TCREUR_Public/150521.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 21, 2015, Vol. 16, No. 99



ALPINE BAU: LTA Files $500MM Claims Over Incomplete MRT Projects


REXEL SA: S&P Affirms 'BB' CCR, Outlook Remains Stable


NICKO CRUISES: Enters Insolvency Process
PORTFOLIO GREEN: S&P Lowers Ratings on 2 Note Classes to 'D(sf)'
SOLAR-FABRIK: Court Grants Self-Administration Insolvency Right
SPUTNIK ENGINEERING: Unit Confirms Buyer, To Start Trading


GREECE: Tsipras to Present New Debt Restructuring Plan
NATIONAL BANK OF GREECE: Amendments No Impact on Moody's Ratings


CROSSAN HENNESSY: Appoints Interim Examiner After Financial Woes


PARMA FOOTBALL: Valuation Drops After No Bids Were Received


EASTCOMTRANS LLP: Moody's Affirms 'B3' CFR, Outlook Positive


ENDO LUXEMBOURG: Moody's Reviews Ba3 CFR for Downgrade


LUMILEDS HOLDING: S&P Assigns Prelim. 'BB-' CCR; Outlook Stable


* ROMANIA: Insolvency Rate Drops 57% in Q1 2015


FAR-EASTERN SHIPPING: S&P Lowers Corporate Credit Rating to 'SD'
SAKHA REPUBLIC: S&P Assigns 'BB' Long-Term Global Scale Rating


UKRAINE: Bill Allows Gov't Halt Payments on Some Foreign Debts

U N I T E D   K I N G D O M

ANTHONY O'CONNOR: Gets New Projects Following CVA Deal
LUMINAR: Ditching Name 4Yrs After Collapsing Into Administration
PETERBOROUGH PLC: S&P Raises Rating on GBP446.1MM Bonds to 'BB'
THE ARCHES: Managers Considers Putting Club Into Administration

* UK: Corporate Insolvency Figures Drops 15.9% in Q1 2015
* UK: Fewer IT Firms Collapse, Exaro Insolvency Index Shows


* Moody's Launches New Public Sector Europe Rating Agency



ALPINE BAU: LTA Files $500MM Claims Over Incomplete MRT Projects
Christopher Tan at The Strait Times reports that the Land
Transport Authority (LTA) has filed some $500 million in claims
against Alpine Bau for not completing two MRT projects, in what
is believed to be the biggest claim of its kind in Singapore.

It is however unlikely for the LTA to recoup on the claims near
the full amount, according to the report.

According to the report, the Austrian builder was working on the
King Albert Park, Sixth Avenue and Tan Kah Kee stations of
Downtown Line 2 when it filed for insolvency in June 2013.

Despite having appointed two other builders -- Australia's
McConnell Dowell and Korea's SK E&C -- to take over Alpine's
contracts, and having them work round the clock, the LTA
indicated that completion of the line will be delayed by at least
three months, the report relates.

"Alpine Bau GmbH (Singapore branch) is in the process of being
wound up and we have filed our proof of debt with the liquidator
-Stone Forest Corporate Advisory Pte Ltd," the report LTA as
saying.  "We have also filed a proof of debt with the
administrator of Alpine Bau GmbH in its home jurisdiction of

LTA would not say how much it was trying to recoup, but The
Straits Times understands that claims filed with Stone Forest
stand at just over $200 million.

Another claim, filed with Austrian lawyer Ulla Reisch, a special
administrator for the liquidation of the parent company, comes up
to around $298 million, the report adds.

According to the report, Mr. Abuthahir Abdul Gafoor, executive
director of Stone Forest, said it has received claims totalling
about $300 million in Singapore.

The Strait Times relates that Mr. Gafoor said his company has
recovered about $6 million, mainly from the sale of assets such
as vehicles, and from deposits previously paid by Alpine.

"The liquidators have also paid out preferential claims amounting
to about $2.3 million to Alpine's employees," Mr. Gafoor, as
cited by the report, added.

The report adds that Mrs. Reisch said she has received two claims
amounting to EUR200.4 million (SGD298 million) from the LTA.
"Both claims are denied in full", but her office is in talks with
the LTA's lawyers on the possibility of revising its claims
downwards, the report relays.

The Strait Times relates that Mr. Gafoor said that in terms of
payouts, preferential creditors such as company employees, the
Central Provident Fund and the Inland Revenue Authority of
Singapore will have priority.

The LTA is not a preferential creditor, the report notes.

Alpine Bau GmbH is Austria's second biggest construction group.
Alpine Bau, owned by Spain's Fomento de Construcciones y
Contratas SA, filed for insolvency on June 19 with liabilities of
EUR2.56 billion (US$3.4 billion).


REXEL SA: S&P Affirms 'BB' CCR, Outlook Remains Stable
Standard & Poor's Ratings Services affirmed its 'BB' long-term
and 'B' short-term corporate credit ratings on France-based
electrical parts distributor Rexel S.A.  The outlook remains

In addition, S&P assigned a recovery rating of '4' and an issue
rating of 'BB' to the proposed EUR500 million senior unsecured
bonds due 2022.  This is in line with the recovery and issue
ratings on the existing senior secured bonds (EUR1.0 billion
revolving credit facility, $500 million notes due 2020, and
EUR650 million notes due 2020), which S&P has affirmed.

The ratings reflect S&P's view of the group's leading position in
the electrical product distribution market as well as its broad
customer and geographic diversification.  Partly offsetting these
strengths are the group's exposure to cyclical end markets, such
as new construction and industrial capital improvements, and its
exposure to copper price volatility.

Despite weaknesses in some of Rexel's key markets and margin
pressure in North America and the Asia-Pacific region, S&P
believes that the group has sufficient financial flexibility for
the 'BB' rating.  If necessary, Rexel could decrease its
acquisition spending or dispose of businesses in some of its
weaker markets, as it recently did in Brazil.  Although S&P
assess the group's financial risk profile as "significant," it do
not anticipate downgrading Rexel if its credit metrics were to
deteriorate to the "aggressive" category.

S&P's base case assumes:

   -- Organic revenues will decline by 1%-3% in 2015 due to weak
      performance in France, Brazil, Canada, Australia, and New
      Zealand.  The decline would be worse if not for growth in
      the U.S., China, and some European countries.

   -- A decline in EBITDA margins (including restructuring costs)
      through 2015 due to investments aimed at strengthening and
      modernizing various processes.

   -- The disposal of its remaining Latin American operations.

   -- Acquisition spending of about EUR200 million in both 2015
      and 2016.  This estimate is lower than the group's publicly
      stated amount of about EUR400 million-EUR500 million
      annually, but S&P believes the group will instead focus on
      bolt-on acquisitions and its ongoing transformation

   -- Capital expenditures (capex) of about EUR100 million
      (0.7% of the group's annual turnover).

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

   -- Debt to EBITDA of about 3.6x-4.0x for the financial year
      ending Dec. 31, 2015.

   -- Reported free operating cash flow generation of about
      EUR250 million.

The stable outlook reflects S&P's view that over the next 12-18
months, the group has sufficient financial flexibility for the
'BB' rating to withstand the impact of margin dilution and
challenging market conditions in France and the Asia-Pacific
region.  The outlook also takes into account the group's ability
to maintain its leverage at 3x-4x.

S&P could raise the rating if construction activities in Rexel's
key markets -- including U.S. nonresidential and French
construction -- were to recover.  S&P could also consider a
positive rating action if the group's credit metrics were to
improve, such as its FFO to debt increasing to more than 20%.

S&P could consider lowering the rating if conditions in Rexel's
end-markets were weaker than S&P currently expects, leading to
the group's reported EBITDA margin declining to 4%, which hasn't
happened since 2009.  There could also be downward pressure on
the rating if Rexel were to undertake large debt-financed
acquisitions or adopt a more aggressive financial policy than S&P


NICKO CRUISES: Enters Insolvency Process
---------------------------------------- reports that Nicko Cruises has declared insolvency
following several setbacks but aims to stay afloat.

According to the report, the Stuttgart-based company said the
insolvency was designed to keep the business operating.
relates that customer payments are covered by the tour operator
insolvency insurance, and forthcoming tours are "very highly
likely to take place", it confirmed. An insolvency administrator
will be appointed to try to restructure the company and keep it
trading, the report says.

Nicko Cruises was founded in 1992 as a specialist for Russia
holidays. It grew into the largest operator of river cruises in
Europe, with a large programme covering rivers such as the
Danube, Rhine and Elbe.

But the firm was seriously impacted by the widespread flooding in
Central Europe in 2013, which forced large-scale cancellations.
The conflict in Ukraine and tension with Russia, two of its core
markets, then worsened its situation, the report notes. The
resulting sharp drop in bookings finally led to rising debts and
insolvency, states.

PORTFOLIO GREEN: S&P Lowers Ratings on 2 Note Classes to 'D(sf)'
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC (sf)' and 'CCC- (sf)', respectively, its credit ratings on
Portfolio GREEN German CMBS GmbH's class F and G notes.  At the
same time, S&P has affirmed its 'B- (sf)' rating on the class E
notes.  At the issuer's request, S&P has subsequently withdrawn,
effective in 30 days' time, its ratings on these three classes of

The rating actions follow S&P's review of the transaction after
the April 2015 note payment date, on which the class F and G
notes experienced both principal losses and interest shortfalls.

The transaction closed in 2007 and is now backed by three loans
secured on commercial properties in Germany.  S&P has reviewed
their credit quality according to its criteria for rating
European commercial mortgage-backed securities (CMBS)

On the April 2015 note payment date, the issuer applied principal
recoveries of EUR6.46 million to the class E notes, and applied
principal losses of EUR8.04 million reverse sequentially up to
the class F notes.  Furthermore, the April 2015 cash manager's
report noted that, although the remaining loans paid full
interest, the issuer failed to meet its accrued interest payment
obligation under the class F and G notes.

S&P's ratings in Portfolio GREEN German CMBS address the timely
payment of interest and the repayment of principal no later than
legal final maturity.

S&P considers the available credit enhancement for the class E
notes to be sufficient to mitigate the risk of losses from the
underlying loans in higher rating stress scenarios.  However, S&P
has affirmed its 'B- (sf)' rating as it believes that this class
of notes remains vulnerable to payment default, given the
transaction's cash flow disruptions and lack of liquidity

S&P has lowered its ratings on the class F and G notes to 'D
(sf)' from 'CCC (sf)' and 'CCC- (sf)', respectively, as these
classes of notes have experienced both principal losses and
interest shortfalls.

S&P has subsequently withdrawn its ratings on these three classes
of notes, at the issuer's request.  The ratings will remain for a
period of 30 days before the withdrawals become effective.


Portfolio GREEN German CMBS GmbH
EUR585.411 mil secured floating-rate notes

                       Rating    Rating
Class   Identifier     To        From

E       XS0330710194   B- (sf)   B- (sf)
                       NR        B- (sf)

F       XS0330710780   D (sf)    CCC (sf)
                       NR        D (sf)

G       XS0330711085   D (sf)    CCC- (sf)
                       NR        D (sf)

NR -- Not rated.  The withdrawals become effective in 30 days'

SOLAR-FABRIK: Court Grants Self-Administration Insolvency Right
pv magazine reports that Freiburg's Solar-Fabrik has been told by
a local court that it will, after all, be able to self-administer
its insolvency proceedings.

The local court in Freiburg on May 13 told Solar-Fabrik that its
insolvency proceedings will, after all, be allowed to continue
under self-administration with immediate effect, the report says.

The court had rejected Solar-Fabrik's claims for self-
administration earlier this month, appointing Thomas Kaiser as
insolvency administrator and warning creditors that they have
until June 2 to file their claims, according to the report.

The report relates that the local court moved against the
company's decision to appoint Thomas Oberle to the board, calling
the appointment too expensive.  However, the court's about-turn
follows the rationale from both the creditors' committee and the
self administration that this way forward presents the highest
probability that the company will be able to find the investors
necessary to secure Solar-Fabrik's future, the report notes.

According to the report, the initial filing for an application to
self-administer was confirmed in February following increased
price pressures and weak demand damaging Solar-Fabrik's revenue
stream. In April, the company was hit with another blow as it was
forced to issue a product warning relating to some of its solar
modules that may have been fitted with faulty junction boxes, the
report recalls.

The news is a chink of positivity for the company, which will now
hope to restructure along its own terms and timeline, the report

Solar-Fabrik AG is a PV company based in Freiburg.

SPUTNIK ENGINEERING: Unit Confirms Buyer, To Start Trading
Max Hall at pv magazine reports that Swiss inverter and
monitoring system provider SolarMax, a subsidiary of Sputnik
Engineering, has announced that an investor has purchased the
company and that it will begin trading in June, complete with new
service and product offerings.

Having gone into insolvency in November, Switzerland's SolarMax
looks set to announce a new investor next month, thus ending
insolvency proceedings, the report says.

According to the report, SolarMax on May 8 confirmed an investor
has purchased the company and will bring to an end insolvency
proceedings started in December.

pv magazine relates that a brief press statement said the new
SolarMax 2.0 would begin trading next month and would include a
service hotline and repair service, adding a new SolarMax product
or solution would be unveiled at the InterSolar 2015 exhibition
to be held in Munich from June 10 to 12.

The statement did not name the white knight investor although pv
magazine reported in March that the company had lined up a savior
from a 'German-speaking country' and, with the deal then reported
to include a new repair service centre in Germany, it seems
likely the new owner is German.

No details were revealed about whether the agreement included
acquisition of SolarMax's property holdings, a sticking point in
March that insolvency practitioners in the Swiss city of Biel
said would require a separate investor, adds pv magazine.

Sputnik Engineering filed for insolvency in November 2014.


GREECE: Tsipras to Present New Debt Restructuring Plan
Eleni Chrepa at Bloomberg News reports that Greece delved into
detailed proposals with creditors as some European policy makers
struck an increasingly optimistic tone that a deal to unlock
bailout aid can be reached.

An agreement is possible in the coming weeks following progress
this month, European Union Economic and Monetary Commissioner
Pierre Moscovici told the French Senate on May 20, the day after
German Chancellor Angela Merkel said Greece had until the end of
the month to reach a deal, Bloomberg relates.

European Union leaders head to Riga, Latvia, later this week for
a summit, where Greek Prime Minister Alexis Tsipras plans to
present a new debt restructuring plan, Bloomberg says, citing
newspaper Ta Nea.  According to Bloomberg, people familiar with
the matter on May 19 said Mr. Tsipras will submit a new proposal
on sales tax in the coming days after an original offer didn't
pass creditors' muster.

The four-month standoff between Europe's most indebted state and
its lenders has triggered an unprecedented liquidity squeeze that
pulled the Mediterranean nation's economy into a double-dip
recession, Bloomberg discloses.  Record deposit withdrawals and
the state's increasing difficulty in meeting debt payments have
sparked renewed doubts about the country's place in the euro
area, Bloomberg states.

The ECB's policy makers will meet in Frankfurt to discuss whether
to tighten rules on Greek access to Emergency Liquidity
Assistance, Bloomberg says.

NATIONAL BANK OF GREECE: Amendments No Impact on Moody's Ratings
Moody's Investors Service said that the proposed structural
amendments to the National Bank of Greece S.A. (NBG, deposits
Caa3 negative, adjusted BCA caa3) Covered Bond Programme II would
not, in and of themselves and as of this time, result in the
downgrade or withdrawal of the B3 ratings on the covered bonds
issued by NBG under Programme II.

These amendments include, amongst other things (1) an increase in
the committed over-collateralization (OC) to 25%; (2) the covered
bonds will become pass through during their extension period if
there is insufficient cash to repay them. Following a covered
bond anchor event (CB anchor event), the existing maturity
extension to 2067 coupled with the higher committed OC and pass
through feature facilitates for an orderly wind down of the cover
pool. This reduces the likelihood that the assets will need
refinancing, which is credit positive for bondholders.; and (3)
an increase of the interest payment liquidity reserve to 12

Moody's has determined that the amendments, in and of themselves
and at this time, will not result in the downgrade or withdrawal
of the ratings assigned to the bonds issued by NBG under its
Covered Bond Programme II. Moody's opinion addresses only the
credit impact associated with the proposed amendments, and
Moody's is not expressing any opinion as to whether the
amendments have, or could have, other non-credit related effects
that may have a detrimental impact on the interests of
bondholders and/or counterparties.


CROSSAN HENNESSY: Appoints Interim Examiner After Financial Woes
---------------------------------------------------------------- reports that the Circuit Civil Court was told that
Crossan Hennessy Newsagents Ltd. is insolvent and unable to pay
its debts.

Barrister Arthur Cunningham, for the Revenue Commissioners, said
the company, which trades as Tom Stanley Newsagents or Stanley
Newsagents, had understated VAT and PRSI liabilities for the past
five and a half years, relates.

According to, Mr. Cunningham asked Judge Jacqueline
Linnane to put the question of the ongoing examinership for the
company into the May 14 court list for mention so that Revenue
would have a clearer understanding of what the situation was.

Mr. Cunningham, as cited by, said Revenue required a
detailed response from the company to a list of queries he had
delivered to the interim examiner on May 18.

Ross Gorman, counsel for the company, told the judge that Joseph
Walsh, of accountants Hughes Blake had been appointed as interim
examiner to the company, discloses.

Independent accountant Michael Fitzpatrick said the company had a
reasonable prospect of survival under examinership which would
include fresh investment in any rescue scheme, relays.

Crossan Hennessy Newsagents Ltd. runs six newsagent stores in
Dublin shopping center.


PARMA FOOTBALL: Valuation Drops After No Bids Were Received
----------------------------------------------------------- reports that after receiving no bids for Serie A
strugglers Parma Football Club S.p.A., the club's administrators
disclosed a reduced asking price of EUR11.25 million.

Parma Football Club's administrators have announced they have yet
to receive any offers for the beleaguered club, and as a result,
will reduce the asking price to EUR11.25 million, according to

The report notes that the Serie A strugglers were put up for sale
last month with a starting price of EUR20 million, but there have
been no official bids.

As a result, the asking price has been lowered in an attempt to
attract investors for Parma Football Club, who have been
relegated to Serie B, the report notes.

A statement released by Parma read: "No binding offer for the
purchase [of Parma Football Club] has been delivered to Julius
Almansi, appointed by judge Pietro Rogato to oversee the sale of
Parma," the report discloses.

The new deadline for submission of tenders is set for May 22,
according to the report.

The report discloses that Parma -- who's relegation was confirmed
at the end of April -- were declared bankrupt in March with debts
of EUR218 million, and have been deducted points on three
occasions for failing to pay their staff, the report adds.


EASTCOMTRANS LLP: Moody's Affirms 'B3' CFR, Outlook Positive
Moody's Investors Service affirmed the B3 corporate family
rating, B3-PD probability of default rating and long-term
national scale corporate family rating (NSR) of Eastcomtrans LLP
(ECT). Concurrently, Moody's has affirmed the B3 senior secured
rating assigned to the company's five-year notes of total
outstanding $87.5 million. The outlook on all ratings is

The affirmations balance the largely positive factors
underpinning ECT's B3 CFR -- such as high fleet utilization,
fairly low projected leverage and solid liquidity -- against the
significant constraint placed on the company's ratings regarding
uncertainty over the renewal of contracts with the company's
largest customer, Tengizchevroil (TCO), which provided 57% or
ECT's revenues in 2014. Moody's would consider an upgrade of
ECT's ratings if the company were to successfully renew its
contracts with TCO, subject to terms and conditions.

As of year-end 2014, TCO leased around 46% of ECT's railcars,
including a substantial amount of oil tank cars. ECT's lease
contracts with TCO expire in December 2015. ECT expects that TCO
will discontinue the lease of part of tank cars during 2015. The
renewal of remaining contracts with TCO is expected in the fourth
quarter of 2015 and exposes the company to increasing remarketing
risk (i.e., the risk that it will need to promptly remarket
railcars potentially released from TCO).

More positively, the rating factors in ECT's (1) high fleet
utilization rates, with the bulk of its fleet under contract at
all times; (2) progress in diversifying its customer base; (3)
solid market share estimated at around 9% of the Kazakhstan
freight rail transportation market in terms of railcar fleet; (4)
modern railcar fleet, with average age of five years, which
provides economies in terms of repair costs; (5) high projected
EBITDA margin of above 70% and fairly strong projected financial
metrics, with leverage within 3.0x debt/EBITDA (all metrics are
Moody's-adjusted); (6) gradual improvement in corporate
governance as a result of International Finance Corporation (IFC;
Aaa stable) acquiring a 6.67% stake in ECT in 2013; (7) solid
liquidity and balanced debt maturity profile; and (8) own railcar
fleet's fairly high estimated value, at above $500 million as of
year-end 2014.

The company's ratings also take into account (1) its high
customer concentration risk, although TCO's share of ECT revenues
will likely decrease to below 50% in 2015; (2) ECT's exposure to
foreign currency risk, as around 80% of its debt as of year-end
2014 was denominated in US dollars, while the share of its
revenues linked to the US dollar, which was 66% as of year-end
2014, could decline following the discontinuation of part of
leases by TCO; (3) the high industry concentration, as nearly 50%
of ECT's fleet is represented by oil tank cars; (4) ECT's highly
concentrated ownership; (5) increasing competition from
pipelines; and (6) the company's overall exposure to an emerging
market operating environment, with a less developed regulatory,
political and legal framework.

The positive outlook reflects the potential for an upgrade of
ECT's ratings if the company retains high fleet utilization
rates, with the bulk of its fleet under contract at all times,
through the renewal of its contracts with TCO, which expire in
December 2015, or remarketing railcars potentially released from

Moody's could consider upgrading ECT's ratings if the company
were to (1) renew its contracts with TCO or remarket railcars
potentially released from TCO, subject to terms and conditions;
and (2) maintain adequate liquidity, strong operating performance
and solid financial metrics.

The rating agency could downgrade the ratings if there were a
material deterioration in ECT's leverage or interest coverage
metrics, or its liquidity or fleet utilization rates. The ratings
could also come under negative pressure if any of ECT's lease
contracts were to be terminated without ECT being able to
promptly remarket the released railcars.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 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.

Eastcomtrans LLP (ECT) is the largest private company
specializing in operating leasing of freight railcars in
Kazakhstan. As of year-end 2014, its fleet comprised 12,035
railcars, which the company estimates at around 9% of the
country's total. In 2014, the company derived 73% of its revenues
from leasing out its railcars under operating lease agreements,
and 27% from providing transportation and other related services.
93.33% of Eastcomtrans's share capital is directly and indirectly
controlled by Mr. Marat Sarsenov and 6.67% by International
Finance Corporation (IFC; Aaa stable).


ENDO LUXEMBOURG: Moody's Reviews Ba3 CFR for Downgrade
Moody's Investors Service placed the ratings of Endo Luxembourg
Finance I Company S.a.r.l. and subsidiaries under review for
downgrade, including the Ba3 Corporate Family Rating, the Ba3-PD
Probability of Default Rating, the Baa3 senior secured rating and
the B1 senior unsecured rating. At the same time, Moody's
affirmed the SGL-2 Speculative Grade Liquidity Rating, reflecting
good liquidity prior to the acquisition of Par. Moody's will
evaluate Endo's liquidity based on its post-acquisition financing
structure and the SGL may change as part of the analysis.

The review is prompted by Endo's announcement that it will
acquire Par Pharmaceutical Holdings, Inc. for US$8.05 billion in
cash and equity. The acquisition will meaningfully increase
financial leverage to a level that is well above Endo's target
debt-to-EBITDA range of 3.0x -- 4.0x. Moody's estimates pro forma
adjusted debt to EBITDA will be in the mid-5.0x range at year-end

While there will be deleveraging opportunities (for example, Endo
is expected to receive net proceeds of approximately US$1.5
billion from the pending sale its AMS men's urology business),
the rating review reflects the possibility of a downgrade if
Moody's believes that financial leverage will remain elevated for
a protracted period of time. The review also reflects limited
cushion within Endo's current rating because of a recent increase
in financial leverage to acquire Auxilium Pharmaceuticals, high
litigation costs over the next two years and Endo's aggressive
acquisition appetite, having made an unsolicited bid for Salix
Pharmaceuticals in March 2015. Although that deal was not
consummated, it would have significantly increased Endo's credit

Moody's review will focus on Endo's capital structure and
financial leverage, its deleveraging plans, its overall
acquisition strategy, and the benefits of scale, diversification
and organic growth that the acquisition of Par will bring.

Moody's anticipates that the rating downgrade, if any, would be
limited to one notch.

Ratings placed on review for Downgrade:

Issuer: Endo Luxembourg Finance I Company S.….r.l.

  -- Probability of Default Rating, at Ba3-PD

  -- Corporate Family Rating, at Ba3

  -- Senior Secured Bank Credit Facility, at Baa3

Issuer: Endo Finance Co.

  -- Senior Unsecured, at B1 (LGD 4)

Issuer: Endo Finance LLC

  -- Senior Unsecured, at B1 (LGD 4)

Rating Affirmed:

Issuer: Endo Luxembourg Finance I Company S.….r.l.

  -- Speculative Grade Liquidity Rating, at SGL-2

Outlook Actions:

Issuer: Endo Finance Co.

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Endo Finance LLC

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Endo Luxembourg Finance I Company S.a.r.l.

  -- Outlook, Changed To Rating Under Review From Stable

Endo's Ba3 Corporate Family Rating (under review for downgrade)
reflects its modest size and scale relative to larger
pharmaceutical peers, partially offset by the company's solid
market positioning as a niche player in the pain and urology
markets and by its revenue diversity across branded drugs,
generic drugs and medical devices. Endo's expertise in pain drugs
and its good compliance with US Drug Enforcement Agency (DEA)
regulations act as high barriers to entry, also a credit
strength. The company's organic growth rates are constrained by
pressures facing core pharmaceutical products like Lidoderm and
Opana ER although this will be somewhat improved by the good
organic growth outlook for Par. Further, Endo faces large cash
outflows related to product safety lawsuits involving its
surgical mesh products. Amidst these pressures, Endo is pursuing
cost reduction initiatives and an acquisition strategy focused on
specialty pharmaceutical companies, most recently closing the
acquisition of Auxilium Pharmaceuticals, Inc. in January 2015.
Endo's publicly articulated financial policies include sustaining
debt/EBITDA within a range of 3.0 to 4.0 times.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Luxembourg, Endo Luxembourg Finance I Company
S.a.r.l. ("Endo") is a subsidiary of Endo International plc,
which is headquartered in Dublin, Ireland (collectively "Endo").
Endo is a specialty healthcare company offering branded and
generic pharmaceuticals. Pro forma for the acquisition of Par,
Moody's estimate Endo will generate net revenues of over $4


LUMILEDS HOLDING: S&P Assigns Prelim. 'BB-' CCR; Outlook Stable
Standard & Poor's Ratings Services assigned its preliminary 'BB-'
long-term corporate credit ratings to Dutch lighting components
manufacturer Lumileds Holding B.V.  The outlook is stable.  S&P
also assigned preliminary 'BB-' long-term issue ratings to
Lumileds' proposed senior secured facilities.

The preliminary 'BB-' corporate credit rating is based on S&P's
assessment of Lumileds' "fair" business risk profile and
"aggressive" financial risk profile.  Lumileds is a subsidiary of
Koninklijke Philips N.V. (Philips; A-/Negative) that is in the
process of being divested.  S&P expects a consortium, led by GO
Scale Capital, to finalize its purchase of an 80.1% stake in the
company by the end of July 2015.  Philips will retain a 19.9%
interest, including a 34% interest in Lumileds' U.S. operations.
The transaction gives Lumileds an enterprise value of
US$3.3 billion.

S&P's assessment of Lumileds' "fair" business risk profile is
supported by its strong market positions in its target markets,
long-term relationships with its customers, track record of
innovation and successful implementation of operating efficiency
initiatives, and above-average adjusted EBITDA margins of around
15%-20% compared with peers in the auto supplier industry.  These
strengths are moderated by the company's historically more
volatile profitability than peers, which S&P anticipates could
persist due to the changing dynamics in the lighting industry.
In addition, Lumileds' general illumination business unit has
historically made losses, and S&P expects it to become only
marginally profitable from 2015.

S&P's assessment of Lumileds' "aggressive" financial risk profile
is based on S&P's expectation that, following the close of the
transaction, adjusted debt to EBITDA will be between 4x-5x, and
adjusted funds from operations (FFO) to debt will be at the
stronger end of 12%-20% over our three-year forecast period.
Lumileds' new financial sponsors are proposing to partly finance
the transaction through a debt package of US$1.675 billion,
comprising a US$1.58 billion term loan and US$95 million of
subordinated debt.  The capital structure will also include a
US$350 million revolving credit facility.  Although S&P expects
Lumileds to generate solid cash flows, it do not assume that the
company will materially reduce leverage to below 4x because of
strong industry growth prospects, high capital expenditure and
research and development costs, and anticipated dividend

The combination of Lumileds' credit metrics and financial sponsor
ownership corresponds with a financial sponsor 5 (FS-5)
assessment, and therefore constrains S&P's assessment of the
company's financial risk profile.  However, the presence of the
shareholder agreement that Philips has put in place mitigates the
risk of the financial sponsor increasing the company's leverage
above 5x, which would warrant a FS-6 or "highly leveraged"
financial risk profile assessment.  For example, the agreement
stipulates that gross leverage cannot exceed 4x.  Generally, S&P
expects Philips to maintain prudent oversight over Lumileds'
financial policy as long as it remains a material shareholder and
continues to rely on Lumileds as a key supplier to its lighting

S&P's base case assumes:

   -- Lumileds' 2015 revenue growth will be broadly flat due to
      adverse currency movements, but medium-term growth will be
      around 5%.

   -- Adjusted EBITDA margins will be around 15%-20% over S&P's
      forecast period.  This is based on S&P's expectations that
      there could be some pressure on pricing and EBITDA margins
      because of increasing competition in some of its business
      units such as automotive LED and consumer.  Additionally,
      while S&P expects conventional automotive business to
      contribute less to total EBITDA, S&P anticipates that its
      performance will benefit from the higher proportion of
      aftermarket sales.  S&P also expects the general
      illumination segment to become marginally profitable from
      2015 and that Lumileds will maintain its focus on operating
      efficiency to mitigate the pressure on EBITDA margins.

   -- Lumileds will make small bolt-on complimentary acquisitions
      and will not make any material or transformational

The stable outlook reflects S&P's expectation that the company's
separation from Philips will be well managed, particularly as the
company's core functions -- such as manufacturing and sales --
already operate on a stand-alone basis.  S&P also expects the
shareholder agreement to remain unchanged and in place over the
medium term. At the current rating level, S&P expects adjusted
debt to EBITDA to remain between 4x-5x and adjusted FFO to debt
to remain at the stronger end of 12%-20%.

S&P could lower the rating if it expected Lumileds' credit
metrics to materially deteriorate beyond current levels,
particularly if adjusted debt to EBITDA weakened to above 5x and
adjusted FFO to debt fell below 12%.  This could occur if
Lumileds does not achieve business growth or EBITDA margins in
line with S&P's forecasts or makes material debt-financed
acquisitions.  S&P could also lower the rating if there are
adverse changes to the shareholder agreement or if the company's
liquidity weakens below S&P's current "adequate" assessment.
This could happen if liquidity sources to uses falls below 1.2x
or if Lumileds does not have sufficient headroom under its
financial maintenance covenants.

Given the current absence of any deleveraging targets, any rating
upside would be subject to a clear commitment from the financial
sponsor that any material deleveraging would be sustained.  S&P
could consider an upgrade if the company delivered adjusted debt
to EBITDA sustainably below 4x and adjusted FFO to debt
sustainably above 20%.


* ROMANIA: Insolvency Rate Drops 57% in Q1 2015
Romania Insider reports that the number of companies that became
insolvent in the first quarter of this year dropped by 57% year-
on-year. It reached some 2,800, according to Romania's Trade
Registry's Office (ONRC).

Compared to February this year, the number of companies that
entered insolvency increased by 52% in March, the report relates.

Bucharest recorded the highest number of insolvencies, with 576,
down by 51%. It was followed by Constanta, with 145 insolvencies,
and Bihor and Maramures, with 143 insolvencies, according to the

In the first quarter of the year, some 29,500 individuals and
companies registered, up 0.9% compared to same period in 2014,
Romania Insider relays.


FAR-EASTERN SHIPPING: S&P Lowers Corporate Credit Rating to 'SD'
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Far-Eastern Shipping Co. PLC (FESCO)
to 'SD' from 'CC'.

At the same time, S&P lowered the issue ratings on the existing
senior secured notes to 'D' from 'CC'.  The recovery ratings on
these notes remain unchanged at '4' and continue to reflect S&P's
expectation of average (30%-50%) recovery in the event of a
conventional default, in the lower half of the range.

The downgrade follows the completion of FESCO's cash tender offer
for its senior secured notes, whereby existing investors received
cash funded by a combination of cash and new debt.

S&P views these exchanges as tantamount to default because
investors received less than they were promised under the
original securities.  FESCO offered recovery of less than the
original par amount for the 2016, 2018, and 2020 notes.

The outcome of the debt exchange was:

   -- The 2018 noteholders received $128.9 million (about 23% of
      the original amount) in cash at 51% of par value.

   -- The 2020 noteholders received $91.2 million (about 28% of
      the original amount) in cash at 50% of par value.

   -- The 2016 Russian ruble bondholders received about
      RUB2.9 billion (60% of the total number of bonds) at a
      fixed price of 80% of their par value.

Notes that FESCO has not tendered and accepted for purchase under
the offer will remain outstanding and the terms and conditions of
those notes will remain in effect.

S&P understands that the cash tender offer was funded by cash and
a combination of ruble and U.S. dollar debt amounting to a
combined total of about $144 million.

S&P expects to raise the corporate credit rating in the near
term. This reflects the company's potential improved liquidity
profile and capital structure, while still taking into account
the difficult environment in which it operates and its very high

SAKHA REPUBLIC: S&P Assigns 'BB' Long-Term Global Scale Rating
Standard & Poor's Ratings Services said that it has assigned its
'BB' long-term global scale issue credit rating and its 'ruAA'
Russia national scale rating to the Russian ruble (RUB) 5.5
billion (about $110 millionas of today's date) five-year
amortizing senior unsecured bond that the Russian Republic of
Sakha (BB/Stable/--) plans to issue on May 21, 2015.

The bond will have 20 fixed-rate coupons and an amortizing
repayment schedule.  According to the redemption schedule, 25% of
the bond is to be repaid in 2017, 25% in 2018, 35% in 2019, and
the remaining 15% in 2020.

The ratings on Sakha are constrained by S&P's view of Russia's
volatile and unbalanced institutional framework and the region's
weak budgetary flexibility under existing legislation.  Sakha's
wealth levels are above the Russian average, but S&P assess its
economy as weak because it is concentrated on extraction of
natural resources.  S&P views Sakha's management as weak in an
international comparison, mostly owing to a lack of reliable
long-term financial planning, a situation common to most of its
Russian peers.  S&P considers Sakha's average budgetary
performance, adequate liquidity, and moderate contingent
liabilities to be neutral for its creditworthiness.

The ratings are supported by S&P's view of Sakha's still low --
although growing -- debt burden.

S&P's outlook on Sakha is stable, reflecting its view that in
2015-2016 Sakha will maintain its adequate liquidity position,
owing to stable revenue performance and management's cautious
approach to expenditure and borrowing.


UKRAINE: Bill Allows Gov't Halt Payments on Some Foreign Debts
Laura Mills at The Wall Street Journal reports that Ukraine's
parliament passed a bill on May 19 allowing the government to
halt payments on some foreign debts, raising the stakes as a
deadline looms in rescheduling talks with international

The measure, approved in a 246-4 vote hours after it was first
proposed, comes amid tough talks with creditors over
restructuring debts, a key measure demanded by the International
Monetary Fund as part of a US$17.5-billion lending program, The
Journal notes.  The bill requires the signature of President
Petro Poroshenko to take effect, The Journal says.  It isn't
clear when or even whether that might happen, The Journal notes.

"We want to pay, but under conditions proposed by the Ukrainian
government," The Journalquotes Prime Minister Arseniy Yatsenyuk
as saying during the parliament session.  He called on creditors
to help Ukraine, which has been beleaguered by a war with Russia-
backed separatists in the east and by years of corrupt
leadership, "with not words, but with dollars?or rather, with
billions of dollars."

Finance Minister Natalie Jaresko, as cited by The Journal, said
she welcomed the law, which "demonstrates the seriousness of our
difficult financial position."  She said she was confident a
solution with creditors could be found, but repeated that Ukraine
would need principal reductions to do so, The Journal relays.

According to The Journal, a statement issued on May 18 by the
group said the committee of debtholders consists of BTG Pactual
Europe LLP, Franklin Advisers Inc., TCW Investment Management
Company and T. Rowe Price Associates, who together hold $8.9
billion in Ukrainian debt.  Approximately US$7 billion of that is
estimated to belong to the Franklin Templeton Investment fund,
The Journal states.

Analysts said that the move, and particularly its timing, was a
surprise for many investors and was bound to turn up the pressure
on creditors, The Journal relates.

U N I T E D   K I N G D O M

ANTHONY O'CONNOR: Gets New Projects Following CVA Deal
The Construction Index reports that Anthony O'Connor & Sons
appears to have survived its recent brush with corporate death
after entering a company voluntary arrangement (CVA) to fend off

According to The Construction Index, publicists for Anthony
O'Connor & Sons have issued a statement listing new contract
awards and declaring that: "AOC's strong reputation held force
with long term clients supporting them through this time and to
stand by AOC for a positive result."

Last month, AOC was called out to clear the site of the Roydon
Plastic Recycling plant after it was destroyed by a fire, The
Construction Index relates.

The company was also called on after a gas explosion at a two-
storey block of flats in Heywood. AOC worked for two week with
local building control officials to make the structure safe, The
Construction Index discloses.

The contractor has also continued to work on the long-term
regeneration the Brunswick area, The Construction Index notes.

Anthony O'Connor & Sons is a Salford-based demolition firm

LUMINAR: Ditching Name 4Yrs After Collapsing Into Administration
---------------------------------------------------------------- reports that nightclub group Luminar is
ditching its name four years after collapsing into administration
in an attempt to distance itself from the past.

The firm, which will now be called Deltic, announced a major
revamp including a focus on late night bars as it posted an 18
per cent rise in annual profit, according to

The report notes that Britain's largest nightclub operator will
also dump its Liquid and Lava & Ignite brands, both of which have
been familiar features in city centers since the 1980s.

The firm, which also owns the Oceana and Pryzm chains, saw pre-
tax profit rise to GBP3.6 million for the year to February 28,
2015 from GBP3.4 million, the report notes.  It made sales of
GBP93 million, up from GBP88 million, but says trading was held
back by its refurbishment program which meant it had to close
clubs temporarily.

Deltic employs 3,000 and operates 58 nightclubs and bars.
It was rescued in 2011 by chief executive Peter Marks and a group
of leisure industry veterans after lenders plunged it into
administration, the report relays.

The report notes that Mr. Marks said ?the time is now right to
change the company's name to reflect its future strategy'.

PETERBOROUGH PLC: S&P Raises Rating on GBP446.1MM Bonds to 'BB'
Standard & Poor's Ratings Services said that it has raised the
long-term issue ratings on the GBP446.1 million fixed-rate bonds
and liquidity facilities issued by Peterborough (Progress Health)
PLC (ProjectCo) to 'BB' from 'B-'.  At the same time, S&P removed
the ratings from CreditWatch with developing implications, where
they were placed on March 5, 2015.  The outlook is stable.

The upgrade reflects the reinstatement of full project revenues
and the improvement in project liquidity following the signing of
the standstill agreement between Peterborough and Stamford
Hospitals NHS Foundation Trust (the Trust) and ProjectCo, which
operates three building units on two hospital sites in
Peterborough in the U.K.

This agreement establishes a standstill period in which the
issuer can fulfill its financial obligations while the source of
a dispute between the Trust and ProjectCo, relating to fire
compartmentation at Peterborough City Hospital, is investigated.
The agreement limits the Trust's entitlement to award service
failure points and claim deductions related to fire
compartmentation issues during the standstill period.  In
addition, ProjectCo has also entered into a "back to back"
standstill agreement with the construction contractor and the
hard facilities management (FM) provider, which makes these
counterparties ultimately liable for any required rectification.

The Trust made three payment deductions on Jan. 30, Feb. 27, and
March 27, relating to the period Nov. 17, 2014, to Jan. 31, 2015.
It alleges that Peterborough City Hospital was unavailable, but
used, during this period as a result of fire compartmentation
issues. ProjectCo disputes this allegation.

The total deductions made by the Trust amount to GBP6.4 million.
The full amount was ultimately passed down to the construction
contractor, who fulfilled payment notices issued by ProjectCo in
late March and April totaling GBP5.3 million, and to the hard
facilities management (FM) services provider, whose monthly fees
were withheld by ProjectCo following the Trust's deductions.  A
dispute resolution process is likely to be initiated in the
coming weeks.  S&P understands that, under the terms of the
standstill agreement, the project cannot be terminated even if
the Trust's alleged claims are substantiated and service failure
points exceed the termination threshold due to fire
compartmentation-related issues.

In S&P's view, the weakening relationship between ProjectCo and
the Trust could be detrimental for the long-term stability of
project performance.  As a result, S&P has revised its operations
phase business assessment (OPBA), which reflects S&P's overall
view of a project's relative cash flow variability, downward to
'4' from '2' (on a scale of 1-12, with '1' the best assessment).
This is a constraining factor in our rating.

S&P considers that, given the relatively low complexity of the
works to be undertaken and S&P's expectation that the total
rectification cost will be less than the excess cash flow after
payment of debt service over the next 18 months (which S&P
estimates at about GBP9 million), the project would be able to
absorb any such costs in the event that the contractor were to be
replaced.  Therefore, S&P do not assign counterparty dependency
assessments (CDAs) to either the constructor or the FM provider
under S&P's criteria.

S&P has revised its assessment of the project's liquidity to
"neutral" from "less than adequate" to reflect S&P's view that,
with the standstill agreement in place and the reinstatement of
project revenues, ProjectCo will be able to cover forecast debt
service payments over the next 12 months by at least 1x, without
the use of the liquidity facility.

Unlike most rated private finance initiative (PFI) projects to
date, this project uses a liquidity facility and a change-in-law
facility instead of cash reserve accounts, which is a relative
weakness, in S&P's view.  The facilities rank pari passu with the
senior debt.  If the project draws on them, the interest margin
on the facilities would increase.

The stable outlook reflects S&P's forecast that, under its base
case, no more deductions will take place and the rectification
works will be completed within the standstill period.  S&P also
anticipates that no further operational issues will surface and
that stable delivery of the remaining services will continue.

S&P could lower the issue rating by one or more notches if the
required remediation works are not completed within the
standstill period and the Trust makes new deductions.  S&P could
also lower the rating if costs are significantly higher than
expected and the project is unable to pass these costs down to
the contractors.  S&P do not see this risk as significant,
however, as the rectification works will take place during a time
when S&P forecasts that the project debt service coverage ratios
will be strong, and there is a substantial cushion for debt
service, in the unlikely event the costs need to be covered by

S&P could raise the issue rating following a period of greater
operational stability, in which the Trust and ProjectCo establish
a more constructive relationship.

THE ARCHES: Managers Considers Putting Club Into Administration
Andrew Learmonth at The National reports that managers at The
Arches have considered putting the club into administration after
Glasgow City Council's Licensing Board said that the Glasgow club
must close at midnight.

At a meeting of staff at the club, the management admitted they
had all but given up hope of the council ever reinstating their
license and were now relying on Creative Scotland to come to
their rescue, according to The National.

One senior staff member at the meeting, who talked to The
National on condition of anonymity, said: "Management are going
to chat with Creative Scotland and see if there is a new business
model and an arrangement that can be reached, but we won't know
anything more until that meeting takes place.  Then there's
another board meeting next May 26.  But they have promised that
[Arches staff] will all know everything May 29."

The report notes that the staff member was unsure how The Arches
would survive: "We basically can't.  Creative Scotland won't give
us that kind of cash.  We can't afford to appeal the decision, it

The organization don't want to associate themselves with the
petition in case it bites them on the arse further down the line,
the report says.

"The director did say that they talked about administration, and
the only reason they didn't go ahead with it was, basically, they
may as well see if Creative Scotland can ride in and save the
day," the staff said.

The report discloses that the National's source, one of the 133
staff members employed at The Arches, was pessimistic about the
club's future: "I fully expect to be out of a job next week."

An official statement released to media by The Arches claimed
that the club would take legal advice on appealing the decision,
the report notes.

The report discloses that Mark Anderson, executive director at
The Arches, said: "We are still stunned by the decision and at a
loss to understand just what more we could have done to provide a
safer clubbing environment at The Arches.  Over the period under
review, we welcomed over 250,000 clubbers through our doors. Of
that number, just 0.14 per cent were reported for misuse of drugs

"What is more worrying is that despite the increased safety
measures we adopted on the recommendation of Police Scotland,
which had already alienated many of our valued club customers,
our successful operation of those policies has resulted in the
statistics being used against us," Mr. Anderson said, the report

The report discloses that the statement also said that the Arches
Theatre's annual turnover of GBP3.8 million is "made up of only
15 per cent of public subsidy, with the balance of 85 per cent
self-generated through the commercial events program, corporate
hires and income from the caf‚ bar and restaurant."

* UK: Corporate Insolvency Figures Drops 15.9% in Q1 2015
John Highfield at reports that leading South
Yorkshire insolvency and business turnaround expert Paul Moorhead
said that the latest statistics show fewer businesses and people
are going bust.

According to the report, the most recent government insolvency
figures show that throughout the United Kingdom 2,481 companies
went into compulsory liquidation in the first quarter of 2015, a
drop of 15.9 per cent on the same period last year.

A further 904 companies voluntarily called in a liquidator rather
than being wound up by the Courts, falling by 5.6 per cent, the
report relays.

And at the same time, personal insolvencies stood at 20,826, a
fall of almost 19 per cent on last year's figure,

"These statistics show that, overall, the economy is showing
signs of improvement," the report quotes Mr. Paul, the founder
and director of South Yorkshire insolvency practice Moorhead
Savage, as saying.

"The number of businesses and individuals using a formal
insolvency procedure to deal with over-indebtedness are both
going down.

"But the numbers are still above the historical average and
thousands of people and companies are still struggling with cash
flow problems and high levels of debt.

"As always, though, the advice is quite simply to seek expert
advice as soon as possible because there is so often a positive
outcome to be achieved.

"As these figures demonstrate, fewer companies need to close as
there are often ways to breathe new life into struggling
businesses. In addition, rescue procedures can be used to
minimise the impact of any closure and to mitigate the loss to
creditors, employees and business owners."

* UK: Fewer IT Firms Collapse, Exaro Insolvency Index Shows
Tim Wood and Henry Kirby at reports that
collapses among information and communications companies
decreased in the first quarter of 2015, following a tough year
for the sector in 2014., citing latest data from the Exaro Insolvency
Index, discloses that 521 businesses in the ICT sector filed one
or more insolvency notices between January and March 2015. This
was down by 5.3% on the 550 filed in the same period last year,
the report relays.

This was better performance than for the UK economy overall,
which saw a year-on-year fall of 2.7%, according to the report.

Tudor Aw, head of technology at accountancy group KPMG, told
Exaro: "If there is such a thing as having a decent recession,
then the tech sector probably fits the bill," the report relays. relates that Mr. Aw said most of the failures
were among small startups, pointing out that "the tech sector has
a lot of that sort of activity".

Insolvencies among IT consultancies specifically are still rising
year-on-year, but much less sharply than they were. They
increased by 3.4% this year, going from 205 in the first quarter
of 2014 to 212 in the same period this year,
discloses. relates that software developers also still
seem to be struggling, with an increase from 50 insolvencies a
year ago to 56 in the first quarter of 2015.

"Every young kid wants to invent the next Google or Facebook,"
the report quotes Mr. Aw as saying. "They can work from their
bedrooms, coding away, and present their software to the entire
world at very little cost. They do not have to build a bricks and
mortar factory to get their product out there. So the barriers to
entering the market are very low."

But he warned that new ideas can be quickly superseded. "The risk
of other innovators who take your market space is very high. This
is where we see the insolvencies. It is vital to keep
innovating," Mr. Aw, as cited by, said.


* Moody's Launches New Public Sector Europe Rating Agency
Moody's Investors Service launched Moody's Public Sector Europe
(MPSE), a new credit rating agency and the first of its kind
dedicated to the growing European public sector debt market.

MPSE combines tailored service and local expertise with global
reach, using Moody's rigorous rating methodologies to assign
globally comparable ratings. MPSE's well established,
international team of sector experts will produce transparent,
independent credit analyses, with an increased focus on providing
issuer-specific research in local European languages, as well as
thought leadership on credit trends in this sector.

MPSE will bring added focus to the particular features and
requirements of public sector entities. At the same time, the
global comparability and recognition of the Moody's ratings
assigned by MPSE can help European public service providers such
as regional and local governments, universities, hospitals and
housing associations expand their financing options and gain
greater access to international debt capital markets.

"The creation of Moody's Public Sector Europe reflects our
commitment to support the development of Europe's public sector
entities and broaden their access to new sources of financing,"
says Michel Madelain, President of Moody's Investors Service.

The European Union's public sector outstanding debt (excluding
central government debt) totaled EUR1.8 trillion* in 2014, an
annual increase of 2.6% and Moody's expects this trend to
continue over the longer term.

"As bank lending and state spending remains constrained, we
anticipate that public sector service providers in core European
countries will increasingly turn to the debt capital markets to
meet their funding needs in the years ahead." says
David Rubinoff, Managing Director of Moody's Public Sector
Europe. "We anticipate heightened interest in European public
sector credit from a wide range of investors attracted by the
sector's diverse risk profile."

In a new report published by MPSE, "European Public Sector:
Issuers in Core Europe to Increasingly Tap Capital Markets As New
Funding Opportunities Emerge", the rating agency forecasts
funding needs for Europe's public sector in key markets -
Germany, the UK, France, Spain, and Italy - to reach nearly
EUR180 billion per year by 2016. MPSE's research shows that in
Germany, the UK and France, bank de-leveraging and quantitative
easing are creating the conditions for low cost bond market
issuance, encouraging funding diversification, and the emergence
of new market opportunities.

In Germany alone MPSE expects Laender to rely on traditional
capital market instruments such as individual bonds and joint
issues for about 90% of their funding needs in 2016, up from 80%
in 2014, and 59% in 2009. English Housing Associations have been
the most active public sector debt issuers in the UK as their
funding needs have grown -- MPSE estimates that the total drawn
debt of English Housing Associations will reach GBP67 billion by
the end of 2016, up from GBP58 billion in 2014.

The debt needs of France's regional and local governments are
also expected to increase, with a combined borrowing requirement
of EUR17-EUR21 billion annually by 2017, up from EUR16-EUR19
billion in 2008-13. Recent institutional changes that will create
larger issuers by merging regions and new metropolitan areas,
coupled with persistently low interest rates, will create a
favorable climate for capital market activity for French regions.
Meanwhile Spain and Italy remain important markets, with growth
potential over the longer term.

These growing capital market opportunities are credit positive
for core European public sector entities, as they diversify
funding sources.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
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

                 * * * End of Transmission * * *