TCREUR_Public/150430.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

           Thursday, April 30, 2015, Vol. 15, No. 84

                            Headlines

A U S T R I A

CONSTANTIA FLEXIBLES: Moody's Assigns B1 Rating to Term Loan B
PAPERNET: In Administration After Sale Attempts Fail


C Y P R U S

BANK OF CYPRUS: Fitch Raises LT Issuer Default Rating to 'CCC'


F R A N C E

BANQUE PSA: S&P Raises Counterparty Credit Rating to 'BB+'
CREDIPAR: S&P Raises Counterparty Credit Ratings From 'BB+/B'


G E R M A N Y

KIRCH MEDIA: Deutsche Bank Goes on Trial in Criminal Case
KION GROUP: Moody's Changes Outlook on Ba2 CFR to Positive
NORDDEUTSCHE LANDESBANK: Moody's Rates Tier 1 Notes 'Ba3(hyb)'
TAURUS CMBS 2006-1: Fitch Cuts Ratings on 2 Note Classes to 'Dsf'


G R E E C E

GREECE: Bundesbank Head Criticizes Failure to Implement Reforms


I R E L A N D

GILSON MOTOR: Liquidator Seeks Restriction Orders v. Directors


I T A L Y

BANCA CARIGE: Moody's Affirms 'Caa1' Deposit & Issuer Ratings
CONDOTTE D'ACQUA: Moody's Assigns '(P)B2' CFR, Outlook Stable
FINMECCANICA SPA: S&P Revises Outlook to Stable & Affirms BB+ CCR
MEDIOCREDITO TRENTINO: Fitch Withdraws 'BB-' IDR, Outlook Stable


L U X E M B O U R G

CIRSA FUNDING: Moody's Rates EUR500MM Sr. Unsecured Notes (P)B3
CROWN EUROPEAN: Moody's Assigns Ba2 Rating to EUR600MM Notes
UNICREDIT LUXEMBOURG: S&P's BB+ Issue Rating Off Watch Negative


N E T H E R L A N D S

GRESHAM CAPITAL II: Moody's Cuts Rating on Class E Notes to Ba3


R U S S I A

IZHEVSK CITY: Fitch Affirms 'B+' IDR, Outlook Stable
KEMEROVO REGION: Fitch Affirms 'BB-' IDR, Outlook Stable
KHAKASSIA REPUBLIC: Fitch Affirms 'BB' IDR, Outlook Negative
KHARKOV CITY: Fitch Affirms 'CC' Long-Term Issuer Default Rating
MARI EL REPUBLIC: Fitch Affirms 'BB' IDR, Outlook Stable

MOSCOW REGION: Fitch Affirms 'BB+' IDR, Outlook Stable
UDMURTIA REPUBLIC: Fitch Revises Outlook to Neg & Affirms BB- IDR
URALKALI PJSC: Moody's Says US$1.5BB Share Buyback is Credit Neg


S P A I N

BANCO POPULAR EMPRESAS 1: Fitch Affirms CC Rating on Cl. E Notes
ESMALGLASS-ITACA GRUPO: Moody's Rates EUR250MM Loan 'B1'


U N I T E D   K I N G D O M

CABLE & WIRELESS: S&P Lowers Corporate Credit Rating to 'BB-'
GEORGE HUNTER: Put Into Liquidation After HM Revenue Dispute
JJ ENGINEERING: Millennium Assemblies Buys Firm, 39 Jobs Saved
MOUCHEL: Kier Enters Into Deal to Buy Firm for GBP265 Million
PAPERLINX: Premier Paper Snaps Up Firm's Assets, Saves 30 Jobs

PREFERRED RESIDENTIAL 05-2: Moody's Affirms Caa1 D1c Notes Rating
SAM INVESTMENT: Moody's Affirms Ba2 CFR, Outlook Positive


                            *********


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A U S T R I A
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CONSTANTIA FLEXIBLES: Moody's Assigns B1 Rating to Term Loan B
--------------------------------------------------------------
Moody's Investors Service assigned a definitive B1 (LGD 3) rating
to the group's EUR1,215 million equivalent Senior Secured Term
Loan B as well as to the EUR125 million Senior Secured Revolving
Credit Facility. The B1 Corporate Family Rating (CFR) and B2-PD
Probability of Default Rating (PDR) of Constantia Flexibles
Holding GmbH (Constantia), the ultimate holding company for the
Constantia Flexibles Group as well as the stable outlook remain
unchanged.

Moody's definitive ratings are in line with the provisional
ratings assigned on February 6, 2015.

Constantia's B1 CFR is supported by its solid market position in
the fragmented flexible packaging universe, being the number two
player in Europe behind Amcor and number four globally, albeit
with limited market share. Moody's believes that Constantia's
market position is supported by its global spread, and with an
increasing share from developing regions, in particular in the
Middle East and Asia. Strong and long-standing customer
relationships, supported by the group's track record of being
perceived as a high quality and reliable supplier add to this.
The rating also positively considers historical earnings
stability helped by its exposure to resilient end markets, no
material customer concentration, a track record of passing on
volatile input costs and a focus on cost management.

The rating is constrained by high financial leverage for the
rating category, calculated at above 5.5x gross debt/EBITDA (as
adjusted by Moody's) pro forma for the acquisition by Wendel.
Moody's expects any deleveraging to be gradual, hinging on
targeted profit improvements. The rating also considers
significant competitive pressure from blue-chip customers that
has historically resulted in a modestly negative pricing trend as
well as fierce competition from a plethora of small companies as
reflected by the fragmented market structure. Moody's also
considers the risk of at least temporary margin compression,
should input cost inflation not be managed carefully and be
passed on to customers.

The stable outlook assigned to the ratings reflects positive end
market fundamentals that drive growing demand for flexible
packaging products. This should allow Constantia to gradually
expand its profitability, helped by improving fixed cost
absorption and targeted cost savings. The stable outlook also
incorporates Moody's assumption that the company will gradually
delever its capital structure with its debt/EBITDA moving below
5.5x over the next 12-18 months.

Moody's views Constantia's liquidity profile as adequate. After
the transaction, liquidity will be supported by EUR20 million in
cash reserves retained on balance sheet, in addition to an
undrawn EUR125 million RCF maturing in six years. Moody's expects
that liquidity will be supported by positive cash flow
generation, which will adequately cover capex requirements and
all other basic cash obligations. The structure contains only a
springing net leverage covenant, tested when the RCF is more than
35% drawn. The liquidity profile is further supported by a long-
dated maturity profile, with no significant maturity due until
2021 when the RCF matures.

Upward pressure on the rating could result from the company's
success in sustaining profit margins at current levels, such as
its EBITDA margin in the mid teen percentages and its Moody's
adjusted debt/EBITDA declining to below 4.5x. Pressure on the
rating could build if profitability were to weaken with EBITDA
margins falling towards the low-teen percentages, Moody's
adjusted debt/EBITDA trending above 5.5x for a longer period or
Constantia were to generate negative free cash flow or were to
embark on a sizeable debt-funded acquisition.

The differentiation between the Corporate Family Rating and the
Probability of Default Rating reflects the all bank debt
structure and the higher recovery expectations under this type of
structure.

The lenders under the senior loans benefit from guarantees from
guarantors representing at least 80% of group EBITDA and/or
assets and a materially all asset pledge over the same assets. As
all senior secured bank debt ranks pari passu and there is no
subordinated debt to absorb first losses, the senior secured bank
debt is rated at the same level as the CFR in line with Moody's
Loss Given Default methodology.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. 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 Vienna, Austria, Constantia Flexibles Holding
GmbH is a global manufacturer of flexible packaging solutions,
targeting the food, pharma and beverage industries. The company
serves over 3,000 customers in 115 countries, offering a broad
range of products, including films, foils and labels. The company
operates in 18 countries with 42 production facilities and over
8,000 employees. For the year ended December 2014, Constantia
expects to report sales of around EUR1.7 billion.


PAPERNET: In Administration After Sale Attempts Fail
----------------------------------------------------
Jo Francis at PrintWeek reports that PaperNet, Paperlinx's
Austrian business, has now followed the UK and Benelux into
administration.

The unit had sales of around EUR50 million (GBP35.8 million) and
employed around 70 staff, PrintWeek discloses.

In a statement, Paperlinx said its attempts to sell the business
had proved unsuccessful, leaving the local directors with no
choice but to commence the administration process, PrintWeek
relates.

According to PrintWeek, the court process in Austria began on
April 28 and the legal formalities around the appointment of an
administrator were expected to be completed on April 29.



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C Y P R U S
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BANK OF CYPRUS: Fitch Raises LT Issuer Default Rating to 'CCC'
--------------------------------------------------------------
Fitch Ratings has upgraded Cyprus-based Bank of Cyprus Public
Company Ltd's (BoC) Long-term Issuer Default Rating (IDR) to
'CCC' from 'CC' and Hellenic Bank Public Company Limited's (HB)
Long-term IDR to 'B-', with a Stable Outlook, from 'CCC'.  At the
same time, Fitch has upgraded BoC's Viability Rating (VR) to
'ccc' from 'cc' and HB's VR to 'b-' from 'ccc'.  HB's Short-term
IDR has also been upgraded to 'B' from 'C'.

These upgrades mainly reflect improved capital buffers following
the completion of equity issuances and evidence of better deposit
dynamics amid the gradual relaxation of capital controls, which
were fully lifted by the authorities in early April 2015.  BoC's
rating actions also highlight progress made in asset de-
leveraging, enabling a reduction of its reliance on central bank
funding.

However, these banks' ratings remain deeply sub-investment grade
to reflect material failure risk, mainly because of weak loan
quality performance and, in the case of BoC, still-high funding
imbalances.

KEY RATING DRIVERS - IDRS AND VRS

BoC's and HB's Long-term IDRs are based on their VRs, which
reflect their respective stand-alone credit profiles.

Capitalization and asset quality are important VR drivers for
these banks.  Fitch's assessment of capital has improved due
primarily to the completion of equity issuances of EUR1 billion
at BoC in September 2014 and EUR0.2 billion at HB in January
2015.  However, the banks' reinforced loss-absorption capacity
remains highly vulnerable to exceptionally high problem loans and
to challenging operating conditions, including a weak property
market and a recession that will continue in 2015.  BoC's VR, at
one notch below that of HB, also reflects its weaker funding and
liquidity profile.

At end-2014, group problem loans, taking into account impaired
and unimpaired 90 days past due loans, were close to a very high
53% for BoC and 54% for HB of gross loans (excluding suspended
interest).  Reserves held for these loans, at 41% for BoC and 42%
for HB, remained in Fitch's opinion low in a scenario of
collateral stress.  Fitch notes that BoC also has a large
performing forborn loan portfolio that is subject to a two-year
probation period.  The non-performing exposure ratio amounts to
62.9% when including these forborn loans.  Both banks have large
loan concentrations in the Cypriot real estate sector, which may
suffer from further downward asset price corrections.

Loan quality pressures will continue in 2015 as the economy
contracts further, but the pace of deterioration may slow.
Positively, the debt insolvency framework has recently been
passed and its forthcoming implementation, combined with
foreclosure laws, should help arrears recovery via, for example,
restructuring and/or asset repossessions within a shorter
timeframe.

At end-2014, the Fitch core capital/weighted risks ratio was
12.3% for BoC and 12.1% for HB.  In addition, HB has contingent
convertible debt with strong conversion triggers (8% regulatory
common equity tier 1 ratio) that feed into its Fitch eligible
capital/weighted risks ratio, standing at a better 15.4% at the
same date.  While these ratios compare well by international
standards, they remain highly sensitive to unreserved problem
loans, which represent a multiple of their capital base.

The funding and liquidity profile of the two banks has also
improved, supported by better deposit dynamics, especially in
2H14.  This was achieved despite a gradual relaxation of
remaining capital controls and the release of deposits that were
blocked at BoC as part of its recapitalization process.  BoC's
customer deposit flows began to stabilize in 2014, whereas HB's
grew substantially (up 15% yoy).  However, the banks' deposit
franchises remain, in Fitch's view, sensitive mainly to Cyprus'
recession as well as to risks relating to the recent removal of
all capital controls.

At end-2014, BoC's gross loan/deposit (LTD) ratio remained very
high at 181%.  The gap between loans and deposits is bridged with
central bank funds, largely from the Emergency Liquidity
Assistance (ELA) facility.  BoC has nonetheless been able to
reduce funding from central banks by a third since its peak in
mid-2013, mainly by de-leveraging.  At the same time, highly
liquid reserves have grown, although they remain comparatively
small at 9% of total assets.  Fitch expects BoC to continue to
carefully manage down central bank funding absent any unforeseen
liquidity shocks.

HB's LTD ratio (excluding suspended interest) was a comfortable
66%, but almost half of its deposits are from non-residents and
hence potentially more sensitive.  To mitigate this risk, HB
holds around half of its assets in the form of high-quality
liquid investments.

The Outlook on HB's Long-term IDR is Stable, highlighting Fitch's
view that its credit profile is expected to stabilize further.

RATING SENSITIVITIES - IDRS AND VRS

Absent of extraordinary circumstances, BoC's and HB's IDRs are
sensitive to the same factors that might drive changes to their
VRs.

Any further upgrade of the two banks' VRs is primarily contingent
upon a substantial reduction in their exceptionally high stocks
of unreserved problem loans, coupled with a sustained capital
base. We believe that the foreclosure and insolvency laws could
help to ease asset quality challenges over the medium term,
although implementation risks are still present.  BoC's VR would
also benefit from further material reductions in its reliance on
central bank funding.

Conversely, BoC's and HB's VRs (and hence IDRs) would be
negatively affected by a material deterioration in asset quality
that puts solvency at risk, and/or by any unforeseen risks to the
stability of their deposit franchises related, for example, to
the recent removal of capital restrictions.  In the latter
scenario, Fitch believes that BoC would be more at risk of a VR
downgrade than HB.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

BoC's and HB's Support Rating (SR) of '5' and Support Rating
Floor (SRF) of 'No Floor' reflect Fitch's expectation that
support from the state, while possible, cannot be relied upon
despite the two banks' systemic importance to Cyprus, with
deposit market shares of around 25% for BoC and 14% for HB.  This
belief is due mainly to the limited resources at the Cypriot
authorities' disposal, as demonstrated primarily by the receipt
of an international support package of EUR10bn and the March 2013
imposition of losses on BoC's senior creditors.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch believes there is little upside potential for BoC's and
HB's SR and SRF.  This is due to the authorities' limited
capacity to provide future support, the presence of a resolution
scheme with bail-in tools that have already been implemented, but
also in light of a clear intention to reduce implicit state
support for financial institutions in the EU, following the
implementation of the Bank Recovery and Resolution Directive and
Single Resolution Mechanism.

The rating actions are:

Bank of Cyprus

Long-term IDR: upgraded to 'CCC' from 'CC'
Short-term IDR: affirmed at 'C'
Viability Rating: upgraded to 'ccc' from 'cc'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'

Hellenic Bank

Long-term IDR: upgraded to 'B-' from 'CCC'; Stable Outlook
Short-term IDR: upgraded to 'B' from 'C'
Viability Rating: upgraded to 'b-' from 'ccc'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'



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F R A N C E
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BANQUE PSA: S&P Raises Counterparty Credit Rating to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term counterparty credit rating on European auto
manufacturer Peugeot S.A.'s captive finance company, Banque PSA
Finance (BPF), to 'BB+' from 'BB' and affirmed its short-term
rating at 'B'.  The outlook is stable.

The rating actions follow S&P's upgrade of Peugeot.

S&P caps the long-term rating on BPF at two notches above the
rating on Peugeot.  This is based on S&P's view that BPF is
"insulated" from Peugeot, as S&P's criteria define this term,
although its creditworthiness is correlated to that of its
parent. S&P believes BPF is insulated from Peugeot, thanks to
favorable national insolvency laws in France, BPF's regulatory
and legal status as a bank, its higher intrinsic creditworthiness
than its parent, and high degree of operational independence.

However, S&P would not rate BPF higher than our assessment of its
intrinsic creditworthiness, which S&P assess at 'bb+'.  Indeed,
the rating actions on BPF are not due to any changes in the
bank's stand-alone characteristics, which explain S&P's stable
outlook on BPF, whereas S&P's outlook on Peugeot is positive.

S&P analyzes BPF as a member of a wider group, the BPF group,
which provides car financing for Peugeot.  This group includes
50% of the 11 joint ventures BPF is establishing with Santander
Consumer Finance (SCF), the consumer finance subsidiary of
Spanish bank Banco Santander.

S&P's assessment of the BPF group factors in a 'bbb+' anchor, as
well as S&P's view of its "weak" business position, "adequate"
capital and earnings, "adequate" risk position, and ongoing
funding and liquidity support from SCF to the joint ventures,
which balances, in S&P's view, the less-secured funding structure
of other, fully owned, subsidiaries of BPF.

S&P's stable outlook highlights its view that the bank's
intrinsic creditworthiness remains constrained by Peugeot's weak
sales growth momentum and still falling market shares.  It also
highlights our belief that the bank will maintain adequate
capitalization by our measures and low credit risk, and that the
joint ventures will continue to receive ongoing funding and
liquidity support from SCF.

S&P would not necessarily upgrade BPF if S&P upgraded Peugeot.
However, S&P could consider an upgrade of BPF if S&P revised
upward its view of its intrinsic creditworthiness.  This could
happen if Peugeot's sales of vehicles accelerated and if the
automaker was gaining market share once again, together with an
increase in the share of vehicles financed by the bank or its
joint ventures.  This could increase the bank's potential market
and contribute to improving the overall stability of its business
model, in S&P's view.  However, an upgrade of Peugeot would also
be a prerequisite to an upgrade of BPF.

S&P could consider a downgrade if, contrary to its current base
case, S&P expected the bank's risk-adjusted capital ratio, its
own measure of capitalization, to decrease below 7%.  S&P could
also consider a downgrade should it conclude that BPF's
partnership with SCF is less supportive to BPF's creditworthiness
than S&P currently thinks.


CREDIPAR: S&P Raises Counterparty Credit Ratings From 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on France-based finance company
Credipar to 'BBB-/A-3' from 'BB+/B'.

S&P also raised its short-term counterparty credit rating on
Credipar's sister company SOFIRA to 'A-3' from 'B'.

S&P subsequently withdrew all the ratings on Credipar and SOFIRA
at the issuer's request.

At the time of withdrawal, S&P's outlook on Credipar's long-term
counterparty credit rating was stable.

Credipar is the French joint venture of Banque PSA Finance (BPF),
the captive finance company of European auto manufacturer Peugeot
S.A., and Santander Consumer Finance (SCF), the consumer finance
subsidiary of Spanish bank Banco Santander.  The rating actions
follow S&P's upgrade of Peugeot.

S&P factors up to one notch of group support from Santander into
S&P's long-term rating on Credipar, but S&P caps the rating at
three notches above the long-term rating on Peugeot.  This is
because S&P defines Credipar as a "moderately strategic"
subsidiary of Santander and an "insulated" subsidiary of Peugeot,
as per S&P's group rating methodology.  Among other factors,
S&P's opinion of Credipar's subsidiary status reflects SCF's 50%
ownership, its full consolidation for accounting and regulatory
purpose, the long-term nature of the partnership, and the
contractual agreement from SCF to provide liquidity support if
needed.

S&P analyzed Credipar as a member of a wider group, the BPF
group, to better capture the close links, in S&P's view, between
the joint ventures and their 50% owner BPF.  The BPF group
provides car financing for Peugeot and includes BPF and 50% of
the joint ventures.  S&P assessed the intrinsic creditworthiness
of Credipar at 'bb+', based on the unsupported group credit
profile of the BPF group.

At the time of withdrawal, S&P's outlook on Credipar's long-term
rating was stable, given S&P's view that its intrinsic
creditworthiness remained constrained by Peugeot's still weak
sales growth prospects and its exclusive focus on the French
market.



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G E R M A N Y
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KIRCH MEDIA: Deutsche Bank Goes on Trial in Criminal Case
---------------------------------------------------------
Joern Poltz at Reuters reports that Deutsche Bank co-CEO Juergen
Fitschen went on trial on April 28 accused of giving misleading
evidence in connection with the 2002 collapse of the Kirch media
empire, a case that could prove a distraction for the bank as it
presses ahead with a strategic overhaul.

Mr. Fitschen, 66, has vowed to fight the criminal allegations,
which follow a civil suit brought by heirs of late media magnate
Leo Kirch, Reuters relates.  He faces a maximum sentence of 10
years in prison, Reuters says.

Mr. Fitschen and his co-defendants, including former Deutsche
CEOs Josef Ackermann and Rolf Breuer, are obliged to attend
weekly hearings that are due to run at least until September,
Reuters notes.

At the start of the trial, in the same Munich court where Formula
One boss Bernie Ecclestone and a neo-Nazi murder cell were tried
in recent years, prosecutor Christiane Serini said Mr. Fitschen
and his co-defendants had misled an appeals court in order to
avoid paying damages sought by Kirch, Reuters relays.

All five have denied the charges, Reuters states.

Leo Kirch, who died in 2011, blamed Breuer for triggering his
group's downfall by questioning its creditworthiness in a 2002
television interview, Reuters recounts.  For years, Kirch sought
to recoup about EUR2 billion (US$2.7 billion) in damages, Reuters
discloses.

Deutsche Bank, as cited by Reuters, said on April 28 it was
"convinced that any suspicion against Juergen Fitschen will be
shown to be unfounded."

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch group.
The case is docketed under Case No. 14 HK O 1877/07 at the
Regional Court of Munich.


KION GROUP: Moody's Changes Outlook on Ba2 CFR to Positive
----------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook on the Ba2 corporate family rating and the Ba2-PD
probability of default rating of KION Group AG, as well as the
Ba2 rating of the senior notes issued by KION Finance S.A.
Concurrently, Moody's has affirmed these ratings.

"Our decision to change the outlook on KION's Ba2 rating to
positive was mainly driven by the company's continued improvement
in margins and deleveraging in 2014 and our expectation that KION
will maintain conservative financial policies that could over
time lead to an upgrade of the rating" says Martin Fujerik,
Moody's Analyst and lead analyst for KION.

The outlook change primarily reflects continued improvements to
KION's margin and leverage with its Moody's-adjusted EBITA margin
and gross debt/EBITDA (as of December 2014) improving to 9.7%
from 9.5% in 2013 and to 3.2x from 3.4x in 2014, respectively,
which moves it very close to the triggers for an upgrade. Moody's
positively notes that KION was able to further de-lever despite
material increase in pension deficit in 2014 (by around EUR250
million year-on-year, mostly related to unfunded German pension
plans), driven by a lower discount rate, which Moody's adds into
adjusted debt.

Moody's-adjusted gross debt/EBITDA of 3.2x as of 31 December 2014
is equivalent to 1.0x net financial leverage, as reported by
KION. Moody's understands that KION intends to continue
deleveraging its capital structure to below 1.0x net financial
leverage.

To complement organic growth and to its increase footprint in
Asia and the US, the rating agency expects that KION will
continue with opportunistic small-to-medium sized acquisitions
within the limits of internally generated free cash flow. Larger
debt-funded acquisitions would need to be considered on a case-
by-case basis, however there is currently strong headroom for
debt-funded growth at Ba2 rating level.

The main constraints for the Ba2 CFR are KION's (1) sole focus on
material handling equipment, which is sensitive to economic
cycles and which in turn may lead to above average revenue and
margin volatility, notwithstanding the increasingly flexible cost
structure and the wide range of different industrial sectors
supplied; (2) fairly high proportion of revenues generated in
Europe, particularly Western Europe, although with higher than
group average share of service business there; (3) mixed history
with regard to free cash flow (FCF) generation in the past six
years, with a return to sustained FCF since 2011; and (4) still
limited track record of conservative financial policies focused
on further deleveraging post-IPO, notwithstanding the fact that
KION wants to grow its business.

The Ba2 CFR is supported by KION's (1) number two market position
in the material handling industry worldwide, with clear market
leadership in Europe and selected regions in Asia and Latin
America, underpinned by technology leadership; (2) large
installed base of around 1.2 million trucks, with wide product
and services offering through multiple brands, supported by a
dense network of more than 1,300 service centers worldwide, which
creates an important barrier to entry; (3) large share of service
revenues (around 45%), which are more profitable and less
volatile than the new truck business; (4) strategy to increase
its footprint in growing emerging markets; and (5) high customer
and end-market diversification.

Upward pressure on the ratings would develop if KION were to
further build a track record of resilient operational performance
and conservative financial policy. This would be evidenced by
KION being able to further (1) expand its margins above 10%
(Moody's-adjusted EBITA margin of 9.7% in 2014) assuming a normal
economic environment; (2) decrease leverage sustainably below
3.0x (Moody's-adjusted debt/EBITDA for 2014 of 3.2x); and (3)
improve its FCF generation, while maintaining a strong liquidity
profile.

Downward pressure might develop on the ratings if KION were to
employ more aggressive financial policies, as exemplified by
debt/EBITDA over 3.75x on a sustainable basis. Moody's would also
consider a downgrade, if KION's margins were to decline below 7%,
assuming a normal economic environment, or if free cash flow
turned negative on a sustainable basis.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Wiesbaden, Germany, KION Group AG (KION)
produces forklift trucks and material handling equipment. The
group holds the market-leading position in Europe and in most of
the other markets it operates in and it ranks second on a global
basis. KION, which was sold to KKR and Goldman Sachs by Linde AG
in 2006, has 14 production sites across the world and follows a
multi-brand strategy (with brands such as Linde, Still, OM-Still,
Fenwick, Baoli and Voltas). In 2014, KION generated revenues of
almost EUR4.7 billion with a workforce of around 22,000
employees. As of end-March 2015, KION was 38% owned by Chinese
industrial group Weichai Power, with the remainder of shares
being largely in free float.


NORDDEUTSCHE LANDESBANK: Moody's Rates Tier 1 Notes 'Ba3(hyb)'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 (hyb) rating to the
undated non-cumulative additional Tier 1 notes (AT1 notes) to be
issued by Norddeutsche Landesbank GZ (NORD/LB, deposits A3/senior
unsecured A3 negative, BCA ba2).

The Ba3 (hyb) rating assigned to the AT1 notes is notched off
NORD/LB's baa3 adjusted BCA. This anchor level is based on (1)
NORD/LB's creditworthiness, reflected in its ba2 BCA; and (2)
Moody's assessment of cooperative support available to the bank.
This support adds two notches of uplift to NORD/LB's ba2 BCA,
bringing the anchor to baa3.

The rating of the AT1 notes is placed three notches below the
bank's baa3 adjusted BCA, in line with Moody's framework for
rating non-viability contingent capital securities and reflecting
the high loss given failure indicated by Moody's Loss-Given-
Failure (LGF) analysis. The Ba3 (hyb) rating carries no outlook.

The Ba3 (hyb) rating has two main drivers. First, the anchor for
the rating is the standalone creditworthiness of NORD/LB, plus
any rating uplift for affiliate support, if applicable. Second,
as a result of its LGF analysis and of additional notching
applied, Moody's positions the rating for the AT1 notes three
notches below this anchor point of baa3, which positions the
rating at Ba3 (hyb).

For NORD/LB, the standalone credit strength is reflected in the
ba2 BCA, to which Moody's adds two notches of affiliate support
that is highly likely to be available from the German Savings
Banks sector (Sparkassen-Finanzgruppe; S-Group, corporate family
rating Aa2 stable, BCA a2), of which NORD/LB is a member. In
consideration of the ba2 BCA and Moody's assessment of
cooperative support, NORD/LB's adjusted BCA is baa3. The
positioning three notches below the baa3 adjusted BCA reflects 1)
a high loss-given-failure expectation and 2) additional
instrument-specific risks, including the risks of mandatory
and/or discretionary coupon suspension, and the contractual loss-
absorption features in combination with the AT1 notes' deeply
subordinated claim in liquidation.

The AT1 notes are contractual non-viability securities. The notes
are perpetual with a first call date which has not been fixed
yet. In liquidation, they are senior only to ordinary shares and
rank pari passu with NORD/LB's silent participations. Coupons are
skipped on a non-cumulative basis at the issuer's option, and on
a mandatory basis subject to availability of distributable items
and regulatory discretion.

The principal of the notes will be written down if the issuer's
common equity Tier 1 capital ratio drops below 5.125% on a solo
or consolidated basis. The principal write-down is either partial
or full, depending on the capital shortfall, and the issuer has
the option to write the notes back-up if an annual profit is
recorded in the future.

The rating of this instrument could be upgraded only if Moody's
were to adjust the baa3 adjusted BCA of NORD/LB upwards. A
standalone BCA (and hence an adjusted BCA) at a higher level
would be subject to (1) higher loss-absorption capacity,
especially based on more robust capital cushions; and (2) an
improvement in risk-adjusted returns without compromising the
risk profile and underwriting standards.

Conversely, downward pressure on the rating of this instrument
could materialize if the baa3 adjusted BCA of NORD/LB were to be
adjusted downward. This might occur, for example, if NORD/LB's
credit fundamentals weaken, or in case of a weakening of cross-
sector support mechanisms. If there was an increase in the
probability of a coupon suspension, Moody's would also reconsider
the rating level.


TAURUS CMBS 2006-1: Fitch Cuts Ratings on 2 Note Classes to 'Dsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS (Germany) 2006-1 Plc's
class A and B notes and affirmed the class C and D notes.  Fitch
has subsequently withdrawn the ratings as the issuer is now in
default.  Accordingly, Fitch will no longer provide ratings or
analytical coverage for Taurus CMBS (Germany) 2006-1 Plc.

  EUR46 million class A (XS0257712579) downgraded to 'Dsf' from
  'CCCsf'; Recovery Estimate (RE) 100%; withdrawn

  EUR29.9 million class B (XS0257714435) downgraded to 'Dsf' from
  'Csf'; RE30%; withdrawn

  EUR1.8 million class C (XS0257715242) affirmed at 'Dsf'; RE0%;
  withdrawn

  EUR0 million class D (XS0257715838) affirmed at 'Dsf'; RE0%;
  withdrawn

The transaction was originally the securitization of 10
commercial mortgage loans with an aggregate balance of EUR582.9
million.  The loans were secured on 36 office, retail, and
industrial assets and a multifamily housing portfolio consisting
of approximately 2,400 residential units, all located in Germany.
In April 2015, two loans remained.

Key Rating Drivers

The downgrades reflect the issuer's failure to repay the rated
notes by bond maturity on April 22, 2015.  The REs look through
bond maturity and reflect Fitch's view on ultimate recoveries
from the ongoing asset sales.

The two remaining loans are in special servicing.  The EUR41.6
million Bremen collateral, a shopping centre located in Bremen,
Germany, received interest from three potential buyers.  However,
the sales process has been delayed by a defective building
permission which needs to be replaced prior to a sale or required
construction work to improve occupancy, income and value.  The
special servicer estimated three to six months to receive the
permission and another one to three months to finalize a sale.
Fitch expects a significant loss.

The EUR36.2 million Walzmuehle loan is in advanced sales
proceedings.  The special servicer stated that the sales price
will be below the senior loan amount but roughly in line with the
valuation (the reported senior loan-to-value is 100%).  Fitch
expects a moderate loss, in line with its December 2014 rating
action.



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


GREECE: Bundesbank Head Criticizes Failure to Implement Reforms
---------------------------------------------------------------
John O'Donnell at Reuters reports that Jens Weidmann, the head of
Germany's Bundesbank, criticized Greece's government on April 28
for failing to implement reforms and said it was possible for a
country within the currency union to become insolvent.

"Member states must take responsibility for the consequences of
their political decisions," Reuters quotes Mr. Weidmann, also a
member of the European Central Bank's Governing Council, as
saying.  "There must be a match between control and liability."

"Ultimately, this requires the possibility of a state insolvency,
without the financial system collapsing," Mr. Weidmann, as cited
by Reuters, said in the text of his speech.

Mr. Weidmann's comments in Germany's industrial heartland
highlight misgivings among the country's policymakers about
Greece's deteriorating finances and the unorthodox policies
adopted by its leftist government, Reuters relates.

"It is decisive that a functioning administration is established
in Greece to move the economy and the state's finances onto a
sustainable course and, most importantly, that trust is built in
a reliable course of reform," Reuters quotes Mr. Weidmann as
saying.

Mr. Weidmann said the government of Alexis Tsipras "has again
thwarted early hopes that this will happen", Reuters notes.

The remarks came as Mr. Tsipras, elected in January on an anti-
austerity ticket, said he was confident of reaching an outline
deal with international creditors within two weeks, after shaking
up his negotiating team and sidelining his finance minister,
Reuters relays.

Mr. Tsipras threatened, however, to call a referendum if Greece's
international lenders insisted on demands deemed unacceptable by
his government, a move the head of euro zone finance ministers
said there was no time for, Reuters discloses.



=============
I R E L A N D
=============


GILSON MOTOR: Liquidator Seeks Restriction Orders v. Directors
--------------------------------------------------------------
Ann O'Loughlin at Irish Examiner report that the High Court has
been asked to impose restriction orders against TV presenter
Glenda Gilson and her brother Damien arising from their
involvement with Gilson Motor Company Ltd.

The siblings, who were both in court on April 28, were directors
of Gilson Motor, Irish Examiner discloses.

In 2011, the company, with a registered address at Annaly Drive,
Onger Wood, Dublin 15, was wound up by the High Court after it
failed to pay EUR141,937 in taxes, Irish Examiner relays.

Ms. Gilson and her brother are listed as directors of the company
and they did not contest the court order, Irish Examiner notes.
The court appointed Gary Lennon as liquidator, Irish Examiner
recounts.

Arising out of the liquidation, Mr. Lennon wants the court to
make orders under Section 160 of the 1990 Companies Act seeking
to have Mr. Gilson disqualified from acting as a company director
for a period of five years, Irish Examiner discloses.

In the alternative, he seeks an order under section 150 of the
same act seeking to have certain restriction imposed on
Mr. Gilson from acting as a company director, also for a period
of five years, Irish Examiner states.

According to Irish Examiner, in respect of Ms. Gilson, Mr. Lennon
seeks to have certain restriction orders only.  She has opposed
the application, Irish Examiner notes.  The case came before
Mr. Justice Paul Gilligan, who reserved his decision following
submissions from the parties, Irish Examiner states.

Counsel said the liquidator was seeking the orders against the
siblings on grounds including that no proper books and records
were kept by the company, Irish Examiner relays.  Counsel added
that company funds were diverted into accounts for the purpose of
defrauding revenue, the main creditor of the company, for the
purposes of deliberate avoidance of paying the company's taxes,
according to Irish Examiner.

Gilson Motor Company Ltd. is a motor company.  Its business
included trading in high-value vehicles, and engaged in a car
parking and valeting service from a premises at Sir John
Rogerson's Quay, Dublin.



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


BANCA CARIGE: Moody's Affirms 'Caa1' Deposit & Issuer Ratings
-------------------------------------------------------------
Moody's confirmed Banca Carige S.p.A.'s Caa1 long-term deposit
and issuer ratings with a positive outlook, and the bank's caa3
standalone baseline credit assessment (BCA); furthermore, Moody's
assigned a Counterparty Risk Assessment (CR Assessment) of
B3(cr)/Not Prime(cr).

Moody's said that the rating action follows the approval of a
capital increase by Banca Carige's shareholders, the
implementation of Moody's new banking methodology and
specifically the advanced Loss Given Failure (LGF) analysis and
the rating agency's lowered government support assumptions for
Banca Carige.

This rating action concludes the review on the deposit and issuer
ratings initiated on October 30, 2014 and extended on Feb. 12,
2015, and the review on the BCA initiated on March 17, 2015.

Moody's said that the confirmation of Banca Carige's standalone
BCA was triggered by the approval of a EUR850 million capital
increase by the bank's shareholders. This capital increase, which
is fully underwritten by a pool of investment banks, will cover
the capital shortfall of EUR813 million that resulted from the
ECB's comprehensive assessment and will be sufficient to reach a
CET1 ratio of 12.7%, 120bp above the minimum prudential Common
Equity Tier 1 (CET1) ratio requirement imposed by the ECB of
11.5%, which is the highest in Italy (see note 1 at the end of
this press release).

At the same time, Moody's said that Banca Carige's asset quality
and profitability remain very weak, and access to capital markets
remains constrained.

As at December 2014 problem loans represented a very high 16.5%
the bank's loan book (see note 2 at the end of this press
release). As a partially mitigating factor, coverage of problem
loans has substantially increased in 2014, to 64% from an average
of 44% between 2009 and 2013.

Moody's said that Carige's profitability remains weak. Pre-
provision profit has been negatively influenced by a persistently
low interest rate environment, significant deleveraging, and an
increasing proportion of non-interest generating assets, which
led to a 18% reduction in net interest income in 2014. Following
inspections by the Bank of Italy in 2012 and 2013 and the ECB's
Asset Quality Review in 2014, Banca Carige's loan loss charges
have been very high, leading to cumulative net losses of EUR2.3
billion in the last three years. Moody's said it expects Banca
Carige's profitability to remain weak in 2015, taking into
account the still weak operating environment, and the need for
the bank to restructure.

Additionally, Moody's noted that Banca Carige has not accessed
the wholesale market in the recent years, and that its ability to
issue secured or unsecured instruments remains constrained.
Completions of the capital increase and stabilization of
financial fundamentals should however be important factors in
restoring market access.

Moody's said that the confirmation of Banca Carige's deposit and
issuer ratings derives from the confirmation of the BCA, the
introduction of the rating agency's Loss Given Failure (LGF)
analysis, and revised government support assumptions.

Banca Carige is subject to the EU Bank Resolution and Recovery
Directive (BRRD), which Moody's considers to be an Operational
Resolution Regime. The rating agency's standard assumptions,
which are applied to Banca Carige, assume residual tangible
common equity of 3% and losses post-failure of 8% of tangible
banking assets, a 25% run-off in junior wholesale deposits, a 5%
run-off in preferred deposits, and a 25% probability of deposits
being preferred to senior unsecured debt. Under these
assumptions, Banca Carige's deposits and senior unsecured debt
are likely to face very low loss-given-failure, due to the loss
absorption provided by subordinated debt and, potentially, by
senior unsecured debt should deposits be treated preferentially
in a resolution, as well as the substantial volume of deposits
themselves. This provides two notches of uplift from the caa3
BCA.

At the same time, Moody's said that the introduction of the BRRD
has demonstrated a reduction in the willingness of EU governments
to bail-out banks, and this led to lower expectation of
government support. The rating agency reduced its assumption of
government support for Banca Carige to low from moderate; the new
assumption lead to zero notches uplift, from two notches
previously. The combination of these two factors led to the
confirmation of the Caa1 long-term deposit and issuer ratings.

The outlook on the deposit and issuer rating is positive,
reflecting Moody's expectations for the bank's improving metrics
in terms of capital, coverage of problem loans, and reflecting
the potential for a lower cost of credit going forward, as well
as improved access to funding markets.

As part of the actions, Moody's has assigned, a B3(cr)/Not
Prime(cr) CR Assessment to Banca Carige. The CR Assessment, which
is not a rating, reflects an issuer's probability of defaulting
on certain bank operating liabilities, such as covered bonds,
derivatives, letters of credit and other contractual commitments.
In assigning the CR Assessment, Moody's evaluates the issuer's
standalone strength and the likelihood, should the need arise, of
affiliate and government support, as well as the anticipated
seniority of counterparty obligations under Moody's Loss Given
Failure framework. The CR Assessment also assumes that
authorities will likely take steps to preserve the continuity of
a bank's key operations, maintain payment flows, and avoid
contagion should the bank enter a resolution.

Moody's said that the deposit and issuer ratings for Carige could
be upgraded following an upgrade of Carige's BCA. Carige's BCA
could be upgraded following a reduction in the stock of problem
loans, return to sustainable profitability, improved capital
buffers, and regaining access to funding markets.

Failure to comply with supervisory requirements, and a need for
external support, would exert downward pressures on all of the
bank's ratings.

Note 1: Unless noted otherwise, data in this report is sourced
        from company reports and Moody's Banking Financial
        Metrics.

Note 2: Problem loans include non-performing loans (sofferenze),
        watchlist (incagli), restructured (ristrutturati), and
        past-due (scaduti); Moody's adjust these numbers and only
        incorporate 30% of the watchlist category as an estimate
        of those over 90 days overdue.

Confirmations:

  -- Baseline Credit Assessment, confirmed at caa3

  -- Adjusted Baseline Credit Assessment, confirmed at caa3

  -- Issuer Rating, confirmed at Caa1, outlook changed to
     Positive from Rating under Review

  -- Long-term Senior Unsecured Deposit Rating, confirmed at
     Caa1, outlook changed to Positive from Rating Under Review

Outlook:

  -- Outlook, changed To Positive from Rating Under Review

Assignment:

  -- Counterparty Risk Assessment, assigned at B3(cr)/Not
     Prime(cr)

The principal methodology used in these ratings was Banks
published in March 2015.


CONDOTTE D'ACQUA: Moody's Assigns '(P)B2' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 corporate family
rating to Societa Italiana per Condotte d'Acqua S.p.A.
Concurrently, Moody's assigned a provisional (P)B2 rating to the
proposed EUR300 million senior unsecured notes. The outlook on
the ratings is stable. This is the first time that Moody's has
rated Condotte.

Moody's issues provisional ratings for debt instruments in
advance of the final sale of securities or conclusion of credit
agreements. Upon the successful closing of the bond issuance and
a conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the different capital
instruments. A definitive rating may differ from a provisional
rating.

Condotte's (P)B2 corporate family rating reflects the company's
strong order backlog, equivalent to approximately 3.4 years of
current revenue, supporting ongoing revenue growth and
expectations of profit margin improvement. The current rating
also reflects Moody's expectations of an improvement in leverage
below 5.0x in the next 12-18 months, from 6.3x at the end of
December 2014, based on Moody's adjusted figures. Moody's
adjustments mainly relate to pensions, operating leases and
financial guarantees and follow the recent change in OIC 23 of
the Italian GAAP.

Given the currently less than ample liquidity of the company, the
(P)B2 CFR also incorporates the expectation that Condotte will
successfully place the envisaged bond. Based on this assumption,
Moody's considers Condotte's liquidity profile as adequate. At
the end of 2014, the company had cash on balance sheet of EUR161
million. Assuming minimum cash at 3% of revenues, available cash
was around EUR120 million. The proposed transaction of EUR300
million is intended to refinance EUR274 million of outstanding
bank loans, and thereby rolling over its portion of short-term
maturities by granting additional EUR20 million as cash.
Nevertheless, we expect that cash generation will not be strong
enough to cover consistently its debt maturities and capex.
Following the bond issue, the company will sign a committed
revolving credit facility of EUR50 million, with, however, a very
short maturity of 18 months. On top of this, we note that
Condotte currently has also access to EUR300 million short term
credit lines, which we do not include in our liquidity forecast,
given the uncommitted character of these lines. We also note that
the company has currently EUR940.5 million of performance or
advance payment guarantees outstanding under uncommitted credit
lines. Availability of lines for letters of guarantee are
essential for the construction business, and any reduction in
these lines could have an adverse effect on the company's
orderbook or liquidity position.

The main constraints to the rating are represented by the limited
diversification of the company's order backlog, with the largest
project currently representing approximately one fifth of the
value of the construction backlog (as of December 2014), its
currently high leverage (based on Moody's calculations) for the
(P)B2 rating, historically negative free cash flow generation
(after capex for acquisitions and all non recurring capex) on
average over the last four years, and the strong growth over the
past three years (turnover grew from EUR765 million in 2011 to
EUR1,125 billion in 2014). Exposure to the weak Italian
economy -- around a third of the construction backlog at the end
of 2014 -- is also constraining Condotte's rating.

The stable outlook factors in expectations that Condotte's
leverage will improve in the next 12-18 months, as evidenced by a
projected debt/EBITDA at approximately 5.0x (Moody's adjusted) at
the end of 2015, down from 6.3x (Moody's adjusted) at the end of
2014.

What Could Change the Rating -- UP:

Positive rating pressure could develop if the company's leverage
was expected to improve, as evidenced by debt/EBITDA expected to
fall towards 4x on a sustained basis, and if the company was able
to sustainably generate positive free cash flows above 5% of
gross (Moody's adjusted) debt. For a rating upgrade we would also
expect improved business risk profile in terms of less project
concentration and more regional diversification. A rating upgrade
would also require solid liquidity levels.

What Could Change the Rating -- DOWN:

Negative rating pressure could develop if the company's debt
metrics were expected to deteriorate, as evidenced by debt/EBITDA
(as adjusted by Moody's) above 5x or EBIT/Interest expense (as
adjusted by Moody's) below 2.0x. Negative pressure could also
develop if Moody's anticipated significantly negative free cash
flows (as adjusted by Moody's) or liquidity to deteriorate.

The principal methodology used in these ratings was Construction
Industry published in November 2014. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in Rome, Italy, Condotte is a construction company
with consolidated revenue of EUR1.2 billion in 2014. The company
operates as an engineering, procurement and contractor company
(EPC) in Italy and abroad, primarily in tunneling works and high
speed railway construction projects. Condotte is the third
largest construction company in Italy by revenue and has expanded
its activities outside its domestic market since 2008. At the end
of 2014, the group had 5,691 employees. Condotte was established
in 1880 and is indirectly controlled by the Bruno Tolomei family
through Ferfina, SpA, an intermediate holding company.


FINMECCANICA SPA: S&P Revises Outlook to Stable & Affirms BB+ CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on Italian aerospace and defense group
Finmeccanica SpA.  At the same time, S&P affirmed its 'BB+/B'
long- and short-term corporate credit ratings on the company.

S&P also affirmed its 'BB+' issue ratings on Finmeccanica's
unsecured notes.  The recovery ratings on these notes remain
unchanged at '3', indicating Standard & Poor's expectation of
meaningful recovery (50%-70%; lower half of the range) in the
event of a payment default.

The outlook revision reflects S&P's view that Finmeccanica's
financial position should improve over 2015 and 2016.  This is
because S&P expects that the company will now focus on improving
operating efficiency in the aerospace and defense business after
signing an agreement to dispose of its transportation activities
to Hitachi.  S&P expects this will be finalized in the second
half of 2015.  The transportation business has weighed negatively
on Finmeccanica's bottom-line economic results over the past few
years, leading to lower and volatile profitability.  The disposal
should allow Finmeccanica to capitalize on restructuring efforts
undertaken in the aerospace and defense business over the past
three years, aimed at improving its key industrial processes and
enhancing its product and service offering.

S&P also considers it positive that the new management leadership
has started assessing each of Finmeccanica's business activities,
including joint ventures and U.S.-based DRS, and concentrating on
those business lines where the group can display a competitive
advantage and proper control on execution.  Management has also
stated a willingness to reduce debt, which had reached rather
high levels relative to profitability and cash flow generation.
S&P expects that Finmeccanica will use proceeds from the disposal
of the transportation activities largely to reduce gross debt in
2015.

S&P therefore believes it likely that Finmeccanica will post
progressively higher and less volatile profitability margins and
lower leverage metrics over the next few years.  The stable
outlook reflects S&P's view that over 2015 and 2016
Finmeccanica's FFO to debt will return to above 20% and that the
adjusted EBITDA margin for the aerospace and defense business
will be above 10%.

S&P could consider an upgrade if there was a significant
reduction in Finmeccanica's sizable fully adjusted debt that
resulted in an adjusted FFO-to-debt ratio approaching 30%.  S&P
sees this scenario as unlikely in 2015 and 2016, absent a
significant debt reduction not currently factored into S&P's base
case.  S&P may also consider an upgrade over time if the group
builds a track record of lower volatility in its profitability
margin and earnings measures.

S&P would consider lowering the ratings if Finmeccanica's
leverage metrics were to deteriorate, more specifically if FFO to
debt fell below 20% for a sustained period.  This may happen if
top management adopted a more aggressive financial policy or if a
worsened operating environment resulted in deteriorated
profitability margins.  S&P's ratings assume that there is no
tangible residual liability in Finmeccanica's balance sheet from
the disposed transportation activity, which otherwise may put
pressure on the ratings.


MEDIOCREDITO TRENTINO: Fitch Withdraws 'BB-' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has withdrawn these ratings of Mediocredito
Trentino Alto Adige S.p.A. (MTAA):

   Long-term Issuer Default Rating (IDR) of 'BB-' with a Stable
    Outlook

   Short-term IDR of 'B'

   Viability Rating of 'bb-'

   Support Rating of '2'

Fitch has withdrawn MTAA's ratings for commercial reasons.

Accordingly, Fitch will no longer provide ratings or analytical
coverage for MTAA.



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


CIRSA FUNDING: Moody's Rates EUR500MM Sr. Unsecured Notes (P)B3
---------------------------------------------------------------
Moody's Investors Service assigned a (P)B3 rating to the proposed
EUR500 million senior unsecured notes due 2023 to be issued by
Cirsa Funding Luxembourg S.A., a wholly owned subsidiary of Cirsa
Gaming Corporation S.A. (Cirsa). Moody's also affirmed Cirsa's B2
corporate family (CFR) and B2-PD probability of default (PDR)
ratings, as well as the B3 rating on the senior unsecured notes
due 2018 also issued by Cirsa Funding Luxembourg S.A., post
partial repayment. The outlook on all ratings remains stable.

Proceeds from the 2023 notes will be used to repay approximately
EUR450 million of the existing EUR900 million 2018 notes and for
general corporate purposes, including acquisitions. As part of
this refinancing transaction, Cirsa will upsize its revolver
credit facility (RCF), expected to be undrawn at close, to EUR75
million from EUR50 million and extend its maturity to 2020.

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

The proposed refinancing transaction is credit positive because
it will allow Cirsa to extend the debt maturity profile, to
slightly improve its liquidity via increasing balance sheet cash
and the size of the committed RCF and to reduce future interest
expense whilst remaining leverage broadly neutral. The (P)B3
rating of the proposed 2023 senior unsecured notes is the same as
that of the existing 2018 notes, as they rank pari passu.

Cirsa's B2 CFR continues to reflect (1) the company's significant
presence in certain emerging markets; (2) regulatory risks
inherent to the gaming industry; (3) ongoing negative or weak
free cash flow generation, primarily owing to the capital
expenditure required to maintain and grow the business; (4)
exposure to foreign exchange fluctuations owing to the
discrepancy between the main currency of the debt and its cash
flow generation; and (5) its reliance on its ability to access
cash from Latin American operations to support debt servicing at
the parent level.

However, the rating is supported by (1) the company's position as
one of the leading gaming operators in Spain and Latin America,
with diversification in terms of business lines, gaming assets
and geographies; and (2) its moderate leverage for the rating
category. In addition, the B2 rating reflects (3) Cirsa's track
record in successfully managing challenging operating
environment; and (4) Moody's expectation that the company will
maintain leverage levels (as adjusted by Moody's) in the near
term at around 4.0x despite unfavorable macroeconomic conditions
(particularly in Argentina), regulatory and fiscal changes
including a new tax on gaming machines and an upcoming reform of
the gaming sector in Italy.

Moody's notes that the existence of minority interests also
results in pro-rata leverage being higher than reported (fully
consolidated) leverage and cash leakage through dividend outflows
to minorities.

Cirsa's liquidity profile is adequate as underpinned by (1) EUR82
million of cash on balance sheet, assuming successful issuance of
the notes but excluding cash used to fund the Costa Rican
acquisition and cash generated during the first quarter of FY
2015, and (2) a EUR75 million revolving credit facility, undrawn
at close. Although it will have a reasonable cash balance,
approximately EUR60 million of this is needed to run operations.
Additionally, potential acquisitions and short term debt
repayments, unless renewed, are likely to erode such buffer over
the next 12 to 18 months. Given its presence in certain emerging
markets, the liquidity profile is also contingent on it being
able to access cash and cash flow successfully on an ongoing
basis from these jurisdictions.

Both sets of notes share a similar guarantee package, that
currently comprise guarantees by material subsidiaries
representing 33.4% and 36.7% of the consolidated assets and
EBITDA. The (P)B3 rating of the notes reflects their position as
unsecured obligations within the capital structure. At the end of
December 2014, approximately EUR164 million of drawn debt
effectively ranked senior to the notes due to being either
secured debt or the debt of subsidiaries that are not guarantors.
The capital structure will also includes a EUR75 million
revolving credit facility, undrawn at close and to be borrowed by
Cirsa Gaming Corporation S.A. The RCF is secured by share
pledges, benefits from opcos upstream guarantees and ranks ahead
of the notes upon enforcement.

The stable outlook on Cirsa's ratings reflects Moody's
expectation that the company will mitigate future weakness in
operating performance, including local currency depreciation in
Argentina, maintaining credit metrics around current levels. The
stable outlook also incorporates an assumption that there will be
no further materially adverse regulations and/or taxation
changes.

Upward pressure could be exerted on the rating if Cirsa's strong
operating performance enables the company to improve its credit
metrics such that the debt/EBITDA ratio (as adjusted by Moody's)
trends to below 3.5x and the EBIT/interest coverage ratio stays
above 2.0x on a sustainable basis. Upward rating pressure would
also require an improvement in the company's liquidity profile,
reducing the reliance on refinancing short-term debt.

Conversely, downward pressure could be exerted on the rating if
Cirsa's adjusted leverage were to increase above 4.5x or its
EBIT/interest coverage ratio were to trend towards 1.2x, whether
as a result of a change in financial policy or a deterioration in
operating performance. The rating could also come under pressure
if Moody's were to consider Cirsa's liquidity to have become
inadequate to support the company's operations or debt servicing
or if criteria set for the stable outlook were not met.

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

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Italy and Latin
America. As of April 2015, the company operated 75,986 gaming
machines, 129 casinos, 71 bingo halls, 1,125 betting locations
and 123 arcades. For the year ended December 2014, Cirsa reported
net operating revenues of approximately EUR1.353 billion and
EBITDA of EUR328 million. The company is controlled by a single
individual, Manuel Lao Hernandez, who owns 100% of Cirsa's
ordinary shares (47.1% directly and 51.0 % indirectly, with the
remainder owned indirectly by members of Mr. Lao's immediate
family).


CROWN EUROPEAN: Moody's Assigns Ba2 Rating to EUR600MM Notes
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
senior unsecured notes of Crown European Holdings S.A., a
subsidiary of Crown Holdings, Inc. In addition, Crown Holdings,
Inc.'s Ba2 corporate family, Ba2-PD probability of default, and
other instrument ratings are unchanged. The ratings outlook is
stable. The proceeds of the new EUR600 million senior unsecured
notes due 2025 will be used to refinance the existing $675
million senior secured term loan B due February 2022.

Crown European Holdings S.A.

  -- Assigned new EUR600 million senior unsecured notes due 2025,
     Ba2 (LGD 3)

The following ratings are unchanged:

Crown Holdings, Inc.

  -- Corporate Family Rating, Ba2

  -- Probability of Default Rating, Ba2-PD

  -- Speculative Grade Liquidity Rating, SGL-2

Crown Americas, LLC

  -- $450 million US Revolving Credit Facility due December 2018,
     Baa3 (LGD 2)

  -- $875 million senior secured term loan A due December 2018,
     Baa3 (LGD 2)

  -- $362 million senior secured term loan A due December 2019,
     Baa3 (LGD 2)

  -- $675 senior secured term loan B due February 2022, Baa3
     (LGD2) (to be withdrawn at the close of the transaction)

  -- $700 million senior unsecured notes due February 2021, Ba3
     (LGD 5)

  -- $1,000 million senior unsecured notes due January 2023, Ba3
     (LGD 5)

Crown Cork & Seal Company, Inc.

  -- $63.5 million senior unsecured notes due December 2096, B1
     (LGD 6)

  -- $350 million senior unsecured notes due December 2026, B1
     (LGD 6)

Crown European Holdings S.A.

  -- $700 million European revolving credit facility due December
     2018, Baa3 (LGD 2)

  -- EUR700 million senior secured Term Loan A due December 2018,
     Baa3 (LGD 2)

  -- EUR650 million senior unsecured notes due July 2022, Ba2
    (LGD 3)

Crown Metal Packaging Canada LP

  -- $50 million Canadian revolving credit facility due December
     2018, Baa3 (LGD 2)

The ratings outlook is stable.

The ratings are subject to the receipt and review of the final
documentation.

Crown's Ba2 Corporate Family Rating reflects the company's
position in an oligopolistic industry, relatively stable end
markets and improved profitability. The rating is also supported
by the high percentage of business under contract with strong raw
material cost pass-through provisions, higher margin growth
projects in emerging markets and good liquidity. Crown's broad
geographic exposure, including a high percentage of sales from
faster growing emerging markets, is both a benefit and a source
of some potential volatility.

The rating is constrained by the company's concentration of
sales, exposure to weak international markets, especially Europe,
and risks inherent in its strategy to grow in emerging markets.
The rating is also constrained by the ongoing asbestos liability
and the integration risk inherent from two recent, sizeable
acquisitions. The company has exposure to segments which can be
affected by weather and crop harvests and to mature industry
sectors like carbonated soft drinks. Approximately 50% of sales
stem from the sale of beverage cans. Crown is also completely
concentrated in metal packaging, which may be subject to
substitution with other substrates in certain markets depending
on relative pricing and new technologies.

The ratings outlook is stable. The stable outlook reflects an
expectation that Crown will dedicate sufficient free cash flow to
debt reduction to improve credit metrics to a level commensurate
with the rating category over the intermediate term.

The ratings could be downgraded if Crown fails to improve credit
metrics over the intermediate term, there is a deterioration in
the cushion under existing financial covenants, and/or a
deterioration in the competitive or operating environment.
Additionally, a significant acquisition or change in the asbestos
liability could also trigger a downgrade. Specifically, the
rating could be downgraded if adjusted debt to EBITDA remained
above 4.5 times, EBIT interest coverage remained below 3.5 times
and/or free cash flow to debt declined below 8.0%.

The ratings could be upgraded if Crown achieves a sustainable
improvement in credit metrics within the context of a stable
operating and competitive environment and maintains adequate
liquidity including sufficient cushion under existing covenants.
Specifically, the ratings could be upgraded if adjusted debt to
EBITDA declined to below 3.8 times, EBIT interest coverage
improves to over 3.7 times, the EBIT margin remains in the double
digits, and free cash flow to total debt remains over 9%.

Crown Holdings, Inc., headquartered in Philadelphia,
Pennsylvania, is a global manufacturer of steel and aluminum
containers for food, beverage, and consumer products. Revenues
were approximately $9.1 billion in 2014.

The principal methodology used in this rating was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.


UNICREDIT LUXEMBOURG: S&P's BB+ Issue Rating Off Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its 'BB+' issue
rating on UniCredit Luxembourg S.A.'s US$750 million loan
participation notes (borrower: Yapi ve Kredi Bankasi A.S.) due
Oct. 13, 2015, by removing it from CreditWatch with negative
implications.

Due to an error, S&P placed the issue rating on these notes on
CreditWatch negative on Feb. 3, 2015, when S&P puts the
counterparty credit ratings on UniCredit Bank AG on CreditWatch
negative.



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


GRESHAM CAPITAL II: Moody's Cuts Rating on Class E Notes to Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Gresham Capital CLO II B.V.:

  -- EUR14.7 million Class D Deferrable Secured Floating Rate
     Note, Upgraded to Baa1 (sf); previously on Sep 25, 2014
     Affirmed Baa3 (sf)

  -- EUR13.65 million (Current rated balance: EUR12.3M) Class E
     Deferrable Secured Floating Rate Notes due 2026, Upgraded to
     Ba3 (sf); previously on Sep 25, 2014 Affirmed B1 (sf)

Moody's also affirmed the ratings on the following notes issued
by Gresham Capital CLO II B.V.:

  -- EUR17.1 million (Current outstanding balance: EUR16.2M)
     Class C Deferrable Secured Floating Rate Notes due 2026,
     Affirmed Aaa (sf); previously on Sep 25, 2014 Upgraded to
     Aaa (sf)

  -- EUR5 million Class S1 Combination Notes due 2026, Affirmed
     Aaa (sf); previously on Sep 25, 2014 Upgraded to Aaa (sf)

Gresham Capital CLO II B.V., issued in October 2006, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European and US loans. The
portfolio is managed by Investec Bank Plc. The transaction ended
its reinvestment period in November 2012. The credit ratings of
Class A, Variable Funding Notes and Class B have been withdrawn
since obligation is not outstanding.

According to Moody's, the upgrade of the Class D and Class E
notes is primarily a result of the continued amortization of the
portfolio and subsequent increase in the collateralization ("OC")
ratios. Moody's notes that on the February 2015 payment date, the
Class B notes have paid down in full by EUR11.2 million, or
49.12% of its original balance, and Class C has amortized by
EUR0.85 million, or 5.0% of its original balance. As a result of
this deleveraging, the OC ratios of the notes have significantly
increased. As per the latest trustee report dated March 2015, the
Class C, Class D and Class E OC ratios are 319.04%, 167.50% and
119.73%, respectively, versus January 2015 levels of 227.75%,
149.82% and 116.27%.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class
S1, which do not accrue interest, the 'Rated Balance' is equal at
any time to the principal amount of the Combination Note on the
Issue Date minus the aggregate of all payments made from the
Issue Date to such date, either through interest or principal
payments. The Rated Balance may not necessarily correspond to the
outstanding notional amount reported by the trustee.

The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR40.3M and GBP10.8M,
defaulted par of EUR1.8M, a weighted average default probability
of 28.5% (consistent with a WARF of 4,403), a weighted average
recovery rate upon default of 45.55% for a Aaa liability target
rating, a diversity score of 10 and a weighted average spread of
4.05%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 89.14% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 4.08% remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

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

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 of
the portfolio. Moody's ran a model in which it lowered the
weighted average recovery rate of the portfolio by 5%; the model
generated outputs that were within one notch of the base-case
results.

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

Additional uncertainty about performance is due to the following:

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.

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

Around 41.21% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions," published in October 2009.

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

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



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


IZHEVSK CITY: Fitch Affirms 'B+' IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed the Russian City of Izhevsk's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'B+' with Stable Outlooks and its Short-term foreign currency IDR
at 'B'.  Its National Long-term rating has also been affirmed at
'A(rus)' with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the city's ongoing budget deficit and
increasing dependence on transfers from the Udmurtia Republic
(BB-/Negative/B), which are balanced by stable budgetary
performance in line with Fitch's forecast, and moderate direct
risk with low immediate refinancing pressure.  The Stable Outlook
reflects our expectation of stable budgetary performance in 2015-
2017, with a small positive current balance.

Fitch expects Izhevsk's operating balance to average 6% of
operating revenue annually, in line with 2014's outturn.
Budgetary performance improved in 2014 as increased current
transfers from the republic's budget more than offset weaker tax
revenues.

The city's operating margin rose to 5.9% in 2014 from 3.2% in
2013, but its current balance remained weak due to increasing
cost of funding.  This resulted in weak debt coverage (direct
risk to current balance) and left the city dependent on capital
grants and new borrowing for financing of capital outlays and
principal debt repayment.  Fitch does not expect any material
improvement of the current balance in the medium-term, which is
likely to remain close to zero in the medium term.

Izhevsk receives a steady flow of current transfers from the
regional budget, which accounted for 51.5% of operating revenue
in 2014 (2013: 36.4%).  The increase stemmed from a transfer of
staff cost for pre-school education to the regional budget.  In
return the city sacrificed half of its personal income tax share,
which results in reduced financial flexibility.  Overall,
earmarked grants for delegated responsibilities, mainly salaries,
accounted for 76% of current transfers in 2014.

Fitch expects Izhevsk's direct risk to rise to RUB4.2 billion, or
moderate 43% of current revenue, by end-2015 from RUB3.7 billion
(36.7%) in 2014.  In the medium-term the city's direct risk will
continue to increase on a nominal basis, but will stabilize
between 40%-45% in relative terms.  As of April 1, 2015, the
city's immediate refinancing pressure was low, with repayment of
only RUB400 million during 2015-2016.  Izhevsk's direct risk is
dominated by bank loans, RUB3.4 billion of which (82% of total
risk as of April 1) is due in 2017.  Fitch will closely monitor
the city's ability to overcome this peak.

The city has no outstanding guarantees and no plans to issue new
guarantees.  Contingent liabilities, stemming from public sector
entities debt, accounted for a low RUB3.8m or less than 0.1% of
operating revenue in 2014.  Indirect risk is well monitored by
Izhevsk and, in Fitch's view, manageable.

With a population of 637,300 inhabitants, the city is the capital
of the Republic of Udmurtia, part of the Privolzhskiy Federal
District.  Udmurtia's economy demonstrated close to zero growth
in real terms in 2014.  Fitch forecasts a 4.5% contraction in
national GDP in 2015, which would affect the city's tax revenue.

RATING SENSITIVITIES

Maintaining an operating balance about 5% of operating revenue on
a sustainable basis, coupled with moderate debt in line with
Fitch's forecast, could lead to an upgrade.

A weak operating balance insufficient to cover interest payments
along with significant growth of refinancing risk due to
increasing reliance on short-term debt could lead to a downgrade.


KEMEROVO REGION: Fitch Affirms 'BB-' IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the Russian Kemerovo Region's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'BB-' and its Short-term foreign currency IDR at 'B'.  The agency
has also affirmed the region's National Long-term rating at
'A+(rus)'. The Outlooks on the Long-term ratings are Stable.

Fitch has also affirmed the region's senior unsecured debt at
Long-term local currency 'BB-' and at National Long-term
'A+(rus)'.

KEY RATING DRIVERS

The ratings reflect Kemerovo's weak budgetary performance with a
marginally positive operating balance and gradually growing
direct risk, remaining consistent with the region's ratings.  The
ratings also factor in a strong but stagnating local economy and
low contingent risk.

Fitch expects the region's operating balance to consolidate at
low positive values during 2015-2017, although the current
balance will remain negative.  The budgetary performance will be
underpinned by on-going transfers from the federal budget and
gradual growth of tax proceeds from 2016.  In 2014, the operating
balance returned to a positive territory driven by a 50% increase
in transfers and modest restoration of corporate income tax
driven by the improving earnings of local exporters following the
stabilization of the market price of key commodities and the
devaluation of the local currency.

Kemerovo demonstrated close to zero economy growth in real terms
in 2014 following the deterioration of the national economic
environment.  Fitch considers that the region's tax proceeds will
stagnate in 2015 due to the sluggish economy.

Fitch expects Kemerovo's direct risk will grow and may reach 75%
of current revenue by end-2017, which is consistent with the
region's ratings.  The wide deficit before debt during 2012-2014
has resulted in a rapid rise in direct risk to RUB50.8 billion
(57% of current revenue) at end-2014, from RUB19 billion (21%) in
2011.  The debt maturity profile is evenly distributed between
2015 and 2018, which eases refinancing pressure.

Immediate refinancing risk is moderate as the region's debt is
43% comprised from subsidized budget loan, which likely to be
rolled over by the federal government.  Another 11% is long-term
quasi-market loan from Vnesheconombank (VEB: BBB-/Negative/F3)
that the region assumed in the mid-2000s.

VEB's loan is denominated in US dollars and exposes the region to
unhedged foreign-currency risk.  The risk is mitigated by the
fact that the loan bears a 1% annual interest rate and the
maturity profile has been smoothed out to Jan. 1, 2035, which
takes the immediate pressure off its debt servicing burden.

Kemerovo has low contingent risk stemming from public sector
entities' financial debt and issued guarantees.  In late 2011,
the region imposed a moratorium on new guarantees issuance and as
of April 1, 2015, the region had no outstanding guarantees.

The region has a strong economy dominated by coal and metal
industries.  This provides an extensive tax base for the region's
budget, allowing the region to rely on its own budget revenue
rather than transfers from the federal budget.  However, a large
portion of tax revenues depends on companies' profits, resulting
in high revenue volatility.

RATING SENSITIVITIES

An improvement in the operating balance to 6%-8% of operating
revenue and maintenance of debt coverage ratio (direct risk to
current balance) below 10 years on a sustainable base could lead
to an upgrade.

The inability to maintain a positive operating balance on a
sustained basis or an increase in direct risk far beyond Fitch's
expectations could lead to a downgrade.


KHAKASSIA REPUBLIC: Fitch Affirms 'BB' IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has revised the Russian Republic of Khakassia's
Outlook to Negative from Stable.  It has also affirmed the
republic's Long-term foreign and local currency Issuer Default
Ratings (IDRs) at 'BB', National Long-term rating at 'AA-(rus)'
and Short-term foreign currency IDR at 'B'.

The republic's outstanding senior unsecured domestic bonds have
been affirmed at 'BB' and 'AA-(rus)'.

KEY RATING DRIVERS

The Outlook revision reflects these rating drivers and their
relative weights:

High

Fitch expects the republic's operating balance will remain
insufficient to cover interest expenses in 2015-2017, due to
growing direct risk and increased funding costs.  Khakassia
recorded further deterioration in its operating balance in 2014,
which declined to below zero from a modest 4% of operating
revenue a year earlier.  Increased social responsibilities in
2014 led to a substantial 15% growth of operating expenditure,
outpacing a 10% increase in operating revenue.

Fitch assumes the republic's operating balance will be around 2%-
4% over the medium term.  This will be supported by a moderate
expansion of the tax base, driven by growth of electricity output
and higher profits at export-oriented top taxpayers buoyed by a
weaker rouble.  However, this positive development may be offset
by the national economic downturn.

Fitch expects that Khakassia's direct risk will grow to 80% of
current revenue by end-2017, from 61% in 2014, driven by an on-
going budget deficit of about 10% of total revenue.  Direct risk
increased above Fitch's expectation in 2014 to RUB10.7 billion
(end-2013: RUB7.9 billion), due to weaker budgetary performance.

The republic of Khakassia's ratings also reflect the following
key rating drivers:

The republic's direct risk structure is well diversified and
composed of 46% bond issues, 31% budget loans and 23% bank loans
at April 1, 2015.  The maturity profile is smooth and stretches
until 2020.  In 2015, Khakassia faces RUB4.5 billion of maturing
debt, or 36% of its direct risk as of April 1, 2015.

Fitch expects that the federal government will provide
refinancing support to the region and will roll over RUB0.5
billion of maturing budget loans plus make available at least
RUB0.9 billion budget loans to refinance market debt due in 2015.
The remaining borrowing needs will be funded by RUB1.9bn open
credit lines and new market debt that will likely be contracted
at higher interest rates and raise interest expenses.

Khakassia's economic profile is sound with wealth metrics in line
with the national median.  Gross regional product per capita was
102% of the national median in 2013 and average salary was 117%
of the national median in December 2014.  However, the tax base
is concentrated in a few companies in the mining, non-ferrous
metallurgy and hydro-power generation sectors.  The 10 largest
taxpayers contributed 44.5% to the republic's tax revenue in 2014
(2013: 43.6%).  Taxes provided 71% of operating revenue in 2014.

RATING SENSITIVITIES

The inability to restore a positive current balance and to narrow
the deficit to below 10% of total revenue could lead to a
downgrade.


KHARKOV CITY: Fitch Affirms 'CC' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the Ukrainian City of Kharkov's Long-
term foreign currency Issuer Default Rating (IDR) at 'CC', Long-
term local currency IDR at 'CCC' and its Short-term foreign
currency IDR at 'C'.  Fitch has also affirmed the city's National
Long-term rating at 'A+(ukr)' with a Negative Outlook.

KEY RATING DRIVERS

The city's ratings are constrained by the ratings of Ukraine
(CC/C).  The affirmation reflects Kharkov's exposure to adverse
national macro-economic environment and the weakened
institutional framework in Ukraine.  The ratings also factor in
the city's satisfactory budgetary performance and low debt.

Fitch expects that the city's operating performance will be under
pressure in the medium term influenced by the shrinking national
economy.  Operating expenditure is fuelled by accelerating
inflation (Fitch forecasts 26% in 2015) and easing tariff
regulation of utility services.  Fitch estimates that Ukraine's
GDP contracted 7.5% yoy in 2014 and expects a further 5% decline
in 2015.  In Fitch's view, Ukraine's ability to support Kharkov
is low given its weak public finance.

Kharkov's direct debt declined to 6% of current revenue at end-
2014 from 8.4% in 2013, due to the repayment of a domestic bond
in December 2014.  At April 2015, the city's outstanding debt was
UAH294 million due April 30, 2015.  Kharkov intends to repay only
about 40% of the maturing debt (UAH109.2 million) by this date.

Fitch expects that the remainder will be rolled over following
the city's negotiation with its creditor, the state Ukreximbank
(C/C). The agency views this loan as quasi-market debt due to the
state ownership of the lender, and because the loan was
contracted by the city under the preparation for the Euro 2012
football championship in Ukraine.

Fitch expects that Kharkov will not take on new borrowing in the
medium term given its still satisfactory budgetary performance
and adequate liquidity.  Kharkov has accumulated high cash
reserves, of UAH459 million at end-2014, which cover the city's
outstanding debt by 1.6x.

In 2014, Kharkov recorded a sound operating balance at 9.8% of
operating revenue (2013: 15.3%) and moderate deficit of 4.4%
after two years of surplus.  Nevertheless the city's budgetary
performance is exposed to substantial uncertainty over the
development of the national economy and potential changes in the
state fiscal policy under the structural reforms undertaken by
the new government.

The amount of the city's contingent liabilities (UAH416 million
at end-2014) exceeds its direct debt and may put pressure on the
budget, particularly as major public sector entities are loss-
making and depend on subsidies to sustain operations.  Fitch
expects the contingent liabilities should not jeopardize the
city's budget as they currently account for less than 10% of the
city's current revenue.

RATING SENSITIVITIES

A downgrade of Ukraine's IDRs would lead to a corresponding
action on the city's IDRs.  In the absence of a sovereign
downgrade, significant deterioration of the city's credit profile
could also lead to negative rating action.

A sovereign upgrade could be reflected by Kharkov's ratings
provided that the city maintains a stable budgetary performance.


MARI EL REPUBLIC: Fitch Affirms 'BB' IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the Russian Mari El Republic's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'BB', with Stable Outlooks, and its Short-term foreign currency
IDR at 'B'.

The agency has also affirmed the republic's National Long-term
rating at 'AA-(rus)' with Stable Outlook.  Mari El's outstanding
senior unsecured domestic bonds have also been affirmed at 'BB'
and 'AA-(rus)'.

KEY RATING DRIVERS

The affirmation reflects Mari El's satisfactory fiscal
performance, moderate direct risk with limited exposure to
refinancing risk, and low contingent risk.  The ratings also
consider the deteriorating macroeconomic environment and the
republic's modest economic profile.

Fitch expects Mari El to continue posting satisfactory fiscal
performance in 2015-2017, with operating surplus at about 8%-9%
(2014: 7%).  This will be driven by prudent management aimed at
cost control and a steady increase in operating revenue, with an
expected average growth rate of about 5% in the medium term.

The republic's deficit before debt variation widened slightly to
9.6% of total revenue in 2014 from 7.7% in the previous year.
Fitch expects it to scale back to below 10% of total revenue in
the medium term, driven by an expected reduction in capex to
about 13% of total spending (2010-2014: average 22%).

Fitch expects Mari El's direct risk to be about 57%-60% of
current revenue in 2015-2017 (2014: 47%).  The republic's direct
risk increased to RUB10.7 billion in 2014 from RUB8.7 billion a
year earlier.  The composition of the region's debt changed last
year, with an increased proportion of budget loans, which went up
to 42% of 2014 debt stock (2013: 13%).  Mari El also issued a
RUB2 billion domestic bond in 2014, further improving the
diversification of its debt portfolio.  Bonds increased to 24% of
total debt stock followed by bank loans (34%).

The republic's debt profile is likely to be extended in 2015 as
the federal government is about to lengthen the maturities of the
outstanding budget loans contracted by the region up to 2024-
2034. Fitch notes that despite an expected increase in direct
risk, the proportion of market (bank loans and bonds) debt in the
republic's debt stock is not likely to exceed 40% of current
revenue by 2017, partially offsetting increased costs of
borrowing.

Fitch assesses Mari El's exposure to refinancing risk as
moderate. Refinancing needs are limited to the repayment of
domestic bonds totaling RUB1.4 billion coming due in October and
December 2015.  The region is about to contract RUB700 million of
budget loans from the federal government.  Fitch expects the
republic's contingent risk to remain limited to the minor debt of
its public sector entities and guarantees.

Mari El's liquidity position is satisfactory with cash reserves
sufficient to cover occasional cash mismatches in line with the
ratings.  Interim liquidity is also supported by use of short-
term treasury loans at subsidized rates.

Mari El's socio-economic profile is historically weaker than the
average of other Russian regions.  Its per capita gross regional
product was 30% lower than the national median in 2012-2013.
Nonetheless, according to the administration's preliminary
estimates the regional economy expanded 2.6% yoy in 2014 (2013:
1.9% yoy).  The republic expects moderate economic growth of
around 3%-3.5% yoy in 2015-2017.

RATING SENSITIVITIES

The ratings could be positively affected by an improved budgetary
performance leading to deficit before debt decreasing below 5% of
total revenue, coupled with an extension of the debt maturity
profile.

Conversely, a downgrade or revision of the Outlook to Negative
could result from sustained deterioration of operating
performance with an operating margin below 5%, coupled with
weaker debt coverage (2013: eight years) exceeding average debt
maturity (2013: four years) over the medium term.


MOSCOW REGION: Fitch Affirms 'BB+' IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the Moscow Region's Long-term foreign
and local currency Issuer Default Ratings (IDRs) at 'BB+' with
Stable Outlooks and its Short-term foreign currency IDR at 'B'.
The agency has also affirmed the region's National Long-term
rating at 'AA(rus)' with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect Moscow Region's still sound, albeit
declining, budgetary performance, low debt, strong liquidity and
wealth and economic indicators above the national median.  The
ratings also factor in stagnating tax revenues amid national
economic downturn, a moderate deficit driven by increasing capex,
and an extensive public sector with high contingent risk to the
region's budget.

Fitch forecasts the region will record a sound operating balance
at 8%-10% of operating revenue (2014: 7.5%) in the medium term,
allowing for strong coverage interest expenses of 3.5x (2014:
5.6x) despite increasing funding costs.  In 2014, the region's
operating margin declined to 7.5% from 10% a year earlier, as
increased social responsibilities caused operating expenditure
growth to outpace that of operating revenue.

Fitch expects Moscow Region's budget deficit to widen towards 5%
of total revenue (2014: 1.5%) as the region continues its
investment in infrastructure and maintains capex at an average
15% of total expenditure in 2015-2017 (2014: 14%).  A significant
95% of the capex will be funded by the region's strong current
balance, capital revenue and cash reserves.

Given the region's strong self-financing capacity, Fitch expects
direct risk to stabilize at about 30% of current revenue (2014:
30.5%) in the medium term.  At end-March 2015, debt consisted of
RUB64.1 billion of three- to five-year bank loans and RUB38.7
billion of budget loans due in 2015-2017.  In 2014, Moscow Region
drew down all open credit lines and accumulated RUB60.7bn cash on
its account at end-2014.  High cash reserves covered about 60% of
the region's outstanding debt.

Moscow Region places its temporarily free liquidity in deposits,
whose high interest income provides additional revenue to the
budget.  In 2014, financial revenue amounted to RUB1.1 billion,
which covered about 25% of interest expenses paid by the region.

The region's medium-term refinancing pressure is low.  For 2015-
2016 it needs to repay RUB26.8 billion of budget loans.
Refinancing peaks in 2017-2018 when all its bank loans (62% of
total debt stock) mature.  Fitch does not expect the region to
have any problem with debt refinancing and forecasts that a
portion of budget loans due in 2015 will be rolled over by the
federal government.

Moscow Region directly and indirectly controls an extensive
public sector, consisting of more than 100 companies.  This
creates additional contingent risk for the regional budget and
puts pressure on budget expenditure through administrative
expenses and subsidies.  However, Fitch does not consider risk
from the sector to be significant due to the large size of the
region's budget and prudent debt management.

The region has a well-diversified economy based on services and
processing industries.  The region's proximity to the City of
Moscow supports its wealth and economic indicators above the
national median.  In 2013, GRP per capita was 37% above the
national median and in December 2014 average salary was 54% over
the national median.  Fitch forecasts 4.5% contraction of
national GDP in 2015, and believes the region will also face a
slowdown of activity although its economic indicators should
remain strong.

RATING SENSITIVITIES

An upgrade is unlikely given the pressure on the sovereign's IDRs
(BBB-/Negative).  However, restoration of the operating margin to
the historical high of above 15%, accompanied by sound debt
metrics with direct risk-to-current balance at below the average
debt maturity profile, could lead to an upgrade.

A sharp growth of direct risk to above 50% of current revenue,
coupled with deterioration of operating performance resulting in
weak debt coverage, could lead to a downgrade.


UDMURTIA REPUBLIC: Fitch Revises Outlook to Neg & Affirms BB- IDR
-----------------------------------------------------------------
Fitch Ratings has revised the Russian Republic of Udmurtia's
Outlook to Negative from Stable and affirmed its Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB-', National Long-term rating at 'A+(rus)' and its Short-term
foreign currency IDR at 'B'.

Udmurtia's outstanding senior unsecured domestic bonds have been
affirmed at 'BB-' and 'A+(rus)'.

KEY RATING DRIVERS

The Outlook revision reflects the following rating drivers and
their relative weights:

HIGH

Fitch expects Udmurtia's current balance will remain negative
over the medium-term in light of increased interest rates on the
national capital market and the republic's growing debt.  At the
same time the agency projects a recovery in the operating margin
to 1%-3% in 2015-2017 after having been in negative territory
during 2012-2014.  The administration has communicated a strong
intent to curb operating expenditure, which has historically
expanded rapidly.

Fitch expects the republic's deficit before debt to narrow in
2015, on sharp cutbacks to capital expenditure, but to remain at
a still hefty 10% of total revenue.  The region does not plan to
undertake new capital projects and will only complete those that
are in well in advance or those which are largely co-financed by
the federal government. In 2014 the deficit peaked at 21% of
total revenue, due to a negative operating balance and high
capex.

MEDIUM

Fitch expects direct risk will continue to increase, possibly to
over 90% of current revenue in 2016.  In 2014 direct risk was
RUB37.9 billion, or 75% of current revenue (2013: 63%).  In
mitigation, the republic received RUB7 billion of subsidized
loans from the federal government with a three-year maturity to
refinance part of its capital market debt.  This will help
Udmurtia to save on interest costs in the medium-term.

Refinancing pressure is high as the republic faces a repayment of
94% of total direct risk in 2015-2017.  For 2015 Udmurtia faces
RUB10.6 billion of repayments, RUB7 billion of which are bank
loans and the remainder is issued debt and budget loans.  The
republic expects to refinance almost half of the debt by RUB4.7bn
of new budget loans.  There is also a possibility that RUB1.3bn
of budget loans due in 2015 will be rolled over by the federal
government.

The remaining debt and an expected budget deficit of RUB5.7bn
will be covered by bank loans.  The republic plans to contract
them in the 2H15 when most of the repayments are due and when
market interest rates are likely to be lower.

Udmurtia's ratings also reflect the following key rating drivers:

The republic has a well-diversified industrial sector, which is
dominated by oil extraction, metallurgy and machine building.
This supports Udmurtia's wealth metrics in line with the national
median.  However, in 2013-2014 the republic's real economic
growth was close to zero and below national growth.  Fitch
expects national GDP to shrink 4.5% yoy in 2015, eroding the
republic's tax proceeds.

RATING SENSITIVITIES

An inability to restore the current balance to positive territory
and to ease high refinancing pressure would lead to a downgrade.


URALKALI PJSC: Moody's Says US$1.5BB Share Buyback is Credit Neg
----------------------------------------------------------------
Moody's Investors Service views Uralkali PJSC's (Uralkali, Ba1
negative) recently announced US$1.5 billion share buyback program
as credit negative.

On April 24, 2015, Uralkali announced that its board had approved
a share buyback program worth up to US$1.5 billion, which is
likely to be implemented by 16 June 2015 and funded with cash.
The program is credit negative for Uralkali because, in our view,
it will reduce the company's financial flexibility and slow down
deleveraging efforts in the context of contracted capacity and
accelerated capex as a result of a mine accident at Uralkali in
November 2014, at a time when price competition in the global
potash market is increasing. The program also signals Uralkali's
more aggressive approach to shareholder returns, which was not
anticipated by Moody's and is credit negative.

While the program is credit negative, there is no immediate
ratings effect, given Uralkali's liquidity cushion and our
expectation that the post-buyback evolution of the company's
financial profile will not significantly deviate from what
Moody's expect for the company's Ba1 rating. The current negative
outlook on the rating already captures the risk of weaker-than-
expected cash flow generation owing to continued potash market's
volatilities.

Uralkali noted that the program is intended to distribute cash to
shareholders at a time when a dividend distribution would not
comply with the company's dividend policy, owing to a net loss in
2014 caused by foreign exchange losses. No dividends will be paid
for 2014. The board also adopted a new, discretionary dividend
policy allowing the board to determine the amount of dividend,
while the previous policy set the amount at 50% of net profit.
Uralkali plans to eventually cancel the acquired shares. The
company says that it sees a return of capital to investors as
consistent with its strategy to maximize the value for
shareholders. In 2012-14, Uralkali distributed US$1.6 billion in
dividends and conducted share buybacks totalling US$2.6 billion.

Moody's see any shareholder distribution from Uralkali this year
as being aggressive, in the context of an accident at one of its
largest mines, Solikamsk-2 mine in 2014. On 18 November 2014,
Uralkali suspended operations at this mine, owing to increasing
brine inflows. As a result, Uralkali's total potash production
capacity (of 13.3 million tonnes per annum) and ore reserves have
contracted by 20%, possibly on a permanent basis, making the
company more vulnerable to potash market volatilities and
resulting in accelerated capex in new capacity projects.

However, Moody's expect that the post-buyback evolution of
Uralkali's financial profile will develop broadly in line,
although with a short-term delay, with what Moody's expected for
its current rating, if the global potash market were to remain
relatively stable. In particular, Uralkali's financial metrics
will improve in 2015-16, with adjusted debt/EBITDA to strengthen
from 3.2x at end-2014 to around or just slightly above 2.0x in
2016, which is within our guidance for the current rating. The
expectation factors in Uralkali's low cost base and strong
margins as well as its leading position in the global potash
market.

In addition, Uralkali does not need to raise additional debt to
fund the buyback or address its other liquidity needs, given its
sizable cash balance (US$3.2 billion as of April 2014) and strong
positive free cash flow (US$0.8 billion for 2015 under our base
case scenario).

Moody's expect that Uralkali's liquidity will remain sufficiently
strong with a cash balance of around US$3.2 billion (as of
April 24, 2015) and projected operating cash flows of US$2.6
billion from Q2 2015 to end-2016. These cash and cash flows will
more than cover the company's liquidity needs of US$4.8 billion
up to end-2016, including US$1.5 billion debt repayments, US$1.2
billion capital expenditure, US$1.5 billion share buyback and our
assumption that Uralkali's dividend payments in 2016 are unlikely
to exceed a half of its 2015 net profit.



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


BANCO POPULAR EMPRESAS 1: Fitch Affirms CC Rating on Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has upgraded IM Grupo Banco Popular Empresas 1, FTA
Class D notes, and affirmed all others as:

EUR58.1 million Class A2 (ISIN ES0347843015): affirmed at
'AA+sf'; Outlook Stable

EUR28.8 million Class B (ISIN ES0347843023): affirmed at
'AA+sf'; Outlook Stable

EUR27 million Class C (ISIN ES0347843031): affirmed at 'AA+sf';
Outlook Stable

EUR54.9 million Class D (ISIN ES0347843049): upgraded to 'BBBsf'
from 'BBsf'; Outlook Stable

EUR30.1 million Class E (ISIN ES0347843056): affirmed at 'CCsf';
Recovery Estimate revised to 60% from 50%

IM Grupo Banco Popular Empresas 1 is a cash flow securitization
of an initial EUR1.8 billion static pool of Spanish SME loans
granted by six entities of Grupo Banco Popular, which have since
merged with Banco Popular Espanol SA (BB+/Negative/B).

KEY RATING DRIVERS

The upgrade of the class D notes is driven by the transaction's
improved performance and deleveraging over the last 12 months.
The tranche has seen its credit enhancement increase to 26.7%
from 20.8% over the period as a result of EUR47.3 million of the
class A2 notes being paid down sequentially.  While credit
enhancement for the class A2 to C notes have also increased over
the period, these notes are affirmed at their 'AA+sf' rating due
to the Spanish Country Ceiling cap.

Over the same period, 90 days+ arrears have fallen to 1.19% from
1.91%, while 180 days+ arrears have fallen to 0.82% from 1.1%.
While current defaults have increased to 21.1% from 18%, this is
solely due to amortization as the absolute amount of current
defaults in the portfolio has fallen to EUR31.9 million from
EUR36.9 million.

The absolute fall in current defaults is reflected in the
transaction's improved recovery rate, which has risen to 65% from
58%.  A total of EUR45 million reserve fund remains undrawn, to
the extent that excess spread has reduced the outstanding class E
balance to EUR30.06 million from EUR32.4 million.  The recovery
estimate for the class E tranche has subsequently been revised up
to 60% from 50%.

RATING SENSITIVITIES

Fitch ran two sensitivities.  In the first the recovery rate was
reduced by 25%, and in the second, the default probability was
increased by 25%.  This would result in a one-notch downgrade to
the class D notes in the first scenario, and no changes to any of
the ratings in the second.


ESMALGLASS-ITACA GRUPO: Moody's Rates EUR250MM Loan 'B1'
--------------------------------------------------------
Moody's Investors Service assigned a definitive B1 (LGD 3) rating
to Esmalglass-Itaca Grupo's EUR250 million senior secured Term
Loan B, the EUR40 million senior secured Revolving Credit
Facility as well as the EUR15 million senior secured capex and
acquisition facility. The B1 Corporate Family Rating (CFR) and
B2-PD Probability of Default Rating (PDR) of Pigments II B.V.,
the ultimate holding company for the Esmalglass-Itaca Grupo (E-I)
as well as the stable outlook remain unchanged.

Moody's definitive ratings are in line with the provisional
ratings assigned on Feb. 10, 2015.

E-I's rating is supported by the company's niche market
leadership in the production of intermediate products for the
ceramic tile industry with in segments dominant market share.
Moody's believes that E-I's market position is protected by solid
entry barriers relating to technological know-how and R&D
capabilities. Demand fundamentals are positive on the back of an
overall growing global construction market, benefits from
substitution as well as solid geographic and customer
diversification, which should to some part balance the inherent
cyclicality of the construction industry. With regards to the
group's financial profile, the rating positively reflects high
profitability levels with EBITDA margins in excess of 20%, albeit
with a short track record in sustaining these high margins, as
well as moderate financial leverage estimated at just above 3
times debt/EBITDA as adjusted by Moody's pro forma for the
refinancing.

The rating also reflects the small scale of the group with sales
of EUR332 million and a reported EBITDA of EUR69 million expected
for 2014. Main weakness in that respect relates to the narrow
product focus and to a lesser extent the limited number of full
scale production plants with only one plant dedicated to inkjet
inks. Moody's believes that E-I is active in a highly competitive
market environment which requires careful volume and price
management, in particular for its newest product group of inkjet
inks to defend current profitability of the group. The rating
also reflects the fairly short track record in generating EBITDA
margins of around 20%. Moody's deems input cost inflation another
risk factor for the group's profitability, as E-I is reliant on
selling price increases to recover higher costs for major raw
materials, including metal oxides and specialty chemicals.

The stable outlook reflects Moody's expectation that E-I will
maintain its current profitability levels with EBITDA margins
around 20% and continue to generate positive free cash flow. The
stable outlook is also based on Moody's expectation that E-I
preserves a sufficient liquidity cushion supported by positive
free cash flow generation and the absence of material debt
financed acquisitions and shareholder distributions.

Positive rating pressure could build up if E-I is able to sustain
profitability margins at current levels by defending prices for
its most important product group of inkjet inks and supported by
raising production efficiencies. In terms of leverage, Moody's
would expect the group's debt/EBITDA as adjusted by Moody's to
decline towards 2x with a track record building of a moderate
financial policy such as by applying free cash generated towards
debt repayment purposes. However, an upgrade to Ba3 would also
require a further strengthening of the business profile through
an extension of the group's scale by anticipated organic growth
and potential bolt-on acquisitions as well as a further
diversification geographically and product wise.

Moody's could consider downgrading E-I if the group's
profitability were to come under pressure, resulting in EBITDA
margins declining below the high teen percentages with
debt/EBITDA trending towards 4x. Also, a deterioration in
liquidity could result in rating pressure building.

Following the refinancing, E-I's liquidity profile is solid.
Internal cash sources include cash on hand of around EUR15
million pro forma for the refinancing and annual operating cash
flow before working capital requirements of EUR50 million-EUR60
million. In addition, Moody's notes that E-I will have access to
a revolving credit facility amounting to EUR40 million. These
sources should be sufficient to fund working cash requirements,
estimated at around 3% of sales, as well as capex and all other
basic cash requirements. Moody's expects that E-I will continue
to generate positive amounts of free cash flows. Moody's notes
positively that following the proposed refinancing, E-I will not
have any material debt maturities apart from contractual cash
sweep mechanisms before 2021, when the RCF will mature.

The differentiation between the Corporate Family Rating and the
Probability of Default Rating reflects the all bank debt
structure and the higher recovery expectations under this type of
structure. The lenders under the senior secured term loan as well
as the revolving credit facility and the capex and acquisition
facility will obtain guarantees from guarantors representing at
least 80% of group EBITDA and / or assets and a materially all
asset pledge over the same assets. As all senior secured bank
debt ranks pari passu and there is no material subordinated debt
to absorb first losses, the senior secured bank debt is rated at
the same level as the CFR in line with Moody's Loss Given Default
methodology.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 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.

The Esmalglass-Itaca Grupo ("E-I") is a world leading
manufacturer of intermediate products for the global ceramic tile
industry. Moody's expects the group to report sales of around
EUR332 million and EBITDA of EUR69 million in 2014 (21% reported
EBITDA margin). Headquartered in Spain, the group produces a full
range of products which determine the key properties of floor and
wall tiles including surface colors, glazing products and body
coloring products.



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


CABLE & WIRELESS: S&P Lowers Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Cable & Wireless Communications PLC
(CWC) to 'BB-' from 'BB'.  At the same time, S&P affirmed its 'B'
short-term rating on the company.  S&P is lowering the rating on
Sable International Finance Ltd.'s (CWC's financial vehicle)
senior secured notes due 2020 to 'BB-' from 'BB'.  S&P is also
lowering Cable & Wireless International Finance's (CWC's
financial vehicle) senior unsecured notes to 'B' from 'B+'.  S&P
has removed all the ratings from CreditWatch, where it placed
them with negative implications on Nov. 6, 2014.  S&P is also
raising its long-term and issue-level ratings on Columbus
International Inc. to 'BB-' from 'B' and removed them from
CreditWatch, where S&P placed them with positive implications on
Nov. 6, 2014.

The downgrade on CWC follows the Barbados-based telecom company
Columbus acquisition, which has weakened the company's financial
risk profile, which S&P now considers as "highly leveraged."
S&P's analysis includes a US$690 million issuance of new debt and
the refinancing of a revolving credit line for US$570 million,
and Moody's is adjusting CWC's debt to reflect Columbus'
shareholders' potential exercise of a US$1.1 billion (nominal
value) put option. Therefore, S&P expects CWC's proportionate
debt to EBITDA ratio to exceed 8.0x in fiscal 2016 and remain
above 5.0x for the following two years.

The upgrade on Columbus reflects S&P's view that the company is a
"core" subsidiary for CWC as it is very unlikely to be sold
because it strengthens CWC's position in the Caribbean market.
Columbus' services are integral to CWC's core services enhancing
the parent's retail operations in some overlapping and new
markets and especially improving its pay TV position.
"Additionally, the integration of both companies' subsea cable
networks will increase their reach to 42,000 km giving them a
leading network.  We also believe, Columbus is likely to receive
support from CWC under a financial distress scenario," said
Standard & Poor's credit analyst Marcela Duenas.


GEORGE HUNTER: Put Into Liquidation After HM Revenue Dispute
------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that George Hunter
(Demolishers) has lost its fight for survival after being placed
into liquidation on April 28.

The Glasgow-based firm traded as Hunter Demolition and employed
around 50 staff at its peak, turning over up to GBP7 million,
Construction Enquirer relates.

Hunter was forced to appoint a liquidator following a protracted
battle with HM Revenue & Customs, which petitioned for the firm
to be wound up by the Glasgow Sheriff Court, Construction
Enquirer says, citing Demolition News.

The appointed insolvency practitioner is French Duncan LLP in
Hamilton, Construction Enquirer discloses.

George Hunter (Demolishers) is a Scottish demolition contractor.


JJ ENGINEERING: Millennium Assemblies Buys Firm, 39 Jobs Saved
--------------------------------------------------------------
Business Quarter reports that Black Country-based Millennium
Assemblies has saved 39 jobs following the firm's acquisition of
JJ Engineering.

The merger will create one of the largest independent metal
pressings firms in the region after the company had fallen into
administration, according to Business Quarter.

The report notes that Millennium Assemblies is now planning to
use the additional capacity to embark on a 2-year plan to
significantly enhance joint sales revenue to GBP10 million.

As part of the move JJ Engineering will be renamed Millennium
Assemblies and will sit alongside Millennium Pressed Metal to
form the newly named 'Millennium Manufacturing Group,' the report
notes.

The report relates that former Cab Automotive managing director
John Faulkner will take the helm at the Garretts Green factory in
co-ownership with managing director of Millennium Pressed Metal
Anna Stevenson.

The report notes that the acquisition, which was supported by
Crowe Clark Whitehill and the Wilkes Partnership, was completed
late on April 24.

Millennium Manufacturing Group will employ 84 people across the
two manufacturing sites and is set to turnover in excess of GBP7
million in the next 12 months, the report notes.


MOUCHEL: Kier Enters Into Deal to Buy Firm for GBP265 Million
-------------------------------------------------------------
The Construction Index reports that after months of detailed
negotiations, Kier has finally entered into a conditional
agreement to buy Mouchel for GBP265 million.

The acquisition will be funded by a GBP340 million rights issue,
which will be enough to repay Mouchel's net debt, finance the
integration costs of the acquisition and cover the costs and
expenses associated with the rights issue and acquisition,
according to The Construction Index.

The report notes that Mouchel reported group revenue (including
share of JVs) of GBP616.6 million and underlying operating profit
of GBP27.7 million for the year ended September 30, 2014.
Revenues for the three months ended 31 December 2014 increased by
38% year-on-year, the report says.

The report relays that Kier's board expects the acquisition to
enhance earnings for the financial year ending June 30, 2016, the
first full financial year following completion, and to deliver a
return on capital employed of at least 15% the following year.

Mouchel was taken over by its lending banks in 2012 after
collapsing into administration. Former shareholders got just a
penny a share, the report discloses.  The previous year they had
rejected takeover offers from Costain and Interserve worth as
much as 135p per share, the report notes.  The highest offer then
valued Mouchel at GBP175 million, the report notes.

Kier Chief Executive Haydn Mursell said that Mouchel had been
successfully rebuilt since its 2012 collapse.  "Over the last
three years, Mouchel has been transformed into a strong business
with market leading positions," the report quoted Mr. Mursell as
saying.

"The combination of Kier and Mouchel, particularly in the
provision of UK highways maintenance services, creates a leader
in a growing marketplace.  The acquisition is consistent with and
accelerates the delivery of our Vision 2020 strategy and will
provide compelling value to shareholders," Mr. Mursell said, the
report notes.

The report discloses that Mouchel Chief Executive Grant Rumbles,
architect of the firm's revival, said:  "Kier and Mouchel are an
excellent fit.  The enlarged company will enable us to improve
our offer to customers and to enhance the career opportunities of
our employees.  This deal is testimony to the successful
turnaround of Mouchel following its 2012 restructuring.
Refocusing the business on its core strengths and targeting
profitable growth has brought us to a position where our order
book is now more than GBP2.8 billion.  For that I thank my
excellent management team and all of our staff for their hard
work and determination over the last few years."

News of Kier's approach for Mouchel first emerged in December
2014, the report recalls.

Mouchel will be Kier's second big acquisition in the support
services sector of recent years, having bought May Gurney for
GBP177 million in 2013, the report notes.  The deal will firmly
consolidate Kie's ranking as the UK's third biggest construction
group, behind Balfour Beatty and Carillion, and ahead of
Interserve, the report relays.


PAPERLINX: Premier Paper Snaps Up Firm's Assets, Saves 30 Jobs
--------------------------------------------------------------
Midlands News reports that Birmingham paper merchant The Premier
Paper Group has acquired the assets of PaperlinX's Castle
Donington reel paper and savory paper division, saving 30 jobs.

The deal comes after Australia-headquartered PaperlinX called in
administrators from Deloitte at a number of its UK companies
earlier this month, leading to almost 700 redundancies, according
to Midlands News.

The report notes that Graham Griffiths, managing director of the
Premier Paper Group, said: "The recent unfortunate events at
PaperlinX have resulted in redundancy for many people.

"We are delighted to be able offer more than 30 jobs to a team of
people with many years' experience and a great track record in
the business forms, direct mail and digital inkjet markets," the
report quoted Mr. Griffiths as saying.

"This is an excellent opportunity to grow our business in this
sector and the fit with our current business ensures that paper
producers have a route to market and customers have a service
offer that they can rely on," Mr. Griffiths said, the report
relays.

The report notes that the new Premier Reel Paper senior
management team comprises Steve Webb, Sam Catterall and Ben
Woolf.

The Paper Company Ltd, Howard Smith Paper Group Ltd, Robert Horne
Group Ltd and PaperlinX Services (Europe) Ltd, which make up the
paper merchanting and visual technology services (VTS) businesses
of PaperlinX UK, went into administration on April 1, 2015, the
report relays.

PaperlinX said a lower demand for paper, difficulties in
restructuring substantial legacy pension liabilities and the
withdrawal of credit insurance sparked the process, the report
discloses.

The company ceased trading from 14 sites across the UK, with 693
redundancies made, and continues to trade from five sites, the
report notes.

The administration does not affect PaperlinX's operations in
Australia, New Zealand and Asia or UK independent packaging
businesses, which continue to trade as normal, the report adds.


PREFERRED RESIDENTIAL 05-2: Moody's Affirms Caa1 D1c Notes Rating
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 17 notes and
affirmed the ratings of 10 notes in 3 UK non-conforming
residential mortgage-backed securities (RMBS) transactions:
Preferred Residential Securities 05-2 PLC, Preferred Residential
Securities 06-1 PLC and Preferred Residential Securities 8 PLC.

The rating action concludes the review of 14 notes placed on
review on Dec. 9, 2014.

Rating upgrades reflect the deleveraging of the transactions and
the rating affirmations reflect the sufficiency of credit
enhancement.

Moody's key collateral assumptions remain unchanged for the three
transactions. The performance of the underlying asset portfolios
remain in line with Moody's assumptions.

Moody's quantitative analysis incorporates the ratings'
sensitivity to increases in key collateral assumptions. The
increases included stress of 1.25x the current EL assumption and
1.2x MILAN CE. Moody's sensitivity analysis would typically
expect to see the ratings fall by no more than one to three
notches using these stressed assumptions. The results of this
analysis limited the potential upgrade of the ratings on the
Class C1a and C1c in Preferred Residential Securities 05-2 PLC,
Class C1a and C1c in Preferred Residential Securities 06-1 PLC
and Class D1a, D1c and E in Preferred Residential Securities 8
PLC.

The ratings of the Classes A2a, A2c, B1a and B1c in Preferred
Residential Securities 05-2 PLC, Classes A2a, A2b, A2c, B1a, and
B1c in Preferred Residential Securities 06-1 PLC and Classes
A1a1, A1a2, A1b, A1c, B1a, B1c, C1a and C1c in Preferred
Residential Securities 8 PLC are constrained by operational risk.

Acenden Limited (NR) acts as servicer and cash manager in the
three transactions with Homeloan Management Limited (NR) acting
as standby servicer. Moody's considers that the transactions are
exposed to operational risk as Homeloan Management Limited may
not be able to immediately take over the servicing in case of
servicer disruption. The transactions benefit from a liquidity
facility and reserve funds which partially offset concerns
regarding the back-up servicing arrangement.

Moody's also assessed the default probability of the account bank
provider of each transaction by referencing the bank's deposit
rating.

Moody's incorporated the updates to its structured finance
methodologies in its analysis of the transactions affected by
today's rating actions.

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) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure and (3) improvements in the credit quality of the
transaction counterparties.

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

Issuer: Preferred Residential Securities 05-2 PLC

  -- EUR100 million Class A2a Notes, Affirmed Aa2 (sf);
     previously on Dec 21, 2009 Downgraded to Aa2 (sf)

  -- GBP96 million Class A2c Notes, Affirmed Aa2 (sf); previously
     on Dec 21, 2009 Downgraded to Aa2 (sf)

  -- EUR13 million Class B1a Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 Aa3 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP10 million Class B1c Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 Aa3 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR12 million Class C1a Notes, Upgraded to A1 (sf);
     previously on Dec 9, 2014 A3 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP4 million Class C1c Notes, Upgraded to A1 (sf);
     previously on Dec 9, 2014 A3 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP12.6 million Class D1c Notes, Affirmed Caa1 (sf);
     previously on Dec 21, 2009 Downgraded to Caa1 (sf)

Issuer: Preferred Residential Securities 06-1 PLC

  -- EUR70 million Class A2a Notes, Affirmed Aa2 (sf); previously
     on Dec 21, 2009 Downgraded to Aa2 (sf)

  -- USD20 million Class A2b Notes, Affirmed Aa2 (sf); previously
     on Dec 21, 2009 Downgraded to Aa2 (sf)

  -- GBP167.1 million Class A2c Notes, Affirmed Aa2 (sf);
     previously on Dec 21, 2009 Downgraded to Aa2 (sf)

  -- EUR5.5 million Class B1a Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 Aa3 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP26 million Class B1c Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 Aa3 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR17 million Class C1a Notes, Upgraded to Aa3 (sf);
     previously on Dec 9, 2014 Baa1 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP6.5 million Class C1c Notes, Upgraded to Aa3 (sf);
     previously on Dec 9, 2014 Baa1 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR15.1 million Class D1a Notes, Upgraded to Caa1 (sf);
     previously on Dec 9, 2014 Caa2 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP10 million Class D1c Notes, Upgraded to Caa1 (sf);
     previously on Dec 9, 2014 Caa2 (sf) Placed Under Review for
     Possible Upgrade

Issuer: Preferred Residential Securities 8 PLC

  -- GBP181 million Class A1a1 Notes, Affirmed Aa2 (sf);
     previously on Mar 30, 2010 Downgraded to Aa2 (sf)

  -- GBP100 million Class A1a2 Notes, Affirmed Aa2 (sf);
     previously on Mar 30, 2010 Downgraded to Aa2 (sf)

  -- USD100 million Class A1b Notes, Affirmed Aa2 (sf);
     previously on Mar 30, 2010 Downgraded to Aa2 (sf)

  -- EUR100 million Class A1c Notes, Affirmed Aa2 (sf);
     previously on Mar 30, 2010 Downgraded to Aa2 (sf)

  -- GBP18.5 million Class B1a Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 Aa3 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR8.5 million Class B1c Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 Aa3 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP5.9 million Class C1a Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 A2 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR5 million Class C1c Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 A2 (sf) Placed Under Review for
      Possible Upgrade

  -- GBP16.2 million Class D1a Notes, Upgraded to Baa1 (sf);
     previously on Mar 30, 2010 Downgraded to Baa3 (sf)

  -- EUR5 million Class D1c Notes, Upgraded to Baa1 (sf);
     previously on Mar 30, 2010 Downgraded to Baa3 (sf)

  -- GBP4.6 million Class E Notes, Upgraded to Ba1 (sf);
     previously on Mar 30, 2010 Downgraded to B1 (sf)


SAM INVESTMENT: Moody's Affirms Ba2 CFR, Outlook Positive
---------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
Santander Asset Management Investment Holdings Limited (SAM
Investment Holdings Limited or "SAM"), and maintained the
positive outlook. Concurrently, Moody's affirmed the senior
secured debt rating of SAM Finance Lux S.A.R.L., also maintaining
the positive outlook.

These rating actions follow the announcement made on 23 April
2015 by SAM's parent -- Banco Santander SA (deposits Baa1, review
for upgrade) -- of a preliminary and exclusive agreement (subject
to the signing of final terms) to merge SAM and Pioneer Global
Asset Management SpA ("Pioneer Global"). Pioneer Global's US-
based operations will not be included in the new company but will
be owned by UniCredit (50%) and Warburg Pincus and General
Atlantic (50%). At present, Banco Santander and its partners,
Warburg Pincus and General Atlantic, together own 100% of SAM,
and UniCredit SpA (deposits Baa2, review for upgrade) owns 100%
of Pioneer Global.

Banco Santander will have a direct 33.3% stake in the new
operating company (herein referred to, for convenience of
reference only, as "SAM International"; the official name of the
new operating company has not yet been determined), which
combines the non-US operations of SAM and Pioneer Global. A new
holding company, called Pioneer Investments, will hold a 66.6%
stake in "SAM International". In turn, UniCredit will hold a 50%
stake in Pioneer Investments and the remaining 50% stake will be
split equally between private equity fund managers Warburg Pincus
and General Atlantic. Assets under management (AUM) of "SAM
International" amounted to around EUR300 billion, or roughly 75%
larger than that of SAM as of year-end 2014. Juan Alcaraz,
current Chief Executive Officer of SAM, will be the CEO of
Pioneer Investments; and Giordano Lombardo, current CEO and Chief
Investment Officer of Pioneer Global, will be the CIO of Pioneer
Investments.

The positive outlook for SAM's ratings reflects Moody's view that
the merger of Pioneer Global and SAM will translate into a
significant boost in SAM's scale and franchise strength through
the long-term distribution agreements with both Banco Santander
and UniCredit, which aims to create a market-leading retail
distribution network for the company in Europe and Latin America.
In addition, Moody's believes that Pioneer Global will bring
considerable complementary capabilities in third-party and
institutional distribution. The rating agency believes that SAM
will benefit from the merger of Pioneer Global's operations
through its expanded geographical footprint, client base and
product diversification.

Although the terms of the proposed acquisition financing remain
unclear, Moody's expects the combined SAM and Pioneer Global to
generate high levels of cash flow; nonetheless, any rise in
leverage as part of the transaction would partly offset the
potentially positive synergies gained from the merger. In
addition, the merged company's financial strategy, including its
financial leverage profile and capital management strategy remain
uncertain. Moody's will continue to monitor the merged company's
eventual capital structure, financial policy and earnings as well
as the execution risk of the merger as details become clear.

Market share gains in the merged company's core businesses would
have upward rating implications, as would any evidence of a
sustained reduction in the total adjusted debt-to-EBITDA ratio
below 2.5x. In addition, improved profitability, resulting in
pre-tax income margins above 25%, combined with sustained
improvement in the stability of revenue growth would be positive
for the ratings.

Downward pressure could be exerted on the ratings of the merged
company as a result of any increase in the total debt-to-EBITDA
ratio above 4.5x. The ratings could also be downgraded as a
result of (1) any evidence of persistently high market volatility
-- leading to a significant decline in AUM; (2) any erosion of
competitiveness and market presence; (3) a sustained increase in
operational costs that leads to a material decline in
profitability; and (4) significant outlays for strategic
investments over the next 12 months that substantially reduces
available liquidity.

The following ratings were affirmed with a positive outlook:

SAM Investment Holdings Limited

  -- Long-term Corporate Family Rating: Ba2, outlook positive

SAM Finance Lux S.A.R.L.

  -- Senior Secured Bank Credit Facility: Ba2, outlook positive

  -- Senior Secured Term Loans: Ba2, outlook positive

The principal methodology used in these ratings was Asset
Managers: Traditional and Alternative published in February 2014.


                            *********

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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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-
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Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
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Copyright 2014.  All rights reserved.  ISSN 1529-2754.

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                 * * * End of Transmission * * *