TCREUR_Public/150828.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, August 28, 2015, Vol. 16, No. 170

                            Headlines

A N D O R R A

BANCA PRIVADA: Fitch Lowers Issuer Default Ratings to 'D'


G R E E C E

GREECE: Vassiliki Christopoulou Named Interim Prime Minister


I R E L A N D

MERCATOR CLO II: Moody's Raises Rating on Class B-2 Notes to Ba3


I T A L Y

FALLIMENTO BOMISA: Trustee Puts Chinese Subsidiary Up for Sale
SIENA BIOTECH: Sept. 7 Deadline Set for Expressions of Interest


N E T H E R L A N D S

LEOPARD CLO V: Moody's Affirms 'Caa3(sf)' Rating on Class F Notes
MAXEDA DIY: Moody's Assigns 'B2' Corporate Family Rating
ROYAL IMTECH: Techim Acquires Two Dutch Units, 248 Jobs Secured


R O M A N I A

ASTRA ASIGURARI: Regulator Withdraws Operating License


R U S S I A

CB BTB: Put Under Provisional Administration, License Revoked
EUROMET PJSC: Under Provisional Administration, License Revoked
URALKALI PJSC: Moody's Says Share Buyback Program Credit Negative


T U R K E Y

ALTERNATIFBANK AS: Moody's Assigns 'ba3' Standalone BCA Rating


U K R A I N E

PRIVATBANK: Minority Investor Group Agrees to Debt Proposals


U N I T E D   K I N G D O M

AVANTI COMMUNICATIONS: Moody's Rates US$125MM Sr. Sec. Notes Caa1
IENERGIZER LTD: S&P Revises Outlook to Neg. & Affirms 'B' CCR
PUNCH TAVERNS: Agrees to Sell 158 Non-Core Outlets to Cut Debt
UNITED KINGDOM: North Sea Oil Industry Faces Precarious Situation


X X X X X X X X

* BOOK REVIEW: Lost Prophets -- An Insider's History


                            *********



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A N D O R R A
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BANCA PRIVADA: Fitch Lowers Issuer Default Ratings to 'D'
---------------------------------------------------------
Fitch Ratings has downgraded Banca Privada d'Andorra's (BPA) Long-
and Short-term Issuer Default Ratings (IDRs) to 'Default' (D) from
'Restricted Default' as its resolution is now underway.

KEY RATING DRIVERS

IDRs and VR

The rating action follows the approval of the resolution plan by
the Andorran resolution authority (AREB) and subsequent steps
taken to implement the plan, including the conclusion of the
valuation of BPA under resolution and liquidation scenarios.
According to Fitch's rating definitions, 'D' ratings indicate an
issuer has entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedure, or
which has otherwise ceased business.

The process is conducted in accordance with the Andorran
Restructuring and Resolution of Banking Entities 8/2015 Law.  The
plan contemplates the transfer of those assets and liabilities of
BPA that are not at risk of being illicit into a new bank, Vall
Banc, created in July, following an independent review of BPA's
customers focusing on the prevention of money laundering and
terrorist financing.  Fitch understands from the AREB that it is
the intention for the new bank to be sold before year-end.

BPA's 'f' Viability Rating, in place since March 18, 2015,
reflects Fitch's view that the bank has failed as temporary
restrictions on account movements represent a default on a
material category of BPA's third-party, private sector senior
debt.

SUPPORT RATING and SUPPORT RATING FLOOR

The bank's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's view that support cannot be relied upon, as
reflected in the resolution plan.

RATING SENSITIVITIES

IDRS, VR, SUPPORT RATING and SUPPORT RATING FLOOR

Fitch will withdraw BPA's ratings on the start of the transfer of
its assets and liabilities to Vall Banc.

The rating actions are:

  Long-term IDR downgraded to 'D' from 'RD'
  Short-term IDR downgraded to 'D' from 'RD'
  Viability Rating affirmed at 'f'
  Support Rating affirmed at '5'
  Support Rating Floor affirmed at 'No Floor'



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


GREECE: Vassiliki Christopoulou Named Interim Prime Minister
------------------------------------------------------------
Nektaria Stamouli at The Wall Street Journal reports that Greece
on Aug. 27 officially entered the pre-election period for the
second time this year, as the head of the country's Supreme Court
Vassiliki Thanou Christopoulou has been named caretaker Prime
Minister, with the task to lead the country to elections.

Greece's President Prokopis Pavlopoulos "is obliged to give the
mandate for the formation of the government with the widest
possible acceptance in order to hold elections to the President of
the Supreme Court Mrs. Vassiliki Thanou," the Journal quotes the
presidency as saying in a statement.

Elections are expected to take place on Sept. 20, though the date
will be officially announced today, Aug. 28, after the swearing in
of the interim government, the Journal notes.

A presidential decree for the dissolution of parliament and the
announcement of the election is expected to be posted today,
Aug. 28 outside the Greek parliament, the Journal states.

Mrs. Thanou, 65, is the first woman to serve as Greece's Prime
Minister, the Journal discloses.

After Greece's outgoing Prime Minister Alexis Tsipras resigned
last week in a bid to trigger a snap election in late September,
Mr. Pavlopoulos mandated opposition New Democracy leader Evangelos
Meimarakis and then Mr. Lafazanis with the task to muster a
coalition, the Journal relays.

No alternative majority excluding Syriza would be plausible, but
both parties decided to make use of all the time the
constitutionally required procedure offers in an effort to delay
the election date, according to the Journal.

In his last interview before handing over PM's office on Aug. 26,
Mr. Tsipras, as cited by the Journal, said he hopes to return to
power with an absolute majority.



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I R E L A N D
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MERCATOR CLO II: Moody's Raises Rating on Class B-2 Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Mercator CLO II Plc:

EUR25.5 million Class A-2 Senior Secured Floating Rate Notes due
2024, Upgraded to Aaa (sf); previously on Feb 18, 2014 Upgraded
to Aa1 (sf)

EUR25 million Class A-3 Deferrable Senior Secured Floating Rate
Notes due 2024, Upgraded to Aa1 (sf); previously on Feb 18, 2014
Upgraded to A1 (sf)

EUR25.5 million Class B-1 Deferrable Senior Secured Floating
Rate Notes due 2024, Upgraded to Baa1 (sf); previously on Feb
18, 2014 Upgraded to Baa2 (sf)

EUR19.5 million Class B-2 Deferrable Senior Secured Floating
Rate Notes due 2024, Upgraded to Ba3 (sf); previously on Feb 18,
2014 Affirmed B1 (sf)

Moody's also affirmed the ratings on the following notes issued by
Mercator CLO II Plc:

EUR274 million (Current balance outstanding EUR68.8M) Class A-1
Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf);
previously on Feb 18, 2014 Affirmed Aaa (sf)

Mercator CLO II Plc, issued in January 2007, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. It is predominantly composed of
senior secured loans. The portfolio is managed by NAC Management
(Cayman) Limited, and this transaction ended its reinvestment
period in February 2014.

RATINGS RATIONALE

The rating action on the notes is primarily a result of
deleveraging of the Class A-1 notes and subsequent increase in the
overcollateralization (the "OC") ratios. Moody's notes that on the
August 2015 payment date, the Class A-1 notes were paid by
EUR29.27 million (or 10.7% of their original balance) which takes
the total amortization of the Class A-1 notes, since the last
rating action in February 2014, to EUR178.3 million (or 65.1% of
their original balance). As a result of this deleveraging, the OC
ratios of the notes have increased. As per the latest trustee
report dated August 2015, the Class A-2, Class A-3, Class B-1 and
Class B-2 OC ratios are 171.46%, 142.6%, 121.72% and 109.46%
respectively, versus May 2015 levels of 160.74%, 137.16%, 119.30%
and 108.50%. Furthermore the August 2015 trustee report, in its
calculation of OC levels, it is not accounting for the latest
payment to Class A-1 notes of EUR29.27 which has further increased
the OC levels of the notes.

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 analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR177.3 million
and GBP22.8 million, no defaulted assets, a weighted average
default probability of 21.48% (consistent with a WARF of 2887 with
a weighted average life of 4.78 years), a weighted average
recovery rate upon default of 49.33% for a Aaa liability target
rating, a diversity score of 24 and a weighted average spread of
3.97%. The GBP denominated assets are fully hedged with a macro
swap, which Moody's also modelled.

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 98.08% of the portfolio exposed to senior secured
corporate assets would recover 50% upon default, while the
remainder 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.

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the rating:

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

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

Additional uncertainty about performance is due to the following:

1) 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.

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

3) Around 12.5% 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 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

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.



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I T A L Y
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FALLIMENTO BOMISA: Trustee Puts Chinese Subsidiary Up for Sale
--------------------------------------------------------------
Carlo Pagliughi, the bankruptcy trustee for Fallimento BoMiSa
Srl., bankruptcy proceeding no. 578/2015, Court of Milan (Italy),
is placing on sale, with an open auction, the 100% of the share of
capital of the Chinese subsidiary "BoMiSa China Co. Ltd.,"
addressed in LuDu town, Taicang city, Suzhou, Jiangsu province,
P.R. China.

For more information concerning the announcement, the guidelines
and confidentiality agreement, please contact Sophia Huang --
huang@bomisa.com, c.c. carlo.pagliughi@studiopagliughi.it

The data room is on site (China) and will be accessible only
subject to the execution of the confidentiality agreement
provided.


SIENA BIOTECH: Sept. 7 Deadline Set for Expressions of Interest
---------------------------------------------------------------
Dott.ssa Silvana Carlone, the official receiver for the bankruptcy
proceedings relating to Siena Biotech S.p.a., is seeking via a
competitive bidding process regulated under Italian bankruptcy
law, a party or parties interested in the management contract for
the Medicine Research Center located in Siena, Italy on Strada del
Petriccio e Belriguardo n. 35, identified by the NCEU (the Nuovo
Catasto Edilizio Urbano, meaning the City Property/Land Registry
Office) as being on Foglio 12, Particella 1183, sub. 1, 2 e 3, e
sub. 5, and comprising buildings, installations, apparatus and
functional furnishings relating to research activity in the sphere
of medicine (a "Medicine Research Centre").

Any contract entered into will have inter alia the following
minimal conditions attached:

  (1) a duration to at least June 14, 2018 and until no longer
      than June 14, 2019

  (2) an annual fee, payable to the Curato of Siena Biotech
      s.p.a., of no less than EUR750,000,00, plus Value Added Tax
      (IVA) if due

Those interested in making a competitive bid are kindly requested
to email this certified email (PEC) address --
sif222015@procedurepec.it -- in order to see in full the complete
requirements needed to make an expression of interest.

Expressions of interest will not be considered which appear either
incomplete or which do not conform to the minimum requirements for
bidding.

Offers of interest must be made no later than September 7, 2015.
This invitation to express interest does not constitute a public
offer as defined by Article 1336 of the Italian Civil Code.



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


LEOPARD CLO V: Moody's Affirms 'Caa3(sf)' Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Leopard CLO V B.V.:

  EUR28 million Class B Secured Deferrable Floating Rate Notes due
  2023, Upgraded to Aaa (sf); previously on Sep 17, 2014 Upgraded
  to Aa1 (sf)

  EUR13 million Class C-1 Secured Deferrable Floating Rate Notes
  due 2023, Upgraded to Aa1 (sf); previously on Sep 17, 2014
  Upgraded to A2 (sf)

  EUR7 million Class C-2 Secured Deferrable Fixed Rate Notes due
  2023, Upgraded to Aa1 (sf); previously on Sep 17, 2014 Upgraded
  to A2 (sf)

  EUR26 million Class D Secured Deferrable Floating Rate Notes due
  2023, Upgraded to Baa3 (sf); previously on Sep 17, 2014 Affirmed
  Ba2 (sf)

  EUR5 million Class W Combination Notes due 2023, Upgraded to
  Baa2 (sf); previously on Sep 17, 2014 Upgraded to Baa3 (sf)

Moody's has also affirmed the ratings on the following notes:

  EUR168 million (current outstanding balance of EUR23.68M) Class
  A Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
  (sf); previously on Sep 17, 2014 Affirmed Aaa (sf)

  EUR13 million Class E-1 Secured Deferrable Floating Rate Notes
  due 2023, Affirmed B3 (sf); previously on Sep 17, 2014 Affirmed
  B3 (sf)

  EUR3 million Class E-2 Secured Deferrable Fixed Rate Notes due
  2023, Affirmed B3 (sf); previously on Sep 17, 2014 Affirmed B3
  (sf)

  EUR7 million (current outstanding balance of EUR7.74M) Class F
  Secured Deferrable Floating Rate Notes due 2023, Affirmed Caa3
  (sf); previously on Sep 17, 2014 Affirmed Caa3 (sf)

  EUR100 million (current outstanding balance of EUR9.94M)
  Multicurrency Senior Secured Floating Rate Variable Funding
  Notes due 2023, Affirmed Aaa (sf); previously on Sep 17, 2014
  Affirmed Aaa (sf)

Leopard CLO V B.V., issued in May 2007, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans managed by M&G
Investment Management Limited. This transaction passed its
reinvestment period in July 2013. The majority of the
transaction's assets and rated liabilities are denominated in EUR;
GBP assets are naturally hedged by GBP drawings under Variable
Funding Notes.

RATINGS RATIONALE

The upgrades to the ratings are primarily the result of the
substantial deleveraging that has occurred over the last two
payment dates since last rating action in September 2014 which was
based on July 2014 data.

Over the last two payment dates the Multicurrency Variable Funding
Notes (VFN) and the Class A Notes have amortized approximately by
EUR25.6 million and EUR62.5 million, respectively. As a result the
over-collateralization (OC) ratio has increased. As per the
trustee report dated July 2015, the Class A (Senior), Class B, and
Class C, Class D, class E and Class F OC ratios are reported at
209.2%, 157.1%, 133.3%, 111.4%, 101.2% and 97.0% compared to July
2014 levels of 147.1%, 127.8%, 116.8%, 105.0%, 98.9% and 96.5%,
respectively. Despite the OC increase the class E and class F are
still failing their over-collateralization tests. Moody's notes
that the July 2015 principal payments are not reflected in the OC
ratios reported.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class W
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 analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR140.2 million
and GBP26.6 million, defaulted par of EUR1.7 million, a weighted
average default probability of 20.4% (consistent with a WARF of
2,813), a weighted average recovery rate upon default of 47.3% for
a Aaa liability target rating, a diversity score of 22 and a
weighted average spread of 3.9%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. For a Aaa liability target rating, Moody's
assumed a recovery of 50% for 92.4% of the portfolio exposed to
first-lien senior secured corporate assets upon default and of 15%
for the remaining non-first-lien loan corporate assets upon
default. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

Factors that would lead to an upgrade or downgrade of the rating:

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 unchanged for the VFN, class A and class B and within
one to two notches of the base-case results for Classes C, D and
E.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties 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 the collateral manager or be delayed by an increase in
    loan amend-and-extend restructurings. Fast amortization would
    usually benefit the ratings of the notes beginning with the
    notes having the highest prepayment priority.

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

-- Long-dated assets: The presence of assets that mature beyond
    the CLO's legal maturity date exposes the deal to liquidation
    risk on those assets. Moody's assumes that, at transaction
    maturity, the liquidation value of such an asset will depend
    on the nature of the asset as well as the extent to which the
    asset's maturity lags that of the liabilities. Liquidation
    values higher than Moody's expectations would have a positive
    impact on the notes' ratings.

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

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


MAXEDA DIY: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) and a B3-PD Probability of Default Rating
(PDR) to Maxeda DIY Holding B.V. ('Maxeda'). Concurrently, Moody's
has assigned a definitive B2 rating to the EUR519 million senior
secured bank facilities made available to Maxeda DIY B.V. The
outlook remains stable.

RATINGS RATIONALE

Moody's definitive ratings for the CFR and senior secured
facilities are in line with the provisional ratings assigned on
May 28, 2015. Moody's rating rationale was set out in a press
release on that date. The final terms of the facilities were in
line with the drafts reviewed for the provisional instrument
rating assignments.

RATING OUTLOOK

The stable outlook on the ratings reflects Moody's expectation
that: (1) Maxeda will be successful in implementing its ongoing
commercial initiatives; (2) market conditions will support at
least some overall sales growth and stable margins; and (3) the
company will maintain an adequate liquidity profile. It also
reflects Moody's expectation that the leverage will not rise above
5.75x.

WHAT COULD CHANGE THE RATING UP

The company is relatively weakly positioned in the B2 rating
category at this point and as such, an upgrade is unlikely in the
short term. However, positive pressure on the ratings could result
from a sustained improvement in operating performance resulting in
solid top line growth and improving margins, positive free cash
flow, and leverage falling towards 4.5x on a sustained basis.

WHAT COULD CHANGE THE RATING DOWN

Negative pressure could be exerted on Maxeda's ratings if: (1)
operating performance were to deteriorate e.g. due to negative
like-for-like sales or reduced margins, such that Moody's adjusted
EBITDA would reduce from the current level on a sustained basis;
or (2) free cash flow remained negative for an extended period of
time; or (3) its liquidity profile were to weaken.

CORPORATE PROFILE

Headquartered in Amsterdam, the Netherlands, Maxeda is a leading
DIY retailer, with networks of over 150 stores in Belgium and more
than 220 stores in The Netherlands. For the financial year ending
January 31, 2014 the company reported Revenues of EUR1.3 billion.


ROYAL IMTECH: Techim Acquires Two Dutch Units, 248 Jobs Secured
---------------------------------------------------------------
On August 25, 2015, the Imtech financiers, in their capacity as
the pledgees, have sold the shares in Imtech Industry
International B.V., with its head offices in Coevorden, and
Ventilex B.V., including participations, to Techim B.V. These
companies have a combined workforce of 248 employees.

The transaction involving Imtech Industry International B.V. has
released sufficient funds to enable the associated company Imtech
Nederland B.V. to carry out its shared services centre activities
for the Benelux arm until 28 September 2015.  These activities are
carried out for various Dutch subsidiaries and the (future) buyers
of same.  This involves around 125 employees.  After September 28,
2015, depending on the buyers, as many of these employees as
possible will be transferred to the various Dutch operating
companies up for sale.

The assets and activities of the bankrupt company Imtech Building
Services B.V. will be sold in parts.  Unica has acquired the
contracts for the Sprinkleractiviteiten (sprinkler activities),
Beheer en Onderhoud (management and maintenance) and Klein
Specifiek Werk (small specific work) activities, with a total
turnover value of EUR150 million per annum. Depending on the yet
to be demonstrated willingness of clients to do business with
Unica from this point onwards, this will secure the jobs of
several dozen to around 200 Imtech employees.

The trustees are in exclusive negotiations with private equity
firm Endless LLP and the Imtech management regarding Imtech
Ireland.  Endless LLP wishes to acquire the shares in Imtech Suir
Engineering Limited and its subsidiaries Imtech Suir M.E.C.
Limited, Imtech Suir Saoudi Arabia LLC and Imtech Suir Quatar LLC.
Endless LLP is also interested in the activities of Imtech UK.

A non-disclosure agreement has been signed with five parties in
connection with the negotiations on the sale of the shares in the
Spanish operating companies.  These have around 1,900 employees.
The trustees expect to complete this process this coming weekend.

The proceeds from the transactions will not result in any
substantial payments to creditors at N.V. level.  Also, the
shareholders of Royal Imtech N.V. should not expect any proceeds.
The share transactions do have a positive impact on the employment
of Imtech employees, which remains completely unchanged and
intact, and on the position of the creditors of said acquired
Imtech subsidiaries.  At the level of Royal Imtech N.V., the share
transactions prevent the addition of extra creditors.

Trustee Jeroen Princen is pleased with the progress: "We are
hopeful that we can conclude the sale of divisions before next
Monday.  It is important that clients and employees have clarity
as quickly as possible.  We are working day and night and doing
our utmost to make that happen."

Royal Imtech N.V. is a European technical solutions provider in
the fields of electrical and mechanical solutions and automation.
With around 22,000 employees working in seven divisions, Imtech
achieves annual revenue of approx. 4 billion euro.  Imtech holds
attractive positions in the buildings and industrial markets in
the Netherlands, Belgium, Luxembourg, Germany (Insolvency),
Austria, Eastern Europe, Sweden, Norway, Finland, UK, Ireland and
Spain, as well as in the European market for traffic & infra and
in the global marine market.

Royal Imtech N.V. related that, upon the request of
administrators, the Rotterdam District Court has declared it
bankrupt ('failliet') as of August 13, 2015.  In addition, Imtech
Capital B.V., Imtech B.V. and Imtech Group B.V. also have been
declared bankrupt as of August 13, 2015.  The administrators
during the suspension of payments have been appointed as trustees
in bankruptcy.  Royal Imtech N.V. was granted suspension of
payments ('surseance van betaling') on August 11, 2015.



=============
R O M A N I A
=============


ASTRA ASIGURARI: Regulator Withdraws Operating License
------------------------------------------------------
Luiza Ilie at Reuters reports that Romania's financial regulator
ASF withdrew the operating license of Astra Asigurari on Aug. 26
and said it will start the process of declaring it insolvent.

The company has been under special administration since early
2014, Reuters notes.

ASF chief Misu Negritoiu, as cited by Reuters, said a KPMG report
on the insurer showed Astra Asigurari, which is unlisted, was
unable to pay its debt with existing funds and that its capital
requirement ratio had fallen to less than half the legal minimum
requirement.

"Structural problems could not be corrected," Reuters quotes
Mr. Negritoiu as saying.  "All three conditions that define
insolvency have been met."

He added the ASF's underwriting fund for the insured would cover
compensation claims from Astra's roughly 2.5 million insurance
policies, which he estimated at some RON700 million, Reuters
relays.

Astra Asigurari is Romania's second-largest insurer.



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


CB BTB: Put Under Provisional Administration, License Revoked
-------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2270, dated August 27,
2015, revoked the banking license of Yadrin-based credit
institution Commercial Bank Business-to-Business (limited
liability company) or CB BTB (LLC).

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
and due to repeated violations within one year of the requirements
stipulated by Article 7 (excluding Clause 3 of Article 7) of the
Federal Law "On Countering the Legalisation (Laundering) of
Criminally Obtained Incomes and the Financing of Terrorism",
taking into account the application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)" as well as considering a real threat to the bank's
creditors and investors.

CB BTB (LLC) placed funds into low-quality assets and did not
create loan loss provisions adequate to the risks assumed.
Creation of sufficient loan loss provisions resulted in a
substantial loss of the bank's capital.  Besides, CB BTB (LLC)
failed to comply with legislation requirements in terms of proper
notification of the authorized body about operations subject to
obligatory control and identification procedure of its clients.
Both management and owners of the credit institution did not take
any effective measures to bring its activities back to normal.

The Bank of Russia, by its Order No. OD-2271, dated August 27,
2015, appointed a provisional administration to CB BTB (LLC) for
the period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking Activities".
In accordance with federal laws, the powers of the credit
institution's executive bodies are suspended.

CB BTB (LLC) is a member of the deposit insurance system. The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by legislation.

As of August 1, 2015, CB BT (LLC) was ranked 630th by assets in
the Russian banking system.


EUROMET PJSC: Under Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2268, dated August 27,
2015, revoked the banking license of Moscow-based credit
institution public joint-stock company Joint-stock Commercial Bank
European Bank for Development of the Metallurgical Industry or
PJSC JSCB EUROMET.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia
regulations, capital adequacy below 2%, decrease in equity capital
below the minimal amount of the authorized capital established as
of the date of the state registration of the credit institution,
and application of supervisory measures envisaged by the Federal
Law "On the Central Bank of the Russian Federation (Bank of
Russia)".

PJSC JSCB EUROMET implemented high-risk lending policy connected
with placement of funds into low-quality assets.  As a result of
meeting the supervisor's requirements on creating provisions
adequate to the risks assumed, the credit institution lost its
equity capital.  Besides, PJSC JSCB EUROMET has actually stopped
servicing its customers from the second half of August 2015.  The
management and owners of the credit institution did not take
measures to normalize its activities.  In these circumstances,
pursuant to Article 20 of the Federal Law "On Banks and Banking
Activities", the Bank of Russia revoked the banking licesce from
the credit institution.

The Bank of Russia, by its Order No. OD-2269, dated August 27,
2015, appointed a provisional administration to PJSC JSCB EUROMET
for the period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking Activities".
In accordance with federal laws, the powers of the credit
institution's executive bodies are suspended.

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

According to the financial statements, as of August 1, 2015, PJSC
JSCB EUROMET ranked 255th by assets in the Russian banking system.


URALKALI PJSC: Moody's Says Share Buyback Program Credit Negative
-----------------------------------------------------------------
Moody's Investors Service said that Uralkali PJSC's (Uralkali, Ba1
negative) announcement that it will initiate an additional share
buyback program worth up to US$1.32 billion is credit negative,
but there is no immediate impact on its Ba1 corporate family
rating. The outlook on the rating remains negative.

On August 24, 2015, Uralkali's Board of Directors approved a share
buyback program worth up to US$1.32 billion, a second this year,
which will be executed by mid-October and funded with available
cash reserves and external debt. Despite the company's healthy
profitability and cash flow generation, supported by the rouble
devaluation, and material cash reserves, the program is viewed by
Moody's as credit negative, as it will reduce Uralkali's financial
flexibility and slow down its deleveraging efforts amid a
prolonged weakening of potash markets.

Uralkali noted that the program is aimed at enhancing shareholder
returns at a time when there is a lack of new investment
opportunities and given the technical limitations on dividend
distributions. The tender offer enables it to repurchase up to 14%
of share capital worth US$1.32 billion (US$16 per Global
Depository Receipt (GDR) and US$3.2 per common share). In the
event of a further decrease in the free float of GDRs on the
London Stock Exchange (LSE), the board may consider delisting of
the GDRs from the LSE, which is no longer considered a strategic
priority for the company. In its press release the company stated
that potential delisting will not be accompanied by a further
share repurchase.

The transaction is expected to be funded with new borrowings from
Russian state banks in the amount of up to US$800 million and the
remaining to be funded with the existing cash balance. Depending
on the RUB/USD exchange rate, Moody's believes this could result
in Uralkali's adjusted leverage (total debt/EBITDA) increasing to
around 3.5x by FYE 2015 from about 3.1x as of June 2015, although
Moody's would expect this metric to fall to below 3x by FYE 2016
with scheduled debt reductions and growth in profits. This remains
higher than Moody's guidance for the rating, although in our view
it is mitigated at this time by the company's high cash balance of
US$2.5 billion as of June 2015 and the expectation that Uralkali
will retain substantial cash reserves in the medium term. On a
pro-forma basis for the share buyback, Moody's expects that
adjusted net leverage (net debt/EBITDA) will range between 2.1x --
2.5x during 2015-16 versus 1.8x for 2014.

While the program will slow the deleveraging that had been
factored into the current rating and negative outlook, Uralkali's
Ba1 credit profile remains supported by the company's very strong
business fundamentals, namely (1) the leading market position in
the global potash market, and (2) the cost leadership position,
which is strengthened by the rouble depreciation as the company
generates about 86% of its revenues from exports while more than
80% of operating costs and capital expenditures are rouble
denominated. The rating is also supported by strong liquidity, in
the form of material cash cushion, continued robust cash flow
generation and access to funding. The company continues to
maintain its own leverage target (net debt/EBITDA of 2.0x) which
it anticipates to get close to by end 2016.

The negative outlook on the rating reflects the fact that metrics
are expected to remain weak for the current rating at least until
2016, with very limited headroom for further shareholder returns,
following $2.4 billion in share buybacks that are expected to be
completed this year. The rating is likely to be downgraded if
there are signs of weakening liquidity or lack of progress towards
deleveraging. Any further creditor-unfriendly corporate actions or
changes in financial policy will also put negative pressure on the
rating.



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


ALTERNATIFBANK AS: Moody's Assigns 'ba3' Standalone BCA Rating
--------------------------------------------------------------
Moody's Investors Service assigned Baa3 long-term deposits ratings
and Prime-3 short-term deposits ratings to Alternatifbank A.S.
(ABank). Moody's has also assigned a ba3 standalone baseline
credit assessment (BCA).

The outlook on the long-term foreign currency deposit rating is
negative while on the long-term local currency deposit rating the
outlook is stable.

Moody's also assigned a national scale rating (NSR) of A1.tr/TR-1
and a Counterparty Risk Assessment (CRA) of Baa2(cr)/ P-2(cr). The
long term NSR carries a stable outlook.

RATINGS RATIONALE

The bank's ba3 BCA benefits from a three-notch uplift, resulting
in an adjusted BCA of baa3, due to Moody's assumption of a very
high probability of affiliate support from ABank's Qatari parent,
The Commercial Bank (Q.S.C.) (CBQ; A1, stable/baa2), in case of
need. Moody's bases this view on (1) CBQ's majority ownership of
ABank, with CBQ's management control; (2) ABank's status as a
material subsidiary of CBQ, with a cross default clause in one of
CBQ's senior issuances; (3) CBQ's high incentive to diversify
outside its domestic markets, on the back of limited domestic
opportunities; and (4) the bank's recent re-branding, which will
have a closer affiliation with CBQ.

ABank's Baa3 deposit rating is in line with its adjusted BCA
because it does not incorporate any additional notches of rating
uplift, owing to Moody's assumption of low public support from the
government of Turkey (Baa3 negative), reflecting the bank's low
market share in the Turkish banking system.

ABank's ba3 BCA reflects (1) Turkey's 'Moderate' Macro Profile;
(2) the bank's adequate asset quality, with non-performing loans
at 5.0% of total loans at end-2014, moderated by substantial
borrower concentration risks and its unseasoned loan book, which
has been growing on average by 28% year-on-year between 2012-2014;
(3) the bank's satisfactory, albeit declining, capitalization with
TCE to risk weighted assets (RWAs) at 9.3% at end-2014, and which
is supported by good profitability reflected by the bank's return
of average assets (RoAA) at 1.26% for the year 2014 and (4) the
bank's significant reliance on market funding at 36% of total
liabilities and a high loan--to-deposit ratio of 157%, with a
moderate level of intergroup funds from the majority shareholder
bringing stability and a satisfactory liquid asset position.

The NSR is a direct mapping of its Global Local Currency (GLC)
deposit rating, in the NSR scale. The NSR is positioned in the
lower of the two mapping available for the bank's GLC deposit
rating in our NSR scale, reflecting the relatively low position of
the bank's BCA and the high degree of affiliate support
incorporated in the deposit rating.

RATIONALE FOR ASSIGNING COUNTERPARTY RISK ASSESSMENT

CR assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than both the likelihood of default and the
expected financial loss suffered in the event of default; and (2)
apply to counterparty obligations and contractual commitments
rather than debt or deposit instruments. The CR assessment is an
opinion of the counterparty risk related to a bank's covered
bonds, contractual performance obligations (servicing),
derivatives (e.g., swaps), letters of credit, guarantees and
liquidity facilities.

The long term CR assessment is positioned at Baa2 and therefore
above deposit ratings, reflecting Moody's view that its
probability of default is lower than that of deposits. Moody's
believes senior obligations represented by the CR assessment will
be more likely preserved in order to limit contagion, minimize
losses and avoid disruption of critical functions. The CR
assessment does not benefit from systemic support, in line with
Moody's support assumptions on deposits.

RATING OUTLOOK

The stable outlook on ABank's domestic currency long term deposit
rating reflects Moody's view of the bank's resilient financials,
as well as the high probability of parental support and the stable
outlook on the parent's ratings.

The negative outlook on the foreign currency deposit rating
reflects the negative outlook on the Turkish government bond
rating.

WHAT COULD CHANGE THE RATING UP / DOWN

Upward rating pressure on ABank's GLC ratings could develop
through a combination of (1) a strengthening of the bank's core
capitalization; (2) improvements in efficiency translating into
higher profitability; and (3) a sustained improvement in the
domestic operating environment.

Any upgrade of CBQ's BCA could result in the upgrade of ABank's
GLC deposit rating.

Downward pressure would be exerted on the GLC deposit ratings in
the event of (1) weakening in ABank's BCA; (2) any adverse changes
in Moody's affiliate support assumptions; or (3) significant
weakening of CBQ's creditworthiness.

Downward pressure could be exerted on ABank's BCA in the event of
(1) deterioration in its capital metrics; (2) weakening of the
bank's profitability and efficiency indicators; (3) material
deterioration in asset quality or a significant increase in risk
appetite; and (4) an increased reliance on wholesale funding.

A lower ceiling for foreign currency deposits, as well as a
significant downgrade of ABank's ratings, would exert downward
pressures for the foreign currency deposit rating.

LIST OF ASSIGNED RATINGS:

-- Global foreign currency long term deposit rating: Baa3;
    outlook negative

-- Global local currency long term deposit rating: Baa3; outlook
    stable

-- Short-term foreign currency and local currency deposit
    ratings: Prime-3

-- Baseline credit assessment: ba3

-- Adjusted baseline credit assessment: baa3

-- Counterparty Risk Assessment: Baa2(cr)/P-2(cr)

-- Long term national scale rating: A1.tr; outlook stable

-- Short term national scale rating: TR-1



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


PRIVATBANK: Minority Investor Group Agrees to Debt Proposals
------------------------------------------------------------
Michael Turner at IFR reports that PrivatBank could finally make a
breakthrough with its creditors after a minority holdout group of
investors that has previously blocked the Ukrainian lender's
attempts to restructure its debts said it will agree to the latest
set of proposals.

"We will now support this latest consent solicitation," IFR quotes
Daniel Freifeld, founder of Washington-based Callaway Capital
Management, an asset manager that heads the creditor committee, as
saying.

PrivatBank has had to soften its restructuring terms to get
bondholders to agree to a deal, IFR notes.

Callaway Capital heads a creditor committee that holds around 25%
of PrivatBank's outstanding US$200 million September 2015s -- the
debt being restructured -- but still managed to slam the brakes on
two attempts to extend the debt's maturity to January 2018, IFR
states.

For its restructuring, Privat proposed a new amortizing bond but
in the first two offers, investors were unhappy with the repayment
schedule, which was back-loaded, IFR relays.

With its third offer, Privat is proposing a more regular repayment
timetable with 20% of the debt due in August 2016, another 20% in
February 2017 and 15% each in May, August, and November of 2017,
IFR discloses.

PrivatBank, IFR says, will repay the remaining 15% in January
2018.  A loan linked to the bonds will also be repaid with the
same schedule, according to IFR.

The consent solicitation deadline is Sept. 2, IFR discloses.  A
bondholder meeting is scheduled for Sept. 7, IFR says.

PrivatBank is the largest commercial bank in Ukraine, in terms of
the number of clients, assets value, loan portfolio and taxes paid
to the national budget.  PrivatBank has its headquarters in
Dnipropetrovsk, in central Ukraine.



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


AVANTI COMMUNICATIONS: Moody's Rates US$125MM Sr. Sec. Notes Caa1
-----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to USD125 million
new Senior Secured Notes, maturing 2019 issued by Avanti
Communications Group plc (Avanti or the company). The existing
ratings are unaffected and the outlook on the ratings remains
stable.

RATINGS RATIONALE

The new notes totaling USD125 million, which were issued without
an intermediary at a price of 92, add to Avanti's USD370 million
six year non-call five, senior secured bond sold in September 2013
with a 10% coupon. The new notes, together with an ordinary share
issuance to raise some GBP7.2 million, which follows a share
issuance of USD92.8 million earlier this year represent the final
capital raise sufficient to complete the financing of Avanti's
new, fifth satellite, Hylas 4 which is expected to cost around
USD300 million in total. The company plans to launch Hylas 4 in Q1
2017, slightly earlier than originally planned.

Moody's recognizes that the construction and launch of Hylas 4
will provide Avanti with significantly increased Ka-band service
capacity and increase the collateral value of the company's
assets, which with the exception of its investment in Artemis
comprises a relatively young satellite fleet with long residual
lives.

Nevertheless, the increased amount of debt and higher interest
costs at this time will further constrain the company's financial
flexibility and significantly increase the amount of leverage,
which is already high compared to peers, at a still vulnerable
point in the company's development. Following the add-on
financing, Moody's-adjusted leverage is expected to remain
significantly above 10x for the duration of FY2016 and FY2017 with
interest coverage below 1.0x. Additionally, free cash flow is not
expected to turn positive until FY2018 or FY2019 at the earliest
as a result of significant growth in EBITDA following the launches
of Hylas 3 and Hylas 4 due to the high operational gearing of the
business.

The stable outlook reflects our expectations that Avanti will
continue to execute its business plan, driving improved financial
metrics over the next 12 to 18 months.

RATING OUTLOOK

The stable outlook reflects our expectations that Avanti will
continue to execute its business plan, driving improved financial
metrics beyond the next 18 months.

WHAT COULD CHANGE THE RATING - UP

Given the small scale of Avanti's business, upward pressure on the
rating would be dependent upon a sustained reduction in leverage,
driven by strong EBITDA growth and FCF turning positive. We would
also expect to see continued growth in the backlog and reducing
customer concentration.

WHAT COULD CHANGE THE RATING - DOWN

Avanti's rating could experience downward pressure if the company
significantly deviates from its projected growth path.
Specifically, if FCF remains negative and leverage remains above
10x, the expected subordinated capital fails to materialize, or
the company experiences the total loss of a satellite.


IENERGIZER LTD: S&P Revises Outlook to Neg. & Affirms 'B' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on iEnergizer Ltd. to negative from stable.  At the same
time, S&P affirmed its 'B' long-term corporate credit rating on
the Guernsey-based business process outsourcing (BPO) company.
S&P also affirmed its 'B' long-term issue rating on iEnergizer's
U.S. dollar-denominated secured bank loan.

"We revised the outlook because we anticipate that iEnergizer's
operating performance could deteriorate, possibly increasing
covenant pressure over the next six to 12 months," said Standard &
Poor's credit analyst Katsuyuki Nakai.  "Our view of the increased
risk of a covenant breach is based on a likely step-up in covenant
requirements at the end of 2015."

"We believe recovery prospects for iEnergizer's financial
performance remain uncertain, given severe business conditions.
The company's earnings in fiscal 2015 (year ended March 31, 2015)
were weaker than our expectation mainly due to loss of business,
including that from its largest client.  The revenue from this
client declined significantly to US$7.4 million in fiscal 2015,
from US$24.5 million in fiscal 2014.  In addition, the revenue
loss was in the high-margin banking, financial services, and
insurance (BFSI) segment.  As a result, iEnergizer's ratio of
funds from operations (FFO) to debt declined to 10.4% from 17.1%
and ratio of debt to EBITDA deteriorated to 4.6x from 3.5x.  The
company has intensified its strategic efforts toward customer
development and cost reduction, including trimming the workforce
in the BFSI segment.  However, we expect that iEnergizer's
financial performance could face volatility, given the competitive
nature of the business.  In addition, the lack of stability in the
management structure adds to the uncertainty.  The company's CEO
resigned in December 2014 and its CFO left in July 2015," S&P
noted.

In S&P's view, iEnergizer could face heightened risk of a covenant
breach in the coming quarters, given the uncertainty about the
company's operating performance and the step-up in covenant
requirements.  The requirement for the debt-to-EBITDA covenant
will increase to 3.0x as of Dec. 31, 2015, from 3.5x as of March
31, 2015, and that for the EBITDA interest coverage covenant will
go up to 3.5x from 3.3x.  In March 2015, iEnergizer raised US$3.3
million of equity from its parent EICR (Cyprus) Ltd. to alleviate
the high risk that it would breach these covenants as of March 31,
2015. EICR is ultimately owned by its founder Mr. Anil Aggarwal.

S&P's base-case assumption is that iEnergizer's EBITDA margin will
recover to about 20% in fiscal 2016, from 17.7% in fiscal 2015.
This reflects the company's efforts toward reducing costs and
improving operating efficiency.  As a result, S&P's base case
assumes that the company will become compliant with its financial
covenants in Sept. 2015.  In addition, S&P believes Mr. Aggarwal
is committed to support iEnergizer and to provide further
financial support to meet the company's covenant requirements, if
necessary.

"The affirmed rating reflects iEnergizer's small size, limited
customer and geographical diversification, and aggressive
financial policy," said Mr. Nakai.  "These weaknesses are partly
offset by the company's niche position, repeat business, and
likely positive free cash flows."

S&P could lower the rating if it lowers its assessment of
iEnergizer's liquidity to "weak."  This could happen if the
company's weak earnings make near-term covenant compliance highly
unlikely and S&P sees little chance of the covenants being
relaxed.  S&P could also lower the rating if the likelihood of
Mr. Agarwal's support to iEnergizer becomes uncertain.  In
addition, S&P may downgrade the company if it loses another major
customer.

S&P may revise the outlook back to stable if the pressure on
covenants recedes.  This requires stability in iEnergizer's
operating performance, such that the company's financial recovery
is steady with the ratio of FFO to debt exceeding 20% on a
sustainable basis.


PUNCH TAVERNS: Agrees to Sell 158 Non-Core Outlets to Cut Debt
---------------------------------------------------------------
Martin Flanagan at The Scotsman reports that Punch Taverns has
agreed to sell 158 non-core outlets across England and Wales for
GBP53.5 million to NewRiverRetail, a real estate investment trust
focused on the retail sector.

The company, which has not divulged which pubs are being sold at
this stage, as cited by The Scotsman, said: "This agreement is
consistent with Punch's strategy to sell the non-core estate at a
rate of approximately 200 pubs per year."

Punch said the price would be paid in cash, would be used to
reduce debt, and that the deal should complete on Sept. 11, The
Scotsman relates.

After the transaction, the core pub estate will comprise about
2,900 pubs and the non-core estate will have about 550, The
Scotsman notes.

                       Debt Restructuring

As reported by the Troubled Company Reporter-Europe on March 4,
2015, The Financial Times disclosed that in October 2014, Punch
completed a two-year process to restructure its GBP2.3 billion of
debt, a deal that cut the amount owed to GBP1.6 billion and left
the bondholders in charge of 85% of the equity after a heavy
dilution of existing shareholders.  Punch was highly leveraged in
the early 2000s as it sought rapid expansion of its estate, a
situation that left it heavily exposed when the smoking ban, beer
duties and the global downturn hit the pub industry, the FT
related.

Punch Taverns plc is a United Kingdom-based pub company.  The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company.  The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate.


UNITED KINGDOM: North Sea Oil Industry Faces Precarious Situation
-----------------------------------------------------------------
Kristy Dorsey at The Scotsman reports that North Sea investment
and jobs are suffering as cheap crude continues to flood the
market.

Oil majors around the globe are struggling to make the best of a
bad situation, but at the moment the return on every project
shelved and job shed seems to be yet more adversity, The Scotsman
says.

The Saudis stopped supporting oil prices in November, opting
instead to flood the market in an attempt to drive out rivals, The
Scotsman relays.  This has forced the shelving of high-cost
projects in areas such as the Arctic, the deep waters of the mid-
Atlantic and the Canadian tar sands, where up to US$200 billion of
spending has been deferred, The Scotsman notes.

According to The Scotsman, while some have likened the downturn to
the crash of 1986 -- when oil prices plunged from US$30 to US$10
as OPEC flooded the market -- Bob Ruddiman of Pinsent Masons says
the UK Continental Shelf (UKCS) is "now a more complex picture"
than it was then.  High costs, maturing fields and the looming
expense of decommissioning make for a more precarious situation in
the North Sea than elsewhere, The Scotsman states.

The North Sea is now the most expensive offshore basin in the
world, with unit operating costs rising to a record GBP18.50 per
barrel last year, The Scotsman says.  Total operating expenditure
was 8% higher at GBP9.6 billion, The Scotsman discloses.



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


* BOOK REVIEW: Lost Prophets -- An Insider's History
----------------------------------------------------
Posted on January 29, 2015 by tope_editor
Author: Alfred L. Malabre, Jr.
106
Publisher: Beard Books
Softcover: 256 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at http://is.gd/KNTLyr

Alfred Malabre's personal perspective on the U.S. economy over
the past four decades is firmly grounded in his experience and
knowledge. Economics Editor of The Wall Street Journal from 1969
to 1993 and author of its weekly "Outlook" column, Malabre was
in a singular position to follow the U.S. economy in recent
decades, have access to the major academic and political figures
responsible for economic affairs, and get behind the crucial
economic stories of the day. He brings to this critical overview
of the economy both a lively, often provocative, commentary on the
picture of the turns of the economy. To this he adds sharp
analysis and cogent explanation.

In general, Malabre does not put much stock in economists. "In
sum, the profession's record in the half century since Keynes
and White sat down at Bretton Woods [after World War II] provokes
dismay." Following this sour note, he refers to the belief of a
noted fellow economist that the Nobel Prize in this field should
be discontinued. In doing so, he also points out that the Nobel
for economics was not one originally endowed by Alfred Nobel, but
was one added at a later date funded by the central bank of Sweden
apparently in an effort to give the profession of economists the
prestige and notice of medicine, science, literature and other
Nobel categories.

Malabre's view of economists is widespread, although rarely
expressed in economic circles. It derives from the plain fact
that modern economists, even hugely influential ones such as John
Meynard Keynes, are wrong as many times as they are right. Their
economic theories have proved incomplete or shortsighted, if not
basically wrong-headed. For example, Malabre thinks of the
leading economist Milton Friedman and his "monetarist
colleagues" as "super salespeople, successfully merchandising.an
economic medicine that promised far more than it could deliver"
from about the 1960s through the Reagan years of the 1980s. But
the author not only cites how the economy has again and again
disproved the theories and exposed the irrelevance of wrong-
headedness of the policy recommendations of the most influential
economists of the day. Malabre also lays out abundant economic
data and describes contemporary marketplace and social activities
to show how the economy performs almost independently of the best
analyses and ideas of economists.

Malabre does not engage in his critiques of noted economists and
prevailing economic ideas of recent decades as an end in itself.

What emerges in all of his consistent, clear-eyed, unideological
analysis and commentary is his own broad, seasoned view of
economics-namely, the predominance of the business cycle. He
compares this with human nature, which is after all the substance
of economics often overlooked by professional and academic
economists with their focus on monetary policy, exchange rates,
inflation, and such. "The business cycle, like human nature, is
here to stay" is the lesson Malabre aims to impart to readers
interested in understanding the fundamental, abiding nature of
economics. In Lost Prophets, in language that is accessible and
jargon-free, this author, who has observed, written about, and
explained economics from all angles for several decades,
persuasively makes this point.

In addition to holding a top position at The Wall Street Journal,
Malabre is also the author of the books, Understanding the New
Economy and Beyond Our Means, which received the George S. Eccles
Prize from the Columbia Business School as the best economics book
of 1987.


                            *********

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.


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