TCREUR_Public/150529.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, May 29, 2015, Vol. 16, No. 105

                            Headlines

D E N M A R K

WELLTEC A/S: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR


F R A N C E

EUROPCAR GROUPE: Moody's Puts 'B3' CFR Under Review for Upgrade


G R E E C E

ELETSON HOLDINGS: Moody's Changes Outlook on B3 CFR to Positive
FREESEAS INC: Has Deal for Financing of Vessel Acquisition
GREECE: Deposit Outflows Accelerate as Default Fears Rise


I R E L A N D

ANGLO IRISH: Bankruptcy Court Okays Sept. 11 Auction
ION TRADING: S&P Raises CCR to 'B+' on Improving Credit Metrics


K A Z A K H S T A N

EURASIA INSURANCE: S&P Revises Outlook & Affirms 'BB+' CCR


L U X E M B O U R G

ALTICE US: Moody's Assigns 'B3' Corporate Family Rating


N E T H E R L A N D S

CADOGAN SQUARE VI: Moody's Rates Two Note Classes '(P)Ba2'
DUTCH MORTGAGE XII: Fitch Affirms 'BB-sf' Rating on Class B Notes
HYDE PARK: Moody's Lifts Rating on EUR11.5MM Class E Notes to Ba2


N O R W A Y

COPEINCA AS: Fitch Withdraws 'B+' Issuer Default Rating


R U S S I A

BARS LLC: Bank of Russia Suspends Insurance Broker License
CONGRESS-BANK OJSC: Central Bank Ends Provisional Administration
KOMESTRA LLC: Bank of Russia Suspends Insurance License
PROFILE RE: Bank of Russia Suspends Reinsurance License


S P A I N

CELLNEX TELECOM: S&P Assigns Prelim. 'BB+' CCR, Outlook Stable


U K R A I N E

UKRAINE: Decision to Halt Foreign Debt Payments "Odious"


U N I T E D   K I N G D O M

AJ GILBERT: Competition, Revenue Decline Spurred Administration
ALTE LIEBE 1: S&P Cuts Rating on EUR102MM Sr. Sec. Notes to 'CCC'
DEBENHAMS PLC: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
EXETER BLUE: Fitch Affirms 'Bsf' Rating on Class E Notes
FAIRHOLD SECURITISATION: Fitch Affirms 'CCC' Rating on B Notes

WEBWEAR: Goes Into Liquidation


X X X X X X X X

* BOOK REVIEW: The Financial Giants In United States History


                            *********


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D E N M A R K
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WELLTEC A/S: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Denmark-based oil and gas well technology provider Welltec A/S to
negative from stable.  S&P also affirmed its 'BB-' long-term
corporate credit rating on Welltec.

At the same time, S&P affirmed its 'BB-' issue rating on
Welltec's US$325 million senior secured notes.  The recovery
rating remains at '4', indicating S&P's expectation of average
recovery (30%-50%; higher half of the range) in the event of a
payment default.

The outlook revision stems from S&P's more pessimistic view on
Welltec's ability to maintain credit measures commensurate with
the 'BB-' rating in what S&P considers to be persistently
challenging market conditions for the global oil and gas sector.
This follows Welltec's weaker-than-expected performance in the
first quarter of 2015, when reported EBITDA declined by 27% year
on year due to a combination of increased costs related to
freight and personnel, changes in the sales mix, and, to a lesser
extent, unfavorable fluctuations in currency exchange rates.

S&P considers the headroom on the current rating to be very
narrow, in particular because it has very limited visibility on
the company's future cash flow generation, since Welltec has
limited contracted revenue.  Moreover, S&P believes that the oil
and gas sector will remain depressed in 2015, with a recovery in
the demand for and price of oilfield services uncertain at this
stage.

S&P's assessment of Welltec's financial risk profile as
"aggressive" reflects S&P's assumptions for the group's credit
metrics in 2015-2016.  Notably, S&P anticipates that Standard &
Poor's-adjusted funds from operations (FFO) to debt will likely
be about 15% on average and free operating cash flow (FOCF)
modestly positive over this period.  S&P notes that the company
started to reduce fixed costs and development capital expenditure
in 2014 to adapt to the weaker market conditions, which has
enabled it to maintain positive cash flows.  S&P also takes into
account Welltec's comfortable liquidity position.

"Our view of Welltec's business risk profile as "fair" reflects
the company's leading position in the currently relatively small
market of robotic well interventions; exclusive control over the
technology it uses, which creates a significant barrier to entry
for competitors; and healthy long-term growth opportunities.
That said, these business strengths are partly offset by
Welltec's small size, relatively narrow service offering, and, in
contrast to other players in the oil field services sector, such
as drillers, lack of medium- to long-term backlogs.  We also
think that Welltec's profitability may be volatile because there
can be significant quarterly swings in demand, EBITDA, margins,
and working capital," S&P said.

The negative outlook indicates that S&P could lower the rating if
Welltec's credit metrics do not improve as S&P expects in 2016.
It also reflects the uncertainty regarding demand and pricing for
Welltec's services in the challenging global oil and gas markets.

S&P could downgrade Welltec by one notch if S&P believes that FFO
to debt will fall significantly below 15% in 2015 or not
sustainably reach 20% by 2016.  This could result if demand is
lower than S&P assumes, or if the adjusted EBITDA margin
deteriorates further in 2015 or does not improve in 2016.
Negative FOCF would also put pressure on the rating.

S&P could revise the outlook to stable if Welltec's credit
metrics improved, with FFO to debt comfortably at 20% and FOCF
staying positive.  This would also likely depend on an
improvement of market conditions on the back of increased oil
prices.  Higher visibility on the company's cash flow generation
would also support an outlook revision to stable.



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EUROPCAR GROUPE: Moody's Puts 'B3' CFR Under Review for Upgrade
---------------------------------------------------------------
Moody's Investors Service placed all ratings of Europcar Groupe
S.A. under review for upgrade, including the B3 corporate family
rating and B3-PD probability of default rating (PDR). The Caa1
rating on the EUR324 million Senior Subordinated Secured Notes
due 2017 issued by Europcar Bond Funding Limited and the Caa2
rating on the EUR400 million Senior Subordinated Notes due 2018
(together the old Notes) issued by Europcar, and the B3 rating on
the EUR350 million Senior Secured Notes due 2021 issued by EC
Finance Plc are under review for upgrade. Concurrently, Moody's
has assigned a provisional (P)B3 rating with a stable outlook on
the new EUR475 million Senior Notes (the Senior Notes) to be
raised by Europcar Notes Limited. This rating is not placed on
review for upgrade, which reflects an expectation of a B1 CFR. If
the IPO is not executed Moody's expects that this rating would be
withdrawn as the bond will be repaid from the escrow account. The
B3 rating on the EUR350 million Senior Secured Notes due 2021
issued by EC Finance Plc might be upgraded by one notch if the
IPO is executed and the CFR is raised to B1 but should remain
below the CFR considering its subordination to other bank
facilities.

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

The decision to place the ratings under review for upgrade
follows Europcar's announcement on May 21, 2015 of the filing of
document in preparation for its Initial Public Offering (IPO) on
the regulated market of Euronext Paris. As part of the IPO,
Europcar expects to raise gross proceeds of EUR475 million. The
decision also follows Europcar's announcement that it intends to
issue EUR475 million Senior Notes due 2022, the proceeds of which
will be put into an escrow and released upon completion of the
IPO. The proceeds from the IPO and Senior Notes will be applied
towards the early redemption including penalties of the old
Notes, the funding of transaction fees, with the EUR125 million
overfunding earmarked for strategic initiatives.

Moody's expects to conclude the review process with the closing
of the IPO before the end of June subject to market conditions
and the allocation of its proceeds alongside the proceeds of the
Senior Notes for the redemption of the old Notes. The review will
also evaluate the company's new ownership structure, financial
policy (including dividend policy expected at a minimum 30% of
net income to be paid from 2017) and strategic objectives. At
this stage Moody's anticipates that the CFR would likely be
upgraded by two notches to B1 if the IPO is executed as expected.

While the execution of the IPO and debt refinancing will only
result in a moderate de-leveraging with pro-forma adjusted debt-
to-EBITDA (as adjusted by Moody's mainly for operating leases)
decreasing to 5.0x from 5.2x prior to the transaction as of 31
December 2014, it will lead to a more significant improvement in
interest coverage. Moody's expects a significant reduction in
interest costs thanks to (1) the reduction in the aggregate
amount of outstanding debt following the refinancing of the old
Notes by the new Senior Notes with a significantly lower coupon,
and (2) the reduction in margins on the Revolving Credit Facility
and Senior Asset Revolving Facility signed on 12 May 2015. Pro-
forma for the lower interest cost, adjusted EBIT-to-interest will
improve to 1.3x from 1.0x prior to the transaction as of 31
December 2014. Moody's expect further improvement of EBIT-to-
interest ratio in 2015.

The expected upgrade of the CFR to B1 also reflects Moody's
expectation that Europcar will experience further de-leveraging
in 2015 driven by the positive growth momentum which started in
2014 partly offset by additional drawings under fleet financing
facilities to fund the increasing fleet base. Such further
deleveraging also reflects the company's financial policy to
further deleverage. Moody's positively notes that Europcar
experienced a 4.0% revenue growth in 2014 following a 2% decline
in both 2012 and 2013 driven by the leisure segment which
accounted for 55% of group sales in that year with the business
segment lagging behind. This positive trend continued in Q1 2015
with revenues growing at 7.4% or 6.2% excluding the impact of the
acquisition of the franchisee network Europ'Hall in France in
2014. Following a stabilization of the adjusted EBITDA margin (as
adjusted by Moody's) at 37.1% in 2014 vs. prior year, Moody's
expects improvement in profitability in 2015 driven by the top
line growth and the positive impact from cost savings initiatives
implemented as part of the multi-year Fast Lane program,
including the implementation of the Shared Service Centre in
Portugal in 2014.

Moody's finally notes that pro-forma for the IPO, Europcar's
liquidity will remain adequate. The liquidity position will
benefit from the increased size of the Revolving Credit Facility
to EUR350 million from the current EUR300 million and of the
Senior Asset Revolving Credit to EUR1.1 billion from EUR1.0
billion. In addition, the debt maturity profile will be improved
thanks to (1) the extension of the maturity of the Senior Asset
Revolving Facility and the Revolving Credit Facility to 2019 and
2020, respectively, and (2) the redemption of the old Notes due
2017 and 2018 by the longer-dated Senior Notes due 2022. Moody's
will monitor the progress of the procedure on potential anti-
competitive practices by Europcar and other participants in the
vehicle rental sector opened by the French Competition Authority
in February 2015. The rating agency would review the ratings if a
fine was to be paid with an amount significantly higher than the
EUR45 million provisioned by the company and/or further damage
claims were to be subsequently brought.

Before placing the ratings on review Moody's had indicated that
negative pressure could develop if operating performance
deteriorates with adjusted leverage trending towards 5.25x; or if
EBIT/Interest coverage remains below 1.0x on a sustained basis.
On the other hand, positive pressure could arise if the
EBIT/Interest coverage exceeds 1.0x and adjusted leverage trends
to 4.5x on a sustained basis with a solid liquidity profile; and
the European car rental market experiences recovery both in terms
of volume and prices.

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.

Headquartered in Paris, France, Europcar Groupe S.A. is the
European leader in car rental services, providing short- to
medium-term rentals of passenger vehicles and light trucks to
corporate, leisure and replacement clients. Founded in 1949,
Europcar has a global presence in over 140 countries, giving
access to a global car rental network with c.3,650 stations (of
which around 1,000 are directly operated with the remaining being
agent-operated or franchises). Europcar operates in five main
markets: Germany, the UK, France, Italy, and Spain with
additional operations in Portugal, Belgium, Australia and New
Zealand. In 2014, Europcar generated total revenues of EUR1,979
million.



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ELETSON HOLDINGS: Moody's Changes Outlook on B3 CFR to Positive
---------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook on the B3 corporate family rating, the B3-PD probability
of default rating and the B3 rating on the US$300 million first
preferred ship mortgage notes due in 2022 of shipping company
Eletson Holdings Inc. At the same time, Moody's has affirmed the
ratings assigned to the company including its B3 CFR, B3-PD PDR
and B3 senior secured rating.

"The positive outlook reflects Eletson's material deleveraging
since its rating assignment in December 2013, helped by a more
favorable rates environment for tankers, and the expectation of
further deleveraging during 2015," says Marie Fischer-Sabatie, a
Moody's Senior Vice President and lead analyst for the issuer.

The rating action reflects Eletson's material deleveraging since
rating assignment, with its debt/EBITDA ratio declining to 6.6x
at year-end 2014 from 9.5x at year-end 2013. The improvement was
due to an increase in EBITDA, itself driven by an increase in
time charter equivalent (TCE) rates (average daily TCE rates
increased by 18% between 2013 and 2014 for Eletson's fleet), as
well as the growth of Eletson's fleet (number of vessel available
days grew 11% between 2013 and 2014). Deleveraging continued
during Q1 2015, on the back of further improvements in TCE rates,
with average daily rates for Eletson's fleet growing 27% compared
with Q1 2014 and 22% compared with Q4 2014. Moody's estimates
that the debt/EBITDA ratio for the 12 months ended March 2015 was
slightly below 6x.

Moody's projects that demand growth will outpace supply growth by
around 1% for both crude oil and product tankers during 2015,
which will help sustain TCE rates. At the same time, Eletson will
further grow its fleet, in particular on the liquefied petroleum
gas (LPG) side, with Eletson Gas LLC (its joint venture with
Blackstone) getting a delivery of 10 new-building vessels between
2015 and 2017. Moody's therefore expects that Eletson will
further deleverage during 2015.

Eletson's liquidity, which Moody's deemed as fairly weak when it
initially assigned ratings to the company, has improved mainly
due to the deleveraging that occurred since then. With the
improvement in its credit metrics, Eletson increased the headroom
under its financial covenants. Only one financial covenant, which
had been waived in 2013 and started to be tested again in
December 2014, has still a limited headroom. Eletson's cash
balance has been stable at around US$65 million, and the company
has now obtained committed financing for all 10 new-building
vessels due to be delivered in 2015-17. However, Eletson does not
have any material revolving credit facility at its disposal and
therefore remains dependent on its internally generated sources
of liquidity to cover for its needs. In addition, the company
faces some material debt repayments in 2015 (US$54 million) and
2016 (US$118 million) with most of its 2016 debt repayment (US$65
million) related to a maturing facility of Eletson Gas.

While domiciled in Liberia, Eletson has its main office in
Greece. Its exposure to the Greek economy is very limited, with
all its revenues generated in US dollars, outside of Greece. The
company only repatriates to Greece the funds needed to cover for
payroll and other expenses. Eletson has small local overdraft
facilities, used for day-to-day working capital needs (US$13
million). In addition, Eletson has a small portion of debt with
Greek banks, which participate in two of the group's syndicated
facilities (in total, around US$36 million). These facilities
represented 6% of the group's debt at year-end 2014. While
Moody's deems the exposure of Eletson to any weakening of
Greece's creditworthiness as very limited, the rating agency
cautions that an extreme scenario, such as Greece's exit from the
euro, would be unpredictable in its consequences and would carry
uncertainty for businesses with any linkage to Greece. The
prospect of a negative rating action or rating review in such a
scenario cannot be completely ruled out, but Eletson's business
profile suggests it should be relatively resistant to such a
scenario.

Moody's would consider upgrading Eletson's rating if its
financial leverage were to fall below 6.5x and its funds from
operations to interest coverage were to rise above 2.5x on a
sustainable basis, in conjunction with an improvement in the
group's liquidity.

Moody's would consider downgrading the rating if Eletson's
debt/EBITDA ratio were to rise above 8.0x and if its funds from
operations to interest coverage were to fall below 1.5x for a
prolonged period of time. Deterioration in the group's liquidity
would also exert immediate pressure on the rating.

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.

Eletson Holdings Inc. is one of the world's leading owners and
operators of product tankers and LPG carriers, with a double-
hulled fleet of 25 product tankers and seven LPG/ammonia carriers
with a combined capacity of 1.9 million deadweight tonnage at
year-end 2014. The group recorded revenues of US$360 million and
EBITDA of US$111 million (as reported by the company) in 2014.


FREESEAS INC: Has Deal for Financing of Vessel Acquisition
-----------------------------------------------------
FreeSeas Inc. has entered into an agreement with a group of
Norwegian based investors for the financing of the acquisition of
assets valued up to US$15 million.  Upon the vessel acquisition
by the investors, their ship-owning entities will enter into
long-term bareboat charter agreements with the Company's
subsidiaries including a number of purchase options in the
Company's favor, on a profit-sharing basis with the investors.
The Company shall identify suitable acquisition candidates within
a six-month period.  The investors will be responsible for
providing suitable bank financing of approximately up to 50% to
60% to enable the completion of the transaction.  Depending on
the final leverage and acquisition price, a charter hire rate of
up to US$5,600 per day will be payable after the commencement of
the charter.

Concurrently with the transaction, the Company has agreed to
place a mortgage on the M/V "Free Maverick" as security.  The
Company has the option to replace the vessel with cash security
at any time.  If however, the vessel is not replaced by cash
security, US$1,400 per day will be payable upon the commencement
of the bareboat charter of the acquisition vessel.

In addition, the M/V "Free Hero" and M/V "Free Goddess" have been
sold for consideration as part of the security package, and the
Company's subsidiaries have entered into long-term bareboat
agreements for those vessels with purchase options at a daily
hire rate of US$1,100 per vessel.

The total agreed security provided by the Company amounts to US$9
million, with a cash release of up to US$2 million in stages.

Mr. Ion G. Varouxakis, chairman, president and chief executive
officer of the Company, commented: "We are pleased to enter into
these agreements, which enable the Company to leverage its
balance sheet for fleet expansion at an opportune time for
counter-cyclical investments in the dry-bulk market.  Being
positioned as a buyer in a falling asset prices environment we
believe is the best possible strategy.  The demonstrated ability
of the Company to raise capital even in difficult environments is
a testament to the dedication and determination of management and
the board to succeed in its goal to turn around the Company to
profitability."

                        About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas reported a net loss of US$12.7 million in 2014, a net
loss of US$48.7 million in 2013 and a net loss of US$30.9 million
in 2012.

As of Dec. 31, 2014, the Company had US$64.25 million in total
assets, US$39.2 million in total liabilities and US$25 million
total shareholders' equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company has incurred recurring operating
losses and has a working capital deficiency.  In addition, the
Company has failed to meet scheduled payment obligations under
its loan facilities and has not complied with certain covenants
included in its loan agreements.  Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets.  Also, the Company has disclosed alternative
methods of testing the carrying value of its vessels for purposes
of testing for impairment during the year ended December 31,
2014.  These conditions among others raise substantial doubt
about the Company's ability to continue as a going concern.


GREECE: Deposit Outflows Accelerate as Default Fears Rise
---------------------------------------------------------
Reuters reports that two banking sources said on May 27 that
Greek banks have seen deposit outflows accelerate over the past
week as fears rise that the euro zone country will default on
debt.

The spike follows a steady outflow of money from Greek lenders
this year as Athens and its creditors struggle to agree an aid-
for-reforms deal before Greece runs out of money, Reuters notes.

"The past week in May was more challenging compared to the
previous ones in the month, with daily outflows of EUR200 to
EUR300 million in the last few days," Reuters quotes a senior
Greek banker as saying.

Three Greek bankers told Reuters outflows picked up in April to
about EUR5 billion from EUR1.91 billion in March.

Speculation about capital controls has resurfaced after a
prominent lawmaker from the conservative opposition said she was
worried about the prospect if no deal is reached with creditors
and Athens defaults on an IMF payment next month, Reuters relays.
The government's spokesman has dismissed such a scenario,
according to Reuters.

The European Central Bank did not raise a ceiling on emergency
funding for Greek banks at its weekly review on May 27, a banking
source, as cited by Reuters, said, the first time since February
it has left the cap unchanged.



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ANGLO IRISH: Bankruptcy Court Okays Sept. 11 Auction
-----------------------------------------------------
The foreign representatives for Irish Bank Resolution Corporation
Limited has filed a notice saying that on May 12, 2015, the U.S.
Bankruptcy Court for the District of Delaware entered procedures
in connection with the sale of IBRC's assets.

Pursuant to the court-approved bidding procedures, if two or more
qualified bids are received, the Debtor will conduct an auction
to determine the highest or otherwise best qualified bid,
beginning on Sept. 11, 2015 at 10:00 a.m. (prevailing Eastern
Time).  Only parties that have submitted a qualified bid by no
later than Sept. 3, 2015 at 5:00 p.m. (prevailing Eastern Time)
will be allowed to participate in the auction.

The sale hearing, if needed, will be held at 10:00 a.m.
(prevailing Eastern Time) on Oct. 16, 2015, unless otherwise
continued by the Debtor.  Objections, if any, to the sale, must
be filed with the Bankruptcy Court on or before 4:00 p.m.
(prevailing Eastern Time) on Oct. 9, 2015.

A copy of the bidding procedures is available for free at:

                       http://is.gd/OiqzKn

                    Mandarin Concerns Addressed

Mandarin Oriental Management (USA) Inc. and Mandarin Oriental
Overseas Management Limited filed a response to the bidding
procedures motion to reserve its rights under certain management
agreements that may be included in the sale and its rights to
receive a termination fee.   Mandarin noted that the motion
sought to establish certain bidding procedures in connection with
(1) the sale of a mortgage loan encumbering certain assets,
including a Boston hotel, which is currently operating under the
"Mandarin Oriental" brand, and (2) the sale of the hotel by the
Debtor's non-debtor affiliate, CWB Hotel Limited Partnership or
approval for the authority of the Debtor through the Special
Liquidators to cause CWB Hotel and other subsidiaries to sell
their assets, including the hotel.

In response, Kieran Wallace and Eamonn Richardson, the Foreign
Representatives or Special Liquidators of IRBC, noted that
neither Mandarin Oriental Management (USA) Inc. nor Mandarin
Oriental Overseas Management Limited are creditors of IBRC.
Rather, Mandarin is the manager of the Mandarin Oriental Hotel in
Boston, which is owned by a subsidiary of IBRC.  IBRC also
retains ownership of the secured debt which encumbers the Hotel.

As communicated with Mandarin's counsel in advance of the filing
of the Mandarin Objection, IBRC agrees that nothing in the
proposed Bidding Procedures Order adjudicates Mandarin's rights.
Rather, Mandarin will have a full opportunity to object to the
terms of an actual sale transaction, to the extent that it
believes any of its rights are in fact impacted.

As offered by IBRC before the Mandarin Objection was filed, IBRC
is willing to include in the data room a statement drafted by
Mandarin with respect to Mandarin's alleged rights, in order to
provide potential bidders with notice of Mandarin's positions
regarding its alleged rights.

Mandarin is represented by:

         Foley & Lardner LLP
         Mark J. Wolfson, Esq.
         100 North Tampa Street
         Tampa, FL 33602
         Tel: (813) 225-4119
         Fax: (302) 298-3550

The Foreign Representatives are represented by:

         Skadden, Arps, Slate, Meagher & Flom LLP
         Van C. Durrer, II, Esq.
         Annie Li, Esq.
         300 South Grand Avenue
         Los Angeles, California 90071
         Tel: (213) 687-5000

                       About Anglo Irish

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).

The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del. Case No. 13-12159).  The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson.  Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.


ION TRADING: S&P Raises CCR to 'B+' on Improving Credit Metrics
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating to 'B+' from 'B' on Ireland-headquartered ION
Trading Technologies Ltd., a provider of trading software and
solutions to financial institutions, and a wholly owned
subsidiary of ION Investment Group Ltd.  The outlook is stable.

At the same time, S&P raised its issue ratings to 'B+' from 'B'
on the US$40 million senior secured revolving credit facility
(RCF) due 2019 and the first-lien term loans due 2021, both
issued by ION Trading's wholly owned subsidiary ION Trading
Technologies S.a.r.l.  The recovery rating on this debt is '3',
indicating S&P's expectation of meaningful recovery in the event
of a payment default, in the higher half of the 50%-70% range.

S&P also raised its issue ratings to 'B-' from 'CCC+' on the
US$250 million second-lien term loan due 2022, issued by ION
Trading Technologies S.a.r.l.  The recovery rating on this loan
is '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.

The upgrade primarily reflects larger-than-expected deleveraging
after the refinancing in July 2014 and the company's solid free
operating cash flow (FOCF) generation, which provides additional
room for possible debt reduction.  S&P expects the adjusted debt-
to-EBITDA ratio to further decline, likely reaching 5.3x by the
end of 2015 from 5.5x as of year-end 2014.  In addition, the
reduced interest burden leads to improved interest coverage and
cash flow ratios.

S&P continues to assess ION Trading's financial risk profile as
"highly leveraged," given an adjusted debt-to-EBITDA ratio above
5x and funds from operations (FFO) to debt somewhat below 12% in
2015.  This is partly mitigated by our expectations of solid
annual FOCF of EUR70 million-EUR90 million in 2015 and 2016,
supported by strong EBITDA margins and very limited capital
expenditure requirements, which should allow ION Trading to
deleverage swiftly if the company continues to apply excess cash
for debt reduction.

S&P continues to assess ION Trading's business risk profile as
"fair."  This notably reflects the company's very narrow product
focus on trading solutions for electronic fixed-income markets
and its resulting sole reliance on financial institutions as end
customers for its product offering.  In addition, S&P thinks that
the business risk profile is constrained by the still high
customer concentration as well as meaningful competition from in-
house solutions, a few larger competitors such as SunGard, and
many smaller competitors.  These constraints are partly offset by
the company's:

   -- Large recurring revenue base (more than 80% of total
      revenues), through noncancellable subscription agreements
      that typically last about five years; and

   -- Strong track record of profitable organic and acquisitive
      growth, helped by high client retention, successful cross-
      and up-selling efforts, and new customer wins.

Compared with many of its rating peers, ION Trading has markedly
higher profit margins, relatively strong interest cover ratios,
and solid FOCF prospects.  In addition, ION Trading has
demonstrated its willingness to use excess cash flows to reduce
debt, despite being owned by a financial sponsor.  As a result,
the corporate credit rating is one notch higher than the anchor
to reflect S&P's positive comparable ratings analysis.

The stable outlook reflects S&P's assumption that the company
will increase its EBITDA interest cover ratio to more than 3.0x
and further utilize its solid FOCF generation to maintain
leverage sustainably in the 5.0x-5.5x range in 2015.

S&P could take a positive rating action if ION Trading were able
to maintain profit margins at about 50% and improve cash interest
cover to about 3.5x-4.0x, while implementing a financial policy
that leads to adjusted debt to EBITDA below 4.5x.  S&P also would
expect that the company was able to sustain leverage at this
level.

S&P could lower the rating if:

   -- ION Trading pursued debt-financed acquisitions or
      shareholder returns that led to a leverage ratio shooting
      above 6.0x;

   -- Sales fell due to another severe financial crisis in Europe
      that hurt demand from ION Trading's Europe-based customers;

   -- ION Trading's adjusted EBITDA margin declined to below 40%
      as a result of increasing competition; or

   -- EBITDA interest cover dropped below 2.5x.



===================
K A Z A K H S T A N
===================


EURASIA INSURANCE: S&P Revises Outlook & Affirms 'BB+' CCR
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kazakhstan-based Eurasia Insurance Co. to positive from stable.
At the same time, S&P affirmed the 'BB+' long-term counterparty
credit and financial strength ratings and the 'kzAA-' Kazakhstan
national scale rating.

The outlook revision reflects S&P's view that Eurasia Insurance's
financial risk profile is gradually improving, thanks to the
company's increased level of investments in government and
corporate bonds S&P rates 'BBB-' and higher (investment grade).
If Eurasia Insurance continues this trend over the next 18-24
months, S&P projects that the average credit quality of the
company's invested assets will move to investment grade, thereby
moving S&P's assessment of Eurasia Insurance's financial risk
profile beyond the benchmarks for S&P's "less than adequate"
category, as its criteria.

This gradual improvement and diversification of invested assets
is partially driven by the regulatory restrictions that require
the insurer's exposure to a single counterparty to be at less
than 10% of total assets.

Furthermore, the company's financial risk profile is supported by
solid capitalization, including extremely strong risk-based
capital adequacy, and sound operating performance over the past
several years.

Despite the notable improvements in the credit quality of Eurasia
Insurance's investment portfolio and the above-mentioned
supporting factors, S&P continues to view the company's risk
position as high, reflecting relatively high currency risk with a
long unhedged position in U.S. dollars and the complexity of
insurance risks that Eurasia writes, in particular some
international risks in inward reinsurance portfolio.

The ratings on Eurasia Insurance continue to reflect S&P's view
of its adequate competitive position, owing to its diverse
portfolio of risks and leading positions in Kazakhstan,
especially in inward reinsurance.  S&P notes that the company is
retaining more risks, which makes it more susceptible to large
losses.  S&P therefore expects that prospectively the net
combined ratio will likely be about 95%-97% in 2015-2016.  This
level is still better than that of some international peers' but
higher than the market average in Kazakhstan.  In addition, S&P
expects that return on equity and return on revenue will at least
stay at the current levels of 14% and 27%, respectively, driven
by sound underwriting performance.

The positive outlook reflects S&P's opinion that Eurasia
Insurance will continue to improve the average credit quality of
its investments while maintaining an adequate competitive
position and very strong capital and earnings.

S&P would upgrade Eurasia Insurance if it observed an improvement
in the company's credit quality to 'BBB-' and above over the next
18-24 months.  Such a sustained improvement would trigger an
upgrade, but no more than one notch from the current rating
level.

S&P could revise the outlook to stable if, contrary to its
expectations, the company's investment quality doesn't improve
substantially from its current 'BB' category over the next 18-24
months.



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


ALTICE US: Moody's Assigns 'B3' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
to Altice US Holding I S.a.r.l., following its announcement that
subsidiaries of the company will purchase a 70% equity interest
in Cequel Corp. for approximately US$3.4 billion. The transaction
values Cequel at US$9.2 billion, or approximately 10x EBITDA.
Altice US is a wholly owned subsidiary of Altice S.A. which will
raise debt at newly formed subsidiaries in advance of the Cequel
purchase and hold the proceeds in escrow until deal close. To
finance the acquisition, Altice US will issue US$2.2 billion of
new subsidiary debt consisting of US$1.1 billion of new senior
secured notes issued by Altice US Finance I Corporation, US$300
million of senior unsecured notes issued by Altice US Finance II
Corporation, US$320 million of unsecured notes issued by Altice
US Financing S.A. and US$500 million of seller notes issued by
the minority shareholders. Moody's has assigned a Ba3 (LGD-2)
rating to the secured notes and a Caa1 (LGD-5) rating to the
unsecured notes. The holdco notes and seller notes will not be
rated at this time. The outlook is stable.

On May 20th, Moody's placed the ratings for Cequel Communications
Holdings I, LLC ("Cequel") under review for downgrade, including
Cequel's B1 CFR, B1-PD PDR, B3 unsecured notes rating and Ba2
secured credit facility. Altice US will seek a consent from
existing Cequel creditors to waive the change of control
provisions in the existing debt agreements. If the company is
successful and the transaction closes as proposed, Moody's is
likely to lower Cequel's CFR two notches to B3, its unsecured
bonds one notch to Caa1 and the secured credit facility one notch
to Ba3, in line with the two similar classes of debt rated. The
structurally junior, unrated seller notes and holdco notes
provide a new layer of junior capital to the proposed structure,
limiting the downgrade of the secured and unsecured notes to one
notch. At close, the escrow financing entity (Altice US) rated
will be merged with and into the existing Cequel entities and the
Altice US CFR will be withdrawn.

Assignments:

Issuer: Altice US Holding I S.a.r.l.

  -- Probability of Default Rating, Assigned B3-PD

  -- Corporate Family Rating, Assigned B3

Issuer: Altice US Holding I S.a.r.l.

  -- Outlook, Assigned Stable

Issuer: Altice US Finance I Corporation

  -- Senior Secured Regular Bond/Debenture (Foreign Currency),
     Assigned Ba3, LGD2

Issuer: Altice US Finance II Corporation

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
     Assigned Caa1, LGD5

The B3 CFR reflects the company's very high leverage, its limited
free cash flow and the parent company's aggressive financial
policy. Pro forma for the transaction and excluding any proposed
synergies, Cequel's total consolidated leverage will be
approximately 8x debt to EBITDA (Moody's adjusted, and including
seller notes), which creates risk for a company in a capital
intensive, competitive industry.

Offsetting these limiting factors are Cequel's stable market
position with a strong base of network assets and limited
competition within its footprint other than telco DSL.
Notwithstanding the maturity of the core video product, the
relative stability of the subscription business provides steady
cash flow, and the high quality of Cequel's network positions it
well to achieve growth in its residential and commercial
businesses despite escalating competition. The company's
penetration lags behind industry averages, but Moody's expects
its high speed data and phone growth to continue to exceed most
peers and views the planned infrastructure upgrade investment as
a credit positive use of cash that will help Cequel maintain and
grow market share.

Altice plans to aggressively cut costs at Cequel, with targeted
productivity improvements and headcount reductions which aim to
produce substantial headcount-related cost savings. Moody's
believes that the cost reductions are possible, but that the
company may risk its market position if service quality
deteriorates. In general, Moody's believes that Cequel has been a
well-run cable company and that the opportunity to dramatically
reduce operating expense may be difficult or result in
operational disruption. However, Cequel's end markets are less
competitive relative to the overall US cable industry, which may
insulate Altice from market share erosion in the near term. Over
a longer time frame, Moody's believes that aggressive cost
reductions will lead to a weakened competitive position or invite
regulatory scrutiny. Altice's ability to dramatically improve
profitability in such a short timeframe is unproven in this
environment. This results in credit weakness, especially when
combined with very high financial risk.

Moody's would consider an upgrade of Altice's CFR if leverage
were to be sustained below 7x amidst market share and good
liquidity. Moody's could downgrade Altice US if market share or
liquidity deteriorate or if leverage rises meaningfully.

Headquartered in St. Louis, Missouri, and doing business as
Suddenlink Communications, Cequel Communications Holdings I, LLC
(Cequel) serves approximately 1.4 million residential and 90
thousand commercial customers. The company provides digital TV,
high-speed Internet and telephone services to consumers and
businesses and generated revenues of approximately US$2.3 billion
for the twelve months ended March 31. BC Partners, CPP Investment
Board and certain members of Cequel's executive management
acquired Cequel in November 2012.

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Altice S.A. is a Luxembourg-based holding company, which through
its subsidiaries Numericable-SFR S.A. and Altice International
S.a.r.l operates a multinational telecommunications and cable
business. Numericable-SFR operates in France while Altice
International currently has a presence in four regions --
Dominican Republic, Israel, Western Europe and the French
Overseas Territories. Altice S.A. is controlled indirectly by
French entrepreneur Patrick Drahi.



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


CADOGAN SQUARE VI: Moody's Rates Two Note Classes '(P)Ba2'
----------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Cadogan Square CLO VI B.V.:

  -- EUR219,250,000 Class A-1 Senior Secured Floating Rate Notes
     due 2029, Assigned (P)Aaa (sf)

  -- GBP8,401,000 Class A-2 Senior Secured Floating Rate Notes
     due 2029, Assigned (P)Aaa (sf)

  -- EUR5,000,000 Class A-3 Senior Secured Fixed Rate Notes due
     2029, Assigned (P)Aaa (sf)

  -- EUR10,750,000 Class B-1 Senior Secured Floating Rate Notes
     due 2029, Assigned (P)Aa2 (sf)

  -- GBP1,602,000 Class B-2 Senior Secured Floating Rate Notes
     due 2029, Assigned (P)Aa2 (sf)

  -- EUR32,000,000 Class B-3 Senior Secured Fixed Rate Notes due
     2029, Assigned (P)Aa2 (sf)

  -- EUR24,000,000 Class C-1 Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned (P)A2 (sf)

  -- GBP900,000 Class C-2 Senior Secured Deferrable Floating Rate
     Notes due 2029, Assigned (P)A2 (sf)

  -- EUR23,250,000 Class D-1 Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned (P)Baa3 (sf)

  -- GBP871,000 Class D-2 Senior Secured Deferrable Floating Rate
     Notes due 2029, Assigned (P)Baa3 (sf)

  -- EUR25,750,000 Class E-1 Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned (P)Ba2 (sf)

  -- GBP965,000 Class E-2 Senior Secured Deferrable Floating Rate
     Notes due 2029, Assigned (P)Ba2 (sf)

  -- EUR9,600,000 Class F-1 Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned (P)B2 (sf)

  -- GBP360,000 Class F-2 Senior Secured Deferrable Floating Rate
     Notes due 2029, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2029. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Credit Suisse
Asset Management Limited ("CSAM"), has sufficient experience and
operational capacity and is capable of managing this CLO.

Cadogan Square CLO VI B.V. is a managed cash flow CLO with a
target portfolio made up of EUR400,000,000 equivalent par value
of mainly European corporate leveraged loans. At least 90% of the
portfolio must consist of senior secured loans, floating rate
notes or senior secured bonds, and up to 10% of the portfolio may
consist of second-lien loans, unsecured loans, mezzanine
obligations and high yield bonds. The portfolio may also consist
of up to 12.5% of fixed rate obligations and between 0% and 10%
of assets denominated in GBP, which will be unhedged. The
portfolio is expected to be 70% ramped up as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will
be acquired during the five month ramp-up period in compliance
with the portfolio guidelines.

CSAM will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, collateral purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk/improved obligations, and are subject to
certain restrictions.

In addition to the 14 classes of notes rated by Moody's, the
Issuer will issue EUR43.25 million of subordinated notes
denominated in EUR and GBP1.621 million denominated GBP, both of
which will not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CSAM's investment decisions
and management of the transaction will also affect the notes'
performance.

Moody's modelled the transaction using its European Cash Flow
Model, a cash flow model based on the Binomial Expansion
Technique, as described in Section 2.3 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in February 2014. The cash flow model
evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche. As such, Moody's encompasses the
assessment of stressed scenarios.

Moody's used the following base-case modelling assumptions:

- Par amount: EUR400,000,000

- Diversity Score: 39

- Weighted Average Rating Factor (WARF): 2800

- Weighted Average Spread (WAS): 4.10%

- Weighted Average Coupon (WAC): 5.00%

- Weighted Average Recovery Rate (WARR): 41.5%

- Weighted Average Life (WAL): 8 years

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

- Class A-1 Senior Secured Floating Rate Notes: 0

- Class A-2 Senior Secured Floating Rate Notes: 0

- Class A-3 Senior Secured Fixed Rate Notes: 0

- Class B-1 Senior Secured Floating Rate Notes: -1

- Class B-2 Senior Secured Floating Rate Notes:-1

- Class B-3 Senior Secured Fixed Rate Notes:-1

- Class C-1 Senior Secured Deferrable Floating Rate Notes:-2

- Class C-2 Senior Secured Deferrable Floating Rate Notes:-2

- Class D-1 Senior Secured Deferrable Floating Rate Notes:-2

- Class D-2 Senior Secured Deferrable Floating Rate Notes:-2

- Class E-1 Senior Secured Deferrable Floating Rate Notes:-1

- Class E-2 Senior Secured Deferrable Floating Rate Notes:-1

- Class F-1 Senior Secured Deferrable Floating Rate Notes:0

- Class F-2 Senior Secured Deferrable Floating Rate Notes:0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

- Class A-1 Senior Secured Floating Rate Notes: -1

- Class A-2 Senior Secured Floating Rate Notes: -1

- Class A-3 Senior Secured Fixed Rate Notes: -1

- Class B-1 Senior Secured Floating Rate Notes: -3

- Class B-2 Senior Secured Floating Rate Notes:--3

- Class B-3 Senior Secured Fixed Rate Notes:--3

- Class C-1 Senior Secured Deferrable Floating Rate Notes:-4

- Class C-2 Senior Secured Deferrable Floating Rate Notes:-4

- Class D-1 Senior Secured Deferrable Floating Rate Notes:-.3

- Class D-2 Senior Secured Deferrable Floating Rate Notes:-3

- Class E-1 Senior Secured Deferrable Floating Rate Notes:-2

- Class E-2 Senior Secured Deferrable Floating Rate Notes:-2

- Class F-1 Senior Secured Deferrable Floating Rate Notes:-2

- Class F-2 Senior Secured Deferrable Floating Rate Notes:-2

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


DUTCH MORTGAGE XII: Fitch Affirms 'BB-sf' Rating on Class B Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Dutch Mortgage Portfolio Loans XII
(DMPL XII), as:

Class A1 (NL0010773867): affirmed at 'AAAsf'; Outlook Stable
Class A2 (NL0010773875): affirmed at 'AAAsf'; Outlook Stable
Class B (NL0010773883): affirmed at 'BB-sf'; Outlook Stable

The transaction comprises residential mortgage loans originated
by Achmea Bank N.V. (A-/Stable/F2) and some of its predecessors.

KEY RATING DRIVERS

Performance of the Underlying Assets

As of the latest interest payment date, three months plus arrears
stood at 0.17%, which is in line with the performance of the
earlier DMPL transactions.  Given the low level of arrears, Fitch
expects foreclosures and subsequent losses to remain limited on
the coming payment dates.

Group Employee Loans

At closing, the pool included 10.28% of mortgages where the
borrower is employed by Achmea Interne Diensten, an operational
entity of the Achmea group.  The loan level data in the European
Data Warehouse did not include the current percentage of
borrowers employed by Achmea Interne Diensten.  Therefore Fitch
has assumed the same percentage of employee loans in the current
portfolio and accordingly increased the default probability for
these loans.  The analysis shows that the current available
credit enhancement is able to withstand the stresses.

Partially Hedged Transaction

The issuer entered into a swap agreement with Deutsche Bank AG
(A+/Negative/F1+) to hedge the mismatch between the fixed-rate
mortgages and the floating-rate class A1 and A2 notes.  The class
B notes are not included in the swap but this is mitigated by the
natural hedge from the fixed rate loans in the pool (83.1%).

Data Adequacy

Fitch has noted inconsistencies in the current property
valuations provided by Achmea Bank in comparison with the
valuations at closing.  In addition, Achmea Bank has informed
Fitch that the income data is calculated by the originator, if no
data was available at the time of loan origination.  Fitch has
adjusted its analysis to reflect this.  The analysis shows that
the current available credit enhancement is able to withstand the
stresses.

RATING SENSITIVITIES

Deterioration in asset performance may result from economic
factors.  A corresponding increase in foreclosures and the
associated pressure on reserve fund could result in negative
rating actions, particularly for junior tranches.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction.  The findings were reflected in this
analysis by assuming that income data was not available.  Fitch
has not reviewed the results of any third party assessment of the
asset portfolio information or conducted a review of origination
files as part of its ongoing monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio
information, which indicated no adverse findings material to the
rating analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of Achmea's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

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

SOURCES OF INFORMATION

The information below was used in the analysis:

   -- Loan-by-loan data provided by European Data Warehouse and
      Achmea Bank N.V. as at Jan. 31, 2015

   -- Transaction reporting provided by InterTrust as at 31 March
      2015


HYDE PARK: Moody's Lifts Rating on EUR11.5MM Class E Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of notes issued by Hyde Park CDO B.V.:

  -- EUR265.0 million (current balance EUR 48.5 million) Class A-
     1 Senior Secured Floating Rate Notes due 2022, Affirmed Aaa
     (sf); previously on Mar 31, 2014 Affirmed Aaa (sf)

  -- EUR62.5 million (current balance EUR 11.4 million) Class A-2
     Senior Secured Floating Rate Notes due 2022, Affirmed Aaa
     (sf); previously on Mar 31, 2014 Affirmed Aaa (sf)

  -- EUR29.5 million Class B-1 Senior Secured Floating Rate Notes
     due 2022, Affirmed Aaa (sf); previously on Mar 31, 2014
     Upgraded to Aaa (sf)

  -- EUR14.0 million Class B-2 Senior Secured Fixed Rate Notes
     due 2022, Affirmed Aaa (sf); previously on Mar 31, 2014
     Upgraded to Aaa (sf)

  -- EUR42.5 million Class C Senior Secured Deferrable Floating
     Rate Notes due 2022, Upgraded to Aaa (sf); previously on Mar
     31, 2014 Upgraded to A1 (sf)

  -- EUR20.0 million Class D Senior Secured Deferrable Floating
     Rate Notes due 2022, Upgraded to Baa1 (sf); previously on
     Mar 31, 2014 Affirmed Ba1 (sf)

  -- EUR11.5 million Class E Senior Secured Deferrable Floating
     Rate Notes due 2022, Upgraded to Ba2 (sf); previously on Mar
     31, 2014 Affirmed B1 (sf)

  -- EUR21.9 million (current rated balance EUR 13.1 million)
     Class T Combination Notes due 2022, Affirmed Aaa (sf);
     previously on Mar 31, 2014 Upgraded to Aaa (sf)

Hyde Park CDO B.V., issued in February 2006, is a single currency
Collateralised Loan Obligation backed by a portfolio of mostly
high yield European senior secured loans managed by Blackstone
Debt Advisors L.P. This transaction's reinvestment period ended
in June 2012.

According to Moody's, the rating actions taken on the notes are
the result of deleveraging on the last two payment dates in June
2014 and December 2014.

Class A-1 and A-2 notes have paid down by approximately EUR112.7
million (34.4% of closing balance) since April 2014, as a result
of which over-collateralization (OC) ratios of all classes of
rated notes have increased. As per the trustee report dated
April 2015, Class B, Class C, Class D, and Class E OC ratios are
reported at 192.77%, 136.64%, 120.17%, and 112.38% compared to
April 2014 levels of 144.12%, 120.44%, 111.80% and 107.37%
respectively.

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

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analzsed the underlying collateral pool as having a
EUR pool with performing par and principal proceeds balance of
EUR199.345 million and defaulted par of EUR3.518 million, a
weighted average default probability of 21.32% (consistent with a
WARF of 3070) over a weighted average life of 4.19 years, a
weighted average recovery rate upon default of 49.37% for a Aaa
liability target rating, a diversity score of 19 and a weighted
average spread of 3.99%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 98.19% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non-first lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within one notch of the base-case results.

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

Additional uncertainty about performance is due to the following:

- Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

- Around 17.9% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009.

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

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



===========
N O R W A Y
===========


COPEINCA AS: Fitch Withdraws 'B+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has withdrawn these ratings for Copeinca AS and its
wholly owned subsidiary Corporacion Pesquera Inca SAC (together
referred to as Copeinca):

Copeinca AS

Foreign Currency Issuer Default Rating (IDR) of 'B+'
Corporacion Pesquera Inca SAC (COPEINCA)
Foreign Currency IDR of 'B+'

Fitch is withdrawing Copeinca's ratings as the USD250 million
senior unsecured notes due 2017 were fully repaid early on May
20, 2015. Fitch will no longer provide rating or analytical
coverage of this issuer but will continue to maintain the ratings
of the parent, China Fishery Group Limited (B+/Stable).



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


BARS LLC: Bank of Russia Suspends Insurance Broker License
----------------------------------------------------------
By its Order No. OD-1158, dated May 26, 2015, the Bank of Russia
suspended the insurance broker license of the Insurance Broker
BARS, limited liability company (registration number in the
unified state register of insurance agents 4092).

The decision is taken due to the company's failure to timely
execute Bank of Russia instructions, namely, due to the
non-submission of information on the insurance broker activities
in 2014.  The decision becomes effective the day it is published
in the Bank of Russia Bulletin.

The insurance agent is given five calendar days from the date the
order becomes effective to eliminate the identified violations.


CONGRESS-BANK OJSC: Central Bank Ends Provisional Administration
----------------------------------------------------------------
Due to the ruling of the Arbitration court of the city of Moscow
dated May 18, 2015 on the forced liquidation of the credit
institution Congress-Bank (open-joint stock company) (Bank of
Russia Registration No. 2330, date of registration April 29,
1993), and the appointment of a liquidator in compliance with
Clause 3 of Article 18927 of the Federal Law "On the Insolvency
(Bankruptcy)", the Bank of Russia took a decision (Order No.
OD-1144, dated May 25, 2015) to terminate from May 26, 2015 the
activity of the provisional administration of the credit
institution Congress-Bank (open joint-stock company) appointed by
Bank of Russia Order No. OD-616, dated March 24, 2015, "On the
Appointment of the Provisional Administration to Manage the
Moscow-based Credit Institution Congress-Bank (Open Joint-Stock
Company), or OJSC Congress-Bank, Due to the Revocation of Its
Banking License".


KOMESTRA LLC: Bank of Russia Suspends Insurance License
-------------------------------------------------------
By Order No. OD-1156, dated May 26, 2015, the Bank of Russia
suspended the insurance license of the Insurance Company
KOMESTRA, limited liability company (registration number in the
unified state register of insurance agents 1922).

The decision is taken due to the failure of Insurance Company
KOMESTRA, limited liability company, to execute Bank of Russia
instructions, namely, due to noncompliance with the requirement
to financial sustainability and solvency with respect to securing
insurance reserves and capital with admissible assets, and due to
non-submission of documents at Bank of Russia requests.  The
decision becomes effective the day it is published in the Bank of
Russia Bulletin.

Suspended license of the insurance agent shall mean a prohibition
on entering into insurance contracts, and also on amending
respective contracts resulting in increase in the existing
obligations of the insurance agent.  The insurance agent shall
accept applications on the occurrence of insured events and
perform its obligations.


PROFILE RE: Bank of Russia Suspends Reinsurance License
-------------------------------------------------------
By its Order No. OD-1157, dated 26 May 2015, the Bank of Russia
suspended the reinsurance license issued to Reinsurance Company
Profile Re, joint-stock company (registration number in the
unified state register of insurance agents 3486).

The decision is taken due to the reinsurance agent's failure to
properly execute Bank of Russia instructions, namely, due to its
noncompliance with the requirement to financial sustainability
and solvency with respect to securing insurance reserves and
capital with admissible assets.  The decision becomes effective
the day it is published in the Bank of Russia Bulletin.

Suspended license of the insurance agent shall mean a prohibition
on entering into reinsurance contracts, and also on amending
respective contracts resulting in increase in the existing
obligations of the insurance agent.



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


CELLNEX TELECOM: S&P Assigns Prelim. 'BB+' CCR, Outlook Stable
--------------------------------------------------------------
Standard & Poor's Rating Services assigned its preliminary 'BB+'
long-term corporate credit rating to Spanish telecom and
broadcasting infrastructure group Cellnex Telecom S.A.  The
outlook is stable.

At the same time, S&P assigned its preliminary 'BB+' issue rating
to Cellnex's proposed senior unsecured notes.  The preliminary
'3' recovery rating indicates S&P's expectation of meaningful
recovery, in the higher half of the 50%-70% range, in the event
of a default.

The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of the
final ratings.  If Standard & Poor's does not receive the final
documentation within a reasonable time frame, or if the final
documentation departs from the materials S&P has already
reviewed, it reserves the right to withdraw or revise its
ratings.  Potential changes include, but are not limited to,
utilization of notes proceeds, the maturity, size, and conditions
of the notes, financial and other covenants, security, and
ranking.

On May 7, 2015, Abertis Infraestructuras SA completed its sale of
66% of Cellnex through an initial public offering (IPO).  S&P's
preliminary long-term rating on Cellnex reflects S&P's view of
the group's leading position, the industry's high barriers to
entry, the group's strong revenue and cash flow visibility, high
margins, and some growth opportunities.  S&P's rating also
incorporates its assessments of Cellnex's "strong" business risk
and its "aggressive" financial risk profiles, as defined in S&P's
corporate methodology criteria.

Cellnex is the leading independent provider of telecom
infrastructure in Spain and Italy, with market shares of 9.3% and
19.3%, respectively (according to U.K.-based consulting firm
Arthur D. Little).  S&P thinks the group's share could improve
further on outsourcing trends from Spanish and Italian telecom
operators.  Also, Cellnex is the No. 1 provider of broadcasting
infrastructure in Spain, with an 87% market share for national
and regional broadcasting.  Additionally, Cellnex benefits from
high barriers to entry in its markets, mainly due to its
comprehensive and difficult-to-replicate asset base of 15,170
towers spread across Spain and Italy.  Furthermore, the group has
strong revenue and cash flow visibility, given its long-term
contracts (up to 25 or 30 years including extensions) and a
sizable revenue backlog of close to 12 years (6.7 years when
excluding renewal clauses) after the recent acquisition of Galata
S.p.A. (owner of 7,377 towers, previously owned by Italian
telecom operator Wind Telecomunicazioni S.p.A.).  Another
strength is Cellnex's satisfactory profitability, in line with
that of European peers, such as France-based broadcasting and
telecoms infrastructure group Tyrol Acquisition 1 SAS (TDF), but
below that of larger U.S. peers, which also benefit from bigger
tower portfolios.  Finally, S&P thinks Cellnex could benefit from
business opportunities on the back of growing mobile data
traffic, strict population-coverage obligations, and increasing
outsourcing trends from telecom operators.

These strengths are partly offset by a rather concentrated
customer base, as top-10 customers represent 70%-75% of pro forma
revenue estimates, with particular exposure to Wind
Telecomunicazioni, and limited geographic diversification with
operations in Spain and Italy.  In addition, given the relentless
pricing pressures in the telecom market, S&P thinks that market
consolidation or network-sharing agreements between operators
could occur in the future, and this could constrain revenue
growth (although S&P is mindful that existing contracts could
give some protection to market consolidation).  Another weakness
is S&P's anticipation of a 13% revenue decline in the
broadcasting infrastructure segment in 2015, following the
shutdown of nine channels in May 2014 by the Spanish government.
Still, S&P thinks that this is temporary and could gradually
recover from 2016, after new channels are licensed at the end of
2015.  Moreover, S&P views the recent acquisition of Galata as a
transformative event with possible integration risks.  However,
S&P acknowledges that Cellnex's management has a track record of
similar acquisitions, given its acquisition of more than 4,200
towers from Spain-based operators Telefonica and Yoigo since
2012.  Furthermore, revenues are protected by long-term contracts
with Wind Telecomunicazioni (such as for Telefonica and Yoigo).

"Our assessment of Cellnex's financial risk profile is based on
the group's plans to refinance its debt post-IPO, with at least
EUR500 million senior unsecured medium-term notes, in addition to
an increase to EUR300 million of its revolving credit facility
(RCF; not rated).  Our rating on Cellnex is constrained by our
estimate of a Standard & Poor's-adjusted debt-to-EBITDA ratio
slightly above 5x temporarily and funds from operations (FFO)-to-
debt at about 15% in 2015.  This is partly offset by our
anticipation of solid free operating cash flow (FOCF) and
discretionary cash flow generation, given the limited capital
expenditures (capex) and limited dividends, based on the group's
dividend policy.  However, we think that gradual deleveraging
could be constrained by management's financial policy.  We expect
Standard & Poor's-adjusted debt-to-EBITDA ratio to stay at about
4.5x-5.0x (our main debt adjustments include operating lease,
accounts receivable sold, and a put option from Wind
Telecomunicazioni relating to its remaining 10% in Galata) and
FFO to debt to be about 15% over our forecast horizon until
2017," S&P said.

The stable outlook reflects S&P's anticipation that Cellnex will
maintain a Standard & Poor's-adjusted debt-to-EBITDA ratio
between 4.5x and 5.0x and FFO to debt at about 15% over the next
12 months.

S&P could raise the rating if Standard & Poor's-adjusted debt to
EBITDA improved to about 4x and FFO to debt to about 20%,
assuming that S&P would then consider that management would
adjust its financial policy to sustain these levels.

S&P could lower the rating if Standard & Poor's-adjusted debt to
EBITDA remained greater than 5.0x and if FFO to debt fell below
12%.  S&P thinks this could be caused either by higher-than-
expected shareholder remuneration or debt-funded acquisitions, or
by a weaker operational performance than S&P initially
anticipated.



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


UKRAINE: Decision to Halt Foreign Debt Payments "Odious"
--------------------------------------------------------
Elaine Moore at The Financial Times reports that Ukraine's
decision last week to grant its government the power to stop
foreign debt payments marks a distinct shift in tone for the
wartorn and recession-battered country.

As negotiations between Kiev and its creditors stall and full-
blown bankruptcy nears, the rhetoric of government communiques is
shifting from conciliation to accusation, the FT says.

In March a presentation to investors noted that "a collaborative
process is paramount . . . Ukraine is committed to undertake
consultations with its creditors", the FT relays.  By May the
government declared it "has the right . . . not to return loans
borrowed by [a] kleptocratic regime", the FT recounts.

According to the FT, in sovereign debt circles the tack Ukraine
appears to be taking is known as the odious debt argument, which
rejects the notion that governments are liable for the debts of
their predecessor.

It is a strange approach in some ways, because legal enforcement
of sovereign debt is already a mirage, the FT states.

However, by questioning the legitimacy of debt it does not intend
to pay, a country can hope to ward off the sort of informal
sanctions that usually accompany default, such as denial of
future loans by investors, the FT notes.

It is a risky strategy, the FT says.  If talks break down into
acrimony countries can harm their chances of arranging a
restructuring deal to which creditors will agree, and may be
locked out of credit markets, according to the FT.

For Ukraine, the case rests on the fact that the money owed was
taken out during the rule of Viktor Yanukovich, who fled the
country last year after the collapse of his pro-Russian regime,
the FT discloses.  It includes a US$3 billion bond owed to Russia
and due for repayment at the end of this year, the FT states.

According to the FT, Kiev says the money was not used for the
good of the Ukrainian people.  "To the public, these funds have
not reached. They were wasted in vain for the country . . .
Government has the right to direct the funds paid by taxpayers in
Ukraine to the needs of its citizens and not to return loans of
the kleptocratic regime of Yanukovych."

For Ukraine time is running out, the FT notes.  Kiev, the FT
says, is trying to restructure about US$23 billion of
international debt in all.  Without a deal by next month it risks
losing its next tranche of International Monetary Fund funding,
and default may be the only option left, the FT notes.



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


AJ GILBERT: Competition, Revenue Decline Spurred Administration
---------------------------------------------------------------
Storm Rannard at Insider Media reports that low cost competitors
in the Far East and a revenue decline from a major customer
contributed to the administration of AJ Gilbert (Birmingham) Ltd.

But more than 30 jobs were saved at the company, which ran into
difficulty earlier this year, after it was bought by an
associated business, Insider Media relates.

The company, which started trading in 1915 and made promotional
giftware, called in joint administrators Craig Povey and Kevin
Murphy of Chantrey Vellacott on April 8, 2015, Insider Media
recounts.

According to Insider Media, a report to creditors revealed strain
its cashflow was made 'significantly worse' after revenues from
its main customer, The Commonwealth Mint, fell from GBP253,000 in
2012 to GBP85,000 in 2013.

During the period, the business also lost a number of major
clients because of issues with intellectual property rights,
while it struggled to contend with competitors in the Far East,
Insider Media notes.

It entered into a company voluntary arrangement (CVA) with
creditors but had difficulty securing credit and continued to
make losses, Insider Media relays.

Following the appointment of administrators, its assets were
bought by AJ Gilbert (Midlands) Ltd., a company led by majority
shareholders Anthony Burns, for GBP284,000, Insider Media
discloses.  The sale preserved 33 jobs, Insider Media states.

AJ Gilbert is a historic Birmingham giftware manufacturer.


ALTE LIEBE 1: S&P Cuts Rating on EUR102MM Sr. Sec. Notes to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' its issue
rating on the EUR102 million senior secured amortizing notes, due
2025, issued by Jersey-based special-purpose vehicle Alte Liebe 1
Ltd.  The outlook is negative.

The notes have an unconditional and irrevocable guarantee of
payment of scheduled interest and ultimate principal from
controlling creditor Ambac Assurance U.K. Ltd.  Under Standard &
Poor's criteria, a rating on insured debt reflects the higher of
the rating on the insurer or Standard & Poor's underlying rating
(SPUR).  Because S&P do not rate Ambac Assurance, the long-term
debt rating on the notes reflects the SPUR.

Alte Liebe ultimately serves its debt from payments from the wind
farms to which it onlent funds. S&P considers that a contractual
default remains unlikely in the next 12 months, due to the
flexible repayment profile of the notes -- with timely payment of
interest, but ultimate payment of principal at maturity in 2025.

However, based on the current performance of the underlying wind
farms and increasingly strained liquidity at Alte Liebe, S&P
anticipates that the project will not be able to meet its
outstanding liabilities in full on the notes' final maturity date
and will start to defer the principal of the notes, unless an
unforeseen positive development takes place.

S&P does not expect the deferral to be only temporary, because
the performance of the weakest farms in the portfolio -- Gerdau-
Pulfringen, Helenenberg, and Mangelsdorf/Wilmersdorf -- is likely
to continue to deteriorate.

According to S&P's criteria, when it anticipates that repayment
of deferred amounts due under the terms of the documentation will
not be made in full at or before maturity, S&P lowers the issue
rating to 'D'.

Under S&P's base case, it expects Alte Liebe to start deferring
debt service in one year.  S&P therefore sees an increasing
likelihood that the issue rating could be lowered to 'D' at the
same time.

Alte Liebe is a special-purpose vehicle that raised the senior
secured notes to fund the debt advanced to six individual wind
farm companies (WFCs) in Germany with a combined capacity of 142
megawatts.  Alte Liebe onlent the proceeds from the notes under
individual loan agreements with the WFCs, which used the funds to
refinance existing bank debt.  The WFCs also used the notes'
proceeds to fund various liquidity reserves, including a 12-month
debt service reserve account at each wind farm.

S&P currently forecasts a transition to 'D' over the next 12
months unless the situation improves materially.  The negative
outlook reflects S&P's view that Alte Liebe may need to defer the
principal on the notes in 2016.  S&P do not expect any deferral
to be temporary because it would be caused by a structural
weakness at the Gerdau-Pulfringen WFC.

Under S&P's base case, the rating will likely be lowered by one
notch within the next six months, reflecting the anticipated
deferral.  The rating transition to 'D' could take place more
quickly if the deterioration in Alte Liebe's liquidity is faster
than S&P currently forecasts, and Alte Liebe starts deferring
debt service payment earlier than anticipated.

S&P considers an outlook revision to stable is unlikely because
it would require a significant and sustainable improvement in
Alte Liebe's operating conditions.


DEBENHAMS PLC: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Debenhams PLC to stable from negative.  At the same time, S&P
affirmed the 'BB-' corporate credit rating and senior issue-level
ratings.

The issue and recovery ratings of 'BB-' and '3' on the GBP225
million (current outstanding GBP212 million) 5.25% senior notes,
due 2021, are 'BB-' and '3', respectively.  S&P's expectation of
recovery in the higher half of the 50%-70% range is supported by
the low amount of prior-ranking liabilities, but constrained by
the unsecured nature.

The outlook revision reflects S&P's view that Debenhams will
continue to moderately improve its operating performance and is
likely to maintain a resilient competitive position.  It also
incorporates S&P's expectation that the group should continue to
moderately improve its margins and free cash flow generation.

The modest improvement in profitability, offset by continued
capital investment, should result in the group's leverage ratio
trending down on a reported basis (it was down to 1.3x on net
reported basis at the end of February 2015, from 1.6x in the
comparable period in 2014).  That said, on a Standard & Poor's
lease-adjusted basis, leverage will continue to remain over 5x,
after accounting for substantial operating lease commitments.

The rating reflects S&P's view of Debenhams' "satisfactory"
business risk profile and "aggressive" financial risk profile, as
S&P's criteria define the terms.  S&P combines these factors to
derive an anchor of 'bb'.  The rating incorporates a one-notch
downward adjustment to the anchor for S&P's "comparable rating
analysis," whereby it reviews Debenhams' credit characteristics
in aggregate.  This primarily reflects S&P's view that Debenhams'
business risk profile is at the lower end of the "satisfactory"
category.

The business risk profile assessment reflects Debenhams' position
as a leading U.K. department store operator, with a strong mid-
market position, above-average adjusted profitability, and a
growing presence online and overseas.

In S&P's view, Debenhams will continue to face intensified
competition from larger retailers such as Marks & Spencer and
Next, and also from specialty apparel retailers such as New Look.
That said, Debenhams' business model benefits from its multi-
brand approach, with a combination of own-brands, international
brands, and concessions on a wide product assortment.  Debenhams'
profitability, which we still regard as "above average," is
supported by its exclusive core and designer brands, which
comprise about one-half of its total sales, and the above-average
volume of products that it sources directly from suppliers.

These strengths are partially offset by Debenhams' exposure to
seasonality; shortened inventory cycles due to fast-changing
fashion trends, customer tastes, and spending patterns; and its
susceptibility to weak economic conditions.  These factors cause
S&P to position Debenhams' business risk profile at the lower end
of the "satisfactory" category.

S&P's assessment of Debenhams' "aggressive" financial risk
profile reflects the company's high lease-adjusted debt.  The
bulk of Debenhams' adjusted debt (more than 85%) relates to the
capitalization of operating lease commitments.  Without the lease
adjustment, Debenhams' debt to EBITDA will be substantially
lower, with management reporting 1.3x on a net basis at the end
of February 2015.  Furthermore, in S&P's view, Debenhams' free
operating and discretionary cash flow generation and its low
level of on-balance-sheet financial debt provide it with
considerable financial flexibility.

S&P anticipates an improving operating trend in 2015, with the
EBITDA margin improving slightly in S&P's base-case scenario.
S&P also thinks that Debenhams will be able to generate Standard
& Poor's-adjusted discretionary cash flow (DCF) of around GBP90
million, after factoring in capital expenditure (capex) of about
GBP130 million and dividend payments of about GBP45 million.

"We have revised our GDP projection for the U.K.  We now project
2.6% GDP growth this year in 2015 and 2.8% in 2016.  We
anticipate favorable consumer demand trends, up by 2.4% last
year, should continue.  Although we foresee that many U.K.
retailers with strong brands and market positions could benefit
from positive consumer sentiment, competition remains intense and
we believe that a high level of promotional activity will
continue to be an enduring feature of the U.K. market, at least
during 2015.  Against this backdrop of intensely competitive
trading and somewhat positive macroeconomic conditions, we
forecast overall group top-line growth in the low single digits,"
S&P said.

S&P's base case assumes:

   -- Low-single-digit sales growth in financial year (FY) 2015
      (ending Aug. 31, 2015) mainly driven by online sales,
      franchise stores, and new space as U.K. stores continue to
      be affected by the shift to online business.  Positive, but
      low, like-for-like sales anticipated in 2015 as online and
      international like-for-like sales continue to somewhat
      offset contraction in U.K. stores.  S&P also factors in
      some benefits from the company's stronger focus on
      increasing sales density within the U.K. stores by adding
      more concessions.  Gross margin up by 10 basis points as
      the company refocuses its promotional strategy to deliver
      higher full-price sell-throughs and lower markdowns.

   -- Slight EBITDA margin improvement due to the continued focus
      on cost discipline across the business.

   -- An increase in capex to GBP130 million in FY2015.

   -- Stable dividends of about GBP40 million-GBP50 million and
      no share buybacks in the near term.

   -- Management's commitment to reduce debt and deleverage to 1x
      on a reported net debt to EBITDA basis over the next few
      years.

Based on these assumptions, S&P arrives at these credit measures
for FY2015 and FY2016:

   -- Adjusted debt to EBITDA decreasing to around 5.9x and then
      5.7x and adjusted funds from operations (FFO) to debt
      improving to around 10.0% and then 10.2% in 2015 and 2016.
      Both these core credit ratios will remain in the "highly
      leveraged" financial risk profile category.

   -- Operating cash flow to debt, free operating cash flow
     (FOCF) to debt, DCF to debt, and EBITDA interest coverage
      should remain in the "aggressive" financial risk profile
      category.

   -- Adjusted FOCF of around GBP130 million-GBP140 million, with
      DCF remaining positive at about GBP90 million.

The stable outlook reflects S&P's view that the group should
continue to maintain its competitive position, and moderately
improve its margins and FOCF generation.  This will likely occur
on the back of improved operating performance due to a
combination of stronger U.K. consumer confidence, better margin
management, and increased contributions from the online business,
franchise stores, and new space.

S&P does not currently anticipate raising the rating in the
medium term.  Nevertheless, S&P would consider an upgrade if, on
the back of sustained improvement in trading, margin improvement,
and capex reduction, Debenhams materially improved its FOCF
generation, leading Standard & Poor's-adjusted FOCF to debt to
improve to more than 10%.  An upgrade would also be contingent on
S&P's assessment of the sustainability of this financial profile
and management's financial policy commitment to using DCF for
debt reduction.

S&P could lower the rating if Debenhams' business risk profile
comes under strain due to sustained weak trading, accompanied by
a significant drop in sales, trading margins, or market share.

Specifically, S&P could consider a downgrade if Debenhams' FOCF-
to-debt ratio falls below 5% and deteriorates to the "highly
leveraged" financial risk profile category.  In S&P's view, this
could occur if cash flow declines on the back of lower profits,
or if there are unexpected operating setbacks due to a decline in
sales, increased competition, a weakening market share, or brand
damage.  S&P could also lower the rating if Debenhams adopts a
more aggressive financial policy with respect to growth,
investments, or shareholder returns, causing DCF to decline.


EXETER BLUE: Fitch Affirms 'Bsf' Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has upgraded Exeter Blue Limited's class A notes
as:

EUR31.9 million Class A notes: upgraded to 'A+sf' from 'Asf';
Outlook Stable

EUR31.9 million Class B notes: affirmed at 'Asf' ; Outlook
revised to Stable from Negative

EUR26.6 million Class C notes: affirmed at 'BBBsf'; Outlook
Stable

EUR10.7 million Class D notes: affirmed at 'BBsf'; Outlook Stable

EUR8.5 million Class E notes: affirmed at 'Bsf'; Outlook Stable

EUR16.5 million subordinated note: unrated

Exeter Blue Limited is a static UK synthetic balance sheet
securitization of project finance and infrastructure loans
primarily located in western Europe.  The senior exposure
(currently EUR261.6 million) is retained by the originator and
must be repaid in full before any of the rated notes are repaid.
The proceeds from the notes are held in a deposit account with
Lloyds Bank plc (A+/Stable/F1).

KEY RATING DRIVERS

The upgrade of the class A notes and revision of the Outlook on
the class B notes are a result of the upgrade of Lloyds Bank,
which Fitch considers an excessive counterparty to the
transaction.  As a result, the notes' ratings are linked to the
rating of Lloyds Bank and any rating action on Lloyds Bank will
result in rating action on the notes.

Fitch has determined that the excessive counterparty risk is due
to Lloyds Bank holding cash in a deposit account that will be
used to repay the notes as the reference portfolio amortizes.  In
the event that Lloyds Bank were to jump to default, Exeter Blue
would become an unsecured creditor of Lloyds Bank and would
likely default on contractual payments due to the noteholders.
As a result of this excessive counterparty risk, the rated notes
are now subject to a cap equal to Lloyds Bank's rating.

Portfolio performance has remained unchanged since Fitch reviewed
the transaction in April 2015 and as a result the class B, C, D
and E notes have been affirmed.

The Fitch estimated recovery rates on the underlying portfolio
range between 65% and 95%.  The analysis is based on asset-
specific recovery assumptions in tiers of 85% (base case) to 60%
(AAA stress case).  Additionally, the correlation assumptions for
the analysis were based on a relative ranking of project finance
correlations, which are lower than for corporate debt obligations
due to structural features.  Correlation for projects within the
UK, but from different sectors is considered to be 7%, whereas
the correlation for two projects in the UK and the same sector,
such as healthcare can be up to 13%.

RATING SENSITIVITIES

As part of its analysis, Fitch considers the sensitivity of the
notes' ratings to additional stresses on default and recovery
rate assumptions undertaken as part of the rating analysis.

The agency tested two additional sensitivities, one by increasing
the assumed default rates by 25% and the other by decreasing the
assumed recovery rates by 25%.  In both cases, there would be a
downgrade of up to two notches on the rated notes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY

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

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognised
Statistical Rating Organisations and/or European Securities and
Markets Authority registered rating agencies.  Fitch has relied
on the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio.

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


FAIRHOLD SECURITISATION: Fitch Affirms 'CCC' Rating on B Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Fairhold Securitisation Limited's
class A and class B notes, as:

GBP413.7 million class A due October 2017 (XS0298926360)
affirmed at 'Bsf'; Outlook Negative

GBP29.8 million class B due October 2017 (XS0298927509) affirmed
at 'CCCsf'; Recovery Estimate 0%

KEY RATING DRIVERS

The affirmation reflects Fitch's unchanged view on the challenges
facing the borrower to bring about an orderly refinancing by loan
maturity in October, particularly without an injection of fresh
equity.  The availability and cost of new finance will not
compete with the terms of the debt in place.  Fitch is not aware
of any progress the sponsor may have made in this respect.

The reported value of the collateral securing the transaction
(inflation-linked sheltered housing ground rent receivables) had
risen in February 2015 to GBP1.022 billion from GBP801 million 12
months earlier, reflecting changes in long-term inflation and
interest rate expectations.  Over the same period, these changes
have caused the mark-to-market value of the long-dated interest
rate and inflation swaps to rise to GBP472 million from GBP270
million, largely offsetting the gains in real estate value.

While the bulk of the income is very high quality, Fitch believes
the reported loan-to-value ratio of 81% overstates sponsor equity
as it does not allow for the risk premium another financier might
require as compensation for the portfolio's illiquidity.  There
is little visibility of this risk premium, and should the
mortgage security be enforced, the risk of credit losses cannot
be ruled out, in Fitch's view.  In relation to the class A notes,
the interest rate swap ranks senior and the inflation swap pari
passu; any workout will be complex given the increasing sway of
these counterparties as creditors.

Refinancing is not inconceivable, particularly as credit spreads
across all debt products fall.  However, in Fitch's opinion it is
more likely that a negotiated settlement will be pursued by the
sponsor, which has indicated to Fitch that it is prepared to
enter into discussions with key creditors.  There is a risk that
any equity injected by the borrower will be insufficient to avert
credit losses or similar outcomes such as debt forbearance or
wider restructuring.

Ultimately, Fitch believes the sponsor has the threat of
structural and market uncertainty embedded in any recovery
process as bargaining power.  This could come at the expense of
the class B notes, given their junior position and vulnerability
to being outvoted, as reflected in the distressed rating and zero
Recovery Estimate.  The Negative Outlook denotes the continued
risk of the class A notes sharing in any economic loss.

RATING SENSITIVITIES

A change in the ratings is unlikely before possible exit
strategies to be negotiated by the sponsor, noteholders and swap
counterparties become more visible around the time of loan
maturity.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

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

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

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


WEBWEAR: Goes Into Liquidation
------------------------------
Drapers News reports that Webwear, which had approximately 25
employees, has closed its head office at 26-28 Bedford Row in
London and its website has been taken down.  It is understood the
majority of staff have been made redundant, according to Drapers
News.

It comes after corporate rescue and recovery specialist David
Rubin & Partners was appointed as liquidator on May 14, the
report notes.

A source close to the situation said the business went under
after one large retailer decided to move to an offshore supplier,
the report says.

"One customer changed the way they were trading and decided to
buy abroad.  Webwear's turnover virtually disappeared overnight.
It was a difficult decision [to go into liquidation] but the
business couldn't continue with the overheads it had," the
unnamed source said, the report relays.

The report discloses that Gavin Wise, the joint owner of Webwear,
has since set up another supply business called Vertical
Clothing.

The new company has taken on a "skeleton staff" from Webwear,
including former sales director Hayley Nineberg, who is now
director at Vertical Clothing, and former Webwear sales executive
Francesca O'Connell, who has taken up the role of account
manager, the report adds.



===============
X X X X X X X X
===============


* BOOK REVIEW: The Financial Giants In United States History
------------------------------------------------------------
Author: Meade Minnigerode
Publisher: Beard Books
Softcover: 260 pages
List Price: $34.95
Order your personal copy today at http://is.gd/tJWvs2

The financial giants were Stephen Girard, John Jacob Astor, Jay
Cooke, Daniel Drew, Cornelius Vanderbilt, Jay Gould, and Jim
Fisk.

The accomplishments of some have made them household names today.
But all were active in the mid 1800s. This was a time when the
United States, having freed itself from Great Britain only a few
decades earlier, was gaining its stride as an independent nation.
The country was expanding westward, starting to engage in
significant international trade, and laying the foundations for
becoming a major industrial power. Astor, Vanderbilt, Gould, and
the others played major parts in all these areas. During the
Civil War in the first half of the 1860s, some became leading
suppliers of goods or financiers to the Federal government.

Minnigerode's focus is the highlights of the life of each of the
seven. Along with this, he identifies each one's prime
characteristics contributing to his road to fortune and how his
life turned out in the end. Not all of the men managed to keep
and pass on the fortunes they amassed. They are seen a "financial
giants" not only because they made fortunes in the early days of
American business and industry, but also for their place in
laying out the groundwork for American business enterprise,
innovation, and leadership, and for the notoriety they had in
their day.

Minnigerode summarizes the style or achievement of each man in a
single word or short phrase. Stephan Girard is "The Merchant
Banker"; Cornelius Vanderbilt, "The Commodore." "The Old Man of
the Street" summarizes Daniel Drew"; with "The Wizard of Wall
Street" summarizing Jay Gould. Jim Fisk is "The Mountebank."
Jay Cooke, "The Tycoon," was to be "known throughout the country
for his astonishingly successful handling of the great Federal
loans which financed the Civil War." After the War, one of the
leaders of the Confederacy remarked that the South was really
defeated in the Federal Treasury Department thus, even on the
enemy side, giving recognition to Cooke's invaluable work of
enabling the Federal government to meet the huge costs of the
War.

After the War, having earned the reputation as "the foremost
financier in the country," Cooke became involved in many large
financial ventures, including the building of a railroad to link
the East and West coasts of America. In this railroad venture,
however, Cooke and his banking firm made a fatal misstep in
investing in the Northern Pacific railway. The Northern Pacific
turned out to be a house of cards. When Cooke's firm was unable
to meet interest payments it owed because of money it had put
into the Northern Pacific, the firm went bankrupt; and this
caused alarm in the stock market and financial circles.

The roads to wealth of the "financial giants" were not smooth.
Like others amassing great wealth, they had to take risks. The
tales Minnigerode tells are not only instructive on how
individuals have historically made fortunes in business and the
characteristics they had for this, but are also cautionary tales
on the contingency of great wealth in some circumstances. Jim
Fisk, for instance, a larger-than life character "jovial and
quick witted [who was also] a swindler and a bandit, a destroyer
of law and an apostle of fraud," was presumably killed by a
former business partner. Unlike Cooke and Fisk, Cornelius
Vanderbilt and John Jacob Astor built fortunes that lasted
generations.

Vanderbilt - nicknamed Commodore - starting in the New York City
area, built ships and established domestic and international
merchant and passenger lines. With the government coming to
depend on these with the rapid growth of commerce of the period
and the Civil War for a time, Vanderbilt practically had
monopolistic control of private shipping in the U.S. Astor made
his fortune by developing trade and other business in the upper
Midwest, which was at the time the sparsely-populated frontier of
America, rich in natural resources and other potential with the
Great Lakes and regional rivers as a means for transportation.

Although the social and business conditions in the early and mid
1800s when the U.S. was in the early stages of its development
were unique to that period, by concentrating on the
characteristics, personalities, strategies, and activities of the
seven outstanding businessmen of this period, Minnigerode
highlights business traits and acumen that are timeless. His
sharply-focused, short biographies are colorful and memorable.
This author has written many other books and worked in the
military and government.


                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *