TCREUR_Public/150410.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

            Friday, April 10, 2015, Vol. 16, No. 70



* BULGARIA: Several Hospitals Face Bankruptcy Risk


ARDELICA LTD: In Voluntary Liquidation


TOUAX SCA: Fitch Withdraws 'BB-(EXP)' Issuer Default Rating


PRIME 2006-1: Fitch Affirms 'Csf' Rating on Class E Notes
S-CORE 2007-1: Fitch Affirms 'Csf' Ratings on 3 Note Classes


GREECE: Makes EUR460MM Repayment to International Monetary Fund


KOSMOS ENERGY: Fitch Assigns 'B(exp)' Rating to Sr. Secured Notes
PERMANENT TSB: To Meet Potential Investors This Week


BANCO POPOLARE: Fitch Lowers Viability Rating to 'bb'
RIZZO BOTTIGLIERI: Files Chapter 15 Bankruptcy Petition
RIZZO BOTTIGLIERI: Chapter 15 Case Summary


EXIMBANK KAZAKHSTAN: S&P Assigns 'B-' Counterparty Credit Ratings


APERAM SA: Fitch Raises Corporate Family Rating to Ba2
ING GROUP: Fitch Assigns 'BB(EXP)' Rating to Tier 1 Notes
PDM CLO I: Fitch Raises Rating on Class E Notes Due 2023 to Ba3


AYT CGH CCM I: Fitch Affirms 'CCsf' Rating on Class D Notes

U N I T E D   K I N G D O M

AD ENTERPRISES: Put Into Administration
CLEAR LEISURE: Westhouse to Seek Dismissal of Winding Up Petition
COLLEGE COURT: Enters Administration
FIAT CHRYSLER: Moody's Assigns B2 Rating to New 144A/RegS Notes
FIAT CHRYSLER: S&P Assigns 'BB-' Rating on to US$3BB Sr. Notes

TIG FINCO: Fitch Assigns 'B-' IDR; Outlook Stable



* BULGARIA: Several Hospitals Face Bankruptcy Risk
FOCUS News Agency reports that Dr. Andrey Kehayov, chairperson of
the Bulgarian Medic Association, said "Big part of the hospitals
in Bulgaria find themselves in a state of practical bankruptcy."

According to FOCUS News, Mr. Kehayov said many of the medical
establishments in Bulgaria have debts that are bigger than their

"There is a need of a professional approach, since no work is
done in terms of outlining the objective needs of the different
regions at the moment.

There is a need to work out a health map of the needs of the
medical establishments and to account the problems in terms of
the human resources," FOCUS News quotes Dr. Kehayov as saying.

He commented further that the decrease of the money for hospital
aid would bring additional confusion and worsen the chaos in the
healthcare system, which will make certain hospitals unable to
realize certain activities, FOCUS News relays.


ARDELICA LTD: In Voluntary Liquidation
Pursuant to Section 204, subsection (b) of the BVI Business
Companies Act, 2004, Ardelica Ltd. has been put in voluntary
liquidation.  The voluntary liquidation commenced on February 9,
2015.  The Liquidator is Ekaterina Chichkina Lantidi of Agias
Zonis Street 72, Elma Court, Apartment M1, Agia Zoni, Limassol,


TOUAX SCA: Fitch Withdraws 'BB-(EXP)' Issuer Default Rating
Fitch Ratings has withdrawn Touax SCA's expected Long-term Issuer
Default Rating and expected long-term senior secured notes rating
of 'BB-(EXP)'.  The Outlook on the IDR was Stable prior to

The ratings have been withdrawn after Touax has decided not to
proceed with the senior secured notes offering and to continue
using other available financing options.

Fitch will no longer provide ratings or rating coverage for


PRIME 2006-1: Fitch Affirms 'Csf' Rating on Class E Notes
Fitch Ratings has affirmed PRIME 2006-1 Funding Limited
Partnership's notes as:

Class A notes (ISIN: XS0278567994): paid in full
Class B notes (ISIN: XS0278569776): paid in full
Class C notes (ISIN: XS0278570519): paid in full
Class D notes (ISIN: XS0278571756): paid in full
EUR9.8 million Class E notes (ISIN: XS0278572135): affirmed at
'Csf'; RE: revised to 40% from 0%

The transaction is a cash securitization of subordinated loans to
German medium-sized enterprises.  The portfolio companies were
selected by the originating banks HSH Nordbank AG (A-
/Negative/F1), Landesbank Baden-Wuerttemberg (A+/Negative/F1+)
and Haspa Beteiligungsgesellschaft fuer den Mittelstand mbH.


Prime 2006-1 reached scheduled maturity in August 2013.  The
companies' subordinated loans that are securitized in the pool
all became due shortly before the scheduled maturity date.
Currently, only class E notes remain outstanding, with the other
classes all repaid in full.  Beyond the scheduled maturity date,
two companies are still listed as constituents of the portfolio.
The total current portfolio amount of the two loans was EUR10.6
million as per the last investor report (August 2014).

Based on past payments of the non-performing portfolio companies
Fitch expects the class E notes to be repaid by approximately 40%
and has adjusted its Recovery Estimate (RE) on the class E notes
to 40% from 0% accordingly.

Consequently, Fitch does not expect the class E notes to be fully
repaid at legal final maturity in August 2015.  This is reflected
in the current rating of the class E notes.


After scheduled maturity, the transaction is primarily sensitive
to recoveries from defaulted or restructured agreements (via loan
restructuring agreements).

Fitch assigns RE to all notes rated 'CCCsf' or below.  REs are
forward-looking recovery estimates, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction.  There were no findings that were
material to this analysis.  Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing.  The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information it had relied upon for its initial
rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

S-CORE 2007-1: Fitch Affirms 'Csf' Ratings on 3 Note Classes
Fitch Ratings has affirmed the notes of S-Core 2007-1 GmbH as:

Class A1 secured notes (ISIN: XS0312778680): paid in full

Class A2 secured notes (ISIN: XS0312801763): paid in full

Class B secured notes (ISIN: XS0312778920): paid in full

EUR7.4m class C secured notes (ISIN: XS0312779068): affirmed at
'Csf' ; RE: revised to 5% from 0%

EUR12.4m class D secured notes (ISIN: XS0312779142): affirmed at
'Csf'; RE: 0%

EUR19.7m class E secured notes (ISIN: XS0312779225): affirmed at
'Csf'; RE: 0%

The transaction is a cash securitization of certificates of
indebtedness (Schuldscheindarlehen) to German SMEs originated and
serviced by Deutsche Bank AG (A+/Negative/F1+).


S-Core 2007-1 reached scheduled maturity in April 2014.  The
companies' remaining Schuldschein loans that were securitized in
the pool and which were not restructured or extended previously
became due shortly before the scheduled maturity date.  The class
C, D and E notes are still outstanding.  As of the last investor
report (January 2015), two companies remained in the portfolio.
According to the manager, a waiver of debt has been agreed with
one of the companies and no further repayments will be received.

The maturity of the other company's loan has been extended.  As
of the January 2015 report, the loan's outstanding notional
equaled EUR1.5 million.  Fitch does not have information on the
repayment prospects of this company, and given the unsecured
nature of the loan, the agency does not expect a full repayment
of the outstanding class C notes.  Further, Fitch expects that
class D and E noteholders will not receive any repayment.  This
is reflected in the 'Csf' ratings.

For the class C notes Fitch has revised its recovery estimate
(RE) to 5% from 0% to reflect possible repayments from the non-
performing company that might still occur until the legal final
maturity in April 2016.  For the remaining notes the REs were
maintained at 0%.


After scheduled maturity, the transaction is primarily sensitive
to repayments from the companies with defaulted or restructured

Fitch assigns RE to all notes rated 'CCCsf' or below.  REs are
forward-looking recovery estimates, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction.  There were no findings that were
material to this analysis.  Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing.  The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

Overall Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.


GREECE: Makes EUR460MM Repayment to International Monetary Fund
Ivana Kottasova at CNNMoney reports that the Greek finance
ministry on April 9 said Greece has made a crucial payment to the
International Monetary Fund.

Athens said the EUR460 million (US$497 million) payment has been
scheduled, dismissing rumors the government might not have enough
cash to pay on time, CNNMoney relates.

By sending the money, Greece has bought itself time to secure the
final portion of its EUR240 billion international bailout,
CNNMoney notes.

Eurozone finance ministers agreed earlier this year to extend
Greece's bailout program, but only once they're happy with the
country's plans for economic reforms, CNNMoney recounts.

Athens is pushing for the money to be released as soon as
possible, to avoid stumbling out of the eurozone, CNNMoney


KOSMOS ENERGY: Fitch Assigns 'B(exp)' Rating to Sr. Secured Notes
Fitch Ratings has assigned Kosmos Energy Ltd.'s (KOS; B/Stable)
upcoming senior secured notes an expected 'B(exp)' rating with a
Recovery Rating 'RR4'.

The notes are rated in line with KOS's Long-term Issuer Default
Rating of 'B' as they will represent direct, senior and
unconditional obligations of the company.

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

The notes will be issued at the holding company level and will
mirror the existing USD300 million notes due 2021.  The issue
proceeds will be used to repay a part of the company's reserve
based facility (RBF) and to enhance its liquidity position.

KOS is a small but growing oil and gas exploration and production
company focused on the offshore Atlantic margin, with 2014 net
production of 23 thousand barrels of oil per day (Mbpd) from the
offshore Jubilee field in Ghana (B/Negative).  The company has a
24.1% working interest in the Jubilee field, which produces
around 100Mbpd.  In 2014 KOS generated USD723 million in EBITDAX
(EBITDA before exploration expenses).


Hedging Mitigates Falling Oil Prices

Fitch expects KOS's EBITDA to decline in 2015 but to be mitigated
by its strong hedging position.  Around 70% of the company's 2015
production is hedged.  Its net leverage will be higher than
previously expected (current expectation: 1.8x at end-2015 for
funds from operations (FFO) adjusted net leverage; around 2x
through the cycle), though it should still be comfortably below
our negative rating action trigger (3.5x) in spite of heavy
capital spending primarily associated with the TEN project.

At end-March 2015, Brent was trading at around USD55/bbl,
compared with USD110/bbl in early July 2014.  Fitch expects
prices to rebound to the marginal cost of supply of USD80 Brent
by 2017, which we now use as a base case.

Business Scale Determines Ratings

KOS's scale of operations and limited geographical
diversification are dominant drivers of its 'B' ratings.  Its
business profile is constrained by its limited scale of
operations relative to other upstream exploration and production
peers.  KOS intends to boost production by developing two sites
in close proximity to the Jubilee field, TEN (Tweneboa, Enyenra,
Ntomme) and possibly MTA (Mahogany, Teak, Akasa), but this is
unlikely to dramatically change the company's industry position
in the medium term.

Concentrated Production

KOS's production remains highly concentrated in offshore Ghana.
Jubilee now accounts for 100% of KOS's total production.  At end-
2014 KOS had proved oil and gas reserves of 75 million barrels
(MMboe), which translates into reserve life of nine years,
typical for 'B'-rated names.

Ghana is likely to dominate KOS's output in the medium term
despite other exploration projects currently underway off the
coast of west Africa.  The concentration in Ghana and the
company's current reliance on the Jubilee field expose KOS to
elevated geological risks, as well as legal, political and tax

Elevated Country Risks

KOS is exposed to elevated country risks, as its operations are
concentrated in Ghana.  Ghana has a strong business environment
relative to that of other African countries, ranking 70 out of
189 in the World Bank's 2015 Doing Business Survey.  It is also
safer compared with some other parts of Africa such as the Niger
Delta, where local groups often attack companies, leading to
interrupted production and oil theft.  However, the country's
public finances are weak.

Fitch expects that the tax regime for oil companies in Ghana will
not change over the medium term, and KOS's tax burden will not
materially increase.  However, this possibility cannot be ruled
out due to Ghana's large budget deficit.  Fitch also assumes that
KOS's operations would not necessarily be affected by capital
controls or other possible restrictive measures, since the
company's proceeds do not flow through Ghana, and its cash assets
are kept primarily outside Ghana.  Fitch therefore do not cap
KOS's rating at the sovereign rating or the Country Ceiling.
However, we may review this approach if the government attempts
to revise the tax regime in Ghana.

Substantive Exploration Portfolio

KOS has a wide exploration portfolio, including several license
blocks in offshore west Africa, Portugal, Suriname and Ireland.
This may help KOS's replenishment of its reserves.  However,
success is not guaranteed, and the company's exploration budget
may put a strain on its free cash flow (FCF).  A failure to
translate exploration spending into increased proved reserves
could negatively affect the ratings.

Conservative Mid-Cycle Leverage

KOS's leverage will increase over the next two years but will
remain rather conservative compared with other 'B'-rated peers.
Its operating cash flows will decrease because of lower oil
prices, and capital intensity will remain high.  Based on Fitch's
conservative assumptions, Fitch expects the company's FFO
adjusted net leverage to fluctuate around 2x, higher than at end-
2014 (0.5x) but still a fairly moderate level.  Fitch also
believes KOS is likely to be FCF-negative in at least 2016 and


Strong Liquidity

As of Dec. 31, 2014, KOS's liquidity position was strong.  The
company had no short-term debt, and available cash of USD555
million. Additional liquidity support was also available in the
company's USD1.5 billion RBF (USD1,000 million undrawn) and its
undrawn USD300 million revolving credit facility.  The upcoming
notes should further improve the company's liquidity position.

Upcoming Notes

The upcoming notes are expected to mirror the existing 7.875%
senior secured notes due 2021.  Notes will be subordinated to
KOS's USD1.5 billion RBF.  However, Fitch do not notch down the
rating of the notes from the company's IDR given its fairly
strong recovery prospects, as reflected in the 'RR4' rating.


   -- Brent gradually recovering from USD55/bbl in 2015 to
      USD65/bbl in 2016 and USD80/bbl thereafter
   -- Crude production stable in 2015
   -- 2015 profitability supported by hedging
   -- No dividend payout


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

   -- Improvement to the upstream business profile (e.g. net
      production of at least 40mbpd per day)

   -- Enhanced asset quality (e.g. proved reserve life above nine

   -- Extremely conservative financial profile given the
      company's small scale (e.g. FFO adjusted net leverage
      consistently below 2x)

   -- Positive FCF on a sustained basis

   -- Organic reserve replacement ratio sustainably above 100%

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

   -- Significant project delays and cost overruns at the TEN and
      MTA blocks

   -- Exploration and development expenditure failing to produce
      a larger reserve base

   -- Deterioration in liquidity (e.g. cash and credit lines
      amounting to less than 50% of short-term debt)

   -- Leverage rising above expectations (e.g. consistently above
      3.5x), which would be a distress signal for a company of
      this size

   -- Unfavorable tax changes having a direct impact on KOS's
      cash-generating ability

   -- Organic reserve replacement ratio significantly below 100%

PERMANENT TSB: To Meet Potential Investors This Week
Geoff Percival at Irish Examiner reports that a clearer picture
of how Permanent TSB will look post-restructuring should become
visible in the next few weeks.

Addressing media following the bank's annual general meeting in
Dublin on April 8, chief executive Jeremy Masding said that
management will have met around 100 potential investors from
Europe and the US by the end of this week, Irish Examiner

However, Mr. Masding said the details won't be known until all
talks are concluded, Irish Examiner notes.  He said the process
was coming to a close however, but claimed it was still too early
to say if the exact structure of the bank's much-heralded capital
raising plan will be realized via a fuller initial public
offering, through a private placing of shares, or by private
equity investment, Irish Examiner relays.

If a flotation is decided, Mr. Masding, as cited by Irish
Examiner, said the company would likely seek admission to the
primary exchanges in Dublin and London.

PTSB recently reported its restructuring plan has been
tentatively approved by the European Union and that EUR400
million of a planned EUR525 million fundraising from private
investors will be used to repay the Government, by way of a
repurchase of contingent capital held by the State, Irish
Examiner recounts.  The plan, Irish Examiner says, will see it
streamlined to its core banking operations, with non-core
elements disposed of.

Earlier, PTSB chairman Alan Cook told shareholders the bank's
restructuring plan will set out the blueprint for the future of
the group, adding that it is very significant that management is
now so close to final agreement on the issue, Irish Examiner

Permanent TSB Group Holdings p.l.c., formerly Irish Life and
Permanent, Plc is a provider of personal financial services in


BANCO POPOLARE: Fitch Lowers Viability Rating to 'bb'
Fitch Ratings has downgraded Banco Popolare's (Popolare)
Viability Rating (VR) to 'bb' from 'bb+'.  Fitch has affirmed
Popolare's Long-term and Short-term Issuer Default Ratings
(IDRs), and those of its subsidiaries, at 'BBB'/'F3'.  The
Outlook on the Long-term IDRs is Negative.  The ratings of
subsidiary bank, Banca Italease, have been affirmed and withdrawn
following its merger into the parent.


Popolare's IDRs and senior debt ratings are driven by the bank's
SR and SRF and consider Fitch's assessment of the high likelihood
of support being made available to Popolare from the Italian
authorities in case of need.  They reflect Popolare's domestic
systemic importance.

The ratings are sensitive to Fitch's assumptions around either
the ability or propensity of Italy to provide timely support.

Fitch has assessed that the propensity of the Italian state to
provide support is weakening and the ratings are therefore
primarily sensitive to further progress made in implementing the
Bank Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM) for eurozone banks.  The directive
requires 'bail in' of creditors by 2016 before an insolvent bank
can be recapitalized with state funds.  A functioning SRM and
progress on making banks 'resolvable' without jeopardizing the
wider financial system are areas of focus for eurozone
policymakers.  Once these are operational they will become an
overriding rating factor, as the likelihood of banks' senior
creditors receiving full support from the sovereign if ever
required, despite their systemic importance, will diminish
substantially, unless mitigating factors emerge.

The Negative Outlook on the Long-term IDR reflects this view of
reducing likelihood of support from the sovereign.  As the BRRD
is enacted into EU legislation and progress on establishing the
SRM is made, Fitch expects to downgrade Popolare's SR to '5' and
revise the SRF down to 'No Floor' during 2Q15.  At this point,
Popolare's Long-term and Short-term IDRs and senior debt ratings
would likely be downgraded to the level of its VR.

The IDRs will also factor in Fitch's assessment of the level of
protection offered to Popolare's senior creditors by outstanding
loss absorbing junior instruments and will also consider the
bank's plans to raise junior debt.

The Italian state's ability to provide timely support to the
banks is dependent upon its creditworthiness, reflected in its
Long-term IDR of 'BBB+'/Stable.  A downgrade of Italy's sovereign
rating would reflect a weakened ability of the state to provide
support and therefore likely result in the downward revision of
the large Italian banks' SRFs.


The downgrade of Popolare's VR to 'bb' is the result of pressure
on capital exerted by both the very high level of unreserved
impaired loans, which at end-2014 accounted for almost 200% of
FCC, and weak internal capital generation.  In Fitch's opinion,
these pressures on capital render it highly vulnerable to severe
shocks, and not commensurate with the bank's risk profile.  It is
thus a high factor in determining the bank's VR.

Gross impaired loans grew by 15% during 2014 to EUR19.5 billion,
accounting for a high 24% of gross loans.  The combination of
rising impaired loans and higher coverage levels led Popolare to
book EUR3.6 billion of LICs in 2014 (4.5% of gross loans), which
was the main driver of the EUR2.7bn operating loss reported in
the year. The net loss reported in 2014 was EUR1.9 billion, which
in Fitch's opinion erodes the benefits of the EUR1.5 billion
capital raised in April 2014.

A large portion (EUR1.6 million) of the additional LICs booked in
2014 emerged from the ECB Asset Quality Review and is not
expected to recur.  Nonetheless, in Fitch's opinion, Popolare's
structural profitability is weak.  The bank has been reporting
operating losses since 2010 and Fitch expects only a gradual
turnaround in profitability at least until 2016.


The VR would come under further pressure if assets deteriorated
significantly in 2015, causing additional losses to erode capital

An upgrade of the VR would require a significant reduction in the
level of unreserved impaired loans relative to FCC.  A turnaround
in operating performance would also be necessary.


Subordinated debt and other hybrid capital issued by Popolare,
and by its subsidiaries, are all notched down from Popolare's VR,
in accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risk
profiles.  Their ratings are primarily sensitive to any change in
Popolare's VR, which drives the ratings.

Following the downgrade of Popolare's VR, the long-term ratings
of its subordinated and hybrid debt and the long-term rating of
the subordinated debt originally issued by its subsidiary Banca
Italease (transferred to Popolare when Banca Italease was merged
into Popolare on 16 March 2015) have also been downgraded by one
notch.  The 'C' Long-term rating of Banca Italease's trust
preferred securities reflects their non-performance and Fitch's
expectation that the securities are unlikely to resume coupon
payments in the near future.


The ratings of Popolare's subsidiary, Banca Aletti & C. S.p.A.,
are based on Fitch's view that Popolare would support it, if
needed.  Fitch considers Banca Aletti as a core subsidiary given
its role in the group.

Fitch has affirmed and simultaneously withdrawn the ratings of
Popolare's subsidiary, Banca Italease.  The withdrawal follows
the latter's merger into the parent bank on March 16, 2015.  The
ratings have been withdrawn because the legal entity ceased to
exist.  The outstanding debt issued by Banca Italease continues
to be rated and is being transferred under the parent.

The rating actions are:


Long-term IDR: affirmed at 'BBB'; Outlook Negative
Short-term IDR: affirmed at 'F3'
Viability Rating: downgraded to 'bb' from 'bb+'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Senior debt (including programme ratings): affirmed at
Commercial paper: affirmed at 'F3'
Lower Tier 2 subordinated debt: downgraded to 'BB-' from 'BB'
Preferred stock and junior subordinated debt: downgraded to 'B-'
  from 'B'

Banca Italease:

Long-term IDR: affirmed at 'BBB'; Outlook Negative and withdrawn
Short-term IDR: affirmed at 'F3' and withdrawn
Support Rating: affirmed at '2' and withdrawn
Senior debt: affirmed at 'BBB' and transferred to Popolare
Market-linked securities: affirmed at 'BBBemr' and transferred
  to Popolare
Lower Tier 2 subordinated debt: downgraded to 'BB-' from 'BB'
  and transferred to Popolare
Trust preferred securities (ISIN: XS0255673070): affirmed at 'C'
  and transferred to Popolare

Banca Aletti & C. S.p.A.:

Long-term IDR: affirmed at 'BBB'; Outlook Negative
Short-term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'

RIZZO BOTTIGLIERI: Files Chapter 15 Bankruptcy Petition
Dawn McCarty at Bloomberg News reports that Rizzo Bottiglieri de
Carlini Armatori SpA has filed a bankruptcy petition in Texas
after seeking protection from creditors in Italy.

The company filed under Chapter 15 of the U.S. Bankruptcy Code,
which would prevent creditors from taking action against the
company's U.S.-based assets while it reorganizes under Italian
law, Bloomberg relates.

The company listed assets and debt of more than US$500 million
each in court documents filed on April 8 in U.S. Bankruptcy Court
in Houston, Bloomberg discloses.

The Italian proceeding is before the Court of Torre Annunziata,
Bloomberg relays.  The company, Bloomberg says, is asking a U.S.
judge to recognize the Italian action as the primary proceeding.

The case is In re Rizzo Bottiglieri de Carlini Armatori SpA, 15-
32041, U.S. Bankruptcy Court, Southern District of Texas

Rizzo Bottiglieri de Carlini Armatori SpA is a marine freight
transportation services provider.

RIZZO BOTTIGLIERI: Chapter 15 Case Summary
Chapter 15 Petitioner: Michele Sandulli

Chapter 15 Debtor: Rizzo Bottiglieri-De Carlini Armatori S.P.A.
                   Viale Olivella 10
                   Torre del Greco, NA 80059

Chapter 15 Case No.: 15-32041

Chapter 15 Petition Date: April 8, 2015

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Chapter 15 Petitioner's Counsel: George Michael Chalos, Esq.
                                 CHALOS & CO, P.C.
                                 123 South Street
                                 Oyster Bay, NY 11771
                                 Tel: 516-714-4300
                                 Fax: 516-750-9051

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $500 million to $1 billion


EXIMBANK KAZAKHSTAN: S&P Assigns 'B-' Counterparty Credit Ratings
Standard & Poor's Ratings Services assigned its 'B-' long-term
and 'C' short-term counterparty credit ratings to Eximbank
Kazakhstan. The outlook is stable.

At the same time, S&P assigned its 'kzBB-' Kazakhstan national
scale rating to the bank.

The ratings reflect the structurally high operating risks for a
bank operating primarily in Kazakhstan, factored into S&P's 'bb-'
anchor (S&P's starting point for assigning a rating to a bank)
for domestic banks, as well as S&P's view of Eximbank's "weak"
business position, "adequate" capital and earnings, "moderate"
risk position, "average" funding, and "moderate" liquidity, as
S&P's criteria define these terms.

The stand-alone credit profile (SACP) is 'ccc+'.  S&P do not
include any uplift in the ratings for extraordinary support from
the bank's owners or the Kazakh government, because S&P considers
the level of support to be uncertain.  In addition, S&P regards
Eximbank as having low systemic importance in Kazakhstan's
banking sector.  S&P's long-term rating on Eximbank is one notch
higher than the SACP based on S&P's view that the bank is in a
positive transition to diversify its revenues into transaction
banking for retail and corporate clients and its funding base
into retail deposits and some state-related funding.

S&P's assessment of Eximbank's business position as "weak"
reflects the bank's modest franchise in the Kazakh banking
sector, limited development over the past six years, and
concentration on servicing companies in the energy and real
estate and construction sectors.

With total assets of Kazakhstani tenge (KZT) 54.7 billion (about
US$300 million) and a very small market share of 0.3% by assets
as of year-end 2014, Eximbank ranked No. 30 among Kazakhstan's 38
commercial banks.  The bank has lost its competitive position
over the past six years -- falling from No. 18 at year-end
2008 -- due to significantly lower growth rates than other small
and midsize Kazakh banks.

Eximbank specializes in servicing the energy sector.  Since 2004,
it is 25% directly owned by JSC Central-Asian Power Energy
Company (CAPEC) and indirectly owned by Alexander Klebanov,
Sergey Kan, and Erkin Amirkhanov, who own 93% of CAPEC. Related
parties accounted for 50% of total deposits, 25% of total
guarantees, and 3% of lending as of year-end 2014.  Eximbank's
franchise and geographic diversification are limited to its
headquarters in Kazakhstan's capital, Almaty, and four branches
in North and Central Kazakhstan, mainly in the cities where CAPEC
operates. Retail customers accounted for 5% of total loans and
0.3% of total deposits as of year-end 2014.

The bank's strategy for 2014-2018 seeks more dynamic development
than in the past six years, aiming to achieve 1% market share by
assets at year-end 2018 through customer and product
diversification.  S&P believes this expansion strategy could be
curtailed by weaker growth prospects in Kazakhstan in 2015-2016,
despite the bank's initial target of more than 15,000 CAPEC
employees.  S&P will monitor how the bank uses the resources of
its shareholders to diversify its customer franchise and achieve
adequate returns through the cycle.

S&P's assessment of Eximbank's capital and earnings position as
"adequate" reflects S&P's expectation that the bank's
capitalization will likely weaken but remain adequate, reflecting
low balance sheet growth, low earnings capacity, and no planned
shareholder capital increases.  S&P forecasts that its risk-
adjusted capital (RAC) ratio for Eximbank will weaken to 7.5%-
8.0% as of year-end 2016 from 9.9% at year-end 2014.

The bank's tier 1 and total capitalization ratios were 25.5% and
30.2% as of year-end 2014, well exceeding the regulatory minimums
of 6.0% and 12.0%.

S&P regards the bank's earnings capacity as weak.  The bank
posted an average return on assets (ROA) of only 0.5% over the
past six years.  This is despite its net interest margin of 5.9%
in 2014, which compares favorably with its peers'.  S&P expects a
squeeze on the interest margin in 2015-2016, mainly on the
funding side, in line with trends in the Kazakh banking system.
Investments in franchise expansion and credit loss provisions
would also negatively affect profitability in 2015-2016.  The
bank expects to compensate these negative trends with an increase
in fees and commissions through its e-money and transaction
business. Consequently, S&P expects ROA will remain at about
0.4%-0.5% in 2015-2016.

S&P considers Eximbank's risk position to be "moderate" compared
with peers' in Kazakhstan and in other banking systems with
similar economic risk to Kazakhstan's under S&P's Banking
Industry And Country Risk methodology.  S&P's assessment balances
the bank's positives -- namely its low growth strategy and low
share of foreign currency lending -- against its concentrated
loan portfolio and high share of restructured loans.

Eximbank's high individual loan concentrations, long loan tenor,
and loan repayment terms are the main risk factors, in S&P's
view. The bank's top 20 clients accounted for about 80% of total
gross loans and 3.7x of total adjusted capital at year-end 2014,
which translates into higher concentration than at Commonwealth
of Independent States' peers of similar size.  S&P estimates that
about one-third of the bank's total loans is to the energy sector
and another one-third is related to construction and real estate.

The bank's reported nonperforming loans (NPLs; loans more than 90
days overdue) are not representative of its true asset quality.
According to regulatory statistics, its NPLs accounted for only
1% of total loans as of year-end 2014.  In addition, the bank
reported restructured loans at 45% of total loans as of year-end
2014, mostly relating to legacy loans in the construction and
real estate sector.  Therefore, S&P views the bank's provisions
of 21% as of year-end 2014 and budgeted credit costs of 2%-3% in
2015-2016 of total loans as low.

"We see two mitigating factors in the bank's risk position: the
absence of rapid loan growth following the 2008 financial crisis
and the currency breakdown in the loan portfolio.  Eximbank's
gross loan portfolio has contracted over the past three years by
24%, contrasting with the opposite trend of double-digit growth
at many small and midsize Kazakh banks, which we view with
caution in the current economic expansion cycle.  We understand
Eximbank aims for 5%-15% annual growth in 2015-2016, which is in
line with rates at smaller banks.  However, such growth would
exceed the 1%-3% credit growth we foresee for the system as a
whole, net of the devaluation we expect in the tenge.  Foreign
currency loans accounted for just 8% of total loans at year-end
2014," S&P said.

"In our view, Eximbank's funding profile is "average."  The
bank's average stable funding ratio of 94% over the past three
years supports this assessment.  Currently, the bank lacks retail
and state companies' deposits -- typical funding sources in the
Kazakh banking system.  We expect Eximbank to acquire both in the
next two years, which should help diversify its funding base,"
S&P added.

Customer deposits, predominantly corporate, accounted for 69% of
liabilities as of year-end 2014.  Eximbank was one of the few
Kazakh banks without a license for collection of retail deposits
up to February 2014.  The deposit base is highly concentrated,
with the top 20 depositors accounting for 73% of total deposits
while related parties' deposits accounted for about 50% of total
deposits.  S&P views the stability of deposits of related parties
as high.  These levels are somewhat higher than for other small
and midsize Kazakh banks. Eximbank's loan-to-deposit ratio, at
166% as of year-end 2014, compares unfavorably with the Kazakh
system average of 104%.

S&P views the bank's liquidity as "moderate," reflecting a low
share of liquid assets.  Cash, short-term placements with banks,
and government securities accounted for only 9% of total assets
as of year-end 2014.  The bank faces the repayment in July 2015
of a KZT4.5 billion domestic bond that accounted for 11% of total

Broad liquid assets accounted for a low 0.4x of short-term
wholesale funding as of year-end 2014.  This is significantly
lower than for domestic peers owing to Eximbank's high share of
short-term wholesale funding.

The stable outlook on Eximbank reflects S&P's expectations that
the bank will continue to diversify its franchise from the
current concentrated customer base and the financial profile will
likely show resilience in the current economic slowdown in
Kazakhstan.  S&P also factors in its anticipation of the tenge's
depreciation and increasing systemwide funding risks over the
next 12 months. In addition, S&P expects the bank to maintain
adequate capitalization in view of the expected franchise growth,
with no material increase in provisioning expenses.

S&P could consider a negative rating action if Eximbank:

   -- Is not able to repay its domestic bond in July 2015 in full
      and on time; or

   -- Experienced a liquidity shortage, for example, due to the
      exit of large depositors; or

   -- Is unable to diversify its funding away from shareholders;

   -- Faces diminished loss-absorption capacity owing to faster-
      than-planned credit growth or additional significant
      provisioning, in turn leading to S&P's forecast RAC ratio
      below 7%.

S&P does not expect a positive rating action on Eximbank over the
next 12 months due to S&P's view of the industry risk trend in
the Kazakh banking system as negative and the bank's modest
competitive position.


APERAM SA: Fitch Raises Corporate Family Rating to Ba2
Moody's Investors Service upgraded its ratings for Aperam S.A.,
upgrading its corporate family rating (CFR) to Ba2 from Ba3 and
probability of default ratings (PDR) to Ba2-PD from Ba3-PD.
Moody's also upgraded the rating of the US$200 million
convertible Eurobonds due 2020 to B1 from B2. The outlook on all
the ratings is positive.


The upgrade of the CFR reflects the strong operational
performance of the company in 2014 and Moody's view that Aperam
will be able to continue to improve both its EBIT and EBITDA
margins in 2015. Moody's further believes that significant
operational improvement will be sustained by the gains realized
through topline strategy Leadership Journey and the positive
development on anti-dumping measures in the European Union.
Finally, Moody's believes that the improvement of the competitive
environment in Europe, with the rationalization of capacity
implemented by the biggest players in the last few quarters, will
also benefit Aperam. The rating on the senior unsecured notes due
2018 is withdrawn since it has been fully repaid by the company.

More broadly, Aperam's CFR reflects (1) the cyclicality of
Aperam's end markets, with high correlation to GDP growth level
and consumer spending; (2) the highly competitive industry, still
showing excess capacity despite restructuring by several European
players; (3) the company's exposure to raw material price
volatility, particularly nickel and scrap; and (4) exposure to
the declining Brazilian market which represents a high proportion
of the company's profitability.

However, these negatives are partially mitigated by (1) the
company's improved operating performance since the implementation
of the Leadership Journey and active capital structure
management, which resulted in a substantial margin increase year
on year and a much reduced gross leverage ratio; (2) its strong
market position in Europe and high market share in Brazil; (3) a
background of improved global demand from the main end-markets of
automotive, consumer goods and capital goods; (4) provisional
anti-dumping duties on imports of cold rolled flat stainless
steel in the EU from China and Taiwan; and (5) a reduced pressure
on base price while having the structural ability to fully pass
through raw material price increase through the alloy surcharge
mechanism in Europe.

The main underlying stainless steel markets have recovered,
particularly in Europe where demand has been driven by growth in
automotive, capital goods and construction. In addition, the
regulatory environment in Europe is now more positive, with the
European Commission's decision to impose anti-dumping duties on
flat cold rolled products imported from China and Taiwan. Moody's
believes that Aperam should be able to capitalize on the improved
European market conditions resulting in a higher capacity
utilization rate, and improvement in the pricing environment to
at least stabilize its operating margins compared to current
levels. In Brazil, the other main market for Aperam, the company
enjoys local status, high market share in flat-rolled sheets and
also benefits from anti-dumping duties implemented by the
Brazilian government in 2013.

Those factors lead to a better environment that Moody's believes
should continue over the next 12 months, supporting Aperam's
profitability. Finally, the gains realised through the
restructuring and cost efficiency measures implemented since 2011
allow the company to report a significant improvement in margins,
with both EBIT and EBITDA margins into positive territory since
H1 2014 and now standing at 5.1% and 9.6% respectively on a
Moody's adjusted basis.

Moody's expects that cash flow generation will remain positive,
helped by moderate capex and reduced financial expenses following
the company's active balance sheet management, with notably the
issuance of the ORNANE convertible bond in July 2014 and early
repayment of the outstanding High Yield Bonds at the beginning of
October 2014 and April 2015. Moody's expects working capital
requirement to be higher this year than historically on the
ground of higher volume and building up of inventories in
anticipation of higher demand post anti-dumping measures in
Europe, though not threatening solid positive free cash-flow
generation. The company has so far implemented a rather
conservative financial policy. While Moody's contemplates that a
dividend payment could be resumed at some stage, the current
rating and outlook does not incorporate a substantial step up of
payment to shareholders, nor a debt financed material

Liquidity Profile

Moody's sees the company as having adequate liquidity, with
sources of approximately USD697 million, consisting of cash and
cash equivalents of USD197 million (end of 2014 reported amount)
and credit lines of USD500 million (Borrowing Base Facility,
BBF). Moody's also notes that Aperam has recently renegotiated
its BBF, increasing the committed amount to USD500 million (with
a USD50 million swinging facility in the form of a sub limit) and
extended the maturity to 2018. Aperam can also rely on various
banking facilities for more than USD120 million. Finally, the
company uses True Sale of Receivables programs of EUR270 million
in total that helps in managing its working capital requirements,
particularly in a strong growth environment.


Aperam has a mix of secured and unsecured debt. Its largest piece
of secured debt is its USD500 million borrowing base revolving
credit facility, which is secured by inventories and receivables,
and benefits from upstream guarantees of certain operating
subsidiaries. The company has repaid all its outstanding high
yield bonds and only reports USD500 million of Convertible Bonds
(including Equity portion) due in 2020 and 2021, that are
unsecured and do not benefit from any operating entities'
upstream guarantees. Moody's notes that the current notching on
the rated unsecured convertible notes due 2020 could narrow if
the CFR was to be upgraded with no significant change in the
current capital structure.


Moody's maintained its positive outlook on the CFR. Moody's
assumes a continued favorable European stainless steel market for
2015 and a mostly stable Brazilian market, despite the slowdown
in GDP growth and domestic demand. Together with the operational
improvements gained from the Leadership Journey, this should
enable the company to solidify its operating performance.


An upgrade could be considered if Moody's witnesses (1) continued
growth in stainless steel demand and increased stainless steel
base prices, together leading to sustained EBIT margin of above
6% on a Moody's adjusted basis (2) persistent high capacity
utilization rate; (3) continued strong liquidity profile; and (4)
sustained Moody's adjusted gross leverage of below 2x.

However, a downgrade could be implemented if, (1) underlying
markets slowdown, leading profitability to decline to level of 4%
or less; (2) debt/EBITDA sustainably rises above 3.0x; (3)
liquidity becomes tight, with FCF becoming negative on a
sustained basis; or (4) the company increases materially its
leverage as a result of a debt-financed acquisition.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Please see the Credit Policy page on for a copy of
these methodologies.

Aperam is a leading global stainless and specialty steel producer
based on an annual production capacity of 2.5 million tons in
2014. They are the largest stainless and electrical steel
producer in South America (mainly Brazil), the second largest
stainless steel producer in Europe and fourth largest producer in
nickel alloys worldwide. In 2014, Aperam had sales of USD5.48
billion and shipments of 1.81 million tonnes.

ING GROUP: Fitch Assigns 'BB(EXP)' Rating to Tier 1 Notes
Fitch Ratings has assigned ING Group's (A/Negative) planned issue
of additional Tier 1 convertible notes an expected rating of

The final rating is contingent upon final documents conforming to
the information already received.


The notes will be CRD IV-compliant perpetual non-cumulative
additional Tier 1 instruments.  The notes are subject to
automatic conversion if ING Group's consolidated common equity
Tier 1 (CET1) ratio falls below 7%, and any coupon payments may
be cancelled at the discretion of the bank.

The expected rating is five notches below ING Group's implicit
intrinsic creditworthiness.  The latter reflects somewhat higher
risk in ING Group as a holding company compared with its main
operating company ING Bank (A+/Negative/a).  The notching
reflects the notes' higher expected loss severity when compared
with average recoveries (two notches) as well as high risk of
non-performance (an additional three notches).

The notching for loss severity reflects the instruments' deep
subordination, the full contractual automatic conversion
language, and that the instruments can be converted before the
point of non-viability.

The three notches for non-performance risk reflect the
instruments' fully discretionary coupon payment, which Fitch
considers as the most easily activated form of loss absorption.
The consolidated phased-in CET1 ratio of ING Group (where the 7%
trigger applies) was 13.5% (fully-loaded CET1 ratio of 10.5%) at
end-December 2014.

Fitch expects the Dutch regulator to impose restrictions on
interest payments on the notes should ING Group's capital
approach the estimated Pillar 1 limit of 10% CET1 phased in by
2019 (4.5% minimum CET1 plus 2.5% capital conservation buffer
plus 3% systemic risk buffer).  Given ING Group's robust capital
position, the current level of distributable items and Fitch's
expectations for their evolution, Fitch has limited the notching
for non-performance to three notches.

Given the securities are perpetual, their deep subordination,
coupon flexibility and going concern mandatory conversion of the
instruments, Fitch has assigned 100% equity credit.


As the notes are notched down from ING Group's implicit intrinsic
creditworthiness, their rating is broadly sensitive to the same
factors as those that would affect ING Bank's VR.  Their rating
is also sensitive to the implied notching of ING Group from ING
Bank, which factors in the risk in the remaining insurance

The notes' rating is also sensitive to changes in Fitch's
assessment of their non-performance risk relative to that
captured in ING Bank's VR.

PDM CLO I: Fitch Raises Rating on Class E Notes Due 2023 to Ba3
Moody's Investors Service announced has taken rating actions on
the following classes of notes issued by PDM CLO I B.V.:

-- EUR208,500,000 (current balance EUR 202,553,708.67) Class A
    Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
    (sf); previously on Jun 25, 2014 Upgraded to Aaa (sf)

-- EUR11,250,000 Class B Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to Aa2 (sf); previously on Jun 25, 2014
    Upgraded to A1 (sf)

-- EUR17,250,000 Class C Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to A2 (sf); previously on Jun 25, 2014
    Upgraded to Baa1 (sf)

-- EUR16,500,000 Class D Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to Baa3 (sf); previously on Jun 25, 2014
    Upgraded to Ba1 (sf)

-- EUR13,500,000 Class E Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to Ba3 (sf); previously on Jun 25, 2014
    Affirmed B1 (sf)

PDM CLO I B.V., issued in December 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European senior secured loans managed by
Permira Debt Managers Limited. This transaction's reinvestment
period ended in February 2015.


The rating actions result from the benefit of modelling actual
credit metrics following the expiry of the reinvestment period in
February 2015 and an improvement in credit metrics of the
underlying portfolio since the last rating action in June 2014
which was based on May 2014 portfolio data.

In light of reinvestment restrictions during the amortization
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analyzed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed
that the deal will benefit from a shorter amortization profile
and higher spread levels compared to the levels assumed prior the
end of the reinvestment period in February 2015.

Reported WARF has improved from 2888 to 2740 between May 2014 and
February 2015, the weighted average spread of the portfolio has
improved from 3.98% to 4.24%, the diversity score has improved
from 40 to 43, and defaults have reduced from EUR5.2 million to
EUR3.8 million over this period.

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
EUR pool with performing par and principal proceeds balance of
EUR281.963 million and defaulted par of EUR3.786 million, a
weighted average default probability of 21.65% (consistent with a
WARF of 2854 over a weighted average life of 4.94 years), a
weighted average recovery rate upon default of 46.81% for a Aaa
liability target rating, a diversity score of 37 and a weighted
average spread of 4.24%.

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 90.73% 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 for
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 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 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.

2) 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.


AYT CGH CCM I: Fitch Affirms 'CCsf' Rating on Class D Notes
Fitch Ratings has affirmed 14 tranches of four AyT RMBS series.
The agency has also revised the Outlook on one tranche to Stable
from Negative.

The transactions are part of a series of RMBS transactions that
are serviced by Kutxabank, S.A. (BBB/Positive/F3) for AyT
Hipotecario BBK I and AyT Hipotecario BBK II; Banco de Castilla
La Mancha S.A. (BB+/Negative/FB) for AyT CGH CCM I; and Abanca
Corporacion Bancaria, S.A. (BB+/Negative/B) for AyT CGH Caixa
Galicia II.


Stable Credit Enhancement

The notes in AyT CGH CCM I and AyT Hipotecario BBKI and BBKII are
currently paying sequentially.  As delinquencies are above the
trigger levels a switch to pro-rata is not expected in the near
future.  AyT CGH Caixa Galicia II may see a change to pro-rata in
the next 12 to 18 months as arrears are decreasing and could soon
fall below the 1.25% trigger level.

Stable Asset Performance

Both AyT CGH deals have shown similar asset performance compared
with the Spanish average whereas both AyT BBK deals have
exhibited better-than-average performance.  Three-months plus
arrears (excluding defaults) as a percentage of the current pool
balance range from 0.8% (BBK I) to 1.6% (Caixa Galicia II).
These numbers remain below Fitch's index of three-months plus
arrears (excluding defaults) of 1.7%.

With the exception of AyT CCM I, cumulative defaults, defined as
mortgages in arrears by more than 18 months, are currently below
the average for the sector of 4.9%.  Fitch believes that this
difference can be attributed to the high proportion of self-
employed borrowers at origination on AyT CCM I.

Reserve Fund Draws

The reserve fund for AyT CGH Caixa Galicia II is close to its
target at 99% after a draw in October 2013 and partial
replenishment in October 2014.  The reserve fund for AyT CGH CCMI
was almost fully depleted on May 2011, but improved performance
has allowed continued replenishments since then.  As of end-
November 2014 the reserve stood at 35% of its target amount, up
from 16% in November 2013.  Given the stable performance of these
deals Fitch believes further replenishments will take place in
the next payment dates.

In contrast AyT BBK deals feature a fully funded reserve fund
that has never been drawn.  Given the low level of arrears, Fitch
believes the transaction will continue to maintain its reserve
funds at target.

Payment Interruption Risk

For AyT CCM I a dynamic cash reserve is sized to cover for two
payment dates worth of interest on tranche A and senior fees.
However, Fitch considers this cash reserve plus the utilised
reserve fund balance insufficient to fully cover payment
interruption risk.  Therefore even if the transaction's
performance improves in future, the ratings will not be upgraded
above 'Asf'.

In contrast AyT CGH Caixa Galicia II and both BBK deals have
sufficient liquidity to cover payments due to relevant
counterparties, in case of default of the servicer and the
collection account bank.

Given the stable performance, reduction in arrears and the
current reserve fund balance Fitch considers the D class notes of
AyT Caixa Galicia II have sufficient protection to sustain
current ratings, leading to today's Outlook revision.


A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift in interest rates might
jeopardise the ability of the underlying borrowers to meet their
payment obligations.

More volatile arrears patterns and a rapid increase in defaults
beyond Fitch expectations could trigger negative rating actions.

The rating actions are:

AyT CGH Caixa Galicia II:

Class A notes (ISIN ES0312273404): affirmed at 'AA-sf'; Outlook

Class B notes (ISIN ES0312273412): affirmed at 'Asf'; Outlook

Class C notes (ISIN ES0312273420): affirmed at 'BB-sf'; Outlook

Class D notes (ISIN ES0312273438): affirmed at 'Bsf'; Outlook
revised to Stable from Negative


Class A notes (ISIN ES0312273248): affirmed at 'A-sf'; Outlook

Class B notes (ISIN ES0312273255): affirmed at 'BBsf'; Outlook

Class C notes (ISIN ES0312273263): affirmed at 'CCCsf'; Recovery
Estimate (RE) 95%

Class D notes (ISIN ES0312273271): affirmed at 'CCsf'; RE 5%

AyT Hipotecario BBK I:

Class A notes (ISIN ES0312364005): affirmed at 'AA+sf'; Outlook

Class B notes (ISIN ES0312364013): affirmed at 'Asf'; Outlook

Class C notes (ISIN ES0312364021): affirmed at 'BBsf'; Outlook

AyT Hipotecario BBK II:

Class A notes (ISIN ES0312251004): affirmed at 'AA+sf'; Outlook

Class B notes (ISIN ES0312251012): affirmed at 'Asf'; Outlook

Class C notes (ISIN ES0312251020): affirmed at 'BBsf'; Outlook

U N I T E D   K I N G D O M

AD ENTERPRISES: Put Into Administration
BBC News reports that AD Enterprises has been put into

AD Enterprises owned the Lyndon Court complex on Queen Street in
Belfast city center, BBC discloses.  The company has planning
permission to demolish Lyndon Court and build a seven storey
office and retail development, BBC says.

The company was controlled by the Graham family who are better
known as the owners of the Sean Graham bookmakers, BBC notes.

The bookmaking business is unaffected by the administration of
the property firms, BBC notes.  It is not yet clear who appointed
the administrators, according to BBC.

CLEAR LEISURE: Westhouse to Seek Dismissal of Winding Up Petition
Clear Leisure plc on April 7 disclosed that it has reached an
arrangement with Westhouse Securities Limited concerning
Westhouse's winding up petition against the company which is
scheduled to be heard at the High Court on April 20,
2015.  As a direct result of this, Westhouse will ask the court
to dismiss the petition at that time.

                      About Clear Leisure Plc

Clear Leisure Plc (AIM: CLP) -- is
an AIM listed investment Company pursuing a dynamic strategy to
create a comprehensive portfolio of companies primarily
encompassing the leisure and real estate sectors mainly in Italy
but also other European countries.  The Company may be either a
passive or active investor and Clear Leisure's investment
rationale ranges from acquiring minority positions with strategic
influence through to larger controlling positions.

COLLEGE COURT: Enters Administration
John Campbell at BBC News reports that College Court Central Ltd.
has been put into administration.

College Court Central developed the apartment complex of the same
name in Belfast city center, BBC discloses.  The firm has pursued
a number of legal actions to get apartment buyers to complete
deals agreed before the property crash, BBC relates.

The company was controlled by the Graham family who are better
known as the owners of the Sean Graham bookmakers, BBC notes.

The bookmaking business is unaffected by the administration of
the property firms, according to BBC.  It is not yet clear who
appointed the administrators, BBC states.

FIAT CHRYSLER: Moody's Assigns B2 Rating to New 144A/RegS Notes
Moody's Investors Service assigned B2 long-term senior unsecured
ratings to the proposed 144A/RegS notes to be issued by Fiat
Chrysler Automobiles N.V. (FCA or the company).

The proceeds from the proposed bond issuances will be used for
general corporate purposes which may include funding the
redemption of, or otherwise refinancing, outstanding senior
secured notes of FCA US LLC.


The B2 rating assigned to the proposed bonds offered by FCA
reflects their status as senior unsecured obligations of the
company (not guaranteed by FCA's subsidiaries) which will rank
pari passu with other senior unsecured liabilities including the
bonds issued under FCA's Global Medium Term Notes Programme.

FCA's ratings are constrained by (1) its high exposure to the
European passenger car market, particularly in Italy, which
represents approximately half of FCA's European car
registrations; (2) a highly competitive environment in Europe and
FCA's limited number of high volume model launches in the next 12
months which may weigh on the company's competitive position and
will constrain its pricing activity; (3) a weaker profitability
in Latin America, driven by declining demand, intense
competition, increasing capacities, price pressure and adverse
exchange rates effects against the euro; (4) an expected reduced
contribution of FCA's Luxury Brands division following the
proposed spin-off of Ferrari in the course of 2015; (5) FCA's
significant overcapacity in Italy, which is likely to take time
to be resolved as it is planning to utilize its EMEA production
base to develop its global brands (Alfa Romeo, Maserati, Jeep and
the Fiat 500 "family"); (devil) FCA's high leverage with moderate
improvement expected in the next 12 months; and (7) constraints
on the company's access to the cash and cash flows of its
subsidiary FCA US LLC until the time when FCA eliminates all
constraints on free flow of capital within the group which it is
committed to execute within a reasonable timeline.

More positively FCA's ratings also take into account (1) the
inclusion of FCA US LLC, which has enhanced FCA's geographic
diversification with a significant presence in North America, and
creates potential for cost savings from increasing operational
integration; (2) a growing profit contribution from FCA's Luxury
Brands division driven by a solid growth of the Maserati volumes;
(3) FCA's leading market position in Brazil, a major source of
profit and cash flow for the company in recent years; (4) a
dominant market presence in Italy, with a passenger car market
share of approximately 28%, even though weak growth of the
Italian economy is likely to weigh on demand for passenger cars
in the next 12 months; and (5) intention to separate during 2015
the luxury brand Ferrari from FCA which will result in a loss of
recurring operating profit, though mitigated partly by a one-time
transfer of cash from Ferrari to FCA which the company estimates
at EUR2.25 billion.


Upward pressure on FCA's rating could materialize if the company
executes successfully its 2014-18 plan which would lead to
improved operational performance with a positive free cash flow
exceeding EUR1.0 billion that would be applied to debt reduction
and a Moody's-adjusted EBITA margin sustainably above 4%. An
upgrade of FCA's rating would also require that the company
maintains a financial policy that balances both the interests of
shareholders and bondholders.

Moody's could downgrade FCA's ratings if (1) the company were to
lose significant market share in its key markets; (2) there is
evidence that its product renewal program for its key brands
stalls; and (3) its operating performance deteriorates with
limited prospect of improvement within a reasonable timeline as a
result, for example, of prolonged weakness in Latin America, a
major source of profits and cash flows for the company, which
would more than offset further improvements in other regions and
its Luxury Brands division.

Credit metrics that could support a rating downgrade include a
Moody's-adjusted EBITA margin below 2% and a Moody's-adjusted
(gross) debt/EBITDA above 6.0x, for a prolonged period of time.

Fiat Chrysler Automobiles N.V. has its corporate seat in
Amsterdam, the Netherlands, with principal executive office in
the United Kingdom. FCA owns 100% of FCA US LLC (previously
Chrysler Group LLC) and is one of the largest automotive
manufacturers by unit sales. FCA common shares are listed on the
New York Stock Exchange and on the Mercato Telematico Azionario
(MTA) in Italy.

FIAT CHRYSLER: S&P Assigns 'BB-' Rating on to US$3BB Sr. Notes
Standard & Poor's Ratings Services said that it assigned its
'BB-' issue rating to the proposed US$3.0 billion senior
unsecured notes to be issued by automotive manufacturer Fiat
Chrysler Automobiles N.V. (FCA NV).  At the same time, S&P
assigned its recovery rating of '4' to the proposed notes,
reflecting its expectation of average (30%-50%) recovery -- in
the lower half of the range -- for noteholders in the event of a
payment default.

S&P's recovery rating on the proposed notes assumes that FCA NV
will use the proceeds of the issuance for general corporate
purposes.  The 'BB-' issue and '4' recovery ratings on the
existing senior unsecured debt instruments issued and guaranteed
by FCA NV remain unchanged.

At the same time, S&P raised its issue ratings to 'BB-' from 'B'
on the US$3.08 billion 8.25% second-lien secured notes due 2021
issued by FCA US LLC (formerly Chrysler Group LLC).  The upgrade
reflects S&P's expectation that FCA US LLC will call and repay
its US$2.875 billion 8.0% second-lien secured notes due 2019
imminently. S&P revised the recovery rating on the US$3.08
billion second-lien secured notes to '3' from '6', reflecting
S&P's expectation of meaningful (50%-70%) recovery -- in the
higher half of the range -- for noteholders in the event of a
payment default.

S&P will withdraw the 'B' issue rating and '6' recovery rating on
the $2.875 billion 8.0% second-lien secured notes due 2019 on
their repayment.  The 'BB+' issue and '1' recovery ratings on its
senior secured term loan and revolver are unaffected.  S&P assess
FCA US LLC as a "core" subsidiary of FCA NV, and S&P expects that
the rating on FCA US LLC will move in tandem with that on FCA NV.

The repayment of the notes would not eliminate internal
restrictions on FCA NV's access to FCA US LLC's cash, but S&P
expects that contractual terms limiting the free flow of cash
between FCA NV and FCA US LLC will be eliminated in 2016.  By
then S&P expects the company to redeem its $3.08 billion second-
lien secured notes due June 2021 and also refinance FCA LLC's
term loans and revolving credit facility.  At that time S&P would
also expect to withdraw ratings on FCA US LLC.


S&P's recovery ratings on the proposed and existing senior
unsecured debt instruments are supported by FCA NV's significant
asset value.  They are constrained by its high leverage and the
amount of senior debt that ranks above the senior unsecured
liabilities in the capital structure.

To calculate recoveries, S&P simulates a hypothetical default
scenario.  In this scenario, S&P assumes a deterioration in FCA
NV's operating performance due to weak demand in a challenging

S&P values FCA NV as a going concern due to its strong brands and
the significant demand for its products.  In a hypothetical
default, S&P believes that there would be material cash in the
business in addition to the enterprise value reflected in the
waterfall below.

"We value FCA NV using a discrete asset valuation by applying
haircuts to the values of assets on the balance sheet.  We do not
factor into our valuation FCA NV's 100% equity stake in FCA US
LLC.  We believe the value of this stake would be uncertain in
the event of the former's hypothetical default in 2018, since FCA
NV's and FCA US LLC's auto divisions could follow similar paths
to default.  Our treatment of FCA NV's stake in FCA US LLC is
supported by its significant liabilities, including debt,
pensions, and medical liabilities.  FCA NV and FCA US LLC operate
separately from a financial standpoint and do not provide loans,
guarantees, or security to each other.  However, we anticipate
that the contractual terms limiting the free flow of cash between
FCA NV and FCA US LLC will be eliminated in 2016.  Furthermore,
we do not take into account the equity of FCA NV's captive
finance operations in our valuation, in accordance with our
captive finance methodology," S&P said.

Simulated default and valuation assumptions:
   -- Year of default: 2018
   -- Jurisdiction: Italy

Simplified waterfall:
   -- Gross enterprise value at default: EUR10.25 billion
   -- Administrative costs: EUR717 million
   -- Net value available to creditors: EUR9.5 billion
   -- Priority claims: EUR5.5 billion (1)
   -- Unsecured debt claims: EUR17.6 billion (1)
   -- Recovery expectation: 30%-50% (lower half of the range)

(1) All debt amounts include six months of prepetition interest.


Standard & Poor's simulated default scenario contemplates a
payment default in 2018, stemming from a severe U.S. recession
marked by low consumer confidence, declining discretionary
income, a lack of industry discipline on incentive spending, and
tightening credit markets.

Simulated default assumptions:
   -- Simulated year of default: 2018
   -- EBITDA at emergence: $2.5 billion
   -- EBITDA multiple: 4.0x
   -- The revolving credit facility is 85% drawn at default.

Simplified waterfall:
   -- Net enterprise value (after 5% administrative costs): $9.5
   -- Valuation split (obligors/nonobligors): 75%/25%
   -- Collateral value available to secured creditors: $8.0
   -- Secured first-lien debt: $6.0 billion (2)
   -- Recovery expectations: 90%-100%
   -- Total value available to second-lien secured claims: $2.0
   -- Second-lien secured debt and pari passu claims: $3.1
   -- Recovery expectations: 50%-70% (higher half of the range)

(2) All debt amounts include six months of prepetition interest.
S&P assumes the revolver is refinanced on similar terms prior to
its maturity in May 2017.

(3) S&P's recovery expectations assume that FCA US LLC's $2.875
billion 8.0% second-lien secured notes due 2019 have been called
and repaid.

TIG FINCO: Fitch Assigns 'B-' IDR; Outlook Stable
Fitch Ratings has assigned TIG Finco PLC (Towergate), the new
holding company for the Towergate Group, these ratings:

Long-term Issuer Default Rating (IDR) of 'B-', Stable Outlook
GBP75m super senior secured notes due 2020: 'BB-'/'RR1'
GBP425m senior secured notes due 2020: 'B'/'RR3'

Fitch has also downgraded Towergate Finance Plc's Long-term
Issuer Default Rating (IDR) to 'RD' (Restricted Default) from
'C', before withdrawing the rating.  Fitch has also downgraded
Towergate Finance Plc's senior secured and senior unsecured notes
to 'RD' and withdrawn the ratings.

The downgrade to 'RD' follows the completion of a financial
restructuring under a UK Scheme of Arrangement.   The Scheme of
Arrangement constituted a distressed debt exchange under Fitch's
criteria, because investors faced a reduction in terms and the
restructuring was conducted to avoid a traditional payment

The 'B-' IDR assigned to Towergate reflects the continued
pressure on free cash flow generation and Fitch's expectation of
limited organic growth given the challenging market environment.
The rating further reflects the meaningful execution risk that
still remains in completing the transformation plan as the
company looks to integrate its new corporate structure.
Towergate is a new company which, under the Scheme of
Arrangement, continues the business activities previously
undertaken by Towergate Finance Plc.


Execution Risk of Reorganization Remains

The transformation plan has largely been completed, with the
majority of the associated costs already incurred.  The company
expects these measures to benefit profitability from 3Q15
onwards. Fitch believes that significant execution risk still
remains in extracting the required operational efficiencies to
improve profitability and reduce leverage over the next two

Pressure on Free Cash Flow

Cash restructuring costs continue to put pressure on Towergate's
free cash flow (FCF) generation, although these costs are
expected to reduce from 2016 onwards, with the completion of the
transformation plan.  Contributing to a negative FCF profile are
payments Towergate might have to pay as redress, in respect of
past advice provided by Towergate Financial on Enhanced Transfer
Values (ETV) and Unregulated Collective Investment Schemes
(UCIS). Fitch believes that these restructuring and compensation
costs could result in Towergate's FCF profile remaining negative
until end-2016.

Tight but Improving Liquidity Position

Fitch expects the overall liquidity position to improve, driven
by a combination of lowered interest expense (reduced to GBP44
million p.a. from GBP94 million), and declining cash costs
associated with the transformation plan.  However, the company
does not have access to many alternate sources of liquidity.  The
new capital structure does not include an RCF for additional
liquidity, and the possibility of non-core asset sales remain
limited.  Towergate disposed of Haywards Aviation for a net
consideration of GBP23 million to cover short-term liquidity
needs in December 2014, and has just completed the sale of
Towergate Financial for GBP8.6 million.  Financial flexibility
therefore remains constrained.

Muted Organic growth

Prevailing market conditions, combined with the disruption caused
by the transformation plan particularly in the Towergate
Insurance Broking (TIB) division, are expected to continue to
constrain the company's ability to grow organically in 2015.  As
cost savings materialize and the Strategic Business Unit becomes
fully operational, Fitch expects reduced operating costs and
increased sales revenue to contribute to improved organic

Weak Deleveraging Profile

Fitch expects funds from operations (FFO) adjusted gross leverage
to remain above 6.5x and FFO fixed charge coverage around 1.5x
over the next two years, limiting financial flexibility.
Material deleveraging is not forecast during this period, at
least, as the challenging operating environment in the UK non-
life insurance market is expected to prevail.  Market conditions
could therefore partially offset the deleveraging potential of
the transformation plan.

Leading UK Non-Life Intermediary

Despite the recent financial distress and weakened operating
performance, Towergate continues to maintain its leading position
as an independent insurance intermediary in the UK, and remains a
high-margin business.  It continues to maintain its relationship
with leading insurance providers and has a wide distribution
platform and significant underwriting capacity in the niche
segment of the personal and SME commercial non-life insurance


Fitch's key assumptions within our rating case for the issuer

   -- Organic revenue remaining flat for 2015-2017
   -- EBITDA margin increasing to above 26.5% % from 25% in 2015-
      2017, driven by organic growth and realisation of
      operational efficiencies
   -- Capex and restructuring cash outflows as per management
   -- FFO adjusted gross leverage increasing towards 7.5x by 2016
      before easing from 2017 onwards, driven by reduced costs
      associated with the transformation plan and the running off
      of costs associated with UCIS/ETV
   -- Liquidity remaining satisfactory during 2015-2017


Positive: Future developments that could lead to positive rating
actions include:

   -- FFO adjusted gross leverage below 5.5x on a sustained basis
   -- FFO fixed charge cover above 2.5x on a sustained basis
   -- Improved cash flow generation with no sustained cash burn
      forecast and sustained positive FCF
   -- Sustained organic revenue growth

Negative: Future developments that could lead to negative rating
actions include:

   -- FFO adjusted gross leverage above 7.5x on a sustained
      basis, due to a combination of underlying market conditions
      and lowered earnings arising from the changed business
   -- FFO fixed charge cover below 1.5x on a sustained basis
   -- Structural change in the business profile resulting in
      permanently lower margins
   -- Lack of improvement in EBITDA margin, suggesting no
      efficiency gains realised from the transformation plan
   -- Sustained period of negative FCF after the end of the
      transformation plan


Towergate's new capital structure following the sanctioning of
the Scheme of Arrangement comprises new super senior secured
notes and senior secured notes.   The super senior secured notes
are parri passu with the senior secured notes, but rank first
upon the application of proceeds upon enforcement.

Both series are bullet maturities and long-dated, with repayments
commencing in February 2020.  Fitch expects smaller interest
costs to improve liquidity.  The non-amortizing profile of both
series of notes will also help preserve cash in the business.
However, cash restructuring costs continue to represent a
material use of cash, followed by interest on the notes and

Other sources of liquidity remain limited and the new capital
structure does not contain a RCF.  There is, however, a provision
for an additional but uncommitted GBP50m of credit facilities.


   -- Long-term IDR: assigned 'B-'/Stable
   -- Super senior secured notes: assigned 'BB-'/'RR1'
   -- Senior secured notes: assigned 'B'/'RR3'

Towergate Finance Plc
   -- Long-term IDR: downgraded to 'RD' from 'C'; withdrawn
   -- Senior secured notes: downgraded to 'RD' from 'CC'/'RR3';
   -- Senior unsecured notes: downgraded to 'RD' from 'C'/'RR6';


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

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

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


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

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

Copyright 2015.  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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