TCREUR_Public/150514.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, May 14, 2015, Vol. 16, No. 94

                            Headlines

F R A N C E

CMA CGM: Moody's Raises Corp. Family Rating to B1, Outlook Stable


G E R M A N Y

PROKON REGENERATIVE: EnBW Named Preferred Bidder for Assets
TAURUS CMBS 2006-3: S&P Lowers Ratings on 2 Note Classes to Dsf


G R E E C E

GREECE: Needs to Raise EUR3 Billion Through Fiscal Measures


I R E L A N D

WILLOW NO.2: Moody's Cuts Rating on Series 39 Repack Notes to B3


N E T H E R L A N D S

ZOO ABS II: Moody's Raises EUR9.25MM Class C Notes to Caa1
* NETHERLANDS: Bankruptcies Down to 446 in April 2015


R U S S I A

ARTEKS INSURANCE: Put Under Provisional Administration
CONSTRUCTION-COMMERCIAL BANK: Bank of Russia Revokes License
PLATO-BANK LLC: Bank of Russia Revokes Banking License
PLAYA RESORTS: Moody's Rates US$50MM Add-on Notes Caa1
TRUST CAPITAL: Bank of Russia Revokes Banking License


S L O V E N I A

NOVA LJUBLJANSKA: S&P Affirms BB-/B Counterparty Credit Ratings


S P A I N

INSTITUT CATALA: S&P Affirms Then Withdraws 'BB/B' ICRs
OBRASCON HUARTE: Moody's Reviews B1 CFR for Downgrade


T U R K E Y

* TURKEY: Moody's Says Lira Depreciation Affects Domestic Banks


U K R A I N E

UKRAINE: Balks at Approach of Creditors' Committee in Debt Talks
UKRZALIZNYTSIA: Declares Technical Default on Debt Obligations


U N I T E D   K I N G D O M

AFREN PLC: S&P Cuts Issue Rating on 2019 Secured Bonds to 'D'
BCA OSPREY: S&P Puts 'B' Corp. Credit Rating on CreditWatch Pos.
DTZ UK GUARANTOR: Moody's Affirms B2 CFR; Outlook Negative
KETTERING TOWN FC: Confirms Final Payments; To Exit CVA
PRINTWELLS: To be Liquidated After Owner Established New Business

PUDSEY STEEL: Almost Exited CVA Prior to Administration


                            *********


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F R A N C E
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CMA CGM: Moody's Raises Corp. Family Rating to B1, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 the corporate
family rating of French container shipping company CMA CGM S.A.
At the same time, Moody's has upgraded to B1-PD from B2-PD its
probability of default rating (PDR) and to B3 from Caa1 its
senior unsecured rating. The outlook on all the ratings is
stable.

"Our decision to upgrade CMA CGM's ratings reflects the company's
continued robust operating performance and resulting improvements
to its financial profile. We expect these improvements to persist
in 2015 in spite of ongoing challenging market conditions in the
container shipping segment," says Marie Fischer-Sabatie, a
Moody's Senior Vice President and lead analyst for the issuer.
"At the same time, CMA CGM has maintained adequate liquidity,
sustained by a large cash cushion."

The rating action reflects CMA CGM's continuing strong operating
performance, which has translated into improvements in its
financial profile. In particular, CMA CGM has maintained
profitability levels, which are among the highest in its
industry, with a core EBIT margin in 2014 at 5.8%.

CMA CGM achieved these results despite market conditions
remaining challenging in the container shipping segment. While
freight rates have remained low and volatile during 2014, in
particular on the East-West routes, CMA CGM pursued its cost-
containment efforts and further reduced its operating costs per
twenty-foot equivalent unit (TEU) by around 4%.

While leverage (gross debt/EBITDA, including Moody's adjustments
and overdrafts) remains high for the B1 category, at 6.4x at
year-end 2014, Moody's positively notes the large cash balance
that the company has maintained on its balance sheet ($2.2
billion, including overdrafts, as at 31 December 2014).

Moody's expects that CMA CGM will maintain its strong performance
during 2015, driven by sustained volume growth, the lower bunker
price and the pursuit of its cost containment efforts. As a
result, the company's financial profile will improve further and
be more comfortably positioned in the B1 category.

CMA CGM's rating continues to reflect (1) the company's leading
market positions and its geographic diversification; (2) its low
capital investment commitments relative to its main competitors;
(3) the flexibility of its fleet (CMA CGM can redeliver to their
owners around 80% of its chartered vessels within the next 12
months); (4) the company's operational efficiency; and (5) its
strong asset base. The B1 rating also takes account of (1) the
high cyclicality in the container shipping market; (2) the fierce
competition, which limits CMA CGM's ability to fully recover
increases in certain operating costs; (3) the high proportion of
short-term contracts in the container shipping market, which
limits visibility for revenues; and (4) CMA CGM's high leverage,
with a gross adjusted debt/EBITDA ratio still above of 6x at the
end of 2014 (including overdrafts).

The stable outlook reflects Moody's view that, in spite of the
volatile conditions in the container shipping segment, CMA CGM
will maintain a top-tier operating performance and generate
positive free cash flow within the next 12-18 months. These
factors will enable the group to further improve its financial
profile and be more comfortably positioned in the B1 category.

Upward rating pressure could materialize if Moody's have evidence
that CMA CGM can sustain its solid operating performance and
report the following metrics over an extended period of time: (1)
leverage below 5x; and (2) funds from operations (FFO) interest
expense coverage above 4x (ratios include Moody's adjustments).
At the same time, the company should maintain an adequate
liquidity profile.

Downward rating pressure could develop if challenging market
conditions lead to (1) financial leverage above 6x for an
extended period of time; (2) FFO interest expense coverage below
3x (ratios include Moody's adjustments); or (3) a material
weakening of the company's liquidity profile.

The principal methodology used in these ratings was Global
Shipping Industry published in February 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 Marseilles, France, CMA CGM S.A. is the third-
largest container shipping company in the world measured in TEU.
CMA CGM generated revenues of US$16.7 billion in 2014.



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G E R M A N Y
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PROKON REGENERATIVE: EnBW Named Preferred Bidder for Assets
-----------------------------------------------------------
Andreas Cremer and Christoph Steitz at Reuters report that EnBW
has been named preferred bidder for Prokon Regenerative Energien
GmbH.

According to Reuters, EnBW has made a binding offer to acquire
all assets of the insolvent company for a "mid-level three-digit
million-euro" amount.

One person familiar with the matter told Reuters on May 11 the
all-cash offer would value Prokon, which filed for insolvency in
January last year, at more than EUR500 million (US$561.6
million).

A creditor panel at Prokon will probably take a final decision on
EnBW's bid in early July, Reuters discloses.

Prokon filed for insolvency last year after consumer groups
accused it of attracting investors with the prospects of making
annual returns on their investments of at least 6 percent without
giving sufficient warning of the risks, Reuters recounts.

Prokon Regenerative Energien GmbH operates 529 megawatts of wind
farms, with 461 megawatts in Germany, according to Capital Stage.


TAURUS CMBS 2006-3: S&P Lowers Ratings on 2 Note Classes to Dsf
---------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its 'CCC- (sf)'
credit ratings on Taurus CMBS (Pan-Europe) 2006-3 PLC's class A
and B notes to subsequently lower them to 'D (sf)'. At the same
time, S&P has affirmed its 'D (sf)' ratings on the class C and D
notes. S&P has subsequently withdrawn, effective in 30 days'
time, its ratings on these four classes of notes.

The rating actions reflect the issuer's failure to repay the
remaining note principal balance on May 5, 2015, the legal final
maturity date.

Taurus CMBS (Pan-Europe) 2006-3 is a 2006-vintage commercial
mortgage-backed securities (CMBS) transaction, currently backed
by one loan secured on a German commercial real estate asset. The
underlying pool initially had seven loans, which were secured on
European commercial real estate assets.

THE LOAN

The Triumph loan, with an outstanding balance of EUR47.8 million
as of February 2015, represents the senior portion of a whole
loan. The loan is secured on a multitenant single asset located
in Markisches Viertel (northern Berlin), which is primarily used
for retail purposes.

The loan entered special servicing because the borrower failed to
repay the whole loan balance at maturity on Jan. 30, 2013. The
special servicer agreed to temporary standstills with the
borrower to organize the sale of the property or a purchase of
the loan.

The special servicer, after marketing the property for sale,
granted an exclusivity period with a new preferred bidder. S&P
understands that negotiations regarding a sale of the property or
a purchase of the loan are continuing. As a result, the loan did
not repay on May 5, 2015, the legal final maturity date.

RATING ACTIONS

S&P's ratings in Taurus CMBS (Pan-Europe) 2006-3 address timely
payment of interest and repayment of principal no later than the
legal final maturity date on May 5, 2015.

The issuer did not repay the notes on May 5, 2015.

On May 5, 2015, S&P withdrew its 'CCC- (sf)' ratings on Taurus
CMBS (Pan-Europe) 2006-3 's class A and B notes in error. S&P has
therefore reinstated its 'CCC- (sf)' ratings on the class A and B
notes to subsequently lower them to 'D (sf)' in line with its
criteria (see "Methodology: Timeliness Of Payments: Grace
Periods, Guarantees, And Use Of 'D' And 'SD' Ratings,"
published on Oct. 24, 2013). This is due to the issuer's failure
to repay the notes on May 5, 2015.

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class C and D notes in line with our criteria (see "Methodology:
Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D'
And 'SD' Ratings," published on Oct. 24, 2013)

"We have subsequently withdrawn our ratings on these four classes
of notes. The ratings will remain at 'D (sf)' for a period of 30
days before the withdrawal becomes effective," said S&P.

RATINGS LIST

Taurus CMBS (Pan-Europe) 2006-3 PLC
CHF.1 Million And EUR447.75 Million Commercial Mortgage-Backed
Floating-Rate Notes

Class                 Rating
            To                      From

Ratings Reinstated

A           CCC- (sf)               NR
B           CCC- (sf)               NR

Ratings Lowered And Withdrawn[1]

A            D (sf)                 CCC- (sf)
             NR                     D (sf)
B            D (sf)                 CCC- (sf)
             NR                     D (sf)

Ratings Affirmed And Withdrawn[1]
C            D (sf)
             NR                     D (sf)

D            D (sf)
             NR                     D (sf)

[1] The withdrawals become effective in 30 days' time.
NR -- Not rated.



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G R E E C E
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GREECE: Needs to Raise EUR3 Billion Through Fiscal Measures
-----------------------------------------------------------
Bloomberg News reports that Greece's anti-austerity government
needs to raise at least EUR3 billion (US$3.4 billion) through
additional fiscal measures by the end of this year to meet the
minimum budget targets acceptable by creditors.

According to Bloomberg, the reductions would bring the primary
budget surplus in 2015 to just over 1 percent of gross domestic
product, a target Greek Interior Minister Nikos Voutsis said is
acceptable.

The official, as cited by Bloomberg, said without any change in
fiscal policy, Greece would end 2015 with a budget deficit of
about 0.5% of GDP.  The so-called primary budget balance doesn't
include interest payments, Bloomberg notes.

Greece, whose debt-to-GDP ratio is the highest in Europe, is
locked in talks with euro region governments and the
International Monetary Fund over the terms attached to its 240
billion-euro bailout, Bloomberg relays.  Uncertainty over whether
it will do enough to receive more money has triggered a liquidity
squeeze, prompting the European Commission to revise down deficit
and debt forecasts last week, Bloomberg discloses.

According to Bloomberg, the commission now predicts the country's
debt will be 174% of GDP next year, 15 percentage points above
the level projected in February.  And that assumes Prime Minister
Alexis Tsipras reaches a deal to get previously agreed aid
flowing by June, Bloomberg states.  The commission predicts that
as defined in the bailout program there will be almost no
surplus, Bloomberg says.



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I R E L A N D
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WILLOW NO.2: Moody's Cuts Rating on Series 39 Repack Notes to B3
----------------------------------------------------------------
Moody's Investors Service downgraded the rating of the following
notes issued by Willow No.2 (Ireland) Plc:

  -- Series 39 EUR7,100,000 Secured Limited Recourse Notes due
     2039, Downgraded to B3 (sf); previously on Apr 29, 2015 Ba3
     (sf) Placed Under Review for Possible Downgrade

Moody's explained that the rating action taken is the result of a
rating action on Grifonas Finance No. 1 Plc Class A Notes, which
were downgraded on May 4, 2015.

Willow No.2 (Ireland) Plc Series 39 represents a repackaging of
Grifonas Finance No. 1 Plc Class A Notes, a Greek residential
mortgage-backed security (the "Collateral"). All interest and
principal received on the underlying asset are passed net of on-
going costs to the Series 39 notes. This rating is essentially a
pass-through of the rating of the Collateral.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in December
2014.

This rating is essentially a pass-through of the rating of the
underlying securities. Holders of the notes will be fully exposed
to the credit risk of Grifonas Finance No. 1 Plc Class A Notes. A
downgrade or an upgrade of the Grifonas Finance No. 1 Plc Class A
Notes will trigger an equal downgrade or upgrade on the Notes.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy especially as the transaction
is exposed to collateral domiciled in Greece and 2) more
specifically, any uncertainty associated with the underlying
credits in the transaction could have a direct impact on the
repackaged transaction.



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N E T H E R L A N D S
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ZOO ABS II: Moody's Raises EUR9.25MM Class C Notes to Caa1
----------------------------------------------------------
Moody's Investors Service upgraded ratings of the following
classes of notes issued by Zoo ABS II B.V.:

  -- EUR167 million (Current outstanding balance: EUR76.19M)
     Class A-1 Senior Secured Floating Rate Notes due 2096,
     Upgraded to Aa2 (sf); previously on Feb 26, 2013 Affirmed A1
     (sf)

  -- EUR18.75 million Class A-2 Senior Secured Floating Rate
     Notes due 2096, Upgraded to A1 (sf); previously on Feb 26,
     2013 Downgraded to Ba1 (sf)

  -- EUR10 million Class B Senior Secured Floating Rate Notes due
     2096, Upgraded to Ba1 (sf); previously on Feb 26, 2013
     Downgraded to Caa2 (sf)

  -- EUR9.25 million Class C Deferrable Interest Secured Floating
     Rate Notes due 2096, Upgraded to Caa1 (sf); previously on
     Feb 26, 2013 Downgraded to Caa3 (sf)

  -- EUR5.7 million Class P Combination Notes due 2096, Upgraded
     to A3 (sf); previously on Feb 26, 2013 Affirmed Ba1 (sf)

  -- EUR7 million Class R Combination Notes due 2096, Upgraded to
     A1 (sf); previously on Feb 26, 2013 Downgraded to Ba1 (sf)

Moody's also affirmed the ratings on the following notes issued
by Zoo ABS II B.V.:

  -- EUR5.5 million (Current outstanding balance: EUR 0.357M)
     Class X Senior Secured Floating Rate Notes due 2015,
     Affirmed Aaa (sf); previously on Feb 26, 2013 Affirmed Aaa
     (sf)

  -- EUR9 million Class D Deferrable Interest Secured Floating
     Rate Notes due 2096, Affirmed Caa3 (sf); previously on Feb
     26, 2013 Affirmed Caa3 (sf)

  -- EUR4.25 million (Current outstanding balance: EUR 6.13M)
     Class E Deferrable Interest Secured Floating Rate Notes due
     2096, Affirmed Ca (sf); previously on Feb 26, 2013
     Downgraded to Ca (sf)

  -- EUR6 million Class Q Combination Notes due 2096, Affirmed
     Ba3 (sf); previously on Feb 26, 2013 Affirmed Ba3 (sf)

Zoo ABS II B.V. is a managed cash-flow collateralized debt
obligation backed primarily by a portfolio of Euro dominated
Structured Finance securities. At present, the portfolio is
composed mainly of Prime RMBS (67%), CLO (17%), ABS consumer/auto
(8%), other CDOs (6%) and CMBS (2%).

The rating actions on the notes are a result of the material
improvement in the credit quality of the collateral as well as
the deleveraging of the Class A-1 notes.

Since July 2014, 55% of the portfolio aggregate amount was
upgraded by an average of 3 notches. Additionally, over the same
period, the amount of assets rated within the Caa range by
Moody's has reduced to EUR20.19M from EUR 32.3M while defaulted
assets have remained stable at EUR15.9M.

Class A-1 have repaid EUR12.03 million or 7.2% of the tranche
original balance on the March 2015 payment date. The amortization
of the Classes A-1 has also improved the overcollateralization
("OC") ratios across the capital structure. As per the March 2015
trustee report, the Class A/B, Class C, Class D and Class E
overcollateralization ratios are reported at 118.40%, 108.81%,
100.86% and 96.07% respectively, compared to 112.45%, 104.47%,
97.72% and 93.78% as per the June 2014 trustee report.

Moody's notes that the Class D and E OC tests fail to pass their
triggers consequently the interest is being diverted to redeem
Class A-1 Notes.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in March 2014.

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes:

Amounts of defaulted assets - Moody's considered a model run
where 2 largest Caa assets in the portfolio were assumed to be
defaulted. The model outputs for these runs are within one notch
from the ratings.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of 1) uncertainty about credit conditions in the
general economy 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to embedded
ambiguities.

- Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high prepayment
levels or collateral sales by the collateral manager. Fast
amortisation 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
overcollateralization 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. Recoveries
higher than Moody's expectations would have a positive impact on
the notes' ratings.

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


* NETHERLANDS: Bankruptcies Down to 446 in April 2015
-----------------------------------------------------
Statistics Netherlands reports that 446 businesses and
institutions (excluding one-man businesses) were declared
bankrupt in April this year, i.e. 198 less than in the preceding
month.

The decrease is largely due to the fact that April had 4 court
session days, while March had 5, Statistics Netherlands says.  In
April, the number of bankruptcies is at its lowest level since
May 2011, Statistics Netherlands notes.

According to Statistics Netherlands, most bankruptcies were filed
in the sectors trade and financial services, 105 and 81
respectively.  The number of bankruptcies in financial services
decreased by 25, while the number of bankruptcies in trade
remained fairly stable, Statistics Netherlands discloses.

The sectors trade and financial services include the highest
number of businesses, Statistics Netherlands states.
Construction has one of the highest bankruptcy rates, with 52
bankruptcies in April, that is 35 less than in March, according
to Statistics Netherlands.  The sector specialized business
services (including consultancy and research) saw an even more
substantial (38 bankruptcies) decrease, Statistics Netherlands
relays.


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R U S S I A
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ARTEKS INSURANCE: Put Under Provisional Administration
------------------------------------------------------
The Bank of Russia took a decision to appoint a provisional
administration to Insurance Company Arteks.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-1033, dated May 12, 2015).

The powers of the executive bodies of the Company are suspended.

Victoria Morozova, member of the non-profit partnership Self-
Regulatory Interregional Public Organisation Association of
Receivers, has been appointed as a head of the provisional
administration.


CONSTRUCTION-COMMERCIAL BANK: Bank of Russia Revokes License
------------------------------------------------------------
By its Order No. OD-1041, dated May 13, 2015, the Bank of Russia
revoked the banking license from the St. Petersburg-based credit
institution Construction-Commercial Bank, closed joint-stock
company (Registration No. 3050) from May 13, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's repeated
violations over the past year of the requirements stipulated by
Article 7 (excluding Clause 3 of Article 7) of the Federal Law
"On Countering the Legalisation (Laundering) of Criminally
Obtained Incomes and the Financing of Terrorism".

CJSC Construction-Commercial Bank failed to comply with the
requirements of legislation on anti-money laundering and
combating the financing of terrorism in respect of timely
submitting to the authorized body data on operations subject to
mandatory control.  Besides, the credit institution was an
intermediary in its customers' large-value dubious payable-
through operations.

By its Order No. OD-1042, dated May 13, 2015, the Bank of Russia
has appointed a provisional administration to CJSC Construction-
Commercial Bank for the period until the appointment of a
receiver pursuant to the Federal Law "On the Insolvency
(Bankruptcy)" or a liquidator under Article 23.1 of the Federal
Law "On Banks and Banking Activities".  In accordance with
federal laws, the powers of the credit institution's executive
bodies are suspended.

CJSC Construction-Commercial Bank is a member of the deposit
insurance system.  The revocation of the banking license is an
insured event as stipulated by Federal Law No. 177-FZ "On the
Insurance of Household Deposits with Russian Banks" in respect of
the bank's retail deposit obligations, as defined by law.

According to its financial statements, as of April 1, 2015, CJSC
Construction-Commercial Bank was ranked 646th by assets in the
Russian banking system.


PLATO-BANK LLC: Bank of Russia Revokes Banking License
------------------------------------------------------
By its Order No. OD-1039, dated May 13, 2015, the Bank of Russia
revoked the banking license from the Yekaterinburg-based credit
institution Plato-bank, limited liability company, or Plato-bank
LLC (registration No. 2071, the city of Yekaterinburg), from
May 13, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with the federal banking laws and Bank of
Russia regulations, application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)", and also taking into account the bank's failure to
reach as of January 1, 2015 the minimal amount of own funds
(capital) set by Part 7 of Article 112 of the Federal Law "On
Banks and Banking Activity" and to apply to the Bank of Russia to
change its status to a non-bank credit institution.

While fulfilling a requirement of the supervisory authority to
present authentic financial statements to reflect a real
financial standing of the credit institution the Plato-bank LLC
failed as of January 1, 2015 to reach the minimal amount of its
own funds (capital) set by Part 7 of Article 112 of the Federal
Law "On Banks and Banking Activity" (RUR300 million).  Under
these circumstances and in accordance with Article 20 of the
Federal Law 'On Banks and Banking Activity' the Bank of Russia
fulfilled its duty to revoke a banking license from Plato-bank
LLC.

In accordance with Bank of Russia Order No. OD-1040, dated
May 13, 2015, a provisional administration has been appointed in
Plato-bank LLC for the period until the appointment of a receiver
pursuant to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

Plato-bank LLC is a participant of the deposit insurance system.
The revocation of a banking license is an insured event envisaged
by Federal Law No. 177-FZ "On Insurance of Household Deposits
with Russian Banks" regarding the bank's obligations on deposits
of households determined in accordance with legislation.

According to the financial statements, as of April 1, 2015,
Plato-bank LLC ranked 593rd by assets in the Russian banking
system.


PLAYA RESORTS: Moody's Rates US$50MM Add-on Notes Caa1
------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Playa Resorts
Holding B.V.'s up to US$50 million proposed add-on issuance to
its senior unsecured notes due 2020. The total outstanding amount
for the 2020 notes will increase to USD 425 million. The company
plans to use the proceeds from the add-on to repay existing
indebtedness drawn under its revolving credit facility and
general corporate purposes. The add-on notes will have identical
terms as Playa's initial US$300 million global notes issued on
July 2013 and the  first US$75 million add-on in February of
2014. All of other ratings on Playa remain unchanged. The rating
outlook is stable.

"Playa's ratings remain unchanged as proceeds from the add-on
will be used to repay existing indebtedness and, therefore, will
be neutral to its credit metrics." said Sandra Beltran, an
Analyst at Moody's.

Playa's ratings continue to be supported by Moody's expectation
of a rapid deleverage starting in 2016, once the company is fully
operational" added Ms. Beltran. The ratings also reflect the good
quality of the properties in Playa's portfolio, the company's
experienced senior management team, and Hyatt's participation as
a shareholder. The access to Hyatt's widely recognized brand
name, distribution channels, and loyalty program is a positive
for Playa's positioning strategy and growth given Hyatt's track
record in the lodging industry. The rating also reflects Playa's
adequate liquidity profile with no major near term debt
maturities pro-forma for the proposed financing.

On the other hand, the ratings reflect the company's small
operating scale relative to global industry peers and its low
geographic and segment diversification which makes it vulnerable
to economic cycles. The ratings also incorporate Playa's high
execution risk coming from the brand conversion and repositioning
plan of most of its hotels combined with its high capex
requirement that should result in negative free cash flow
generation. The company's high leverage, operation in a highly
cyclical industry with intense competition, and no track record
in the proposed business configuration could affect Playa's
ability to achieve its growth plan and improve its margins and
credit metrics.

The stable rating outlook reflects Moody's expectation that Playa
will be able to achieve its projected growth plan while improving
its operating and credit metrics. The outlook also reflects
Moody's expectation that the company will maintain adequate
liquidity.

Higher ratings would require that the company successfully
executes its brand conversion and repositioning plan such that
its operating margin increases above 13% and its credit metrics
improve with adjusted debt/EBITDA approaching to 6 times and
EBIT/interest expense above 1.5 times on a sustainable basis.

The ratings could be downgraded if the company's projected growth
plan is hampered, for example, by a weak macroeconomic
environment or further delays in its conversion plan, such that
its profitability or credit metrics deteriorate with operating
margin declining below 10% or leverage (adj. debt/EBITDA)
remaining above 6.5 times in 2015.

The rating of the senior unsecured notes is one notch below the
CFR reflecting its effective subordination to the US$350 million
term loan. The rating of the secured term loan is one notch above
the Corporate Family Rating (CFR) reflecting its collateral
coverage and lower expected loss relative to the unsecured debt.

Based in Amsterdam, Playa Resorts Holding, B.V. is a wholly owned
subsidiary of Playa Hotels & Resorts, B.V. a hotel owner and
operator that through a leveraged finance transaction in 2013
acquired some hotels in Mexico and the Caribbean. Since then, the
company owns and operates 13 resorts and 5,982 (6,151 after
renovations) rooms located in Mexico, Dominican Republic and
Jamaica. Playa main shareholders include Farallon Capital
Management ("Farallon"; unrated), an investment management firm,
and Hyatt Hotels Corporation (Baa2, stable), which together own
about 70% equity interest in the company. For the LTM ended in
2014, the company estimates revenues at around USD359 million and
EBITDA of US$ 91 million.

The principal methodology used in this rating was Global Lodging
& Cruise Industry Rating Methodology published in December 2010.


TRUST CAPITAL: Bank of Russia Revokes Banking License
-----------------------------------------------------
By its Order No. OD-1043, dated May 13, 2015, the Bank of Russia
revoked the banking license from the Moscow-based credit
institution Commercial Bank Trust Capital Bank, joint-stock
company -- CB Trust Capital Bank JSC (Registration No. 2741) from
May 13, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
due to repeated violations over the past year of the requirements
stipulated by Article 7 (excluding Clause 3 of Article 7) of the
Federal Law "On Countering the Legalisation (Laundering) of
Criminally Obtained Incomes and the Financing of Terrorism", due
to Bank of Russia regulations approved in pursuance of the
mentioned Federal Law, and also due to measures applied under the
Federal Law 'On the Central Bank of the Russian Federation (Bank
of Russia).'

CB Trust Capital Bank JSC implemented high-risk lending policy
and failed to create loan loss provisions commensurate with risks
taken.  Besides, CB Trust Capital Bank JSC failed to comply with
the requirements of legislation and Bank of Russia regulations on
anti-money laundering and combating the financing of terrorism in
respect of timely submitting to the authorized body data on
operations subject to mandatory control, and also requirements on
updating identification data on customers and their
representatives.  Besides, the credit institution was involved in
conducting large-value dubious transactions.

By its Order No. OD-1044, dated May 13, 2015, the Bank of Russia
has appointed a provisional administration to CB Trust Capital
Bank JSC for the period until the appointment of a receiver
pursuant to the Federal Law "On the Insolvency (Bankruptcy)' or a
liquidator under Article 23.1 of the Federal Law 'On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

According to its financial statements, as of April 1, 2015, CB
Trust Capital Bank JSC was ranked 647th by assets in the Russian
banking system.



===============
S L O V E N I A
===============


NOVA LJUBLJANSKA: S&P Affirms BB-/B Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
long-term and 'B' short-term counterparty credit ratings on
Slovenia-based Nova Ljubljanska Banka D.D. (NLB). The outlook
remains negative.

The affirmation follows S&P's revision of NLB's risk position to
moderate from weak. Credit risk is improving following a
restructuring, supported by NLB's currently conservative lending
policy. Nonperforming loans (NPLs) peaked in 2013 and will
gradually reduce as they are worked out through restructuring
and with asset sales. Despite the large stock of NPLs, S&P
expects credit costs to remain adequate, after peaking in 2013.
The improving credit risk led S&P to revise the bank's stand-
alone credit profile (SACP) upward to 'b+' from 'b'.

The bank continues to wrestle with its high level of legacy
problem loans, especially in the highly leveraged corporate
sector. S&P views positively the state-supported restructuring
progress NLB has made, with the transfer of a large portion of
problem loans (mainly irrecoverable credits amounting to EUR2.2
billion) to a government-funded workout unit in December 2013.
However, this has only partly alleviated risks posed by the high
amounts of problem loans, in S&P's view. Problem loans as
reported by the bank have reduced from a peak of 28.2% in 2012,
but still stand at 25.7% as of Dec. 31, 2014. Asset quality
problems at NLB were accentuated due to directed lending, both by
the state authorities and the bank's former management, as well
as the prevalence of asset-based lending. The bank's reserve
coverage for problem loans was still on the low side at year-end
2014, in our view, at 61.4%, though coverage has risen from 51.5%
at year-end 2012. S&P's view of the low reserve coverage is
emphasized by the depressed values and shallow markets for
collateral due to the depressed property market. Legacy problem
loans take time to resolve, largely through workout and sales.
Positively, this is a stock issue and not a flow issue, with
credit losses materially reduced following the bank's
restructuring.

Generating new healthy loans is difficult, given the economic
slowdown and high leverage in the corporate sector. NLB plans to
refocus its lending toward small and midsize enterprises and
retail and away from large corporates, while keeping total
exposures fairly stable. NLB did not suffer from exposure to
foreign currency-denominated domestic mortgage portfolios, unlike
some regional peers. Furthermore, the bank plans to expand its
risk assets only modestly over the medium term, with the expected
reversal of the deleveraging of loans only starting in late 2015.

S&P considers that NLB has "high" systemic importance to
Slovenia, which it views as "supportive" toward its banking
sector. NLB's systemic importance, its 'b+' SACP, and the 'A-'
long-term rating on Slovenia together mean that S&P factors
two notches of uplift for potential extraordinary government
support into the rating on NLB. This could result in a long-term
rating of 'BB', but S&P now applies a one-notch negative
adjustment to the rating to reflect its view that NLB operates in
an environment that is transitioning toward less predictable
systemic support for banks. "If, as we expect, we reduce or
remove the notches of uplift for support by year-end 2015, we
would review this negative adjustment at the same time," said
S&P.

The negative outlook on NLB indicates the possibility of a
downgrade if S&P considers that potential extraordinary
government support for Slovenian banks will likely decrease as
resolution frameworks are put into place. S&P could therefore
lower the long-term rating on NLB by one notch if S&P removed the
uplift for potential extraordinary government support currently
incorporated in the rating. This would most likely occur shortly
before the January 2016 introduction of the EU's Bank Recovery
and Resolution Directive, which would allow the bail-in of senior
unsecured liabilities.

"The negative outlook also reflects the possibility that our
expectations for NLB's restructuring progress in Slovenia's
fragile economic and operating environment might not materialize.
For example, we could lower the ratings on the bank if new NPLs
accelerate in 2015, increasing the stock of NPLs. Also, if NLB's
capitalization were to deteriorate substantially, causing its
risk-adjusted capital ratio before diversification to fall below
5%, this could trigger a downgrade," said S&P.

"We could revise the outlook to stable if we considered that
potential extraordinary government support for NLB's senior
unsecured creditors will remain in practice, despite the
introduction of bail-in powers and international efforts to
increase banks' resolvability. Similar action could also follow
if we believed that other rating factors -- such as a stronger
SACP or a large buffer of subordinated instruments -- fully
offset increased bail-in risks.



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


INSTITUT CATALA: S&P Affirms Then Withdraws 'BB/B' ICRs
-------------------------------------------------------
On May 12, 2015, Standard & Poor's Ratings Services affirmed its
'BB/B' long- and short-term issuer credit ratings on Institut
Catala de Finances (ICF), the financial agency of the Autonomous
Community of Catalonia in Spain. S&P subsequently withdrew the
ratings at the issuer's request. The outlook was stable at the
time of the withdrawal.

RATIONALE

S&P said, "The ratings on ICF reflect our opinion that there is
an almost certain likelihood that ICF's owner, the Autonomous
Community of Catalonia (BB/Stable/B), would provide timely and
sufficient extraordinary support to ICF in the event of financial
distress. The ratings also incorporate our assessment of ICF's
stand-alone credit profile at 'bb-'."

At the time of the withdrawal, the outlook on ICF was stable,
reflecting that on Catalonia.


OBRASCON HUARTE: Moody's Reviews B1 CFR for Downgrade
-----------------------------------------------------
Moody's Investors Service placed on review for downgrade the B1
corporate family rating and B1-PD probability of default rating
of Obrascon Huarte Lain S.A. (OHL). In addition, Moody's has
placed on review for downgrade the B1 ratings on the group's
senior unsecured debt instruments.

Moody's has placed OHL's B1 ratings on review for downgrade
following the sharp share price decline of OHL Mexico since last
Wednesday, reducing the headroom under the loan-to-value (LTV)
covenant of a EUR300 million margin loan, increasing the
probability of a margin call. In this respect, Moody's notes that
OHL has some flexibility to pledge additional shares in OHL
Mexico before cash margin calls would be triggered. In addition
to this loan, there is very limited headroom under the LTV
covenant of the margin loan backed by OHL's shares in Abertis.

The company opened an internal investigation into allegations of
illegal practices at its Mexican unit, and appointed an external
consultant to examine its performance in developing the Viaducto
Bicentenario concession contract in Mexico. On May 12, 2015, the
company initiated a series of further investigations related to
its Mexican operations and accepted the voluntary resignation of
one of its Mexican officers.

The very limited headroom under the LTV covenant is adding
pressure to OHL's already weakly positioned B1 rating, as a
result of high leverage for the rating category, and limited
visibility as to when OHL's cash flow generation will start to
improve.

The review process will focus on all key drivers for OHL's credit
rating, as mentioned in the press release published on November
19, 2015. These include OHL's capacity to reduce leverage from
current very high levels. OHL's gross recourse debt/recourse
EBITDA (recourse EBITDA defined as consolidated EBITDA minus
EBITDA from Concessions) as of year ended December 2014 stood at
7.0x, well above Moody's guidance for the B1 rating of between
4.5x and 5.5x. Moody's expects that recourse leverage will remain
broadly unchanged in 2015, leaving credit metrics very weakly
positioned for the B1 category. In addition, Moody's will review
OHL's capacity to generate positive free cash flow generation on
a consolidated basis.

Finally, Moody's rating review process will assess the short-term
impact on OHL's liquidity profile of potential margin calls on
their margin loans backed by shares in OHL Mexico and Abertis.
The rating review process will also focus on the long-term
implications of the illegal practices allegations on the
prospects for OHL's business in Mexico.

OHL Mexico's management has stated that the development of their
businesses strictly complies to law, contract terms, and
corporate best practice, and has denied the existence of any
irregular action within their relations with the State of Mexico.
Furthermore, the company has announced a series of measures to
reinforce the company's transparency and confidence to the
general public.

In Moody's view, it will take a long time to determine whether
OHL is liable for any potential wrongdoing. However, Moody's
believes that this negative news flow is damaging to OHL's
reputation in Mexico, and will possibly make its business in the
country more challenging, as its existing concessions contracts
come under increased scrutiny and it might be more difficult for
OHL to secure future construction/concessions contracts. Moody's
notes that Mexico is OHL's largest market, generating 77% of
consolidated EBITDA.

OHL's B1 CFR takes into account (1) OHL's high leverage, both on
a recourse and consolidated basis; (2) its sustained negative
free cash flow generation; (3) the weak performance of the
construction business, despite initial signs that activity in
Spain has bottomed out; (4) the group's complex debt structure,
with margin loans used extensively at intermediate holding
companies; (5) its liquidity profile, which relies on continued
access to short-term credit lines; and (6) the weakened credit
profile of Grupo Villar Mir, OHL's controlling shareholder.

However, these negatives are partially offset by OHL's (1)
position as one of Spain's leading construction and concessions
groups; (2) business diversification (construction and
concessions); (3) exposure to multiple geographies, with a
growing portfolio of international construction projects; (4)
large order backlog; and (5) equity stakes in Abertis and OHL
Mexico.

Prior to the rating review process, Moody's said that the outlook
on the ratings could be changed to stable if OHL's credit metrics
improve such that gross recourse debt/recourse EBITDA stays on a
sustained basis in the 4.5x to 5.5x range. A change in outlook to
stable would also require an expectation of positive free cash
flow generation and a solid liquidity profile.

Prior to the rating review process Moody's said that negative
pressure on the B1 rating could develop if OHL's credit metrics
do not improve such that the company's gross recourse
debt/recourse EBITDA remains above 5.5x and fails to be on a path
to return to positive free cash flow generation on a consolidated
basis. The rating could also come under downward pressure if the
LTV ratio of OHL's equity stakes in Abertis and/or OHL Mexico
approaches 50% and margin calls are triggered, unless the company
materially strengthens its liquidity profile to mitigate this
concern.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

Headquartered in Madrid, OHL is one of Spain's leading
construction/concessions groups. The company owns a 56.14% equity
stake in OHL Mexico, a large concessions operator in Mexico, and
a 13.93% equity stake in Spanish infrastructure operator Abertis.
In 2014, OHL reported sales of EUR3.7 billion and EBITDA of
EUR1.1 billion.



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


* TURKEY: Moody's Says Lira Depreciation Affects Domestic Banks
---------------------------------------------------------------
The Turkish Lira's steep decline in recent months will likely
imply worsening asset quality and growth in risk-weighted assets
that will become pressure points for Turkish financial
institutions, says Moody's Investors Service.

"Lira depreciation will affect Turkish banks' asset quality.
About 30% of system-wide loans are foreign-currency denominated,
so the currency's decline in value will result in rising loan
repayments on these loans, and this is likely to result in
increased delinquencies. We expect that this factor will
contribute to an increase in the system-wide NPL ratio to around
3.5%-4.0% during 2015, from 2.8% at year-end 2014" explains
Irakli Pipia, a Moody's Vice President - Senior Analyst.

Moody's report also says that the growth of RWAs will put
pressure on capitalization, such that the lira equivalent risk
weight of foreign-currency loans will increase relative to Core
Tier 1 capital that is mostly held in lira, so the depreciation
could pressure Core Tier 1 levels. According to Moody's
estimates, a 5% depreciation of the lira versus the US dollar
lowers Core Tier 1 capital by approximately 15 basis points
(bps). Depending on the bank, the impact varies between 5-25 bps
(up to 1.6% of Core Tier 1).

"As a result of worsening trends and high dependence on external
wholesale funding the risk premiums that Turkish issuers must pay
on their external borrowing over the coming 12-18 months could
increase, although some leading banks have comfortable liquidity
resources to weather the pressure" says Mr. Pipia.

Moody's report notes that the pressures on the banks will not be
uniform in terms of refinancing needs. However, despite the
uneven pressure on individual banks, the system-wide trends are
expected to be negative and contribute to challenging operating
environment which Moody's expects will prevail in the Turkish
banking system for the rest of 2015. The funding structure of
this system and its inherent vulnerabilities to volatile investor
sentiment will remain a contributing factor informing the
negative outlook currently assigned to the majority of Moody's
bank ratings in Turkey.



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


UKRAINE: Balks at Approach of Creditors' Committee in Debt Talks
----------------------------------------------------------------
Roman Olearchyk and Elaine Moore at The Financial Times report
that Ukraine's US$23 billion debt restructuring negotiations
appeared to reach boiling point late on May 12 after the
government issued a sharply worded statement that questioned the
transparency, responsiveness and good faith of a creditors'
committee.

According to the FT, with positions hardening weeks before a
planned June deadline to avoid default, the finance ministry of
war-torn and recession-battered Ukraine in the statement said it
was "concerned about the approach taken by the creditors'
committee representing the country's external debt holders and
their lack of willingness to engage in negotiations."

Claiming that the creditor committee refused "despite numerous
requests" to reveal its membership, the finance ministry stressed
that it and debtholders needed by June "to agree on a sustainable
debt level and debt service objectives meeting the targets" of an
International Monetary Fund program granted earlier this year,
the FT relates.

The tough words come amid increasing market expectations that the
restructuring talks are likely to stretch on through the summer
as Ukraine continues -- in the face of creditor disapproval -- to
demand a haircut, cuts to the coupon and maturity extensions to
free up US$15 billion over the next four years, the FT notes.

Reaching that target is part of a broader $40bn assistance
program that includes a US$17.5 billion IMF loan and some US$7.5
billion in bilateral assistance, the FT states.

Negotiations between international investors and the government
appear to have reached deadlock, with a group of the country's
largest investors declaring earlier on May 12 that they were
"ready and willing to support a prudent debt restructuring with
Ukraine" but had had "no substantive engagement" from the
government, the FT relays.


UKRZALIZNYTSIA: Declares Technical Default on Debt Obligations
--------------------------------------------------------------
Xinhua News Agency reports that Ukrzaliznytsia on May 12 declared
technical default on its debt obligations.

Maxim Blank, acting head of Ukrzaliznytsia, said Ukrzaliznytsia
was forced to declare the technical default over an "extremely
difficult" situation in the country, lack of control over the
railway which lies on the territory of the restive Donetsk and
Lugansk regions, drop in transport volumes and corruption, Xinhua
relates.

Mr. Blank, as cited by Xinhua, said to avoid bankruptcy,
Ukrzaliznytsia would seek restructuring of 85% of its internal
and external debts worth UAH37.5 billion (around US$1.8 billion)
in the aggregate.

According to Xinhua, Mr. Blank said the company has already
started debt-restructuring talks with its domestic lenders,
adding that the negotiations on the reorganization of the
Eurobond obligation of US$500 million will begin in the near
future.

Ukrzaliznytsia is Ukraine's state-run railway company.



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


AFREN PLC: S&P Cuts Issue Rating on 2019 Secured Bonds to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' (default) from
'CC' its issue rating on Afren PLC's senior secured bonds
maturing in 2019. Afren is a U.K.-headquartered oil and gas
exploration and production company.

"At the same time, we affirmed our 'SD' (selective default) long-
term corporate credit rating on Afren, our 'D' issue rating on
the senior secured bonds maturing in 2016, and our 'CC' issue
rating on the bonds maturing in 2020," said S&P.

"We lowered the issue rating on the bonds maturing in August 2019
because Afren failed to pay its interest obligation on time; we
understand the amount outstanding on the bond is $246 million. We
consider the nonpayment to be a default, under our criteria."

The company utilized the 30-day grace period under its 2019 bonds
for the $12.8 million interest payment, originally due April 8,
2015.

Afren has not yet defaulted on its bonds maturing in 2020, which
account for more than 20% of its outstanding total debt. The
company recently obtained $200 million in funding from
bondholders in the form of super-senior private placement notes,
which it will use to fund Nigerian assets and pay existing
creditors. "We also note that the nonpayment of interest on the
notes due 2019 does not result in an immediate obligation to
repay those notes, or to a cross-default of the notes due in 2016
and 2020, or the other debt facilities," said S&P.

"The affirmation of our 'SD' rating therefore reflects our view
of Afren's default on some of its debt instruments, rather than a
default on all or a substantial portion of its debt.

"That said, we believe that a default on Afren's 2020 bonds is
very likely, given the company's announcement on April 30, 2015,
that it intends to complete a wide recapitalization plan by the
end of July. We note that the next interest payments on the bonds
maturing in September 2020 are due on June 10."


BCA OSPREY: S&P Puts 'B' Corp. Credit Rating on CreditWatch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed on CreditWatch
with positive implications its 'B' long-term corporate credit
rating on BCA Osprey IV Ltd., an intermediate holding company for
BCA, Europe's largest used-vehicle remarketing and buying
business. At the same time, S&P has withdrawn all of our existing
issue ratings on BCA Osprey IV Ltd. as these bank facilities have
been fully repaid.

BCA was recently acquired by Haversham Holdings PLC, listed on
the London Stock Exchange, and, S&P understands, has also reduced
its debt levels.

S&P said, "Following the transaction, we believe that BCA group's
debt levels have significantly reduced and that its credit
metrics have strengthened and could be more in line with a higher
corporate credit rating. This is based on information provided in
the group's prospectus, and our estimates that the ratio of
adjusted debt to EBITDA has materially reduced to around 4x-5x
from 8x-9x and adjusted funds from operations (FFO) to debt has
improved to around 13%-14% from 2%-3%. We estimate that the
group's total adjusted debt has reduced to around 470 million
from around 900 million. We understand from the group's
prospectus that all of the group's existing debt facilities and
shareholder instruments have been fully repaid and replaced with
new facilities of a GBP200 million term loan and GBP100 million
revolving credit facility.

"We expect to resolve the CreditWatch within the next one to two
months once we have confirmation of the terms of the group's new
facilities, financial policy, and strategy following the
transaction. Following this review, we may raise the corporate
credit rating on BCA by up to two notches."


DTZ UK GUARANTOR: Moody's Affirms B2 CFR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service affirmed DTZ's ratings (corporate
family rating at B2; first lien term loans and first-lien
revolver at B1; second lien term loan at B3) and revised the
outlook to negative from stable. The negative outlook reflects
the potential for increased financial leverage, as well as
integration risks associated with the property services firm's
announced plans to merge with Cushman & Wakefield (C&W).

The following ratings were affirmed with a negative outlook:

  -- DTZ UK Guarantor Limited - corporate family rating at B2

  -- DTZ U.S. Borrower, LLC co-issuer with DTZ Aus Holdco Pty
     Limited - first lien term loans at B1; first lien revolver
     at B1; second lien term loan at B3

Moody's notes that DTZ's planned merger with Cushman & Wakefield
is a large transaction that carries substantial integration risk,
particularly given that DTZ is still digesting its recent
acquisition of Cassidy Turley. DTZ will be challenged with
meshing the two firms' corporate cultures and retention of
employees who are key to driving its services-based businesses
forward. Brett White, Executive Chairman of DTZ, will be CEO of
the combined company that will operate under the C&W brand.

Moody's further commented that this is a substantial transaction
that could result in leverage increasing from already high
existing levels. Moody's will be closely monitoring DTZ's plan
for accessing the external capital needed to finance this merger.

Despite these credit concerns, Moody's notes that DTZ and C&W's
merger does offer credit positive aspects as well. DTZ is
enhancing its size and scale, establishing its position as one of
the leading providers of commercial real estate services across a
highly fragmented industry. DTZ's annualized revenues will
increase to more than $5 billion pro forma, up from about $3
billion currently. The two firms also have complementary
strengths across their service platforms and geographies,
positioning it for potential market share gains.

DTZ's ratings could be upgraded if the company were to
permanently reduce leverage as defined by Net Debt/Recurring
EBITDA (including Moody's standard adjustments for pensions and
operating leases), demonstrate growth in free cash flow and
retained cash flow as % of debt, and grow operating margins.

The ratings could be downgraded should leverage increase
meaningfully from current levels or if operating margins were to
decline. Alternatively, another large acquisition or integration
issues associated with recent and pending acquisitions would also
result in a ratings downgrade.

Moody's last rating action for DTZ was on October 10, 2014, when
the ratings were assigned with a stable outlook.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

DTZ is a global property services business that provides a full
array of real estate solutions to occupiers, owners, investors,
and developers worldwide. The company's primary services include
facilities management, property management, leasing, capital
markets, and other advisory and property services.


KETTERING TOWN FC: Confirms Final Payments; To Exit CVA
-------------------------------------------------------
Northamptonshire Telegraph reports that Kettering Town has
confirmed that the final payments of its Company Voluntary
Arrangement (CVA) have now been made.

In a statement on May 5, the club revealed The Friends of the
Poppies group had confirmed that a sum of GBP4,500 had been paid
to solicitors Carter Clark, Northamptonshire Telegraph relates.

The amount covers the final three payments of GBP1,500, meaning
the total of GBP54,000 has now been paid off two months earlier
than scheduled, Northamptonshire Telegraph discloses.

Kettering Town FC Management Limited entered the CVA in the
summer of 2012 in an attempt to stop the club from folding,
Northamptonshire Telegraph recounts.

A number of other financial battles have since been won, helping
the club to get back on a solid footing at Latimer Park,
Northamptonshire Telegraph relays.

And they have now confirmed they will be looking to have the CVA
discharged, Northamptonshire Telegraph discloses.

Kettering Town FC Management Limited is a football club.


PRINTWELLS: To be Liquidated After Owner Established New Business
-----------------------------------------------------------------
Sarah Cosgrove at PrintWeek reports that Printwells, a Kent
printer which was about to celebrate 25 years in business, is to
be dissolved after its owner moved into the funerals business.

Printwells ceased trading on April 30.

The company's 28 employees were sent home on April 29, and
company owners Managing Director Garry Anthony Jeffery and
finance director Jacqueline Ann Jeffery engaged licensed
insolvency practitioner David Thorniley, managing director of
Kent firm Traverse Advisory, to advise them, the report says.

Mr. Thorniley told PrintWeek that the company will be placed into
voluntary liquidation on May 20.

Former members of staff will be eligible for the government's
statutory redundancy and pensions schemes, but will not be able
to claim until the company liquidation is complete, the report
relays.

Mr. Thorniley said it was not possible to say how long this would
take as it depended on how long it takes to realize Printwells'
assets, the report notes.  A creditors' meeting will be held in
due course.

PrintWeek understands that the company owners also own the
Printwells building and the land it stands on.

Garry Jeffery and Jacqueline Ann Jeffery established Henry Paul
Funerals LLP on September 9, 2009, a different company from Henry
Paul Funeral Directors, based in Ruislip, west London, which was
founded in 1880.

Mr. Thorniley is advising the company owners and has not yet been
appointed as liquidator at the time of writing, the report adds.

PrintsWell is a leader in the stationery industry in earth-
friendly manufacturing practices.


PUDSEY STEEL: Almost Exited CVA Prior to Administration
-------------------------------------------------------
Laurence Kilgannon at Insider Media reports that new documents
have revealed Pudsey Steel Services, which had been rocked by the
downturn in the construction sector, fell into administration
having almost exited a company voluntary arrangement (CVA) that
had allowed it to continue trading in the teeth of the recession.

Like many competitors, the business was hit by the erosion of
margins while a number of bad debts arose because customers had
fallen into administration, Insider Media relates.

Creditors were expected to get 50p in the pound under that deal
with the company making monthly contributions of GBP9,500 which
for the first three to four years was "substantially complied
with", Insider Media says.

According to Insider Media, the repayments were in fact going so
well that Pudsey Steel Services wanted to make accelerated
payments after a significant rise in turnover and a final lump
payment of GBP113,000 was agreed with creditors in August 2014.

This payment was not forthcoming, however, prompting the
supervisors of the CVA to instruct solicitors to petition for a
winding-up of the company, Insider Media notes.

Rob Sadler of Begbies Traynor and Andy Clay of ATC Business
Recovery Services were subsequently appointed as joint
administrators of Pudsey Steel Services on February 13, 2015,
Insider Media relays.

They traded the company for a short time in administration but
when customers began cancelling their contracts Pudsey Steel
Services ceased to trade, Insider Media recounts.

Assets of the business are now being marketed and expected to
raise enough cash to pay preferential claims totaling GBP37,000
for arrears of wages, salary and holiday pay, Insider Media
discloses.

Pudsey Steel Services is a Leeds-based steel fabricator.


                            *********

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

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

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


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

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

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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