrics and an extended track
record of reasonable performance could put upward pressure on
Sekerbank's VR.

The 'b+' VRs of Alternatifbank, Tekstilbank and Turkland Bank
could be upgraded if the banks strengthen capitalisation
(Alternatifbank) and franchise (Tekstilbank, Turkland) without
growing excessively fast. The 'b+' VR of BankPozitif is unlikely
to be upgraded, given its wholesale funding dependence and niche
franchise.

The VRs of all seven banks could be downgraded in case of a
significant deterioration in asset quality. A sharp tightening of
liquidity could also result in pressure on the VRs of
Anadolubank, Sekerbank and Tekstilbank.

The rating actions are as follows:

Alternatifbank A.S.

Long-term FC IDR affirmed at 'BBB'; Stable Outlook
Long-term LC IDR affirmed at 'BBB+'; Stable Outlook
Short-term FC IDR affirmed at 'F2'
Short-term LC IDR affirmed at 'F2'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '2'
National Long-term Rating affirmed at 'AAA(tur)' Stable Outlook
USD250m senior notes guaranteed by Commercial Bank of Qatar
  affirmed at 'A'

Alternatif Finansal Kiralama A.S.

Long-term FC IDR affirmed at 'BBB'; Stable Outlook
Long-term LC IDR affirmed at 'BBB+'; Stable Outlook
Short-term FC IDR affirmed at 'F2'
Short-term LC IDR affirmed at 'F2'
Support Rating affirmed at '2'
National Long-term Rating affirmed at 'AAA(tur)' Stable Outlook

Anadolubank A.S.

Long-term FC and LC IDRs affirmed at 'BB' ; Stable Outlook
Short-term FC and LC IDRs affirmed at 'B'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
National Long-term Rating affirmed at 'AA-(tur)'; Stable
  Outlook

Arap Turk Bankasi A.S.

Long-term FC and LC IDRs affirmed at 'BB-'; Stable Outlook
Short-term FC and LC IDRs affirmed at 'B'
Viability Rating affirmed at 'bb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
National Long-term Rating affirmed at 'A+(tur)'; Stable Outlook

BankPozitif Kredi ve Kalkinma Bankasi A.S.

Long-term FC and LC IDRs: affirmed at 'BBB-'; Stable Outlook
Short-term FC and LC IDRs affirmed at 'F3'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '2'
National Long-term Rating downgraded to 'AA+(tur)' from
  'AAA(tur)'; Stable Outlook
Senior unsecured debt: affirmed at 'BBB-'
Senior unsecured debt issued out of Commerzbank International
S.A.: affirmed at 'BBB-'

Sekerbank T.A.S.

Long-term FC and LC IDRs affirmed at 'BB-'; Outlook revised to
  Stable from Negative
Short-term FC and LC IDRs affirmed at 'B'
Viability Rating affirmed at 'bb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
National Long-term Rating affirmed at 'A+(tur)'; Outlook revised
  to Stable from Negative

Tekstil Bankasi A.S.

Long-term FC and LC IDRs 'B+'; Rating Watch Positive maintained
Short-term FC and LC IDRs: 'B'; Rating Watch Positive maintained
Viability Rating affirmed at 'b+'
Support Rating: '5'; Rating Watch Positive maintained
Support Rating Floor affirmed at 'No Floor'
National Long-term Rating: 'A(tur)'; Rating Watch Positive
   maintained

Turkland Bank A.S.

Long-term FC and LC IDRs affirmed at 'BB'; Negative Outlook
Short-term FC and LC IDRs affirmed at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '3'
National Long-term Rating affirmed at 'AA-(tur)'; Negative
  Outlook



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


RANGERS FOOTBALL: Extraordinary General Meeting Set for March 6
---------------------------------------------------------------
BBC News reports that Rangers Football Club has confirmed its
extraordinary general meeting will take place at Ibrox on Friday,
March 6.

And the club have asked shareholder Dave King, who has called the
EGM, for clarity on his plans for the club, BBC relates.

According to BBC, shareholders will vote on Mr. King's
resolutions to replace the current board with himself and two
others.

As well as becoming a director himself, Mr. King wants former
Ibrox director Paul Murray and John Gilligan on the board, BBC
notes.

Rangers have taken out GBP10 million in loans from shareholder
and Newcastle United owner Mike Ashley for the purposes of
working capital, BBC discloses.

Mr. Ashley wanted to increase his stake, in underwriting a share
issue, but the Scottish Football Association denied him
permission, citing its dual ownership guidelines, BBC relays.

Mr. King bought a 15% stake in the club in January and called for
an EGM before the end of the month, BBC recounts.

In their statement to the London stock exchange, Rangers, as
cited by BBC, said: "On behalf of shareholders, the board feel it
appropriate to ask Mr. King to provide further information
regarding:

  (a) what his business plans are in regards to the future
      running of the club and, in particular, how he intends to
      finance the club going forwards; and

  (b) what action he intends to take to avoid the suspension of
      the company from trading on the London Stock Exchange (and
      the subsequent risk of being de-listed from trading) should
      shareholders vote him on to the board, as previously
      outlined in the announcement made on February 6, 2015."

                  About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


                            *********

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 2015.  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
202-362-8552.


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