TCREUR_Public/150610.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

           Wednesday, June 10, 2015, Vol. 16, No. 113

                            Headlines

F R A N C E

BNP PARIBAS: S&P Assigns 'BB+' Rating to Proposed Tier 1 Notes


G R E E C E

GREECE: Draws Up Two Supplementary Debt Deal Proposals


I R E L A N D

CARLYLE GLOBAL 2014-2: Fitch Affirms B- Rating on Cl. E Notes


I T A L Y

BLUE PANORAMA: June 22 Deadline Set for Submission of Offers
MONTE DEI PASCHI: Fitch Puts Bonds Rating on Watch Positive
GRUPO ANTOLIN: S&P Rates EUR400-Mil. Senior Secured Notes 'BB-'


N E T H E R L A N D S

CADOGAN SQUARE: S&P Affirms 'B+' Rating to Class E Notes


P O R T U G A L

LUSITANO MORTGAGES 1: S&P Lowers Rating on Class C Notes to BB-


R U S S I A

ASKO LLC: Bank of Russia Suspends Insurance License
EXPRESS REINSURANCE: Put Under Provisional Administration
MAXIMUM LLC: Put Under Provisional Administration
REGIONAL INSURANCE: Put Under Provisional Administration
SK LOID-CITY: Bank of Russia Suspends Insurance License

VOSTOK ALLIANCE: Bank of Russia Suspends Insurance License


U K R A I N E

UKREXIMBANK: Seeks Approval of US$600MM LPN Restructuring


U N I T E D   K I N G D O M

NEW LOOK: S&P Affirms 'B' Corporate Credit Rating, Outlook Stable
VIRGIN MEDIA: Fitch Raises LT Issuer Default Rating to 'BB-'


                            *********


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F R A N C E
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BNP PARIBAS: S&P Assigns 'BB+' Rating to Proposed Tier 1 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue credit rating to the proposed perpetual additional Tier 1
capital notes to be issued by France-based banking group BNP
Paribas (A+/Negative/A-1).  The rating is subject to S&P's review
of the proposed notes' final terms and conditions.

The proposed notes are BNP Paribas' first additional Tier 1
security (AT1) issuance, and S&P understands that it will comply
with Basel III capital requirements.

S&P is assigning a rating to these notes in accordance with its
criteria for hybrid capital instruments.  The starting point for
S&P's 'BB+' issue rating is its assessment of BNP Paribas' 'a-'
stand-alone credit profile from which S&P deducts:

   -- One notch because the proposed notes are contractually
      subordinated;

   -- Two notches because the notes are expected to have Tier 1
      regulatory capital status and a discretionary clause
      leading to coupon nonpayment; and

   -- One notch because the instrument has a mandatory principal
      write-down clause.

S&P does not apply additional notching beyond the abovementioned
four-notch negative adjustment, given that the trigger for
principal write-down is the Basel III Common Equity Tier 1 (CET1)
ratio falling below 5.125%, which S&P considers to be a non-
viability capital trigger.  As of March 30, 2015, BNP Paribas
reported a 10.3% CET1 ratio (fully loaded).

When the regulator formally approves the proposed notes for
inclusion in regulatory Tier 1 capital, S&P will view them as
having an "intermediate" equity content under its criteria.  This
opinion is based on a number of factors: The notes are perpetual,
with a call date expected to be five or more years from issuance;
they do not contain a coupon step-up; and they have loss-
absorption features on a "going-concern" basis since payment of
coupon is discretionary.  The issuance of the proposed notes is,
by itself, not significant enough to change S&P's assessment of
BNP Paribas' capital and earnings.



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G R E E C E
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GREECE: Draws Up Two Supplementary Debt Deal Proposals
------------------------------------------------------
Xinhua reports that government sources in Athens on June 9 said
Greece tabled two supplementary proposals to international
lenders for a debt deal to resolve the Greek crisis as efforts to
avert financial meltdown in coming weeks continue.

According to Xinhua, the sources said the Leftist government
submitted the two new texts to European Commissioner for Economic
Affairs Pierre Moscovici.

The goal was to bridge the gap which divided Athens and lenders
on fiscal adjustment and reforms in return of cash after the
presentation of two draft deals by both sides last week after
four months of tough negotiations, Xinhua relates.

By tabling the two new documents Athens aimed to "close the
fiscal issue with alternative proposals and at the same time
draft a feasible plan of making Greek debt sustainable", Xinhua
says, citing the Greek government sources.

Greek officials have repeatedly said lately that they are making
concessions for an honest deal asking for a final viable solution
to the crisis, but warn that Greek people cannot accept "absurd"
and "humiliating" measures in exchange of more aid, Xinhua notes.

According to The Wall Street Journal's Gabriele Steinhauser,
Greece and its creditors are discussing an extension of the
country's bailout program through March 2016, people familiar
with the talks said, an offer aimed at breaking a protracted
standoff over the terms for fresh aid and averting a Greek
default.

The proposal, first presented last week, is part of European
officials' efforts to prod the government in Athens to agree to
painful concessions in exchange for rescue funds, The Journal
says.  People familiar with the plans said continued
disagreements over the economic overhauls and austerity measures
demanded by Greece's lenders risk undermining the plan, The
Journal notes.

According to The Journal, the eurozone's portion of Greece's
EUR245 billion (US$276 billion) rescue program runs out at the
end of June, raising questions over how Athens will pay off its
debt beyond this month and remain in Europe's currency union.
With a debt load close to 180% of its gross domestic product and
an economy back in recession, Greece is unable to raise money
from international bond markets and has been depending on rescue
loans from the eurozone and IMF for more than five years, The
Journal states.

A nine-month extension would help carry Athens over its current
funding gap, The Journal says.  It would also give both Prime
Minister Alexis Tsipras and his country's creditors -- the
eurozone and the International Monetary Fund -- more time to
chart a new path for Greece's economy, The Journal notes.  But it
leaves open questions over whether the government would, indeed,
be able to finance itself beyond March, or need even more
support, according to The Journal.

According to The Journal, three people familiar with the
negotiations said to help keep Greece solvent over the proposed
bailout extension, Greece would receive financing from some
EUR10.9 billion in aid money that had originally been set aside
to prop up Greek banks.

The nine-month extension would also align the currency union's
package of loans for Greece with the IMF's, which is scheduled to
expire then, The Journal states.



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I R E L A N D
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CARLYLE GLOBAL 2014-2: Fitch Affirms B- Rating on Cl. E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Carlyle Global Market Strategies Euro
CLO 2014-2 Limited as follows:

EUR234.6 million class A-1 affirmed at 'AAAsf'; Outlook Stable

EUR31.4 million class A-2A affirmed at 'AA+sf'; Outlook Stable

EUR11.6 million class A-2B affirmed at 'AA+sf'; Outlook Stable

EUR26 million class B affirmed at 'A+sf'; Outlook Stable

EUR21 million class C affirmed at 'BBB+sf'; Outlook Stable

EUR27.3 million class D affirmed at 'BBsf'; Outlook Stable

EUR11 million class E affirmed at 'B-sf'; Outlook Stable

EUR39.1 million subordinated notes: not rated

Carlyle Global Market Strategies Euro CLO 2014-2 Limited is an
arbitrage cash flow collateralized loan obligation (CLO). Net
proceeds from the issuance of the notes were used to purchase a
EUR391m portfolio of European leveraged loans and bonds. The
portfolio is managed by CELF Advisors LLP (part of The Carlyle
Group LP). The transaction features a four-year reinvestment
period.

KEY RATING DRIVERS

The affirmation reflects the transaction's stable performance
over the past 12 months. Credit enhancement has increased
marginally for all rated notes and there have been no reported
defaults. The transaction is EUR0.4 million above target par and
is currently passing all portfolio profile tests.

Since closing the transaction has increased the maximum weighted
average rating factor and minimum weighted average spread while
reducing the minimum weighted average recovery rate. The
transaction covenants represent a compliant matrix point and the
current levels are within the thresholds. The transaction has a
significant cushion on the weighted average recovery rate and the
weighted average rating factor has recently improved. The
weighted average spread remains above its covenant and the
weighted average life has a moderate cushion of 1.6 years.

The portfolio is of lower rating quality than the target
portfolio, but is more diverse with lower country and industry
concentration. Peripheral exposure, defined as exposure to
countries with a Country Ceiling below 'AAA', is 8.6% and is to
Italy and Spain. This is 2.6% above the target portfolio but
within the 10% restriction.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would
lead to a downgrade of up to three notches for the rated notes. A
25% reduction in the expected recovery rates would lead to a
downgrade of up to four notches for 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 Recognized
Statistical Rating Organizations 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.

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.



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I T A L Y
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BLUE PANORAMA: June 22 Deadline Set for Submission of Offers
------------------------------------------------------------
The Extraordinary Commissioner of Blue Panorama Airlines S.p.A.
under Extraordinary Administration, in compliance with the
authorization issued by the Ministry of the Economic Development
on May 21, 2015, disclosed that that in the context of the
procedure for the sale of the going concern through private
negotiation conducted by the Company, the deadline for the
finalization of the purchase offers already submitted or the
submission of new offers is extended until 5:00 p.m. on June 22,
2015.

In accordance with article 63 of the Legislative Decree No.
270/1999, any purchase offer must include the obligation for the
purchaser to continue the corporate business for at least two
years after the sale and to maintain during such period the
workforce levels agreed in the sale and purchase agreement.  The
offer shall also include a detailed business plan in respect of
the continuation of the activities showing the amount of the
investments the offeror intends to make during the biennium
subsequent to the sale.

Any interested party which has not yet had access to the data
room may require any information or clarification as well as to
be provided with the confidentiality agreement to be necessarily
executed before the access to the data room itself to:

          Laura Pierallini
          Gianluigi Ascenzi
          Studio Legale Pierallini
          Viale Liege no. 28
          Rome
          Tel: +39 06 8841713
          Fax: +39 06 8840249
          E-mail: l.pierallini@pierallini.it
                  g.ascenzi@pierallini.it

The binding offers shall be delivered by registered letter to the
office of the Notary Public Marco Jeva, in Viva Maria Cristina 8,
Rome, Italy, in the days and at the hours indicated hereafter:
from 9:00 a.m. to 1:00 p.m., and from 3:00 p.m. to 5:00 p.m. on
Monday through Thursday and from 9:00 a.m. to 1:00 p.m. on
Friday.

For the benefit of any interested party, it is pointed out that
the following requirements must be met for admissibility:

  -- the offerors and relevant attachments must be written in
     Italian language;

  -- the offers must be biding and irrevocable until Sept. 30,
     2015;

  -- a bank draft (namely "assegno circolare") issued by a prime
     rate Italian bank for an amount equal to the 20% of the
     price offered for the purchase of the going concern shall
     have to be enclosed to the offer as security deposit;

  -- by written communication undersigned by the offeror and his
     legal and/or account consultants, duly registered with the
     Italian Bar Association and/or the Register of Chartered
     Accountants of the Republic of Italy, the offer shall
     provide a detailed report on the transaction financial
     structure giving full transparency, traceability and direct
     referability of the funds to be used by the purchaser for
     the payment of the purchase price as well as to implement
     the business plan;

  -- the business plan shall include the employment of all
     personnel in charge at the execution of the sale and
     purchase agreement and the obligation of the purchaser to
     maintain the workforce levels for at least two years after
     the sale;

  -- the offeror shall appropriately guarantee, upon execution of
     the sale and purchase agreement, the obligations to maintain
     all the employees and to implement the business plan by
     providing a first demand bank guarantee issued by a prime
     rate Italian bank or by paying a cash security deposit on
     the bank account that shall be provided by the Extraordinary
     Commissioner, specifying the amount of the bank guarantee or
     the cash deposit.


MONTE DEI PASCHI: Fitch Puts Bonds Rating on Watch Positive
-----------------------------------------------------------
Fitch Ratings has placed Banca Monte dei Paschi di Siena S.P.A.'s
(BMPS, B-/Stable/B) mortgage covered bonds' (Obbligazioni
Bancarie Garantite, OBG) 'BBB-' rating on Rating Watch Positive
(RWP).

The RWP follows BMPS's solicitation of consent to approve, among
others, the proposed restructuring of the EUR8.32 billion OBG to
conditional pass-through (CPT) from soft-bullet with a 12-month
maturity extension.

Fitch understands that the proposed changes are contingent on
investors' approval. Based on the solicitation notice, the
initial meeting will be held on June 25, 2015 and, in absence of
a valid quorum, will be reconvened on July 10, 2015. Fitch will
resolve the RWP upon the implementation of the changes.

KEY RATING DRIVERS

The RWP reflects the upside scenario for the 'BBB-' rating should
BMPS restructure the OBG redemption profile to CPT.

In Fitch's view, the proposed restructuring would reduce
liquidity gaps and mitigate payment interruption risk for the OBG
once recourse against the cover pool is enforced, as would be
reflected in the minimal discontinuity assessment for liquidity
gaps and systemic risk. However, Fitch's criteria allow for the
agency to still apply a "weak-link" analysis between its
Discontinuity Dap (D-Cap) components if the assessment of another
component raises particular risk.

Fitch deems that some of the amendments to the program
documentation could limit the full rating uplift for a CPT
structure and a D-Cap of 8 (minimal discontinuity risk) would be
unlikely. In the agency's opinion, the removal of certain
guarantee enforcement events (i.e. breach of obligations and
cessation of business) and a longer test grace period (five
months from one month) result in a strong reliance on the
issuer's ability to make timely payments on the OBG until the
recourse to the cover assets is enforced, as would be reflected
in the alternative management component.

The current 'BBB-' rating is based on BMPS's Long-term Issuer
Default Rating (IDR) of 'B-', an unchanged IDR uplift of 1, an
unchanged D-Cap of 2 (High risk) and the 77.5% asset percentage
(AP) that the issuer publicly discloses in its quarterly investor
report and provides more protection than the 'BBB-' breakeven AP
of 87%.

RATING SENSITIVITIES

The 'BBB-' rating of the covered bonds would be upgraded if the
liability structure of the covered bonds changes to CPT from soft
bullet. Nonetheless, it is likely that the covered bonds would
remain in the 'BBB' rating category due to the weakening of
guarantee enforcement events and test grace period.

The covered bonds would be affirmed at 'BBB-' should the proposed
amendments not be implemented.

The Fitch breakeven AP for the covered bond rating will be
affected, amongst others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuance. Therefore the
breakeven AP to maintain the covered bond rating cannot be
assumed to remain stable over time.


GRUPO ANTOLIN: S&P Rates EUR400-Mil. Senior Secured Notes 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB-' issue rating to the proposed EUR400 million senior secured
notes due 2022, to be issued by Grupo Antolin Dutch B.V., a fully
owned subsidiary of Spanish-based auto supplier Grupo Antolin
Irausa SA (BB-/Negative/--).  At the same time, S&P affirmed its
'BB-' issue rating on the existing EUR400 million senior secured
notes due 2021 and on the existing senior secured facilities,
comprising a EUR200 million revolving credit facility, a EUR200
million term loan facility A1, and a new, incremental EUR200
million term loan facility A2.  The recovery rating on the
proposed and existing senior secured debt is '3' indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.  S&P's recovery expectations have decreased due
to the incremental debt, and are now in the lower half of the
50%-70% range, compared with the high half of the range
previously.

S&P understands that Grupo Antolin will use the proceeds from the
proposed issuance and partial drawings under the incremental term
loan facility A2 to fund the purchase price for the acquisition
of the interiors business of Magna International.

RECOVERY ANALYSIS

The issue and recovery ratings on the proposed senior secured
notes and on the new term loan facility A2 reflect their pari
passu ranking with the existing senior secured debt at Grupo
Antolin and S&P's view of the weak security package provided to
senior secured creditors, as it is limited to share pledges and
guarantees from certain operating companies.

S&P expects the documentation for the proposed senior secured
notes to be in line with that of the existing senior secured
notes.  The documentation will allow the issuer to incur
additional indebtedness provided that the fixed charge coverage
ratio is at least 2.5x.  Payment of dividends is permitted,
provided that the debt-to-EBITDA ratio does not exceed 1.75x.

S&P also highlights that the senior facilities agreement has been
amended to reflect the additional EUR200 million facility A2.  At
the same time, the maturities of the term loan and revolving
facilities have been extended to 2020, and the margin has been
reset downward to 2.75%.

S&P values Grupo Antolin as a going concern, due to broad
geographic diversification and good customer relationships.

To calculate recoveries, S&P simulates a payment default.  Under
S&P's simulated default scenario for Grupo Antolin, S&P assumes
adverse market conditions that trigger cancellations or delays of
programs, loss of market share, and consequent deterioration in
profit margins.

SIMULATED DEFAULT ASSUMPTIONS
   -- Year of default: 2019
   -- Stressed EBITDA: EUR173 million
   -- Implied enterprise value multiple: 5.0x
   -- Jurisdiction: Spain

SIMPLIFIED WATERFALL
   -- Gross enterprise value at default: EUR867 million
   -- Administrative costs: EUR61 million
   -- Net value available to creditors: EUR806 million
      ----
   -- Priority claims: EUR82 million
   -- First priority senior secured debt claims: EUR1.36 billion
      -- Recovery expectations: 50%-70% (lower end of range)

Note: All debt amounts include six months' prepetition interest.



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N E T H E R L A N D S
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CADOGAN SQUARE: S&P Affirms 'B+' Rating to Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Cadogan Square CLO B.V.'s class B and C notes.  At the same time,
S&P has affirmed its ratings on the class A-1, A-2, D, and E
notes.

The rating actions follow S&P's assessment of the transaction's
performance by applying its relevant criteria and conducting its
credit and cash flow analysis.  In S&P's analysis, it took into
account recent developments and used April 2015 trustee report
data.

Following S&P's analysis, it has observed that the proportion of
assets that S&P considers to be rated in the 'CCC' category
(i.e., rated 'CCC+', 'CCC', or 'CCC-') have increased to 10.89%
from 2.89% (percentage of the aggregate par value of performing
assets, cash, and recoveries on defaulted assets) since S&P's
Jan. 15, 2014 review.  Defaults since S&P's previous review have
decreased to 0.61% from 3.79% (percentage of the aggregate par
value of performing assets, cash, and recoveries on defaulted
assets).

S&P conducted its cash flow analysis to determine the break-even
default rates (BDRs) for each rated class at each rating level.
S&P incorporated various cash flow stress scenarios, using
various default patterns in conjunction with different interest
stress scenarios.  The transaction has exposure to assets in
Spain and Italy.  S&P has therefore applied additional stresses
on assets in those countries in its 'AAA' and 'AA' scenarios, in
which the exposure to assets from such lower-rated sovereigns are
above the required threshold of 10%.

At closing, Cadogan Square CLO entered into derivative agreements
to mitigate currency risk.  The documentation for the derivative
contracts are not fully in line with S&P's current counterparty
criteria.  Therefore, in S&P's cash flow analysis for scenarios
above 'AA-', it has applied additional foreign exchange stresses.

Since S&P's previous review, the pool's weighted-average life has
decreased to 4.71 years from 4.79 years.  The current weighted-
average spread on the asset portfolio is 4.25%, down from 4.43%.
With further deleveraging of the class A-1 and A-2 notes, the
available credit enhancement for all classes of notes has
increased.  The par coverage tests for all tranches continue to
remain within their documented triggers.

"We have raised our ratings on the class B and C notes as our
credit and cash flow analysis suggests that these classes of
notes can support higher ratings than previously assigned.  The
results of our credit and cash flow analysis suggest higher
ratings than 'A+ (sf)' for the class C notes.  However, the
application of the largest obligor test constrains this rating at
'A+ (sf)'.  The largest obligor test is a supplemental test that
we introduced in our corporate cash flow collateralized debt
obligation (CDO) criteria.  This test addresses event and model
risk that might be present in the transaction.  We have therefore
raised to 'A+ (sf)' from 'A (sf)' our rating on the class C
notes," S&P said.

S&P's credit and cash flow analysis suggests that the current
'AAA (sf)' ratings on the class A-1 and A-2 notes can be
maintained.  S&P has therefore affirmed its 'AAA (sf)' ratings on
these classes of notes.

S&P's ratings on the class D and E notes are constrained by the
application of the largest obligor test.  Although the BDRs
generated by S&P's cash flow model indicated higher ratings, the
largest obligor test effectively caps S&P's ratings on the class
D and E notes at their currently assigned rating levels, mainly
due to increased concentration risk in the portfolio since S&P's
previous review.  S&P has therefore affirmed its ratings on these
classes of notes.

Cadogan Square CLO is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans granted to primarily
speculative-grade corporate firms.  The transaction closed in
December 2005 and is currently in its amortization phase.

RATINGS LIST

Cadogan Square CLO B.V.
EUR450 Million Secured Floating-Rate Notes

Ratings Raised

Class     Rating              Rating
          To                  From

B         AAA (sf)            AA (sf)
C         A+ (sf)             A (sf)

Ratings Affirmed

A-1       AAA (sf)
A-2       AAA (sf)
D         BB+ (sf)
E         B+ (sf)



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P O R T U G A L
===============


LUSITANO MORTGAGES 1: S&P Lowers Rating on Class C Notes to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Lusitano Mortgages No. 1 PLC.

Specifically, S&P has:

   -- Kept on CreditWatch negative its rating on the class A
      notes;

   -- Affirmed its ratings on the class B and E notes; and

   -- Lowered its ratings on the class C and D notes.

Upon publishing S&P's updated criteria for Portuguese residential
mortgage-backed securities (RMBS criteria), it placed those
ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of the March 2015 payment date.  S&P's analysis reflects the
application of its RMBS criteria.

Credit enhancement has increased since S&P's previous review.

Class         Available credit
               enhancement (%)
A                         33.1
B                         21.8
C                         13.1
D                          5.2
E                          3.5

This transaction features a non-amortizing reserve fund, which
currently represents 3.48% of the outstanding balance of the
notes and is at its required level.

Severe delinquencies of more than 90 days at 2.51% are on average
higher for this transaction than S&P's Portuguese RMBS index.
The performance, however, has been increasing since Q2 2012.
Defaults are defined as mortgage loans in arrears for more than
12 months in this transaction.  Defaults, at 1.01%, are lower
than in other Portuguese RMBS transactions that S&P rates.
Prepayment levels remain low and the transaction is unlikely to
pay down significantly in the near term, in S&P's opinion.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                 30.2        11.4
AA                  22.6         8.1
A                   18.2         3.6
BBB                 13.6         2.1
BB                  8.7          2.0
B                   7.1          2.0

The increase in the WAFF is mainly due to the consideration of
the original loan-to-value in the default calculations.  The
increase in the WALS is mainly due to the application of S&P's
revised market value decline assumptions.  The overall effect is
an increase in the required credit coverage for each rating
level.

Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in
this transaction should be the lower of (i) the rating as capped
by S&P's RAS criteria and (ii) the rating that the class of notes
can attain under its RMBS criteria.

In this transaction, S&P's long-term rating on the Republic of
Portugal (BB/Positive/B) constrains its ratings on the class A
and B notes.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as "moderate".  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as all six of the
conditions in paragraph 48 of the RAS criteria are met, S&P can
assign ratings in this transaction up to a maximum of six notches
(two additional notches of uplift) above the sovereign rating,
subject to credit enhancement being sufficient to pass an
"extreme" stress.

The class A notes have sufficient available credit enhancement to
withstand the stresses that are commensurate with a 'AA+' rating
level under S&P's RMBS criteria.  These notes can withstand the
severe stress under S&P's RAS criteria, and are consequently
eligible for a six-notch rating uplift above the sovereign.  This
is because the seasoning of the pool is 183.5 months and the
notes are amortizing sequentially.  S&P's rating on the class A
notes is capped at one notch above its long-term issuer credit
rating on Deutsche Bank AG (A/Watch Neg/A-1), the swap
counterparty.  This is because the swap documents do not reflect
S&P's current counterparty criteria.  S&P has therefore kept on
CreditWatch negative its 'A (sf)' rating on the class A notes.

The class B notes can support the stresses that S&P applies at a
'AA' rating level.  However, because the class B notes are not
the most senior tranche outstanding in the transaction, not all
of the conditions in paragraph 48 of the RAS criteria are met.
Consequently, S&P can assign a rating to the class B notes up to
a maximum of four notches above the sovereign rating.  S&P has
therefore affirmed its 'BBB+ (sf)' rating on the class B notes.

S&P's analysis indicates that the available credit enhancement
for the class C and D notes is no longer sufficient to support
their currently assigned ratings.  S&P has therefore lowered to
'BB- (sf)' from 'BB (sf)' and to 'B+ (sf)' from 'BB- (sf)' its
ratings on the class C and D notes, respectively.

The available credit enhancement for the class E notes is
commensurate with S&P's currently assigned rating and it do not
expect this class of notes to experience interest shortfalls in
the next 12 months.  S&P has therefore affirmed its 'B- (sf)'
rating on the class E notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one-year and three-year
horizons, respectively.  This did not result in S&P's rating
deteriorating below the maximum projected deterioration that S&P
would associate with each relevant rating level, as outlined in
S&P's credit stability criteria.

In S&P's opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when it applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2015 and 2016.

On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in S&P's Portuguese
RMBS index to significantly improve in 2015.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth and high unemployment.  On the
positive side, S&P expects interest rates to remain low.

Lusitano Mortgages No. 1 is a Portuguese RMBS transaction, which
closed in December 2002.  It securitizes a pool of first-ranking
mortgage loans Novo Banco originated.  The mortgage loans are
mainly located in the Norte region and the transaction comprises
loans granted to prime borrowers.

RATINGS LIST

Class              Rating
            To                From

Lusitano Mortgages No. 1 PLC
EUR1 Billion Residential Mortgage-Backed Floating-Rate Notes

Rating Kept on CreditWatch Negative

A           A (sf)/Watch Neg

Ratings Lowered

C           BB- (sf)          BB (sf)
D           B+ (sf)           BB- (sf)

Ratings Affirmed

B           BBB+ (sf)
E           B- (sf)



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


ASKO LLC: Bank of Russia Suspends Insurance License
----------------------------------------------------
The Bank of Russia, by Order No. OD-1259 dated June 8, 2015,
suspended the insurance license of Interregional Insurance
Company ASKO, limited liability company (registration number in
the unified state register of insurance agents 0903).

The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance
reserves, procedure and conditions to invest equity and insurance
reserve funds.  The decision becomes effective the day it is
published in the Bank of Russia Bulletin.

The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.  The insurance company must accept
notifications of claim and meet its obligations.


EXPRESS REINSURANCE: Put Under Provisional Administration
---------------------------------------------------------
The Bank of Russia, by Order No. OD-1229 dated June 3, 2015, took
a decision to appoint a provisional administration to the
insurance company Express Reinsurance and Insurance Company,
limited liability company.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's reinsurance license (Bank
of Russia Order No. OD-720, dated April 3, 2015).

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

Pavel Yu. Osipov, member of the non-profit partnership Self-
Regulatory Organisation of Independent Receivers DELO, has been
appointed as a head of the provisional administration.


MAXIMUM LLC: Put Under Provisional Administration
-------------------------------------------------
The Bank of Russia, by Order No. OD-1228 dated June 3, 2015, took
a decision to appoint a provisional administration to the
insurance company MAXIMUM, limited liability company.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-956, dated April 29, 2015).

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

Anna G. Spitsyna, member of the non-profit partnership Siberian
Guild of Crisis Managers of the Central Federal District, has
been appointed as a head of the provisional administration.


REGIONAL INSURANCE: Put Under Provisional Administration
--------------------------------------------------------
The Bank of Russia, by Order No. OD-1230 dated June 3, 2015, took
a decision to appoint a provisional administration to the
insurance company Regional Insurance Center, limited liability
company.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-997, dated May 7, 2015).

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

Timofei V. Samatoyev, member of the non-profit partnership
Self-Regulatory Organisation of Receivers of the Central Federal
District, has been appointed as a head of the provisional
administration.


SK LOID-CITY: Bank of Russia Suspends Insurance License
-------------------------------------------------------
The Bank of Russia, by Order No. OD-1258 dated June 8, 2015,
suspended the insurance license of Insurance Company SK Loid-
City, limited liability company.

The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance
reserves, procedure and conditions to invest equity and insurance
reserve funds.  The decision becomes effective the day it is
published in the Bank of Russia Bulletin.

The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.  The insurance company must accept
notifications of claim and meet its obligations.


VOSTOK ALLIANCE: Bank of Russia Suspends Insurance License
----------------------------------------------------------
The Bank of Russia, by Order No. OD-1256 dated June 8, 2015,
suspended the insurance and reinsurance licenses of Insurance
Company Vostok Alliance, limited liability company (registration
number in the unified state register of insurance agents 2895).

The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance
reserves, procedure and conditions to invest equity and insurance
reserve funds.  The decision becomes effective the day it is
published in the Bank of Russia Bulletin.

The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and reinsurance, and
introducing amendments resulting in increase in insurance agent's
obligations under the current contracts.  The insurance company
must accept notifications of claim and meet its obligations.



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


UKREXIMBANK: Seeks Approval of US$600MM LPN Restructuring
----------------------------------------------------------
Interfax-Ukraine reports that state-run Ukreximbank has asked the
holders of its loan participation notes (LPNs) worth US$600
million, due on January 22, 2018, to agree to the cancellation of
the 2018 notes in consideration for issuance by the issuer of the
new 2025 notes.

A meeting of noteholders is scheduled for July 7, 2015,
Interfax-Ukraine discloses.

To be passed in relation to the 2018 Notes, the extraordinary
resolution must be passed at a meeting or adjourned meeting, as
applicable, duly convened and held by a majority of not less than
three-quarters of the votes cast, Interfax-Ukraine notes.

The implementation of the reprofiling will require registration
of the amendments stipulated by the 2025 amended and restated
loan agreement with the National Bank of Ukraine (NBU), Interfax-
Ukraine states.

The ad hoc committee of the holders of 30% of Ukreximbank loan
participation notes supported their restructuring, Interfax-
Ukraine relays.  Investors, in particular, approved changes to
the terms of eurobond circulation with a maturity term until
July 27, 2015 in accordance with the bank's proposal, which was
released on April 20, Interfax-Ukraine relates.  The maturity of
the securities is extended by seven years, Interfax-Ukraine says,
citing the proposal.

The ad hoc committee also approved the extension of all the other
bank's loan participation notes worth US$125 million due on
February 9, 2016 and worth US$600 million due on January 22, 2018
for seven years, according Interfax-Ukraine.

The State Export-Import Bank of Ukraine is Ukraine's third
biggest bank.



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


NEW LOOK: S&P Affirms 'B' Corporate Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on U.K.-based apparel retailer New Look
Retail Group Ltd.  The outlook is stable.

S&P also affirmed its 'B' issue rating on the company's existing
senior secured notes.  The '3' recovery rating on these notes
remains unchanged (in the lower half of S&P's 50%-70% recovery
range).

S&P assigned its 'B' issue and '3' recovery ratings to New Look's
proposed senior secured notes (in the lower half of the 50%-70%
recovery range) and S&P's 'CCC+' issue and '6' recovery ratings
to its proposed senior unsecured notes.

After the closing of Brait SE's acquisition of New Look, which
S&P anticipates to occur at the end of June 2015, S&P expects to
withdraw its issue ratings on New Look's to-be-redeemed GBP810
million senior secured fixed- and floating-rate notes.

The ratings on the proposed notes are subject to their successful
issuance and S&P's review of the final documentation.  If
Standard & Poor's does not receive the final documentation within
a reasonable time frame, or if the final documentation differs
from the materials S&P has already reviewed, it reserves the
right to withdraw or change its ratings.

The affirmation follows New Look's announced aim to refinance its
entire financial debt of about GBP1.2 billion with senior secured
and senior unsecured notes issues.  As a result of the generally
lower interest rate environment, S&P anticipates the transaction
will markedly reduce the group's average cash interest margin
from 8%-9% (excluding its payment-in-kind [PIK] notes).

As part of the transaction, New Look will refinance its high-
yield PIK notes, for which voluntary cash prepayments have
consumed a large share of the company's free operating cash flow
over the past 12 to 18 months, with straight cash paying notes.

Although the company's outstanding cash interest bearing debt
would rise to about GBP1.2 billion from below GBP800 million
currently, S&P do not anticipate a material change in absolute
cash expenses.  However, due to the full refinancing of its
approximately EUR400 million high-yield payment-in-kind notes,
S&P forecasts the combined effects of the transaction will lead
to a slight improvement in the Standard & Poor's adjusted
interest coverage ratio.

By S&P's estimates, which assume favorable market conditions and
a prudent financial policy over the next two years, S&P thinks
the ratio of Standard & Poor's adjusted funds from operations
(FFO) to debt for New Look may approach 12%, from 9%-10%
currently, for the 2016 and 2017 fiscal years ending March 31.
At the same time, S&P's ratio of adjusted debt to EBITDA may
stand at about 5.0x, versus 5.0x-5.5x, while adjusted EBITDA
interest coverage may be approximately 2.5x-3.0x, compared with
2.0x-2.3x currently.  The FFO-to-debt and debt-to-EBITDA ratios
remain commensurate with S&P's "highly leveraged" financial risk
category.

S&P continues to assess New Look's business risk profile as
"fair" under S&P's criteria.  This reflects the company's well-
established market position and its strong focus on women's
clothing and accessories.  S&P considers that this segment faces
strong price competition, high seasonality, and fast-changing
fashion trends, however.  As a result, S&P thinks the risk of
having to constantly refresh and adapt the apparel range and sell
off excess stock at large discounts is high.

S&P forecasts healthy 2.5%-3.0% growth in real terms for
household consumption in the U.K. economy over the coming
quarters, which should support New Look's sales.  However, S&P
regards spending on clothes as largely discretionary, implying
constraints on New Look's revenues and profitability if broader
consumer confidence falls.  The company's focus on a niche
business and its low degree of product and customer
diversification further accentuate this risk.

From a geographic point of view, New Look is very exposed to the
U.K., where it generates more than 70% of its sales.  It is,
however, expanding outside its home country, so S&P sees
diversification gradually improving over the next several years.

These factors are mitigated by New Look's well-established market
position in the womenswear segment and its strong brand
recognition.  The company has a large portfolio of over 800
stores, giving it a 5%-6% market share by sales value in the U.K.
womenswear clothing market and making it the second-largest
player in the total womenswear segment by value.  In S&P's view,
effective cost control and purchasing power enable New Look to
generate an above-average EBITDA margin.  However, this is
somewhat mitigated by fairly volatile profitability in recent
years.  S&P expects this volatility will remain high.

The stable outlook reflects S&P's expectation that New Look's
business will continue to perform well, leading to positive free
operating cash flow generation of GBP50 million-GBP70 million a
year and no further releveraging.  S&P also understands that
shareholder remuneration will not be in the agenda, at least in
the next two years.  New Look's "adequate" liquidity should, in
S&P's opinion, enable it to withstand potential temporary
operating setbacks.

"We would likely consider a positive rating action if New Look's
business operations continued to grow on the back of sound demand
for its products and a successful expansion strategy, and the
company showed commitment to further deleverage on a sustainable
bases.  In particular, we would seek to observe further
deleveraging, with average core leverage ratios becoming
commensurate with our "aggressive" financial risk category.  Such
an action would also follow a marked and sustainable rise in FFO
to debt to above 12% and a decline in debt to EBITDA to well
below 5.0x on a sustainable basis.  Furthermore, an upgrade would
hinge on a supportive financial policy, particularly with no
surprises in terms of shareholder remuneration," S&P said.

S&P would take a negative rating action if revenues, EBITDA, or
cash flows fell significantly short of S&P's expectations,
prompting New Look to releverage.  A downward rating action would
also likely occur if New Look's new owners demanded aggressive
shareholder remuneration or otherwise unexpectedly increased the
company's leverage.  S&P could also such an action if it revised
its assessment of liquidity to "less than adequate."


VIRGIN MEDIA: Fitch Raises LT Issuer Default Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has upgraded Virgin Media Inc's (VMED) Long-term
Issuer Default Rating (IDR) to 'BB-' from 'B+'. The Outlook is
Stable. At the same time, the agency has upgraded the instrument
rating of the unsecured notes issued by Virgin Media Finance Plc
to 'B' from 'B-'.

The upgrade reflects Fitch's view of VMED's ability to generate
free cash flow (FCF) and support a leveraged balance sheet. VMED
has a strong operating profile as the country's leading
alternative telecoms infrastructure, with well-established levels
of customer penetration, service per customer metrics and high
average revenues per user (ARPU). These metrics provide
visibility over the project economics of Project Lightning,
VMED's plan to cable an additional 4 million UK homes. While
Lightning is expected to suppress FCF for three to four years
from 2016, underlying FCF generation is expected to remain
strong.

VMED's ownership by Liberty Global means a leverage policy that
in Fitch's view is likely to keep funds from operations (FFO) net
leverage towards the higher end of the 4.5x-5.0x range. However,
it also provides procurement and financing synergies and could be
expected to provide financial resources in the event of company
specific or capital market stress. The strength of underlying
cash flows and the scalability of Lightning capex, suggest an
ability to deleverage in times of capital markets stress. Fitch
considers this a differentiating factor relative to businesses
with similar leverage but no underlying cash flow or organic
ability to deleverage.

Key Rating Drivers

Strongly Performing Cable Business

VMED's cable operations have the strong operational profile of a
number of European cable businesses, where cable's technological
advantage, targeted network build and rational approach to
pricing and content aggregation, position the sector and company
to continue to deliver top-line growth and healthy cash flows.
Increased network investment will suppress cash flow through to
2018 or 2019; while the medium-term visibility of project returns
and the scalability of Project Lightning moderate capex risk.
VMED benefits from being part of the Liberty Global group, which
in Fitch's view allows procurement and financing synergies as
well as product strategy and technology advantages.

Leading UK Alternative Infrastructure

VMED is the leading alternative telecoms infrastructure in the
country, currently passing approximately 45% of UK homes and
premises with a high capacity DOCSIS 3.0 upgraded fibre network.
Customer penetration of 41% and consistently strong ARPUs
underpin what Fitch considers a visible cash flow. Commercially
negotiated, wholesale access to key UK content such as Sky and BT
sports channels, along with key studio relationships, allow VMED
to position itself as a communications distribution platform; led
by the speed of its broadband offering and the widest
availability to the country's pay TV content.

Speed not Content Lead

Pay-TV is important to its service offering, but VMED's leading
business strength is the technical advantage of the cable
network. Offering speeds of up to 152Mb, and capable of over
350Mb, its commercial offer is twice the speed available over
BT's VDSL network. As at 1Q15, 36% of its broadband customers
were taking a 100Mb service confirming a good level of demand for
high data speeds. In Fitch's view, this is a function of the
increase in multiple device (tablets, WiFi connected smartphones,
smart TVs) households. DOCSIS 3.1, which is expected to be
commercially available in 2016, will allow VMED to offer initial
speeds to 1.0Gb or above.

Project Lightning and Cash flow

Project Lightning is VMED's plan to cable a further 4 million UK
homes and premises over the next four years at a total cost of
GBP3.0 billion - roughly GBP2.4 billion of which are the fixed
costs of passing targeted premises, the variable balance being
customer equipment and line drops. Management has stated a year
five target of incremental annual revenues of GBP1.0 billion and
a margin contribution of 60%. Targeting penetration rates of
roughly 40% by year three and initial ARPUs of GBP45, initial
trials are reported to show penetration already 20% within
months. Fitch believes management will take a rational approach
to the program and scale investment to meet demand. Free cash
will be constrained over the initial three years as the project
takes time to build incremental scale and build costs are front-
end loaded. However, the project's economics appear rational,
visible and scalable.

Consolidating but Rational Market

Changes in the UK telecoms market include the planned acquisition
of leading mobile operator EE by BT. Of less direct impact to
VMED is Three's acquisition of O2 UK. Mobile market consolidation
should support a stabilizing mobile market. The BT/EE transaction
will boost the incumbent's competitive position materially,
although this is perhaps more a threat to Sky in terms of its
retail offer and Vodafone in the enterprise segment. However, it
will give BT a strong position from which to develop quad-play,
which is a more direct threat to VMED given its ability to offer
quad-play at present. Fitch considers that although the UK has
always been a competitive market, competitive behavior has tended
to be rational. BT's investment in sports has added increased
competition for key content rights and expanded choice in a
highly penetrated pay TV market. VMED's secular approach to
content, acting as a distribution platform rather than rights
acquirer and broadband-led strategy, provide a degree of
insulation from these tensions.

Liberty Global Leverage Policy

While Project Lightning will suppress cash flow generation for
three to four years from 2016, VMED displays solid underlying
cash flow. Including Lightning, Fitch expects FCF as a percentage
of sales (FCF margin) to fall to mid-to-high single digit levels
over this period. While at this level an acceptable performance -
underlying FCF margin (stripping out the capex effect of
Lightning) is forecast in the mid-teens.

In this context, VMED's leverage is more a function of how
management chooses to capitalize the balance sheet, with cash
flow generation otherwise allowing for organic deleveraging.
Ownership by Liberty Global, where management typically targets
net debt/EBITDA at up to 5.0x, is therefore the underlying driver
to capital structure. With limited operating leases Fitch expects
FFO net leverage to trend in a range of 4.75x and 5.0x and to
possibly exceed 5.0x in 2016 given the peak effect on cash flows
of Lightning. Liberty Global is committed to total buybacks of
USD4.0bn between 2015 and 2016, which will drive cash
repatriation from its major cable assets. In 2014 VMED accounted
for roughly one-third of Liberty Global's consolidated EBITDA and
is therefore a core contributor to group cash flow.

Notching of Secured and Unsecured Debt

The upgrade of VMED's IDR leads to a transitional approach to
notching the company's debt, moving from a bespoke to generic
approach to recoveries. In line with Fitch's notching criteria,
the company's secured debt remains rated 'BB+', with a rating of
'BBB-' for this asset class generally considered unlikely unless
the IDR is 'BB+'. Notching of the unsecured bonds is maintained
at two notches down and the bonds have therefore been upgraded to
'B.' Compression of the notching for the unsecured notes has not
been applied given the high level of prior ranking debt
(equivalent to roughly 4.0x Fitch forecast 2015 EBITDA) in the
capital structure.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for VMED include:

  - Modest revenue growth and stable margins in established UK
    and Irish operations.

  - Project Lightning financials to grow broadly in line with
    management targets; generating meaningful incremental
    negative EBITDA by 2017 and positive EBITDA less capex by
    2019.

  - Capital intensity forecast at the higher end of guided
    25%-28% from 2016 through 2020.

  - FFO net leverage to be maintained at the higher end of a
    range of 4.5x-5.0x through cash repatriation/repayment of
    parent company loan.

RATING SENSITIVITIES

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

  - FFO adjusted net leverage that was expected to remain above
    5.25x on a sustained basis.

  - FFO fixed charge cover that was expected to remain below 2.5x
    on a sustained basis.

  - Material decline in operational metrics, as evidenced by
    declining KPIs such as customer penetration, revenue
    generating units per subscriber and ARPUs. Evidence that
    investment in Project Lightning is being scaled to proven
    demand will be an important operating driver.

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

  - A firm commitment by Virgin Media that the company is
    adopting a more conservative financial policy (for example,
    FFO adjusted net leverage of 4.5x) could lead to positive
    rating action.

- Continued sound operational performance, as evidenced by KPI
   trends and progress in both investment and consumer take-up
   with respect to Project Lightning.

LIQUIDITY

Fitch considers liquidity sound with unrestricted cash and cash
equivalents of GBP34 million and availability under its revolving
credit facility of GBP660 million as at YE14. Year-end cash has
been materially higher in prior years (YE13: GBP341 million) and
the company generates healthy levels of pre-distribution FCF.

FULL LIST OF RATING ACTIONS

Virgin Media Inc.

  -- Long-term IDR upgraded to 'BB-' from 'B+'; Stable Outlook

  -- Short-term IDR affirmed at 'B'

Virgin Media Investment Holdings Limited

  -- Senior secured debt rating affirmed at 'BB+', 'RR1'

Virgin Media Secured Finance Plc

  -- Senior secured debt rating affirmed at 'BB+', 'RR1'

Virgin Media Finance PLC

  -- Unsecured debt rating upgraded to 'B' from 'B-', 'RR6'


                            *********

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

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

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